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"Policy purchase, claims, renewal & more Thank You for your interest in our product. We'll get in touch with you shortly to answer your queries. Last login: 082020 11:53:14 To ensure you don't miss out on our best deals, simply provide your mobile number below. We'll reach out to you with personalized offers for you. Share your mobile number for offerings. Your vehicle registration number is the unique vehicle identification number issued by Regional Transport Office (RTO) and mentioned in your vehicle RC book. The vehicle registration number is printed on license plate and affixed to your vehicle. Kindly note: While entering your vehicle registration number, please be careful about similar looking characters and number, like alphabet ‘O’ being used in place of number 0 or vice-versa. Comprehensive car insurance combines third-party car insurance and own damage insurance into a single policy. As per the Motor Vehicles Act, it is mandatory for all motor vehicles plying on Indian roads to get a third party liability cover. But such a cover does not pay for any damages that your car may sustain in an accident. Therefore, you must opt for a comprehensive car insurance policy for complete financial protection in the aftermath of an unforeseen event. A comprehensive car insurance will also protect you from losses due to car theft, or any damage to the car resulting from causes other than traffic collisions. As buying a car is a big investment, it is prudent to insure the same to safeguard your investment. A comprehensive car insurance policy covers losses/damages to you and your car in addition to protecting you against third-party liabilities. You should opt for this type of car insurance online if you wish to get financial protection from losses caused due to accidents, theft and natural disasters. The comprehensive plan is recommended by experts for all-round financial protection. The premium for such a policy consists of both a third-party premium and an own-damage (OD) premium. While the third-party premium is decided upon by the insurance regulator, OD premium varies based on the car’s make-model, age of the car, engine capacity, and geographical zones. In case you do not already have the requisite Personal Accident Cover (PAC), you can also opt for the same along with your comprehensive car insurance. The government of India mandates that all drivers on Indian roads have a PAC of at least ₹15 lakh sum assured. While it is mandatory that you get at least a third-party insurance , it is better to invest in a comprehensive car insurance as it would also provide you with: Cover against natural calamities The weather conditions have become highly unpredictable. A sudden downpour can lead to flash flooding almost in any city in India. Such a flood could also cause damage to your vehicle. This is where a comprehensive car insurance can come in handy and help you save on repairs. Cover against man-made acts But natural calamities are not the only risk"
"also cause damage to your vehicle. This is where a comprehensive car insurance can come in handy and help you save on repairs. Cover against man-made acts But natural calamities are not the only risk your car faces. It could also be stolen or be subject to other malicious acts. A comprehensive car insurance policy would also protect you from the financial implications of such an act. A third party liability insurance A comprehensive car insurance includes a third party liability cover by default. Access to add-on covers Not everyone has the same car insurance needs. You can customize your car insurance policy through add-on covers that provide protection under specific conditions that are more likely to affect you. Some of the more popular add-on covers include zero depreciation cover , engine and gearbox cover and return to invoice cover. If you are still not convinced, here are a few more benefits of buying a comprehensive car insurance policy: Some of these scenarios may seem a little far-fetched, but they are within the realm of possibilities. While you cannot predict when an accident may happen, it is best to be prepared for all eventualities when a large investment is involved. When you buy an insurance cover from ICICI Lombard General Insurance, you join a family of over 4 crore satisfied customers. You can reach out to our team any time of the day, from anywhere in the country for assistance with your car insurance policy. You can just call us and we would guide you through the simplified claims process ensuring faster settlement. You also get access to our vast network of cashless garages. You can get your car repaired at these garages without having to shell out even a single rupee from your pocket for the covered damages. The claims are settled in a completely hassle-free manner and the payment made directly to the garage. Our strong online presence allows you to not just buy and renew policies online, but you can also file claims completely online making the process much simpler than ever before. ICICI Lombard also offers a large bouquet of add-on covers through which you can customize your coverage to your specific requirements. Hi there! Let us help you explore and buy a new policy. ICICI Lombard House, 414, Veer Savarkar Marg, Near Siddhi Vinayak Temple, Prabhadevi, Mumbai - 400025. Reg. No.115 Email: Fax no - 022 61961323 Contact - 1800 2666 ICICI Lombard General Insurance Company Ltd. is one of the leading private sector general insurance company in India offering insurance coverage for motor, health, travel, home, student travel and more. Policies can be purchased and renewed online as well. Immediate issuance of policy copy online. ICICI trade logo displayed above belongs to ICICI Bank and is used by ICICI Lombard GIC Ltd. under license and Lombard logo belongs to ICICI Lombard GIC Ltd. Insurance is the subject matter of the solicitation. The advertisement contains only an indication of cover offered. For more details on risk"
"and Lombard logo belongs to ICICI Lombard GIC Ltd. Insurance is the subject matter of the solicitation. The advertisement contains only an indication of cover offered. For more details on risk factors, terms, conditions and exclusions, please read the sales brochure carefully before concluding a sale. CIN: L67200MH2000PLC129408 An OTP is sent to on SMS, WhatsApp and the given email ID. Error message here Get your details auto-filled after entering the OTP sent to your registered email ID We will send you an email with instructions on how to reset your password. If you are an existing customer of erstwhile Bharti AXA General Insurance, please call our customer support helpline on 1800-103-2292 or write to us on customersupport@icicilombard.com."
"Policy purchase, claims, renewal & more Thank You for your interest in our product. We'll get in touch with you shortly to answer your queries. Last login: Your vehicle registration number is the unique vehicle identification number issued by Regional Transport Office (RTO) and mentioned in your vehicle RC book. The vehicle registration number is printed on license plate and affixed to your vehicle. Kindly note: While entering your vehicle registration number, please be careful about similar looking characters and number, like alphabet ‘O’ being used in place of number 0 or vice-versa. Your vehicle registration number is the unique vehicle identification number issued by Regional Transport Office (RTO) and mentioned in your vehicle RC book. The vehicle registration number is printed on license plate and affixed to your vehicle. Kindly note: While entering your vehicle registration number, please be careful about similar looking characters and number, like alphabet ‘O’ being used in place of number 0 or vice-versa. Also known as third-party liability insurance, third-party car insurance is a type of coverage plan that assists you in covering any legal or financial liabilities that arise out of an accident. This type of car insurance applies to damage or loss you may have inflicted upon a third-party individual, vehicle, or any other property. However, it does not cover damages to your own car or you. If you are found driving without a valid insurance policy, you will have to pay a hefty fine or, in some cases, face imprisonment. Moreover, you would have to cover all the financial and legal liabilities arising out of the incident. Saves you money and efforts. Being caught driving without a valid car insurance policy puts you in the wrong side of the law. You’ll have to either pay a monetary fine of ₹2000 or face imprisonment of up to 3 months when you are caught for the first time. Next time onwards the fine becomes ₹4000. A third-party insurance is the most affordable type of coverage you will find. Even though it doesn’t cover your own damages, you are protected from paying a large sum of money as compensation to third party damages resulted in an accident with your car. Under this policy we will extend legal support to you in your defense proceedings in a court of law, should you need it. In India, if you want to buy a car, you have to buy car insurance with it. The law makes it mandatory for you to do so. As per the Motor Vehicles Act, you need to have basic insurance coverage to legally drive on the road. Since it’s the law, everybody has to get a policy. However, do you know why the rule is so? Every driver and every vehicle can become a part of an accident. In an accident, you might end up damaging your car and hurting yourself. For these scenarios, people buy motor insurance policy. However, insurance is more than just a legal purchase formality. In case of an accident where some other people or their assetsher property in an accident with"
"people buy motor insurance policy. However, insurance is more than just a legal purchase formality. In case of an accident where some other people or their assetsher property in an accident with your car. ICICI Lombard is one of the most reliable general insurance companies in the Indian market. Hence, it is often the benchmark of what an insurance product should be like. This applies to third-party insurance as well. It can protect you from legal liabilities arising out of: Permanent injury of a third-party Death of the third-party Property damage to the third-party Just like most other insurance providers, a third-party plan with ICICI Lombard has a tenure of one year. As the name suggests, a third-party policy focuses on another individual involved in an incident that happened with your car. In such a situation, you are liable to pay compensation for any physical harm or property damage that this individual may face. Depending on the damage, this compensation can be too much for you to pay out of your own pocket. Moreover, there can be a legal issue if the third-party chooses to take the matter to the police or the court. In such a situation, we will cover the costs for you. ICICI Lombard will cover all liabilities that are included in the terms and conditions of your coverage. We will compensate the third-party for injuries and property damage. Hence, having a third-party insurance cover reduces the financial burden in the case of an accident or any other mishap. No, a third-party insurance is one of the cheapest insurance products you will find. The price of the insurance product depends on the coverage it offers. In the case of a third-party plan, the coverage is solely for the liabilities that may arise out of an accident. This can include financial liabilities like paying compensation for injuries or property damage. It also includes legal liabilities like having to deal with the FIR that has to be filed after the incident. All of these combined can take a toll on your pocket. In such a scenario, a third-party insurance plan covers for you. The insurance regulatory body, IRDAI, has standardised premium for third party car insurance, and it depends only on the cubic capacity of your car. This means the price you pay for a third party policy is the same irrespective of the insurer. Having a third party cover for your car is necessary, but it may not be sufficient. A third party policy protects you from unexpected liabilities that may amount in lakhs. It also saves you from getting a traffic fine while driving. But your own car remains at risk. You’ll have to bear all the repair costs on your own if your car gets damaged. This is why a comprehensive insurance policy is recommended for any car owner. “But I hardly take my car out on the road.” Your chances of getting into an accident may be lower, but what about theft? Every year, thousands of motor theft cases are reported to police and it is the least solved crime as per police data#. “But"
"chances of getting into an accident may be lower, but what about theft? Every year, thousands of motor theft cases are reported to police and it is the least solved crime as per police data#. “But my car is very old.” It’s true—as your car ages, its value reduces due to depreciation. This means your car’s insured declared value becomes lower. But it also means that your premium for own-damage will be lower. Why pay for any damage when you can get it covered at an affordable price. Having third party car insurance doesn’t mean you can’t get a policy to cover damages to your car. We have introduced stand-alone own-damage private car package policy (OD policy) just for this. You can now choose your car’s coverage, customise the plan, and pick add-ons of your choice and buy an OD policy online seamlessly. “My third party policy is from another insurer.” No reason to stress. You can still get a stand-alone own-damage policy from us. As third party and stand-alone own-damage policies have different type of coverage, you can avail the two policies from different insurers. All you have to do is visit our website and click on Renew . Fill in your policy number and make the payment to renew your policy instantly. You will receive your new policy documents through e-mail. Online renewal also offers you a lot of options. One such option is to review your coverage and get a better deal. While renewing your policy online, you can go for a different coverage without having to go through the hassle of buying a new policy. The process of making claims in third-party policies is different than that of comprehensive policy. Due to the legal liabilities involved, the process itself has legal formalities that need to be carried out. Moreover, the process for making claims can be different if there is a special condition involved in the incident. Here is the basic process of making a third-party insurance claim: Our customers have rated us I just purchased this car insurance policy because of the following reason even after getting cheaper offer from other competitors: 1. Proper follow up and prompt update 2. The way your team explained the feature of policy such as 24x7 road side assistance, zero depreciation, and high number of cashless garages etc. 3. Excellent customer service Your team was very helpful in telling the details of the premium breakup and the IRDA specific mandates. Unlike others, they informed me about the terms and conditions of zero depreciation coverage in the car insurance policy. Thanks for advising and helping with information. Nice support and assistance given by your support team for renewal of my car insurance policy. Because of service and benefits offered by ICICI Lombard, I migrated from existing insurance firm to ICICI Lombard. Very helpful team of ICICI Lombard, they explained each and everything about the policy with patience which made me to buy car insurance right now. Thanks. Thank you for the excellent service and clarification"
"team of ICICI Lombard, they explained each and everything about the policy with patience which made me to buy car insurance right now. Thanks. Thank you for the excellent service and clarification provided in even the minute details. Helped me a lot and I got a clear insight of the ICICI Lombard car insurance services. Thank you again. Keep up the good work. I renewed my car insurance policy online, it was a very good experience I got a very nice guidance by your team. I would like to give 5 stars rating for the service. Your sales representative has been fantastic on his customer service skills. He has been very informative, and ensured that, I as a customer is completely comfortable before making the move to buy car insurance policy. Wish him good luck and graceful career ahead. I am extremely satisfied with the way your Customer Support Executive addressed my need over phone and helped me renew my car insurance policy which was expiring today. His excellent service encouraged me to take this policy from ICICI Lombard instead of going to some other service provider. Keep up the good work. I was serviced by your team, they explained all the silent features of the car insurance policy and helped me to renew my car policy from ICICI Lombard. I am very much impressed with the customer care representative of ICICI Lombard, who helped me in the process of renewing my car insurance policy over the phone. She explained each and every information of a policy. Thank you. I am really delighted by the support, guidance and behavior of ICICI Lombard representative. The way she has guided me it’s really outstanding. ""A Brand cannot be created by advertisement, it can be created only by good Customer Experience"" A real caring human touch for the customer. She is an asset for any Organization. All the Best, Thank You To whomsoever it may concern, would like to acknowledge the excellent support provided by ICICI Lombard team in purchasing a new car insurance policy. They explained me inclusion & exclusion of a policy. Great job. Please keep it up. I spoke with one of your representative, she was brilliant in order to make me understand all the benefits of the car insurance and very calmly shared the exclusions. Amazing customer service given by her. I wish her all the best for all her future endeavors. It was a pleasure interacting with your team to buy an insurance policy for my car. They had a great understanding of the product and its features. An absolute customer delight. Great follow up and persistence from ICICI Lombard team. They had clearly elaborated on the options and the plan available in car insurance. They had been following up for the last 20 days with patience. Kudos!! Hi! I received an excellent support from your sales executive to get my old Car Insurance renewed with ICICI Lombard. He explained all the intrinsic details about the policy that I was looking for. His explanation and inputs helped me to make a decision of buying this policy. I"
"Insurance renewed with ICICI Lombard. He explained all the intrinsic details about the policy that I was looking for. His explanation and inputs helped me to make a decision of buying this policy. I appreciate his customer centric approach and his patience. I’d like to take a moment to express my appreciation for your team member, who was extremely helpful when I called the customer care to renew my Car Insurance policy 300103/000. It was good to start the year with a positive customer experience. Thanks Thanks to your salesperson, my experience of purchasing car insurance from ICICI Lombard was remarkably smooth. She explained to me the advantages of the policy, such as personal accident coverage of Rs. 2 lakh, in a clear and simple language. I’m really grateful for her assistance. ICICI Lombard’s agent gave me complete information about the policy benefits, including roadside assistance and coverage against third-party legal liabilities. Moreover, she satisfactorily answered my queries, and made the policy buying experience seamless and easy for me. Thanks for being so supportive. I got a prompt and excellent service from ICICI Lombard while purchasing a car insurance plan. Your agent gave me a comprehensive explanation about the benefits of the policy, including roadside assistance for accommodation and minor car repairs. Thanks for the fantastic experience! I had a nice conversation with your customer care executive. He explained clearly the ins and outs of your car insurance plan including benefits such as inbuilt personal accident coverage. The polite way in which he answered each and every of my questions convinced me to purchase the policy. My experience with ICICI Lombard’s customer care department has been very good. The executive that I spoke to was professional and courteous. Though the system faced some issues with the login and vehicle description, all in all, the process of policy purchase was very easy for me. I’m delighted with ICICI Lombard’s customer service. The customer care person was very meticulous with his follow-ups, and ensured that the process of buying the car insurance policy was quick and easy for me. Good work! Keep it up. The agent handled our interaction in a smooth and professional manner. She was able to resolve the technical glitch I’d been facing while buying ICICI Lombard’s car insurance policy online. I really appreciate her patience, and wish her great success for the future. I received excellent support from your customer service associate while purchasing my car insurance policy. She made regular follow-ups, resolved all my queries, and really managed to convince me to become a policyholder with ICICI Lombard. God bless her! Just bought a car insurance policy from ICICI Lombard. Your agent helped me to understand the benefits of the policy, such as coverage against third-party liabilities as well as roadside assistance for minor repairs and accommodation. She deserves a good rating for providing me with"
"the benefits of the policy, such as coverage against third-party liabilities as well as roadside assistance for minor repairs and accommodation. She deserves a good rating for providing me with much-needed guidance. The salesperson was of great help to me while I was buying car insurance from ICICI Lombard. He showed genuine interest in answering all my queries, and helped me to complete the purchase. Appreciate his patience. Keep it up! I renewed my car insurance with ICICI Lombard today. I’m happy with the comprehensive explanation of the policy provisions that was provided by your customer service associate. He even helped me to buy an accident insurance plan. Appreciate the support. I would like to thank your customer sales representative for helping me choose the right policy for my car. She shared with me all the information I’d requested for with regard to your insurance plan. Kudos to her for the excellent support! My conversation with your insurance advisor regarding the purchase of my car insurance plan turned out to be quite nice. He simplified the ins and outs of the policy, principally the advantages such as personal accident cover of Rs. 2 lakh. Thanks for the lucid explanation! I’d been looking up car insurance quotes online when your executive gave me a call. She sold me the idea of renewing my insurance with ICICI Lombard by highlighting the policy benefits like personal accident cover of Rs. 2 lakh, and coverage against third-party legal liabilities. Had a smooth, hassle-free experience while buying car insurance from ICICI Lombard. The customer service representative gave an excellent description of the policy advantages such as cashless services across an expansive network of garages. I am glad to have made the decision to buy the plan. Your executive spoke with me for nearly an hour in order to help me buy the right policy for my car. His precise answers to all my insurance queries has left me impressed. His dedication and devotion to his work is clearly evident. I wish him a successful career with ICICI Lombard. ICICI Lombard’s executive was very diligent with his follow-ups. He responded to my queries in a courteous manner, and guided me through the purchase of my car insurance. I would love to interact with him again in the future for any insurance needs. Thanks for being so helpful! Received timely assistance from your customer service department when I was looking for guidance with regard to buying car insurance. The agent had good communication skills, and explained all the important details about the policy such as the inclusions and exclusions of coverage. Your customer service associate came to my aid when I was looking to switch my car insurer. He helped me in the best possible way to renew my policy with ICICI Lombard. Really appreciate the guidance I was provided with during the purchase. I’d been on the hunt for a new car insurance company, and so decided to get in touch with your team. Your executive answered"
"Really appreciate the guidance I was provided with during the purchase. I’d been on the hunt for a new car insurance company, and so decided to get in touch with your team. Your executive answered my queries regarding the renewal process. Her good technical knowledge of the policy prompted me to renew my car insurance with ICICI Lombard. A big thumbs up to ICICI Lombard’s customer service! The insurance advisor I spoke with was very patient, and convinced me to buy the car insurance policy. Hope to receive a high standard of service from your other advisors too. Thanks. Thanks to your salesperson, I was able to buy car insurance from ICICI Lombard without any complications. She was polite and respectful, and gave some valuable assistance to help me out with the purchase. I’m fully satisfied with the service provided. Your agent spoke clearly and gave me a succinct outline of your car insurance plan. He simplified the policy buying process for me by walking me through each and every step. Looking forward to a good experience from ICICI Lombard in the future too. I’ve renewed several of my insurance policies in the past, but my experience while renewing car insurance with ICICI Lombard was the best. Your agent explained clearly and understandably all policy-related details. I’ve decided to renew all my other insurance plans with you in the future. Just bought a car insurance plan online from ICICI Lombard. The salesperson explained to me the policy provisions in a clear manner, especially the benefits such as coverage on replaced parts of the car. He helped me to choose a suitable plan for my insurance needs. I would like to thank him for his support. Thanks to your customer support associate, I was able to get the best insured declared value (IDV) and maximum number of add-ons, including a free Carnot device which keeps track of my car’s health. He also explained the features of your car insurance plan in detail and later, helped me to complete the payment online. Your salesperson walked me through the terms and conditions of your car insurance plan. She spelled out clearly the policy features like coverage against loss or damage to the car by natural and manmade calamities, and other facilities offered by ICICI Lombard. I would like to wish her all the best for the future. Hi there! Let us help you explore and buy a new policy. ICICI Lombard House, 414, Veer Savarkar Marg, Near Siddhi Vinayak Temple, Prabhadevi, Mumbai - 400025. Reg. No.115 Email: Fax no - 022 61961323 Contact - 1800 2666 ICICI Lombard General Insurance Company Ltd. is one of the leading private sector general insurance company in India offering insurance coverage for motor, health, travel, home, student travel and more. Policies can be purchased and renewed online as well. Immediate issuance of policy copy online. ICICI trade logo displayed above belongs to ICICI Bank and is used by ICICI Lombard GIC Ltd. under license and Lombard logo belongs to ICICI Lombard GIC Ltd."
"Immediate issuance of policy copy online. ICICI trade logo displayed above belongs to ICICI Bank and is used by ICICI Lombard GIC Ltd. under license and Lombard logo belongs to ICICI Lombard GIC Ltd. Insurance is the subject matter of the solicitation. The advertisement contains only an indication of cover offered. For more details on risk factors, terms, conditions and exclusions, please read the sales brochure carefully before concluding a sale. CIN: L67200MH2000PLC129408 An OTP is sent to on SMS, WhatsApp and the given email ID. Error message here Get your details auto-filled after entering the OTP sent to your registered email ID We will send you an email with instructions on how to reset your password. If you are an existing customer of erstwhile Bharti AXA General Insurance, please call our customer support helpline on 1800-103-2292 or write to us on customersupport@icicilombard.com."
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"Welcome to the our news Portal, We provide Latest Government News and latest Finance News. We also cover all the Government, Educational news, Updates, and the latest trending topics. Global News Insuranc e Schemes Economy Finance Address Janki Vihar, Lower Nehrugram Dehradun UR 248005 IN"
"Policy purchase, claims, renewal & more Thank You for your interest in our product. We'll get in touch with you shortly to answer your queries. Last login: Prices starting at just ₹2,094/yr B IDV: ₹ NaN Premium And, we think you will too. for a hassle-free service through our IL Take Care app Call Center Chat 265+ branches A comprehensive car insurance policy, also known as motor package insurance, saves you money when your car is damaged in an accident or natural calamity. It also covers your vehicle against theft and burglary. At times, you may end up hurting others or damaging property in an accident. A car insurance policy covers such third-party liabilities as well. If you own a car in India, having third party car insurance is a must for you. That’s why it’s crucial to buy and renew your policy on time to stay on the right side of the law and be covered against car damages. At an affordable premium, our reliable car insurance policy protects you against all these risks so that you can drive worry-free. Apart from comprehensive car insurance, third-party only and own-damage only car insurance policies are also available. You can choose the policy type as per your needs. Car insurance for electric vehicles (EVs) covers you financially for any damages caused to your electric four-wheeler by natural or man-made disasters. Like general car insurance, car insurance for EVs compensates for damages caused to your car and covers third-party liabilities as per the policy’s terms and conditions. If you own an EV, you can protect yourself financially from expensive repairs if it gets damaged with the help of car insurance for EVs. Comprehensive car insurance , also known as a private car package policy, is a type of auto insurance that provides complete coverage for your vehicle. It is an optional car insurance policy but is highly recommended for car owners who want the best protection for their four-wheelers. Comprehensive car insurance covers damage caused by natural disasters, accidents, theft, fire, and other such incidents. It covers damages to both your vehicle and third-party vehicles and property. This car insurance policy also covers third-party liabilities, which will cover any legal costs or compensation you may be liable for in case of an accident caused due to your fault. In addition, some comprehensive policies also offer additional benefits such as roadside assistance, towing service and more. Even though comprehensive insurance policies tend to be more expensive than Third-Party Liability or Standalone Own Damage policies, but they offer broader coverage. Standalone own-damage insurance, also known as ""Standalone OD"", is a type of car insurance policy that is designed to cover damage to your own vehicle in case of an accident. It is an optional coverage that can be purchased in addition to the mandatory third-party liability insurance. This four-wheeler insurance policy can be bought online, and it covers damages to your own car in"
"optional coverage that can be purchased in addition to the mandatory third-party liability insurance. This four-wheeler insurance policy can be bought online, and it covers damages to your own car in case of any natural or man-made disasters such as accidents, fire, theft, and so on. If you own an older car or a car that is not in the best condition, purchasing a Standalone OD policy is highly recommended as it will cover the cost of repairs, or in case the car is beyond repair, the policy will cover the market value of the car. When you buy car insurance online, you can choose the coverage limit that best suits your needs and budget. Standalone OD policies do not cover damage to third-party vehicles or injuries to third-party individuals; for that, you need to have a separate third-party liability insurance coverage. Third-party liability car insurance is a mandatory car insurance policy legally required to drive any car on Indian roads. This car insurance policy protects you from any legal responsibility in an accident where you may have caused harm to someone or their property by mistake. This car insurance policy also covers the cost of damage caused to a third party's vehicle. When it comes to buying car insurance online, this is a must-have for any car owner as it acts as a safety net that financially protects you in case of an accident. It's important to note that this car insurance policy only covers the compensation that you may have to pay to the person you caused damage to. It does not cover any damage to your own car or injuries to yourself or your passengers. Therefore, buying a separate policy like Standalone Own Damage Insurance or a Comprehensive Insurance policy is necessary to cover damages to your vehicle. The coverage limit for third-party liability insurance is set by the Indian Motor Tariff and is currently at ₹7.5 Lakh for injurydeath of multiple persons and ₹2 Lakh for damage to third-party property. As your car ages, the value of its parts decreases or depreciates. If it gets damaged in an accident, your insurer will only pay its current value, which could be way less than what you paid to purchase your car. With zero depreciation cover, the insurance company offers 100% coverage for all fiber, rubber and metal parts without depreciation deduction. Also known as ""bumper-to-bumper"" or ""nil depreciation"" insurance, the Zero Depreciation add-on policy is particularly useful for new cars, as it makes sure that you get the total value of the parts that need to be replaced without having to pay for any depreciation. When you buy car insurance online, you can add this coverage to your comprehensive insurance policy. It is also available as a standalone policy for four-wheeler insurance. With Zero Depreciation car insurance, you can avoid the hassle of calculating the depreciated value of the damaged parts and can get them replaced with new parts without any additional cost. Comprehensive car insurance is a more comprehensive"
"avoid the hassle of calculating the depreciated value of the damaged parts and can get them replaced with new parts without any additional cost. Comprehensive car insurance is a more comprehensive policy that covers not only third-party liabilities but also damage to your own vehicle. On the other hand, third-party car insurance only covers legal liabilities in case of an accident. Comprehensive car insurance also offers add-ons like zero depreciation and roadside assistance, whereas third-party insurance only includes mandatory coverage as per law. Comprehensive car insurance has a higher premium as compared to third-party insurance, but it provides complete protection for your car. The choice between the two depends on your budget and the level of coverage you desire. You can easily buy car insurance online or offline, but third-party insurance is mandatory and needs to be purchased before registering a car. We make life simpler! Affordable premiums, easy renewals, quick claim settlement are some of the key features of our private car package insurance policy. We also have a set of certified workshops that provide digital survey for speedy claim processing, pick-up and drop, sanitization of high touchpoints on your car, dedicated customer service manager and quality assurance on repairs. Besides, we also offer unique additional covers at a nominal extra premium that can significantly boost your car insurance plan. By opting for add-ons in a car insurance policy, you can save a lot of money in repairs. Policy documents: Downloads <span> Policy documents: <docsdefault-document-librarya> <span class=""divide_line""> | </span> <a class=""policy_doc"" href=""default-sourcestand-alone-own-damage-private-car-insurance.pdf?sfvrsn=39fd6811_2"" target=""_blank""> Standalone own damage private car insurance policy wordings </a> <span class=""divide_line""> | </span> <a class=""policy_doc"" href=""default-sourceprivate-car-liability-policy.pdf?sfvrsn=39fd680c_2"" target=""_blank"">Private car liability policy wordings<span> <a class=""policy_doc"" href=""https:www.icicilombard.comdefault-sourceicici-lombard-annaul-report_2022.pdf"" target=""_blank"">Annual Report 2022< missing personal belongings like laptops, phones, clothes, etc. For detailed terms & conditions of above covers, read Private car package policy wordings , Standalone own damage private car package policy wordings ICICI Lombard car insurance is easy to buy and renew online. Once you purchase our car insurance policy, we email your policy documents and also send a hard copy by post. You can then drive worry-free, because – Before buying car insurance online, read the policy details and fine print, and ask questions to clarify anything you need help understanding. Regularly reviewing your car insurance policy can help ensure that it continues to meet your needs and that you're not overpaying for coverage you don't need. Check the policy inclusions and exclusions thoroughly to know what’s covered and what’s not."
"ensure that it continues to meet your needs and that you're not overpaying for coverage you don't need. Check the policy inclusions and exclusions thoroughly to know what’s covered and what’s not. Choose the right type of policy & coverage to ensure that you are well protected at the time of claim. Add-ons come with great benefits at a nominal extra charge and each one of them serves a specific purpose. Evaluate them closely and pick the ones you need to cover your car against accidental damages reasonably. Availability of cashless garages, easy claims process and reliable customer support are a must. While you can save on premium by choosing a lower IDV, it will serve you good at the time of claim if you get an IDV close to your car’s market value while buying the policy. It’s fast and convenient! Explore coverage, choose add-ons, and make the payment in just a few minutes. Just enter your car registration number and contact details to get an instant quote. It only takes a few minutes to buy car insurance online. Pick a plan that suits your needs, share a few details, make payment and that’s it! Your policy is issued in no time. Got questions? Our experts will answer all your policy related queries so that you have all the information you need. You don’t have to submit any documents or fill any physical forms. Just submit a short online form, make online payment and get your car insurance policy issued with zero paperwork. No human contact is needed when you buy car insurance from online. You can even complete inspection online on our IL Take Care app in case you have a gap/ break in your policy. No hidden fees or charges. You get to choose the plan & coverage and customize it the way you want. What you see is what you get. Your car insurance premium includes three major components: Third-party liability premium – this is stipulated by the Insurance Regulatory and Development Authority of India (IRDAI), and it is directly proportional to your car’s cubic capacity. Own damage premium – this is calculated as IDV X – + Add On Covers Personal accident cover premium + Additional covers Factors that affect these three components and your final car insurance price, include: No matter what type of car you drive, certain discounts can bring down your car insurance price - If you made no claims in the past years, you get up to 50% NCB. If you’ve taken special measures to keep your car from getting stolen, you are eligible for a discount on your car insurance premium. Typically, you would receive a 2.5% discount for fitting an anti-theft device (approved by ARAI) on your car. It is unwise to reduce IDV to save on premium. In case of an accident, you would find yourself at a disadvantage. Instead, ride safe and take security measures to get discounts on car insurance. IDV in car insurance plays a key role in determining your car insurance price In a car insurance policy, the Insured’s Declared Value (IDV) is the fixed value at which we insure your vehicle."
"IDV in car insurance plays a key role in determining your car insurance price In a car insurance policy, the Insured’s Declared Value (IDV) is the fixed value at which we insure your vehicle. We calculate the policy sum insured based on the manufacturer's listed selling price of the vehicle + the listed cost of any accessories. We derive the amount after deducting the depreciation for every year as per the Indian Motor Tariff. Suppose you have installed any electronic item in the car, which is not included in the manufacturer's listed selling price. In that case, we add the actual value (after depreciation) of the item to the policy sum insured over and above the IDV. As per the Motor Vehicles Act of India, it is compulsory for all vehicles running on the road to be insured. As a car owner, you must have third party liability coverage. As per the new Motor Vehicle Act 2019, you can get a traffic fine of ₹2000 for driving without car insurance. If you get caught for a second time, the penalty would be ₹4000. Our car insurance policy provides ₹15 lakh coverage for injuries to the registered owner driver while travelling in the car, or getting in or off the car. We have a network of 5600+ cashless garages that take care of your car post damage. We pay for the repairs as per the claim and settle the dues directly with the garage. Our car insurance policy covers any damages to your car due to accidents or natural calamities and takes care of the repair costs. In case your car is stolen and cannot be recovered, we pay for your loss. It’s quite simple - Based on your choices, we will calculate and display your premium instantly. New Car Insurance If you’ve purchased a brand-new car, buying car insurance is the first thing. Compare quotes from multiple insurers and buy a policy that fits your requirements. It’s wise to opt for a comprehensive policy to remain adequately cushioned. Old Car Insurance If you’ve got a second-hand car, it’s equally important to insure it. While doing so, consider the car’s age, your needs, IDV and add-ons, among others. Pay lower premiums for your car insurance with Pay As You Drive add-on Pay-as-you-drive cover operates on the simple rule that you should pay less insurance price if you drive less. Since you are not out on the road often, you have a low accident risk, and your insurance bill should reflect the same. Depending on your driving needs, you can opt for 5000 and 7500 km/year plans. If you exceed your plan's kilometers, you can top up your insurance coverage with more kilometers for that particular policy year. Unlike other car insurance policies in the market, these newly introduced add-ons are designed to give you more control of your motor insurance costs. Since standard car insurance premiums depend on geography, make-model, and age of the vehicle and are not based on their usage, most car owners who opted for Pay as you drive policy saved on their premiums. Our experience with the Pay as you drive policy under"
"and age of the vehicle and are not based on their usage, most car owners who opted for Pay as you drive policy saved on their premiums. Our experience with the Pay as you drive policy under the Sandbox regulation in 2020 also helped us learn that 56% of customers chose to Pay as you drive over conventional insurance due to its cost-effectiveness and usage-based premiums. In comparison, 22% bought this policy due to its telematics benefits. Set up a reminder and get renewal offer from us. Thank you. We will be in touch with you in due time with our renewal offer. Please enter the below details Renewing your car insurance online is just a matter of a few clicks. Some of the benefits of online car insurance renewal include - Renewing your car insurance on time is important and mandatory for several reasons: Legal compliance: It is mandatory to have a valid car insurance policy. Driving without insurance can result in legal consequences, such as fines or imprisonment. Financial protection: Renewing your car insurance policy on time ensures financial protection in case of an accident, theft, or other unexpected events. This means you won't have to pay for damages or injuries out of your pocket. Continuous coverage: If you renew your car insurance policy on time, you will maintain continuous coverage, which is important if you get into an accident or have a claim. No-Claim Bonus: If you have a no-claim bonus and renew your policy on time, you will maintain the bonus, which can result in a lower premium. Peace of mind: A valid car insurance policy provides peace of mind knowing that you are protected if anything unexpected occurs. If your policy expiry is too far way, set up a reminder with us below: When you’re shopping for the right car insurance online, here are some points to remember. To file a claim for your car insurance policy, you can follow these steps: Legal compliance: It is mandatory to have a valid car insurance policy. Driving without insurance can result in legal consequences, such as fines or imprisonment. Contact us immediately after the accidentCover note number mentioned on your policy document, your four-wheeler vehicle's Chassis/Registration no, and the nature of the incident with your car. Was it damaged or stolen? Instaspect: Complete a video survey of your car (only in case of car damage) Provide supporting documents required to process your claims successfully. The insurance company will assess the damage to your car and determine the amount covered under the policy. They may also request additional information or documents if needed. We have a network of If you are an existing policyholder of erstwhile Bharti AXA General Insurance, click here to locate your nearest network garage. Learn what is car insurance & how does it work in India. With this blog, explore the types of car insurance along with learning about the various add-ons available. Here is everything you need to know about the third-party insurance claim process to"
"India. With this blog, explore the types of car insurance along with learning about the various add-ons available. Here is everything you need to know about the third-party insurance claim process to stay protected under unavoidable circumstances. ICICI Lombard provides comprehensive third-party insurance online. Get it today! Let’s dive in and demystify the world of our own damage and third-party insurance together. In India, third-party car insurance is compulsory for all car owners. Moreover, own-damage car insurance covers you in case of accidents, theft and fire. In case of any untoward incident, you don't have to pay out of pocket for repairs or replacement if you have a valid insurance policy. When you buy car insurance online, you get an instant policy, as there is no documentation or paperwork involved. You also have the advantage of choosing from multiple payment options, e.g. credit card (Visa, Master, AMEX card), net banking, debit card etc. You can insure a private car and two-wheeler online. It takes just a few minutes to buy or renew car insurance online. You just have to enter the vehicle details, contact info and insured details, and pick the covers you need. Once you make the payment, you receive an instant car insurance policy. Yes, they are. In case of online car insurance, once you make payment, we send the policy documents to your email and your registered address. You can check all your car insurance details in your policy documents. You can also log in to our website or IL Take Care app to check the below details: An endorsement is written evidence of an agreed change in the policy. It is a document that incorporates changes in the policy terms. Yes, you need to hold a valid and effective PUC, and terrain etc, with agreement of the insured and as captured in the policy schedule. The age-wise depreciation schedule shown above is applicable only for Total LossCTL)Constructive Total Loss (CTL)or repair of the vehicle, subject to terms and conditions of the policy, exceeds 75% of the IDV of the vehicle. The liability of the Company shall not exceed the Insured's Declared Value (IDV) of the vehicle in the event of total losscash loss for the year in which loss has occurred. In order to ascertain the Total IDV as on date of loss, Tenure-wise chart is accompanied in the policy schedule. Insured Declared Value of Car = Manufacturer's listed selling price - Depreciation Value For instance, if your car is less than 6 months of age and its current market value is Rs. 10,00,000 then at 5% rate of depreciation, the IDV would be around 9.5 lakhs. However, if the car is above 1-2 years, then at 20% rate, the IDV would be 8.0 lakh. * The above provisions of Insured declared value are in line with the erstwhile India Motor Tariff The insured vehicle will be treated as a Total Loss Cash-loss if the aggregate cost of retrieval and constructive total lossConstructive total loss /Cash loss are in line with the erstwhile India Motor Tariff and"
"will be treated as a Total Loss Cash-loss if the aggregate cost of retrieval and constructive total lossConstructive total loss /Cash loss are in line with the erstwhile India Motor Tariff and as guided by the Master circular on General insurance products. Third party liability insurance covers losses to a third person who is not a party to the insurance contract. The Motor Third Party Insurance covers the following losses: We cover partial theft, as per the terms and condition of your policy. Please note that theft (both partial and complete) is covered under the policy's own damage section. Yes, you can, if you do not have a valid driving license or if your vehicle is registered in the name of a corporate. Road Side Assistance is a cover that provides you with the necessary help in case you are stranded on the road when your car breaks down. For example, breakdown cover may include jump-starting an automobile, towing a vehicle, changing a flat tyre, providing a small amount of fuel when a car runs out of it, or helping people locked out of their cars. Please refer to the policy wordings for terms and conditions. Usually, when you file a claim under your car insurance policy, you have to pay for the cost of depreciation of your car parts. If you opt for Zero Depreciation add on cover (by paying additional premium), we will cover all the repair/replacement costs without factoring the depreciation element. The following costs are covered under ZD: Repair and replacement costs of fiber part, rubber, batteries, airbags, nylon and plastic parts, denting, painting, and fiber glass. Yes, we do. However, this benefit is applicable in case of accidental damage to the engine only. In order to cover consequential losses to the engine, you can opt for the Engine Protect Plus add-on. It is an add-on, available by paying additional premium. It pays for repair or replacement of an engine, damaged due to water ingression/leakage of lubricating oil. This add-on cover secures your car keys and locks against theft or damage. It pays for repair or replacement of lost or damaged keys and locks, including locksmith charges. You can opt for this cover in your policy by paying a nominal additional premium. It is an add-on, available by paying additional premium. If your car is under repair in an authorized garage after an accident, we pay a fixed daily allowance. You can use it for alternative transport. Please refer to the policy wordings for terms and conditions. Yes, we do cover as per terms and conditions. Yes, we do cover these damages. You can choose between any of these payment options to pay your premium online: Yes, you can avail a 2.5% discount on Own Damage (OD) premium, subject to a maximum of ₹500. This is applicable if your vehicle is fitted with an anti-theft device approved by the Automobile Research Association of India (ARAI), Pune as per GR 28 of IMT. Intimate the claim with us before going to the garage & you can get these benefits at our certified"
"device approved by the Automobile Research Association of India (ARAI), Pune as per GR 28 of IMT. Intimate the claim with us before going to the garage & you can get these benefits at our certified preferred garages F : 1) Quick survey (within four working hours) 2) Quality assurance for repairs done under claim for six months or 6000 km, whichever is earlier 3) Complimentary vehicle body wash 4) Complimentary sanitization - on major touchpoints 5) Complimentary towing at the time of the accident Contact our toll-free helpline 1800 2666 or use IL Take Care app to register your claim and get a claim number/ reference number. You can also directly register your request online*, with our Lodge A Motor Claim service. *Please note that as of now, we can process only accidental damage claims through the 'Lodge A Motor Claim' interface. You can make any number of claims in the year. Cashless claim: Under the cashless claim facility, we pay our share of the vehicle repair charges directly to the garage, provided the vehicle is repaired in our network garage. Non-cashless/Reimbursement: If the vehicle is repaired in a garage outside our network's purview, you will have to pay the repair charges to the garage. You can get your claim amount reimbursed by submitting the original bills and payment receipts to our office. Deductible refers to the minimum deduction stipulated under motor insurance regulations to be deducted for each claim. This amount is deducted from the claim amount. You can avail this service for a maximum of four times. You would be able to claim only for the services opted by you at the time of policy issuance. No, NCB will not be impacted, in case you have only raised LOPB or Key Protect claims in the year. We offer four types of car insurance policies online: Car insurance covers damages to your own car, as well as the damages your car makes to others & surrounding property. Some of the risks it covers include fire, theft, natural calamities, explosion and self-ignition. The Insured Declared Value (IDV) in a car insurance policy is the maximum amount we can pay out in claims to you. It is derived as per the market value of your car, at the time of policy purchase. When you buy car insurance online from us, we email the policy documents to you. In case you can't find the original copy, you can download the car insurance certificate/policy from your email again. You can also log in to the IL Take Care app to download the duplicate copy of your car insurance policy online. Yes, you can. You should renew your car insurance policy before expiry of the previous policy. In case your vehicle insurance policy has already expired, our authorized surveyor would require an inspection of the car, before policy issuance. The policy would only be issued subject to satisfactory inspection and submission of required documents. Car insurance is available in annual and long-term (3 years) options. Irrespective of the policy term, you need to renew car"
"subject to satisfactory inspection and submission of required documents. Car insurance is available in annual and long-term (3 years) options. Irrespective of the policy term, you need to renew car insurance before it expires, so that there is no break in coverage. In case of a gap between expiry and renewal, you may lose out on claims and your accumulated NCB F . You can transfer your car insurance to the new owner. Under Section 157 (2) of the Motor Vehicles Act, the new car owners will have to apply to us within 14 days of the transfer. We shall make the necessary changes and get the policy transferred in their name. Yes, if you are our customer, or are switching to ICICI Lombard from any other insurance company, and have accrued some NCB from your previous insurer. You can get the same transferred if you renew car insurance within 90 days after expiry (subject to no claim). The same applies if you are switching from ICICI Lombard to other insurance company. Our customers have rated us I just purchased this car insurance policy because of the following reason even after getting cheaper offer from other competitors: 1. Proper follow up and prompt update 2. The way your team explained the feature of policy such as 24x7 road side assistance, zero depreciation, and high number of cashless garages etc. 3. Excellent customer service Your team was very helpful in telling the details of the premium breakup and the IRDA specific mandates. Unlike others, they informed me about the terms and conditions of zero depreciation coverage in the car insurance policy. Thanks for advising and helping with informati"
"We are India's #1 * insurance app UID: 6102 | T&C apply UID: 6099 | T&C apply UID: 6101 | T&C apply UID: 6100 | T&C apply ARN: L0089 | T&C apply UID: 6102 | T&C apply UID: 6099 | T&C apply Get coupons now, buy insurance later. Unlock coupons on the ACKO app ABHA is the Aadhaar of healthcare It is already mandatory in AIIMS and will soon be mandatory for admission and insurance in all hospitals, clinics and diagnostic centres in India. Check and pay your challans on the app to unlock better prices on insurance Get real-time FASTag and PUC expiry alerts on the app Get immediate ambulance and medical support on the app Get expert visa support and customised plans on the app On the lookout for your next car? Save as much as ₹80,000* and get express delivery Want a #StealDeal for your next purchase? Get coupons now. Buy when you are ready. Our numbers speak louder than words 8crore users Acko Technology & Services Private Limited #36/5, Hustlehub One East, Somasandrapalya, 27th Main Rd, Sector 2, HSR Layout, Bengaluru, Karnataka 560102 Acko Group Companies: Products Company Legal Support Car Insurance Bike Insurance Health Insurance Group Health Insurance Travel Insurance Life Insurance CIN: U74110KA2016PTC120161 *Listed #1 for “insurance” on the Apple App Store The use of images and brands are only for the purpose of indication and illustration. ACKO claims no rights on the IP rights of any third parties."
"Car insurance price starting at just ₹2,094* Buy or Renew Car Insurance Online in 2 Minutes Car number UID: 5653 | *T&Cs apply Looking to insure brand new car? Zero commissions, big savings UID: 5653 | *T&Cs apply Home Car Insurance Car insurance, also referred to as motor or auto insurance, is an insurance policy that provides you financial protection if your vehicle suffers damages due to accidents, natural disasters, or thefts. With a Comprehensive Car Insurance Policy, you will be financially secured in case of any losses to your vehicle due to an unfortunate event. Apart from that, a private car insurance policy also covers third-party liabilities and ensures that you comply with the law of the land. Whether you are looking to buy a new car insurance policy to comply with the legal norms or looking for comprehensive coverage, ACKO has it all! We offer insurance policies, including private car insurance, third-party car insurance, comprehensive car insurance, and own-damage car insurance online at incredibly low premiums. At ACKO, you will also be able to enjoy a hassle-free car insurance renewal process. Insuring your car with us is simple, easy, and convenient. Being digital-first helps us seamlessly offer almost all of our services online. Additionally, you get the following key features when you buy online insurance from ACKO. 1. Incredibly Low Premiums Thanks to our digital setup, our operational costs are low, and we sell insurance for cars directly to you without intermediary commissions. It allows us to keep the car insurance price low. 2. Zero Paperwork With ACKO, there’s no need to spend time and effort filling out physical forms to insure your car or to renew your car policy. Nor do you have to submit a long list of documents. Everything’s online! Whether you are buying a new car insurance plan or renewing the existing plan, there is no paperwork needed. 3. Stress-free Claims Gone are the days when you had to stress over raising a car insurance claim. With features such as free pickup and drop* and claim tracking, your claims experience with us is bound to be stress-free! (*as per terms and conditions). 4. Instant Claim Settlement ACKO offers instant settlement for minor claims. Major claims may take more time but are settled swiftly as well. Both minor and major claims are settled per the applicable policy’s terms and conditions. 5. Total Convenience Want to buy car insurance at midnight? You can! Renew the car policy on a Sunday; yes, you can! Raising a claim request on a public holiday; why not? With ACKO, you get total convenience for all things insurance! Buy car insurance online anytime, anywhere! 6. 24x7 Support We know that accidents are unpredictable. Thus, you can avail of our 24x7 support, one way or another, as and when you require assistance with your car policy. We are just a call/click away! 7 . Easy Insurance Renewal You can easily go for car insurance renewal with Acko either on the mobile app or on the website."
"require assistance with your car policy. We are just a call/click away! 7 . Easy Insurance Renewal You can easily go for car insurance renewal with Acko either on the mobile app or on the website. Just enter your car insurance policy number and proceed with the renewal process to get the policy renewed on time. ACKO provides different types of car insurance policies for your unique needs. Note that these policies, features, and add-ons are subject to availability. Please refer to the respective policy wording for more details and don’t forget to go for car insurance renewal online with ACKO A Third-party Liability Four Wheeler Insurance Policy covers financial liabilities when you accidentally damage other people's property or cause injuries/death of a third party. A third-party policy is mandatory as per law; however, it does not cover damages to your car. Note: Third-party car insurance premium rates are revised per the IRDAI circular dated 25 May 2022. The Comprehensive car insurance plan all the coverage benefits the Third Party Plan offers. In addition, this plan also covers damages to your car caused by accidents, calamities, fire, rat bites and theft of the insured vehicle. This plan also allows you to top for add-on covers to enhance the policy coverage. This car policy provides all the coverage benefits offered by the Comprehensive Plan. In addition, this plan also covers 100% of the cost of the car parts if a part needs to be replaced during repair. In other words, this plan will cover the depreciation cost incurred by car parts and will offer you the maximum claim amount. Third-party Liability Car Insurance cover proves to be inadequate when it comes to damage to your car from accidents, natural disasters, fire, or theft. Such coverages are provided under an Own Damage Insurance policy. The following table highlights the key differences between comprehensive and third-party car insurance PARAMETER THIRD PARTY CAR INSURANCE POLICY COMPREHENSIVE CAR INSURANCE POLICY Meaning Third-party car insurance is a basic law-mandated policy that covers third-party liabilities. Comprehensive car insurance is an optional policy that provides coverage against damages to your car and third-party liabilities. Coverage Damages to third-party propertydeath of a third party. Third-party property damages, injury or death of the third party and damages to the insured car due to accidents, natural/manmade calamities, theft, etc. Premium Low premium Higher premium due to extensive coverage. Add-ons Not available You can opt for add-on covers. Legally Mandatory Yes No Here are the inclusions of the ACKO Comprehensive Car Insurance Policy. Please refer to the policy wordings for more information about the policy coverage. Also, do not forget to go for car insurance renewal to get continued coverage. If your car causes damages to third-party property/vehicle or life, such losses are covered by the ACKO Comprehensive Car Insurance Policy. Damages caused to your"
"renewal to get continued coverage. If your car causes damages to third-party property/vehicle or life, such losses are covered by the ACKO Comprehensive Car Insurance Policy. Damages caused to your car due to accidents/collisions are covered under ACKO car insurance. Damages caused to your car due to accidental fire, vandalism, self-ignition, etc, are covered by the Comprehensive Plan. Car theft is common in India, and you could face a heavy financial loss if your car gets stolen. ACKO’s Comprehensive Policy includes this coverage. Damages from both natural and man-made calamities are covered under a Comprehensive Car Insurance Policy. Damage to your car due to rat bites can lead to significant repairs. It is covered under our four wheeler insurance policy. Here are the exclusions of the ACKO Car Insurance Policy. Please refer to the policy wordings for an exhaustive list of exclusions. Any damage that your car has suffered before buying a policy from us will not be covered. The repair or replacement cost is not covered under the car insurance plan for those car parts that suffer damage over time due to regular use. Any type of manufacturing defect in the car’s component will not be covered under our Comprehensive Car Insurance Policy. Having the necessary documents while driving is important. Car damage, while not having such documents (active Driving Licence, vehicle RC, etc.), is not covered under the car insurance policy. Driving your car in an illegal race, driving under the influence, or engaging in a crime is called illegal driving. The ACKO car insurance plan does not cover car damages caused during such instances. Any damage to the car when driving outside the geographical limits of India is not covered under car insurance. Add-ons offer additional coverage for your ACKO Comprehensive Car Insurance Policy. Following are the add-on covers you can buy from ACKO. Note that these add-ons are subject to availability. You can also include or remove add-ons when option for Acko car insurance renewal online. With the Roadside Assistance add-on, you get access to 24x7 emergency roadside assistance, including towing services during car breakdowns. Call us if you get stranded on the road due to a breakdown, and we will help you. NCB Protection add-on keeps the NCB discount intact even if you make a claim. With this add-on, you can raise a claim and still get a No Claim Bonus discount of up to 50% on car insurance renewals. ACKO shall reimburselubricating oil of the Insured Vehicle due to any accidental means. Usually, the cost of the car's engine oil, gearbox oil, lubricants, nut, and bolt, screws, distilled water, grease, oil filter, bearing, washers, clip, break oil, air conditioner gas, and items of similar nature, excluding fuel consumed during repair of the insured vehicle is not covered during claim settlement. With Consumables Add-on, we will cover such costs while settling claims. We offer this add-on as a part of your Comprehensive Car"
"repair of the insured vehicle is not covered during claim settlement. With Consumables Add-on, we will cover such costs while settling claims. We offer this add-on as a part of your Comprehensive Car Policy. Personal Accident Cover is mandatory by law along with the Third-party Insurance Plan. It covers (for you) both permanent disability and death while driving a car. This add-on allows you to insure the passengers in your car in case of unfortunate accidents leading to permanent disabilitypassenger. This cover helps your paid driver financially in the event of serious injuries or death in an accident while they're employed by you. Auto insurance companies (such as ACKO) mostly use the following factors to calculate the four-wheeler insurance premium amount. Auto insurance companies (such as ACKO) mostly use the following factors to calculate the four-wheeler insurance premium amount. Your car's engine cubic capacity (cc) decides the premium payable on your 4-wheeler insurance plan. The higher the engine cc, the higher the car policy premium. The type of coverage is also a crucial deciding factor for calculating premiums. A Third-party Car Insurance Policy premium will be lower than a Comprehensive Car Insurance Plan. Your car's approximate market value (IDV) determines your premium. IDV is the maximum claim amount you will get from the insurer. You can calculate this by using an IDV calculator You can enhance the Comprehensive Car Insurance Policy with add-ons as they add an extra layer of protection to the policy. However, the more add-ons you add, the higher the premium. The replacement cost of parts/repairs can be higher for a new car. Also, the car's value reduces with wear and tear. So, the older the vehicle, the lower its value, which reduces the premium amount. If you have a bad claims history (for instance, a higher record of accidents), the probability of future damage and related claims is higher. Claims also affect your No Claim Bonus component, and as a result, the premium can be higher. The deductible is the amount you must pay while settling a four wheeler insurance claim. The insurance company will bear the rest of the approved amount. The higher the deductibles (for instance, Voluntary Deductible), the lower the premium charged. The car insurance premium can vary depending on your geographical location. For instance, if you live in an area where traffic is less, and the probability of accidents is less, the premium can be lower. On the other hand, premiums may be higher in metro cities where the traffic is dense. Do you know how to calculate the car insurance premium for your preferred car insurance policy? Below, we present different methods to calculate your four wheeler insurance premium. A car insurance premium calculator is an online tool to assist you in swiftly determining your premium. Input the required details, choose the desired policy coverage and add-ons, and click 'Get Price' to get the car insurance quotes. The"
"online tool to assist you in swiftly determining your premium. Input the required details, choose the desired policy coverage and add-ons, and click 'Get Price' to get the car insurance quotes. The calculator will generate the total premium you must pay to get a four wheeler insurance policy. The Own Damage (OD) car insurance premium is calculated using the following formula. + Add-ons - Your car’s IDV is calculated based on the following formula. + In accordance with the notification issued by IRDAI for the financial year 2022-2023, the premium rates applicable to Motor Third-Party Liability Insurance for Private Cars, effective from June 1 2022, are as follows. ENGINE CUBIC CAPACITY (CC) THIRD-PARTY PREMIUM Less than 1,000cc Rs. 2,094 More than 1,000cc and less than 1,500cc Rs. 3,416 More than 1,500cc Rs. 7,897 Are you looking to lower your car insurance premium in India? Reducing the car insurance price can help you save money while maintaining adequate coverage. Here are some tips to reduce your 4 wheeler insurance premium. Obtain auto insurance quotes from multiple insurance providers to compare coverage options and premiums. It allows you to choose the most cost-effective car insurance policy. Consider increasing the voluntary deductible amount. It is the portion of the claim you agree to pay out of your pocket. By opting for a higher deductible, you can lower the premium. Maintaining a good driving record can earn you a No Claim Bonus (NCB) or a discount on your premium. Avoid accidents and traffic violations to qualify for these benefits. It's advisable to avoid filing claims for minor damages or repairs. Paying such expenses out of pocket can help you maintain your NCB and keep your car insurance premium low. Evaluate your car's value and insurance needs carefully. Opting for comprehensive car insurance coverage only if necessary can help reduce premiums. Renew your car insurance policy before it expires. Late auto insurance renewals may lead to higher premiums or even policy cancellation. With ACKO, car insurance renewal online can take place in just a few clicks. Buying car insurance online or insurance renewal from ACKO is quick, simple, and hassle-free. All you have to do is follow the points mentioned below. Fill in your car’s details, such as its registration number, make, model, year of purchase and previous car insurance policy details (if available), to view insurance quotes. Choose the type and tenure of the policy and add-ons as per your requirements. Select from a wide range of plans tailored to your car insurance needs. Once you have finalised the private car insurance policy, you can pay the premium online and receive the policy document instantly in your inbox. Here are the steps to get a new car insurance price quote and buy the policy instantly on ACKO. Step 1: Scroll to the top of this page and click on “ Check Prices ”. Step 2: Enter your new car details like make./model, fuel type, variant and car delivery date, and"
"the policy instantly on ACKO. Step 1: Scroll to the top of this page and click on “ Check Prices ”. Step 2: Enter your new car details like make./model, fuel type, variant and car delivery date, and hit the “Continue” button. Step 3: Enter your mobile number and current address pincode and click on “View Plans”. Step 4: Select the insurance plan you wish to buy and click on “Customize”. Step 5: Choose the add-ons you wish to buy and hit the “Customize” button. Step 6: Add the mandatory Personal Accident cover and click on “Customize”. Step 7: On the next page, you can customize the IDV (Insured Declared Value) as per your preference. Once you are done, click on “Customise”. Step 8: Enter your details like name and email ID, RTO location, vehicle engine and chassis number and optional nominee details. Step 9: Review all the details on the next page and complete the online payment to instantly insure your new car. We follow a paperless process for buying or online car insurance policy renewal. All you need are details about the car, location, and the previous policy (if applicable). There is no need to submit unnecessary physical paperwork or wait for a hard copy of your policy document. Post payment, a digital copy is ready for instant download. Renewing car insurance online with ACKO is easy, quick, and trouble-free! You can complete the car insurance renewal online within a few minutes. Our online car insurance renewal process is even quicker than our policy-buying process! You can access your ACKO account through our website/app to view the coverage details, pay the car insurance renewal premium online, and renew your policy. Our online car insurance renewal process involves zero paperwork. You don’t have to fill out a long list of forms and submit multiple documents to insure your car with us. You enjoy seamless coverage when you renew the car insurance policy online before its expiry. Thus, you can benefit from instant and continuous coverage (after the current policy’s expiry) by renewing your car insurance online with ACKO. Since car insurance renewal online is simple and easy and allows instant coverage, you don’t have to worry about a lapse in coverage if you renew your policy before the expiry date. This way, you avoid non-compliance penalties and ensure insurance coverage. On top of that, avoiding penalties also helps to keep the car insurance renewal price low. You should immediately renew expired car insurance without delay. Here is why it is important: Loss of NCB: The accumulated No Claim Bonus earned from your car insurance policy over the years shall be nullified if you do not renew the policy within 90 days from the expiry date. Loss of NCB: The accumulated No Claim Bonus earned from your car insurance policy over the years shall be nullified if you do not renew the policy within 90 days from the expiry date. Vulnerable to fines: The penalty for driving an uninsured car can go up to Rs. 4,000 and/or imprisonment. Thus, driving"
"nullified if you do not renew the policy within 90 days from the expiry date. Vulnerable to fines: The penalty for driving an uninsured car can go up to Rs. 4,000 and/or imprisonment. Thus, driving with an expired car insurance policy makes you vulnerable to fines. Vulnerable to fines: The penalty for driving an uninsured car can go up to Rs. 4,000 and/or imprisonment. Thus, driving with an expired car insurance policy makes you vulnerable to fines. Unwanted financial implications: Not renewing your car insurance policy by the due date means you will be uninsured and may end up paying from your pocket in case of an accident, especially involving a third party. Unwanted financial implications: Not renewing your car insurance policy by the due date means you will be uninsured and may end up paying from your pocket in case of an accident, especially involving a third party. So, go for car insurance renewal online with ACKO and get continued coverage for your car for a longer time period. We follow a simple claim process. All you need is a smartphone or a computer with an active internet connection and details related to the claim. Then, follow these steps. Log in to your ACKO profile with the help of your mobile number. Open your car insurance policy and click on “Register a claim”. Enter the necessary details and upload all claim-related documents (as required). At ACKO, no physical paperwork is required to raise a claim against your car insurance policy. Instead, you must upload soft copies of the following documents through our digital platform (mobile app/website). Note that the exact list of required documents might vary depending on the claim. Driving Licence Driving Licence Car’s Registration Certificate Car’s Registration Certificate First Information Report (FIR) (If required) First Information Report (FIR) (If required) Non-traceable Certificate (If required) Non-traceable Certificate (If required) Proof of identification of the policyholder Proof of identification of the policyholder Fire brigade report (If lodged) Fire brigade report (If lodged) Original car purchase invoice (If opted for Return to Invoice add-on cover) Original car purchase invoice (If opted for Return to Invoice add-on cover) Original repair bills Original repair bills Original payment receipts Original payment receipts You can download the ACKO Car Insurance Policy copy online by following the steps below. Scroll to the top of this page to log in to your ACKO account using your mobile number. Under your car insurance policy, click the “Policy Document'' option and select “Download“ (you also have the option to email or receive it via Whatsapp) to get your car insurance policy copy. Note: If you need a physical copy of the car insurance policy, you can follow the steps mentioned above and take a printout. If you think you don't drive the car much or are a safe driver and don't need car insurance, think again! From law compliance to financial protection, purchasing car"
"above and take a printout. If you think you don't drive the car much or are a safe driver and don't need car insurance, think again! From law compliance to financial protection, purchasing car insurance has several benefits. Here are some of the key benefits of car insurance. Viewing your car in a damaged state can sink your heart. But there’s hope. If your car is damaged due to an accident, fire or natural/manmade calamities, your car insurance policy can provide financial protection. One of the most valuable benefits of car insurance is that it offers you Personal Accident (PA) cover. The PA cover provides a financial shield against permanent total disability and death caused by car accidents. You get Rs. 15 lakh coverage under this benefit. The cover is mandatory as per law when you buy a car policy. You can get a discount on the car insurance renewal premium for not filing claims during the policy period. This discount is known as NCB. You can get a discount of up to 50% (on the Own Damage component) if you do not file claims for five consecutive years, making insurance for cars even more affordable. A Comprehensive Car Insurance Policy provides financial protection against vehicle theft. If your car is stolen, you shall receive the Insured Declared Value (IDV) stated in your policy, subject to terms and conditions. In case of the insured's demise due to an accident, dependents can get a lump sum compensation through the PA cover. The coverage limit is Rs. 15 lakhs as defined by the IRDAI. The cost and time taken to repair car damages may cause a lot of inconvenience. With an active car policy, you can rest assured that you are always financially protected. Also, thanks to car insurance online policies, you can buy or renew your plan and raise claims within a few minutes. Buying auto insurance and keeping the policy active at all times is necessary if you want to avoid penalties. By opting out of car insurance, you risk going against the law and exposing yourself to financial expenses due to car/third-party damage. Third-party liabilities arise when your insured car causes damages to a third party’s property or injuries to a third party. Staying financially protected by insuring your car with 3rd Party Insurance (or Comprehensive Insurance) protects against financial burdens caused by third-party liabilities. Choosing the best car insurance policy is crucial to protect your vehicle and yourself from unforeseen risks on the road. To help you make the right decision, here are some valuable insights and highlights to consider while selecting car insurance. Before you go online and purchase an auto insurance policy, assess your requirements depending on the type of vehicle you own, where you drive it, and the kind of risks you expect to be exposed to. It will help you choose the right plan without spending too much on unnecessary coverages. One of the main advantages of purchasing 4-wheeler insurance online is the ability to compare different"
"to. It will help you choose the right plan without spending too much on unnecessary coverages. One of the main advantages of purchasing 4-wheeler insurance online is the ability to compare different policies easily. You can get free car insurance quotes from insurers’ websites, compare the policies based on the quote, features, and services, and then pick the right one as per your requirements. IDV is the current market value of your vehicle and the maximum amount you will receive from the insurance provider if your car suffers a total loss or is damaged beyond repair. Hence, it’s crucial to check before making the policy purchase decision. Also, note that a higher IDV offers better auto insurance protection, but it increases the premium. Add-ons are extra covers that enhance the policy’s coverage. Check for such covers while buying a four-wheeler policy. You can purchase add-ons online by paying an additional premium. But be mindful when buying such covers and opt for only the add-ons you need. Choose an auto insurance provider offering a simple, quick, hassle-free claim process. You can browse online reviews to get a fair idea about an insurer’s claim process. Also, do not forget to check the CSR (Claim Settlement Ratio), as the ratio depicts the insurance company’s record when settling claims. One of the most underrated points while buying car insurance is customer support. However, it is crucial as you may need help during purchase, renewal or claim. Therefore, opt for an insurer that provides 24x7 customer support so you always have a helping hand when needed. IDV or Insured Declared Value is the approximate value of your car and the maximum amount you can get from the insurer if your vehicle is stolen or suffers a total loss. IDV plays a crucial role in determining the car insurance price. IDV or Insured Declared Value is the approximate value of your car and the maximum amount you can get from the insurer if your vehicle is stolen or suffers a total loss. IDV plays a crucial role in determining the car insurance price. One of the significant factors affecting the IDV is the car’s age. The IDV will be lower for older cars, and the sum insured of the vehicle will also be lower. It is because an old car’s value depreciates over time due to usage and wear and tear of parts. IDV calculation involves accounting for the depreciation suffered by the vehicle. One of the significant factors affecting the IDV is the car’s age. The IDV will be lower for older cars, and the sum insured of the vehicle will also be lower. It is because an old car’s value depreciates over time due to usage and wear and tear of parts. IDV calculation involves accounting for the depreciation suffered by the vehicle. For instance, a 5% depreciation rate is applied while calculating the IDV if the car is six months old. The rate of depreciation increases every year after that. For instance, a 5% depreciation rate is applied while calculating the IDV if the car is six months"
"the IDV if the car is six months old. The rate of depreciation increases every year after that. For instance, a 5% depreciation rate is applied while calculating the IDV if the car is six months old. The rate of depreciation increases every year after that. Another factor that affects the IDV is the make and model of the car. For example, the IDV of a premium brand car will be higher than the Insured Declared Value of a budget car. Another factor that affects the IDV is the make and model of the car. For example, the IDV of a premium brand car will be higher than the Insured Declared Value of a budget car. The third factor that impacts IDV is the geographical location of the car. The IDV of a car registered in a metro city can be higher than the IDV of a car registered in a small town. The third factor that impacts IDV is the geographical location of the car. The IDV of a car registered in a metro city can be higher than the IDV of a car registered in a small town. AGE OF CAR RATE OF DEPRECIATION Less Than 6 Months 5% More Than 6 Months to 1 Year 15% More Than 1 Year to 2 Years 20% More Than 2 Years to 3 Years 30% More Than 3 Years to 4 Years 40% More Than 4 Years to 5 Years 50% More Than 5 Years To be mutually decided between the insurer and policyholder ACKO FAQs Know More about Claims at ACKO Questions You May Have about Car Insurance Policy & Premium Coverage Purchases & renewals You do not need to provide physical documents for buying car insurance online from us. We will only ask for some important details like: Car’s registration number Car’s year of manufacture Your current location Number of claims in the last 5 years Etc. You can use similar details for online car policy renewal as well. You should buy or complete car insurance renewal from us for the following reasons. Low premiums owing to the digital process Zero commissions while buying/renewing the policy Exclusive plans Great claims service Claim-related repairs managed by us Doorstep pick-up and drop of your car* 3-day claim settlement turnaround for most claims* We deliver your policy instantly No paperwork is involved for buying/renewing car insurance We are licensed by IRDAI (Registration number 157) *Service available in select cities To insure your new car from ACKO, all you need to do is scroll to the top of the page and provide a few basic details about the new car. You can get a new car insurance price quote instantly and complete the insurance purchase within a few minutes. The prices we offer are on the lower side because we are truly digital and sell most insurance policies directly to customers like you. This way, we don’t have to hire a lot of middlemen and pay commissions. Also, our digital set-up helps us to lower our operational costs. And we pass these savings to our customers through discounts and offers on premium. Yes, ACKO is a verified general insurance company which is licenced and certified by IRDIA (Insurance Regulatory and Development Authority of"
"to our customers through discounts and offers on premium. Yes, ACKO is a verified general insurance company which is licenced and certified by IRDIA (Insurance Regulatory and Development Authority of India). ACKO’s IRDIA registration number is 157. You can raise a claim by visiting www.acko.com or calling us on 1800-266-2256. While submitting a claim, you should provide the following information. Your contact number or the vehicle number Policy number Description of the incident and photographs of the vehicle (if possible) First Information Report (FIR) in case of theft, injuries to any third party or damage to their property To claim car insurance from our website, you need to just log in to your account on our website or app and click “Register a Claim” to initiate the process. Your first action to initiate a claim is to either log in to your ACKO account or contact us . To raise a claim, a First Information Report (FIR) might not always be required. In some rare cases, like car theft, you may need to file an FIR. You are not required to file an FIR if the claim is for minor accidents. It depends from case to case. But don’t worry, our claims team will help you at every step. The time taken for a claim to be settled will vary depending on the extent of the damage. Most of the claims managed by us are settled within 3 working days (in select cities). For minor claims, we offer instant claim settlement. Be it a minor claim or a major one, our team strives to settle every claim as fast as possible. Cashless claims refer to a claim type where the approved garage bill for car repairs is settled directly between us and the garage. We will get the car repaired, you just have to pay a fixed amount under deductibles and the amount that’s not covered by us. You need to insure your car because The Motor Vehicles Act, 1988, makes it mandatory for all vehicle owners to insure their vehicle to drive legally on Indian roads. Also, as accidents are unpredictable, car insurance can offer financial assistance in case of such accident-related damages. Apart from the mandatory aspect, insuring your car helps overcome financial losses involving your car in case of unfortunate events like accidents. Car insurance is a dedicated insurance policy to cover financial losses in case of third-party liabilities, accidents, natural disasters, fire, theft, etc. (as per the coverage terms). Buying insurance for four wheeler also helps you comply with the law, as insuring your car is a legal requirement in India. Comprehensive car insurance plan is the best as it covers both third-party liabilities and damage to the vehicle. On the other hand, a third-party insurance plan only covers third-party liabilities. Comprehensive car insurance plan is the best as it covers both third-party liabilities and damage to the vehicle. On the other hand, a third-party insurance plan only covers third-party liabilities. You can check the availability of insurance for a car on our website by"
"liabilities and damage to the vehicle. On the other hand, a third-party insurance plan only covers third-party liabilities. You can check the availability of insurance for a car on our website by scrolling up at the top of this page and using the space to enter your car number. If you don’t find the right insurance for your car, please call 1800 266 2256 or drop an email at hello@acko.com, and we will help you out. To get a duplicate car insurance policy, you can simply log in to your account on our website/app and download your policy document. To find your car insurance policy number, you need to take a look at the policy document. If you want to get in touch with us, you can contact us , and we will assist you. A Comprehensive Car Insurance Policy is best suited for an old car as it covers damages incurred to the vehicle due to accidents, natur"
"Bike insurance price starting at just ₹457* Buy or Renew Two Wheeler Insurance Online in 2 Minutes Bike number UID: 5666 | *T&Cs apply Looking to insure brand new bike? Zero commissions, big savings UID: 5666 | *T&Cs apply Home Bike Insurance Bike insurance or two-wheeler insurance is an insurance policy that covers you against damages to your two-wheeler due to accidents, naturalproperty or injuries/death of a third party caused due to the insured two-wheeler. You can buy insurance for two-wheeler to get coverage for motorcycles, scooters, mopeds, etc. Key Features ACKO Advantage Bike insurance premium Plans start at Rs.457* Third-party liability Covered Own Damage (OD) Cover Available with the Comprehensive Bike Policy No Claim Bonus (NCB) Up to 50% discount for 5 claim-free years Personal Accident (PA) Cover Available. Coverage up to Rs. 15 lakhs for permanent disability/death Claim settlement Online with paperless and cashless experience. Instant claim settlements (within 2 hours) for minor damages. Cashless repair service Available at network garages. Claim Settlement Ratio (CSR) 98.40% for the Financial Year (FY) 2023-24 (Two-wheeler OD portfolio) Buying/renewal Instant two-wheeler insurance renewal Paperless Experience Available Here are the advantages of buying bike insurance online. Whether it's raising a claim or buying a new insurance policy for bike, you can do it from anywhere, anytime. You need not wait for the insurer’s office to open but instead access the bike policy services online. Purchasing bike insurance online saves you a lot of time and effort. You can purchase the bike policy online within a few minutes from the comfort of your home. It saves both time and effort. Buying bike insurance online offers the convenience of comparing different two-wheeler insurance policies before making the purchase decision. You can compare before buying insurance for a bike and make an informed choice depending on the coverage offered. Here are some of the reasons why you should have an insurance policy for two-wheeler: Here are some of the reasons why you should have an insurance policy for two-wheeler: Whether your bike is lost, stolen, or suffers any substantial damage, you will get financial protection for all such unpredictable events with a bike insurance policy. There are multiple add-ons that you can include in your two-wheeler insurance policy, such as Zero Depreciation Cover, Key Loss Cover, Roadside Assistance, and more. These add-ons are available at higher premiums but also offer greater protection. To adhere to the Motor Vehicle Act of 1988, having at least a third-party bike insurance policy is important. If caught riding without a valid two-wheeler policy, this will prevent you from paying hefty fines. A Personal Accident Cover is also mandatory for all bike owners. This cover provides financial protection of up to Rs.15 lakhs in case of unfortunate events when the policyholder meets an unfortunate demise. No Claim Bonus is a"
"also mandatory for all bike owners. This cover provides financial protection of up to Rs.15 lakhs in case of unfortunate events when the policyholder meets an unfortunate demise. No Claim Bonus is a reward given to a policyholder for raising no claims in a given year. So, when buying a bike insurance policy, you can take advantage of NCB and save on premiums. A two-wheeler insurance policy provides financial coverage for damage to all vehicles, including mopeds, motorcycles, scooters, and others. There are mainly three types of bike insurance plans in India. Apart from that, you can also purchase the mandatory PA cover from our website/app. Here are more details regarding the bike insurance types. There are mainly three types of bike insurance plans in India. Apart from that, you can also purchase the mandatory PA cover from our website/app. Here are more details regarding the bike insurance types. Third Party Bike Insurance Policy (TP insurance) is mandated by law in India. It provides coverage against third-party liabilities. In other words, a Third-party two wheeler insurance policy provides financial protection if your vehicle damages another person’s vehicledeath to a third party in an accident, but it does not cover loss or damage to your own two-wheeler. Comprehensive Bike Insurance Policy provides all the coverage offered by the Third-party Two Wheeler Insurance Plan and also covers damages/losses incurred by your two-wheeler. This type of insurance for bike covers events such as accidental damages, fire damages, natural disasters (floods, earthquakes, etc.), man-made calamities (riots) and theft of the insured bike. Own Damage Insurance for bike or OD insurance is a type of bike insurance plan that provides coverage against damages to your two-wheeler. Note that this insurance policy for bike will not cover third-party liabilities. It is an ideal motorcycle insurance policy to buy if you already have a third-party policy for your bike. Following are more details about the add-ons you can purchase with the Comprehensive Bike Insurance Policy. This add-on provides coverage against the depreciation of bike parts. In other words, Zero Depreciation bike insurance ensures that you get the full claim amount without any deductions related to the depreciation of vehicle components. It is an essential add-on if you are insuring a new bike. This may not qualify as a type of two-wheeler insurance plan, but it is an essential add-on cover. Similar to third-party bike insurance, Personal Accident cover is mandatory as per law. While the insurance for the bike provides coverage against your vehicle, the PA cover offers financial protection against events such as disability/death due to an accident while riding your bike or scooter. The table below illustrates the difference between Standalone Own-damage, Comprehensive, and Third-party Bike Insurance: Coverage Third-party Standalone Own-damage Comprehensive Damage/loss to your bike ❌ Theft of your"
"the difference between Standalone Own-damage, Comprehensive, and Third-party Bike Insurance: Coverage Third-party Standalone Own-damage Comprehensive Damage/loss to your bike ❌ Theft of your two-wheeler ❌ Damages to third-party vehicle/property ❌ Third-party injury/death ❌ NCB discount up to 50% ❌ Cashless claims ❌ Online transactions Now that you know about standalone own-damage vs third-party vs comprehensive bike insurance , it will help you select a suitable policy for yourself. A two-wheeler insurance policy covers all kinds of bikes at affordable premiums. There are three types of bike insurance policies: comprehensive, standalone own-damage, and third-party bike insurance. Whether you have bought a new or second-hand scooty, having at least a third-party scooty insurance is necessary. This will help you to adhere to the motor laws and protect your scooty against financial loss when a third-party is injured. A moped, which is basically a lightweight two wheeler is also covered under two wheeler insurance policy. An electric two-wheeler that gets power through a rechargeable battery is also covered under two wheeler insurance. Inclusions Exclusions Here’s the list of events covered under bike insurance (Third-party and Comprehensive Bike Policy). Note that this is an overview; please check out respective two wheeler insurance policy wordings for exact details. Third-party losses/liabilities: Damage to another person’s vehicle or property and injuries or death of a third party caused due to your two-wheeler. Accidental damages: Damages caused to your vehicle due to accidents. Fire disasters: Damages to your two-wheeler due to fire explosion, self-ignition, lightning, etc. Natural disasters: Damages due to events such as floods, cyclones, earthquakes, etc. Man-made disasters: Damages to the insured vehicle due to incidents like riots, protests, terrorist activities etc. Vehicle theftscooter gets stolen and concerned authorities are unable to trace it. We aim to provide the best possible coverage for your two-wheeler. However, there are a few exclusions of our Comprehensive Bike Insurance Plan, and they are listed below. For exact details of the bike policy exclusions, please go through the respective bike insurance policy wordings. ❌ Damages to your vehicle due to electrical or mechanical issues. ❌ Damages to your two-wheeler when driving under the influence of drugs, alcohol, or other intoxicating substances. ❌ Repair or replacement of vehicle components subject to regular wear and tear. ❌ Damages suffered by your bike or scooter when the policy was not active. ❌ Damages to your vehicle when driving without a valid Driving Licence. ❌ Incidents that are caused due to illegal activities like racing. ❌ Incidents occurred outside the geographical boundaries of the country. ❌ Coverage against injuries or death of the policyholder while riding the two-wheeler. ❌ Damages caused to your two-wheeler due to war. To calculate a two-wheeler insurance"
"boundaries of the country. ❌ Coverage against injuries or death of the policyholder while riding the two-wheeler. ❌ Damages caused to your two-wheeler due to war. To calculate a two-wheeler insurance premium, you must account for various factors such as the bike’s make/model, age, geographical location, NCB, etc. At ACKO, you can provide your vehicle details, and our bike insurance premium calculator will display your two-wheeler vehicle insurance quote. Follow these steps to calculate the premium: Step 1: Visit our website or log in to the mobile app and provide basic details of your two-wheeler (registration number, make, model, year of purchase, etc.) Step 2: Select the type of policy and the tenure. Step 3: Once you select the policy and tenure, you will be able to see the bike insurance quote. If you want to know more about calculating the premium, refer to our bike insurance calculator page. Let’s take a look at the factors affecting bike insurance premium Let’s take a look at the factors affecting bike insurance premium The premium rates will vary depending on the coverage you choose. For instance, Comprehensive coverage will have higher premiums as compared to other coverage types. The make/model and variant affect the premium as well. For instance, if you own a basic commuter bike, you pay less premium. On the other hand, a high-end motorcycle will attract a higher premium. Insured Declared Value or IDV in bike insurance is the approximate market value of a vehicle. If you own a premium vehicle, the IDV will be high, and the bike insurance premium will increase. Note that it’s not your bike’s resale value. The vehicle's age dictates its market value. Hence, a new two-wheeler has a higher IDV, and the bike insurance premium is also on the higher side and vice versa. No Claim Bonus or NCB is the discount you can avail of for not raising any claim in a policy year. The discount applies during the bike insurance renewal, and the premium reduces depending on the percentage of discount you are eligible for. The geographical location where you ride the vehicle also plays a role in bike insurance premium calculation. For instance, if you reside in a metro city, the risk of an accident is high. Hence, the premium will be on the higher side. Here are a few points that you can keep in mind to save on bike insurance premiums. Note that these tips are for purchasing a Comprehensive 2 Wheeler Insurance Policy. Here are a few points that you can keep in mind to save on bike insurance premiums. Note that these tips are for purchasing a Comprehensive 2 Wheeler Insurance Policy. Insuring a two-wheeler with a comprehensive coverage costs higher than others. So, analyse the coverage required wisely and only choose what is adequate for your two-wheeler. Knowing the correct market value of your bike/scooter can save you money. Sometimes the IDV may be higher than the actual value of your vehicle. In such scenarios, knowing the accurate value helps to"
"Knowing the correct market value of your bike/scooter can save you money. Sometimes the IDV may be higher than the actual value of your vehicle. In such scenarios, knowing the accurate value helps to decrease the bike insurance premium because the lesser the IDV, the lower the premium. Voluntary Deductible refers to the amount you agree to pay out of your pocket during a bike insurance claim. You can increase the percentage of the Voluntary Deductible if you are confident enough that you will not raise a claim during the policy tenure and save on the premium amount. Ensure you utilise the NCB discount during your two-wheeler insurance renewal. You can use the discount even if you switch from one insurance provider to another. Always renew the two-wheeler insurance policy before the due date. You lose the NCB benefits if the policy is not renewed within 90 days of expiry. Hence, renew on time and be safe from paying higher premiums. Insurers offer discounts on bike insurance premiums if your vehicle has an ARAI-certified anti-theft device. It reduces the risk of vehicle theft. Hence, insurance providers will reward you for this by reducing the premium. You can buy/renew a bike insurance policy online from us within a few minutes by following these simple steps. Scroll to the top of this page and enter your bike number and click on check price. If you are an existing customer, you can log in to your account via OTP sent to your registered mobile number. On the next page, you will see the applicable plans you can purchase. Click the ""Buy Now"" button against your preferable bike policy. You can also customise the IDV if you are opting for the Own Damage policy. Lastly, complete the payment online. Your new/renewed two wheeler insurance policy will be sent to your registered email address. Here are the steps to buy a new bike insurance policy online from ACKO. Step 1: Go to the top of this page and click on “ Check prices ”. Step 2: Enter your bike make/model and mobile number and click on “View Plans” to check the new bike insurance price. Step 3: Select the insurance plan and click “Continue”. Step 4: Select add-ons and click “Continue”. Step 5: Enter your personal information and bike chassis number and pay the premium online to instantly buy insurance for new bike. Here are the steps for bike insurance renewal online. Scroll to the top of this page or download the ACKO smartphone app. Enter the vehicle number and choose the desired insurance plan. Enter your personal details and complete the online payment for instant bike insurance renewal online. Raising a claim request is easy when you have an ACKO bike policy. No need to fill out any claim form and no wait time. Get online and file the bike insurance claim by following these simple steps. Log in to your account via our website or mobile app. Click on the ""Claim"" button on the Policy Card. Answer the questions regarding vehicle damage and upload images of the damaged two-wheeler. Once done,"
"to your account via our website or mobile app. Click on the ""Claim"" button on the Policy Card. Answer the questions regarding vehicle damage and upload images of the damaged two-wheeler. Once done, click the ""Submit"" button to raise your claim. There is no physical paperwork involved while raising a claim against your ACKO Two-wheeler Insurance. All you need to do is upload the soft copies of the documents mentioned below, depending on the type of claim. Driving Licence (DL) Driving Licence (DL) Bike’s Registration Certificate (RC) Bike’s Registration Certificate (RC) Proof of identification of the policyholder Proof of identification of the policyholder Bike Insurance Policy Bike Insurance Policy Original two-wheeler keys Original two-wheeler keys First Information Report (FIR), if required First Information Report (FIR), if required Non-traceable Certificate (If required) Non-traceable Certificate (If required) Fire brigade report (if lodged) Fire brigade report (if lodged) Original repair bills Original repair bills Original payment/cash receipts Original payment/cash receipts Bike insurance premiums can be different for different two-wheelers. The chosen coverage and the cubic capacity of the vehicle's engine play a vital role in calculating the premium. Since the price for Comprehensive Bike Insurance is primarily based on the amount of coverage, it is difficult to tell in advance what the policy may cost. However, the Third-party Insurance prices are based on the bike's engine cubic capacity; thus, the price can be determined in advance (the amount of coverage is uniform across insurers). Here are the Third-party Two-wheeler Insurance prices for FY 2024-25. Prices are subject to change as per the IRDAI. CUBIC CAPACITY (CC) OF THE TWO-WHEELER 1 YEAR THIRD-PARTY BIKE INSURANCE PRICE 5 YEAR THIRD-PARTY BIKE INSURANCE PRICE Less than 75cc Rs. 538 Rs. 2,901 75cc to 150cc Rs. 714 Rs. 3,851 150cc to 350cc Rs. 1,366 Rs. 7,365 More than 350cc Rs. 2,804 Rs. 15,117 The following table provides more details about the third-party electric bike insurance premium. TWO-WHEELERS WITH KILOWATT CAPACITY (KW) PREMIUM RATE FOR 1-YEAR POLICY Less than 3 kW Rs. 457 More than 3 kW but less than 7 kW Rs. 607 More than 7 kW but less than 16 kW Rs. 1,161 More than 16 kW Rs. 2,383 Here’s a table with the third-party electric bike insurance premium. TWO-WHEELERS WITH KILOWATT CAPACITY (KW) PREMIUM RATE FOR LONG-TERM POLICY (5-YEAR) Less than 3 kW Rs. 2,466 More than 3 kW but less than 7 kW Rs. 3,273 More than 7 kW but less than 16 kW Rs. 6,260 More than 16 kW Rs. 12,849 *The premium rates mentioned are for EV two-wheelers not exceeding 3KW You can buy two wheeler insurance online for your new scooter from us. Scroll to the top of this page or download the mobile app and provide details about your two wheeler. Select your preferred plan, and make the online payment. You will receive the bike insurance policy instantly at your registered email address. Buying two"
"and provide details about your two wheeler. Select your preferred plan, and make the online payment. You will receive the bike insurance policy instantly at your registered email address. Buying two wheeler insurance online is safe. We are a digital-first insurance company licensed by the IRDAI (Insurance Regulatory and Development Authority of India). With our zero-commission model and 100% digital infrastructure, we eliminate middlemen commissions and reduce our operational costs respectively. Thus, we can pass on those benefits to you in the form of low-cost first-party bike insurance (Own Damage) plans and discounts. You need not submit any documents for the purchase/renewal of the two wheeler policy from us. You only need to provide the following details. Two-wheeler make, model and variant Purchase year The location of the vehicle Existing/previous bike insurance policy details (if you are renewing with a new insurer) You can download the two-wheeler policy online by logging in to your account by scrolling up or via the app. Once logged in, you can view or download the policy document by clicking on the Policy Card. Alternatively, you can also check the email inbox for the policy copy. When you buy/renew bike insurance, the policy document will be sent to your inbox. No, you cannot opt for only Own Damage Bike Insurance cover. A Third-party Policy is mandatory in India, no matter what type of motor vehicle you own. Hence, you cannot opt for only the Own Damage cover. You have to purchase both covers. Buying a Comprehensive Policy will help in this regard as it comes with both third-party Liability and Own Damage cover. Yes, you have the option to customise the IDV for your bike policy as per your choice (from a range) while buying/renewing your bike insurance policy from us. You can use our two-wheeler insurance calculator for the same. However, keep in mind that setting the correct IDV is essential as it decides the sum insured amount for the policy. Setting it too low can reduce the premium, but the claim amount will be less in case of total loss. Similarly, setting it too high will increase the premium. First party bike insurance, also known as Comprehensive insurance provides coverage for damages due to theft, loss, or any unforseen accident. A first-party insurance provides coverage for any damage or loss to the insured bike. The three types of bike insurance plans are as follows. Third-party bike insurance Comprehensive bike insurance Standalone Own Damage bike insurance 1st party bike insurance provides coverage against damages to your bike, whereas 3rd party bike insurance provides coverage against third-party liabilities. Comprehensive bike insurance provides both 1st and 3rd party coverage. Hence, it is the best insurance plan for bikes. When you buy a new bike, it is mandatory to buy a 5-year bike insurance plan that includes third-party coverage for 5 years and Own Damage cover for 1 year. It is called the 5-year insurance"
"bikes. When you buy a new bike, it is mandatory to buy a 5-year bike insurance plan that includes third-party coverage for 5 years and Own Damage cover for 1 year. It is called the 5-year insurance rule. The best insurance policy for bike depends on your requirements and the type of vehicle you own. However, the best bike policy to purchase would be the comprehensive plan as it provides third-party and own damage coverage. 1st party insurance refers to the Own Damage policy that covers damages to your bike. 3rd party insurance is nothing but mandatory insurance for bikes that covers third-party liabilities arising due to the insured bike. 2nd party in bike insurance refers to the insurance provider. The third-party bike insurance policy is compulsory for all motor vehicles in India, including two-wheelers. The Comprehensive Bike Insurance Policy can be defined as the best motorcycle insurance as it provides third-party and own damage coverage. On top of that, you also get the option to choose add-on covers to enhance the policy coverage. Yes, you can purchase bike insurance for someone else’s bike. You can buy a two-wheeler insurance on behalf of the vehicle owner. However, while selling the vehicle, it’s important to transfer the insurance to the new owner. Yes, you can transfer the bike insurance to the new owner if you sell the bike. If you have purchased the Comprehensive or Own Damage bike insurance with the Engine Protect add-on, the insurance plan will cover engine repair costs. Please note that the engine cover add-on is subject to availability. No, bike insurance does not come under 80C. You cannot claim income tax exemption for buying bike insurance. Yes, you can switch to another bike insurance company when renewing the policy. For instance, you can renew bike insurance online from ACKO even though you have bike insurance from some other insurance provider. As per the rules and regulations of IRDAI (Insurance Regulatory and Development Authority of India), every insurance provider must check the authenticity of the policy buyer through the KYC documents before issuing or renewing bike insurance. Yes, you can cancel the bike insurance policy. However, to get a refund for the paid premium, you must adhere to the terms and conditions of the policy. New bike insurance price depends on the type of plan and add-ons you choose. If you opt for a third-party plan, the premium will be on the lower side as compared to the Comprehensive plan. Yes, a new bike needs insurance to comply with the law. As per The Motor Vehicles Act, every motor vehicle must have at least third-party insurance. However, for better coverage, it is better to buy a Comprehensive Bike Insurance Policy. Yes, you can buy bike insurance online from ACKO. You only need to provide a few details about you and your bike to buy new bike insurance online instantly. Yes, third-party bike insurance is mandatory for a new bike. You should buy Third-party Bike Insurance for your bike"
"a few details about you and your bike to buy new bike insurance online instantly. Yes, third-party bike insurance is mandatory for a new bike. You should buy Third-party Bike Insurance for your bike as it is mandated by law. It is illegal to ride a two-wheeler without the basic bike policy. You may attract penalties or face imprisonment if you ride the bike without a valid bike insurance policy. That's the reason why two wheeler insurance renewal on time is also crucial. However, a Third-party Policy will only cover third-party liabilities. For coverage against damages to your two-wheeler, you may opt for the optional Comprehensive Two-wheeler Insurance Policy. It provides a financial cushion if the two-wheeler gets damaged due to accidents and other unfortunate incidents like natural or man-made disasters or fire hazards. The Comprehensive Bike insurance Policy even covers events such as vehicle theft. The endorsement in bike insurance refers to making changes to the policyholder's personal details or the policy's terms and conditions. For instance, if you need to change your address, name, date of birth, etc., you can do it via endorsement in the policy. In a premium-bearing endorsement, you need to pay an additional premium, whereas, in a non-premium-bearing endorsement, you need not pay any additional premium. An insurer offering higher IDV at a lower premium, an easy and hassle-free buying/renewal process and transparent and quick claim settlements can be considered as one of the best two wheeler insurance companies in India. Also, look out for other factors such as customer support and value-added services such as cashless repairs and instant claim settlements for minor damages. As a generalisation, a Comprehensive Bike Insurance Policy can be considered as the best bike policy in India as it provides broad coverage, including third-party liabilities and own damage. Yes, your vehicle's make/model, variant and purchase year affect the bike insurance premium and the IDV. You can find out your bike insurance policy number via the following methods. You need to have the policy number handy when making bike insurance claims or renewing the policy. So, knowing the bike policy number is important. Refer to your bike insurance policy document. Check the email sent by the insurer. Log in to your insurance account via the website/mobile app to view the policy number. Call the customer support team. You can get bike insurance online by visiting the official website or app of the insurance provider. For example, you can download the ACKO app or visit our official website to buy bike insurance online. The Third-party Bike Insurance Policy is the cheapest motorcycle insurance you can buy. This policy will provide coverage against third-party liabilities, and it is a law-mandated policy for all vehicle owners in India. The cost of motorcycle insurance depends on various factors like type of coverage, bike make/model, engine capacity, add-ons,"
"and it is a law-mandated policy for all vehicle owners in India. The cost of motorcycle insurance depends on various factors like type of coverage, bike make/model, engine capacity, add-ons, geographical location, etc. To check bike insurance online, all you need is an internet-enabled smartphone/computer. Follow the steps mentioned below for the same. Open the web browser on your phone/computer and search “bike insurance” on any search engine like Google. You will see a host of results; click on any one of them. For example, if you click on ACKO bike insurance, you will be able to see more details about the insurance plans, coverage, premium, etc. You can renew your bike insurance online by following these steps. The 2 wheeler policy renewal process remains the same as the new policy purchase process. Step 1: Visit our website or download the mobile app. Step 2: Log in to your account and select the renewal option on your Policy Card. Step 3: Select your preferred plan, pay the premium, and buy bike insurance online instantly. If you are our new customer, enter your vehicle details to get the bike insurance policy quote. Choose the plan, pay the premium and instantly get the policy in your inbox. To check the validity of your bike insurance, you can refer to the policy document or the policy card issued by the insurer. ACKO bike insurer customers can simply log in to their account via the mobile app/website and check the policy details, including the validity. Yes, you can opt for a different bike insurance policy during renewal. For instance, if you have a Third-party Plan, you can upgrade to a Comprehensive Plan. Yes, you can renew your expired two wheeler insurance policy online. The break-in period is nothing but the period between the policy expiry date and the policy renewal date. During the break-in period, your bike insurance plan remains inactive, and you cannot raise claim requests. Usually, a policy purchased after the break-in period is considered a new insurance plan. It is a good option to opt for a multi-year bike insurance plan when you buy/renew a 2 wheeler insurance plan. We offer you additional discounts if you opt for a 2 or 3-year plan. However, the discount only applies if you opt for the Comprehensive Bike Insurance Policy. To file a claim against your bike insurance, you can visit the official website of the insurer or contact the customer support number or visit the insurer’s office. If you are an ACKO customer, you can raise a claim online through the mobile app or website. You can pay the bike insurance premium online through any of the available digital payment options like UPI, net banking, debit/credit cards, etc. You will find these options after you have finalised the insurance plan you wish to buy or renew. The premium refers to the amount you pay to the insurance provider in exchange for financial coverage against third-party liabilities or damages to your bike, depending on the type of plan you buy. The grace"
"refers to the amount you pay to the insurance provider in exchange for financial coverage against third-party liabilities or damages to your bike, depending on the type of plan you buy. The grace period refers to the period after your policy expires. Generally, insurers might provide you with a 30-day grace period to renew the policy without any vehicle inspection and premium hike. However, the policy will remain inactive during the grace period. It also depends on the terms and conditions of the insurance provider. Total loss refers to vehicle damages that are beyond repair. In other words, if the cost of repair exceeds 75% of the vehicle's IDV, then such a vehicle is declared a total loss. The insurer will compensate you by paying the IDV amount for such claims. That's why it's essential to set a correct IDV when you buy a new policy IDV stands for ""Insured Declared Value"". It is the maximum sum of money that an insurance company agrees to pay to the policyholder in the event of a total loss or theft of the insured bike. It represents the current market value of the bike at the time of insurance purchase/renewal. NCB stands for ""No Claim Bonus”. It is a discount or bonus offered by insurance companies to policyholders who do not make any claims during the policy period. It serves as a reward for safe and responsible riding. When a policyholder renews their bike insurance without filing any claims, they become eligible for NCB. The NCB is applied as a percentage discount on the own-damage premium of the insurance policy. The percentage of NCB increases for every consecutive claim-free year, usually up to a maximum of five years. The document list may vary depending on the type of damage or loss. Here are the common documents you may need to file a claim request. Insurance policy document Valid Driving License (DL) Registration Certificate (RC) of the insured two-wheeler FIR (if applicable) Pictures of damages taken at the time of the mishap Other supporting documents (if any) Cashless Claim is a claim process wherein the insurance provider will directly pay the repair bill (as per the policy’s terms and conditions) to the network garage. You only need to get the vehicle repaired and pay the amount that’s not covered by the policy, and the rest will be taken care of by your insurer. In a Reimbursement Claim, you can repair your two-wheeler at your preferred garage, settle the repair bill and raise a claim for reimbursement with supporting documents such as the original repair bills, payment receipts, etc. The surveyor inspects and assesses the damage suffered by your two-wheeler and of the third party (if required). Post that, the surveyor will submit a report on the damage assessment to the insurer to process the claim request. Yes, it is an excellent decision not to raise the claim against your policy if the damage is minimal. It will help you retain your NCB discount for not raising a claim during the policy period. If you have not made any"
"decision not to raise the claim against your policy if the damage is minimal. It will help you retain your NCB discount for not raising a claim during the policy period. If you have not made any claims for five years in a row, you are eligible for a 50% discount on the two-wheeler policy premium (Own Damage component). Hence, it will be beneficial in the long term if you avoid making claims for minor damages to your bike/scooter. Have queries related to ACKO’s two wheeler insurance policy? Refer to our Policy Wordings for detailed information or reach out to us via email or phone using the information below Write to us at hello@acko.com Call us on 1800 266 2256 Check Status Now #36/5, Hustlehub One East, Somasandrapalya, 27th Main Rd, Sector 2, HSR Layout, Bengaluru, Karnataka 560102 Acko Group Companies: Download our ACKO app now! CIN: U74110KA2016PTC120161 The use of images and brands are only for the purpose of indication and illustration."
"Enter your car registration number to check IDV Upto 85% Off on Car Insurance Plans! Car number Looking to insure brand new car? Zero commissions, big savings Home Insured Declared Value (IDV) In Car Insurance IDV refers to the maximum or the highest amount you shall receive from the insurer if the insured car is damaged beyond repair. IDV full form stands for Insured Declared Value. Your insurer shall offer you the IDV of your car if it is damaged so severely (total loss) that it cannot be repaired. Note that the IDV is declared by the owner of the car while insuring it. It directly impacts the payable premium — the higher the IDV, the higher the premium. You can use IDV calculator to check the IDV details. When you buy a new car, the IDV is based on the manufacturer’s selling price, taking depreciation into account. Below is the formula to calculate IDV in insurance. Alternatively, you can use our IDV calculator for car to get the IDV for your vehicle. IDV = (Manufacturer’s Selling Price – Depreciation Cost) + (Accessories Cost – Depreciation of These Accessories). If you have not added any accessories to your car, then the formula is IDV = Manufacturer’s Selling Price – Depreciation Cost. To check the Insured Declared Value (IDV) with Acko, here is all you need to do: Scroll to the top of this page either on the website or mobile app Scroll to the top of this page either on the website or mobile app Enter the car registration number and hit on ‘Check Now’ button Enter the car registration number and hit on ‘Check Now’ button Next, enter car details such as make and model, variant, fuel type, and year of registration Next, enter car details such as make and model, variant, fuel type, and year of registration Then, provide the policy expiry date, mobile number, and a few other details Then, provide the policy expiry date, mobile number, and a few other details A list of car insurance plans will then pop up on your screen, and the IDV details will also be visible at the top A list of car insurance plans will then pop up on your screen, and the IDV details will also be visible at the top Listed below are the steps that you need to follow in order to check IDV of a new car with Acko: Move the top of this page Move the top of this page Go to ‘Looking to insure brand new car’ option available and click on ‘ Check Prices’ Go to ‘Looking to insure brand new car’ option available and click on ‘ Check Prices’ Next, select the car’s make and model, fuel type, variant name, and, car delivery date Next, select the car’s make and model, fuel type, variant name, and, car delivery date Then, enter your mobile number and pin code Then, enter your mobile number and pin code You will then be able to see a list of car insurance plans, and the IDV details will appear at the bottom of the screen. You will then be able to see a list of car insurance plans, and the IDV details will appear at the bottom of the screen. The following table provides the standard car"
"at the bottom of the screen. You will then be able to see a list of car insurance plans, and the IDV details will appear at the bottom of the screen. The following table provides the standard car depreciation rate for IDV calculation. AGE OF YOUR CAR DEPRECIATION FOR IDV Up to 6 months 5% 6 months to 1 year 15% 1 to 2 years 20% 2 to 3 years 30% 3 to 4 years 40% 4 to 5 years 50% 5 years+ To be negotiated IDV full form in insurance is Insured Declared Value, and it is one of the primary factors which influences the car insurance premium amount. Here are some points to remember while calculating it in car insurance. Do not reduce the IDV so that the premium is lower. It will reduce your claim amount in case of any losses incurred. Do not overstate the IDV since it will increase the premium, and ACKO will compensate you based on the type of loss and not the entire IDV. Do not provide an inaccurate IDV, as it could lead to a possible decline of your claim. Here’s a table that lists the popular car models with their IDV. Note that the IDV is for brand-new car models, and the IDV in insurance is region-specific (Bangalore). Model Variant IDV Tata Punch Accomplished (Petrol) Rs. 6.92 lakhs Maruti Suzuki Swift ZXI (Petrol) Rs. 5.55 lakhs Tata Nexon XZ Plus (Petrol) Rs. 8.12 lakhs Kia Seltos 1.5 HTX (Petrol) Rs. 11.39 lakhs Hyundai Creta SX IVT (Petrol) Rs. 14.5 lakhs Maruti Suzuki Brezza VXI Rs. 8.99 lakhs The IDV value is dependent on a few factors related to your car. Here is a list of those factors. One of the significant factors that determine the IDV is the age of the car. The older the vehicle is, the lower its market value. Hence, the IDV for an older car will be lower compared to a brand-new vehicle. Several types of cars are available in the market, including hatchbacks, sedans, SUVs (Sports Utility Vehicles) and MUVs (Multi-Utility Vehicles). The value of a car depends upon its type. A hatchback car is usually cheaper compared to sedans or SUVs. Thus, the IDV would vary accordingly. Various car models of the same type, say a sedan, can have different IDVs. It depends upon the brand i.e. manufacturer, and the features offered on a certain model of car. There is a slight difference in the cost of a car depending upon the location of purchase. For example, the ex-showroom price of the same model can be different in Mumbai and Delhi. Depreciation is a reduction in the monetary value of a car due to age. The older the car, the more depreciation. For example, two cars of the same model will have different IDVs because they were manufactured in different years. You can use IDV calculator to check this difference. Depreciation on accessories is also calculated while determining the amount of IDV. Thus, its value will change depending on the age and working condition of additional accessories. IDV meaning stands for the sum insured amount of an insurance policy. Here’s how the IDV value impacts the premium of your Comprehensive Car Insurance Policy. IDV"
"condition of additional accessories. IDV meaning stands for the sum insured amount of an insurance policy. Here’s how the IDV value impacts the premium of your Comprehensive Car Insurance Policy. IDV is the main component of a Comprehensive Car Insurance Policy. One does not need to declare the IDV while buying a Third-party policy, as the car is not insured for damages. Third-party insurance is for third-party liabilities. If you adjust the offered IDV amount on the IDV calculator while buying the policy, you will notice that the premium will also increase or decrease. If you increase the IDV, your premium will also increase. Likewise, if you decrease the IDV, the premium will also decrease. Insured Declared Valuer is directly proportional to the premium of your car insurance policy. If you decrease the IDV in the IDV calculator, your premium will also decrease. Here are the pros and cons of decreasing the IDV. Advantages Disadvantages The premium of your car insurance policy will be reduced. The premium of your car insurance policy will be reduced. You save money when you pay less for buying the insurance policy . You save money when you pay less for buying the insurance policy . The money can be used for other purposes . The money can be used for other purposes . The sum insured will be reduced. Hence, the claim amount will be lower in the case of total loss. The sum insured will be reduced. Hence, the claim amount will be lower in the case of total loss. If the accidental damage expenses are higher, you will have to compensate for it. If the accidental damage expenses are higher, you will have to compensate for it. You will suffer a loss due to a lower claim amount. You will suffer a loss due to a lower claim amount. IDV is directly proportional to the premium of your car insurance policy. If you increase the IDV in the IDV calculator, your premium will also increase. Here are the pros and cons of increasing the IDV. Advantages Disadvantages The sum insured of your car insurance policy will increase. The sum insured of your car insurance policy will increase. You will get a higher claim amount. You will get a higher claim amount. It will offer you enough funding to buy a new car in case of vehicle theft or total loss. It will offer you enough funding to buy a new car in case of vehicle theft or total loss. The premium of your car insurance policy increases. The premium of your car insurance policy increases. You might never raise a claim for a total loss. You might never raise a claim for a total loss. You will incur a loss by paying more money than required. You will incur a loss by paying more money than required. In most cases of a car insurance claim, the IDV is not required for the calculation of the claim amount. However, while buying a Comprehensive Car Insurance policy, it is important that you declare the IDV every year. The IDV of your car will reduce due to a decrease in its market value i.e. the value will depreciate with time."
"Car Insurance policy, it is important that you declare the IDV every year. The IDV of your car will reduce due to a decrease in its market value i.e. the value will depreciate with time. IDV comes into the picture for claim settlement only in the following situations. You can raise a theft claim after the police declare your vehicle as “non-traceable”. In this situation, ACKO will settle a claim amount that is approximately equal to the IDV of your car. When a vehicle gets damaged due to a contingency, ACKO will assess the extent of the damage. If there is damage of 75% or more, it will require extreme repairs. Here, the repair cost will exceed its IDV. Thus, a total loss claim should be raised. In an unfortunate situation where the car gets damaged beyond repair, you can raise a Total Loss claim. Here, the IDV component of the car will be taken into account for settling the claim. Setting a lower IDV for your car would mean receiving a lower claim amount in case of total loss or theft. A total loss occurs when the car gets severely damaged, and its repair cost is more than the car’s value. In this situation, the insurance company will pay the IDV amount that you have set for the car while buying your car insurance policy. However, you may prefer to set a lower IDV for the following reasons. If you have an older car whose value is very low. If you have an older car whose value is very low. If you have a certain budget set for buying a car insurance policy. If you have a certain budget set for buying a car insurance policy. If you are ready to opt out of some very important car insurance benefits and coverages. If you are ready to opt out of some very important car insurance benefits and coverages. Here are some common myths about IDV in car insurance. Myth: You cannot change the IDV suggested by the insurance company. Fact: You can change the IDV the insurance company does not offer a fixed value. You must select the right IDV from the range suggested by your car insurance company. Myth: If this is the IDV of my car, it is also the resale value. Fact: The resale value of a car depends upon many factors, such as the car’s condition, its maintenance schedule, etc. IDV is in no way the indicator of its resale cost. Myth: Decreasing the IDV will save premium. Fact: Decreasing the IDV will decrease the premium, but it will also affect the claim amount in case of a major claim. The ideal IDV for car insurance varies from one car to another, depending on the make/model and vehicle’s age. The ideal IDV is the approximate market value of the vehicle while buying car insurance. You should keep the IDV optimum so that you don’t incur losses during the major claim settlement. Keeping the IDV high will result in a higher premium, and keeping it low will result in a lower claim settlement. The car IDV is calculated after accounting for factors like the car’s age and the price of the vehicle after factoring in the depreciation value. Having a higher IDV is"
"in a lower claim settlement. The car IDV is calculated after accounting for factors like the car’s age and the price of the vehicle after factoring in the depreciation value. Having a higher IDV is good if you do not mind paying a higher premium. Higher IDV will result in a higher claim settlement amount. However, do not overstate the IDV, as it may result in the rejection of claims. A new IDV is nothing but the updated IDV of a vehicle after it becomes old. In other words, it’s the updated IDV after considering the depreciation suffered by the vehicle. Yes, you can increase the IDV while buying/renewing car insurance. The Insured Declared Value of a new vehicle is based on the manufacturer’s price minus the depreciation cost of the vehicle. Please note, the depreciation rate is based on the depreciation rate for fixing Insured Declared Value published by the Insurance Regulatory and Development Authority ( IRDA ) of India. The IDV of a new vehicle is probably the easiest to calculate. This is because the depreciation value i.e. the reduction in the value of a car with time is only 5%. This amount is almost negligible for some cars. You can set the IDV of your new car by deducing this depreciation amount from the invoice value of the car and then set the IDV while buying your car insurance policy. In most cases, your car dealer will suggest the type of coverage you should buy. Buy a policy that suits your requirements. Here are some tips to decide IDV for car insurance: Ensure the IDV is the market value of your car, since insurance companies will compensate based on the type of loss and not necessarily the entire IDV. A lower premium amount can be due to lower IDV, hence, make sure you do not choose a policy based on a lower premium rate. If you have included accessories in your car, it’s advisable to insure the accessories as well. However, this will increase the IDV and the premium amount accordingly. To keep the premium rate low, the IDV is decreased. Ensure you choose the right insurance company which offers accurate Insured Declared Value for your vehicle even if the premium amount is higher. By reducing the IDV of the car, the premium rate of the insurance policy decreases accordingly. You need to choose the right IDV which is equivalent to the market value of the car. When the car comes outside the showroom, the car value depreciates due to use and age. Since the market value of the car drops as soon as the car is driven out of the showroom, the IDV decreases accordingly. Yes, the IDV of your car may increase or decrease based on the ex-showroom price of your car. As the ex-showroom price is different in different locations, the IDV will also vary. Yes, if you are buying a car insurance policy online, you will have an option to increase or decrease the IDV of your car. However, it is advised that only the correct IDV should be declared by the car owner. No, increasing the IDV will lead to an increased premium. You should avoid this if"
"decrease the IDV of your car. However, it is advised that only the correct IDV should be declared by the car owner. No, increasing the IDV will lead to an increased premium. You should avoid this if the chances of you raising a total loss claim are low as compared to other types of claims. IDV stands for Insured Declared Value while NCB stands for No Claim Bonus. IDV is the approx. current market value of your car. NCB is a discount you will get at the time of policy renewal if you do not raise a claim in the previous policy. The IDV is calculated based using the formula: IDV= (Manufacturer's listed selling price - depreciation) + (Accessories not included in listed selling price - depreciation). You can also use IDV calculator to check the IDV. Q17. What is the full form of IDV? The full form of IDV is Insured Declared Value. Q18. Is a higher IDV better? A higher IDV indicates a higher premium, however, it offers greater coverage at the same time. Q19. Will IDV decrease every year? Yes, the IDV of cars will decrease every year due to depreciation. Q20. What is the ideal IDV? The ideal IDV should be close to the market value of the car. It should be sufficient so that adequate coverage is offered to your car. The car insurance premium is directly proportional to the market value of the car or the IDV. Hence, the Insured Declared Value is the primary influencer in the insurance premium amount. IDV is the sum insured amount of the policy, and the premium is the amount you pay to purchase a car insurance policy. Q13. Can I increase IDV on renewal? Yes, you can increase the IDV during the renewal period. IDV calculator is an online tool that helps you to calculate the IDV of your car. You need to take into account the current market value of your car i.e. consider the original cost of the car and subtract the amount of depreciation. The value you get is the IDV of your car. The IRDAI fixes the depreciation rate based on the age of the vehicle. While it is 5% for vehicles less than 6 months old, vehicles less than 1-year-old, the rate is 15% and thereafter it is 20%, 30%, 40%, and 50% every year. No, The IDV of a vehicle depends upon its market value and depreciation. It does not matter if a vehicle is private or commercial. The IDV is calculated in a similar way for both. The insurance value of a car is based on the Insured Declared Value of the vehicle. Also known as IDV, it is the approximate market value of the car. To check the IDV of a car, you can utilise the car insurance premium calculator , an online tool, to quickly find out the cost of insurance for a car. One should not renew their car insurance policy in a haste, as this can lead to major financial losses at the time of a car-related mishap. Make sure that you have already deduced the IDV of your car before car insurance renewal. When you begin with the process, you will notice that the suggested IDV is already set. Make sure to change this value if it is not close to the actual IDV of"
"your car before car insurance renewal. When you begin with the process, you will notice that the suggested IDV is already set. Make sure to change this value if it is not close to the actual IDV of your car. Each year your car’s value depreciates i.e. reduces due to wear & tear and usage of parts with time. Depreciation is the main component for calculating the IDV of a car. This is why IDV decreases each year at the time of car insurance renewal. Have queries related to ACKO’s two wheeler insurance policy? Refer to our Policy Wordings for detailed information or reach out to us via email or phone using the information below Write to us at hello@acko.com Call us on 1800 266 2256 #36/5, Hustlehub One East, Somasandrapalya, 27th Main Rd, Sector 2, HSR Layout, Bengaluru, Karnataka 560102 Acko Group Companies: Download our ACKO app now! CIN: U74110KA2016PTC120161 The use of images and brands are only for the purpose of indication and illustration."
"Protect your car with ACKO's Zero Dep Insurance Buy or Renew Zero Depreciation Cover Online in 2 Minutes Car number UID: 5656 | *T&Cs apply Looking to insure brand new car? Zero commissions, big savings UID: 5656 | *T&Cs apply Home Zero Depreciation Car Insurance - Nil Depreciation: Benefits What is zero depreciation in car insurance? Zero Depreciation in car insurance is an add-on that eliminates depreciation costs during claims, ensuring full coverage for own damages. In other words, with a zero dep insurance add-on, the insurance provider will not consider the depreciation costs during claim settlements. If you have recently purchased a car or own a luxury car, buying a Zero Depreciation cover makes a lot of sense. It will reduce your out-of-pocket expenses in case of damages to your car. Following are some of the reasons to opt for a Zero Dep cover for your car insurance. If you are living in a high-risk area. If you are living in a high-risk area. Buy the Zero Depreciation Cover if you have recently learned how to drive a car. Buy the Zero Depreciation Cover if you have recently learned how to drive a car. If you own a luxury or expensive car with costly car parts. If you own a luxury or expensive car with costly car parts. Opt for a Zero Dep cover if you need to repair minor damages to keep the car in a top-notch condition. Opt for a Zero Dep cover if you need to repair minor damages to keep the car in a top-notch condition. If you are worried about small dents and bumps or expensive spare parts. If you are worried about small dents and bumps or expensive spare parts. If you don’t have a dedicated parking space, the chances of damage increase. The Zero Dep Insurance will help you cover repair costs for such damages. If you don’t have a dedicated parking space, the chances of damage increase. The Zero Dep Insurance will help you cover repair costs for such damages. If you are someone who wishes to reduce out-of-pocket expenses in case of car damage. If you are someone who wishes to reduce out-of-pocket expenses in case of car damage. Here are the key advantages of buying a Zero Dep car insurance. Buying the Zero/Nil Depreciation Add-on Cover bridges the gap between the claim settlement amount and the actual damages to your car. For example, if the repair cost is Rs. 30,000, then the insurance company will settle your claim for Rs. 15,000 after deducting depreciation value. However, if you have opted for the Zero Depreciation Add-on, the insurer will settle the claim amount of Rs. 30,000, thereby increasing the claim settlement amount. Zero Dep car insurance helps in increasing the claim settlement amount. Hence, you are certainly controlling the outflow of your hard-earned money. Without the Zero Dep Add-on, you end up paying the unpaid portion of the claim, which is deducted as depreciation. And, if the damage to your car is considerable, the repair bill will certainly be higher and burn a hole in your pocket. While the Zero Depreciation"
"of the claim, which is deducted as depreciation. And, if the damage to your car is considerable, the repair bill will certainly be higher and burn a hole in your pocket. While the Zero Depreciation Car Insurance Add-on Cover is offered with an additional premium, the cost is low and affordable. You can compare the Nil Depreciation premium online and then choose the plan with the lowest premium. Additionally, by including the Zero Depreciation Add-on to the Comprehensive Car Insurance , your car and your money are well-protected at an affordable cost. Various factors come into play when calculating Zero Depreciation car insurance premiums. Following are some of the critical factors that impact the premium of the Zero Dep add-on. Every city has its different challenges, problems and risks. Hence, the premium of this add-on cover depends on the location where you will be driving your car. Zero depreciation add-on premium is dependent on the age of your car, and hence car's age plays a pivotal role. The make and model of your car will have an impact on the cost of the parts. Hence, the model of your car determines the premium for this add-on cover. The depreciation rate in cars varies depending on the type of vehicle component and the car’s age. To make things easier for insurers and policyholders, IRDAI (Insurance Regulatory and Development Authority of India) has set the depreciation rate for cars. The following sections provide more details on the same. CAR PARTS RATE OF DEPRECIATION RubberNylon/Batteries 50% Fibre Parts 30% Wooden Parts 5% in the first year, 10% in the second year, and so on. AGE OF CAR RATE OF DEPRECIATION Less Than 6 Months 5% More Than 6 Months to 1 Year 15% More Than 1 Year to 2 Years 20% More Than 2 Years to 3 Years 30% More Than 3 Years to 4 Years 40% More Than 4 Years to 5 Years 50% More Than 5 Years To be mutually decided between the insurer and policyholder AGE OF CAR RATE OF DEPRECIATION Less Than 6 Months Nil More Than 6 Months to 1 Year 5% More Than 1 Year to 2 Years 10% More Than 2 Years to 3 Years 15% More Than 3 Years to 4 Years 25% More Than 4 Years to 5 Years 35% Exceeding 5 years but not exceeding 10 years 40% More Than 10 Years 50% The main difference between Zero Depreciation car insurance and Comprehensive coverage is that Zero Depreciation is an add-on, and Comprehensive coverage is a car insurance policy. The following table highlights the key differences between Zero Depreciation Cover vs Comprehensive coverage. PARAMETER ZERO DEPRECIATION CAR INSURANCE COMPREHENSIVE CAR INSURANCE Meaning An optional add-on while buying Comprehensive Car Insurance. It will ensure the insurance company does not deduct depreciation of car parts before settling the claim for the damages to your car. A bundle of Third-party Liability Plan and Own Damage Plan. Several add-ons can be included to make it exclusive; however, it considers the depreciation of car parts before settling the claim. Premium There is a slight increase"
"Plan and Own Damage Plan. Several add-ons can be included to make it exclusive; however, it considers the depreciation of car parts before settling the claim. Premium There is a slight increase in car insurance premium, but it ensures there is no depreciation of car parts during claim settlements. The premium for the standalone Comprehensive Policy is lower than a policy that has add-ons such as Nil or Zero Depreciation. Age of Car The add-on can be purchased for cars that are less than 5 years old. The Standalone Comprehensive Car Insurance can be purchased for cars that are less than 15 years old. Depreciation Factor Depreciation of car parts is not considered while settling claims except for compulsory deductibles. Insurers consider the depreciation of car parts while settling claims. Savings While the premium you pay might be slightly higher, the cost of paying for the depreciation of car parts is nullified. While the premium is lower than that of Zero Dep Car Insurance, you get to save only on the premium you pay. You can buy the add-on cover online while purchasing or renewing the car insurance. Buying a Zero Depreciation Car Insurance Policy is a lot easier, thanks to digital insurance providers such as ACKO. Here are the steps to buy Zero Dep cover from ACKO. Step 1: Go to the top of this page or download the ACKO app. Step 2: Enter your car registration number, verify the vehicle details and click on “View Plans”. Step 3: Select Comprehensive Policy with Zero Dep cover and purchase the plan by paying the premium online. Note: You cannot opt for Zero Depreciation Cover while buying Third Party Car Insurance. The process of renewing Zero Dep cover is similar to renewing a car insurance policy. You can refer to the following steps to renew the Nil Depreciation cover from ACKO. Step 1: Enter the vehicle registration number by going to the top of this page or downloading the ACKO app. Step 2: Select the Comprehensive Plan with Zero Depreciation cover from the available plans. Step 3: Pay the premium online to instantly renew the Zero Dep cover. During claim settlement, the insurer will deduct the depreciation applicable on car parts. The rate of depreciation will be mentioned in the policy wording. However, when you claim against Zero Dep car insurance, you will receive the full claim amount without any deduction due to depreciation. Hence, you need not pay out of your pocket for car repairs. The claim process also becomes simple with Zero Depreciation cover as you need not worry about deductions due to the depreciation rate. Here are the key benefits of buying Zero Depreciation cover online from ACKO. When you buy on ACKO, you can buy this add-on cover along with a Comprehensive policy. Or you can also buy a Standard Comprehensive plan bundled with Zero Depreciation benefits that are exclusively available on ACKO. When you buy on ACKO, you directly deal with us. Since there are no middlemen involved, it results in low operating costs. We"
"with Zero Depreciation benefits that are exclusively available on ACKO. When you buy on ACKO, you directly deal with us. Since there are no middlemen involved, it results in low operating costs. We pass on the benefits to you in the form of low-cost insurance plans. When you buy on ACKO, you not only enjoy the benefits of the Comprehensive Insurance & Zero Depreciation add-on cover. You can also avail of premium services like free pick-up and doorstep delivery in select cities. A Zero Dep insurance covers most expenses arising out of damage to your car. However, there are a few exclusions, which are listed below. Zero Depreciation add-on does not cover cars that are more than 5 years old. Please read the terms and conditions, as some insurers do not offer cover for cars over a certain age. In case of an unfortunate accident that renders the car a total loss, a Zero Depreciation add-on will not be considered while settling the claim. The current market value of the car is considered while settling claims towards a car that has undergone a total loss. Replacement of tyres and tubes, unless specified in the terms and conditions of the policy, is not covered under the Zero Depreciation cover. If you are driving the car without a valid Driving Licence and you meet with an unfortunate accident, then the insurance company will not honour the claim. In this case, even the Zero Dep insurance add-on will not be considered. Your claim towards the repair bill for the damages to your car will be dishonoured if the driver is found driving under the influence of alcohol or an intoxicating substance. This car insurance add-on cover does not compensate for the costs of consumables such as nuts and bolts, screws, gearbox oil, brake oil, lubricants, etc. Regular wear and tear, mechanical breakdown or engine breakdown are not covered under the Nil Depreciation add-on cover. While settling claims, the Zero Depreciation add-on covers only the cost of the car part’s depreciation and does not cover compulsory deductibles. FAQs related to Zero Dep Insurance Purchasing a Zero Dep car insurance purely depends on your requirements and the type of car you own. For instance, if you own a luxury car or have bought a new car, buying a Nil Depreciation cover makes sense. Zero Dep add-on cover is only available for cars less than 5 years old. So, you cannot purchase the add-on if you own a car which is more than 5 years old. If your car is less than 5 years old, you are eligible to buy the Zero Depreciation add-on along with the Comprehensive Car Insurance Policy. Yes, zero depreciation is the same as bumper-to-bumper. They are just different names given to the same add-on cover. No, the Zero Depreciation add-on does not cover car tyres since they are subject to wear and tear. Have queries related to ACKO’s two wheeler insurance policy? Refer to our Policy Wordings for detailed information or reach out to us via email or phone using the information below Write to us at"
"Have queries related to ACKO’s two wheeler insurance policy? Refer to our Policy Wordings for detailed information or reach out to us via email or phone using the information below Write to us at hello@acko.com Call us on 1800 266 2256 #36/5, Hustlehub One East, Somasandrapalya, 27th Main Rd, Sector 2, HSR Layout, Bengaluru, Karnataka 560102 Acko Group Companies: Download our ACKO app now! CIN: U74110KA2016PTC120161 The use of images and brands are only for the purpose of indication and illustration."
"Home Articles How to Get a PUC Certificate for your Vehicle (Car and Bike) Team Acko Aug 13, 2024 Having a valid Pollution Under Control (PUC) certificate is mandatory for all vehicles in India, yet many vehicle owners need to pay more attention to this requirement. A PUC certificate helps ensure your vehicle meets the prescribed emission standards, reducing air pollution. Just like a PUC certificate, it is also crucial that vehicle owners have a valid car insurance plan. Getting this certificate for your car or bike is quite simple - all it requires is a simple emission check at authorised PUC centers nationwide. In this guide, we'll walk you through the step-by-step process of getting a PUC certificate seamlessly. Contents Vehicular emissions are one of the major contributors to air pollution in India. The dangerous gases released from the exhausts can severely affect our health and the environment. These pollutants comprise a toxic mix of nitrogen oxides, sulfur oxides, carbon monoxide, benzene, and particulate matter. Long-term exposure to these can lead to aggravated respiratory diseases like asthma and lung cancer. The particulates can enter the bloodstream and increase risk of heart attacks and strokes. Children and the elderly are especially vulnerable. The pollution also gets absorbed in water bodies and soil, causing acid rain that damages forests and agricultural crops. It reacts with the ozone layer, causing holes leading to climate change effects like increased UV radiation and greenhouse effect. Many studies have linked vehicular fumes to developmental disorders in kids and even a reduction in life expectancy. By following emission norms and getting timely PUC checks, we can reduce this immense harm to human health and the environment. The tests ensure our vehicles comply with the pollution standards, so it's the duty of each citizen to acquire and renew this basic certificate. The PUCC full form is the ""Pollution Under Control Certificate."" It is a mandatory document for every vehicle owner in India. This certificate states that you can legally ride/drive a vehicle in India with respect to meeting environmental standards. In other words, it is a validation document that states that the vehicle’s emission levels are within the permissible levels set by the government. The PUC Certificate is issued by the authorised emission testing centres across the country. The issuance of an emission test certificate involves a thorough examination of the vehicle’s exhaust gas, and the test results are mentioned in the vehicle pollution certificate. Here are the ways to get a PUC certificate for your four-wheeler or two-wheeler Offline: By visiting the emission test centre Online: Through the VAHAN (Parivahan) portal Here are the steps to obtain a vehicle pollution certificate offline - Step 1: Take your vehicle (two-wheeler/four-wheeler) to the nearest emission testing centre. Step 2: The testing centre operator will analyse the exhaust emission"
"pollution certificate offline - Step 1: Take your vehicle (two-wheeler/four-wheeler) to the nearest emission testing centre. Step 2: The testing centre operator will analyse the exhaust emission by placing the testing device inside the vehicle’s exhaust pipe. Step 3: The operator will generate the PUC certificate with the emission readings. Step 4: Pay the applicable fees and collect the pollution certificate. You can get a PUC Certificate at the following places: Fuel stations across the country with emission testing centres Authorised emission testing centres with computerised testing equipment Licenced standalone emission testing centres Here are the steps to get an online PUC Certificate - Step 1: Visit the VAHAN portal of the Parivahan website. Step 2: Click on “PUC Certificate.” Step 3: Enter the vehicle registration number, chassis number (last five characters), and verification code. Step 4: Click on “PUC Details.” Step 5: Print or download the pollution certificate. Note that you can only get the existing (active pollution certificate) PUC Certificate by following the steps mentioned earlier. You cannot renew or apply for a new pollution certificate online. The following steps will explain the procedure involved in the vehicle emission test for issuing a PUC Certificate. It is a simple procedure that takes only a few minutes. Step 1: Take your vehicle to the emission testing centre and position the vehicle as per the instructions stated by the emission testing device operator Step 2: The testing centre operator will insert a device inside the exhaust pipe Step 3: Start your vehicle and rev the engine so the device can analyse the exhaust emissions Step 4: The device will display the readings on the computer screen Step 5: The operator will click a picture of your vehicle’s registration plate and generate the PUC certificate Step 6: Pay the fees and collect the pollution certificate Petrol Vehicles Carbon Monoxide (CO) Test - Measures CO emissions to check for proper fuel combustion, engine efficiency, and air intake efficiency Hydrocarbon (HC) Test - Measures unburnt fuels to check the complete combustion of fuel in the engine Carbon dioxide (CO2) Test - Measures CO2 emissions for a complete picture of the vehicle's impact on the environment Diesel Vehicles Smoke Density Test - Measures black smoke emitted to check fuel combustion efficiency and engine wear and tear Idling CO Test - Measures CO emissions during engine idling to check combustion efficiency CNG/LPG Vehicles CO Test - Same as petrol vehicles to measure fuel combustion efficiency HC Test - Same as petrol vehicles to check complete fuel combustion Soundness of CNGdamage that can increase emissions The PUC certificate download process has become simpler thanks to the official VAHAN portal. You can follow these steps to download your pollution certificate online - Step 1: Visit the VAHAN portal’s official website . Step 2: Click on “PUC Certificate” from the top menu bar. Step"
"portal. You can follow these steps to download your pollution certificate online - Step 1: Visit the VAHAN portal’s official website . Step 2: Click on “PUC Certificate” from the top menu bar. Step 3: Input details like vehicle registration number, chassis number (last five characters), and security code. Step 4: Click the “PUC Details” button. Step 5: The next page will display the PUC Certificate details. You can either download or print the pollution certificate. The bike/car PUC charges depend on fuel and vehicle types. The car/bike pollution certificate price ranges from Rs. 60 to Rs. 100, depending on the type of vehicle and type of fuel. Also, the PUC Certificate price can vary from one state to another. Checking the PUC status online is quick, easy, and straightforward. All you need is an internet-enabled smartphone or computer to check the pollution certificate online. Follow the steps mentioned below to conduct a PUC check online - Step 1: Visit the VAHAN portal via the Parivahan website . Step 2: Select “PUC Certificate”. Step 2: Enter your vehicle’s registration number and chassis number. Step 3: On the next page, you can view the status of your PUC Certificate. If you are looking to renew your PUC certificate online, then you should be aware that the process cannot be completed online. Your vehicle must undergo an emission test to renew the pollution certificate. And for that to happen, you must take the vehicle to the nearest emission testing centre. Hence, PUC renewal online is not possible. You can easily find the RTO-approved PUC centres online via the Parivahan PUC online portal. Here are the steps for it - Step 1: Log on to Parivahan’s VAHAN online portal . Step 2: Click on “PUC Centre List” from the top menu bar. Step 3: Choose the ‘State and Office’ from the drop-down list to view the list of RTO-approved vehicle pollution testing centres. The PUC certificate of vehicle is mandatory in India to ensure that the vehicle’s emission levels comply with the pollution norms. Every motor vehicle (twofour-wheelers) must have a pollution certificate, irrespective of fuel type. The Motor Vehicles Act of 1988 states that the pollution certificate for vehicles is a mandatory document to drive your vehicle legally on the roads. It is an essential document since it determines the amount of carbon emissions the vehicle produces, which is one of the key contributing factors to rising air pollution. Here are the rules and regulations related to pollution certificates for vehicles. Note that these are subject to changes. The permissible emission levels for vehicles are fixed under Rule 115 (2) of The Motor Vehicles Act, 1988. The acceptable emission levels for vehicles keep changing on a regular basis as per the government’s directives to keep the pollution levels in check. ARAI (Automotive Research Association of India) rolls out directives related to examining vehicle exhaust emissions, limits, and updated regulations. The PUC norms and the"
"pollution levels in check. ARAI (Automotive Research Association of India) rolls out directives related to examining vehicle exhaust emissions, limits, and updated regulations. The PUC norms and the certificate format remain the same across the country. If the vehicle fails the PUC test (emission levels exceed the permissible level), the testing centre can issue a rejection slip. Under circumstances of non-compliance to the pollution norms, the registration authority can suspend the RC (Registration Certificate) and any other permits (with reasons recorded in writing) of the vehicle till the owner obtains a valid pollution certificate. A Pollution Under Control Certificate contains the following details - PUC Certificate serial number: This is a unique number assigned to each PUC certificate issued to track and identify the certificate. Vehicle details (registration number): The registration number, make, model and other details of the vehicle are mentioned to link the PUC certificate to the specific vehicle it is issued for. The date of the emission certificate test: The date on which the emission test was conducted on the vehicle and the PUC certificate was issued is clearly specified. Validity of the vehicle pollution certificate: The validity period (typically 6 months or 1 year) during which the PUC certificate is valid before the test needs to be repeated is shown. Emission test readings: The actual readings of the emission test for factors like CO, HC etc that were recorded by the testing machine during the test are displayed to allow cross-verification. The validity of the Pollution Under Control Certificate is limited, and it differs for new and old vehicles. Here are more details about the validity of the PUC Certificate in India. PUC validity for a car: The new car's PUC validity stands at 1 year. Post that period, you can search ‘ PUC near me ’ and renew the pollution certificate every 6 months. PUC validity for a bike: The validity of the pollution certificate for a new bike stands at 1 year. Once you cross that period, the renewed PUC Certificate is valid for 6 months. A pollution certificate for a new car is a must as per The Motor Vehicles Act. It is a mandatory document for legally driving a vehicle in India. You can refer to the following table to learn about the PUC rules (permissible levels) for new cars. Type of vehicle Carbon Monoxide (in %) Hydrocarbon (in PPM) BS6 and BS4 four-wheelers (CNG/LPG) 0.3 200 BS6 and BS4 four-wheelers (Petrol) 0.3 200 The PUC Certificate for new bikes is mandatory as per the rules and regulations of The Motor Vehicles Act. You can go through the following table to learn about the norms (permissible levels) for two-wheeler pollution certificates. Type of vehicle Carbon Monoxide (in %) Hydrocarbon (in PPM) BS6 two-wheelersLPG) 0.5 500 BS6 two-wheelers/three-wheelers (Petrol) 0.5 500 The emission testing of diesel vehicles is different from petrol vehicles. Hence, the rules for PUC for diesel"
"(in PPM) BS6 two-wheelersLPG) 0.5 500 BS6 two-wheelers/three-wheelers (Petrol) 0.5 500 The emission testing of diesel vehicles is different from petrol vehicles. Hence, the rules for PUC for diesel vehicles are slightly different. Here are the details about pollution testing norms (permissible levels) for vehicles running on diesel fuel. Type of test Light Absorption Coefficient Maximum Smoke Density in Hartridge units Free acceleration test of BS4 diesel vehicles (naturally aspirated and turbocharged engine) 1.62 50 Free acceleration test of pre-BS4 diesel vehicles (naturally aspirated and turbocharged engine) 2.45 65 Here are the details pertaining to the PUC norms (permissible levels) for old vehicles, including cars, bikes, and three-wheelers. Type of vehicle Carbon Monoxide (in %) Hydrocarbon (in PPM) BS2 four-wheelers (Petrol) 3 1,500 BS3 four-wheelers (Petrol) 0.5 750 Twothree-wheelers manufactured on or before March 31, 2000 4.5 9,000 Two-stroke two/three-wheelers manufactured after March 31, 2000 3.5 6,000 Four-stroke two/three-wheelers manufactured after March 31, 2000 3.5 4,500 The process of emission testing for vehicles has seen some noteworthy technological innovations over the years. These have served to make the tests more accurate and efficient. The old manual testing system has given way to automated testing equipment at authorised PUC centers. This reduces human error and discretion during testing. The automated machines directly upload test readings to a centralised server for scrutiny. The testing methods have been standardised nationwide based on vehicle type and fuel used. This includes measurement of specific pollutants like CO, HC and smoke density through sensors inserted in the exhaust stream. Upgraded software algorithms analyse emissions accurately. Sophisticated sensors can now detect any tampering with a vehicle's emission control equipment or false reporting of test readings. This has reduced corruption and authenticates the PUCC better. Emission testing systems are now interconnected with regional and national transport databases for easier access to vehicle records and owner details. This aids in the enforcement of PUCC compliance. The technological upgrades have brought more accountability, reliability, and efficiency to the vehicle emission testing regime. For vehicle owners too, obtaining a genuine PUCC has become easier. Yes, you must carry a copy of the PUC Certificate (soft or hard copy) while driving the vehicle. As per the rules and regulations of The Motor Vehicles Act, the pollution certificate is a mandatory document to drive a vehicle legally in India. You can be penalised if you fail to produce the PUC Certificate during a general inspection. According to The Motor Vehicles Act, a PUC Certificate is mandatory to drive a vehicle in India. Not complying with the rules and regulations can attract penalties under Section 190 (2) of The Motor Vehicles Act. The penalty for not obtaining a PUC Certificate"
"to drive a vehicle in India. Not complying with the rules and regulations can attract penalties under Section 190 (2) of The Motor Vehicles Act. The penalty for not obtaining a PUC Certificate stands at Rs. 1,000 for the first-time offence. For a repeat offence, the penalty inflates to Rs. 2,000. Note that the penalties can also vary from one state to another. The enforcement of PUC norms has been stepped up across many cities: In Delhi, over 57 lakh vehicles were fined in 2022 alone for not having a valid PUC certificate, compared to just 91,000 cars in 2021. This massive increase in crackdown highlights the serious consequences of non-compliance. Bengaluru traffic police recently launched special drives and fined over 6 lakh vehicles not conforming to emission norms in just 45 days. Surat traffic police is setting up PUC checking camps at petrol pumps and busy intersections to catch non-compliant vehicles. Over 60,000 vehicles have been booked here. The numbers speak for themselves. With environment conservation becoming paramount, enforcement agencies are proactively catching vehicles flouting PUC rules. As a responsible citizen, it's not just important, but crucial to get your vehicle tested and obtain a valid certificate. Non-compliance can lead to not just hefty fines, but also the immobilisation of your vehicle, and even the cancellation of vehicle registration in extreme cases. Being aware of the laws and adhering to them is the need of the hour. Yes, you need to have a PUC Certificate for a new car. Typically, the car dealer will provide the pollution certificate when you buy the vehicle, which is valid for a year. Yes, you can obtain the Pollution Under Control Certificate in another state. Yes, the PUC Certificate is valid throughout the country. You can renew the pollution certificate before the expiry date. Driving your vehicle with an expired PUC Certificate can attract penalties. Hence, it’s advisable to renew before expiry. The grace period for the renewal of the vehicle pollution certificate stands at seven days from the date of expiry. All motor vehicles that run on (ICE) Internal Combustion Engines (CNGdiesel) need to have a PUC Certificate. The cost of a PUC Certificate depends on the type of vehicle and fuel type. It usually ranges from Rs. 60 to Rs. 100. You can visit the official website of Parivahan to check the pollution certificate details and status online. Yes, you need to obtain the Pollution Under Control Certificate for BS6 vehicles. The validity of a PUC Certificate for a new BS6 vehicle is one year. Post that, you must renew the pollution certificate every six months. You cannot get a vehicle pollution certificate online. You need to visit the emission testing centre with your vehicle to get the PUC Certificate. The validity of the PUC Certificate for new two-wheelers is one year. Generally, it is issued by the vehicle manufacturer, and the vehicle dealer will provide you with the certificate. You can obtain the"
"validity of the PUC Certificate for new two-wheelers is one year. Generally, it is issued by the vehicle manufacturer, and the vehicle dealer will provide you with the certificate. You can obtain the PUC Certificate for your bike from any of the authorised emission testing centres. Generally, the PUC centres are open on all days of the week. However, you can confirm the same with your nearest emission testing centre. Currently, there is no such facility available. Hence, you need to take your car to the nearest PUC centre to get the emission test done. You can visit the emission testing centre to renew the PUC Certificate issued in a different state. Since PUC is valid across the country, you can renew it from any state. There is no late fee for renewing an expired vehicle pollution certificate. You can visit the nearest emission test centre to renew the PUC Certificate. Currently, the pollution certificate is not available on the DigiLocker app. Hence, you need to carry a soft or hard copy of the PUC Certificate when you drive the vehicle. You cannot update the vehicle registration number in PUC Certificate. Only the authorised PUC centres can issue the certificate with the vehicle registration number. If you lose the pollution certificate, you can get it online by visiting the Parivahan portal. You can either download or print the certificate within a few clicks. One cannot submit a pollution certificate online application as it requires you to take the vehicle to an emission testing centre. You can only download the existing PUC online. If you don't have a PUC Certificate or are found carrying an expired one, the traffic police will have the right to get your vehicle seized. That is why you must always carry an updated PUC Certificate with you. Yes, a valid PUC Certificate is necessary for BS6 vehicles, too. PUC is a certificate issued by the government. It is only given to vehicles whose emission levels are at par with the emission norms. For new vehicles, you're covered for a year. After that, it's like visiting the dentist; you need a checkup every six months. It's a bit like failing a school test; you need to fix the problems (with your vehicle, in this case) and then re-take the test. Electric vehicles are like the teacher's pet; they don't need a PUC certificate because they don't emit pollutants. Just your vehicle. The test center will use your vehicle's registration number to pull up everything else they need. Not having one can be quite costly, with fines starting at Rs. 1,000 for the first offense. It's best just to keep it updated and avoid the hassle. Yes, it's like carrying a driver's license. You should have it with you (hard or soft copy) to show you follow the rules. Disclaimer: The information mentioned on this page is compiled from different websites and government sources. The information may be updated from time to time. Hence, please refer to the respective government websites and verify before making any decisions."
"from different websites and government sources. The information may be updated from time to time. Hence, please refer to the respective government websites and verify before making any decisions. Recent Articles ZX6R Price in India Guide: A Comprehensive Overview Team Acko Sept 9, 2024 How to Find Chassis Number, VIN, & Engine Number of Your Car in West-bengal TeamAcko Aug 29, 2024 How to Find Chassis Number, VIN, & Engine Number of Your Car in Uttarakhand TeamAcko Aug 29, 2024 How to Find Chassis Number, VIN, & Engine Number of Your Car in Tripura TeamAcko Aug 29, 2024 How to Find Chassis Number, VIN, & Engine Number of Your Car in Telangana TeamAcko Aug 29, 2024 All Articles Want to post any comments? Check PUC Status Instantly Enter your vehicle number Check your PUC #36/5, Hustlehub One East, Somasandrapalya, 27th Main Rd, Sector 2, HSR Layout, Bengaluru, Karnataka 560102 Acko Group Companies: Download our ACKO app now! CIN: U74110KA2016PTC120161 The use of images and brands are only for the purpose of indication and illustration."
"View Profile My policies Logout Buy or Renew Vehicle Insurance in 2 Minutes Affordable Premiums Hassle Free Claims No Paperwork Car number Looking to insure brand new car? Zero commissions, big savings UID: 5672 | *T&Cs apply Home death of a third party caused due to the insured bike. Similar to car insurance, buying third-party cover is mandatory, and the own damage cover is optional. Commercial vehicle insurance is an insurance policy that covers commercial vehicles like trucks, buses, etc. The coverage is similar to carmobile app. Also, since there are no intermediaries, policyholders can make informed decisions based on their needs. Quick Renewal Policies can be renewed almost instantly with the help of ACKO’s website or smartphone app. Satisfying Insurance Experience Right from researching plans, buying them, renewing them or making claims, online insurance is more convenient, time-saving and effective. Here are the top reasons to buy motor vehicle insurance online. Buying motor vehicle insurance provides you with third-party liability coverage. It is the coverage that covers you against damages to third-party property or injury or death of a third party caused due to your vehicle. The coverage saves you from legal hassles and financial losses. If you opt for an own-damage or Comprehensive Vehicle Insurance, you will get financial backup if your vehicle suffers damages due to accidents, natural disasters, vehicle theft and total loss. Hence, vehicle insurance can be your saviour if your vehicle is stolen or damaged significantly due to the reasons mentioned above. Buying a Personal Accident (PA) cover is mandatory when purchasing vehicle insurance. It provides coverage to the vehicle owner against accidental injuriesdisability. Vehicle insurance comes with several coverage benefits, depending on the policy you choose. The following are the coverage details of a Comprehensive Motor Insurance Policy. You can refer to the concerned policy’s Policy Wordings for a detailed list of inclusions and exclusions. What’s Covered? What’s Not Covered? Third-party Cover: Coverage for injuries to a third party or damages to their property. Own Damage: Damage to the insured vehicle due to an accident, fire, natural calamities or man-made calamities. Theft Cover: Insurance cover for the vehicle in case it gets stolen. ❌ Own damage is excluded in case of a Third-Party Policy. ❌ Damages to your vehicle when ridingdriving with an expired vehicle insurance policy. ❌ Damages to your vehicle when ridingreplacement of parts that are damaged due to regular wear and tear. ❌ Any claims related to personal items stolen from your vehicle. A vehicle insurance calculator or a premium calculator helps you determine the premium amount you would be required to pay for the chosen insurance coverage. It is simple to use and is available free of cost. All you have to do is share basic information about your vehicle, choose the required coverage, and you will come to know the"
"insurance coverage. It is simple to use and is available free of cost. All you have to do is share basic information about your vehicle, choose the required coverage, and you will come to know the approximate cost for the coverage. Here are the steps to follow to know the payable premium. Step 1: Visit www.acko.com or download the mobile app to buy a vehicle insurance policy online. Step 2: Enter your vehicle (carbreakdowns outside a 100 kilometres radius of your residence during the policy period. When you don't raise a claim during the previous policy period, ACKO rewards you in the form of an NCB discount on the premium amount during renewal. This discount can go up to 50% if you don't raise a claim for five consecutive years. In case your car is stolen or damaged beyond repair, the Return to Invoice add-on cover will help you recover the amount mentioned on the car's invoice value, including the car registration cost and road tax as well. Along with a Third-party vehicle insurance plan, it is compulsory to own a Personal Accident Cover in India. This additional cover provides financial protection in the event of permanent disabilityreplacement cost in case your helmet is stolen or damaged in an accident, fire, man-made or natural calamities. When you buy this add-on cover along with your Comprehensive car insurance policy, you can secure your near and dear ones in case of permanent disabilitybike, make an online payment. Once you pay the premium amount, you will receive the policy document in your inbox. Here are the steps to buy or renew vehicle insurance online on ACKO Step 1: Scroll to the top of this page or download the ACKO app. Step 2: Enter your car registration number and click on the “Insure Now” button. Step 3: Choose the motor insurance plan and add-ons. Step 4: Customise the IDV as per your preference. Step 5: Pay the premium online to instantly buy or renew vehicle insurance online. Note: Existing ACKO customers can simply log in to your account and renew the policy by clicking on your policy card. Filing a claim on ACKO is easy and hassle-free. All you have to do is log in to your account via the website or mobile app to raise a claim. Here is how the claims are settled on ACKO. Step 1: Log in to your account and click on the Claim Now section. Step 2: Provide details about the claim and upload the relevant images of vehicle damage. Step 3: Depending on the type of damage, ACKO will settle the claim within a few hoursvehicle insurance. The three types of motor insurance are car insurance, bike insurance and commercial vehicle insurance. Motor insurance is an insurance plan that provides insurance coverage for your vehicle. The main benefits of motor insurance are backup against financial losses and legal liabilities. There are mainly three types of motor insurance products: Third-party Liability Policy, Comprehensive Insurance Plan and Personal Accident (PA) cover. Motor insurance refers to an insurance plan that provides"
"mainly three types of motor insurance products: Third-party Liability Policy, Comprehensive Insurance Plan and Personal Accident (PA) cover. Motor insurance refers to an insurance plan that provides coverage for motor vehicles like cars, bikes, commercial vehicles, etc. To check vehicle insurance, you can visit the ACKO website or download the app and provide basic details of your vehicle. As per law, purchasing a Third-Party Vehicle Insurance Plan is mandatory. It safeguards you against third-party liabilities. As long as you own a vehicle legally, you can purchase a motor insurance policy for it. The vehicle insurance segment is primarily divided into private and commercial (or) heavy vehicle insurance. The next layer involves selecting either a Third-party Liability policy or a Comprehensive Motor Vehicle Insurance Plan. Vehicle owners purchase policies from certified insurance companies for their vehicles. If the vehicles get damaged, the policyholder raises a claim, the insurer verifies it, and if approved, settles the claim by paying the cost of repairs as per the terms and conditions of the policy. This is the basic working model of motor insurance in India. However, this can differ in special cases like theft or third-party liabilities. If you are driving a vehicle on public roads, then it must be insured. Not following such a mandate can lead to penalties and legal issues. The online motor insurance policy buying process can be completed under three to five minutes provided you have all the details handy and your smartphone5, Hustlehub One East, Somasandrapalya, 27th Main Rd, Sector 2, HSR Layout, Bengaluru, Karnataka 560102 Acko Group Companies: Download our ACKO app now! CIN: U74110KA2016PTC120161 The use of images and brands are only for the purpose of indication and illustration."
"Toll Free : 1800-209-1415 Motor Insurance Policy This policy covers all types of vehicles plying on public roads such as:- As per the Motor Vehicles Act, 1988 it is mandatory for every owner of a vehicle plying on public roads, to take an insurance policy, to cover the amount, which the owner becomes legally liable to pay as damages to third parties as a result of accidental death, bodily injury or damage to property. A Certificate of Insurance must be carried in the vehicle as a proof of such insurance. In this scheme, 2 types of covers are available: This covers third party liability for bodily injury liability and Motor Cycles. The policy is a combination of standard covers of various lines of businesses. This is a comprehensive policy that combines various products into one. It is beneficial for business enterprises. Protection against losses caused by fire, including damage to property and contents. Covers damage to engineering works, machinery, and equipment. Safeguards against theft and burglary-related damages. Coverage for loss of money, including cash, cheques, and other forms of currency. Protection for damage to plate glass in your premises. Covers losses due to dishonesty or fraud by employees. Insurance for damage to neon signs and their components. Protection for loss or damage to business-related baggage. Covers liability for certain risks with specified limits. Insurance for loss or damage to portable equipment used in business operations. Covers compensation for work-related injuries to employees. Protection against accidental damage to property. Covers goods and equipment while in transit. Additional coverage for miscellaneous risks not covered in the above sections. Note: Policy details given are indicative, not exhaustive. Please contact your nearest NIA office for further details. Rating depends upon the following factors: The policy can be extended to cover the following risks on payment of additional premium: In case of theft of vehicle or if the vehicle is totally damaged and beyond repairs in an accident, the claim amount payable will be determined on the basis of the IDV. The IDV of the vehicle is to be fixed on the basis of manufacturer's listed selling price of the brand and model of the vehicle proposed for insurance at the commencement of insurance / renewal and adjusted for depreciation as per schedule. IDV of vehicle which is beyond 5 years of age and of obsolete models of the vehicles (i.e. models which the manufacturers have discontinued to manufacture) is to be determined on the basis of an understanding between insurer and insured. Browser and Display Compatibility CIN Number: L66000MH1919GOI000526 | IRDAI Registration Number: 190 'Insurance Is The Subject Matter Of Solicitation' | © 2022 The New India Assurance Co Ltd All Rights Reserved. Registered Office Address: The New India Assurance Co. Ltd., #87, M.G.Road, Fort, Mumbai 400 001. WhatsApp Us Talk To Customer Support"
"A four-wheeler is more than just a mode of transportation; it holds a special place in our hearts. We cherish our cars, spending Sunday afternoons grooming and cleaning them, ensuring they remain in top-notch condition. Regular maintenance, like checking engine oil and maintaining tyre pressure, is essential, but there's more to safeguarding our cherished machines. One of the best ways to ensure all-round protection for your car is by investing in a car insurance policy. A four-wheeler insurance policy acts as the ultimate safety net, providing financial coverage in case of accidents or even theft. It offers peace of mind by allowing you to get necessary repairs done without worrying about excessive expenses. However, determining the right amount of coverage your car needs, as well as finding the appropriate premium to pay, can be a challenging task. That's where a car insurance calculator comes into play. To know more about car insurance cost calculators and how to use it effectively, you may want to keep reading. This will help you make informed choices and ensure your beloved car is well-protected while staying within your budget. A car insurance calculator or a car insurance premium calculator is a convenient and efficient online tool designed to provide an accurate quote for your car insurance premium. You only need to enter your car's registration number into the calculator, and it will generate a detailed premium quote based on various factors. The car insurance premium calculator goes beyond just providing a basic quote. It empowers you to customise essential aspects of your insurance, such as the Insured Declared Value (IDV) . Since a car insurance calculator helps determine the IDV, it is also called an IDV calculator. The IDV represents the maximum amount the insurance company will pay in the event of a total loss or theft of your car. Adjusting the IDV allows you to fine-tune your insurance coverage to meet your needs. Choose Add-On Covers Wisely: While car insurance add-ons enhance your coverage, it's crucial to be selective. Some add-ons come at an extra premium; adding too many may increase your overall premium. Use the car insurance premium calculator to identify essential add-ons that provide better coverage without excessively hiking the premiums. Car Accessories and Modifications: Installing safety attachments like anti-theft devices can reduce the theft risk and lower your car insurance premium. However, be cautious with specialised modifications, as specific alterations may increase premiums. Assess the impact of modifications on your premium before making any changes. Timely Renewals: Renewing your car insurance on time is paramount to retaining the valuable benefits of the No Claim Bonus (NCB). The NCB is a reward given to policyholders who maintain a claim-free record during the policy year, resulting in lower premiums, as a token of appreciation for safe driving. You can utilise the car insurance renewal premium"
"to policyholders who maintain a claim-free record during the policy year, resulting in lower premiums, as a token of appreciation for safe driving. You can utilise the car insurance renewal premium calculator to make the renewal process more convenient and ensure you take advantage of these benefits. Drive Carefully: Safe and responsible driving can lead to significant discounts in NCB. Accumulating this discount over the years may result in up to 50% lower premiums. You can ensure lower premium payments by avoiding damage claims and practising safe driving. By following these tips, you can effectively reduce your car insurance premium while maintaining adequate coverage for your vehicle. Utilising tools like the vehicle insurance calculator helps you make informed decisions, ensuring you pay only for the necessary coverage and enjoy cost savings in the long run. A car insurance premium calculator is an essential tool for calculating the premium of your car insurance policy, whether you're buying it for the first time or renewing an existing one. Here are several reasons highlighting the significance of using a 4-wheeler insurance premium calculator: Time-saving: The car insurance online calculator saves you the valuable time you would otherwise spend researching quotes from multiple insurance companies. It streamlines the process by providing quick premium calculations, sparing you the hassle of manually comparing quotes from various sources. Informed decision-making: The online car insurance calculator lets you make well-informed decisions without external influence. You can customise the premium rates based on the coverage you need for your vehicle, relying solely on your preferences and requirements. Easy purchase and renewal: With the help of a car insurance calculator, purchasing car insurance online becomes a seamless process. The premium calculation is simplified, facilitating a smooth and hassle-free policy purchase. Additionally, during renewal, the calculator allows you to complete the process conveniently from the comfort of your home. Plan and premium comparison: An online car insurance calculator empowers you to compare different policies and their respective premium rates efficiently. You can explore various car insurance policy types, consider multiple add-ons, and assess the combined cost of policy and add-ons. This comprehensive comparison helps you find a policy that perfectly aligns with your budget and insurance needs. At Tata AIG, we prioritise your convenience, and our car insurance premium calculator is designed to provide you with the best quotes for your four-wheeler insurance policy. Calculating the insurance premium and obtaining a comprehensive car insurance quote is now effortless with our three-step process: Step 1: Submit the registration number To begin, simply enter your car's registration number in the car insurance calculator. Click on ""Get Price"" to proceed to the next step. Step 2: Verify the fetched details"
"the registration number To begin, simply enter your car's registration number in the car insurance calculator. Click on ""Get Price"" to proceed to the next step. Step 2: Verify the fetched details Our calculator's advanced API will automatically fetch the relevant details of your car. Take a moment to verify the accuracy of the information, and if necessary, make any required changes. Step 3: Get your quote On the final page of our car insurance premium calculator, you can select the desired Insured Declared Value (IDV) and provide any previous car insurance policy details. Include your mobile number to receive an instant car insurance policy quote. For added convenience, you can also utilise the IDV calculator to determine your car's insured declared value accurately. By following these simple steps and submitting the necessary details, you'll receive multiple premium rates tailored to your car insurance needs. Our car insurance premium calculator empowers you to make well-informed decisions, allowing you to choose the most suitable car policy online at competitive rates. Our car insurance premium calculator is invaluable when calculating the car insurance premium premium for your new or used car. This calculator considers factors influencing your car insurance premium, ensuring you get an accurate and customised quote. Here's how you can use the premium calculator for both new and used cars:** For a Used Car: Details of the car's previous ownership: Provide information about its previous owners, including their names and other relevant details. Claim details of the previous policy year: If the car had any insurance claims in the last policy year, input the relevant claim information. Existing car insurance details: If the used car already has an existing insurance policy, enter the policy details accurately. For a New Car: Car's registration details: Input the registration details of your new car, including the registration number. Make and model of the car: Select your new car's specific make and model from the available options. Year of car manufacture: Mention the year your new car was manufactured. Details of the owner-driver: Provide essential information about the car's primary driver, such as name, age, contact information, gender, marital status, etc. Policy's commencement date: Select the start date for your new car insurance policy. By providing these necessary details on the car insurance premium calculator, you'll receive a comprehensive quote that reflects the specific attributes of your car and insurance requirements. The calculator's accuracy enables you to make well-informed decisions about your car insurance policy, ensuring you get the coverage you need at the best possible premium rate. Whether you opt for third-party car insurance or a comprehensive car insurance policy, your car insurance premium is influenced by several crucial factors: Insured Declared Value (IDV): The IDV represents the current market value of your car"
"or a comprehensive car insurance policy, your car insurance premium is influenced by several crucial factors: Insured Declared Value (IDV): The IDV represents the current market value of your car and is the sum assured you would receive in case of theft or total damage beyond repair. The higher the IDV, the higher the premium rate. However, setting an extremely low IDV to save on premiums may lead to a lower settlement amount in the event of car theft. Your Car's Cubic Capacity: For third-party car insurance, rates are determined by the IRDAI based on the car's cubic capacity. The higher the engine capacity, the higher the premium. No Claim Bonus (NCB): Car insurance providers offer NCB as a premium discount to policyholders with a claims-free history. Accumulating NCB over consecutive claim-free years can lead to significant premium reductions of up to 50%. Your Car's Brand, Model, and Variants: The type of car you own, its brand, model, engine capacity, and other factors affect the car insurance premium. Expensive cars or those requiring special maintenance may result in higher premiums. Geographical Location - Urban or Rural: Your residence also impacts the premium cost. Urban areas and cities generally have higher premiums due to increased risks of accidents and traffic, whereas rural areas may have lower premiums. Chosen Fuel Type: Your car's fuel (petrol or diesel) influences the insurance cost. Diesel-powered vehicles usually have higher premiums due to higher maintenance costs. Your Car's Age: Your car's age affects the depreciation rate, impacting the car insurance premium. As the car's IDV decreases with depreciation, so does the insurance cost. Choice of Add-ons: Add-ons provide additional coverage against specific damages but come with an extra premium cost. Carefully evaluate and select only the add-ons that suit your needs. Voluntary Deductible: Opting for a voluntary deductible allows you to pay a portion of the insurance amount during a claim. It reduces the premium rate but also lowers the claim payout during settlements. By considering these factors, you can calculate your car insurance premium more accurately, enabling you to make informed decisions and choose the best insurance policy for your needs. There are several benefits of using an online car insurance calculator. It will help you make informed decisions and secure the most suitable car insurance policy** Ease of Buying Insurance The car insurance calculator allows you to compare different plans easily, ensuring you find a policy that matches your requirements right from the beginning of the buying process. Save Money on Premium Payment By comparing car insurance quotes, you clearly understand each policy's inclusions and exclusions. It enables you to select appropriate coverage and relevant add-ons, resulting in cost savings on the overall premium. No Difficulty in Making a Prudent Choice The car insurance premium calculator provides insights into the factors"
"coverage and relevant add-ons, resulting in cost savings on the overall premium. No Difficulty in Making a Prudent Choice The car insurance premium calculator provides insights into the factors influencing your premium, empowering you to make an informed choice based on your needs and preferences. No Hassles of Dealing with Agents Online comparison and purchase of car insurance eliminate the influence of local insurance agents, allowing you to make unbiased decisions based solely on your judgement. Right IDV (Insured Declared Value) With the car insurance calculator, you can adjust the IDV of your car based on its age, make, and model. It ensures you receive the appropriate market value compensation in case of theft or total loss. Right Add-ons The calculator helps you choose the necessary add-ons to meet your car protection needs without unnecessarily increasing the premium amount. Right Premium Calculating the car insurance premium accurately is vital to avoid unaffordable high payments or inadequate coverage in the long run. A car insurance premium calculator facilitates a well-informed decision-making process, allowing you to tailor the policy to your needs, find the right coverage, and ensure cost-effective premium payments. By utilising this tool, you can confidently purchase the most suitable car insurance policy that provides optimal protection for your vehicle. When it comes to securing your precious car with the right insurance, choosing a trusted and reliable provider is paramount. Tata AIG stands out as a leading name in the insurance industry, offering comprehensive car insurance policies that cater to the diverse needs of car owners. This section presents five compelling reasons why you should consider Tata AIG for your car insurance, ensuring your vehicle's protection and peace of mind on the roads. Extensive Network Garages: Tata AIG offers the advantage of cashless repairs at over 7,500 network garages across India. This expansive network ensures easy access to quality repair services wherever you may be, without the hassle of settling bills, as the insurance provider takes care of the expenses. Comprehensive Coverage: Opting for Tata AIG's comprehensive car insurance provides complete cover beyond mandatory third-party insurance. It safeguards your car against damages arising from accidents, natural disasters like floods and earthquakes, human-made disasters like riots or vandalism, and even theft. However, it's important to note that driving under the influence of intoxicating substances and driving outside the geographical area specified in your policy are not covered under this policy. Personal Accident Cover for Owner-Driver: With Tata AIG's car insurance policy, you receive a personal accident cover of ₹15 lakhs for the owner-driver, as mandated by the Insurance Regulatory and Development Authority of India (IRDAI). In the unfortunate event of an accident causing physical injuries, disability, or death to the owner-driver,"
"as mandated by the Insurance Regulatory and Development Authority of India (IRDAI). In the unfortunate event of an accident causing physical injuries, disability, or death to the owner-driver, this cover provides financial protection. Third-Party Liability Cover: Tata AIG's third-party liability cover protects you against financial damages caused by your insured vehicle to third-party persons or property. It safeguards you from legal implications and ensures that any third-party damages caused by your vehicle are handled. Loss of or Damage to the Insured Vehicle: In case of extensive damage or theft of your insured car (total loss), Tata AIG compensates you with your car's Insured Declared Value (IDV). The IDV is the current market value of your car, and it helps determine your insurance coverage and premium. By availing of the IDV from your insurance provider, you receive appropriate compensation for the loss incurred. Tata AIG offers a comprehensive and customer-centric car insurance policy that not only protects your car against various risks but also ensures ease of access to repair services and prompt claim settlements. With these benefits and features, Tata AIG is a reliable choice for your car insurance needs. Driving your way to a more affordable car insurance premium is possible with smart decision-making. Here are some inventive ways to reduce your car insurance costs: Turbocharge Your Voluntary Deductible: If you've been accident-free for years, rev up your savings by increasing your voluntary deductible. You can enjoy lower car insurance premiums by taking on a higher share of the repair costs during a claim. Pick Add-Ons with Precision: Customise your coverage like a pro! Choose add-ons that perfectly suit your needs and car's requirements. Opt for those that provide the right level of protection without unnecessary financial burden. A Conversation with the Insurance Maestros: Don't hesitate to steer your way to better deals. Contact your chosen insurance company and negotiate for a competitive car insurance quote. A friendly chat could lead to surprising discounts. Time Your Renewal with Precision: Drive through the renewal process smoothly by renewing your car insurance policy on time. You can skip the time-consuming pre-inspection, unlock No Claim Bonus benefits, and gain discounts that fuel your savings. Cruise with a Clean Driving Record: Safe driving is a work of art. Staying within speed limits and avoiding accidents keeps you secure on the roads and paints a rosy picture with your insurance provider. A clean driving record rewards you with coveted No Claim Bonuses year after year. Remember, taking smart decisions can steer you towards a more budget-friendly car insurance premium. Make the right moves on the road and in your policy decisions, and watch your savings drive towards new horizons. Happy motoring! table, td, th { border: 1px solid black; } table { border-collapse: collapse; width: 100%; } td, th { text-align:"
"policy decisions, and watch your savings drive towards new horizons. Happy motoring! table, td, th { border: 1px solid black; } table { border-collapse: collapse; width: 100%; } td, th { text-align: center; } table, td, th { border: 1px solid black; } table { border-collapse: collapse; width: 100%; } td, th { text-align: center; } Tata AIG car insurance takes the protection concept to a new level, extending its coverage beyond the driver and the vehicle itself. With a comprehensive approach, Tata AIG also goes the extra mile by safeguarding third-party liabilities. Elevating your basic cover, you can select from 12 unique car insurance add-ons, enhancing your driving experience and peace of mind. Let's embark on a journey to explore these extraordinary add-ons that cater to your every need: NCB Protection Cover: Preserve your hard-earned No Claim Bonus by claiming without affecting your overall NCB. Unlock up to a 50% discount on your premium with this valuable shield. Roadside Assistance Cover: Trust in the assurance of on-the-spot repairs and assistance when your vehicle faces unexpected breakdowns. Save the day with Tata AIG's roadside assistance helpline - 1800 266 7780. Repair of Glass, Fibre, Plastic, and Rubber Parts: Minor damages to essential car components need not entail total replacements. Get them repaired with ease and retain your precious NCB. Daily Allowance: If your car faces extended repair periods, this thoughtful add-on provides a daily allowance to ease your commute during those challenging times. Emergency Transport and Hotel Expenses: Unexpected accidents mid-journey won't leave you stranded. This rider takes care of your overnight stay in a hotel or ensures your travel back home or to the nearest city. Key Replacement: Misplacing your keys won't leave you stranded. This rider covers the cost of replacement and labour for new locks. Engine Secure: This rider protects your car's engine against damage, covering repair and replacement expenses for those residing in flood-prone areas. Tyre Secure: Say goodbye to worries about accidental tyre and tube damage with this rider that takes care of repair and replacement costs. Consumables Expenses: In the aftermath of an accident, this rider covers the cost of consumables like engine oil, grease, and more. Return to Invoice: In case of a total loss, constructive total loss, or theft, this cover bridges the gap between the sum assured and the invoice value of your car. Zero Depreciation Cover: This rider ensures total compensation for replaced parts without any depreciation deduction under your damage claim. Loss of Personal Belongings: Your personal belongings receive exceptional care with this rider, protecting them from loss or damage. With these incredible add-ons, Tata AIG car insurance surpasses expectations, offering you a tailored and comprehensive coverage experience. Before embarking on your journey to compare car insurance policies, it's crucial to understand the key"
"insurance surpasses expectations, offering you a tailored and comprehensive coverage experience. Before embarking on your journey to compare car insurance policies, it's crucial to understand the key factors that will help you make an informed decision: Price: The cost of replacing or repairing your car can be high, so price is a significant consideration. However, consider the features and coverage offered while comparing prices from different insurers. Strive to balance affordability and adequate coverage that suits your needs. Coverage: Beyond the basic coverage, pay attention to the availability of add-ons such as Return to Invoice, Zero Depreciation, and Roadside Assistance. Understanding your driving habits and requirements will enable you to select the most suitable insurance policy. Customer Reviews and Ratings: Feedback from other policyholders is invaluable in assessing an insurer's reliability and claim settlement process. Check customer reviews and the claim settlement ratio of various companies. Researching the after-sales services provided by insurers can also be beneficial. Your Car's Age: Your car's Insured Declared Value (IDV) is influenced by its market value, which reduces yearly due to wear and tear. As the car ages, its IDV decreases, leading to a lower premium and sum assured. However, older cars may also pose higher risks and vulnerability to damages, affecting the premium calculation. Exclusions & Invalid Claims: Thoroughly review each car insurance policy's terms and conditions, policy wording, and fine print to understand what is covered and what is not. Awareness of exclusions and inclusions will help you avoid claim rejections and ensure a smoother claims process. With a clear understanding of these essential factors, you can confidently compare different car insurance policies and find the one that provides optimal coverage, suits your budget, and offers peace of mind during challenging times. Your policy is subjected to terms and conditions & inclusions and exclusions mentioned in your policy wording. Please go through the documents carefully. When making a car insurance claim, there are two components to the total claim payment: the compulsory and voluntary deductible. The compulsory deductible is the fixed amount set by the insurance company that you must pay during a claim. On the other hand, the voluntary deductible is an additional amount that you, as the policyholder, choose to pay voluntarily over and above the compulsory deductible during a car insurance claim settlement. The primary reason people opt for a voluntary deductible is to lower their car insurance premiums. Policyholders can enjoy reduced premium costs by agreeing to pay a higher amount voluntarily in case of a claim. However, it's essential to be generous in using this feature solely to reduce premiums. A prudent approach is to consider a voluntary deductible when you have accumulated a substantial No Claim Bonus (NCB) level, usually when you"
"generous in using this feature solely to reduce premiums. A prudent approach is to consider a voluntary deductible when you have accumulated a substantial No Claim Bonus (NCB) level, usually when you haven't made any claims for five years or more. With a higher NCB level, the probability of making a claim is lower, making it a suitable time to opt for a voluntary deductible. Before switching your insurance company online, it's crucial to consider several important aspects to ensure a smooth and satisfying experience: Speed of Claim Settlement: Swift claim settlement is a top priority. Look for an insurance company with a reputation for quick and hassle-free claim processing, ensuring you receive your money without unnecessary delays. Approachability: Accessibility to customer care is essential. Choose an insurer with responsive and easily reachable customer support, saving you from hours of waiting and frustration when you need assistance. Cashless Option for Car Repairs: Opt for an insurance company that offers a cashless facility for car repairs. It enables you to get your car fixed without paying upfront and then claim reimbursement later. Network Connectivity: Check the network of affiliated service centres and garages of the insurance company. A robust and widespread network ensures that you can access reliable repair services wherever you are. Claim Settlement History: Research the claim settlement history of the company. Look for insurers with a high rate of successful and fair claim settlements, ensuring you can rely on them in times of need. A car insurance policy typically lasts for one year, and once that period is over, it becomes crucial to renew the policy to ensure continuous coverage for your vehicle. However, several factors influence the premium calculation for your policy, and these factors may change when it's time for renewal. As a result, the premium amount after renewal will likely differ from the previous one. Utilising a car insurance renewal premium calculator in such situations proves highly beneficial. Using this tool, you can anticipate and prepare for changes in your next premium. * Disclaimer: All prices mentioned here are subject to change with time and the place of purchase. Therefore, it is highly recommended that insurance buyers enquire about the current insurance price from the dealerscompanies. BEWARE OF SPURIOUS PHONE CALLS AND FICTIOUS policy wording carefully before concluding a sale. Trade logo displayed above belongs to TATA Sons Private Limited and AIG and used by TATA AIG General Insurance Company Limited under License. 2008, TATA AIG General Insurance Company Limited, all rights reserved. Registered Office : Peninsula Business Park, Tower A, 15th Floor, G.K.Marg, Lower Parel, Mumbai - 400 013, Maharashtra, India. CIN: U85110MH2000PLC128425. IRDA of India Regn. No. 108. Toll Free Number : 1800 266 7780 / 1800 22 9966 (only for senior citizen policy holders). Email Id – customersupport@tataaig.com ."
"India. CIN: U85110MH2000PLC128425. IRDA of India Regn. No. 108. Toll Free Number : 1800 266 7780 / 1800 22 9966 (only for senior citizen policy holders). Email Id – customersupport@tataaig.com . Category of Certificate of Registration: General Insurance. BEWARE OF SPURIOUS PHONE CALLS AND FICTIOUS policy wording carefully before concluding a sale. Trade logo displayed above belongs to TATA Sons Private Limited and AIG and used by TATA AIG General Insurance Company Limited under License. 2008, TATA AIG General Insurance Company Limited, all rights reserved. Registered Office : Peninsula Business Park, Tower A, 15th Floor, G.K.Marg, Lower Parel, Mumbai - 400 013, Maharashtra, India. CIN: U85110MH2000PLC128425. IRDA of India Regn. No. 108. Toll Free Number : 1800 266 7780 / 1800 22 9966 (only for senior citizen policy holders). Email Id – customersupport@tataaig.com . Category of Certificate of Registration: General Insurance."
"In India, it's not just a matter of choice but a legal obligation to have third-party four-wheeler insurance. So, before you even contemplate cruising through the city streets, you must ensure you have this vital shield in place. After all, no one wants the legal implications of not having an insurance plan in place. Yet, beyond mere compliance, a 4-wheeler insurance policy promises a comprehensive umbrella for your beloved vehicle. Imagine a protective cocoon that not only shields you from legal troubles but also embraces your car with all-around protection against unforeseen perils. Yes, you guessed it right — the extraordinary Comprehensive car insurance! With the best comprehensive car insurance, you're not just getting a safety net but offering your prized possession a protection suite. And oh, the peace of mind that comes with it! You can confidently ride with comprehensive insurance , knowing that even the most unexpected incidents won't throw you off track. At Tata AIG , we strive to make car insurance not just a necessity but an accessible and enjoyable experience. We offer an array of comprehensive motor insurance policies designed to cater to your needs and budget. Also, we understand that finding the perfect car insurance can be overwhelming, but fear not! With us, the process becomes a breeze. Our user-friendly platform allows you to compare car insurance options online, empowering you to make an informed decision from the comfort of your home. Comprehensive insurance (full coverage) is the ultimate shield, safeguarding your precious vehicle from life's uncertainties. It stands against the onslaught of unforeseen events caused by theft, fire, floods, burglary, earthquakes, and more, protecting you from potential financial losses. Comprehensive insurance goes beyond just covering your vehicle. It also extends its benevolence to others, providing coverage for third-party liabilities. Whether it's bodily injury, disability, or property damage caused to a third party, you can rest assured that your comprehensive policy covers you. And that's not all! Comprehensive vehicle insurance embraces you as the owner-driver too. In the unfortunate event of an accident, it offers personal accident cover, providing financial support to you or your family in case of injury or death. It's like having a guardian angel watching over you as you navigate life's roads. With comprehensive insurance, you can also add enticing add-ons to your policy, tailoring it to suit your unique needs and preferences. Opting for the right add-ons will enhance your comprehensive car insurance coverage. Here's why you should purchase comprehensive insurance for your four-wheeler: Safeguard Against Third-Party Liabilities One of the primary reasons to opt for comprehensive car insurance is its coverage for third-party liabilities. In the unfortunate event of an accident caused by you, the policy will take care of the financial obligations arising from bodily injuries,"
"car insurance is its coverage for third-party liabilities. In the unfortunate event of an accident caused by you, the policy will take care of the financial obligations arising from bodily injuries, disabilities, or property damages suffered by others involved in the accident. It means you can drive confidently, knowing you are protected from potential legal and financial repercussions. Protection for Your Car Comprehensive car insurance protects your beloved vehicle from various perils. Whether it's damages caused by theft, fire, burglary, earthquakes, or even floods, your policy is a robust fortress, ensuring your car remains safe and sound. Whatever nature throws your way, your cherished possession remains shielded from potential financial losses. Personal Accident Cover Comprehensive insurance cares for your car and you as the owner-driver. In the unfortunate event of an accident, the policy offers personal accident cover, providing financial support to you or your family in case of injury or death. This added layer of protection provides mental satisfaction, knowing that you and your loved ones are well-taken care of, no matter what happens on the road. Complete Peace of Mind Embracing comprehensive car insurance brings a sense of security and tranquillity to your car ownership experience. With all-around protection, you can bid farewell to worries about unexpected expenses and uncertainties that may arise while driving. Instead, you can focus on enjoying the freedom of the open road without the shadow of potential financial burdens looming over you. Customisation with Attractive Add-ons Comprehensive insurance offers the flexibility to customise your policy with various attractive add-ons. You can enhance the base coverage by opting for extras such as zero depreciation cover, no-claim bonus protection, emergency roadside assistance, and more. These add-ons cater to your unique needs and preferences, allowing you to create a personalised insurance plan that fits your lifestyle perfectly. Have you ever found yourself pondering what lies within the folds of a car insurance policy? Have you ever been caught off guard by unexpected exclusions when filing a claim? Fret not, for we have embarked on a quest to unravel the mysteries for you. We have compiled a comprehensive list of major inclusions and exclusions for our car policy online and offline to help you understand the extent of coverage and limitations offered. table, td, th { border: 1px solid black; } table { border-collapse: collapse; width: 100%; } td, th { text-align: center; } When choosing between comprehensive and third-party car insurance for your four-wheeler, consider the following points to make an informed decision: table, td, th { border: 1px solid black; } table { border-collapse: collapse; width: 100%; } td, th { text-align: center; } Tata AIG offers a comprehensive set of 12 add-on benefits that you can include in your car insurance policy to enhance coverage and address"
"collapse; width: 100%; } td, th { text-align: center; } Tata AIG offers a comprehensive set of 12 add-on benefits that you can include in your car insurance policy to enhance coverage and address specific needs** The following are some popular ones: Zero Depreciation This add-on covers the depreciation cost deducted from your car's parts during claims, excluding the first two claims from the depreciation deduction. No Claim Bonus Protection With this add-on, you can file a fixed number of claims in a policy year without affecting your accumulated No Claim Bonus discount. Roadside Assistance Provides help in case of a car breakdown in sparsely populated areas by arranging fuel supply, towing, or repairs. Return to Invoice This covers the difference between the car's purchase price and compensation due to depreciation and may cover the gap for a new car of the same make and model. Repair of Glass Fiber and Plastic Parts Covers damages to glass, fibre, and plastic parts without affecting the No Claim Bonus discount, with one claim allowed per policy year. Daily Allowance Provides compensation for travel expenses when your car is under repair for an extended period. Emergency Transport and Hotel Expenses Offers financial support for overnight accommodation and commuting expenses if your car is damaged during a journey. Key Replacement Covers replacement costs for lost car keys to prevent potential car theft. Engine Secure Covers repair or replacement costs for the engine if damaged by water, ideal for flood-prone areas. Tyre Secure Covers financial damages to car tires or tubes due to accidental damage. Consumable Expenses Covers the cost of replenishing consumables like gearbox oil, nuts & bolts, oil filter, etc., during claims. Loss of Personal Belongings Covers the loss of personal belongings such as CDs, audio and video tapes, and clothes in case of an accident. Remember that certain exclusions may apply to specific add-ons, and coverage for personal belongings like money, watches, jewellery, and credit/debit cards is not included. A comprehensive car insurance policy, although highly recommended for a new car, is equally essential for an old car if you are still using it regularly or even once in a while. It will protect you against unforeseen circumstances leading to severe damage to your car, incurring excessive repair costs. Furthermore, a comprehensive car insurance plan helps you maintain your car to the best standards and fetch you a reasonable resale value if you are planning to sell it at a later date. However, when you purchase comprehensive car insurance coverage, you must consider the age of your car and the number of years you are planning to use it further to decide on the optimum coverage. As the market value gets lower with age, you can benefit from purchasing full coverage car insurance for your vehicle at a lower rate. In this subsection, we will delve into the essential factors that insurance providers consider when"
"age, you can benefit from purchasing full coverage car insurance for your vehicle at a lower rate. In this subsection, we will delve into the essential factors that insurance providers consider when determining the cost of your comprehensive car insurance. By grasping these factors, you can gain insights into the pricing structure and potentially optimise your coverage while keeping the premiums within your budget. Here are the key elements that shape your comprehensive car insurance premium. Make, Model, and Variant of the Car The cost of the car, determined by its make, model, and fuel variant, significantly impacts the insurance premium. Expensive or premium cars tend to have higher premiums than more affordable models. Registration Date and Location The car's age, represented by the registration date, affects its value due to depreciation. Older cars generally have lower premiums. Additionally, the city of registration plays a role, with urban areas having higher premiums due to increased risks and repair costs. Insured Declared Value (IDV) The IDV is the maximum claim amount for theft or total loss, calculated by deducting age-based depreciation from the car's actual cost. Higher IDV leads to higher premiums for comprehensive policies. Add-ons Selected Add-ons provide additional coverage benefits, but each comes with an additional premium. Including add-ons in the policy increases the overall premium. Available No Claim Bonus (NCB) Accumulated NCB allows policyholders to claim premium discounts when renewing their comprehensive car insurance policy, rewarding them for claim-free years. Driving Record and Claim History A clean driving record and claim history reflect lower risk, leading to potential premium discounts. Conversely, a history of multiple claims may result in higher premiums. By understanding these factors, car owners can make informed decisions while choosing the right comprehensive car insurance policy that suits their needs and budget. Calculating the premium for a comprehensive car insurance policy may seem daunting, but fear not - Tata AIG is here to make it a breeze! By breaking it down into manageable steps, we ensure you understand the components of the calculation. Determine the Insured Declared Value (IDV) To begin, calculate the IDV of your car by considering the list price and the cost of accessories. Once depreciation for both the vehicle and its accessories is deducted, the IDV is derived. Assess No Claim Bonus (NCB) and Other Discounts Refer to the NCB table to determine the NCB discount applicable to the Own Damage component. Additionally, consider any insurer-declared discounts applicable to the car insurance renewal premium. Calculate Own Damage Premium Using the formula + - , calculate the Own Damage premium for your car insurance policy. Determine Third-Party Cover Tata AIG's third-party car insurance cover is calculated based on your car's cubic capacity, per the Insurance Regulatory and Development"
"for your car insurance policy. Determine Third-Party Cover Tata AIG's third-party car insurance cover is calculated based on your car's cubic capacity, per the Insurance Regulatory and Development Authority of India (IRDAI) rates. Check the prevailing rates for your engine's cubic capacity. Evaluate the Total Cost of Add-ons The add-ons you select will contribute to the policy premium. Determine the cost of each add-on or the total cost of all the add-ons combined. To sum it up, the comprehensive car insurance premium is calculated as follows** table, td, th { border: 1px solid black; } table { border-collapse: collapse; width: 100%; } td, th { text-align: center; } Complicated? Not with Tata AIG! We provide an online car insurance premium calculator that simplifies the process. You can calculate your car insurance premiums hassle-free with simple steps: Enter your Car Registration Number. Click on 'Get Price' for a new policy or 'Renew' for the Tata AIG car insurance renewal premium calculator. Provide the required information, and with a click on 'Get Quote,' you'll have your car insurance cost at your fingertips. At Tata AIG, we don't just offer comprehensive car insurance; we deliver peace of mind. Our comprehensive coverage and dedication to customer satisfaction set us apart as a trusted partner on your car ownership journey. With us by your side, you can drive with confidence, knowing that your prized possession is protected under the vigilant care of Tata AIG. Unbeatable Premium Offers Choosing Tata AIG's comprehensive car insurance policy has the added benefit of saving more on your insurance premium. We offer attractive discounts online, ensuring that protecting your car from potential damages doesn't weigh heavily on your pockets! Extensive Cashless Network Garages With a vast network of over 7500 garages spread across the country, finding the nearest one to your location becomes a breeze. Rest assured, if your car needs repairs, we'll pay the payment settlement directly with the network garage, making the process hassle-free. Roadside Assistance Cover We understand the inconvenience of a car breakdown, so our Roadside Assistance Cover comes to your rescue. Offering on-spot repairs and towing facilities to the nearest network garage, we ensure you get back on the road quickly. Just call our Roadside Assistance number at 1800 266 7780. Happy Customers Count Our commitment to delivering quality services has earned us a content customer base of over five crores. We strive to maintain the same level of service excellence, ensuring our customers' satisfaction remains at the forefront of everything we do. Streamlined Claim Intimation Filing a comprehensive four-wheeler insurance claim is easy with our simple claim intimation process. We've designed it to be quick and user-friendly, so you can settle your claim online in just a few easy steps, giving your car the protection it deserves. High Claim Settlement Ratio Tata AIG boasts an"
"designed it to be quick and user-friendly, so you can settle your claim online in just a few easy steps, giving your car the protection it deserves. High Claim Settlement Ratio Tata AIG boasts an impressive claim settlement ratio of 98% during FY 2020-21. It speaks volumes about our commitment to efficient and swift claim settlements. With our car insurance policy, we guide and support you throughout the claim settlement process, ensuring no delays. Prepare to embrace the open road with unwavering confidence, for Tata AIG's comprehensive car insurance is your ultimate co-pilot on this thrilling voyage. As you set your sights on new horizons, let the wind carry you, knowing that you've chosen a partner committed to safeguarding your dreams with utmost dedication. Embark on this exhilarating journey to secure your ideal policy, following these steps that make the process a seamless adventure Prepare for Takeoff Open your internet browser and navigate to Tata AIG's official website. Once you've arrived at the website, steer straight to the Car Insurance section. Personal Details Share your personal information, including your name, contact details, and address. These details are essential for processing your insurance application and generating personalised policy documents. Car Details Unveil the unique characteristics of your beloved bike - its make, model, variant, manufacturing year, registration number, and other relevant details. By providing these insights, we can tailor the premium and coverage to suit your car's needs perfectly. Review and Customise Your journey doesn't end with filling in the details; it's time to navigate the course of your policy. Review the policy details, coverage limits, deductibles, and premiums. Make necessary customisations based on your preferences, ensuring your chosen policy aligns perfectly with your requirements. Smooth Payment The road to comprehensive coverage is paved with convenience. Proceed to the payment stage, where you can choose your preferred method. Whether through net banking, debit/credit cards, or digital wallets, paying for your chosen policy is a breeze. Policy Issuance Like a cherished map, your car insurance policy documents will be carefully crafted and issued. These documents will be sent to your registered email address or made available for download on our website. Take a moment to review and save them, for they will be your trusted companions on this voyage. Renewal Reminders Remember to keep track of your car policy's expiry date as you cruise through life's adventures. Set reminders to ensure timely renewal, and we will make the process effortless with easy online renewal options. By renewing before it lapses, you provide continuous coverage, ready to embrace the unknown confidently. While a comprehensive car insurance policy is highly recommended for any individual seeking complete protection for their cars, it is essential for the following categories of people. High-value car"
"While a comprehensive car insurance policy is highly recommended for any individual seeking complete protection for their cars, it is essential for the following categories of people. High-value car owners - A comprehensive car insurance policy offers extensive coverage, including damages due to accidents, thefts, and man-made or natural disasters. It will serve as a safety net to accommodate any unforeseen incidents. New car owners - A new car is a highly-valued possession. If you want to maintain your car to the best standards, you must consider having comprehensive insurance as a backup for financial security. And with an add-on cover such as zero depreciation car insurance, it will ensure complete protection at any time. People exploring different places - If you are a person who likes to travel and explore different places, you need to have a comprehensive car insurance policy. It will serve as a financial safeguard to enjoy your travel experiences. You can compare and choose the best comprehensive car insurance in India at an affordable rate. People residing in metropolitan cities - If you are residing in a metropolitan city such as Chennai, Delhi, Mumbai, etc., you are bound to face heavy traffic almost every day. It can lead to minor accidents that can cost you a great deal of money. People residing in accident-prone zones - If you are commuting through accident-prone zones or reside in such places, you need to seek complete protection for your car, irrespective of the comprehensive car insurance cost. It will protect you against any unprecedented events that are highly probable to occur. **Beginners to driving **- If you have just started driving, you might find it challenging to drive in localities that may not be familiar to you or park your car in a restricted space. In such cases, if you happen to cause an accident, comprehensive car insurance will be a financial shield protecting you from excessive expenses. Car enthusiasts - If you are a car enthusiast concerned about every single dent or scratch on your car and want to preserve it to the best quality, as always, comprehensive car insurance is undoubtedly ideal. Tata AIG comprehensive car insurance offers extensive coverage with various add-on options that can let you customise the car insurance policy to your advantage. You can customise it at the time of purchase or car insurance renewal online or offline. “I've been a proud Tata AIG comprehensive car insurance customer for the past five years, and I can't emphasise enough how satisfied I'm with their services. Last year, my car was involved in a minor accident, and I was worried about the claim process. But to my delight, Tata AIG's team was extremely prompt and helpful. From guiding me through the claim intimation process to arranging for the car's repairs at a nearby network garage, they ensured a seamless experience. I highly recommend Tata AIG for its outstanding service and comprehensive coverage.” ~ Rajesh Sharma"
"to arranging for the car's repairs at a nearby network garage, they ensured a seamless experience. I highly recommend Tata AIG for its outstanding service and comprehensive coverage.” ~ Rajesh Sharma “Recently, I faced a situation where my car was stolen, and I was devastated. However, my worries soon faded when I remembered I had Tata AIG comprehensive car insurance. The claims process was no-fuss; the customer support team was empathetic and proactive in assisting me throughout the ordeal. Tata AIG promptly settled the claim. Tata AIG has earned my trust, and I will continue to be a loyal customer for years to come."" ~ Sneha Patel “I can't thank Tata AIG enough for the peace of mind they have brought into my life as a car owner. With their comprehensive car insurance, I no longer worry about unexpected expenses in case of accidents or damages to my car. Last year, during heavy rains, my car was damaged due to flooding. I was relieved that I was covered under my Tata AIG policy. The claims process was swift, and their team ensured that my car was repaired at a network garage without any hassle. I highly recommend them to anyone seeking comprehensive car insurance.” ~ Priya Malik Your policy is subjected to terms and conditions & inclusions and exclusions mentioned in your policy wording. Please go through the documents carefully. You can use a new car insurance calculator to calculate the insurance for your new car on the Tata AIG official website. To get the insurance for the new car, enter your details on the calculator as required, and you can get a quote for your new car insurance quickly in 3 simple steps. A car insurance premium calculator is a free online tool provided by your car insurance provider, which helps you get the most suitable car insurance premium quotes for your vehicle. Tata AIG’s simple and time-saving insurance premium calculator helps you choose the right car insurance premium to be paid so that you get appropriate insurance cover for your car. By visiting the official website of Tata AIG, you can calculate the insurance for your new car and get online car insurance quotes. All you need to do is fill in some basic details of your car, such as the car manufacturer’s name, the model number, the registration details, etc., as well as your mobile number. In three simple steps, the car insurance premium calculator will quickly process the information to give you the aptest quotes for your car insurance. You can visit the Tata AIG official website and find our car insurance calculator for your convenience. In a few prompt and easy steps, you can use the car insurance premium calculator to understand how you can pay an appropriate amount of premiums to protect your car. Yes, you can use a car insurance policy calculator during the renewal of your car insurance policy. During the car insurance renewal process, the car policy premium calculator lets you add or remove the add-on coverage to your policy, adjust the coverage amount"
"renewal of your car insurance policy. During the car insurance renewal process, the car policy premium calculator lets you add or remove the add-on coverage to your policy, adjust the coverage amount and also make use of your No Claim Bonus discount. A car policy premium calculator is important because it helps you understand which factors actually affect your car insurance premium and how a change in these variables can affect the calculation of your car insurance premium. When it comes to buying or renewing your car insurance policy, you can save a lot of time that would be otherwise spent in looking up the insurance quotes of different companies and comparing them. A car policy premium calculator does the same in a matter of minutes while providing accurate results. The insurance premium calculator helps you in selecting a suitable policy for your car so that you either don’t end up with inadequate coverage for your vehicle or don’t have to pay hefty and unaffordable premiums to upkeep your policy. One of the most effective ways to reduce your car insurance premium is to calculate the IDV of your car properly. This results in you paying an affordable premium while ensuring that your vehicle receives the right amount of insurance coverage. Also, if your car has safety and anti-theft devices installed in it, this brings down the insurance premium as the risk of your car being stolen is lower. It is also wise to avoid filing claims for small damages to your car so that you can accumulate the No Claim Bonus discount on your car insurance policy during the policy year. This discount on premiums ensures lower premiums when you renew your policy or even when you purchase a new one. Among the many other ways to keep your car insurance premium affordable, one of the most common ones is to opt only for the add-ons that are essential. By choosing only necessary add-ons, you get better coverage for your car at a nominal cost. In India, you can get a third-party car insurance policy or a comprehensive car insurance policy. Third-party car insurance is a mandatory car insurance policy that only covers the damages to a third-party vehicle or person. The premium rates are determined by the IRDAI (Insurance Regulatory and Development Authority of India) based on the cubic capacity of a car. However, a comprehensive car insurance policy includes third-party cover as well as Own Damage (OD) cover. The OD premium is, therefore, calculated with this formula: Insured Declared Value x rate of premium as specified by the insurer + add on benefits - discounts = OD Premium. Likewise, you can calculate the insurance premium of a car with a price calculator in India. The use of a car insurance calculator in India has increased due to its ability to provide quick and hassle-free results. Our Tata AIG car insurance calculator helps you get instant quotes in three quick steps. Yes, the car model is one of the important factors that go into calculating your car insurance"
"results. Our Tata AIG car insurance calculator helps you get instant quotes in three quick steps. Yes, the car model is one of the important factors that go into calculating your car insurance premium. Based on the model of the car, the Insured Declared Value or IDV is calculated, which is the current market value of your car. This, in turn, determines the amount of insurance coverage your car should have. If the IDV is higher, the premium costs will also increase. If you want to calculate the car insurance premium for second-hand motor cars, then you can use the Tata AIG car insurance online calculator on our official website. All you need to do is Whether to invest in comprehensive car insurance for an older car depends on several factors, such as the car's age, usage, and the owner's long-term plans. Considering a comprehensive plan is prudent if the car is under 15 years old and is still in regular use. Opting for comprehensive coverage provides maximum security and ensures peace of mind, regardless of the car's age. When you step into car ownership, a crucial responsibility awaits you - having a car insurance policy. While a third-party liability cover may be mandatory, it's essential to elevate your protection to the next level with comprehensive car insurance before venturing onto the roads of India. Comprehensive car insurance is an impenetrable shield, offering you and your beloved vehicle unparalleled financial safety. Here is the list of people who should definitely purchase a comprehensive car insurance policy: New Car Owners: Protect your investment by opting for comprehensive car insurance, ensuring complete vehicle protection from various risks. Avid Travellers: Comprehensive coverage is a must if you love exploring different places by car. It offers protection during emergencies and includes valuable add-ons like roadside assistance. Metropolitan City Dwellers: Residents of bustling cities like Kolkata, Bangalore, Delhi, Mumbai, etc., should opt for comprehensive insurance due to higher traffic and accident risks. High-Risk Area Residents: Those living in areas prone to accidents or dangers, like mountainous regions with landslides, should secure their vehicles with comprehensive car insurance. Expensive Car Owners: Owners of luxury cars like Ferrari, BMW, Audi or Porsche should safeguard their prized possessions with comprehensive coverage to mitigate the financial impact of theft or accidents. BEWARE OF SPURIOUS PHONE CALLS AND FICTIOUS policy wording carefully before concluding a sale. Trade logo displayed above belongs to TATA Sons Private Limited and AIG and used by TATA AIG General Insurance Company Limited under License. 2008, TATA AIG General Insurance Company Limited, all rights reserved. Registered Office : Peninsula Business Park, Tower A, 15th Floor, G.K.Marg, Lower Parel, Mumbai - 400 013, Maharashtra, India. CIN: U85110MH2000PLC128425. IRDA of India Regn. No. 108. Toll Free Number : 1800 266 7780 / 1800 22 9966"
"Park, Tower A, 15th Floor, G.K.Marg, Lower Parel, Mumbai - 400 013, Maharashtra, India. CIN: U85110MH2000PLC128425. IRDA of India Regn. No. 108. Toll Free Number : 1800 266 7780 / 1800 22 9966 (only for senior citizen policy holders). Email Id – customersupport@tataaig.com . Category of Certificate of Registration: General Insurance. BEWARE OF SPURIOUS PHONE CALLS AND FICTIOUS policy wording carefully before concluding a sale. Trade logo displayed above belongs to TATA Sons Private Limited and AIG and used by TATA AIG General Insurance Company Limited under License. 2008, TATA AIG General Insurance Company Limited, all rights reserved. Registered Office : Peninsula Business Park, Tower A, 15th Floor, G.K.Marg, Lower Parel, Mumbai - 400 013, Maharashtra, India. CIN: U85110MH2000PLC128425. IRDA of India Regn. No. 108. Toll Free Number : 1800 266 7780 / 1800 22 9966 (only for senior citizen policy holders). Email Id – customersupport@tataaig.com . Category of Certificate of Registration: General Insurance."
"If you are a car owner, you probably understand the importance of insurance coverage to protect yourself and others on the road. Third-party car insurance is a fundamental type of auto insurance that covers damages caused to others in an accident where you are at fault. This means it protects the other party but not you or your vehicle. Here, we will delve deeper into the ins and outs of Third-Party motor insurance. We'll explain its key features, benefits, and limitations, helping you decide when to choose the right policy for your needs. Understanding the complexities of insurance can be overwhelming, but fret not! Our user-friendly and easy-to-comprehend guide aims to simplify the process, allowing you to navigate the world of vehicle insurance confidently. Let's embark on this journey together and ensure you have the knowledge to safeguard yourself and others. A third-party car insurance plan is a type of auto insurance that provides coverage for damages and injuries caused to third parties in the event of an accident where you, the policyholder, are at fault. It does not cover any damages to your vehicle or injuries you may sustain in the accident. Instead, it safeguards other individuals involved in the incident, including passengers, pedestrians, and the property of others. For example, if you accidentally collide with another car, and it's determined that you were responsible for the accident, your Third-party car insurance will cover the cost of repairing the other car and any medical expenses incurred by the occupants. However, you would need to cover the repair costs for your car from your pocket, as your policy won't provide any compensation for your damages. Third-party car insurance is typically the minimum legal requirement in many countries, ensuring financial protection for others if you cause an accident while driving. When an accident occurs, and you are at fault, your third-party vehicle insurance will cover the expenses for repairing the other party's vehicle and any medical treatment required for their injuries. It may also cover damages to other properties, such as fences or buildings, and legal liabilities arising from the accident. It's essential to note that the insurance company predetermines the coverage limit for Third Party Insurance and may vary based on the policy terms. If the costs of damages or injuries exceed the policy's limit, the policyholder will be personally liable for the remaining expenses. After you file a claim with us, we will evaluate the damage to the other party's vehicle and the costs of the injured driver's medical care. If determined to be valid, we would pay the third party's car repair costs and any associated medical costs up to the policy's predetermined limits. One of the critical advantages of Third-party car insurance is that it fulfils the legal requirement in many countries, allowing you to drive legally on the roads. However, it's crucial to understand its limitations and consider"
"of Third-party car insurance is that it fulfils the legal requirement in many countries, allowing you to drive legally on the roads. However, it's crucial to understand its limitations and consider additional coverage, like comprehensive insurance, for better vehicle protection and potential medical expenses. Lower premium rates - Being the most basic type of car insurance policy, it is available at a low premium rate. It is, therefore, a cost-effective option compared to other types of car insurance plans. Liability coverage - Third-party car insurance plans cover third-party bodily injuries and third-party property damages caused due to your insured car. Limited coverage - Third-party car insurance will cover third-party liabilities and does not compensate for the damages incurred to your damaged car. Simple purchase process - Being the basic and standard four-wheeler insurance plan, the process to purchase is simple, with minimal documentation requirements. You can buy third-party car insurance online. Third-party insurance coverage is vital for the following reasons: Legal requirement - According to The Indian Motor Vehicles Act of 1988, every motor vehicle needs to have a third-party car insurance plan. You may be charged penalties if you don't have a valid third-party car insurance policy. Third-party car insurance renewal online is a simple and less time-consuming process. Coverage for third-party liabilities - A third-party car insurance plan covers third-party person injuries, death or property damages due to your insured car. You can register for a car insurance claim online at your convenience. Safety net - Provides financial security for unforeseen accidents due to your insured car. The third-party car insurance premium rates are determined by The Insurance Regulatory and Development Authority of India (IRDAI). It is based on the car engine's cubic capacity and is subject to revisions every year. Third-party car insurance renewal based on the revised price can be done online. The third-party car insurance premium rates for 2023 are as follows: 1 Year Single Premium For Cars table, td, th { border: 1px solid black; } table { border-collapse: collapse; width: 100%; } td, th { text-align: center; } 3-Year Single Premium For Cars table, td, th { border: 1px solid black; } table { border-collapse: collapse; width: 100%; } td, th { text-align: center; } 1 Year Single Premium For Electric Cars table, td, th { border: 1px solid black; } table { border-collapse: collapse; width: 100%; } td, th { text-align: center; } 3-Year Single Premium For Electric Cars table, td, th { border: 1px solid black; } table { border-collapse: collapse; width: 100%; } td, th { text-align: center; } The Third Party Bike Insurance premium in India is determined based on guidelines issued by the Insurance Regulatory and Development Authority of India (IRDAI). The premium calculation for Third Party Insurance primarily focuses on the potential liabilities that may"
"on guidelines issued by the Insurance Regulatory and Development Authority of India (IRDAI). The premium calculation for Third Party Insurance primarily focuses on the potential liabilities that may arise from an accident caused by the policyholder. Unlike Comprehensive Insurance, which covers own damage and offers more comprehensive coverage, Third Party Insurance only covers damages and injuries to third parties. The key factors that influence the premium calculation for Third Party Bike Insurance in India are as follows: Cubic Capacity (CC) of the Bike: The engine capacity of the bike, measured in cubic centimetres (CC), is a crucial factor. Higher CC bikes are generally associated with higher risks, leading to higher premiums. Zone of Registration: India is divided into zones based on geographic locations, each with predefined premium rates. Zones with higher traffic density and accident rates tend to have higher premiums. Age of the Bike: The age of the bike at the time of insurance purchase affects the premium. Older bikes might have a lower premium compared to newer ones. Anti-Theft Devices: Installing anti-theft devices approved by the Automotive Research Association of India (ARAI) can lead to premium discounts, as they reduce the risk of theft-related claims. Voluntary Deductibles: Policyholders can opt for voluntary deductibles, agreeing to bear a certain amount of the claim during an accident. Choosing a higher voluntary deductible can lower the premium, which means higher out-of-pocket expenses during a claim. No Claim Bonus (NCB): If the policyholder has a history of not making any claims, they may be eligible for a No Claim Bonus, which can lead to a premium discount upon renewal. Legal Requirements: IRDAI sets the minimum premium rates or price bands that insurance companies must follow while determining the premium for Third Party Bike Insurance in India. Policyholders must provide accurate information to the insurer to avoid any discrepancies in the policy. As Third Party Bike Insurance is mandatory by law in India, the premium rates are regulated to ensure affordability and accessibility for all vehicle owners. You can easily determine the price of your Tata AIG third-party car insurance using our specially designed third-party car insurance calculator. The calculator considers your car's engine's cubic capacity (cc), aligning with the premium rates set by the Insurance Regulatory and Development Authority of India (IRDAI). Although the car insurance cost follows standardised rates, it is essential to calculate the premiums due to variations in the cubic capacity among different cars. This ensures that you get an accurate quote tailored to your specific vehicle. The IRDAI reviews and updates these third-party car insurance rates annually to keep up with industry changes and maintain fairness. You can easily calculate your car insurance price by referring to the existing rates in the table provided. Rest assured that our"
"annually to keep up with industry changes and maintain fairness. You can easily calculate your car insurance price by referring to the existing rates in the table provided. Rest assured that our user-friendly calculator considers all relevant factors, making the process hassle-free and enabling you to obtain the most up-to-date and accurate third-party car insurance cost for your Tata AIG policy. table, td, th { border: 1px solid black; } table { border-collapse: collapse; width: 100%; } td, th { text-align: center; } A Third Party Car Insurance Plan with Tata AIG covers damages and injuries caused to third parties in an accident where you, the policyholder, are at fault. It is mandated by law in India and fulfils the legal requirement to drive on public roads. Let's explore the things covered and not covered under this type of policy: table, td, th { border: 1px solid black; } table { border-collapse: collapse; width: 100%; } td, th { text-align: center; } The plan covers the legal liabilities arising from bodily injury or death of a third party, including passengers and pedestrians, due to an accident caused by the insured vehicle. The primary limitation of Third Party Car Insurance is that it does not cover damages to your vehicle in case of an accident. You would need a Comprehensive Car Insurance policy for such coverage. It provides coverage for damages caused to third-party property, such as another person's car, fence, or any other structure, resulting from an accident for which the policyholder is responsible. Third Party Insurance does not cover injuries the policyholder or any passengers in the insured vehicle sustained during an accident. Third Party Car Insurance covers legal expenses incurred in defending against third-party claims and lawsuits related to the accident. Damages caused to the insured vehicle due to non-accident-related incidents, such as theft, fire, or natural calamities, are not covered under Third Party Car Insurance. Some Third Party policies may include a personal accident cover for the owner-driver, offering compensation in case of permanent disability or death due to an accident. If the policyholder was driving under the influence of alcohol or drugs at the time of the accident, the claim may be denied. Before you buy car insurance in India, several crucial factors should be considered to ensure you make an informed decision and obtain the right coverage for your needs. Let's explore these factors: Legal Requirement: Understand that Third Party Car Insurance is legally mandatory in India. It is the minimum insurance coverage required to drive legally on public roads. Ensure you comply with this legal requirement to avoid penalties or legal issues. Coverage Limit: Third Party Car Insurance offers limited coverage for damages and injuries to third parties only. Familiarise yourself with the coverage limits provided by the policy, as these are predetermined and may vary among insurers. Add-Ons and Riders:"
"for damages and injuries to third parties only. Familiarise yourself with the coverage limits provided by the policy, as these are predetermined and may vary among insurers. Add-Ons and Riders: Although Third Party Car Insurance is basic, some insurers may offer optional add-ons and riders to enhance coverage. Consider add-ons like Personal Accident Cover for passengers or legal protection to customise the policy according to your requirements. Premium Cost: Compare premium costs from different insurers to find a policy that suits your budget. The premium is typically determined based on factors such as the vehicle's cubic capacity (CC), location, and vehicle age. Insurer's Reputation: Research the insurer's reputation, claim settlement record, and customer service. Tata AIG is a reputable insurer known for hassle-free and efficient claim settlement. Policy Terms and Conditions: Carefully read and understand the policy's terms and conditions, including inclusions and exclusions. Be aware of specific requirements or conditions affecting your coverage or claim process. Coverage Limitations: Be aware of the limitations of Third Party Car Insurance. It does not cover damages to your vehicle or personal injuries sustained in an accident. Consider Comprehensive Car Insurance if you need broader coverage. Claim Process: Tata AIG’s claim settlement process is swift and easy to proceed. Our smooth and straightforward claim process is crucial during emergencies; hence, this is one of the most important factors to consider before purchasing third-party car insurance. Customer Reviews: Check online reviews and feedback from other policyholders to gain insights into the insurer's customer service, claim settlement efficiency, and overall customer satisfaction. For Tata AIG, you can review a few testimonials from our past customers at the end of this page. Renewal Process: Understand Tata AIG’s car insurance renewal online process and be mindful of renewal dates to ensure continuous coverage without any lapses. Tata AIG's Third Party Car Insurance Online offers several benefits that make it a convenient and efficient choice for car owners in India. Here are a few key advantages:** Ease of Purchase: Purchasing Third Party Car Insurance from Tata AIG online is seamless. It eliminates the need to visit physical offices, allowing policyholders to buy or renew their insurance from the comfort of their homes anytime. Instant Policy Issuance: With Tata AIG's online platform, policyholders can receive their insurance policy instantly via email. This eliminates any waiting period, ensuring that they are legally compliant and protected on the road without delays. Comparative Analysis: We provide the opportunity to compare different insurance policies online. This allows potential buyers to assess coverage features, premium costs, and add-on benefits, enabling them to make an informed decision. Hassle-Free Renewals: Renewing third-party car insurance with Tata AIG"
"potential buyers to assess coverage features, premium costs, and add-on benefits, enabling them to make an informed decision. Hassle-Free Renewals: Renewing third-party car insurance with Tata AIG online is hassle-free. Policyholders receive timely reminders for renewal, and with a few simple steps, they can extend their coverage without disruptions. Secure Payment Options: Tata AIG's online platform offers secure payment gateways, ensuring that policyholders can make premium payments online. Accessible Customer Support: The online platform typically provides access to customer support through chat, email, or phone. This allows policyholders to get their queries addressed promptly and seek assistance when required. Instant Documentation: All policy-related documents, including the insurance policy and terms, are available online. Policyholders can access and download these documents whenever needed. Digital Records: Keeping digital records of the insurance policy and related documents helps in easy retrieval and reduces the chances of losing important papers. Time and Cost Efficiency: Online purchase and renewal save time and effort for both the insurer and the policyholder. It also eliminates paperwork, reducing administrative costs and making the process more cost-effective. By offering a seamless and user-friendly experience, our Third Party Car Insurance online provides car owners with the convenience and flexibility they need to secure essential vehicle insurance coverage quickly and efficiently. Comprehensive and Third Party Car Insurance are two distinct types of auto insurance policies offering different coverage levels. Understanding the key differences between the two is essential for car owners to make an informed decision based on their specific needs. Here are the main contrasts between Comprehensive and Third Party Car Insurance: table, td, th { border: 1px solid black; } table { border-collapse: collapse; width: 100%; } td, th { text-align: center; } Buying or renewing Third Party Insurance online for four-wheelers with Tata AIG is straightforward and convenient. Here's a step-by-step guide to help you through the process:** Buying Third Party Car Insurance: Visit Tata AIG's Website: Go to the official website of Tata AIG General Insurance. Select the Four-Wheeler Category: Choose ""Car Insurance"" or ""Four-Wheeler Insurance"" to proceed with your car's insurance purchase. Enter Vehicle Details: Provide essential information about your car, including its make, model, manufacturing year, and registration number. Choose Policy Type: Select the type of policy you want to purchase, Third Party Car Insurance. Add-ons and Riders: Tata AIG may offer additional add-ons or riders to enhance your coverage. Decide whether you want to include any of these optional benefits. Fill in Personal Details: Enter your personal information, contact details, and other required information. Review and Compare: Carefully review the policy details, premium"
"these optional benefits. Fill in Personal Details: Enter your personal information, contact details, and other required information. Review and Compare: Carefully review the policy details, premium amount, and coverage. Compare with other available options if necessary. Make Payment: Once satisfied with the policy, make the premium through online payment options, such as credit/debit cards, net banking, or mobile wallets. Receive Policy: After successful payment, you will receive the insurance policy instantly via email. You can also download and print a copy for your records. Renewing Third Party Insurance: Visit Tata AIG's Renewal Page: Go to the Tata AIG website's renewal section for car insurance. Enter Previous Policy Details: Provide the details of your expiring Third Party Insurance policy, such as policy number and expiry date. Review and Compare: Check the policy details, premium amount, and coverage offered for the renewal. You may have the option to modify or upgrade your coverage during renewal. Make Payment: Proceed to make the premium payment through online payment methods. Receive Renewed Policy: Upon successful payment, the renewed policy will be generated and sent to your registered email address. You can also download the renewed policy document. IRDAI decides the third-party four-wheeler insurance premium rates based on the engine's cubic capacity. It is declared every year and subject to changes annually. Every insurance provider is mandated to follow the guidelines and the premium rates for third-party car insurance based on the IRDAI regulations. Therefore, the third-party car insurance price is the same for all the insurance providers, and there is no way to purchase the cheapest third-party car insurance. You can access the premium for the third-party insurance online at the respective insurance provider’s website. However, it is important to note that the third-party car insurance premium will vary for private and commercial vehicles, such as passenger vehicles or goods-carrying vehicles. So, find out the exact price for your car and approach your insurance provider for the same premium quotes. At Tata AIG, we offer simple and user-friendly processes to purchase third-party car insurance online at your convenience. Tata AIG’s claim settlement process is pretty simple. Filing a Claim as a Policyholder (Own Damage Claim) Step 1: Secure the Scene and Ensure Safety Immediately after the accident, ensure the safety of all parties involved. Move your bike to a safe location, turn on hazard lights, and assist anyone injured. If required, inform the local authorities and seek medical help. Step 2: Gather Information Collect essential details about the accident, such as the date, time, location, and contact information of witnesses and the other involved party. Take photographs of the accident scene and the damages to your bike as evidence. Step 3: File a Police Report Report the accident to the nearest police station and file an"
"the other involved party. Take photographs of the accident scene and the damages to your bike as evidence. Step 3: File a Police Report Report the accident to the nearest police station and file an FIR (First Information Report). A police report is crucial while filing an insurance claim. Step 4: Inform Tata AIG Contact Tata AIG immediately to report the accident and initiate the claim process. You can do this through the company's helpline number or its website. Provide all the necessary details and information about the accident. Step 5: Claim Survey and Inspection A surveyor appointed by Tata AIG will inspect the damages to your bike and assess the extent of the loss. Cooperate with the surveyor and provide all relevant documents and evidence. Step 6: Submit Required Documents Submit all the necessary documents to support your claim. This typically includes the filled claim form, a copy of the FIR, policy documents, vehicle registration details, driving licence, and any other documents requested by the insurer. Step 7: Settlement and Payment Tata AIG will process the claim after completing the survey and verifying the documents. If the claim is approved, the insurer will provide the settlement amount per the policy's terms and conditions. You may need to pay the deductible or depreciation per the policy terms. Filing a Claim as a Victim (Third Party Liability Claim) Step 1: Gather Information Collect all necessary information about the accident, including the involved parties and witnesses' date, time, location, and contact details. Take photographs of the accident scene, vehicle damage, and any injuries sustained. Step 2: Report the Accident File a police report and inform the nearest police station about the accident. An FIR is essential for claiming third-party liability insurance. Step 3: Identify the Insurer Find out the insurance details of the at-fault bike by obtaining the policy number or registration details. Contact us or check our website to identify the insurer and policyholder. Step 4: Inform Tata AIG Contact us and provide all relevant information regarding the accident and your claim as a third-party victim. Provide the policy number or registration details of the at-fault bike. Step 5: Claim Survey and Inspection Tata AIG may appoint a surveyor to inspect the damages to your vehicle and assess the extent of your losses. Cooperate with the surveyor and provide any requested documents and evidence. Step 6: Submit Required Documents Submit all necessary documents to support your claim. This may include a copy of the FIR, policy documents, vehicle registration details, driving licence, and any other documents requested by the insurer. Step 7: Claim Settlement Once the survey and verification process is complete, Tata AIG will process your claim. If your claim is approved, the insurer will provide the settlement amount per the policy's terms and conditions. The settlement amount will cover the damages to your vehicle and any"
"your claim. If your claim is approved, the insurer will provide the settlement amount per the policy's terms and conditions. The settlement amount will cover the damages to your vehicle and any medical expenses incurred due to injuries. Tata AIG's Third Party Car Insurance provides essential coverage for damages and injuries to third parties caused by the policyholder's vehicle. While it fulfils legal requirements and offers affordability, it does not protect against damages to the insured vehicle or injuries sustained by the policyholder. You should consider Comprehensive Car Insurance with optional add-ons for more comprehensive protection. Our user-friendly online platform lets policyholders easily purchase or renew their Third Party Insurance, benefit from instant policy issuance, and access secure payment options. By understanding the policy's coverage and limitations, car owners can make informed decisions to ensure adequate protection on the road. Happy driving! ""I've been using Tata AIG's Third Party Car Insurance for the past two years, and I must say, it has been a hassle-free experience. Recently, I had an unfortunate accident where my car collided with another vehicle. Thanks to Tata AIG, the claim process was smooth and efficient. They handled everything promptly, from filing the claim to settling it without hassle. I highly recommend Tata AIG for their excellent customer service and reliable Third Party Car Insurance coverage."" ""I was sceptical about buying Third Party Car Insurance initially, but after researching various insurers, I chose Tata AIG, which was the right decision. Last month, my car accidentally damaged someone's property, and I was worried about the costs involved. Tata AIG came to the rescue! Their team guided me through the claim process and ensured a quick settlement. I appreciate their professionalism and commitment to customer satisfaction. I feel more secure on the road knowing I have Tata AIG's Third Party Car Insurance."" ""Tata AIG's Third Party Car Insurance has been a reliable and cost-effective choice for me. I recently had a minor accident where I damaged another car's bumper. Despite being a small claim, Tata AIG treated it with utmost importance and settled it efficiently. Their online platform made the claim process incredibly convenient, and I received the settlement amount within days. Tata AIG's Third Party Car Insurance is the best value for money, and I will definitely continue using their services."" Your policy is subjected to terms and conditions & inclusions and exclusions mentioned in your policy wording. Please go through the documents carefully. Third party car insurance is a basic but mandatory car insurance cover that protects you from third-party losses and damages such as injuries to a third-party person or even their death, as well as damages to a third-party vehicle or property caused by your insured car. In case of an accident, third party insurance covers third-party losses caused"
"person or even their death, as well as damages to a third-party vehicle or property caused by your insured car. In case of an accident, third party insurance covers third-party losses caused by your insured car. This could be injuries to or even the demise of a third-party person or partial or total damage to a third-party vehicle or property. Yes, a third party insurance plan is mandatory as per the Motor Vehicles Act, and all car owners must have third party insurance with them to be able to drive legally in India. To buy a Tata AIG 3rd party insurance plan for your car, you can follow these quick steps: No, a third party car insurance plan, though mandatory, offers limited coverage against third party losses only. Hence, you cannot include any add-ons, even zero depreciation add-ons, to your third party car insurance plan. Yes, a 3rd party car insurance is mandatory for all cars in India as per the Motor Vehicles Act. With basic third party insurance, you can be protected from paying heavy traffic fines. The choice between a third party car insurance policy and comprehensive car insurance depends on your insurance needs and budget. If you currently need only a compulsory but basic insurance cover for your car, then a third-party policy is a good choice. However, if you need more extensive protection for your car along with the benefit of add-ons, then a comprehensive policy is better. If you do not have a valid third-party liability insurance policy, then you will have to pay a traffic fine and other legal fines, which can get very expensive. It is also possible that your driver’s license could be temporarily suspended until you have paid all the required fines. No, you cannot lose your No Claim Bonus discount by filing a third party car insurance claim because this discount on premiums is only offered on Own Damage or comprehensive car insurance policies. Yes, third party car insurance is mandatory by law as per the Motor Vehicles Act in India. Not having this basic car insurance policy with you at all times in your car can lead to you paying traffic fines to the tune of: A third party insurance policy can be enough for your car under certain circumstances. For one, if you intend to buy a comprehensive insurance cover in the next couple of weeks or months, you can buy third party insurance for the time being to avoid any legal hassles of not having a valid insurance cover. Also, if your car is very old and you plan to sell it off soon, you can manage with a third-party car insurance cover until then. Otherwise, a comprehensive insurance policy is a better choice. If the third party affected by your insured vehicle wants to file a claim, they will have to submit an FIR charge sheet to request compensation for their losses. While filing a third-party car insurance claim online, apart from the FIR, other documents needed are the car insurance policy details, the registered contact details, the signed claim form with all the details, proof of"
"car insurance claim online, apart from the FIR, other documents needed are the car insurance policy details, the registered contact details, the signed claim form with all the details, proof of the event, registration details of the insured vehicle and a copy of the driving license. In case there are injuries caused to a third-party person, then a copy of the medical bills will also be needed. Third-party car insurance is auto insurance that covers damages and injuries caused to third parties in an accident where you are at fault. It is a legal requirement in many countries, including India, to drive on public roads. It ensures financial protection for others in an accident caused by your vehicle, protecting you from potential legal and financial liabilities. Tata AIG's third-party car insurance covers damages and injuries to third parties involved in an accident caused by your insured vehicle. It includes compensation for third-party vehicle damage, bodily injuries, and property damage resulting from the accident. However, this policy does not cover damages to your vehicle or personal injuries you may sustain. You can easily buy or renew Tata AIG's third-party car insurance online through our official website. The online platform provides a seamless and user-friendly experience, allowing you to enter vehicle details, compare premiums, and make secure online payments. Renewing online ensures instant policy issuance without any delays. While third-party car insurance fulfils the legal requirement and provides coverage for third-party liabilities, it does not cover damages to your vehicle or personal injuries. Consider Tata AIG's Comprehensive Car Insurance with optional add-ons for more comprehensive protection. Comprehensive Insurance includes own damage coverage, protection against theft, fire, natural calamities, and additional benefits to enhance your overall coverage. BEWARE OF SPURIOUS PHONE CALLS AND FICTIOUS policy wording carefully before concluding a sale. Trade logo displayed above belongs to TATA Sons Private Limited and AIG and used by TATA AIG General Insurance Company Limited under License. 2008, TATA AIG General Insurance Company Limited, all rights reserved. Registered Office : Peninsula Business Park, Tower A, 15th Floor, G.K.Marg, Lower Parel, Mumbai - 400 013, Maharashtra, India. CIN: U85110MH2000PLC128425. IRDA of India Regn. No. 108. Toll Free Number : 1800 266 7780 / 1800 22 9966 (only for senior citizen policy holders). Email Id – customersupport@tataaig.com . Category of Certificate of Registration: General Insurance. BEWARE OF SPURIOUS PHONE CALLS AND FICTIOUS policy wording carefully before concluding a sale. Trade logo displayed above belongs to TATA Sons Private Limited and AIG and used by TATA AIG General Insurance Company Limited under License. 2008, TATA AIG General Insurance Company Limited, all rights reserved. Registered Office : Peninsula Business Park, Tower A, 15th Floor, G.K.Marg, Lower Parel, Mumbai - 400"
"Limited under License. 2008, TATA AIG General Insurance Company Limited, all rights reserved. Registered Office : Peninsula Business Park, Tower A, 15th Floor, G.K.Marg, Lower Parel, Mumbai - 400 013, Maharashtra, India. CIN: U85110MH2000PLC128425. IRDA of India Regn. No. 108. Toll Free Number : 1800 266 7780 / 1800 22 9966 (only for senior citizen policy holders). Email Id – customersupport@tataaig.com . Category of Certificate of Registration: General Insurance."
"Car insurance is a necessary addition to your financial portfolio. If you’ve been torn between the various choices you found while looking to buy insurance, the deciding factor may be whether your policy of choice has a No Claim Bonus . NCBs are discounts on premiums offered by insurers when you have not made a claim for a few consecutive years. This discount can take the weight off your shoulders when you buy online car insurance. Car insurance companies offer a No Claim Bonus benefit to customers who have not raised any claims during the policy year. This discount starts from 20% in the first claim-free year and can go up to 50% of the premium amount - the ultimate reward for the small task of driving safely and protecting your vehicle from external harm. It is the policyholder who earns the NCB - which means that even if they buy a new car or shift to a new insurer, their reputation for being safe on the road and raising no claims still holds true. This is why many car insurance companies in India offer transferability of the NCB to a new car or for new insurance for a car or upon car policy renewal. Here’s how you can use the NCB of your old car to get discounted rates of premium on your new 4 wheeler insurance. 1. Earn the NCB on an old car Ideally, you should have an unbeaten record of not filing for claims if you are a stellar driver. But this does not imply that you go on without raising a claim in a time of crisis where your car is heavily damaged. The idea is that you cover for small repairs and minor dysfunctions yourself without raising claims. This helps you keep the track record for the NCB going. 2. Retain NCB on a New Car or on Car Policy Renewal When you have accumulated the maximum discount of 50% after five or more consecutive years of not raising claims, you will be able to transfer this NCB of your old car to a new car. This means you can enjoy a discounted premium rate on your new car without having to buy online car insurance again. The same goes for cases where there is a car policy renewal for an existing car. You can keep the streak going and continue to pay just half your premium amount while safeguarding your vehicle. Make sure that you acquire the No Claim Bonus certificate that attests to your claim-free streak from your old car insurance provider before you shift to a new one. This document is necessary if: An NCB certificate has a lot of value when you are trying to purchase new insurance for a car because it is a testament to your behavior on the road. Frequent claims will cost a lot for the company as well, which is why they are likely to offer insurance to someone who is more responsible on the road. If you’re looking to buy online car insurance , make sure you settle for one that offers benefits like No Claim Bonus. Tata AIG car insurance can be bought in just three easy steps and offers an NCB that is transferable and adherent to the IRDAI regulations . The company prioritizes customer service, performance and"
"Tata AIG car insurance can be bought in just three easy steps and offers an NCB that is transferable and adherent to the IRDAI regulations . The company prioritizes customer service, performance and integrity, making it a great choice for car insurance. Conclusion When buying car insurance, make sure you go for reliable firms like TATA AIG car insurance that offers No Claim Bonuses. NCBs will allow you to save money by offering discounted premiums and incentivize you to drive safely on the streets - it’s a win-win for your family! A quick recap of the content with some commonly asked queries Can I transfer my existing car insurance to a new car? Yes, most companies allow you to transfer an existing policy over to a new car, and they’ll change the policy to reflect the changes. Make sure you let your insurer know about the new purchases. How do I transfer NCB from an old car to a new car? If you have the NCB transfer certificate and an attestation from the buyer/seller of the new car, you can retain and transfer the accumulated No Claim Bonus from your old car to your new one. Can I use my NCB on a second car? Because the NCB is technically awarded to the policyholder and not to the vehicle itself, you cannot use the NCB on more than one car at a time. Also, keep in mind that if you cancel an insurance policy and switch insurance providers before the policy year is completed, you may not get the NCB for that particular year. How much do No Claims reduce insurance? The NCB can reduce the premium amount by up to 50% but will not have any significant effect on the insurance amount you will get upon making a claim. That will be calculated as per the extent of damage to your car and other factors. Your policy is subjected to terms and conditions & inclusions and exclusions mentioned in your policy wording. Please go through the documents carefully. BEWARE OF SPURIOUS PHONE CALLS AND FICTIOUS policy wording carefully before concluding a sale. Trade logo displayed above belongs to TATA Sons Private Limited and AIG and used by TATA AIG General Insurance Company Limited under License. 2008, TATA AIG General Insurance Company Limited, all rights reserved. Registered Office : Peninsula Business Park, Tower A, 15th Floor, G.K.Marg, Lower Parel, Mumbai - 400 013, Maharashtra, India. CIN: U85110MH2000PLC128425. IRDA of India Regn. No. 108. Toll Free Number : 1800 266 7780 / 1800 22 9966 (only for senior citizen policy holders). Email Id – customersupport@tataaig.com . Category of Certificate of Registration: General Insurance. BEWARE OF SPURIOUS PHONE CALLS AND FICTIOUS policy wording carefully before concluding a sale. Trade logo displayed above belongs to TATA Sons Private Limited and AIG and used by TATA AIG General Insurance Company Limited under License. 2008, TATA AIG General Insurance Company Limited, all rights reserved. Registered Office : Peninsula Business Park, Tower A, 15th Floor, G.K.Marg, Lower Parel, Mumbai - 400 013, Maharashtra, India. CIN:"
"TATA AIG General Insurance Company Limited, all rights reserved. Registered Office : Peninsula Business Park, Tower A, 15th Floor, G.K.Marg, Lower Parel, Mumbai - 400 013, Maharashtra, India. CIN: U85110MH2000PLC128425. IRDA of India Regn. No. 108. Toll Free Number : 1800 266 7780 / 1800 22 9966 (only for senior citizen policy holders). Email Id – customersupport@tataaig.com . Category of Certificate of Registration: General Insurance."
"Here’s a step by step guide to follow if you ever find yourself stuck in this unfortunate situation. Here are the immediate steps you must follow if you meet with a car accident The frequency of car accidents has substantially increased in the last few years. Whether it is your fault or someone else’s, even a small accident can be extremely stressful for anybody involved; it is possibly a car owner’s worst nightmare. Surprisingly, while most of us have been in some sort of a road accident or at least come close to it, not many know what to do if it actually happens. Here’s a step by step guide to follow if you ever find yourself stuck in this unfortunate situation. If you are injured Don’t panic: Try to stay calm. Panic will only worsen the situation and may elevate your injuries and cause you to bleed out more quickly. Get to the side of the road and try not to move too much. Remember, don't stress yourself. ** Check for injuries:** Sometimes, adrenaline makes it difficult to feel any pain immediately after the accident. Try to ascertain the extent of your injuries without moving around a lot. Call for help: If you see blood on your clothes, or feel any pain, call for help or ask people around you to call for assistance. If you are alone, try to find your mobile phone and reach the police on 100 or the ambulance on 102 and wait for them to arrive at the scene of the accident. Most cars these days are equipped with emergency calling. If you can’t find your phone, use your car to call for help. **Check others: **If you are able to move around, see if others around you are injured. First, check fellow passengers in your car, then move to other parties involved in the accident. Your policy is subjected to terms and conditions & inclusions and exclusions mentioned in your policy wording. Please go through the documents carefully. BEWARE OF SPURIOUS PHONE CALLS AND FICTIOUS policy wording carefully before concluding a sale. Trade logo displayed above belongs to TATA Sons Private Limited and AIG and used by TATA AIG General Insurance Company Limited under License. 2008, TATA AIG General Insurance Company Limited, all rights reserved. Registered Office : Peninsula Business Park, Tower A, 15th Floor, G.K.Marg, Lower Parel, Mumbai - 400 013, Maharashtra, India. CIN: U85110MH2000PLC128425. IRDA of India Regn. No. 108. Toll Free Number : 1800 266 7780 / 1800 22 9966 (only for senior citizen policy holders). Email Id – customersupport@tataaig.com . Category of Certificate of Registration: General Insurance. BEWARE OF SPURIOUS PHONE CALLS AND FICTIOUS policy wording carefully before concluding a sale. Trade logo displayed above belongs to TATA Sons Private Limited and AIG and used by TATA AIG General Insurance Company Limited under License. 2008, TATA AIG General Insurance Company Limited, all rights reserved. Registered Office : Peninsula Business Park, Tower A, 15th Floor, G.K.Marg, Lower Parel, Mumbai - 400 013, Maharashtra, India. CIN:"
"TATA AIG General Insurance Company Limited, all rights reserved. Registered Office : Peninsula Business Park, Tower A, 15th Floor, G.K.Marg, Lower Parel, Mumbai - 400 013, Maharashtra, India. CIN: U85110MH2000PLC128425. IRDA of India Regn. No. 108. Toll Free Number : 1800 266 7780 / 1800 22 9966 (only for senior citizen policy holders). Email Id – customersupport@tataaig.com . Category of Certificate of Registration: General Insurance."
"India is the fourth-largest automobile market in the world. When individuals look for car brands in India, they have plenty of choices available. Choosing cars from a car manufacturer in India, based on the vehicle’s performance and specifications, is essential. But with a wide variety of choices available, it becomes a challenging task. Hence, in this blog, we have created a list of car brands in India, based on their features and pricing. Below is the list of the top car manufacturers in India based on market share and price: table, td, th { border: 1px solid black; } table { border-collapse: collapse; width: 100%; } td, th { text-align: center; } Note: The price of listed top 10 car companies in India may vary depending on the market fluctuations. Below is a detailed description of the car company names in India based on its features, price and other aspects. 1. Maruti Suzuki The very first car company name in India that has solidified its position as the leading car manufacturer is Maruti Suzuki. The car is a prominent player in the Indian market as it has various models in different budget segments. Over the years, Maruti Suzuki has consistently delivered vehicles that combine optimal features with affordability. Below are some of the critical features of Maruti Suzuki: Fuel Efficiency - Maruti Suzuki cars offer excellent fuel efficiency. It means if you are someone expecting a mileage of 22-**30 kmpl on a limited budget, there is no better option than a Maruti Suzuki car. Reliability - Almost all the car models manufactured by Maruti Suzuki offer excellent reliability, making them a popular choice in the Indian market. Affordability - The cost of Maruti Suzuki cars aligns with every budget. The best part is despite offering budget-**friendly vehicles, they don't compromise on quality and safety. If you have a low budget, you can surely go for Maruti cars. Most Popular Maruti Suzuki Cars in India table, td, th { border: 1px solid black; } table { border-collapse: collapse; width: 100%; } td, th { text-align: center; } 2. Hyundai Motor Company Another famous car manufacturer in India is Hyundai Motor Company. With its access to advanced technologies and unique product focus, Hyundai has emerged as one of the top choices for Indian consumers. The company has focused on customer satisfaction, cutting-edge technology, and a diverse product lineup. Some of the critical features of Hyundai cars are: Higher Performance - Hyundai cars are among the top-performing cars in India. Models like i10, i20, Creta, Verna, and Elantra are some of the most sought-after models in India because of their performance. Value for Money - Hyundai automobiles offer excellent value for money. Whether it is high safety, advanced features or excellent fuel efficiency, you get everything you have paid for. Attractive Designs - Hyundai cars are effortlessly stylish and sleek, making them a popular choice among Indian consumers. There are multiple budget-friendly attractive"
"everything you have paid for. Attractive Designs - Hyundai cars are effortlessly stylish and sleek, making them a popular choice among Indian consumers. There are multiple budget-friendly attractive models, including the Creta SX and Elite I20. Most Popular Hyundai Cars in India table, td, th { border: 1px solid black; } table { border-collapse: collapse; width: 100%; } td, th { text-align: center; } 3. Mahindra & Mahindra Mahindra and Mahindra, or M & M is a market leader in the segment of off-roading vehicles. With a focus on innovation, quality, and customer satisfaction, Mahindra and Mahindra continue excelling in the Indian automotive industry. Some of the critical features of Mahindra & Mahindra are: Highly Reliable - Mainly designed for rough terrains, Mahindra vehicles offer excellent reliability and a comfortable driving experience. Range of Models - M&M has a range of SUV models you can choose from. There is something for every budget. Excellent for Off-roading - Mahindra has a reputation for manufacturing the best off-roading vehicles. The most hit SUVs from the house of Mahindra include Thar, XUV500, Scorpio, etc. Most Popular Mahindra Cars table, td, th { border: 1px solid black; } table { border-collapse: collapse; width: 100%; } td, th { text-align: center; } 4. Tata Motors Another popular Indian car company is Tata Motors. The Tata brand has always been synonymous with trust and reliability. With a focus on innovation, customer-centricity, and responsible business practices, Tata Motors continues to be a driving force in the Indian automotive industry, earning the trust and respect of millions of customers nationwide. Some of the well-known features of Tata Motors are: Budget Friendly - Tata Motors is known for manufacturing vehicles that even a person with a low income can purchase; Tata Nano is an example. Safety Features - Tata is one of the best car companies in India for the remarkable safety features it provides. It has earned a safety rating of 5, which is the highest. Variety of Models - From stylish hatchbacks and premium sedans to robust SUVs, Tata Motors has a range of models for every type of car lover. Most Popular Tata Motors Cars table, td, th { border: 1px solid black; } table { border-collapse: collapse; width: 100%; } td, th { text-align: center; } 5. Honda Honda Cars, established in 1995 as a joint venture known as Honda Siel Cars India, is a subsidiary of the renowned Japanese automobile giant Honda Motors Company Limited. With a focus on innovation and customer satisfaction, Honda Cars continuously develops new products that adhere to its traditions of excellence. Below are the critical features of Honda cars: Comfortability - Honda is definitely the best car company in India for those who put comfort on the top. Almost all the car models of Honda feature a comfortable and spacious interior that offers a laid-back and smooth driving experience. Advanced Engine Technology - Honda's main selling feature is its"
"Almost all the car models of Honda feature a comfortable and spacious interior that offers a laid-back and smooth driving experience. Advanced Engine Technology - Honda's main selling feature is its advanced engine technology, which makes its vehicles stand out in the market. The use of refined engine technology offers a smooth performance for their vehicles. Better Resale Value - Honda four-wheelers retain their value quite impressively. If you are purchasing a car from a long-term perspective, you can consider Honda. Most Popular Honda Cars table, td, th { border: 1px solid black; } table { border-collapse: collapse; width: 100%; } td, th { text-align: center; } 6. Toyota Motor Corporation Another popular car company name in India is Toyota Motor Corporation, which is a globally renowned brand. It is a car brand known for its exceptional built quality and safety features. The car has an elegant design and a premium interior. Below are some of the key features of Toyota cars. Safety Features - The brand focuses on safety features such as road sign assist, adaptive cruise control, pre-collision detection, etc. Quality and Reliability - The car is known for its exceptional quality and reliability which is the reason why it is popular in the Indian market. Resale Value - Another thing which makes Toyota the best buying decision for consumers is its resale value. Toyota cars hold their value over time. Most Popular Toyota Cars in India table, td, th { border: 1px solid black; } table { border-collapse: collapse; width: 100%; } td, th { text-align: center; } 7. Kia Corporation Kia is a globally recognised car brand based in Seoul. Kia's car manufacturers in India have gained a place in the Indian market because of its feature-packed card at an affordable price. Below are some of the key features of the cars. Dynamic Designs - This car is popular in India because of its practical and stylish design. The manufacturer offers integrated design and engineering in all car models. Special Features - The Kia car model is known for its high-tech features, such as a 360-degree camera, front-ventilated seats, and more. This feature, in combination, offers the ultimate driving experience to consumers. Powertrain Options - Other than advanced features, the car also offers multiple powertrain options such as DCT, MT and more to users. Most Popular Kia Cars in India table, td, th { border: 1px solid black; } table { border-collapse: collapse; width: 100%; } td, th { text-align: center; } 8. MG Motor Morris Garages, or MG Motor, is another popular car manufacturer In India. The company launched its vehicle just in 2019, but it has earned a name in the Indian market because of its feature-packed vehicles. Some of the best features of MG motors are listed below: Safety Features - The MG car in India is popular because of its range of safety features such as electronic stability control, multiple airbags, etc. The car also comes with special driving assistant"
"Safety Features - The MG car in India is popular because of its range of safety features such as electronic stability control, multiple airbags, etc. The car also comes with special driving assistant features. Design - The car comes with a unique and contemporary look. The signature grille in various MG models adds the brand's value and offers a top-class look. Other Features - Further, the car is packed with other features such as modern infotainment systems such as built-in navigation, a big display, etc. Most Popular MG Cars in India table, td, th { border: 1px solid black; } table { border-collapse: collapse; width: 100%; } td, th { text-align: center; } 9. Skoda Auto Skoda Auto is another popular car company name in India because of its intriguing designs, affordability and aesthetics. Due to its luxurious interior and optimum driving performance, it is placed in premium car categories. Some of the key features of the car are listed below: Powerful Engine - The Skoda cars come with a powerful engine lineup that focuses on BS6. The car has a 1.0-litre TSI petrol engine and a 2.0-litre turbocharged petrol engine. Strong Build Quality - Skoda cars have exceptional build quality because of their German engineering. The car does not lose its zeal after a specific time. Security - The car has a brand value because the manufacturer has the topmost choice to offer security to consumers. It has various advanced features such as EBD, airbags and ABS. Most Popular Skoda Auto in India table, td, th { border: 1px solid black; } table { border-collapse: collapse; width: 100%; } td, th { text-align: center; } 10. Volkswagen Last on this list is another well-known automobile company in India, which is Volkswagen. The car has gained an audience in the Indian market because of its performance-oriented vehicles. Some of the popular features of Volkswagen are: Versatility - The very thing which makes Volkswagen a top choice in the Indian market is its versatility. All the cars are unique and stand apart from the competitors. High Quality - Due to its German build excellence, the car build quality is of top-notch. Every part of Volkswagen lasts for a long time, which makes the car very durable. High Resale Value - Another feature of the Volkswagen car is its high resale value because of its many top qualities. Most Popular Volkswagen in India table, td, th { border: 1px solid black; } table { border-collapse: collapse; width: 100%; } td, th { text-align: center; } Now that we have discussed the top car brands in India, let us take a look at some of the most critical factors to take into consideration when purchasing a brand-new four-wheeler. Below are the factors to consider when buying a car: Personal Preferences - Right after you decide that you want to purchase your car, take your time and outline your requirements and preferences. Always remember your car reflects your style and persona to a certain extent. Hence, it is essential to make this decision"
"your car, take your time and outline your requirements and preferences. Always remember your car reflects your style and persona to a certain extent. Hence, it is essential to make this decision carefully. So, ask yourself questions like what type of car you want (hatchback, sedan, SUV, or any other), what will be the most suitable colour, and other related questions. Budget - Once you have your requirements sorted, decide on a budget. Although buying a car is a one-time investment, you should not exceed your budget beyond your financial capabilities. So, consider your financial situation, income, and expenses to decide on the proper budget. Performance and Features - Have a closer look at the performance and the features of the four-wheeler you are planning to purchase. If you are confused between multiple options, consider comparing the features of your shortlisted cars to select the best one. Brand - When purchasing a car, pay attention to its brand. As you can see in the above paragraphs, every car company has a different USP. Moreover, the brand of car you are purchasing says a lot about its reliability and performance. Resale Value - Last but definitely not least, take into account the resale value of the car you are purchasing. Note that a vehicle's resale value is dictated by its brand, model, features, design, and colour. So, if you are planning for a profitable return, consider all these factors. Having a car is no less an achievement. It is one of the most valuable assets to have in your life. But apart from having a car, it is essential to have a car insurance policy, too. As per Indian law, having third-party four-wheeler insurance is mandatory. However, the coverage in third-party car insurance is limited, but with a comprehensive policy, individuals will have enhanced protection. When buying any type of car insurance, it is essential to compare car insurance based on premium and coverage before making a purchase. Tata AIG's comprehensive car insurance policy offers broader and better coverage to car owners. We offer a cashless claims settlement to our clients. With this facility, you can get your damaged vehicle repaired at network garages in a completely cashless manner. Further, doing a car insurance renewal is straightforward with us. The Indian car manufacturing industry has undergone tremendous growth in the last two decades. Whether you are planning to buy a brand-new car or want to explore the options in the Indian car market, there is a diverse range of options available. In this blog, we have discussed the top car brands in India. As you can see, each carmaker has something unique to offer, from captivating looks, hi-tech features, and power-packed mileage to safety and reliability. So, you will definitely find a four-wheeler of your dreams that aligns with your budget and personal preferences. Disclaimer : All the prices and other information listed above pertain to a specific city and vehicle model. Since this"
"of your dreams that aligns with your budget and personal preferences. Disclaimer : All the prices and other information listed above pertain to a specific city and vehicle model. Since this information is subject to change, it is advisable to check the latest information before purchasing a vehicle or an insurance policy. I have a low budget. Which car company is best for me? Maruti Suzuki and Tata Motors are highly budget-friendly Indian car companies, with prices starting from as low as 3.5 lakhs. Which car company offers the best safety features? Car manufacturers, including Tata Motors, Hyundai, Mahindra, Volkswagen, and Skoda, put great emphasis on the safety features of their vehicles. As per the recent Global NCAP protocols, these car makers have received a solid safety rating of 5 stars in the crash tests. Which car brand should I prefer for an SUV? Tata Motors and Mahindra and Mahindra are two of the most preferred brands for Sports Utility Vehicles (SUVs). Both of them offer feature-rich, attractive, and high-performing four-wheelers. Some of the most popular SUV models from these brands are Mahindra Thar, Tata Safari, Tata Harrier, Mahindra XUV700, etc. Can car insurance be purchased online? Yes, you can easily purchase a suitable car insurance policy online from Tata AIG. We offer several motor insurance policies with excellent coverage, hassle-free claims settlement, and affordable prices. All you need to do is follow the three simple steps: Visit Tata AIG's official website . Select “All Products” from the menu and navigate to Motor Insurance > Car Insurance. Select “Buy Insurance for New Car”. Enter your car details: Brand Name, Car Name, and Variant, and click “Continue”. Enter the date of purchase, RTO Code, and mobile number and click “See Price”. Once you are satisfied, you can proceed to buy the desired car insurance policy by following the simple instructions. Which car manufacturer offers the best mileage for cars? Maruti Suzuki offers the best mileage ranging from 34 kmpl. Besides, Hyundai is also known for its higher fuel efficiency of around 26-28 kmpl. How many car manufacturers are there in India? India's thriving automobile market boasts a diverse array of over 35 global and Indian car brands. Among the top car manufacturers in the country are renowned names such as Tata Motors, Maruti, Hyundai, Mahindra, Kia, Honda, and Renault, each offering a wide range of models to cater to varying preferences and budgets. Your policy is subjected to terms and conditions & inclusions and exclusions mentioned in your policy wording. Please go through the documents carefully. BEWARE OF SPURIOUS PHONE CALLS AND FICTIOUS policy wording carefully before concluding a sale. Trade logo displayed above belongs to TATA Sons Private Limited and AIG and used by TATA AIG General Insurance Company Limited under License. 2008, TATA AIG General Insurance Company Limited, all rights reserved. Registered Office : Peninsula Business Park, Tower A,"
"AIG and used by TATA AIG General Insurance Company Limited under License. 2008, TATA AIG General Insurance Company Limited, all rights reserved. Registered Office : Peninsula Business Park, Tower A, 15th Floor, G.K.Marg, Lower Parel, Mumbai - 400 013, Maharashtra, India. CIN: U85110MH2000PLC128425. IRDA of India Regn. No. 108. Toll Free Number : 1800 266 7780 / 1800 22 9966 (only for senior citizen policy holders). Email Id – customersupport@tataaig.com . Category of Certificate of Registration: General Insurance. BEWARE OF SPURIOUS PHONE CALLS AND FICTIOUS policy wording carefully before concluding a sale. Trade logo displayed above belongs to TATA Sons Private Limited and AIG and used by TATA AIG General Insurance Company Limited under License. 2008, TATA AIG General Insurance Company Limited, all rights reserved. Registered Office : Peninsula Business Park, Tower A, 15th Floor, G.K.Marg, Lower Parel, Mumbai - 400 013, Maharashtra, India. CIN: U85110MH2000PLC128425. IRDA of India Regn. No. 108. Toll Free Number : 1800 266 7780 / 1800 22 9966 (only for senior citizen policy holders). Email Id – customersupport@tataaig.com . Category of Certificate of Registration: General Insurance."
"Do You Have A Claim Request To Make, Or Already Have A Claim Registered With Us And Wish To Track Its Progress? Register a Motor Claim on Customer's behalf Click Here Help File for GA claim procedure MV Dali Click Here BEWARE OF SPURIOUS PHONE CALLS AND FICTIOUS policy wording carefully before concluding a sale. Trade logo displayed above belongs to TATA Sons Private Limited and AIG and used by TATA AIG General Insurance Company Limited under License. 2008, TATA AIG General Insurance Company Limited, all rights reserved. Registered Office : Peninsula Business Park, Tower A, 15th Floor, G.K.Marg, Lower Parel, Mumbai - 400 013, Maharashtra, India. CIN: U85110MH2000PLC128425. IRDA of India Regn. No. 108. Toll Free Number : 1800 266 7780 / 1800 22 9966 (only for senior citizen policy holders). Email Id – customersupport@tataaig.com . Category of Certificate of Registration: General Insurance. BEWARE OF SPURIOUS PHONE CALLS AND FICTIOUS policy wording carefully before concluding a sale. Trade logo displayed above belongs to TATA Sons Private Limited and AIG and used by TATA AIG General Insurance Company Limited under License. 2008, TATA AIG General Insurance Company Limited, all rights reserved. Registered Office : Peninsula Business Park, Tower A, 15th Floor, G.K.Marg, Lower Parel, Mumbai - 400 013, Maharashtra, India. CIN: U85110MH2000PLC128425. IRDA of India Regn. No. 108. Toll Free Number : 1800 266 7780 / 1800 22 9966 (only for senior citizen policy holders). Email Id – customersupport@tataaig.com . Category of Certificate of Registration: General Insurance."
"Get Mobile App Get Mobile App WhatsApp +91-9136160375 Call to Buy New Policy 1800-267-6115 Email: customersupport@tataaig.com 24/7 Toll Free Number 1800-266-7780 BEWARE OF SPURIOUS PHONE CALLS AND FICTIOUS policy wording carefully before concluding a sale. Trade logo displayed above belongs to TATA Sons Private Limited and AIG and used by TATA AIG General Insurance Company Limited under License. 2008, TATA AIG General Insurance Company Limited, all rights reserved. Registered Office : Peninsula Business Park, Tower A, 15th Floor, G.K.Marg, Lower Parel, Mumbai - 400 013, Maharashtra, India. CIN: U85110MH2000PLC128425. IRDA of India Regn. No. 108. Toll Free Number : 1800 266 7780 / 1800 22 9966 (only for senior citizen policy holders). Email Id – customersupport@tataaig.com . Category of Certificate of Registration: General Insurance. BEWARE OF SPURIOUS PHONE CALLS AND FICTIOUS policy wording carefully before concluding a sale. Trade logo displayed above belongs to TATA Sons Private Limited and AIG and used by TATA AIG General Insurance Company Limited under License. 2008, TATA AIG General Insurance Company Limited, all rights reserved. Registered Office : Peninsula Business Park, Tower A, 15th Floor, G.K.Marg, Lower Parel, Mumbai - 400 013, Maharashtra, India. CIN: U85110MH2000PLC128425. IRDA of India Regn. No. 108. Toll Free Number : 1800 266 7780 / 1800 22 9966 (only for senior citizen policy holders). Email Id – customersupport@tataaig.com . Category of Certificate of Registration: General Insurance."
"Car insurance or four-wheeler insurance is an agreement between a car owner and the car insurance provider that offers protection for four-wheelers in the case of financial losses due to unforeseen events like accidents and natural calamities. Tata AIG offers a range of third-party car insurance, own damage car insurance and comprehensive car insurance policies online to help you choose the type of coverage and protection your car needs. You can further enhance comprehensive car insurance coverage with 13 car insurance add-ons. Fill in your car details and check the quote to find the car insurance policy ideal for your four-wheeler! Savings & Affordable Premiums Save up to 75% on car insurance premiums by buying your policy online Claim Assistance Our 650 claim experts across India ensure an easy and quick claim process for you High Claim Settlement Ratio Our 98% claims settlement ratio as of FY 2020-2021 can assure a high settlement ratio for car insurance claims Cashless Repairs Our network of over 10,000 garages ensures cashless services for your car repairs Damages to Third Party Damages to a third party or third-party property are covered Own Damage Cover With our Own Damage cover for your car, we can cover damages from accidents, man-made disasters, and natural disasters Customisable with Add-ons Up to 13 add-ons to protect your four-wheeler with an all-round car insurance policy No Claim Bonus Up to 50% discount on car insurance premiums after 5 consecutive claim-free years Buy/Renew Car Insurance Online Quick renewal of your car insurance with an easy 3-step process with Tata AIG Car insurance or a four-wheeler policy is necessary to protect your car and you from various situations and scenarios that lead to financial damages. Here are some of the reasons why you need to have a third-party or comprehensive four-wheeler insurance policy: According to the Motor Vehicles Act, having a third-party car insurance policy is compulsory by law. Therefore, every car plying on Indian roads must be covered at least by 3rd party insurance. Without a valid policy, you could get into trouble with the law and have to pay hefty traffic fines. Third-party liability arises when the insured four-wheeler causes accidental damage to a third-party vehicle or property or injuries to a third-party person. Third-party car insurance or even a comprehensive car insurance policy covers these third-party liabilities and protects the policyholder of the insured car from financial damages. At Tata AIG, we offer four-wheeler insurance policies with basic and extensive insurance coverage to protect you from a host of damages. If your four-wheeler or the car parts are stolen, then your car insurance policy can cover the financial damages and compensate you for the loss of the car or the replacement or repair of the car parts. In case of total loss (damaged beyond repair) or theft of your car, Tata AIG ensures a quick and convenient settlement process to provide you with"
"car or the replacement or repair of the car parts. In case of total loss (damaged beyond repair) or theft of your car, Tata AIG ensures a quick and convenient settlement process to provide you with the sum insured of your car. A bump or deep scratch on your car due to an accidental collision or an act of vandalism can lead to financial damages. Here, an Own Damage cover or comprehensive car insurance is useful as they offer complete protection to the insured vehicle from various kinds of damages, right from theft and accidents to damage due to natural disasters and more. In case of floods, cyclones, storms, earthquakes or other natural calamities, your car can face significant damages and the extent of repairs can get costly. The financial plan provided by your four-wheeler insurance cover helps take care of these damages so that your car is safe and in good condition even in harsh weather. With a car insurance policy, you can avail of a personal accident cover of up to ₹15 lakhs, as per guidelines issued by the Insurance Regulatory and Development Authority of India, in the event of bodily injuries, disability or even death of the policyholder or the owner-driver of the vehicle. With No Claim Bonus (NCB), you can enjoy discounts on the renewal OD premium after consecutive claim-free years. You start with a 20% discount after one claim-free year, which goes up to 50% from the fifth consecutive claim-free year. With a network of over 5400 cashless garages, you can ensure that your car will be taken care of in the event of damages or losses. You need not worry about settling the payment; simply file a claim with us, and we will settle the dues with the cashless garage at the earliest! The process of buying car insurance is simple but takes time and quite a bit of research. Moreover, it is of utmost importance to get at least a third-party car insurance policy from a legal standpoint. Tata AIG understands the importance of having a suitable four-wheeler insurance policy and offers car insurance policies that cater to varying individual needs and budgets. Below are some points you should consider when you buy car insurance: While choosing four-wheeler insurance, you can choose between a basic third-party liability cover and a comprehensive insurance cover. While having a basic third-party insurance cover is a legal compulsion and covers damages caused only to a third-party individual or property, a comprehensive car four-wheeler policy offers more extensive coverage that offers protection against accidental damage, damages due to loss and theft, natural and man-made disasters and also offers a personal accident cover. We at TATA AIG also provide varied types of car insurance, such as Comprehensive Car Insurance Policy, Stand Alone Own Damage Car Insurance Policy, and Third-Party Car Insurance Policy. This array of choices so that you can find the car insurance type that best suits you and your car’s needs. The policy coverage of your car insurance"
"Policy, and Third-Party Car Insurance Policy. This array of choices so that you can find the car insurance type that best suits you and your car’s needs. The policy coverage of your car insurance policy will depend mainly on your needs and your budget. Apart from that, your car’s make and model, the area you live in and other factors will affect the policy coverage. While choosing a suitable insurance policy, you can use the Tata AIG car insurance calculator to calculate and compare the coverage of various policies before making an informed decision. While you buy car insurance online or renew your policy, you can consider extending or enhancing your policy cover with the help of appropriate add-ons. We offer a set of 19 unique add-ons such as Key Replacement, Return to Invoice, Engine Secure and more, that meet various situations outside the scope of your car insurance policy. A selection of the appropriate add-ons in your car insurance policy can provide an all-round protection to your four wheeler. The IDV or Insured Declared Value of the car is its current market value. When calculating your car insurance, the IDV is important as it is the amount your car is insured for. In case of “total loss” - complete damage or theft of the car - the policyholder receives the Insured Declared Value when the claim is settled. Always select the IDV carefully as a lower IDV means insufficient compensation in the event of total loss, even though it means lower policy premiums. On the other hand, a higher IDV could mean paying more expensive premiums. If you want to repair your car in case of minor or major damages, then you could visit your insurance provider’s network garages to have the damages repaired. By doing so, you can avail of the cashless claims, wherein, the insurer will directly pay the cost of repairs to the garage, and you won’t have to splurge exorbitant amounts on your repairs! Tata AIG’s online Car Insurance Calculator makes it easy for you to compare different four-wheeler insurance policies online. Depending on your budget and requirements, you can choose the insurance amount, the add-ons and then compare different plans to find the appropriate one to protect your car. The claim settlement ratio of a company is an important factor to be considered while purchasing your car insurance. If your insurer’s claim settlement ratio is high, it indicates a better chance of your claims being settled on time. Similarly, the service offered by the insurance company directly affects customer loyalty and should be checked before you buy a four-wheeler insurance policy from the company. Tata AIG offers many types of car insurance policies, each designed to address the varying needs of car owners and the coverage they need: The comprehensive car insurance policy offers extensive coverage as compared to a basic third party four wheeler insurance and offers protection against third-party liabilities as well as damage due to accidents, loss of the car,"
"policy offers extensive coverage as compared to a basic third party four wheeler insurance and offers protection against third-party liabilities as well as damage due to accidents, loss of the car, natural disasters like floods, earthquakes, cyclones, etc. and man-made disasters. However, damages due to driving under the influence of substances and driving outside of the designated geographical area are not covered under a comprehensive four wheeler insurance policy. If the insured car, bought after September 2018, suffers a financial loss as a result of accidental damage, the own damage cover takes care of the damages caused only to the insured car. This policy does not cover losses incurred by third parties and also is only applicable to cars bought after September 2018. The standalone third party car insurance policy is a basic but legally mandatory car insurance policy. It protects you from the legal and financial liabilities that arise from damages caused to a third-party person or property by your insured car. However, this policy does not cover any damages to the insured car. The two primary types of car insurance available in India are - comprehensive car insurance & third-party car insurance. To choose the right policy for your needs, you need to understand the difference between third-party and comprehensive insurance policies. Here is a comparative study to help you make a decision: What does it mean? Comprehensive car insurance is an all-round coverage that protects your car and third parties from any financial loss incurred due to damage to any parties involved, i.e., you, your car, a third-party vehicle, person, or property. A third-party car insurance policy is a basic coverage policy that protects you and your car from third-party liabilities. What is the extent of coverage? This policy provides coverage for third-party liability, damages to your car, incidents of theft, accidents and damages caused by natural calamities or man-made disasters. This policy takes care of third-party damages such as injury to a 3rd party, death of a third party or damages to third-party property. Is it legally mandated? No, it is not legally required. Yes, it is legally mandated to carry as per Motor Vehicles Act, 1988. Is it expensive? Due to the extent of coverage, comprehensive car insurance is more expensive as compared to third-party car insurance policy. As it provides basic coverage, it is not expensive. What is excluded? Damage to your car from driving under the influence of alcohol or drugs, damages from driving outside the designated geographical location, and wear & tear of the vehicle. Damage to you or your vehicle is not covered in third-party car insurance. Are there add-on covers? You can choose from 13 add-ons such as roadside assistance, no claim bonus, consumables coverage, etc. You cannot enhance the insurance with add-ons. Tata AIG four-wheeler insurance policy offers you a wide coverage against multiple circumstances such as:"
"no claim bonus, consumables coverage, etc. You cannot enhance the insurance with add-ons. Tata AIG four-wheeler insurance policy offers you a wide coverage against multiple circumstances such as: Under our comprehensive car insurance policy, we will reimburse you the Insured Declared Value (IDV) or the total market value of the car if your your car is stolen or there is total damage (damaged beyond repair) due to an accident. With a comprehensive car insurance policy or a standalone own damage cover, you will get financial protection against the damages caused by natural disasters like cyclones, flood, snowfall, frost, earthquakes, rainfall, etc. The own-damage cover or a comprehensive four-wheeler policy will offer coverage against the damages caused by riots, terrorist attacks, strikes, malicious man-made calamities, etc., along with the fire damages resulting from lightning, explosions, self-ignition and so on. Your car can suffer minor to major damages based on the severity of the accident. A comprehensive four-wheeler insurance policy and a standalone own damage cover will take care of the financial liabilities arising from the repairs necessitated by accident. Sometimes you may need to move your car from one location to another through waterways, railways, roadways, airways, etc. The damages caused to the car during transit are covered under a comprehensive car insurance policy. We cover 3rd party liabilities under our third-party car insurance as well as comprehensive car insurance policies. The bodily damages to a third party, death of a third party and damages to the third-party property caused by the insured four wheeler are covered under the third-party liability cover. You can also choose to have a Personal Accident Cover to the tune of ₹15 lakhs with your comprehensive car insurance plan. This cover offers protection against permanent total disability, death and major injuries caused to the owner-driver as a result of an accident. With Tata AIG, you can also add an optional cover – Liability to Unnamed Passengers – if you need added coverage over the Personal Accident Cover. You can enhance your comprehensive car insurance cover by choosing from a list of 17 car insurance add-ons. Get coverage for specific circumstances with a Roadside Assistance Cover, specific parts of the car with the Engine Secure and Tyre Secure covers, depreciation of vehicle with a Zero Depreciation Cover (Depreciation Reimbursement) and so much more with our car insurance add-ons! Add-on covers are additional benefits you can add to your car insurance or four wheeler insurance to enhance the protection offered by your policy. Tata AIG offers 19 such add-ons that you can choose from: When you file a claim for damages, a zero depreciation or nil depreciation (Depreciation Reimbursement) add-on enables you to be reimbursed for the deducted cost of depreciation on your car’s parts. Hence, you can receive the complete sum insured without the deduction of the"
"Reimbursement) add-on enables you to be reimbursed for the deducted cost of depreciation on your car’s parts. Hence, you can receive the complete sum insured without the deduction of the depreciation. However, you can avail of this benefit only for the first two claims that are filed. This add-on is only applicable to your own-damage car insurance policy or comprehensive car insurance policy. Roadside assistance is an add-on that provides round-the-clock breakdown assistance to your insured car and you if the car breaks down in a remote location with no aid nearby. Your insurance provider will send a team to refuel, tow, or offer a mechanic’s services in an emergency. The No Claim Bonus or NCB Protection cover enables the policyholder to file a certain number of car insurance claims during the policy year while retaining the NCB discount. This add-on is helpful if you want to file a claim and also protect your NCB discount . However, there is a limit on the number of claims that can be raised with this add-on. The NCB Protection is available only with a comprehensive car insurance policy. The Engine Secure cover protects one of the most expensive parts of your car - the car’s engine. If you stay in a flood-prone area, this add-on helps you file a claim for repairing or replacing the engine without incurring an extra cost. The comprehensive four-wheeler insurance policy does not cover your engine’s protection. With this add-on, we cover the cost of the consumables in your insured car that are lost and have to be replaced due to an accident. Consumables include air conditioner gas, engine oil, gearbox oil, nuts and bolts, oil filters, and so on. However, this add-on does not cover the cost of fuel. This type of cover in a third-party or comprehensive car insurance policy offers compensation up to ₹15 lakhs to a policyholder in the event of disability due to a car accident with the insured car involved. In case of accidental death involving the insured vehicle of the policyholder, the compensation is given to the policyholder’s family. With Tata AIG, you can also add an optional cover – Liability to Unnamed Passengers – if you need added coverage over the Personal Accident Cover. The compensation under this add-on can be up to ₹X. This will allow you to safeguard your co-passengers in case of unfortunate accidents leading to severe injuries for them. This add-on allows you to get the damaged glass, fibre, and plastic parts repaired from the garage and then raise a claim for the damages without affecting your No Claim Bonus discount. However, for each policy year, only one repair claim is allowed against your comprehensive four-wheeler insurance policy. If your car has an accident and is required to stay in the garage for a long time, the Daily Allowance add-on provides you with an amount for your travels without your car. The amount is payable for 10-15 days, subject to the cause of the four-wheeler insurance claim. Suppose your car is involved in"
"add-on provides you with an amount for your travels without your car. The amount is payable for 10-15 days, subject to the cause of the four-wheeler insurance claim. Suppose your car is involved in an accident , and you are unable to reach your destination. In that case, this add-on pays for your overnight accommodation in a hotel and the travel charges to return home or to the city closest to your destination. With this add-on, you can cover the repair or replacement of a damaged tyre or the tube. However, this add-on can only protect the financial losses in case of loss or damage to the tyres and tubes in an accident. The key replacement add-on covers the cost of replacing your lost car keys in case the car or key is stolen. This add-on helps cover the loss or damage of personal belongings such as clothes, videotapes, audio tapes, and CDs in case of an accident. However, it does not cover the loss or damage of belongings such as debit and credit cards, jewellery, money, watches, etc. When you file a claim for the total loss of your car due to theft or complete damage, this add-on helps cover the difference (due to depreciation) in the cost between the purchase price and the compensation amount. Also, if a new car of the same make and model is available, we will reimburse the difference between the claim amount and the cost of the new model. We will also pay for the registration charges and the road tax you have paid for the car. With this add-on, you can benefit from financial support for medical emergencies in case you, the driver, or a car passenger has sustained severe bodily injuries due to an accident. Within this cover, you get support for ambulance charges and up to ₹5000 or 5% of the total sum assured (whichever is lesser) towards the cost of supporting items for movement like wheelchairs, crutches, artificial limbs, etc. With this specific add-on cover for electric vehicles, you can benefit from partial or total compensation in case of loss or damage to your car due to self-heating, water ingression, short circuits, leakage of electricity, and damage to charging equipment arising out of arcing. This add-on helps pay off the policyholder’s car loan in specific situations. It applies if the owner-driver dies or is permanently disabled due to an accident involving the insured vehicle, provided the vehicle is damaged by a covered peril in Section I of the policy. If your car receives contaminated or incorrect fuel, causing damage, this cover will help you get the necessary support for repair or replacement expenses and flush out the incorrect fuel. Moreover, if you submit the necessary bill, you can also receive compensation of up to ₹2000 for the wrongInsured declared value falls along with the policy premium. The type of policy you purchase for your car decides the cost of the car insurance policy premium. A policy such as third-party insurance would cover only the third-party liabilities, which will come at cheaper premiums. Meanwhile,"
"for your car decides the cost of the car insurance policy premium. A policy such as third-party insurance would cover only the third-party liabilities, which will come at cheaper premiums. Meanwhile, a comprehensive car insurance policy will cost more as it would cover all parties involved - you, your car, third-party and third-party property. Meanwhile, our other types of insurance such as standalone own damage policy provide a gamut of options in cover, which in turn delivers options in premium amounts.Meanwhile, a comprehensive car insurance policy will cost more as it would cover all parties involved—you, your car, third-party, and third-party property. Meanwhile, our other types of insurance, such as standalone own-damage policies, provide a gamut of cover options, which in turn deliver options in premium amounts. Your car insurance premium will increase when you opt for add-ons with your policy. Different add-ons provide different types of additional cover for your four-wheeler, and your premium will depend on the number and types of add-ons you have chosen. The size of the engine will influence your car insurance premium. Cars with higher cubic capacity engines will attract higher premiums for a car insurance policy than cars with lower engine capacity. Additionally, the IRDAI declares the annual third-party car insurance premium rates based on the engine cubic capacity of the vehicle. Deductibles denote the percentage of the claim amount paid by the policyholder from their own pockets. A higher voluntary deductible means a lower premium as the proportion of the insurer’s liability goes down. However, a higher deductible also means a higher proportion of the claim that needs to be paid by you. So, choose well. Car owners who have not made claims in a given year can avail of a No Claim Bonus (NCB) from the insurer. NCB is a progressive discount on the renewal premium for a car insurance policy, which goes up with each claim-free year. Five consecutive no-claim years can fetch you a decent discount of 50% on the car insurance renewal premium. When you buy car insurance online, you can compare different policies, calculate the premium online and then select a plan that suits your needs and budget. An online purchase of car insurance allows you to customise the IDV and the premiums, which can result in affordable premiums. Some other factors that affect the premium of a car insurance plan are the age of the owner, the location where the vehicle is registered, make, model and variant of the car, any modifications made to the vehicle and if the car has additional security features. These factors can decrease or increase the premium you have to pay for your car insurance policy. The car insurance premium drives the choice of a four-wheeler insurance policy by individuals. As seen in the above section, there are many factors that affect this premium. But do you know how you can calculate the exact premium for your choice of car insurance policy?"
"policy by individuals. As seen in the above section, there are many factors that affect this premium. But do you know how you can calculate the exact premium for your choice of car insurance policy? Below are the popular methods of calculating your four-wheeler insurance premium: A car insurance premium calculator is an online tool provided by insurance companies to help you calculate your premium in a jiffy. Simply enter the required information, select the policy coverage and add-ons and click on Get Price. The calculator will display the total premium you need to pay to buy the four-wheeler insurance coverage you need. The premium for an own damage insurance policy is calculated as follows: + Add-ons – The IDV for your vehicle is calculated as follows: + As per the notification issued by IRDAI for the financial year 2022-2023, the premium rates that apply to Motor Third Party Liability Insurance for Private Cars effective from 1st June 2022 are as follows: Not exceeding 1000 cc Rs. 2,094 Exceeding 1000 cc but not exceeding 1500 cc Rs. 3,416 Exceeding 1500 cc Rs. 7,897 The car insurance premium is one of the most important factors people consider when buying a policy. Owners-drivers are always looking out to get extensive coverage at affordable premiums. Here are a few tips that will help you reduce your car insurance premium: If you choose to install additional security devices in your vehicles, such as parking sensors and anti-theft apparatus, you effectively reduce the risk associated with your vehicle. A reduced liability risk leads to lower premiums for your car insurance. When you renew your policy after a claim-free year, you get a discount on the premium you have to pay. This discount can go up to 50% for five consecutive claim-free years. However, even a single claim will reset the NCB back to zero. Avoid making claims against your policy for minor damages to keep your NCB from lapsing. When you get a car insurance policy, the company runs an assessment to establish the highest claim value for your vehicle, known as the Insured Declared Value (IDV). However, you can reduce the vehicle’s IDV in exchange for a reduced cost of the premium. But remember that a lower IDV entails a lower reimbursement in case of theft or total damage to the car. A voluntary deductible is a choice by the policyholders to pay a proportion of the claim amount while the insurance company pays the rest. When you raise a claim, the insurer will deduct this amount and settle the difference. By opting for higher deductibles, you can substantially reduce the cost of your car insurance premium. Input the Car Registration Number on the calculator above and select Get Price. Fill out the car and personal details as prompted by the screen. Then, select the policy coverage and add-ons of your choice. You will get an instant car insurance premium quote. If you are satisfied with the quote, you can proceed to pay the premium online. All it takes is three easy steps, and"
"and add-ons of your choice. You will get an instant car insurance premium quote. If you are satisfied with the quote, you can proceed to pay the premium online. All it takes is three easy steps, and you can get your car insurance policy online without any delays. Browse our plans, select one based on the type and coverage and as per your requirements and finally, purchase your policy without any hassles. Our online four-wheeler insurance purchase process is quick, simple and paperless! Once you pay the premium of your car insurance policy, we will send you the policy document in your email, which you can print if needed. When you purchase our comprehensive car insurance policy, you can choose from our offering of 12 add-ons to extend the coverage. These add-ons help customise your four-wheeler insurance policy based on your specific needs. From Zero Depreciation (Depreciation Reimbursement) to Key Replacement, we have what you’re looking for in a car insurance policy! When you file a claim on your car insurance policy, we offer an online claims process that is quick and convenient. Simply visit the Tata AIG website and click the “Claims” section on the top right-hand side of the car insurance page to complete the online claim form. You will need to provide a few basic details, such as your car insurance policy number, contact details and some information about the incident. After which, we will immediately initiate your claim process. We also enable you to track the status of your claim for more transparency. Cashless claims with TATA AIG’s car insurance policy are easy. We have a network of over 7,500 garages across India, so no matter where you are, you’ll have a network garage close by for a cashless claim. If you’re unable to get to one of our network garages, you don’t need to break a sweat. You can head to any trusted garage and get the repairs done. We’ll work on getting you a reimbursement claim instead. Either way, your car will be taken care of. Our car insurance policies are well-equipped to help you keep your car protected from various kinds of damages, be it theft, loss or damage due to accidents or natural and man-made calamities. No matter what happens to your car, we will help you cover the losses without any hassles. If you have a valid Tata AIG car insurance policy, you can raise a claim for damages to your car. We will ensure a prompt and swift disbursal of the claim amount in case of valid claims. Our claim settlement ratio of 98% in FY 2020-2021 shows how we can settle your claims quickly and easily. When it comes to buying a car insurance policy, here are some of the important reasons why you should get your four wheeler insurance policy online: To complete car insurance renewal online, you only need 3 steps with Tata AIG. This process is quick and ensures instant delivery of the renewed policy without the need for an agent or long queues. The online car insurance renewal process reduces the hassle of physical documents."
"process is quick and ensures instant delivery of the renewed policy without the need for an agent or long queues. The online car insurance renewal process reduces the hassle of physical documents. You no longer require paper documents and additional physical forms to renew a policy, making it a quick and efficient process with instant policy delivery. With Tata AIG's online renewal process, forgetting due dates or realising the need for car insurance renewal very close to the expiry date is no longer an obstacle. This ensures you benefit from continuous coverage under your policy, keeping your car and personal safety in check. Driving with a valid car insurance policy, especially third-party car insurance, is mandatory to avoid non-compliance towards traffic rules and regulations, attracting hefty fines. However, with the ease of online car insurance renewal, you can avoid penalties with the convenience of instant renewals from anywhere. In case you fail to renew your four wheeler insurance before it expires, do not fret. When there is a break in the policy, you can buy fresh cover for your vehicle; however, we might need to send an inspector or surveyor to inspect your vehicle before the policy is issued. Need more? If you purchase a expired car insurance from us within 90 days from the expiry of your previous policy, you may be allowed to keep your No Claim Bonus (NCB). Here is how you can renew an expired car insurance policy with Tata AIG: Step 1 - Go to the TATA AIG car insurance renewal page. Step 2 - Input your car registration number. Click on ‘Renew. Step 3 - Provide the details as prompted by the screen. Choose from the list of add-ons, such as: Car insurance is a crucial financial safety net that protects you against financial losses that may arise from road accidents, theft, and other unforeseen incidents. With the advent of technology, buying car insurance has become much more convenient, especially in India, where buying car insurance online has become the norm. There are several benefits of buying car insurance online in India, which are discussed below. Convenience : One of the major benefits of buying car insurance online is that it offers great convenience. You can either buy it online or choose to get in touch with an agent. Moreover, it is possible to compare different insurance policies, check their terms and conditions, and buy the one that best suits your needs. 24x7 Availability : You can buy a car insurance policy of your choice at any time and from anywhere. On your insurance provider’s 24x7 online portal, you can get in touch with the customer care team and have all your queries answered so that the purchase becomes easier. Easy Comparison : When you buy"
"This is an accepted version of this page Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management , primarily used to protect against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer , insurance company , insurance carrier , or underwriter . A person or entity who buys insurance is known as a policyholder , while a person or entity covered under the policy is called an insured . The insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in the form of a payment to the insurer (a premium) in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms. Furthermore, it usually involves something in which the insured has an insurable interest established by ownership, possession, or pre-existing relationship. The insured receives a contract , called the insurance policy , which details the conditions and circumstances under which the insurer will compensate the insured, or their designated beneficiary or assignee. The amount of money charged by the insurer to the policyholder for the coverage set forth in the insurance policy is called the premium . If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster. A mandatory out-of-pocket expense required by an insurance policy before an insurer will pay a claim is called a deductible (or if required by a health insurance policy, a copayment ). The insurer may hedge its own risk by taking out reinsurance , whereby another insurance company agrees to carry some of the risks, especially if the primary insurer deems the risk too large for it to carry. Methods for transferring or distributing risk were practiced by Chinese and Indian traders as long ago as the 3rd and 2nd millennia BC, respectively. ] ] Chinese merchants travelling treacherous river rapids would redistribute their wares across many vessels to limit the loss due to any single vessel capsizing. Codex Hammurabi Law 238 (c. 1755–1750 BC) stipulated that a sea captain , ship-manager , or ship charterer that saved a ship from total loss was only required to pay one-half the value of the ship to the ship-owner . ] ] ] In the Digesta seu Pandectae (533), the second volume of the codification of laws ordered by Justinian I (527–565), a legal opinion written by the Roman jurist Paulus in 235 AD was included about the Lex Rhodia (""Rhodian law""). It articulates the general average principle of marine insurance established on the island of Rhodes in approximately 1000 to 800 BC, plausibly by the Phoenicians during the proposed Dorian invasion and emergence of the purported Sea"
"principle of marine insurance established on the island of Rhodes in approximately 1000 to 800 BC, plausibly by the Phoenicians during the proposed Dorian invasion and emergence of the purported Sea Peoples during the Greek Dark Ages (c. 1100–c. 750). ] ] ] The law of general average is the fundamental principle that underlies all insurance. ] In 1816, an archeological excavation in Minya, Egypt produced a Nerva–Antonine dynasty -era tablet from the ruins of the Temple of Antinous in Antinoöpolis , Aegyptus . The tablet prescribed the rules and membership dues of a burial society collegium established in Lanuvium , Italia in approximately 133 AD during the reign of Hadrian (117–138) of the Roman Empire . ] In 1851 AD, future U.S. Supreme Court Associate Justice Joseph P. Bradley (1870–1892 AD), once employed as an actuary for the Mutual Benefit Life Insurance Company , submitted an article to the Journal of the Institute of Actuaries . His article detailed an historical account of a Severan dynasty -era life table compiled by the Roman jurist Ulpian in approximately 220 AD that was also included in the Digesta . ] Concepts of insurance has been also found in 3rd century BC Hindu scriptures such as Dharmasastra , Arthashastra and Manusmriti . ] The ancient Greeks had marine loans. Money was advanced on a ship or cargo, to be repaid with large interest if the voyage prospers. However, the money would not be repaid at all if the ship were lost, thus making the rate of interest high enough to pay for not only for the use of the capital but also for the risk of losing it (fully described by Demosthenes ). Loans of this character have ever since been common in maritime lands under the name of bottomry and respondentia bonds. ] The direct insurance of sea-risks for a premium paid independently of loans began in Belgium about 1300 AD. ] Separate insurance contracts (i.e., insurance policies not bundled with loans or other kinds of contracts) were invented in Genoa in the 14th century, as were insurance pools backed by pledges of landed estates. The first known insurance contract dates from Genoa in 1347. In the next century, maritime insurance developed widely, and premiums were varied with risks. ] These new insurance contracts allowed insurance to be separated from investment, a separation of roles that first proved useful in marine insurance . The earliest known policy of life insurance was made in the Royal Exchange, London , on 18 June 1583, for £383, 6s. 8d. for twelve months on the life of William Gibbons. ] Insurance became far more sophisticated in Enlightenment-era Europe , where specialized varieties developed. Property insurance as we know it today can be traced to the Great Fire of London , which in 1666 devoured more than 13,000 houses. The devastating effects of the fire converted the development of insurance ""from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wren 's inclusion of a site for"
"effects of the fire converted the development of insurance ""from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wren 's inclusion of a site for ""the Insurance Office"" in his new plan for London in 1667."" ] A number of attempted fire insurance schemes came to nothing, but in 1681, economist Nicholas Barbon and eleven associates established the first fire insurance company, the ""Insurance Office for Houses"", at the back of the Royal Exchange to insure brick and frame homes. Initially, 5,000 homes were insured by his Insurance Office. ] At the same time, the first insurance schemes for the underwriting of business ventures became available. By the end of the seventeenth century, London's growth as a centre for trade was increasing due to the demand for marine insurance . In the late 1680s, Edward Lloyd opened a coffee house , which became the meeting place for parties in the shipping industry wishing to insure cargoes and ships, including those willing to underwrite such ventures. These informal beginnings led to the establishment of the insurance market Lloyd's of London and several related shipping and insurance businesses. ] Life insurance policies were taken out in the early 18th century. The first company to offer life insurance was the Amicable Society for a Perpetual Assurance Office , founded in London in 1706 by William Talbot and Sir Thomas Allen . ] ] Upon the same principle, Edward Rowe Mores established the Society for Equitable Assurances on Lives and Survivorship in 1762. It was the world's first mutual insurer and it pioneered age based premiums based on mortality rate laying ""the framework for scientific insurance practice and development"" and ""the basis of modern life assurance upon which all life assurance schemes were subsequently based."" ] In the late 19th century ""accident insurance"" began to become available. ] The first company to offer accident insurance was the Railway Passengers Assurance Company, formed in 1848 in England to insure against the rising number of fatalities on the nascent railway system. The first international insurance rule was the York Antwerp Rules (YAR) for the distribution of costs between ship and cargo in the event of general average. In 1873 the ""Association for the Reform and Codification of the Law of Nations"", the forerunner of the International Law Association (ILA), was founded in Brussels. It published the first YAR in 1890, before switching to the present title of the ""International Law Association"" in 1895. ] ] By the late 19th century governments began to initiate national insurance programs against sickness and old age. Germany built on a tradition of welfare programs in Prussia and Saxony that began as early as in the 1840s. In the 1880s Chancellor Otto von Bismarck introduced old age pensions, accident insurance and medical care that formed the basis for Germany's welfare state . ] ] In Britain more extensive legislation was introduced by"
"Otto von Bismarck introduced old age pensions, accident insurance and medical care that formed the basis for Germany's welfare state . ] ] In Britain more extensive legislation was introduced by the Liberal government in the National Insurance Act 1911 . This gave the British working classes the first contributory system of insurance against illness and unemployment. ] This system was greatly expanded after the Second World War under the influence of the Beveridge Report , to form the first modern welfare state . ] ] In 2008, the International Network of Insurance Associations (INIA), then an informal network, became active and it has been succeeded by the Global Federation of Insurance Associations (GFIA), which was formally founded in 2012 to aim to increase insurance industry effectiveness in providing input to international regulatory bodies and to contribute more effectively to the international dialogue on issues of common interest. It consists of its 40 member associations and 1 observer association in 67 countries, which companies account for around 89% of total insurance premiums worldwide. ] Insurance involves pooling funds from many insured entities (known as exposures) to pay for the losses that only some insureds may incur. The insured entities are therefore protected from risk for a fee, with the fee being dependent upon the frequency and severity of the event occurring. In order to be an insurable risk , the risk insured against must meet certain characteristics. Insurance as a financial intermediary is a commercial enterprise and a major part of the financial services industry, but individual entities can also self-insure through saving money for possible future losses. ] Risk which can be insured by private companies typically share seven common characteristics: ] When a company insures an individual entity, there are basic legal requirements and regulations. Several commonly cited legal principles of insurance include: ] To ""indemnify"" means to make whole again, or to be reinstated to the position that one was in, to the extent possible, prior to the happening of a specified event or peril. Accordingly, life insurance is generally not considered to be indemnity insurance, but rather ""contingent"" insurance (i.e., a claim arises on the occurrence of a specified event). There are generally three types of insurance contracts that seek to indemnify an insured: From an insured's standpoint, the result is usually the same: the insurer pays the loss and claims expenses. If the Insured has a ""reimbursement"" policy, the insured can be required to pay for a loss and then be ""reimbursed"" by the insurance carrier for the loss and out of pocket costs including, with the permission of the insurer, claim expenses. ] ] Under a ""pay on behalf"" policy, the insurance carrier would defend and pay a claim on behalf of the insured who would not be out of pocket for anything. Most modern liability insurance is written on the basis of ""pay on behalf"""
"the insurance carrier would defend and pay a claim on behalf of the insured who would not be out of pocket for anything. Most modern liability insurance is written on the basis of ""pay on behalf"" language, which enables the insurance carrier to manage and control the claim. Under an ""indemnification"" policy, the insurance carrier can generally either ""reimburse"" or ""pay on behalf of"", whichever is more beneficial to it and the insured in the claim handling process. An entity seeking to transfer risk (an individual, corporation, or association of any type, etc.) becomes the ""insured"" party once risk is assumed by an ""insurer"", the insuring party, by means of a contract , called an insurance policy . Generally, an insurance contract includes, at a minimum, the following elements: identification of participating parties (the insurer, the insured, the beneficiaries), the premium, the period of coverage, the particular loss event covered, the amount of coverage (i.e., the amount to be paid to the insured or beneficiary in the event of a loss), and exclusions (events not covered). An insured is thus said to be "" indemnified "" against the loss covered in the policy. When insured parties experience a loss for a specified peril, the coverage entitles the policyholder to make a claim against the insurer for the covered amount of loss as specified by the policy. The fee paid by the insured to the insurer for assuming the risk is called the premium. Insurance premiums from many insureds are used to fund accounts reserved for later payment of claims – in theory for a relatively few claimants – and for overhead costs. So long as an insurer maintains adequate funds set aside for anticipated losses (called reserves), the remaining margin is an insurer's profit . Policies typically include a number of exclusions, for example: Insurers may prohibit certain activities which are considered dangerous and therefore excluded from coverage. One system for classifying activities according to whether they are authorised by insurers refers to ""green light"" approved activities and events, ""yellow light"" activities and events which require insurer consultation and/or waivers of liability, and ""red light"" activities and events which are prohibited and outside the scope of insurance cover. ] Insurance can have various effects on society through the way that it changes who bears the cost of losses and damage. On one hand it can increase fraud; on the other it can help societies and individuals prepare for catastrophes and mitigate the effects of catastrophes on both households and societies. Insurance can influence the probability of losses through moral hazard , insurance fraud , and preventive steps by the insurance company. Insurance scholars have typically used moral hazard to refer to the increased loss due to unintentional carelessness and insurance fraud to refer to increased risk due to intentional carelessness or indifference. ] Insurers attempt to address"
"hazard to refer to the increased loss due to unintentional carelessness and insurance fraud to refer to increased risk due to intentional carelessness or indifference. ] Insurers attempt to address carelessness through inspections, policy provisions requiring certain types of maintenance, and possible discounts for loss mitigation efforts. While in theory insurers could encourage investment in loss reduction, some commentators have argued that in practice insurers had historically not aggressively pursued loss control measures—particularly to prevent disaster losses such as hurricanes—because of concerns over rate reductions and legal battles. However, since about 1996 insurers have begun to take a more active role in loss mitigation, such as through building codes . ] According to the study books of The Chartered Insurance Institute, there are variant methods of insurance as follows: Insurers may use the subscription business model , collecting premium payments periodically in return for on-going and/or compounding benefits offered to policyholders. Insurers' business model aims to collect more in premium and investment income than is paid out in losses, and to also offer a competitive price which consumers will accept. Profit can be reduced to a simple equation: Insurers make money in two ways: The most complicated aspect of insuring is the actuarial science of ratemaking (price-setting) of policies, which uses statistics and probability to approximate the rate of future claims based on a given risk. After producing rates, the insurer will use discretion to reject or accept risks through the underwriting process. At the most basic level, initial rate-making involves looking at the frequency and severity of insured perils and the expected average payout resulting from these perils. Thereafter an insurance company will collect historical loss-data, bring the loss data to present value , and compare these prior losses to the premium collected in order to assess rate adequacy. ] Loss ratios and expense loads are also used. Rating for different risk characteristics involves—at the most basic level—comparing the losses with ""loss relativities""—a policy with twice as many losses would, therefore, be charged twice as much. More complex multivariate analyses are sometimes used when multiple characteristics are involved and a univariate analysis could produce confounded results. Other statistical methods may be used in assessing the probability of future losses. Upon termination of a given policy, the amount of premium collected minus the amount paid out in claims is the insurer's underwriting profit on that policy. Underwriting performance is measured by something called the ""combined ratio"", which is the ratio of expenses/losses to premiums. ] A combined ratio of less than 100% indicates an underwriting profit, while anything over 100 indicates an underwriting loss. A company with a combined ratio over 100% may nevertheless remain profitable due to"
"ratio of less than 100% indicates an underwriting profit, while anything over 100 indicates an underwriting loss. A company with a combined ratio over 100% may nevertheless remain profitable due to investment earnings. Insurance companies earn investment profits on ""float"". Float, or available reserve, is the amount of money on hand at any given moment that an insurer has collected in insurance premiums but has not paid out in claims. Insurers start investing insurance premiums as soon as they are collected and continue to earn interest or other income on them until claims are paid out. The Association of British Insurers (grouping together 400 insurance companies and 94% of UK insurance services) has almost 20% of the investments in the London Stock Exchange . ] In 2007, U.S. industry profits from float totaled $58 billion. In a 2009 letter to investors, Warren Buffett wrote, ""we were paid $2.8 billion to hold our float in 2008"". ] In the United States , the underwriting loss of property and casualty insurance companies was $142.3 billion in the five years ending 2003. But overall profit for the same period was $68.4 billion, as the result of float. Some insurance-industry insiders, most notably Hank Greenberg , do not believe that it is possible to sustain a profit from float forever without an underwriting profit as well, but this opinion is not universally held. Reliance on float for profit has led some industry experts to call insurance companies ""investment companies that raise the money for their investments by selling insurance"". ] Naturally, the float method is difficult to carry out in an economically depressed period. Bear markets do cause insurers to shift away from investments and to toughen up their underwriting standards, so a poor economy generally means high insurance-premiums. This tendency to swing between profitable and unprofitable periods over time is commonly known as the underwriting, or insurance, cycle . ] Claims and loss handling is the materialized utility of insurance; it is the actual ""product"" paid for. Claims may be filed by insureds directly with the insurer or through brokers or agents . The insurer may require that the claim be filed on its own proprietary forms, or may accept claims on a standard industry form, such as those produced by ACORD . Insurance-company claims departments employ a large number of claims adjusters, supported by a staff of records management and data entry clerks . Incoming claims are classified based on severity and are assigned to adjusters, whose settlement authority varies with their knowledge and experience. An adjuster undertakes an investigation of each claim, usually in close cooperation with the insured, determines if coverage is available under the terms of the insurance contract (and if so, the reasonable monetary value of the claim), and authorizes payment. Policyholders may hire their own public adjusters to negotiate settlements with the insurance company on their behalf."
"(and if so, the reasonable monetary value of the claim), and authorizes payment. Policyholders may hire their own public adjusters to negotiate settlements with the insurance company on their behalf. For policies that are complicated, where claims may be complex, the insured may take out a separate insurance-policy add-on, called loss-recovery insurance, which covers the cost of a public adjuster in the case of a claim. Adjusting liability-insurance claims is particularly difficult because they involve a third party, the plaintiff , who is under no contractual obligation to cooperate with the insurer and may in fact regard the insurer as a deep pocket . The adjuster must obtain legal counsel for the insured—either inside (""house"") counsel or outside (""panel"") counsel, monitor litigation that may take years to complete, and appear in person or over the telephone with settlement authority at a mandatory settlement-conference when requested by a judge. If a claims adjuster suspects under-insurance, the condition of average may come into play to limit the insurance company's exposure. In managing the claims-handling function, insurers seek to balance the elements of customer satisfaction, administrative handling expenses, and claims overpayment leakages. In addition to this balancing act, fraudulent insurance practices are a major business risk that insurers must manage and overcome. Disputes between insurers and insureds over the validity of claims or claims-handling practices occasionally escalate into litigation (see insurance bad faith ). Insurers will often use insurance agents to initially market or underwrite their customers. Agents can be captive, meaning they write only for one company, or independent, meaning that they can issue policies from several companies. The existence and success of companies using insurance agents is likely due to the availability of improved and personalised services. Companies also use Broking firms, Banks and other corporate entities (like Self Help Groups, Microfinance Institutions, NGOs, etc.) to market their products. ] Any risk that can be quantified can potentially be insured. Specific kinds of risk that may give rise to claims are known as perils. An insurance policy will set out in detail which perils are covered by the policy and which are not. Below are non-exhaustive lists of the many different types of insurance that exist. A single policy may cover risks in one or more of the categories set out below. For example, vehicle insurance would typically cover both the property risk (theft or damage to the vehicle) and the liability risk (legal claims arising from an accident ). A home insurance policy in the United States typically includes coverage for damage to the home and the owner's belongings, certain legal claims against the owner, and even a small amount of coverage for medical expenses of guests who are injured on the owner's property. Business insurance can take a number of different forms, such"
"claims against the owner, and even a small amount of coverage for medical expenses of guests who are injured on the owner's property. Business insurance can take a number of different forms, such as the various kinds of professional liability insurance, also called professional indemnity (PI), which are discussed below under that name; and the business owner's policy (BOP), which packages into one policy many of the kinds of coverage that a business owner needs, in a way analogous to how homeowners' insurance packages the coverages that a homeowner needs. ] Vehicle insurance protects the policyholder against financial loss in the event of an incident involving a vehicle they own, such as in a traffic collision . Coverage typically includes: Gap insurance covers the excess amount on an auto loan in an instance where the policyholder's insurance company does not cover the entire loan. Depending on the company's specific policies it might or might not cover the deductible as well. This coverage is marketed for those who put low down payments , have high interest rates on their loans, and those with 60-month or longer terms. Gap insurance is typically offered by a finance company when the vehicle owner purchases their vehicle, but many auto insurance companies offer this coverage to consumers as well. Health insurance policies cover the cost of medical treatments. Dental insurance, like medical insurance, protects policyholders for dental costs. In most developed countries, all citizens receive some health coverage from their governments, paid through taxation. In most countries, health insurance is often part of an employer's benefits. Casualty insurance insures against accidents, not necessarily tied to any specific property. It is a broad spectrum of insurance that a number of other types of insurance could be classified, such as auto , workers compensation , and some liability insurances . Life insurance provides a monetary benefit to a decedent's family or other designated beneficiary, and may specifically provide for income to an insured person's family, burial, funeral and other final expenses. Life insurance policies often allow the option of having the proceeds paid to the beneficiary either in a lump sum cash payment or an annuity . In most states, a person cannot purchase a policy on another person without their knowledge. Annuities provide a stream of payments and are generally classified as insurance because they are issued by insurance companies, are regulated as insurance, and require the same kinds of actuarial and investment management expertise that life insurance requires. Annuities and pensions that pay a benefit for life are sometimes regarded as insurance against the possibility that a retiree will outlive his or her financial resources. In that sense, they are the complement of life insurance and, from an underwriting perspective, are the mirror image of life insurance. Certain life insurance contracts accumulate cash values,"
"In that sense, they are the complement of life insurance and, from an underwriting perspective, are the mirror image of life insurance. Certain life insurance contracts accumulate cash values, which may be taken by the insured if the policy is surrendered or which may be borrowed against. Some policies, such as annuities and endowment policies , are financial instruments to accumulate or liquidate wealth when it is needed. In many countries, such as the United States and the UK, the tax law provides that the interest on this cash value is not taxable under certain circumstances. This leads to widespread use of life insurance as a tax-efficient method of saving as well as protection in the event of early death. In the United States, the tax on interest income on life insurance policies and annuities is generally deferred. However, in some cases the benefit derived from tax deferral may be offset by a low return. This depends upon the insuring company, the type of policy and other variables (mortality, market return, etc.). Moreover, other income tax saving vehicles (e.g., IRAs, 401(k) plans, Roth IRAs) may be better alternatives for value accumulation. Burial insurance is an old type of life insurance which is paid out upon death to cover final expenses, such as the cost of a funeral . The Greeks and Romans introduced burial insurance c. 600 CE when they organized guilds called ""benevolent societies"" which cared for the surviving families and paid funeral expenses of members upon death. Guilds in the Middle Ages served a similar purpose, as did friendly societies during Victorian times. Property insurance provides protection against risks to property, such as fire , theft or weather damage. This may include specialized forms of insurance such as fire insurance, flood insurance , earthquake insurance , home insurance , inland marine insurance or boiler insurance . The term property insurance may, like casualty insurance, be used as a broad category of various subtypes of insurance, some of which are listed below: Liability insurance is a broad superset that covers legal claims against the insured. Many types of insurance include an aspect of liability coverage. For example, a homeowner's insurance policy will normally include liability coverage which protects the insured in the event of a claim brought by someone who slips and falls on the property; automobile insurance also includes an aspect of liability insurance that indemnifies against the harm that a crashing car can cause to others' lives, health, or property. The protection offered by a liability insurance policy is twofold: a legal defense in the event of a lawsuit commenced against the policyholder and indemnification (payment on behalf of the insured) with respect to a settlement or court verdict. Liability policies typically cover only the negligence of the insured, and will not apply to results of wilful or intentional acts by the insured. Often a commercial insured's liability"
"verdict. Liability policies typically cover only the negligence of the insured, and will not apply to results of wilful or intentional acts by the insured. Often a commercial insured's liability insurance program consists of several layers. The first layer of insurance generally consists of primary insurance, which provides first dollar indemnity for judgments and settlements up to the limits of liability of the primary policy. Generally, primary insurance is subject to a deductible and obligates the insurer to defend the insured against lawsuits, which is normally accomplished by assigning counsel to defend the insured. In many instances, a commercial insured may elect to self-insure. Above the primary insurance or self-insured retention, the insured may have one or more layers of excess insurance to provide coverage additional limits of indemnity protection. There are a variety of types of excess insurance, including ""stand-alone"" excess policies (policies that contain their own terms, conditions, and exclusions), ""follow form"" excess insurance (policie"
"A car , or an automobile , is a motor vehicle with wheels . Most definitions of cars state that they run primarily on roads , seat one to eight people, have four wheels , and mainly transport people over cargo . ] ] There are around one billion cars in use worldwide. The car is considered an essential part of the developed economy . citation needed ] The French inventor Nicolas-Joseph Cugnot built the first steam-powered road vehicle in 1769, while the Swiss inventor François Isaac de Rivaz designed and constructed the first internal combustion-powered automobile in 1808. The modern car—a practical, marketable automobile for everyday use—was invented in 1886, when the German inventor Carl Benz patented his Benz Patent-Motorwagen . Commercial cars became widely available during the 20th century. The 1901 Oldsmobile Curved Dash and the 1908 Ford Model T , both American cars, are widely considered the first mass-produced ] ] and mass-affordable ] ] ] cars, respectively. Cars were rapidly adopted in the US, where they replaced horse-drawn carriages . ] In Europe and other parts of the world, demand for automobiles did not increase until after World War II . ] In the 21st century, car usage is still increasing rapidly, especially in China, India, and other newly industrialised countries . ] ] Cars have controls for driving , parking , passenger comfort, and a variety of lamps . Over the decades, additional features and controls have been added to vehicles, making them progressively more complex. These include rear-reversing cameras , air conditioning , navigation systems , and in-car entertainment . Most cars in use in the early 2020s are propelled by an internal combustion engine , fueled by the combustion of fossil fuels . Electric cars , which were invented early in the history of the car , became commercially available in the 2000s and are predicted to cost less to buy than petrol-driven cars before 2025. ] ] The transition from fossil fuel-powered cars to electric cars features prominently in most climate change mitigation scenarios , ] such as Project Drawdown 's 100 actionable solutions for climate change. ] There are costs and benefits to car use . The costs to the individual include acquiring the vehicle, interest payments (if the car is financed), repairs and maintenance , fuel, depreciation , driving time, parking fees, taxes, and insurance . ] The costs to society include maintaining roads, land-use , road congestion , air pollution , noise pollution , public health , and disposing of the vehicle at the end of its life . Traffic collisions are the largest cause of injury-related deaths worldwide. ] Personal benefits include on-demand transportation, mobility, independence, and convenience. ] Societal benefits include economic benefits, such as job and wealth creation from the automotive industry , transportation provision, societal well-being from leisure and travel opportunities, and the generation of revenue from taxation. People's"
"as job and wealth creation from the automotive industry , transportation provision, societal well-being from leisure and travel opportunities, and the generation of revenue from taxation. People's ability to move flexibly from place to place has far-reaching implications for the nature of societies . ] The English word car is believed to originate from Latin carrus / carrum ""wheeled vehicle"" or (via Old North French ) Middle English carre ""two-wheeled cart"", both of which in turn derive from Gaulish karros "" chariot "". ] ] It originally referred to any wheeled horse-drawn vehicle , such as a cart , carriage , or wagon . ] ] ""Motor car"", attested from 1895, is the usual formal term in British English . ] ""Autocar"", a variant likewise attested from 1895 and literally meaning "" self-propelled car"", is now considered archaic. ] "" Horseless carriage "" is attested from 1895. ] ""Automobile"", a classical compound derived from Ancient Greek autós ( αὐτός ) ""self"" and Latin mobilis ""movable"", entered English from French and was first adopted by the Automobile Club of Great Britain in 1897. ] It fell out of favour in Britain and is now used chiefly in North America , ] where the abbreviated form ""auto"" commonly appears as an adjective in compound formations like "" auto industry "" and "" auto mechanic "". ] ] In 1649, Hans Hautsch of Nuremberg built a clockwork-driven carriage. ] ] The first steam-powered vehicle was designed by Ferdinand Verbiest , a Flemish member of a Jesuit mission in China around 1672. It was a 65-centimetre-long (26 in) scale-model toy for the Kangxi Emperor that was unable to carry a driver or a passenger. ] ] ] It is not known with certainty if Verbiest's model was successfully built or run. ] Nicolas-Joseph Cugnot is widely credited with building the first full-scale, self-propelled mechanical vehicle in about 1769; he created a steam-powered tricycle. ] He also constructed two steam tractors for the French Army, one of which is preserved in the French National Conservatory of Arts and Crafts . ] His inventions were limited by problems with water supply and maintaining steam pressure. ] In 1801, Richard Trevithick built and demonstrated his Puffing Devil road locomotive, believed by many to be the first demonstration of a steam-powered road vehicle. It was unable to maintain sufficient steam pressure for long periods and was of little practical use. The development of external combustion (steam) engines is detailed as part of the history of the car but often treated separately from the development of true cars. A variety of steam-powered road vehicles were used during the first part of the 19th century, including steam cars , steam buses , phaetons , and steam rollers . In the United Kingdom, sentiment against them led to the Locomotive Acts of 1865. In 1807, Nicéphore Niépce and his brother Claude created what was probably the world's first internal combustion engine (which they called a Pyréolophore ), but installed it in a boat on"
"of 1865. In 1807, Nicéphore Niépce and his brother Claude created what was probably the world's first internal combustion engine (which they called a Pyréolophore ), but installed it in a boat on the river Saone in France. ] Coincidentally, in 1807, the Swiss inventor François Isaac de Rivaz designed his own "" de Rivaz internal combustion engine "", and used it to develop the world's first vehicle to be powered by such an engine. The Niépces' Pyréolophore was fuelled by a mixture of Lycopodium powder (dried spores of the Lycopodium plant), finely crushed coal dust and resin that were mixed with oil, whereas de Rivaz used a mixture of hydrogen and oxygen . ] Neither design was successful, as was the case with others, such as Samuel Brown , Samuel Morey , and Etienne Lenoir , ] who each built vehicles (usually adapted carriages or carts) powered by internal combustion engines. ] In November 1881, French inventor Gustave Trouvé demonstrated a three-wheeled car powered by electricity at the International Exposition of Electricity . ] Although several other German engineers (including Gottlieb Daimler , Wilhelm Maybach , and Siegfried Marcus ) were working on cars at about the same time, the year 1886 is regarded as the birth year of the modern car—a practical, marketable automobile for everyday use—when the German Carl Benz patented his Benz Patent-Motorwagen ; he is generally acknowledged as the inventor of the car. ] ] ] In 1879, Benz was granted a patent for his first engine, which had been designed in 1878. Many of his other inventions made the use of the internal combustion engine feasible for powering a vehicle. His first Motorwagen was built in 1885 in Mannheim , Germany. He was awarded the patent for its invention as of his application on 29 January 1886 (under the auspices of his major company, Benz & Cie. , which was founded in 1883). Benz began promotion of the vehicle on 3 July 1886, and about 25 Benz vehicles were sold between 1888 and 1893, when his first four-wheeler was introduced along with a cheaper model. They also were powered with four-stroke engines of his own design. Emile Roger of France, already producing Benz engines under license, now added the Benz car to his line of products. Because France was more open to the early cars, initially more were built and sold in France through Roger than Benz sold in Germany. In August 1888, Bertha Benz , the wife and business partner of Carl Benz, undertook the first road trip by car, to prove the road-worthiness of her husband's invention. ] In 1896, Benz designed and patented the first internal-combustion flat engine , called boxermotor . During the last years of the 19th century, Benz was the largest car company in the world with 572 units produced in 1899 and, because of its size, Benz & Cie., became a joint-stock company . The first motor car in central Europe and one of the first factory-made cars in the world, was produced by Czech company Nesselsdorfer Wagenbau (later renamed to"
"Cie., became a joint-stock company . The first motor car in central Europe and one of the first factory-made cars in the world, was produced by Czech company Nesselsdorfer Wagenbau (later renamed to Tatra ) in 1897, the Präsident automobil. Daimler and Maybach founded Daimler Motoren Gesellschaft (DMG) in Cannstatt in 1890, and sold their first car in 1892 under the brand name Daimler . It was a horse-drawn stagecoach built by another manufacturer, which they retrofitted with an engine of their design. By 1895, about 30 vehicles had been built by Daimler and Maybach, either at the Daimler works or in the Hotel Hermann, where they set up shop after disputes with their backers. Benz, Maybach, and the Daimler team seem to have been unaware of each other's early work. They never worked together; by the time of the merger of the two companies, Daimler and Maybach were no longer part of DMG. Daimler died in 1900 and later that year, Maybach designed an engine named Daimler-Mercedes that was placed in a specially ordered model built to specifications set by Emil Jellinek . This was a production of a small number of vehicles for Jellinek to race and market in his country. Two years later, in 1902, a new model DMG car was produced and the model was named Mercedes after the Maybach engine, which generated 35 hp. Maybach quit DMG shortly thereafter and opened a business of his own. Rights to the Daimler brand name were sold to other manufacturers. In 1890, Émile Levassor and Armand Peugeot of France began producing vehicles with Daimler engines, and so laid the foundation of the automotive industry in France . In 1891, Auguste Doriot and his Peugeot colleague Louis Rigoulot completed the longest trip by a petrol-driven vehicle when their self-designed and built Daimler powered Peugeot Type 3 completed 2,100 kilometres (1,300 mi) from Valentigney to Paris and Brest and back again. They were attached to the first Paris–Brest–Paris bicycle race, but finished six days after the winning cyclist, Charles Terront . The first design for an American car with a petrol internal combustion engine was made in 1877 by George Selden of Rochester, New York . Selden applied for a patent for a car in 1879, but the patent application expired because the vehicle was never built. After a delay of 16 years and a series of attachments to his application, on 5 November 1895, Selden was granted a US patent ( U.S. patent 549,160 ) for a two-stroke car engine, which hindered, more than encouraged , development of cars in the United States. His patent was challenged by Henry Ford and others, and overturned in 1911. In 1893, the first running, petrol-driven American car was built and road-tested by the Duryea brothers of Springfield, Massachusetts . The first public run of the Duryea Motor Wagon took place on 21 September 1893, on Taylor Street in Metro Center Springfield. ] ] Studebaker , subsidiary of a long-established wagon and coach manufacturer, started to build cars in 1897 ] :"
"Wagon took place on 21 September 1893, on Taylor Street in Metro Center Springfield. ] ] Studebaker , subsidiary of a long-established wagon and coach manufacturer, started to build cars in 1897 ] : 66 and commenced sales of electric vehicles in 1902 and petrol vehicles in 1904. ] In Britain, there had been several attempts to build steam cars with varying degrees of success, with Thomas Rickett even attempting a production run in 1860. ] Santler from Malvern is recognised by the Veteran Car Club of Great Britain as having made the first petrol-driven car in the country in 1894, ] followed by Frederick William Lanchester in 1895, but these were both one-offs. ] The first production vehicles in Great Britain came from the Daimler Company , a company founded by Harry J. Lawson in 1896, after purchasing the right to use the name of the engines. Lawson's company made its first car in 1897, and they bore the name Daimler. ] In 1892, German engineer Rudolf Diesel was granted a patent for a ""New Rational Combustion Engine"". In 1897, he built the first diesel engine . ] Steam-, electric-, and petrol-driven vehicles competed for a few decades, with petrol internal combustion engines achieving dominance in the 1910s. Although various pistonless rotary engine designs have attempted to compete with the conventional piston and crankshaft design, only Mazda 's version of the Wankel engine has had more than very limited success. All in all, it is estimated that over 100,000 patents created the modern automobile and motorcycle. ] Large-scale, production-line manufacturing of affordable cars was started by Ransom Olds in 1901 at his Oldsmobile factory in Lansing, Michigan , and based upon stationary assembly line techniques pioneered by Marc Isambard Brunel at the Portsmouth Block Mills , England, in 1802. The assembly line style of mass production and interchangeable parts had been pioneered in the US by Thomas Blanchard in 1821, at the Springfield Armory in Springfield, Massachusetts . ] This concept was greatly expanded by Henry Ford , beginning in 1913 with the world's first moving assembly line for cars at the Highland Park Ford Plant . As a result, Ford's cars came off the line in 15-minute intervals, much faster than previous methods, increasing productivity eightfold, while using less manpower (from 12.5 manhours to 1 hour 33 minutes). ] It was so successful, paint became a bottleneck. Only Japan black would dry fast enough, forcing the company to drop the variety of colours available before 1913, until fast-drying Duco lacquer was developed in 1926. This is the source of Ford's apocryphal remark, ""any color as long as it's black"". ] In 1914, an assembly line worker could buy a Model T with four months' pay. ] Ford's complex safety procedures—especially assigning each worker to a specific location instead of allowing them to roam about—dramatically reduced the rate of injury. ] The combination of high wages and high efficiency is called "" Fordism "" and"
"each worker to a specific location instead of allowing them to roam about—dramatically reduced the rate of injury. ] The combination of high wages and high efficiency is called "" Fordism "" and was copied by most major industries. The efficiency gains from the assembly line also coincided with the economic rise of the US. The assembly line forced workers to work at a certain pace with very repetitive motions which led to more output per worker while other countries were using less productive methods. In the automotive industry, its success was dominating, and quickly spread worldwide seeing the founding of Ford France and Ford Britain in 1911, Ford Denmark 1923, Ford Germany 1925; in 1921, Citroën was the first native European manufacturer to adopt the production method. Soon, companies had to have assembly lines, or risk going broke; by 1930, 250 companies which did not, had disappeared. ] Development of automotive technology was rapid, due in part to the hundreds of small manufacturers competing to gain the world's attention. Key developments included electric ignition and the electric self-starter (both by Charles Kettering , for the Cadillac Motor Company in 1910–1911), independent suspension , and four-wheel brakes. Since the 1920s, nearly all cars have been mass-produced to meet market needs, so marketing plans often have heavily influenced car design. It was Alfred P. Sloan who established the idea of different makes of cars produced by one company, called the General Motors Companion Make Program , so that buyers could ""move up"" as their fortunes improved. Reflecting the rapid pace of change, makes shared parts with one another so larger production volume resulted in lower costs for each price range. For example, in the 1930s, LaSalles , sold by Cadillac , used cheaper mechanical parts made by Oldsmobile ; in the 1950s, Chevrolet shared bonnet, doors, roof, and windows with Pontiac ; by the 1990s, corporate powertrains and shared platforms (with interchangeable brakes , suspension, and other parts) were common. Even so, only major makers could afford high costs, and even companies with decades of production, such as Apperson , Cole , Dorris , Haynes , or Premier, could not manage: of some two hundred American car makers in existence in 1920, only 43 survived in 1930, and with the Great Depression , by 1940, only 17 of those were left. ] In Europe, much the same would happen. Morris set up its production line at Cowley in 1924, and soon outsold Ford, while beginning in 1923 to follow Ford's practice of vertical integration , buying Hotchkiss' British subsidiary (engines), Wrigley (gearboxes), and Osberton (radiators), for instance, as well as competitors, such as Wolseley : in 1925, Morris had 41 per cent of total British car production. Most British small-car assemblers, from Abbey to Xtra , had gone under. Citroën did the same in France, coming to cars in 1919; between them and other cheap cars in reply such as Renault 's 10CV and"
"Most British small-car assemblers, from Abbey to Xtra , had gone under. Citroën did the same in France, coming to cars in 1919; between them and other cheap cars in reply such as Renault 's 10CV and Peugeot 's 5CV , they produced 550,000 cars in 1925, and Mors , Hurtu , and others could not compete. ] Germany's first mass-manufactured car, the Opel 4PS Laubfrosch (Tree Frog), came off the line at Rüsselsheim in 1924, soon making Opel the top car builder in Germany, with 37.5 per cent of the market. ] In Japan, car production was very limited before World War II. Only a handful of companies were producing vehicles in limited numbers, and these were small, three-wheeled for commercial uses, like Daihatsu , or were the result of partnering with European companies, like Isuzu building the Wolseley A-9 in 1922. Mitsubishi was also partnered with Fiat and built the Mitsubishi Model A based on a Fiat vehicle. Toyota , Nissan , Suzuki , Mazda , and Honda began as companies producing non-automotive products before the war, switching to car production during the 1950s. Kiichiro Toyoda's decision to take Toyoda Loom Works into automobile manufacturing would create what would eventually become Toyota Motor Corporation , the largest automobile manufacturer in the world. Subaru , meanwhile, was formed from a conglomerate of six companies who banded together as Fuji Heavy Industries , as a result of having been broken up under keiretsu legislation. The transport sector is a major contributor to air pollution , noise pollution and climate change . ] Most cars in use in the early 2020s run on petrol burnt in an internal combustion engine (ICE). The International Organization of Motor Vehicle Manufacturers says that, in countries that mandate low sulphur motor spirit, petrol-fuelled cars built to late 2010s standards (such as Euro-6) emit very little local air pollution. ] ] Some cities ban older petrol-driven cars and some countries plan to ban sales in future. However, some environmental groups say this phase-out of fossil fuel vehicles must be brought forwards to limit climate change. Production of petrol-fuelled cars peaked in 2017. ] ] Other hydrocarbon fossil fuels also burnt by deflagration (rather than detonation ) in ICE cars include diesel , autogas , and CNG . Removal of fossil fuel subsidies , ] ] concerns about oil dependence , tightening environmental laws and restrictions on greenhouse gas emissions are propelling work on alternative power systems for cars. This includes hybrid vehicles , plug-in electric vehicles and hydrogen vehicles . Out of all cars sold in 2021, nine per cent were electric, and by the end of that year there were more than 16 million electric cars on the world's roads. ] Despite rapid growth, less than two per cent of cars on the world's roads were fully electric and plug-in hybrid cars by the end of 2021. ] Cars for racing or speed records have sometimes employed jet or rocket engines, but these are impractical for common use."
"roads were fully electric and plug-in hybrid cars by the end of 2021. ] Cars for racing or speed records have sometimes employed jet or rocket engines, but these are impractical for common use. Oil consumption has increased rapidly in the 20th and 21st centuries because there are more cars; the 1980s oil glut even fuelled the sales of low-economy vehicles in OECD countries. The BRIC countries are adding to this consumption. As of 2023 ] few production cars use wheel hub motors . ] ] In almost all hybrid (even mild hybrid ) and pure electric cars regenerative braking recovers and returns to a battery some energy which would otherwise be wasted by friction brakes getting hot. ] Although all cars must have friction brakes (front disc brakes and either disc or drum rear brakes ] ) for emergency stops, regenerative braking improves efficiency, particularly in city driving. ] Cars are equipped with controls used for driving, passenger comfort, and safety, normally operated by a combination of the use of feet and hands, and occasionally by voice on 21st-century cars. These controls include a steering wheel , pedals for operating the brakes and controlling the car's speed (and, in a manual transmission car, a clutch pedal), a shift lever or stick for changing gears, and a number of buttons and dials for turning on lights, ventilation, and other functions. Modern cars' controls are now standardised, such as the location for the accelerator and brake, but this was not always the case. Controls are evolving in response to new technologies, for example, the electric car and the integration of mobile communications. Some of the original controls are no longer required. For example, all cars once had controls for the choke valve, clutch, ignition timing , and a crank instead of an electric starter . However, new controls have also been added to vehicles, making them more complex. These include air conditioning , navigation systems , and in-car entertainment . Another trend is the replacement of physical knobs and switches by secondary controls with touchscreen controls such as BMW 's iDrive and Ford 's MyFord Touch . Another change is that while early cars' pedals were physically linked to the brake mechanism and throttle, in the early 2020s, cars have increasingly replaced these physical linkages with electronic controls. Cars are typically equipped with interior lighting which can be toggled manually or be set to light up automatically with doors open, an entertainment system which originated from car radios , sideways windows which can be lowered or raised electrically (manually on earlier cars), and one or multiple auxiliary power outlets for supplying portable appliances such as mobile phones , portable fridges, power inverters , and electrical air pumps from the on-board electrical system. ] ] ] More costly upper-class and luxury cars are equipped with features earlier such as massage seats and collision avoidance systems . ] ] Dedicated automotive"
"from the on-board electrical system. ] ] ] More costly upper-class and luxury cars are equipped with features earlier such as massage seats and collision avoidance systems . ] ] Dedicated automotive fuses and circuit breakers prevent damage from electrical overload . Cars are typically fitted with multiple types of lights. These include headlights , which are used to illuminate the way ahead and make the car visible to other users, so that the vehicle can be used at night; in some jurisdictions, daytime running lights ; red brake lights to indicate when the brakes are applied; amber turn signal lights to indicate the turn intentions of the driver; white-coloured reverse lights to illuminate the area behind the car (and indicate that the driver will be or is reversing); and on some vehicles, additional lights (e.g., side marker lights) to increase the visibility of the car. Interior lights on the ceiling of the car are usually fitted for the driver and passengers. Some vehicles also have a boot light and, more rarely, an engine compartment light. During the late 20th and early 21st century, cars increased in weight due to batteries, ] modern steel safety cages, anti-lock brakes, airbags, and ""more-powerful—if more efficient—engines"" ] and, as of 2019 ] , typically weigh between 1 and 3 tonnes (1.1 and 3.3 short tons; 0.98 and 2.95 long tons). ] Heavier cars are safer for the driver from a crash perspective, but more dangerous for other vehicles and road users. ] The weight of a car influences fuel consumption and performance, with more weight resulting in increased fuel consumption and decreased performance. The Wuling Hongguang Mini EV , a typical city car , weighs about 700 kilograms (1,500 lb). Heavier cars include SUVs and extended-length SUVs like the Suburban . Cars have also become wider. ] Some places tax heavier cars more: ] as well as improving pedestrian safety this can encourage manufacturers to use materials such as recycled aluminium instead of steel. ] It has been suggested that one benefit of subsidising charging infrastructure is that cars can use lighter batteries. ] Most cars are designed to carry multiple occupants, often with four or five seats. Cars with five seats typically seat two passengers in the front and three in the rear. Full-size cars and large sport utility vehicles can often carry six, seven, or more occupants depending on the arrangement of the seats. On the other hand, sports cars are most often designed with only two seats. Utility vehicles like pickup trucks , combine seating with extra cargo or utility functionality. The differing needs for passenger capacity and their luggage or cargo space has resulted in the availability of a large variety of body styles to meet individual consumer requirements that include, among others, the sedanestate , coupe , and minivan . Traffic collisions are the largest cause of injury-related deaths worldwide. ] Mary Ward became one of the first documented car fatalities in 1869"
"others, the sedanestate , coupe , and minivan . Traffic collisions are the largest cause of injury-related deaths worldwide. ] Mary Ward became one of the first documented car fatalities in 1869 in Parsonstown , Ireland, ] and Henry Bliss one of the US's first pedestrian car casualties in 1899 in New York City. ] There are now standard tests for safety in new cars, such as the Euro and US NCAP tests, ] and insurance-industry-backed tests by the Insurance Institute for Highway Safety (IIHS). ] However, not all such tests consider the safety of people outside the car, such as drivers of other cars, pedestrians and cyclists. ] The costs of car usage, which may include the cost of: acquiring the vehicle, repairs and auto maintenance , fuel, depreciation , driving time, parking fees , taxes, and insurance, ] are weighed against the cost of the alternatives, and the value of the benefits—perceived and real—of vehicle usage. The benefits may include on-demand transportation, mobility, independence, and convenience, ] and emergency power . ] During the 1920s, cars had another benefit: ""ouples finally had a way to head off on unchaperoned dates, plus they had a private space to snuggle up close at the end of the night."" ]"
"A truck or lorry is a motor vehicle designed to transport freight , carry specialized payloads, or perform other utilitarian work. Trucks vary greatly in size, power, and configuration, but the vast majority feature body-on-frame construction, with a cabin that is independent of the payload portion of the vehicle. Smaller varieties may be mechanically similar to some automobiles . Commercial trucks can be very large and powerful and may be configured to be mounted with specialized equipment, such as in the case of refuse trucks , fire trucks , concrete mixers , and suction excavators . In American English, a commercial vehicle without a trailer or other articulation is formally a ""straight truck"" while one designed specifically to pull a trailer is not a truck but a "" tractor "". ] The majority of trucks currently in use are powered by diesel engines , although small- to medium-size trucks with gasoline engines exist in North America . Electrically powered trucks are more popular in China and Europe than elsewhere. ] In the European Union , vehicles with a gross combination mass of up to 3.5 t (3.4 long tons; 3.9 short tons) are defined as light commercial vehicles , and those over as large goods vehicles . Trucks and cars have a common ancestor: the steam-powered fardier Nicolas-Joseph Cugnot built in 1769. citation needed ] However, steam wagons were not common until the mid-19th century. The roads of the time, built for horse and carriages, limited these vehicles to very short hauls, usually from a factory to the nearest railway station. The first semi-trailer appeared in 1881, citation needed ] towed by a steam tractor manufactured by De Dion-Bouton . Steam-powered wagons were sold in France and the United States until the eve of World War I , and 1935 in the United Kingdom, when a change in road tax rules made them uneconomic against the new diesel lorries. In 1895, Karl Benz designed and built the first internal combustion truck. Later that year some of Benz's trucks were modified to become busses by Netphener . A year later, in 1896, another internal combustion engine truck was built by Gottlieb Daimler , the Daimler Motor Lastwagen . ] Other companies, such as Peugeot , Renault and Büssing , also built their own versions. The first truck in the United States was built by Autocar in 1899 and was available with 5 or 8 horsepower (4 or 6 kW) engines. ] Another early American truck was built by George Eldridge of Des Moines, Iowa, in 1903. It was powered by an engine with two opposed cylinders, and had a chain drive ] A 1903 Eldridge truck is displayed at the Iowa 80 Trucking Museum, Walcott, Iowa. Trucks of the era mostly used two-cylinder engines and had a carrying capacity of 1.5 to 2 t (3,300 to 4,400 lb). After World War I, several advances were made: electric starters , and 4, 6, and 8 cylinder engines. Although it had been invented in 1897, the diesel engine did not appear in production trucks until Benz introduced it in 1923. ] The"
"were made: electric starters , and 4, 6, and 8 cylinder engines. Although it had been invented in 1897, the diesel engine did not appear in production trucks until Benz introduced it in 1923. ] The diesel engine was not common in trucks in Europe until the 1930s. In the United States, Autocar introduced diesel engines for heavy applications in the mid-1930s. Demand was high enough that Autocar launched the ""DC"" model (diesel conventional) in 1939. However, it took much longer for diesel engines to be broadly accepted in the US: gasoline engines were still in use on heavy trucks in the 1970s. ] ] Electrically powered trucks predate internal combustion ones and have been continuously available since the mid-19th-century. In the 1920s Autocar Trucks was the first of the major truck manufacturers to offer a range of electric trucks for sale. ] Electric trucks were successful for urban delivery roles and as specialized work vehicles like forklifts and pushback tugs . The higher energy density of liquid fuels soon led to the decline of electric-powered trucks in favor of, first, gasoline, and then diesel and CNG-fueled engines until battery technology advanced in the 2000s when new chemistries and higher-volume production broadened the range of applicability of electric propulsion to trucks in many more roles. Today, manufacturers are electrifying all trucks ahead of national regulatory requirements, with long-range over-the-road trucks being the most challenging. ] ] Truck is used in American English , and is common in Canada , Australia , New Zealand , Pakistan and South Africa , while lorry is the equivalent in British English , and is the usual term in countries like Ireland , Malaysia , Singapore and India . original research? ] The first known usage of ""truck"" was in 1611 when it referred to the small strong wheels on ships' cannon carriages, and comes from ""Trokhos"" (Greek) = ""wheel"". In its extended usage, it came to refer to carts for carrying heavy loads, a meaning known since 1771. Its expanded application to ""motor-powered load carrier"" has been in usage since 1930, shortened from ""motor truck"", which dates back to 1901. ] ] ""Lorry"" has a more uncertain origin, but probably has its roots in the rail transport industry, where the word is known to have been used in 1838 to refer to a type of truck (a goods wagon as in British usage, not a bogie as in the American), specifically a large flat wagon. It might derive from the verb lurry (to carry or drag along, or to lug) which was in use as early as 1664, but that association is not definitive. ] The expanded meaning of lorry , ""self-propelled vehicle for carrying goods"", has been in usage since 1911. ] ] In the United States, Canada, and the Philippines, ""truck"" is usually reserved for commercial vehicles larger than regular passenger cars, but includes large SUVs, pickups, and other vehicles with an open load bed. In Australia, New Zealand and South Africa, the word ""truck"" is mostly reserved"
"larger than regular passenger cars, but includes large SUVs, pickups, and other vehicles with an open load bed. In Australia, New Zealand and South Africa, the word ""truck"" is mostly reserved for larger vehicles. In Australia and New Zealand, a pickup truck is frequently called a ute (short for ""utility"" vehicle), ] while in South Africa it is called a bakkie ( Afrikaans : ""small open container""). In the United Kingdom, India, Malaysia, Singapore, Ireland, and Hong Kong lorry is used instead of truck , but only for the medium and heavy types, while truck is used almost exclusively to refer to pickups . Often produced as variations of golf cars , with internal combustion or battery electric drive , these are used typically for off-highway use on estates, golf courses, and parks. While not suitable for highway use some variations may be licensed as slow speed vehicles for operation on streets, generally as a body variation of a neighborhood electric vehicle . A few manufactures produce specialized chassis for this type of vehicle, while Zap Motors markets a version of their Xebra electric tricycle (licensable in the U.S. as a motorcycle). Popular in Europe and Asia, many mini-trucks are factory redesigns of light automobiles, usually with monocoque bodies. Specialized designs with substantial frames such as the Italian Piaggio shown here are based upon Japanese designs (in this case by Daihatsu ) and are popular for use in ""old town"" sections of European cities that often have very narrow alleyways. Regardless of name, these small trucks serve a wide range of uses. In Japan, they are regulated under the Kei car laws, which allow vehicle owners a break in taxes for buying a smaller and less-powerful vehicle (currently, the engine is limited to 660 cc displacement). These vehicles are used as on-road utility vehicles in Japan. These Japanese-made mini-trucks that were manufactured for on-road use are competing with off-road ATVs in the United States, and import regulations require that these mini-trucks have a 25 mph (40 km/h) speed governor as they are classified as low-speed vehicles. ] These vehicles have found uses in construction, large campuses (government, university, and industrial), agriculture, cattle ranches, amusement parks, and replacements for golf carts. ] Major mini-truck manufacturers and their brands include: Daihatsu Hijet , Honda Acty , Tata Ace , Mazda Scrum , Mitsubishi Minicab , Subaru Sambar , and Suzuki Carry . Light trucks are car-sized (in the US, no more than 13,900 lb (6.3 t)) and are used by individuals and businesses alike. In the EU they may not weigh more than 3.5 t (7,700 lb) and are allowed to be driven with a driving licence for cars. Pickup trucks , called utes in Australia and New Zealand, are common in North America and some regions of Latin America, Asia, and Africa, but not so in Europe, where this size of commercial vehicle is most often made as vans. Medium trucks are larger than light but smaller than"
"and some regions of Latin America, Asia, and Africa, but not so in Europe, where this size of commercial vehicle is most often made as vans. Medium trucks are larger than light but smaller than heavy trucks. In the US, they are defined as weighing between 13,000 and 33,000 lb (5.9 and 15.0 t). For the UK and the EU the weight is between 3.5 and 7.5 t (7,700 and 16,500 lb). Local delivery and public service ( dump trucks , garbage trucks and fire-fighting trucks ) are normally around this size. Heavy trucks are the largest on-road trucks, Class 8 . These include vocational applications such as heavy dump trucks, concrete pump trucks, and refuse hauling, as well as ubiquitous long-haul 4x2 and 6×4 tractor units . ] Road damage and wear increase very rapidly with the axle weight. The number of steering axles and the suspension type also influence the amount of the road wear. In many countries with good roads a six-axle truck may have a maximum weight of 44 t (97,000 lb) or more. Off-road trucks include standard, extra heavy-duty highway-legal trucks, typically outfitted with off-road features such as a front driving axle and special tires for applications such as logging and construction, and purpose-built off-road vehicles unconstrained by weight limits, such as the Liebherr T 282B mining truck. Australia has complex regulations over weight and length, including axle spacing, type of axle/axle group, rear overhang, kingpin to rear of trailer, drawbar length, ground clearance, as well as height and width laws. These limits are some of the highest in the world, a B-double can weigh 62.5 t (61.5 long tons; 68.9 short tons) and be 25 m (82 ft) long, and road trains used in the outback can weigh 172 t (169.3 long tons; 189.6 short tons) and be 53.5 m (176 ft) long. ] ] The European Union also has complex regulations. The number and spacing of axles, steering, single or dual tires, and suspension type all affect maximum weights. Length of a truck, of a trailer, from axle to hitch point, kingpin to rear of trailer, and turning radius are all regulated. In additions, there are special rules for carrying containers, and countries can set their own rules for local traffic. ] The United States Federal Bridge Law deals with the relation between the gross weight of the truck, the number of axles, the weight on and the spacing between the axles that the truck can have on the Interstate highway system. ] Each State determines the maximum permissible vehicle , combination , and axle weight on state and local roads. Uniquely, the State of Michigan has a gross vehicle weight limit of 164,000 lb (74 t), which is twice the U.S. federal limit. ] ] ] A measure to change the law was defeated in the Michigan Senate in 2019. ] ] ] ] ] Almost all trucks share a common construction: they are made of a chassis , a cab , an area for placing cargo or equipment, axles , suspension and roadwheels , an engine and a drivetrain . Pneumatic , hydraulic , water , and electrical"
"they are made of a chassis , a cab , an area for placing cargo or equipment, axles , suspension and roadwheels , an engine and a drivetrain . Pneumatic , hydraulic , water , and electrical systems may also be present. Many also tow one or more trailers or semi-trailers. The ""cab"", or ""cabin"" is an enclosed space where the driver is seated. A "" sleeper "" is a compartment attached to or integral with the cab where the driver can rest while not driving, sometimes seen in semi-trailer trucks. There are several cab configurations: A further step from this is the side loading forklift that can be described as a specially fabricated vehicle with the same properties as a truck of this type, in addition to the ability to pick up its own load. Most small trucks such as sport utility vehicles (SUVs), vans or pickups , and even light medium-duty trucks in North America, China, and Russia use gasoline engines (petrol engines), but many diesel engined models are now being produced. Most of the heavier trucks use four-stroke diesel engines with a turbocharger and intercooler . Huge off-highway trucks use locomotive-type engines such as a V12 Detroit Diesel two stroke engine. A large proportion of refuse trucks in the United States employ CNG (compressed natural gas) engines for their low fuel cost and reduced carbon emissions. A significant proportion of North American manufactured trucks use an engine built by the last remaining major independent engine manufacturer ( Cummins ) but most global OEMs such as Volvo Trucks and Daimler AG promote their own ""captive"" engines. ] In the European Union, all new truck engines must comply with Euro VI emission regulations, ] and Euro 7 from the late 2020s has stricter exhaust limits and also limits air pollution from brakes and tires . ] As of 2019 ] several alternative technologies are competing to displace the use of diesel engines in heavy trucks. CNG engines are widely used in the US refuse industry and in concrete mixers, among other short-range vocations, but range limitations have prevented their broader uptake in freight hauling applications. Heavy electric trucks and hydrogen-powered trucks are new to the market in 2021, ] ] but major freight haulers are interested. ] ] Although cars will be first the phase-out of fossil fuel vehicles includes trucks. ] According to The Economist magazine ""Electric lorries will probably run on hydrogen, not batteries, which are too expensive."" ] Other researchers say that once faster chargers are available batteries will become competitive against diesel for all, except perhaps the heaviest, trucks. ] Small trucks use the same type of transmissions as almost all cars, having either an automatic transmission or a manual transmission with synchromesh (synchronizers). Bigger trucks often use manual transmissions without synchronizers, saving bulk and weight, although synchromesh transmissions are used in larger trucks as well. Transmissions without synchronizers, known as ""crash"
"use manual transmissions without synchronizers, saving bulk and weight, although synchromesh transmissions are used in larger trucks as well. Transmissions without synchronizers, known as ""crash boxes"", require double-clutching for each shift, (which can lead to repetitive motion injuries), or a technique known colloquially as ""floating"", a method of changing gears which does not use the clutch, except for starts and stops, due to the physical effort of double-clutching, especially with non-power-assisted clutches, faster shifts, and less clutch wear. Double-clutching allows the driver to control the engine and transmission revolutions to synchronize so that a smooth shift can be made; for example, when upshifting, the accelerator pedal is released and the clutch pedal is depressed while the gear lever is moved into neutral, the clutch pedal is then released and quickly pushed down again while the gear lever is moved to the next higher gear. Finally, the clutch pedal is released and the accelerator pedal pushed down to obtain the required engine speed. Although this is a relatively fast movement, perhaps a second or so while the transmission is in neutral, it allows the engine speed to drop and synchronize engine and transmission revolutions relative to the road speed. Downshifting is performed in a similar fashion, except the engine speed is now required to increase (while the transmission is in neutral) just the right amount in order to achieve the synchronization for a smooth, non-collision gear change. ""Skip changing"" is also widely used; in principle, the operation is the same as double-clutching, but it requires neutral be held slightly longer than a single-gear change. Common North American setups include 9, 10, 13, 15, and 18 speeds. Automatic and automated manual transmissions for heavy trucks are becoming more and more common, due to advances both in transmission and engine power. In Europe, 8, 10, 12, and 16 gears are common on larger trucks with a manual transmission, while conventional automatic or automated manual transmissions would have anything from 5 to 12 gears. Almost all heavy truck transmissions are of the ""range and split"" (double H shift pattern) type, where range change and so‑called half gears or splits are air operated and always preselected before the main gear selection. A truck frame consists of two parallel boxed (tubular) or C‑shaped rails, or beams, held together by crossmembers . These frames are referred to as ladder frames due to their resemblance to a ladder if tipped on end. The rails consist of a tall vertical section (two if boxed) and two shorter horizontal flanges. The height of the vertical section provides opposition to vertical flex when weight is applied to the top of the frame (beam resistance). Though typically flat the whole length on heavy-duty trucks, the rails may sometimes be tapered or arched for clearance around the engine or over the axles. The holes in rails are used either for mounting"
"typically flat the whole length on heavy-duty trucks, the rails may sometimes be tapered or arched for clearance around the engine or over the axles. The holes in rails are used either for mounting vehicle components and running wires and hoses or measuring and adjusting the orientation of the rails at the factory or repair shop. The frame is usually made of steel , but can be made (whole or in part) of aluminum for a lighter weight. A tow bar may be found attached at one or both ends, but heavy tractors almost always make use of a fifth wheel hitch. citation needed ] Box trucks have walls and a roof, making an enclosed load space. The rear has doors for unloading; a side door is sometimes fitted. ] Chassis cab trucks have a fully enclosed cab at the front, with bare chassis frame-rails behind, suitable for subsequent permanent attachment of a specialized payload, like a fire-truck or ambulance body. Concrete mixers have a rotating drum on an inclined axis, rotating in one direction to mix, and in the other to discharge the concrete down chutes. Because of the weight and power requirements of the drum body and rough construction sites, mixers have to be very heavy duty. ] ] Dual drive/Steer trucks are vehicles used to steer the rear of trailers . ] ] ] ] Dump trucks (""tippers"" in the UK) transport loose material such as sand, gravel, or dirt for construction. A typical dump truck has an open-box bed, which is hinged at the rear and lifts at the front, allowing the material in the bed to be unloaded (""dumped"") on the ground behind the truck. ] ] Flatbed trucks have an entirely flat, level platform body. This allows for quick and easy loading but has no protection for the load. Hanging or removable sides are sometimes fitted, ] often in the form of a stakebody . Refrigerator trucks have insulated panels as walls and a roof and floor, used for transporting fresh and frozen cargo such as ice cream, food, vegetables, and prescription drugs. They are mostly equipped with double-wing rear doors, but a side door is sometimes fitted. Refuse trucks have a specialized body for collecting and, often, compacting trash collected from municipal, commercial, and industrial sites. This application has the widest use of the cab-over configuration in North America, to provide better maneuverability in tight situations. They are also among the most severe-duty and highest GVWR trucks on public roads. Semi-tractors (""artics"" in the UK) have a fifth wheel for towing a semi-trailer instead of a body. Tank trucks (""tankers"" in the UK) are designed to carry liquids or gases . They usually have a cylindrical tank lying horizontally on the chassis. Many variants exist due to the wide variety of liquids and gases that can be transported. ] Wreckers (""recovery lorries"" in the UK) are used to recover andchassis lifts are becoming common on newer trucks. ] ] ] In many countries, driving a truck requires a special driving license. The requirements and limitations vary with"
"UK) are used to recover andchassis lifts are becoming common on newer trucks. ] ] ] In many countries, driving a truck requires a special driving license. The requirements and limitations vary with each different jurisdiction. In Australia, a truck driver 's license is required for any motor vehicle with a Gross Vehicle Mass (GVM) exceeding 4.5 t (4.4 long tons; 5.0 short tons). The motor vehicles classes are further expanded as: There is also a heavy vehicle transmission condition for a license class HC , HR , or MC test passed in a vehicle fitted with an automatic or synchromesh transmission; a driver's license will be restricted to vehicles of that class fitted with a synchromesh or automatic transmission. To have the condition removed, a person needs to pass a practical driving test in a vehicle with non-synchromesh transmission (constant mesh or crash box). ] Driving licensing has been harmonized throughout the European Union and the EEA (and practically all European non-member states), so that common rules apply within Europe (see European driving licence ). As an overview, to drive a vehicle weighing more than 7.5 t (7.4 long tons; 8.3 short tons) for commercial purposes requires a specialist license (the type varies depending on the use of the vehicle and number of seats). For licenses first acquired after 1997, that weight was reduced to 3.5 t (3.4 long tons; 3.9 short tons), not including trailers. citation needed ] Since 2013, the C1 license category allows driving vehicles over 3.5 and up to 7.5 tonnes. The C license category allows driving vehicles over 3.5 tonnes with a trailer up to 750 kg, and the CE category allows driving category C vehicles with a trailer over 750 kg. To drive any vehicle with a GVM exceeding 3.5 t (3.4 long tons; 3.9 short tons), a code C1 drivers license is required. Furthermore, if the vehicle exceeds 16 t (15.7 long tons; 17.6 short tons) a code C license becomes necessary. To drive any vehicle in South Africa towing a trailer with a GVM more than 7.5 t (7.4 long tons; 8.3 short tons), further restrictions apply and the driver must possess a license suitable for the GVM of the total combination as well as an articulated endorsement. This is indicated with the letter ""E"" prefixing the license code. In addition, any vehicle designed to carry goods or passengers may only be driven by a driver possessing a Public Driver's Permit, (or PrDP) of the applicable type. This is an additional license that is added to the DL card of the operator and subject to annual renewal unlike the five-year renewal period of a normal license. The requirements for obtaining the different classes are below. In the United States, a commercial driver's license is required to drive any type of commercial vehicle weighing 26,001 lb (11,794 kg) or more. ] The federal government regulates how many hours a driver may be on the clock, how much rest and sleep time is required (e.g., 11 hours driving8 days or 60 hours/7 days, 34 hours restart"
"or more. ] The federal government regulates how many hours a driver may be on the clock, how much rest and sleep time is required (e.g., 11 hours driving8 days or 60 hours/7 days, 34 hours restart ) ] Violations are often subject to significant penalties. Instruments to track each driver's hours must sometimes be fitted. In 2006, the US trucking industry employed 1.8 million drivers of heavy trucks. ] There is a shortage of willing trained long-distance truck drivers. ] Part of the reason for this is the economic fallout from deregulation of the trucking industry. Michael H. Belzer , associate professor , in the economics department at Wayne State University and co-author of Sweatshops on Wheels: Winners and Losers in Trucking Deregulation , argues that low pay, bad working conditions and unsafe conditions have been a direct result of deregulation. ] ] The book cites poor working conditions and an unfair pay system as responsible for high annual employee turnover in the industry. ] ] In 2018, in the US, 5,096 large trucks and buses were involved in fatal crashes: Like cars, trucks contribute to air, noise, and water pollution . ] Unlike cars, as of 2022 ] , most trucks run on diesel, and diesel exhaust is especially dangerous for health. ] Some countries outside the EU have different vehicle emission standards for trucks and cars. ] ] NOx and particulates emitted by trucks are very dangerous to health, ] ] causing thousands of early deaths annually in the US alone. ] As older trucks are usually the worst, ] many cities have banned 20th century trucks. ] Air pollution also threatens professional truck drivers. ] Over a quarter of global transport CO 2 emissions are from road freight, ] in 2021 over 1700 million tonnes from medium and heavy trucks, ] so many countries are further restricting truck CO 2 emissions to help limit climate change . ] Many environmental organizations favor laws and incentives to encourage the switch from road to rail, especially in Europe. ] Several countries have pledged that 30% of sales of trucks and buses will be zero emission by 2030. ] With respect to noise pollution , trucks emit considerably higher sound levels at all speeds compared to typical cars; this contrast is particularly strong with heavy-duty trucks. ] There are several aspects of truck operations that contribute to the overall sound that is emitted. Continuous sounds are those from tires rolling on the roadway and the constant hum of their diesel engines at highway speeds. Less frequent noises, but perhaps more noticeable, are things like the repeated sharp-pitched whistle of a turbocharger on acceleration, or the abrupt blare of an exhaust brake retarder when traversing a downgrade. There has been noise regulation put in place to help control where and when the use of engine braking retarders are allowed. citation needed ] A truck cab is a hazard control that protects the truck operator from hazardous airborne pollutants. citation needed ] As an"
"when the use of engine braking retarders are allowed. citation needed ] A truck cab is a hazard control that protects the truck operator from hazardous airborne pollutants. citation needed ] As an enclosure, it is an example of an engineering control . Enclosed operator cabs have been used on agriculture, mining, and construction vehicles for several decades. Most modern-day enclosed cabs have heating, ventilation, and air conditioning (HVAC) systems for primarily maintaining a comfortable temperature and providing breathable air for their occupants. Various levels of filtration can be incorporated into the HVAC system to remove airborne pollutants such as dusts , diesel particulate matter (DPM), and other aerosols . ] Two key elements of an effective environmental enclosure are a good filtration system and an enclosure with good integrity (sealed isolation from the outside environment). It is recommended that a filtration system filter out at least 95% or greater of airborne respirable aerosols from the intake airflow, with an additional recirculation filtering component for the inside air. Good enclosure integrity is also needed to achieve positive pressure to prevent wind-driven aerosol penetration into the enclosure , as well as to minimize air leakage around the filtration system. Test methods and mathematical modeling of environmental enclosures are also beneficial for quantifying and optimizing filtration system designs, as well as maintaining optimum protection factor performance for enclosure occupants. ] Commercial trucks in the US pay higher road use taxes on a state level than other road vehicles and are subject to extensive regulation. ] A few reasons commercial trucks pay higher road use taxes: they are bigger and heavier than most other vehicles, and cause more wear and tear per hour on roadways; and trucks and their drivers are on the road for more hours per day. Rules on use taxes differ among jurisdictions. The life of a pavement is measured by the number of passes of a vehicle axle. It may be evaluated using the Load Equivalency Factor, ] which states that the damage by the pass of a vehicle axle is proportional to the 4th power of the weight, so a ten-ton axle consumes 10,000 times the life of the pavement as a one-ton axle. For that reason, loaded trucks cost the same as thousands of cars in pavement costs, and are subject to higher taxes and highway tolls. ] ] In 2002 and 2004, there were over 5,000 fatalities related to trucking accidents in the United States. The trucking industry has since made significant efforts in increasing safety regulations. In 2008, the industry had successfully lowered the fatality rate to just over 4,000 deaths, but trucking accidents are still an issue that causes thousands of deaths and injuries each year. Approximately 6,000 trucking accident fatalities occur annually in the United States. Fatalities are not the only issue caused by trucking accidents. Here are some of the environmental"
"each year. Approximately 6,000 trucking accident fatalities occur annually in the United States. Fatalities are not the only issue caused by trucking accidents. Here are some of the environmental issues that arise with trucking accidents: Following increased pressure from The Times ""Cities Fit For Cycling"" campaign and from other media in Spring 2012, warning signs are now displayed on the backs of many heavy goods vehicles (HGV). These signs are directed against a common type of accident that oc"
"A motorcycle ( motorbike , bike , or, if three-wheeled, a trike ) is a two or three-wheeled motor vehicle steered by a handlebar from a saddle-style seat. ] ] ] Motorcycle designs vary greatly to suit a range of different purposes: long-distance travel, commuting , cruising , sport (including racing ), and off-road riding. Motorcycling is riding a motorcycle and being involved in other related social activities such as joining a motorcycle club and attending motorcycle rallies . The 1885 Daimler Reitwagen made by Gottlieb Daimler and Wilhelm Maybach in Germany was the first internal combustion, petroleum -fueled motorcycle. In 1894, Hildebrand & Wolfmüller became the first series production motorcycle. ] ] Globally, motorcycles are comparable numerically to cars as a method of transport: in 2021, approximately 58.6 million new motorcycles were sold around the world, ] while 66.7 million cars were sold over the same period. ] In 2022, the top four motorcycle producers by volume and type were Honda , Yamaha , Kawasaki , and Suzuki . ] In developing countries, motorcycles are considered utilitarian due to lower prices and greater fuel economy . Of all the motorcycles in the world, 58% are in the Asia-Pacific and Southern and Eastern Asia regions, excluding car-centric Japan. citation needed ] According to the US Department of Transportation , the number of fatalities per vehicle mile traveled was 37 times higher for motorcycles than for cars. ] The term motorcycle has different legal definitions depending on jurisdiction (see § Legal definitions and restrictions ). There are three major types of motorcycle: street, off-road, and dual purpose. Within these types, there are many sub-types of motorcycles for different purposes. There is often a racing counterpart to each type, such as road racing and street bikes, or motocross including dirt bikes. Street bikes include cruisers , sportbikes , scooters and mopeds , and many other types. Off-road motorcycles include many types designed for dirt-oriented racing classes such as motocross and are not street legal in most areas. Dual purpose machines like the dual-sport style are made to go off-road but include features to make them legal and comfortable on the street as well. Each configuration offers either specialised advantage or broad capability, and each design creates a different riding posture. In some countries the use of pillions (rear seats) is restricted. The first internal combustion , petroleum fueled motorcycle was the Daimler Reitwagen . It was designed and built by the German inventors Gottlieb Daimler and Wilhelm Maybach in Bad Cannstatt , Germany, in 1885. ] This vehicle was unlike either the safety bicycles or the boneshaker bicycles of the era in that it had zero degrees of steering axis angle and no fork offset , and thus did not use the principles of bicycle and motorcycle dynamics developed nearly 70 years earlier. Instead, it relied on two outrigger wheels to remain upright while"
"angle and no fork offset , and thus did not use the principles of bicycle and motorcycle dynamics developed nearly 70 years earlier. Instead, it relied on two outrigger wheels to remain upright while turning. ] The inventors called their invention the Reitwagen (""riding car""). It was designed as an expedient testbed for their new engine, rather than a true prototype vehicle. ] ] The first commercial design for a self-propelled cycle was a three-wheel design called the Butler Petrol Cycle, conceived of Edward Butler in England in 1884. ] He exhibited his plans for the vehicle at the Stanley Cycle Show in London in 1884. The vehicle was built by the Merryweather Fire Engine company in Greenwich , in 1888. ] The Butler Petrol Cycle was a three-wheeled vehicle, with the rear wheel directly driven by a .mw-parser-output .frac{white-space:nowrap}.mw-parser-output .frac .num,.mw-parser-output .frac .den{font-size:80%;line-height:0;vertical-align:super}.mw-parser-output .frac .den{vertical-align:sub}.mw-parser-output .sr-only{border:0;clip:rect(0,0,0,0);clip-path:polygon(0px 0px,0px 0px,0px 0px);height:1px;margin:-1px;overflow:hidden;padding:0;position:absolute;width:1px} 5 ⁄ 8 hp (0.47 kW), 40 cc (2.4 cu in) displacement, 2 + 1 ⁄ 4 in × 5 in (57 mm × 127 mm) bore × stroke, flat twin four-stroke engine (with magneto ignition replaced by coil and battery) equipped with rotary valves and a float-fed carburettor (five years before Maybach ) and Ackermann steering , all of which were state of the art at the time. Starting was by compressed air. The engine was liquid-cooled, with a radiator over the rear driving wheel. Speed was controlled by means of a throttle valve lever. No braking system was fitted; the vehicle was stopped by raising and lowering the rear driving wheel using a foot-operated lever; the weight of the machine was then borne by two small castor wheels. The driver was seated between the front wheels. It was not, however, a success, as Butler failed to find sufficient financial backing. ] Many authorities have excluded steam powered , electric motorcycles or diesel-powered two-wheelers from the definition of a 'motorcycle', and credit the Daimler Reitwagen as the world's first motorcycle. ] ] ] Given the rapid rise in use of electric motorcycles worldwide, ] defining only internal-combustion powered two-wheelers as 'motorcycles' is increasingly problematic. The first (petroleum fueled) internal-combustion motorcycles, like the German Reitwagen , were, however, also the first practical motorcycles. ] ] ] If a two-wheeled vehicle with steam propulsion is considered a motorcycle, then the first motorcycles built seem to be the French Michaux-Perreaux steam velocipede which patent application was filed in December 1868, ] ] constructed around the same time as the American Roper steam velocipede , built by Sylvester H. Roper of Roxbury, Massachusetts , ] ] who had been demonstrating his machine at fairs and circuses in the eastern U.S. since 1867."
"time as the American Roper steam velocipede , built by Sylvester H. Roper of Roxbury, Massachusetts , ] ] who had been demonstrating his machine at fairs and circuses in the eastern U.S. since 1867. ] Roper built about 10 steam cars and cycles from the 1860s until his death in 1896. ] In 1894, Hildebrand & Wolfmüller became the first series production motorcycle, and the first to be called a motorcycle ( .mw-parser-output .tfd-dated{font-size:85%}.mw-parser-output .tfd-default{border-bottom:1px solid var(--border-color-base,#a2a9b1);clear:both;text-align:center}.mw-parser-output .tfd-tiny{font-weight:bold}.mw-parser-output .tfd-inline{border:1px solid var(--border-color-base,#a2a9b1)}.mw-parser-output .tfd-sidebar{border-bottom:1px solid var(--border-color-base,#a2a9b1);text-align:center;position:relative}@media(min-width:640px){.mw-parser-output .tfd-sidebar{clear:right;float:right;width:22em}} ‹See Tfd› German : Motorrad ). ] ] ] ] Excelsior Motor Company , originally a bicycle manufacturing company based in Coventry , England , began production of their first motorcycle model in 1896. The first production motorcycle in the US was the Orient-Aster, built by Charles Metz in 1898 at his factory in Waltham, Massachusetts . In the early period of motorcycle history, many producers of bicycles adapted their designs to accommodate the new internal combustion engine. As the engines became more powerful and designs outgrew the bicycle origins, the number of motorcycle producers increased. Many of the nineteenth-century inventors who worked on early motorcycles often moved on to other inventions. Daimler and Roper, for example, both went on to develop automobiles. At the end of the 19th century the first major mass-production firms were set up. In 1898, Triumph Motorcycles in England began producing motorbikes, and by 1903 it was producing over 500 bikes. Other British firms were Royal Enfield , Norton , Douglas Motorcycles and Birmingham Small Arms Company who began motorbike production in 1899, 1902, 1907 and 1910, respectively. ] Indian began production in 1901 and Harley-Davidson was established two years later. By the outbreak of World War I, the largest motorcycle manufacturer in the world was Indian, ] ] producing over 20,000 bikes per year. ] During the First World War, motorbike production was greatly ramped up for the war effort to supply effective communications with front line troops. Messengers on horses were replaced with despatch riders on motorcycles carrying messages, performing reconnaissance and acting as a military police. American company Harley-Davidson was devoting over 50% of its factory output toward military contract by the end of the war. The British company Triumph Motorcycles sold more than 30,000 of its Triumph Type H model to allied forces during the war. With the rear wheel driven by a belt, the Model H was fitted with a 499 cc (30.5 cu in) air-cooled four-stroke single-cylinder engine. It was also the first Triumph"
"to allied forces during the war. With the rear wheel driven by a belt, the Model H was fitted with a 499 cc (30.5 cu in) air-cooled four-stroke single-cylinder engine. It was also the first Triumph without pedals . ] better source needed ] The Model H in particular, is regarded by many as having been the first ""modern motorcycle"". ] Introduced in 1915 it had a 550 cc side-valve four-stroke engine with a three-speed gearbox and belt transmission. It was so popular with its users that it was nicknamed the ""Trusty Triumph"". ] By 1920, Harley-Davidson was the largest manufacturer, ] with their motorcycles being sold by dealers in 67 countries. ] ] Amongst many British motorcycle manufacturers, Chater-Lea with its twin-cylinder models followed by its large singles in the 1920s stood out. Initially, using converted a Woodmann-designed ohv Blackburne engine it became the first 350 cc to exceed 100 mph (160 kmh) over the flying kilometre during April 1924. Later, Chater-Lea set a world record for the flying kilometre for 350 cc and 500 cc motorcycles at 102.9 mph (165.6 km/h) for the firm. Chater-Lea produced variants of these world-beating sports models and became popular among racers at the Isle of Man TT. Today, the firm is probably best remembered for its long-term contract to manufacture and supply AA Patrol motorcycles and sidecars. citation needed ] By the late 1920s or early 1930s, DKW in Germany took over as the largest manufacturer. ] ] ] In the 1950s, streamlining began to play an increasing part in the development of racing motorcycles and the ""dustbin fairing"" held out the possibility of radical changes to motorcycle design. NSU and Moto Guzzi were in the vanguard of this development, both producing very radical designs well ahead of their time. ] NSU produced the most advanced design, but after the deaths of four NSU riders in the 1954–1956 seasons, they abandoned further development and quit Grand Prix motorcycle racing . ] Moto Guzzi produced competitive race machines, and until the end of 1957 had a succession of victories. ] The following year, 1958, full enclosure fairings were banned from racing by the FIM in the light of the safety concerns. From the 1960s through the 1990s, small two-stroke motorcycles were popular worldwide, partly as a result of East German MZs Walter Kaaden's engine work in the 1950s. ] In the 21st century, the motorcycle industry is mainly dominated by Indian and Japanese motorcycle companies. In addition to the large capacity motorcycles, there is a large market in smaller capacity (less than 300 cc) motorcycles, mostly concentrated in Asian and African countries and produced in China and India. citation needed ] A Japanese example is the 1958 Honda Super Cub , which went on to become the biggest selling vehicle of all time, with its 60 millionth unit produced in April 2008. ] Today, this area is dominated by mostly Indian companies with Hero MotoCorp emerging as the world's largest manufacturer of two"
"of all time, with its 60 millionth unit produced in April 2008. ] Today, this area is dominated by mostly Indian companies with Hero MotoCorp emerging as the world's largest manufacturer of two wheelers. Its Splendor model has sold more than 8.5 million to date. ] Other major producers are Bajaj and TVS Motors . ] Motorcycle construction is the engineering, manufacturing, and assembly of components and systems for a motorcycle which results in the performance, cost, and aesthetics desired by the designer. With some exceptions, construction of modern mass-produced motorcycles has standardised on a steel or aluminium frame , telescopic forks holding the front wheel, and disc brakes . Some other body parts, designed for either aesthetic or performance reasons may be added. A petrol-powered engine typically consisting of between one and four cylinders (and less commonly, up to eight cylinders) coupled to a manual five- or six-speed sequential transmission drives the swingarm -mounted rear wheel by a chain , driveshaft , or belt . The repair can be done using a Motorcycle lift . Motorcycle fuel economy varies greatly with engine displacement and riding style. ] A streamlined, fully faired Matzu Matsuzawa Honda XL125 achieved 470 mpg ‑US (0.50 L/100 km; 560 mpg ‑imp ) in the Craig Vetter Fuel Economy Challenge ""on real highways – in real conditions"". ] Due to low engine displacements (100–200 cc (6.1–12.2 cu in)), and high power-to-mass ratios, motorcycles offer good fuel economy. Under conditions of fuel scarcity like 1950s Britain and modern developing nations, motorcycles claim large shares of the vehicle market. In the United States, the average motorcycle fuel economy is 44 miles per US gallon (19 km per liter). ] Very high fuel economy equivalents are often derived by electric motorcycles. Electric motorcycles are nearly silent, zero-emission electric motor-driven vehicles. Operating range and top speed are limited by battery technology. ] Fuel cells and petroleum-electric hybrids are also under development to extend the range and improve performance of the electric drive system. A 2013 survey of 4,424 readers of the US Consumer Reports magazine collected reliability data on 4,680 motorcycles purchased new from 2009 to 2012. ] The most common problem areas were accessories , brakes , electrical (including starters , charging , ignition ), and fuel systems , and the types of motorcycles with the greatest problems were touring, off-roaddual sport and sport touring bikes. ] Trouble with fuel systems is often the result of improper winter storage, and brake problems may also be due to poor maintenance. ] Of the five brands with enough data to draw conclusions, Honda, Kawasaki and Yamaha were statistically tied, with 11 to 14% of those bikes in the survey experiencing major repairs. ] Harley-Davidsons had a rate of 24%, while BMWs did worse, with 30% of those needing major repairs. ] There were not enough Triumph and Suzuki motorcycles surveyed for a"
"experiencing major repairs. ] Harley-Davidsons had a rate of 24%, while BMWs did worse, with 30% of those needing major repairs. ] There were not enough Triumph and Suzuki motorcycles surveyed for a statistically sound conclusion, though it appeared Suzukis were as reliable as the other three Japanese brands while Triumphs were comparable to Harley-Davidson and BMW. ] Three-fourths of the repairs in the survey cost less than US$200 and two-thirds of the motorcycles were repaired in less than two days. ] In spite of their relatively worse reliability in this survey, Harley-Davidson and BMW owners showed the greatest owner satisfaction, and three-fourths of them said they would buy the same bike again, followed by 72% of Honda owners and 60 to 63% of Kawasaki and Yamaha owners. ] Two-wheeled motorcycles stay upright while rolling due to a physical property known as conservation of angular momentum in the wheels. Angular momentum points along the axle, and it ""wants"" to stay pointing in that direction. Different types of motorcycles have different dynamics and these play a role in how a motorcycle performs in given conditions. For example, one with a longer wheelbase provides the feeling of more stability by responding less to disturbances. ] Motorcycle tyres have a large influence over handling. Motorcycles must be leaned in order to make turns. This lean is induced by the method known as countersteering , in which the rider momentarily steers the handlebars in the direction opposite of the desired turn. This practice is counterintuitive and therefore often confusing to novices – and even many experienced motorcyclists. ] ] ] With such short wheelbase , motorcycles can generate enough torque at the rear wheel, and enough stopping force at the front wheel, to lift the opposite wheel off the road. These actions, if performed on purpose, are known as wheelies and stoppies (or endos) respectively. Various features and accessories may be attached to a motorcycle either as OEM (factory-fitted) or aftermarket . Such accessories are selected by the owner to enhance the motorcycle's appearance, safety, performance, or comfort, and may include anything from mobile electronics to sidecars and trailers . Motorcycles have a higher rate of fatal accidents than automobiles or trucks and buses. United States Department of Transportation data for 2005 from the Fatality Analysis Reporting System show that for passenger cars, 18.62 fatal crashes occur per 100,000 registered vehicles. For motorcycles this figure is higher at 75.19 per 100,000 registered vehicles – four times higher than for cars. ] The same data shows that 1.56 fatalities occur per 100 million vehicle miles travelled for passenger cars, whereas for motorcycles the figure is 43.47 which is 28 times higher than for cars (37 times more deaths per mile travelled in 2007). ] Furthermore, for motorcycles the accident rates have increased significantly since the end of the 1990s, while the rates have"
"higher than for cars (37 times more deaths per mile travelled in 2007). ] Furthermore, for motorcycles the accident rates have increased significantly since the end of the 1990s, while the rates have dropped for passenger cars. The most common configuration of motorcycle accidents in the United States is when a motorist pulls out or turns in front of a motorcyclist, violating their right-of-way. ] This is sometimes called a SMIDSY , an acronym formed from the motorists' common response of ""Sorry mate, I didn't see you"". ] Motorcyclists can anticipate and avoid some of these crashes with proper training, increasing their visibility to other traffic, keeping to the speed limits, and not consuming alcohol or other drugs before riding. ] The United Kingdom has several organisations dedicated to improving motorcycle safety by providing advanced rider training beyond what is necessary to pass the basic motorcycle licence test. These include the Institute of Advanced Motorists (IAM) and the Royal Society for the Prevention of Accidents (RoSPA). Along with increased personal safety, riders with these advanced qualifications may benefit from reduced insurance costs ] In South Africa, the Think Bike campaign is dedicated to increasing both motorcycle safety and the awareness of motorcycles on the country's roads. The campaign, while strongest in the Gauteng province, has representation in Western Cape, KwaZulu Natal and the Free State. It has dozens of trained marshals available for various events such as cycle races and is deeply involved in numerous other projects such as the annual Motorcycle Toy Run. ] Motorcycle safety education is offered throughout the United States by organisations ranging from state agencies to non-profit organisations to corporations. Most states use the courses designed by the Motorcycle Safety Foundation (MSF), while Oregon and Idaho developed their own. All of the training programs include a Basic Rider Course, an Intermediate Rider Course and an Advanced Rider Course. In Ireland , since 2010, ] in the UK and some Australian jurisdictions, such as Victoria , New South Wales , ] the Australian Capital Territory , ] Tasmania ] and the Northern Territory , ] it is compulsory to complete a basic rider training course before being issued a Learners Licence, after which they can ride on public roads. In Canada, motorcycle rider training is compulsory in Quebec and Manitoba only, but all provinces and territories have graduated licence programs which place restrictions on new drivers until they have gained experience. Eligibility for a full motorcycle licence or endorsement for completing a Motorcycle Safety course varies by province. Without the Motorcycle Safety Course the chance of getting insurance for the motorcycle is very low. The Canada Safety Council , a non-profit safety organisation, offers the Gearing Up program across Canada and is endorsed by the Motorcycle and Moped Industry Council. ] Training course graduates may"
"The Canada Safety Council , a non-profit safety organisation, offers the Gearing Up program across Canada and is endorsed by the Motorcycle and Moped Industry Council. ] Training course graduates may qualify for reduced insurance premiums. Motorcyclists and motor scooter riders are also exposed to an increased risk of suffering hearing damage such as hearing loss and tinnitus (ringing ears). ] ] The noise is caused by wind noise while riding, rolling noise from the tyres and the engine itself. ] The helmet only provides insufficient protection against high sound pressure levels. ] Medicine (as of 2024) is not able to cure hearing damage. Wearing hearing protection, such as special earplugs for motorcyclists, can help prevent hearing damage. The motorcyclist's riding position depends on rider body-geometry ( anthropometry ) combined with the geometry of the motorcycle itself. These factors create a set of three basic postures. ] Factors of a motorcycle's ergonomic geometry that determine the seating posture include the height, angle and location of footpegs, seat and handlebars. Factors in a rider's physical geometry that contribute to seating posture include torso, arm, thigh and leg length, and overall rider height. A motorcycle is broadly defined by law in most countries for the purposes of registration, taxation and rider licensing as a powered two-wheel motor vehicle. Most countries distinguish between mopeds of 49 cc and the more powerful, larger vehicles, including scooter type motorcycles. ] Many jurisdictions include some forms of three-wheeled cars as motorcycles. In Nigeria , motorcycles, popularly referred to as Okada have been subject of many controversies with regards to safety and security followed by restriction of movement in many states. In 2020, it was banned in Lagos , Nigeria's most populous city. ] ] Motorcycles and scooters' low fuel consumption has attracted interest in the United States from environmentalists and those affected by increased fuel prices. ] ] Piaggio Group Americas supported this interest with the launch of a ""Vespanomics"" website and platform, claiming lower per-mile carbon emissions of 0.4 lbkm) less than the average car, a 65% reduction, and better fuel economy. ] However, a motorcycle's exhaust emissions may contain 10–20 times more oxides of nitrogen (NOx) , carbon monoxide , and unburned hydrocarbons than exhaust from a similar-year passenger car or SUV. ] ] This is because many motorcycles lack a catalytic converter , and the emission standard is much more permissive for motorcycles than for other vehicles. ] While catalytic converters have been installed in most gasoline-powered cars and trucks since 1975 in the United States, they can present fitment and heat difficulties in motorcycle applications. ] better source needed ] United States Environmental Protection Agency 2007 certification result reports for all vehicles versus on highway motorcycles (which also includes scooters), ] the average"
"] better source needed ] United States Environmental Protection Agency 2007 certification result reports for all vehicles versus on highway motorcycles (which also includes scooters), ] the average certified emissions level for 12,327 vehicles tested was 0.734. The average ""Nox+Co End-Of-Useful-Life-Emissions"" for 3,863 motorcycles tested was 0.8531. 54% of the tested 2007-model motorcycles were equipped with a catalytic converter. The following table shows maximum acceptable legal emissions of the combination of hydrocarbons, oxides of nitrogen, and carbon monoxide for new motorcycles sold in the United States with 280 cc or greater piston displacement . ] The maximum acceptable legal emissions of hydrocarbon and carbon monoxide for new Class I and II motorcycles (50 cc–169 cc and 170 cc–279 cc respectively) sold in the United States are as follows: ] European emission standards for motorcycles are similar to those for cars. ] New motorcycles must meet Euro 5 standards, ] while cars must meet Euro 6D-temp standards. Motorcycle emission controls are being updated and it has been proposed to update to Euro 5+ in 2024. ] According to the National Environmental Status Report 2016 and recent air quality reports, emissions from motor vehicles have been identified as the main cause of environmental pollution . ] ] Among them, with over 68 million vehicles in operation nationwide (statistics from the Ministry of Transport, 2021), motorcycles are the largest source of pollutant emissions. ] ] ] In Hanoi , there are over 6 million motorcycles, of which nearly 3 million were manufactured before 2000. ] ] ] In Ho Chi Minh City , there are about 7.8 million motorcycles, of which 67.89% are over 10 years old. ] ] Air quality index (AQI) in urban centers often spikes during peak traffic times, such as rush hour in the morning and evening. ] ] ] A study by the Institute of Environment and Resources, Vietnam National University, Ho Chi Minh City , found that motorcycles account for about 29% of NO emissions, 90% of CO emissions, 65.4% of NMVOC emissions, 37.7% of particulate matter emissions, and 31% of fine particulate matter emissions. ] ] ] Traffic emissions account for 50% of total emissions in Ho Chi Minh City . ] While the world is moving towards Euro 6 emission standards, most cars in Vietnam meet Euro 4 or Euro 5 standards. However, motorcycles still meet Euro 2 or Euro 3 standards, which were implemented over 25 years ago. ]"
"A traffic collision , also known as a motor vehicle collision , or car crash , occurs when a vehicle collides with another vehicle, pedestrian , animal , road debris , or other moving or stationary obstruction, such as a tree, pole or building. Traffic collisions often result in injury , disability , death , and property damage as well as financial costs to both society and the individuals involved. Road transport is statistically the most dangerous situation people deal with on a daily basis, but casualty figures from such incidents attract less media attention than other, less frequent types of tragedy. ] The commonly used term car accident is increasingly falling out of favor with many government departments and organizations, with the Associated Press style guide recommending caution before using the term. ] Some collisions are intentional vehicle-ramming attacks , staged crashes , vehicular homicide or vehicular suicide . Several factors contribute to the risk of collisions, including vehicle design , speed of operation, road design , weather , road environment, driving skills, impairment due to alcohol or drugs , and behavior, notably aggressive driving , distracted driving, speeding and street racing . In 2013, 54 million people worldwide sustained injuries from traffic collisions. ] This resulted in 1.4 million deaths in 2013, up from 1.1 million deaths in 1990. ] About 68,000 of these occurred with children less than five years old. ] Almost all high-income countries have decreasing death rates, while the majority of low-income countries have increasing death rates due to traffic collisions. Middle-income countries have the highest rate with 20 deaths per 100,000 inhabitants , accounting for 80% of all road fatalities with 52% of all vehicles. While the death rate in Africa is the highest (24.1 per 100,000 inhabitants), the lowest rate is to be found in Europe (10.3 per 100,000 inhabitants). ] Traffic collisions can be classified by general types. Types of collision include head-on , road departure , rear-end , side collisions , and rollovers . Many different terms are commonly used to describe vehicle collisions. The World Health Organization uses the term road traffic injury , ] while the U.S. Census Bureau uses the term motor vehicle accidents ( MVA ), ] and Transport Canada uses the term ""motor vehicle traffic collision"" (MVTC). ] Other common terms include auto accident , car accident , car crash , car smash , car wreck , motor vehicle collision ( MVC ), personal injury collision ( PIC ), road accident , road traffic accident ( RTA ), road traffic collision ( RTC ), and road traffic incident ( RTI ) as well as more unofficial terms including smash-up , pile-up , and fender bender . Many organizations, companies and government agencies have begun to avoid the term accident , instead preferring terms such as collision , crash or incident . ] ] This is because the term accident may imply that there is no one to blame or that the"
"have begun to avoid the term accident , instead preferring terms such as collision , crash or incident . ] ] This is because the term accident may imply that there is no one to blame or that the collision was unavoidable, whereas most traffic collisions are the result of driving under the influence , excessive speed , distractions such as mobile phones , other risky behavior, poor road design, or other preventable factors. ] ] ] ] In 1997, George L. Reagle, the Associate Administrator for Motor Carriers of the Federal Motor Carrier Safety Administration wrote a letter stating that ""A crash is not an accident"", emphasizing that the Department's Research and Special Programs Administration, the Federal Highway Administration , and the National Highway Traffic Safety Administration had all declared that ""accident"" should be avoided in their published writings and media communications. ] In 2016, the Associated Press updated its style guide to recommend that journalists use ""crash, collision, or other terms"" rather than ""accident"" unless culpability is proven. The AP also recommends avoiding ""accident"" when negligence is proven or claimed because the term ""can be read as exonerating the person responsible."" ] In 2021, the American Automobile Association (AAA) passed a resolution to replace ""car accident"" with ""car crash"" in their vocabulary. ] In 2022, the traffic management company INRIX announced that ""accident"" would be removed from their lexicon. ] The Maryland Department of Transportation 's Highway Safety Office emphasizes that ""crashes are no accident"", saying that ""Using the word accident suggests that an incident was unavoidable, but many roadway crashes can be attributed to human error."" ] The Michigan Department of Transportation states that ""accident"" should be dropped in favor of ""crash"", saying that ""Traffic crashes are fixable problems, caused by inattentive drivers and driver behavior. They are NOT accidents."" ] In line with their Vision Zero commitments, the Portland Bureau of Transportation recommends using ""crash"" rather than ""accident"". ] On the contrary, some have criticized the use of terminology other than accident for holding back safety improvements, based on the idea that such terms perpetuate a culture of blame that may discourage the involved parties from fully disclosing the facts, and thus frustrate attempts to address the real root causes . ] Some traffic collisions are caused intentionally by a driver. For example, a collision may be caused by a driver who intends to commit vehicular suicide . ] Collisions may also be intentionally caused by people who hope to make an insurance claim against the other driver or may be staged for such purposes as insurance fraud. ] ] Motor vehicles may also be involved in collisions as part of a deliberate effort to hurt other people, such as in a vehicle-ramming attack ] or vehicular homicide . ] A number of physical injuries can commonly result from the blunt force trauma caused by a"
"of a deliberate effort to hurt other people, such as in a vehicle-ramming attack ] or vehicular homicide . ] A number of physical injuries can commonly result from the blunt force trauma caused by a collision, ranging from bruising and contusions to catastrophic physical injury (e.g., paralysis), traumatic or non-traumatic cardiac arrest and death. The CDC estimates that roughly 100 people die in motor vehicle crashes each day in the United States. ] Following collisions, long-lasting psychological trauma may occur. ] These issues may make those who have been in a crash afraid to drive again. In some cases, psychological trauma may affect individuals' lives, causing difficulty going to work, attending school, or performing family responsibilities. ] Road incidents are caused by a large number of human factors such as failing to act according to weather conditions, road design, signage, speed limits, lighting conditions, pavement markings, and roadway obstacles. ] A 1985 study by K. Rumar, using British and American crash reports as data, suggested 57% of crashes were due solely to driver factors, 27% to the combined roadway and driver factors, 6% to the combined vehicle and driver factors, 3% solely to roadway factors, 3% to combined roadway, driver, and vehicle factors, 2% solely to vehicle factors, and 1% to combined roadway and vehicle factors. ] Reducing the severity of injury in crashes is more important than reducing incidence and ranking incidence by broad categories of causes is misleading regarding severe injury reduction. Vehicle and road modifications are generally more effective than behavioral change efforts with the exception of certain laws such as required use of seat belts, motorcycle helmets, and graduated licensing of teenagers. ] Human factors in vehicle collisions include anything related to drivers and other road users that may contribute to a collision. Examples include driver behavior, visual and auditory acuity, decision-making ability, and reaction speed. A 1985 report based on British and American crash data found driver error, intoxication , and other human factors contribute wholly or partly to about 93% of crashes. ] A 2019 report from the U.S. National Highway Traffic Safety Administration found that leading contributing factors for fatal crashes included driving too fast for conditions or in excess of the speed limit, operating under the influence, failure to yield right of way, failure to keep within the proper lane, operating a vehicle in a careless manner, and distracted driving. ] Drivers distracted by mobile devices had nearly four times greater risk of crashing their cars than those who were not. Research from the Virginia Tech Transportation Institute has found that drivers who are texting while driving are 23 times more likely to be involved in a crash as non-texting drivers. ] Dialing a phone is the most dangerous distraction, increasing a drivers' chance of crashing by 12 times, followed by reading or"
"times more likely to be involved in a crash as non-texting drivers. ] Dialing a phone is the most dangerous distraction, increasing a drivers' chance of crashing by 12 times, followed by reading or writing, which increased the risk by ten times. ] An RAC survey of British drivers found 78% of drivers thought they were highly skilled at driving, and most thought they were better than other drivers, a result suggesting overconfidence in their abilities. Nearly all drivers who had been in a crash did not believe themselves to be at fault. ] One survey of drivers reported that they thought the key elements of good driving were: ] Although proficiency in these skills is taught and tested as part of the driving exam, a ""good"" driver can still be at a high risk of crashing because: the feeling of being confident in more and more challenging situations is experienced as evidence of driving ability, and that 'proven' ability reinforces the feelings of confidence. Confidence feeds itself and grows unchecked until something happens – a near-miss or an accident. ] An Axa survey concluded Irish drivers are very safety-conscious relative to other European drivers. This does not translate to significantly lower crash rates in Ireland. ] Accompanying changes to road designs have been wide-scale adoptions of rules of the road alongside law enforcement policies that included drink-driving laws, setting of speed limits, and speed enforcement systems such as speed cameras . Some countries' driving tests have been expanded to test a new driver's behavior during emergencies, and their hazard perception. There are demographic differences in crash rates. For example, although young people tend to have good reaction times, disproportionately more young male drivers feature in collisions, ] with researchers observing that many exhibit behaviors and attitudes to risk that can place them in more hazardous situations than other road users. ] This is reflected by actuaries when they set insurance rates for different age groups, partly based on their age, sex, and choice of vehicle. Older drivers with slower reactions might be expected to be involved in more collisions, but this has not been the case as they tend to drive less and, apparently, more cautiously. ] Attempts to impose traffic policies can be complicated by local circumstances and driver behavior. In 1969 Leeming warned that there is a balance to be struck when ""improving"" the safety of a road. ] Conversely, a location that does not look dangerous may have a high crash frequency. This is, in part, because if drivers perceive a location as hazardous, they take more care. Collisions may be more likely to happen when hazardous road or traffic conditions are not obvious at a glance, or where the conditions are too complicated for the limited human machine to perceive and react in the time and distance available. High incidence of crashes is not indicative of high injury risk. Crashes are common in areas of high"
"for the limited human machine to perceive and react in the time and distance available. High incidence of crashes is not indicative of high injury risk. Crashes are common in areas of high vehicle congestion, but fatal crashes occur disproportionately on rural roads at night when traffic is relatively light. This phenomenon has been observed in risk compensation research, where the predicted reductions in collision rates have not occurred after legislative or technical changes. One study observed that the introduction of improved brakes resulted in more aggressive driving, ] and another argued that compulsory seat belt laws have not been accompanied by a clearly attributed fall in overall fatalities. ] Most claims of risk compensation offsetting the effects of vehicle regulation and belt use laws have been discredited by research using more refined data. ] In the 1990s, Hans Monderman 's studies of driver behavior led him to the realization that signs and regulations had an adverse effect on a driver's ability to interact safely with other road users. Monderman developed shared space principles, rooted in the principles of the woonerven of the 1970s. He concluded that the removal of highway clutter, while allowing drivers and other road users to mingle with equal priority, could help drivers recognize environmental clues. They relied on their cognitive skills alone, reducing traffic speeds radically and resulting in lower levels of road casualties and lower levels of congestion. ] Some crashes are intended; staged crashes , for example, involve at least one party who hopes to crash a vehicle in order to submit lucrative claims to an insurance company. ] In the United States during the 1990s, criminals recruited Latin American immigrants to deliberately crash cars, usually by cutting in front of another car and slamming on the brakes. It was an illegal and risky job, and they were typically paid only $100. Jose Luis Lopez Perez, a staged crash driver, died after one such maneuver, leading to an investigation that uncovered the increasing frequency of this type of crash. ] The U.S. Department of Transportation's Federal Highway Administration reviewed research on traffic speed in 1998. ] The summary says: In the U.S. in 2018, 9,378 people were killed in motor vehicle crashes involving at least one speeding driver, which accounted for 26% of all traffic-related deaths for the year. ] In Michigan in 2019, excessive speed was a factor in 18.8% of the fatalities that resulted from fatal motor vehicle crashes and in 15.6% of the suspected serious injuries resulting from crashes. ] The Road and Traffic Authority (RTA) of the Australian state of New South Wales (NSW) asserts speeding (traveling too fast for the prevailing conditions or above the posted speed limit ] ) is a factor in about 40 percent of road deaths. ] The RTA also says speeding increases the risk of a crash and its severity. ] On another web page, the RTA qualifies its claims by referring"
"limit ] ) is a factor in about 40 percent of road deaths. ] The RTA also says speeding increases the risk of a crash and its severity. ] On another web page, the RTA qualifies its claims by referring to one specific piece of research from 1997, and writes ""Research has shown that the risk of a crash causing death or injury increases rapidly, even with small increases above an appropriately set speed limit."" ] The contributory factor report in the official British road casualty statistics shows for 2006, that ""exceeding the speed limit"" was a contributory factor in 5% of all casualty crashes (14% of all fatal crashes), and ""traveling too fast for conditions"" was a contributory factor in 11% of all casualty crashes (18% of all fatal crashes). ] In France, in 2018, the speed limit was reduced from 90 kmh on a large part of the local outside built-up area road network in the sole aim of reducing the number of road fatalities. A common cause of collisions is driving faster than one can stop within their field of vision . ] Such practice is illegal ] ] and is particularly responsible for an increase in fatalities at night – when it occurs most. ] ] Driver impairment describes factors that prevent the driver from driving at their normal level of skill. Common impairments include: Females in this age group exhibit somewhat lower collision and fatality rates than males but still register well above the median for drivers of all ages. citation needed ] Also within this group, the highest collision incidence rate occurs within the first year of licensed driving. For this reason, many US states have enacted a zero-tolerance policy wherein receiving a moving violation within the first six months to one year of obtaining a license results in automatic license suspension. South Dakota is the only state that allows fourteen-year-olds to obtain drivers' licenses. Various factors such as fatigue or sleep deprivation might increase the risk, or the number of hours of driving might increase the risk of an incident. ] 41% of drivers self-report having fallen asleep at the wheel. ] : 41 It is estimated that 15% of fatal crashes involve drowsiness (10% of daytime crashes, and 24% of nighttime crashes). Work factors can increase the risk of drowsy driving such as long or irregular hours or driving at night. ] Cell phone use is an increasingly significant problem on the roads and the U.S. National Safety Council compiled more than 30 studies postulating that hands-free is not a safer option because the brain remains distracted by the conversation and cannot focus solely on the task of driving. ] Several conditions can combine to create a more dangerous situation, for example, low doses of alcohol and cannabis have a more severe effect on driving performance than either in isolation. ] Taking recommended doses of several drugs together, which individually do not cause impairment, may cause drowsiness. This could be more pronounced in an elderly person whose renal"
"in isolation. ] Taking recommended doses of several drugs together, which individually do not cause impairment, may cause drowsiness. This could be more pronounced in an elderly person whose renal function is less efficient than a younger person's. ] A 1985 US study showed that about 34% of serious crashes had contributing factors related to the roadway or its environment. Most of these crashes also involved a human factor. ] The road or environmental factor was either noted as making a significant contribution to the circumstances of the crash or did not allow room to recover. In these circumstances, it is frequently the driver who is blamed rather than the road; those reporting the collisions have a tendency to overlook the human factors involved, such as the subtleties of design and maintenance that a driver could fail to observe or inadequately compensate for. ] Research has shown that careful design and maintenance, with well-designed intersections, road surfaces, visibility and traffic control devices, can result in significant improvements in collision rates. Individual roads also have widely differing performance in the event of an impact. In Europe, there are now EuroRAP tests that indicate how ""self-explaining"" and forgiving a particular road and its roadside would be in the event of a major incident. In the UK, research has shown that investment in a safe road infrastructure program could yield a .mw-parser-output .frac{white-space:nowrap}.mw-parser-output .frac .num,.mw-parser-output .frac .den{font-size:80%;line-height:0;vertical-align:super}.mw-parser-output .frac .den{vertical-align:sub}.mw-parser-output .sr-only{border:0;clip:rect(0,0,0,0);clip-path:polygon(0px 0px,0px 0px,0px 0px);height:1px;margin:-1px;overflow:hidden;padding:0;position:absolute;width:1px} 1 ⁄ 3 reduction in road deaths, saving as much as £6 billion per year. ] A consortium of 13 major road safety stakeholders has formed the Campaign for Safe Road Design , which is calling on the UK Government to make safe road design a national transport priority. Research has shown that, across all collision types, it is less likely that seat belts were worn in collisions involving death or serious injury, rather than light injury; wearing a seat belt reduces the risk of death by about 45 percent. ] Seat belt use is controversial, with notable critics such as Professor John Adams suggesting that their use may lead to a net increase in road casualties due to a phenomenon known as risk compensation . ] Observation of driver behaviors before and after seat belt laws does not support the risk compensation hypothesis. Several driving behaviors were observed on the road before and after the belt use law was enforced in Newfoundland, and in Nova Scotia during the same period without a law. Belt use increased from 16 percent to 77 percent in Newfoundland and remained virtually unchanged in Nova Scotia. Four driver behaviors (speed, stopping at intersections when the control light was"
"Belt use increased from 16 percent to 77 percent in Newfoundland and remained virtually unchanged in Nova Scotia. Four driver behaviors (speed, stopping at intersections when the control light was amber, turning left in front of oncoming traffic, and gaps in following distance) were measured at various sites before and after the law. Changes in these behaviors in Newfoundland were similar to those in Nova Scotia, except that drivers in Newfoundland drove slower on expressways after the law, contrary to the risk compensation theory. ] A well-designed and well-maintained vehicle, with good brakes, tires and well-adjusted suspension will be more controllable in an emergency and thus be better equipped to avoid collisions. Some mandatory vehicle inspection schemes include tests for some aspects of roadworthiness , such as the UK's MOT test or German TÜV conformance inspection. The design of vehicles has also evolved to improve protection after collision, both for vehicle occupants and for those outside of the vehicle. Much of this work was led by automotive industry competition and technological innovation, leading to measures such as Saab 's safety cage and reinforced roof pillars of 1946, Ford's 1956 Lifeguard safety package, and Saab and Volvo 's introduction of standard fit seatbelts in 1959. Other initiatives were accelerated as a reaction to consumer pressure, after publications such as Ralph Nader 's 1965 book Unsafe at Any Speed accused motor manufacturers of indifference to safety. In the early 1970s, British Leyland started an intensive program of vehicle safety research, producing a number of prototype experimental safety vehicles demonstrating various innovations for occupant and pedestrian protection such as airbags , anti-lock brakes , impact-absorbing side-panels, front and rear head restraints, run-flat tires, smooth and deformable front-ends, impact-absorbing bumpers, and retractable headlamps. ] The design has also been influenced by government legislation, such as the Euro NCAP impact test . Common features designed to improve safety include thicker pillars, safety glass, interiors with no sharp edges, stronger bodies , other active or passive safety features, and smooth exteriors to reduce the consequences of an impact on pedestrians. The UK Department for Transport publish road casualty statistics for each type of collision and vehicle through its Road Casualties Great Britain report. ] These statistics show a ten-to-one ratio of in-vehicle fatalities between types of cars. In most cars, occupants have a 2–8% chance of death in a two-car collision. Some crash types tend to have more serious consequences. Rollovers have become more common in recent years, perhaps due to the increased popularity of taller SUVs , people carriers , and minivans , which have a higher center of gravity than standard passenger cars. Rollovers can be fatal, especially if the occupants are ejected because they were not wearing seat belts (83% of"
", and minivans , which have a higher center of gravity than standard passenger cars. Rollovers can be fatal, especially if the occupants are ejected because they were not wearing seat belts (83% of ejections during rollovers were fatal when the driver did not wear a seat belt, compared to 25% when they did). ] After a first-generation Mercedes-Benz A-Class notoriously failed a ' moose test ' (sudden swerving to avoid an obstacle) in 1997, some manufacturers enhanced suspension using stability control linked to an anti-lock braking system to reduce the likelihood of rollover. citation needed ] After retrofitting these systems to its models in 1999–2000, Mercedes saw its models involved in fewer crashes. ] Now, about 40% of new US vehicles, mainly the SUVs, vans and pickup trucks that are more susceptible to rollover, are being produced with a lower center of gravity and enhanced suspension with stability control linked to its anti-lock braking system to reduce the risk of rollover and meet US federal requirements that mandate anti-rollover technology by September 2011. ] Motorcyclists and pillion-riders have little protection other than their clothing and helmets. ] This difference is reflected in the casualty statistics, where they are more than twice as likely to suffer severely after a collision. In 2005, there were 198,735 road crashes with 271,017 reported casualties on roads in Great Britain. This included 3,201 deaths (1.1%) and 28,954 serious injuries (10.7%) overall. Of these casualties 178,302 (66%) were car users and 24,824 (9%) were motorcyclists, of whom 569 were killed (2.3%) and 5,939 seriously injured (24%). ] Studies in United States have shown that poor people have a greater risk of dying in a car crash than people who are well-off. ] Car deaths are also higher in poorer states. ] Similar studies in France or Israel have shown the same results. ] ] ] This may be due to working-class people having less access to secure equipment in cars, having older cars which are less protected against crash, and needing to cover more distance to go to work each day. While the advent of the COVID lockdown meant a decrease in road traffic in the United States, the rates of incidents, speeding, and traffic fatalities rose in 2020 and 2021 (rate as measured against vehicle miles traveled). ] The traffic fatality rate jumped to 1.25 per 100 million vehicle miles traveled, up from 1.06 during the same period in 2019. Reasons cited for the increases are greater speeds, not wearing seatbelts, and driving while impaired. ] In their preliminary report covering the first six months of 2021, the US nonprofit public safety advocacy group, the National Safety Council (NSC) estimated of total motor-vehicle deaths for the first six months of 2021 were 21,450, up 16% from 2020 and up 17% from 18,384 in 2019. The estimated mileage death rate in 2021 was 1.43 deaths per 100 million vehicle miles traveled, up 3% from 1.39 in 2020 and up 24% from 1.15 in 2019. ]"
"16% from 2020 and up 17% from 18,384 in 2019. The estimated mileage death rate in 2021 was 1.43 deaths per 100 million vehicle miles traveled, up 3% from 1.39 in 2020 and up 24% from 1.15 in 2019. ] Preliminary data also show that even as traffic levels returned to normal after the onset of COVID in March–April 2020, drivers continued to drive at excessive speeds. ] A 2020 study conducted by INRIX, private company that analyzes traffic patters, behaviors and congestion, showed that as traffic levels returned to normal during the three-month period August to October 2020, growth in collisions (57%), outpaced the growth in miles traveled (22%) resulting in a higher than normal collision rate during this period. ] In France, the Ministry of Interior reported that traffic incidents, crash-related injuries, and fatalities dropped in 2020 compared with 2019. Fatalities dropped 21.4%, injuries dropped 20.9%, and incidents overall dropped 20%. ] It also reported that the number of vehicles on the road dropped by 75%, which suggests the rate (incidents per vehicle-mile) increased. Other possibly hazardous factors that may alter a driver's soundness on the road include: A large body of knowledge has been amassed on how to prevent car crashes, and reduce the severity of those that do occur. Owing to the global and massive scale of the issue, with predictions that by 2020 road traffic deaths and injuries will exceed HIV/AIDS as a cause of death and disability, ] the United Nations and its subsidiary bodies have passed resolutions and held conferences on the issue. The first United Nations General Assembly resolution and debate was in 2003 ] The World Day of Remembrance for Road Traffic Victims was declared in 2005. In 2009 the first high level ministerial conference on road safety was held in Moscow . The World Health Organization , a specialized agency of the United Nations Organization , in its Global Status Report on Road Safety 2009, estimates that over 90% of the world's fatalities on the roads occur in low-income and middle-income countries, which have only 48% of the world's registered vehicles, and predicts road traffic injuries will rise to become the fifth leading cause of death by 2030. ] The United Nations' Sustainable Development Goal 3, target 3.6 is directed at reducing road injuries and deaths. February 2020 saw a global ministerial conference which brought the Stockholm Declaration , setting a target to reduce global traffic deaths and injuries by 50% within ten years. The decade of 2021–2030 was declared the second decade of road safety. Collisions migration refers to a situation where action to reduce road traffic collisions in one place may result in those collisions resurfacing elsewhere. ] For example, an accident blackspot may occur at a dangerous bend. ] The treatment for this may be to increase signage, post an advisory speed limit, apply a high-friction road surface, add crash barriers or any one of a number of other visible"
"at a dangerous bend. ] The treatment for this may be to increase signage, post an advisory speed limit, apply a high-friction road surface, add crash barriers or any one of a number of other visible interventions. The immediate result may be to reduce collisions at the bend, but the subconscious relaxation on leaving the ""dangerous"" bend may cause drivers to act with fractionally less care on the rest of the road, resulting in an increase in collisions elsewhere on the road, and no overall improvement over the area. In the same way, increasing familiarity with the treated area will often result in a reduction over time to the previous level of care and may result in faster speeds around the bend due to perceived increased safety ( risk compensation ). In 2004 50 million more were injured in motor vehicle collisions. In 2013, between 1.25 million and 1.4 million peopl"
"In law , liable means ""responsible or answerable in law; legally obligated"". ] Legal liability concerns both civil law and criminal law and can arise from various areas of law, such as contracts , torts , taxes , or fines given by government agencies . The claimant is the one who seeks to establish, or prove, liability. Claimants can prove liability through a myriad of different theories, known as theories of liability. Which theories of liability are available in a given case depends on nature of the law in question. For example, in case involving a contractual dispute, one available theory of liability is breach of contract; or in the tort context, negligence , negligence per se , respondeat superior , vicarious liability , strict liability , or intentional conduct are all valid theories of liability. Each theory of liability has certain conditions, or elements, that must be proven by the claimant before liability will be established. For example, the theory of negligence requires the claimant to prove that (1) the defendant had a duty; (2) the defendant breached that duty; (3) the defendant's breach caused the injury; and (4) that injury resulted in recoverable damages. Theories of liability can also be created by legislation. For example, under English law , with the passing of the Theft Act 1978 , it is an offense to evade a liability dishonestly. Payment of damages usually resolves the liability. A given liability may be covered by insurance . In general, however, insurance providers only cover liabilities arising from negligent torts rather than intentional wrongs or breach of contract . In commercial law , limited liability is a method of protection included in some business formations that shields its owners from certain types of liability and that amount a given owner will be liable for. A limited liability form separates the owner(s) from the business. The limited liability form essentially acts as a corporate veil that protects owners from liabilities of the business. ] This means that when a business is found liable in a case, the owners are not themselves liable; rather, the business is. Thus, only the funds or property the owner(s) have invested into the business are subject to that liability. If, for example, a limited liability business goes bankrupt , then the owner(s) will not lose unrelated assets, such as a personal residence (assuming they do not give personal guarantees ). ] Forms of businesses that offer the limited liability protection include limited liability partnerships , limited liability companies , and corporations . Sole proprietorships and partnerships do not include limited liability. This is the standard model for larger businesses, in which a shareholders will only lose the amount invested (in the form of stock value decreasing). For an explanation, see business entity . There is an exception to this rule, however, which allows a claimant to litigate against the owner(s) of a limited liability business, if the"
"decreasing). For an explanation, see business entity . There is an exception to this rule, however, which allows a claimant to litigate against the owner(s) of a limited liability business, if the owner(s) have engaged in conduct that justifies the claimant's recovery from the owner(s): This exception is called "" piercing the corporate veil ."" Courts generally try not to utilize this exception unless there have been serious transgressions. Limited liability aids entrepreneurs, businesses, and the economy in growing and innovating. Therefore, if courts often chose to pierce the veil, that innovation would be restricted. The exact test a court will use to determine if the veil needs to pierced vary by state in the United States. ] For sole proprietorships and general partnerships, the liability is unlimited. Unlimited liability means that the owner(s) of the business have the full responsibility of assuming all the business's debts. This can include seizure of personal assets in the face of bankruptcy and liquidation. ] Professionals in limited liability partnerships and limited liability companies will have unlimited liability for their own torts and malpractices. The limited liability of the business will no longer apply for these wrongdoings. ] For business owners, there are main categories of liability exposure to be aware of in order to protect their businesses from liability and financial troubles and issues. The first is employment-related issues where the larger the work force, and the more turnover there is, the larger the likelihood of liability lawsuits such as wrongful termination claims. Another area is accidents andor accidents, which is discussed in more detail in the following section. Errors/omissions is another category where a lawsuit can result from a mistake on the part of the company such as in a contract or paperwork. Finally, the last major category relates to holding directors and officers personally liable for actions taken by the company, as seen in piercing the corporate veil. Overall, as businesses get larger and more successful, their chances of liability lawsuits increase, but small businesses are not completely immune to them. Entrepreneurs and business owners need to be aware of these types of liability exposures to ensure their businesses are protected. ] Product liability governs civil lawsuits between a plaintiff and defendant who furnishes defective goods that caused loss or injury 11 . Product liability and its prevalence in the law has changed throughout history. In the 19th century, it worked to both the manufacturers' and other sellers' advantages. ""Caveat emptor"" (""let the buyer beware"") reigned supreme in this area of the law. In this era, the seller had no liability unless they had made an express promise to the customer that was not received. The 19th century was also when the Industrial Revolution was beginning and changing the business world. In order to promote this rise in industrialization and"
"to the customer that was not received. The 19th century was also when the Industrial Revolution was beginning and changing the business world. In order to promote this rise in industrialization and manufacturing, the law avoided allowing damage recoveries that would weaken new industries. citation needed ] In the 20th and 21st centuries, there was no longer this need to protect manufacturers from liability. citation needed ] If anything, there was more of need to impose liability standards on industries because consumers had less power to freely bargain with corporations and other business forms. citation needed ] Furthermore, the complexities and intricacies of goods was increasing, making it harder for the average buyer to determine manufacturing issues when purchasing these goods. Now a new phrase dominates liability: ""caveat venditor"" or ""let the seller beware."" The law finds that sellers and manufacturers can face more liability for defects with the help of insurance and socializing the damages by raising prices and forcing the consumer to pay for it. ] If a manufacturer is found to be negligent , that means they breached their duty to the customer by not eliminating a reasonably foreseeable risk caused by the product. The manufacturer can be seen as negligent if there are problems in the manufacturing process, do not properly inspect their products, do not give a reasonable warning to the customer when the product has a foreseeable risk of harm, and/or the design lends itself to risk of harm. The magnitude and severity of the foreseeable harm are also assessed when looking at negligence. ] There is a form of liability that exists between employers and their employees. This is called vicarious liability . For it to apply, one party has responsibility for a third party, and the third party commits an unlawful action. An employer may be held liable for the actions of an employee if it is unlawful (i.e. harassment or discrimination), or the employee's negligent actions while working causes damages to property or injury. ] Respondeat superior (""Let the superior answer"") is a legal principle that dictates when an employer is responsible for the actions of an employee. Employers should worry about this rule when the employee commits a tort or harmful act when the employee was acting within the course and scope of employment at the time of the incident. The term "" scope of employment "" is when an employee is doing work assigned by their employer or is completing a task that is subject to the employer's control. To test whether the conduct that led to the incident is within the scope of employment, one must determine: If these four factors are found to be true, the employer will have to answer for the tort. The reasoning behind this legal principle is because it is thought that the employer is best suited for bearing the financial burden, employers can protect themselves against this burden with insurance, and the cost can be passed to customers by"
"it is thought that the employer is best suited for bearing the financial burden, employers can protect themselves against this burden with insurance, and the cost can be passed to customers by raising prices. ] On the other hand, if the employee was found to have either detoured or frolicked then defining the scope of employment becomes trickier. The rule of frolic and detour changes how the liability applies. A frolic is when the employee causes a tort when completing an activity that is unrelated to their job. If it is found that the employee had frolicked, the employee would then be liable for damages. For example, if a delivery driver does not complete his deliveries for a few hours so he can do some personal shopping, and on his way to the store, he hits a pedestrian. A detour is more minor. The employee is still participating in a non-work related activity, but the activity is not a major disregard for work duties. An example of a detour would be if on the way to deliver a package, a delivery driver stops at a drive-thru to grab something to eat. When pulling away from the restaurant to continue with deliveries, the driver hits a pedestrian. Here, the employer could still be liable for these damages because the detour was minor. ] An employer can also be liable for a legal principle called negligent hiring. This happens when in the process of hiring a new employee, the employer does not check criminal pasts, backgrounds, or references to ensure the applicant did not pose a potential danger if hired as an employee. An employer can also face liability and repercussions if they know that the worker poses a potential danger but keeps them on the job. This is called negligent retention. To avoid claims regarding negligent hiring or retention, employers should be diligent when hiring employees who will have a lot of contact with customers and the public (especially if they will have access to vulnerable members of the public, go to customers' homes, and/or have access to weapons), and dismiss any employees who pose a potential danger. ] It is important for employers to note whether someone working for them is an independent contractor or an employee. An employee is someone who is a paid worker for the employer. An independent contractor, on the other hand, contracts with a principal to produce a result and in the process, gets to determine how that result will be completed. The difference lies in how much control the principal/employer can wield on the agent. Employees are subjected to more control while nonemployee agents, like independent contractors, have more freedom in how they do their job. A principal is not ordinarily liable for torts committed by nonemployee agents since the principal does not fully control the method of work done. However, there are exceptions to this. There can be direct liability if the principal hired an incompetent agent, if harm resulted from nonemployee agent's failure to perform a duty of care that the principal"
"there are exceptions to this. There can be direct liability if the principal hired an incompetent agent, if harm resulted from nonemployee agent's failure to perform a duty of care that the principal bestowed on them (a duty of care is an action whose successful performance is so important that if it is delegated to an agent and not accomplished, the principal is still liable), and a principal is liable if the nonemployee agent did not take the correct precautions required to complete very dangerous activities. ] An employer should also be aware on how the extent of their liability can change based on the agreements their agents make. An agent is a person who has the power to act on behalf of another party (typically the principal). Usually, a principal is liable for a contract made by the agent if the agent had actual or apparent authority to make the contract. Actual authority is the ability an agent has to pursue and complete certain activities based on communication and manifestations from the principal. Express authority is when the principal clearly states what the agent has the authority to do while implied authority is based on what is reasonable to assume that the agent is allowed to do based on what the principal wants of the agent. Express and implied authority are both types of actual authority. The second type of authority is apparent authority. This occurs when a principal's actions lead a third party to reasonably assume that the agent can act in a certain way and create contracts with the third party on behalf of the principal. To determine if an agent is liable for a contract, one must look at the type of principal. There are four types of principals. A disclosed principal is known to the third party, and the third party knows that the agent is acting for this principal. The agent is not liable on authorized contracts made for a disclosed principal since all parties are aware of the contract and who is participating in the contract. An unidentified principal is seen when the third party knows the agent is acting for a principal but lacks knowledge on the principal's identity. The agent is typically liable for contracts made for an unidentified principal. An undisclosed principal is seen when the third party does not know the principal's existence and identity and reasonably believes the agent is the other party in the contract. In this instance, the agent can be held liable for the contract. A nonexistent principal refers to when an agent knowingly acts for principal that does not exist, such as an unincorporated association. The agent is liable here if they knew the principal had no capacity to take part in the contract even if the third party knows that the principal does not exist. An agent can also bind themselves to contracts by expressly agreeing to be liable. To avoid this, agents should make no express promises in their own name and should make sure the contract only obligates the principal. An agent may also be liable"
"by expressly agreeing to be liable. To avoid this, agents should make no express promises in their own name and should make sure the contract only obligates the principal. An agent may also be liable to a third party if they lack the authority to contract for a principal. The agent may escape liability in this scenario if the third party knows the agent lacks authority, the principal ratifies/affirms the contract, or the agent notifies the third party of his lack of authority. ] Economists use the term ""legal liability"" to describe the legal-bound obligation to pay debts. ]"
"Motor vehicle theft or car theft (also known as a grand theft auto in the United States ) is the criminal act of stealing or attempting to steal a motor vehicle . In 2020, there were 810,400 vehicles reported stolen in the United States, up from 724,872 in 2019. ] Property losses due to motor vehicle theft in 2020 were estimated at $7.4 billion. where? ] There were 505,100 car thefts in the European Union (EU) in 2019, a 43% decrease from 2008. ] Some methods used by criminals to steal motor vehicles: The makes and models of vehicles most frequently stolen vary by several factors, including region and ease of theft. In particular, the security systems in older vehicles may not be up to the same standard as current vehicles, and thieves also have longer to learn their weaknesses. ] Scrap metal and spare part prices may also influence thieves to prefer older vehicles. ] In Bangkok , Thailand , the most frequently stolen vehicles are Toyota cars, Toyota Hilux and Isuzu D-Max pickups. ] ] In Malaysia , Proton models are the most frequently stolen vehicles, with the Proton Wira being the highest, followed by the Proton Waja and the Proton Perdana . ] In Indonesia , locally-produced MPVs such as Toyota Avanza , Daihatsu Xenia and Suzuki Ertiga are the most commonly stolen vehicles. ] In the United Kingdom , the Mercedes-Benz C-Class was the most stolen car in 2018, followed by the BMW X5 . Police said the growing number of vehicles featuring keyless entry technology was a contributing factor to a rising number of stolen vehicles. In the United States and Australia, a design flaw allowing USB cables to substitute for car keys led to sharp increases in the thefts of affected Kia and Hyundai vehicles in 2022. ] The Dodge Challenger and Dodge Charger are listed as the most stolen vehicles in the United States (especially Hellcat powered). ] ] ] ] ] ] In 2024, LAPD accounts over a %1,000 percent increase of Chevy Camaro thefts. ] ] There are various methods of prevention to reduce the likelihood of a vehicle getting stolen. These include physical barriers, which make the effort of stealing the vehicle more difficult. Some of these include: The IGLA Anti-Theft system offers a passive defense against vehicle theft, using ultrasonic sensors to detect unauthorized movement. Once triggered, it activates alarms, flashes lights, and honks the horn, helping deter thieves. The system is easily controlled via a remote, allowing owners to arm or disarm it as needed, and is designed to integrate discreetly without affecting the vehicle’s warranty. The Tag Anti-Theft system enhances vehicle security with wireless RFID devices installed throughout the car, enabling tracking across North America. In case of theft, the system allows for quick location and recovery, while the Tag logo etched on the windows acts as a visual deterrent, reducing theft attempts. Additionally, the tracking devices are non-jammable and hidden for added protection. ] Recovery rates for stolen"
"Tag logo etched on the windows acts as a visual deterrent, reducing theft attempts. Additionally, the tracking devices are non-jammable and hidden for added protection. ] Recovery rates for stolen vehicles vary, depending on the effort a jurisdiction's police department puts into recovery, and devices a vehicle has installed to assist in the process. Police departments use various methods of recovering stolen vehicles, such as random checks of vehicles that come in front of a patrol unit , checks of all vehicles parked along a street or within a parking lot using automatic number plate recognition (ANPR) or keeping a watchlist of all the vehicles reported stolen by their owners. Police departments also receive tips on the location of stolen vehicles through StolenCar.com ] or isitnicked.com ] in the United Kingdom . In the UK, the Driver and Vehicle Licensing Agency ( DVLA ) provides vehicle registration information to certain companies for consumer protection and anti-fraud purposes. This information can be supplemented by details from the police, finance, and insurance companies. Companies that utilize this data include Carfax ] in the US, AutoCheck, ] CarCheck, ] and Check Car Details ] in the UK, Gapless ] in Germany, and Cartell in Ireland. These companies provide online car check services for the public and motor trade, with VinCheckFree ] offering services worldwide. Vehicle tracking systems , such as LoJack , automatic vehicle location , or OnStar , may enable the location of the vehicle to be tracked by local law enforcement or a private company. Other security devices such as microdot identification allow individual parts of a vehicle to also be identified and potentially returned. Criminologist Frank E. Hagan wrote that, ""Probably the most important factor in the rate of motor vehicle theft is the number of motor vehicles per capita in the country."" ] Using data supplied by the United Nations Office on Drugs and Crime , ] New Zealand had the highest auto-theft rate for any fairly large country in the world, at 954.0 per 100,000 residents in 2020. Some cities have higher rates, such as Richmond, California , which had an auto-theft rate of 1,518.3 in 2018. ] The United Nations Office on Drugs and Crime notes ""that when using the figures, any cross-national comparisons should be conducted with caution because of the differences that exist between the legal definitions of offenses in countries, or the different methods of offense counting and recording"". Crime rates in certain neighborhoods or areas in each country may also be higher or lower than the nationwide rate. Furthermore, because the vehicle theft rates shown in the table below are ""per 100,000 population""—not per 100,000 vehicles —countries with low vehicle ownership rates will appear to have lower theft rates even if the theft rate per vehicle is relatively high. According to Europol , in 2023, motor vehicle crime networks were the most active in Germany , Poland , Portugal"
"to have lower theft rates even if the theft rate per vehicle is relatively high. According to Europol , in 2023, motor vehicle crime networks were the most active in Germany , Poland , Portugal and Serbia , with Serbia being the country where most stolen vehicles are stored and cloned before being shipped and sold. ] The FBI reported that the cities where most motor vehicles thefts took place in 2019 were Los Angeles , San Antonio , Las Vegas , Phoenix and Detroit . ]"
"Vandalism is the action involving deliberate destruction of or damage to public or private property. ] The term includes property damage , such as graffiti and defacement directed towards any property without permission of the owner. The term finds its roots in an Enlightenment view that the Germanic Vandals were a uniquely destructive people as they sacked Rome in 455 AD. The Vandals , an ancient Germanic people , are associated with senseless destruction as a result of their sack of Rome under King Genseric in 455. During the Enlightenment , Rome was idealized, while the Goths and Vandals were blamed for its destruction. The Vandals may not have been any more destructive than other invaders of ancient times, but they did inspire English poet John Dryden to write, Till Goths, and Vandals, a rude Northern race, Did all the matchless Monuments deface (1694). However, the Vandals did intentionally damage statues, which may be why their name is associated with the vandalism of art . The term Vandalisme was coined in 1794 by Henri Grégoire , bishop of Blois , to describe the destruction of artwork following the French Revolution . The term was quickly adopted across Europe. This new use of the term was important in colouring the perception of the Vandals from later Late Antiquity, popularizing the pre-existing idea that they were a barbaric group with a taste for destruction. ] Historically, vandalism has been justified by painter Gustave Courbet as destruction of monuments symbolizing ""war and conquest"". Therefore, it is often done as an expression of contempt, creativity, or both. Courbet's attempt, during the 1871 Paris Commune , to dismantle the Vendôme column , a symbol of the past Napoleon III authoritarian Empire, was one of the most celebrated events of vandalism. Nietzsche himself would meditate after the Commune on the ""fight against culture"", taking as example the intentional burning of the Tuileries Palace on 23 May 1871. ""The criminal fight against culture is only the reverse side of a criminal culture"" wrote Klossowski after quoting Nietzsche. ] In a proposal to the International Conference for Unification of Criminal Law held in Madrid in 1933, Raphael Lemkin envisaged the creation of two new international crimes (delicta juris gentium ): the crime of barbarity, consisting in the extermination of racial, religious, or social collectivities, and the crime of vandalism, consisting in the destruction of cultural and artistic works of these groups. ] The proposal was not accepted. A figurative accusation of vandalism was applied towards the theology of Marcion of Sinope . ] Private citizens commit vandalism when they willfully damage or deface the property of others or the commons . Some vandalism may qualify as culture jamming or sniggling : it is thought by some to be artistic in nature even though carried out illegally or without the property owner's permission. Examples include at least some graffiti art, billboard ""liberation"", and"
": it is thought by some to be artistic in nature even though carried out illegally or without the property owner's permission. Examples include at least some graffiti art, billboard ""liberation"", and possibly crop circles . Criminal vandalism takes many forms. Graffiti on public property is common in many inner cities as part of a gang culture, where they might be used as territorial markers. ] More serious forms of vandalism that may take place during public unrest such as rioting can involve the willful destruction of public and private property . Vandalism per se is sometimes considered one of the less serious common crimes, but it can become quite serious and distressing when committed extensively, violently, or as an expression of hatred and intimidation. In response, local governments have adopted various legal measures to prevent vandalism, but research has shown that the conventional strategies employed by the government in response to at least unapproved graffiti are not the most effective. ] Examples of vandalism include salting lawns, cutting trees without permission, egg throwing , breaking windows, arson, spraying paint on others' properties, tagging , placing glue into locks, tire slashing, keying (scratching) paint, ransacking a property, flooding a house by clogging a sink and leaving the water running, and pulling up plants from the roots without permission. In elections, opposing candidates' supporters may engage in ""political vandalism""⁠—the act of defacing opponents' political posters, bumper stickers , billboards, and other street marketing material. Although the nature of this material is temporary, its effect can be long-lasting as it may reflect both negatively and positively on the candidate whose material is being vandalized as well as on the presumed candidate whose supporters are engaging in the vandalism. In addition, activists may use the tactic of property destruction ] as means of protest, e.g. by smashing the windows of banks, shops and government institutions and setting fire to cars. This often takes place during riots but can also happen as a stand-alone event, e.g. by animal rights activists destroying property owned by farmers, hunters, biotech companies, and research facilities and setting free animals (which is sometimes referred to as eco-terrorism by opponents). Vandalism is also a common tactic of black blocs . Actions of this kind can be ascribed to anger or envy, or to spontaneous, opportunistic behaviour, possibly for peer acceptance or bravado in gang cultures, or disgruntlement with the target (victim) person or society. Another common motive is to seek attention , and for personal gain. Opportunistic vandalism of this nature may also be filmed, the mentality of which can be akin to happy slapping . The large-scale prevalence of gang graffiti in some inner cities has almost made it acceptable to the societies based there, so much so that it may go unnoticed, or not be removed, possibly because it"
"large-scale prevalence of gang graffiti in some inner cities has almost made it acceptable to the societies based there, so much so that it may go unnoticed, or not be removed, possibly because it may be a fruitless endeavour, to be graffitied on once again. Greed can motivate vandalism as can some political ideologies , wish to draw attention to problems, frustration , even playfulness. Youngsters, the most common vandals, frequently experience low status and boredom . Vandalism enables powerless people to attack those above them, take control and frighten others. Unpunished vandalism can provide relief which reinforces the behaviour. Vandalism by one person can lead to imitation. ] Teenage boys and men in their 20s are most likely to vandalize, but older adults and females are also known to sometimes vandalize, with young children occasionally vandalizing, but in a much smaller form, such as making small crayon drawings on walls. citation needed ] Criminological research into vandalism has found that it serves many purposes for those who engage in it and stems from a variety of motives. Sociologist Stanley Cohen describes seven different types of vandalism: ] In view of its incivility, punishment for vandalism can be particularly severe in some countries. In Singapore, for example, a person who attempts to cause or commits an act of vandalism may be liable to imprisonment for up to three years and may also be punished with caning . Vandalism in the UK is construed as an environmental crime and may be punished with an ASBO (Anti-Social Behaviour Order). In the 1990s, former New York City mayor Rudolph Giuliani cracked down on ""quality of life crimes"", including graffiti. NY Parks Commissioner Henry J. Stern described graffiti as ""a metaphor for urban decay perhaps best shown in ' A Clockwork Orange '"" adding that ""New York City will not be like that"". ] Cybervandalism is vandalism on the internet. For example, vandalism on Wikipedia involves adding questionable content, removing content, or changing content in order to make it questionable, generally with the objective of harming Wikipedia's reputation. Forms of online vandalism have been recorded, the most common of which is website defacement . Vandalism on web maps has been called ""cartographic vandalism"". ] Certain kinds of malware without financial intent also count. Cybervandalism could be said to be a form of creativity and artistry. An example of this was when the Cheltenham paint festival was cancelled due to COVID-19 , and artists still proceeded to celebrate their artistry virtually. ] Defacement is a type of vandalism that involves damaging the appearance or surface of something. The object of damage may be architecture, books, paintings, sculpture, or other forms of art. ] Examples of defacement include: Iconoclasm led to the defacement of many religious artworks. Though vandalism in itself is illegal, it is often also an integral part of modern popular culture. French painter"
"of defacement include: Iconoclasm led to the defacement of many religious artworks. Though vandalism in itself is illegal, it is often also an integral part of modern popular culture. French painter Gustave Courbet 's attempt to disassemble the Vendôme column during the 1871 Paris Commune was probably one of the first artistic acts of vandalism, celebrated at least since Dada performances during World War I . The Vendôme column was considered a symbol of the recently deposed Second Empire of Napoleon III , and dismantled as such. After the burning of the Tuileries Palace on 23 May 1871, Philosopher Friedrich Nietzsche himself meditated about the ""fight against culture"", wondering what could justify culture if it were to be destroyed in such a ""senseless"" manner (the arguments are: culture is justified by works of art and scientific achievements; exploitation is necessary to those achievements, leading to the creation of exploited people who then fight against culture. In this case, culture cannot be legitimised by art achievements, and Nietzsche writes: ""I {also} know what it means: fighting against culture"". After quoting him, Klossowski writes: ""The criminal fight against culture is only the reverse side of a criminal culture"". ] As destruction of monument, vandalism can only have sense in a culture respecting history, archeology : Nietzsche spoke of monumental history . As destruction of monumental history, vandalism was assured a long life (as Herostratus proved): Performance art could make such a claim, as well as Hakim Bey 's poetic terrorism or Destroy 2000 Years of Culture from Atari Teenage Riot . Gustave Courbet's declaration stated: Attendu que la colonne Vendôme est un monument dénué de toute valeur artistique, tendant à perpétuer par son expression les idées de guerre et de conquête qui étaient dans la dynastie impériale, mais que réprouve le sentiment d'une nation républicaine, émet le vœu que le gouvernement de la Défense nationale veuille bien l'autoriser à déboulonner cette colonne. ] ('As the Vendôme column is a monument devoid of any artistic value, whose expression tends to perpetuate the ideas of war and conquest from the imperial dynasty, but that reject the sentiment of a republican nation, citizen Courbet declares that the government of National Defense should allow him to dismantle this column.) Hence, painter Courbet justified the dismantlement of the Vendôme column on political grounds, downgrading its artistic value. Vandalism poses the problem of the value of art compared to life's hardships: Courbet thought that the political values transmitted by this work of art neutralized its artistic value. His project was not followed; however, on 12 April 1871, the Commune voted to dismantle the imperial symbol, and the column was taken down on 8 May. After the assault on the Paris Commune by Adolphe Thiers , Gustave Courbet was condemned to pay part of the expenses. In 1974, Norman Mailer glorified the art of vandalism in"
"was taken down on 8 May. After the assault on the Paris Commune by Adolphe Thiers , Gustave Courbet was condemned to pay part of the expenses. In 1974, Norman Mailer glorified the art of vandalism in his essay ""The Faith of Graffiti"", which likened tagging in New York City to the work of Giotto and Rauschenberg . New York Authorities responded by coating subway walls with Teflon paint, jailing taggers and requiring hardware stores to keep spray paint under lock and key. ] Tags , designs, and styles of writing are commonplace on clothing, and are an influence on many of the corporate logos . Many skateparks and similar youth-oriented venues are decorated with commissioned graffiti-style artwork, and in many others patrons are welcome to leave their own. There is still, however, a fine line between vandalism as an artform, as a political statement , and as a crime. Bristol -born guerrilla artist Banksy 's claim is that official vandalism is far worse than that perpetrated by individuals, and that he is decorating buildings of no architectural merit. ] Defacing could also be one of the techniques that many graphic designers use, by applying their own hand writing on a graphic itself. Sometimes the use of this technique might be mistaken as vandalism to the original work, as exemplified by the work of Stefan Sagmeister , including his Lou Reed CD cover. A unique use of the defacement technique is the CD cover for A.P.C. by Jean Touitou , where the designer wrote the title, volume number, and date with her own hand writing on the pre-print blank CD. Creative vandalism of this sort is not limited to writing and sketching. For example, the spraying on the KPIST album Golden coat for MNW Records by Sweden graphic uses gold spray, which may be considered an act of vandalism, but the customer may also appreciate the unicity of each cover that had been sprayed gold in different ways. ]"
"A natural disaster is the very harmful impact on a society or community after a natural hazard event. Some examples of natural hazard events include avalanches , droughts , earthquakes , floods , heat waves , landslides , tropical cyclones , volcanic activity and wildfires . ] Additional natural hazards include blizzards , dust storms , firestorms , hails , ice storms , sinkholes , thunderstorms , tornadoes and tsunamis . ] A natural disaster can cause loss of life or damage property . It typically causes economic damage. How bad the damage is depends on how well people are prepared for disasters and how strong the buildings, roads, and other structures are. ] Scholars have been saying that the term natural disaster is unsuitable and should be abandoned. ] Instead, the simpler term disaster could be used. At the same time the type of hazard would be specified. ] ] ] A disaster happens when a natural or human-made hazard impacts a vulnerable community . It results from the combination of the hazard and the exposure of a vulnerable society. Nowadays it is hard to distinguish between natural and human-made disasters. ] ] ] The term natural disaster was already challenged in 1976. ] Human choices in architecture, ] fire risk, ] ] and resource management ] can cause or worsen natural disasters. Climate change also affects how often disasters due to extreme weather hazards happen. These "" climate hazards "" are floods, heat waves, wildfires, tropical cyclones, and the like. ] Some things can make natural disasters worse. Examples are inadequate building norms, marginalization of people and poor choices on land use planning . ] Many developing countries do not have proper disaster risk reduction systems. ] This makes them more vulnerable to natural disasters than high income countries . An adverse event only becomes a disaster if it occurs in an area with a vulnerable population . ] ] .mw-parser-output .toclimit-2 .toclevel-1 ul,.mw-parser-output .toclimit-3 .toclevel-2 ul,.mw-parser-output .toclimit-4 .toclevel-3 ul,.mw-parser-output .toclimit-5 .toclevel-4 ul,.mw-parser-output .toclimit-6 .toclevel-5 ul,.mw-parser-output .toclimit-7 .toclevel-6 ul{display:none} A natural disaster is the highly harmful impact on a society or community following a natural hazard event. The term "" disaster "" itself is defined as follows: ""Disasters are serious disruptions to the functioning of a community that exceed its capacity to cope using its own resources. Disasters can be caused by natural, man-made and technological hazards , as well as various factors that influence the exposure and vulnerability of a community."" ] The US Federal Emergency Management Agency (FEMA) explains the relationship between natural disasters and natural hazards as follows: ""Natural hazards and natural disasters are related but are not the same. A natural hazard is the threat of an event that will likely have a negative impact. A natural disaster is the negative impact following an actual"
"natural disasters are related but are not the same. A natural hazard is the threat of an event that will likely have a negative impact. A natural disaster is the negative impact following an actual occurrence of natural hazard in the event that it significantly harms a community. ] An example of the distinction between a natural hazard and a disaster is that an earthquake is the hazard which caused the 1906 San Francisco earthquake disaster. A natural hazard ] is a natural phenomenon that might have a negative effect on humans and other animals , or the environment . Natural hazard events can be classified into two broad categories: geophysical and biological . ] Natural hazards can be provoked or affected by anthropogenic processes , e.g. land-use change , drainage and construction. ] There are 18 natural hazards included in the National Risk Index of FEMA: avalanche , coastal flooding , cold wave , drought , earthquake , hail , heat wave , tropical cyclone , ice storm , landslide , lightning , riverine flooding, strong wind, tornado , tsunami , volcanic activity , wildfire , winter weather. ] In addition, there are also dust storms . The term natural disaster has been called a misnomer already in 1976. ] A disaster is a result of a natural hazard impacting a vulnerable community . But disasters can be avoided. Earthquakes, droughts, floods, storms, and other events lead to disasters because of human action and inaction. Poor land and policy planning and deregulation can create worse conditions. They often involve development activities that ignore or fail to reduce the disaster risks . Nature alone is blamed for disasters even when disasters result from failures in development. Disasters also result from failure of societies to prepare. Examples for such failures include inadequate building norms, marginalization of people, inequities, overexploitation of resources, extreme urban sprawl and climate change . ] Defining disasters as solely natural events has serious implications when it comes to understanding the causes of a disaster and the distribution of political and financial responsibility in disaster risk reduction , disaster management , compensation, insurance and disaster prevention. ] Using natural to describe disasters misleads people to think the devastating results are inevitable, out of our control, and are simply part of a natural process. Hazards (earthquakes, hurricanes, pandemics, drought etc.) are inevitable, but the impact they have on society is not. Thus, the term natural disaster is unsuitable and should be abandoned in favor of the simpler term disaster , while also specifying the category (or type) of hazard. ] As of 2019, the countries with the highest share of disability-adjusted life years ( DALY ) lost due to natural disasters are Bahamas , Haiti , Zimbabwe and Armenia (probably mainly due to the Spitak Earthquake ). ] ] The Asia-Pacific region is the world's most disaster prone region. ] A person in Asia-Pacific is"
"are Bahamas , Haiti , Zimbabwe and Armenia (probably mainly due to the Spitak Earthquake ). ] ] The Asia-Pacific region is the world's most disaster prone region. ] A person in Asia-Pacific is five times more likely to be hit by a natural disaster than someone living in other regions. ] Between 1995 and 2015, the greatest number of natural disasters occurred in America, China and India. ] In 2012, there were 905 natural disasters worldwide, 93% of which were weather-related disasters. Overall costs were US$170 billion and insured losses $70 billion. 2012 was a moderate year. 45% were meteorological (storms), 36% were hydrological (floods), 12% were climatological (heat waves, cold waves, droughts, wildfires) and 7% were geophysical events (earthquakes and volcanic eruptions). Between 1980 and 2011 geophysical events accounted for 14% of all natural catastrophes. ] Developing countries often have ineffective communication systems as well as insufficient support for disaster risk reduction and emergency management . ] This makes them more vulnerable to natural disasters than high income countries . Natural hazards occur across different time scales as well as area scales. Tornadoes and flash floods are rapid onset events, meaning they occur with a short warning time and are short-lived. Slow onset events can also be very damaging, for example drought is a natural hazards that develops slowly, sometimes over years. ] A natural disaster may cause loss of life, injury or other health impacts, property damage, loss of livelihoods and services, social and economic disruption, or environmental damage. Globally, the total number of deaths from natural disasters has been reduced by 75% over the last 100 years, due to the increased development of countries, increased preparedness, better education, better methods, and aid from international organizations. Since the global population has grown over the same time period, the decrease in number of deaths per capita is larger, dropping to 6% of the original amount. ] The death rate from natural disasters is highest in developing countries due to the lower quality of building construction, infrastructure, and medical facilities. ] Global economic losses due to extreme weather, climate and water events are increasing. Costs have increased sevenfold from the 1970s to the 2010s. ] : 16 Direct losses from disasters have averaged above US$330 billion annually between 2015 and 2021. ] : 21 Socio-economic factors have contributed to this trend of increasing losses, such as population growth and increased wealth. ] This shows that increased exposure is the most important driver of economic losses. However, part of these are also due to human-induced climate change . ] : 1611 ] During emergencies such as natural disasters and armed conflicts more waste may be produced, while waste management is given low priority compared with other services. Existing waste management services and infrastructures can be disrupted,"
"and armed conflicts more waste may be produced, while waste management is given low priority compared with other services. Existing waste management services and infrastructures can be disrupted, leaving communities with unmanaged waste and increased littering. Under these circumstances human health and the environment are often negatively impacted. ] Natural disasters (e.g. earthquakes, tsunamis, hurricanes) have the potential to generate a significant amount of waste within a short period. Waste management systems can be out of action or curtailed, often requiring considerable time and funding to restore. For example, the tsunami in Japan in 2011 produced huge amounts of debris: estimates of 5 million tonnes of waste were reported by the Japanese Ministry of the Environment . Some of this waste, mostly plastic and styrofoam washed up on the coasts of Canada and the United States in late 2011. Along the west coast of the United States, this increased the amount of litter by a factor of 10 and may have transported alien species. Storms are also important generators of plastic litter. A study by Lo et al. (2020) reported a 100% increase in the amount of microplastics on beaches surveyed following a typhoon in Hong Kong in 2018. ] A significant amount of plastic waste can be produced during disaster relief operations. Following the 2010 earthquake in Haiti , the generation of waste from relief operations was referred to as a ""second disaster"". The United States military reported that millions of water bottles and styrofoam food packages were distributed although there was no operational waste management system. Over 700,000 plastic tarpaulins and 100,000 tents were required for emergency shelters. The increase in plastic waste, combined with poor disposal practices, resulted in open drainage channels being blocked, increasing the risk of disease . ] Conflicts can result in large-scale displacement of communities. People living under these conditions are often provided with minimal waste management facilities. Burn pits are widely used to dispose of mixed wastes, including plastics. Air pollution can lead to respiratory and other illnesses. For example, Sahrawi refugees have been living in five camps near Tindouf, Algeria for nearly 45 years. As waste collection services are underfunded and there is no recycling facility, plastics have flooded the camps’ streets and surroundings. In contrast, the Azraq camp in Jordan for refugees from Syria has waste management services; of 20.7 tonnes of waste produced per day, 15% is recyclable. ] Because of the social, political and cultural context of many places throughout the world, women are often disproportionately affected by disaster. ] In the 2004 Indian Ocean tsunami, more women died than men, partly due to the fact that fewer women knew how to swim. ] During and after a natural disaster, women are at increased risk of being affected by gender based violence and are increasingly vulnerable to sexual"
"to the fact that fewer women knew how to swim. ] During and after a natural disaster, women are at increased risk of being affected by gender based violence and are increasingly vulnerable to sexual violence. Disrupted police enforcement, lax regulations, and displacement all contribute to increased risk of gender based violence and sexual assault. ] In addition to LGBT people and immigrants , women are also disproportionately victimized by religion-based scapegoating for natural disasters: fanatical religious leaders or adherents may claim that a god or gods are angry with women's independent, freethinking behavior, such as dressing 'immodestly', having sex or abortions. ] For example, Hindutva party Hindu Makkal Katchi and others blamed women's struggle for the right to enter the Sabarimala temple for the August 2018 Kerala floods , purportedly inflicted by the angry god Ayyappan . ] ] During and after natural disasters, routine health behaviors become interrupted. In addition, health care systems may have broken down as a result of the disaster, further reducing access to contraceptives. ] Unprotected intercourse during this time can lead to increased rates of childbirth, unintended pregnancies and sexually transmitted infections (STIs). ] ] Pregnant women are one of the groups disproportionately affected by natural disasters. Inadequate nutrition, little access to clean water, lack of health-care services and psychological stress in the aftermath of the disaster can lead to a significant increase in maternal morbidity and mortality. Furthermore, shortage of healthcare resources during this time can convert even routine obstetric complications into emergencies. ] Once a vulnerable population has experienced a disaster, the community can take many years to repair and that repair period can lead to further vulnerability. The disastrous consequences of natural disaster also affect the mental health of affected communities, often leading to post-traumatic symptoms. These increased emotional experiences can be supported through collective processing, leading to resilience and increased community engagement. ] Disasters stress government capacity, as the government tries to conduct routine as well as emergency operations. ] Some theorists of voting behavior propose that citizens update information about government effectiveness based on their response to disasters, which affects their vote choice in the next election. ] Indeed, some evidence, based on data from the United States, reveals that incumbent parties can lose votes if citizens perceives them as responsible for a poor disaster response ] or gain votes based on perceptions of well-executed relief work. ] The latter study also finds, however, that voters do not reward incumbent parties for disaster preparedness , which may end up affecting government incentives to invest in such preparedness. ] Landslides , also known as landslips, or rockslides, ] ] ] are several forms of mass wasting that"
"preparedness , which may end up affecting government incentives to invest in such preparedness. ] Landslides , also known as landslips, or rockslides, ] ] ] are several forms of mass wasting that may include a wide range of ground movements, such as rockfalls , mudflows , shallow or deep-seated slope failures and debris flows . ] Landslides occur in a variety of environments, characterized by either steep or gentle slope gradients, from mountain ranges to coastal cliffs or even underwater, ] in which case they are called submarine landslides . Gravity is the primary driving force for a landslide to occur, but there are other factors affecting slope stability that produce specific conditions that make a slope prone to failure. In many cases, the landslide is triggered by a specific event (such as a heavy rainfall , an earthquake , a slope cut to build a road, and many others), although this is not always identifiable. An avalanche is a rapid flow of snow down a slope , such as a hill or mountain. ] Avalanches can be triggered spontaneously, by factors such as increased precipitation or snowpack weakening, or by external means such as humans, other animals, and earthquakes . Primarily composed of flowing snow and air, large avalanches have the capability to capture and move ice, rocks, and trees. Avalanches occur in two general forms, or combinations thereof: ] slab avalanches made of tightly packed snow, triggered by a collapse of an underlying weak snow layer, and loose snow avalanches made of looser snow. After being set off, avalanches usually accelerate rapidly and grow in mass and volume as they capture more snow. If an avalanche moves fast enough, some of the snow may mix with the air, forming a powder snow avalanche . An earthquake is the result of a sudden release of energy in the Earth's crust that creates seismic waves . At the Earth's surface, earthquakes manifest themselves by vibration, shaking, and sometimes displacement of the ground. Earthquakes are caused by slippage within geological faults . The underground point of origin of the earthquake is called the seismic focus . The point directly above the focus on the surface is called the epicenter . Earthquakes by themselves rarely kill people or wildlife – it is usually the secondary events that they trigger, such as building collapse, fires, tsunamis and volcanic eruptions, that cause death. Many of these can possibly be avoided by better construction, safety systems, early warning and planning. citation needed ] A sinkhole is a depression or hole in the ground caused by some form of collapse of the surface layer. When natural erosion, human mining or underground excavation makes the ground too weak to support the structures built on it, the ground can collapse and produce a sinkhole . Coastal erosion is a physical process by which shorelines in coastal areas around the world shift and change, primarily in response to waves and currents that can be influenced by tides and storm"
". Coastal erosion is a physical process by which shorelines in coastal areas around the world shift and change, primarily in response to waves and currents that can be influenced by tides and storm surge. ] Coastal erosion can result from long-term processes (see also beach evolution ) as well as from episodic events such as tropical cyclones or other severe storm events. Coastal erosion is one of the most significant coastal hazards. It forms a threat to infrastructure, capital assets and property. Volcanoes can cause widespread destruction and consequent disaster in several ways. One hazard is the volcanic eruption itself, with the force of the explosion and falling rocks able to cause harm. Lava may also be released during the eruption of a volcano; as it leaves the volcano, it can destroy buildings, plants and animals due to its extreme heat. In addition, volcanic ash may form a cloud (generally after cooling) and settle thickly in nearby locations. When mixed with water, this forms a concrete-like material. In sufficient quantities, ash may cause roofs to collapse under its weight. Even small quantities will harm humans if inhaled – it has the consistency of ground glass and therefore causes laceration to the throat and lungs. Volcanic ash can also cause abrasion damage to moving machinery such as engines. The main killer of humans in the immediate surroundings of a volcanic eruption is pyroclastic flows , consisting of a cloud of hot ash which builds up in the air above the volcano and rushes down the slopes when the eruption no longer supports the lifting of the gases. It is believed that Pompeii was destroyed by a pyroclastic flow. A lahar is a volcanic mudflow or landslide. The 1953 Tangiwai disaster was caused by a lahar, as was the 1985 Armero tragedy in which the town of Armero was buried and an estimated 23,000 people were killed. citation needed ] Volcanoes rated at 8 (the highest level) on the Volcanic Explosivity Index are known as supervolcanoes . According to the Toba catastrophe theory , 75,000 to 80,000 years ago, a supervolcanic eruption at what is now Lake Toba in Sumatra reduced the human population to 10,000 or even 1,000 breeding pairs, creating a bottleneck in human evolution, ] and killed three-quarters of all plant life in the northern hemisphere. However, there is considerable debate regarding the veracity of this theory. The main danger from a supervolcano is the immense cloud of ash, which has a disastrous global effect on climate and temperature for many years. A tsunami (plural: tsunamis or tsunami; from Japanese: 津波, lit. ""harbour wave""; English pronunciation: ), also known as a seismic sea wave or tidal wave, is a series of waves in a water body caused by the displacement of a large volume of water, generally in an ocean or a large lake. Tsunamis can be caused by undersea earthquakes such as the 2004 Boxing Day tsunami , or by landslides such as the one in 1958 at Lituya Bay, Alaska , or by volcanic eruptions"
"ocean or a large lake. Tsunamis can be caused by undersea earthquakes such as the 2004 Boxing Day tsunami , or by landslides such as the one in 1958 at Lituya Bay, Alaska , or by volcanic eruptions such as the ancient eruption of Santorini . On March 11, 2011, a tsunami occurred near Fukushima, Japan and spread through the Pacific Ocean. Some of the 18 natural hazards included in the National Risk Index of FEMA ] now have a higher probability of occurring, and at higher intensity, due to the effects of climate change . This applies to heat waves, droughts, wildfire and coastal flooding. ] : 9 A heat wave is a period of unusually and excessively hot weather. Heat waves are rare and require specific combinations of weather events to take place, and may include temperature inversions , katabatic winds , or other phenomena. The worst heat wave in recent history was the European Heat Wave of 2003 . The 2010 Northern Hemisphere summer resulted in severe heat waves which killed over 2,000 people. The heat caused hundreds of wildfires which led to widespread air pollution and burned thousands of square kilometers of forest. Well-known historical droughts include the 1997–2009 Millennium Drought in Australia which led to a water supply crisis across much of the country. As a result, many desalination plants were built for the first time ( see list ). In 2011, the State of Texas lived under a drought emergency declaration for the entire calendar year and suffered severe economic losses. ] The drought caused the Bastrop fires. Wildfires are large fires which often start in wildland areas. Common causes include lightning and drought but wildfires may also be started by human negligence or arson . They can spread to populated areas and thus be a threat to humans and property, as well as wildlife . One example for a notable wildfire is the 1871 Peshtigo Fire in the United States, which killed at least 1700 people. ] ] Another one is the 2009 Victorian bushfires in Australia (collectively known as "" Black Saturday bushfires ""). ] ] ] In that year, a summer heat wave in Victoria, Australia, created conditions which fueled the massive bushfires in 2009. Melbourne experienced three days in a row of temperatures exceeding 40 °C (104 °F), with some regional areas sweltering through much higher temperatures. A flood is an overflow of water that 'submerges' land. ] The EU Floods Directive defines a flood as a temporary covering of land that is usually dry with water. ] In the sense of 'flowing water', the word may also be applied to the inflow of the tides . Flooding may result from the volume of a body of water, such as a river or lake , becoming higher than usual, causing some of the water to escape its usual boundaries. ] While the size of a lake or other body of water will vary with seasonal changes in precipitation and snow melt, a flood is not considered significant unless the water covers land used by humans, such as a village, city or other inhabited area,"
"will vary with seasonal changes in precipitation and snow melt, a flood is not considered significant unless the water covers land used by humans, such as a village, city or other inhabited area, roads or expanses of farmland. Severe storms, dust clouds and volcanic eruptions can generate lightning . Apart from the damage typically associated with storms, such as winds, hail and flooding, the lightning itself can damage buildings, ignite fires and kill by direct contact. Most deaths from lightning occur in the poorer countries of the Americas and Asia, where lightning is common and adobe mud brick housing provides little protection. ] Typhoon , cyclone , cyclonic storm and hurricane are different names for the same phenomenon: a tropical storm that forms over an ocean. It is caused by evaporated water that comes off of the ocean and becomes a storm . It is characterized by strong winds, heavy rainfall and thunderstorms. The determining factor on which term is used is based on where the storm originates. In the Atlantic and Northeast Pacific, the term ""hurricane"" is used; in the Northwest Pacific, it is referred to as a ""typhoon""; a ""cyclone"" occurs in the South Pacific and Indian Ocean. The deadliest hurricane ever was the 1970 Bhola cyclone ; the deadliest Atlantic hurricane was the Great Hurricane of 1780 , which devastated Martinique, St. Eustatius and Barbados. Another notable hurricane is Hurricane Katrina , which devastated the Gulf Coast of the United States in 2005. Hurricanes may become more intense and produce more heavy rainfall as a consequence of human-induced climate change . A tornado is a violent and dangerous rotating column of air that is in contact with both the surface of the Earth and a cumulonimbus cloud , or, in rare cases, the base of a cumulus cloud . It is also referred to as a twister or a cyclone , ] although the word cyclone is used in meteorology in a wider sense to refer to any closed low pressure circulation. Tornadoes come in many shapes and sizes but typically take the form of a visible condensation funnel , the narrow end of which touches the Earth and is often encircled by a cloud of debris and dust . Tornadoes can occur one at a time, or can occur in large tornado outbreaks associated with supercells or in other large areas of thunderstorm development. Most tornadoes have wind speeds of less than 180 kmh (300 mph), stretch more than 3 km (2 mi) across, and stay on the ground for perhaps more than 100 km (60 mi). ] ] ] Blizzards are severe winter storms characterized by heavy snow and strong winds. When high winds stir up snow that has already fallen, it is known as a ground blizzard . Blizzards can impact local economic activities, especially in regions where snowfall is rare. The Great Blizzard of 1888 affected the United States, when many tons of wheat crops were destroyed. In Asia, the 1972 Iran blizzard and the 2008 Afghanistan blizzard , were the deadliest blizzards in history; in the former, an area the"
"United States, when many tons of wheat crops were destroyed. In Asia, the 1972 Iran blizzard and the 2008 Afghanistan blizzard , were the deadliest blizzards in history; in the former, an area the size of Wisconsin was entirely buried in snow. The 1993 Superstorm originated in the Gulf of Mexico and traveled north, causing damage in 26 American states as well as in Canada and leading to more than 300 deaths. ] Hail is precipitation in the form of ice that does not melt before it hits the ground. Hailstorms are produced by thunderstorms. Hailstones usually measure between 5 and 150 mm ( 1 ⁄ 4 and 6 in) in diameter. These can damage the location in which they fall. Hailstorms can be especially devastating to farm fields, ruining crops and damaging equipment. A particularly damaging hailstorm hit Munich , Germany, on July 12, 1984, causing about $2 billion in insurance claims. Each of the natural hazard types outlined above have very different characteristics, in terms of the spatial and temporal scales they influence, hazard frequency and return period , and measures of intensity and impact. These complexities result in ""single-hazard"" assessments being commonplace, where the hazard potential from one particular hazard type is constrained. In these examples, hazards are often treated as isolated or independent. An alternative is a ""multi-hazard"" approach which seeks to identify all possible natural hazards and their interactions or interrelationships. ] ] Many examples exist of one natural hazard triggering or increasing the probability of one or more other natural hazards. For example, an earthquake may trigger landslides , whereas a wildfire may increase the probability of landslides being generated in the future. ] A detailed review of such interactions across 21 natural hazards identified 90 possible interactions, of varying likelihood and spatial importance. ] There may also be interactions between these natural hazards and anthropic processes. ] For example, groundwater abstraction may trigger groundwater-related subsidence . ] Effective hazard analysis in any given area (e.g., for the purposes of disaster risk reduction ) should ideally include an examination of all relevant hazards and their interactions. To be of most use for risk reduction, hazard analysis should be extended to risk assessment wherein the vulnerability of the built environment to each of the hazards is taken into account. This"
"Regulation is the management of complex systems according to a set of rules and trends. In systems theory , these types of rules exist in various fields of biology and society , but the term has slightly different meanings according to context. For example: Regulation in the social, political, psychological, and economic domains can take many forms: legal restrictions promulgated by a government authority, contractual obligations (for example, contracts between insurers and their insureds ] ), self-regulation in psychology, social regulation (e.g. norms ), co-regulation, third-party regulation, certification, accreditation or market regulation. ] State -mandated regulation is government intervention in the private market in an attempt to implement policy and produce outcomes which might not otherwise occur, ] ranging from consumer protection to faster growth or technological advancement. The regulations may prescribe or proscribe conduct (""command-and-control"" regulation), calibrate incentives (""incentive"" regulation), or change preferences (""preferences shaping"" regulation). Common examples of regulation include limits on environmental pollution , laws against child labor or other employment regulations, minimum wages laws, regulations requiring truthful labelling of the ingredients in food and drugs, and food and drug safety regulations establishing minimum standards of testing and quality for what can be sold, and zoning and development approvals regulation. Much less common are controls on market entry, or price regulation. One critical question in regulation is whether the regulator or government has sufficient information to make ex-ante regulation more efficient than ex-post liability for harm and whether industry self-regulation might be preferable. ] ] ] ] The economics of imposing or removing regulations relating to markets is analysed in empirical legal studies, law and economics, political science, environmental science, health economics , and regulatory economics . Power to regulate should include the power to enforce regulatory decisions. Monitoring is an important tool used by national regulatory authorities in carrying out the regulated activities. ] In some countries (in particular the Scandinavian countries) industrial relations are to a very high degree regulated by the labour market parties themselves (self-regulation) in contrast to state regulation of minimum wages etc. ] Regulation can be assessed for different countries through various quantitative measures. The Global Indicators of Regulatory Governance ] by World Bank 's Global Indicators Group scores 186 countries on transparency around proposed regulations, consultation on their content, the use of regulatory impact assessments ] and the access to enacted laws on a scale from 0 to 5. The V-Dem Democracy indices include the regulatory quality indicator. ] The QuantGov project ] at the Mercatus Center tracks the count of regulations by topic for United States, Canada,"
"from 0 to 5. The V-Dem Democracy indices include the regulatory quality indicator. ] The QuantGov project ] at the Mercatus Center tracks the count of regulations by topic for United States, Canada, and Australia. Regulation of businesses existed in the ancient early Egyptian, Indian, Greek, and Roman civilizations. Standardized weights and measures existed to an extent in the ancient world, and gold may have operated to some degree as an international currency. In China, a national currency system existed and paper currency was invented. Sophisticated law existed in Ancient Rome . In the European Early Middle Ages , law and standardization declined with the Roman Empire, but regulation existed in the form of norms, customs, and privileges; this regulation was aided by the unified Christian identity and a sense of honor regarding contracts . ] : 5 Modern industrial regulation can be traced to the Railway Regulation Act 1844 in the United Kingdom, and succeeding Acts. Beginning in the late 19th and 20th centuries, much of regulation in the United States was administered and enforced by regulatory agencies which produced their own administrative law and procedures under the authority of statutes. Legislators created these agencies to require experts in the industry to focus their attention on the issue. At the federal level, one of the earliest institutions was the Interstate Commerce Commission which had its roots in earlier state-based regulatory commissions and agencies. Later agencies include the Federal Trade Commission , Securities and Exchange Commission , Civil Aeronautics Board , and various other institutions. These institutions vary from industry to industry and at the federal and state level. Individual agencies do not necessarily have clear life-cycles or patterns of behavior, and they are influenced heavily by their leadership and staff as well as the organic law creating the agency. In the 1930s, lawmakers believed that unregulated business often led to injustice and inefficiency; in the 1960s and 1970s, concern shifted to regulatory capture , which led to extremely detailed laws creating the United States Environmental Protection Agency and Occupational Safety and Health Administration ."
"World War I ] or the First World War (28 July 1914 – 11 November 1918), also known as the Great War , was a global conflict between two coalitions: the Allies (or Entente) and the Central Powers . Fighting took place mainly in Europe and the Middle East , as well as in parts of Africa and the Asia-Pacific , and in Europe was characterised by trench warfare and the use of artillery , machine guns, and chemical weapons (gas). World War I was one of the deadliest conflicts in history , resulting in an estimated 9 million military dead and 23 million wounded , plus up to 8 million civilian deaths from causes including genocide (including the Armenian genocide ). The movement of large numbers of people was a major factor in the Spanish flu pandemic, which killed millions. The causes of World War I included the rise of Germany and decline of the Ottoman Empire , which disturbed the balance of power in Europe, as well as increased economic competition between nations triggered by new waves of industrialisation and imperialism . Growing tensions between the great powers and in the Balkans reached a breaking point on 28 June 1914, when a Bosnian Serb named Gavrilo Princip assassinated Archduke Franz Ferdinand , heir to the Austro-Hungarian throne. Austria-Hungary held Serbia responsible, and declared war on 28 July. Russia mobilised in Serbia's defence, and by 4 August, Germany, Russia, France , and the United Kingdom were drawn into the war, with the Ottomans joining in November of the same year. Germany's strategy in 1914 was to quickly defeat France, then to transfer its forces to the Russian front. However, this failed, and by the end of the year the Western Front consisted of a continuous line of trenches stretching from the English Channel to Switzerland. The Eastern Front was more dynamic, but neither side could gain a decisive advantage, despite costly offensives. Italy , Bulgaria , Romania , Greece and others joined in from 1915 onward. In April 1917, the United States entered the war on the Allied side following Germany's resumption of unrestricted submarine warfare against Atlantic shipping. Later that year, the Bolsheviks seized power in the Russian October Revolution ; Soviet Russia signed an armistice , followed by a separate peace in March 1918. That month, Germany launched an offensive in the west , which despite initial successes left the German Army exhausted and demoralised. A successful Allied counter-offensive from August 1918 caused a collapse of the German front line. By early November, Bulgaria, the Ottoman Empire and Austria-Hungary had each signed armistices with the Allies, leaving Germany isolated. Facing a revolution at home , Kaiser Wilhelm II abdicated on 9 November, and the war ended with the Armistice of 11 November 1918 . The Paris Peace Conference of 1919–1920 imposed settlements on the defeated powers, most notably the Treaty of Versailles , by which Germany lost significant territories, was disarmed, and was required"
"Paris Peace Conference of 1919–1920 imposed settlements on the defeated powers, most notably the Treaty of Versailles , by which Germany lost significant territories, was disarmed, and was required to pay large war reparations to the Allies. The dissolution of the Russian, German, Austro-Hungarian, and Ottoman Empires redrew national boundaries and resulted in the creation of new independent states, including Poland , Finland , the Baltic states , Czechoslovakia , and Yugoslavia . The League of Nations was established to maintain world peace, but its failure to manage instability during the interwar period contributed to the outbreak of World War II in 1939. Before World War II , the events of 1914–1918 were generally known as the Great War or simply the World War . ] In August 1914, the magazine The Independent wrote ""This is the Great War. It names itself"". ] In October 1914, the Canadian magazine Maclean's similarly wrote, ""Some wars name themselves. This is the Great War."" ] Contemporary Europeans also referred to it as "" the war to end war "" and it was also described as ""the war to end all wars"" due to their perception of its unparalleled scale, devastation, and loss of life. ] The first recorded use of the term First World War was in September 1914 by German biologist and philosopher Ernst Haeckel who stated, ""There is no doubt that the course and character of the feared 'European War' ... will become the first world war in the full sense of the word."" ] For much of the 19th century, the major European powers maintained a tenuous balance of power , known as the Concert of Europe . ] After 1848, this was challenged by Britain's withdrawal into so-called splendid isolation , the decline of the Ottoman Empire , New Imperialism , and the rise of Prussia under Otto von Bismarck . Victory in the 1870–1871 Franco-Prussian War allowed Bismarck to consolidate a German Empire . Post-1871, the primary aim of French policy was to avenge this defeat, ] but by the early 1890s, this had switched to the expansion of the French colonial empire . ] In 1873, Bismarck negotiated the League of the Three Emperors , which included Austria-Hungary , Russia and Germany. After the 1877–1878 Russo-Turkish War , the League was dissolved due to Austrian concerns over the expansion of Russian influence in the Balkans , an area they considered to be of vital strategic interest. Germany and Austria-Hungary then formed the 1879 Dual Alliance , which became the Triple Alliance when Italy joined in 1882. ] For Bismarck, the purpose of these agreements was to isolate France by ensuring the three Empires resolve any disputes between themselves. In 1887, Bismarck set up the Reinsurance Treaty , a secret agreement between Germany and Russia to remain neutral if either were attacked by France or Austria-Hungary. ] For Bismarck, peace with Russia was the foundation of German foreign policy but in 1890, he was forced to retire by Wilhelm II . The latter was persuaded not to renew"
"by France or Austria-Hungary. ] For Bismarck, peace with Russia was the foundation of German foreign policy but in 1890, he was forced to retire by Wilhelm II . The latter was persuaded not to renew the Reinsurance Treaty by his new Chancellor , Leo von Caprivi . ] This gave France an opening to agree the Franco-Russian Alliance in 1894, which was then followed by the 1904 Entente Cordiale with Britain. The Triple Entente was completed by the 1907 Anglo-Russian Convention . While not formal alliances, by settling long-standing colonial disputes in Asia and Africa, British support for France or Russia in any future conflict became a possibility. ] This was accentuated by British and Russian support for France against Germany during the 1911 Agadir Crisis . ] German economic and industrial strength continued to expand rapidly post-1871. Backed by Wilhelm II, Admiral Alfred von Tirpitz sought to use this growth to build an Imperial German Navy , that could compete with the British Royal Navy . ] This policy was based on the work of US naval author Alfred Thayer Mahan , who argued that possession of a blue-water navy was vital for global power projection; Tirpitz had his books translated into German, while Wilhelm made them required reading for his advisors and senior military personnel. ] However, it was also an emotional decision, driven by Wilhelm's simultaneous admiration for the Royal Navy and desire to surpass it. Bismarck thought that the British would not interfere in Europe, as long as its maritime supremacy remained secure, but his dismissal in 1890 led to a change in policy and an Anglo-German naval arms race began. ] Despite the vast sums spent by Tirpitz, the launch of HMS Dreadnought in 1906 gave the British a technological advantage. ] Ultimately, the race diverted huge resources into creating a German navy large enough to antagonise Britain, but not defeat it; in 1911, Chancellor Theobald von Bethmann Hollweg acknowledged defeat, leading to the Rüstungswende or 'armaments turning point', when he switched expenditure from the navy to the army. ] This decision was not driven by a reduction in political tensions but by German concern over Russia's quick recovery from its defeat in the Russo-Japanese War and subsequent 1905 Russian Revolution . Economic reforms led to a significant post-1908 expansion of railways and transportation infrastructure, particularly in its western border regions. ] Since Germany and Austria-Hungary relied on faster mobilisation to compensate for their numerical inferiority compared to Russia, the threat posed by the closing of this gap was more important than competing with the Royal Navy. After Germany expanded its standing army by 170,000 troops in 1913, France extended compulsory military service from two to three years; similar measures were taken by the Balkan powers and Italy, which led to increased expenditure by the Ottomans and Austria-Hungary. Absolute figures are difficult to calculate due to"
"to three years; similar measures were taken by the Balkan powers and Italy, which led to increased expenditure by the Ottomans and Austria-Hungary. Absolute figures are difficult to calculate due to differences in categorising expenditure since they often omit civilian infrastructure projects like railways which had logistical importance and military use. It is known, however, that from 1908 to 1913, military spending by the six major European powers increased by over 50% in real terms. ] The years before 1914 were marked by a series of crises in the Balkans, as other powers sought to benefit from the Ottoman decline. While Pan-Slavic and Orthodox Russia considered itself the protector of Serbia and other Slav states, they preferred the strategically vital Bosporus straits to be controlled by a weak Ottoman government, rather than an ambitious Slav power like Bulgaria . Russia had ambitions in northeastern Anatolia while its clients had overlapping claims in the Balkans. These competing interests divided Russian policy-makers and added to regional instability. ] Austrian statesmen viewed the Balkans as essential for the continued existence of their Empire and saw Serbian expansion as a direct threat. The 1908–1909 Bosnian Crisis began when Austria annexed the former Ottoman territory of Bosnia and Herzegovina , which it had occupied since 1878. Timed to coincide with the Bulgarian Declaration of Independence from the Ottoman Empire, this unilateral action was denounced by the European powers, but accepted as there was no consensus on how to resolve the situation. Some historians see this as a significant escalation, ending any chance of Austria cooperating with Russia in the Balkans, while also damaging diplomatic relations between Serbia and Italy. ] Tensions increased after the 1911–1912 Italo-Turkish War demonstrated Ottoman weakness and led to the formation of the Balkan League , an alliance of Serbia, Bulgaria, Montenegro , and Greece . ] The League quickly overran most of the Ottomans' territory in the Balkans during the 1912–1913 First Balkan War , much to the surprise of outside observers. ] The Serbian capture of ports on the Adriatic resulted in partial Austrian mobilisation, starting on 21 November 1912, including units along the Russian border in Galicia . The Russian government decided not to mobilise in response, unprepared to precipitate a war. ] The Great Powers sought to re-assert control through the 1913 Treaty of London , which had created an independent Albania while enlarging the territories of Bulgaria, Serbia, Montenegro and Greece. However, disputes between the victors sparked the 33-day Second Balkan War , when Bulgaria attacked Serbia and Greece on 16 June 1913; it was defeated, losing most of Macedonia to Serbia and Greece, and Southern Dobruja to Romania. ] The result was that even countries which benefited from the Balkan Wars, such as Serbia and Greece, felt cheated of their ""rightful gains"", while for Austria it"
"and Southern Dobruja to Romania. ] The result was that even countries which benefited from the Balkan Wars, such as Serbia and Greece, felt cheated of their ""rightful gains"", while for Austria it demonstrated the apparent indifference with which other powers viewed their concerns, including Germany. ] This complex mix of resentment, nationalism and insecurity helps explain why the pre-1914 Balkans became known as the "" powder keg of Europe "". ] ] ] ] On 28 June 1914, Archduke Franz Ferdinand of Austria , heir presumptive to Emperor Franz Joseph I of Austria , visited Sarajevo , the capital of the recently annexed Bosnia and Herzegovina . Cvjetko Popović , Gavrilo Princip , Nedeljko Čabrinović , Trifko Grabež , Vaso Čubrilović ( Bosnian Serbs ) and Muhamed Mehmedbašić (from the Bosniaks community), ] from the movement known as Young Bosnia , took up positions along the Archduke's motorcade route, to assassinate him. Supplied with arms by extremists within the Serbian Black Hand intelligence organisation, they hoped his death would free Bosnia from Austrian rule. ] Čabrinović threw a grenade at the Archduke's car and injured two of his aides. The other assassins were also unsuccessful. An hour later, as Ferdinand was returning from visiting the injured officers in hospital, his car took a wrong turn into a street where Gavrilo Princip was standing. He fired two pistol shots, fatally wounding Ferdinand and his wife Sophie . ] According to historian Zbyněk Zeman , in Vienna ""the event almost failed to make any impression whatsoever. On 28 and 29 June, the crowds listened to music and drank wine, as if nothing had happened."" ] Nevertheless, the impact of the murder of the heir to the throne was significant, and has been described by historian Christopher Clark as a ""9/11 effect, a terrorist event charged with historic meaning, transforming the political chemistry in Vienna"". ] Austro-Hungarian authorities encouraged subsequent anti-Serb riots in Sarajevo . ] ] Violent actions against ethnic Serbs were also organised outside Sarajevo, in other cities in Austro-Hungarian-controlled Bosnia and Herzegovina, Croatia and Slovenia. Austro-Hungarian authorities in Bosnia and Herzegovina imprisoned approximately 5,500 prominent Serbs, 700 to 2,200 of whom died in prison. A further 460 Serbs were sentenced to death. A predominantly Bosniak special militia known as the Schutzkorps was established, and carried out the persecution of Serbs. ] ] ] ] The assassination initiated the July Crisis, a month of diplomatic manoeuvring between Austria-Hungary, Germany, Russia, France and Britain. Believing that Serbian intelligence helped organise Franz Ferdinand's murder, Austrian officials wanted to use the opportunity to end their interference in Bosnia and saw war as the best way of achieving this. ] However, the Foreign Ministry had no solid proof of Serbian involvement. ] On 23 July, Austria delivered an ultimatum to Serbia, listing ten demands made intentionally"
"best way of achieving this. ] However, the Foreign Ministry had no solid proof of Serbian involvement. ] On 23 July, Austria delivered an ultimatum to Serbia, listing ten demands made intentionally unacceptable to provide an excuse for starting hostilities. ] Serbia ordered general mobilization on 25 July, but accepted all the terms, except for those empowering Austrian representatives to suppress ""subversive elements"" inside Serbia, and take part in the investigation and trial of Serbians linked to the assassination. ] ] Claiming this amounted to rejection, Austria broke off diplomatic relations and ordered partial mobilisation the next day; on 28 July, they declared war on Serbia and began shelling Belgrade . Russia ordered general mobilization in support of Serbia on 30 July. ] Anxious to ensure backing from the SPD political opposition by presenting Russia as the aggressor, German Chancellor Bethmann Hollweg delayed the commencement of war preparations until 31 July. ] That afternoon, the Russian government were handed a note requiring them to ""cease all war measures against Germany and Austria-Hungary"" within 12 hours. ] A further German demand for neutrality was refused by the French who ordered general mobilization but delayed declaring war. ] The German General Staff had long assumed they faced a war on two fronts; the Schlieffen Plan envisaged using 80% of the army to defeat France, then switching to Russia. Since this required them to move quickly, mobilization orders were issued that afternoon. ] Once the German ultimatum to Russia expired on the morning of 1 August, the two countries were at war. At a meeting on 29 July, the British cabinet had narrowly decided its obligations to Belgium under the 1839 Treaty of London did not require it to oppose a German invasion with military force; however, Prime Minister Asquith and his senior Cabinet ministers were already committed to supporting France, the Royal Navy had been mobilised, and public opinion was strongly in favour of intervention. ] On 31 July, Britain sent notes to Germany and France, asking them to respect Belgian neutrality; France pledged to do so, but Germany did not reply. ] Aware of German plans to attack through Belgium, French Commander-in-Chief Joseph Joffre asked his government for permission to cross the border and pre-empt such a move. To avoid violating Belgian neutrality, he was told any advance could come only after a German invasion. ] Instead, the French cabinet ordered its Army to withdraw 10 km behind the German frontier, to avoid provoking war. On 2 August, Germany occupied Luxembourg and exchanged fire with French units when German patrols entered French territory; on 3 August, they declared war on France and demanded free passage across Belgium, which was refused. Early on the morning of 4 August, the Germans invaded, and Albert I of Belgium called for assistance under the Treaty of London . ] ] Britain sent Germany an ultimatum demanding they withdraw"
"Early on the morning of 4 August, the Germans invaded, and Albert I of Belgium called for assistance under the Treaty of London . ] ] Britain sent Germany an ultimatum demanding they withdraw from Belgium; when this expired at midnight, without a response, the two empires were at war. ] Germany promised to support Austria-Hungary's invasion of Serbia, but interpretations of what this meant differed. Previously tested deployment plans had been replaced early in 1914, but those had never been tested in exercises. Austro-Hungarian leaders believed Germany would cover its northern flank against Russia. ] Beginning on 12 August, the Austrians and Serbs clashed at the battles of the Cer and Kolubara ; over the next two weeks, Austrian attacks were repulsed with heavy losses. As a result, Austria had to keep sizeable forces on the Serbian front, weakening their efforts against Russia. ] Serbia's victory against Austria-Hungary in the 1914 invasion has been called one of the major upset victories of the twentieth century. ] In 1915, the campaign saw the first use of anti-aircraft warfare after an Austrian plane was shot down with ground-to-air fire, as well as the first medical evacuation by the Serbian army. ] ] Upon mobilisation, in accordance with the Schlieffen Plan , 80% of the German Army was located on the Western Front, with the remainder acting as a screening force in the East. Rather than a direct attack across their shared frontier, the German right wing would sweep through the Netherlands and Belgium , then swing south, encircling Paris and trapping the French army against the Swiss border. The plan's creator, Alfred von Schlieffen , head of the German General Staff from 1891 to 1906, estimated that this would take six weeks, after which the German army would transfer to the East and defeat the Russians. ] The plan was substantially modified by his successor, Helmuth von Moltke the Younger . Under Schlieffen, 85% of German forces in the west were assigned to the right wing, with the remainder holding along the frontier. By keeping his left-wing deliberately weak, he hoped to lure the French into an offensive into the ""lost provinces"" of Alsace-Lorraine , which was the strategy envisaged by their Plan XVII . ] However, Moltke grew concerned that the French might push too hard on his left flank and as the German Army increased in size from 1908 to 1914, he changed the allocation of forces between the two wings to 70:30. ] He also considered Dutch neutrality essential for German trade and cancelled the incursion into the Netherlands, which meant any delays in Belgium threatened the viability of the plan. ] Historian Richard Holmes argues that these changes meant the right wing was not strong enough to achieve decisive success. ] The initial German advance in the West was very successful. By the end of August, the Allied left, which included the British Expeditionary Force (BEF), was in full retreat , and the French offensive in Alsace-Lorraine"
"advance in the West was very successful. By the end of August, the Allied left, which included the British Expeditionary Force (BEF), was in full retreat , and the French offensive in Alsace-Lorraine was a disastrous failure, with casualties exceeding 260,000. ] German planning provided broad strategic instructions while allowing army commanders considerable freedom in carrying them out at the front, but von Kluck used this freedom to disobey orders, opening a gap between the German armies as they closed on Paris. ] The French army, reinforced by the British expeditionary corps, seized this opportunity to counter-attack and pushed the German army 40 to 80 km back. Both armies were then so exhausted that no decisive move could be implemented, so they settled in trenches, with the vain hope of breaking through as soon as they could build local superiority. In 1911, the Russian Stavka agreed with the French to attack Germany within fifteen days of mobilisation, ten days before the Germans had anticipated, although it meant the two Russian armies that entered East Prussia on 17 August did so without many of their support elements. ] By the end of 1914, German troops held strong defensive positions inside France, controlled the bulk of France's domestic coalfields, and inflicted 230,000 more casualties than it lost itself. However, communications problems and questionable command decisions cost Germany the chance of a decisive outcome, while it had failed to achieve the primary objective of avoiding a long, two-front war. ] As was apparent to several German leaders, this amounted to a strategic defeat; shortly after the First Battle of the Marne , Crown Prince Wilhelm told an American reporter ""We have lost the war. It will go on for a long time but lost it is already."" ] On 30 August 1914, New Zealand occupied German Samoa (now Samoa ). On 11 September, the Australian Naval and Military Expeditionary Force landed on the island of New Britain , then part of German New Guinea . On 28 October, the German cruiser SMS Emden sank the Russian cruiser Zhemchug in the Battle of Penang . Japan declared war on Germany before seizing territories in the Pacific, which later became the South Seas Mandate , as well as German Treaty ports on the Chinese Shandong peninsula at Tsingtao . After Vienna refused to withdraw its cruiser SMS Kaiserin Elisabeth from Tsingtao, Japan declared war on Austria-Hungary, and the ship was sunk in November 1914. ] Within a few months, Allied forces had seized all German territories in the Pacific, leaving only isolated commerce raiders and a few holdouts in New Guinea. ] ] Some of the first clashes of the war involved British, French, and German colonial forces in Africa. On 6–7 August, French and British troops invaded the German protectorates of Togoland and Kamerun . On 10 August, German forces in South-West Africa attacked South Africa; sporadic and fierce fighting continued for the rest of the war. The German colonial forces in"
"of Togoland and Kamerun . On 10 August, German forces in South-West Africa attacked South Africa; sporadic and fierce fighting continued for the rest of the war. The German colonial forces in German East Africa , led by Colonel Paul von Lettow-Vorbeck , fought a guerrilla warfare campaign and only surrendered two weeks after the armistice took effect in Europe. ] Before the war, Germany had attempted to use Indian nationalism and pan-Islamism to its advantage, a policy continued post-1914 by instigating uprisings in India , while the Niedermayer–Hentig Expedition urged Afghanistan to join the war on the side of Central Powers. However, contrary to British fears of a revolt in India, the outbreak of the war saw a reduction in nationalist activity. ] ] Leaders from the Indian National Congress and other groups believed support for the British war effort would hasten Indian Home Rule , a promise allegedly made explicit in 1917 by Edwin Montagu , the Secretary of State for India . ] In 1914, the British Indian Army was larger than the British Army itself, and between 1914 and 1918 an estimated 1.3 million Indian soldiers and labourers served in Europe, Africa, and the Middle East. In all, 140,000 soldiers served on the Western Front and nearly 700,000 in the Middle East, with 47,746 killed and 65,126 wounded. ] The suffering engendered by the war, as well as the failure of the British government to grant self-government to India afterward, bred disillusionment, resulting in the campaign for full independence led by Mahatma Gandhi . ] Pre-war military tactics that had emphasised open warfare and individual riflemen proved obsolete when confronted with conditions prevailing in 1914. Technological advances allowed the creation of strong defensive systems largely impervious to massed infantry advances, such as barbed wire , machine guns and above all far more powerful artillery , which dominated the battlefield and made crossing open ground extremely difficult. ] Both sides struggled to develop tactics for breaching entrenched positions without heavy casualties. In time, technology enabled the production of new offensive weapons, such as gas warfare and the tank . ] After the First Battle of the Marne in September 1914, Allied and German forces unsuccessfully tried to outflank each other, a series of manoeuvres later known as the "" Race to the Sea "". By the end of 1914, the opposing forces confronted each other along an uninterrupted line of entrenched positions from the Channel to the Swiss border. ] Since the Germans were normally able to choose where to stand, they generally held the high ground, while their trenches tended to be better built; those constructed by the French and English were initially considered ""temporary"", only needed until an offensive would destroy the German defences. ] Both sides tried to break the stalemate using scientific and technological advances. On 22 April 1915, at the Second Battle of Ypres , the Germans (violating the"
"would destroy the German defences. ] Both sides tried to break the stalemate using scientific and technological advances. On 22 April 1915, at the Second Battle of Ypres , the Germans (violating the Hague Convention ) used chlorine gas for the first time on the Western Front. Several types of gas soon became widely used by both sides and though it never proved a decisive, battle-winning weapon, it became one of the most feared and best-remembered horrors of the war. ] ] In February 1916, the Germans attacked French defensive positions at the Battle of Verdun , lasting until December 1916. Casualties were greater for the French, but the Germans bled heavily as well, with anywhere from 700,000 ] to 975,000 ] casualties between the two combatants. Verdun became a symbol of French determination and self-sacrifice. ] The Battle of the Somme was an Anglo-French offensive from July to November 1916. The opening day on 1 July 1916 was the bloodiest single day in the history of the British Army , which suffered 57,500 casualties, including 19,200 dead. As a whole, the Somme offensive led to an estimated 420,000 British casualties, along with 200,000 French and 500,000 Germans. ] The diseases that emerged in the trenches were a major killer on both sides. The living conditions led to disease and infection, such as trench foot , lice , typhus , trench fever , and the ' Spanish flu '. ] At the start of the war, German cruisers were scattered across the globe, some of which were subsequently used to attack Allied merchant shipping . These were systematically hunted down by the Royal Navy, though not before causing considerable damage. One of the most successful was the SMS Emden , part of the German East Asia Squadron stationed at Qingdao , which seized or sank 15 merchantmen, a Russian cruiser and a French destroyer. Most of the squadron was returning to Germany when it sank two British armoured cruisers at the Battle of Coronel in November 1914, before being virtually destroyed at the"
"The United Kingdom of Great Britain and Northern Ireland , commonly known as the United Kingdom ( UK ) or Britain , ] is a country in Northwestern Europe , off the coast of the continental mainland . ] ] It comprises the countries of England , Scotland , Wales , and Northern Ireland . ] ] The UK includes the island of Great Britain , the north-eastern part of the island of Ireland , and most of the smaller islands within the British Isles , a total area of 94,354 square miles (244,376 km 2 ). ] ] ] Northern Ireland shares a land border with the Republic of Ireland ; otherwise, the United Kingdom is surrounded by the Atlantic Ocean , the North Sea , the English Channel , the Celtic Sea , and the Irish Sea . The country had an estimated population of nearly 67.6 million people in 2022. ] The capital and largest city of both England and the United Kingdom is London , whose wider metropolitan area is the largest in Western Europe , with a population of 14.9 million. ] The cities of Edinburgh , Cardiff , and Belfast are the national capitals of Scotland, Wales, and Northern Ireland, respectively. The lands of the UK have been inhabited continuously since the Neolithic . In AD 43 the Roman conquest of Britain began; the Roman departure was followed by Anglo-Saxon settlement . In 1066, the Normans conquered England . With the end of the Wars of the Roses the English state stabilised and began to grow in power, resulting by the 16th century in the annexation of Wales , the domination of Scotland , and the establishment of the British Empire . Over the course of the 17th century, the role of the British monarchy was reduced, particularly as a result of the English Civil War . In 1707, the Kingdom of England and the Kingdom of Scotland united under the Treaty of Union to create the Kingdom of Great Britain . The Acts of Union 1800 incorporated the Kingdom of Ireland to create the United Kingdom of Great Britain and Ireland in 1801. Most of Ireland seceded from the UK in 1922 as the Irish Free State , and the Royal and Parliamentary Titles Act 1927 created the present United Kingdom. The UK became the first industrialised country and was the world's foremost power for the majority of the 19th and early 20th centuries, particularly during the "" Pax Britannica "" between 1815 and 1914. ] ] At its height in the 1920s, the British Empire encompassed almost a quarter of the world's landmass and population, and was the largest empire in history . However, its involvement in the First World War and the Second World War damaged Britain's economic power and a global wave of decolonisation led to the independence of most British colonies. ] ] ] The United Kingdom is a constitutional monarchy and parliamentary democracy . ] ] The UK has three distinct jurisdictions: England and Wales , Scotland , and Northern Ireland . ] Since 1999, Scotland, Wales and Northern Ireland have their own governments and parliaments which control various devolved matters. ] The UK is a"
"and Wales , Scotland , and Northern Ireland . ] Since 1999, Scotland, Wales and Northern Ireland have their own governments and parliaments which control various devolved matters. ] The UK is a developed country and has the world's sixth-largest economy by nominal gross domestic product (GDP). It is a nuclear state , and is ranked fifth globally in military expenditure . ] ] The UK has been a permanent member of the UN Security Council since its first session in 1946. It is a member of the Commonwealth of Nations , Council of Europe , G7 , OECD , NATO , Five Eyes , AUKUS and CPTPP . British influence can be observed in the legal and political systems of many of its former colonies , and British culture remains globally influential, particularly in language , literature , music and sport . English is the world's most widely spoken language and the third-most spoken native language . ] The Acts of Union 1707 declared that the Kingdom of England and Kingdom of Scotland were ""United into One Kingdom by the Name of Great Britain"". ] ] The term ""United Kingdom"" has occasionally been used as a description for the former Kingdom of Great Britain , although its official name from 1707 to 1800 was simply ""Great Britain"". ] The Acts of Union 1800 formed the United Kingdom of Great Britain and Ireland . Following the partition of Ireland and the independence of the Irish Free State in 1922, which left Northern Ireland as the only part of the island of Ireland within the United Kingdom, the name was changed in 1927 to the ""United Kingdom of Great Britain and Northern Ireland"". ] Although the United Kingdom is a sovereign country, England, Scotland, Wales and Northern Ireland are also widely referred to as countries . ] The UK Prime Minister's website has used the phrase ""countries within a country"" to describe the United Kingdom. ] Some statistical summaries, such as those for the twelve NUTS 1 regions , refer to Scotland, Wales and Northern Ireland as ""regions"". ] Northern Ireland is also referred to as a ""province"". ] With regard to Northern Ireland, the descriptive name used ""can be controversial, with the choice often revealing one's political preferences"". ] The term ""Great Britain"" conventionally refers to the island of Great Britain, or politically to England, Scotland and Wales in combination. ] It is sometimes used as a loose synonym for the United Kingdom as a whole. ] The word England is occasionally used incorrectly to refer to the United Kingdom as a whole, a mistake principally made by people from outside the UK. ] The term ""Britain"" is used as a synonym for Great Britain , ] ] but also sometimes for the United Kingdom. ] ] Usage is mixed: the UK Government prefers to use the term ""UK"" rather than ""Britain"" or ""British"" on its website (except when referring to embassies), ] while acknowledging that both terms refer to the United Kingdom and that elsewhere ""British government"" is used at least as frequently as ""United Kingdom government"". ] The"
"referring to embassies), ] while acknowledging that both terms refer to the United Kingdom and that elsewhere ""British government"" is used at least as frequently as ""United Kingdom government"". ] The UK Permanent Committee on Geographical Names recognises ""United Kingdom"", ""UK"" and ""U.K."" as shortened and abbreviated geopolitical terms for the United Kingdom of Great Britain and Northern Ireland in its toponymic guidelines; it does not list ""Britain"" but notes that ""it is only the one specific nominal term 'Great Britain' which invariably excludes Northern Ireland"". ] The BBC historically preferred to use ""Britain"" as shorthand only for Great Britain, though the present style guide does not take a position except that ""Great Britain"" excludes Northern Ireland. ] The adjective ""British"" is commonly used to refer to matters relating to the United Kingdom and is used in law to refer to United Kingdom citizenship and nationality . ] ] People of the United Kingdom use several different terms to describe their national identity and may identify themselves as being British , English , Scottish , Welsh , Northern Irish , or Irish ; ] or as having a combination of different national identities. ] Settlement by Cro-Magnons of what was to become the United Kingdom occurred in waves beginning by about 30,000 years ago. ] The island has been continuously inhabited only since the last retreat of the ice around 11,500 years ago. By the end of the region's prehistoric period , the population is thought to have belonged largely to a culture termed Insular Celtic , comprising Brittonic Britain and Gaelic Ireland . ] The Roman conquest , beginning in 43 AD, and the 400-year rule of southern Britain , was followed by an invasion by Germanic Anglo-Saxon settlers, reducing the Brittonic area mainly to what was to become Wales , Cornwall and, until the latter stages of the Anglo-Saxon settlement, the Hen Ogledd (northern England and parts of southern Scotland). ] Most of the region settled by the Anglo-Saxons became unified as the Kingdom of England in the 10th century. ] Meanwhile, Gaelic speakers in north-west Britain (with connections to the north-east of Ireland and traditionally supposed to have migrated from there in the 5th century) ] united with the Picts to create the Kingdom of Scotland in the 9th century. ] In 1066, the Normans invaded England from northern France. After conquering England , they seized large parts of Wales , conquered much of Ireland and were invited to settle in Scotland, bringing to each country feudalism on the Northern French model and Norman-French culture. ] The Anglo-Norman ruling class greatly influenced, but eventually assimilated with, the local cultures. ] Subsequent medieval English kings completed the conquest of Wales and tried unsuccessfully to annex Scotland . Asserting its independence in the 1320 Declaration of Arbroath , Scotland maintained its independence thereafter, albeit in near-constant conflict with England . In"
"unsuccessfully to annex Scotland . Asserting its independence in the 1320 Declaration of Arbroath , Scotland maintained its independence thereafter, albeit in near-constant conflict with England . In 1215 the Magna Carta was the first document to state that no government was above the law, that citizens have rights protecting them and that they were entitled to a fair trial . ] The English monarchs, through inheritance of substantial territories in France and claims to the French crown, were also heavily involved in conflicts in France, most notably the Hundred Years' War , while the Kings of Scots were in an alliance with the French during this period. ] Early modern Britain saw religious conflict resulting from the Reformation and the introduction of Protestant state churches in each country. ] The English Reformation ushered in political, constitutional, social and cultural change in the 16th century and established the Church of England . Moreover, it defined a national identity for England and slowly, but profoundly, changed people's religious beliefs. ] Wales was fully incorporated into the Kingdom of England , ] and Ireland was constituted as a kingdom in personal union with the English crown. ] In what was to become Northern Ireland, the lands of the independent Catholic Gaelic nobility were confiscated and given to Protestant settlers from England and Scotland. ] In 1603, the kingdoms of England, Scotland and Ireland were united in a personal union when James VI, King of Scots , inherited the crowns of England and Ireland and moved his court from Edinburgh to London; each country nevertheless remained a separate political entity and retained its separate political, legal, and religious institutions. ] In the mid-17th century, all three kingdoms were involved in a series of connected wars (including the English Civil War ) which led to the temporary overthrow of the monarchy, with the execution of King Charles I , and the establishment of the short-lived unitary republic of the Commonwealth of England , Scotland and Ireland. ] Although the monarchy was restored , the Interregnum along with the Glorious Revolution of 1688 and the subsequent Bill of Rights 1689 in England and Claim of Right Act 1689 in Scotland ensured that, unlike much of the rest of Europe, royal absolutism would not prevail, and a professed Catholic could never accede to the throne. The British constitution would develop on the basis of constitutional monarchy and the parliamentary system . ] With the founding of the Royal Society in 1660, science was greatly encouraged. During this period, particularly in England, the development of naval power and the interest in voyages of discovery led to the acquisition and settlement of overseas colonies , particularly in North America and the Caribbean. ] Though previous attempts at uniting the two kingdoms within Great Britain in 1606, 1667, and 1689 had proved unsuccessful, the attempt initiated in 1705 led to the Treaty of"
"and the Caribbean. ] Though previous attempts at uniting the two kingdoms within Great Britain in 1606, 1667, and 1689 had proved unsuccessful, the attempt initiated in 1705 led to the Treaty of Union of 1706 being agreed and ratified by both parliaments. On 1 May 1707, the Kingdom of Great Britain was formed, the result of the Acts of Union 1707 between the Kingdom of England and Kingdom of Scotland . ] In the 18th century, cabinet government developed under Robert Walpole , in practice the first prime minister (1721–1742). A series of Jacobite uprisings sought to remove the Protestant House of Hanover from the throne and restore the Catholic House of Stuart . The Jacobites were finally defeated at the Battle of Culloden in 1746, after which the Scottish Highlanders were forcibly assimilated into Scotland by revoking the feudal independence of clan chiefs . The British colonies in North America that broke away in the American War of Independence became the United States . British imperial ambition turned towards Asia, particularly to India . ] British merchants played a leading part in the Atlantic slave trade , mainly between 1662 and 1807 when British or British-colonial slave ships transported nearly 3.3 million slaves from Africa. ] The slaves were taken to work on plantations , principally in the Caribbean but also North America . ] However, with pressure from the abolitionism movement , Parliament banned the trade in 1807, banned slavery in the British Empire in 1833, and Britain took a leading role in the movement to abolish slavery worldwide through the blockade of Africa and pressing other nations to end their trade with a series of treaties. ] In 1800 the parliaments of Great Britain and Ireland each passed an Act of Union, uniting the two kingdoms and creating the United Kingdom of Great Britain and Ireland on 1 January 1801. ] After the defeat of France at the end of the French Revolutionary Wars and Napoleonic Wars (1792–1815), the United Kingdom emerged as the principal naval and imperial power (with London the largest city in the world from about 1830). ] Unchallenged at sea , British dominance was later described as Pax Britannica (""British Peace""), a period of relative peace among the great powers (1815–1914) during which the British Empire became the global hegemon and adopted the role of global policeman. ] ] From 1853 to 1856, Britain took part in the Crimean War , allied with the Ottoman Empire against Tsarist Russia , ] participating in the naval battles of the Baltic Sea known as the Åland War in the Gulf of Bothnia and the Gulf of Finland , among others. ] Following the Indian Rebellion in 1857 , the British government led by Lord Palmerston assumed direct rule over India . Alongside the formal control it exerted over its own colonies, British dominance of much of world trade meant that it effectively controlled the economies of regions such as East Asia and Latin America . ] Throughout the Victorian era , political"
"own colonies, British dominance of much of world trade meant that it effectively controlled the economies of regions such as East Asia and Latin America . ] Throughout the Victorian era , political attitudes favoured free trade and laissez-faire policies. Beginning with the Great Reform Act in 1832, Parliament gradually widened the voting franchise , with the 1884 Reform Act championed by William Gladstone granting suffrage to a majority of males for the first time. The British population increased at a dramatic rate, accompanied by rapid urbanisation , causing significant social and economic stresses. ] By the late 19th century, the Conservatives under Benjamin Disraeli and Lord Salisbury initiated a period of imperial expansion in Africa , maintained a policy of splendid isolation in Europe, and attempted to contain Russian influence in Afghanistan and Persia , in what came to be known as the Great Game . ] During this time, Canada , Australia and New Zealand were granted self-governing dominion status. ] At the turn of the century, Britain's industrial dominance became challenged by the German Empire and the United States . ] The Edwardian era saw social reform and home rule for Ireland become important domestic issues, while the Labour Party emerged from an alliance of trade unions and small socialist groups in 1900, and suffragettes campaigned for women's right to vote. ] Britain was one of the principal Allies that defeated the Central Powers in the First World War (1914–1918). Alongside their French, Russian and (after 1917) American counterparts, ] British armed forces were engaged across much of the British Empire and in several regions of Europe, particularly on the Western Front . ] The high fatalities of trench warfare caused the loss of much of a generation of men, with lasting social effects in the nation and a great disruption in the social order. Britain had suffered 2.5 million casualties and finished the war with a huge national debt. ] The consequences of the war persuaded the government to expand the right to vote in national and local elections to all adult men and most adult women with the Representation of the People Act 1918 . ] After the war, Britain became a permanent member of the Executive Council of the League of Nations and received a mandate over a number of former German and Ottoman colonies. Under the leadership of David Lloyd George , the British Empire reached its greatest extent, covering a fifth of the world's land surface and a quarter of its population. ] By the mid-1920s, most of the British population could listen to BBC radio programmes. ] ] Experimental television broadcasts began in 1929 and the first scheduled BBC Television Service commenced in 1936. ] The rise of Irish nationalism , and disputes within Ireland over the terms of Irish Home Rule , led eventually to the partition of the island in 1921. ] A period of conflict in what is now Northern Ireland occurred from June 1920 until June 1922. The"
"Ireland over the terms of Irish Home Rule , led eventually to the partition of the island in 1921. ] A period of conflict in what is now Northern Ireland occurred from June 1920 until June 1922. The Irish Free State became independent, initially with Dominion status in 1922, and unambiguously independent in 1931 . Northern Ireland remained part of the United Kingdom. ] The 1928 Equal Franchise Act gave women electoral equality with men in national elections. Strikes in the mid-1920s culminated in the General Strike of 1926 . Britain had still not recovered from the effects of the First World War when the Great Depression (1929–1932) led to considerable unemployment and hardship in the old industrial areas, as well as political and social unrest with rising membership in communist and socialist parties. A coalition government was formed in 1931. ] Nonetheless, ""Britain was a very wealthy country, formidable in arms, ruthless in pursuit of its interests and sitting at the heart of a global production system."" ] After Nazi Germany invaded Poland in 1939, Britain entered the Second World War . Winston Churchill became prime minister and head of a coalition government in 1940. Despite the defeat of its European allies in the first year, Britain and its Empire continued the war against Germany. Churchill engaged industry, scientists and engineers to support the government and the military in the prosecution of the war effort. ] In 1940, the Royal Air Force defeated the German Luftwaffe in the Battle of Britain . Urban areas suffered heavy bombing during the Blitz . The Grand Alliance of Britain, the United States and the Soviet Union formed in 1941, leading the Allies against the Axis powers . There were eventual hard-fought victories in the Battle of the Atlantic , the North Africa campaign and the Italian campaign . British forces played important roles in the Normandy landings of 1944 and the liberation of Europe . The British Army led the Burma campaign against Japan, and the British Pacific Fleet fought Japan at sea. British scientists contributed to the Manhattan Project whose task was to build an atomic weapon. ] Once built, it was decided, with British consent, to use the weapon against Japan. ] The UK was one of the Big Three powers (along with the US and the Soviet Union) who met to plan the post-war world ; ] it drafted the Declaration by United Nations with the United States and became one of the five permanent members of the United Nations Security Council . It worked closely with the United States to establish the IMF , World Bank and NATO . ] The war left the UK severely weakened and financially dependent on the Marshall Plan , ] but it was spared the total war that devastated eastern Europe. ] In the immediate post-war years, the Labour government under Clement Attlee initiated a radical programme of reforms, which significantly impacted British society in the following decades . ] Major industries and public utilities were"
"Labour government under Clement Attlee initiated a radical programme of reforms, which significantly impacted British society in the following decades . ] Major industries and public utilities were nationalised , a welfare state was established, and a comprehensive, publicly funded healthcare system, the National Health Service , was created. ] The rise of nationalism in the colonies coincided with Britain's much-diminished economic position, so that a policy of decolonisation was unavoidable. Independence was granted to India and Pakistan in 1947. ] Over the next three decades, most colonies of the British Empire gained their independence, and many became members of the Commonwealth of Nations . ] The UK was the third country to develop a nuclear weapons arsenal (with its first atomic bomb test, Operation Hurricane , in 1952), but the post-war limits of Britain's international role were illustrated by the Suez Crisis of 1956. The international spread of the English language ensured the continuing international influence of its literature and culture . ] ] As a result of a shortage of workers in the 1950s, the government encouraged immigration from Commonwealth countries . In the following decades, the UK became a more multi-ethnic society. ] Despite rising living standards in the late 1950s and 1960s, the UK's economic performance was less successful than many of its main competitors such as France, West Germany and Japan. The UK was the first democratic nation to lower its voting age to 18 in 1969. ] In the decades-long process of European integration , the UK was a founding member of the Western European Union , established with the London and Paris Conferences in 1954. In 1960 the UK was one of the seven founding members of the European Free Trade Association (EFTA), but in 1973 it left to join the European Communities (EC). In a 1975 referendum 67% voted to stay in it. ] When the EC became the European Union (EU) in 1992, the UK was one of the 12 founding member states. From the late 1960s, Northern Ireland suffered communal and paramilitary violence (sometimes affecting other parts of the UK) conventionally known as the Troubles . It is usually considered to have ended with the 1998 Belfast ""Good Friday"" Agreement . ] Following a period of widespread economic slowdown and industrial strife in the 1970s, the Conservative government of the 1980s led by Margaret Thatcher initiated a radical policy of monetarism , deregulation, particularly of the financial sector (for example, the Big Bang in 1986) and labour markets, the sale of state-owned companies (privatisation), and the withdrawal of subsidies to others. ] In 1982, Argentina invaded the British territories of South Georgia and the Falkland Islands , leading to the 10-week Falklands War in which Argentine forces were defeated. The inhabitants of the islands are predominantly descendants of British settlers, and strongly favour British sovereignty, expressed in a 2013 referendum . From"
"which Argentine forces were defeated. The inhabitants of the islands are predominantly descendants of British settlers, and strongly favour British sovereignty, expressed in a 2013 referendum . From 1984, the UK economy was helped by the inflow of substantial North Sea oil revenues. ] Another British overseas territory, Gibraltar , ceded to Great Britain in the 1713 Treaty of Utrecht, ] is a key military base . A referendum in 2002 on shared sovereignty with Spain was rejected by 98.97% of voters in the territory. Around the end of the 20th century, there were major changes to the governance of the UK with the establishment of devolved administrations for Scotland, Wales and Northern Ireland. ] The statutory incorporation followed acceptance of the European Convention on Human Rights . The UK remained a great power with global diplomatic and military influence and a leading role in the United Nations and NATO . ] The UK broadly supported the United States' approach to the "" war on terror "" in the early 21st century. ] British troops fought in the War in Afghanistan , but controversy surrounded Britain's military deployment in Iraq , which saw the largest protest in British history in opposition to the government led by Tony Blair . ] The Great Recession severely affected the UK economy. ] The Cameron–Clegg coalition government of 2010 introduced austerity measures intended to tackle the substantial public deficits. ] Studies have suggested that policy led to significant social disruption and suffering. ] ] A referendum on Scottish independence in 2014 resulted in the Scottish electorate voting by 55.3 to 44.7% to remain part of the United Kingdom. ] In 2016, 51.9 per cent of voters in the United Kingdom voted to leave the European Union . ] The UK left the EU in 2020. ] On 1 May 2021, the EU–UK Trade and Cooperation Agreement came into force. ] The COVID-19"
"The Road Traffic Act 1930 ( 20 & 21 Geo. 5 . c. 43) is an act of the Parliament of the United Kingdom introduced by the Minister of Transport Herbert Morrison . The last major legislation on road traffic was the Motor Car Act 1903 . Amendments had been discussed in 1905, ] 1911, 1913 ] and 1914 ] as the Motor Car Act (1903) Amendment Bill and Motor Car Act (1903) Amendment (No 2) Bill. ] Since 1926 in which there were 4,886 fatalities in some 124,000 crashes a detailed set of national statistics (now known as Road Casualties Great Britain ) had been collected. ] It was not until 1929 that a new Road Traffic Bill was discussed in detail following a Royal Commission report on Transport, ""The control of traffic on roads,"" ] which was adopted almost in its entirety. ] During a parliamentary debate on making speedometers compulsory in 1932 it was suggested that speed limits for cars were removed by this Act because ""the existing speed limit was so universally disobeyed that its maintenance brought the law into contempt"" rather that for considerations of safety. ] The Act repealed the Locomotives Act 1865 , the Locomotives on Highways Act 1896 and the Motor Car Act 1903 and introduced many new regulations which controversially included the removal of all speed limits on UK roads for motor cars. It was amended in 1988 ] and at other times. The Road Traffic Act 1930 was strengthened by the Third Parties (Rights against Insurers) Act 1930 . ] Many clauses introduced by the Act have been retained. Regulations relating to insurance, licensing and driving offences have continued to evolve since that date."
"Nazi Germany , ] officially known as the German Reich ] and later the Greater German Reich , ] was the German state between 1933 and 1945, when Adolf Hitler and the Nazi Party controlled the country, transforming it into a totalitarian dictatorship . The Third Reich , ] meaning ""Third Realm"" or ""Third Empire"", referred to the Nazi claim that Nazi Germany was the successor to the earlier Holy Roman Empire (800–1806) and German Empire (1871–1918). The Third Reich, which the Nazis referred to as the Thousand-Year Reich , ] ended in May 1945, after only 12 years, when the Allies defeated Germany and entered the capital, Berlin , ending World War II in Europe . After Hitler was appointed Chancellor of Germany by the President of the Weimar Republic Paul von Hindenburg on 30 January 1933, the Nazi Party began to eliminate political opposition and consolidate power. Hindenburg died on 2 August 1934, and Hitler became dictator by merging the powers of the chancellery and presidency. A 1934 German referendum confirmed Hitler as sole Führer (leader). Power was centralised in Hitler's person, and his word became the highest law. The government was not a coordinated, cooperating body, but rather a collection of factions struggling to amass power. In the midst of the Great Depression , the Nazis restored economic stability and ended mass unemployment using heavy military spending. Financed by deficit spending , the regime undertook extensive public works projects, including the Autobahnen (motorways) and a massive secret rearmament program , forming the Wehrmacht (armed forces). The return to economic stability boosted the regime's popularity. Germany made increasingly aggressive territorial demands, threatening war if they were not met. Germany seized Austria in the Anschluss of 1938, and demanded and received the Sudetenland region of Czechoslovakia. Germany signed a non-aggression pact with the Soviet Union and invaded Poland on 1 September 1939, launching World War II in Europe . In alliance with Italy and other Axis powers , Germany conquered most of Europe by 1940 and threatened Great Britain. Racism , Nazi eugenics , anti-Slavism , and especially antisemitism were central ideological features of the regime. The Germanic peoples were considered by the Nazis to be the "" master race "", the purest branch of the Aryan race. Jews , Romani people , Slavs , homosexuals , liberals , socialists , communists , other political opponents, Jehovah’s Witnesses , Freemasons , those who refused to work , and other ""undesirables"" were imprisoned, deported , or murdered. Christian churches and citizens that opposed Hitler's rule were oppressed and leaders imprisoned. Education focused on racial biology , population policy, and fitness for military service. Career and educational opportunities for women were curtailed . Nazi Propaganda Ministry disseminated films, antisemitic canards , and organized mass rallies; fostering a pervasive cult of personality around Adolf"
"opportunities for women were curtailed . Nazi Propaganda Ministry disseminated films, antisemitic canards , and organized mass rallies; fostering a pervasive cult of personality around Adolf Hitler to influence public opinion. The government controlled artistic expression, promoting specific art forms and banning or discouraging others. Genocide , mass murder , and large-scale forced labour became hallmarks of the regime; the implementation of the regime's racial policies culminated in the Holocaust . After the initial success of German invasion of the Soviet Union in 1941, Nazi Germany attempted to implement the Generalplan Ost and Hunger Plan , as part of its war of extermination in Eastern Europe. The Soviet resurgence and entry of the US into the war meant Germany lost the initiative in 1943 and by late 1944 had been pushed back to the 1939 border. Large-scale aerial bombing of Germany escalated and the Axis powers were driven back in Eastern and Southern Europe. Germany was conquered by the Soviet Union from the east and the other Allies from the west, and capitulated on 8 May 1945. Hitler's refusal to admit defeat led to massive destruction of German infrastructure and additional war-related deaths in the closing months of the war. The Allies initiated a policy of denazification and put many of the surviving Nazi leadership on trial for war crimes at the Nuremberg trials . Common English terms for the German state in the Nazi era are ""Nazi Germany"" and the ""Third Reich"", which Hitler and the Nazis also referred to as the ""Thousand-Year Reich"" ( Tausendjähriges Reich ). ] The latter, a translation of the Nazi propaganda term Drittes Reich , was first used in Das Dritte Reich , a 1923 book by Arthur Moeller van den Bruck . ] The book counted the Holy Roman Empire (962–1806) as the first Reich and the German Empire (1871–1918) as the second. ] Severe setbacks to the German economy began after World War I ended, partly because of reparations payments required under the 1919 Treaty of Versailles . The government printed money to make the payments and to repay the country's war debt, but the resulting hyperinflation led to inflated prices, economic chaos, and food riots. ] When the government defaulted on their reparations payments in January 1923, French troops occupied German industrial areas along the Ruhr and widespread civil unrest followed. ] The National Socialist German Workers' Party ( Nationalsozialistische Deutsche Arbeiterpartei ), commonly known as the Nazi Party, was founded in 1920. It was the renamed successor of the German Workers' Party (DAP) formed one year earlier, and one of several far-right political parties then active. ] The Nazi Party platform included destruction of the Weimar Republic, rejection of the Treaty of Versailles, radical antisemitism , and anti- Bolshevism . ] They promised a strong central government, increased Lebensraum (""living space"") for Germanic peoples, formation of a national community based on"
"radical antisemitism , and anti- Bolshevism . ] They promised a strong central government, increased Lebensraum (""living space"") for Germanic peoples, formation of a national community based on race, and racial cleansing via the active suppression of Jews , who would be stripped of their citizenship and civil rights. ] The Nazis proposed national and cultural renewal based upon the Völkisch movement . ] The party, especially its paramilitary organisation Sturmabteilung (SA; Storm Detachment), or Brownshirts, used physical violence to advance their political position, disrupting the meetings of rival organisations and attacking their members as well as Jewish people on the streets. ] Such far-right armed groups were common in Bavaria , and were tolerated by the sympathetic far-right state government of Gustav Ritter von Kahr . ] When the stock market in the United States crashed in 1929 , the effect in Germany was dire. ] Millions were thrown out of work and several major banks collapsed. Hitler and the Nazis prepared to take advantage of the emergency to gain support for their party. They promised to strengthen the economy and provide jobs. ] Many voters decided the Nazi Party was capable of restoring order, quelling civil unrest, and improving Germany's international reputation. After the federal election of 1932 , the party was the largest in the Reichstag , holding 230 seats with 37.4 per cent of the popular vote. ] Although the Nazis won the greatest share of the popular vote in the two Reichstag general elections of 1932, they did not have a majority. Hitler refused to participate in a coalition government unless he was its leader. ] Under pressure from politicians, industrialists, and the business community, President Paul von Hindenburg appointed Hitler as Chancellor of Germany on 30 January 1933. This event is known as the Machtergreifung (""seizure of power""). ] On the night of 27 February 1933, the Reichstag building was set afire . Marinus van der Lubbe , a Dutch communist, was found guilty of starting the blaze. Hitler proclaimed that the arson marked the start of a communist uprising. The Reichstag Fire Decree , imposed on 28 February 1933, rescinded most civil liberties, including rights of assembly and freedom of the press. The decree also allowed the police to detain people indefinitely without charges. The legislation was accompanied by a propaganda campaign that led to public support for the measure. Violent suppression of communists by the SA was undertaken nationwide and 4,000 members of the Communist Party of Germany were arrested. ] On 23 March 1933, the Enabling Act , an amendment to the Weimar Constitution , passed in the Reichstag by a vote of 444 to 94. ] This amendment allowed Hitler and his cabinet to pass laws—even laws that violated the constitution—without the consent of the president or the Reichstag. ] As the bill required a two-thirds majority to pass, the Nazis used intimidation tactics as well as the provisions"
"violated the constitution—without the consent of the president or the Reichstag. ] As the bill required a two-thirds majority to pass, the Nazis used intimidation tactics as well as the provisions of the Reichstag Fire Decree to keep several Social Democratic deputies from attending, and the Communists had already been banned. ] ] The Enabling Act would subsequently serve as the legal foundation for the dictatorship the Nazis established. ] On 10 May, the government seized the assets of the Social Democrats, and they were banned on 22 June. ] On 21 June, the SA raided the offices of the German National People's Party – their former coalition partners – which then disbanded on 29 June. The remaining major political parties followed suit. On 14 July 1933 Germany became a one-party state with the passage of the Law Against the Formation of Parties , decreeing the Nazi Party to be the sole legal party in Germany. The founding of new parties was also made illegal, and all remaining political parties which had not already been dissolved were banned. ] Further elections in November 1933 , 1936 , and 1938 were Nazi-controlled, with only members of the Party and a small number of independents elected. ] All civilian organisations had their leadership replaced with Nazi sympathisers or party members, and either merged with the Nazi Party or faced dissolution. ] The Nazi government declared a ""Day of National Labor"" for May Day 1933, and invited many trade union delegates to Berlin for celebrations. The day after, SA stormtroopers demolished union offices around the country; all trade unions were forced to dissolve and their leaders were arrested. ] The Law for the Restoration of the Professional Civil Service , passed in April, removed from their jobs all teachers, professors, judges, magistrates, and government officials who were Jewish or whose commitment to the party was suspect. ] This meant the only non-political institutions not under control of the Nazis were the churches. ] The Nazi regime abolished the symbols of the Weimar Republic—including the black, red, and gold tricolour flag —and adopted reworked symbolism. The previous imperial black, white, and red tricolour was restored as one of Germany's two official flags; the second was the swastika flag of the Nazi Party, which became the sole national flag in September 1935. The Party anthem "" Horst-Wessel-Lied "" (""Horst Wessel Song"") became a second national anthem. ] Germany was still in a dire economic situation, as six million people were unemployed and the balance of trade deficit was daunting. ] Using deficit spending , public works projects were undertaken beginning in 1934, creating 1.7 million new jobs by the end of that year alone. ] Average wages began to rise. ] The SA leadership continued to apply pressure for greater political and military power. In response, Hitler used the Schutzstaffel (SS) and Gestapo to purge the entire SA leadership. ] Hitler targeted SA Stabschef (Chief of"
"to apply pressure for greater political and military power. In response, Hitler used the Schutzstaffel (SS) and Gestapo to purge the entire SA leadership. ] Hitler targeted SA Stabschef (Chief of Staff) Ernst Röhm and other SA leaders who—along with a number of Hitler's political adversaries (such as Gregor Strasser and former chancellor Kurt von Schleicher )—were arrested and shot. ] Up to 200 people were killed from 30 June to 2 July 1934 in an event that became known as the Night of the Long Knives . ] On 2 August 1934, Hindenburg died. The previous day, the cabinet had enacted the "" Law Concerning the Head of State of the German Reich "", which stated that upon Hindenburg's death the office of Reich President would be abolished and its powers merged with those of Reich Chancellor. ] Hitler thus became head of state as well as head of government and was formally named as Führer und Reichskanzler (""Leader and Chancellor""), although eventually Reichskanzler was dropped. ] Germany was now a totalitarian state with Hitler at its head. ] As head of state, Hitler became Supreme Commander of the armed forces. The new law provided an altered loyalty oath for servicemen so that they affirmed loyalty to Hitler personally rather than the office of supreme commander or the state. ] On 19 August, the merger of the presidency with the chancellorship was approved by 90 per cent of the electorate in a plebiscite . ] Most Germans were relieved that the conflicts and street fighting of the Weimar era had ended. They were deluged with propaganda orchestrated by Minister of Public Enlightenment and Propaganda Joseph Goebbels , who promised peace and plenty for all in a united, Marxist-free country without the constraints of the Versailles Treaty. ] The Nazi Party obtained and legitimised power through its initial revolutionary activities, then through manipulation of legal mechanisms, the use of police powers, and by taking control of the state and federal institutions. ] ] The first major Nazi concentration camp , initially for political prisoners, was opened at Dachau in 1933. ] Hundreds of camps of varying size and function were created by the end of the war. ] Beginning in April 1933, scores of measures defining the status of Jews and their rights were instituted. ] These measures culminated in the establishment of the Nuremberg Laws of 1935, which stripped them of their basic rights. ] The Nazis would take from the Jews their wealth, their right to intermarry with non-Jews, and their right to occupy many fields of labour (such as law, medicine, or education). Eventually the Nazis declared the Jews as undesirable to remain among German citizens and society. ] As early as February 1933, Hitler announced that rearmament must begin, albeit clandestinely at first, as to do so was in violation of the Versailles Treaty. On 17 May 1933, Hitler gave a speech before the Reichstag outlining his desire for world peace and accepted an offer from American President"
"as to do so was in violation of the Versailles Treaty. On 17 May 1933, Hitler gave a speech before the Reichstag outlining his desire for world peace and accepted an offer from American President Franklin D. Roosevelt for military disarmament, provided the other nations of Europe did the same. ] When the other European powers failed to accept this offer, Hitler pulled Germany out of the World Disarmament Conference and the League of Nations in October, claiming its disarmament clauses were unfair if they applied only to Germany. ] In a referendum held in November , 95 per cent of voters supported Germany's withdrawal. ] In 1934, Hitler told his military leaders that rearmament needed to be complete by 1942, as by then the German people would require more living space and resources, so Germany would have to start a war of conquest to obtain more territory. ] The Saarland , which had been placed under League of Nations supervision for 15 years at the end of World War I, voted in January 1935 to become part of Germany. ] In March 1935, Hitler announced the creation of an air force, and that the Reichswehr would be increased to 550,000 men. ] Britain agreed to Germany building a naval fleet with the signing of the Anglo-German Naval Agreement on 18 June 1935. ] When the Italian invasion of Ethiopia led to only mild protests by the British and French governments, on 7 March 1936 Hitler used the Franco-Soviet Treaty of Mutual Assistance as a pretext to order the army to march 3,000 troops into the demilitarised zone in the Rhineland in violation of the Versailles Treaty. ] As the territory was part of Germany, the British and French governments did not feel that attempting to enforce the treaty was worth the risk of war. ] In the one-party election held on 29 March, the Nazis received 98.9 per cent support. ] In 1936, Hitler signed an Anti-Comintern Pact with Japan and a non-aggression agreement with Mussolini, who was soon referring to a ""Rome-Berlin Axis"". ] Hitler sent military supplies and assistance to the Nationalist forces of General Francisco Franco in the Spanish Civil War , which began in July 1936. The German Condor Legion included a range of aircraft and their crews, as well as a tank contingent. The aircraft of the Legion destroyed the city of Guernica in 1937. ] The Nationalists were victorious in 1939 and became an informal ally of Nazi Germany. ] In February 1938, Hitler emphasised to Austrian Chancellor Kurt Schuschnigg the need for Germany to secure its frontiers. Schuschnigg scheduled a plebiscite regarding Austrian independence for 13 March, but Hitler sent an ultimatum to Schuschnigg on 11 March demanding that he hand over all power to the Austrian Nazi Party or face an invasion. German troops entered Austria the next day, to be greeted with enthusiasm by the populace. ] The Republic of Czechoslovakia was home to a substantial minority of Germans, who lived mostly in the Sudetenland . Under pressure from separatist groups within"
"with enthusiasm by the populace. ] The Republic of Czechoslovakia was home to a substantial minority of Germans, who lived mostly in the Sudetenland . Under pressure from separatist groups within the Sudeten German Party , the Czechoslovak government offered economic concessions to the region. ] Hitler decided not just to incorporate the Sudetenland into the Reich, but to destroy the country of Czechoslovakia entirely. ] The Nazis undertook a propaganda campaign to try to generate support for an invasion. ] Top German military leaders opposed the plan, as Germany was not yet ready for war. ] The crisis led to war preparations by Britain, Czechoslovakia, and France (Czechoslovakia's ally). Attempting to avoid war, British Prime Minister Neville Chamberlain arranged a series of meetings, the result of which was the Munich Agreement , signed on 29 September 1938. The Czechoslovak government was forced to accept the Sudetenland's annexation into Germany. Chamberlain was greeted with cheers when he landed in London, saying the agreement brought ""peace for our time"". ] Austrian and Czech foreign exchange reserves were seized by the Nazis, as were stockpiles of raw materials such as metals and completed goods such as weaponry and aircraft, which were shipped to Germany. The Reichswerke Hermann Göring industrial conglomerate took control of steel and coal production facilities in both countries. ] In January 1934, Germany signed a non-aggression pact with Poland. ] In March 1939, Hitler demanded the return of the Free City of Danzig and the Polish Corridor , a strip of land that separated East Prussia from the rest of Germany. The British announced they would come to the aid of Poland if it was attacked. Hitler, believing the British would not take action, ordered an invasion plan should be readied for September 1939. ] On 23 May, Hitler described to his generals his overall plan of not only seizing the Polish Corridor but greatly expanding German territory eastward at the expense of Poland. He expected this time they would be met by force. ] The Germans reaffirmed their alliance with Italy and signed non-aggression pacts with Denmark, Estonia, and Latvia whilst trade links were formalised with Romania, Norway, and Sweden. ] Foreign Minister Joachim von Ribbentrop arranged in negotiations with the Soviet Union a non-aggression pact, the Molotov–Ribbentrop Pact , signed in August 1939. ] The treaty also contained secret protocols dividing Poland and the Baltic states into German and Soviet spheres of influence. ] Germany's wartime foreign policy involved the creation of allied governments controlled directly or indirectly from Berlin. They intended to obtain soldiers from allies such as Italy and Hungary and workers and food supplies from allies such as Vichy France . ] Hungary was the fourth nation to join the Axis, signing the Tripartite Pact on 27 September 1940. Bulgaria signed the pact on 17 November. German efforts to secure oil included"
"as Vichy France . ] Hungary was the fourth nation to join the Axis, signing the Tripartite Pact on 27 September 1940. Bulgaria signed the pact on 17 November. German efforts to secure oil included negotiating a supply from their new ally, Romania , who signed the Pact on 23 November, alongside the Slovak Republic. ] ] ] By late 1942, there were 24 divisions from Romania on the Eastern Front, 10 from Italy, and 10 from Hungary. ] Germany assumed full control in France in 1942, Italy in 1943, and Hungary in 1944. Although Japan was a powerful ally, the relationship was distant, with little co-ordination or co-operation. For example, Germany refused to share their formula for synthetic oil from coal until late in the war. ] Germany invaded Poland and captured the Free City of Danzig on 1 September 1939, beginning World War II in Europe. ] Honouring their treaty obligations, Britain and France declared war on Germany two days later. ] Poland fell quickly, as the Soviet Union attacked from the east on 17 September. ] Reinhard Heydrich , chief of the Sicherheitspolizei (SiPo; Security Police) and Sicherheitsdienst (SD; Security Service), ordered on 21 September that Polish Jews should be rounded up and concentrated into cities with good rail links. Initially the intention was to deport them further east, or possibly to Madagascar . ] Using lists prepared in advance , some 65,000 Polish intelligentsia, noblemen, clergy, and teachers were murdered by the end of 1939 in an attempt to destroy Poland's identity as a nation. ] ] Soviet forces advanced into Finland in the Winter War , and German forces saw action at sea. But little other activity occurred until May, so the period became known as the "" Phoney War "". ] From the start of the war, a British blockade on shipments to Germany affected its economy. Germany was particularly dependent on foreign supplies of oil, coal, and grain. ] Thanks to trade embargoes and the blockade, imports into Germany declined by 80 per cent. ] To safeguard Swedish iron ore shipments to Germany, Hitler ordered the invasion of Denmark and Norway , which began on 9 April. Denmark fell after less than a day , while most of Norway followed by the end of the month. ] ] By early June, Germany occupied all of Norway . ] Against the advice of many of his senior military officers, in May 1940 Hitler ordered an attack on France and the Low Countries . ] ] They quickly conquered Luxembourg and the Netherlands and outmanoeuvred the Allies in Belgium , forcing the evacuation of many British and French troops at Dunkirk . ] France fell as well, surrendering to Germany on 22 June . ] The victory in France resulted in an upswing in Hitler's popularity and an upsurge in war fever in Germany. ] In violation of the provisions of the Hague Convention , industrial firms in the Netherlands, France, and Belgium were put to work producing war materiel for Germany. ] The Nazis seized from the French thousands of locomotives and rolling stock,"
", industrial firms in the Netherlands, France, and Belgium were put to work producing war materiel for Germany. ] The Nazis seized from the French thousands of locomotives and rolling stock, stockpiles of weapons, and raw materials such as copper, tin, oil, and nickel. ] Payments for occupation costs were levied upon France, Belgium, and Norway. ] Barriers to trade led to hoarding, black markets , and uncertainty about the future. ] Food supplies were precarious; production dropped in most of Europe. ] Famine was experienced in many occupied countries. ] Hitler's peace overtures to the new British Prime Minister Winston Churchill were rejected in July 1940. Grand Admiral Erich Raeder had advised Hitler in June that air superiority was a pre-condition for a successful invasion of Britain , so Hitler ordered a series of aerial attacks on Royal Air Force (RAF) airbases and radar stations, as well as nightly air raids on British cities, including London , Plymouth , and Coventry . The German Luftwaffe failed to defeat the RAF in what became known as the Battle of Britain , and by the end of October, Hitler realised that air superiority would not be achieved. He permanently postponed the invasion, a plan which the commanders of the German army had never taken entirely seriously. ] ] ] Several historians, including Andrew Gordon , believe the primary reason for the failure of the invasion plan was the superiority of the Royal Navy, not the actions of the RAF. ] In February 1941, the German Afrika Korps arrived in Libya to aid the Italians in the North African Campaign . ] On 6 April, Germany launched an invasion of Yugoslavia and Greece . ] ] All of Yugoslavia and parts of Greece were subsequently divided between Germany, Hungary, Italy, and Bulgaria. ] ] On 22 June 1941, contravening the Molotov–Ribbentrop Pact, about 3.8 million Axis troops attacked the Soviet Union. ] In addition to Hitler's stated purpose of acquiring Lebensraum , this large-scale offensive—codenamed Operation Barbarossa —was intended to destroy the Soviet Union and seize its natural resources for subsequent aggression against the Western powers. ] The reaction among Germans was one of surprise and trepidation as many were concerned about how much longer the war would continue or suspected that Germany could not win a war fought on two fronts. ] The invasion conquered a huge area, including the Baltic states, Belarus , and west Ukraine . After the successful Battle of Smolensk in September 1941, Hitler ordered Army Group Centre to halt its advance to Moscow and temporarily divert its Panzer groups to aid in the encirclement of Leningrad and Kyiv . ] This pause provided the Red Army with an opportunity to mobilise fresh reserves. The Moscow offensive, which resumed in October 1941, ended disastrously in December . ] On 7 December 1941, Japan attacked Pearl Harbor , Hawaii. Four days later, Germany declared war on the United States. ] Food was in short supply in the conquered areas"
"disastrously in December . ] On 7 December 1941, Japan attacked Pearl Harbor , Hawaii. Four days later, Germany declared war on the United States. ] Food was in short supply in the conquered areas of the Soviet Union and Poland, as the retreating armies had burned the crops in some areas, and much of the remainder was sent back to the Reich. ] In Germany, rations were cut in 1942. In his role as Plenipotentiary of the Four Year Plan , Hermann Göring demanded increased shipments of grain from France and fish from Norway. The 1942 harvest was good, and food supplies remained adequate in Western Europe. ] Germany and Europe as a whole were almost totally dependent on foreign oil imports. ] In an attempt to resolve the shortage, in June 1942 Germany launched Fall Blau (""Case Blue""), an offensive against the Caucasian oilfields. ] The Red Army launched a counter-offensive on 19 November and encircled the Axis forces, who were trapped in Stalingrad on 23 November. ] Göring assured Hitler that the 6th Army could be supplied by air, but this turned out to be infeasible. ] Hitler's refusal to allow a retreat led to the deaths of 200,000 German and Romanian soldiers; of the 91,000 men who surrendered in the city on 31 January 1943, only 6,000 survivors returned to Germany after the war. ] Losses continued to mount after Stalingrad, leading to a sharp reduction in the popularity of the Nazi Party and deteriorating morale. ] Soviet forces continued to push westward after the failed German offensive at the Battle of Kursk in the summer of 1943. By the end of 1943, the Germans had lost most of their eastern territorial gains. ] In Egypt, Field Marshal Erwin Rommel 's Afrika Korps were defeated by British forces under Field Marshal Bernard Montgomery in October 1942. ] The Allies landed in Sicily in July 1943 and were on the"
"Australia , officially the Commonwealth of Australia , ] is a country comprising the mainland of the Australian continent , the island of Tasmania , and numerous smaller islands . ] Comprising six states and ten territories , Australia has a total area of 7,688,287 km 2 (2,968,464 sq mi), making it the sixth-largest country in the world and the largest country by area in Oceania . It is the world's oldest, ] flattest, ] and driest inhabited continent, ] ] with some of the least fertile soils. ] ] It is a megadiverse country , and its size gives it a wide variety of landscapes and climates including deserts and tropical rainforests . The ancestors of Aboriginal Australians began arriving from south-east Asia 50,000 to 65,000 years ago, during the last glacial period . ] ] ] They settled on the continent and formed approximately 250 distinct language groups by the time of European settlement, maintaining some of the longest known continuing artistic and religious traditions in the world. ] Australia's written history commenced with Dutch exploration of most of the coastline in the 17th-century. British colonisation began in 1788 with the establishment of the penal colony of New South Wales . By the mid-19th century, most of the continent had been explored by European settlers and five additional self-governing British colonies were established, each gaining responsible government by 1890. The colonies federated in 1901, forming the Commonwealth of Australia. ] This continued a process of increasing autonomy from the United Kingdom, highlighted by the Statute of Westminster Adoption Act 1942 , and culminating in the Australia Acts of 1986. ] Australia is a federal parliamentary democracy and constitutional monarchy . Its population of over 27 million is highly urbanised and heavily concentrated on the eastern seaboard. ] ] Canberra is the nation's capital, while its most populous cities are Sydney and Melbourne , both with a population of over 5 million. ] Australia's culture is diverse, and the country has one of the highest foreign-born populations in the world. ] ] It has a highly developed market economy and one of the highest per capita incomes globally. ] ] ] Its abundant natural resources and well-developed international trade relations are crucial to the country's economy. It ranks highly for quality of life, health, education, economic freedom, civil liberties and political rights. ] Australia is a middle power , and has the world's thirteenth-highest military expenditure . ] ] It is a member of international groups including the United Nations; the G20 ; the OECD ; the World Trade Organization ; Asia-Pacific Economic Cooperation ; the Pacific Islands Forum ; the Pacific Community ; the Commonwealth of Nations ; and the defence and security organisations ANZUS , AUKUS , and the Five Eyes . It is also a major non-NATO ally of the United States. ] The name Australia (pronounced in Australian English ] ) is derived from the Latin Terra"
"organisations ANZUS , AUKUS , and the Five Eyes . It is also a major non-NATO ally of the United States. ] The name Australia (pronounced in Australian English ] ) is derived from the Latin Terra Australis ( ' southern land ' ), a name used for a hypothetical continent in the Southern Hemisphere since ancient times. ] Several 16th-century cartographers used the word Australia on maps, but not to identify modern Australia. ] When Europeans began visiting and mapping Australia in the 17th century, the name Terra Australis was applied to the new territories. ] Until the early 19th century, Australia was best known as New Holland , a name first applied by the Dutch explorer Abel Tasman in 1644 (as Nieuw-Holland ) and subsequently anglicised. Terra Australis still saw occasional usage, such as in scientific texts. ] The name Australia was popularised by the explorer Matthew Flinders , who said it was ""more agreeable to the ear, and an assimilation to the names of the other great portions of the Earth"". ] The first time that Australia appears to have been officially used was in April 1817, when Governor Lachlan Macquarie acknowledged the receipt of Flinders' charts of Australia from Lord Bathurst . ] In December 1817, Macquarie recommended to the Colonial Office that it be formally adopted. ] In 1824, the Admiralty agreed that the continent should be known officially by that name. ] The first official published use of the new name came with the publication in 1830 of The Australia Directory by the Hydrographic Office . ] Colloquial names for Australia include "" Oz "", "" Straya "" and "" Down Under "". ] Other epithets include ""the Great Southern Land"", ""the Lucky Country"", ""the Sunburnt Country"", and ""the Wide Brown Land"". The latter two both derive from Dorothea Mackellar 's 1908 poem "" My Country "". ] Indigenous Australians comprise two broad groups: Human habitation of the Australian continent is estimated to have begun 50,000 to 65,000 years ago, ] ] ] ] with the migration of people by land bridges and short sea crossings from what is now Southeast Asia. ] It is uncertain how many waves of immigration may have contributed to these ancestors of modern Aboriginal Australians. ] ] The Madjedbebe rock shelter in Arnhem Land is possibly the oldest site showing the presence of humans in Australia. ] ] The oldest human remains found are the Lake Mungo remains , which have been dated to around 41,000 years ago. ] ] Aboriginal Australian culture is one of the oldest continuous cultures on Earth. ] ] ] ] At the time of first European contact, Aboriginal Australians belonged to wide range of societies, with diverse economies spread across at least 250 different language groups . ] ] Estimates of the Aboriginal population before British settlement range from 300,000 to 3 million. ] ] ] Aboriginal Australians cultures were (and remain) deeply connected with the land and the environment, with stories of The Dreaming maintained through oral tradition , songs , dance"
"3 million. ] ] ] Aboriginal Australians cultures were (and remain) deeply connected with the land and the environment, with stories of The Dreaming maintained through oral tradition , songs , dance and paintings. ] Certain groups engaged in fire-stick farming , ] ] fish farming , ] ] and built semi-permanent shelters . ] ] These practices have variously been characterised as "" hunter-gatherer "", "" agricultural "", ""natural cultivation"" and ""intensification"". ] ] ] ] ] Torres Strait Islander people first settled their islands around 4,000 years ago. ] Culturally and linguistically distinct from mainland Aboriginal peoples, they were seafarers and obtained their livelihood from seasonal horticulture and the resources of their reefs and seas. ] Agriculture also developed on some islands and villages appeared by the 1300s. ] By the mid-18th century in northern Australia, contact, trade and cross-cultural engagement had been established between local Aboriginal groups and Makassan trepangers , visiting from present-day Indonesia. ] ] ] The Dutch are the first Europeans that recorded sighting and making landfall on the Australian mainland. ] The first ship and crew to chart the Australian coast and meet with Aboriginal people was the Duyfken , captained by Dutch navigator Willem Janszoon . ] He sighted the coast of Cape York Peninsula in early 1606, and made landfall on 26 February 1606 at the Pennefather River near the modern town of Weipa on Cape York. ] Later that year, Spanish explorer Luís Vaz de Torres sailed through and navigated the Torres Strait Islands . ] The Dutch charted the whole of the western and northern coastlines and named the island continent "" New Holland "" during the 17th century, and although no attempt at settlement was made, ] a number of shipwrecks left men either stranded or, as in the case of the Batavia in 1629, marooned for mutiny and murder, thus becoming the first Europeans to permanently inhabit the continent. ] In 1770, Captain James Cook sailed along and mapped the east coast, which he named "" New South Wales "" and claimed for Great Britain. ] Following the loss of its American colonies in 1783, the British Government sent a fleet of ships, the First Fleet , under the command of Captain Arthur Phillip , to establish a new penal colony in New South Wales . A camp was set up and the Union Flag raised at Sydney Cove , Port Jackson , on 26 January 1788, ] ] a date which later became Australia's national day . Most early settlers were convicts , transported for petty crimes and assigned as labourers or servants to ""free settlers"" (willing immigrants). Once emancipated , convicts tended to integrate into colonial society. Convict rebellions and uprisings were suppressed under martial law, ] which lasted for two years following the 1808 Rum Rebellion , Australia's only successful coup d'état . ] Over the next two decades, social and economic reforms, together with the establishment of a Legislative Council and Supreme Court"
"the 1808 Rum Rebellion , Australia's only successful coup d'état . ] Over the next two decades, social and economic reforms, together with the establishment of a Legislative Council and Supreme Court , saw New South Wales transition from a penal colony to a civil society. ] ] The indigenous population declined for 150 years following European settlement, mainly due to infectious disease. ] ] British colonial authorities did not sign any treaties with Aboriginal groups . ] ] As settlement expanded, thousands of Indigenous people died in frontier conflicts while others were dispossessed of their traditional lands. ] In 1803, a settlement was established in Van Diemen's Land (present-day Tasmania ), ] and in 1813, Gregory Blaxland , William Lawson and William Wentworth crossed the Blue Mountains west of Sydney, opening the interior to European settlement. ] The British claim extended to the whole Australian continent in 1827 when Major Edmund Lockyer established a settlement on King George Sound (modern-day Albany ). ] The Swan River Colony (present-day Perth ) was established in 1829, evolving into the largest Australian colony by area, Western Australia . ] In accordance with population growth, separate colonies were carved from New South Wales: Tasmania in 1825, South Australia in 1836, New Zealand in 1841, Victoria in 1851, and Queensland in 1859. ] South Australia was founded as a free colony—it never accepted transported convicts. ] Growing opposition to the convict system culminated in its abolition in the eastern colonies by the 1850s. Initially a free colony, Western Australia practised penal transportation from 1850 to 1868. ] The six colonies individually gained responsible government between 1855 and 1890, thus becoming elective democracies managing most of their own affairs while remaining part of the British Empire . ] The Colonial Office in London retained control of some matters, notably foreign affairs. ] In the mid-19th century, explorers such as Burke and Wills charted Australia's interior. ] A series of gold rushes beginning in the early 1850s led to an influx of new migrants from China , North America and continental Europe, ] as well as outbreaks of bushranging and civil unrest; the latter peaked in 1854 when Ballarat miners launched the Eureka Rebellion against gold license fees. ] The 1860s saw the rise of blackbirding , where South Sea Islanders were coerced or abducted into indentured labour, mainly by Queensland colonists. ] ] From 1886, Australian colonial governments began removing many Aboriginal children from their families and communities, justified on the grounds of child protection and forced assimilation policies. ] ] ] The Second Boer War (1899–1902) marked the largest overseas deployment of Australia's colonial forces . ] ] On 1 January 1901, federation of the colonies was achieved after a decade of planning, constitutional conventions and referendums , resulting in the establishment of the Commonwealth of"
"forces . ] ] On 1 January 1901, federation of the colonies was achieved after a decade of planning, constitutional conventions and referendums , resulting in the establishment of the Commonwealth of Australia as a nation under the new Australian Constitution . ] After the 1907 Imperial Conference , Australia and several other self-governing British settler colonies were given the status of self-governing dominions within the British Empire. ] Australia was one of the founding members of the League of Nations in 1920, ] and the United Nations in 1945. ] The Statute of Westminster 1931 formally ended the ability of the UK to pass federal laws without Australia's consent. Australia adopted it in 1942, but it was backdated to 1939 to confirm the validity of legislation passed during World War II. ] ] ] The Australian Capital Territory was formed in 1911 as the location for the future federal capital of Canberra . ] While it was being constructed, Melbourne served as the temporary capital from 1901 to 1927. ] The Northern Territory was transferred from the control of South Australia to the Commonwealth in 1911. ] Australia became the colonial ruler of the Territory of Papua (which had initially been annexed by Queensland in 1883) in 1902 and of the Territory of New Guinea (formerly German New Guinea ) in 1920. ] ] The two were unified as the Territory of Papua and New Guinea in 1949 and gained independence from Australia in 1975. ] ] In 1914, Australia joined the Allies in fighting the First World War, and took part in many of the major battles fought on the Western Front . ] Of about 416,000 who served, about 60,000 were killed and another 152,000 were wounded. ] Many Australians regard the defeat of the Australian and New Zealand Army Corps (ANZAC) at Gallipoli in 1915 as the ""baptism of fire"" that forged the new nation's identity . ] ] ] The beginning of the campaign is commemorated annually on Anzac Day , a date which rivals Australia Day as the nation's most important. ] ] From 1939 to 1945, Australia joined the Allies in fighting the Second World War. Australia's armed forces fought in the Pacific , European and Mediterranean and Middle East theatres . ] ] The shock of Britain's defeat in Singapore in 1942, followed soon after by the bombing of Darwin and other Japanese attacks on Australian soil , led to a widespread belief in Australia that a Japanese invasion was imminent , and a shift from the United Kingdom to the United States as Australia's principal ally and security partner. ] Since 1951, Australia has been allied with the United States under the ANZUS treaty. ] In the decades following World War II, Australia enjoyed significant increases in living standards, leisure time and suburban development. ] ] Governments encouraged a large wave of immigration from across Europe , with such immigrants referred to as "" New Australians "". ] This required a relaxation of the white Australia policy , that was justified to Australians using the"
"of immigration from across Europe , with such immigrants referred to as "" New Australians "". ] This required a relaxation of the white Australia policy , that was justified to Australians using the slogan ""populate or perish"". ] A member of the Western Bloc during the Cold War , Australia participated in the Korean War and the Malayan Emergency during the 1950s and the Vietnam War from 1962 to 1972. ] During this time, tensions over communist influence in society led to unsuccessful attempts by the Menzies Government to ban the Communist Party of Australia , ] and a bitter split in the Labor Party in 1955. ] As a result of a 1967 referendum , the federal government gained the power to legislate with regard to Indigenous Australians, and Indigenous Australians were fully included in the census . ] Pre-colonial land interests (referred to as native title in Australia) was recognised in law for the first time when the High Court of Australia held in Mabo v Queensland (No 2) that Australia was neither terra nullius ( ' land belonging to no one ' ) or ""desert and uncultivated land"" at the time of European settlement. ] ] Following the abolition of the last vestiges of the White Australia policy in 1973, ] Australia's demography and culture transformed as a result of a large and ongoing wave of non-European immigration, mostly from Asia. ] ] The late 20th century also saw an increasing focus on foreign policy ties with other Pacific Rim nations. ] The Australia Acts severed the remaining constitutional ties between Australia and the United Kingdom while maintaining the monarch in her independent capacity as Queen of Australia . ] ] In a 1999 constitutional referendum , 55% of voters rejected abolishing the monarchy and becoming a republic. ] Following the September 11 attacks on the United States, Australia joined the United States in fighting the Afghanistan War from 2001 to 2021 and the Iraq War from 2003 to 2009. ] The nation's trade relations also became increasingly oriented towards East Asia in the 21st century, with China becoming the nation's largest trading partner by a large margin. ] In 2020, during the COVID-19 pandemic , several of Australia's largest cities were locked down for extended periods and free movement across the national and state borders was restricted in an attempt to slow the spread of the SARS-CoV-2 virus . ] Surrounded by the Indian and Pacific oceans, ] Australia is separated from Asia by the Arafura and Timor seas, with the Coral Sea lying off the Queensland coast, and the Tasman Sea lying between Australia and New Zealand. The world's smallest continent ] and sixth-largest country by total area , ] Australia—owing to its size and isolation—is often dubbed the ""island continent"" ] and is sometimes considered the world's largest island . ] Australia has 34,218 km (21,262 mi) of coastline (excluding all offshore islands), ] and claims an extensive exclusive economic zone of 8,148,250 square kilometres (3,146,060 sq mi)."
"island . ] Australia has 34,218 km (21,262 mi) of coastline (excluding all offshore islands), ] and claims an extensive exclusive economic zone of 8,148,250 square kilometres (3,146,060 sq mi). This exclusive economic zone does not include the Australian Antarctic Territory . ] Mainland Australia lies between latitudes 9° and 44° south , and longitudes 112° and 154° east . ] Australia's size gives it a wide variety of landscapes, with tropical rainforests in the north-east, mountain ranges in the south-east, south-west and east, and desert in the centre. ] The desert or semi-arid land commonly known as the outback makes up by far the largest portion of land. ] Australia is the driest inhabited continent; its annual rainfall averaged over continental area is less than 500 mm. ] The population density is 3.4 inhabitants per square kilometre, although the large majority of the population lives along the temperate south-eastern coastline. The population density exceeds 19,500 inhabitants per square kilometre in central Melbourne. ] In 2021 Australia had 10% of the global permanent meadows and pastureland. ] Forest cover is around 17% of Australia's total land area. ] ] The Great Barrier Reef , the world's largest coral reef, ] lies a short distance off the north-east coast and extends for over 2,000 km (1,200 mi). Mount Augustus , claimed to be the world's largest monolith, ] is located in Western Australia. At 2,228 m (7,310 ft), Mount Kosciuszko is the highest mountain on the Australian mainland. Even taller are Mawson Peak (at 2,745 m (9,006 ft)), on the remote Australian external territory of Heard Island , and, in the Australian Antarctic Territory, Mount McClintock and Mount Menzies , at 3,492 m (11,457 ft) and 3,355 m (11,007 ft) respectively. ] Eastern Australia is marked by the Great Dividing Range , which runs parallel to the coast of Queensland, New South Wales and much of Victoria. The name is not strictly accurate, because parts of the range consist of low hills, and the highlands are typically no more than 1,600 m (5,200 ft) in height. ] The coastal uplands and a belt of Brigalow grasslands lie between the coast and the mountains, while inland of the dividing range are large areas of grassland and shrubland. ] ] These include the western plains of New South Wales, and the Mitchell Grass Downs and Mulga Lands of inland Queensland. ] ] ] ] The northernmost point of the mainland is the tropical Cape York Peninsula . ] The landscapes of the Top End and the Gulf Country —with their tropical climate—include forest, woodland, wetland, grassland, rainforest and desert. ] ] ] At the north-west corner of the continent are the sandstone cliffs and gorges of The Kimberley , and below that the Pilbara . The Victoria Plains tropical savanna lies south of the Kimberley and Arnhem Land savannas, forming a transition between the coastal savannas and the interior deserts. ] ] ] At the heart of the country are the uplands of central Australia . Prominent"
"the Kimberley and Arnhem Land savannas, forming a transition between the coastal savannas and the interior deserts. ] ] ] At the heart of the country are the uplands of central Australia . Prominent features of the centre and south include Uluru (also known as Ayers Rock), the famous sandstone monolith, and the inland Simpson , Tirari and Sturt Stony , Gibson , Great Sandy, Tanami , and Great Victoria deserts, with the famous Nullarbor Plain on the southern coast. ] ] ] ] The Western Australian mulga shrublands lie between the interior deserts and Mediterranean-climate Southwest Australia . ] ] Lying on the Indo-Australian Plate , the mainland of Australia is the lowest and most primordial landmass on Earth with a relatively stable geological history. ] ] The landmass includes virtually all known rock types and from all geological time periods spanning over 3.8 billion years of the Earth's history. The Pilbara Craton is one of only two pristine Archaean 3.6–2.7 Ga (billion years ago) crusts identified on the Earth. ] Having been part of all major supercontinents , the Australian continent began to form after the breakup of Gondwana in the Permian , with the separation of the continental landmass from the African continent and Indian subcontinent. It separated from Antarctica over a prolonged period beginning in the Permian and continuing through to the Cretaceous . ] When the last glacial period ended in about 10,000 BC, rising sea levels formed Bass Strait , separating Tasmania from the mainland. Then between about 8,000 and 6,500 BC, the lowlands in the north were flooded by the sea, separating New Guinea, the Aru Islands , and the mainland of Australia. ] The Australian continent is moving toward Eurasia at the rate of 6 to 7 centimetres a year. ] The Australian mainland's continental crust , excluding the thinned margins, has an average thickness of 38 km, with a range in thickness from 24 km to 59 km. ] Australia's geology can be divided into several main sections, showcasing that the continent grew from west to east: the Archaean cratonic shields found mostly in the west, Proterozoic fold belts in the centre and Phanerozoic sedimentary basins , metamorphic and igneous rocks in the east. ] The Australian mainland and Tasmania are situated in the middle of the tectonic plate and have no active volcanoes, ] but due to passing over the East Australia hotspot , recent volcanism has occurred during the Holocene , in the Newer Volcanics Province of western Victoria and south-eastern South Australia. Volcanism also occurs in the island of New Guinea (considered geologically as part of the Australian continent), and in the Australian external territory of Heard Island and McDonald Islands . ] Seismic activity in the Australian mainland and Tasmania is also low, with the greatest number of fatalities having occurred in the 1989 Newcastle earthquake . ] The climate of Australia is significantly influenced by ocean currents, including the Indian Ocean"
"low, with the greatest number of fatalities having occurred in the 1989 Newcastle earthquake . ] The climate of Australia is significantly influenced by ocean currents, including the Indian Ocean Dipole and the El Niño–Southern Oscillation , which is correlated with periodic drought , and the seasonal tropical low-pressure system that produces cyclones in northern Australia. ] ] These factors cause rainfall to vary markedly from year to year. Much of the northern part of the country has a tropical, predominantly summer-rainfall ( monsoon ). ] The south-west corner of the country has a Mediterranean climate . ] The south-east ranges from oceanic (Tasmania and coastal Victoria) to humid subtropical (upper half of New South Wales), with the highlands featuring alpine and subpolar oceanic climates . The interior is arid to semi-arid . ] Driven by climate change, average temperatures have risen more than 1°C since 1960 . Associated changes in rainfall patterns and climate extremes exacerbate existing issues such as drought and bushfires . 2019 was Australia's warmest recorded year, ] and the 2019–2020 bushfire season was the country's worst on record . ] Australia's greenhouse gas emissions per capita are among the highest in the world. ] Water restrictions are frequently in place in many regions and cities of Australia in response to chronic shortages due to urban population increases and localised drought. ] ] Throughout much of the continent, major flooding regularly follows extended periods of drought, flushing out inland river systems, overflowing dams and inundating large inland flood plains, as occurred throughout Eastern Australia i"
"New South Wales (commonly abbreviated as NSW ) is a state on the east coast of Australia . It borders Queensland to the north, Victoria to the south, and South Australia to the west. Its coast borders the Coral and Tasman Seas to the east. The Australian Capital Territory and Jervis Bay Territory are enclaves within the state. New South Wales' state capital is Sydney , which is also Australia's most populous city. ] In December 2023 ] , the population of New South Wales was over 8.3 million, ] making it Australia's most populous state. Almost two-thirds of the state's population, 5.3 million, live in the Greater Sydney area. ] The Colony of New South Wales was founded as a British penal colony in 1788. It originally comprised more than half of the Australian mainland with its western boundary set at 129th meridian east in 1825. The colony then also included the island territories of Van Diemen's Land , Lord Howe Island , and Norfolk Island . During the 19th century, most of the colony's area was detached to form separate British colonies that eventually became the various states and territories of Australia and, arguably, New Zealand . The Swan River Colony (later called the Colony of Western Australia ) was never administered as part of New South Wales. Lord Howe Island remains part of New South Wales, while Norfolk Island has become a federal territory , as have the areas now known as the Australian Capital Territory and the Jervis Bay Territory . The original inhabitants of New South Wales were the Aboriginal tribes who arrived in Australia about 40,000 to 60,000 years ago. Before European settlement there were an estimated 250,000 Aboriginal people in the region. ] The Wodi wodi people, who spoke a variant of the Dharawal language, are the original custodians of an area south of Sydney which was approximately bounded by modern Campbelltown , Shoalhaven River and Moss Vale and included the Illawarra . ] The Bundjalung people are the original custodians of parts of the northern coastal areas . citation needed ] There are other Aboriginal peoples whose traditional lands are within what is now New South Wales, including the Wiradjuri , Gamilaray , Yuin , Ngarigo , Gweagal , and Ngiyampaa peoples. In 1770, James Cook charted the unmapped eastern coast of the continent of New Holland , now Australia, and claimed the entire coastline that he had just explored as British territory. ] Cook originally named the land New Wales , however, on his return voyage to Britain he settled on the name New South Wales . ] ] In January 1788 Arthur Phillip arrived in Botany Bay with the First Fleet of 11 vessels, which carried over a thousand settlers, including 736 convicts. ] A few days after arrival at Botany Bay , the fleet moved to the more suitable Port Jackson , where Phillip established a settlement at the place he named Sydney Cove (in honour of the Secretary of State, Lord Sydney ) on 26 January 1788. ] This date later became Australia's national day,"
", where Phillip established a settlement at the place he named Sydney Cove (in honour of the Secretary of State, Lord Sydney ) on 26 January 1788. ] This date later became Australia's national day, Australia Day . Governor Phillip formally proclaimed the colony on 7 February 1788 at Sydney. Phillip, as Governor of New South Wales , exercised nominal authority over all of Australia east of the 135th meridian east between the latitudes of 10°37'S and 43°39'S, an area which includes modern New South Wales, Queensland, Victoria and Tasmania. ] He remained as governor until 1792. ] Phillip's claim included ""all the islands adjacent in the Pacific Ocean "", which he and his successors asserted to include what is now New Zealand. ] Over the decades, there was some debate over to whether NSW law applied in New Zealand. Still, New South Wales did exercise some degree of de facto administration. ] The settlement was initially planned to be a self-sufficient penal colony based on subsistence agriculture. Trade and shipbuilding were banned to keep the convicts isolated. However, after the departure of Governor Phillip, the colony's military officers began acquiring land and importing consumer goods obtained from visiting ships. Former convicts also farmed land granted to them and engaged in trade. Farms spread to the more fertile lands surrounding Paramatta , Windsor and Camden , and by 1803 the colony was self-sufficient in grain. Boat building was developed to make travel easier and exploit the marine resources of the coastal settlements. Sealing and whaling became important industries. ] In March 1804, Irish convicts led around 300 rebels in the Castle Hill Rebellion , an attempt to march on Sydney, commandeer a ship, and sail to freedom. ] Poorly armed, and with their leader Philip Cunningham captured, about 100 troops and volunteers routed the main body of insurgents at Rouse Hill . At least 39 convicts were killed in the uprising and subsequent executions. ] ] Lachlan Macquarie (governor 1810–1821) commissioned the construction of roads, wharves, churches and public buildings, sent explorers out from Sydney, and employed a planner to design the street layout of Sydney. ] A road across the Blue Mountains was completed in 1815, opening the way for large scale farming and grazing in the lightly wooded pastures west of the Great Dividing Range . ] In 1825 Van Diemen's Land (now Tasmania) became a separate colony and the western border of New South Wales was extended to the 129th meridian east (now the West Australian border). ] New South Wales established a military outpost on King George Sound in Western Australia in 1826 which was later transferred to the Swan River colony. ] : 61 ] ] In 1839, the UK decided to formally annex at least part of New Zealand to New South Wales. ] It was administered as a dependency until becoming the separate Colony of New Zealand on 3 May 1841. ] ] From the 1820s, squatters increasingly established unauthorised cattle and"
"New South Wales. ] It was administered as a dependency until becoming the separate Colony of New Zealand on 3 May 1841. ] ] From the 1820s, squatters increasingly established unauthorised cattle and sheep runs beyond the official limits of the settled colony. In 1836, an annual licence was introduced in an attempt to control the pastoral industry, but booming wool prices and the high cost of land in the settled areas encouraged further squatting. The expansion of the pastoral industry led to violent episodes of conflict between settlers and traditional Aboriginal landowners, such as the Myall Creek massacre of 1838. ] By 1844 wool accounted for half of the colony's exports and by 1850 most of the eastern third of New South Wales was controlled by fewer than 2,000 pastoralists. ] The transportation of convicts to New South Wales ended in 1840, and in 1842 a Legislative Council was introduced, with two-thirds of its members elected and one-third appointed by the governor. Former convicts were granted the vote, but a property qualification meant that only one in five adult males were enfranchised. ] By 1850 the settler population of New South Wales had grown to 180,000, not including the 70,000 living in the area which became the separate colony of Victoria in 1851. ] In 1856 New South Wales achieved responsible government with the introduction of a bicameral parliament comprising a directly elected Legislative Assembly and a nominated Legislative Council . William Charles Wentworth was prominent in this process, but his proposal for an hereditary upper house was widely ridiculed and not adopted. ] ] The property qualification for voters had been reduced in 1851, and by 1856 95 per cent of adult males in Sydney, and 55 per cent in the colony as a whole, were eligible to vote. Full adult male suffrage was introduced in 1858. In 1859 Queensland became a separate colony. ] In 1861 the NSW parliament legislated land reforms intended to encourage family farms and mixed farming and grazing ventures. The amount of land under cultivation subsequently increased from 246,000 acres in 1861 to 800,000 acres in the 1880s. Wool production also continued to grow, and by the 1880s New South Wales produced almost half of Australia's wool. Coal had been discovered in the early years of settlement and gold in 1851, and by the 1890s wool, gold and coal were the main exports of the colony. ] The NSW economy also became more diversified. From the 1860s, New South Wales had more people employed in manufacturing than any other Australian colony. The NSW government also invested strongly in infrastructure such as railways, telegraph, roads, ports, water and sewerage. By 1889 it was possible to travel by train from Brisbane to Adelaide via Sydney and Melbourne. The extension of the rail network inland also encouraged regional industries and the development of the wheat belt . ] In the 1880s trade unions grew and were extended to lower skilled workers. In 1890 a strike in"
"of the rail network inland also encouraged regional industries and the development of the wheat belt . ] In the 1880s trade unions grew and were extended to lower skilled workers. In 1890 a strike in the shipping industry spread to wharves, railways, mines, and shearing sheds. The defeat of the strike was one of the factors leading the Trades and Labor Council to form a political party. The Labor Electoral League won a quarter of seats in the NSW elections of 1891 and held the balance of power between the Free Trade Party and the Protectionist Party . ] ] The suffragette movement was developing at this time. The Womanhood Suffrage League of New South Wales was founded in 1891. ] A Federal Council of Australasia was formed in 1885 but New South Wales declined to join. A major obstacle to the federation of the Australian colonies was the protectionist policies of Victoria which conflicted with the free trade policies dominant in New South Wales. Nevertheless, the NSW premier Henry Parkes was a strong advocate of federation and his Tenterfield Oration in 1889 was pivotal in gathering support for the cause. Parkes also struck a deal with Edmund Barton , leader of the NSW Protectionist Party, whereby they would work together for federation and leave the question of a protective tariff for a future Australian government to decide. ] In early 1893 the first citizens' Federation League was established in the Riverina region of New South Wales and many other leagues were soon formed in the colony. The leagues organised a conference in Corowa in July 1893 which developed a plan for federation. The new NSW premier, George Reid , endorsed the ""Corowa plan"" and in 1895 convinced the majority of other premiers to adopt it. A constitutional convention held sessions in 1897 and 1898 which resulted in a proposed constitution for a Commonwealth of federated states. However, a referendum on the constitution failed to gain the required majority in New South Wales after that colony's Labor party campaigned against it and premier Reid gave it such qualified support that he earned the nickname ""yes-no Reid"". ] The premiers of the other colonies agreed to a number of concessions to New South Wales (particularly that the future Commonwealth capital would be located in NSW), and in 1899 further referendums were held in all the colonies except Western Australia. All resulted in yes votes, with the yes vote in New South Wales meeting the required majority. The Imperial Parliament passed the necessary enabling legislation in 1900 and Western Australia subsequently voted to join the new federation. The Commonwealth of Australia was inaugurated on 1 January 1901, and Barton was sworn in as Australia's first prime minister. ] The first post-federation NSW governments were Progressive or Liberal Reform and implemented a range of social reforms with Labor support. Women won the right to vote in NSW elections in 1902, but were ineligible to stand for parliament until 1918. Labor"
"or Liberal Reform and implemented a range of social reforms with Labor support. Women won the right to vote in NSW elections in 1902, but were ineligible to stand for parliament until 1918. Labor increased its parliamentary representation in every election from 1904 before coming to power in 1910 with a majority of one seat. ] ] The outbreak of the First World War in 1914 saw more NSW volunteers for service than the federal authorities could handle, leading to unrest in camps as recruits waited for transfer overseas. In 1916 NSW premier William Holman and a number of his supporters were expelled from the Labor party over their support for military conscription. Holman subsequently formed a Nationalist government which remained in power until 1920. Despite a huge victory for Holman's pro-conscription Nationalists in the elections of March 1917, a second referendum on conscription held in December that year was defeated in New South Wales and nationally. ] Following the war, NSW governments embarked on large public works programs including road building, the extension and electrification of the rail network and the construction of the Sydney Harbour Bridge. The works were largely funded by loans from London, leading to a debt crisis after the onset of the Great Depression in 1929. New South Wales was hit harder by the depression than other states, and by 1932 one third of union members in the state were unemployed, compared with 20 per cent nationally. ] Labor won the November 1930 NSW elections and Jack Lang became premier for the second time. In 1931 Lang proposed a plan to deal with the depression which included a suspension of interest payments to British creditors, diverting the money to unemployment relief. The Commonwealth and state premiers rejected the plan and later that year Lang's supporters in the Commonwealth parliament brought down James Scullin's federal Labor government. The NSW Lang government subsequently defaulted on overseas interest payments and was dismissed from office in May 1932 by the governor, Sir Phillip Game . ] ] The following elections were won comfortably by the United Australia Party in coalition with the Country Party. Bertram Stevens became premier, remaining in office until 1939, when he was replaced by Alexander Mair . ] A contemporary study by sociologist A. P. Elkin found that the population of New South Wales responded to the outbreak of war in 1939 with pessimism and apathy. This changed with the threat of invasion by Japan, which entered the war in December 1941. In May 1942 three Japanese midget submarines entered Sydney harbour and sank a naval ship, killing 29 men aboard. The following month Sydney and Newcastle were shelled by Japanese warships. American troops began arriving in the state in large numbers. Manufacturing, steelmaking, shipbuilding and rail transport all grew with the war effort and unemployment virtually disappeared. ] A Labor government led by William McKell was elected in May 1941."
"Manufacturing, steelmaking, shipbuilding and rail transport all grew with the war effort and unemployment virtually disappeared. ] A Labor government led by William McKell was elected in May 1941. The McKell government benefited from full employment, budget surpluses, and a co-operative relationship with John Curtin's federal Labor government. McKell became the first Labor leader to serve a full term and to be re-elected for a second. The Labor party was to govern New South Wales until 1965. ] The Labor government introduced two weeks of annual paid leave for most NSW workers in 1944, and the 40-hour working week was implemented by 1947. The post-war economic boom brought near-full employment and rising living standards, and the government engaged in large spending programs on housing, dams, electricity generation and other infrastructure. In 1954 the government announced a plan for the construction of an opera house on Bennelong Point . The design competition was won by Jørn Utzon . Controversy over the cost of the Sydney Opera House and construction delays became a political issue and was a factor in the eventual defeat of Labor in 1965 by the conservative Liberal Party and Country Party coalition led by Robert Askin . ] The Askin government promoted private development, law and order issues and greater state support for non-government schools. However, Askin, a former bookmaker, became increasingly associated with illegal bookmaking, gambling and police corruption. ] In the late 1960s, a secessionist movement in the New England region of the state led to a 1967 referendum on the issue which was narrowly defeated. The new state would have consisted of much of northern NSW including Newcastle . ] Askin's resignation in 1975 was followed by a number of short-lived premierships by Liberal Party leaders. When a general election came in 1976, the ALP under Neville Wran came to power. ] Wran was able to transform this narrow one seat victory into landslide wins (known as Wranslides) in 1978 and 1981. ] After winning a comfortable though reduced majority in 1984, Wran resigned as premier and left parliament. His replacement Barrie Unsworth struggled to emerge from Wran's shadow and lost a 1988 election against a resurgent Liberal Party led by Nick Greiner . The Greiner government embarked on an efficiency program involving public sector cost-cutting, the corporatisation of government agencies and the privatisation of some government services. An Independent Commission Against Corruption (ICAC) was created. ] Greiner called a snap election in 1991 which the Liberals were expected to win. However the ALP polled extremely well and the Liberals lost their majority and needed the support of independents to retain power. In 1992, Greiner was investigated by ICAC for possible corruption over the offer of a public service position to a former Liberal MP. Greiner resigned but was later cleared of corruption. His replacement as Liberal leader and Premier was"
"for possible corruption over the offer of a public service position to a former Liberal MP. Greiner resigned but was later cleared of corruption. His replacement as Liberal leader and Premier was John Fahey , whose government narrowly lost the 1995 election to the ALP under Bob Carr , who was to become the longest serving premier of the state. ] The Carr government (1995–2005) largely continued its predecessors' focus on the efficient delivery of government services such as health, education, transport and electricity. There was an increasing emphasis on public-private partnerships to deliver infrastructure such as freeways, tunnels and rail links. The Carr government gained popularity for its successful organisation of international events, especially the 2000 Sydney Olympics, but Carr himself was critical of the federal government over its high immigration intake, arguing that a disproportionate number of new migrants were settling in Sydney, putting undue pressure on state infrastructure. ] Carr unexpectedly resigned from office in 2005 and was replaced by Morris Iemma , who remained premier after being re-elected in the March 2007 state election , until he was replaced by Nathan Rees in September 2008. ] Rees was subsequently replaced by Kristina Keneally in December 2009, who became the first female premier of New South Wales. ] Keneally's government was defeated at the 2011 state election and Barry O'Farrell became Premier on 28 March. On 17 April 2014 O'Farrell stood down as Premier after misleading an ICAC investigation concerning a gift of a bottle of wine. ] The Liberal Party then elected Treasurer Mike Baird as party leader and Premier. Baird resigned as Premier on 23 January 2017, and was replaced by Gladys Berejiklian . ] On 23 March 2019, Berejiklian led the Coalition to a third term in office. She maintained high personal approval ratings for her management of a bushfire crisis and the COVID-19 pandemic . However, Berejiklian resigned as premier on 5 October 2021, following the opening of an ICAC investigation into her actions between 2012 and 2018. She was replaced by Dominic Perrottet . ] New South Wales is bordered on the north by Queensland, on the west by South Australia, on the south by Victoria and on the east by the Coral and Tasman Seas . The Australian Capital Territory and the Jervis Bay Territory form a separately administered entity that is bordered entirely by New South Wales. The state can be divided geographically into four areas. New South Wales's three largest cities, Sydney , Newcastle and Wollongong , lie near the centre of a narrow coastal strip extending from cool temperate areas on the far south coast to subtropical areas near the Queensland border. Gulaga National Park in the South Coast features the southernmost subtropical rainforest in the state. ] The Illawarra region is centred on the city of Wollongong, with the Shoalhaven , Eurobodalla and the Sapphire Coast to the south. The Central Coast lies"
"subtropical rainforest in the state. ] The Illawarra region is centred on the city of Wollongong, with the Shoalhaven , Eurobodalla and the Sapphire Coast to the south. The Central Coast lies between Sydney and Newcastle, with the Mid North Coast and Northern Rivers regions reaching northwards to the Queensland border. Tourism is important to the economies of coastal towns such as Coffs Harbour , Lismore , Nowra and Port Macquarie , but the region also produces seafood, beef, dairy, fruit, sugar cane and timber. ] ] The Great Dividing Range extends from Victoria in the south through New South Wales to Queensland, parallel to the narrow coastal plain. This area includes the Snowy Mountains , the Northern , Central and Southern Tablelands , the Southern Highlands and the South West Slopes . Whilst not particularly steep, many peaks of the range rise above 1,000 metres (3,281 ft), with the highest Mount Kosciuszko at 2,229 m (7,313 ft). Skiing in Australia began in this region at Kiandra around 1861. The relatively short ski season underwrites the tourist industry in the Snowy Mountains . Agriculture, particularly the wool industry, is important throughout the highlands. Major centres include Armidale , Bathurst , Bowral , Goulburn , Inverell , Orange , Queanbeyan and Tamworth . citation needed ] There are numerous forests in New South Wales, with such tree species as Red Gum Eucalyptus and Crow Ash ( Flindersia australis ), being represented. ] Forest floors have a diverse set of understory shrubs and fungi. One of the widespread fungi is Witch's Butter ( Tremella mesenterica ). ] The western slopes and plains fill a significant portion of the state's area and have a much sparser population than areas nearer the coast. Agriculture is central to the economy of the western slopes, particularly the Riverina region and Murrumbidgee Irrigation Area in the state's south-west. Regional cities such as Albury , Dubbo , Griffith and Wagga Wagga and towns such as Deniliquin , Leeton and Parkes exist primarily to service these agricultural regions. The western slopes descend slowly to the western plains that comprise almost two-thirds of the state and are largely arid or semi-arid. The mining town of Broken Hill is the largest centre in this area. ] One possible definition of the centre for New South Wales is located 33 kilometres (21 mi) west-north-west of Tottenham . ] A little more than half of the state has an arid to semi arid climate, where the rainfall averages from 150 to 500 millimetres (5.9 to 19.7 in) a year throughout most of this climate zone. Summer temperatures can be very hot, while winter nights can be quite cold in this region. Rainfall varies throughout the state. The far north-west receives the least, less than 180 mm (7 in) annually, while the east receives between 700 and 1,400 mm (28 and 55 in) of rain. ] The climate along the flat, coastal plain east of the range varies from oceanic in the south to humid subtropical in the northern"
"the east receives between 700 and 1,400 mm (28 and 55 in) of rain. ] The climate along the flat, coastal plain east of the range varies from oceanic in the south to humid subtropical in the northern half of the state, right above Wollongong . Rainfall is highest in this area; however, it still varies from around 800 millimetres (31 in) to as high as 3,000 millimetres (120 in) in the wettest areas, for example Dorrigo . In the state's south, on the westward side of the Great Dividing Range , rainfall is heaviest in winter due to cold fronts which move across southern Australia , while in the north, around Lismore , rain is heaviest in summer from tropical systems and occasionally even cyclones . ] During late winter, the coastal plain is relatively dry due to foehn winds that originate from the Great Dividing Range; ] the mountain range block the moist, westerly cold fronts that arrive from the Southern Ocean , whereby providing generally clear conditions on the leeward side. ] ] The climate in the southern half of the state is generally warm to hot in summer and cool in the winter. The seasons are more defined in the southern half of the state, especially as one moves inland towards South West Slopes , Central West and the Riverina region. The climate in the northeast region of the state, or the North Coast , bordering Queensland , is hot and humid in the summer and mild in winter. The Northern Tablelands , which are also on the North coast, have relatively mild summers and cold winters, due to their high elevation on the Great Dividing Range. Peaks along the Great Dividing Range vary from 500 metres (1,640 ft) to over 2,000 metres (6,562 ft) above sea level. Temperatures can be cool to cold in winter with frequent frosts and snowfall , and are rarely hot in summer due to the elevation. Lithgow has a climate typical of the range, as do the regional cities of Orange , Cooma , Oberon and Armidale . Such places fall within the subtropical highland ( Cwb ) variety. Rainfall is moderate in this area, ranging from 600 to 800 mm (24 to 31 in). Snowfall is common in the higher parts of the range, sometimes occurring as far north as the Queensland border. On the highest peaks of the Snowy Mountains , the climate can be subpolar oceanic and even alpine on the higher peaks with very cold temperatures and heavy snow. The Blue Mountains , Southern Tablelands and Central Tablelands , which are situated on the Great Dividing Range, have mild to warm summers and cold winters, although not as severe as those in the Snowy Mountains. ] The highest maximum temperature recorded was 49.7 °C (121 °F) at Menindee in the west of the state on 10 January 1939. The lowest minimum temperature was −23 °C (−9 °F) at Charlotte Pass in the Snowy Mountains on 29 June 1994. This is also the lowest temperature recorded in the whole of Australia excluding the Antarctic Territory. ] The estimated population of New South Wales at the end of December 2021 was 8,095,430 people,"
"is also the lowest temperature recorded in the whole of Australia excluding the Antarctic Territory. ] The estimated population of New South Wales at the end of December 2021 was 8,095,430 people, representing approximately 31.42% of nationwide population. ] In June 2017 Sydney was home to almost two-thirds (65.3%) of the NSW population. ] At the 2021 census , the most commonly nominated ancestries were: ] ] ] At the 2021 census , there were 2,794,666 people living in New South Wales that were born overseas, accounting for 34.6% of the population. Only 43.7% of the population had both parents born in Australia. ] ] 3.4% of the population, or 278,043 people, identified as Indigenous Australians ( Aboriginal Australians and Torres Strait Islanders ) in 2021. ] ] According to the 2021 census , 29.5% of people in New South Wales speak a language other than English at home with Mandarin (3.4%), Arabic (2.8%), Cantonese (1.8%), Vietnamese (1.5%) and Hindi (1.0%) being the most popular. ] In the 2021 census , the most commonly reported religions and Christian denominations were Roman Catholicism (22.4%), Anglicanism (11.9%) and Islam (4.3%). 32.8% of the population described themselves as having no religion. ] Executive power is formally exercised by the Executive Council, which consists of the Governor and senior ministers. ] The current governor is Margaret Beazley . The governor commissions as premier the leader of the parliamentary political party that can command a simple majority of votes in the Legislative Assembly. The premier then recommends the appointment of other members of the two Houses to the Ministry, under the principle of responsible or Westminster government . As in other Westminster systems, there is no constitutional requirement in New South Wales for the government to be formed from the parliament—merely convention. As of early July 2023, the premier is Chris Minns of the Labor Party . The form of the Government of New South Wales is prescribed in its Constitution, dating from 1856 and currently the Constitution Act 1902 (NSW). ] Since 1901 New South Wales has been a state of the Commonwealth of Australia, and the Australian Constitution regulates its relationship with the Commonwealth. In 2006, the Constitution Amendment [Pledge of L"
"The Australian Capital Territory ( ACT ), known as the Federal Capital Territory ( FCT ) until 1938, is a federal territory of Australia. Canberra , the capital city of Australia, is situated within the territory, and serves as the territory's primate city . It is located in southeastern Australian mainland as an enclave completely within the state of New South Wales . Founded after Federation as the seat of government for the new nation, the territory hosts the headquarters of all important institutions of the Australian Government . On 1 January 1901, federation of the colonies of Australia was achieved. Section 125 of the new Australian Constitution provided that land, situated in New South Wales and at least 100 mi (160 km) from Sydney , would be ceded to the new federal government . Following discussion and exploration of various areas within New South Wales, the Seat of Government Act 1908 was passed in 1908 which specified a capital in the Yass-Canberra region. The territory was transferred to the federal government by New South Wales in 1911, two years prior to the capital city being founded and formally named as Canberra in 1913. While the overwhelming majority of the population resides in the city of Canberra in the ACT's north-east, the territory also includes some towns such as Williamsdale , Oaks Estate , Uriarra , Tharwa and Hall . The ACT also includes the Namadgi National Park , which comprises the majority of land area of the territory. Despite a common misconception, the Jervis Bay Territory is not part of the ACT, although the laws of the Australian Capital Territory apply as if Jervis Bay did form part of the ACT. ] The territory has a relatively dry, continental climate, experiencing warm to hot summers and cool to cold winters. The Australian Capital Territory is home to many important institutions of the federal government, national monuments and museums. These include the Parliament of Australia , the High Court of Australia , the Australian Defence Force Academy and the Australian War Memorial . It also hosts the majority of foreign embassies in Australia, as well as regional headquarters of many international organisations, not-for-profit groups, lobbying groups and professional associations. Several major universities also have campuses in the ACT, including the Australian National University , the University of Canberra , the University of New South Wales , Charles Sturt University and the Australian Catholic University . A locally elected legislative assembly has governed the territory since 1988. However, the Commonwealth maintains authority over the territory and may overturn local laws. It still maintains control over the area known as the Parliamentary Triangle through the National Capital Authority . Residents of the territory elect three members of the House of Representatives and two senators . With 453,324 residents, the Australian Capital Territory is the second smallest mainland state or territory by"
"of the territory elect three members of the House of Representatives and two senators . With 453,324 residents, the Australian Capital Territory is the second smallest mainland state or territory by population. At the 2016 census , the median weekly income for people in the territory aged over 15 was $998, significantly higher than the national median of $662. ] The average level of degree qualification in the ACT is also higher than the national average. Within the ACT, 37.1% of the population hold a bachelor's degree level or above education compared to the national figure of 20%. ] The Australian Capital Territory had the second highest Human Development Index score (0.980) out of over 1,700 subnational regions in 2021, coming close to a perfect score of 1. Aboriginal Australian peoples have long inhabited the area. ] Evidence indicates habitation dating back at least 25,000 years, ] and it is possible that the area was inhabited for considerably longer, with evidence of an Aboriginal presence at Lake Mungo dating back around 40,000–62,000 years. ] The principal group occupying the region were the Ngunnawal people , with the Ngarigo and Walgalu living immediately to the south, the Wandadian to the east, the Gandangara to the north and the Wiradjuri to the north-west. ] Following European settlement, the growth of the new colony of New South Wales led to an increasing demand for arable land . ] Governor Lachlan Macquarie supported expeditions to open up new lands to the south of Sydney . ] The 1820s saw further exploration in the Canberra area associated with the construction of a road from Sydney to the Goulburn plains. While working on the project, Charles Throsby learned of a nearby lake and river from the local Indigenous peoples and he accordingly sent Wild to lead a small party to investigate the site. The search was unsuccessful, but they did discover the Yass River , and it is surmised that they would have set foot on part of the future territory. ] A second expedition was mounted shortly thereafter, and they became the first Europeans to camp at the Molonglo (Ngambri) and Queanbeyan (Jullergung) Rivers. ] However, they failed to find the Murrumbidgee River . ] The issue of the Murrumbidgee was solved in 1821 when Throsby mounted a third expedition and successfully reached the watercourse, on the way providing the first detailed account of the land where the Australian Capital Territory now resides. ] The last expedition in the region before settlement was undertaken by Allan Cunningham in 1824. ] He reported that the region was suitable for grazing and the settlement of the Limestone Plains followed immediately thereafter. ] The first land grant in the region was made to Joshua John Moore in 1823, and European settlement in the area began in 1824 with the construction of a homestead by his stockmen on what is now the Acton Peninsula . ] Moore formally purchased the site in 1826 and named the property Canberry or Canberra . ] A"
"began in 1824 with the construction of a homestead by his stockmen on what is now the Acton Peninsula . ] Moore formally purchased the site in 1826 and named the property Canberry or Canberra . ] A significant influx of population and economic activity occurred around the 1850s goldrushes . ] The goldrushes prompted the establishment of communication between Sydney and the region by way of the Cobb & Co coaches, which transported mail and passengers. ] The first post offices opened in Ginninderra in 1859 and at Lanyon in 1860. ] During colonial times, the European communities of Ginninderra, Molonglo and Tuggeranong settled and farmed the surrounding land. The region was also called the Queanbeyan - Yass district, after the two largest towns in the area. The villages of Ginninderra and Tharwa developed to service the local agrarian communities. During the first 20 years of settlement, there was only limited contact between the settlers and Aboriginal people. Over the succeeding years, the Ngunnawal and other local indigenous people effectively ceased to exist as cohesive and independent communities adhering to their traditional ways of life. ] Those who had not succumbed to disease and other predations either dispersed to the local settlements or were relocated to more distant Aboriginal reserves set up by the New South Wales government in the latter part of the 19th century. citation needed ] In 1898, a referendum on a proposed Constitution was held in four of the colonies – New South Wales , South Australia , Tasmania , and Victoria . Although the referendum achieved a majority in all four colonies, the New South Wales referendum failed to gain the minimum number of votes needed for the bill to pass. Following this result, a meeting of the four Premiers in 1898 heard from George Reid , the Premier of New South Wales , who argued that locating the future capital in New South Wales would be sufficient to ensure the passage of the Bill. The 1899 referendum on this revised bill was successful and passed with sufficient numbers. ] Section 125 of the Australian Constitution thus provided that, following Federation in 1901, land would be ceded freely to the new federal government . citation needed ] This, however, left open the question of where to locate the capital. In 1906 and after significant deliberations, New South Wales agreed to cede sufficient land on the condition that it was in the Yass - Canberra region, ] this site being closer to Sydney. ] Initially, Dalgety, New South Wales remained at the forefront, but Yass-Canberra prevailed after voting by federal representatives. ] The Seat of Government Act 1908 was passed in 1908, which repealed the 1904 Act and specified a capital in the Yass-Canberra region. ] ] Government surveyor Charles Scrivener was deployed to the region in the same year to map out a specific site and, after an extensive search, settled upon the present location, ] basing the borders primarily on the need to secure a"
"was deployed to the region in the same year to map out a specific site and, after an extensive search, settled upon the present location, ] basing the borders primarily on the need to secure a stable water supply for the planned capital. ] The Australian Capital Territory was transferred to the Commonwealth by New South Wales on 1 January 1911, two years before the naming of Canberra as the national capital on 20 March 1913. ] The Commonwealth gained control of all land within the borders of the new territory but ownership only of NSW Crown land, with significant parcels of extant freehold remaining in the hands of their pre-existing owners. Much of this was acquired during World War One , though a few titles were not transferred until the late 20th Century. Land within the territory is granted under a leasehold system, with 99-year residential leases sold to buyers as new suburbs are planned, surveyed, and developed. The current policy is for these leases to be extended for another 99-year period on expiry, subject to payment of an administrative fee. ] In an arrangement inspired by Georgism , the ideas of 19th-century American economist Henry George , leaseholders had to pay 5% of the unimproved value of the underlying land in rent until the Gorton government abolished it in 1970. ] In 1911, an international competition to design the future capital was held; it was won by the Chicago architect Walter Burley Griffin in 1912. ] The official naming of Canberra occurred on 12 March 1913 and construction began immediately. ] After Griffin's departure following difficulty in implementing his project, ] the Federal Capital Advisory Committee was established in 1920 to advise the government of the construction efforts. ] The committee had limited success meeting its goals. However, the chairman, John Sulman , was instrumental in applying the ideas of the garden city movement to Griffin's plan. The committee was replaced in 1925 by the Federal Capital Commission . ] In 1930, the ACT Advisory Council was established to advise the minister for territories on the community's concerns. In 1934, the Supreme Court of the Australian Capital Territory was established. ] From 1938 to 1957, the National Capital Planning and Development Committee continued to plan the further expansion of Canberra. However, it did not have executive power, and decisions were made on the development of Canberra without consulting the committee. ] During this time, Prime Minister Robert Menzies regarded the state of the national capital as an embarrassment. ] After World War II, there was a shortage of housing and office space in Canberra. ] A Senate Select Committee hearing was held in 1954 to address its development requirements. This Committee recommended the creation of a single planning body with executive power. Consequently, the National Capital Planning and Development Committee was replaced by the National Capital Development Commission in 1957. ] The National Capital"
"planning body with executive power. Consequently, the National Capital Planning and Development Committee was replaced by the National Capital Development Commission in 1957. ] The National Capital Development Commission ended four decades of disputes over the shape and design of Lake Burley Griffin and construction was completed in 1964 after four years of work. The completion of the centrepiece of Griffin's design finally laid the platform for the development of Griffin's Parliamentary Triangle . ] In 1978, an advisory referendum was held to determine the views of ACT citizens about whether there should be self-government. Just under 64 percent of voters rejected devolved government options, in favour of the status quo. ] Nevertheless, in 1988, the new minister for the Australian Capital Territory Gary Punch received a report recommending the abolition of the National Capital Development Commission and the formation of a locally elected government. Punch recommended that the Hawke government accept the report's recommendations and subsequently Clyde Holding introduced legislation to grant self-government to the territory in October 1988. ] The enactment on 6 December 1988 of the Australian Capital Territory (Self-Government) Act 1988 established the framework for self-government. ] The first election for the 17-member Australian Capital Territory Legislative Assembly was held on 4 March 1989. ] The initial years of self-government were difficult and unstable. ] A majority of ACT residents had opposed self-government and had it imposed upon them by the federal parliament. At the first election, 4 of the 17 seats were won by anti-self-government single-issue parties due to a protest vote by disgruntled Canberrans and a total of 8 were won by minor parties and independents. ] In 1992, Labor won eight seats and the minor parties and independents won only three. Stability increased, and in 1995, Kate Carnell became the first elected Liberal chief minister. In 1998, Carnell became the first chief minister to be re-elected. The Australian Capital Territory is the smallest mainland territory (aside from the Jervis Bay Territory ) and covers a total land area of 2,280 km 2 (880 sq mi), slightly smaller than Luxembourg. It is bounded by the Bombala railway line in the east, the watershed of Naas Creek in the south, the watershed of the Cotter River in the west and the watershed of the Molonglo River in the north-east. These boundaries were set to give the ACT an adequate water supply. ] The ACT extends about 88.5 km (55.0 mi) north-south between 35.124°S and 35.921°S, and 57.75 km (35.88 mi) west-east between 148.763°E and 149.399°E. ] The city area of Canberra occupies the north-eastern corner of this area. The Australian Capital Territory includes the city of Canberra and some towns such as Williamsdale , Oaks Estate , Uriarra Village , Tharwa and Hall . The Australian Capital Territory also contains agricultural land ( sheep , dairy cattle ,"
"the city of Canberra and some towns such as Williamsdale , Oaks Estate , Uriarra Village , Tharwa and Hall . The Australian Capital Territory also contains agricultural land ( sheep , dairy cattle , vineyards and small amounts of crops) and a large area of national park ( Namadgi National Park ), much of it mountainous and forested. Tidbinbilla is a locality to the south-west of Canberra that features the Tidbinbilla Nature Reserve and the Canberra Deep Space Communication Complex , operated by the United States' NASA as part of its Deep Space Network . The Southern Tablelands Temperate Grassland straddles the state. The territory includes a large range of mountains, rivers and creeks, largely contained within the Namadgi National Park . These include the Naas and Murrumbidgee Rivers. In September 2022, it was announced that the border between NSW and the ACT would change for the first time since it was created in 1911. ] ACT chief minister Andrew Barr said NSW premier Dominic Perrottet had agreed to a proposed border change of 330 ha (1.3 sq mi) in the Ginninderra watershed. ] The territory has a relatively dry, continental climate, experiencing warm to hot summers and cool to cold winters. ] Under the Köppen-Geiger classification , the territory has an oceanic climate ( Cfb ). ] January is the hottest month with an average high of 27.7 °C. ] July is the coldest month when the average high drops to 11.2 °C (52.2 °F). ] The highest maximum temperature recorded in the territory was 44.0 °C on 4 January 2020. The lowest minimum temperature was −10.0 °C on 11 July 1971. ] Rainfall varies significantly across the territory. ] Much higher rainfall occurs in the mountains to the west of Canberra compared to the east. ] The mountains act as a barrier during winter with the city receiving less rainfall. ] Average annual rainfall in the territory is 629mm and there is an average of 108 rain days annually. ] The wettest month is October, with an average rainfall of 65.3mm, and the driest month is June, with an average of 39.6mm. ] Frost is common in the winter months. Snow is rare in Canberra's city centre, but the surrounding areas get annual snowfall through winter and often the snow-capped mountains can be seen from the city. The last significant snowfall in the city centre was in 1968. ] Smoke haze became synonymous with the 2019/2020 Australian summer. On 1 January 2020 Canberra had the worst air quality of any major city in the world, with an AQI of 7700 (USAQI 949). ] source 2 = Special climate statements and climate summaries for more recent extremes ] Notable geological formations in the Australian Capital Territory include the Canberra Formation , the Pittman Formation , Black Mountain Sandstone and State Circle Shale . In the 1840s fossils of brachiopods and trilobites from the Silurian period were discovered at Woolshed Creek near Duntroon . At the time, these were the oldest fossils discovered in Australia, though this record has now been far"
"and trilobites from the Silurian period were discovered at Woolshed Creek near Duntroon . At the time, these were the oldest fossils discovered in Australia, though this record has now been far surpassed. ] Other specific geological places of interest include the State Circle cutting and the Deakin anticline . ] ] The oldest rocks in the ACT date from the Ordovician around 480 million years ago. During this period the region along with most of Eastern Australia was part of the ocean floor; formations from this period include the Black Mountain Sandstone formation and the Pittman Formation consisting largely of quartz -rich sandstone , siltstone and shale . These formations became exposed when the ocean floor was raised by a major volcanic activity in the Devonian forming much of the east coast of Australia. The environments range from alpine area on the higher mountains, to sclerophyll forest and to woodland . Much of the ACT has been cleared for grazing and is also burnt off by bushfires several times per century. The kinds of plants can be grouped into vascular plants , that include gymnosperms , flowering plants, and ferns , as well as bryophytes , lichens , fungi and freshwater algae . Four flowering plants are endemic to the ACT. Several lichens are unique to the territory. Most plants in the ACT are characteristic of the Flora of Australia and include well known plants such as Grevillea , Eucalyptus trees and kangaroo grass . The native forest in the Australian Capital Territory was almost wholly eucalypt species and provided a resource for fuel and domestic purposes. By the early 1960s, logging had depleted the eucalypt, and concern about water quality led to the forests being closed. Interest in forestry began in 1915 with trials of a number of species including Pinus radiata on the slopes of Mount Stromlo. Since then, plantations have been expanded, with the benefit of reducing erosion in the Cotter catchment, and the forests are also popular recreation areas. ] The fauna of the territory includes representatives from most major Australian animal groups . This includes kangaroos, wallabies, koalas, platypus, echidna, emu, kookaburras and dragon lizards. Unlike the States of Australia which have their own constitutions, territories like the ACT are governed under a Commonwealth statute ] —for the ACT, the Australian Capital Territory (Self-Government) Act 1988 . ] The Self-Government Act constitutes a democratic government for the Territory consisting of a popularly elected Legislative Assembly which elects a Chief Minister from among its membership who, in turn, appoints an Executive consisting of a number of Ministers. The executive power of the Territory rests with the ACT Government , led by the Executive. The Executive is chaired by the Chief Minister (currently the Labor Party 's Andrew Barr ) and consists of Ministers appointed by them. The Executive are supported by the ACT Public Service, which is arranged into directorates, and"
"Chief Minister (currently the Labor Party 's Andrew Barr ) and consists of Ministers appointed by them. The Executive are supported by the ACT Public Service, which is arranged into directorates, and a number of public authorities. ] The Chief Minister is the equivalent of a State Premier and sits on the National Cabinet. ] Unlike the States and the Northern Territory, there is no vice-regal representative who chairs the Executive. The Chief Minister performs many of the roles that a state governor normally holds in the context of a state; however, the Speaker of the Legislative Assembly gazettes the laws and summons meetings of the Assembly. The legislative power of the Territory is vested in the unicameral Legislative Assembly . The Assembly consists of 25 members who are elected from five electorates using the Hare-Clark single transferable voting system. ] The Assembly is presided over by the Speaker (currently the Labor Party's Joy Burch ). The Assembly has almost all of the same powers as the state parliaments, the power to ""make laws for the peace, order, and good government of the Territory"", with limited exceptions relating to the Territory's unique relationship with the Commonwealth. ] The Hare-Clark voting system was adopted after a referendum in 1992 and was entrenched by another referendum in 1995. ] The electoral system cannot be changed except by a two-thirds majority in the Assembly or a majority vote of support at a public referendum. ] There is no level of local government below the Territory government as in the States and the functions associated with local government are carried out principally by the Transport Canberra and City Services Directorate . ] There is an indigenous voice to the ACT Government, called the Aboriginal and Torres Strait Islander Elected Body . ] Despite the wide powers of the Territory government, the federal government continues to have power over the Territory. This includes an unused power to dissolve the Assembly and appoint a caretaker government in extraordinary circumstances. ] The federal and territory governments share some officers, such as the Ombudsman . ] The federal parliament also retains the power to make any law for the Territory under section 122 of the Constitution and an exclusive power to legislate for the ""seat of government"". ] ] Territory laws which conflict with federal law are inoperable to the extent of the inconsistency. ] ] Land in the Territory that is designated to be ""National Land"" under federal law remains under the control of the federal government, usually represented by the National Capital Authority . ] The federal parliament can disallow laws enacted by the Assembly by a joint resolution of both houses of Parliament, a power which replaced a federal executive veto in 2011. ] ] The judicial power of the Territory is exercised by the territory courts. These courts are the Supreme Court of the Australian Capital Territory , the Magistrates Court of the Australian"
"in 2011. ] ] The judicial power of the Territory is exercised by the territory courts. These courts are the Supreme Court of the Australian Capital Territory , the Magistrates Court of the Australian Capital Territory and the ACT Civil and Administrative Tribunal . It is unique in that the territory does not have an intermediary court like other mainland states and territories; there is only the superior court and a court of summary jurisdiction. From 2001, appeals from the Supreme Court are heard by a panel of Supreme Court judges sitting as the Court of Appeal. ] The current Chief Justice is Lucy McCallum and the current Chief Magistrate is Lorraine Walker . The Federal Court has concurrent jurisdiction over civil matters arising under Territory law, a fact which has become increasingly important to the practice of defamation law across Australia. ] ] ] Policing services are provided by the ACT Policing unit of the Australian Federal Police under agreements between the territory government, the federal government, and the police force. ] ] ] Canberra had the lowest rate of crime of any capital city in Australia as of February 2019 ] . ] In Australia's Federal Parliament , the ACT is represented by five federal members: three members of the House of Representatives represent the Division of Bean , the Division of Canberra and the Division of Fenner , and it is one of only two territories to be represented in the Senate, with two Senators (the other being the Northern Territory). The Member for Bean and the ACT Senators also represent the constituents of Norfolk Island . The Member for Fenner and the ACT Senators also represent the constituents of the Jervis Bay Territory . In 1915, the Jervis Bay Territory Acceptance Act 1915 created the Jervis Bay Territory as an annex to the Federal Capital Territory. While the Act's use of the language of ""annexed"" is sometimes interpreted as implying that the Jervis Bay Territory was to form part of the Federal Capital Territory, the accepted legal position is that it has been a legally distinct territory from its creation despite being subject to ACT law and, prior to ACT self-government in 1988, being administratively treated as part of the ACT. ] In 1988, when the ACT gained self-government, Jervis Bay was formally pronounced as a separate territory administered by the Commonwealth known as the Jervis Bay Territory. However, the laws of the ACT continue to apply to the Jervis Bay Territory. ] Magistrates from the ACT regularly travel to the Jervis Bay Territory to conduct court. ] Another occasional misconception is that the ACT retains a small area of territory on the coast on the Beecroft Peninsula , consisting of a strip of coastline around the northern headland of Jervis Bay. While the land is owned by the Commonwealth Government, that area itself is still considered to be under the jurisdiction of New South Wales government, not a separate territory nor a part of the ACT. ] The Australian Bureau of"
"Commonwealth Government, that area itself is still considered to be under the jurisdiction of New South Wales government, not a separate territory nor a part of the ACT. ] The Australian Bureau of Statistics estimates that the population of the territory was 453,324 on 31 December 2021, with an annual growth in 2021 of 0.4%. ] A 2019 projection estimated the population would reach to approximately 700,000 by 2058. ] ] The overwhelming majority of the population reside in the city of Canberra. ] At the 2016 census , the median weekly income for people in the territory aged over 15 was $998 while the national average was $662. ] The average level of degree qualification in the ACT is higher than the national average. Within the ACT, 37.1% of the population hold a bachelor's degree level or above education compared to the national figure of 20%. ] The Australian Capital Territory consists of the city of Canberra and some towns including Williamsdale , Oaks Estate , Uriarra , Tharwa and Hall . The urban areas of the Australian Capital Territory are organised into a hierarchy of districts, town centres, group centres, local suburbs as well as other industrial areas and villages. There are seven districts (with an eighth currently under construction), each of which is divided into smaller suburbs, and most of which have a town centre which is the focus of commercial and social activities. The districts were settled in the following chronological order: The North and South Canberra districts are substantially based on Walter Burley Griffin's designs. ] In 1967, the then National Capital Development Commission adopted the ""Y Plan"" which laid out future urban development in the Australian Capital Territory a series of central shopping and commercial area known as the 'town centres' linked by freeways, the layout of which"
"Queensland ( .mw-parser-output .IPA-label-small{font-size:85%}.mw-parser-output .references .IPA-label-small,.mw-parser-output .infobox .IPA-label-small,.mw-parser-output .navbox .IPA-label-small{font-size:100%} locally KWEENZ -land , commonly abbreviated as Qld ) ] is a state in northeastern Australia , and is the second-largest and third-most populous of the Australian states. It is bordered by the Northern Territory , South Australia and New South Wales to the west, south-west and south, respectively. To the east, Queensland is bordered by the Coral Sea and the Pacific Ocean ; to the state’s north is the Torres Strait , separating the Australian mainland from Papua New Guinea , and the Gulf of Carpentaria to the north-west. With an area of 1,723,030 square kilometres (665,270 sq mi), Queensland is the world's sixth-largest subnational entity ; it is larger than all but 16 countries . Due to its size, Queensland's geographical features and climates are diverse, and include tropical rainforests , rivers , coral reefs , mountain ranges and white sandy beaches in its tropical and sub-tropical coastal regions, as well as deserts and savanna in the semi-arid and desert climatic regions of its interior . Queensland has a population of over 5.5 million, ] concentrated along the east coast, particularly in South East Queensland . The capital and largest city in the state is Brisbane , Australia's third-largest city . Ten of Australia's thirty largest cities are located in Queensland, the largest outside Brisbane being the Gold Coast , the Sunshine Coast , Townsville , Cairns , Ipswich , and Toowoomba . 28.9% of the state's population are immigrants . ] ] Queensland was first inhabited by Aboriginal Australians , with the Torres Strait Islands inhabited by Torres Strait Islanders . ] ] Dutch navigator Willem Janszoon , the first European to land in Australia, explored the west coast of the Cape York Peninsula in 1606. In 1770, James Cook claimed the east coast of Australia for the Kingdom of Great Britain . In 1788, Arthur Phillip founded the colony of New South Wales, which included all of what is now Queensland. Queensland was explored in subsequent decades, and the Moreton Bay Penal Settlement was established at Brisbane in 1824 by John Oxley . During the Australian frontier wars of the 19th century, tens of thousands of Aboriginal people were killed in Queensland as colonists consolidated control over the territory. On 6 June 1859 (now commemorated as Queensland Day ), Queen Victoria signed the letters patent to establish the colony of Queensland, separating it from New South Wales and thereby establishing Queensland as a self-governing Crown colony with responsible government . A large part of colonial Queensland's economy relied on blackbirded South Sea Islander slavery. citation needed ] Queensland was among the six colonies which became the founding states of Australia with Federation on 1 January 1901. Since the Bjelke-Petersen era of the late"
"Islander slavery. citation needed ] Queensland was among the six colonies which became the founding states of Australia with Federation on 1 January 1901. Since the Bjelke-Petersen era of the late 20th century, Queensland has received a high level of internal migration from the other states and territories of Australia and remains a popular destination for interstate migration. Queensland has the third-largest economy among Australian states, with strengths in mining, agriculture, transportation, international education , insurance, and banking. Nicknamed the Sunshine State for its tropical and sub-tropical climates, Great Barrier Reef , and numerous beaches, tourism is also important to the state's economy. Queensland was one of the largest regions of pre-colonial Aboriginal population in Australia. ] The Aboriginal occupation of Queensland is thought to predate 50,000 BC, likely via boat or land bridge across Torres Strait , and became divided into over 90 different language groups. During the last ice age , Queensland's landscape became more arid and largely desolate, making food and other supplies scarce, which led to the world's first seed-grinding technology. ] The end of the glacial period brought about a warming climate, again making the land hospitable, as it brought high rainfall along the eastern coast, stimulating the growth of the state's tropical rainforests. ] The Torres Strait Islands is home to the Torres Strait Islander peoples . Torres Strait Islanders are ethnically and culturally distinct from mainland Aboriginal peoples, and have a long history of interaction with both Aboriginal peoples and the peoples of New Guinea . In February 1606, Dutch navigator Willem Janszoon landed near the site of what is now Weipa , on the western shore of Cape York . This was the first recorded landing of a European in Australia , and it also marked the first reported contact between Europeans and the Aboriginal people of Australia . ] The region was also explored by French and Spanish explorers (commanded by Louis Antoine de Bougainville and Luís Vaez de Torres , respectively) before the arrival of Lieutenant James Cook in 1770. Cook claimed the east coast under instruction from King George III of the Kingdom of Great Britain on 22 August 1770 at Possession Island , naming eastern Australia, including Queensland, New South Wales . ] The Aboriginal population declined significantly after a smallpox epidemic during the late 18th century and massacres by the European settlers. ] page needed ] In 1823, John Oxley , a British explorer, sailed north from what is now Sydney to scout possible penal colony sites in Gladstone (then Port Curtis ) and Moreton Bay . At Moreton Bay, he found the Brisbane River . He returned in 1824 and established a penal settlement at what is now Redcliffe . The settlement, initially known as Edenglassie , was then transferred to the current location of the Brisbane city centre . Edmund Lockyer discovered outcrops of coal"
"at what is now Redcliffe . The settlement, initially known as Edenglassie , was then transferred to the current location of the Brisbane city centre . Edmund Lockyer discovered outcrops of coal along the banks of the upper Brisbane River in 1825. ] In 1839 transportation of convicts was ceased, culminating in the closure of the Brisbane penal settlement. In 1842 free settlement, which had already commenced, was officially permitted. In 1847, the Port of Maryborough was opened as a wool port. While most early immigrants came from New South Wales, the first free immigrant ship to arrive in Moreton Bay from Europe was the Artemisia , in 1848. Earlier than this immigrant ship was the arrival of the Irish famine orphan girls to Queensland. Devised by the then British Secretary of State for the Colonies, The Earl Grey Scheme established a special emigration scheme which was designed to resettle destitute girls from the workhouses of Ireland during the Great Famine. The first ship, the ""Earl Grey"", departed Ireland for a 124-day sail to Sydney. After controversy developed upon their arrival in Australia, a small group of 37 young orphans, sometimes referred to as The Belfast Girls or the Feisty Colleens, never set foot on Sydney soil, and instead sailed up to Brisbane (then Moreton Bay) on 21 October 1848 on board the Ann Mary . This scheme continued until 1852. ] In 1857, Queensland's first lighthouse was built at Cape Moreton . ] The frontier wars fought between European settlers and Aboriginal tribes in Queensland were the bloodiest and most brutal in colonial Australia. ] Many of these conflicts are now seen as acts of genocide. ] ] ] ] The wars featured the most frequent massacres of First Nations people, the three deadliest massacres on white settlers, the most disreputable frontier police force, and the highest number of white victims to frontier violence on record in any Australian colony. ] Across at least 644 collisions at least 66,680 were killed — with Aboriginal fatalities alone comprising no less than 65,180. ] Of these deaths, around 24,000 Aboriginal men, women and children were killed by the Native Police between 1859 and 1897. ] The military force of the Queensland Government in this war was the Native Police , who operated from 1849 to the 1920s. The Native Police was a body of Aboriginal and Torres Strait Islander troopers that operated under the command of white officers. The Native Police were often recruited forcefully from far-away communities. ] ] Conflict spread quickly with free settlement in 1838, with settlement rapidly expanding in a great rush to take up the surrounding land in the Darling Downs , Logan and Brisbane Valley and South Burnett onwards from 1840, in many cases leading to widespread fighting and heavy loss of life. The conflict later spread north to the Wide Bay and Burnett River and Hervey Bay region, and at one stage the settlement of Maryborough was virtually under siege. ] The largest reasonably"
"of life. The conflict later spread north to the Wide Bay and Burnett River and Hervey Bay region, and at one stage the settlement of Maryborough was virtually under siege. ] The largest reasonably well-documented massacres in southeast Queensland were the Kilcoy and Whiteside poisonings, each of which was said to have taken up to 70 Aboriginal lives by use of a gift of flour laced with strychnine . At the Battle of One Tree Hill in September 1843, Multuggerah and his group of warriors ambushed one group of settlers, routing them and subsequently others in the skirmishes which followed, starting in retaliation for the Kilcoy poisoning. ] ] Central Queensland was particularly hard hit during the 1860s and 1870s, several contemporary writers mention the Skull Hole, Bladensburg, or Mistake Creek massacre ] on Bladensburg Station near Winton , which in 1901 was said to have taken up to 200 Aboriginal lives. ] First Nations warriors killed 19 settlers during the Cullin-La-Ringo massacre on 17 October 1861. ] In the weeks afterwards, police, native police and civilians killed up to 370 members of the Gayiri Aboriginal people in response. ] Frontier violence peaked on the northern mining frontier during the 1870s, most notably in Cook district and on the Palmer and Hodgkinson River goldfields, with heavy loss of Aboriginal lives and several well-known massacres. ] Raids conducted by the Kalkadoon held settlers out of Western Queensland for ten years until September 1884 when they attacked a force of settlers and native police at Battle Mountain near modern Cloncurry . The subsequent battle of Battle Mountain ended in disaster for the Kalkadoon, who suffered heavy losses. ] Fighting continued in North Queensland , however, with First Nations raiders attacking sheep and cattle while Native Police mounted heavy retaliatory massacres. ] ] Tens of thousands of South Sea Islanders were kidnapped from islands nearby to Australia and sold as slaves to work on the colony's agricultural plantations through a process known as blackbirding . This trade in what were then known as Kanakas was in operation from 1863 to 1908, a period of 45 years. Some 55,000 to 62,500 were brought to Australia, ] most being recruited or blackbirded from islands in Melanesia , such as the New Hebrides (now Vanuatu ), the Solomon Islands and the islands around New Guinea . The majority of those taken were male and around one quarter were under the age of sixteen. ] In total, approximately 15,000 South Sea Islander slaves died while working in Queensland, a figure which does not include those who died in transit or who were killed in the recruitment process. This represents a mortality rate of at least 30%, which is high considering most were only on three year contracts. ] It is also similar to the estimated 33% death rate of enslaved Africans in the first three years of being taken to America. ] The trade was legally sanctioned and regulated under Queensland law, and prominent men such"
"to the estimated 33% death rate of enslaved Africans in the first three years of being taken to America. ] The trade was legally sanctioned and regulated under Queensland law, and prominent men such as Robert Towns made massive fortunes off of exploitation of slave labour, helping to establish some of the major cities in Queensland today. ] Towns' agent claimed that blackbirded labourers were ""savages who did not know the use of money"" and therefore did not deserve cash wages. ] Following Federation in 1901, the White Australia policy came into effect, which saw most foreign workers in Australia deported under the Pacific Island Labourers Act 1901 , which saw the Pacific Islander population of the state decrease rapidly. ] A public meeting was held in 1851 to consider the proposed separation of Queensland from New South Wales. On 6 June 1859, Queen Victoria signed letters patent ] to form the separate colony of Queensland as a self-governing Crown colony with responsible government . Brisbane was selected as the capital city. On 10 December 1859, a proclamation was read by George Bowen , the first Governor of Queensland , formally establishing Queensland as a separate colony from New South Wales. ] On 22 May 1860 the first Queensland election was held and Robert Herbert , Bowen's private secretary, was appointed as the first Premier of Queensland . In 1865, the first rail line in the state opened between Ipswich and Grandchester . Queensland's economy expanded rapidly in 1867 after James Nash discovered gold on the Mary River near the town of Gympie , sparking a gold rush and saving the State of Queensland from near economic collapse. While still significant, they were on a much smaller scale than the gold rushes of Victoria and New South Wales. Immigration to Australia and Queensland, in particular, began in the 1850s to support the state economy. During the period from the 1860s until the early 20th century, many labourers, known at the time as Kanakas , were brought to Queensland from neighbouring Pacific Island nations to work in the state's sugar cane fields. Some of these people had been kidnapped under a process known as blackbirding or press-ganging, and their employment conditions constituted an allegedly exploitative form of indentured labour. Italian immigrants entered the sugar cane industry from the 1890s. ] During the 1890s, the six Australian colonies, including Queensland, held a series of referendums which culminated in the Federation of Australia on 1 January 1901. During this time, Queensland had a population of half a million people. Since then, Queensland has remained a federated state within Australia, and its population has significantly grown. In 1905 women voted in state elections for the first time. The state's first university, the University of Queensland , was established in Brisbane in 1909. In 1911, the first alternative treatments for polio were pioneered in Queensland and remain in use across the world today. ]"
"the University of Queensland , was established in Brisbane in 1909. In 1911, the first alternative treatments for polio were pioneered in Queensland and remain in use across the world today. ] World War I had a major impact on Queensland . Over 58,000 Queenslanders fought in World War I and over 10,000 of them died. ] Australia's first major airline, Qantas (originally standing for ""Queensland and Northern Territory Aerial Services""), was founded in Winton in 1920 to serve outback Queensland. In 1922 Queensland abolished the Queensland Legislative Council , becoming the only Australian state with a unicameral parliament . In 1935 cane toads were deliberately introduced to Queensland from Hawaii in an unsuccessful attempt to reduce the number of French's cane and greyback cane beetles that were destroying the roots of sugar cane plants, which are integral to Queensland's economy. The toads have remained an environmental pest since that time. In 1962, the first commercial production of oil in Queensland and Australia began at Moonie . During World War II Brisbane became central to the Allied campaign when the AMP Building (now called MacArthur Central ) was used as the South West Pacific headquarters for General Douglas MacArthur , chief of the Allied Pacific forces, until his headquarters were moved to Hollandia in August 1944. ] In 1942, during the war, Brisbane was the site of a violent clash between visiting US military personnel and Australian servicemen and civilians, which resulted in one death and hundreds of injuries. This incident became known colloquially as the Battle of Brisbane . ] The end of World War II saw a wave of immigration from across Europe, with many more immigrants coming from southern and eastern Europe than in previous decades. In the later decades of the 20th century, the humid subtropical climate —regulated by the availability of air conditioning—saw Queensland become a popular destination for migrants from interstate. ] Since that time, Queensland has continuously seen high levels of migration from the other states and territories of Australia. In 1966, Lyndon B. Johnson became the first U.S. president to visit Queensland. During his visit, he met with Australia prime minister Harold Holt . citation needed ] The end of the White Australia policy in 1973 saw the beginning of a wave of immigration from around the world, and most prominently from Asia, which continues to the present. In 1981 the Great Barrier Reef off Queensland's northeast coast, one of the world's largest coral reef systems, was declared a UNESCO World Heritage Site . In 2003 Queensland adopted maroon as the state's official colour. The announcement was made as a result of an informal tradition to use maroon to represent the state in association with sporting events. ] After three decades of record population growth, Queensland was impacted by major floods between late 2010 and early 2011 , causing extensive damage and disruption across the state. ] ]"
"events. ] After three decades of record population growth, Queensland was impacted by major floods between late 2010 and early 2011 , causing extensive damage and disruption across the state. ] ] In 2020 Queensland was impacted by the COVID-19 pandemic . Despite a low number and abrupt decline in cases from April 2020 onward, social distancing requirements were implemented from March 2020 including the closure of the state borders. With a total area of 1,729,742 square kilometres (715,309 square miles), Queensland is an expansive state with a highly diverse range of climates and geographical features. If Queensland were an independent nation, it would be the world's 16th largest. Queensland's eastern coastline borders the Coral Sea , an arm of the Pacific Ocean. The state is bordered by the Torres Strait to the north, with Boigu Island off the coast of New Guinea representing the northern extreme of its territory. The triangular Cape York Peninsula , which points toward New Guinea, is the northernmost part of the state's mainland. West of the peninsula's tip, northern Queensland is bordered by the Gulf of Carpentaria . To the west, Queensland is bordered by the Northern Territory , at the 138th meridian east , and to the southwest by northeastern South Australia . The state's southern border with New South Wales is constituted in the east by the watershed from Point Danger to the Dumaresq River , and the Dumaresq, Macintyre and Barwon rivers. The west of the southern border is defined by the 29th parallel south (including some minor historical encroachments ) until it reaches South Australia. Like much of eastern Australia, the Great Dividing Range runs roughly parallel with, and inland from, the coast, and areas west of the range are more arid than the humid coastal regions. The Great Barrier Reef , which is the world's largest coral reef system, runs parallel to the state's Coral Sea coast between the Torres Strait and K'gari (Fraser Island) . Queensland's coastline includes the world's three largest sand islands: K'gari (Fraser Island) , Moreton , and North Stradbroke . The state contains six World Heritage -listed preservation areas: the Great Barrier Reef along the Coral Sea coast, K'gari (Fraser Island) on the Wide Bay–Burnett region's coastline, the wet tropics in Far North Queensland including the Daintree Rainforest , Lamington National Park in South East Queensland , the Riversleigh fossil sites in North West Queensland , and the Gondwana Rainforests in South East Queensland. The state is divided into several unofficial regions which are commonly used to refer to large areas of the state's vast geography. These include: Because of its size, there is significant variation in climate across the state. There is ample rainfall along the coastline, with a monsoonal wet season in the tropical north, and humid sub-tropical conditions along the southern coastline. Low rainfall and hot humid summers are typical for the inland and west. Elevated"
"with a monsoonal wet season in the tropical north, and humid sub-tropical conditions along the southern coastline. Low rainfall and hot humid summers are typical for the inland and west. Elevated areas in the south-eastern inland can experience temperatures well below freezing in mid-winter providing frost and, rarely, snowfall . The climate of the coastal regions is influenced by warm ocean waters, keeping the region free from extremes of temperature and providing moisture for rainfall. ] There are six predominant climatic zones in Queensland, ] based on temperature and humidity: The annual average climatic statistics ] for selected Queensland cities are shown below: The coastal far north of the state is the wettest region in Australia, with Mount Bellenden Ker , south of Cairns, holding many Australian rainfall records with its annual average rainfall of over 8 metres (26 ft). ] Snow is rare in Queensland, although it does fall with some regularity along the far southern border with New South Wales, predominantly in the Stanthorpe district although on rare occasions further north and west. The most northerly snow ever recorded in Australia occurred near Mackay ; however, this was exceptional. ] Natural disasters are often a threat in Queensland: severe tropical cyclones can impact the central and northern coastlines and cause severe damage, ] with recent examples including Larry , Yasi , Ita and Debbie . Flooding from rain-bearing systems can also be severe and can occur anywhere in Queensland. One of the deadliest and most damaging floods in the history of the state occurred in early 2011 . ] Severe springtime thunderstorms generally affect the south-east and inland of the state and can bring damaging winds, torrential rain, large hail and even tornadoes . ] The strongest tornado ever recorded in Australia occurred in Queensland near Bundaberg in November 1992. ] Droughts and bushfires can also occur; however, the latter are generally less severe than those that occur in southern states. The highest official maximum temperature recorded in the state was 49.5 °C (121.1 °F) at Birdsville Police Station on 24 December 1972. ] The lowest recorded minimum temperature is −10.6 °C (12.9 °F) at Stanthorpe on 23 June 1961 and at The Hermitage (near Warwick ) on 12 July 1965. ] In December 2021, Queensland had an estimated population of 5,265,043. ] Approximately half of the state's population lives in Brisbane, and over 70% live in South East Queensland . Nonetheless, Queensland is the second most decentralised state in Australia after Tasmania . Since the 1980s, Queensland has consistently been the fastest-growing state in Australia, as it receives high levels of both international immigration and migration from interstate. There have however been short periods where Victoria and Western Australia have grown faster. Ten of Australia's thirty largest cities are located in Queensland. In 2019, the largest cities in the state by population of their"
"periods where Victoria and Western Australia have grown faster. Ten of Australia's thirty largest cities are located in Queensland. In 2019, the largest cities in the state by population of their Greater Capital City Statistical Area or Significant Urban Area (metropolitan areas) as defined by the Australian Bureau of Statistics were: ] Early settlers during the 19th century were largely English , Irish , Scottish and German , while there was a wave of immigration from southern and eastern Europe (most notably Italy ) in the decades following the second world war . In the 21st century, Asia (most notably China and India ) has been the primary source of immigration. At the 2016 census, the most commonly nominated ancestries were: ] ] ] The 2016 census showed that 28.9% of Queensland's inhabitants were born overseas . Only 54.8% of inhabitants had both parents born in Australia, with the next most common birthplaces being New Zealand, England, India , Mainland China and South Africa. ] ] Brisbane has the 26th largest immigrant population among world metropolitan areas. 4% of the population, or 186,482 people, identified as Indigenous Australians ( Aboriginal Australians and Torres Strait Islanders ) in 2016. ] ] ] At the 2016 census , 81.2% of inhabitants spoke only English at home, with the next most common languages being Mandarin (1.5%), Vietnamese (0.6%), Cantonese (0.5%), Spanish (0.4%) and Italian (0.4%). ] ] At the 2021 census , 80.5% of inhabitants spoke only English at home, with the next most common languages being Mandarin (1.6%), Vietnamese (0.6%), Punjabi (0.6%) and Spanish (0.6%). ] At the 2016 census , the most commonly cited religious affiliations were 'No religion' (29.2%), Catholicism (21.7%) and Anglicanism (15.3%). ] According to the 2021 census , 45.7% of the population follows Christianity, and 41.2% identified as having No religion ] ] About 5% of people are affiliated with a non-Christian religion, mainly Buddhism (1.4%), Hinduism (1.3%) and Islam (1.2%). ] Queensland is home to numerous universities. The state's oldest university, the University of Queensland , was established in 1909 and frequently ranks among the world's top 50 . ] ] ] Other major universities include Queensland University of Technology , Griffith University , the University of Southern Queensland , the University of the Sunshine Coast , James Cook University (which was the state's first university outside of South East Queensland ), Central Queensland University and Bond University (which was Australia's first private university). International education is an important industry, with 134,312 international students enrolled in the state in 2018, largely focused on Brisbane. Most of the state's international students are from Asia. ] At the primary and secondary levels, Queensland is home to numerous state and private schools. Queensland has a public library system which is managed by the State Library of Queensland. ] Some university libraries are also"
"levels, Queensland is home to numerous state and private schools. Queensland has a public library system which is managed by the State Library of Queensland. ] Some university libraries are also open to the public. In 2019, Queensland had a gross state product of A$357,044 million, the third-highest in the nation after New South Wales and Victoria . ] The construction of sea ports and railways along Queensland's coast in the 19th century set up the foundations for the state's export-oriented mining and agricultural sectors. Since the 1980s, a sizeable influx of interstate and overseas migrants, large amounts of federal government investment, increased mining of vast mineral deposits and an expanding aerospace sector have contributed to the state's economic growth. ] Primary industries include bananas, pineapples , peanuts, a wide variety of other tropical and temperate fruit and vegetables, grain crops, wineries , cattle raising, cotton, sugarcane , and wool . The mining industry includes bauxite , coal, silver, lead, zinc , gold and copper. ] ] Secondary industries are mostly further processing of the above-mentioned primary produce. For example, bauxite is shipped by sea from Weipa and converted to alumina at Gladstone . ] There is also copper"
"South Australia (commonly abbreviated as SA ) is a state in the southern central part of Australia . It covers some of the most arid parts of the country. With a total land area of 984,321 square kilometres (380,048 sq mi), ] it is the fourth-largest of Australia's states and territories by area. With 1.8 million people, ] it is the fifth-largest of the states and territories by population. Its population is the second-most highly centralised in Australia, after Western Australia , with more than 77% of South Australians living in the capital Adelaide , or its environs. Other population centres in the state are relatively small; Mount Gambier , the second-largest centre, has a population of 26,878. ] South Australia shares borders with all the other mainland states. It is bordered to the west by Western Australia , to the north by the Northern Territory, to the north-east by Queensland , to the east by New South Wales , to the south-east by Victoria , and to the south by the Great Australian Bight . ] The state comprises less than 8% of the Australian population and ranks fifth in population among the six states and two territories. The majority of its people reside in greater Metropolitan Adelaide. Most of the remainder are settled in fertile areas along the south-eastern coast and River Murray . The state's colonial origins are unique in Australia as a freely settled, planned British province , ] rather than as a convict settlement. Colonial government commenced on 28 December 1836, when the members of the council were sworn in near the Old Gum Tree . ] As with the rest of the continent, the region has a long history of human occupation by numerous tribes and languages. The South Australian Company established a temporary settlement at Kingscote , Kangaroo Island , on 26 July 1836, five months before Adelaide was founded. ] The guiding principle behind settlement was that of systematic colonisation , a theory espoused by Edward Gibbon Wakefield that was later employed by the New Zealand Company . ] The goal was to establish the province as a centre of civilisation for free immigrants, promising civil liberties and religious tolerance. Although its history has been marked by periods of economic hardship, South Australia has remained politically innovative and culturally vibrant. Today, it is known for its fine wine and numerous cultural festivals. The state's economy is dominated by the agricultural, manufacturing and mining industries. Evidence of human activity in South Australia dates back as far as 20,000 years, with flint mining activity and rock art in the Koonalda Cave on the Nullarbor Plain . In addition wooden spears and tools were made in an area now covered in peat bog in the South East. Kangaroo Island was inhabited long before the island was cut off by rising sea levels . ] According to mitochondrial DNA research, Aboriginal people reached Eyre Peninsula 49,000-45,000 years ago from both the east (clockwise, along the coast, from"
"was cut off by rising sea levels . ] According to mitochondrial DNA research, Aboriginal people reached Eyre Peninsula 49,000-45,000 years ago from both the east (clockwise, along the coast, from northern Australia) and the west (anti-clockwise). ] : 189 The first recorded European sighting of the South Australian coast was in 1627 when the Dutch ship the Gulden Zeepaert , captained by François Thijssen , examined and mapped a section of the coastline as far east as the Nuyts Archipelago . Thijssen named the whole of the country eastward of the Leeuwin ""Nuyts Land"", after a distinguished passenger on board; the Hon. Pieter Nuyts , one of the Councillors of India . ] The coastline of South Australia was first mapped by Matthew Flinders and Nicolas Baudin in 1802, excepting the inlet later named the Port Adelaide River which was first discovered in 1831 by Captain Collet Barker and later accurately charted in 1836–37 by Colonel William Light , leader of the South Australian Colonization Commissioners' 'First Expedition' and first Surveyor-General of South Australia. The land which now forms the state of South Australia was claimed for Britain in 1788 as part of the colony of New South Wales . Although the new colony included almost two-thirds of the continent, early settlements were all on the eastern coast and only a few intrepid explorers ventured this far west. It took more than forty years before any serious proposal to establish settlements in the south-western portion of New South Wales were put forward. On 15 August 1834, the British Parliament passed the South Australia Act 1834 ( Foundation Act ), which empowered His Majesty to erect and establish a province or provinces in southern Australia. The act stated that the land between 132° and 141° east longitude and from 26° south latitude to the southern ocean would be allotted to the intended colony, and it would be convict-free. ] In contrast to the rest of Australia, terra nullius did not apply to the new province. The Letters Patent , ] which used the enabling provisions of the South Australia Act 1834 to fix the boundaries of the Province of South Australia, provided that ""nothing in those our Letters Patent shall affect or be construed to affect the rights of any Aboriginal Natives of the said Province to the actual occupation and enjoyment in their own Persons or in the Persons of their Descendants of any Lands therein now actually occupied or enjoyed by such Natives."" ] Although the patent guaranteed land rights under force of law for the indigenous inhabitants, it was ignored by the South Australian Company authorities and squatters. ] Despite strong reference to the rights of the native population in the initial proclamation by the Governor, there were many conflicts and deaths in the Australian Frontier Wars in South Australia. Survey was required before settlement of the province, and the Colonization Commissioners for South Australia appointed William Light as the leader of its"
"Australian Frontier Wars in South Australia. Survey was required before settlement of the province, and the Colonization Commissioners for South Australia appointed William Light as the leader of its 'First Expedition', tasked with examining 1500 miles of the South Australian coastline and selecting the best site for the capital, and with then planning and surveying the site of the city into one-acre Town Sections and its surrounds into 134-acre Country Sections. Eager to commence the establishment of their whale and seal fisheries, the South Australian Company sought, and obtained, the Commissioners' permission to send Company ships to South Australia, in advance of the surveys and ahead of the Commissioners' colonists. The company's settlement of seven vessels and 636 people was temporarily made at Kingscote on Kangaroo Island, until the official site of the capital was selected by William Light, where the City of Adelaide is currently located. The first immigrants arrived at Holdfast Bay (near the present day Glenelg ) in November 1836. The commencement of colonial government was proclaimed on 28 December 1836, now known as Proclamation Day . South Australia is the only Australian state to have never received British convicts. Another free settlement, Swan River colony was established in 1829 but Western Australia later sought convict labour, and in 1849 Western Australia was formally constituted as a penal colony. Although South Australia was constituted such that convicts could never be transported to the Province, some emancipated or escaped convicts or expirees made their own way there, both prior to 1836, or later, and may have constituted 1–2% of the early population. ] The plan for the province was that it would be an experiment in reform, addressing the problems perceived in British society. There was to be religious freedom and no established religion. Sales of land to colonists created an Emigration Fund to pay the costs of transferring a poor young labouring population to South Australia. In early 1838 the colonists became concerned after it was reported that convicts who had escaped from the eastern states may make their way to South Australia. The South Australia Police was formed in April 1838 to protect the community and enforce government regulations. Their principal role was to run the first temporary gaol, a two-room hut. ] The current flag of South Australia was adopted on 13 January 1904, and is a British blue ensign defaced with the state badge. The badge is described as a piping shrike with wings outstretched on a yellow disc. The state badge is believed to have been designed by Robert Craig of Adelaide's School of Design . The terrain consists largely of arid and semi-arid rangelands, with several low mountain ranges . The most important (but not tallest) is the Mount Lofty - Flinders Ranges system, which extends north about 800 kilometres (500 mi) from Cape Jervis to the northern end of Lake Torrens . The highest point"
"important (but not tallest) is the Mount Lofty - Flinders Ranges system, which extends north about 800 kilometres (500 mi) from Cape Jervis to the northern end of Lake Torrens . The highest point in the state is not in those ranges; Mount Woodroffe (1,435 metres (4,708 ft)) is in the Musgrave Ranges in the extreme northwest of the state. ] The south-western portion of the state consists of the sparsely inhabited Nullarbor Plain , fronted by the cliffs of the Great Australian Bight . Features of the coast include Spencer Gulf and the Eyre and Yorke Peninsulas that surround it. The Temperate Grassland of South Australia is situated to the east of Gulf St Vincent . The principal industries and exports of South Australia are wheat, wine and wool. ] More than half of Australia's wines are produced in the South Australian wine regions which principally include Barossa Valley , Clare Valley , McLaren Vale , Coonawarra , the Riverland and the Adelaide Hills . See South Australian wine . South Australia has boundaries with every other Australian mainland state and territory except the Australian Capital Territory and the Jervis Bay Territory . The Western Australia border has a history involving the South Australian government astronomer, G.F. Dodwell, and the Western Australian Government Astronomer , H.B. Curlewis , marking the border on the ground in the 1920s. In 1863, that part of New South Wales to the north of South Australia was annexed to South Australia, by letters patent, as the ""Northern Territory of South Australia"", which became shortened to the Northern Territory on 6 July 1863 . ] The Northern Territory was handed to the federal government in 1911 and became a separate territory. According to Australian maps, South Australia's south coast is flanked by the Southern Ocean , but official international consensus defines the Southern Ocean as extending north from the pole only to 60°S or 55°S, at least 17 degrees of latitude further south than the most southern point of South Australia. Thus the south coast is officially adjacent to the south-most portion of the Indian Ocean. See Southern Ocean: Existence and definitions . The southern part of the state has a Mediterranean climate , while the rest of the state has either an arid or semi-arid climate . ] South Australia's main temperature range is 29 °C (84 °F) in January and 15 °C (59 °F) in July. The highest maximum temperature ever recorded was 50.7 °C (123.3 °F) at Oodnadatta on 2 January 1960, which is the highest official temperature recorded in Australia. The lowest minimum temperature was −8.2 °C (17.2 °F) at Yongala on 20 July 1976. ] The region's overall dry weather is owed to the Australian High on the Great Australian Bight. As of 2016, South Australia had 746,105 people employed out of a total workforce of 806,593, giving an unemployment rate of 7.5%. South Australia's largest employment sector is health care and social assistance, making up 14.8% of the state's total employment,"
"a total workforce of 806,593, giving an unemployment rate of 7.5%. South Australia's largest employment sector is health care and social assistance, making up 14.8% of the state's total employment, followed by retail (10.7%), education and training (8.6%), manufacturing (8%), and construction (7.6%). ] South Australia's economy relies on exports more than any other state in Australia. ] South Australia's credit rating was upgraded to AAA by Standard & Poor's in September 2004 and to AAA by Moody's in November 2004, the highest credit ratings achievable by any company or sovereign. The state had previously lost these ratings in the State Bank collapse. However, in 2012 Standard & Poor's downgraded the state's credit rating to AA+ due to declining revenues, new spending initiatives and a weaker than expected budgetary outlook. ] South Australia receives the least amount of federal funding for its local road network of all states on a per capita and a per kilometre basis. ] During 2019-20: South Australia's gross state product (GSP) fell 1.4% in chain volume (real) terms (nationally, gross domestic product (GDP) fell 0.3%). ] South Australia came out of the COVID-19 recession better than the other Australian states, with the economy growing by 3.9% in the 2020–21 financial year. This was the first time since the Australian Bureau of Statistics began collecting data in 1990 that South Australia had outperformed the other states. The recovery was driven in part by growth in the agricultural sector, which increased its production by almost 24% thanks to the end of a drought. ] Wheat , barley , oats , rye , peas , beans , chickpeas , lentils and canola are grown in South Australia. ] Apples , pears , cherries and strawberries are grown in the Adelaide Hills . ] Tomatoes , capsicums , cucumbers , brassicas , lettuce and carrots are grown on the Northern Adelaide Plains at Virginia . ] Almonds , citrus and stone fruit are grown in the Riverland . ] Potatoes , onions and carrots are grown in the Murray Mallee region. ] Potatoes are grown on Kangaroo Island . ] South Australia produces more than half of all Australian wine, including almost 80% of Australia's premium wines. ] South Australia has the lead over other Australian states for its commercialisation and commitment to renewable energy . It is now the leading producer of wind power in Australia. ] Renewable energy is a growing source of electricity in South Australia, and there is potential for growth from this particular industry of the state's economy. The Hornsdale Power Reserve is a bank of grid-connected batteries adjacent to the Hornsdale Wind Farm in South Australia's Mid-North region. At the time of construction in late 2017, it was billed as the largest lithium-ion battery in the world. ] The Olympic Dam mine near Roxby Downs in northern South Australia is the largest deposit of uranium in the world, possessing more than a third of the world's low-cost recoverable reserves and 70% of"
"The Olympic Dam mine near Roxby Downs in northern South Australia is the largest deposit of uranium in the world, possessing more than a third of the world's low-cost recoverable reserves and 70% of Australia's. The mine, owned and operated by BHP , presently accounts for 9% of global uranium production. ] ] The Olympic Dam mine is also the world's fourth-largest remaining copper deposit, and the world's fifth largest gold deposit. ] There was a proposal to vastly expand the operations of the mine, making it the largest open-cut mine in the world, ] but in 2012 the BHP Billiton board decided not to go ahead with it at that time due to then lower commodity prices. ] The remote town of Coober Pedy produces more opal than anywhere else in the world. Opal was first discovered near the town in 1915, and the town became the site of an opal rush, enticing immigrants from southern and eastern Europe in the aftermath of World War II . ] Higher education and research in Adelaide forms an important part of South Australia's economy. The South Australian Government and educational institutions have attempted to position Adelaide as Australia's education hub and have marketed it as a Learning City . ] The number of international students studying in Adelaide has increased rapidly in recent years to 30,726 in 2015, of which 1,824 were secondary school students. ] Foreign institutions have been attracted to set up campuses to increase its attractiveness as an education hub. ] ] Adelaide is the birthplace of three Nobel laureates, more than any other Australian city : physicist William Lawrence Bragg and pathologists Howard Florey and Robin Warren , all of whom completed secondary and tertiary education at St Peter's College and the University of Adelaide . Adelaide is home to research institutes, including the Royal Institution of Australia , established in 2009 as a counterpart to the two-hundred-year-old Royal Institution of Great Britain. ] Most of the research organisations are clustered in the Adelaide metropolitan area: South Australia is a constitutional monarchy with King Charles III as sovereign, and the Governor of South Australia as his representative. ] It is a state of the Commonwealth of Australia . The bicameral Parliament of South Australia consists of the lower house known as the House of Assembly and the upper house known as the Legislative Council . General elections are held every four years, the last being the 2022 election . Initially, the Governor of South Australia held almost total power, derived from the letters patent of the imperial government to create the colony. He was accountable only to the British Colonial Office , and thus democracy did not exist in the colony. A new body was created to advise the governor on the administration of South Australia in 1843 called the Legislative Council. ] It consisted of three representatives of the British Government and four colonists appointed by the governor. The governor retained total"
"of South Australia in 1843 called the Legislative Council. ] It consisted of three representatives of the British Government and four colonists appointed by the governor. The governor retained total executive power. In 1851, the Imperial Parliament enacted the Australian Colonies Government Act , which allowed for the election of representatives to each of the colonial legislatures and the drafting of a constitution to properly create representative and responsible government in South Australia. Later that year, propertied male colonists were allowed to vote for 16 members on a new 24 seat Legislative Council. Eight members continued to be appointed by the governor. The main responsibility of this body was to draft a constitution for South Australia. The body drafted the most democratic constitution ever seen in the British Empire and provided for universal manhood suffrage . ] It created the bicameral Parliament of South Australia . For the first time in the colony, the executive was elected by the people, and the colony used the Westminster system , where the government is the party or coalition that exerts a majority in the House of Assembly. The Legislative Council remained a predominantly conservative chamber elected by property owners. Women's suffrage in Australia took a leap forward – enacted in 1895 and taking effect from the 1896 colonial election , South Australia was the first government in Australia and only the second in the world after New Zealand to allow women to vote, and the first in the world to allow women to stand for election. ] In 1897 Catherine Helen Spence was the first woman in Australia to be a candidate for political office when she was nominated to be one of South Australia's delegates to the conventions that drafted the constitution. South Australia became an original state of the Commonwealth of Australia on 1 January 1901. Although the lower house had universal suffrage, the upper house, the Legislative Council, remained the exclusive domain of property owners until the Labor government of Don Dunstan managed to achieve reform of the chamber in 1973. Property qualifications were removed and the Council became a body elected via proportional representation by a single state-wide electorate. ] Since the following 1975 South Australian state election , no one party has had control of the state's upper house with the balance of power controlled by a variety of minor parties and independents. Local government in South Australia is established by the Constitution Act 1934 (SA), the Local Government Act 1999 (SA), and the Local Government (Elections) Act 1999 (SA). ] South Australia contains 68 councils and 6 Aboriginal and outback communities . ] Local councils, elected on a four-yearly basis, are responsible for local roads and stormwater management, waste collection, planning and development, fire prevention and hazard management, dog and cat management and control, parking control, public health and food"
"local roads and stormwater management, waste collection, planning and development, fire prevention and hazard management, dog and cat management and control, parking control, public health and food inspections, and other services for their local communities. ] Councils have the power to raise revenue for their activities, which is mostly achieved through ""council rates"", a tax based on property valuations. Council rates make up about 70% of council revenue, but account for less than 4% of total taxes paid by Australians. ] As at December 2021 the population of South Australia was 1,806,599. ] A majority of the state's population lives within Greater Adelaide 's metropolitan area which had an estimated population of 1,333,927 in June 2017. ] Other significant population centres include Mount Gambier (29,505), ] Victor Harbor - Goolwa (26,334), ] Whyalla (21,976), ] Murray Bridge (18,452), ] Port Lincoln (16,281), ] Port Pirie (14,267), ] and Port Augusta (13,957). ] At the 2016 census, the most commonly nominated ancestries were: ] ] 28.9% of the population was born overseas at the 2016 census. The five largest groups of overseas-born were from England (5.8%), India (1.6%), China (1.5%), Italy (1.1%) and Vietnam (0.9%). ] ] 2% of the population, or 34,184 people, identified as Indigenous Australians ( Aboriginal Australians and Torres Strait Islanders ) in 2016. ] ] ] At the 2016 census, 78.2% of the population spoke only English at home. The other languages most commonly spoken at home were Italian (1.7%), Standard Mandarin (1.7%), Greek (1.4%), Vietnamese (1.1%), and Cantonese (0.6%). ] ] At the 2016 census , overall 53.9% of responses identified some variant of Christianity . 9% of respondents chose not to state a religion. The most commonly nominated responses were 'No Religion' (35.4%), Catholicism (18%), Anglicanism (10%) and Uniting Church (7.1%). ] ] South Australia was the first Australian colony not to have an official state religion, ] and the colony became attractive to people who had experienced religious discrimination, including Methodists and Unitarians . South Australia also had thousands of Prussian Old Lutheran immigrants, some of whom established their own form of Lutheranism. As a result, the Lutheran Church of Australia remains separate from the German Lutheran church to this day. ] South Australia was the location of the first Muslim mosque in Australia. ] Most of the state's original colonists were Christian, but of many denominations, most with their own meeting place in the city square. Adelaide has been known as the ""City of Churches"" since at least 1868. ] Some of the oldest remaining buildings in the city are churches. ] On 1 January 2009, the school leaving age was raised to 17 (having previously been 15 and then 16). ] Education is compulsory for all children until age 17, unless they are working or undergoing other training. The majority of students stay on to complete their South Australian Certificate of"
"16). ] Education is compulsory for all children until age 17, unless they are working or undergoing other training. The majority of students stay on to complete their South Australian Certificate of Education (SACE). School education is the responsibility of the South Australian government, but the public and private education systems are funded jointly by it and the Commonwealth Government . The South Australian Government provides, to schools on a per student basis, 89% of the total Government funding while the Commonwealth contributes 11%. Since the early 1970s, it has been an ongoing controversy ] that 68% of Commonwealth funding (increasing to 75% by 2008) goes to private schools that are attended by 32% of the states students. ] Private schools often counter this by saying that they receive less State Government funding than public schools, and in 2004 the main private school funding came from the Australian government, not the state government. ] On 14 June 2013, South Australia became the third Australian state to sign up to the Australian Federal Government's Gonski Reform Program . This will see funding for primary and secondary education to South Australia increased by $1.1 billion before 2019. ] The academic year in South Australia generally runs from the end of January until mid-December for primary and secondary schools. The SA schools operate on a four-term basis. Schools are closed for the South Australia public holidays. ] There are three public and four private universities in South Australia. The three public universities are the University of Adelaide (established 1874, third oldest in Australia), Flinders University (est. 1966) and the University of South Australia (est. 1991). The four private universities are Torrens University Australia (est. 2013), Carnegie Mellon University - Australia (est. 2006), University College London 's School of Energy and Resources (Australia), and Cranfield University . All six have their main campus in the Adelaide metropolitan area: Adelaide and UniSA on North Terrace in the city ; CMU, UCL and Cranfield are co-located on Victoria Square in the city, and Flinders at Bedford Park . The University of Adelaide is part of the Group of Eight, a company of Australia's eight leading research universities. ] As of 2022, it is ranked by the Times Higher Education World University Rankings as one of the top 100 universities in the world. ] It was the first university in Australia to admit women to academic courses, doing so in 1881. ] In 2018, the University of Adelaide and the University of South Australia announced plans to merge, but these plans did not come to fruition due in part to disagreements over what to name the new university and which of the university's vice-chancellors would become the vice-chancellor of the amalgamated university. ] Tertiary vocational education is provided by a range of Registered Training Organisations (RTOs) which are regulated at Commonwealth level. The range of"
"of the amalgamated university. ] Tertiary vocational education is provided by a range of Registered Training Organisations (RTOs) which are regulated at Commonwealth level. The range of RTOs delivering education include public, private and 'enterprise' providers i.e. employing organisations who run an RTO for their own employees or members. The largest public provider of vocational education is TAFE South Australia which is made up of colleges throughout the state, many of these in rural areas, providing tertiary education to as many people as possible. In South Australia, TAFE is funded by the state government and run by the South Australian Department of Further Education, Employment, Science and Technology (DFEEST). Each TAFE SA campus provides a range of courses with its own specialisation. After settlement, the major form of transport in South Australia was ocean transport. Limited land transport was provided by horses and bullocks. In the mid 19th century, the state began to develop a widespread rail network, although a coastal shipping network continued until the post war period. Roads began to improve with the introduction of motor transport. By the late 19th century, road transport dominated internal transport in South Australia. South Australia has four interstate rail connections, to Perth via the Nullarbor Plain, to Darwin through the centre of the continent, to New South Wales through Broken Hill , and to Melbourne –which is the closest capital city to Adelaide. Rail transport was important for many mines in the north of the state. The capital Adelaide has a commuter rail network made of electric and diesel electric powered multiple units, with 7 lines between them. South Australia has extensive road networks linking towns and other states. Roads are also the most common form of transport within the major metropolitan areas with car transport predominating. Public transport in Adelaide is mostly provided by buses and trams with regular services throughout the day. Adelaide Airport provides regular flights to other capitals, major South Australian towns and many international locations. The airport also has daily flights to several Asian hub airports. Adelaide Metro ] buses J1 and J1X connect to the city (approx. 30 minutes travel time), as well as othe"
"Victoria , commonly abbreviated as Vic , is a state in southeastern Australia. It is the second-smallest state (after Tasmania ), with a land area of 227,444 km 2 (87,817 sq mi); the second-most-populated state (after New South Wales ), with a population of over 6.9 million; ] and the most densely populated state in Australia (30.6 per km 2 ). ] Victoria's economy is the second-largest among Australian states and is highly diversified, with service sectors predominating. Victoria is bordered by New South Wales to the north and South Australia to the west and is bounded by the Bass Strait to the south (with the exception of a small land border with Tasmania located along Boundary Islet ), the Great Australian Bight portion of the Southern Ocean to the southwest, and the Tasman Sea (a marginal sea of the South Pacific Ocean ) to the southeast. The state encompasses a range of climates and geographical features from its temperate coastal and central regions to the Victorian Alps in the northeast and the semi-arid northwest. The majority of the Victorian population is concentrated in the central-south area surrounding Port Phillip , and in particular within the metropolitan area of Greater Melbourne , Victoria's state capital and largest city and also Australia's second-largest city , ] where over three-quarters of the culturally diverse population live (35.1% of inhabitants being immigrants ). ] The state is also home to four of Australia's 20 largest cities : Melbourne , Geelong , Ballarat and Bendigo . Victoria is home to numerous Aboriginal groups, including the Boonwurrung , the Bratauolung , the Djadjawurrung , the Gunai , the Gunditjmara , the Taungurung , the Wathaurong , the Wurundjeri , and the Yorta Yorta . ] There were more than 30 Aboriginal languages spoken in the area prior to European colonisation. In 1770 James Cook claimed the east coast of the Australian continent for the Kingdom of Great Britain . The first European settlement in the area occurred in 1803 at Sullivan Bay . Much of Victoria was included in 1836 in the Port Phillip District of New South Wales. Named in honour of Queen Victoria , Victoria was separated from New South Wales and established as a separate Crown colony in 1851, achieving responsible government in 1855. ] The Victorian gold rush in the 1850s and 1860s significantly increased Victoria's population and wealth. By the time of Australian Federation in 1901, Melbourne had become the largest city in Australasia , and was the seat of Federal government until Canberra became the national capital in 1927. The state continued to grow strongly through various periods of the 20th and 21st centuries due to high levels of international and interstate migration. Melbourne hosts a number of museums, art galleries, and theatres; in 2016 a sports marketing company named it the world's sporting capital. ] Victoria has 38 seats in the Australian House of Representatives and 12 seats in the Australian Senate . At state level,"
"in 2016 a sports marketing company named it the world's sporting capital. ] Victoria has 38 seats in the Australian House of Representatives and 12 seats in the Australian Senate . At state level, the Parliament of Victoria consists of the Legislative Assembly and the Legislative Council . The Labor Party , led by Jacinta Allan as premier , has governed Victoria since 2014. The Governor of Victoria , the representative of the monarch in the state, is currently Margaret Gardner . Victoria is divided into 79 local government areas , as well as several unincorporated areas which the state administers directly. The state of Victoria was home to many Aboriginal Australian nations that had occupied the land for tens of thousands of years before European settlement . ] According to Gary Presland , Aboriginal people have lived in Victoria for about 40,000 years, ] living a semi-nomadic existence of fishing, hunting and gathering, and farming eels. ] At the Keilor Archaeological Site , a human hearth excavated in 1971 was radiocarbon-dated to about 31,000 years BP , making Keilor one of the earliest sites of human habitation in Australia. ] A cranium found at the site has been dated at between 12,000 ] and 14,700 years BP . ] Archaeological sites in Tasmania and on the Bass Strait Islands have been dated to between 20,000 to 35,000 years ago when sea levels were 130 metres below present level allowing First Nations Peoples to move across the region of southern Victoria and onto the land bridge of the Bassian plain to Tasmania by at least 35,000 years ago. ] ] During the Ice Age about 20,000 years BP , the area now the bay of Port Phillip would have been dry land, and the Yarra and Werribee rivers would have joined to flow through the heads then south and south west through the Bassian plain before meeting the ocean to the west. Tasmania and the Bass Strait islands became separated from mainland Australia around 12,000 BP, when the sea level was approximately 50m below present levels. ] Port Phillip was flooded by post-glacial rising sea levels between 8000 and 6000 years ago. ] Oral history and creation stories from the Wada wurrung , Woiwurrung and Bun wurrung languages describe the flooding of the bay. Hobsons Bay was once a kangaroo hunting ground. Creation stories describe how Bunjil was responsible for the formation of the bay, ] or the bay was flooded when the Yarra River was created. ] Victoria, like Queensland , was named after Queen Victoria , who had been on the British throne for 14 years when the colony was established in 1851. ] After the founding of the colony of New South Wales in 1788, Australia was divided into an eastern half named New South Wales and a western half named New Holland , under the administration of the colonial government in Sydney. The first British settlement in the area later known as Victoria was established in October 1803 under Lieutenant-Governor David Collins at Sullivan Bay on Port Phillip. It consisted of 402"
"Sydney. The first British settlement in the area later known as Victoria was established in October 1803 under Lieutenant-Governor David Collins at Sullivan Bay on Port Phillip. It consisted of 402 people (five government officials, nine officers of marines, two drummers, and 39 privates, five soldiers' wives and a child, 307 convicts, 17 convicts' wives, and seven children). ] They had been sent from England in HMS Calcutta under the command of Captain Daniel Woodriff , principally out of fear that the French, who had been exploring the area, might establish their own settlement and thereby challenge British rights to the continent. In 1826, Colonel Stewart, Captain Samuel Wright, and Lieutenant Burchell were sent in HMS Fly (Captain Wetherall) and the brigs Dragon and Amity , took a number of convicts and a small force composed of detachments of the 3rd and 93rd regiments. The expedition landed at Settlement Point (now Corinella ), on the eastern side of Western Port Bay, which was the headquarters until the abandonment of Western Port at the insistence of Governor Darling about 12 months afterwards. ] ] Victoria's next settlement was at Portland , on the south west coast of what is now Victoria. Edward Henty settled Portland Bay in 1834. ] Melbourne was founded in 1835 by John Batman , who set up a base in Indented Head , and John Pascoe Fawkner . From settlement, the region around Melbourne was known as the Port Phillip District, a separately administered part of New South Wales. Shortly after, the site now known as Geelong was surveyed by Assistant Surveyor W. H. Smythe, three weeks after Melbourne. And in 1838, Geelong was officially declared a town, despite earlier European settlements dating back to 1826. On 6 June 1835, just under two years before Melbourne was officially recognised as a settlement, John Batman, the leader of the Port Phillip Association presented Wurundjeri Elders with a land use agreement. This document, now referred to as the Batman treaty , was later given to the British government to claim that local Aboriginal people had given Batman access to their land in exchange for goods and rations. The treaty itself was declared void as Batman did not have permission from the Crown to establish Melbourne. Today, the meaning and interpretation of this treaty is contested. Some argue it was a pretence for taking Aboriginal land in exchange for trinkets, while others argue it was significant in that it sought to recognise Aboriginal land rights . The exact location of the meeting between Batman and the Kulin men with whom he made the treaty is unknown, although it is believed to have been by the Merri Creek . According to historian Meyer Eidelson, it is generally believed to have occurred on the Merri near modern-day Rushall Station. ] On 1 July 1851, writs were issued for the election of the first Victorian Legislative Council, and the absolute independence of Victoria from New South Wales was established proclaiming a new"
"] On 1 July 1851, writs were issued for the election of the first Victorian Legislative Council, and the absolute independence of Victoria from New South Wales was established proclaiming a new Colony of Victoria. ] Days later, still in 1851 gold was discovered near Ballarat , and subsequently at Bendigo . Later discoveries occurred at many sites across Victoria. This triggered one of the largest gold rushes the world has ever seen. The colony grew rapidly in both population and economic power. In 10 years, the population of Victoria increased sevenfold from 76,000 to 540,000. All sorts of gold records were produced, including the ""richest shallow alluvial goldfield in the world"" and the largest gold nugget . In the decade 1851–1860 Victoria produced 20 million ounces of gold, one-third of the world's output. ] In 1855 the Geological Survey collected and determined the major ion chemistry for groundwater in Victoria. ] Immigrants arrived from all over the world to search for gold, especially from Ireland and China. ] By 1857, 26,000 Chinese miners worked in Victoria, and their legacy is particularly strong in Bendigo and its environs. In 1854 at Ballarat, an armed rebellion against the government of Victoria was made by miners protesting against mining taxes (the "" Eureka Stockade ""). This was crushed by British troops, but the confrontation persuaded the colonial authorities to reform the administration of mining concessions (reducing the hated mining licence fees) and extend the electoral franchise . The following year, the Imperial Parliament granted Victoria responsible government with the passage of the Colony of Victoria Act 1855. Some of the leaders of the Eureka rebellion went on to become members of the Victorian Parliament. In 1857, reflecting the growing presence of Irish Catholic immigrants, John O'Shanassy became the colony's second Premier with the former Young Irelander , Charles Gavan Duffy as his deputy. Melbourne's Protestant establishment was ill-prepared ""to countenance so startling a novelty"". ] In 1858–59, Melbourne Punch cartoons linked Duffy and O'Shanassy to the terrors of the French Revolution . ] In 1862 Duffy's Land Act attempted, but failed, through a system of extended pastoral licences, to break the land-holding monopoly of the so-called ""squatter"" class . ] In 1871, having led, on behalf of small farmers, opposition to Premier Sir James McCulloch 's land tax , Duffy, himself, was briefly Premier. In 1893 widespread bank failures brought to an end a sustained period of prosperity and of increasingly wild speculation in land and construction. Melbourne nonetheless retained, as the legacy of the gold rush, its status as Australia's primary financial centre and largest city. In 1901, Victoria became a state in the Commonwealth of Australia . While Canberra was being built, Melbourne served until 1927 as the country's first federal capital. ] Victoria's northern border follows a straight line from Cape Howe to the"
"of Australia . While Canberra was being built, Melbourne served until 1927 as the country's first federal capital. ] Victoria's northern border follows a straight line from Cape Howe to the start of the Murray River and then follows the Murray River as the remainder of the northern border. On the Murray River, the border is the southern bank of the river. This precise definition was not established until 1980, when a ruling by Justice Ninian Stephen of the High Court of Australia settled the question as to which state had jurisdiction in the unlawful death of a man on an island in the middle of the river. The ruling clarified that no part of the watercourse is in Victoria. ] ] The border also rests at the southern end of the Great Dividing Range , which stretches along the east coast and terminates west of Ballarat. It is bordered by South Australia to the west and shares Australia's shortest land border with Tasmania . The official border between Victoria and Tasmania is at 39°12' S, which passes through Boundary Islet in the Bass Strait for 85 metres. ] ] ] Victoria contains many topographically, geologically and climatically diverse areas, ranging from the wet, temperate climate of Gippsland in the southeast to the snow-covered Victorian alpine areas which rise to almost 2,000 m (6,600 ft), with Mount Bogong the highest peak at 1,986 m (6,516 ft). There are extensive semi-arid plains to the west and northwest. There is an extensive series of river systems in Victoria. Most notable is the Murray River system. Other rivers include: Ovens River , Goulburn River , Patterson River , King River , Campaspe River , Loddon River , Wimmera River , Elgin River, Barwon River , Thomson River , Snowy River , Latrobe River , Yarra River , Maribyrnong River , Mitta River , Hopkins River , Merri River and Kiewa River . The state symbols include the pink heath (state flower), Leadbeater's possum (state animal) and the helmeted honeyeater (state bird). Ecological communities include Victorian Volcanic Plain grasslands , Northern Plains Grassland and Gippsland Plains Grassy Woodland , all of which are critically endangered. ] According to Geoscience Australia , the geographic centre of Victoria is located in Mandurang at 36° 51' 15""S, 144° 16' 52"" E. The small rural locality is located 10 km (6 mi) south of Bendigo . Due to its central location and the region's historical ties to the gold rush, the town is widely regarded as the ""Heart of Gold"". The state's capital, Melbourne, contains about 70% of the state's population and dominates its economy, media, and culture. For other cities and towns, see list of localities (Victoria) and local government areas of Victoria . Victoria is divided into distinct geographic regions , most commonly for the purposes of economic development , while others for land management (agriculture or conservation) and for censusing (statistical or meteorological) or electoral purposes. The most commonly used regions are those created by"
", while others for land management (agriculture or conservation) and for censusing (statistical or meteorological) or electoral purposes. The most commonly used regions are those created by the state government for the purposes of economic development . In addition to Greater Melbourne , the Victoria State Government has divided Victoria into five regions covering all parts of the state. The five regional Victoria divisions are: ] The Australian Bureau of Meteorology defines regions for its own purposes, some of which share names with the economic regions, even though the exact boundaries may not correlate. ] As of November 2014, they are: This is a list of places in the Australian state of Victoria by population. Urban centres are defined by the Australian Bureau of Statistics as being a population cluster of 1,000 or more people. The below figures broadly represent the populations of the contiguous built-up areas of each city: Victoria has a varied climate that ranges from semi-arid temperate with hot summers in the north-west, to temperate and cool along the coast. Victoria's main land feature, the Great Dividing Range, produces a cooler, mountain climate in the centre of the state. Winters along the coast of the state, particularly around Melbourne , are relatively mild ( see chart ). The coastal plain south of the Great Dividing Range has Victoria's mildest climate. Air from the Southern Ocean helps reduce the heat of summer and the cold of winter. Melbourne and other large cities are located in this temperate region. The Mallee and upper Wimmera are Victoria's warmest regions with hot winds blowing from nearby semi-deserts. Average temperatures exceed 32 °C (90 °F) during summer and 15 °C (59 °F) in winter. Except at cool mountain elevations, the inland monthly temperatures are 2–7 °C (4–13 °F) warmer than around Melbourne (see chart). Victoria's highest maximum temperature of 48.8 °C (119.8 °F) was recorded in Hopetoun on 7 February 2009, during the 2009 southeastern Australia heat wave . ] The Victorian Alps in the northeast are the coldest part of Victoria. The Alps are part of the Great Dividing Range mountain system extending east–west through the centre of Victoria. Average temperatures are less than 9 °C (48 °F) in winter and below 0 °C (32 °F) in the highest parts of the ranges. The state's lowest minimum temperature of −11.7 °C (10.9 °F) was recorded at Omeo on 15 June 1965, and again at Falls Creek on 3 July 1970. ] Temperature extremes for the state are listed in the table below: Rainfall in Victoria increases from south to the northeast, with higher averages in areas of high altitude. Mean annual rainfall exceeds 1,800 millimetres (71 inches) in some parts of the northeast but is less than 280 mm (11 in) in the Mallee. Rain is heaviest in the Otway Ranges and Gippsland in southern Victoria and in the mountainous northeast. Snow generally falls only in the mountains and hills in the centre of the state. Rain falls most"
"is heaviest in the Otway Ranges and Gippsland in southern Victoria and in the mountainous northeast. Snow generally falls only in the mountains and hills in the centre of the state. Rain falls most frequently in winter, but summer precipitation is heavier. Rainfall is most reliable in Gippsland and the Western District , making them both leading farming areas. Victoria's highest recorded daily rainfall was 377.8 mm (14.87 in) at Tidal River in Wilsons Promontory National Park on 23 March 2011. ] At March 2024 Victoria had a population of 6,959,200. ] The Australian Bureau of Statistics estimates that the population may well reach 10.3 million by 2051. Victoria's founding Anglo-Celtic population has been supplemented by successive waves of migrants from Southern and Eastern Europe , Asia and, most recently, Africa and the Middle East . Victoria's population is ageing in proportion with the average of the remainder of the Australian population. About 72% of Victorians are Australian-born. This figure falls to around 66% in Melbourne but rises to higher than 95% in some rural areas in the north west of the state. Less than 1% of Victorians identify themselves as Aboriginal . More than 75% of Victorians live in Melbourne, located in the state's south. The greater Melbourne metropolitan area is home to an estimated 5,207,145 people. ] Urban centres outside Melbourne include Geelong , Ballarat , Bendigo , Shepparton , Mildura , Warrnambool , Wodonga and the Latrobe Valley . Victoria is Australia's most urbanised state: nearly 90% of residents living in cities and towns. State Government efforts to decentralise population have included an official campaign run since 2003 to encourage Victorians to settle in regional areas, ] however Melbourne continues to rapidly outpace these areas in terms of population growth. ] At the 2016 census, the most commonly nominated ancestries were: ] ] ] 0.8% of the population, or 47,788 people, identified as Indigenous Australians ( Aboriginal Australians and Torres Strait Islanders ) in 2016. ] ] ] At the 2016 census, 64.9% of residents were born in Australia. The other most common countries of birth were England (2.9%), India (2.9%), Mainland China (2.7%), New Zealand (1.6%) and Vietnam (1.4%). ] ] As of the 2016 census, 72.2% of Victorians speak English at home. Speakers of other languages include Mandarin (3.2%), Italian (1.9%), Greek (1.9%), Vietnamese (1.7%), and Arabic (1.3%). ] ] In the 2016 Census, 47.9% of Victorians described themselves as Christian , 10.6% stated that they followed other religions and 32.1% stated that they had no religion or held secular or other spiritual beliefs. ] In the survey, 31.7% of Victorians stated they had no religion, Roman Catholics were 23.2%, 9.4% did not answer the question, 9% were Anglican and 3.5% were Eastern Orthodox . ] In 2017 the proportion of couples marrying in a civil ceremony in Victoria was 77.3%; the other 22.7% were married in a religious ceremony. ] The"
"9% were Anglican and 3.5% were Eastern Orthodox . ] In 2017 the proportion of couples marrying in a civil ceremony in Victoria was 77.3%; the other 22.7% were married in a religious ceremony. ] The government predicts that nearly a quarter of Victorians will be aged over 60 by 2021. The 2016 census revealed that Australian median age has crept upward from 35 to 37 since 2001, which reflects the population growth peak of 1969–72. ] In 2017, Victoria recorded a TFR of 1.724. ] The ""average Victorian"" according to the demographic statistics may be described as follows: ] In the year ending September 2020, the statistics were skewed by the introduction of six new public safety offences relating to the COVID-19 pandemic in Australia . ] Total offences numbered 551,710, with 32,713 of these being breaches of Chief Health Officer Directions. The total offences occurred at a rate of 8,227 per 100,000 people, up 4.4% on the previous year. While there have been some dips along the way, the rate of recorded offences have increased year on year since 2011, when the figure was 6,937.7 offences per 100,000 people. ] Victoria has a parliamentary form of government based on the Westminster System . Legislative power resides in the Parliament consisting of the Governor (the representative of the King), the executive (the Government), and two legislative chambers. The Parliament of Victoria consists of the lower house Legislative Assembly , the upper house Legislative Council and the monarch . Eighty-eight members of the Legislative Assembly are elected to four-year terms from single-member electorates. In November 2006, the Victorian Legislative Council elections were held under a new multi-member proportional representation system. The State of Victoria was divided into eight electorates with each electorate represented by five representatives elected by Single Transferable Vote . The total number of upper house members was reduced from 44 to 40 and their term of office is now the same as the lower house members—four years. Elections for the Victorian Parliament are now fixed and occur in November every four years. Prior to the 2006 election, the Legislative Council consisted of 44 members elected to eight-year terms from 22 two-member electorates. The Premier of Victoria is the leader of the political party or coalition with the most seats in the Legislative Assembly. The Premier is the public face of government and, with cabinet, sets the legislative and political agenda. Cabinet consists of representatives elected to either house of parliament. It is responsible for managing areas of government that are not exclusively vested in the Commonwealth, by the Australian Constitution , such as education, health and law enforcement. The current Premier of Victoria is Jacinta Allan . Executive authority is vested in the Governor of Victoria who represents and is appointed by the monarch . The post is usually filled by a retired prominent Victorian. The governor acts"
"Allan . Executive authority is vested in the Governor of Victoria who represents and is appointed by the monarch . The post is usually filled by a retired prominent Victorian. The governor acts on the advice of the premier and cabinet. The current Governor of Victoria is Margaret Gardner . Victoria has a written constitution enacted in 1975, ] but based on the 1855 colonial constitution, passed by the United Kingdom Parliament as the Victoria Constitution Act 1855 , which establishes the Parliament as the state's law-making body for matters coming under state responsibility. The Victorian Constitution can be amended by the Parliament of Victoria, except for certain ""entrenched"" provisions that require either an absolute majority in both houses, a three-fifths majority in both houses, or the approval of the Victorian people in a referendum, depending on the provision. To this day, not a single referendum has been held to change the Victorian Constitution. Victoria is considered by some analysts to be the most progressive state in the nation. ] ] The state recorded the highest Yes votes of any state in the republic referendum and same-sex marriage survey . Victorians are said to be ""generally socially progressive, supportive of multiculturalism, wary of extremes of any kind"". ] Premier Jacinta Allan leads the Victorian Labor Party who replaced Daniel Andrews after his resignation in September 2023. Labor has been in power since the November 2014 Victorian state election . The centre-left Australian Labor Party (ALP), the centre-right Liberal Party of Australia , the rural-based National Party of Australia , and the left-wing environmentalist Australian Greens are Victoria's main political parties. Traditionally, Labor is strongest in Melbourne's working and middle class western, northern and inner-city suburbs, and the regional cities of Ballarat , Bendigo and Geelong . The Liberals' main support lies in Melbourne's more affluent eastern suburbs and outer suburbs, and some rural and regional centres. The Nationals are strongest in Victoria's North Western and Eastern rural regional areas. The Greens, who won their first lower house seats in 2014, are strongest in inner Melbourne. Victorian voters elect 50 representatives to the Parliament of Australia , including 38 members of the House of Representatives and 12 members of the Senate . Since 1 April 2023, the ALP hold 25 Victorian house seats, the Liberals 10, the Nationals three, the Greens one, and independents the remaining three. The ALP and the Liberals hold four senate seats each, while the Nationals, Greens, UAP and an independent hold one seat each. Victoria is incorporated into 79 municipalities for the purposes of local government, including 39 shires, 32 cities, seven rural cities and one borough. Shire and city councils are responsible for functions delegated by the Victorian parliament, such as city planning, road infrastructure and waste management. Council revenue comes mostly from"
"Shire and city councils are responsible for functions delegated by the Victorian parliament, such as city planning, road infrastructure and waste management. Council revenue comes mostly from property taxes and government grants. ] Victoria's state school system dates back to 1872, when the colonial government legislated to make schooling both free and compulsory. The state's public secondary school system began in 1905. Before then, only private secondary schooling was available. Today, a Victorian school education consists of seven years of primary schooling (including one preparatory year) and six years of secondary schooling. The final years of secondary school are optional for children aged over 17. Victorian children generally begin school at age five or six. On completing secondary school, students earn the Victorian Certificate of Education (VCE) or Victorian Certificate of Education - Vocational Major (VCE-VM) . Students who successfully complete their VCE (not including VCE-VM students) also receive an ATAR , to determine university admittance (unless the student is 'going unscored' . Victorian schools are either publicly or privately funded. Public schools, also known as state or government schools, are funded and run directly by the Victoria Department of Education Department of Education and Training Victoria . Students do not pay tuition fees, but some extra costs are levied. Private fee-paying schools include parish schools run by the Roman Catholic Church and independent schools similar to British public schools. Independent schools are usually affiliated with Protestant churches. Victoria also has several private Jewish and Islamic primary and secondary schools. Private schools also receive some public funding. All schools must comply with government-set curriculum standards. In addition, Victoria has six government selective schools , Melbourne High School for boys, MacRobertson Girls' High School for girls, the coeducat"
"The Transport Accident Commission (TAC) is the statutory insurer of third-party personal liability (CTP insurance in other states) for road accidents in the State of Victoria , Australia . It was established under the Transport Accident Act 1986. ] Its purpose is to fund treatment and support services for people injured in transport accidents. The TAC's support covers medical and non-medical expenses incurred as a result of an accident, for example income support for people whose injuries prevent them from performing normal job duties, or return to work programs, and equipment or aids, such as wheelchairs or crutches that are recommended by a healthcare professional. Funding used by the TAC to perform these functions comes from compulsory payments made by Victorian motorists when they register their vehicles each year with VicRoads. ] The TAC also has a duty to help reduce accidents on Victorian roads. It is responsible for the majority of road safety advertising in the state. In 1973, the Parliament of Victoria passed the Motor Accidents Act, which established the Motor Accidents Board to pay compensation to people injured in motor vehicle accidents . The Act granted a form of no-fault insurance to Victorian residents in certain circumstances, but victims retained their common law right to sue other drivers for fault or negligence , and the Board was prevented from providing compensation in some situations, such as where the victim's blood alcohol content at the time of the accident was above 0.05%. ] Over the following decade, the compensation scheme was heavily criticised from two main perspectives: first, that the retention of common law rights discriminated between victims who could prove fault and those who could not; and second, that the scheme was financially unviable in the long term. In 1986, the Labor government under Premier John Cain proposed legislation that would re-establish the compensation scheme and completely eliminate the right of individuals to sue for damages in motor vehicle accidents. However, due to widespread political and public opposition, a compromise solution was arranged, whereby the no-fault compensation scheme would be radically expanded, but the most seriously injured victims would retain a right to damages. This solution was enshrined in law by the Transport Accident Act 1986, which established the Transport Accident Commission and became effective on 1 January 1987. ] The TAC is known for its powerful road safety public education campaigns which emphasize the personal costs of dangerous driving practices (such as speeding and drunk driving ) using emotive, educational and enforcement based themes. ] In 1989, the increasing cost of accidents caused VicRoads and the TAC to adopt a new approach including: For its part, the TAC funds television and billboards coupled with high-impact advertising. The TAC's most well known slogan is ""If you drink, then drive, you're a bloody idiot,"" which was introduced in 1989."
"the TAC funds television and billboards coupled with high-impact advertising. The TAC's most well known slogan is ""If you drink, then drive, you're a bloody idiot,"" which was introduced in 1989. This slogan has become a catchphrase in Australia, and has even been used in other countries (including Canada and New Zealand). It was replaced in 2011 with ""Only a little bit over? You bloody idiot,"" to reflect the danger of low-level drink-driving. ] Another well known slogan is ""Don't fool yourself, speed kills,"" which was introduced in 1994. This was modified in 2013 to reflect low-level speeding to ""Wipe off 5."" ] Other recognised TAC slogans from the 1990s include ""Belt up, or suffer the pain,"" ""Take a break, fatigue kills,"" ""It's in your hands, concentrate or kill,"" and ""Country people die on country roads."" A recent safety campaign drew attention to life-saving in-car technologies, such as Electronic Stability Control and curtain airbags. The aim of this campaign was to encourage car buyers to ask for these important safety features when purchasing their next car (the TAC has set up a website to promote this). The Victorian Government has mandated this as a future design requirement. In 2016, the TAC commissioned the lifelike figure depicting what a human would look like if the species evolved to survive car crashes known as Project Graham . On 10 March 2009, the TAC began in-game advertising in Saint's Row 2 , and have their slogans featured on banners in Trackmania Nations . In Grand Theft Auto IV , there is a homage to the ""bloody idiot"" slogan. If the player gets Niko drunk and makes him drive, either he or his drinking partner will say ""Niko, if you drink then drive, you're a bloody idiot"". The TAC has had partnerships with the Australian Football League and its teams to help road safety messages reach audiences at a grass-roots level. ] Most famously, the TAC was the major sponsor of Richmond for 16 years through the ""Drink, drive, bloody idiot"" campaign, which saw the ""Drink drive"" message displayed on the team's jerseys which was terminated when a Richmond player was caught drink-driving. ] The TAC also sponsored Essendon from 1994 until 2000 with the ""Don't fool yourself, speed kills"" campaign, and Collingwood from 2002 until 2006 with the ""Wipe off 5"" message. The TAC has been the major sponsor of the quasi-national under-18s Australian Rules Football league, known as the TAC Cup , since its inception in 1992. Outside Australian Rules, the TAC has partnerships with A-League side Melbourne Victory and the Australian Formula One Grand Prix ."
"Tasmania ( ; palawa kani : lutruwita ] ) is an island state of Australia . ] It is located 240 kilometres (150 miles) to the south of the Australian mainland , and is separated from it by the Bass Strait . The state encompasses the main island of Tasmania, the 26th-largest island in the world , and the surrounding 1000 islands . ] It is Australia's smallest and least populous state, with 573,479 residents as of June 2023 ] . The state capital and largest city is Hobart , with around 40% of the population living in the Greater Hobart area. ] Tasmania is the most decentralised state in Australia, with the lowest proportion of its residents living within its capital city. ] Tasmania's main island was inhabited by Aboriginal peoples . ] It is thought that Aboriginal Tasmanians became separated from the mainland Aboriginal groups about 11,700 years ago, after rising sea levels formed Bass Strait . ] The island was permanently settled by Europeans in 1803 as a penal settlement of the British Empire to prevent claims to the land by the First French Empire during the Napoleonic Wars . ] The Aboriginal population is estimated to have been between 3,000 and 7,000 at the time of British settlement, but was almost wiped out within 30 years during a period of conflicts with settlers known as the "" Black War "" and the spread of infectious diseases . The conflict, which peaked between 1825 and 1831 and led to more than three years of martial law, cost the lives of almost 1,100 Aboriginal people and settlers. Under British rule, the island was initially part of the Colony of New South Wales ; however, it became a separate colony under the name Van Diemen's Land (named after Anthony van Diemen ) in 1825. ] Approximately 80,000 convicts were sent to Van Diemen's Land before this practice, known as transportation , ceased in 1853. ] In 1855, the present Constitution of Tasmania was enacted, and the following year the colony formally changed its name to Tasmania. In 1901, it became a state of Australia through the process of the federation of Australia . Today, Tasmania has the second smallest economy of the Australian states and territories , and comprises principally tourism, agriculture, aquaculture, education, and healthcare. ] Tasmania is a significant agricultural exporter, as well as a significant destination for eco-tourism. About 42% of its land area, including national parks and World Heritage Sites (21%), is protected in some form of reserve. ] The first environmental political party in the world was founded in Tasmania. ] Tasmania is named after Dutch explorer Abel Tasman , who made the first reported European sighting of the island on 24 November 1642. Tasman named the island Anthony van Diemen's Land after his sponsor Anthony van Diemen , the Governor of the Dutch East Indies . The name was later shortened to Van Diemen's Land by the British. It was officially renamed Tasmania in honour of its first European discoverer on 1 January 1856. ] Tasmania was"
"Dutch East Indies . The name was later shortened to Van Diemen's Land by the British. It was officially renamed Tasmania in honour of its first European discoverer on 1 January 1856. ] Tasmania was sometimes referred to as ""Dervon"", as mentioned in the Jerilderie Letter written by the notorious Australian bushranger Ned Kelly in 1879. The colloquial expression for the state is ""Tassie"". Tasmania is also colloquially shortened to ""Tas"", mainly when used in business names and website addresses. TAS is also the Australia Post abbreviation for the state. In the constructed palawa kani language, the main island of Tasmania is called lutruwita , ] a name originally derived from the Bruny Island Tasmanian language . George Augustus Robinson recorded it as Loe.trou.witter and also as Trow.wer.nar , probably from one or more of the eastern or Northeastern Tasmanian languages . However, he also recorded it as a name for Cape Barren Island . In the 20th century, some writers used it as an Aboriginal name for Tasmania, spelled ""Trowenna"" or ""Trowunna"". It is now believed that the name is more properly applied to Cape Barren Island, ] which has had an official dual name of ""Truwana"" since 2014. ] A number of palawa kani names, based on historical records of aboriginal names, have been accepted by the Tasmanian government. A dozen of these (below) are 'dual-use' (bilingual) names, and another two are unbounded areas with only palawa names. ] There are also a number of archaeological sites with Palawa names. Some of these names have been contentious, with names being proposed without consultation with the aboriginal community, or without having a connection to the place in question. ] As well as a diverse First Nations geography, where remnants are preserved in rough form by European documentation, Tasmania is known as a place for unorthodox place-names . ] These names often come about from lost definitions, where descriptive names have lost their old meanings and have taken on new modern interpretations (e.g. 'Bobs Knobs'). Other names have retained their original meaning, and are often quaint or endearing descriptions (e.g. 'Paradise' ). The island was adjoined to the mainland of Australia until the end of the last glacial period about 11,700 years ago. ] Much of the island is composed of Jurassic dolerite intrusions (the upwelling of magma ) through other rock types, sometimes forming large columnar joints. Tasmania has the world's largest areas of dolerite, with many distinctive mountains and cliffs formed from this rock type. The central plateau and the southeast portions of the island are mostly dolerites. Mount Wellington above Hobart is a good example, showing distinct columns known as the Organ Pipes. In the southern midlands as far south as Hobart, the dolerite is underlaid by sandstone and similar sedimentary stones. In the southwest, Precambrian quartzites were formed from very ancient sea sediments and form strikingly sharp ridges and ranges, such"
"is underlaid by sandstone and similar sedimentary stones. In the southwest, Precambrian quartzites were formed from very ancient sea sediments and form strikingly sharp ridges and ranges, such as Federation Peak or Frenchmans Cap . In the northeast and east, continental granites can be seen, such as at Freycinet, similar to coastal granites on mainland Australia. In the northwest and west, mineral-rich volcanic rock can be seen at Mount Read near Rosebery , or at Mount Lyell near Queenstown . Also present in the south and northwest is limestone with caves. The quartzite and dolerite areas in the higher mountains show evidence of glaciation , and much of Australia's glaciated landscape is found on the Central Plateau and the Southwest. Cradle Mountain , another dolerite peak, for example, was a nunatak . The combination of these different rock types contributes to scenery which is distinct from any other region of the world. citation needed ] In the far southwest corner of the state, the geology is almost wholly quartzite, which gives the mountains the false impression of having snow-capped peaks year round. Evidence indicates the presence of Aboriginal people in Tasmania about 42,000 years ago. Rising sea levels cut Tasmania off from mainland Australia about 10,000 years ago and by the time of European contact, the Aboriginal people in Tasmania had nine major nations or ethnic groups. ] At the time of the British occupation and colonisation in 1803, the indigenous population was estimated at between 3,000 and 10,000. Historian Lyndall Ryan's analysis of population studies led her to conclude that there were about 7,000 spread throughout the island's nine nations; ] Nicholas Clements, citing research by N.J.B. Plomley and Rhys Jones , settled on a figure of 3,000 to 4,000. ] They engaged in fire-stick farming , hunted game including kangaroo and wallabies , caught seals, mutton-birds, shellfish and fish and lived as nine separate ""nations"" on the island, which they knew as ""Trouwunna"". The first reported sighting of Tasmania by a European was on 24 November 1642 by Dutch explorer Abel Tasman , who landed at today's Blackman Bay . More than a century later, in 1772, a French expedition led by Marc-Joseph Marion du Fresne landed at (nearby but different) Blackmans Bay , and the following year Tobias Furneaux became the first Englishman to land in Tasmania when he arrived at Adventure Bay , which he named after his ship HMS Adventure . Captain James Cook also landed at Adventure Bay in 1777. Matthew Flinders and George Bass sailed through Bass Strait in 1798–1799, determining for the first time that Tasmania was an island. ] Sealers and whalers based themselves on Tasmania's islands from 1798, ] and in August 1803 New South Wales Governor Philip King sent Lieutenant John Bowen to establish a small military outpost on the eastern shore of the Derwent River in order to forestall any claims to the island by French explorers who had been exploring the"
"Lieutenant John Bowen to establish a small military outpost on the eastern shore of the Derwent River in order to forestall any claims to the island by French explorers who had been exploring the southern Australian coastline. Bowen, who led a party of 49, including 21 male and three female convicts, named the camp Risdon. ] ] Several months later, a second settlement was established by Captain David Collins , with 308 convicts, 5 kilometres (3.1 miles) to the south in Sullivans Cove on the western side of the Derwent, where fresh water was more plentiful. The latter settlement became known as Hobart Town or Hobarton, later shortened to Hobart , after the British Colonial Secretary of the time, Lord Hobart . The settlement at Risdon was later abandoned. Left on their own without further supplies, the Sullivans Cove settlement suffered severe food shortages and by 1806 its inhabitants were starving, with many resorting to scraping seaweed off rocks and scavenging washed-up whale blubber from the shore to survive. ] A smaller colony was established at Port Dalrymple on the Tamar River in the island's north in October 1804 and several other convict-based settlements were established, including the particularly harsh penal colonies at Port Arthur in the southeast and Macquarie Harbour on the West Coast. Tasmania was eventually sent 75,000 convicts—four out of every ten people transported to Australia. ] By 1819, the Aboriginal and British population reached parity with about 5000 of each, although among the colonists men outnumbered women four-to-one. ] Free settlers began arriving in large numbers from 1820, lured by the promise of land grants and free convict labour. Settlement in the island's northwest corner was monopolised by the Van Diemen's Land Company , which sent its first surveyors to the district in 1826. By 1830, one-third of Australia's non-Indigenous population lived in Van Diemen's Land and the island accounted for about half of all land under cultivation and exports. ] Tensions between Tasmania's Aboriginal and white inhabitants rose, partly driven by increasing competition for kangaroo and other game. ] ] ] Explorer and naval officer John Oxley in 1810 noted the ""many atrocious cruelties"" inflicted on Aboriginal people by convict bushrangers in the north, which in turn led to black attacks on solitary white hunters. ] Hostilities increased further with the arrival of 600 colonists from Norfolk Island between 1807 and 1813. They established farms along the River Derwent and east and west of Launceston , occupying ten percent of Van Diemen's Land. By 1824 the colonial population had swelled to 12,600, while the island's sheep population had reached 200,000. The rapid colonisation transformed traditional kangaroo hunting grounds into farms with grazing livestock as well as fences, hedges and stone walls, while police and military patrols were increased to control the convict farm labourers. ] Violence began to spiral rapidly from the"
"with grazing livestock as well as fences, hedges and stone walls, while police and military patrols were increased to control the convict farm labourers. ] Violence began to spiral rapidly from the mid-1820s in what became described as the "" Black War "". ] Aboriginal inhabitants were driven to desperation by hunger – that included a desire for agricultural produce, as well as feeling anger at the prevalence of abductions of women and girls. New settlers motivated by fear carried out self-defence operations as well as attacks as a means of suppressing the native threat – or even in some cases, exacting revenge. ] Van Diemen's Land had an enormous gender imbalance, with male colonists outnumbering females six to one in 1822—and 16 to one among the convict population. Historian Nicholas Clements has suggested the ""voracious appetite"" for native women was the most important trigger for the explosion of violence from the late 1820s. ] From 1825 to 1828, the number of native attacks more than doubled each year, raising panic among settlers. Over the summer of 1826–1827 clans from the Big River, Oyster Bay and North Midlands nations speared stock-keepers on farms and made it clear that they wanted the settlers and their sheep and cattle to move from their kangaroo hunting grounds. Settlers responded vigorously, resulting in many mass-killings. In November 1826, Governor Sir George Arthur issued a government notice declaring that colonists were free to kill Aboriginal people when they attacked settlers or their property, and in the following eight months more than 200 Aboriginal people were killed in the Settled Districts in reprisal for the deaths of 15 colonists. After another eight months, the death toll had risen to 43 colonists and probably 350 Aboriginal people. ] In April 1828, Arthur issued a Proclamation of Demarcation forbidding Aboriginal people to enter the settled districts without a passport issued by the government. ] ] Arthur declared martial law in the colony in November that year, and this remained in force for over three years, the longest period of martial law in Australian history. ] ] In November 1830, Arthur organised the so-called "" Black Line "", ordering every able-bodied male colonist to assemble at one of seven designated places in the Settled Districts to join a massive drive to sweep Aboriginal people out of the region and on to the Tasman Peninsula . The campaign failed and was abandoned seven weeks later, but by then Tasmania's Aboriginal population had fallen to about 300. ] After hostilities between settlers and Aboriginal peoples ceased in 1832, almost all of the remnants of the Indigenous population were persuaded by government agent George Augustus Robinson to move to Flinders Island . Many quickly succumbed to infectious diseases to which they had no immunity, reducing the population further. ] ] Of those removed from Tasmania, the last to die was Truganini , in 1876. The near-destruction of Tasmania's Aboriginal"
"diseases to which they had no immunity, reducing the population further. ] ] Of those removed from Tasmania, the last to die was Truganini , in 1876. The near-destruction of Tasmania's Aboriginal population has been described as an act of genocide by historians including Robert Hughes , James Boyce , Lyndall Ryan and Tom Lawson. ] ] ] However, other historians including Henry Reynolds , Richard Broome and Nicholas Clements do not agree with the genocide thesis, arguing that the colonial authorities did not intend to destroy the Aboriginal population in whole or in part. ] ] Boyce has claimed that the April 1828 ""Proclamation Separating the Aborigines from the White Inhabitants"" sanctioned force against Aboriginal people ""for no other reason than that they were Aboriginal"". ] However, as Reynolds, Broome and Clements point out, there was open warfare at the time. ] ] Boyce described the decision to remove all Tasmanian Aboriginal people after 1832—by which time they had given up their fight against white colonists—as an extreme policy position. He concluded: ""The colonial government from 1832 to 1838 ethnically cleansed the western half of Van Diemen's Land."" ] Nevertheless, Clements and Flood note that there was another wave of violence in north-west Tasmania in 1841, involving attacks on settlers' huts by a band of Aboriginal Tasmanians who had not been removed from the island. ] ] Van Diemen's Land—which thus far had existed as a territory within the colony of New South Wales —was proclaimed a separate colony, with its own judicial establishment and Legislative Council , on 3 December 1825. Transportation to the island ceased in 1853 and the colony was renamed Tasmania in 1856, partly to differentiate the burgeoning society of free settlers from the island's convict past. ] The Legislative Council of Van Diemen's Land drafted a new constitution which gained Royal Assent in 1855. The Privy Council also approved the colony changing its name from ""Van Diemen's Land"" to ""Tasmania"", and in 1856 the newly elected bicameral parliament sat for the first time, establishing Tasmania as a self-governing colony of the British Empire. ] The colony suffered from economic fluctuations, but for the most part was prosperous, experiencing steady growth. With few external threats and strong trade links with the Empire, Tasmania enjoyed many fruitful periods in the late 19th century, becoming a world-centre of shipbuilding. It raised a local defence force that eventually played a significant role in the Second Boer War in South Africa, and Tasmanian soldiers in that conflict won the first two Victoria Crosses awarded to Australians. In 1901, the Colony of Tasmania united with the five other Australian colonies to form the Commonwealth of Australia. Tasmanians voted in favour of federation with the largest majority of all the Australian colonies. Tasmania was an early adopter of electric street lighting . Australia's first electric street lights were switched on"
"in favour of federation with the largest majority of all the Australian colonies. Tasmania was an early adopter of electric street lighting . Australia's first electric street lights were switched on in Waratah in 1886. ] Launceston became the first completely electrified city on the island in 1885, followed closely by the township of Zeehan in 1900. The state economy was riding mining prosperity until World War I. In 1901, the state population was 172,475. ] The 1910 foundation of what would become Hydro Tasmania began to shape urban patterns, as well as future major damming programs. ] Hydro's influence culminated in the 1970s when the state government announced plans to flood environmentally significant Lake Pedder . As a result of the eventual flooding of Lake Pedder, the world's first green party was established; the United Tasmania Group . ] National and international attention surrounded the campaign against the Franklin Dam in the early 1980s. ] Tasmanian Enid Lyons became the first female member of the House of Representatives at the 1943 federal election and first female to serve in the federal cabinet . In May 1948, Margaret McIntyre achieved another milestone as the first female elected to the Parliament of Tasmania. Less than six months after her election, McIntyre died in the crash of the Lutana near Quirindi on 2 September 1948. After the end of World War II, the state saw major urbanisation, and the growth of towns like Ulverstone . ] It gained a reputation as ""Sanitorium of the South"" and a health-focused tourist boom began to grow. The MS Princess of Tasmania began her maiden voyage in 1959, the first car ferry to Tasmania. ] As part of the boom, Tasmania allowed the opening of the first casino in Australia in 1968. ] Queen Elizabeth II visited the state in 1954, and the 50s and 60s were charactered by the opening of major public services, including the Tasmanian Housing Department and Metro Tasmania public bus services. A jail was opened at Risdon in 1960, and the State Library of Tasmania the same year. The University of Tasmania also moved to its present location in 1963. The state was badly affected by the 1967 Tasmanian fires , killing 64 people and destroying over 652,000 acres in five hours. ] In 1975 the Tasman Bridge collapsed when the bridge was struck by the bulk ore carrier Lake Illawarra . It was the only bridge in Hobart, and made crossing the Derwent River by road at the city impossible. The nearest bridge was approximately 20 kilometres (12 mi) to the north, at Bridgewater. Throughout the 1980s, strong environmental concerns saw the building of the Australian Antarctic Division headquarters, and the proclamation of the Tasmanian Wilderness World Heritage Area . The Franklin Dam was blocked by the federal government in 1983, and CSIRO opened its marine studies centre in Hobart. Pope John Paul II would hold mass at Elwick Racecourse in 1986. The 1990s were characterised by the fight for LGBT rights in Tasmania ,"
"in 1983, and CSIRO opened its marine studies centre in Hobart. Pope John Paul II would hold mass at Elwick Racecourse in 1986. The 1990s were characterised by the fight for LGBT rights in Tasmania , culminating in the intervention of the United Nations Human Rights Committee in 1997 and the decriminalization of homosexuality that year. ] Christine Milne became the first female leader of a Tasmanian political party in 1993, and major council amalgamations reduce the number of councils from 46 to 29. Following the Port Arthur massacre on 28 April 1996, which resulted in the loss of 35 lives and injured 21 others, the Australian Government conducted a review of its firearms policies and enacted new nationwide gun ownership laws under the National Firearms Agreement . In 2000, Queen Elizabeth II once again visited the state. Gunns rose to prominence as a major forestry company during this decade, only to collapse in 2013. In 2004, Premier Jim Bacon died in office from lung cancer. In January 2011 philanthropist David Walsh opened the Museum of Old and New Art (MONA) in Hobart to international acclaim. Within 12 months, MONA became Tasmania's top tourism attraction. ] The COVID-19 pandemic in Tasmania resulted in at least 230 cases and 13 deaths as of September 2021 ] . ] In 2020, after the outbreak of the coronavirus pandemic ( SARS-CoV-2 ) and its spread to Australia, the Tasmanian government issued a public health emergency on 17 March, ] the following month receiving the state's most significant outbreak from the North-West which required assistance from the Federal government . In late 2021, Tasmania was leading the nationwide vaccination response. ] Tasmania, the largest island of Australia, has a landmass of 68,401 km 2 (26,410 sq mi) and is located directly in the pathway of the notorious "" Roaring Forties "" wind that encircles the globe. To its north, it is separated from mainland Australia by Bass Strait . Tasmania is the only Australian state that is not located on the Australian mainland. About 2,500 kilometres (1,300 nautical miles) south of Tasmania island lies the George V Coast of Antarctica . Depending on which borders of the oceans are used, the island can be said to be either surrounded by the Southern Ocean, or to have the Pacific on its east and the Indian to its west. Still other definitions of the ocean boundaries would have Tasmania with the Great Australian Bight to the west, and the Tasman Sea to the east. The southernmost point on mainland Tasmania is approximately WikiMiniAtlas 43°38′37″S 146°49′38″E  -43.64361; 146.82722 at South East Cape , and the northernmost point on mainland Tasmania is approximately WikiMiniAtlas 40°38′26″S 144°43′33″E  -40.64056; 144.72583 in Woolnorth Kennaook . Tasmania lies at similar latitudes to Te Waipounamu / South Island of New Zealand and parts of Patagonia in South America. Areas at equivalent latitudes in the Northern Hemisphere include Hokkaido in Japan, Northeast China ( Manchuria ),"
"Te Waipounamu / South Island of New Zealand and parts of Patagonia in South America. Areas at equivalent latitudes in the Northern Hemisphere include Hokkaido in Japan, Northeast China ( Manchuria ), Central Italy , and United States cities such as New York and Chicago . The most mountainous region is the Central Highlands area, which covers most of the central western parts of the state. The Midlands located in the central east, is fairly flat, and is predominantly used for agriculture, although farming activity is scattered throughout the state. Tasmania's tallest mountain is Mount Ossa at 1,617 m (5,305 ft). ] Much of Tasmania is still densely forested, with the Southwest National Park and neighbouring areas holding some of the last temperate rain forests in the Southern Hemisphere . The Tarkine , containing Savage River National Park located in the island's far north west, is the largest temperate rainforest area in Australia covering about 3,800 square kilometres (1,500 sq mi). ] With its rugged topography, Tasmania has a great number of rivers. Several of Tasmania's largest rivers have been dammed at some point to provide hydroelectricity . Many rivers begin in the Central Highlands and flow out to the coast. Tasmania's major population centres are mainly situated around estuaries (some of which are named rivers). Tasmania is in the shape of a downward-facing triangle, likened to a shield, heart, or face. It consists of the main island as well as at least a thousand neighbouring islands within the state's jurisdiction. The largest of these are Flinders Island in the Furneaux Group of Bass Strait , King Island in the west of Bass Strait, Cape Barren Island south of Flinders Island, Bruny Island separated from Tasmania by the D'Entrecasteaux Channel , Macquarie Island 1,500 km from Tasmania, and Maria Island off the east coast. Tasmania features a number of separated and continuous mountain ranges. The majority of the state is defined by a significant dolerite exposure, though the western half of the state is older and more rugged, featuring buttongrass plains, temperate rainforests, and quartzite ranges, notably Federation Peak and Frenchmans Cap . The presence of these mountain ranges is a primary factor in the rain shadow effect , where the western half receives the majority of rainfall, which also influences the types of vegetation that can grow. The Central Highlands feature a large plateau which forms a number of ranges and escarpments on its north side, tapering off along the south, and radiating into the highest mountain ranges in the west. At the north-west of this, another plateau radiates into a system of hills where takayna / Tarkine is located. The Interim Biogeographic Regionalisation for Australia (IBRA) divides Tasmania into 9 bioregions: ] Ben Lomond , Furneaux , King , Central Highlands , Northern Midlands , Northern Slopes , Southern Ranges , South East , and West . Tasmania's environment consistes of many different biomes"
"] Ben Lomond , Furneaux , King , Central Highlands , Northern Midlands , Northern Slopes , Southern Ranges , South East , and West . Tasmania's environment consistes of many different biomes or communities across its different regions. It is the most forested state in Australia, and preserves the country's largest areas of temperate rainforest . A distinctive type of moorland found across the west, and particularly south-west of Tasmania, are buttongrass plains, which are speculated to have been expanded by Tasmanian Aboriginal burning practices . ] Tasmania also features a diverse alpine garden environment , such as cushion plant . Highland areas receive consistent snowfall above ~1,000 metres every year, and due to cold air from Antarctica , this level often reaches 800 m, and more occasionally 600 or 400 metres. Every five or so years, snow can form at sea level. ] This environment gives rise to the cypress forests of the Central Plateau and mountainous highlands. In particular, the Walls of Jerusalem with large areas of rare pencil pine , and its closest relative King Billy pine . On the West Coast Range and partially on Mount Field , Australia's only winter- deciduous plant, deciduous beech is found, which forms a carpet or krummholz , or very rarely a 4-metre tree. ] Tasmania features a high concentration of waterfalls . These can be found in small creeks, alpine streams , rapid rivers , or off precipitous plunges. Some of the tallest waterfalls are found on mountain massifs , sometimes at a 200-metre cascade. The most famous and most visited waterfall in Tasmania is Russell Falls in Mount Field due"
"Western Australia (WA) is the westernmost state of Australia . It is bounded by the Indian Ocean to the north and west, the Southern Ocean to the south, the Northern Territory to the north-east, and South Australia to the south-east. Western Australia is Australia’s largest state, with a land area of 2,527,013 square kilometres (975,685 sq mi), ] and is also the second-largest subdivision of any country on Earth, surpassed only by the Sakha Republic in eastern Russia. Western Australia has a diverse range of climates, including tropical conditions in the Kimberley , deserts in the interior (including the Great Sandy Desert , Little Sandy Desert , Gibson Desert , and Great Victoria Desert ) and a Mediterranean climate on the south-west and southern coastal areas. As of 2021, ] the state has 2.91 million inhabitants—11 percent of the national total. ] Over 90 percent of the state's population live in the south-west corner and around 80 percent live in the state capital Perth , ] leaving the remainder of the state sparsely populated. The Trans-Australian Railway and the Eyre Highway traverse the Nullarbor Plain in the state's south-east, providing the principal connection between Western Australia and the population centres in the eastern states . Western Australia's Indigenous peoples have been present for tens of thousands of years. Dutch explorers visited Western Australia from the 17th century, with Dirk Hartog 's 1616 expedition the first Europeans to make landfall. The British claimed Western Australia in 1827 and established the Swan River Colony with Perth as its capital in 1829. The Western Australian gold rushes of the late 19th century resulted in a significant population influx. The colony was granted responsible government in 1890, the last of the Australian colonies to become self-governing, and federated with the other colonies in 1901. Western Australia's mining sector is a key driver of the state economy . The late 20th century saw the development of the state's significant iron ore mining industry – the world's largest – as well as primarily offshore petroleum and natural gas resources . Gold mining retains a significant presence and many other mineral commodities are mined, with Perth being a major centre for associated services. Outside of mining, primary industry is the other significant contributor to the state's economy, including agriculture in the Wheatbelt and temperate southern coastal regions, pastoralism in marginal grassland areas, forestry in the south-west and fishing (including pearling and, historically, whaling ). Western Australia has a geological history dating back to 4.4 billion years ago when Hadean zircons were formed. The earliest direct known life on land, known as stromatolites , started to be created by microbes at around 3.48 billion years ago. The first human inhabitants of Australia arrived from the north ""over 50,000 years ago and possibly as much as 70,000 years ago"". ] : 5 Over thousands of years"
"at around 3.48 billion years ago. The first human inhabitants of Australia arrived from the north ""over 50,000 years ago and possibly as much as 70,000 years ago"". ] : 5 Over thousands of years they eventually spread across the whole landmass. citation needed ] These Indigenous Australians were long established throughout Western Australia by the time European explorers began to arrive in the early 17th century. The first Europeans to visit Western Australia were those of the Dutch Dirk Hartog expedition, who on 25 October 1616 landed at what is now known as Cape Inscription, Dirk Hartog Island . For the rest of the 17th century, other Dutch and British navigators encountered the coast of what Abel Tasman named New Holland in 1644, usually unintentionally as demonstrated by the many shipwrecks along the coast of ships that deviated from the Brouwer Route (because of poor navigation and storms). ] By the late 18th century, British and French sailors had begun to explore the Western Australian coast. The Baudin expedition of 1800–03 included the coast of Western Australia and resulted in the Freycinet Map of 1811 , the first published map featuring the full outline of Australia. The name New Holland remained in popular and semi-official use until at least the mid-1850s; that is, it was in use for about 206 years in comparison to the name Australia which to date has been in use for about 195 years. ] : 11 The origins of the present state began with the establishment by Lockyer ] of a convict-supported settlement from New South Wales at King George III Sound . The settlement was formally annexed on 21 January 1827 by Lockyer when he commanded the Union Jack be raised and a feu de joie fired by the troops. The settlement was founded in response to British concerns about the possibility of a French colony being established on the coast of Western Australia. ] On 7 March 1831 it was transferred to the control of the Swan River Colony, ] and named Albany in 1832. In 1829 the Swan River Colony was established on the Swan River by Captain James Stirling . By 1832, the British settler population of the colony had reached around 1,500, and the official name of the colony was changed to Western Australia on 6 February that year. ] ] The two separate townsites of the colony developed slowly into the port city of Fremantle and the state's capital, Perth . York was the first inland settlement in Western Australia, situated 97 kilometres (60 mi) east of Perth and settled on 16 September 1831. York was the staging point for early explorers who discovered the rich gold reserves of Kalgoorlie. Population growth was very slow until significant discoveries of gold were made in the 1890s around Kalgoorlie . In 1887, a new constitution was drafted, providing for the right of self-governance of European Australians, and in 1890, the act granting self-government to the colony was passed by the British Parliament . John Forrest became the first Premier of Western"
"right of self-governance of European Australians, and in 1890, the act granting self-government to the colony was passed by the British Parliament . John Forrest became the first Premier of Western Australia . In 1896, after discoveries of gold at Coolgardie and Kalgoorlie , the Western Australian Parliament authorised the raising of a loan to construct a pipeline to transport 23 megalitres (5 million imperial gallons) of water per day to the burgeoning population on the goldfields. The pipeline, known as the Goldfields Water Supply Scheme , was completed in 1903. C. Y. O'Connor , Western Australia's first engineer-in-chief, designed and oversaw the construction of the pipeline. It carries water 530 km (330 mi) from Perth to Kalgoorlie , and is attributed by historians as an important factor driving the state's population and economic growth. ] Following a campaign led by Forrest, electors of the colony of Western Australia voted in favour of federation with the five other Australian colonies, resulting in Western Australia officially becoming a state on 1 January 1901. ] Western Australia is bounded to the east by longitude 129°E, the meridian 129 degrees east of Greenwich, which defines the border with South Australia and the Northern Territory , and bounded by the Indian Ocean to the west and north. The International Hydrographic Organization (IHO) designates the body of water south of the continent as part of the Indian Ocean; in Australia it is officially gazetted as the Southern Ocean . .mw-parser-output .citation{word-wrap:break-word}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)} ] ] ] The total length of the state's eastern border is 1,862 km (1,157 mi). ] There are 20,781 km (12,913 mi) of coastline, including 7,892 km (4,904 mi) of island coastline. ] The total land area occupied by the state is 2.5 million km 2 (970 thousand sq mi). ] The bulk of Western Australia consists of the extremely old Yilgarn craton and Pilbara craton which merged with the Deccan Plateau of India, Madagascar and the Kaapvaal and Zimbabwe cratons of Southern Africa, in the Archean Eon to form Ur , one of the oldest supercontinents on Earth (3 – 3.2 billion years ago). In May 2017, evidence of the earliest known life on land may have been found in 3.48-billion-year-old geyserite and other related mineral deposits (often found around hot springs and geysers ) uncovered in the Pilbara craton. ] ] Because the only mountain-building since then has been of the Stirling Range with the rifting from Antarctica , the land is extremely eroded and ancient, with no part of the state above 1,249 metres (4,098 ft) AHD (at Mount Meharry in the Hamersley Range of the Pilbara region). Most of the state is a low plateau with an average elevation of about 400 metres (1,200 ft), very low relief, and no surface runoff . This descends relatively sharply to the coastal plains, in some cases forming a sharp escarpment (as with the Darling Range/ Darling"
"400 metres (1,200 ft), very low relief, and no surface runoff . This descends relatively sharply to the coastal plains, in some cases forming a sharp escarpment (as with the Darling Range/ Darling Scarp near Perth). The extreme age of the landscape has meant that the soils are remarkably infertile and frequently laterised . Even soils derived from granitic bedrock contain an order of magnitude less available phosphorus and only half as much nitrogen as soils in comparable climates in other continents. Soils derived from extensive sandplains or ironstone are even less fertile, nearly devoid of soluble phosphate and deficient in zinc , copper, molybdenum and sometimes potassium and calcium . The infertility of most of the soils has required heavy application by farmers of fertilisers. These have resulted in damage to invertebrate and bacterial populations. citation needed ] The grazing and use of hoofed mammals and, later, heavy machinery through the years have resulted in compaction of soils and great damage to the fragile soils. Large-scale land clearing for agriculture has damaged habitats for native flora and fauna. As a result, the South West region of the state has a higher concentration of rare, threatened or endangered flora and fauna than many areas of Australia, making it one of the world's biodiversity ""hot spots"". Large areas of the state's wheatbelt region have problems with dryland salinity and the loss of fresh water. The southwest coastal area has a Mediterranean climate . It was originally heavily forested, including large stands of karri , one of the tallest trees in the world. ] This agricultural region is one of the nine most bio-diverse terrestrial habitats, with a higher proportion of endemic species than most other equivalent regions. Thanks to the offshore Leeuwin Current , the area is one of the top six regions for marine biodiversity and contains the most southerly coral reefs in the world. Average annual rainfall varies from 300 millimetres (12 in) at the edge of the Wheatbelt region to 1,400 millimetres (55 in) in the wettest areas near Northcliffe , but from November to March, evaporation exceeds rainfall, and it is generally very dry. Plants are adapted to this as well as the extreme poverty of all soils. The central two-thirds of the state is arid and sparsely inhabited. The only significant economic activity is mining. Annual rainfall averages less than 300 millimetres (8–10 in), most of which occurs in sporadic torrential falls related to cyclone events in summer. ] An exception to this is the northern tropical regions. The Kimberley has an extremely hot monsoonal climate with average annual rainfall ranging from 500 to 1,500 millimetres (20–60 in), but there is a very long almost rainless season from April to November. Eighty-five percent of the state's runoff occurs in the Kimberley, but because it occurs in violent floods and because of the insurmountable poverty of the generally shallow soils, the only"
"November. Eighty-five percent of the state's runoff occurs in the Kimberley, but because it occurs in violent floods and because of the insurmountable poverty of the generally shallow soils, the only development has taken place along the Ord River . Snow is rare in the state and typically occurs only in the Stirling Range near Albany , as it is the only mountain range far enough south and sufficiently elevated. More rarely, snow can fall on the nearby Porongurup Range . Snow outside these areas is a major event; it usually occurs in hilly areas of southwestern Australia. The most widespread low-level snow occurred on 26 June 1956 when snow was reported in the Perth Hills , as far north as Wongan Hills and as far east as Salmon Gums . However, even in the Stirling Range, snowfalls rarely exceed 5 cm (2 in) and rarely settle for more than one day. ] The highest observed temperature of 50.7 °C (123.3 °F) was recorded in Onslow on 13 January 2022. ] The lowest temperature recorded was −7.2 °C (19.0 °F) at Eyre Bird Observatory on 17 August 2008. ] The south geomagnetic pole is currently tilted 10 degrees away from the South Pole towards Western Australia, allowing for aurora australis displays as far north as Geraldton . ] Western Australia is home to around 630 species of birds (depending on the taxonomy used). Of these around 15 are endemic to the state. The best areas for birds are the southwestern corner of the state and the area around Broome and the Kimberley. The Flora of Western Australia comprises 10,162 published native vascular plant species, along with a further 1,196 species currently recognised but unpublished. They occur within 1,543 genera from 211 families ; there are also 1,276 naturalised alien or invasive plant species, more commonly known as weeds. ] ] In the southwest region are some of the largest numbers of plant species for its area in the world. Western Australia's ecoregions include the sandstone gorges of the Kimberley on the northern coast, and below that the drier Victoria Plains tropical savanna inland, and the semi-desert Pilbara shrublands , Carnarvon xeric shrublands , and Western Australian mulga shrublands to the southwest. Southwards along the coast are the Southwest Australia savanna and the Swan Coastal Plain around Perth, with the jarrah-karri forest and shrublands on the southwest corner of the coast around the Margaret River wine-growing area. Going east along the Southern Ocean coast is the Goldfields-Esperance region, including the Esperance mallee and the Coolgardie woodlands inland around town of Coolgardie . Deserts occupy the interior, including the Great Sandy-Tanami desert , Gibson Desert , Great Victoria Desert , and Nullarbor Plain . In 1831 Scottish botanist Robert Brown produced a scientific paper, General view of the botany of the vicinity of Swan River . It discusses the vegetation of the Swan River Colony . ] Europeans began to settle permanently in 1826 when Albany was claimed by Britain to"
"General view of the botany of the vicinity of Swan River . It discusses the vegetation of the Swan River Colony . ] Europeans began to settle permanently in 1826 when Albany was claimed by Britain to forestall French claims to the western third of the continent. Perth was founded as the Swan River Colony in 1829 by British and Irish settlers, though the outpost languished. Its officials eventually requested convict labour to augment its population. In the 1890s, interstate immigration, resulting from a mining boom in the Goldfields region , resulted in a sharp population increase. Western Australia did not receive significant flows of immigrants from Britain, Ireland or elsewhere in the British Empire until the early 20th century. At that time, its local projects—such as the Group Settlement Scheme of the 1920s, which encouraged farmers to settle the southwest—increased awareness of Australia's western third as a destination for colonists. Led by immigrants from the British Isles, Western Australia's population developed at a faster rate during the twentieth century than it had previously. After World War II , both the eastern states and Western Australia received large numbers of Italians , Croatians and Macedonians . Despite this, Britain has contributed the greatest number of immigrants to this day. Western Australia—particularly Perth—has the highest proportion of British-born of any state: 10.3% in 2011, compared to a national average of 5.1%. This group is heavily concentrated in certain parts, where they account for a quarter of the population. ] Perth's metropolitan area (including Mandurah ) had an estimated population of 2,043,138 ] in June 2017 (79% of the state). Other significant population centres include Bunbury (73,989), ] Geraldton (37,961), ] Kalgoorlie-Boulder (30,420), ] Albany (33,998), ] Karratha (16,446), ] Broome (14,501) ] and Port Hedland (14,285). ] At the 2016 census, the most commonly nominated ancestries were: ] ] ] 3.1% of the population, or 75,978 people, identified as Indigenous Australians ( Aboriginal Australians and Torres Strait Islanders ) in 2016. ] ] ] At the 2016 census, 75.2% of inhabitants spoke only English at home, with the next most common languages being Mandarin (1.9%), Italian (1.2%), Vietnamese (0.8%), Cantonese (0.8%) and Tagalog (0.6%). ] ] According to the 2021 census, Christianity is the major religious affiliation in WA, followed by 41.1% of its population. In 1971, Christianity was followed by 85.5% of the population and it has been declining since, while the percentage of people who identified as having no religious affiliation has increased from 8.7% in 1971 to 42.9% in 2021. A small minority of the population are Muslims (2.5%), Buddhists (2.2%) and Hindus (2.0%). ] ] ] Western Australia's economy is largely driven by extraction and processing of a diverse range of mineral and petroleum commodities. The structure of the economy is closely linked to these natural resources, providing a"
"economy is largely driven by extraction and processing of a diverse range of mineral and petroleum commodities. The structure of the economy is closely linked to these natural resources, providing a comparative advantage in resource extraction and processing. As a consequence: In 2019 Western Australia's overseas exports accounted for 46% of the nation's total. ] ] The state's major export commodities included iron-ore, petroleum, gold, alumina , nickel, wheat, copper, lithium, chemicals and mineral sands. ] Western Australia is the world's largest iron-ore producer (34% of the world's total), and extracts 66% (6.9% of world production) of Australia's 306 tonnes (9.8 million troy ounces) of gold in 2022. ] It is a major world producer of bauxite, which is processed into alumina at four refineries providing 11% of total world production. Until 2020 diamonds were extracted from the world's largest diamond mine in the far north Kimberley region. Coal mined at Collie is the main fuel for baseload electricity generation in the state's south-west. ] ] Agricultural production in WA is a major contributor to the state and national economy. In the period 2010–2019 wheat production in WA has averaged nearly 10 million tonnes (22 billion pounds), valued at $2.816 billion in 2019, accounting for half the nation's total and providing $2–3 billion in export income. ] ] Other significant farm output includes wool, beef, lamb, barley, canola, lupins, oats and pulses. ] There is a high level of overseas demand for live animals from WA, driven mainly by southeast Asia's feedlots and Middle Eastern countries, where Islamic dietary laws and a lack of storage and refrigeration facilities favour live animals over imports of processed meat. About half of Australia's live cattle exports come from Western Australia. ] Resource sector growth in recent years has resulted in significant labour and skills shortages, leading to recent efforts by the state government to encourage interstate and overseas immigration. ] According to the 2006 census, needs update ] ] the median individual income was A$500 per week in Western Australia (compared to A$466 in Australia as a whole). The median family income was A$1246 per week (compared to A$1171 for Australia). Recent growth has also contributed to significant rises in average property values in 2006, although values plateaued in 2007. Located south of Perth, the heavy industrial area of Kwinana had the nation's largest oil refinery with a capacity of 23,200 cubic metres per day (146,000 barrels per day) until its closure in 2021, producing most of the state's petrol and diesel. ] ] ] Kwinana also hosts alumina and nickel processing plants, port facilities for grain and other bulk exports, and support industries for mining and petroleum such as heavy and light engineering, and metal fabrication. Shipbuilding (e.g. Austal ) and associated support industries are found at nearby Henderson , just north of Kwinana. Significant secondary"
"such as heavy and light engineering, and metal fabrication. Shipbuilding (e.g. Austal ) and associated support industries are found at nearby Henderson , just north of Kwinana. Significant secondary industries include cement and building product manufacturing, flour milling, food processing, animal feed production, automotive body building and printing. Western Australia has a significant fishing industry. Products for local consumption and export include western rock lobsters , prawns, crabs, shark and tuna, as well as pearl fishing in the Kimberley region of the state. Processing is conducted along the west coast. Whaling was a key marine industry but ceased at Albany in 1978. Western Australia has the world's biggest plantations of both Indian sandalwood (northern WA) ] and Australian sandalwood (semi-arid regions), which are used to produce sandalwood oil and incense . ] The WA sandalwood industry provides about 40% of the international sandalwood oil market. ] In recent years, tourism has grown in importance, with significant numbers of visitors to the state coming from the UK and Ireland (28%), other European countries (14%) Singapore (16%), Japan (10%) and Malaysia (8%). ] Revenue from tourism is a strong economic driver in many of the smaller population centres outside of Perth, especially in coastal locations. Tourism forms a major part of the Western Australian economy with 833,100 international visitors making up 12.8% of the total international tourism to Australia in the year ending March 2015. The top three source markets include the United Kingdom (17%), Singapore (10%), and New Zealand (10%) with the majority of purpose for visitation being holiday/vacation reasons. ] The tourism industry contributes $9.3 billion to the Western Australian economy and supports 94,000 jobs within the state. Both directly and indirectly, the industry makes up 3.2% of the state's economy whilst comparatively, WA's largest revenue source, the mining sector, brings in 31%. ] Tourism WA is the government agency responsible for promoting Western Australia as a holiday destination. ] Western Australia was granted self-government in 1890 ] with a bicameral Parliament located in Perth, consisting of the Legislative Assembly (or lower house ), which has 59 members; and the Legislative Council (or upper house ), which has 36 members. Suffrage is universal and compulsory for citizens over 18 years of age. With the federation of the Australian colonies in 1901, Western Australia became a state within Australia's federal structure; this involved ceding certain powers to the Commonwealth (or Federal) government in accordance with the Constitution; all powers not specifically granted to the Commonwealth remained solely with the State. However over time the Commonwealth has effectively expanded its powers through broad interpretation of its enumerated powers and increasing control of taxation and financial distribution (see Federalism in Australia ). Whilst the"
"has effectively expanded its powers through broad interpretation of its enumerated powers and increasing control of taxation and financial distribution (see Federalism in Australia ). Whilst the sovereign of Western Australia is the monarch of Australia (currently Charles III ) and executive power is nominally vested in his or her state representative, the Governor (currently Chris Dawson ), executive power rests with the premier and ministers drawn from the party or coalition of parties holding a majority of seats in the Legislative Assembly. Roger Cook is the premier, having succeeded Mark McGowan after his resignation in June 2023. Secessionism has been a recurring feature of Western Australia's political landscape since shortly after European settlement in 1826. Western Australia was the most reluctant participant in the Commonwealth of Australia . ] Western Australia did not participate in the earliest federation conference. Longer-term residents of Western Australia were generally opposed to federation; however, the discovery of gold brought many immigrants from other parts of Australia. It was these residents, primarily in Kalgoorlie but also in Albany who voted to join the Commonwealth, and the proposal of these areas being admitted separately under the name Auralia was considered. citation needed ] In a referendum in April 1933 , 68% of voters voted for the state to leave the Commonwealth of Australia with the aim of returning to the British Empire as an autonomous territory. The State Government sent a delegation to Westminster , but the British Government ruled that after the Statute of Westminster 1931 , it no longer had the authority to amend the constitution of Australia without the consent of its federal government; the British Government took no action. ] Western Australia is divided into 139 Local Government Areas , including Christmas Island and the Cocos (Keeling) Islands . Their mandate and operations are governed by the Local Government Act 1995 . ] Education in Western Australia consists of one year of pre-school at age 4 or 5, followed by six years of primary education for all students as of 2015. ] At age 12 or 13, students begin six years of secondary education. Students are required to attend school up until they are 16 years old. Sixteen and 17 year olds are required to be enrolled in school or a training organisation, be employed or be in a combination of schoolemployment. ] Students have the option to study at a TAFE college after Year 10, ] or continue through to Year 12 with vocational courses or a university entrance courses. ] There are five universities in Western Australia. They consist of four Perth -based public universities , being the University of Western Australia , Curtin University , Edith Cowan University and Murdoch University ; and one Fremantle -based private Roman Catholic university , the University of Notre Dame Australia . The University of Notre Dame is also one of only two private universities"
"Murdoch University ; and one Fremantle -based private Roman Catholic university , the University of Notre Dame Australia . The University of Notre Dame is also one of only two private universities in Australia, along with Bond University , a not-for-profit private education provider based in Gold Coast, Queensland . Western Australia has two daily newspapers: the Seven West Media -owned tabloid The West Australian and the Kalgoorlie Miner . Also published is one weekend paper, The Weekend West , and one Sunday tabloid newspaper, which is also owned by Seven West Media after purchase from News Corporation's The Sunday Times . There are also 17 weekly community newspapers with distribution from Yanchep in the north to Mandurah in the south. There are two major weekly rural papers in the state, Countryman and the Australian Community Media -owned Farm Weekly . The national broadsheet publication The Australian is also available, although with sales per capita lagging far behind those in other states. WAtoday is an online newspaper owned by Nine Entertainment , focusing its coverage on Perth and Western Australia. Metropolitan Perth has five broadcast television stations; Regional WA has a similar availability of stations as Perth. Geographically, it is one of the largest television markets in the world, including almost one-third of the continent. In addition, broadcasters operate digital multichannels: Pay TV services are provided by Foxtel , which acquired many of the assets and all the remaining subscribers of the insolvent Galaxy Television satellite service in 1998. Some metropolitan suburbs are serviced by Pay TV via cable; however, most of the metropolitan and rural areas can only access Pay TV via satellite. Perth has many radio stations on both AM and FM frequencies. ABC stations include ABC NewsRadio (6PB 585 AM), ABC Radio Perth (6WF 720 AM), [Radio Nationa"
"Bangladesh , ] officially the People's Republic of Bangladesh , ] is a country in South Asia . It is the eighth-most populous country in the world and among the most densely populated with a population of 170 million in an area of 148,460 square kilometres (57,320 sq mi). Bangladesh shares land borders with India to the north, west, and east, and Myanmar to the southeast. To the south, it has a coastline along the Bay of Bengal . To the north, it is separated from Bhutan and Nepal by the Siliguri Corridor , and from China by the mountainous Indian state of Sikkim . Dhaka , the capital and largest city , is the nation's political, financial, and cultural centre. Chittagong is the second-largest city and the busiest port. The official language is Bengali , with Bangladeshi English also used in government. Bangladesh is part of the historic and ethnolinguistic region of Bengal , which was divided during the Partition of British India in 1947 as the eastern enclave of the Dominion of Pakistan , from which it gained independence in 1971 after a bloody war . ] The country has a Bengali Muslim majority. Ancient Bengal was known as Gangaridai and was a stronghold of pre-Islamic kingdoms. The Muslim conquest after 1204 led to the sultanate and Mughal periods, during which an independent Bengal Sultanate and wealthy Mughal Bengal transformed the region into an important centre of regional affairs, trade, and diplomacy. The Battle of Plassey in 1757 marked the beginning of British rule. The creation of Eastern Bengal and Assam in 1905 set a precedent for the emergence of Bangladesh. The All-India Muslim League was founded in Dhaka in 1906. ] The Lahore Resolution in 1940 was supported by A. K. Fazlul Huq , the first Prime Minister of Bengal . The present-day territorial boundary was established with the announcement of the Radcliffe Line . In 1947, East Bengal became the most populous province in the Dominion of Pakistan and was renamed East Pakistan , with Dhaka as the legislative capital. The Bengali Language Movement in 1952, the 1958 Pakistani coup d'état , and the 1970 Pakistani general election spurred Bengali nationalism and pro-democracy movements. The refusal of the Pakistani military junta to transfer power to the Awami League , led by Sheikh Mujibur Rahman , triggered the Bangladesh Liberation War in 1971. The Mukti Bahini , aided by India, waged a successful armed revolution ; the conflict saw the Bangladeshi genocide . The new state of Bangladesh became a constitutionally secular state in 1972, although Islam was declared the state religion in 1988. ] In 2010, the Bangladesh Supreme Court reaffirmed secular principles in the constitution. ] The Constitution of Bangladesh officially declares it a socialist state . ] A middle power in the Indo-Pacific , ] Bangladesh is home to the fifth-most spoken native language , the third-largest Muslim-majority population , and the second-largest economy in South Asia. It maintains the third-largest military"
", ] Bangladesh is home to the fifth-most spoken native language , the third-largest Muslim-majority population , and the second-largest economy in South Asia. It maintains the third-largest military in the region and is the largest contributor to UN peacekeeping operations. ] Bangladesh is a unitary parliamentary republic based on the Westminster system . Bengalis make up almost 99% of the population. ] The country consists of eight divisions , 64 districts , and 495 subdistricts , and includes the world's largest mangrove forest . Bangladesh hosts one of the largest refugee populations due to the Rohingya genocide . ] Bangladesh faces challenges like corruption , political instability , overpopulation , and effects of climate change . Bangladesh has twice chaired the Climate Vulnerable Forum and hosts the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) headquarters. It is a founding member of the South Asian Association for Regional Cooperation (SAARC) and a member of the Organization of Islamic Cooperation and the Commonwealth of Nations . The etymology of Bangladesh (""Bengali country"") can be traced to the early 20th century, when Bengali patriotic songs, such as Aaji Bangladesher Hridoy by Rabindranath Tagore and Namo Namo Namo Bangladesh Momo by Kazi Nazrul Islam , used the term in 1905 and 1932 respectively. ] Starting in the 1950s, Bengali nationalists used the term in political rallies in East Pakistan . The term Bangla is a major name for both the Bengal region and the Bengali language . The origins of the term Bangla are unclear, with theories pointing to a Bronze Age proto-Dravidian tribe, ] and the Iron Age Vanga Kingdom . ] The earliest known usage of the term is the Nesari plate in 805 AD. The term Vangala Desa is found in 11th-century South Indian records. ] ] The term gained official status during the Sultanate of Bengal in the 14th century. ] ] Shamsuddin Ilyas Shah proclaimed himself as the first "" Shah of Bangala"" in 1342. ] The word Bangāl became the most common name for the region during the Islamic period. ] 16th-century historian Abu'l-Fazl ibn Mubarak mentions in his Ain-i-Akbari that the addition of the suffix ""al"" came from the fact that the ancient rajahs of the land raised mounds of earth in lowlands at the foot of the hills which were called ""al"". ] This is also mentioned in Ghulam Husain Salim 's Riyaz-us-Salatin . ] The Indo-Aryan suffix Desh is derived from the Sanskrit word deśha , which means ""land"" or ""country"". Hence, the name Bangladesh means ""Land of Bengal"" or ""Country of Bengal"". ] The history of Bangladesh dates back over four millennia to the Chalcolithic period. The region's early history was characterized by a succession of Hindu and Buddhist kingdoms and empires that fought for control over the Bengal region . Islam arrived in the 8th century and gradually became dominant from the early 13th century with the conquests led by Bakhtiyar Khalji and the activities"
"fought for control over the Bengal region . Islam arrived in the 8th century and gradually became dominant from the early 13th century with the conquests led by Bakhtiyar Khalji and the activities of Sunni missionaries like Shah Jalal . Muslim rulers promoted the spread of Islam by building mosques across the region. From the 14th century onward, Bengal was ruled by the Bengal Sultanate , founded by Fakhruddin Mubarak Shah , who established an individual currency. The Bengal Sultanate expanded under rulers like Shamsuddin Ilyas Shah , leading to economic prosperity and military dominance, with Bengal being referred to by Europeans as the richest country to trade with. The region later became a part of the Mughal Empire , and according to historian C. A. Bayly , it was probably the empire's wealthiest province. citation needed ] Following the decline of the Mughal Empire in the early 1700s, Bengal became a semi-independent state under the Nawabs of Bengal , ultimately led by Siraj-ud-Daulah . It was later conquered by the British East India Company after the Battle of Plassey in 1757. Bengal played a crucial role in the Industrial Revolution in Britain, but also faced significant deindustrialization . The Bengal Presidency was established during British rule. citation needed ] The borders of modern Bangladesh were established with the partition of Bengal between India and Pakistan during the Partition of India in August 1947, when the region became East Pakistan as part of the newly formed State of Pakistan following the end of the British rule in the region . The Proclamation of Bangladeshi Independence in March 1971 led to the nine-month-long Bangladesh Liberation War , which culminated in the emergence of the People's Republic of Bangladesh. Independence was declared by Sheikh Mujibur Rahman in 1971. citation needed ] Since gaining independence, Bangladesh has faced political instability, economic reconstruction, and social transformation. The country experienced military coups and authoritarian rule, notably under General Ziaur Rahman and General Hussain Muhammad Ershad . The restoration of parliamentary democracy in the 1990s saw power alternate between the Awami League , and the Bangladesh Nationalist Party . In recent decades, Bangladesh has achieved significant economic growth, emerging as one of the world's fastest-growing economies, driven by its garment industry , remittances, and infrastructure development. However, it continues to grapple with political instability, human rights issues, and the impact of climate change. The return of the Awami League to power in 2009 under Sheikh Hasina's leadership saw economic progress but criticisms of authoritarianism . Bangladesh has played a critical role in addressing regional issues, including the Rohingya refugee crisis , which has strained its resources and highlighted its humanitarian commitments. citation needed ] The poverty rate went down from 80% in 1971 to 44% in 1991 to 13% in 2021."
"Rohingya refugee crisis , which has strained its resources and highlighted its humanitarian commitments. citation needed ] The poverty rate went down from 80% in 1971 to 44% in 1991 to 13% in 2021. ] ] ] Bangladesh emerged as the second-largest economy in South Asia, ] ] surpassing the per capita income levels of both India and Pakistan. ] ] As part of the green transition , Bangladesh's industrial sector emerged as a leader in building green factories, with the country having the largest number of certified green factories in the world in 2023. ] In January 2024, Awami League led by Prime Minister Sheikh Hasina secured a fourth straight term in Bangladesh's general election . Following nationwide protests against the Awami League government, on 5 August 2024, Prime Minister Sheikh Hasina was forced to resign and flee to India. ] ] ] ] ] An interim government was formed on 8 August, with Nobel laureate Muhammad Yunus as the Chief Advisor . ] Bangladesh is in South Asia on the Bay of Bengal . It is surrounded almost entirely by neighbouring India, and shares a small border with Myanmar to its southeast, though it lies very close to Nepal , Bhutan , and China. The country is divided into three regions. Most of the country is dominated by the fertile Ganges Delta , the largest river delta in the world. ] The northwest and central parts of the country are formed by the Madhupur and the Barind plateaus. The northeast and southeast are home to evergreen hill ranges. The Ganges delta is formed by the confluence of the Ganges (local name Padma or Pôdda ), Brahmaputra ( Jamuna or Jomuna ), and Meghna rivers and their tributaries. The Ganges unites with the Jamuna (main channel of the Brahmaputra) and later joins the Meghna, finally flowing into the Bay of Bengal. Bangladesh is called the ""Land of Rivers"", ] as it is home to over 57 trans-boundary rivers , the most of any nation-state. Water issues are politically complicated since Bangladesh is downstream of India. ] Bangladesh is predominantly rich fertile flat land. Most of it is less than 12 m (39 ft) above sea level, and it is estimated that about 10% of its land would be flooded if the sea level were to rise by 1 m (3.3 ft). ] 12% of the country is covered by hill systems. The country's haor wetlands are of significance to global environmental science. The highest point in Bangladesh is the Saka Haphong , located near the border with Myanmar, with an elevation of 1,064 m (3,491 ft). ] Previously, either Keokradong or Tazing Dong were considered the highest. In Bangladesh forest cover is around 14% of the total land area, equivalent to 1,883,400 hectares (ha) of forest in 2020, down from 1,920,330 hectares (ha) in 1990. In 2020, naturally regenerating forest covered 1,725,330 hectares (ha) and planted forest covered 158,070 hectares (ha). Of the naturally regenerating forest 0% was reported to be primary forest (consisting of native tree species with no clearly visible indications of human activity)"
"covered 158,070 hectares (ha). Of the naturally regenerating forest 0% was reported to be primary forest (consisting of native tree species with no clearly visible indications of human activity) and around 33% of the forest area was found within protected areas. For the year 2015, 100% of the forest area was reported to be under public ownership . ] ] Straddling the Tropic of Cancer , Bangladesh's climate is tropical, with a mild winter from October to March and a hot, humid summer from March to June. The country has never recorded an air temperature below 0 °C (32 °F), with a record low of 1.1 °C (34.0 °F) in the northwest city of Dinajpur on 3 February 1905. ] A warm and humid monsoon season lasts from June to October and supplies most of the country's rainfall. Natural calamities, such as floods , tropical cyclones , tornadoes , and tidal bores occur almost every year, ] combined with the effects of deforestation , soil degradation and erosion . The cyclones of 1970 and 1991 were particularly devastating, the latter killing approximately 140,000 people. ] In September 1998, Bangladesh saw the most severe flooding in modern history, after which two-thirds of the country went underwater, along with a death toll of 1,000. ] As a result of various international and national level initiatives in disaster risk reduction, the human toll and economic damage from floods and cyclones have come down over the years. ] The 2007 South Asian floods ravaged areas across the country, leaving five million people displaced, with a death toll around 500. ] Bangladesh is recognised to be one of the countries most vulnerable to climate change . ] ] Over the course of a century, 508 cyclones have affected the Bay of Bengal region, 17 percent of which are believed to have made landfall in Bangladesh. ] Natural hazards that come from increased rainfall, rising sea levels, and tropical cyclones are expected to increase as the climate changes, each seriously affecting agriculture, water and food security, human health, and shelter. ] It is estimated that by 2050, a three-foot rise in sea levels will inundate some 20 percent of the land and displace more than 30 million people. ] To address the sea level rise threat in Bangladesh, the Bangladesh Delta Plan 2100 has been launched. ] ] Bangladesh is located in the Indomalayan realm , and lies within four terrestrial ecoregions: Lower Gangetic Plains moist deciduous forests , Mizoram–Manipur–Kachin rain forests , Sundarbans freshwater swamp forests , and Sundarbans mangroves . ] Its ecology includes a long sea coastline, numerous rivers and tributaries , lakes, wetlands , evergreen forests, semi evergreen forests, hill forests, moist deciduous forests , freshwater swamp forests and flat land with tall grass. The Bangladesh Plain is famous for its fertile alluvial soil which supports extensive cultivation. The country is dominated by lush vegetation, with villages often buried in groves of mango , jackfruit , bamboo , betel"
"is famous for its fertile alluvial soil which supports extensive cultivation. The country is dominated by lush vegetation, with villages often buried in groves of mango , jackfruit , bamboo , betel nut , coconut , and date palm . ] The country has up to 6000 species of plant life, including 5000 flowering plants. ] Water bodies and wetland systems provide a habitat for many aquatic plants. Water lilies and lotuses grow vividly during the monsoon season. The country has 50 wildlife sanctuaries . Bangladesh is home to most of the Sundarbans , the world's largest mangrove forest , covering an area of 6,000 square kilometres (2,300 sq mi) in the southwest littoral region. It is divided into three protected sanctuaries–the South , East , and West zones. The forest is a UNESCO World Heritage Site. The northeastern Sylhet region is home to haor wetlands, a unique ecosystem. It also includes tropical and subtropical coniferous forests , a freshwater swamp forest , and mixed deciduous forests. The southeastern Chittagong region covers evergreen and semi-evergreen hilly jungles. Central Bangladesh includes the plainland Sal forest running along with the districts of Gazipur, Tangail , and Mymensingh . St. Martin's Island is the only coral reef in the country. Bangladesh has an abundance of wildlife in its forests, marshes, woodlands, and hills. ] The vast majority of animals dwell within a habitat of 150,000 square kilometres (58,000 sq mi). ] The Bengal tiger , clouded leopard , saltwater crocodile , black panther and fishing cat are among the chief predators in the Sundarbans. ] Northern and eastern Bangladesh is home to the Asian elephant , hoolock gibbon , Asian black bear and oriental pied hornbill . ] The chital deer are widely seen in southwestern woodlands. Other animals include the black giant squirrel , capped langur , Bengal fox , sambar deer , jungle cat , king cobra , wild boar , mongooses , pangolins , pythons and water monitors . Bangladesh has one of the largest populations of Irrawaddy and Ganges dolphins . ] The country has numerous species of amphibians (53), reptiles (139), marine reptiles (19) and marine mammals (5). It also has 628 species of birds . ] Several animals became extinct in Bangladesh during the last century, including the one-horned and two-horned rhinoceros and common peafowl . The human population is concentrated in urban areas, limiting deforestation to a certain extent. Rapid urban growth has threatened natural habitats. The country has widespread environmental issues; pollution of the Dhaleshwari River by the textile industry and shrimp cultivation in Chakaria Sundarbans have both been described by academics as ecocides . ] ] Although many areas are protected under law, some Bangladeshi wildlife is threatened by this growth. The Bangladesh Environment Conservation Act was enacted in 1995. The government has designated several regions as Ecologically Critical Areas , including wetlands, forests, and rivers. The"
"growth. The Bangladesh Environment Conservation Act was enacted in 1995. The government has designated several regions as Ecologically Critical Areas , including wetlands, forests, and rivers. The Sundarbans tiger project and the Bangladesh Bear Project are among the key initiatives to strengthen conservation. ] It ratified the Rio Convention on Biological Diversity on 3 May 1994. ] As of 2014 ] , the country was set to revise its National Biodiversity Strategy and Action Plan . ] Bangladesh is a de jure representative democracy under its constitution , with a Westminster -style parliamentary republic that has universal suffrage . The head of government is the Prime Minister, who forms a government every five years. The President invites the leader of the largest party in parliament to become prime minister. ] The Government of Bangladesh is overseen by a cabinet headed by the Prime Minister of Bangladesh . The tenure of a parliamentary government is five years. The Bangladesh Civil Service assists the cabinet in running the government. Recruitment for the civil service is based on a public examination. In theory, the civil service should be a meritocracy. But a disputed quota system coupled with politicisation and preference for seniority have allegedly affected the civil service's meritocracy. ] The President of Bangladesh is the ceremonial head of state ] whose powers include signing bills passed by parliament into law. The President is the Supreme Commander of the Bangladesh Armed Forces and the chancellor of all universities. The Supreme Court of Bangladesh is the highest court of the land, followed by the High Court and Appellate Divisions. The head of the judiciary is the Chief Justice of Bangladesh , who sits on the Supreme Court. The courts have wide latitude in judicial review , and judicial precedent is supported by Article 111 of the constitution. The judiciary includes district and metropolitan courts divided into civil and criminal courts. Due to a shortage of judges, the judiciary has a large backlog. The Jatiya Sangshad (National Parliament) is the unicameral parliament. It has 350 members of parliament (MPs), including 300 MPs elected on the first past the post system and 50 MPs appointed to reserved seats for women's empowerment . Article 70 of the Constitution of Bangladesh forbids MPs from voting against their party. However, several laws proposed independently by MPs have been transformed into legislation, including the anti-torture law. ] The parliament is presided over by the Speaker of the Jatiya Sangsad , who is second in line to the president as per the constitution. ] Bangladesh is divided into eight administrative divisions, ] ] ] each named after their respective divisional headquarters: Barisal (officially Barishal ] ), Chittagong (officially Chattogram ] ), Dhaka , Khulna , Mymensingh , Rajshahi, Rangpur, and Sylhet. Divisions are subdivided into districts ( zila ). There are 64 districts in Bangladesh, each"
"] ), Chittagong (officially Chattogram ] ), Dhaka , Khulna , Mymensingh , Rajshahi, Rangpur, and Sylhet. Divisions are subdivided into districts ( zila ). There are 64 districts in Bangladesh, each further subdivided into upazila (subdistricts) or thana . The area within each police station, except for those in metropolitan areas, is divided into several unions , with each union consisting of multiple villages. In the metropolitan areas, police stations are divided into wards, further divided into mahallas . There are no elected officials at the divisional or district levels, and the administration is composed only of government officials. Direct elections are held in each union (or ward) for a chairperson and several members. In 1997, a parliamentary act was passed to reserve three seats (out of 12) in every union for female candidates. ] Bangladesh is considered a middle power in global politics . ] It plays an important role in the geopolitical affairs of the Indo-Pacific , ] due to its strategic location between South and Southeast Asia. ] Bangladesh joined the Commonwealth of Nations in 1972 and the United Nations in 1974. ] ] It relies on multilateral diplomacy on issues like climate change, nuclear nonproliferation, trade policy and non-traditional security issues. ] Bangladesh pioneered the creation of SAARC , which has been the preeminent forum for regional diplomacy among the countries of the Indian subcontinent . ] It joined the Organisation of Islamic Cooperation in 1974, ] and is a founding member of the Developing 8 Countries . ] In recent years, Bangladesh has focused on promoting regional trade and transport links with support from the World Bank . ] Dhaka hosts the headquarters of BIMSTEC , an organisation that brings together countries dependent on the Bay of Bengal . Relations with neighbouring Myanmar have been severely strained since 2016–2017, after over 700,000 Rohingya refugees illegally entered Bangladesh. ] The parliament, government, and civil society of Bangladesh have been at the forefront of international criticism against Myanmar for military operations against the Rohingya, and have demanded their right of return to Arakan . ] ] Bangladesh shares an important bilateral and economic relationship with its largest neighbour India, ] which is often strained by water politics of the Ganges and the Teesta , ] ] ] and the border killings of Bangladeshi civilians . ] ] Post-independent Bangladesh has continued to have a problematic relationship with Pakistan, mainly due to its denial of the 1971 Bangladesh genocide. ] It maintains a warm relationship with China, which is its largest trading partner, and the largest arms supplier. ] Japan is Bangladesh's largest economic aid provider, and the two maintain a strategic and economic partnership . ] Political relations with Middle Eastern countries are robust. ] Bangladesh receives 59% of its remittances from the Middle East, ] despite poor working conditions affecting over"
"partnership . ] Political relations with Middle Eastern countries are robust. ] Bangladesh receives 59% of its remittances from the Middle East, ] despite poor working conditions affecting over four million Bangladeshi workers . ] Bangladesh plays a major role in global climate diplomacy as a leader of the Climate Vulnerable Forum . ] The Bangladesh Armed Forces have inherited the institutional framework of the British military and the British Indian Army . ] In 2022, the active personnel strength of the Bangladesh Army was around 250,000, ] excluding the Air Force and the Navy (24,000). ] In addition to traditional defence roles, the military has supported civil authorities in disaster relief and provided internal security during periods of political unrest. For many years, Bangladesh has been the world's largest contributor to UN peacekeeping forces . The military budget of Bangladesh accounts for 1.3% of GDP, amounting to US$4.3 billion in 2021. ] ] The Bangladesh Navy , one of the largest in the Bay of Bengal, includes a fleet of frigates, submarines, corvettes, and other vessels. The Bangladesh Air Force has a small fleet of multi-role combat aircraft. Most of Bangladesh's military equipment comes from China. ] In recent years, Bangladesh and India have increased joint military exercises, high-level visits of military leaders, counter-terrorism cooperation and intelligence sharing. Bangladesh is vital to ensuring stability and security in northeast India . ] ] Bangladesh's strategic importance in the eastern subcontinent hinges on its proximity to China, its frontier with Burma, the separation of mainland and northeast India, and its maritime territory in the Bay of Bengal. ] In 2002, Bangladesh and China signed a Defence Cooperation Agreement. ] The United States has pursued negotiations with Bangladesh on a Status of Forces Agreement , an Acquisition and Cross-Servicing Agreement and a General Security of Military Information Agreement. ] ] ] In 2019, Bangladesh ratified the UN Treaty on the Prohibition of Nuclear Weapons . ] Since the colonial period, Bangladesh has had a prominent civil society . There are various special interest groups, including non-governmental organisations , human rights organisations, professional associations, chambers of commerce , employers' associations, and trade unions. ] The National Human Rights Commission of Bangladesh was set up in 2007. Notable human rights organisations and initiatives include the Centre for Law and Media"
"To ensure that all Wikipedia content is verifiable , Wikipedia provides a means for anyone to question an uncited claim . If your work has been tagged, please provide a reliable source for the statement, and discuss if needed. You can add a citation by selecting from the drop-down menu at the top of the editing box . In markup , you can add a citation manually using ref tags . There are also more elaborate ways to cite sources . In wiki markup , you can question an uncited claim by inserting a simple {{ Citation needed }} tag, or a more comprehensive {{Citation needed|reason= Your explanation here |date=October 2024}} . Alternatively, {{ fact }} and {{ cn }} will produce the same result. These all display as: Example: 87 percent of statistics are made up on the spot. citation needed ] For information on adding citations in articles, see Help:Referencing for beginners . For information on when to remove this template messages, see Help:Maintenance template removal . A ""citation needed"" tag is a request for another editor to supply a source for the tagged fact: a form of communication between members of a collaborative editing community. It is never, in itself, an ""improvement"" of an article. Though readers may be alerted by a ""citation needed"" that a particular statement is not supported, and even doubted by some, many readers don't fully understand the community's processes. Not all tags get addressed in a timely manner, staying in place for months or years, forming an ever-growing Wikipedia backlog —this itself can be a problem. Best practice recommends the following: Before adding a tag, at least consider the following alternatives, one of which may prove much more constructive: There are 528,224 articles with ""Citation needed"" statements. You can browse the whole list of these articles at Category:All articles with unsourced statements . Frequently the authors of statements do not return to Wikipedia to support the statement with citations, so other Wikipedia editors have to do work checking those statements. With 528,224 articles containing statements that need WP:Verification , sometimes it's hard to choose which article to work on. The tool Citation Hunt makes that easier by suggesting random articles, which you can sort by topical category membership."
"British Columbia (commonly abbreviated as BC ) is the westernmost province of Canada . Situated in the Pacific Northwest between the Pacific Ocean and the Rocky Mountains , the province has a diverse geography, with rugged landscapes that include rocky coastlines, sandy beaches, forests, lakes, mountains, inland deserts and grassy plains. ] British Columbia borders the province of Alberta to the east; the territories of Yukon and Northwest Territories to the north; the U.S. states of Washington , Idaho and Montana to the south, and Alaska to the northwest. With an estimated population of over 5.6 million as of 2024, it is Canada's third-most populous province . The capital of British Columbia is Victoria , while the province's largest city is Vancouver . Vancouver and its suburbs together make up the third-largest metropolitan area in Canada , with the 2021 census recording 2.6 million people in Metro Vancouver . ] British Columbia is Canada's third-largest province in terms of total area, after Quebec and Ontario. ] The first known human inhabitants of the area settled in British Columbia at least 10,000 years ago. Such groups include the Coast Salish , Tsilhqotʼin , and Haida peoples, among many others. One of the earliest British settlements in the area was Fort Victoria , established in 1843, which gave rise to the city of Victoria, the capital of the Colony of Vancouver Island . The Colony of British Columbia (1858–1866) was subsequently founded by Richard Clement Moody , ] and by the Royal Engineers, Columbia Detachment , in response to the Fraser Canyon Gold Rush . Moody selected the site for and founded the mainland colony's capital New Westminster . ] ] ] The colonies of Vancouver Island and British Columbia were incorporated in 1866, subsequent to which Victoria became the united colony's capital. In 1871, British Columbia entered Confederation as the sixth province of Canada, in enactment of the British Columbia Terms of Union . British Columbia is a diverse and cosmopolitan province, drawing on a plethora of cultural influences from its British Canadian , European , and Asian diasporas , as well as the Indigenous population . Though the province's ethnic majority originates from the British Isles , many British Columbians also trace their ancestors to continental Europe , East Asia , and South Asia . ] Indigenous Canadians constitute about 6 percent of the province's total population. ] Christianity is the largest religion in the region, though the majority of the population is non-religious. ] ] English is the common language of the province, although Punjabi , Mandarin Chinese , and Cantonese also have a large presence in the Metro Vancouver region. The Franco-Columbian community is an officially recognized linguistic minority, and around one percent of British Columbians claim French as their mother tongue . ] British Columbia is home to at least 34 distinct Indigenous languages . ] Major sectors of British Columbia's economy"
"around one percent of British Columbians claim French as their mother tongue . ] British Columbia is home to at least 34 distinct Indigenous languages . ] Major sectors of British Columbia's economy include forestry , mining , filmmaking and video production , tourism , real estate , construction , wholesale , and retail . Its main exports include lumber and timber , pulp and paper products, copper , coal , and natural gas . ] British Columbia exhibits high property values and is a significant centre for maritime trade : ] the Port of Vancouver is the largest port in Canada and the most diversified port in North America . ] Although less than 5 percent of the province's territory is arable land , significant agriculture exists in the Fraser Valley and Okanagan due to the warmer climate. ] British Columbia is home to 45% of all publicly listed companies in Canada. ] The province's name was chosen by Queen Victoria , when the Colony of British Columbia (1858–1866) , i.e., ""the Mainland"", became a British colony in 1858. ] It refers to the Columbia District , the British name for the territory drained by the Columbia River , in southeastern British Columbia, which was the namesake of the pre- Oregon Treaty Columbia Department of the Hudson's Bay Company . Queen Victoria chose British Columbia to distinguish what was the British sector of the Columbia District from the United States' (""American Columbia"" or ""Southern Columbia""), which became the Oregon Territory on August 8, 1848, as a result of the treaty. ] Ultimately, the Columbia in the name British Columbia is derived from the name of the Columbia Rediviva , an American ship which lent its name to the Columbia River and later the wider region; ] the Columbia in the name Columbia Rediviva came from the name Columbia for the New World or parts thereof , a reference to Christopher Columbus . The governments of Canada and British Columbia recognize Colombie-Britannique as the French name for the province. ] ] British Columbia is bordered to the west by the Pacific Ocean and the American state of Alaska , to the north by Yukon and the Northwest Territories , to the east by the province of Alberta , and to the south by the American states of Washington , Idaho , and Montana . The southern border of British Columbia was established by the 1846 Oregon Treaty, although its history is tied with lands as far south as California . British Columbia's land area is 944,735 square kilometres (364,800 sq mi). British Columbia's rugged coastline stretches for more than 27,000 kilometres (17,000 mi), and includes deep, mountainous fjords and about 6,000 islands, most of which are uninhabited. It is the only province in Canada that borders the Pacific Ocean. British Columbia's highest mountain is Mount Fairweather ; the highest mountain entirely within the province is Mount Waddington . British Columbia's capital is Victoria , located at the southeastern tip of Vancouver Island . Only a narrow strip of Vancouver"
"the highest mountain entirely within the province is Mount Waddington . British Columbia's capital is Victoria , located at the southeastern tip of Vancouver Island . Only a narrow strip of Vancouver Island, from Campbell River to Victoria, is significantly populated. Much of the western part of Vancouver Island and the rest of the coast is covered by temperate rainforest . The province's most populous city is Vancouver, which is at the confluence of the Fraser River and Georgia Strait , in the mainland's southwest corner (an area often called the Lower Mainland ). By land area, Abbotsford is the largest city. Vanderhoof is near the geographic centre of the province. ] The Coast Mountains and the Inside Passage 's many inlets provide some of British Columbia's renowned and spectacular scenery, which forms the backdrop and context for a growing outdoor adventure and ecotourism industry. 75 percent of the province is mountainous (more than 1,000 m above sea level ); 60 percent is forested; and only about 5 percent is arable. The province's mainland away from the coastal regions is somewhat moderated by the Pacific Ocean. Terrain ranges from dry inland forests and semi-arid valleys, to the range and canyon districts of the Central and Southern Interior , to boreal forest and subarctic prairie in the Northern Interior. High mountain regions both north and south have subalpine flora ] and subalpine climate . The Okanagan wine area , extending from Vernon to Osoyoos at the United States border, is one of several wine and cider -producing regions in Canada. Other wine regions in British Columbia include the Cowichan Valley on Vancouver Island and the Fraser Valley . The Southern Interior cities of Kamloops and Penticton have some of the warmest and longest summer climates in Canada (while higher elevations are cold and snowy), although their temperatures are often exceeded north of the Fraser Canyon , close to the confluence of the Fraser and Thompson rivers, where the terrain is rugged and covered with desert-type flora. Semi-desert grassland is found in large areas of the Interior Plateau , with land uses ranging from ranching at lower altitudes to forestry at higher ones. The northern, mostly mountainous, two-thirds of the province is largely unpopulated and undeveloped, except for the area east of the Rockies , where the Peace River Country contains BC's portion of the Canadian Prairies , centred at the city of Dawson Creek . British Columbia is considered part of the Pacific Northwest and the Cascadia bioregion , along with the American states of Alaska, Idaho, (western) Montana, Oregon , Washington, and (northern) California . ] ] Because of the many mountain ranges and rugged coastline, British Columbia's climate varies dramatically across the province. Coastal southern British Columbia has a mild and rainy climate influenced by the North Pacific Current . Most of the region is classified as oceanic , though pockets of warm-summer Mediterranean"
"Coastal southern British Columbia has a mild and rainy climate influenced by the North Pacific Current . Most of the region is classified as oceanic , though pockets of warm-summer Mediterranean climate also exist in the far-southern parts of the coast. Precipitation averages above 1,000 mm (39 in) in almost all of the coastal region, and Hucuktlis Lake on Vancouver Island receives an average of 6,903 mm (271.8 in) of rain annually. Due to the blocking presence of successive mountain ranges, the climate of some of the interior valleys of the province (such as the Thompson, parts of the Fraser Canyon, the southern Cariboo and parts of the Okanagan) is semi-arid with certain locations receiving less than 250 millimetres (10 in) in annual precipitation. The annual mean temperature in the most populated areas of the province is up to 12 °C (54 °F), the mildest anywhere in Canada. The valleys of the Southern Interior have short winters with only brief bouts of cold or infrequent heavy snow, while those in the Cariboo , in the Central Interior , are colder because of increased altitude and latitude, but without the intensity or duration experienced at similar latitudes elsewhere in Canada. Outside of the driest valleys, the Southern and Central Interior generally have a humid continental climate with widely variable precipitation. For example, the average daily low in Prince George (roughly in the middle of the province) in January is −12 °C (10 °F). ] Small towns in the southern interior with high elevation such as Princeton are typically colder and snowier than cities in the valleys. ] Heavy snowfall occurs in all elevated mountainous terrain providing bases for skiers in both south and central British Columbia. Annual snowfall on highway mountain passes in the southern interior rivals some of the snowiest cities in Canada, ] and freezing rain and fog are sometimes present on such roads as well. ] This can result in hazardous driving conditions, as people are usually travelling between warmer areas such as Vancouver or Kamloops , and may be unaware that the conditions may be slippery and cold. ] Winters are generally severe in the Northern Interior which is generally in the subarctic climate zone, but even there, milder air can penetrate far inland. The coldest temperature in British Columbia was recorded in Smith River , where it dropped to −58.9 °C (−74.0 °F) on January 31, 1947, ] one of the coldest readings recorded anywhere in North America. Atlin in the province's far northwest, along with the adjoining Southern Lakes region of Yukon , get midwinter thaws caused by the Chinook effect, which is also common (and much warmer) in more southerly parts of the Interior. During winter on the coast, rainfall , sometimes relentless heavy rain, dominates because of consistent barrages of cyclonic low-pressure systems from the North Pacific. Average snowfall on the coast during a normal winter is between 25 and 50 centimetres (10 and 20 in), but on"
"because of consistent barrages of cyclonic low-pressure systems from the North Pacific. Average snowfall on the coast during a normal winter is between 25 and 50 centimetres (10 and 20 in), but on occasion (and not every winter) heavy snowfalls with more than 20 centimetres (8 in) and well below freezing temperatures arrive when modified arctic air reaches coastal areas, typically for short periods, and can take temperatures below −10 °C (14 °F), even at sea level. Arctic outflow winds can occasionally result in wind chill temperatures at or even below −17.8 °C (0.0 °F). citation needed ] While winters are very wet, coastal areas are generally milder and dry during summer under the influence of stable anti-cyclonic high pressure. Southern Interior valleys are hot in summer; for example, in Osoyoos , the July maximum temperature averages 31.7 °C (89.1 °F), making it the hottest month of any location in Canada; this hot weather sometimes spreads towards the coast or to the far north of the province. Temperatures often exceed 40 °C (104 °F) in the lower elevations of valleys in the Interior during mid-summer, with the record high of 49.6 °C (121.3 °F) being held in Lytton on June 29, 2021, during a record-breaking heat wave that year . ] The extended summer dryness often creates conditions that spark forest fires, from dry-lightning or man-made causes. Many areas of the province are often covered by a blanket of heavy cloud and low fog during the winter months, in contrast to abundant summer sunshine. Annual sunshine hours vary from 2200 near Cranbrook and Victoria to less than 1300 in Prince Rupert , on the North Coast just south of Southeast Alaska . The exception to British Columbia's wet and cloudy winters is during the El Niño phase. During El Niño events, the jet stream is much farther south across North America, making the province's winters milder and drier than normal. Winters are much wetter and cooler during the opposite phase, La Niña . There are 14 designations of parks and protected areas in the province that reflect the different administration and creation of these areas in a modern context. There are 141 ecological reserves, 35 provincial marine parks, 7 provincial heritage sites, 6 National Historic Sites of Canada , 4 national parks and 3 national park reserves. 12.5 percent of the province's area (114,000 km 2 or 44,000 sq mi) is considered protected under one of the 14 different designations that includes over 800 distinct areas. British Columbia contains seven of Canada's national parks and National Park Reserves: British Columbia contains a large number of provincial parks , run by BC Parks under the aegis of the Ministry of Environment. British Columbia's provincial parks system is the second largest parks system in Canada, the largest being Canada's National Parks system. Another tier of parks in British Columbia are regional parks , which are maintained and run by the province's regional districts . The Ministry of Forests"
"being Canada's National Parks system. Another tier of parks in British Columbia are regional parks , which are maintained and run by the province's regional districts . The Ministry of Forests operates forest recreation sites. In addition to these areas, over 47,000 square kilometres (18,000 sq mi) of arable land are protected by the Agricultural Land Reserve . Much of the province is undeveloped, so populations of many mammalian species that have become rare in much of the United States still flourish in British Columbia. ] Watching animals of various sorts, including a very wide range of birds, has long been popular. Bears ( grizzly , black —including the Kermode bear or spirit bear) live here, as do deer , elk , moose , caribou , big-horn sheep , mountain goats , marmots , beavers , muskrats , coyotes , wolves , mustelids (such as wolverines , badgers and fishers ), cougars , eagles , ospreys , herons , Canada geese , swans , loons , hawks , owls , ravens , harlequin ducks , and many other sorts of ducks. Smaller birds ( robins , jays , grosbeaks , chickadees , and so on) also abound. ] Murrelets are known from Frederick Island, a small island off the coast of Haida Gwaii . ] Many healthy populations of fish are present, including salmonids such as several species of salmon , trout , steelhead , and char . Besides salmon and trout, sport-fishers in BC also catch halibut , bass , and sturgeon . On the coast, harbour seals and river otters are common. ] Cetacean species native to the coast include the orca , humpback whale , grey whale , harbour porpoise , Dall's porpoise , Pacific white-sided dolphin and minke whale . Some endangered species in British Columbia are: Vancouver Island marmot , spotted owl , American white pelican , and badgers. White spruce or Engelmann spruce and their hybrids occur in 12 of the 14 biogeoclimatic zones of British Columbia . ] Common types of trees present in BC's forests include western redcedar , yellow-cedar , Rocky Mountain juniper , lodgepole pine , ponderosa or yellow pine , whitebark pine , limber pine , western white pine , western larch , tamarack , alpine larch , white spruce , Engelmann spruce , Sitka spruce , black spruce , grand fir , Amabilis fir , subalpine fir , western hemlock , mountain hemlock , Douglas-fir , western yew , Pacific dogwood , bigleaf maple , Douglas maple , vine maple , arbutus , black hawthorn , cascara , Garry oak , Pacific crab apple , choke cherry , pin cherry , bitter cherry , red alder , mountain alder , paper birch , water birch , black cottonwood , balsam poplar , trembling aspen . First Nations peoples of British Columbia used plants for food, and to produce material goods like fuel and building products. Plant foods included berries, and roots like camas . ] Environment Canada subdivides British Columbia into six ecozones : The area now known as British Columbia is home to First Nations groups that have a deep history with a significant number of indigenous languages."
"subdivides British Columbia into six ecozones : The area now known as British Columbia is home to First Nations groups that have a deep history with a significant number of indigenous languages. There are more than 200 First Nations in BC. Prior to contact (with non-Aboriginal people), human history is known from oral histories, archaeological investigations, and from early records from explorers encountering societies early in the period. The arrival of Paleoindians from Beringia took place between 20,000 and 12,000 years ago. ] Hunter-gatherer families were the main social structure from 10,000 to 5,000 years ago. ] The nomadic population lived in non-permanent structures foraging for nuts, berries and edible roots while hunting and trapping larger and small game for food and furs. ] Around 5,000 years ago individual groups started to focus on resources available to them locally. Coast Salish peoples had complex land management practices linked to ecosystem health and resilience. Forest gardens on Canada's northwest coast included crabapple, hazelnut, cranberry, wild plum, and wild cherry species. ] Thus with the passage of time there is a pattern of increasing regional generalization with a more sedentary lifestyle . ] These indigenous populations evolved over the next 5,000 years across a large area into many groups with shared traditions and customs. To the northwest of the province are the peoples of the Na-Dene languages , which include the Athapaskan-speaking peoples and the Tlingit , who live on the islands of southern Alaska and northern British Columbia. The Na-Dene language group is believed to be linked to the Yeniseian languages of Siberia: ] the Dene of the western Arctic may represent a distinct wave of migration from Asia to North America. ] The Interior of British Columbia is home to the Salishan language groups such as the Shuswap (Secwepemc) , Okanagan and Athabaskan language groups, primarily the Dakelh (Carrier) and the Tsilhqotʼin . ] The inlets and valleys of the British Columbia coast shelter large, distinctive populations, such as the Haida , Kwakwakaʼwakw and Nuu-chah-nulth , sustained by the region's abundant salmon and shellfish. ] These peoples developed complex cultures dependent on the western red cedar that included wooden houses, seagoing whaling and war canoes and elaborately carved potlatch items and totem poles . ] Contact with Europeans brought a series of devastating epidemics of diseases the people had no immunity to. ] The population dramatically collapsed, culminating in the 1862 smallpox outbreak in Victoria that spread throughout the coast. European settlement did not bode well for the remaining native population of British Columbia. Colonial officials deemed colonists could make better use of the land than the First Nations people, and thus the land should be owned by the colonists. ] : 120 To ensure colonists would be able to settle properly and make use of the land, First Nations were forcibly"
"than the First Nations people, and thus the land should be owned by the colonists. ] : 120 To ensure colonists would be able to settle properly and make use of the land, First Nations were forcibly relocated onto reserves , which were often too small to support their way of life. ] : 120–121 By the 1930s, British Columbia had over 1500 reserves. ] : 121 Lands now known as British Columbia were added to the British Empire during the 19th century. Colonies originally begun with the support of the Hudson's Bay Company (Vancouver Island, the mainland) were amalgamated, then entered Confederation as British Columbia in 1871 as part of the Dominion of Canada. During the 1770s, smallpox killed at least 30 percent of the Pacific Northwest First Nations . ] This devastating epidemic was the first in a series; the 1862 Pacific Northwest smallpox epidemic killed about half to two-thirds of the native population of what became British Columbia. ] ] ] The arrival of Europeans began around the mid-18th century, as fur traders entered the area to harvest sea otters . While it is thought Sir Francis Drake may have explored the British Columbian coast in 1579, it was Juan Pérez who completed the first documented voyage, which took place in 1774. Juan Francisco de la Bodega y Quadra explored the coast in 1775. In doing so, Pérez and Quadra reasserted the Spanish claim for the Pacific coast , first made by Vasco Núñez de Balboa in 1513. The explorations of James Cook in 1778 and George Vancouver in 1792 and 1793 established British jurisdiction over the coastal area north and west of the Columbia River. In 1793, Sir Alexander Mackenzie was the first European to journey across North America overland to the Pacific Ocean, inscribing a stone marking his accomplishment on the shoreline of Dean Channel near Bella Coola . His expedition theoretically established British sovereignty inland, and a succession of other fur company explorers charted the maze of rivers and mountain ranges between the Canadian Prairies and the Pacific. Mackenzie and other explorers—notably John Finlay , Simon Fraser , Samuel Black , and David Thompson —were primarily concerned with extending the fur trade , rather than political considerations. citation needed ] In 1794, by the third of a series of agreements known as the Nootka Conventions , Spain conceded its claims of exclusivity in the Pacific. This opened the way for formal claims and colonization by other powers, including Britain, but because of the Napoleonic Wars , there was little British action on its claims in the region until later. The establishment of trading posts by the North West Company and the Hudson's Bay Company (HBC), effectively established a permanent British presence in the region. The Columbia District was broadly defined as being south of 54°40 north latitude, (the southern limit of Russian America ), north of Mexican-controlled California, and west of the Rocky Mountains . It was, by the Anglo-American Convention"
"as being south of 54°40 north latitude, (the southern limit of Russian America ), north of Mexican-controlled California, and west of the Rocky Mountains . It was, by the Anglo-American Convention of 1818 , under the ""joint occupancy and use"" of citizens of the United States and subjects of Britain (which is to say, the fur companies). ] This co-occupancy was ended with the Oregon Treaty of 1846. The major supply route was the York Factory Express between Hudson Bay and Fort Vancouver . Some of the early outposts grew into settlements, communities, and cities. Among the places in British Columbia that began as fur trading posts are Fort St. John (established 1794); Hudson's Hope (1805); Fort Nelson (1805); Fort St. James (1806); Prince George (1807); Kamloops (1812); Fort Langley (1827); Fort Victoria (1843); Yale (1848); and Nanaimo (1853). Fur company posts that became cities in what is now the United States include Vancouver, Washington ( Fort Vancouver ), formerly the ""capital"" of Hudson's Bay operations in the Columbia District, Colville, Washington and Walla Walla, Washington (old Fort Nez Percés ). With the amalgamation of the two fur trading companies in 1821, modern-day British Columbia existed in three fur trading departments. The bulk of the central and northern interior was organized into the New Caledonia district, administered from Fort St. James. The interior south of the Thompson River watershed and north of the Columbia was organized into the Columbia District, administered from Fort Vancouver on the lower Columbia River. The northeast corner of the province east of the Rockies, known as the Peace River Block, was attached to the much larger Athabasca District , headquartered in Fort Chipewyan , in present-day Alberta. Until 1849, these districts were a wholly unorganized area of British North America under the de facto jurisdiction of HBC administrators; however, unlike Rupert's Land to the north and east, the territory was not a concession to the company. Rather, it was simply granted a monopoly to trade with the First Nations inhabitants. All that was changed with the westward extension of American exploration and the concomitant overlapping claims of territorial sovereignty, especially in the southern Columbia Basin (within present day Washington and Oregon ). In 1846, the Oregon Treaty divided the territory along the 49th parallel to the Strait of Georgia , with the area south of this boundary (excluding Vancouver Island and the Gulf Islands ) transferred to sole American sovereignty. The Colony of Vancouver Island was created in 1849, with Victoria designated as the capital. New Caledonia, as the whole of the mainland rather than just its north-central Interior came to be called, continued to be an unorganized territory of British North America, ""administered"" by individual HBC trading post managers. With the Fraser Canyon Gold Rush in 1858, an influx of Americans into New Caledonia prompted the colonial office to"
"of British North America, ""administered"" by individual HBC trading post managers. With the Fraser Canyon Gold Rush in 1858, an influx of Americans into New Caledonia prompted the colonial office to designate the mainland as the Colony of British Columbia. When news of the Fraser Canyon Gold Rush reached London, Richard Clement Moody was hand-picked by the Colonial Office , under Sir Edward Bulwer-Lytton , to establish British order and to transform the newly established Colony of British Columbia into the British Empire's ""bulwark in the farthest west"" ] and ""found a second England on the shores of the Pacific"". ] Lytton desired to send to the colony ""representatives of the best of British culture, not just a police forc"
"Saskatchewan ( ⓘ sə- SKATCH -(ə-)wən , .mw-parser-output .IPA-label-small{font-size:85%}.mw-parser-output .references .IPA-label-small,.mw-parser-output .infobox .IPA-label-small,.mw-parser-output .navbox .IPA-label-small{font-size:100%} Canadian French : ] ) is a province in Western Canada . It is bordered on the west by Alberta , on the north by the Northwest Territories , on the east by Manitoba , to the northeast by Nunavut , and to the south by the United States ( Montana and North Dakota ). Saskatchewan and Alberta are the only landlocked provinces of Canada. In 2024, Saskatchewan's population was estimated at 1,239,865. ] Nearly 10% of Saskatchewan's total area of 651,900 km 2 (251,700 sq mi) is fresh water, mostly rivers, reservoirs, and lakes . Residents live primarily in the southern prairie half of the province, while the northern half is mostly forested and sparsely populated. Roughly half live in the province's largest city, Saskatoon , or the provincial capital, Regina . Other notable cities include Prince Albert , Moose Jaw , Yorkton , Swift Current , North Battleford , Estevan , Weyburn , Melfort , and the border city of Lloydminster . ] English is the primary language of the province, with 82.4% of Saskatchewanians speaking English as their first language . ] Saskatchewan has been inhabited for thousands of years by indigenous peoples . Europeans first explored the area in 1690 and first settled in the area in 1774. It became a province in 1905, carved out from the vast North-West Territories , which had until then included most of the Canadian Prairies . In the early 20th century, the province became known as a stronghold for Canadian social democracy; North America's first social-democratic government was elected in 1944 . The province's economy is based on agriculture , mining , and energy . Saskatchewan is presently governed by Premier Scott Moe , the leader of the Saskatchewan Party , which has been in power since 2007. In 1992, the federal and provincial governments signed a historic land claim agreement with First Nations in Saskatchewan . ] The First Nations received compensation which they could use to buy land on the open market for the bands. They have acquired about 3,079 km 2 (761,000 acres; 1,189 sq mi), new reserve lands under this process. Some First Nations have used their settlement to invest in urban areas, including Regina and Saskatoon. ] The name of the province is derived from the Saskatchewan River . The river is known as ᑭᓯᐢᑳᒋᐘᓂ ᓰᐱᐩ kisiskāciwani-sīpiy (""swift flowing river"") in the Cree language . ] Anthony Henday's spelling was Keiskatchewan , with the modern rendering, Saskatchewan , being officially adopted in 1882, when a portion of the present-day province was designated a provisional district of the North-West Territories . ] Saskatchewan is the only province without a natural border . As its borders follow geographic lines of longitude and latitude , the province is roughly a quadrilateral , or a"
"Territories . ] Saskatchewan is the only province without a natural border . As its borders follow geographic lines of longitude and latitude , the province is roughly a quadrilateral , or a shape with four sides. However, the southern border on the 49th parallel and the northern border on the 60th parallel curve to the left as one proceeds east, as do all parallels in the Northern Hemisphere. Additionally, the eastern boundary of the province follows range lines and correction lines of the Dominion Land Survey , laid out by surveyors prior to the Dominion Lands Act homestead program (1880–1928). Saskatchewan is part of the western provinces and is bounded on the west by Alberta , on the north by the Northwest Territories , on the north-east by Nunavut , on the east by Manitoba , and on the south by the U.S. states of Montana and North Dakota . Saskatchewan has the distinction of being the only Canadian province for which no borders correspond to physical geographic features (i.e. they are all parallels and meridians). Along with Alberta, Saskatchewan is one of only two land-locked provinces. The overwhelming majority of Saskatchewan's population is in the southern third of the province, south of the 53rd parallel . Saskatchewan contains two major natural regions: the boreal forest in the north and the prairies in the south. They are separated by an aspen parkland transition zone near the North Saskatchewan River on the western side of the province, and near to south of the Saskatchewan River on the eastern side. Northern Saskatchewan is mostly covered by forest except for the Lake Athabasca Sand Dunes , the largest active sand dunes in the world north of 58°, and adjacent to the southern shore of Lake Athabasca . Southern Saskatchewan contains another area with sand dunes known as the ""Great Sand Hills"" covering over 300 km 2 (120 sq mi). The Cypress Hills , in the southwestern corner of Saskatchewan and Killdeer Badlands ( Grasslands National Park ), are areas of the province that were unglaciated during the last glaciation period, the Wisconsin glaciation . The province's highest point, at 1,392 m (4,567 ft), is in the Cypress Hills less than 2 km (1.2 mi) from the provincial boundary with Alberta. ] The lowest point is the shore of Lake Athabasca , at 213 m (699 ft). The province has 14 major drainage basins made up of various rivers and watersheds draining into the Arctic Ocean , Hudson Bay and the Gulf of Mexico . ] Saskatchewan receives more hours of sunshine than any other Canadian province. ] The province lies far from any significant body of water. This fact, combined with its northerly latitude, gives it a warm summer, corresponding to its humid continental climate ( Köppen type Dfb ) in the central and most of the eastern parts of the province, as well as the Cypress Hills ; drying off to a semi-arid steppe climate (Köppen type BSk ) in the southwestern part of the province. Drought can affect agricultural areas during long periods"
"as well as the Cypress Hills ; drying off to a semi-arid steppe climate (Köppen type BSk ) in the southwestern part of the province. Drought can affect agricultural areas during long periods with little or no precipitation at all. The northern parts of Saskatchewan – from about La Ronge northward – have a subarctic climate (Köppen Dfc ) with a shorter summer season. Summers can get very hot, sometimes above 38 °C (100 °F) during the day, and with humidity decreasing from northeast to southwest. Warm southern winds blow from the plains and intermontane regions of the Western United States during much of July and August, very cool or hot but changeable air masses often occur during spring and in September. Winters are usually bitterly cold, with frequent Arctic air descending from the north. ] with high temperatures not breaking −17 °C (1 °F) for weeks at a time. Warm chinook winds often blow from the west, bringing periods of mild weather. Annual precipitation averages 30 to 45 centimetres (12 to 18 inches) across the province, with the bulk of rain falling in June, July, and August. ] Saskatchewan is one of the most tornado -active parts of Canada , averaging roughly 12 to 18 tornadoes per year, some violent. In 2012, 33 tornadoes were reported in the province. The Regina Cyclone took place in June 1912 when 28 people died in an F4 Fujita scale tornado. Severe and non-severe thunderstorm events occur in Saskatchewan, usually from early spring to late summer. Hail, strong winds and isolated tornadoes are a common occurrence. The hottest temperature ever recorded in Saskatchewan was in July 1937 when the temperature rose to 45 °C (113 °F) in Midale and Yellow Grass . The coldest ever recorded in the province was −56.7 °C (−70.1 °F) in Prince Albert , north of Saskatoon, in February 1893. The effects of climate change in Saskatchewan are now being observed in parts of the province. There is evidence of reduction of biomass in Saskatchewan's boreal forests ] (as with those of other Canadian prairie provinces ) is linked by researchers to drought-related water stress, stemming from global warming , most likely caused by greenhouse gas emissions . While studies as early as 1988 (Williams, et al., 1988) have shown climate change will affect agriculture, ] the effects can be mitigated through adaptations of cultivars , or crops, is less clear. Resiliency of ecosystems may decline with large changes in temperature. ] The provincial government has responded to the threat of climate change by introducing a plan to reduce carbon emissions , ""The Saskatchewan Energy and Climate Change Plan"", in June 2007. Saskatchewan has been populated by various indigenous peoples of North America , including members of the Sarcee , Niitsitapi , Atsina , Cree , Saulteaux , Assiniboine (Nakoda), and Sioux . The first known European to enter Saskatchewan was Henry Kelsey from England in 1690, who travelled up the Saskatchewan River in hopes of trading fur with the region's"
"(Nakoda), and Sioux . The first known European to enter Saskatchewan was Henry Kelsey from England in 1690, who travelled up the Saskatchewan River in hopes of trading fur with the region's indigenous peoples. Fort La Jonquière and Fort de la Corne were first established in 1751 and 1753 by early French explorers and traders. The first permanent European settlement was a Hudson's Bay Company post at Cumberland House , founded in 1774 by Samuel Hearne . ] The southern part of the province was part of Spanish Louisiana from 1762 until 1802. ] In 1803, the Louisiana Purchase transferred from France to the United States part of what is now Alberta and Saskatchewan. In 1818, the U.S. ceded the area to Britain. Most of what is now Saskatchewan was part of Rupert's Land and controlled by the Hudson's Bay Company, which claimed rights to all watersheds flowing into Hudson Bay , including the Saskatchewan River , Churchill , Assiniboine , Souris , and Qu'Appelle River systems. In the late 1850s and early 1860s, scientific expeditions led by John Palliser and Henry Youle Hind explored the prairie region of the province. In 1870, Canada acquired the Hudson's Bay Company's territories and formed the North-West Territories to administer the vast territory between British Columbia and Manitoba . The Crown also entered into a series of numbered treaties with the indigenous peoples of the area, which serve as the basis of the relationship between First Nations , as they are called today, and the Crown. Since the late twentieth century, land losses and inequities as a result of those treaties have been subject to negotiation for settlement between the First Nations in Saskatchewan and the federal government, in collaboration with provincial governments. In 1876, following their defeat of United States Army forces at the Battle of the Little Bighorn in Montana Territory in the United States, the Lakota Chief Sitting Bull led several thousand of his people to Wood Mountain . Survivors and descendants founded Wood Mountain Reserve in 1914. The North-West Mounted Police set up several posts and forts across Saskatchewan, including Fort Walsh in the Cypress Hills, and Wood Mountain Post in south-central Saskatchewan near the United States border. Many Métis people, who had not been signatories to a treaty, had moved to the Southbranch Settlement and Prince Albert district north of present-day Saskatoon following the Red River Rebellion in Manitoba in 1870. In the early 1880s, the Canadian government refused to hear the Métis' grievances, which stemmed from land-use issues. Finally, in 1885, the Métis, led by Louis Riel , staged the North-West Rebellion and declared a provisional government. They were defeated by a Canadian militia brought to the Canadian prairies by the new Canadian Pacific Railway. Riel, who surrendered and was convicted of treason in a packed Regina courtroom, was hanged on November 16, 1885. Since then, the government has recognized the Métis as"
"new Canadian Pacific Railway. Riel, who surrendered and was convicted of treason in a packed Regina courtroom, was hanged on November 16, 1885. Since then, the government has recognized the Métis as an aboriginal people with status rights and provided them with various benefits. The national policy set by the federal government, the Canadian Pacific Railway , the Hudson's Bay Company and associated land companies encouraged immigration. The Dominion Lands Act of 1872 permitted settlers to acquire one-quarter of a square mile of land to homestead and offered an additional quarter upon establishing a homestead. In 1874, the North-West Mounted Police began providing police services. In 1876, the North-West Territories Act provided for appointment, by the Ottawa, of a Lieutenant Governor and a Council to assist him. ] Highly optimistic advertising campaigns promoted the benefits of prairie living. Potential immigrants read leaflets that described Canada as a favourable place to live and downplayed the need for agricultural expertise. Ads in The Nor'-West Farmer by the Commissioner of Immigration implied that western land held water, wood, gold, silver, iron, copper, and cheap coal for fuel, all of which were readily at hand. The reality was far harsher, especially for the first arrivals who lived in sod houses . However eastern money poured in and by 1913, long term mortgage loans to Saskatchewan farmers had reached $65 million. ] The dominant groups comprised British settlers from eastern Canada and Britain, who comprised about half of the population during the late 19th and early 20th centuries. They played the leading role in establishing the basic institutions of plains society, economy and government. ] Gender roles were sharply defined. Men were primarily responsible for breaking the land; planting and harvesting; building the house; buying, operating and repairing machinery; and handling finances. At first, there were many single men on the prairie, or husbands whose wives were still back east, but they had a hard time. They realized the need for a wife. In 1901, there were 19,200 families, but this surged to 150,300 families only 15 years later. Wives played a central role in settlement of the prairie region. Their labour, skills, and ability to adapt to the harsh environment proved decisive in meeting the challenges. They prepared bannock, beans and bacon, mended clothes, raised children, cleaned, tended the garden, helped at harvest time and nursed everyone back to health. While prevailing patriarchal attitudes, legislation, and economic principles obscured women's contributions, the flexibility exhibited by farm women in performing productive and nonproductive labour was critical to the survival of family farms, and thus to the success of the wheat economy. ] ] On September 1, 1905, Saskatchewan became a province, with inauguration day held on September 4. Its political leaders at the time proclaimed its destiny was to become Canada's"
"the wheat economy. ] ] On September 1, 1905, Saskatchewan became a province, with inauguration day held on September 4. Its political leaders at the time proclaimed its destiny was to become Canada's most powerful province. Saskatchewan embarked on an ambitious province-building program based on its Anglo-Canadian culture and wheat production for the export market. Population quintupled from 91,000 in 1901 to 492,000 in 1911, thanks to heavy immigration of farmers from Ukraine, U.S., Germany and Scandinavia. Efforts were made to assimilate the newcomers to British Canadian culture and values. ] In the 1905 provincial elections, Liberals won 16 of 25 seats in Saskatchewan. The Saskatchewan government bought out Bell Telephone Company in 1909, with the government owning the long-distance lines and left local service to small companies organized at the municipal level. ] Premier Walter Scott preferred government assistance to outright ownership because he thought enterprises worked better if citizens had a stake in running them; he set up the Saskatchewan Cooperative Elevator Company in 1911. Despite pressure from farm groups for direct government involvement in the grain handling business, the Scott government opted to loan money to a farmer-owned elevator company. Saskatchewan in 1909 provided bond guarantees to railway companies for the construction of branch lines, alleviating the concerns of farmers who had trouble getting their wheat to market by waggon. ] The Saskatchewan Grain Growers Association , was the dominant political force in the province until the 1920s; it had close ties with the governing Liberal party. In 1913, the Saskatchewan Stock Growers Association was established with three goals: to watch over legislation; to forward the interests of the stock growers in every honourable and legitimate way; and to suggest to parliament legislation to meet changing conditions and requirements. ] Immigration peaked in 1910, and in spite of the initial difficulties of frontier life – distance from towns, sod homes, and backbreaking labour – new settlers established a European-Canadian style of prosperous agrarian society . The long-term prosperity of the province depended on the world price of grain, which headed steadily upward from the 1880s to 1920, then plunged down. Wheat output was increased by new strains, such as the "" Marquis wheat "" strain which matured 8 days sooner and yielded 7 more bushels per acre (0.72 m 3 /ha) than the previous standard, "" Red Fife "". The national output of wheat soared from 8 million imperial bushels (290,000 m 3 ) in 1896, to 26 × 10 ^ 6 imp bu (950,000 m 3 ) in 1901, reaching 151 × 10 ^ 6 imp bu (5,500,000 m 3 ) by 1921. ] Urban reform movements in Regina were based on support from business and professional groups. City planning, reform of local government, and municipal ownership of utilities were more widely supported by these two groups, often through such organizations as the Board of Trade."
"groups. City planning, reform of local government, and municipal ownership of utilities were more widely supported by these two groups, often through such organizations as the Board of Trade. Church-related and other altruistic organizations generally supported social welfare and housing reforms; these groups were generally less successful in getting their own reforms enacted. ] The province responded to the First World War in 1914 with patriotic enthusiasm and enjoyed the resultant economic boom for farms and cities alike. Emotional and intellectual support for the war emerged from the politics of Canadian national identity, the rural myth, and social gospel progressivism The Church of England was especially supportive. However, there was strong hostility toward German-Canadian farmers. ] Recent Ukrainian immigrants were enemy aliens because of their citizenship in the Austro-Hungarian Empire. A small fraction were taken to internment camps. Most of the internees were unskilled unemployed labourers who were imprisoned ""because they were destitute, not because they were disloyal"". ] ] The price of wheat tripled and acreage seeded doubled. The wartime spirit of sacrifice intensified social reform movements that had predated the war and now came to fruition. Saskatchewan gave women the right to vote in 1916 and at the end of 1916 passed a referendum to prohibit the sale of alcohol. In the late 1920s, the Ku Klux Klan , imported from the United States and Ontario, gained brief popularity in nativist circles in Saskatchewan and Alberta. The Klan, briefly allied with the provincial Conservative party because of their mutual dislike for Premier James G. ""Jimmy"" Gardiner and his Liberals (who ferociously fought the Klan), enjoyed about two years of prominence. It declined and disappeared, subject to widespread political and media opposition, plus internal scandals involving the use of the organization's funds. In 1970, the first annual Canadian Western Agribition was held in Regina. This farm-industry trade show, with its strong emphasis on livestock, is rated as one of the five top livestock shows in North America, along with those in Houston , Denver , Louisville and Toronto . The province celebrated the 75th anniversary of its establishment in 1980, with Princess Margaret, Countess of Snowdon , presiding over the official ceremonies. ] ] In 2005, 25 years later, her sister, Queen Elizabeth II , attended the events held to mark Saskatchewan's centennial. ] Since the late 20th century, First Nations have become more politically active in seeking justice for past inequities, especially related to the taking of indigenous lands by various governments. The federal and provincial governments have negotiated on numerous land claims, and developed a program of ""Treaty Land Entitlement"", enabling First Nations to buy land to be taken into reserves with money from settlements of claims. ""In 1992, the federal and provincial governments signed an historic land"
"""Treaty Land Entitlement"", enabling First Nations to buy land to be taken into reserves with money from settlements of claims. ""In 1992, the federal and provincial governments signed an historic land claim agreement with Saskatchewan First Nations. Under the Agreement, the First Nations received money to buy land on the open market. As a result, about 761,000 acres have been turned into reserve land and many First Nations continue to invest their settlement dollars in urban areas"", including Saskatoon. The money from such settlements has enabled First Nations to invest in businesses and other economic infrastructure. ] In June 2021, a graveyard containing the remains of 751 unidentified people was found at the former Marieval Indian Residential School , part of the Canadian Indian residential school system . ] Languages of Saskatchewan (2016): ] Indigenous and visible minority identity (2021): ] According to the 2011 Canadian census , the largest ethnic group in Saskatchewan is German (28.6%), followed by English (24.9%), Scottish (18.9%), Canadian (18.8%), Irish (15.5%), Ukrainian (13.5%), French ( Fransaskois ) (12.2%), First Nations (12.1%), Norwegian (6.9%), and Polish (5.8%). ] As of the 2021 Canadian census , the ten most spoken languages in the province included English (1,094,785 or 99.24%), French (52,065 or 4.72%), Tagalog (36,125 or 3.27%), Cree (24,850 or 2.25%), Hindi (15,745 or 1.43%), Punjabi (13,310 or 1.21%), German (11,815 or 1.07%), Mandarin (11,590 or 1.05%), Spanish (11,185 or 1.01%), and Ukrainian (10,795 or 0.98%). ] The question on knowledge of languages allows for multiple responses. According to the 2021 census , religious groups in Saskatchewan included: ] Historically, Saskatchewan's economy was primarily associated with agriculture , with wheat being the precious symbol on the province's flag. Increasing diversification has resulted in agriculture, forestry , fishing , and hunting only making up 8.9% of the province's GDP in 2018. Saskatchewan grows a large portion of Canada's grain. ] In 2017, the production of canola surpassed the production of wheat , which is Saskatchewan's most familiar crop and the one most often associated with the province. The total net income from farming was $3.3 billion in 2017, which was $0.9 billion less than the income in 2016. ] Other grains such as flax , rye , oats , peas , lentils , canary seed, and barley are also produced in the province. Saskatchewan is the world's largest exporter of mustard seed. ] Beef cattle production by a Canadian province is only exceeded by Alberta. In the northern part of the province, forestry is also a significant industry. ] Mining is a major industry in the province, with Saskatchewan being the world's largest exporter of potash and uranium . ] Oil and natural gas production is also a very important part of Saskatchewan's economy, although the oil industry is larger. Among Canadian provinces, only Alberta exceeds Saskatchewan in overall oil"
"Oil and natural gas production is also a very important part of Saskatchewan's economy, although the oil industry is larger. Among Canadian provinces, only Alberta exceeds Saskatchewan in overall oil production. ] Heavy crude is extracted in the Lloydminster-Kerrobert-Kindersley areas. Light crude is found in the Kindersley-Swift Current areas as well as the Weyburn-Estevan fields. Natural gas is found almost entirely in the western part of Saskatchewan, from the Primrose Lake area through Lloydminster, Unity, Kindersley, Leader, and around Maple Creek areas. ] A list of the companies includes The Nutrien , Federated Cooperatives Ltd. and IPSCO . ] Major Saskatchewan-based Crown corporations are Saskatchewan Government Insurance (SGI), SaskTel , SaskEnergy (the province's main supplier of natural gas), SaskPower , and Saskatchewan Crop Insurance Corporation (SCIC). Bombardier runs the NATO Flying Training Centre at 15 Wing, near Moose Jaw . Bombardier was awarded a long-term contract in the late 1990s for $2.8 billion from the federal government for the purchase of military aircraft and the running of the training facility. SaskPower since 1929 has been the principal supplier of electricity in Saskatchewan, serving more than 451,000 customers and managing $4.5 billion in assets. SaskPower is a major employer in the province with almost 2,500 permanent full-time staff in 71 communities. Publicly funded elementary and secondary schools in the province are administered by twenty-seven school divisions . Public elementary and secondary schools either operate as secular or as a separate schools . Nearly all school divisions, except one operate as an English first language school board. The Division scolaire francophone No. 310 is the only school division that operates French first language schools. In addition to elementary and secondary schools, the province is also home to several post-secondary institutions. The first education on the prairies took place within the family groups of the First Nations and early fur trading settlers. There were only a few missionary or trading post schools established in Rupert's Land – later known as the North West Territories . The first 76 North-West Territories school districts and the first Board of Education meeting formed in 1886. The pioneering boom formed ethnic bloc settlements . Communities were seeking education for their children similar to the schools of their homeland. Log cabins , and dwellings were constructed for the assembly of the community, school, church, dances and meetings. The prosperity of the Roaring Twenties and the success of farmers in proving up on their homesteads helped provide funding to standardize education. ] Textbooks, normal schools for educating teachers, formal school curricula and state of the art school house architectural plans provided continuity throughout the province. English as the school language helped to provide economic stability because one community could"
"and state of the art school house architectural plans provided continuity throughout the province. English as the school language helped to provide economic stability because one community could communicate with another and goods could be traded and sold in a common language. The number of one-room schoolhouse districts across Saskatchewan totalled approximately 5,000 at the height of this system of education in the late 1940s. ] Following World War II, the transition from many one-room schoolhouses to fewer and larger consolidated modern technological town and city schools occurred as a means of ensuring technical education. School buses, highways, and family vehicles create ease and accessibility of a population shift to larger towns and cities. Combines and tractors mean the farmer could manage more than a quarter section of land, so there was a shift from family farms and subsistence crops to cash crops grown on many sections of land. School vouchers have been newly proposed as a means of allowing competition between rural schools and making the operation of cooperative schools practicable in rural areas. Saskatchewan's Ministry of Health is responsible for policy direction, sets and monitors standards, and provides funding for regional health authorities and provincial health services. Saskatchewan's health system is a single-payer system . Medical practitioners in Saskatchewan are independent contractors. They remit their accounts to the publicly funded Saskatchewan Medical Care Insurance Plan, which pays the accounts. Patients do not pay anything to their doctors or hospitals for medical care. ] In 1944, the Co-operative Commonwealth Federation (CCF), a left-wing agrarian and labour party, won the provincial election in Saskatchewan and formed the first socialist government in North American history. Repeatedly re-elected, the CCF campaigned in the early 1960s on the theme of universal health coverage and, after winning the election again, implemented it, the first in Canada. However, it was fiercely opposed by the province's doctors' union, which went on a massive strike the day the new system came into effect. Supported by the Saskatchewan Chamber of Commerce, most newspapers and the right-wing Keep Our Doctors movement, the doctors' union ran an effective communications campaign portraying the universal health care system as a communist scheme that would spread disease. The strike, which had become very unpopular because of the outrageous rhetoric of some of its leaders (one of them had called for bloodshed), finally ended after a few weeks, and universal health coverage was adopted by the whole country five years later. ] Saskatchewan has the same form of government ] as the other Canadian provinces with a"
"Manitoba ( ⓘ MAN -ih- TOH -bə ) is a province of Canada at the longitudinal centre of the country. It is Canada's fifth-most populous province , with a population of 1,342,153 as of 2021. ] Manitoba has a widely varied landscape, from arctic tundra and the Hudson Bay coastline in the north to dense boreal forest , large freshwater lakes , and prairie grassland in the central and southern regions. Indigenous peoples have inhabited what is now Manitoba for thousands of years. In the early 17th century, English and French fur traders began arriving in the area and establishing settlements. The Kingdom of England secured control of the region in 1673 and created a territory named Rupert's Land , which was placed under the administration of the Hudson's Bay Company . Rupert's Land, which included all of present-day Manitoba, grew and evolved from 1673 until 1869 with significant settlements of Indigenous and Métis people in the Red River Colony . Negotiations for the creation of the province of Manitoba commenced in 1869, but deep disagreements over the right to self-determination led to an armed conflict, known as the Red River Rebellion , between the federal government and the people (particularly Métis) of the Red River Colony. The resolution of the conflict and further negotiations led to Manitoba becoming the fifth province to join Canadian Confederation , when the Parliament of Canada passed the Manitoba Act on 15 July 1870. Manitoba's capital and largest city is Winnipeg , the sixth most populous municipality in Canada. Winnipeg is the seat of government, home to the Legislative Assembly of Manitoba and the Provincial Court . Four of the province's five universities, all four of its professional sports teams, and most of its cultural activities (including Festival du Voyageur and Folklorama ) are located in Winnipeg. The city has an international airport as well as train and bus stations; a Canadian Forces base , CFB Winnipeg , operates from the airport and is the regional headquarters of the North American Aerospace Defense Command . The name Manitoba possibly derives from either Cree manitou-wapow or Ojibwe manidoobaa , both meaning ' straits of Manitou , the Great Spirit ' . ] Alternatively, it may be from the Assiniboine minnetoba , meaning ' Lake of the Prairie ' ] ] (the lake was known to French explorers as Lac des Prairies ). The name was chosen by Thomas Spence for the new republic he proposed for the area south of the lake. Métis leader Louis Riel preferred the name over the proposed alternative of ""Assiniboia"". It was accepted in Ottawa under the Manitoba Act, 1870 . ] Modern-day Manitoba was inhabited by the First Nations people shortly after the last ice age glaciers retreated in the southwest about 10,000 years ago; the first exposed land was the Turtle Mountain area. ] The Ojibwe , Cree , Dene , Sioux , Mandan , and Assiniboine peoples founded settlements, and other tribes entered the area to trade. In Northern Manitoba, quartz"
"land was the Turtle Mountain area. ] The Ojibwe , Cree , Dene , Sioux , Mandan , and Assiniboine peoples founded settlements, and other tribes entered the area to trade. In Northern Manitoba, quartz was mined to make arrowheads . The first farming in Manitoba was along the Red River, where corn and other seed crops were planted before contact with Europeans. ] In 1611, Henry Hudson was one of the first Europeans to sail into what is now known as Hudson Bay, where he was abandoned by his crew. ] Thomas Button travelled this area in 1612 in an unsuccessful attempt to find and rescue Hudson. ] When the British ship Nonsuch sailed into Hudson Bay in 1668–1669, she became the first trading vessel to reach the area; that voyage led to the formation of the Hudson's Bay Company, to which the British government gave absolute control of the entire Hudson Bay watershed. This watershed was named Rupert's Land, after Prince Rupert , who helped to subsidize the Hudson's Bay Company. ] York Factory was founded in 1684 after the original fort of the Hudson's Bay Company, Fort Nelson (built in 1682), was destroyed by rival French traders. ] Pierre Gaultier de Varennes, sieur de La Vérendrye , visited the Red River Valley in the 1730s to help open the area for French exploration and trade. ] As French explorers entered the area, a Montreal -based company, the North West Company , began trading with the local Indigenous people. Both the North West Company and the Hudson's Bay Company built fur-trading forts; the two companies competed in southern Manitoba, occasionally resulting in violence, until they merged in 1821 (the Hudson's Bay Company Archives in Winnipeg preserve the history of this era). ] Great Britain secured the territory in 1763 after their victory over France in the North American theatre of the Seven Years' War , better known as the French and Indian War in North America; lasting from 1754 to 1763. The founding of the first agricultural community and settlements in 1812 by Lord Selkirk , north of the area which is now downtown Winnipeg, led to conflict between British colonists and the Métis. ] Twenty colonists, including the governor, and one Métis were killed in the Battle of Seven Oaks in 1816. ] Rupert's Land was ceded to Canada by the Hudson's Bay Company in 1869 and incorporated into the Northwest Territories; a lack of attention to Métis concerns caused Métis leader Louis Riel to establish a local provisional government which formed into the Convention of Forty and the subsequent elected Legislative Assembly of Assiniboia on 9 March 1870. ] ] This assembly subsequently sent three delegates to Ottawa to negotiate with the Canadian government . This resulted in the Manitoba Act and that province's entry into Confederation . Prime Minister Sir John A. Macdonald introduced the Manitoba Act in the House of Commons of Canada , the bill was given Royal Assent and Manitoba was brought into Canada as a province in 1870. ] Louis Riel was pursued by"
"A. Macdonald introduced the Manitoba Act in the House of Commons of Canada , the bill was given Royal Assent and Manitoba was brought into Canada as a province in 1870. ] Louis Riel was pursued by British army officer Garnet Wolseley because of the rebellion, and Riel fled into exile. ] The Canadian government blocked the Métis' attempts to obtain land promised to them as part of Manitoba's entry into confederation. Facing racism from the new flood of white settlers from Ontario, large numbers of Métis moved to what would become Saskatchewan and Alberta . ] Numbered Treaties were signed in the late 19th century with the chiefs of First Nations that lived in the area. They made specific promises of land for every family. As a result, a reserve system was established under the jurisdiction of the federal government . ] The prescribed amount of land promised to the native peoples was not always given; this led Indigenous groups to assert rights to the land through land claims , many of which are still ongoing. ] The original province of Manitoba was a square one-eighteenth of its current size, and was known colloquially as the ""postage stamp province"". ] Its borders were expanded in 1881, taking land from the Northwest Territories and the District of Keewatin , but Ontario claimed a large portion of the land; the disputed portion was awarded to Ontario in 1889. Manitoba grew to its current size in 1912, absorbing land from the Northwest Territories to reach 60°N, uniform with the northern reach of its western neighbours Saskatchewan, Alberta and British Columbia . ] The Manitoba Schools Question showed the deep divergence of cultural values in the territory. The Catholic Franco-Manitobans had been guaranteed a state-supported separate school system in the original constitution of Manitoba, but a grassroots political movement among English Protestants from 1888 to 1890 demanded the end of French schools. In 1890, the Manitoba legislature passed a law removing funding for French Catholic schools . ] The French Catholic minority asked the federal government for support; however, the Orange Order and other anti-Catholic forces mobilized nationwide to oppose them. ] The federal Conservatives proposed remedial legislation to override Manitoba, but they were blocked by the Liberals , led by Wilfrid Laurier . ] Once elected Prime Minister in 1896, Laurier implemented a compromise stating Catholics in Manitoba could have their own religious instruction for 30 minutes at the end of the day if there were enough students to warrant it, implemented on a school-by-school basis. ] By 1911, Winnipeg was the third largest city in Canada, and remained so until overtaken by Vancouver in the 1920s. ] A boomtown, it grew quickly around the start of the 20th century, with outside investors and immigrants contributing to its success. ] The drop in growth in the second half of the decade was a result of the opening of the Panama Canal in 1914, which reduced reliance on"
"outside investors and immigrants contributing to its success. ] The drop in growth in the second half of the decade was a result of the opening of the Panama Canal in 1914, which reduced reliance on transcontinental railways for trade, as well as a decrease in immigration due to the outbreak of the First World War . ] Over 18,000 Manitoba residents enlisted in the first year of the war; by the end of the war, 14 Manitobans had received the Victoria Cross . ] During the First World War, Nellie McClung started the campaign for women's votes. On January 28, 1916, the vote for women was legalized. Manitoba was the first province to allow women to vote in provincial elections. This was two years before Canada as a country granted women the right to vote. ] After the First World War ended, severe discontent among farmers (over wheat prices) and union members (over wage rates) resulted in an upsurge of radicalism , coupled with a polarization over the rise of Bolshevism in Russia . ] The most dramatic result was the Winnipeg general strike of 1919. It began on 15 May and collapsed on 25 June 1919; as the workers gradually returned to their jobs, the Central Strike Committee decided to end the movement. ] Government efforts to violently crush the strike, including a Royal North-West Mounted Police charge into a crowd of protesters that resulted in multiple casualties and one death, had led to the arrest of the movement's leaders. ] In the aftermath, eight leaders went on trial, and most were convicted on charges of seditious conspiracy , illegal combinations, and seditious libel ; four were deported under the Canadian Immigration Act . ] The Great Depression (1929– c. 1939 ) hit especially hard in Western Canada , including Manitoba. The collapse of the world market combined with a steep drop in agricultural production due to drought led to economic diversification, moving away from a reliance on wheat production. ] The Manitoba Co-operative Commonwealth Federation , forerunner to the New Democratic Party of Manitoba (NDP), was founded in 1932. ] Canada entered the Second World War in 1939. Winnipeg was one of the major commands for the British Commonwealth Air Training Plan to train fighter pilots, and there were air training schools throughout Manitoba. Several Manitoba-based regiments were deployed overseas, including Princess Patricia's Canadian Light Infantry . In an effort to raise money for the war effort, the Victory Loan campaign organized "" If Day "" in 1942. The event featured a simulated Nazi invasion and occupation of Manitoba, and eventually raised over C$ 65 million. ] Winnipeg was inundated during the 1950 Red River Flood and had to be partially evacuated. In that year, the Red River reached its highest level since 1861 and flooded most of the Red River Valley. The damage caused by the flood led then-Premier Duff Roblin to advocate for the construction of the Red River Floodway ; it was completed in 1968 after six years of excavation."
"the Red River Valley. The damage caused by the flood led then-Premier Duff Roblin to advocate for the construction of the Red River Floodway ; it was completed in 1968 after six years of excavation. Permanent dikes were erected in eight towns south of Winnipeg, and clay dikes and diversion dams were built in the Winnipeg area. In 1997, the "" Flood of the Century "" caused over C$400 million in damages in Manitoba, but the floodway prevented Winnipeg from flooding. ] In 1990, Prime Minister Brian Mulroney attempted to pass the Meech Lake Accord , a series of constitutional amendments to persuade Quebec to endorse the Canada Act 1982 . Unanimous support in the legislature was needed to bypass public consultation. Cree politician Elijah Harper opposed because he did not believe First Nations had been adequately involved in the Accord's process, and thus the Accord failed. ] Glen Murray , elected in Winnipeg in 1998, became the first openly gay mayor of a large North American city. ] The province was impacted by major flooding in 2009 and 2011 . ] In 2004, Manitoba became the first province in Canada to ban indoor smoking in public places. ] In 2013, Manitoba was the second province to introduce accessibility legislation, protecting the rights of persons with disabilities. ] Manitoba is bordered by the provinces of Ontario to the east and Saskatchewan to the west, the territory of Nunavut to the north, and the US states of North Dakota and Minnesota to the south. Manitoba is at the centre of the Hudson Bay drainage basin, with a high volume of the water draining into Lake Winnipeg and then north down the Nelson River into Hudson Bay. This basin's rivers reach far west to the mountains, far south into the United States, and east into Ontario. Major watercourses include the Red , Assiniboine , Nelson, Winnipeg , Hayes , Whiteshell and Churchill rivers . Most of Manitoba's inhabited south has developed in the prehistoric bed of Glacial Lake Agassiz . This region, particularly the Red River Valley , is flat and fertile; receding glaciers left hilly and rocky areas throughout the province. ] The province has a saltwater coastline bordering Hudson Bay and more than 110,000 lakes, ] covering approximately 15.6 percent or 101,593 square kilometres (39,225 sq mi) of its surface area. ] Manitoba's major lakes are Lake Manitoba , Lake Winnipegosis , and Lake Winnipeg , the tenth-largest freshwater lake in the world. ] A total of 29,000 square kilometres (11,000 sq mi) of traditional First Nations lands and boreal forest on Lake Winnipeg's east side were officially designated as a UNESCO World Heritage Site known as Pimachiowin Aki in 2018. ] Baldy Mountain is the province's highest point at 832 metres (2,730 ft) above sea level , ] and the Hudson Bay coast is the lowest at sea level. Riding Mountain , the Pembina Hills , Sandilands Provincial Forest , and the Canadian Shield are also upland regions. Much of the province's sparsely inhabited north and east lie"
"lowest at sea level. Riding Mountain , the Pembina Hills , Sandilands Provincial Forest , and the Canadian Shield are also upland regions. Much of the province's sparsely inhabited north and east lie on the irregular granite Canadian Shield, including Whiteshell , Atikaki , and Nopiming Provincial Parks . ] Extensive agriculture is found only in the province's southern areas, although there is grain farming in the Carrot Valley Region (near The Pas ). Around 11 percent of Canada's farmland is in Manitoba. ] Manitoba has an extreme continental climate . Temperatures and precipitation generally decrease from south to north and increase from east to west. ] Manitoba is far from the moderating influences of mountain ranges or large bodies of water. Because of the generally flat landscape, it is exposed to cold Arctic high-pressure air masses from the northwest during January and February. In the summer, air masses sometimes come out of the Southern United States , as warm humid air is drawn northward from the Gulf of Mexico . ] Temperatures exceed 30 °C (86 °F) numerous times each summer, and the combination of heat and humidity can bring the humidex value to the mid-40s. ] Carman, Manitoba , recorded the second-highest humidex ever in Canada in 2007, with 53.0. ] According to Environment Canada , Manitoba ranked first for clearest skies year round and ranked second for clearest skies in the summer and for the sunniest province in the winter and spring. ] Southern Manitoba (including the city of Winnipeg), falls into the humid continental climate zone (Köppen Dfb). This area is cold and windy in the winter and often has blizzards because of the open landscape. Summers are warm with a moderate length. This region is the most humid area in the prairie provinces, with moderate precipitation. Southwestern Manitoba, though under the same climate classification as the rest of Southern Manitoba, is closer to the semi-arid interior of Palliser's Triangle . The area is drier and more prone to droughts than other parts of southern Manitoba. ] This area is cold and windy in the winter and has frequent blizzards due to the openness of the Canadian Prairie landscape. ] Summers are generally warm to hot, with low to moderate humidity. ] Southern parts of the province, just north of Tornado Alley , experience tornadoes , with 16 confirmed touchdowns in 2016. In 2007, on 22 and 23 June, numerous tornadoes touched down, the largest an F5 tornado that devastated parts of Elie (the strongest recorded tornado in Canada). ] The province's northern sections (including the city of Thompson ) fall in the subarctic climate zone ( Köppen climate classification Dfc ). This region features long and extremely cold winters and brief, warm summers with little precipitation. ] Overnight temperatures as low as −40 °C (−40 °F) occur on several days each winter. ] Manitoba natural communities may be grouped within five ecozones: boreal plains , prairie , taiga shield , boreal shield"
"temperatures as low as −40 °C (−40 °F) occur on several days each winter. ] Manitoba natural communities may be grouped within five ecozones: boreal plains , prairie , taiga shield , boreal shield and Hudson plains . Three of these—taiga shield, boreal shield and Hudson plain—contain part of the Boreal forest of Canada which covers the province's eastern, southeastern, and northern reaches. ] Forests make up about 263,000 square kilometres (102,000 sq mi), or 48 percent, of the province's land area. ] The forests consist of pines ( Jack Pine , Red Pine , Eastern White Pine ), spruces ( White Spruce , Black Spruce ), Balsam Fir , Tamarack (larch) , poplars ( Trembling Aspen , Balsam Poplar ), birches ( White Birch , Swamp Birch ) and small pockets of Eastern White Cedar . ] Two sections of the province are not dominated by forest. The province's northeast corner bordering Hudson Bay is above the treeline and considered tundra . The tallgrass prairie once dominated the south-central and southeastern regions, including the Red River Valley. Mixed grass prairie is found in the southwestern region. Agriculture has replaced much of the natural vegetation but prairie can still be found in parks and protected areas; some are notable for the presence of the endangered western prairie fringed orchid . ] ] Manitoba is especially noted for its northern polar bear population; Churchill is commonly referred to as the ""Polar Bear Capital"". ] In the waters off the northern coast of the province are numerous marine species, including the beluga whale . Other populations of animals, including moose , white-tailed deer , mule deer , black and brown bears , coyote , cougar , red fox , Canada lynx , and grey wolf , are distributed throughout the province, especially in the provincial and national parks . There is a large population of red-sided garter snakes near Narcisse ; the overwintering dens there are seasonally home to the world's largest concentration of snakes. ] Manitoba's bird diversity is enhanced by its position on two major migration routes, with 392 confirmed identified species; 287 of these nesting within the province. ] These include the great grey owl , the province's official bird, and the endangered peregrine falcon . ] Manitoba's lakes host 18 species of game fish, particularly species of trout , pike , and goldeye , as well as many smaller fish. ] At the 2021 census, Manitoba had a population of 1,342,153, ] more than half of which is in Winnipeg. ] Although initial colonization of the province revolved mostly around homesteading, the last century has seen a shift towards urbanization; Manitoba is the only Canadian province with over fifty-five percent of its population in a single city. ] The largest ethnic group in Manitoba is English (16.1%), followed by Scottish (14.5%), German (13.6%), Ukrainian (12.6%), Irish (11.0%), French (9.3%), Canadian (8.4%), Filipino (7.0%), Métis (6.8%), Polish (6.0%), First Nations (4.5%), Mennonite (3.9%),"
"followed by Scottish (14.5%), German (13.6%), Ukrainian (12.6%), Irish (11.0%), French (9.3%), Canadian (8.4%), Filipino (7.0%), Métis (6.8%), Polish (6.0%), First Nations (4.5%), Mennonite (3.9%), Russian (3.7%), Dutch (3.3%), Indian (3.0%), and Icelandic (2.4%). ] Indigenous peoples (including Métis) are Manitoba's fastest-growing ethnic group, representing 13.6 percent of Manitoba's population as of 2001 (some reserves refused to allow census-takers to enumerate their populations or were otherwise incompletely counted). ] ] Gimli, Manitoba is home to the largest Icelandic community outside of Iceland . ] As of the 2021 Canadian Census , the ten most spoken languages in the province included English (1,288,950 or 98.6%), French (111,790 or 8.55%), Tagalog (73,440 or 5.62%), Punjabi (42,820 or 3.28%), German (41,980 or 3.21%), ] Hindi (26,980 or 2.06%), Spanish (23,435 or 1.79%), Mandarin (16,765 or 1.28%), Cree (16,115 or 1.23%), ] and Plautdietsch (15,055 or 1.15%). ] ] The question on knowledge of languages allows for multiple responses. Most Manitobans belong to a Christian denomination: on the 2021 census, 54.2% reported being Christian, followed by 2.7% Sikh , 2.0% Muslim, 1.4% Hindu, 0.9% Jewish, and 0.8% Indigenous spirituality . ] 36.7% reported no religious affiliation. ] The largest Christian denominations by number of adherents were the Roman Catholic Church with 21.2%; the United Church of Canada with 5.8%; and the Anglican Church of Canada with 3.3%. ] Manitoba has a moderately strong economy based largely on natural resources. Its Gross Domestic Product was C$50.834 billion in 2008. ] The province's economy grew 2.4 percent in 2008, the third consecutive year of growth. ] The average individual income in Manitoba in 2006 was C$25,100 (compared to a national average of C$26,500), ranking fifth-highest among the provinces. ] As of October 2009, Manitoba's unemployment rate was 5.8 percent. ] Manitoba's economy relies heavily on agriculture, tourism, electricity, oil, mining, and forestry. Agriculture is vital and is found mostly in the southern half of the province, although grain farming occurs as far north as The Pas. The most common agricultural activity is cattle husbandry, followed by assorted grains and oilseed . ] Manitoba is the nation's largest producer of sunflower seed and dry beans, ] and one of the leading sources of potatoes. Portage la Prairie is a major potato processing centre. ] Richardson International , one of the largest oat mills in the world, also has a plant in the municipality . ] Manitoba's largest employers are government and government-funded institutions, including crown corporations and services like hospitals and universities . Major private-sector employers are The Great-West Life Assurance Company , Cargill Ltd. , and Richardson International. ] Manitoba also has large manufacturing and tourism sectors. Churchill's Arctic wildlife is a major tourist attraction; the town is a world capital for polar"
"Ltd. , and Richardson International. ] Manitoba also has large manufacturing and tourism sectors. Churchill's Arctic wildlife is a major tourist attraction; the town is a world capital for polar bear and beluga whale watchers. ] Manitoba is the only province with an Arctic deep-water seaport, at Churchill. ] In January 2018, the Canadian Federation of Independent Business claimed Manitoba was the most improved province for tackling red tape . ] Manitoba's early economy depended on mobility and living off the land. Indigenous Nations (Cree, Ojibwa, Dene, Sioux and Assiniboine) followed herds of bison and congregated to trade among themselves at key meeting places throughout the province. After the arrival of the first European traders in the 17th century, the economy centred on the trade of beaver pelts and other furs. ] Diversification of the economy came when Lord Selkirk brought the first agricultural settlers in 1811, ] though the triumph of the Hudson's Bay Company (HBC) over its competitors ensured the primacy of the fur trade over widespread agricultural colonization. ] HBC control of Rupert's Land ended in 1868; when Manitoba became a province in 1870, all land became the property of the federal government, with homesteads granted to settlers for farming. ] Transcontinental railways were constructed to simplify trade. Manitoba's economy depended mainly on farming, which persisted until drought and the Great Depression led to further diversification. ] CFB Winnipeg is a Canadian Forces Base at the Winnipeg International Airport. The base is home to flight operations support divisions and several training schools, as well as the 1 Canadian Air Division and Canadian NORAD Region Headquarters. ] 17 Wing of the Canadian Forces is based at CFB Winnipeg; the Wing has three squadrons and six schools. ] It supports 113 units from Thunder Bay to the Saskatchewan/Alberta border, and from the 49th parallel north to the high Arctic . 17 Wing acts as a deployed operating base for CF-18 Hornet fighter–bombers assigned to the Canadian NORAD Region. ] The two 17 Wing squadrons based in the city are: the 402 (""City of Winnipeg"" Squadron), which flies the Canadian designed and produced de Havilland Canada CT-142 Dash 8 navigation trainer in support of the 1 Canadian Forces Flight Training School's Air Combat Systems Officer and Airborne Electronic Sensor Operator training programs (which trains all Canadian Air Combat Systems Officer); ] and the 435 (""Chinthe"" Transport and Rescue Squadron), which flies the Lockheed C-130 Hercules tanker/transport in airlift search and rescue roles, and is the only Air Force squadron equipped and trained to conduct air-to-air refuelling of fighter aircraft. ] Canadian Forces Base Shilo (CFB Shilo) is an Operations and Training base of the Canadian Forces 35 kilometres (22 mi) east of Brandon. During the 1990s, Canadian Forces Base Shilo was designated as an Area Support Unit, acting as a local base of operations for"
"base of the Canadian Forces 35 kilometres (22 mi) east of Brandon. During the 1990s, Canadian Forces Base Shilo was designated as an Area Support Unit, acting as a local base of operations for Southwest Manitoba in times of military and civil emergency. ] CFB Shilo is the home of the 1st Regiment, Royal Canadian Horse Artillery , both battalions of the 1 Canadian Mechanized Brigade Group , and the Royal Canadian Artillery . The Second Battalion of Princess Patricia's Canadian Light Infantry (2 PPCLI), which was originally stationed in Winnipeg (first at Fort Osborne, then in Kapyong Barracks), has operated out of CFB Shilo since 2004. CFB Shilo hosts a training unit, 3rd Canadian Division Training Centre. It serves as a base for support units of 3rd Canadian Division , also including 3 CDSG Signals Squadron, Shared Services Unit (West), 11 CF Health Services Centre, 1 Dental Unit, 1 Military Police Regiment, and an Integrated Personnel Support Centre. The base houses 1,700 soldiers. ] After the control of Rupert's Land was passed from Great Britain to the Government of Canada in 1869, Manitoba attained full-fledged rights and responsibilities of self-government as the first Canadian province carved out of Rupert's Land . ] The [Legislative Assembly o"
"Quebec ] ( French : Québec ] ⓘ ) ] is one of the thirteen provinces and territories of Canada . It is the largest province by area ] and the second-largest by population , as well as the northernmost province in Canada. With an area of 1.5 million square kilometres (0.58 million square miles) and more than 12,000 km (7,500 mi) of borders, ] ] in North America , Quebec is located in Central Canada . The province shares land borders with the provinces of Ontario to the west, Newfoundland and Labrador to the northeast, New Brunswick to the southeast and a coastal border with the territory of Nunavut . It is bathed up north by James Bay , Hudson Bay , Hudson Strait , Ungava Bay , Arctic and Atlantic Oceans, and in the south, it shares a border with the United States . ] The majority of the population of Quebec lives in the St. Lawrence River valley, ] between its most populous city, Montreal , Trois-Rivières and the provincial capital, Quebec . Between 1534 and 1763, what is now Quebec was the French colony of Canada and was the most developed colony in New France . Following the Seven Years' War , Canada became a British colony , first as the Province of Quebec (1763–1791), then Lower Canada (1791–1841), and lastly part of the Province of Canada (1841–1867) as a result of the Lower Canada Rebellion . It was confederated with Ontario, Nova Scotia , and New Brunswick in 1867. Until the early 1960s , the Catholic Church played a large role in the social and cultural institutions in Quebec. However, the Quiet Revolution of the 1960s to 1980s increased the role of the Government of Quebec in l'État québécois (the public authority of Quebec). The Government of Quebec functions within the context of a Westminster system and is both a liberal democracy and a constitutional monarchy . The Premier of Quebec acts as head of government . Independence debates have played a large role in Quebec politics . Quebec society's cohesion and specificity is based on three of its unique statutory documents: the Quebec Charter of Human Rights and Freedoms , the Charter of the French Language , and the Civil Code of Quebec . Furthermore, unlike elsewhere in Canada, law in Quebec is mixed: private law is exercised under a civil-law system, while public law is exercised under a common-law system. Quebec's official language is French; Québécois French is the regional variety . Quebec is the only Francophone -majority province. The economy of Quebec is mainly supported by its large service sector and varied industrial sector. For exports, it leans on the key industries of aeronautics , where it is the 6th largest worldwide seller, ] hydroelectricity , mining, pharmaceuticals , aluminum, wood, and paper. Quebec is well known for producing maple syrup , for its comedy , and for making hockey one of the most popular sports in Canada . It is also renowned for its culture ; the province produces literature , music , films , TV shows , festivals , and more. The name Québec comes from"
"hockey one of the most popular sports in Canada . It is also renowned for its culture ; the province produces literature , music , films , TV shows , festivals , and more. The name Québec comes from an Algonquin word meaning 'narrow passage' or 'strait'. ] The name originally referred to the area around Quebec City where the Saint Lawrence River narrows to a cliff-lined gap. Early variations in the spelling included Québecq and Kébec . ] French explorer Samuel de Champlain chose the name Québec in 1608 for the colonial outpost he would use as the administrative seat for New France . ] The Paleo-Indians , theorized to have migrated from Asia to America between 20,000 and 14,000 years ago, were the first people to establish themselves on the lands of Quebec, arriving after the Laurentide Ice Sheet melted roughly 11,000 years ago. ] ] From them, many ethnocultural groups emerged. By the European explorations of the 1500s, there were eleven Indigenous peoples : the Inuit and ten First Nations – the Abenakis , Algonquins (or Anichinabés), Atikamekw , Cree , Huron-Wyandot , Maliseet , Miꞌkmaqs , Iroquois , Innu and Naskapis . ] Algonquians organized into seven political entities and lived nomadic lives based on hunting, gathering, and fishing. ] Inuit fished and hunted whales and seals along the coasts of Hudson and Ungava Bays. ] In the 15th century, the Byzantine Empire fell , prompting Western Europeans to search for new sea routes to the Far East . ] Around 1522–23, Giovanni da Verrazzano persuaded King Francis I of France to commission an expedition to find a western route to Cathay (China) via a Northwest Passage . Though this expedition was unsuccessful, it established the name New France for northeast North America. ] In his first expedition ordered from the Kingdom of France, Jacques Cartier became the first European explorer to discover and map Quebec when he landed in Gaspé on July 24, 1534. ] In the second expedition, in 1535, Cartier explored the lands of Stadacona and named the village and its surrounding territories Canada (from kanata , 'village' in Iroquois ). Cartier returned to France with about 10 St. Lawrence Iroquoians , including Chief Donnacona . In 1540, Donnacona told the legend of the Kingdom of Saguenay to the King, inspiring him to order a third expedition, this time led by Jean-François de La Rocque de Roberval ; it was unsuccessful in its goal of finding the kingdom. ] After these expeditions, France mostly abandoned North America for 50 years because of its financial crisis; France was involved in the Italian Wars and religious wars. ] Around 1580, the rise of the fur trade reignited French interest; New France became a colonial trading post . ] In 1603, Samuel de Champlain travelled to the Saint Lawrence River and, on Pointe Saint-Mathieu, established a defence pact with the Innu, Maliseet and Micmacs, that would be ""a decisive factor in the maintenance of a French colonial enterprise in America despite an enormous"
"Saint-Mathieu, established a defence pact with the Innu, Maliseet and Micmacs, that would be ""a decisive factor in the maintenance of a French colonial enterprise in America despite an enormous numerical disadvantage vis-à-vis the British"". ] Thus also began French military support to the Algonquian and Huron peoples against Iroquois attacks; these became known as the Iroquois Wars and lasted from the early 1600s to the early 1700s. ] In 1608, Samuel de Champlain ] returned to the region as head of an exploration party. On July 3, 1608, with the support of King Henry IV , he founded the Habitation de Québec (now Quebec City) and made it the capital of New France and its regions. ] The settlement was built as a permanent fur trading outpost, where First Nations traded furs for French goods, such as metal objects, guns, alcohol, and clothing. ] Missionary groups arrived in New France after the founding of Quebec City. Coureurs des bois and Catholic missionaries used river canoes to explore the interior and establish fur trading forts. ] ] The Compagnie des Cent-Associés , which had been granted a royal mandate to manage New France in 1627, introduced the Custom of Paris and the seigneurial system , and forbade settlement by anyone other than Catholics. ] In 1629, Quebec City surrendered , without battle, to English privateers during the Anglo-French War ; in 1632, the English king agreed to return it with the Treaty of Saint-Germain-en-Laye . Trois-Rivières was founded at de Champlain's request in 1634. ] Paul de Chomedey de Maisonneuve founded Ville-Marie (now Montreal) in 1642. In 1663, the Company of New France ceded Canada to King Louis XIV , who made New France into a royal province of France. ] New France was now a true colony administered by the Sovereign Council of New France from Quebec City. A governor-general , governed Canada and its administrative dependencies: Acadia, Louisiana and Plaisance. ] The French settlers were mostly farmers and known as "" Canadiens "" or "" Habitants "". Though there was little immigration, ] the colony grew because of the Habitants' high birth rates. ] ] In 1665, the Carignan-Salières regiment developed the string of fortifications known as the ""Valley of Forts"" to protect against Iroquois invasions and brought with them 1,200 new men. ] To redress the gender imbalance and boost population growth, King Louis XIV sponsored the passage of approximately 800 young French women ( King's Daughters ) to the colony. ] In 1666, intendant Jean Talon organized the first census and counted 3,215 Habitants. Talon enacted policies to diversify agriculture and encourage births, which, in 1672, had increased the population to 6,700. ] New France's territory grew to extend from Hudson Bay to the Gulf of Mexico , and would encompass the Great Lakes . ] In the early 1700s, Governor Callières concluded the Great Peace of Montreal , which not only confirmed the alliance between the Algonquian and New France, but definitively"
"the Great Lakes . ] In the early 1700s, Governor Callières concluded the Great Peace of Montreal , which not only confirmed the alliance between the Algonquian and New France, but definitively ended the Iroquois Wars. ] From 1688 onwards, the fierce competition between the French and British to control North America's interior and monopolize fur trade pitted New France and its Indigenous allies against the Iroquois and English in four successive wars called the French and Indian Wars by Americans, and the Intercolonial Wars in Quebec. ] The first three were King William's War (1688–1697), Queen Anne's War (1702–1713), and King George's War (1744–1748). In 1713, following the Peace of Utrecht , the Duke of Orléans ceded Acadia and Plaisance Bay to Great Britain, but retained Île Saint-Jean , and Île-Royale where the Fortress of Louisbourg was subsequently erected. These losses were significant since Plaisance Bay was the primary communication route between New France and France, and Acadia contained 5,000 Acadians . ] ] In the siege of Louisbourg (1745) , the British were victorious, but returned the city to France after war concessions. ] The last of the four French and Indian Wars was the Seven Years' War (""The War of the Conquest "" in Quebec) and lasted from 1754 to 1763. ] ] In 1754, tensions escalated for control of the Ohio Valley , as authorities in New France became more aggressive in efforts to expel British traders and colonists. ] In 1754, George Washington launched a surprise attack on a group of sleeping Canadien soldiers, known as the Battle of Jumonville Glen , the first battle of the war. In 1755, Governor Charles Lawrence and Officer Robert Monckton ordered the forceful explusion of the Acadians . In 1758, on Île-Royale, British General James Wolfe besieged and captured the Fortress of Louisbourg. ] This allowed him to control access to the Gulf of St. Lawrence through the Cabot Strait . In 1759, he besieged Quebec for three months from Île d'Orléans . ] Then, Wolfe stormed Quebec and fought against Montcalm for control of the city in the Battle of the Plains of Abraham . After a British victory, the king's lieutenant and Lord of Ramezay concluded the Articles of Capitulation of Quebec . During the spring of 1760, the Chevalier de Lévis besieged Quebec City and forced the British to entrench themselves during the Battle of Sainte-Foy . However, loss of French vessels sent to resupply New France after the fall of Quebec City during the Battle of Restigouche marked the end of France's efforts to retake the colony. Governor Pierre de Rigaud, marquis de Vaudreuil-Cavagnial signed the Articles of Capitulation of Montreal on September 8, 1760. While awaiting the results of the Seven Years' War in Europe, New France was put under a British military regime led by Governor James Murray . ] In 1762, Commander Jeffery Amherst ended the French presence in Newfoundland at the Battle of Signal Hill . France secretly ceded the western part of"
"military regime led by Governor James Murray . ] In 1762, Commander Jeffery Amherst ended the French presence in Newfoundland at the Battle of Signal Hill . France secretly ceded the western part of Louisiana and the Mississippi River Delta to Spain via the Treaty of Fontainebleau . On February 10, 1763, the Treaty of Paris concluded the war. France ceded its North American possessions to Great Britain. ] Thus, France had put an end to New France and abandoned the remaining 60,000 Canadiens, who sided with the Catholic clergy in refusing to take an oath to the British Crown . ] The rupture from France would provoke a transformation within the descendants of the Canadiens that would eventually result in the birth of a new nation . ] After the British acquired Canada in 1763, the British government established a constitution for the newly acquired territory, under the Royal Proclamation . ] The Canadiens were subordinated to the government of the British Empire and circumscribed to a region of the St. Lawrence Valley and Anticosti Island called the Province of Quebec . With unrest growing in their southern colonies, the British were worried that the Canadiens might support what would become the American Revolution . To secure allegiance to the British crown, Governor James Murray and later Governor Guy Carleton promoted the need for accommodations, resulting in the enactment of the Quebec Act ] of 1774. This act allowed Canadiens to regain their civil customs , return to the seigneural system, regain certain rights including use of French, and reappropriate their old territories: Labrador, the Great Lakes, the Ohio Valley, Illinois Country and the Indian Territory . ] As early as 1774, the Continental Congress of the separatist Thirteen Colonies attempted to rally the Canadiens to its cause. However, its military troops failed to defeat the British counteroffensive during its Invasion of Quebec in 1775. Most Canadiens remained neutral, though some regiments allied themselves with the Americans in the Saratoga campaign of 1777. When the British recognized the independence of the rebel colonies at the signing of the Treaty of Paris of 1783, it conceded Illinois and the Ohio Valley to the newly formed United States and denoted the 45th parallel as its border, drastically reducing Quebec's size. Some United Empire Loyalists from the US migrated to Quebec and populated various regions. ] Dissatisfied with the legal rights under the French seigneurial régime which applied in Quebec, and wanting to use the British legal system to which they were accustomed, the Loyalists protested to British authorities until the Constitutional Act of 1791 was enacted, dividing the Province of Quebec into two distinct colonies starting from the Ottawa River : Upper Canada to the west (predominantly Anglo-Protestant) and Lower Canada to the east (Franco-Catholic). Lower Canada's lands consisted of the coasts of the Saint Lawrence River, Labrador and Anticosti Island, with"
"the west (predominantly Anglo-Protestant) and Lower Canada to the east (Franco-Catholic). Lower Canada's lands consisted of the coasts of the Saint Lawrence River, Labrador and Anticosti Island, with the territory extending north to Rupert's Land , and south, east and west to the borders with the US, New Brunswick, and Upper Canada. The creation of Upper and Lower Canada allowed Loyalists to live under British laws and institutions, while Canadiens could maintain their French civil law and Catholic religion. Governor Haldimand drew Loyalists away from Quebec City and Montreal by offering free land on the north shore of Lake Ontario to anyone willing to swear allegiance to George III. During the War of 1812 , Charles-Michel de Salaberry became a hero by leading the Canadian troops to victory at the Battle of the Chateauguay . This loss caused the Americans to abandon the Saint Lawrence Campaign, their major strategic effort to conquer Canada. Gradually, the Legislative Assembly of Lower Canada , who represented the people, came into conflict with the superior authority of the Crown and its appointed representatives . Starting in 1791, the government of Lower Canada was criticized and contested by the Parti canadien . In 1834, the Parti canadien presented its 92 resolutions , political demands which expressed loss of confidence in the British monarchy . Discontentment intensified throughout the public meetings of 1837, and the Lower Canada Rebellion began in 1837. ] In 1837, Louis-Joseph Papineau and Robert Nelson led residents of Lower Canada to form an armed group called the Patriotes . They made a Declaration of Independence in 1838, guaranteeing rights and equality for all citizens without discrimination. ] Their actions resulted in rebellions in both Lower and Upper Canada . The Patriotes were victorious in their first battle, the Battle of Saint-Denis . However, they were unorganized and badly equipped, leading to their loss against the British army in the Battle of Saint-Charles , and defeat in the Battle of Saint-Eustache . ] In response to the rebellions, Lord Durham was asked to undertake a study and prepare a report offering a solution to the British Parliament. ] Durham recommended that Canadiens be culturally assimilated , with English as their only official language. To do this, the British passed the Act of Union 1840 , which merged Upper Canada and Lower Canada into a single colony: the Province of Canada . Lower Canada became the francophone and densely populated Canada East , and Upper Canada became the anglophone and sparsely populated Canada West . This union, unsurprisingly, was the main source of political instability until 1867. Despite their population gap, Canada East and Canada West obtained an identical number of seats in the Legislative Assembly of the Province of Canada , which created representation problems. In the beginning, Canada East was underrepresented because of its superior population size. Over time,"
"in the Legislative Assembly of the Province of Canada , which created representation problems. In the beginning, Canada East was underrepresented because of its superior population size. Over time, however, massive immigration from the British Isles to Canada West occurred. Since the two regions continued to have equal representation, this meant it was now Canada West that was under-represented. The representation issues were called into question by debates on ""Representation by Population"" . The British population began to use the term "" Canadian "", referring to Canada, their place of residence. The French population, who had thus far identified as ""Canadiens"", began to be identified with their ethnic community under the name "" French Canadian "" as they were a ""French of Canada"". ] As access to new lands remained problematic because they were still monopolized by the Clique du Château , an exodus of Canadiens towards New England began and went on for the next hundred years. This phenomenon is known as the Grande Hémorragie and threatened the survival of the Canadien nation. The massive British immigration ordered from London that followed the failed rebellion, compounded this. To combat it, the Church adopted the revenge of the cradle policy. In 1844, the capital of the Province of Canada was moved from Kingston to Montreal. ] Political unrest came to a head in 1849, when English Canadian rioters set fire to the Parliament Building in Montreal following the enactment of the Rebellion Losses Bill , a law that compensated French Canadians whose properties were destroyed during the rebellions of 1837–1838. ] This bill, resulting from the Baldwin - La Fontaine coalition and Lord Elgin's advice, was important as it established the notion of responsible government . ] In 1854, the seigneurial system was abolished, the Grand Trunk Railway was built and the Canadian–American Reciprocity Treaty was implemented. In 1866, the Civil Code of Lower Canada was adopted. ] ] ] In 1864, negotiations began for Canadian Confederation between the Province of Canada, New Brunswick and Nova Scotia at the Charlottetown Conference and Quebec Conference . After having fought as a Patriote, George-Étienne Cartier entered politics in the Province of Canada, becoming one of the co-premiers and advocate for the union of the British North American provinces. He became a leading figure at the Quebec Conference, which produced the Quebec Resolutions , the foundation for Canadian Confederation. ] Recognized as a Father of Confederation , he successfully argued for the establishment of the province of Quebec, initially composed of the historic heart of the territory of the French Canadian nation and where French Canadians would most likely retain majority status. Following the London Conference of 1866 , the Quebec Resolutions were implemented as the British North America Act, 1867 and brought into force on July 1, 1867, creating Canada. Canada was composed of four founding"
"Conference of 1866 , the Quebec Resolutions were implemented as the British North America Act, 1867 and brought into force on July 1, 1867, creating Canada. Canada was composed of four founding provinces: New Brunswick, Nova Scotia, Ontario and Quebec. These last two came from splitting the Province of Canada, and used the old borders of Lower Canada for Quebec, and Upper Canada for Ontario. On July 15, 1867, Pierre-Joseph-Olivier Chauveau became Quebec's first premier . From Confederation until World War I, the Catholic Church was at its peak. The objective of clerico-nationalists was promoting the values of traditional society: family, French, the Catholic Church and rural life. Events such as the North-West Rebellion , the Manitoba Schools Question and Ontario's Regulation 17 turned the promotion and defence of the rights of French Canadians into an important concern. ] Under the aegis of the Catholic Church and the political action of Henri Bourassa , symbols of national pride were developed, like the Flag of Carillon , and "" O Canada "" – a patriotic song composed for Saint-Jean-Baptiste Day . Many organizations went on to consecrate the affirmation of the French-Canadian people, including the caisses populaires Desjardins in 1900, the Club de hockey Canadien in 1909, Le Devoir in 1910, the Congress on the French language in Canada in 1912, and L'Action nationale in 1917. In 1885, liberal and conservative MPs formed the Parti national out of anger with the previous government for not having interceded in the execution of Louis Riel . ] In 1898, the Canadian Parliament enacted the Quebec Boundary Extension Act, 1898 , which gave Quebec part of Rupert's Land, which Canada had bought from the Hudson's Bay Company in 1870. ] This act expanded the boundaries of Quebec northward. In 1909, the government passed a law obligating wood and pulp to be transformed in Quebec, which helped slow the Grande Hémorragie by allowing Quebec to export its finished products to the US instead of its labour force. ] In 1910, Armand Lavergne passed the Lavergne Law , the first language legislation in Quebec. It required use of French alongside English on tickets, documents, bills and contracts issued by transportation and public utility companies. At this time, companies rarely recognized the majority language of Quebec. ] Clerico-nationalists eventually started to fall out of favour in the federal elections of 1911 . In 1912, the Canadian Parliament enacted the Quebec Boundaries Extension Act, 1912 , which gave Quebec another part of Rupert's Land: the District of Ungava . ] This extended the borders of Quebec northward to the Hudson Strait . When World War I broke out, Canada was automatically involved and many English Canadians volunteered. However, because they did not feel the same connection to the British Empire and there was no direct threat to Canada, French Canadians saw no reason to fight. By late 1916, casualties were beginning to cause reinforcement"
"not feel the same connection to the British Empire and there was no direct threat to Canada, French Canadians saw no reason to fight. By late 1916, casualties were beginning to cause reinforcement problems. After enormous difficulty in the federal government, because almost every French-speaking MP opposed conscription while almost all English-speaking MPs supported it, the Military Service Act became law on August 29, 1917. ] French Canadians protested in what is now called the Conscription Crisis of 1917 , which led to the Quebec riot fr ] . ] In 1919, the prohibition of spirits was enacted following a provincial referendum . ] But, prohibition was abolished in 1921 due to the Alcoholic Beverages Act which created the Commission des liqueurs du Québec . ] In 1927, the British Judicial Committee of the Privy Council drew a clear border between northeast Quebec and south Labrador . However, the Quebec government did not recognize the ruling of the Judicial Committee, resulting in a boundary dispute which remains ongoing . The Statute of Westminster 1931 was enacted, and confirmed the autonomy of the Dominions – including Canada and its provinces – from the UK, as well as their free association in the Commonwealth . ] In the 1930s, Quebec's economy was affected by the Great Depression because it greatly reduced US demand for Quebec exports. Between 1929-32 the unemployment rate increased from 8% to 26%. In an attempt to remedy this, the Quebec government enacted infrastructure projects, campaigns to colonize distant regions, financial assistance to farmers, and the secours directs – the ancestor to Canada's Employment Insurance . ] French Canadians remained opposed to conscription during the Second World War. When Canada declared war in September 1939, the federal government pledged not to conscript soldiers for overseas service. As the war went on, more and more English Canadians voiced support for conscription, despite firm opposition from French Canada. Following a 1942 poll that showed 73% of Quebec's residents were against conscription, while 80% or more were for conscription in every other province, the federal government passed Bill 80 for overseas service. Protests exploded and the Bloc Populaire emerged to fight conscription. ] The stark differences between the values of French and English Canada popularized the expression the "" Two Solitudes "". In the wake of the conscription crisis, Maurice Duplessis of the Union Nationale ascended to power and implemented conservative policies known as the Grande Noirceur . He focused on defending provincial autonomy , Quebec's Catholic and francophone heritage, and laissez-faire liberalism instead of the emerging welfare state . ] However, as early as 1948, French Canadian society began to develop new ideologies and desires in response to societal changes such as the television, the baby boom , workers' conflicts , electrification of the countryside, emergence of a middle class , the rural exodus and"
"and desires in response to societal changes such as the television, the baby boom , workers' conflicts , electrification of the countryside, emergence of a middle class , the rural exodus and urbanization , expansion of universities and bureaucracies, creation o"
"Public auto insurance is a government-owned and -operated system of compulsory automobile insurance used in the Canadian provinces of British Columbia , Saskatchewan , Manitoba , and Quebec . It is based on the idea that if motorists are compelled to purchase auto insurance by the government, the government ought to ensure motorists pay fair premiums and receive high-quality coverage. Governments across the country have used various insurance schemes from full tort to full no-fault in pursuit of that goal. Public auto insurers in Canada have historically operated on a not-for-profit basis. The exception is the Insurance Corporation of British Columbia (ICBC), which had its enabling legislation amended in 2010 to allow the provincial government to compel it to pay dividends into the provincial treasury. ] Arguments over public versus private provision of auto insurance often revolve around price and treatment of claimants. Ultimately, the question of which system is more efficient remains an open one. The principled arguments for private insurance turn on the 'disciplining' effect of market competition. With regard to price, proponents of private insurance argue that an open and competitive market for auto insurance would force providers to be cost-efficient and to compete on price, therefore resulting in lower premiums. However, those in favour of public insurance provision argue that, since private companies would also have to make profits for their owners, a non-profit entity would be more likely to have low premiums. With regard to claimants themselves, proponents of private insurance argue that competition will force private insurers to treat claimants as fairly as possible, since insureds will simply change providers if they feel mistreated. The counterargument to this is, given that all private insurers have similar profit pressures, they will all be similarly reluctant to pay benefits in order to increase their profit margins, thus resulting in insureds being poorly served no matter which insurer they choose – whereas a public insurer operating on a long-run break-even basis would have more flexibility to fully compensate claimants. On an empirical level, cost comparisons across jurisdictions are difficult for several reasons. First, different jurisdictions use different insurance models. British Columbia, for example, uses a tort model with some no-fault accident benefits; Saskatchewan offers consumers a choice between no-fault and tort policies; Manitoba uses a no-fault model with the option to sue for economic damages in excess of no-fault benefits; and Québec uses a pure no-fault model with no option to sue. ] Second, mandated minimum levels of coverage and benefits can vary widely, even between provinces that use similar insurance models. Third, what is covered within a given category, such as medical benefits, may also differ between jurisdictions. Fourth, different parts of the country differ in areas such as demographics and"
"Third, what is covered within a given category, such as medical benefits, may also differ between jurisdictions. Fourth, different parts of the country differ in areas such as demographics and weather, which may affect the costs of claims as well as accident frequency. Lastly, comparisons with other countries – and the United States in particular – are difficult since Canada's public healthcare system covers medical costs that would otherwise often be borne by auto insurers. Because of this, it is difficult to conduct accurate comparisons of premiums across the country. An analysis that does not disclose its methodology, or that uses premium data drawn from multiple outside sources, is likely to be unreliable. As would be expected, these complicating factors have resulted in various comparative studies of premiums across the country reaching different conclusions. For example, studies by the Consumers' Association of Canada found that rates in the four public-provision provinces are lower than in provinces that use a private auto insurance system. ] On the other hand, the Fraser Institute , a right-wing think-tank, released a survey in 2011 which concluded that the highest auto insurance rates in Canada were paid in Ontario, British Columbia, Saskatchewan, and Manitoba, of which the latter three operate public insurers. ] better source needed ] More recently, a 2015 Deloitte analysis conducted for Manitoba Public Insurance (MPI) found that the four provinces with public provision have the cheapest insurance rates. ] The Insurance Corporation of British Columbia was created in 1973 by the NDP government of premier Dave Barrett . While it was initially opposed by the opposition Social Credit Party , ICBC became popular with the public and its continued existence has been supported by the government of the day ever since. ] ] ICBC initially held a monopoly on all auto insurance, but in 1977, the provincial government opened up the optional insurance market. ] Despite the entrance of several firms in the 1980s, 87% of British Columbians who bought additional coverage did so from ICBC in 2003. ] Since its inception, ICBC's mandate has changed several times. Initially, it was responsible for only insurance, but at various points since its creation it has also been responsible for social programs such as the CounterAttack anti-impaired driving initiative, traffic safety initiatives, vehicle and driver licensing, commercial transport and compliance, fine collection, and driver education. ] In 2010, ICBC's enabling legislation, the Insurance Corporation Act , was amended by Christy Clark 's British Columbia Liberal government to allow the Cabinet Committee to compel ICBC to pay specified dividends into the provincial treasury. Over the next several years, that has arguably had a large negative impact on ICBC's financial position and been pointed to as the underlying cause of ICBC's forecast for dramatic rate increases totalling over 40%. ] In 2021, ICBC"
"has arguably had a large negative impact on ICBC's financial position and been pointed to as the underlying cause of ICBC's forecast for dramatic rate increases totalling over 40%. ] In 2021, ICBC moved over from tort coverage to no-fault coverage. Manitoba Public Insurance (MPI) was created in 1971 by an NDP government under the leadership of Edward Schreyer . It had featured prominently in his campaign platform for the 1969 election. ] It is a non-profit Crown corporation that operates on a pure no-fault model. ] In 1978, the Parti Québécois government of René Lévesque created the Régie de l'assurance automobile du Québec (RAAQ). In 1990, the RAAQ became the Société de l'assurance automobile du Québec (SAAQ). ] In Quebec, public auto insurance is limited to coverage of personal injuries while damage to property is covered by private insurers. ] Created in 1945 by Tommy Douglas 's CCF government, Saskatchewan Government Insurance is the oldest public auto insurer in Canada. ] Saskatchewan is the only province in Canada that offers motorists a choice between no-fault and tort systems of insurance. Although a choice, majority of the people are unaware of it. By default, all Sask residents are enrolled into the no-fault systems, unless someone wishes to switch their coverage over to tort. Out of province residents who are found partially or fully responsible for an accident in Saskatchewan can be pursued legally for non-economic damages by the Saskatchewan victim even if they have no-fault coverage. There is no cap on minor injury benefits, and SGI does not mandate for their claimants to go for an eventual assessment to a doctor of their choice; which is a common practice in other provinces in an attempt to 86 the benefits being extended. Other provinces have considered introducing a public auto insurance system. The Ontario New Democratic Party won the 1990 provincial election on a platform that included public auto insurance. After assuming office, Premier Bob Rae appointed Peter Kormos , one of the most vocal proponents of public insurance, as the minister responsible for bringing forward the policy. ] With the onset of the recession, however, both business and labour groups expressed concern about layoffs and lost revenues. ] The government dropped the policy in 1991, which was one reason for its loss of power in 1995. citation needed ] Public auto insurance has also been considered in New Brunswick after private insurance rates nearly doubled from 2003 to 2005 but was ultimately rejected by the provincial government. ] It was also an issue in Nova Scotia during its 2003 provincial election and remained in the platform of the official opposition , the Nova Scotia New Democratic Party during the 2006 election campaign. ] However, it did not appear in the NDP platform in the 2009 campaign, and during the NDP's majority government, it failed to introduce a public insurance scheme. Public auto insurance was also under consideration by the"
"appear in the NDP platform in the 2009 campaign, and during the NDP's majority government, it failed to introduce a public insurance scheme. Public auto insurance was also under consideration by the Newfoundland and Labrador Progressive Conservative government of Danny Williams in 2004 as a ""last resort"" when private insurance firms threatened to pull out of the province in response to legislation rolling back premiums. ]"
"Canada is a country in North America . Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean , making it the world's second-largest country by total area , with the world's longest coastline . Its border with the United States is the world's longest international land border. The country is characterized by a wide range of both meteorologic and geological regions. It is a sparsely inhabited country of just over 41 million people, the vast majority residing south of the 55th parallel in urban areas . Canada's capital is Ottawa and its three largest metropolitan areas are Toronto , Montreal , and Vancouver . Indigenous peoples have continuously inhabited what is now Canada for thousands of years. Beginning in the 16th century, British and French expeditions explored and later settled along the Atlantic coast. As a consequence of various armed conflicts , France ceded nearly all of its colonies in North America in 1763. In 1867, with the union of three British North American colonies through Confederation , Canada was formed as a federal dominion of four provinces. This began an accretion of provinces and territories and a process of increasing autonomy from the United Kingdom, highlighted by the Statute of Westminster, 1931 , and culminating in the Canada Act 1982 , which severed the vestiges of legal dependence on the Parliament of the United Kingdom . Canada is a parliamentary democracy and a constitutional monarchy in the Westminster tradition . The country's head of government is the prime minister , who holds office by virtue of their ability to command the confidence of the elected House of Commons and is appointed by the governor general , representing the monarch of Canada , the ceremonial head of state . The country is a Commonwealth realm and is officially bilingual (English and French) in the federal jurisdiction. It is very highly ranked in international measurements of government transparency, quality of life, economic competitiveness, innovation, education and gender equality. It is one of the world's most ethnically diverse and multicultural nations, the product of large-scale immigration . Canada's long and complex relationship with the United States has had a significant impact on its history , economy , and culture . A developed country , Canada has a high nominal per capita income globally and its advanced economy ranks among the largest in the world , relying chiefly upon its abundant natural resources and well-developed international trade networks . Recognized as a middle power , Canada's strong support for multilateralism and internationalism has been closely related to its foreign relations policies of peacekeeping and aid for developing countries . Canada is part of multiple international organizations and forums . While a variety of theories have been postulated for the etymological origins of Canada , the name is now accepted as coming from the St."
"is part of multiple international organizations and forums . While a variety of theories have been postulated for the etymological origins of Canada , the name is now accepted as coming from the St. Lawrence Iroquoian word kanata , meaning ""village"" or ""settlement"". ] In 1535, Indigenous inhabitants of the present-day Quebec City region used the word to direct French explorer Jacques Cartier to the village of Stadacona . ] Cartier later used the word Canada to refer not only to that particular village but to the entire area subject to Donnacona (the chief at Stadacona); ] by 1545, European books and maps had begun referring to this small region along the Saint Lawrence River as Canada . ] From the 16th to the early 18th century, Canada referred to the part of New France that lay along the Saint Lawrence River. ] Following the British conquest of New France , this area was known as the British Province of Quebec from 1763 to 1791. ] In 1791, the area became two British colonies called Upper Canada and Lower Canada . These two colonies were collectively named the Canadas until their union as the British Province of Canada in 1841. ] Upon Confederation in 1867 , Canada was adopted as the legal name for the new country at the London Conference and the word dominion was conferred as the country's title. ] By the 1950s, the term Dominion of Canada was no longer used by the United Kingdom, which considered Canada a ""realm of the Commonwealth"". ] The Canada Act 1982 , which brought the Constitution of Canada fully under Canadian control, referred only to Canada . Later that year, the name of the national holiday was changed from Dominion Day to Canada Day . ] The first inhabitants of North America are generally hypothesized to have migrated from Siberia by way of the Bering land bridge and arrived at least 14,000 years ago. ] The Paleo-Indian archeological sites at Old Crow Flats and Bluefish Caves are two of the oldest sites of human habitation in Canada. ] The characteristics of Indigenous societies included permanent settlements, agriculture, complex societal hierarchies, and trading networks. ] Some of these cultures had collapsed by the time European explorers arrived in the late 15th and early 16th centuries and have only been discovered through archeological investigations. ] Indigenous peoples in present-day Canada include the First Nations , Inuit , and Métis , ] the last being of mixed descent who originated in the mid-17th century when First Nations people married European settlers and subsequently developed their own identity. ] The Indigenous population at the time of the first European settlements is estimated to have been between 200,000 ] and two million, ] with a figure of 500,000 accepted by Canada's Royal Commission on Aboriginal Peoples . ] As a consequence of European colonization, the Indigenous population declined by forty to eighty percent. ] The decline is attributed to several causes, including the transfer of European diseases"
"] As a consequence of European colonization, the Indigenous population declined by forty to eighty percent. ] The decline is attributed to several causes, including the transfer of European diseases , to which they had no natural immunity, ] conflicts over the fur trade, conflicts with the colonial authorities and settlers, and the loss of Indigenous lands to settlers and the subsequent collapse of several nations' self-sufficiency. ] Although not without conflict, European Canadians ' early interactions with First Nations and Inuit populations were relatively peaceful. ] First Nations and Métis peoples played a critical part in the development of European colonies in Canada , particularly for their role in assisting European coureurs des bois and voyageurs in their explorations of the continent during the North American fur trade . ] These early European interactions with First Nations would change from friendship and peace treaties to the dispossession of Indigenous lands through treaties. ] From the late 18th century, European Canadians forced Indigenous peoples to assimilate into a western Canadian society. ] Settler colonialism reached a climax in the late 19th and early 20th centuries. ] A period of redress began with the formation of a reconciliation commission by the Government of Canada in 2008. ] This included acknowledgment of cultural genocide , ] settlement agreements , ] and betterment of racial discrimination issues, such as addressing the plight of missing and murdered Indigenous women . ] It is believed that the first documented European to explore the east coast of Canada was Norse explorer Leif Erikson . ] In approximately 1000 AD, the Norse built a small short-lived encampment that was occupied sporadically for perhaps 20 years at L'Anse aux Meadows on the northern tip of Newfoundland . ] No further European exploration occurred until 1497, when seafarer John Cabot explored and claimed Canada's Atlantic coast in the name of Henry VII of England . ] In 1534, French explorer Jacques Cartier explored the Gulf of Saint Lawrence where, on July 24, he planted a 10-metre (33 ft) cross bearing the words, ""long live the King of France"", and took possession of the territory New France in the name of King Francis I . ] The early 16th century saw European mariners with navigational techniques pioneered by the Basque and Portuguese establish seasonal whaling and fishing outposts along the Atlantic coast. ] In general, early settlements during the Age of Discovery appear to have been short-lived due to a combination of the harsh climate, problems with navigating trade routes and competing outputs in Scandinavia. ] In 1583, Sir Humphrey Gilbert , by the royal prerogative of Queen Elizabeth I , founded St John's, Newfoundland , as the first North American English seasonal camp . ] In 1600, the French established their first seasonal trading post at Tadoussac along the Saint Lawrence. ] French explorer Samuel de Champlain arrived in 1603 and"
"American English seasonal camp . ] In 1600, the French established their first seasonal trading post at Tadoussac along the Saint Lawrence. ] French explorer Samuel de Champlain arrived in 1603 and established the first permanent year-round European settlements at Port Royal (in 1605) and Quebec City (in 1608). ] Among the colonists of New France, Canadiens extensively settled the Saint Lawrence River valley and Acadians settled the present-day Maritimes , while fur traders and Catholic missionaries explored the Great Lakes , Hudson Bay , and the Mississippi watershed to Louisiana . ] The Beaver Wars broke out in the mid-17th century over control of the North American fur trade. ] The English established additional settlements in Newfoundland in 1610 along with settlements in the Thirteen Colonies to the south. ] A series of four wars erupted in colonial North America between 1689 and 1763; the later wars of the period constituted the North American theatre of the Seven Years' War . ] Mainland Nova Scotia came under British rule with the 1713 Treaty of Utrecht and Canada and most of New France came under British rule in 1763 after the Seven Years' War. ] The Royal Proclamation of 1763 established First Nation treaty rights, created the Province of Quebec out of New France, and annexed Cape Breton Island to Nova Scotia. ] St John's Island (now Prince Edward Island ) became a separate colony in 1769. ] To avert conflict in Quebec , the British Parliament passed the Quebec Act 1774, expanding Quebec's territory to the Great Lakes and Ohio Valley . ] More importantly, the Quebec Act afforded Quebec special autonomy and rights of self-administration at a time when the Thirteen Colonies were increasingly agitating against British rule. ] It re-established the French language, Catholic faith, and French civil law there, staving off the growth of an independence movement in contrast to the Thirteen Colonies. ] The Proclamation and the Quebec Act in turn angered many residents of the Thirteen Colonies, further fuelling anti-British sentiment in the years prior to the American Revolution . ] After the successful American War of Independence, the 1783 Treaty of Paris recognized the independence of the newly formed United States and set the terms of peace, ceding British North American territories south of the Great Lakes and east of the Mississippi River to the new country. ] The American war of independence also caused a large out-migration of Loyalists , the settlers who had fought against American independence. Many moved to Canada, particularly Atlantic Canada, where their arrival changed the demographic distribution of the existing territories. New Brunswick was in turn split from Nova Scotia as part of a reorganization of Loyalist settlements in the Maritimes, which led to the incorporation of Saint John, New Brunswick , as Canada's first city. ] To accommodate the influx of English-speaking Loyalists in Central Canada, the Constitutional Act of 1791"
"which led to the incorporation of Saint John, New Brunswick , as Canada's first city. ] To accommodate the influx of English-speaking Loyalists in Central Canada, the Constitutional Act of 1791 divided the province of Canada into French-speaking Lower Canada (later Quebec ) and English-speaking Upper Canada (later Ontario ), granting each its own elected legislative assembly. ] The Canadas were the main front in the War of 1812 between the United States and the United Kingdom . Peace came in 1815; no boundaries were changed. ] Immigration resumed at a higher level, with over 960,000 arrivals from Britain between 1815 and 1850. ] New arrivals included refugees escaping the Great Irish Famine as well as Gaelic -speaking Scots displaced by the Highland Clearances . ] Infectious diseases killed between 25 and 33 percent of Europeans who immigrated to Canada before 1891. ] The desire for responsible government resulted in the abortive Rebellions of 1837 . ] The Durham Report subsequently recommended responsible government and the assimilation of French Canadians into English culture. ] The Act of Union 1840 merged the Canadas into a united Province of Canada and responsible government was established for all provinces of British North America east of Lake Superior by 1855. ] The signing of the Oregon Treaty by Britain and the United States in 1846 ended the Oregon boundary dispute , extending the border westward along the 49th parallel . This paved the way for British colonies on Vancouver Island (1849) and in British Columbia (1858) . ] The Anglo-Russian Treaty of Saint Petersburg (1825) established the border along the Pacific coast, but, even after the US Alaska Purchase of 1867, disputes continued about the exact demarcation of the Alaska–Yukon and Alaska–BC border. ] Following three constitutional conferences, the British North America Act, 1867 officially proclaimed Canadian Confederation on July 1, 1867, initially with four provinces: Ontario , Quebec, Nova Scotia, and New Brunswick. ] Canada assumed control of Rupert's Land and the North-Western Territory to form the Northwest Territories , where the Métis' grievances ignited the Red River Rebellion and the creation of the province of Manitoba in July 1870. ] British Columbia and Vancouver Island (which had been united in 1866) joined the confederation in 1871 on the promise of a transcontinental railway extending to Victoria in the province within 10 years, ] while Prince Edward Island joined in 1873. ] In 1898, during the Klondike Gold Rush in the Northwest Territories, Parliament created the Yukon Territory. Alberta and Saskatchewan became provinces in 1905. ] Between 1871 and 1896, almost one quarter of the Canadian population emigrated south to the US. ] To open the West and encourage European immigration, the Government of Canada sponsored the construction of three transcontinental railways (including the Canadian Pacific Railway ), passed the Dominion Lands Act to regulate settlement"
"immigration, the Government of Canada sponsored the construction of three transcontinental railways (including the Canadian Pacific Railway ), passed the Dominion Lands Act to regulate settlement and established the North-West Mounted Police to assert authority over the territory. ] This period of westward expansion and nation building resulted in the displacement of many Indigenous peoples of the Canadian Prairies to "" Indian reserves "", ] clearing the way for ethnic European block settlements . ] This caused the collapse of the Plains Bison in western Canada and the introduction of European cattle farms and wheat fields dominating the land. ] The Indigenous peoples saw widespread famine and disease due to the loss of the bison and their traditional hunting lands. ] The federal government did provide emergency relief, on condition of the Indigenous peoples moving to the reserves. ] During this time, Canada introduced the Indian Act extending its control over the First Nations to education, government and legal rights. ] Because Britain still maintained control of Canada's foreign affairs under the British North America Act, 1867, its declaration of war in 1914 automatically brought Canada into the First World War . ] Volunteers sent to the Western Front later became part of the Canadian Corps , which played a substantial role in the Battle of Vimy Ridge and other major engagements of the war. ] The Conscription Crisis of 1917 erupted when the Unionist Cabinet's proposal to augment the military's dwindling number of active members with conscription was met with vehement objections from French-speaking Quebecers. ] The Military Service Act brought in compulsory military service, though it, coupled with disputes over French language schools outside Quebec, deeply alienated Francophone Canadians and temporarily split the Liberal Party. ] In 1919, Canada joined the League of Nations independently of Britain, ] and the Statute of Westminster, 1931 , affirmed Canada's independence. ] The Great Depression in Canada during the early 1930s saw an economic downturn, leading to hardship across the country. ] In response to the downturn, the Co-operative Commonwealth Federation (CCF) in Saskatchewan introduced many elements of a welfare state (as pioneered by Tommy Douglas ) in the 1940s and 1950s. ] On the advice of Prime Minister William Lyon Mackenzie King , war with Germany was declared effective September 10, 1939, by King George VI , seven days after the United Kingdom. The delay underscored Canada's independence. ] The first Canadian Army units arrived in Britain in December 1939. In all, over a million Canadians served in the armed forces during the Second World War . ] Canadian troops played important roles in many key battles of the war, including the failed 1942 Dieppe Raid , the Allied invasion of Italy , the Normandy landings , the Battle of Normandy , and the Battle of the Scheldt in 1944. ] Canada provided asylum for the Dutch monarchy while"
"failed 1942 Dieppe Raid , the Allied invasion of Italy , the Normandy landings , the Battle of Normandy , and the Battle of the Scheldt in 1944. ] Canada provided asylum for the Dutch monarchy while that country was occupied and is credited by the Netherlands for major contributions to its liberation from Nazi Germany . ] The Canadian economy boomed during the war as its industries manufactured military materiel for Canada, Britain, China , and the Soviet Union . ] Despite another Conscription Crisis in Quebec in 1944, Canada finished the war with a large army and strong economy. ] The financial crisis of the Great Depression led the Dominion of Newfoundland to relinquish responsible government in 1934 and become a Crown colony ruled by a British governor. ] After two referendums , Newfoundlanders voted to join Canada in 1949 as a province. ] Canada's post-war economic growth, combined with the policies of successive Liberal governments, led to the emergence of a new Canadian identity , marked by the adoption of the maple leaf flag in 1965, ] the implementation of official bilingualism (English and French) in 1969, ] and the institution of official multiculturalism in 1971. ] Socially democratic programs were also instituted, such as Medicare , the Canada Pension Plan , and Canada Student Loans ; though, provincial governments, particularly Quebec and Alberta, opposed many of these as incursions into their jurisdictions. ] Finally, another series of constitutional conferences resulted in the Canada Act 1982 , the patriation of Canada's constitution from the United Kingdom, concurrent with the creation of the Canadian Charter of Rights and Freedoms . ] Canada had established complete sovereignty as an independent country under its own monarchy . ] In 1999, Nunavut became Canada's third territory after a series of negotiations with the federal government. ] At the same time, Quebec underwent profound social and economic changes through the Quiet Revolution of the 1960s, giving birth to a secular nationalist movement. ] The radical Front de libération du Québec (FLQ) ignited the October Crisis with a series of bombings and kidnappings in 1970, ] and the sovereigntist Parti Québécois was elected in 1976, organizing an unsuccessful referendum on sovereignty-association in 1980. Attempts to accommodate Quebec nationalism constitutionally through the Meech Lake Accord failed in 1990. ] This led to the formation of the Bloc Québécois in Quebec and the invigoration of the Reform Party of Canada in the West. ] A second referendum followed in 1995, in which sovereignty was rejected by a slimmer margin of 50.6 to 49.4 percent. ] In 1997, the Supreme Court ruled unilateral secession by a province would be unconstitutional, and the Clarity Act was passed by Parliament, outlining the terms of a negotiated departure from Confederation. ] In addition to the issues of Quebec sovereignty, a number of crises shook Canadian society in the late 1980s and early 1990s."
"outlining the terms of a negotiated departure from Confederation. ] In addition to the issues of Quebec sovereignty, a number of crises shook Canadian society in the late 1980s and early 1990s. These included the explosion of Air India Flight 182 in 1985, the largest mass murder in Canadian history; ] the École Polytechnique massacre in 1989, a university shooting targeting female students; ] and the Oka Crisis of 1990, ] the first of a number of violent confrontations between provincial governments and Indigenous groups. ] Canada joined the Gulf War in 1990 and was active in several peacekeeping missions in the 1990s, including operations in the Balkans during and after the Yugoslav Wars , ] and in Somalia , resulting in an incident that has been described as "" the darkest era in the history of the Canadian military "". ] Canada sent troops to Afghanistan in 2001 , resulting in the largest amount of Canadian deaths for any single military mission since the Korean War in the early 1950s. ] In 2011, Canadian forces participated in the NATO-led intervention into the Libyan Civil War ] and also became involved in battling the Islamic State insurgency in Iraq in the mid-2010s. ] The country celebrated its sesquicentennial in 2017, three years before the COVID-19 pandemic in Canada began on January 27, 2020, with widespread social and economic disruption. ] In 2021, the possible graves of hundreds of Indigenous people were discovered near the former sites of Canadian Indian residential schools . ] Administered by various Christian churches and funded by the Canadian government from 1828 to 1997, these boarding schools attempted to assimilate Indigenous children into Euro-Canadian culture . ] By total area (including its waters), Canada is the second-largest country . ] By land area alone, Canada ranks fourth , due to having the world's largest area of fresh water lakes . ] Stretching from the Atlantic Ocean in the east, along the Arctic Ocean to the north, and to the Pacific Ocean in the west, the country encompasses 9,984,670 km 2 (3,855,100 sq mi) of territory. ] Canada also has vast maritime terrain, with the world's longest coastline of 243,042 kilometres (151,019 mi). ] In addition to sharing the world's largest land border with the United States —spanning 8,891 km (5,525 mi) ] —Canada shares a land border with Greenland (and hence the Kingdom of Denmark ) to the northeast, on Hans Island , ] and a maritime boundary with France 's overseas collectivity of Saint Pierre and Miquelon to the southeast. ] Canada is also home to the world's northernmost settlement, Canadian Forces Station Alert , on the northern tip of Ellesmere Island —latitude 82.5°N—which lies 817 kilometres (508 mi) from the North Pole. ] Canada can be divided into seven physiographic regions: the Canadian Shield , the interior plains , the Great Lakes-St. Lawrence Lowlands , the Appalachian region , the Western Cordillera , Hudson Bay Lowlands , and the Arctic Archipelago . ]"
"regions: the Canadian Shield , the interior plains , the Great Lakes-St. Lawrence Lowlands , the Appalachian region , the Western Cordillera , Hudson Bay Lowlands , and the Arctic Archipelago . ] Boreal forests prevail throughout the country, ice is prominent in northern Arctic regions and through the Rocky Mountains , and the relatively flat Canadian Prairies in the southwest facilitate productive agriculture. ] The Great Lakes feed the St. Lawrence River (in the southeast) where the lowlands host much of Canada's economic output. ] Canada has over 2,000,000 lakes—563 of which are larger than 100 km 2 (39 sq mi)—containing much of the world's fresh water . ] There are also fresh-water glaciers in the Canadian Rockies , the Coast Mountains , and the Arctic Cordillera . ] Canada is geologically active , having many earthquakes and potentially active volcanoes . ] Average winter and summer high temperatures across Canada vary from region to region. Winters can be harsh in many parts of the country, particularly in the interior and Prairie provinces, which experience a continental climate , where daily average temperatures are near −15 °C (5 °F ), but can drop below −40 °C (−40 °F) with severe wind chills . ] In non-coastal regions, snow can cover the ground for almost six months of the year, while in parts of the north snow can persist year-round. Coastal British Columbia has a temperate climate, with a mild and rainy winter. On the east and west coasts, average high temperatures are generally in the low 20s °C (70s °F), while between the coasts, the average summer high temperature ranges from 25 to 30 °C (77 to 86 °F), with temperatures in some interior locations occasionally exceeding 40 °C (104 °F). ] Much of Northern Canada is covered by ice and permafrost . The future of the permafrost is uncertain because the Arctic has been warming at three times the global average as a"
"Newfoundland and Labrador ( NEW -fən(d)-lənd ... LAB -rə-dor, -⁠land ... , .mw-parser-output .IPA-label-small{font-size:85%}.mw-parser-output .references .IPA-label-small,.mw-parser-output .infobox .IPA-label-small,.mw-parser-output .navbox .IPA-label-small{font-size:100%} locally NEW -fən- LAND ... ; French : Terre-Neuve-et-Labrador ; frequently abbreviated as NL ) is the easternmost province of Canada , in the country's Atlantic region . The province comprises the island of Newfoundland and the continental region of Labrador , having a total size of 405,212 km 2 (156,453 sq mi). As of 2024 the population of Newfoundland and Labrador was estimated to be 545,247. ] The island of Newfoundland (and its smaller neighbouring islands) is home to around 94 per cent of the province's population, with more than half residing in the Avalon Peninsula . Labrador shares a land border with both the province of Quebec and the territory of Nunavut on Killiniq Island . The French overseas collectivity of Saint Pierre and Miquelon lies about 20 km (12 mi) west of the Burin Peninsula . According to the 2016 census, 97.0% of residents reported English as their native language, making Newfoundland and Labrador Canada's most linguistically homogeneous province. Much of the population is descended from English and Irish settlers, with the majority immigrating from the early 17th century to the late 19th century. ] ] ] St. John's , the capital and largest city of Newfoundland and Labrador, is Canada's 22nd-largest census metropolitan area and home to about 40% of the province's population. St. John's is the seat of the House of Assembly of Newfoundland and Labrador as well as the province's highest court, the Newfoundland and Labrador Court of Appeal . Until 1949, the Dominion of Newfoundland was a separate dominion in the British Empire. In 1933, the House of Assembly of the self-governing dominion voted to dissolve itself and to hand over administration of Newfoundland and Labrador to the British-appointed Commission of Government . This followed the suffering caused by the Great Depression and Newfoundland's participation in the First World War . On March 31, 1949, it became the 10th and most recent province to join the Canadian Confederation as ""Newfoundland"". On December 6, 2001, the Constitution of Canada was amended to change the province's name from ""Newfoundland"" to ""Newfoundland and Labrador"". The name ""New founde lande"" was uttered by King Henry VII about the land explored by Sebastian and John Cabot . In Portuguese , it is Terra Nova (while the province's full name is Terra Nova e Labrador ), which literally means ""new land"" and is also the French name for the province's island region ( Terre-Neuve ). The name ""Terra Nova"" is in wide use on the island (e.g. Terra Nova National Park ). The influence of early Portuguese exploration is also reflected in the name of Labrador, which derives from the surname of the Portuguese navigator João Fernandes Lavrador . ]"
"Nova National Park ). The influence of early Portuguese exploration is also reflected in the name of Labrador, which derives from the surname of the Portuguese navigator João Fernandes Lavrador . ] Labrador's name in the Inuttitut Inuktitut name is Ikkarumikluak ( ᐃᒃᑲᕈᒥᒃᓗᐊᒃ ), meaning ""place of many shoals"". Newfoundland and Labrador's Inuttitut / Inuktitut name is Ikkarumikluak aamma Nunatsuak . Terre-Neuve et Labrador is the French name used in the Constitution of Canada. However, French is not widely spoken in Newfoundland and Labrador and is not an official language at the provincial level. On April 29, 1999, the government of Brian Tobin passed a motion in the Newfoundland House of Assembly requesting the federal government amend the Newfoundland Act to change the province's name to ""Newfoundland and Labrador"". A resolution approving the name change was put forward in the House of Commons in October 2001, introduced by Tobin who had moved to federal politics. Tobin's successor as premier Roger Grimes stated: ""The Government of Newfoundland and Labrador is firmly committed to ensuring official recognition of Labrador as an equal partner in this province, and a constitutional name change of our province will reiterate that commitment"". ] Following approval by the House of Commons and the Senate, Governor-General Adrienne Clarkson officially proclaimed the name change on December 6, 2001. ] Newfoundland and Labrador is the most easterly province in Canada, situated in the northeastern region of North America . ] The Strait of Belle Isle separates the province into two geographical parts: Labrador, connected to mainland Canada, and Newfoundland, an island in the Atlantic Ocean . ] The province also includes over 7,000 tiny islands. ] The highest point of the province is Mount Caubvick with the highest point on Newfoundland being Cabox . Newfoundland has a roughly triangular shape. Each side is about 400 km (250 mi) long, and its area is 108,860 km 2 (42,030 sq mi). ] Newfoundland and its neighbouring small islands (excluding French possessions) have an area of 111,390 km 2 (43,010 sq mi). ] Newfoundland extends between latitudes 46°36′N and 51°38′N. ] ] Labrador is also roughly triangular in shape: the western part of its border with Quebec is the drainage divide of the Labrador Peninsula . Lands drained by rivers that flow into the Atlantic Ocean are part of Labrador, and the rest belongs to Quebec. Most of Labrador's southern boundary with Quebec follows the 52nd parallel of latitude. Labrador's extreme northern tip, at 60°22′N, shares a short border with Nunavut on Killiniq Island . Labrador also has a maritime border with Greenland . Labrador's land area (including associated small islands) is 294,330 km 2 (113,640 sq mi). ] Together, Newfoundland and Labrador make up 4.06 per cent of Canada's area, ] with a total area of 405,720 km 2 (156,650 sq mi). ] Labrador is the easternmost part of the Canadian Shield , a vast area of ancient"
"and Labrador make up 4.06 per cent of Canada's area, ] with a total area of 405,720 km 2 (156,650 sq mi). ] Labrador is the easternmost part of the Canadian Shield , a vast area of ancient metamorphic rock making up much of northeastern North America . Colliding tectonic plates have shaped much of the geology of Newfoundland. Gros Morne National Park has a reputation as an outstanding example of tectonics at work, ] and as such has been designated a World Heritage Site . The Long Range Mountains on Newfoundland's west coast are the northeasternmost extension of the Appalachian Mountains . ] The north-south extent of the province (46°36′N to 60°22′N), prevalent westerly winds, cold ocean currents and local factors such as mountains and coastline combine to create the various climates of the province. ] Newfoundland, in broad terms, has a cool summer subtype, with a humid continental climate attributable to its proximity to water — no part of the island is more than 100 km (62 mi) from the Atlantic Ocean . ] However, Northern Labrador is classified as a polar tundra climate, and southern Labrador has a subarctic climate . ] Newfoundland and Labrador contain a range of climates and weather patterns, including frequent combinations of high winds, snow, rain, and fog, conditions that regularly made travel by road, air, or ferry challenging or impossible. ] Monthly average temperatures, rainfall levels, and snowfall levels for four locations are shown in the attached graphs. St. John's represents the east coast, Gander the interior of the island, Corner Brook the west coast of the island and Wabush the interior of Labrador. Climate data for 56 places in the province is available from Environment Canada . ] The data for the graphs is the average over 30 years. Error bars on the temperature graph indicate the range of daytime highs and night time lows. Snowfall is the total amount that fell during the month, not the amount accumulated on the ground. This distinction is particularly important for St. John's, where a heavy snowfall can be followed by rain, so no snow remains on the ground. Surface water temperatures on the Atlantic side reach a summer average of 12 °C (54 °F) inshore and 9 °C (48 °F) offshore to winter lows of −1 °C (30 °F) inshore and 2 °C (36 °F) offshore. ] Sea temperatures on the west coast are warmer than Atlantic side by 1–3 °C (approximately 2–5 °F). The sea keeps winter temperatures slightly higher and summer temperatures a little lower on the coast than inland. ] The maritime climate produces more variable weather, ample precipitation in a variety of forms, greater humidity , lower visibility, more clouds, less sunshine, and higher winds than a continental climate. ] Human habitation in Newfoundland and Labrador can be traced back about 9,000 years. ] The Maritime Archaic peoples were sea-mammal hunters in the subarctic . ] They prospered along the Atlantic Coast of North America from about 7000 BC to 1500 BC. ] Their settlements"
"9,000 years. ] The Maritime Archaic peoples were sea-mammal hunters in the subarctic . ] They prospered along the Atlantic Coast of North America from about 7000 BC to 1500 BC. ] Their settlements included longhouses and boat-topped temporary or seasonal houses. ] They engaged in long-distance trade, using as currency white chert , a rock quarried from northern Labrador to Maine . ] The southern branch of these people was established on the north peninsula of Newfoundland by 5,000 years ago. ] The Maritime Archaic period is best known from a mortuary site in Newfoundland at Port au Choix . ] The Maritime Archaic peoples were gradually displaced by people of the Dorset culture (Late Paleo-Eskimo ) who also occupied Port au Choix. The number of their sites discovered on Newfoundland indicates they may have been the most numerous Aboriginal people to live there. They thrived from about 2000 BC to 800 AD. Many of their sites were on exposed headlands and outer islands. They were more oriented to the sea than earlier peoples, and had developed sleds and boats similar to kayaks . They burned seal blubber in soapstone lamps. ] Many of these sites, such as Port au Choix , recently excavated by Memorial archaeologist, Priscilla Renouf, are quite large and show evidence of a long-term commitment to place. Renouf has excavated huge amounts of harp seal bones at Port au Choix, indicating that this place was a prime location for the hunting of these animals. ] The people of the Dorset culture (800 BC – 1500 AD) were highly adapted to a cold climate, and much of their food came from hunting sea mammals through holes in the ice. ] The massive decline in sea ice during the Medieval Warm Period would have had a devastating effect upon their way of life. ] The appearance of the Beothuk culture is believed to be the most recent cultural manifestation of peoples who first migrated from Labrador to Newfoundland around 1 AD. ] The Inuit , found mostly in Labrador, are the descendants of what anthropologists call the Thule people , who emerged from western Alaska around 1000 AD and spread eastwards across the High Arctic tundra reaching Labrador around 1300–1500. ] Researchers believe the Dorset culture lacked the dogs, larger weapons and other technologies that gave the expanding Inuit an advantage. ] The inhabitants eventually organized themselves into small bands of a few families, grouped into larger tribes and chieftainships . The Innu are the inhabitants of an area they refer to as Nitassinan , i.e. most of what is now referred to as northeastern Quebec and Labrador. Their subsistence activities were historically centered on hunting and trapping caribou , deer and small game. ] Coastal clans also practiced agriculture, fished and managed maple sugar bush. ] The Innu engaged in tribal warfare along the coast of Labrador with Inuit groups that had large populations. ] The Miꞌkmaq of southern Newfoundland spent most of their time on the shores harvesting seafood;"
"engaged in tribal warfare along the coast of Labrador with Inuit groups that had large populations. ] The Miꞌkmaq of southern Newfoundland spent most of their time on the shores harvesting seafood; during the winter they would move inland to the woods to hunt. ] Over time, the Miꞌkmaq and Innu divided their lands into traditional ""districts"". Each district was independently governed and had a district chief and a council. The council members were band chiefs, elders and other worthy community leaders. ] In addition to the district councils, the Miꞌkmaq tribes also developed a Grand Council or Santé Mawiómi , which according to oral tradition was formed before 1600. ] By the time European contact with Newfoundland began in the early 16th century, the Beothuk were the only indigenous group living permanently on the island. ] Unlike other groups in the Northeastern area of the Americas, the Beothuk never established sustained trading relations with European settlers. Their interactions were sporadic, and they largely attempted to avoid contact. ] The establishment of English fishing operations on the outer coastline of the island, and their later expansion into bays and inlets, cut off access for the Beothuk to their traditional sources of food. ] ] ] In the 18th century, as the Beothuk were driven further inland by these encroachments, violence between Beothuk and settlers escalated, with each retaliating against the other in their competition for resources. By the early 19th century, violence, starvation, and exposure to tuberculosis had decimated the Beothuk population, and they were extinct by 1829. ] The oldest confirmed accounts of European contact date from a thousand years ago as described in the Viking (Norse) Icelandic Sagas . Around the year 1001, the sagas refer to Leif Erikson landing in three places to the west, ] the first two being Helluland (possibly Baffin Island ) and Markland (possibly Labrador ). ] ] ] Leif's third landing was at a place he called Vinland (possibly Newfoundland). ] Archaeological evidence of a Norse settlement was found in L'Anse aux Meadows , Newfoundland , which was declared a World Heritage Site by UNESCO in 1978. ] ] There are several other unconfirmed accounts of European discovery and exploration, one tale of men from the Channel Islands being blown off course in the late 15th century into a strange land full of fish, ] and another from Portuguese maps that depict the Terra do Bacalhau , or land of codfish , west of the Azores . The earliest, though, is the Voyage of Saint Brendan , the fantastical account of an Irish monk who made a sea voyage in the early 6th century. While the story became a part of myth and legend, some historians believe it is based on fact. ] ] ] In 1496, John Cabot obtained a charter from English King Henry VII to ""sail to all parts, countries and seas of the East, the West and of the North, under our banner and ensign and to set up our banner on any new-found-land"" and on June 24,"
"English King Henry VII to ""sail to all parts, countries and seas of the East, the West and of the North, under our banner and ensign and to set up our banner on any new-found-land"" and on June 24, 1497, landed in Cape Bonavista . Historians disagree on whether Cabot landed in Nova Scotia in 1497 or in Newfoundland, or possibly Maine, if he landed at all, but the governments of Canada and the United Kingdom recognise Bonavista as being Cabot's ""official"" landing place. In 1499 and 1500, Portuguese mariners João Fernandes Lavrador and Pero de Barcelos explored and mapped the coast, the former's name appearing as ""Labrador"" on topographical maps of the period. ] Based on the Treaty of Tordesillas , the Portuguese Crown claimed it had territorial rights in the area John Cabot visited in 1497 and 1498. ] Subsequently, in 1501 and 1502, the Corte-Real brothers , Miguel and Gaspar , explored Newfoundland and Labrador, claiming them as part of the Portuguese Empire . ] ] In 1506, king Manuel I of Portugal created taxes for the cod fisheries in Newfoundland waters. ] João Álvares Fagundes and Pero de Barcelos established seasonal fishing outposts in Newfoundland and Nova Scotia around 1521, and older Portuguese settlements may have existed. ] Sir Humphrey Gilbert , provided with letters patent from Queen Elizabeth I , landed in St. John's in August 1583, and formally took possession of the island. ] ] Sometime before 1563, Basque fishermen, who had been fishing cod shoals off Newfoundland's coasts since the beginning of the sixteenth century, founded Plaisance (today Placentia ), a seasonal haven which French fishermen later used. In the Newfoundland will of the Basque seaman Domingo de Luca, dated 1563 and now in an archive in Spain, he asks ""that my body be buried in this port of Plazençia in the place where those who die here are usually buried"". This will is the oldest-known civil document written in Canada. ] ] Twenty years later, in 1583, Newfoundland became England's first possession in North America and one of the earliest permanent English colonies in the New World ] when Sir Humphrey Gilbert claimed it for Elizabeth I . European fishing boats had visited Newfoundland continuously since Cabot's second voyage in 1498 and seasonal fishing camps had existed for a century prior. Fishing boats originated from Basque country, England, France, and Portugal. In 1585, during the initial stages of Anglo-Spanish War , Bernard Drake led a devastating raid on the Spanish and Portuguese fisheries. This provided an opportunity to secure the island and led to the appointment of Proprietary Governors to establish colonial settlements on the island from 1610 to 1728. John Guy became governor of the first settlement at Cuper's Cove . Other settlements included Bristol's Hope , Renews , New Cambriol , South Falkland and Avalon (which became a province in 1623). The first governor given jurisdiction over all of Newfoundland was Sir David Kirke in 1638. Explorers"
"Hope , Renews , New Cambriol , South Falkland and Avalon (which became a province in 1623). The first governor given jurisdiction over all of Newfoundland was Sir David Kirke in 1638. Explorers quickly realized the waters around Newfoundland had the best fishing in the North Atlantic. ] need quotation to verify ] By 1620, 300 fishing boats worked the Grand Banks , employing some 10,000 sailors; many continuing to come from the Basque Country , Normandy, or Brittany. They dried and salted cod on the coast and sold it to Spain and Portugal. Heavy investment by Sir George Calvert, 1st Baron Baltimore , in the 1620s in wharves, warehouses, and fishing stations failed to pay off. French raids hurt the business, and the weather was terrible, so he redirected his attention to his other colony in Maryland . ] After Calvert left, small-scale entrepreneurs such as Sir David Kirke made good use of the facilities. ] Kirke became the first governor of Newfoundland in 1638. A triangular trade with New England, the West Indies, and Europe gave Newfoundland an important economic role. ] By the 1670s, there were 1,700 permanent residents and another 4,500 in the summer months. ] This trade relied upon the labour of enslaved people of African descent. ] ] ] Salted cod from Newfoundland was used to feed the enslaved persons of African descent on plantations in the West Indies . ] ] ] Products typically associated with Newfoundland such as molasses and rum ( Screech ), were produced by the enslaved persons of African descent on plantations in the West Indies, and shipped to Newfoundland and England on merchant ships. ] Some merchants in Newfoundland enslaved persons of African descent such as St. John's merchant, Thomas Oxford. ] John Ryan , merchant and publisher of the Royal Gazette and Newfoundland Advertiser, who resided in New Brunswick and Newfoundland, freed his enslaved servant Dinah, upon his death in Newfoundland in 1847, notably after the Slavery Abolition Act in 1833 . ] ] Notably, the Kirke brothers who were merchants in the triangular trade, brought Olivier Le Jeune to New France, where he was sold in 1629. ] In 1655, France appointed a governor in Plaisance (Placentia), the former Basque fishing settlement, thus starting a formal French colonization period in Newfoundland ] as well as a period of periodic war and unrest between England and France in the region. The Miꞌkmaq, as allies of the French, were amenable to limited French settlement in their midst and fought alongside them against the English. English attacks on Placentia provoked retaliation by New France explorer Pierre Le Moyne d'Iberville who during King William's War in the 1690s, destroyed nearly every English settlement on the island. The entire population of the English colony was either killed, captured for ransom, or sentenced to expulsion to England, with the exception of those who withstood the attack at Carbonear Island and those in the then remote Bonavista . After France lost"
"killed, captured for ransom, or sentenced to expulsion to England, with the exception of those who withstood the attack at Carbonear Island and those in the then remote Bonavista . After France lost political control of the area after the Siege of Port Royal in 1710 , the Miꞌkmaq engaged in warfare with the British throughout Dummer's War (1722–1725), King George's War (1744–1748), Father Le Loutre's War (1749–1755) and the French and Indian War (1754–1763). The French colonization period lasted until the Treaty of Utrecht of 1713, which ended the War of the Spanish Succession : France ceded to the British its claims to Newfoundland (including its claims to the shores of Hudson Bay ) and to the French possessions in Acadia . Afterward, under the supervision of the last French governor, the French population of Plaisance moved to Île Royale (now Cape Breton Island ), part of Acadia which remained then under French control. In the Treaty of Utrecht (1713), France had acknowledged British ownership of the island. However, in the Seven Years' War (1756–1763), control of Newfoundland once again became a major source of conflict between Britain, France and Spain, who all pressed for a share in the valuable fishery there. Britain's victories around the globe led William Pitt to insist nobody other than Britain should have access to Newfoundland. The Battle of Signal Hill was fought on September 15, 1762, and was the last battle of the North American theatre of the Seven Years' War . A British force under Lieutenant Colonel William Amherst recaptured St. John's , ] which the French had seized three months earlier in a surprise attack. From 1763 to 1767, James Cook made a detailed survey of the coasts of Newfoundland and southern Labrador while commander of HMS Grenville . (The following year, 1768, Cook began his first circumnavigation of the world .) In 1796, a Franco-Spanish expedition again succeeded in raiding the coasts of Newfoundland and Labrador, destroying many of the settlements. By the Treaty of Utrecht (1713), French fishermen gained the right to land and cure fish on the ""French Shore"" on the western coast. (They had a permanent base on the nearby St. Pierre and Miquelon islands; the French gave up their French Shore rights in 1904.) In 1783, the British signed the Treaty of Paris with the United States that gave American fishermen similar rights along the coast. These rights were reaffirmed by treaties in 1818, 1854 and 1871, and confirmed by arbitration in 1910. The founding proprietor of the Province of Avalon , George Calvert, 1st Baron Baltimore , intended that it should serve as a refuge for his persecuted Roman Catholic co-religionists. But like his other colony in the Province of Maryland on the American mainland, it soon passed out of the Calvert family's control. The majority Catholic population that developed, thanks to Irish immigration , in St. John's and the Avalon Peninsula , was subjected to same disabilities that applied"
"the Calvert family's control. The majority Catholic population that developed, thanks to Irish immigration , in St. John's and the Avalon Peninsula , was subjected to same disabilities that applied elsewhere under the British Crown. On visiting St. John's in 1786, Prince William Henry (the future King William IV ) noted that ""there are ten Roman Catholics to one Protestant"", ] and he counselled against any measure of Catholic relief. ] Following news of rebellion in Ireland , in June 1798, Governor Vice-Admiral Waldegrave cautioned London that the English constituted but a ""small proportion"" of the locally raised Regiment of Foot . In an echo of an earlier Irish conspiracy during the French occupation of St. John's in 1762, in April 1800, the authorities had reports that upwards of 400 men had taken an oath as United Irishmen , and that eighty soldiers were committed to killing their officers and seizing their Anglican governors at Sunday service. ] The abortive mutiny , for which for which eight men (denounced by Catholic Bishop James Louis O'Donel as ""favourers of the infidel French"") ] were hanged, may have been less a United Irish plot, than an act of desperation in the face of brutal living conditions and officer tyranny. Many of the Irish reserve soldiers were forced to remain on duty, unable to return to the fisheries that supported their families. ] ] Yet the Newfoundland Irish would have been aware of the agitation in the homeland for civil equality and political rights. ] There were reports of communication with United men in Ireland from before '98 rebellion; ] of Thomas Paine 's pamphlets circulating in St. John's; ] and, despite the war with France, of hundreds of young County Waterford men still making a seasonal migration to the island for the fisheries, among them defeated rebels, said to have ""added fuel to the fire"" of local grievance. ] When news reached Newfoundland in May 1829 that the UK Parliament had finally conceded Catholic emancipation , the locals assumed that Catholics would now pass unhindered into the ranks of public office and enjoy equality with Protestants. There was a celebratory parade and mass in St. John's, and a gun salute from vessels in the harbour. But the attorney general and supreme court justices determined that as Newfoundland was a colony, and not a province of the United Kingdom , the Roman Catholic Relief Act did not apply. The discrimination was a matter of local ordinance. ] It was not until May 1832 that the British Secretary of State for the Colonies formally stated that a new commission would be issued to Governor Cochrane to remove any and all Roman Catholic disabilities in Newfoundland. ] By then Catholic emancipation was bound up (as in Ireland) with the call for home rule . After the end of the Napoleonic Wars in 1815, France and other nations re-entered the fish trade and an abundance of cod glutted international markets. Prices dropped, competition increased, and the colony's profits"
"the Napoleonic Wars in 1815, France and other nations re-entered the fish trade and an abundance of cod glutted international markets. Prices dropped, competition increased, and the colony's profits evaporated. A string of harsh winters between 1815 and 1817 made living conditions even more difficult, while fires at St. John's in 1817 left thousands homeless. ] At the same time a new wave of immigration from Ireland increased the Catholic population. In these circumstances much of the English and Protestant proprietor class tended to shelter behind the appointed, and Anglican, ""naval government"". ] A broad home-rule coalition of Irish community leaders and ( Scottish and Welsh ) Methodists formed in 1828. Expressing, initially, the concerns of a new middle class over taxation, it was led by William Carson, a Scottish physician, and Patrick Morris, an Irish merchant. In 1825, the British government granted Newfoundland and Labrador official colonial status and appointed Sir Thomas Cochrane as its first civil governor. Partly carried by the wave of reform in Britain, a colonial legislature in St. John's, together with the promise of Catholic emancipation, followed in 1832. Carson made his goal for Newfoundland clear: ""We shall rise into a national existence, having a national character, a nation's feelings, assuming that rank among our neighbours which the political situation and the extent of our island demand"". ] Standing as Liberals , the reformers sought to break the Anglican monopoly on government patronage and to tax the fisheries to fund the judiciary, road-building projects, and other expenses. They were opposed by the Conservatives (the ""Tories""), who largely represented the Anglican establishment and mercantile interests. While Tories dominated the governor's appointed Executive Council, Liberals generally held the majority of"
"In its broadest sense, no-fault insurance is any type of insurance contract under which the insured party is indemnified by their own insurance company for losses, regardless of the source of the cause of loss. In this sense, it is similar to first-party coverage . The term ""no-fault"" is most commonly used in the United States, Australia, and Canada when referring to state or provincial automobile insurance laws where a policyholder and their passengers are reimbursed by the policyholder's own insurance company without proof of fault, and are restricted in their right to seek recovery through the civil-justice system for losses caused by other parties. citation needed ] No-fault insurance has the goal of lowering premium costs by avoiding expensive litigation over the causes of the collision, while providing quick payments for injuries or loss of property. However, there are other forms of no-fault insurance. For example, in the United States, most workers' compensation funds typically are run as no-fault systems. This is supposed to simplify the injured worker's claim, since they do not need to prove that someone's negligence caused their illness or injuries. ] No-fault systems generally exempt individuals from the usual liability for causing bodily injury if they do so in a car collision; when individuals purchase ""liability"" insurance under those regimes, the insurance covers bodily injury to the insured party and their passengers in a car collision, regardless of which party would be liable under ordinary legal tort rules. Some no-fault systems often grant ""set"" or ""fixed"" compensation for certain injuries regardless of the unique aspects of the injury or the injured party, but this is not universally true. Proponents of no-fault insurance argue that automobile collisions are inevitable and that at-fault drivers are not necessarily higher risk and should not necessarily be punished; moreover, they note that the presence of liability insurance insulates reckless or negligent drivers from financial disincentives of litigation; also, uninsured motorists often can't and won't end up paying for their liability, so in regions with many uninsured motorists, no-fault systems may make more sense; furthermore, traditional insurance is regressive because drivers of inexpensive cars are liable for damage to any car, no matter its value, even though they themselves add only a small amount of liability to the pool with their less valuable cars. Critics of no-fault argue that dangerous drivers not paying for the damage they cause encourages risky behavior, with only raised premiums and a higher risk rating as the potential consequence, and no jury awards or legal settlements. Detractors of no-fault also point out that legitimate victims with subtle handicaps find it difficult to seek recovery under no-fault. Another criticism is that some no-fault jurisdictions have among the highest automobile-insurance premiums in the country, but this may be more a"
"find it difficult to seek recovery under no-fault. Another criticism is that some no-fault jurisdictions have among the highest automobile-insurance premiums in the country, but this may be more a matter of effect than cause: the financial savings from no-fault may simply make it more popular in areas with higher automobile-collision risk, or high insurance rates may cause more drivers to go uninsured, increasing the attraction of a no-fault system. The number of traffic collisions causing fatalities and debilitating injuries had become by the mid-1960s the source of a litigation explosion that was ""straining (and in some areas overwhelming) the judicial machinery."" ] Much legal thinking in academia was devoted to the question of whether the tort system should be replaced with another method of allocating risks of loss from collisions. ] Empirical analyses were published showing the financial impact of automobile collisions. ] The first comprehensive legislative proposal was put forward by Professors Robert E. Keeton of Harvard Law School and Jeffrey O'Connell , then of the University of Illinois, in a law review article published in the Harvard Law Review, ] which consisted of two chapters of the book that they would publish the following year. ] The Keeton-O'Connell plan provided that all automobile owners would be required to purchase a new form of insurance, called ""basic protection coverage,"" under which a victim has recourse for his net economic loss against the insurer of his own car, his host's car or, if the victim is a pedestrian, any car involved. Fault is not required to be shown except for of damages in excess of $10,000 for bodily injury, the deductible of $100 for bodily injury and property damage. Recoverable loss under this type of policy does not include pain and suffering and is reduced by damages recovered from other sources. The proposal generated immense discussion in legal and insurance publications with some concluding it was too ""revolutionary."" ] In 1967 Massachusetts state representative Michael Dukakis , a 1960 graduate of Harvard Law School, introduced a modified version of the Keeton-O'Connell plan in the Massachusetts legislature. The scheme was adopted in 1970. ] The law was challenged in court for claimed violations of numerous state and federal constitutional provisions. The scheme was defended by the state attorney general and also Harvard Law School professors Archibald Cox and Philip Heymann in an amicus curiae brief. The Supreme Judicial Court of Massachusetts overruled the objections in a unanimous decision. ] The decision opened the way for widespread adoption of no-fault automobile insurance schemes, a development that was encouraged by the federal Department of Transportation . ] Most U.S. states have a ""traditional tort "" liability system for auto insurance in which recovery is governed by principles of provable negligence. However, twelve U.S. states and the Commonwealth territory of Puerto Rico"
"a ""traditional tort "" liability system for auto insurance in which recovery is governed by principles of provable negligence. However, twelve U.S. states and the Commonwealth territory of Puerto Rico require policyholders to operate under a ""no-fault"" scheme in which individuals injured in automobile collisions are limited in their ability to seek recovery from other drivers or vehicle owners involved in a collision. ] An additional 8 states have an ""add-on"" system in which the insured party retains the right to sue. ] In 2012, RAND Corporation published a study which found that costs were higher in no-fault systems. ] In the case of economic (medical and wage-loss) damages, most no-fault systems permit injured parties to seek recovery only for damages that are not covered by available first-party insurance benefits. In the case of non-economic (pain-and-suffering) damages, most no-fault systems permit injured parties to seek compensation only in cases of exceptionally ""serious"" injury, which can be defined in either of two ways: In terms of damages to vehicles and their contents, those claims are still based on fault. No-fault systems focus solely on issues of compensation for bodily injury, and such policies pay the medical bills for drivers and their companions no matter whose fault the collision was. In three U.S. states – Kentucky , New Jersey , and Pennsylvania – policyholders are permitted to choose between traditional tort and no-fault recovery regimes. Under such systems, known as ""choice"" or ""optional"" no-fault, policyholders must select between ""full tort” and ""limited tort"" (no-fault) options at the time the policy is written or renewed; once the policy terms are set forth an insured party may not change his/her mind without rewriting the policy. In both Kentucky and New Jersey, policyholders who do not make an affirmative choice in favor of either full tort or limited tort are assigned the no-fault option, while in Pennsylvania the full-tort option is the default. In states where there is a choice of coverage, most consumers choose traditional tort regimes because the cost of the no-fault regime is more expensive. 24 states originally enacted no-fault laws in some form between 1970 and 1975; several of them have repealed their no-fault laws over time. Colorado repealed its no-fault system in 2003. Florida 's no-fault system sunsetted on 1 October 2007, but the Florida legislature passed a new no-fault law which took effect 1 January 2008. Michigan's no-fault system is relatively uncommon. Before 2019, drivers had to purchase personal injury protection insurance that included unlimited, lifetime medical coverage. While this system protected people with catastrophic injuries, many consumers complained about the high insurance premiums associated with this system. ] In 2019, the Michigan Legislature changed the state’s no-fault auto insurance law so that drivers will no longer be required to purchase unlimited medical coverage. ]"
"associated with this system. ] In 2019, the Michigan Legislature changed the state’s no-fault auto insurance law so that drivers will no longer be required to purchase unlimited medical coverage. ] Instead, under the PIP Choice system that was enacted, drivers have the choice of selecting medical coverage with limits of $50,000 (for drivers on Medicaid), $250,000, $500,000 and unlimited. Drivers on Medicare may be eligible to forgo all No-Fault medical coverage. The goal of the no-fault changes was to lower premiums for drivers and, thus, make car insurance more affordable. However, Michigan’s average annual auto insurance rates are still the highest in the country - and Detroit has the highest rates of any city in the U.S. ] Additionally, Michigan's no-fault reforms reduced compensation to some caregivers, which made it difficult for some catastrophically injured crash victims to access care from their auto insurance policy. Health insurance also covers the care of crash victims if auto insurance is either not existent or doesn't have enough coverage to pay claims. ] In addition to loosening its coverage rules and changing compensation for caregivers, the 2019 laws also made widespread changes to medical reimbursement rates, commonly referred to as the ""fee schedules."" The law did not expressly address whether the new few schedules should be applied retroactively. In 2019, a group of stakeholders filed a lawsuit, arguing that the 2019 no-fault law's fee schedule should not be applied retroactively. ] Attorneys have argued that the failure to include a ""grandfather clause"" in the 2019 law “punishes car accident victims and medical providers by leaving them subject to restrictions they never agreed to such as coverage limitations and a medical fee schedule whose reductions on reimbursement rates will deny them access to necessary medical care and treatment.” ] As of January, 2023, the case was currently pending before the Michigan Supreme Court. ]"
"Saskatchewan Government Insurance ( SGI ) is a Canadian insurance company and a Crown corporation wholly owned by the Government of Saskatchewan . SGI's operations consist of the Saskatchewan Auto Fund , the compulsory public auto insurance program for Saskatchewan , and its property and casualty insurance division sells additional automobile and property insurance products in five Canadian provinces under the trade name SGI Canada . ] SGI also operates the driver licensing and motor vehicle registration system for Saskatchewan as part of its oversight of the Auto Fund. The Auto Fund is financially self-sustaining, operating on a break-even basis over time. The Saskatchewan Auto Fund does not receive money from or pay dividends to the government. Under the SGI Canada brand, SGI sells property and casualty insurance on properties such as homes, farms, businesses and automobile insurance in five Canadian provinces . It operates as SGI Canada in Saskatchewan ; SGI Canada Insurance Services Ltd. in Manitoba , Alberta , British Columbia , Ontario ; and Coachman Insurance Company in Ontario . SGI was created by the first avowedly socialist government in North America elected in 1944, the Co-operative Commonwealth Federation (later renamed New Democratic Party ). Under Premier Tommy Douglas , the government began to involve itself in many sectors of the economy, including insurance . The rationale was put forth that Saskatchewan residents were being taken advantage of by companies owned outside the province who set rates too high. Also, at least 90 per cent of the insurance in the province was written by companies established in Eastern Canada. ] Thus the institution of a publicly owned insurance company was justified by the government on both philosophical and economic grounds. Working out of the Saskatchewan Legislative Building , Michael Allore, the first president, sold the first policy – Fire Policy Number 1 – to Minister O. W. Valleau on May 1, 1945, and appointed its first broker, Oscar Sawby of Maple Creek , on May 17. By the end of 1945, SGI had 60 employees and a small network of private, independent insurance brokers located across the province selling insurance on behalf of the corporation. The introduction of a state-run automobile insurance was controversial. For the first few years of its existence, other provinces refused to recognize SGI policies as legitimate. One result of such non-recognition was that SGI-insured drivers involved in a collision in Manitoba were either detained or required to post a bond because Manitoban authorities essentially considered them to be ""uninsured"" drivers. ] SGI and SGI CANADA are governed by The Saskatchewan Government Insurance Act , 1980 , and The Automobile Accident Insurance Act , and are subject to the provisions of The Crown Corporations Act , 1993 , which gives the Crown Investments Corporation , the holding company for Saskatchewan's commercial Crown corporations, the broad authority to set the"
"provisions of The Crown Corporations Act , 1993 , which gives the Crown Investments Corporation , the holding company for Saskatchewan's commercial Crown corporations, the broad authority to set the direction of the corporation. Where required by legislation or policy directive, SGI submits performance management and investment decisions for review and approval by CIC and the provincial cabinet (government). Through its chair, who is an outside director, the SGI Board of Directors is accountable to the Minister Responsible for SGI. The minister functions as a link between the corporation and CIC and cabinet, as well as the provincial legislature. The board of directors is responsible for setting direction, monitoring and reporting achievement, and analyzing, evaluating and taking corrective action for the corporation. The board is responsible for the stewardship of the corporation in general terms. In meeting this responsibility, the board works with management to develop and approve the corporation's strategic plan, operating goals, annual budget and business plans. It participates in identifying business risk and overseeing the implementation of appropriate systems to achieve a balance between the risks incurred and potential returns. The board of directors is appointed by the Lieutenant Governor in Council. The board consists of ten external directors. Both the chair and vice-chair of the board are external directors. SGI employs approximately 2,400 people and works with a network of almost 300 independent insurance brokers and about 450 motor licence issuers in Saskatchewan, as well as numerous brokers in Alberta, British Columbia, Manitoba and Ontario. In October 2008, SGI was named one of "" Canada's Top 100 Employers "" by Mediacorp Canada Inc., and was featured in Maclean's newsmagazine. Later that month, SGI was named one of Saskatchewan's Top Employers , which was announced by the Saskatoon StarPhoenix and Regina Leader-Post newspapers. ] SGI's head office is in downtown Regina , Saskatchewan . It also operates 20 claims centres in 13 Saskatchewan communities, has branch offices in Winnipeg , Edmonton and Toronto, and five salvage locations (auto wrecker, used parts)."
"In an insurance policy, the deductible (in British English, the excess ) is the amount paid out of pocket by the policy holder before an insurance provider will pay any expenses. ] In general usage, the term deductible may be used to describe one of several types of clauses that are used by insurance companies as a threshold for policy payments. Deductibles are typically used to deter the large number of claims that a consumer can be reasonably expected to bear the cost of. By restricting its coverage to events that are significant enough to incur large costs, the insurance firm expects to pay out slightly smaller amounts much less frequently, incurring much higher savings. citation needed ] As a result, insurance premiums are typically cheaper when they involve higher deductibles. For example, health insurance companies offer plans with high premiums and low deductibles, or plans with low premiums and high deductibles. One plan may have a premium of $1,087 a month with a $6,000 deductible, while a competitive plan may have a premium of $877 a month with a $12,700 deductible. The consumer with the $6,000 deductible will have to pay $6,000 in health care costs before the insurance plan pays anything. The consumer with the $12,700 deductible will have to pay $12,700. ] Deductibles are normally provided as clauses in an insurance policy that dictate how much of an insurance-covered expense is borne by the policyholder. They are normally quoted as a fixed quantity and are a part of most policies covering losses to the policy holder. The insurer then becomes liable for claimable expenses that exceed this amount (subject to the maximum sum claimable indicated in the contract). Depending on the policy, the deductible may apply per covered incident, or per year. For policies where incidents are not easy to delimit (health insurance, for example), the deductible is typically applied per year. Several deductibles can be set by the insurer based on the cause of the claim. For example, a single housing insurance policy may contain multiple deductible amounts for loss or damage arising from theft, fire, natural calamities, evacuation, etc. There are also deductible reimbursement programs that reimburse a deductible in the event of an automobile, home, boat/yacht or health insurance claim. A deductible should not be confused with a franchise. A deductible represents a part of the expense for which the insurer is not liable, but the franchise is a pure threshold beyond which liability for the entire expense is transferred to the insurer. For example, with a franchise of $20,000, a claim of $19,900 is borne entirely by the policyholder, and a claim of $20,100 is borne entirely by the insurer. An excess can refer to one of two very different insurance terms. Excess post-hospitalization is the extra costs borne by the insured over the maximum coverage that the insurance company pays. This terminology is especially common in areas of insurance sensitive to loss"
"post-hospitalization is the extra costs borne by the insured over the maximum coverage that the insurance company pays. This terminology is especially common in areas of insurance sensitive to loss (like liability insurance ) and is addressed by the insurance market through excess line insurance companies through mechanisms such as excess insurance , gap insurance , and umbrella insurance . Excess pre-hospitalization is an insurance exception that is often interchangeably but wrongly referred to also as an excess or a deductible . It is ""the first amount of the claim which the insured has to bear. If the insured has an excess of $500 and the total repair costs $3,000, then the insured has to pay $500 while the insurer pays the remaining $2,500."" ] Note that this different meaning does not apply to the British meaning of the term. In a typical automobile insurance policy, a deductible applies to claims arising from damage to or loss of the policyholder's own vehicle whether the damage or loss is caused by accidents for which the holder is responsible or by vandalism or theft . Depending on the policy, the deductible may differ by the type of expense incurred that triggers the insurance claim. ] Third-party liability coverages including auto liability, general liability, garage keepers, inland marine, professional liability and workers compensation are also written with deductibles. the deductibles on commercial liability policies are known as third-party deductibles or liability deductibles. Because the insured and claimant are not the same entity, insurers cannot pay the claim minus the deductible. That creates a receivable owed from the insured to the insurer. The complexity of identifying these third-party deductible receivables often causes many to be missed by the insurer and millions of dollars to go uncollected. ] An insured has the option to accept an appearance allowance that can be used towards their deductible. Appearance allowances help manage repair costs by allowing for the insured to choose not to fix expensive parts that have minor damage and using the money towards their deductible. ] Most health insurance policies and some travel insurance policies have deductibles as well. The type of health insurance deductibles can also vary, as individual amounts and family amounts. The nature of medical treatment makes the insured often face multiple medical expenses spread over several days for a single illness or injury. Therefore, health insurance deductibles often tend to be imposed on a term basis (e.g. annually), rather than a per visit threshold. ] However, major medical insurance policies may have a per visit excess, which often does not cover the cost of routine visits to a GP unless it is certified to be a part of a continuous treatment, and the bills can be collated in a single claim. Industrial risks commonly have the deductible expressed as a percentage of the loss, often though not always with a minimum and maximum amount."
"and the bills can be collated in a single claim. Industrial risks commonly have the deductible expressed as a percentage of the loss, often though not always with a minimum and maximum amount. That is similar to co-insurance in which the company pays a certain percentage of the losses, coupled with minimum and maximum payment thresholds. For example, with a deductible of 10% with a minimum of $1,500 and a maximum of $5,000, a claim of $25,000 would incur a deductible of $2,500 (i.e. 10% of the loss), and the resulting payment would be $22,500. A claim below $15,000 would incur the minimum deductible of $1,500, and a claim above $50,000 would incur the maximum deductible of $5,000. In commercial insurance, retention may sometimes be used as synonymous with deductible , as both are costs of loss ultimately born by the insured."
"Damage waiver (DW) or, as it is often referred to, collision damage waiver ( CDW ) or loss damage waiver ( LDW ) is a term that can be included or purchased as an option in a car rental agreement, by which the rental company waives the right to pursue compensation from the renter if the vehicle is damaged or stolen. ] Although it involves a transfer of risk, a damage waiver option is not insurance but instead a modification to the basic rental contract. ] In many countries, it is a legal requirement to have a damage waiver included in the basic car rental rate. Some rental companies also offer liability insurance and coverage of towing charges. Terms and prices vary. Alternatives to the CDW include other car insurance policies, some coverage from credit card issuers ( Visa , MasterCard , American Express etc.) and some travel insurance . If the car damages property or injures someone, the customer or other insurance must pay for the damages (i.e., is ""held liable""). US car rental companies sometimes include minimum liability insurance required by law in the basic rental charge. Hertz includes it in all states except California, but will subrogate any damages against the driver (meaning the car is insured to the state minimum but the driver will pay for all damages paid by Hertz). ] Avis includes it in all states except California and Texas, at least for renters who lack their own coverage. ] Other companies do not publicize where they include liability insurance in the basic rental charge. Some car rental companies offer more liability insurance for a fee. ] ] Within Canada, all auto rentals are required by law to include a minimum of $200,000 in third-party liability insurance, regardless of whether the renter has their own auto insurance or not. Most rental agencies thus do not provide a third-party liability insurance option, and simply factor in the premium as part of fixed cost of rental. ] When a customer does not pay the car rental company to waive damage, and a rented car is stolen, or damaged by accident, vandalism, weather (hail), etc., the customer or other insurance must pay to the rental company the full cost of repair, plus administrative charges and, in some states, loss of use . From some companies, in some states and countries, there are charges for towing, storage, impound, administrative fees ] and diminution of value of the car (Avis, ] Budget, ] National, ] Thrifty ] ). Some companies even say they alone will decide the diminution (Dollar, ] Hertz"" ] ). The rental company's damage waiver normally covers accidental damage and towing a damaged vehicle, as long as the renter complies with the rental contract (such as authorized drivers, locations, no racing) and with the damage waiver (such as police report ] ). Waivers may also cover theft, vandalism, loss of use, and liability. The renter often has a choice among different coverages for different fees. Damage waivers are not necessarily complete. They may have deductibles"
"cover theft, vandalism, loss of use, and liability. The renter often has a choice among different coverages for different fees. Damage waivers are not necessarily complete. They may have deductibles (also called excess) and limits on the amount covered. ] Liability coverage always has limits. The descriptions above come from rental company websites, under headings like Policies, FAQ, Coverage, or More. ] ] ] ] Damage Waivers can be bought from the car rental company in most countries, or through a car hire excess insurer in the UK, ] or through travel insurers. ] Coverage from the car rental company may be required if the renter lacks proof of coverage elsewhere. ] ] Some credit card issuers ( Visa , MasterCard , etc.,) offer insurance for theft or damage to rented cars. A few of the cards (noted in the table below) offer ""primary"" insurance, so the driver does not need to file a claim with his or her personal insurance. More cards offer ""secondary insurance."" This means that if the renter has personal or business vehicle insurance with appropriate coverage, then that insurance will pay first. Then the credit card issuer will pay the primary insurance's deductible and will address any large claims above the primary insurance limit. If the renter has no other vehicle insurance for the specific claim (no insurance at all, or not in the relevant country, or no collision insurance, etc.), the credit card company (if it offers coverage) will pay the whole amount, up to its limits. All four credit card companies listed below cover collision damage with some of their cards. Visa and some MasterCards and American Express cards also cover theft , while other MasterCards and American Express cards include theft, vandalism, hitting a deer or chipping a window (sources at bottom of table). Other issues important to some renters are that Visa and MasterCard only cover rental contracts of 15 days or less (not even the first 15 days of longer rentals). Some American Express and MasterCards are not useful on dirt or gravel roads , since they exclude ""damage sustained on any surface, other than a bound surface such as concrete or tarmac"". ] MasterCard and Visa in the United States say they cover ""Physical damage and/or theft"", but an introductory paragraph for some MasterCards ] and all Visa ] cards limits this to ""collision or theft,"" so vandalism and hail are excluded. It may be ambiguous whether deer impacts and glass chips are covered as ""collisions."" MasterCards from Bank of America and MBNA generally have a simpler opening paragraph, which leaves coverage in place for any physical damage. ] Even among these brands, some cards lack coverage entirely, especially debit cards and cards with low credit limits. The AmEx Platinum Cash Rebate card , for example, has no coverage. Some MasterCard ""Standard"" cards lack coverage, while ""Premier"", ""Gold"" and ""Platinum"" cards vary in their coverage. Citi® / AAdvantage®, Citi ThankYou®, Citi® Dividend or Citi"
"has no coverage. Some MasterCard ""Standard"" cards lack coverage, while ""Premier"", ""Gold"" and ""Platinum"" cards vary in their coverage. Citi® / AAdvantage®, Citi ThankYou®, Citi® Dividend or Citi CashReturns® MasterCard-branded cards are notable for providing coverage worldwide without geographic exclusions, ] while most other MasterCard, Visa and American Express cards exclude coverage in Ireland, Israel, Jamaica. These schemes apply to cards issued in the US, Trinidad and Tobago, ] and apparently nowhere else. In addition, no credit card will cover a rental that is being billed to a third party, such as in the event that an insurance company is being directly billed for the rental. The following table is an effort at a summary, though not guaranteed. Coverage is complex and changes periodically. Telephone staff do not know the changes. Formal insurance policies govern and are not easily available to cardholders, who are only given summaries, like the links below. ""Loss of use"" and administration fees are often advertised as covered by credit cards. However, credit card companies pay these items only if the rental car company provides proof. If rental car company does not provide proof, there seems little reason for the renter to pay either. 2. benefit information center 3. MasterCard Trinidad and Tobago 4. Citi cards https:www.discover.commember-benefits/ 4. secure.cmax.americanexpress.com/... Travel insurance is an insurance product for covering unforeseen losses incurred while travelling, either internationally or domestically. Basic policies generally only cover emergency medical expenses while overseas, while comprehensive policies typically include coverage for trip cancellation, lost luggage, flight delays, public liability, and other expenses."
"The Hong Kong dollar ( Chinese : 港元 , sign : HK$ ; code : HKD ) is the official currency of Hong Kong . It is subdivided into 100 cents . Historically, it was also subdivided into 1000 mils . The Hong Kong Monetary Authority is the monetary authority of Hong Kong and the Hong Kong dollar. Three commercial banks are licensed by the Hong Kong Monetary Authority to issue their own banknotes for general circulation in Hong Kong. These banks, HSBC , Bank of China , and Standard Chartered , issue their own designs of banknotes in denominations of HK$20, HK$50, HK$100, HK$150, HK$500, and HK$1000, with all designs being similar to one another in the same denomination of banknote. However, the HK$10 banknote and all coins are issued by the Government of Hong Kong . As of April 2019, ] the Hong Kong dollar was the ninth- most traded currency in the world . ] Hong Kong uses a linked exchange rate system , trading since May 2005 in the range US$1:HK$7.75–7.85. Apart from its use in Hong Kong, the Hong Kong dollar is also used in neighbouring Macau . It is pegged at 1 Hong Kong dollar to 1.03 Macanese patacas , and is generally accepted at par or MOP 1.00 for retail purchases. ] When Hong Kong was established as a free trading port in 1841, there was no local currency in everyday circulation. Foreign currencies such as Indian rupees , Spanish or Mexican 8 reales , and Chinese cash coins circulated. ] Since 1825, it had been the policy of the British government to introduce sterling silver coinage to all of its colonies, and to this end, in 1845, the Spanish or Mexican 8 reales coins were set at a legal tender value of 4 shillings, 2 pence sterling (50 pence). citation needed ] But just as in the case of the British North American colonies, the attempts to introduce the sterling coinage failed to overcome the strong local adherence to the silver Spanish dollar system that had been in wide circulation across the Far East , emanating for centuries from Manila in the Philippines as part of the Spanish East Indies in the Spanish colonial empire through the Manila-Acapulco Galleon Trade with the coins minted in the Spanish Americas in Mexico or Peru or Bolivia . By 1858, the British government gave up all attempts to influence the currency situation in Canada, and by the 1860s, it came to the same realisation in Hong Kong: that there was no point in trying to displace an already existing currency system. In 1863, the Royal Mint in London began issuing special subsidiary coinage for use in Hong Kong within the dollar system, though other national currencies circulated unofficially for years afterwards. ] In 1866, a local mint was established at Cleveland Street in Causeway Bay on Hong Kong Island for the purpose of minting Hong Kong silver dollar and half dollar coins of the same value and similar likeness to their Spanish/Mexican counterparts. ] The Chinese did not however receive these new Hong Kong dollars well, and in 1868, the Hong Kong Mint was closed down"
"of the same value and similar likeness to their Spanish/Mexican counterparts. ] The Chinese did not however receive these new Hong Kong dollars well, and in 1868, the Hong Kong Mint was closed down with a loss of $440,000. The machinery at the Hong Kong mint was sold first to Jardine Matheson and, in turn, to the Japanese and used to make the first Yen coins in 1870. In the 1860s, banknotes of the new British colonial banks, the Hong Kong and Shanghai Banking Corporation and the Chartered Bank of India, Australia and China , denominated in dollars, also began to circulate in both Hong Kong and the wider region. In 1873, the international silver crisis resulted in a devaluation of silver against gold-based currencies. Since the silver dollars in the US and Canada were attached to a gold exchange standard, this meant that the silver dollars circulating along the China coast dropped in value as compared to the U.S. dollar and the Canadian dollar . By 1895, the circumstances had changed to the extent that there was now a dearth of Spanish/Mexican dollars and the authorities in both Hong Kong and the Straits Settlements were putting pressure on the authorities in London to take measures to have a regular supply of silver dollar coins. London eventually acquiesced and legislation was enacted in attempts to regulate the coinage. New British trade dollars were coined at the mints in Calcutta and Bombay for use in both Hong Kong and the Straits Settlements . In 1906, the Straits Settlements issued their own silver dollar coin and attached it to a gold sterling exchange standard at a fixed value of 2 shillings and 4 pence. This was the point of departure as between the Hong Kong unit and the Straits unit. In British Weihaiwei , the Hong Kong dollar circulated jointly with the Chinese yuan from 1914 to 1930, when Weihaiwei was returned to the Republic of China . By 1935, only Hong Kong and China remained on the silver standard. In that year, Hong Kong, shortly after China, abandoned silver and introduced a crawling peg to sterling of £1 = HK$15.36 to HK$16.45. It was from this point in time that the concept of a Hong Kong dollar as a distinct unit of currency came into existence. The One-Dollar Currency Note Ordinance of that year led to the introduction of one-dollar notes by the government and the government acknowledged the Hong Kong dollar as the local monetary unit. It was not until 1937 that the legal tender of Hong Kong was finally unified. In 1939, the Hong Kong dollar was put on a fixed peg of HK$16 = £1 ($1 = 1 s 3 d ). The discussion about switching from the silver standard to the gold standard began as early as 1930. A commission report was released in May 1931. It concluded that it was important for Hong Kong to facilitate free flow of capital with China and the same monetary standard was thus preferred. The report also recommended the Hong Kong Government only to take over the burden of note issuance when the banks failed to do so. Actually,"
"China and the same monetary standard was thus preferred. The report also recommended the Hong Kong Government only to take over the burden of note issuance when the banks failed to do so. Actually, the Hong Kong Government was not willing to take up the logistics of note issuance, and some officials even thought that the public had greater degree of confidence in the notes issued by those long-established banks than that by the government. ] During the Japanese occupation , the Japanese military yen were the only means of everyday exchange in Hong Kong. When the yen was first introduced on 26 December 1941, the exchange rate was ¥1 yen = HK$2. However, in August 1942, the rate was changed to HK$4 to ¥1 yen. The yen became the only legal tender on 1 June 1943. The issue of local currency was resumed by the Hong Kong government and the authorised local banks after liberation, with the pre-war rate of HK$16 = £1 being restored. The yen was exchanged at a rate of ¥100 = HK$1. On 6 September 1945, all military yen notes used in Japanese colonies were declared void by the Japanese Ministry of Finance . After the end of the Second World War, the Hong Kong dollar was re-pegged to sterling at a fixed rate identical to the pre-war level. ] Meanwhile, the United Kingdom made efforts in maintaining the sterling area with countries of the British Commonwealth as well as its colonies. It imposed exchange controls on non-sterling area countries, barring them from freely converting British pounds into US dollars, but no such restriction was placed on sterling area countries. As a colony of the British Empire, Hong Kong was obliged to observe the sterling area regulations. Nevertheless, its unique geo-economic position afforded Hong Kong the ability to defy exchange controls by operating a dual system with the sterling area and a free exchange market principally with the US dollar, which was technically illegal from 1949 to 1967. ] Hong Kong economy specialist Leo Goodstadt argues that ministers and officials in London were bound to tolerate Hong Kong's situation, given Hong Kong's extensive trade with PRC, and the long collusion between officials in Hong Kong, bankers and local business communities. ] The People's Republic of China (PRC) established by the Chinese Communist Party in 1949 was in dire need for foreign currency, especially after the Korean War (1950–1953) and the Sino-Soviet split in the early 1960s for international trade with countries of non-Soviet bloc. The British sterling obtained through Hong Kong was able to finance 28% and 46% of PRC's total import from 1963 to 1967 and from 1970 to 1971 respectively. ] Of the British sterling obtained by PRC through Hong Kong during 1953 and 1971, about 40–50% was supplied by The Hongkong and Shanghai Banking Corporation (HSBC), the de facto ""central bank"" in Hong Kong, which accounted for 10% of annual foreign currency needed by PRC in the period. ] In the 1960s, the UK found it difficult to keep the"
"Corporation (HSBC), the de facto ""central bank"" in Hong Kong, which accounted for 10% of annual foreign currency needed by PRC in the period. ] In the 1960s, the UK found it difficult to keep the value of sterling as it was, with its role as official reserve currency even within the sterling area . In 1964, sterling was 83% of the official reserves of overseas sterling area countries, but this share had decreased to 75% in 1966 and to 65% in 1967. ] When sterling was devalued by the UK in 1967, and Hong Kong dollar's peg to the pound resulted in a re-valuation of Hong Kong dollar from $16 to $14.5, a 10% re-valuation against the pound and 5.7% devaluation against the US dollar. ] The unilateral devaluation sparked a circle of grievances among local business communities as well as colonial officials in Hong Kong because the official reserves and private savings in sterling were substantial from Hong Kong. In the 1950–60s, Hong Kong accumulated significant reserves in sterling with its economic growth, money supply was exponentially expanded from £140–£160 million in the late 1950s to £363 million in October 1967, equivalent to 10% of the UK's total sterling liabilities to the overseas sterling area before the devaluation. ] Subsequently, Hong Kong and London engaged in talks about compensation and protection against further losses. Considering the potential diversification of official reserves from sterling to the US dollars by the Hong Kong government officials, London agreed to offer exchange guarantees to protect Hong Kong against potential devaluation of sterling in the future, which was the first to receive such guarantees among the sterling area countries. ] After the US's cessation of the convertibility between gold and the U.S. dollar in October 1971, Britain abandoned the fixed exchange rate with the U.S. dollar and extended the exchange controls also to the Sterling Area countries, which put an effective end to the Sterling Area in 1972. ] In the same year, the Hong Kong dollar was pegged to the U.S. dollar at a rate of HK$5.65 = US$1, revised to HK$5.085 = US$1 in 1973. From 1974 to 1983, the Hong Kong dollar was not anchored to another currency, changing the monetary regime from a currency board system to a floating currency system. On 17 October 1983, the Hong Kong dollar was officially pegged to the U.S. dollar at a rate of HK$7.8 = US$1, officially switching back to the currency board system . The peg of Hong Kong dollar to the U.S. dollar in 1983 actually took place in the context of Sino-British negotiation regarding the future of Hong Kong after 1997. Due to the lack of public confidence in the talks, on 24 September 1983, the Hong Kong dollar was devalued by 15% over 2 days to a historical low at HK$9.6 to US$1. Public panic set in and there were runs on foodstuff on this Black Saturday (1983) . ] Amidst the monetary crisis, John Greenwood, an economist who was later dubbed the ""architect of the Linked Exchange Rate System "" in"
"and there were runs on foodstuff on this Black Saturday (1983) . ] Amidst the monetary crisis, John Greenwood, an economist who was later dubbed the ""architect of the Linked Exchange Rate System "" in Hong Kong, ] advocated the proposal to peg the Hong Kong dollar to the U.S. dollar with a return to the former currency board system. The proposal received support from two government officials within the Monetary Affairs Branch of the Hong Kong Government, namely the Deputy Secretary for Monetary Affairs Tony Latter and the Government Economist Alan McLean as a practical way to restore confidence in the Hong Kong dollar. ] After discussions between London and Hong Kong, the Financial Secretary of Hong Kong Government John Bremridge announced to peg the Hong Kong dollar with the U.S. dollar at a rate of HK$7.8 to US$1 in a currency board fashion on 17 October 1983. When recalling the choice of rate, Tony Latter notes that a rate of HK$7.25 to HK$7.50 was considered a reasonable range in macroeconomic terms, given the rate against the U.S. dollar around HK$6.60 before the crisis and the rate around HK$8.30 to HK$8.80 when the government's intention to change monetary regime was revealed in early October. In political terms, the government did not want to set the rate too weak so as to warrant international allegations of currency manipulation for competitive advantages, or too strong a rate that would result in high interest rates and the eventual abandonment of the rate. HK$7.8 was finally selected, as the government hoped to demonstrate that the situation has been properly stabilized and it was felt that the rate below HK$8.0 can achieve this purpose psychologically. ] John Bremridge was once quoted saying that the rate was somewhat ""a number off the air"", but the most important thing was the restoration of public confidence in Hong Kong dollar with the peg amidst the crisis. ] The solution in its current form was favored by government officials for reasons beyond monetary considerations. Financially, the currency peg was designed not to require the Bank of England to lend its reserves to maintain Hong Kong's currency peg. Politically, the currency board system well demonstrated the autonomy London has given to Hong Kong in economic policymaking amidst British negotiation with China to grant Hong Kong's higher autonomy after 1997. ] As envisioned, the currency board monetary regime continues to function with the same pegged rate beyond the handover of sovereignty of Hong Kong to China in 1997. The Basic Law of Hong Kong and the Sino-British Joint Declaration provides that Hong Kong retains full autonomy with respect to currency issuance. Currency in Hong Kong is issued by the government and three local banks ( HSBC , Bank of China and Standard Chartered ) under the supervision of the Hong Kong Monetary Authority , which was a semi-independent public body established in the early 1990s to regulate banks and manage exchange funds and serves until now"
") under the supervision of the Hong Kong Monetary Authority , which was a semi-independent public body established in the early 1990s to regulate banks and manage exchange funds and serves until now as the territory's de facto "" central bank "". ] Banknotes are printed by Hong Kong Note Printing Limited . A bank can issue a Hong Kong dollar only if it has the equivalent exchange in US dollars on deposit. The currency board system ensures that Hong Kong's entire monetary base is backed with US dollars at the linked exchange rate. The resources for the backing are kept in Hong Kong's exchange fund , which is among the largest official reserves in the world. Hong Kong also has huge deposits of US dollars, with official foreign currency reserves of US$361 billion as of March 2016. ] In a speech addressing the issue of who determines the monetary policy in Hong Kong on 13 May 2002, Tony Latter, in the position of the Deputy Chief Executive of the Hong Kong Monetary Authority (HKMA) , contended that the Financial Secretary together with the HKMA in the Hong Kong SAR Government were responsible for that. He acknowledged the heavy and direct influence of the Federal Reserve of the United States on Hong Kong's monetary policy under the currency peg, but argued that ""It was Hong Kong's choice, and we do not require any permission from US to continue or discontinue it"". ] As of 18 May 2005, in addition to the lower guaranteed limit, a new upper guaranteed limit was set for the Hong Kong dollar at HK$7.75 to the US dollar. The lower limit has been lowered from 7.80 to 7.85 (by 100 pips per week from 23 May to 20 June 2005). ] The Hong Kong Monetary Authority indicated this move is to narrow the gap between the interest rates in Hong Kong and those of the United States. A further aim of allowing the Hong Kong dollar to trade in a range is to avoid the HK dollar being used as a proxy for speculative bets on a renminbi revaluation. In formal Cantonese , the 圓 or 元 ( Cantonese Yale : yùn ) character is used. In informal Cantonese, 蚊 ( Cantonese Yale : mān ) is used. The use of the character 蚊 ( mān ) originate from the tone change of the currency denomination used in China in imperial times 文 ( Cantonese Yale : màn ), which was the chief denomination until the introduction of the yuan in the late 19th century. The dollar is divided into 100 cents, with the character 仙 ( Cantonese Yale : sīn , a transliteration of “cent”) used on coins and in informal Cantonese. However, 仙 is now only used in the stock market, as now it no longer has a note or coin form due to its small value, and is no longer used in regular cash transactions. The amount of 10 cents is called 1 hou ( 毫 ) in Cantonese . To express prices in informal Cantonese, for example HK$7.80, the phrase is 七個八 ( Cantonese Yale : chāt go baat ; lit. 'seven units eight'); in financial terms, where integer values in cents exist, e.g., HK$6.75, the phrase is 六個七毫半 ( Cantonese Yale : luhk go chāt hòu bun ; lit."
"( Cantonese Yale : chāt go baat ; lit. 'seven units eight'); in financial terms, where integer values in cents exist, e.g., HK$6.75, the phrase is 六個七毫半 ( Cantonese Yale : luhk go chāt hòu bun ; lit. 'six units and seven dime half'; fives in cents is normally expressed as “half”, unless followed by another five, such as 55 cents when preceded by a dollar value); $7.08 is 七蚊零八仙 ( Cantonese Yale : chāt mān lìng baat sīn ; lit. 'seven dollars zero eight cents'). In Hong Kong, the following are slang terms used to refer to various amounts of money: Some of these terms are also used by overseas Chinese to refer their local currency. A slang term in English sometimes used for the Hong Kong dollar is ""Honkie"". ] In 1863, 1-mil ( 1 ⁄ 10 -cent), 1-cent and 10-cent coins were introduced, followed in 1866 by 5-cent and 20-cents , half-dollar and 1-dollar . The 1-mil and 1-cent were struck in bronze, with the 1 mil a holed coin. The remaining coins were struck in silver. Production of the 1-mil ended in 1866, whilst that of the half-dollar and 1-dollar ceased in 1868, with only the half-dollar (now with the denomination given as 50 cents) resuming production in 1890. Production of all silver coins was suspended in 1905, only briefly resumed in 1932 and 1933 for the production of 5-cent coins. In 1934, the last 1-cent coins were issued, but the last minting was 1941. These were not issued because the Japanese sank a ship carrying 1-cent coins bound for Hong Kong in the Second World War . The following year (1935), cupro-nickel 5 and 10 cents were introduced, replaced by nickel in 1937 and nickel-brass between 1948 and 1949. Copper-nickel 50 cents were issued in 1951 and first bore the name ""fifty cents"" in both Chinese and English, but these were changed to nickel-brass in 1977. In 1960, cupro-nickel 1-dollar coins were introduced, these were then reduced in size in 1978. They were followed in 1975 by nickel-brass 20 cents and cupro-nickel 2-dollar coin (both scallop shaped) and, in 1976, by decagonal , cupro-nickel 5-dollar coin , changed to a round thicker shape in 1980. The 5-cent coin was last issued in 1979, but last struck in 1988. In 1994, a bimetallic 10-dollar coin was introduced. Starting on New Year's Day (1 January) 1993 at stroke of midnight HKT , prior to the establishment of the HKSAR, coins with Queen Elizabeth II 's portrait were gradually withdrawn from circulation. Most of the notes and coins in circulations feature Hong Kong's Bauhinia flower or other symbols. Coins with the Queen's portrait are still legal tender and can be seen, but these are slowly being phased out. However, most still remain in legal tender and are in circulation. Because the redesign was highly sensitive with regard to political and economic reasons, the designing process of the new coins could not be entrusted to an artist but was undertaken by Joseph Yam , Chief Executive of the Hong Kong Monetary Authority , himself who found in the Bauhinia the requested"
"process of the new coins could not be entrusted to an artist but was undertaken by Joseph Yam , Chief Executive of the Hong Kong Monetary Authority , himself who found in the Bauhinia the requested ""politically neutral design"" and did a secret ""scissors and paste job"". ] In early 1997, to commemorate Hong Kong's transfer of sovereignty from Britain to the PRC , the government issued a new commemorative coin set which depicted Chinese cultural themes and Hong Kong's landmarks and 19 and 97, marking the year 1997, on each side of the designs. As of today, coins in denominations of HK$10 , HK$5 , HK$2 , HK$1 , 50 cents , 20 cents and 10 cents are issued by the Hong Kong Monetary Authority on behalf of the Government of Hong Kong . Banknotes circulated by the three different note issuers, 2023 ] The issue of Hong Kong dollar notes is governed today by the Hong Kong Monetary Authority (HKMA), the governmental currency board of Hong Kong. Under licence from the HKMA, three commercial banks issue their own banknotes for general circulation in the region. They are Hongkong and Shanghai Banking Corporation Limited ; the Bank of China (Hong Kong) Limited ; and the Standard Chartered Bank (Hong Kong) Limited . Notes are also issued by the HKMA itself. In most countries of the world the issue of banknotes is handled exclusively by a single central bank or government. The arrangements in Hong Kong are unusual but not unique; a comparable system is used in the United Kingdom , where seven banks issue banknotes. As of today, the three commercial banks, HSBC , Bank of China and Standard Chartered issue their own designs of banknotes in denominations of HK$20 , HK$50 , HK$100 , HK$500 and HK$1,000 , with all designs being similar to the other in the same denomination of banknote. While only the HK$10 banknote is issued solely by Hong Kong Monetary Authority on behalf of the Government of Hong Kong , which in total makes up the banknote circulation arrangement to four different note issuers. In 1845, the first private bank, the Oriental Bank , was founded. However, banknotes were not produced until the 1860s, when the Oriental Bank, the Chartered Bank of India, Australia and China and the Hong Kong and Shanghai Banking Corporation began issuing notes. Denominations issued in the 1860s and 1870s included 1, 5, 10, 25, 50, 100 and 500 dollars. These notes were not accepted by the Treasury for payment of government dues and taxes , although they were accepted for use by merchants. 25 dollar notes did not survive beyond the end of the 19th century, whilst the 1-dollar notes (only produced by the HSBC ) were issued until 1935. Under the Currency Ordinance of 1935, banknotes in denominations of 5 dollars and above issued by the three authorised local banks, the Mercantile Bank of India, London and China , the Chartered Bank of India, Australia and China and the Hong Kong and Shanghai Banking Corporation, were all declared legal tender. The government took over"
"Bank of India, London and China , the Chartered Bank of India, Australia and China and the Hong Kong and Shanghai Banking Corporation, were all declared legal tender. The government took over production of 1 dollar notes. In 1941, the government introduced notes for 1 cent , 5 cents and 10 cents due to the difficulty of transporting coins to Hong Kong caused by the Second World War (a ship carrying 1941 1-cent coins was sunk, making this unissued coin very rare). Just before the Japanese occupation, an emergency issue of 1 dollar notes was made consisting of overprinted Bank of China 5 yuan notes. In 1945, paper money production resumed essentially unaltered from before the war, with the government issuing 1 cent , 5 cents , 10 cents , and 1-dollar notes , and the three banks issuing 5, 10, 50, 100 and 500-dollar notes. 1-dollar notes were replaced by coins in 1960, with only the 1-cent note issued by the government after 1965. In 1975, the HK$5 notes were replaced by coins, whilst HK$1,000 notes were introduced in 1977. The Mercantile Bank was absorbed by the HSBC in 1978 and ceased issuing notes. In 1985, HK$20 notes were introduced, whilst, in 1993, HK$10 coins were introduced and the banks stopped issuing HK$10 notes. In 1994 the HKMA gave authority to the Bank of China to issue notes. On New Year's Day (1 January) 1993 at stroke of midnight HKT , HSBC , Bank of China and Standard Chartered officially introduced all new banknote designs. HSBC , Bank of China and Standard Chartered officially introduced a new series of banknotes on New Year's Day (1 January) 1993 at stroke of midnight HKT in denominations of $10 , $20 , $25 , $50 , $100 , $500 and $1000 . After a less-than-successful trial from 1994 to 2002 to move the HK$10 denomination from the banknote format (issued by the banks) to the coin format (Government-issued), HK$10 notes are currently the only denomination issued by the HKMA, having acquired the note printing plant at Tai Po from the De La Rue Group of the UK on behalf of the Government. These notes were printed in paper in 2002 and in polymer since 2007. All older HK$10 banknotes, although rare and being phased out, remain legal tender. The latest series of banknotes was issued starting in 2018. Commemorative banknotes have also been issued celebrating the note-issuing banks' anniversaries as well as the Olympic Games held in Beijing in 2008 and 2022. Since 1983, the linked exchange rate system is a unique type of exchange rate regime used for the Hong Kong dollar to be pegged with the United States dollar at a fixed rate of HK$7.80 = US$1. In this unique linked exchange rate system, the Hong Kong Monetary Authority (HKMA) authorises the three note-issuing commercial banks to freely issue new banknotes provided that they deposit an equivalent value of United States dollars with the HKMA. In practice, in the unique linked exchange rate system, the exchange rate of HK$7.80 = US$1, is strictly controlled by the Hong Kong Monetary"
"equivalent value of United States dollars with the HKMA. In practice, in the unique linked exchange rate system, the exchange rate of HK$7.80 = US$1, is strictly controlled by the Hong Kong Monetary Authority in the foreign exchange market by controlling supply and demand of Hong Kong dollars in order to influence the exchange rate being fixed. By this arrangement the HKMA guarantees to exchange United States dollar into Hong Kong dollars and vice versa, at the rate of 7.80. When the market rate is below 7.80, the banks will convert United States dollar for Hong Kong dollars from the HKMA, Hong Kong dollars supply will increase, and the market rate will climb back to 7.80. The same mechanism also works when the market rate is above 7.80, and the banks will convert Hong Kong dollars for United States dollars. By this arrangement, the Hong Kong dollar is backed by one of the world's largest foreign exchange reserves , which is over 7 times the amount of money supplied in circulation or about 48% of Hong Kong dollar M3 at the end of April 2016. ] Following the Internationalization of the renminbi in the late 2000s and the inclusion of the Renminbi in the special drawing rights , there has been some debates to peg the Hong Kong dollar with the Renminbi, instead of the United States dollar. Studies shows that, if the Hong Kong dollar were to be re-pegged to the Renminbi, it would need over 2 trillion Renminbi worth of assets to replace the HKMA's US$340 billion in foreign reserves as of 2015, which exceeds the amount of existing Renminbi assets in Hong Kong's offshore market. Moreover, according to figures from the HKMA as of the end of 2014, Renminbi deposits and certificates of deposits stood at 1.158 trillion Renminbi, while outstanding Renminbi bonds amounted to 381 billion and Renminbi-denominated loans stood at 188 billion. ] Other studies shows, while the Hong Kong's financial and economic links are increasingly dominated by mainland China , and previous concerns about the monetary openness of China's capital account are slowly receding, if China continues to open its capital account, the peg could shift from United States dollar to renminbi. ] However, in January 2016, the volatility in the Renminbi and China's financial markets expanded to Hong Kong's markets and its currency. Renminbi offshore overnight borrowing rate, CNH HIBOR, soared to 66.8% on 12 January after the People's Bank of China , China's central bank (PBOC), intervened in the effort of squeezing out Renminbi short speculations by tightening liquidity at Hong Kong commercial banks. The PBOC's move at the offshore market, coupled with another plunge in Chinese stocks, has led to investors’ fears that the Hong Kong Dollar may be de-pegged from the US Dollar in the foreseeable future. In response to the market speculation, Hong Kong Monetary Authority said on 27 January that the regulator will protect Hong Kong dollar's linked exchange rate regime. As Hong Kong's financial markets"
"In response to the market speculation, Hong Kong Monetary Authority said on 27 January that the regulator will protect Hong Kong dollar's linked exchange rate regime. As Hong Kong's financial markets are highly impacted by mainland China, the Renminbi exchange rate as well as China's equity market remain in a state of high volatility and continues to weigh on Hong Kong markets and the Hong Kong dollar. However, the greater influence remains the US Federal Reserve, as whenever it raises interest rates and sends the US Dollar higher, the linked Hong Kong Dollar would become more expensive than un-pegged currencies including the Chinese Yuan. ] (for issue and redemption of Certificates of Indebtedness) (The HKMA undertook to convert the HK dollars in licensed banks’ clearing acc"
"This is an accepted version of this page The United States dollar ( symbol : $ ; currency code : USD ; also abbreviated US$ to distinguish it from other dollar-denominated currencies ; referred to as the dollar , U.S. dollar , American dollar , or colloquially buck ) is the official currency of the United States and several other countries . The Coinage Act of 1792 introduced the U.S. dollar at par with the Spanish silver dollar , divided it into 100 cents , and authorized the minting of coins denominated in dollars and cents. U.S. banknotes are issued in the form of Federal Reserve Notes , popularly called greenbacks due to their predominantly green color. The monetary policy of the United States is conducted by the Federal Reserve System , which acts as the nation's central bank . The U.S. dollar was originally defined under a bimetallic standard of 371.25 grains (24.057 g) (0.7734375 troy ounces) fine silver or, from 1834 , ] 23.22 grains (1.505 g) fine gold, or $20.67 per troy ounce . The Gold Standard Act of 1900 linked the dollar solely to gold. From 1934, its equivalence to gold was revised to $35 per troy ounce . In 1971 all links to gold were repealed. ] The U.S. dollar became an important international reserve currency after the First World War , and displaced the pound sterling as the world's primary reserve currency by the Bretton Woods Agreement towards the end of the Second World War . The dollar is the most widely used currency in international transactions , ] and a free-floating currency . It is also the official currency in several countries and the de facto currency in many others, ] ] with Federal Reserve Notes (and, in a few cases, U.S. coins) used in circulation. As of February 10, 2021, currency in circulation amounted to US$2.10 trillion , $2.05 trillion of which is in Federal Reserve Notes (the remaining $50 billion is in the form of coins and older-style United States Notes ). ] As of September 20, 2023, the Federal Reserve estimated that the total amount of currency in circulation was approximately US$2.33 trillion . ] Article I , Section 8 of the U.S. Constitution provides that Congress has the power ""o coin money ."" ] Laws implementing this power are currently codified in Title 31 of the U.S. Code , under Section 5112, which prescribes the forms in which the United States dollars should be issued. ] These coins are both designated in the section as "" legal tender "" in payment of debts. ] The Sacagawea dollar is one example of the copper alloy dollar, in contrast to the American Silver Eagle which is pure silver . Section 5112 also provides for the minting and issuance of other coins, which have values ranging from one cent ( U.S. Penny ) to 100 dollars. ] These other coins are more fully described in Coins of the United States dollar . Article I, Section 9 of the Constitution provides that ""a regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time"", ]"
"States dollar . Article I, Section 9 of the Constitution provides that ""a regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time"", ] which is further specified by Section 331 of Title 31 of the U.S. Code. ] The sums of money reported in the ""Statements"" are currently expressed in U.S. dollars, thus the U.S. dollar may be described as the unit of account of the United States. ] ""Dollar"" is one of the first words of Section 9, in which the term refers to the Spanish milled dollar , or the coin worth eight Spanish reales . In 1792, the U.S. Congress passed the Coinage Act , of which Section 9 authorized the production of various coins, including: ] : 248 .mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequotecite{line-height:1.5em;text-align:left;margin-top:0}@media(min-width:500px){.mw-parser-output .templatequotecite{padding-left:1.6em}} Dollars or Units —each to be of the value of a Spanish milled dollar as the same is now current, and to contain three hundred and seventy-one grains and four sixteenth parts of a grain of pure, or four hundred and sixteen grains of standard silver. Section 20 of the Act designates the United States dollar as the unit of currency of the United States: ] : 250–1 he money of account of the United States shall be expressed in dollars, or units...and that all accounts in the public offices and all proceedings in the courts of the United States shall be kept and had in conformity to this regulation. Unlike the Spanish milled dollar, the Continental Congress and the Coinage Act prescribed a decimal system of units to go with the unit dollar, as follows: ] ] the mill , or one-thousandth of a dollar; the cent , or one-hundredth of a dollar; the dime , or one-tenth of a dollar; and the eagle , or ten dollars. The current relevance of these units: The Spanish peso or dollar was historically divided into eight reales (colloquially, bits ) – hence pieces of eight . Americans also learned counting in non-decimal bits of 12 + 1 ⁄ 2 cents before 1857 when Mexican bits were more frequently encountered than American cents; in fact this practice survived in New York Stock Exchange quotations until 2001. ] ] In 1854, Secretary of the Treasury James Guthrie proposed creating $100, $50, and $25 gold coins, to be referred to as a union , half union , and quarter union , respectively, ] thus implying a denomination of 1 Union = $100. However, no such coins were ever struck, and only patterns for the $50 half union exist. When currently issued in circulating form, denominations less than or equal to a dollar are emitted as U.S. coins , while denominations greater than or equal to a dollar are emitted as Federal Reserve Notes , disregarding these special cases: In the 16th century, Count Hieronymus Schlick of Bohemia began minting coins known as joachimstalers , named for Joachimstal , the valley in which the silver was"
", disregarding these special cases: In the 16th century, Count Hieronymus Schlick of Bohemia began minting coins known as joachimstalers , named for Joachimstal , the valley in which the silver was mined. In turn, the valley's name is titled after Saint Joachim , whereby thal or tal , a cognate of the English word dale , is German for 'valley.' ] The joachimstaler was later shortened to the German taler , a word that eventually found its way into many languages, including: ] tolar ( Czech , Slovak and Slovenian ); daler ( Danish and Swedish ); talar ( Polish ); dalar and daler ( Norwegian ); daler or daalder ( Dutch ); talari ( Ethiopian ); tallér ( Hungarian ); tallero ( Italian ); دولار ( Arabic ); and dollar ( English ). Though the Dutch pioneered in modern-day New York in the 17th century the use and the counting of money in silver dollars in the form of German-Dutch reichsthalers and native Dutch leeuwendaalders ('lion dollars'), it was the ubiquitous Spanish American eight-real coin which became exclusively known as the dollar since the 18th century. ] The colloquialism buck(s) (much like the British quid for the pound sterling ) is often used to refer to dollars of various nations, including the U.S. dollar. This term, dating to the 18th century, may have originated with the colonial leather trade, or it may also have originated from a poker term. ] Greenback is another nickname, originally applied specifically to the 19th-century Demand Note dollars, which were printed black and green on the backside, created by Abraham Lincoln to finance the North for the Civil War . ] It is still used to refer to the U.S. dollar (but not to the dollars of other countries). The term greenback is also used by the financial press in other countries, such as Australia , ] New Zealand , ] South Africa , ] and India . ] Other well-known names of the dollar as a whole in denominations include greenmail , green , and dead presidents , the latter of which referring to the deceased presidents pictured on most bills. Dollars in general have also been known as bones (e.g. ""twenty bones"" = $20). The newer designs, with portraits displayed in the main body of the obverse (rather than in cameo insets), upon paper color-coded by denomination, are sometimes referred to as bigface notes or Monopoly money . citation needed ] Piastre was the original French word for the U.S. dollar, used for example in the French text of the Louisiana Purchase . Though the U.S. dollar is called dollar in Modern French, the term piastre is still used among the speakers of Cajun French and New England French , as well as speakers in Haiti and other French-speaking Caribbean islands. Nicknames specific to denomination: The symbol $ , usually written before the numerical amount, is used for the U.S. dollar (as well as for many other currencies). The sign was perhaps the result of a late 18th-century evolution of the scribal abbreviation p s for the peso , the common name for the Spanish"
"the U.S. dollar (as well as for many other currencies). The sign was perhaps the result of a late 18th-century evolution of the scribal abbreviation p s for the peso , the common name for the Spanish dollars that were in wide circulation in the New World from the 16th to the 19th centuries. The p and the s eventually came to be written over each other giving rise to $ . ] ] ] ] Another popular explanation is that it is derived from the Pillars of Hercules on the Spanish coat of arms of the Spanish dollar . These Pillars of Hercules on the silver Spanish dollar coins take the form of two vertical bars ( || ) and a swinging cloth band in the shape of an S . citation needed ] Yet another explanation suggests that the dollar sign was formed from the capital letters U and S written or printed one on top of the other. This theory, popularized by novelist Ayn Rand in Atlas Shrugged , ] does not consider the fact that the symbol was already in use before the formation of the United States. ] The U.S. dollar was introduced at par with the Spanish-American silver dollar (or Spanish peso , Spanish milled dollar , eight-real coin , piece-of-eight ). The latter was produced from the rich silver mine output of Spanish America , was minted in Mexico City , Potosí (Bolivia), Lima (Peru), and elsewhere, and was in wide circulation throughout the Americas, Asia, and Europe from the 16th to the 19th centuries. The minting of machine-milled Spanish dollars since 1732 boosted its worldwide reputation as a trade coin and positioned it to be the model for the new currency of the United States . citation needed ] Even after the United States Mint commenced issuing coins in 1792, locally minted dollars and cents were less abundant in circulation than Spanish American pesos and reales ; hence Spanish, Mexican, and American dollars all remained legal tender in the United States until the Coinage Act of 1857 . In particular, colonists' familiarity with the Spanish two- real quarter peso was the reason for issuing a quasi-decimal 25-cent quarter dollar coin rather than a 20-cent coin. citation needed ] For the relationship between the Spanish dollar and the individual state colonial currencies, see Connecticut pound , Delaware pound , Georgia pound , Maryland pound , Massachusetts pound , New Hampshire pound , New Jersey pound , New York pound , North Carolina pound , Pennsylvania pound , Rhode Island pound , South Carolina pound , and Virginia pound . citation needed ] On July 6, 1785, the Continental Congress resolved that the money unit of the United States, the dollar, would contain 375.64 grains of fine silver; on August 8, 1786, the Continental Congress continued that definition and further resolved that the money of account, corresponding with the division of coins, would proceed in a decimal ratio , with the sub-units being mills at 0.001 of a dollar, cents at 0.010 of a dollar, and dimes at 0.100 of a dollar. ] After the adoption of the United States Constitution ,"
"proceed in a decimal ratio , with the sub-units being mills at 0.001 of a dollar, cents at 0.010 of a dollar, and dimes at 0.100 of a dollar. ] After the adoption of the United States Constitution , the U.S. dollar was defined by the Coinage Act of 1792 . It specified a ""dollar"" based on the Spanish milled dollar to contain 371 + 4 ⁄ 16 grains of fine silver, or 416.0 grains (26.96 g) of ""standard silver"" of fineness 371.2515 = 24.73 grains fine gold or 26.98 grains 22K gold. Rounding the latter to 27.0 grains finalized the dollar's standard to 24.75 grains of fine gold or 24.75*15 = 371.25 grains = 24.0566 grams = 0.7735 troy ounces of fine silver. The same coinage act also set the value of an eagle at 10 dollars, and the dollar at 1 ⁄ 10 eagle. It called for silver coins in denominations of 1, 1 ⁄ 2 , 1 ⁄ 4 , 1 ⁄ 10 , and 1 ⁄ 20 dollar, as well as gold coins in denominations of 1, 1 ⁄ 2 and 1 ⁄ 4 eagle. The value of gold or silver contained in the dollar was then converted into relative value in the economy for the buying and selling of goods. This allowed the value of things to remain fairly constant over time, except for the influx and outflux of gold and silver in the nation's economy. ] Though a Spanish dollar freshly minted after 1772 theoretically contained 417.7 grains of silver of fineness 130/144 (or 377.1 grains fine silver), reliable assays of the period in fact confirmed a fine silver content of 370.95 grains (24.037 g) for the average Spanish dollar in circulation. ] The new U.S. silver dollar of 371.25 grains (24.057 g) therefore compared favorably and was received at par with the Spanish dollar for foreign payments, and after 1803 the United States Mint had to suspend making this coin out of its limited resources since it failed to stay in domestic circulation. It was only after Mexican independence in 1821 when their peso's fine silver content of 377.1 grains was firmly upheld, which the U.S. later had to compete with using a heavier 378.0 grains (24.49 g) Trade dollar coin . The early currency of the United States did not exhibit faces of presidents, as is the custom now; ] although today, by law, only the portrait of a deceased individual may appear on United States currency. ] In fact, the newly formed government was against having portraits of leaders on the currency, a practice compared to the policies of European monarchs. ] The currency as we know it today did not get the faces they currently have until after the early 20th century; before that ""heads"" side of coinage used profile faces and striding, seated, and standing figures from Greek and Roman mythology and composite Native Americans. The last coins to be converted to profiles of historic Americans were the dime (1946), the half Dollar (1948), and the Dollar (1971). After the American Revolution , the Thirteen Colonies became independent . Freed from British monetary regulations, they each issued £sd paper money to pay for military expenses. The Continental"
"After the American Revolution , the Thirteen Colonies became independent . Freed from British monetary regulations, they each issued £sd paper money to pay for military expenses. The Continental Congress also began issuing ""Continental Currency"" denominated in Spanish dollars. For its value relative to states' currencies, see Early American currency . Continental currency depreciated badly during the war, giving rise to the famous phrase ""not worth a continental"". ] A primary problem was that monetary policy was not coordinated between Congress and the states, which continued to issue bills of credit. Additionally, neither Congress nor the governments of the several states had the will or the means to retire the bills from circulation through taxation or the sale of bonds. ] The currency was ultimately replaced by the silver dollar at the rate of 1 silver dollar to 1000 continental dollars. This resulted in the clause ""No state shall... make anything but gold and silver coin a tender in payment of debts"" being written into the United States Constitution article 1, section 10 . From implementation of the 1792 Mint Act to the 1900 implementation of the gold standard , the dollar was on a bimetallic silver-and-gold standard, defined as either 371.25 grains (24.056 g) of fine silver or 24.75 grains of fine gold (gold-silver ratio 15). Subsequent to the Coinage Act of 1834 the dollar's fine gold equivalent was revised to 23.2 grains; it was slightly adjusted to 23.22 grains (1.505 g) in 1837 (gold-silver ratio ~16). The same act also resolved the difficulty in minting the ""standard silver"" of 89.24% fineness by revising the dollar's alloy to 412.5 grains, 90% silver, still containing 371.25 grains fine silver. Gold was also revised to 90% fineness: 25.8 grains gross, 23.22 grains fine gold. Following the rise in the price of silver during the California Gold Rush and the disappearance of circulating silver coins, the Coinage Act of 1853 reduced the standard for silver coins less than $1 from 412.5 grains to 384 grains (24.9 g), 90% silver per 100 cents (slightly revised to 25.0 g, 90% silver in 1873). The Act also limited the free silver right of individuals to convert bullion into only one coin, the silver dollar of 412.5 grains; smaller coins of lower standard can only be produced by the United States Mint using its own bullion. Summary and links to coins issued in the 19th century: In order to finance the War of 1812 , Congress authorized the issuance of Treasury Notes , interest-bearing short-term debt that could be used to pay public dues. While they were intended to serve as debt, they did function ""to a limited extent"" as money. Treasury Notes were again printed to help resolve the reduction in public revenues resulting from the Panic of 1837 and the Panic of 1857 , as well as to help finance the Mexican–American War and the Civil War . Paper money was issued again in 1862 without the backing of precious metals due to the Civil War . In"
"and the Panic of 1857 , as well as to help finance the Mexican–American War and the Civil War . Paper money was issued again in 1862 without the backing of precious metals due to the Civil War . In addition to Treasury Notes, Congress in 1861 authorized the Treasury to borrow $50 million in the form of Demand Notes , which did not bear interest but could be redeemed on demand for precious metals. However, by December 1861, the Union government's supply of specie was outstripped by demand for redemption and they were forced to suspend redemption temporarily. In February 1862 Congress passed the Legal Tender Act of 1862 , issuing United States Notes , which were not redeemable on demand and bore no interest, but were legal tender , meaning that creditors had to accept them at face value for any payment except for public debts and import tariffs. However, silver and gold coins continued to be issued, resulting in the depreciation of the newly printed notes through Gresham's law . In 1869, Supreme Court ruled in Hepburn v. Griswold that Congress could not require creditors to accept United States Notes, but overturned that ruling the next year in the Legal Tender Cases . In 1875, Congress passed the Specie Payment Resumption Act , requiring the Treasury to allow U.S. Notes to be redeemed for gold after January 1, 1879. Though the dollar came under the gold standard de jure only after 1900, the bimetallic era was ended de facto when the Coinage Act of 1873 suspended the minting of the standard silver dollar of 412.5 Troy grains = 26.73 g; 0.859 ozt, the only fully legal tender coin that individuals could convert bullion into in unlimited (or Free silver ) quantities, ] and right at the onset of the silver rush from the Comstock Lode in the 1870s. This was the so-called ""Crime of '73"". The Gold Standard Act of 1900 repealed the U.S. dollar's historic link to silver and defined it solely as 23.22 grains (1.505 g) of fine gold (or $20.67 per troy ounce of 480 grains). In 1933, gold coins were confiscated by Executive Order 6102 under Franklin D. Roosevelt , and in 1934 the standard was changed to $35 per troy ounce fine gold, or 13.71 grains (0.888 g) per dollar. After 1968 a series of revisions to the gold peg was implemented, culminating in the Nixon Shock of August 15, 1971, which suddenly ended the convertibility of dollars to gold. The U.S. dollar has since floated freely on the foreign exchange markets . citation needed ] Congress continued to issue paper money after the Civil War, the latest of which is the Federal Reserve Note that was authorized by the Federal Reserve Act of 1913 . Since the discontinuation of all other types of notes (Gold Certificates in 1933, Silver Certificates in 1963, and United States Notes in 1971), U.S. dollar notes have since been issued exclusively as Federal Reserve Notes . The U.S. dollar first emerged as an important international reserve currency in the 1920s, displacing the British pound sterling as it emerged"
"since been issued exclusively as Federal Reserve Notes . The U.S. dollar first emerged as an important international reserve currency in the 1920s, displacing the British pound sterling as it emerged from the First World War relatively unscathed and since the United States was a significant recipient of wartime gold inflows. After the United States emerged as an even stronger global superpower during the Second World War , the Bretton Woods Agreement of 1944 established the U.S. dollar as the world's primary reserve currency and the only post-war currency linked to gold. Despite all links to gold being severed in 1971, the dollar continues to be the world's foremost reserve currency for international trade to this day. The Bretton Woods Agreement of 1944 also defined the post-World War II monetary order and relations among modern-day independent states , by setting up a system of rules, institutions, and procedures to regulate the international monetary system . The agreement founded the International Monetary Fund and other institutions of the modern-day World Bank Group , establishing the infrastructure for conducting international payments and accessing the global capital markets using the U.S. dollar. The monetary policy of the United States is conducted by the Federal Reserve System , which acts as the nation's central bank . It was founded in 1913 under the Federal Reserve Act in order to furnish an elastic currency for the United States and to supervise its banking system, particularly in the aftermath of the Panic of 1907 . For most of the post-war period, the U.S. government has financed its own spending by borrowing heavily from the dollar-lubricated global capital markets, in debts denominated in its own currency and at minimal interest rates. This ability to borrow heavily without facing a significant balance of payments crisis has been described as the United States 's exorbitant privilege . The United States Mint has issued legal tender coins every year from 1792 to the present. From 1934 to the present, the only denominations produced for circulation have been the familiar penny, nickel, dime, quarter, half dollar, and dollar. (2000) Gold and silver coins have been previously minted for general circulation from the 18th to the 20th centuries. The last gold coins were minted in 1933. The last 90% silver coins were minted in 1964, and the last 40% silver half dollar was minted in 1970. The United States Mint currently produces circulating coins at the Philadelphia and Denver Mints , and commemorative and proof coins for collectors at the San Francisco and West Point Mints . Mint mark conventions for these and for past mint branches are discussed in Coins of the United States dollar#Mint marks . The one-dollar coin has never been in popular circulation from 1794 to present, despite several attempts to increase their usage since the 1970s, the most important reason of which is the continued production and popularity of the one-dollar"
"circulation from 1794 to present, despite several attempts to increase their usage since the 1970s, the most important reason of which is the continued production and popularity of the one-dollar bill . ] Half dollar coins were commonly used currency since inception in 1794, but has fallen out of use from the mid-1960s when all silver half dollars began to be hoarded. The nickel is the only coin whose size and composition (5 grams, 75% copper, and 25% nickel) is still in use from 1865 to today, except for wartime 1942–1945 Jefferson nickels which contained silver. Due to the penny's low value, some efforts have been made to eliminate the penny as circulating coinage. ] ] For a discussion of other discontinued and canceled denominations, see Obsolete denominations of United States currency and Canceled denominations of United States currency . Collector coins are technically legal tender at face value but are usually worth far more due to their numismatic value or for their precious metal content. These include: The U.S. Constitution provides that Congress shall have the power to ""borrow money on the credit of the United States."" ] Congress has exercised that power by authorizing Federal Reserve Banks to issue Federal Reserve Notes . Those notes are ""obligations of the United States"" and ""shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank"". ] Federal Reserve Notes are designated by law as "" legal tender "" for the payment of debts. ] Congress has also authorized the issuance of more than 10 other types of banknotes , including the United States Note ] and the Federal Reserve Bank Note . The Federal Reserve Note is the only type that remains in circulation since the 1970s. Federal Reserve Notes are printed by the Bureau of Engraving and Printing and are made from cotton fiber paper (as opposed to wood fiber used to make common paper). The "" large-sized notes "" issued before 1928 measured 7.42 in × 3.125 in (188.5 mm × 79.4 mm), while small-sized notes introduced that year measure 6.14 in × 2.61 in × 0.0043 in (155.96 mm × 66.29 mm × 0.11 mm). ] The dimensions of the modern (small-size) U.S. currency is identical to the size of Philippine peso banknotes issued under United States administration after 1903, which had proven highly successful. ] The American large-note bills became known as ""horse blankets"" or ""saddle blankets"". ] Currently printed denominations are $1 , $2 , $5 , $10 , $20 , $50 , and $100 . Notes above the $100 denomination stopped being printed in 1946 and were officially withdrawn from circulation in 1969. These notes were used primarily in inter-bank transactions or by organized crime ; it was the latter usage that prompted President Richard Nixon to issue an executive order in 1969 halting their use. With the advent of electronic banking, they became less necessary. Notes in denominations of $500 , $1,000 ,"
"prompted President Richard Nixon to issue an executive order in 1969 halting their use. With the advent of electronic banking, they became less necessary. Notes in denominations of $500 , $1,000 , $5,000 , $10,000 (discontinued, but still legal tender); $100,000 were all produced at one time; see large denomination bills in U.S. currency for details. With the exception of the $100,000 bill (which was only issued as a Series 1934 Gold Certificate and was never publicly circulated; thus it is illegal to own), these notes are now collectors' items and are worth more than their face value to collectors. Though still predominantly green, the post-2004 series incorporate other colors to better distinguish different denominations. As a result of a 2008 decision in an accessibility lawsuit filed by the American Council of the Blind , the Bureau of Engraving and Printing is planning to implement a raised tactile feature in the next redesign of each note, except the $1 and the current version of the $100 bill. It also plans larger, higher-contrast numerals, more color differences, and distribution of currency readers to assist the visually impaired during the transition period. ] The Federal Reserve Act created the Federal Reserve System in 1913 as the [central bank"
"in Europe (dark grey) The European Union ( EU ) is a supranational political and economic union of 27 member states that are located primarily in Europe. ] ] The Union has a total area of 4,233,255 km 2 (1,634,469 sq mi) and an estimated total population of over 449 million. The EU has often been described as a sui generis political entity combining the characteristics of both a federation and a confederation . ] ] Containing 5.8% of the world population in 2020, ] EU member states generated a nominal gross domestic product (GDP) of around US$16.6 trillion in 2022, constituting approximately one sixth of global nominal GDP . ] Additionally, all EU states except Bulgaria have a very high Human Development Index according to the United Nations Development Programme . Its cornerstone, the Customs Union , paved the way to establishing an internal single market based on standardised legal framework and legislation that applies in all member states in those matters, and only those matters, where the states have agreed to act as one. EU policies aim to ensure the free movement of people, goods, services and capital within the internal market; ] enact legislation in justice and home affairs; and maintain common policies on trade , ] agriculture , ] fisheries and regional development . ] Passport controls have been abolished for travel within the Schengen Area . ] The eurozone is a group composed of the 20 EU member states that have fully implemented the economic and monetary union and use the euro currency . Through the Common Foreign and Security Policy , the union has developed a role in external relations and defence . It maintains permanent diplomatic missions throughout the world and represents itself at the United Nations , the World Trade Organization , the G7 and the G20 . Due to its global influence, the European Union has been described by some scholars as an emerging superpower . ] ] ] The EU was established, along with its citizenship , when the Maastricht Treaty came into force in 1993, and was incorporated as an international legal juridical person clarification needed ] upon entry into force of the Treaty of Lisbon in 2009 . ] Its beginnings can be traced to the Inner Six states (Belgium, France, Italy, Luxembourg, the Netherlands, and West Germany ) at the start of modern European integration in 1948, and to the Western Union , the International Authority for the Ruhr , the European Coal and Steel Community , the European Economic Community and the European Atomic Energy Community , which were established by treaties. These increasingly amalgamated bodies grew, with their legal successor the EU, both in size through the accessions of a further 22 states from 1973 to 2013, and in power through acquisitions of policy areas. In 2012, the EU was awarded the Nobel Peace Prize . ] The United Kingdom became the only member state to leave the EU , in 2020; ] ten countries are aspiring or negotiating to join it . Internationalism and visions of"
"awarded the Nobel Peace Prize . ] The United Kingdom became the only member state to leave the EU , in 2020; ] ten countries are aspiring or negotiating to join it . Internationalism and visions of European unity had existed since well before the 19th century, but gained particularly as a reaction to World War I and its aftermath. In this light the first advances for the idea of European integration were made. In 1920 John Maynard Keynes proposed a European customs union for the struggling post-war European economies, ] and in 1923 the oldest organisation for European integration, the Paneuropean Union was founded, led by Richard von Coudenhove-Kalergi , who later would found in June 1947 the European Parliamentary Union (EPU). Aristide Briand —who was Prime Minister of France , a follower of the Paneuropean Union, and Nobel Peace Prize laureate for the Locarno Treaties —delivered a widely recognized speech at the League of Nations in Geneva on 5 September 1929 for a federal Europe to secure Europe and settle the historic Franco-German enmity . ] ] With large-scale war being waged in Europe once again in the 1930s and becoming World War II , the question of what to fight against and what for, had to be agreed on. A first agreement was the Declaration of St James's Palace of 1941, when Europe's resistance gathered in London. This was expanded on by the 1941 Atlantic Charter , establishing the Allies and their common goals, inciting a new wave of global international institutions like the United Nations ( founded 1945 ) or the Bretton Woods System (1944). ] In 1943 at the Moscow Conference and Tehran Conference , plans to establish joint institutions for a post-war world and Europe increasingly became a part of the agenda. This led to a decision at the Yalta Conference in 1944 to form a European Advisory Commission , later replaced by the Council of Foreign Ministers and the Allied Control Council , following the German surrender and the Potsdam Agreement in 1945. By the end of the war, European integration became seen as an antidote to the extreme nationalism that had caused the war. ] On 19 September 1946, in a much recognized speech, Winston Churchill , speaking at the University of Zürich , reiterated his calls since 1930 for a ""European Union"" and ""Council of Europe"", coincidentally ] parallel clarification needed ] to the Hertenstein Congress of the Union of European Federalists , ] one of the then founded and later constituting members of the European Movement . One month later, the French Union was installed by the new Fourth French Republic to direct the decolonization of its colonies so that they would become parts of a European community. ] By 1947 a growing rift between the western Allied Powers and the Soviet Union became evident as a result of the rigged 1947 Polish legislative election , which constituted an open breach of the Yalta Agreement . March of that year saw two important developments. First was the signing of the Treaty of"
"of the rigged 1947 Polish legislative election , which constituted an open breach of the Yalta Agreement . March of that year saw two important developments. First was the signing of the Treaty of Dunkirk between France and the United Kingdom . The treaty assured mutual assistance in the event of future military aggression against either nation. Though it officially named Germany as a threat, in reality the actual concern was for the Soviet Union. A few days later came the announcement of the Truman Doctrine which pledged American support for democracies to counter the Soviets. Immediately following the February 1948 coup d'état by the Communist Party of Czechoslovakia , the London Six-Power Conference was held, resulting in the Soviet boycott of the Allied Control Council and its incapacitation, an event marking the beginning of the Cold War . The year 1948 marked the beginning of the institutionalised modern European integration . In March 1948 the Treaty of Brussels was signed, establishing the Western Union (WU), followed by the International Authority for the Ruhr . Furthermore, the Organisation for European Economic Co-operation (OEEC), the predecessor of the OECD, was also founded in 1948 to manage the Marshall Plan , which led to the Soviets creating Comecon in response. The ensuing Hague Congress of May 1948 was a pivotal moment in European integration, as it led to the creation of the European Movement International , the College of Europe ] and most importantly to the foundation of the Council of Europe on 5 May 1949 (which is now Europe Day ). The Council of Europe was one of the first institutions to bring the sovereign states of (then only Western) Europe together, raising great hopes and fevered debates in the following two years for further European integration. citation needed ] It has since been a broad forum to further cooperation and shared issues, achieving for example the European Convention on Human Rights in 1950. Essential for the actual birth of the institutions of the EU was the Schuman Declaration on 9 May 1950 (the day after the fifth Victory in Europe Day ) and the decision by six nations (France, Belgium, Netherlands, Luxembourg, West Germany and Italy) to follow Schuman and draft the Treaty of Paris . This treaty was created in 1952 the European Coal and Steel Community (ECSC), which was built on the International Authority for the Ruhr , installed by the Western Allies in 1949 to regulate the coal and steel industries of the Ruhr area in West Germany. ] Backed by the Marshall Plan with large funds coming from the United States since 1948, the ECSC became a milestone organisation, enabling European economic development and integration and being the origin of the main institutions of the EU such as the European Commission and Parliament . ] Founding fathers of the European Union understood that coal and steel were the two industries essential for waging war, and believed that by tying their national industries"
"and Parliament . ] Founding fathers of the European Union understood that coal and steel were the two industries essential for waging war, and believed that by tying their national industries together, a future war between their nations became much less likely. ] In parallel with Schuman, the Pleven Plan of 1951 tried but failed to tie the institutions of the developing European community under the European Political Community , which was to include the also proposed European Defence Community , an alternative to West Germany joining NATO which was established in 1949 under the Truman Doctrine . In 1954 the Modified Brussels Treaty transformed the Western Union into the Western European Union (WEU). West Germany eventually joined both the WEU and NATO in 1955, prompting the Soviet Union to form the Warsaw Pact in 1955 as an institutional framework for its military domination in the countries of Central and Eastern Europe . Assessing the progress of European integration the Messina Conference was held in 1955, ordering the Spaak report , which in 1956 recommended the next significant steps of European integration. In 1957, Belgium , France , Italy , Luxembourg , the Netherlands , and West Germany signed the Treaty of Rome , which created the European Economic Community (EEC) and established a customs union . They also signed another pact creating the European Atomic Energy Community (Euratom) for cooperation in developing nuclear power. Both treaties came into force in 1958. ] Although the EEC and Euratom were created separately from the ECSC, they shared the same courts and the Common Assembly. The EEC was headed by Walter Hallstein ( Hallstein Commission ) and Euratom was headed by Louis Armand ( Armand Commission ) and then Étienne Hirsch ( Hirsch Commission ). ] ] The OEEC was in turn reformed in 1961 into the Organisation for Economic Co-operation and Development (OECD) and its membership was extended to states outside of Europe, the United States and Canada. During the 1960s, tensions began to show, with France seeking to limit supranational power. Nevertheless, in 1965 an agreement was reached, and on 1 July 1967 the Merger Treaty created a single set of institutions for the three communities, which were collectively referred to as the European Communities . ] ] Jean Rey presided over the first merged commission ( Rey Commission ). ] In 1973, the communities were enlarged to include Denmark (including Greenland), Ireland, and the United Kingdom . ] Norway had negotiated to join at the same time, but Norwegian voters rejected membership in a referendum . The Ostpolitik and the ensuing détente led to establishment of a first truly pan-European body, the Conference on Security and Co-operation in Europe (CSCE), predecessor of the modern Organization for Security and Co-operation in Europe (OSCE). In 1979, the first direct elections to the European Parliament were held. ] Greece joined in 1981. In 1985, Greenland left the Communities ,"
"for Security and Co-operation in Europe (OSCE). In 1979, the first direct elections to the European Parliament were held. ] Greece joined in 1981. In 1985, Greenland left the Communities , following a dispute over fishing rights. During the same year, the Schengen Agreement paved the way for the creation of open borders without passport controls between most member states and some non-member states. ] In 1986, the Single European Act was signed. Portugal and Spain joined in 1986. ] In 1990, after the fall of the Eastern Bloc , the former East Germany became part of the communities as part of a reunified Germany . ] The European Union was formally established when the Maastricht Treaty —whose main architects were Horst Köhler , ] Helmut Kohl and François Mitterrand —came into force on 1 November 1993. ] ] The treaty also gave the name European Community to the EEC, even if it was referred to as such before the treaty. With further enlargement planned to include the former communist states of Central and Eastern Europe, as well as Cyprus and Malta , the Copenhagen criteria for candidate members to join the EU were agreed upon in June 1993. The expansion of the EU introduced a new level of complexity and discord. ] In 1995, Austria, Finland, and Sweden joined the EU. In 2002, euro banknotes and coins replaced national currencies in 12 of the member states. Since then, the eurozone has increased to encompass 20 countries. The euro currency became the second-largest reserve currency in the world. In 2004, the EU saw its biggest enlargement to date when Cyprus, the Czech Republic, Estonia , Hungary , Latvia , Lithuania , Malta , Poland , Slovakia , and Slovenia joined the union. ] In 2007, Bulgaria and Romania became EU members. Later that year, Slovenia adopted the euro, ] followed by Cyprus and Malta in 2008, Slovakia in 2009, Estonia in 2011, Latvia in 2014, and Lithuania in 2015. On 1 December 2009, the Lisbon Treaty entered into force and reformed many aspects of the EU. In particular, it changed the legal structure of the European Union, merging the EU three pillars system into a single legal entity provisioned with a legal personality , created a permanent president of the European Council , the first of which was Herman Van Rompuy , and strengthened the position of the high representative of the union for foreign affairs and security policy . ] ] In 2012, the EU received the Nobel Peace Prize for having ""contributed to the advancement of peace and reconciliation, democracy, and human rights in Europe"". ] ] In 2013, Croatia became the 28th EU member. ] From the beginning of the 2010s, the cohesion of the European Union has been tested by several issues, including a debt crisis in some of the Eurozone countries , a surge in asylum seekers in 2015 , and the United Kingdom's withdrawal from the EU . ] A referendum in the UK on its membership of the European Union was held in 2016, with 51.9 per cent of participants voting to leave. ] The UK"
", and the United Kingdom's withdrawal from the EU . ] A referendum in the UK on its membership of the European Union was held in 2016, with 51.9 per cent of participants voting to leave. ] The UK formally notified the European Council of its decision to leave on 29 March 2017, initiating the formal withdrawal procedure for leaving the EU ; following extensions to the process, the UK left the European Union on 31 January 2020, though most areas of EU law continued to apply to the UK for a transition period which lasted until 31 December 2020. ] The early 2020s saw Denmark abolishing one of its three opt-outs and Croatia adopting the Euro . After the economic crisis caused by the COVID-19 pandemic , the EU leaders agreed for the first time to create common debt to finance the European Recovery Program called Next Generation EU (NGEU). ] On 24 February 2022, after massing on the borders of Ukraine, the Russian Armed Forces undertook an attempt for a full-scale invasion of Ukraine. ] ] The European Union imposed heavy sanctions on Russia and agreed on a pooled military aid package to Ukraine for lethal weapons funded via the European Peace Facility off-budget instrument. ] Next Generation EU ( NGEU ) is a European Commission economic recovery package to support the EU member states to recover from the COVID-19 pandemic , in particular those that have been particularly hard hit. It is sometimes styled NextGenerationEU and Next Gen EU , and also called the European Union Recovery Instrument . ] Agreed in principle by the European Council on 21 July 2020 and adopted on 14 December 2020, the instrument is worth € 750 billion . NGEU will operate from 2021 to 2026, ] and will be tied to the regular 2021–2027 budget of the EU's Multiannual Financial Framework (MFF). The comprehensive NGEU and MFF packages are projected to reach €1824.3 billion. ] Preparing the Union for a new great enlargement is a political priority for the Union, with the goal of achieving over 35 member states by 2030. Institutional and budgetary reforms are being discussed in order to the Union to be ready for the new members. ] ] ] ] In May 2024, concerns rise, that the outcome of the elections in June, can undermine some of the crucial policies of the EU in the domain of environment, diplomacy, economy . The war in Ukraine by creating inflation, lowering life level created a possibility of strong changes in the 2024 elections. ] ] Since the end of World War II , sovereign European countries have entered into treaties and thereby co-operated and harmonised policies (or pooled sovereignty ) in an increasing number of areas, in the European integration project or the construction of Europe ( French : la construction européenne ). The following timeline outlines the legal inception of the European Union (EU)—the principal framework for this unification. The EU inherited many of its present responsibilities from the European Communities (EC), which were founded in the 1950s in the spirit"
"Union (EU)—the principal framework for this unification. The EU inherited many of its present responsibilities from the European Communities (EC), which were founded in the 1950s in the spirit of the Schuman Declaration . The European Union operates through a hybrid system of supranational and intergovernmental decision-making, ] ] and according to the principle of conferral (which says that it should act only within the limits of the competences conferred on it by the treaties ) and of subsidiarity (which says that it should act only where an objective cannot be sufficiently achieved by the member states acting alone). Laws made by the EU institutions are passed in a variety of forms. ] Generally speaking, they can be classified into two groups: those which come into force without the necessity for national implementation measures (regulations) and those which specifically require national implementation measures (directives). ] EU policy is in general promulgated by EU directives , which are then implemented in the domestic legislation of its member states , and EU regulations , which are immediately enforceable in all member states. Lobbying at the EU level by special interest groups is regulated to try to balance the aspirations of private initiatives with public interest decision-making process. ] The European Union had an agreed budget of €170.6 billion in 2022. The EU had a long-term budget of €1,082.5 billion for the period 2014–2020, representing 1.02% of the EU-28's GNI. In 1960, the budget of the European Community was 0.03 per cent of GDP. ] Of this, €54bn subsidised agriculture enterprise , €42bn was spent on transport , building and the environment, €16bn on education and research , €13bn on welfare, €20bn on foreign and defence policy, €2bn in finance , €2bn in energy , €1.5bn in communications, and €13bn in administration. In November 2020, two members of the union, Hungary and Poland, blocked approval to the EU's budget at a meeting in the Committee of Permanent Representatives (Coreper), citing a proposal that linked funding with adherence to the rule of law . The budget included a COVID-19 recovery fund of €750 billion. The budget may still be approved if Hungary and Poland withdraw their vetoes after further negotiations in the council and the European Council . ] ] needs update ] Bodies combatting fraud have also been established, including the European Anti-fraud Office and the European Public Prosecutor's Office . The latter is a decentralized independent body of the European Union (EU), established under the Treaty of Lisbon between 22 of the 27 states of the EU following the method of enhanced cooperation . ] The European Public Prosecutor's Office investigate and prosecute fraud against the budget of the European Union and other crimes against the EU's financial interests including fraud concerning EU funds of over €10,000 and cross-border VAT fraud cases involving damages above €10 million. Member states retain in"
"and other crimes against the EU's financial interests including fraud concerning EU funds of over €10,000 and cross-border VAT fraud cases involving damages above €10 million. Member states retain in principle all powers except those that they have agreed collectively to delegate to the Union as a whole, though the exact delimitation has on occasions become a subject of scholarly or legal disputes. ] ] In certain fields, members have awarded exclusive competence and exclusive mandate to the Union. These are areas in which member states have entirely renounced their own capacity to enact legislation. In other areas, the EU and its member states share the competence to legislate. While both can legislate, the member states can only legislate to the extent to which the EU has not. In other policy areas, the EU can only co-ordinate, support and supplement member state action but cannot enact legislation with the aim of harmonising national laws. ] That a particular policy area falls into a certain category of competence is not necessarily indicative of what legislative procedure is used for enacting legislation within that policy area. Different legislative procedures are used within the same category of competence, and even with the same policy area. The distribution of competences in various policy areas between member states and the union is divided into the following three categories: The European Union has seven principal decision-making bodies, its institutions : the European Parliament , the European Council , the Council of the European Union , the European Commission , the Court of Justice of the European Union , the European Central Bank and the European Court of Auditors . Competence in scrutinising and amending legislation is shared between the Council of the European Union and the European Parliament, while executive tasks are performed by the European Commission and in a limited capacity by the European Council (not to be confused with the aforementioned Council of the European Union). The monetary policy of the eurozone is determined by the European Central Bank. The interpretation and the application of EU law and the treaties are ensured by the Court of Justice of the European Union. The EU budget is scrutinised by the European Court of Auditors. There are also a number of ancillary bodies which advise the EU or operate in a specific area. The Union's executive branch is organised as a directorial system , where the executive power is jointly exercised by several people. The executive branch consists of the European Council and European Commission. The European Council sets the broad political direction of the Union. It convenes at least four times a year and comprises the president of the European Council (presently Charles Michel ), the president of the European Commission and one representative per member state (either its head of state or head of government ). The high representative of the union for foreign affairs and security"
"president of the European Commission and one representative per member state (either its head of state or head of government ). The high representative of the union for foreign affairs and security policy (presently Josep Borrell ) also takes part in its meetings. Described by some as the union's ""supreme political leadership"", ] it is actively involved in the negotiation of treaty changes and defines the EU's policy agenda and strategies. Its leadership role involves solving disputes between member states and the institutions, and to resolving any political crises or disagreements over controversial issues and policies. It acts as a "" collective head of state "" and ratifies important documents (for example, international agreements and treaties). ] Tasks for the president of the European Council are ensuring the external representation of the EU, ] driving consensus and resolving divergences among member states, both during meetings of the European Council and over the periods between them. The European Council should not be mistaken for the Council of Europe , an international organisation independent of the EU and based in Strasbourg. The European Commission acts both as the EU's executive arm , responsible for the day-to-day running of the EU, and also the legislative initiator , with the sole power to propose laws for debate. ] ] ] The commission is 'guardian of the Treaties' and is responsible for their efficient operation and policing. ] It has 27 European commissioners for different areas of policy, one from each member state, though commissioners are bound to represent the interests of the EU as a whole rather than their home state. The leader of the 27 is the president of the European Commission (presently Ursula von der Leyen for 2019–2024), proposed by the European Council , following and taking into account the result of the European elections, and is then elected by the European Parliament. ] The President retains, as the leader responsible for the entire cabinet, the final say in accepting or rejecting a candidate submitted for a given portfolio by a member state, and oversees the commission's permanent civil service. After the President, the most prominent commissioner is the high representative of the union for foreign affairs and security policy, who is ex-officio a vice-president of the European Commission and is also chosen by the European Council. ] The other 25 commissioners are subsequently appointed by the Council of the European Union in agreement with the nominated president. The 27 commissioners as a single"
"– in Europe (light green & dark grey) – in the European Union (light green) Germany , ] officially the Federal Republic of Germany , ] is a country in Central Europe . It lies between the Baltic and North Sea to the north and the Alps to the south. Its sixteen constituent states have a total population of over 82 million in an area of 357,569 km 2 (138,058 sq mi), making it the most populous member state of the European Union . It borders Denmark to the north, Poland and Czechia to the east, Austria and Switzerland to the south, and France , Luxembourg , Belgium , and the Netherlands to the west. The nation's capital and most populous city is Berlin and its main financial centre is Frankfurt ; the largest urban area is the Ruhr . Settlement in what is now Germany began in the Lower Paleolithic , with various tribes inhabiting it from the Neolithic onward, chiefly the Celts . Various Germanic tribes have inhabited the northern parts of modern Germany since classical antiquity . A region named Germania was documented before AD 100. In 962, the Kingdom of Germany formed the bulk of the Holy Roman Empire . During the 16th century, northern German regions became the centre of the Protestant Reformation . Following the Napoleonic Wars and the dissolution of the Holy Roman Empire in 1806, the German Confederation was formed in 1815. Formal unification of Germany into the modern nation-state commenced on 18 August 1866 with the North German Confederation Treaty establishing the Prussia -led North German Confederation later transformed in 1871 into the German Empire . After World War I and the German Revolution of 1918–1919 , the Empire was in turn transformed into the Weimar Republic . The Nazi rise to power in 1933 led to the establishment of a totalitarian dictatorship , World War II , and the Holocaust . After the end of World War II in Europe and a period of Allied occupation , in 1949, Germany as a whole was organized into two separate polities with limited sovereignty: the Federal Republic of Germany, generally known as West Germany , and the German Democratic Republic, known as East Germany , while Berlin continued its de jure Four Power status . The Federal Republic of Germany was a founding member of the European Economic Community and the European Union , while the German Democratic Republic was a communist Eastern Bloc state and member of the Warsaw Pact . After the fall of the communist led-government in East Germany, German reunification saw the former East German states join the Federal Republic of Germany on 3 October 1990 . Germany has been described as a great power with a strong economy ; it has the largest economy in Europe . As a global power in industrial, scientific and technological sectors, it is both the world's third-largest exporter and importer . As a developed country , it offers social security , a universal health care system , and tuition-free university education . Germany is a member of the United Nations , Council of"
"and importer . As a developed country , it offers social security , a universal health care system , and tuition-free university education . Germany is a member of the United Nations , Council of Europe , NATO and OECD , and a founding member of the European Union, G7 and G20 . It has the third-greatest number of UNESCO World Heritage Sites ( 54 ), with the second-most cultural sites (51). The English word Germany derives from the Latin Germania , which came into use after Julius Caesar adopted it for the peoples east of the Rhine . ] The German term Deutschland , originally diutisciu land ('the German lands'), is derived from deutsch ( cf. Dutch ), descended from Old High German diutisc 'of the people' (from diot or diota 'people'), originally used to distinguish the language of the common people from Latin and its Romance descendants . This in turn descends from Proto-Germanic * þiudiskaz 'of the people' (see also the Latinised form Theodiscus ), derived from * þeudō , descended from Proto-Indo-European * tewtéh₂- 'people', from which the word Teutons also originates. ] Pre-human ancestors, the Danuvius guggenmosi , who were present in Germany over 11 million years ago, are theorized to be among the earliest ones to walk on two legs. ] Ancient humans were present in Germany at least 600,000 years ago. ] The first non-modern human fossil (the Neanderthal ) was discovered in the Neander Valley . ] Similarly dated evidence of modern humans has been found in the Swabian Jura , including 42,000-year-old flutes which are the oldest musical instruments ever found, ] the 40,000-year-old Lion Man , ] and the 41,000-year-old Venus of Hohle Fels . ] ] The Nebra sky disk , created during the European Bronze Age , has been attributed to a German site. ] The Germanic peoples are thought to date from the Nordic Bronze Age , early Iron Age , or the Jastorf culture . ] ] From southern Scandinavia and northern Germany , they expanded south, east, and west, coming into contact with the Celtic , Iranian , Baltic , and Slavic tribes. ] Under Augustus , the Roman Empire began to invade lands inhabited by the Germanic tribes, creating a short-lived Roman province of Germania between the Rhine and Elbe rivers. In 9 AD, three Roman legions were defeated by Arminius in the Battle of the Teutoburg Forest . ] The outcome of this battle dissuaded the Romans from their ambition of conquering Germania , and is thus considered one of the most important events in European history . ] By 100 AD, when Tacitus wrote Germania , Germanic tribes had settled along the Rhine and the Danube (the Limes Germanicus ), occupying most of modern Germany. However, Baden-Württemberg , southern Bavaria , southern Hesse and the western Rhineland had been incorporated into Roman provinces . ] ] ] Around 260, Germanic peoples broke into Roman-controlled lands. ] After the invasion of the Huns in 375, and with the decline of Rome from 395, Germanic tribes moved farther southwest: the Franks"
"] ] Around 260, Germanic peoples broke into Roman-controlled lands. ] After the invasion of the Huns in 375, and with the decline of Rome from 395, Germanic tribes moved farther southwest: the Franks established the Frankish Kingdom and pushed east to subjugate Saxony and Bavaria , and areas of what is today eastern Germany were inhabited by Western Slavic tribes. ] Charlemagne founded the Carolingian Empire in 800; it was divided in 843 . ] The eastern successor kingdom of East Francia stretched from the Rhine in the west to the Elbe river in the east and from the North Sea to the Alps. ] Subsequently, the Holy Roman Empire emerged from it. The Ottonian rulers (919–1024) consolidated several major duchies . ] In 996, Gregory V became the first German Pope, appointed by his cousin Otto III , whom he shortly after crowned Holy Roman Emperor. The Holy Roman Empire absorbed northern Italy and Burgundy under the Salian emperors (1024–1125), although the emperors lost power through the Investiture controversy . ] Under the Hohenstaufen emperors (1138–1254), German princes encouraged German settlement to the south and east ( Ostsiedlung ). ] Members of the Hanseatic League , mostly north German towns, prospered in the expansion of trade. ] The population declined starting with the Great Famine in 1315, followed by the Black Death of 1348–1350. ] The Golden Bull issued in 1356 provided the constitutional structure of the Empire and codified the election of the emperor by seven prince-electors . ] Johannes Gutenberg introduced moveable-type printing to Europe, laying the basis for the democratization of knowledge . ] In 1517, Martin Luther incited the Protestant Reformation and his translation of the Bible began the standardization of the language; the 1555 Peace of Augsburg tolerated the ""Evangelical"" faith ( Lutheranism ), but also decreed that the faith of the prince was to be the faith of his subjects ( cuius regio, eius religio ). ] From the Cologne War through the Thirty Years' Wars (1618–1648), religious conflict devastated German lands and significantly reduced the population. ] ] The Peace of Westphalia ended religious warfare among the Imperial Estates ; ] their mostly German-speaking rulers were able to choose Catholicism , Lutheranism, or Calvinism as their official religion. ] The legal system initiated by a series of Imperial Reforms (approximately 1495–1555) provided for considerable local autonomy and a stronger Imperial Diet . ] The House of Habsburg held the imperial crown from 1438 until the death of Charles VI in 1740. Following the War of the Austrian Succession and the Treaty of Aix-la-Chapelle , Charles VI's daughter Maria Theresa ruled as empress consort when her husband, Francis I , became emperor. ] ] From 1740, dualism between the Austrian Habsburg monarchy and the Kingdom of Prussia dominated German history. In 1772, 1793, and 1795, Prussia and Austria, along with the Russian Empire , agreed to the Partitions of Poland . ] ]"
"Austrian Habsburg monarchy and the Kingdom of Prussia dominated German history. In 1772, 1793, and 1795, Prussia and Austria, along with the Russian Empire , agreed to the Partitions of Poland . ] ] During the period of the French Revolutionary Wars , the Napoleonic era and the subsequent final meeting of the Imperial Diet , most of the Free Imperial Cities were annexed by dynastic territories; the ecclesiastical territories were secularised and annexed. In 1806 the Imperium was dissolved; France, Russia, Prussia, and the Habsburgs (Austria) competed for hegemony in the German states during the Napoleonic Wars . ] Following the fall of Napoleon , the Congress of Vienna founded the German Confederation, a loose league of 39 sovereign states . The appointment of the emperor of Austria as the permanent president reflected the Congress's rejection of Prussia 's rising influence. Disagreement within restoration politics partly led to the rise of liberal movements, followed by new measures of repression by Austrian statesman Klemens von Metternich . ] ] The Zollverein , a tariff union, furthered economic unity. ] In light of revolutionary movements in Europe , intellectuals and commoners started the revolutions of 1848 in the German states , raising the German question. King Frederick William IV of Prussia was offered the title of emperor, but with a loss of power; he rejected the crown and the proposed constitution, a temporary setback for the movement. ] King William I appointed Otto von Bismarck as the Minister President of Prussia in 1862. Bismarck successfully concluded the war with Denmark in 1864 ; the subsequent decisive Prussian victory in the Austro-Prussian War of 1866 enabled him to create the North German Confederation which excluded Austria . After the defeat of France in the Franco-Prussian War , the German princes proclaimed the founding of the German Empire in 1871. Prussia was the dominant constituent state of the new empire; the King of Prussia ruled as its Kaiser, and Berlin became its capital. ] ] In the Gründerzeit period following the unification of Germany, Bismarck's foreign policy as chancellor of Germany secured Germany's position as a great nation by forging alliances and avoiding war. ] However, under Wilhelm II , Germany took an imperialistic course, leading to friction with neighbouring countries. ] A dual alliance was created with the multinational realm of Austria-Hungary ; the Triple Alliance of 1882 included Italy. Britain, France and Russia also concluded alliances to protect against Habsburg interference with Russian interests in the Balkans or German interference against France. ] At the Berlin Conference in 1884, Germany claimed several colonies including German East Africa , German South West Africa , Togoland , and Kamerun . ] Later, Germany further expanded its colonial empire to include holdings in the Pacific and China. ] The colonial government in South West Africa (present-day Namibia ), from 1904 to 1907,"
"Kamerun . ] Later, Germany further expanded its colonial empire to include holdings in the Pacific and China. ] The colonial government in South West Africa (present-day Namibia ), from 1904 to 1907, carried out the annihilation of the local Herero and Namaqua peoples as punishment for an uprising; ] ] this was the 20th century's first genocide . ] The assassination of Austria's crown prince on 28 June 1914 provided the pretext for Austria-Hungary to attack Serbia and trigger World War I . After four years of warfare, in which approximately two million German soldiers were killed, ] a general armistice ended the fighting. In the German Revolution (November 1918), Wilhelm II and the ruling princes abdicated their positions, and Germany was declared a federal republic . Germany's new leadership signed the Treaty of Versailles in 1919, accepting defeat by the Allies . Germans perceived the treaty as humiliating, which was seen by historians as influential in the rise of Adolf Hitler . ] Germany lost around 13% of its European territory and ceded all of its colonial possessions in Africa and the Pacific. ] On 11 August 1919, President Friedrich Ebert signed the democratic Weimar Constitution . ] In the subsequent struggle for power, communists seized power in Bavaria , but conservative elements elsewhere attempted to overthrow the Republic in the Kapp Putsch . Street fighting in the major industrial centres, the occupation of the Ruhr by Belgian and French troops, and a period of hyperinflation followed. A debt restructuring plan and the creation of a new currency in 1924 ushered in the Golden Twenties , an era of artistic innovation and liberal cultural life. ] ] ] The worldwide Great Depression hit Germany in 1929. Chancellor Heinrich Brüning 's government pursued a policy of fiscal austerity and deflation which caused unemployment of nearly 30% by 1932. ] The Nazi Party led by Adolf Hitler became the largest party in the Reichstag after a special election in 1932 and Hindenburg appointed Hitler as chancellor of Germany on 30 January 1933. ] After the Reichstag fire , a decree abrogated basic civil rights and the first Nazi concentration camp opened. ] ] On 23 March 1933, the Enabling Act gave Hitler unrestricted legislative power, overriding the constitution, ] and marked the beginning of Nazi Germany. His government established a centralised totalitarian state , withdrew from the League of Nations , and dramatically increased the country's rearmament . ] A government-sponsored programme for economic renewal focused on public works, the most famous of which was the Autobahn . ] In 1935, the regime withdrew from the Treaty of Versailles and introduced the Nuremberg Laws which targeted Jews and other minorities. ] Germany also reacquired control of the Saarland in 1935, ] remilitarised the Rhineland in 1936, annexed Austria in 1938, annexed the Sudetenland in 1938 with the Munich Agreement , and in violation of the agreement occupied Czechoslovakia"
"Saarland in 1935, ] remilitarised the Rhineland in 1936, annexed Austria in 1938, annexed the Sudetenland in 1938 with the Munich Agreement , and in violation of the agreement occupied Czechoslovakia in March 1939. ] Kristallnacht (Night of Broken Glass) saw the burning of synagogues, the destruction of Jewish businesses, and mass arrests of Jewish people. ] In August 1939, Hitler's government negotiated the Molotov–Ribbentrop Pact that divided Eastern Europe into German and Soviet spheres of influence. ] On 1 September 1939, Germany invaded Poland , beginning World War II in Europe ; ] Britain and France declared war on Germany on 3 September. ] In the spring of 1940, Germany conquered Denmark and Norway , the Netherlands , Belgium , Luxembourg , and France , forcing the French government to sign an armistice . The British repelled German air attacks in the Battle of Britain in the same year. In 1941, German troops invaded Yugoslavia , Greece and the Soviet Union . By 1942, Germany and its allies controlled most of continental Europe and North Africa , but following the Soviet victory at the Battle of Stalingrad , the Allied reconquest of North Africa and invasion of Italy in 1943, German forces suffered repeated military defeats. In 1944, the Soviets pushed into Eastern Europe ; the Western allies landed in France and entered Germany despite a final German counteroffensive . Following Hitler's suicide during the Battle of Berlin , Germany signed the surrender document on 8 May 1945, ending World War II in Europe ] ] and Nazi Germany. Following the end of the war, surviving Nazi officials were tried for war crimes at the Nuremberg trials . ] ] In what later became known as the Holocaust , the German government persecuted minorities , including interning them in concentration and death camps across Europe. The regime systematically murdered 6 million Jews, at least 130,000 Romani , 275,000 disabled , thousands of Jehovah's Witnesses , thousands of homosexuals , and hundreds of thousands of political and religious opponents . ] Nazi policies in German-occupied countries resulted in the deaths of an estimated 2.7 million Poles , ] 1.3 million Ukrainians , 1 million Belarusians and 3.5 million Soviet prisoners of war . ] ] German military casualties have been estimated at 5.3 million, ] and around 900,000 German civilians died. ] Around 12 million ethnic Germans were expelled from across Eastern Europe, and Germany lost roughly one-quarter of its pre-war territory. ] After Nazi Germany surrendered, the Allies de jure abolished the German state and partitioned Berlin and Germany's remaining territory into four occupation zones. The western sectors, controlled by France, the United Kingdom , and the United States , were merged on 23 May 1949 to form the Federal Republic of Germany ( .mw-parser-output .tfd-dated{font-size:85%}.mw-parser-output .tfd-default{border-bottom:1px solid"
", and the United States , were merged on 23 May 1949 to form the Federal Republic of Germany ( .mw-parser-output .tfd-dated{font-size:85%}.mw-parser-output .tfd-default{border-bottom:1px solid var(--border-color-base,#a2a9b1);clear:both;text-align:center}.mw-parser-output .tfd-tiny{font-weight:bold}.mw-parser-output .tfd-inline{border:1px solid var(--border-color-base,#a2a9b1)}.mw-parser-output .tfd-sidebar{border-bottom:1px solid var(--border-color-base,#a2a9b1);text-align:center;position:relative}@media(min-width:640px){.mw-parser-output .tfd-sidebar{clear:right;float:right;width:22em}} ‹See Tfd› German : Bundesrepublik Deutschland ); on 7 October 1949, the Soviet Zone became the German Democratic Republic (GDR) ( ‹See Tfd› German : Deutsche Demokratische Republik ; DDR). They were informally known as West Germany and East Germany. ] East Germany selected East Berlin as its capital, while West Germany chose Bonn as a provisional capital, to emphasise its stance that the two-state solution was temporary. ] West Germany was established as a federal parliamentary republic with a "" social market economy "". Starting in 1948 West Germany became a major recipient of reconstruction aid under the American Marshall Plan . ] Konrad Adenauer was elected the first federal chancellor of Germany in 1949. The country enjoyed prolonged economic growth ( Wirtschaftswunder ) beginning in the early 1950s. ] West Germany joined NATO in 1955 and was a founding member of the European Economic Community . ] On 1 January 1957, the Saarland joined West Germany. ] East Germany was an Eastern Bloc state under political and military control by the Soviet Union via occupation forces and the Warsaw Pact . Although East Germany claimed to be a democracy, political power was exercised solely by leading members ( Politbüro ) of the communist-controlled Socialist Unity Party of Germany , supported by the Stasi , an immense secret service. ] While East German propaganda was based on the benefits of the GDR's social programmes and the alleged threat of a West German invasion, many of its citizens looked to the West for freedom and prosperity. ] The Berlin Wall , built in 1961, prevented East German citizens from escaping to West Germany, becoming a symbol of the Cold War . ] Tensions between East and West Germany were reduced in the late 1960s by Chancellor Willy Brandt 's Ostpolitik . ] In 1989, Hungary decided to dismantle the Iron Curtain and open its border with Austria , causing the emigration of thousands of East Germans to West Germany via Hungary and Austria. This had devastating effects on the GDR, where regular mass demonstrations received increasing support. In an effort to help retain East Germany as a state, the East German authorities eased border restrictions, but this actually led to an acceleration of the Wende reform process culminating in the Two Plus Four Treaty under which Germany regained full sovereignty. This permitted German reunification on 3 October"
"actually led to an acceleration of the Wende reform process culminating in the Two Plus Four Treaty under which Germany regained full sovereignty. This permitted German reunification on 3 October 1990, with the accession of the five re-established states of the former GDR. ] The fall of the Wall in 1989 became a symbol of the Fall of Communism , the dissolution of the Soviet Union , German reunification and Die Wende (""the turning point""). ] United Germany was considered the enlarged continuation of West Germany so it retained its memberships in international organisations. ] Based on the Berlin/Bonn Act (1994), Berlin again became the capital of Germany, while Bonn obtained the unique status of a Bundesstadt (federal city) retaining some federal ministries. ] The relocation of the government was completed in 1999, and modernisation of the East German economy was scheduled to last until 2019. ] ] Since reunification, Germany has taken a more active role in the European Union , signing the Maastricht Treaty in 1992 and the Lisbon Treaty in 2007, ] and co-founding the eurozone . ] Germany sent a peacekeeping force to secure stability in the Balkans and sent German troops to Afghanistan as part of a NATO effort to provide security in that country after the ousting of the Taliban . ] ] In the 2005 elections , Angela Merkel became the first female chancellor. In 2009, the German government approved a €50 billion stimulus plan. ] Among the major German political projects of the early 21st century are the advancement of European integration , the energy transition ( Energiewende ) for a sustainable energy supply, the debt brake for balanced budgets, measures to increase the fertility rate ( pronatalism ), and high-tech strategies for the transition of the German economy, summarised as Industry 4.0 . ] During the 2015 European migrant crisis , the country took in over a million refugees and migrants. ] Germany is the seventh-largest country in Europe . ] It borders Denmark to the north, Poland and Czechia to the east, Austria and Switzerland to the south, and France , Luxembourg , Belgium , and the Netherlands to the west. Germany is also bordered by the North Sea and, at the north-northeast, by the Baltic Sea. German territory covers 357,600 km 2 (138,070 sq mi), consisting of 349,250 km 2 (134,846 sq mi) of land and 8,350 km 2 (3,224 sq mi) of water. Elevation ranges from the mountains of the Alps (highest point: the Zugspitze at 2,963 metres or 9,721 feet) in the south to the shores of the North Sea ( Nordsee ) in the northwest and the Baltic Sea ( Ostsee ) in the northeast. The forested uplands of central Germany and the lowlands of northern Germany (lowest point: in the municipality Neuendorf-Sachsenbande , Wilstermarsch at 3.54 metres or 11.6 feet below sea level ] ) are traversed by such major rivers as the Rhine, Danube and Elbe. Significant natural resources include iron ore, coal, potash , timber, lignite , uranium , copper, natural gas, salt,"
"sea level ] ) are traversed by such major rivers as the Rhine, Danube and Elbe. Significant natural resources include iron ore, coal, potash , timber, lignite , uranium , copper, natural gas, salt, and nickel. ] Most of Germany has a temperate climate, ranging from oceanic in the north and west to continental in the east and southeast. Winters range from the cold in the Southern Alps to cool and are generally overcast with limited precipitation, while summers can vary from hot and dry to cool and rainy. The northern regions have prevailing westerly winds that bring in moist air from the North Sea, moderating the temperature and increasing precipitation. Conversely, the southeast regions have more extreme temperatures. ] From February 2019 – 2020, average monthly temperatures in Germany ranged from a low of 3.3 °C (37.9 °F) in January 2020 to a high of 19.8 °C (67.6 °F) in June 2019. ] Average monthly precipitation ranged from 30 litres per square metre in February and April 2019 to 125 litres per square metre in February 2020. ] Average monthly hours of sunshine ranged from 45 in November 2019 to 300 in June 2019. ] The territory of Germany can be divided into five terrestrial ecoregions : Atlantic mixed forests , Baltic mixed forests , Central European mixed forests , Western European broadleaf forests , and Alps conifer and mixed forests . ] As of 2016 ] , 51% of Germany's land area is devoted to agriculture, while 30% is forested and 14% is covered by settlements or infrastructure. ] Plants and animals include those generally common to Central Europe. According to the National Forest Inventory, beeches , oaks , and other [deci"
"– in Europe (green & dark grey) – in the European Union (green) – Legend ] Hungary ] is a landlocked country in Central Europe . ] Spanning 93,030 square kilometres (35,920 sq mi) of the Carpathian Basin , it is bordered by Slovakia to the north, Ukraine to the northeast, Romania to the east and southeast, Serbia to the south, Croatia and Slovenia to the southwest, and Austria to the west. Hungary has a population of 9.5 million, mostly ethnic Hungarians and a significant Romani minority . Hungarian , a language belonging to the Ugric branch of the Uralic language family, is the official language , and Budapest is the country's capital and largest city . Prior to the foundation of the Hungarian state, various peoples settled in the territory of present-day Hungary, most notably the Celts , Romans , Huns , Germanic peoples , Avars and Slavs . The Principality of Hungary was established in the late 9th century by Álmos and his son Árpád through the conquest of the Carpathian Basin . ] ] King Stephen I ascended the throne in 1000, converting his realm to a Christian kingdom . The medieval Kingdom of Hungary was a European power, reaching its height in the 14th–15th centuries . ] After a long period of Ottoman wars , Hungary's forces were defeated at the Battle of Mohács and its capital was captured in 1541, opening roughly a 150 years long period when the country was divided into three parts: Royal Hungary , loyal to the Habsburgs ; Ottoman Hungary ; and the largely independent Principality of Transylvania . The reunited Hungary came under Habsburg rule at the turn of the 18th century, fighting a war of independence in 1703–1711, and a war of independence in 1848–1849 until a compromise allowed the formation of the Austro-Hungarian Monarchy in 1867, a major power into the early 20th century. ] Austria-Hungary collapsed after World War I , and the subsequent Treaty of Trianon in 1920 established Hungary's current borders, resulting in the loss of 71% of its historical territory, 58% of its population, and 32% of its ethnic Hungarians . ] ] ] In the interwar period , after initial turmoil, Miklós Horthy ascended as a determining politician, representing the monarchy as regent in place of the Habsburgs. Hungary joined the Axis powers in World War II , suffering significant damage and casualties. ] ] As a result, the Hungarian People's Republic was established as a satellite state of the Soviet Union . Following the failed 1956 revolution , Hungary became comparatively freer , but still remained a repressed member of the Eastern Bloc . In 1989, concurrently with the Revolutions of 1989 , Hungary peacefully transitioned into a democratic parliamentary republic , ] joining the European Union in 2004 and being part of the Schengen Area since 2007. Hungary is a high-income economy with universal health care and tuition-free secondary education . ] ] Hungary has a long history of significant contributions to arts , music , literature , sports , science and"
"a high-income economy with universal health care and tuition-free secondary education . ] ] Hungary has a long history of significant contributions to arts , music , literature , sports , science and technology . ] ] ] ] It is a popular tourist destination in Europe, drawing 24.5 million international tourists in 2019. ] It is a member of numerous international organisations, including the Council of Europe , European Union , NATO , United Nations , World Health Organization , World Trade Organization , World Bank , Asian Infrastructure Investment Bank , and the Visegrád Group . ] The ""H"" in the name of Hungary is most likely derived from historical associations with the Huns , who had settled Hungary prior to the Avars . citation needed ] The rest of the word comes from the Latinised form of Byzantine Greek Oungroi ( Οὔγγροι ). The Greek name might be borrowed from Old Slavonic ągrinŭ , in turn borrowed from Oghur-Turkic Onogur ('ten Ogurs'). ] Onogur was the collective name for the tribes who later joined the Bulgar tribal confederacy that ruled the eastern parts of Hungary after the Avars. ] ] Peter B. Golden also considers the suggestion of Árpád Berta that the name derives from Khazar Turkic ongar (oŋ ""right"", oŋar- ""to make something better, to put (it) right"", oŋgar- ""to make something better, to put (it) right"", oŋaru ""towards the right"") ""right wing"". This points to the idea that the Magyar Union before the Conquest formed the ""right wing"" (= western wing) of the Khazar military forces. ] The Hungarian endonym is Magyarország , composed of magyar ('Hungarian') and ország ('country'). The name ""Magyar"", which refers to the people of the country, more accurately reflects the name of the country in some other languages such as Turkish , Persian and other languages as Magyaristan or Land of Magyars or similar. The word magyar is taken from the name of one of the seven major semi-nomadic Hungarian tribes, magyeri . ] ] ] The first element magy is likely from Proto-Ugric * mäńć- 'man, person', also found in the name of the Mansi people ( mäńćī, mańśi, måńś ). The second element eri , 'man, men, lineage', survives in Hungarian férj 'husband', and is cognate with Mari erge 'son', Finnish archaic yrkä 'young man'. ] The Roman Empire conquered the territory between the Alps and the area west of the Danube River from 16 to 15 BC, the Danube being the frontier of the empire. ] In 14 BC, Pannonia , the western part of the Carpathian Basin , which includes today's west of Hungary, was recognised by emperor Augustus in the Res Gestae Divi Augusti as part of the Roman Empire. ] The area south-east of Pannonia was organised as the Roman province Moesia in 6 BC. ] An area east of the river Tisza became the Roman province of Dacia in 106 AD, which included today's east Hungary. It remained under Roman rule until 271. ] From 235, the Roman Empire went through troubled times, caused by revolts, rivalry and rapid succession of emperors. The Western Roman"
"today's east Hungary. It remained under Roman rule until 271. ] From 235, the Roman Empire went through troubled times, caused by revolts, rivalry and rapid succession of emperors. The Western Roman Empire collapsed in the 5th century under the stress of the migration of Germanic tribes and Carpian pressure. ] This period brought many invaders into Central Europe, beginning with the Hunnic Empire ( c. 370 –469). The most powerful ruler of the Hunnic Empire was Attila the Hun (434–453), who later became a central figure in Hungarian mythology. ] After the disintegration of the Hunnic Empire, the Gepids , an Eastern Germanic tribe, who had been vassalised by the Huns, established their own kingdom in the Carpathian Basin. ] Other groups which reached the Carpathian Basin during the Migration Period were the Goths , Vandals , Lombards , and Slavs . ] In the 560s, the Avars founded the Avar Khaganate, a state that maintained supremacy in the region for more than two centuries. The Franks under Charlemagne defeated the Avars in a series of campaigns during the 790s. ] Between 804 and 829, the First Bulgarian Empire conquered the lands east of the Danube and took over the rule of the local Slavic tribes and remnants of the Avars. ] By the mid-9th century, the Balaton Principality , also known as Lower Pannonia, was established west of the Danube as part of the Frankish March of Pannonia . ] Foundation of the Hungarian state is connected to the Hungarian conquerors , who arrived from the Pontic-Caspian steppe as a confederation of seven tribes . According to the Finno-Ugrian theory , they originated from an ancient Uralic -speaking population that formerly inhabited the forested area between the Volga River and the Ural Mountains . ] However, genetic and linguistic evidence suggests that the Hungarians’ origins lie east of the Southern Urals , in Western Siberia . ] ] ] ] The Hungarians arrived in the Carpathian Basin as a frame of a strong centralized steppe-empire under the leadership of Grand Prince Álmos and his son Árpád : founders of the Árpád dynasty , the Hungarian ruling dynasty and the Hungarian state. The Árpád dynasty claimed to be a direct descendant of Attila the Hun. ] ] ] The Hungarians took possession of the area in a pre-planned manner, with a long move-in between 862 and 895. ] The rising Principality of Hungary (""Western Tourkia"" in medieval Greek sources) ] conducted successful fierce campaigns and raids , from Constantinople to as far as today's Spain. ] The Hungarians defeated three major East Frankish imperial armies between 907 and 910. ] A defeat at the Battle of Lechfeld in 955 signaled a provisory end to most campaigns on foreign territories, at least towards the west. In 972, the ruling prince ( Hungarian : fejedelem ) Géza of the Árpád dynasty officially started to integrate Hungary into Christian Western Europe. ] His son Saint Stephen I became the first King of Hungary after defeating his pagan uncle Koppány . Under"
"of the Árpád dynasty officially started to integrate Hungary into Christian Western Europe. ] His son Saint Stephen I became the first King of Hungary after defeating his pagan uncle Koppány . Under Stephen, Hungary was recognised as a Catholic Apostolic Kingdom . ] Applying to Pope Sylvester II , Stephen received the insignia of royalty (including probably a part of the Holy Crown of Hungary ) from the papacy. By 1006, Stephen consolidated his power and started sweeping reforms to convert Hungary into a Western feudal state . The country switched to using Latin for administration purposes, and until as late as 1844, Latin remained the official language of administration. King Saint Ladislaus completed the work of King Saint Stephen , consolidating the Hungarian state's power and strengthening Christianity . His charismatic personality, strategic leadership and military talents resulted in the termination of internal power struggles and foreign military threats. ] The wife of the Croatian king Demetrius Zvonimir was Ladislaus's sister. ] At Helen's request, Ladislaus intervened in the conflict and invaded Croatia in 1091. ] The Kingdom of Croatia entered a personal union with the Kingdom of Hungary in 1102 with the coronation of King Coloman as ""King of Croatia and Dalmatia"" in 1102 in Biograd . ] The most powerful and wealthiest king of the Árpád dynasty was Béla III , who disposed of the equivalent of 23 tonnes of silver per year, according to a contemporary income register . This exceeded the income of the French king (estimated at 17 tonnes) and was double the receipts of the English Crown. ] Andrew II issued the Diploma Andreanum which secured the special privileges of the Transylvanian Saxons and is considered the first autonomy law in the world. ] He led the Fifth Crusade to the Holy Land in 1217, setting up the largest royal army in the history of Crusades. His Golden Bull of 1222 was the first constitution in Continental Europe . The lesser nobles also began to present Andrew with grievances, a practice that evolved into the institution of the parliament ( parlamentum publicum ). In 1241–1242, the kingdom received a major blow with the Mongol (Tatar) invasion . Up to half of Hungary's population of 2 million were victims of the invasion. ] King Béla IV let Cumans and Jassic people into the country, who were fleeing the Mongols. ] Over the centuries, they were fully assimilated. ] After the Mongols retreated, King Béla ordered the construction of hundreds of stone castles and fortifications, to defend against a possible second Mongol invasion. The Mongols returned to Hungary in 1285, but the newly built stone-castle systems and new tactics (using a higher proportion of heavily armed knights) stopped them. The invading Mongol force was defeated ] near Pest by the royal army of King Ladislaus IV . As with later invasions, it was repelled handily, the Mongols losing much of their invading force. The Kingdom of Hungary reached one of its"
"] near Pest by the royal army of King Ladislaus IV . As with later invasions, it was repelled handily, the Mongols losing much of their invading force. The Kingdom of Hungary reached one of its greatest extents during the Árpádian kings, yet royal power was weakened at the end of their rule in 1301. After a destructive period of interregnum (1301–1308), the first Angevin king, Charles I of Hungary – a bilineal descendant of the Árpád dynasty – successfully restored royal power and defeated oligarch rivals, the so-called ""little kings"". The second Angevin Hungarian king, Louis the Great (1342–1382), led many successful military campaigns from Lithuania to southern Italy ( Kingdom of Naples ) and was also King of Poland from 1370. After King Louis died without a male heir, the country was stabilised only when Sigismund of Luxembourg (1387–1437) succeeded to the throne, who in 1433 also became Holy Roman Emperor . The first Hungarian Bible translation was completed in 1439. For half a year in 1437, there was an antifeudal and anticlerical peasant revolt in Transylvania which was strongly influenced by Hussite ideas. From a small noble family in Transylvania, John Hunyadi grew to become one of the country's most powerful lords, thanks to his capabilities as a mercenary commander. He was elected governor, then regent. He was a successful crusader against the Ottoman Turks , one of his greatest victories being the siege of Belgrade in 1456. The last strong king of medieval Hungary was the Renaissance king Matthias Corvinus (1458–1490), son of John Hunyadi. His election was the first time that a member of the nobility mounted to the Hungarian royal throne without dynastic background. He was a successful military leader and an enlightened patron of the arts and learning. ] His library, the Bibliotheca Corviniana , was Europe's greatest collection of historical chronicles, philosophic and scientific works in the 15th century, and second only in size to the Vatican Library . Items from the Bibliotheca Corviniana were inscribed on UNESCO 's Memory of the World Register in 2005. ] The serfs and common people considered him a just ruler because he protected them from excessive demands and other abuses by the magnates. ] Under his rule, in 1479, the Hungarian army destroyed the Ottoman and Wallachian troops at the Battle of Breadfield . Abroad he defeated the Polish and German imperial armies of Frederick at Breslau ( Wrocław ). Matthias' mercenary standing army, the Black Army of Hungary , was an unusually large army for its time, and it conquered Vienna as well as parts of Austria and Bohemia . King Matthias died without lawful sons, and the Hungarian magnates procured the accession of the Pole Vladislaus II (1490–1516), supposedly because of his weak influence on Hungarian aristocracy. ] Hungary's international role declined, its political stability was shaken, and social progress was deadlocked. ] In 1514, the weakened old King Vladislaus II faced a major"
"on Hungarian aristocracy. ] Hungary's international role declined, its political stability was shaken, and social progress was deadlocked. ] In 1514, the weakened old King Vladislaus II faced a major peasant rebellion led by György Dózsa , which was ruthlessly crushed by the nobles , led by John Zápolya . The resulting degradation of order paved the way for Ottoman preeminence. In 1521, the strongest Hungarian fortress in the South, Nándorfehérvár (today's Belgrade , Serbia), fell to the Turks . The early appearance of Protestantism further worsened internal relations in the country. After some 150 years of wars with the Hungarians and other states, the Ottomans gained a decisive victory over the Hungarian army at the Battle of Mohács in 1526, where King Louis II died while fleeing. Amid political chaos, the divided Hungarian nobility elected two kings simultaneously, John Zápolya and Ferdinand I of the Habsburg dynasty . With the conquest of Buda by the Turks in 1541, Hungary was divided into three parts and remained so until the end of the 17th century. The north-western part, termed as Royal Hungary , was annexed by the Habsburgs who ruled as kings of Hungary. The eastern part of the kingdom became independent as the Principality of Transylvania , under Ottoman (and later Habsburg) suzerainty . The remaining central area, including the capital Buda, was known as the Pashalik of Buda. In 1686, the Holy League's army, containing over 74,000 men from various nations, reconquered Buda from the Turks. After some more crushing defeats of the Ottomans in the next few years, the entire Kingdom of Hungary was removed from Ottoman rule by 1718. The last raid into Hungary by the Ottoman vassals Tatars from Crimea took place in 1717. ] The constrained Habsburg Counter-Reformation efforts in the 17th century reconverted the majority of the kingdom to Catholicism. The ethnic composition of Hungary was fundamentally changed as a consequence of the prolonged warfare with the Turks. A large part of the country became devastated, population growth was stunted, and many smaller settlements perished. ] The Austrian-Habsburg government settled large groups of Serbs and other Slavs in the depopulated south, and settled Germans (called Danube Swabians ) in various areas, but Hungarians were not allowed to settle or re-settle in the south of the Carpathian Basin. ] Between 1703 and 1711, there was a large-scale war of independence led by Francis II Rákóczi , who after the dethronement of the Habsburgs in 1707 at the Diet of Ónod , took power provisionally as the ruling prince for the wartime period, but refused the Hungarian crown and the title ""king"". The uprisings lasted for years. The Hungarian Kuruc army, although taking over most of the country, lost the main battle at Trencsén (1708). Three years later, because of the growing desertion, defeatism, and low morale, the Kuruc forces surrendered. ] During the Napoleonic Wars and afterward, the Hungarian Diet had"
"at Trencsén (1708). Three years later, because of the growing desertion, defeatism, and low morale, the Kuruc forces surrendered. ] During the Napoleonic Wars and afterward, the Hungarian Diet had not convened for decades. ] In the 1820s, the emperor was forced to convene the Diet, which marked the beginning of a Reform Period (1825–1848, Hungarian : reformkor ). The Hungarian Parliament was reconvened in 1825 to handle financial needs. A liberal party emerged and focused on providing for the peasantry. Lajos Kossuth emerged as a leader of the lower gentry in the Parliament. A remarkable upswing started as the nation concentrated its forces on modernisation even though the Habsburg monarchs obstructed all important liberal laws relating to civil and political rights and economic reforms. Many reformers ( Lajos Kossuth , Mihály Táncsics ) were imprisoned by the authorities. On 15 March 1848, mass demonstrations in Pest and Buda enabled Hungarian reformists to push through a list of 12 demands . Under Governor and President Lajos Kossuth and Prime Minister Lajos Batthyány , the House of Habsburg was dethroned. The Habsburg ruler and his advisors skillfully manipulated the Croatian, Serbian and Romanian peasantry, led by priests and officers firmly loyal to the Habsburgs, into rebelling against the Hungarian government, though the Hungarians were supported by the vast majority of the Slovak, German and Rusyn nationalities and by all the Jews of the kingdom, as well as by a large number of Polish, Austrian and Italian volunteers. ] In July 1849 the Hungarian Parliament proclaimed and enacted the first laws of ethnic and minority rights in the world. ] Many members of the nationalities gained the coveted highest positions within the Hungarian Army, like János Damjanich and Józef Bem . The Hungarian forces ( Honvédség ) defeated Austrian armies. To counter the successes of the Hungarian revolutionary army, Habsburg Emperor Franz Joseph I asked for help from the ""Gendarme of Europe"", Tsar Nicholas I , whose Russian armies invaded Hungary. This made Artúr Görgey surrender in August 1849. The leader of the Austrian army, Julius Jacob von Haynau , became governor of Hungary for a few months and ordered the execution of the 13 Martyrs of Arad , leaders of the Hungarian army, and Prime Minister Batthyány in October 1849. Kossuth escaped into exile. Following the war of 1848–1849, the whole country was in ""passive resistance"". Because of external and internal problems, reforms seemed inevitable, and major military defeats of Austria forced the Habsburgs to negotiate the Austro-Hungarian Compromise of 1867 , by which the dual monarchy of Austria-Hungary was formed. This empire had the second largest area in Europe (after the Russian Empire ), and it was the third most populous (after Russia and the German Empire ). The two realms were governed separately by two parliaments from two capital cities, with a common monarch and common external and military"
"third most populous (after Russia and the German Empire ). The two realms were governed separately by two parliaments from two capital cities, with a common monarch and common external and military policies. Economically, the empire was a customs union. The old Hungarian Constitution was restored, and Franz Joseph I was crowned as King of Hungary . The era witnessed impressive economic development. The formerly backward Hungarian economy became relatively modern and industrialised by the turn of the 20th century, although agriculture remained dominant until 1890. In 1873, the old capital Buda and Óbuda were officially united with Pest , ] creating the new metropolis of Budapest. Many of the state institutions and the modern administrative system of Hungary were established during this period. After the assassination of Archduke Franz Ferdinand in Sarajevo, Prime Minister István Tisza and his cabinet tried to avoid the outbreak and escalating of a war in Europe, but their diplomatic efforts were unsuccessful. Austria-Hungary drafted over 4 million soldiers from the Kingdom of Hungary on the side of Germany, Bulgaria, and Turkey. The troops raised in the Kingdom of Hungary spent little time defending the actual territory of Hungary, with the exceptions of the Brusilov offensive in June 1916 and a few months later when the Romanian army made an attack into Transylvania, ] self-published source? ] both of which were repelled. The Central Powers conquered Serbia. Romania declared war. The Central Powers conquered southern Romania and the Romanian capital Bucharest . In 1916 Franz Joseph died, and the new monarch Charles IV sympathised with the pacifists. With great difficulty, the Central Powers stopped and repelled the attacks of the Russian Empire. The Eastern Front of the Allied ( Entente ) Powers completely collapsed. The Austro-Hungarian Empire then withdrew from all defeated countries. Despite great success on the Eastern Front, Germany suffered complete defeat on the Western Front . By 1918, the economic situation had deteriorated (strikes in factories were organised by leftist and pacifist movements) and uprisings in the army had become common. In the capital cities, the Austrian and Hungarian leftist liberal movements and their leaders supported the separatism of ethnic minorities. Austria-Hungary signed a general armistice in Padua on 3 November 1918. ] In October 1918, Hungary's union with Austria was dissolved. Following the First World War, Hungary underwent a period of profound political upheaval, beginning with the Aster Revolution in 1918, which brought the social-democratic Mihály Károlyi to power as prime minister. The Hungarian Royal Honvéd army still had more than 1,400,000 soldiers ] ] when Károlyi was installed. Károlyi yielded to U.S. President Woodrow Wilson 's demand for pacifism by ordering the disarmament of the Hungarian army. ] ] Disarmament meant that Hungary was to remain without a national defence at a time of"
"to U.S. President Woodrow Wilson 's demand for pacifism by ordering the disarmament of the Hungarian army. ] ] Disarmament meant that Hungary was to remain without a national defence at a time of particular vulnerability. During the rule of Károlyi's pacifist cabinet, Hungary lost control over approximately 75% of its pre-war territories (325,411 square kilometres (125,642 sq mi)) without a fight and was subject to foreign occupation. The Little Entente , sensing an opportunity, invaded the country from three sides— Romania invaded Transylvania , Czechoslovakia annexed Upper Hungary (today's Slovakia), and a joint Serb - French coalition annexed Vojvodina and other southern regions. In March 1919, communists led by Béla Kun ousted the Károlyi government and proclaimed the Hungarian Soviet Republic ( Tanácsköztársaság ), followed by a thorough Red Terror campaign. Despite some successes on the Czechoslovak front, Kun's forces were ultimately unable to resist the Romanian invasion; by August 1919, Romanian troops occupied Budapest and ousted Kun. In November 1919, rightist forces led by former Austro-Hungarian admiral Miklós Horthy entered Budapest; exhausted by the war and its aftermath, the populace accepted Horthy's leadership. In January 1920, parliamentary elections were held, and Horthy was proclaimed regent of the reestablished Kingdom of Hungary , inaugurating the so-called ""Horthy era"" ( Horthy-kor ). The new government worked quickly to normalise foreign relations while turning a blind eye to a White Terror that swept through the countryside; extrajudicial killings of suspected communists and Jews lasted well into 1920. On 4 June 1920, the Treaty of Trianon established new borders for Hungary. The country lost 71% of its territory and 66% of its pre-war population, as well as many sources of raw materials and its sole port at Fiume . ] ] Though the revision of the treaty quickly rose to the top of the national political agenda, the Horthy government was not willing to resort to military intervention to do so. The initial years of the Horthy regime were preoccupied with putsch attempts by Charles IV , the Austro-Hungarian pretender ; continued suppression of communists; and a migration crisis triggered by the Trianon territorial changes. The government's actions continued to drift right with the passage of antisemitic laws and, because of the continued isolation of the Little Entente, economic and then political gravitation towards Italy and Germany . The Great Depression further exacerbated the situation, and the popularity of fascist politicians increased, such as Gyula Gömbös and Ferenc Szálasi , promising economic and social recovery. Horthy's nationalist agenda reached its apogee in 1938 and 1940, when the Nazis rewarded Hungary's staunchly pro-Germany foreign policy in the First and Second Vienna Awards , peacefully restoring ethnic-Hungarian-majority areas lost after Trianon. In 1939, Hungary regained further territory from"
"staunchly pro-Germany foreign policy in the First and Second Vienna Awards , peacefully restoring ethnic-Hungarian-majority areas lost after Trianon. In 1939, Hungary regained further territory from Czechoslovakia through force . Hungary formally joined the Axis powers on 20 November 1940 and in 1941 participated in the invasion of Yugoslavia , gaining some of its former territories in the south. Hungary formally entered World War II as an Axis power on 26 June 1941, declaring war on the Soviet Union after unidentified planes bombed Kassa , Munkács , and Rahó . Hungarian troops fought on the Eastern Front for two years. Despite early success at the Battle of Uman , ] the government began seeking a secret peace pact with the Allies after the Second Army suffered catastrophic losses at the River Don in January 1943. Learning of the planned defection, German troops occupied Hungary on 19 March 1944 to guarantee Horthy's compliance. In October, as the Soviet front approached, and the government made further efforts to disengage from the war, German troops ousted Horthy and installed a puppet government under Szálasi's fascist Arrow Cross Party . ] Szálasi pledged all the country's capabilities in service of the German war machine. By October 1944, the Soviets had"
"The forint ( sign Ft ; code HUF ) is the currency of Hungary . It was formerly divided into 100 fillér , but fillér coins are no longer in circulation. The introduction of the forint on 1 August 1946 was a crucial step in the post- World War II stabilisation of the Hungarian economy , and the currency remained relatively stable until the 1980s. Transition to a market economy in the early 1990s adversely affected the value of the forint; inflation peaked at 35% in 1991. Between 2001 and 2022, inflation was in single digits, and the forint has been declared fully convertible . ] In May 2022, inflation reached 10.7% amid the Russian invasion of Ukraine and economic uncertainty. ] As a member of the European Union , the long-term aim of the Hungarian government may be to replace the forint with the euro , although under the current government there is no target date for adopting the euro. ] The forint's name comes from the city of Florence , where gold coins called fiorino d'oro were minted from 1252. In Hungary, the florentinus (later forint ), also a gold-based currency, was used from 1325 under Charles Robert , with several other countries following Hungary's example. ] Between 1868 and 1892, the forint was the name used in Hungarian for the currency of the Austro-Hungarian Empire , known in German as the Gulden . It was subdivided into 100 krajczár ( krajcár in modern Hungarian orthography; cf German Kreuzer ). ] The forint was reintroduced on 1 August 1946, after the pengő was rendered worthless by massive hyperinflation in 1945–46, the highest ever recorded. This was brought about by a mixture of the high demand for reparations from the USSR , Soviet plundering of Hungarian industries, and the holding of Hungary's gold reserves in the United States . ] The different parties in the government had different plans to solve this problem. To the Independent Smallholders' Party –which had won a large majority in the 1945 Hungarian parliamentary election –as well as the Social Democrats , outside support was essential. However, the Soviet Union and its local supporters in the Hungarian Communist Party were opposed to raising loans in the West, and thus the Communist Party masterminded the procedure using exclusively domestic resources. The Communist plan called for tight limits on personal spending, as well as the concentration of existing stocks clarification needed ] in state hands. ] The forint replaced the pengő at the theoretical rate of 1 forint = 4 × 10 29 pengő, thus dropping 29 zeroes from the old currency. In reality, with the highest-value note being 100 million B. pengő ( 10 20 pengő), the total amount of pengő in circulation had a value of less than 1 ⁄ 1000 of a forint. (The ""B"" stood for a long scale ""billion"", i.e., a million million.) Of more significance was the exchange rate to the adópengő of 1 forint = 200 million adópengő. citation needed ] Historically, the forint was subdivided into 100 fillér , although fillér coins have been"
"more significance was the exchange rate to the adópengő of 1 forint = 200 million adópengő. citation needed ] Historically, the forint was subdivided into 100 fillér , although fillér coins have been rendered useless by inflation and have not been in circulation since 1999. (Since 2000, one forint has typically been worth about half a US cent or slightly less.) The Hungarian abbreviation for forint is Ft , which is written after the number with a space between. The name fillér, the subdivision of all Hungarian currencies since 1925, comes from the German word Vierer which denoted a four-krajcár-piece. The abbreviation for the fillér was f , also written after the number with a space in between. citation needed ] When the forint was introduced, its value was defined on the basis of 1 kilogram of fine gold being 13,210 Ft (or 1 Ft = 75.7 mg fine gold). Therefore, given that gold was fixed at £8 8s (£8.40 in modern decimal notation) sterling per troy ounce, one pound sterling was at that time worth about 49 forint. After its 1946 introduction, the forint remained stable for the following two decades, but started to lose its purchasing power as the state-socialist economic system ( planned economy ) lost its competitiveness during the 1970s and 1980s. After the democratic change of 1989–90, the forint saw yearly inflation figures of about 35% for three years, but significant market economy reforms helped stabilize it. citation needed ] In 1946, coins were introduced in denominations of 2, 10, 20 fillérs and 1, 2, 5 forints. The silver 5 forint coin was reissued only in the next year; later it was withdrawn from circulation. Five and 50 fillérs coins were issued in 1948. In 1967, a 5 forint coin was reintroduced, followed by a 10 forint in 1971 and 20 forint in 1982. In 1992, a new series of coins was introduced in denominations of 1, 2, 5, 10, 20, 50, 100 and (a somewhat different, 500 ‰ silver) 200 forint. Production of the 2 and 5 fillér coins ceased in 1992, with all fillér coins withdrawn from circulation by 1999. From 1996, a bicolor 100 forint coin was minted to replace the 1992 version, since the latter was considered too big and ugly, and could easily be mistaken for the 20 forint coin. Silver 200 forint coins were withdrawn in 1998 (as their nominal value was too low compared to their precious metal content); the 1 and 2 forint coins remained legal tender until 29 February 2008. ] For cash purchases, the total price is now rounded to the nearest multiple of 5 forint (to 0 or to 5). ] A new 200 forint coin ] made of base metal alloy was introduced in place of the 200 forint banknote on 15 June 2009. In 1946, 10 and 100 forint notes were introduced by the Hungarian National Bank . A new series of higher quality banknotes (in denominations of 10, 20 and 100 forints) were introduced in 1947 and 1948. 50 forint notes were added in 1953, 500 forint notes were introduced in 1970, followed by 1,000 forints in 1983, and 5,000 forints in 1991. A"
"10, 20 and 100 forints) were introduced in 1947 and 1948. 50 forint notes were added in 1953, 500 forint notes were introduced in 1970, followed by 1,000 forints in 1983, and 5,000 forints in 1991. A completely redesigned new series of banknotes in denominations of 200, 500, 1,000, 2,000, 5,000, 10,000 and 20,000 forints was introduced gradually between 1997 and 2001. Each banknote depicts a famous Hungarian leader or politician on the obverse and a place or event related to him on the reverse. All of the banknotes are watermarked , contain an embedded vertical security strip and are suitable for visually impaired people. The 1,000 forints and higher denominations are protected by an interwoven holographic security strip. The notes share the common size of 154 mm × 70 mm (6.1 in × 2.8 in). The banknotes are printed by the Hungarian Banknote Printing Corp. in Budapest on paper manufactured by the Diósgyőr Papermill in Miskolc . Commemorative banknotes have also been issued recently: 1,000 and 2,000 forint notes to commemorate the millennium (in 2000) and a 500-forint note to commemorate the 50th anniversary of the 1956 revolution (in 2006). The 200-forint banknote was withdrawn from circulation in 2009, as its value inflated over time. ] The banknote was replaced by a bimetallic 200-forint coin featuring the iconic Széchenyi Chain Bridge . ] Forgery of forint banknotes is not significant. However, forged 20,000 forint notes printed on the paper of 2,000 forint notes after dissolving the original ink might come up and are not easy to recognize. Another denomination preferred by counterfeiters was the 1,000 forint note until improved security features were added in 2006. Worn banknotes no longer fit for circulation are withdrawn, destroyed and turned into briquettes which are donated to public benefit (charitable) organizations to be used as heating fuel. ] In 2014, a new revised version of the 1997 banknote series was gradually put into circulation beginning with the 10,000 Ft banknote in 2014 and completed with the 500 Ft banknote in 2019. In 2022 after Russia's invasion of Ukraine , the EUR-HUF exchange rate breached the 400 forints per 1 euro line for the first time, but rates at that level or higher lasted until the end of 2022. Some time later, the forint also depreciated against the US dollar, breaching the same line. ] ] The forint returned to less than 400 forints per 1 euro in January 2023. ] Against the US dollar the forint strengthened more markedly, returning to levels below 400 in November 2022 and below 350 in April 2023. Forints per dollar, euro, etc. Most traded currencies (from 31 December 1990): Sources : arfolyam.iridium.hu Currencies of nearby countries (from 31 December 2010): Sources : arfolyam.iridium.hu"
"The pound ( Irish : punt ) was the currency of Ireland until 2002. Its ISO 4217 code was IEP , and the symbol was £ (or £Ir for distinction. ] ) The Irish pound was replaced by the euro on 1 January 1999. ] Euro currency did not begin circulation until the beginning of 2002. The earliest Irish coinage was introduced in the late 10th century, ] with an £sd system of one pound divided into twenty shillings , each of twelve silver pence . citation needed ] Parity with sterling was established by King John around 1210, so that Irish silver could move freely into the English economy and help to finance his wars in France. ] However, from 1460, Irish coins were minted with a different silver content than those of England, citation needed ] so that the values of the two currencies diverged. During the Williamite War of 1689–1691, King James II , no longer reigning in England and Scotland, issued an emergency base-metal coinage known as gun money . citation needed ] In 1701, the relationship between the Irish pound and sterling was fixed at £13 Irish to £12 sterling citation needed ] (The Pound Scots had yet another value; it was absorbed into sterling in 1707 at a ratio of 12 to 1.) This relationship made it possible for Irish copper coins to circulate with English silver coins, since thirteen Irish pence had the same value as one English shilling. In 1801, the Kingdom of Ireland became part of the United Kingdom , but the Irish pound continued to circulate until January 1826. Between 1804 and 1813, silver tokens worth 10d were issued by the Bank of Ireland and were denominated in pence Irish. ] The last copper coins of the Irish pound were minted in 1823, and in 1826 the Irish pound was merged with the pound sterling. ] After 1826, some Irish banks continued to issue paper currency, but these were denominated in sterling, and no more distinctly Irish coins were minted until the creation of the Irish Free State in the 20th century. From continuing to use sterling after its independence (1922), the new Irish Free State ( Irish : Saorstát Éireann ) introduced its own currency from 1928. ] The new Free State pound was defined by the 1927 Act to have exactly the same weight and fineness of gold as did the sovereign at the time, having the effect of making the new currency pegged at 1:1 with sterling. De facto rather than de jure parity with sterling was maintained for another fifty years. As with sterling, the £sd system was used, with the Irish names punt (plural: puint ), scilling (plural: scillingí ) and pingin (plural: pinginí ). Distinctive coins and notes were introduced, the coins from 1928 (in eight denominations: 1 ⁄ 4 d , 1 ⁄ 2 d , 1d , 3d , 6d , shilling (1–), half crown (2– coin , a commemorative piece not meant for circulation) – all but the 3d and 6d had the same dimensions as their British counterparts, the Irish coins being thicker nickel coins in contrast to the thin silver ones issued in the UK. However, sterling specie generally continued"
"6d had the same dimensions as their British counterparts, the Irish coins being thicker nickel coins in contrast to the thin silver ones issued in the UK. However, sterling specie generally continued to be accepted on a one-for-one basis everywhere, whereas Irish coin was not generally accepted in the United Kingdom, except in parts of Northern Ireland . ] The name of the state was officially changed to ""Ireland"" ( Irish : Éire ) on the coming into force of the Constitution of Ireland on 29 December 1937. On 10 May 1938, the name of the currency became the Irish pound. ] The Report of the Metric System and Decimal Coinage Committee (1959) was amongst the first formal reports on decimalisation of the currency, discussion continued into the 1960s on the topic. When the British government decided to decimalise its currency, the Irish government followed suit. The Decimal Currency Act 1969 replaced the traditional shilling and penny with a centesimal subdivision, the ""new penny"" ( pingin nua ; symbol: p). The pound itself was not revalued by this act and therefore banknotes were unaffected, although the 10/– note was replaced by a 50p coin due to spiralling inflation. The new 5p coin correlated with the shilling coin, and the new 10p coin correlated with the florin coin. New coins were issued of the same dimensions and materials as the corresponding new British coins. ] The Decimal Currency Act 1970 made additional provisions for the changeover not related with the issue of coins. ] Decimalisation was overseen by the Irish Decimal Currency Board, created on 12 June 1968. It provided changeover information to the public, including a pamphlet called Everyone's Guide to Decimal Currency . The changeover occurred on Decimal Day , 15 February 1971. The European Monetary System was introduced in the 1970s. Ireland decided to join it in 1978, while the United Kingdom stayed out. ] The European Exchange Rate Mechanism finally broke the one-for-one link that existed between the Irish pound and the pound sterling ; by 30 March 1979 an exchange rate was introduced. ] This period also saw the creation of the Currency Centre at Sandyford in 1978, where banknotes and coinage could be manufactured within the state. Before this, banknotes were printed by specialist commercial printers in England, and coins were struck by the British Royal Mint . Until 1986, all decimal Irish coins were the same shape and size as their UK counterparts. After this, however, all new denominations or redesigned coins were of different sizes to the UK coinage. The new 20p coin introduced that year and the £1 coin (introduced in 1990) were completely different in size, shape and composition from the previously introduced UK versions. When the UK 5p and 10p coins were reduced in size, the Irish followed suit, but the new Irish 10p was smaller than the new UK version introduced in 1992 and the new Irish 5p was slightly larger than the UK version introduced in 1990. The Irish 50p was never"
"followed suit, but the new Irish 10p was smaller than the new UK version introduced in 1992 and the new Irish 5p was slightly larger than the UK version introduced in 1990. The Irish 50p was never reduced in size (as it was in the UK in 1997). Despite not being legal tender, British sterling coins of the same shape and size were customarily accepted in Ireland. At time of the replacement with the euro, these were the 1p, 2p and 5p (although it was not exactly the same as the British 5p). ] On 31 December 1998, the exchange rates between the European Currency Unit and the Irish pound and 10 other EMS currencies (all but the pound sterling, the Swedish krona and the Danish krone) were fixed. The fixed conversion factor for the Irish pound was EUR 1.00 = IEP 0.787564. Of the 15 national currencies originally tied to the euro (including the currencies of Vatican City , Monaco and San Marino ), the Irish pound was the only one whose conversion factor was less than 1, i.e. the unit of the national currency was worth more than one euro – almost EUR 1.27 in this case. Although the euro became the currency of the eurozone countries including Ireland on 1 January 1999, it was not until 1 January 2002 that the state began to withdraw Irish pound coins and notes, replacing them with euro notes and coins. All other eurozone countries withdrew their currencies in a similar fashion, from that date. Irish pound coins and notes ceased to be legal tender on 9 February 2002. ] All Irish coins and banknotes, from the start of the Irish Free State onwards, both decimal and pre-decimal, may be redeemed for euros at Ireland's Central Bank in Dublin."
"Motor Tax ( Irish : Cáin Mhótair ) is an annual duty payable on motor vehicles (subject to exemptions) in Ireland for use in public places. A new system for new private cars was introduced on July 1, 2008, where the tax rates are based on the carbon dioxide emissions of the car while in operation. Prior to this, tax rates are assessed on engine displacement ; this includes used imports first registered in their original country of sale before July 2008. Motorcycles are all taxed the same regardless of engine displacement, with a special rate for electrically powered cycles. For goods vehicles, commercial vehicles, and public service vehicles , it is based on weight or is a standardised fee. For taxation of cars with Wankel engines under the old size-based system, the actual engine displacement is multiplied by 1.5, so for example, a Mazda RX-8 with a 1.3-litre rotary engine is taxed as a 1.8-litre engined vehicle. Motor tax can be purchased for a duration of three, six, or twelve months for some classes of vehicles. Valid vehicle insurance is required to pay for motor tax. Once tax is paid, the vehicle owner receives a motor tax disc, which is required by law to be displayed on the vehicle (usually on the front windscreen where available, along with insurance and NCT discs where required). Failure to display a tax disc can result in a fine, and failure to pay for motor tax can result in further fines or prosecution. Motor tax can be refunded if the car has not been in use in public places under certain circumstances, for example, if the vehicle has been scrapped, permanently exported from the country, stolen and not recovered, or the owner has been unable to use the vehicle for certain reasons. As of 2014 ] , annual motor tax rates for private cars on the emissions-based system range from €120 (0 gkm). ] Tax for motorcycles varies from €35 to €88. ] Vehicles 30 years old or more qualify for ""vintage"" motor tax status - a special low rate of €26 per year for motorcycles or €56 per year for all other vehicles. ] Motor tax can be paid in annual, half-year and quarterly instalments. The tax can be paid online or in person at Motor Tax Offices. There are a number of exempt vehicles:"
"– in Europe (light green & dark grey) – in the European Union (light green) The Netherlands , ] informally Holland , is a country located in Northwestern Europe with overseas territories in the Caribbean . It is the largest of the four constituent countries of the Kingdom of the Netherlands . ] The Netherlands consists of twelve provinces ; it borders Germany to the east and Belgium to the south, with a North Sea coastline to the north and west. It shares maritime borders with the United Kingdom , Germany, and Belgium. ] The official language is Dutch, with West Frisian as a secondary official language in the province of Friesland . ] Dutch, English, and Papiamento are official in the Caribbean territories . ] Netherlands literally means ""lower countries"" in reference to its low elevation and flat topography, with 26% situated below sea level . ] Most of the areas below sea level, known as polders , are the result of land reclamation that began in the 14th century . ] In the Republican period , which began in 1588, the Netherlands entered a unique era of political, economic, and cultural greatness, ranked among the most powerful and influential in Europe and the world; this period is known as the Dutch Golden Age . ] During this time, its trading companies, the Dutch East India Company and the Dutch West India Company , established colonies and trading posts all over the world. ] ] With a population of over 17.9 million people, all living within a total area of 41,850 km 2 (16,160 sq mi)—of which the land area is 33,500 km 2 (12,900 sq mi)—the Netherlands is the 33rd most densely populated country, with a density of 535 people per square kilometre (1,390 people/sq mi). Nevertheless, it is the world's second-largest exporter of food and agricultural products by value, owing to its fertile soil , mild climate, intensive agriculture , and inventiveness . ] ] ] The four largest cities in the Netherlands are Amsterdam , Rotterdam , The Hague and Utrecht . ] Amsterdam is the country's most populous city and the nominal capital , though the primary national political institutions are located in the Hague. ] The Netherlands has been a parliamentary constitutional monarchy with a unitary structure since 1848. The country has a tradition of pillarisation (separation of citizens into groups by religion and political beliefs) and a long record of social tolerance , having legalised prostitution and euthanasia , along with maintaining a liberal drug policy . The Netherlands allowed women's suffrage in 1919 and was the first country to legalise same-sex marriage in 2001. ] Its mixed-market advanced economy has the eleventh-highest per capita income globally. The Hague holds the seat of the States General , Cabinet , and Supreme Court . ] The Port of Rotterdam is the busiest in Europe . ] Schiphol is the busiest airport in the Netherlands , and the fourth busiest in Europe . Being a developed country , the Netherlands is a founding member of the European Union"
"busiest in Europe . ] Schiphol is the busiest airport in the Netherlands , and the fourth busiest in Europe . Being a developed country , the Netherlands is a founding member of the European Union , Eurozone , G10 , NATO , OECD , and WTO , as well as a part of the Schengen Area and the trilateral Benelux Union. It hosts intergovernmental organisations and international courts , many of which are in The Hague. ] The countries that comprise the region called the Low Countries (Netherlands, Belgium , and Luxembourg ) all have comparatively the same toponymy . Place names with Neder , Nieder , Nedre , Nether , Lage(r) or Low(er) (in Germanic languages ) and Bas or Inferior (in Romance languages ) are in use in low-lying places all over Europe. The Romans made a distinction between the Roman provinces of downstream Germania Inferior (nowadays part of Belgium and the Netherlands) and upstream Germania Superior . Thus, in the case of the Low Countries and the Netherlands, the geographical location of this lower region is more or less downstream and near the sea, compared to that of the upper region of Germania Superior. The designation 'Low' returned in the 10th-century Duchy of Lower Lorraine , which covered much of the Low Countries. ] ] The Dukes of Burgundy used the term les pays de par deçà (""the lands over here"") for the Low Countries. ] Under Habsburg rule , this became pays d'embas (""lands down-here""). ] This was translated as Neder-landen in contemporary Dutch official documents. ] From a regional point of view, Niderlant was also the area between the Meuse and the lower Rhine in the late Middle Ages. From the mid-sixteenth century, the ""Low Countries"" and the ""Netherlands"" lost their original deictic meaning . In most Romance languages , the term ""Low Countries"" is officially used as the name for the Netherlands. The term Holland has frequently been used informally to refer to the whole of the modern country of the Netherlands in various languages, ] including Dutch ] ] and English. In some languages, Holland is used as the formal name for the Netherlands. However, Holland is a region within the Netherlands that consists of the two provinces of North and South Holland . Formerly these were a single province, and earlier the County of Holland , which included parts of present-day Utrecht . The emphasis on Holland during the formation of the Dutch Republic , the Eighty Years' War , and the Anglo-Dutch Wars in the 16th, 17th, and 18th centuries, made Holland a pars pro toto for the entire country. ] ] Many Dutch people object to the country being referred to as Holland instead of the Netherlands , on much the same grounds as many Welsh or Scottish people object to the United Kingdom being referred to as England. ] In particular, those from regions other than Holland find it undesirable or misrepresentative to use the term Holland for the whole country, ] as the Holland region only comprises two of the twelve provinces, and 38% of Dutch citizens."
"than Holland find it undesirable or misrepresentative to use the term Holland for the whole country, ] as the Holland region only comprises two of the twelve provinces, and 38% of Dutch citizens. As of 2019, the Dutch government officially has preferred the Netherlands instead of Holland when talking about the country . ] ] ] Often Holland or Hollanders is used by the Flemish to refer to the Dutch in the Netherlands, ] and by the Southern Dutch (Dutch living "" below the great rivers "", a natural cultural, social and religious boundary formed by the rivers Rhine and Meuse ) to refer to the Northern Dutch (Dutch living North of these rivers). ] In the Southern province of Limburg, the term is used for the Dutch from the other 11 provinces. ] The use of the term in this context by the Southern Dutch is in a derogatory fashion. ] ] Dutch is used as the adjective for the Netherlands, as well as the demonym . The origins of the word go back to Proto-Germanic *þiudiskaz , Latinised into Theodiscus , meaning ""popular"" or ""of the people"", akin to Old Dutch Dietsch or Old English þeodisc , meaning ""(of) the common ( Germanic ) people"". ] At first, the English language used Dutch to refer to any or all speakers of West Germanic languages . Gradually its meaning shifted to the West Germanic people they had the most contact with. ] The oldest human ( Neanderthal ) traces in the Netherlands, believed to be about 250,000 years old, were found near Maastricht . ] At the end of the Ice Age , the nomadic late Upper Palaeolithic Hamburg culture (13,000–10,000 BC) hunted reindeer in the area, using spears. The later Ahrensburg culture (11,200–9,500 BC) used bow and arrow . From Mesolithic Maglemosian-like tribes (c. 8000 BC), the world's oldest canoe was found in Drenthe . ] Indigenous late Mesolithic hunter-gatherers from the Swifterbant culture (c. 5600 BC), related to the southern Scandinavian Ertebølle culture , were strongly linked to rivers and open water. ] Between 4800 and 4500 BC, the Swifterbant people started to adopt from the neighbouring Linear Pottery culture the practice of animal husbandry , and between 4300 and 4000 BC agriculture. ] The Funnelbeaker culture (4300–2800 BC) erected the dolmens , large stone grave monuments found in Drenthe . There was a quick transition from the Funnelbeaker farming culture to the pan-European Corded Ware pastoralist culture (c. 2950 BC). In the southwest, the Seine-Oise-Marne culture —related to the Vlaardingen culture (c. 2600 BC)—survived well into the Neolithic period, until it too was succeeded by the Corded Ware culture. The subsequent Bell Beaker culture (2700–2100 BC) ] introduced metalwork in copper, gold and later bronze and opened new international trade routes, reflected in copper artefacts . Finds of rare bronze objects suggest that Drenthe was a trading centre in the Bronze Age (2000–800 BC). The Bell Beaker culture developed locally into the Barbed-Wire Beaker culture (2100–1800 BC) and later the Elp"
"objects suggest that Drenthe was a trading centre in the Bronze Age (2000–800 BC). The Bell Beaker culture developed locally into the Barbed-Wire Beaker culture (2100–1800 BC) and later the Elp culture (1800–800 BC), ] a Middle Bronze Age culture marked by earthenware pottery. The southern region became dominated by the related Hilversum culture (1800–800 BC). From 800 BC onwards, the Iron Age Celtic Hallstatt culture became influential, replacing the Hilversum culture . Iron ore brought a measure of prosperity and was available throughout the country. Smiths travelled from settlement to settlement with bronze and iron, fabricating tools on demand. The King's grave of Oss (700 BC) was found in a burial mound, the largest of its kind in Western Europe. The deteriorating climate in Scandinavia from 850 BC and 650 BC might have triggered the migration of Germanic tribes from the North. By the time this migration was complete, around 250 BC, a few general cultural and linguistic groups had emerged. ] ] The North Sea Germanic Ingaevones inhabited the northern part of the Low Countries . They would later develop into the Frisii and the early Saxons . ] The Weser–Rhine Germanic (or Istvaeones ) extended along the middle Rhine and Weser and inhabited the Low Countries south of the great rivers. These tribes would eventually develop into the Salian Franks . ] The Celtic La Tène culture (c. 450 BC to the Roman conquest) expanded over a wide range, including the southern area of the Low Countries . Some scholars have speculated that even a third ethnic identity and language, neither Germanic nor Celtic, survived in the Netherlands until the Roman period, the Nordwestblock culture. ] ] The first author to describe the coast of Holland and Flanders was the geographer Pytheas , who noted in c. 325 BC that in these regions, ""more people died in the struggle against water than in the struggle against men."" ] During the Gallic Wars , the area south and west of the Rhine was conquered by Roman forces under Julius Caesar from 57 BC to 53 BC. ] Caesar describes two main Celtic tribes living in what is now the southern Netherlands: the Menapii and the Eburones . Under Augustus , the Roman Empire would conquer the entirety of the modern day Netherlands, incorporating it into the province of Germania Antiqua in 7 BC, but would be repelled back across the Rhine after the Battle of Teutoburg Forest in 9 AD, with the Rhine becoming fixed as Rome's permanent northern frontier around 12 AD. Notable towns would arise along the Limes Germanicus : Nijmegen and Voorburg . In the first part of Gallia Belgica , the area south of the Limes became part of the Roman province of Germania Inferior . The area to the north of the Rhine, inhabited by the Frisii, remained outside Roman rule, while the Germanic border tribes of the Batavi and Cananefates served in the Roman cavalry . ] The Batavi rose against the Romans in the Batavian rebellion of 69 AD but were eventually defeated. The"
"while the Germanic border tribes of the Batavi and Cananefates served in the Roman cavalry . ] The Batavi rose against the Romans in the Batavian rebellion of 69 AD but were eventually defeated. The Batavi later merged with other tribes into the confederation of the Salian Franks, whose identity emerged in the first half of the third century. ] Salian Franks appear in Roman texts as both allies and enemies. They were forced by the confederation of the Saxons from the east to move over the Rhine into Roman territory in the fourth century. From their new base in West Flanders and the Southwest Netherlands, they were raiding the English Channel . Roman forces pacified the region but did not expel the Franks, who continued to be feared at least until the time of Julian the Apostate (358) when Salian Franks were allowed to settle as foederati in Texandria . ] After the Roman government in the area collapsed in roughly the year 406, ] the Franks expanded their territories into numerous kingdoms. By the 490s, Clovis I had conquered and united all these territories in the southern Netherlands in one Frankish kingdom , and from there continued his conquests into Gaul . During this expansion, Franks migrating to the south (modern territory of France and Walloon part of Belgium) eventually adopted the Vulgar Latin of the local population. ] A widening cultural divide grew with the Franks remaining in their original homeland in the north (i.e. the southern Netherlands and Flanders), who kept on speaking Old Frankish , which by the ninth century had evolved into Old Low Franconian or Old Dutch. ] A Dutch-French language boundary hence came into existence. ] ] To the north of the Franks, climatic conditions improved, and during the Migration Period Saxons , the closely related Angles , Jutes , and Frisii settled the coast. ] Many moved on to England and came to be known as Anglo-Saxons , but those who stayed would be referred to as Frisians and their language as Frisian . ] Frisian was spoken along the entire southern North Sea coast. By the seventh century, a Frisian Kingdom (650–734) under King Aldegisel and King Redbad emerged with Traiectum ( Utrecht ) as its centre of power, ] ] while Dorestad was a flourishing trading place. ] ] Between 600 and around 719 the cities were often fought over between the Frisians and the Franks. In 734, at the Battle of the Boarn , the Frisians were defeated after a series of wars . With the approval of the Franks, the Anglo-Saxon missionary Willibrord converted the Frisian people to Christianity and established the Archdiocese of Utrecht . However, his successor Boniface was murdered by the Frisians in 754. The Frankish Carolingian empire controlled much of Western Europe. In 843, it was divided into three parts— East , Middle , and West Francia . Most of present-day Netherlands became part of Middle Francia, which was a weak kingdom and subject to numerous partitions and annexation attempts by its stronger neighbours. It"
", and West Francia . Most of present-day Netherlands became part of Middle Francia, which was a weak kingdom and subject to numerous partitions and annexation attempts by its stronger neighbours. It comprised territories from Frisia in the north to the Kingdom of Italy in the south. Around 850, Lothair I of Middle Francia acknowledged the Viking Rorik of Dorestad as ruler of most of Frisia. When the kingdom of Middle Francia was partitioned in 855, the lands north of the Alps passed to Lothair II and subsequently were named Lotharingia . After he died in 869, Lotharingia was partitioned, into Upper and Lower Lotharingia , the latter comprising the Low Countries that became part of East Francia in 870. Around 879, another Viking expedition led by Godfrid, Duke of Frisia , raided the Frisian lands. Resistance to the Vikings, if any, came from local nobles, who gained in stature as a result, and that laid the basis for the disintegration of Lower Lotharingia into semi-independent states. One of these local nobles was Gerolf of Holland , who assumed lordship in Frisia, and Viking rule came to an end. ] The Holy Roman Empire ruled much of the Low Countries in the 10th and 11th century but was not able to maintain political unity. Powerful local nobles turned their cities, counties and duchies into private kingdoms that felt little sense of obligation to the emperor. ] Holland , Hainaut , Flanders , Gelre , Brabant , and Utrecht were in a state of almost continual war or paradoxically formed personal unions. As Frankish settlement progressed from Flanders and Brabant, the area quickly became Old Low Franconian (or Old Dutch). Around 1000 AD, due to several agricultural developments, the economy started to develop at a fast pace, and the higher productivity allowed workers to farm more land or become tradesmen. Towns grew around monasteries and castles , and a mercantile middle class began to develop in these urban areas, especially in Flanders, and later Brabant. Wealthy cities started to buy certain privileges for themselves from the sovereign. Around 1100 AD, farmers from Flanders and Utrecht began draining and cultivating uninhabited swampy land in the western Netherlands, making the emergence of the County of Holland as the centre of power possible. The title of Count of Holland was fought over in the Hook and Cod Wars between 1350 and 1490. The Cod faction consisted of the more progressive cities, while the Hook faction consisted of the conservative noblemen. These noblemen invited Duke Philip the Good of Burgundy to conquer Holland. citation needed ] Most of the Imperial and French fiefs in what is now the Netherlands and Belgium were united in a personal union by Philip the Good in 1433. The House of Valois-Burgundy and their Habsburg heirs would rule the Low Countries from 1384 to 1581. The new rulers defended Dutch trading interests. The fleets of the County of Holland defeated the fleets of the Hanseatic League several times. Amsterdam grew"
"the Low Countries from 1384 to 1581. The new rulers defended Dutch trading interests. The fleets of the County of Holland defeated the fleets of the Hanseatic League several times. Amsterdam grew and in the 15th century became the primary trading port in Europe for grain from the Baltic region . Amsterdam distributed grain to the major cities of Belgium, Northern France and England. This trade was vital because Holland could no longer produce enough grain to feed itself. Land drainage had caused the peat of the former wetlands to reduce to a level that was too low for drainage to be maintained. ] Under Habsburg Charles V , all fiefs in the current Netherlands region were united into the Seventeen Provinces , which included most of present-day Belgium, Luxembourg, and parts of France and Germany. In 1568, under Phillip II, the Eighty Years' War between the Provinces and their Spanish ruler began. The level of ferocity exhibited by both sides can be gleaned from a Dutch chronicler's report: ] On more than one occasion men were seen hanging their own brothers, who had been taken prisoners in the enemy's ranks... A Spaniard had ceased to be human in their eyes. On one occasion, a surgeon at Veer cut the heart from a Spanish prisoner, nailed it on a vessel's prow, and invited the townsmen to come and fasten their teeth in it, which many did with savage satisfaction. The Duke of Alba attempted to suppress the Protestant movement in the Netherlands. Netherlanders were ""burned, strangled, beheaded, or buried alive"" by his "" Blood Council "" and Spanish soldiers. Bodies were displayed along roads to terrorise the population into submission. Alba boasted of having executed 18,600; ] ] this figure does not include those who perished by war and famine. ] The first great siege was Alba's effort to capture Haarlem and thereby cut Holland in half. It dragged on from December 1572 to the next summer, when Haarlemers finally surrendered on 13 July upon the promise that the city would be spared from being sacked. It was a stipulation Don Fadrique was unable to honour, when his soldiers mutinied, angered over pay owed and the miserable conditions of the campaign. ] On 4 November 1576, Spanish tercios seized Antwerp and subjected it to the worst pillage in the Netherlands' history. The citizens resisted but were overcome; seven thousand were killed and a thousand buildings were torched. ] Following the sack of Antwerp , delegates from Catholic Brabant, Protestant Holland and Zeeland agreed to join Utrecht and William the Silent in driving out Spanish troops and forming a new government for the Netherlands. Don Juan of Austria , the new Spanish governor, was forced to concede initially, but within months returned to active hostilities. The Dutch looked for help from the Protestant Elizabeth I of England, but she initially stood by her commitments to the Spanish in the Treaty of Bristol of 1574. When the next large-scale battle occurred at Gembloux in 1578, the"
"the Protestant Elizabeth I of England, but she initially stood by her commitments to the Spanish in the Treaty of Bristol of 1574. When the next large-scale battle occurred at Gembloux in 1578, the Spanish forces won easily. ] In light of the defeat at Gembloux , the southern states of the Seventeen Provinces distanced themselves from the rebels in the north with the 1579 Union of Arras . Opposing them, the northern half of the Seventeen Provinces forged the Union of Utrecht in which they committed to support each other against the Spanish. ] The Union of Utrecht is seen as the foundation of the modern Netherlands. ] Spanish troops sacked Maastricht in 1579, killing over 10,000 civilians. ] In 1581, the northern provinces adopted the Act of Abjuration , the declaration of independence in which the provinces officially deposed Philip II. ] Against the rebels Philip could draw on the resources of the Spanish Empire . Elizabeth I sympathised with the Dutch struggle and sent an army of 7,600 soldiers to aid them. ] English forces faced the Spanish in the Netherlands under the Duke of Parma in a series of largely indecisive actions that tied down significant numbers of Spanish troops and bought time for the Dutch to reorganise their defences. ] The war continued until 1648, when Spain under King Philip IV recognised the independence of the seven north-western provinces in the Peace of Münster . ] Parts of the southern provinces became de facto colonies of the new republican-mercantile empire. ] Following the declaration of independence, the provinces of Holland , Zeeland , Groningen , Friesland , Utrecht , Overijssel , and Gelderland entered into a confederation . All these duchies, lordships and counties enjoyed a significant degree of autonomy and was governed by its own administrative body known as the States-Provincial . The confederal government, known as the States General , was headquartered in The Hague and comprised representatives from each of the seven provinces. The sparsely populated region of Drenthe was part of the republic, albeit not considered a province in its own right. Moreover, during the Eighty Years' War , the Republic came to occupy a number of Generality Lands located in Flanders , Brabant and Limburg . These areas were primarily inhabited by Roman Catholics and lacked a distinct governmental structure of their own. They were utilized as a buffer zone between the Republic and the Spanish-controlled Southern Netherlands . ] In the Dutch Golden Age , spanning much of the 17th century, the Dutch Empire grew to become one of the major seafaring and economic powers. Science, military and art (especially painting ) were among the most acclaimed in the world. By 1650, the Dutch owned 16,000 merchant ships. ] The Dutch East India Company and the Dutch West India Company established colonies and trading posts all over the world. The Dutch settlement in North America began with the founding of New Amsterdam in 1614. In South Africa,"
"and the Dutch West India Company established colonies and trading posts all over the world. The Dutch settlement in North America began with the founding of New Amsterdam in 1614. In South Africa, the Dutch settled the Cape Colony in 1652. Dutch colonies in South America were established along the many rivers in the fertile Guyana plains, among them Colony of Surinam (now Suriname ). In Asia, the Dutch established a presence in India , the Dutch East Indies (now Indonesia ), Formosa (now Taiwan ), and the only western trading post in Japan, Dejima . ] During the period of Proto-industrialisation , the empire received 50% of textiles and 80% of silks import from the India's Mughal Empire . ] ] ] ] Many economic historians regard the Netherlands as the first thoroughly capitalist country. In early modern Europe, it had the wealthiest trading city in Amsterdam , and the first full-time stock exchange . The inventiveness of the traders led to insurance and retirement funds as well as phenomena such as the boom-bust cycle , the world's first asset-inflation bubble , the tulip mania of 1636–1637, and the world's first bear raider , Isaac le Maire . ] In 1672 – known in Dutch history as the Rampjaar (Disaster Year) – the Dutch Republic was attacked by France, England and three German Bishoprics simultaneously, in what would become known as the Franco-Dutch War . At sea , it could successfully prevent the English and French navies from blockading the western shores. On land, however, it was almost taken over by the advancing French and German armies from the east. It managed to turn the tide by inundating parts of Holland . ] From 1672 to 1712, the Republic, led by William III of Orange and Anthonie Heinsius would regularly clash with France in what some historians have come to call the Forty Years' War . In the Nine Years' War and the War of the Spanish Succession , the Republic was at the centre of anti-French coalitions. The Dutch ultimately successfully defended the Spanish Netherlands , established a barrier there, and their troops proved central to the alliance which halted French territorial expansion in Europe until a new cycle began in 1792 with the French Revolutionary Wars . ] However, the wars left them effectively bankrupt, and inflicted permanent damage on the Dutch merchant navy; while they remained the dominant economic power in the Far East, Britain took over as the pre-eminent global commercial and maritime power. ] Between 1590 and 1713, the United Provinces consistently possessed one of Europe's largest and most capable armies. However, following the conclusion of the War of the Spanish Succession , other major powers such as Prussia, Austria, Britain, and Russia significantly expanded their military forces. The Republic struggled to match these developments, and gradually assumed the status of a mid-tier power. However, historians have sometimes overstated the extent of this decline, especially when considering the period up to the"
"these developments, and gradually assumed the status of a mid-tier power. However, historians have sometimes overstated the extent of this decline, especially when considering the period up to the 1750s. ] In the 18th century the Dutch Republic had seen a state of a general decline, with economic competition from England and long-standing rivalries between the two main factions in Dutch society, the republican Staatsgezinden and the supporters of the stadtholder the Prinsgezinden as main political factions. ] With the armed support of revolutionary France , Dutch republicans proclaimed the Batavian Republic , modelled after the French Republic and rendering the Netherlands a unitary state on 19 January 1795. The stadtholder William V of Orange had fled to England. From 1806 to 1810, the Kingdom of Holland was set up by [Nap"
"Dienst Wegverkeer , commonly known as RDW , ] is the organization that handles the type-approval and registration of motorized vehicles and driving licences in the Netherlands . ] ] This is not limited to passenger cars, but also includes trucks, tractors, bicycles, scooters, drones and more. The RDW is an independent administrative body of the Dutch government . Up until 1996, ] the organisation was known as "" Rijksdienst voor het Wegverkeer "". The official English name of RDW is: the Netherlands Vehicle Authority . ] Since 2019, the RDW organizes the Self Driving Challenge nl ] , a nation-wide event of competition between students of different universities to develop software for electric karts to autonomously drive and race each other on real-life racetracks. The RDW is responsible for four different subjects in the Netherlands: ] The RDW is authorized for conducting Motor vehicle type approvals for the entire European Union, and is often chosen by foreign car manufacturers and brand due to a lack of competition from Dutch automobile manufacturers. The RDW is responsible for supervising Dutch RDW-approved garages and repair-shops for road-legal vehicles. Moreover, the RDW maintains registration of vehicles and the annual vehicle state inspection called "" APK "". While these inspections and repairs can be conducted by privately-owned companies, these companies have to be registered with the RDW and the RDW frequently visits and samples the performance, integrity and reliability of the companies, issuing punishments for companies that are found to fraud with approvals. The RDW keeps multiple public databases ] available in regard to public parking, vehicle safety, registration and APK-history among other data and informs the public about current developments in the automotive sector. Furthermore, the RDW advises the government in law-making. In the Netherlands, driving licences can be acquired by graduating exams at the Centraal Bureau Rijvaardigheid (Central Bureau of Driving Skills) and requesting such cards at the municipality office of the citizen applying. The RDW is responsible for producing and issuing the physical card that individuals receive, which is also valid as personal identification in the Netherlands. The RDW has two foreign offices, one in Detroit , Michigan , United States and one in Seoul , South Korea . ]"
"in ASEAN (dark grey) – Legend ] Indonesia , ] officially the Republic of Indonesia , ] is a country in Southeast Asia and Oceania , between the Indian and Pacific oceans. It consists of over 17,000 islands , including Sumatra , Java , Sulawesi , and parts of Borneo and New Guinea . Indonesia is the world's largest archipelagic state and the 14th-largest country by area , at 1,904,569 square kilometres (735,358 square miles). With over 280 million people, Indonesia is the world's fourth-most-populous country and the most populous Muslim-majority country . Java, the world's most populous island , is home to more than half of the country's population. Indonesia is a presidential republic with an elected legislature . It has 38 provinces , of which nine have special autonomous status . The country's largest city, Jakarta , is the world's second-most-populous urban area . Indonesia shares land borders with Papua New Guinea , East Timor , and the eastern part of Malaysia , as well as maritime borders with Singapore , Peninsula Malaysia , Vietnam , Thailand , the Philippines , Australia , Palau , and India . Despite its large population and densely populated regions, Indonesia has vast areas of wilderness that support one of the world's highest levels of biodiversity . The Indonesian archipelago has been a valuable region for trade since at least the seventh century when Sumatra's Srivijaya and later Java's Majapahit kingdoms engaged in commerce with entities from mainland China and the Indian subcontinent . Over the centuries, local rulers assimilated foreign influences, leading to the flourishing of Hindu and Buddhist kingdoms. Sunni traders and Sufi scholars later brought Islam , and European powers fought one another to monopolise trade in the Spice Islands of Maluku during the Age of Discovery . Following three and a half centuries of Dutch colonialism , Indonesia secured its independence after World War II . Indonesia's history has since been turbulent, with challenges posed by natural disasters, corruption, separatism, a democratisation process, and periods of rapid economic growth. Indonesia consists of thousands of distinct native ethnic and hundreds of linguistic groups, with Javanese being the largest. A shared identity has developed with the motto "" Bhinneka Tunggal Ika "" (""Unity in Diversity"" literally , ""many, yet one""), defined by a national language , cultural diversity, religious pluralism within a Muslim-majority population, and a history of colonialism and rebellion against it. The economy of Indonesia is the world's 16th-largest by nominal GDP and the 7th-largest by PPP . It is the world's third-largest democracy, a regional power , and is considered a middle power in global affairs. The country is a member of several multilateral organisations, including the United Nations, World Trade Organization , G20 , and a founding member of the Non-Aligned Movement , Association of Southeast Asian Nations , East Asia Summit , D-8 , APEC , and"
"including the United Nations, World Trade Organization , G20 , and a founding member of the Non-Aligned Movement , Association of Southeast Asian Nations , East Asia Summit , D-8 , APEC , and the Organisation of Islamic Cooperation . The name Indonesia derives from the Greek words Indos ( Ἰνδός ) and nesos ( νῆσος ), meaning ""Indian islands"". ] The name dates back to the 19th century, far predating the formation of independent Indonesia. In 1850, George Windsor Earl , an English ethnologist , proposed the terms Indunesians —and, his preference, Malayunesians —for the inhabitants of the ""Indian Archipelago or Malay Archipelago "". ] ] In the same publication, one of his students, James Richardson Logan , used Indonesia as a synonym for Indian Archipelago . ] ] Dutch academics writing in East Indies publications were reluctant to use Indonesia . They preferred Malay Archipelago ( Dutch : Maleische Archipel ); the Netherlands East Indies ( Nederlandsch Oost Indië ), popularly Indië ; the East ( de Oost ); and Insulinde . ] After 1900, Indonesia became more common in academic circles outside the Netherlands, and native nationalist groups adopted it for political expression. ] Adolf Bastian of the University of Berlin popularized the name through his book Indonesien oder die Inseln des Malayischen Archipels, 1884–1894 . The first native scholar to use the name was Ki Hajar Dewantara when in 1913, he established a press bureau in the Netherlands, Indonesisch Pers-bureau . ] Fossilised remains of Homo erectus , popularly known as the "" Java Man "", suggest the Indonesian archipelago was inhabited two million to 500,000 years ago. ] ] ] Homo sapiens reached the region around 43,000 BCE. ] Austronesian peoples , who form the majority of the modern population, migrated to Southeast Asia from what is now Taiwan. They arrived in the archipelago around 2,000 BCE and confined the native Melanesians to the far eastern regions as they spread east. ] Ideal agricultural conditions and the mastering of wet-field rice cultivation as early as the eighth century BCE ] allowed villages, towns, and small kingdoms to flourish by the first century CE. The archipelago's strategic sea-lane position fostered inter-island and international trade, including with Indian kingdoms and Chinese dynasties, from several centuries BCE. ] Trade has since fundamentally shaped Indonesian history. ] ] From the seventh century CE, the Srivijaya naval kingdom flourished due to trade and the influences of Hinduism and Buddhism . ] ] Between the eighth and tenth centuries CE, the agricultural Buddhist Sailendra and Hindu Mataram dynasties thrived and declined in inland Java, leaving grand religious monuments such as Sailendra's Borobudur and Mataram's Prambanan . The Hindu Majapahit kingdom was founded in eastern Java in the late 13th century, and under Gajah Mada , its influence stretched over much of present-day Indonesia. This period is often referred to as the ""Golden Age"" in Indonesian"
"founded in eastern Java in the late 13th century, and under Gajah Mada , its influence stretched over much of present-day Indonesia. This period is often referred to as the ""Golden Age"" in Indonesian history. ] The earliest evidence of Islamized populations in the archipelago dates to the 13th century in northern Sumatra . ] Other parts of the archipelago gradually adopted Islam, and it was the dominant religion in Java and Sumatra by the end of the 16th century. For the most part, Islam overlaid and mixed with existing cultural and religious influences, which shaped the predominant form of Islam in Indonesia, particularly in Java. ] The first Europeans arrived in the archipelago in 1512, when Portuguese traders, led by Francisco Serrão , sought to monopolise the sources of nutmeg , cloves , and cubeb pepper in the Maluku Islands . ] Dutch and British traders followed. In 1602, the Dutch established the Dutch East India Company ( Verenigde Oostindische Compagnie ; VOC) and became the dominant European power for almost 200 years. The VOC was dissolved in 1799 following bankruptcy, and the Netherlands established the Dutch East Indies as a nationalised colony. ] For most of the colonial period , Dutch control over the archipelago was tenuous. Dutch forces were engaged continuously in quelling rebellions on and off Java. The influence of local leaders such as Prince Diponegoro in central Java, Imam Bonjol in central Sumatra, Pattimura in Maluku , and the bloody thirty-year Aceh War weakened the Dutch and tied up the colonial military forces. ] ] ] Only in the early 20th century did Dutch dominance extend to what was to become Indonesia's current boundaries. ] ] ] ] During World War II, the Japanese invasion and occupation ended Dutch rule ] ] ] and encouraged the independence movement. ] Two days after the surrender of Japan in August 1945, influential nationalist leaders Sukarno and Mohammad Hatta issued the Proclamation of Indonesian Independence . Sukarno, Hatta and Sutan Sjahrir , were appointed president, vice-president and prime minister, respectively. ] ] ] ] The Netherlands attempted to re-establish their rule, beginning the Indonesian National Revolution which ended in December 1949 when the Dutch recognised Indonesian independence in the face of international pressure. ] ] Despite extraordinary political, social, and sectarian divisions, Indonesians, on the whole, found unity in their fight for independence. ] ] As president, Sukarno moved Indonesia from democracy towards authoritarianism and maintained power by balancing the opposing forces of the military , political Islam, and the increasingly powerful Communist Party of Indonesia (PKI). ] Tensions between the military and the PKI culminated in an attempted coup in 1965. The army, led by Major General Suharto , countered by instigating a violent anti-communist purge that killed between 500,000 and one million people and incarcerated roughly a million more in concentration camps . ] ] ]"
"General Suharto , countered by instigating a violent anti-communist purge that killed between 500,000 and one million people and incarcerated roughly a million more in concentration camps . ] ] ] ] The PKI was blamed for the coup and effectively destroyed. ] ] ] Suharto capitalised on Sukarno's weakened position, and following a drawn-out power play with Sukarno , Suharto was appointed president in March 1968. His US-backed ""New Order"" administration ] ] ] ] encouraged foreign direct investment , ] ] ] which was a crucial factor in the subsequent three decades of substantial economic growth. Indonesia was the country hardest hit by the 1997 Asian financial crisis . ] It brought out popular discontent with the New Order's corruption and suppression of political opposition and ultimately ended Suharto's presidency. ] ] ] ] In 1999, East Timor seceded from Indonesia, following its 1975 invasion by Indonesia ] and a 25-year occupation marked by international condemnation of human rights abuses . ] Since 1998, democratic processes have been strengthened by enhancing regional autonomy and instituting the country's first direct presidential election in 2004 . ] Political, economic and social instability, corruption, and instances of terrorism remained problems in the 2000s; however, the economy has performed strongly since 2007. Although relations among the diverse population are mostly harmonious, acute sectarian discontent and violence remain problematic in some areas. ] A political settlement to an armed separatist conflict in Aceh was achieved in 2005. ] Indonesia is the southernmost country in Asia. The country lies between latitudes 11°S and 6°N and longitudes 95°E and 141°E . A transcontinental country spanning Southeast Asia and Oceania, it is the world's largest archipelagic state , extending 5,120 kilometres (3,181 mi) from east to west and 1,760 kilometres (1,094 mi) from north to south. ] The country's Coordinating Ministry for Maritime and Investments Affairs says Indonesia has 17,504 islands (with 16,056 registered at the UN) ] scattered over both sides of the equator, around 6,000 of which are inhabited. ] The largest are Sumatra , Java , Borneo (shared with Brunei and Malaysia), Sulawesi , and New Guinea (shared with Papua New Guinea). ] Indonesia shares land borders with Malaysia on Borneo and Sebatik , Papua New Guinea on the island of New Guinea, East Timor on the island of Timor , and maritime borders with Singapore, Malaysia, Vietnam, the Philippines, Palau, and Australia. At 4,884 metres (16,024 ft), Puncak Jaya is Indonesia's highest peak, and Lake Toba in Sumatra is the largest lake, with an area of 1,145 km 2 (442 sq mi). Indonesia's largest rivers are in Kalimantan and New Guinea and include Kapuas , Barito , Mamberamo , Sepik and Mahakam . They serve as communication and transport links between the island's river settlements. ] Indonesia lies along the equator, and its climate tends to be relatively even year-round. ]"
"and Mahakam . They serve as communication and transport links between the island's river settlements. ] Indonesia lies along the equator, and its climate tends to be relatively even year-round. ] Indonesia has two seasons—a dry season and a wet season —with no extremes of summer or winter. ] For most parts of Indonesia, the dry season falls between May and October, while the wet season falls between November and April. ] Indonesia's climate is almost entirely tropical , dominated by the tropical rainforest climate found on every large island of Indonesia. Cooler climate types exist in mountainous regions that are 1,300 to 1,500 metres (4,300 to 4,900 feet) above sea level. The oceanic climate (Köppen Cfb ) prevails in highland areas adjacent to rainforest climates, with uniform precipitation year-round. In highland areas near the tropical monsoon and tropical savanna climates , the subtropical highland climate (Köppen Cwb ) is more pronounced during dry season. ] Some regions, such as Kalimantan and Sumatra , experience only slight differences in rainfall and temperature between the seasons, whereas others, such as Nusa Tenggara, experience far more pronounced differences with droughts in the dry season and floods in the wet season. Rainfall varies across regions, with more in western Sumatra, Java, and the interiors of Kalimantan and Papua, and less in areas closer to Australia, such as Nusa Tenggara, which tends to be relatively dry. The almost uniformly warm waters that constitute 81% of Indonesia's area ensure that land temperatures remain relatively constant. Humidity is quite high, at between 70 and 90%. Winds are moderate and generally predictable, with monsoons usually blowing in from the south and east in May through October and from the north and west in November through April. Typhoons and large-scale storms pose little hazard to mariners; significant dangers come from swift currents in channels, such as the Lombok and Sape straits. ] Several studies consider Indonesia to be at severe risk from the projected effects of climate change . ] These include unreduced emissions resulting in an average temperature rise of around 1 °C (2 °F) by mid-century, ] ] raising the frequency of drought and food shortages (with an impact on precipitation and the patterns of wet and dry seasons, and thus Indonesia's agriculture system ] ) as well as numerous diseases and wildfires. ] Rising sea levels would also threaten most of Indonesia's population, who live in low-lying coastal areas. ] ] ] Impoverished communities would likely be affected the most by climate change. ] Tectonically , most of Indonesia's area is highly unstable, making it a site of numerous volcanoes and frequent earthquakes. ] It lies on the Pacific Ring of Fire , where the Indo-Australian Plate and the Pacific Plate are pushed under the Eurasian Plate , where they melt at about 100 kilometres (62 miles) deep. A string of volcanoes runs through Sumatra, Java , Bali and Nusa Tenggara"
"Plate and the Pacific Plate are pushed under the Eurasian Plate , where they melt at about 100 kilometres (62 miles) deep. A string of volcanoes runs through Sumatra, Java , Bali and Nusa Tenggara , and then to the Banda Islands of Maluku to northeastern Sulawesi . ] Of the 400 volcanoes, around 130 are active. ] Between 1972 and 1991, there were 29 volcanic eruptions, mostly on Java. ] Volcanic ash has made agricultural conditions unpredictable in some areas. ] However, it has also resulted in fertile soils, a factor in historically sustaining the high population densities of Java and Bali. ] A massive supervolcano erupted at present-day Lake Toba around 70,000 BCE. It is believed to have caused a global volcanic winter and cooling of the climate and subsequently led to a genetic bottleneck in human evolution, though this is still in debate. ] The 1815 eruption of Mount Tambora and the 1883 eruption of Krakatoa were among the largest in recorded history. The former caused 92,000 deaths and created an umbrella of volcanic ash that spread and blanketed parts of the archipelago and made much of the Northern Hemisphere without summer in 1816 . ] The latter produced the loudest sound in recorded history and caused 36,000 deaths due to the eruption itself and the resulting tsunamis, with significant additional effects around the world years after the event. ] Recent catastrophic disasters due to seismic activity include the 2004 Indian Ocean earthquake and the 2006 Yogyakarta earthquake . Indonesia's size, tropical climate, and archipelagic geography support one of the world's highest levels of biodiversity , and it is among the 17 megadiverse countries identified by Conservation International . Its flora and fauna are a mixture of Asian and Australasian species. ] ] The Sunda Shelf islands (Sumatra, Java, Borneo, and Bali) were once linked to mainland Asia and have a wealth of Asian fauna. Large species such as the Sumatran tiger , rhinoceros, orangutan, Asian elephant , and leopard were once abundant as far east as Bali, but numbers and distribution have dwindled drastically. Having been long separated from the continental landmasses, Sulawesi, Nusa Tenggara, and Maluku have developed their unique flora and fauna. ] ] Papua was part of the Australian landmass and is home to a unique fauna and flora closely related to that of Australia, including over 600 bird species. ] Indonesia is second only to Australia in terms of total endemic species, with 36% of its 1,531 species of bird and 39% of its 515 species of mammal being endemic. ] Indonesia harbours 83% of Southeast Asia's old-growth forest , and the highest amount of forest carbon in the region. ] Tropical seas surround Indonesia's 80,000 kilometres (50,000 miles) of coastline. The country has a range of sea and coastal ecosystems, including beaches , dunes, estuaries, mangroves, coral reefs, seagrass beds, coastal mudflats, tidal flats, algal beds, and small island ecosystems. ] Indonesia is one"
"of sea and coastal ecosystems, including beaches , dunes, estuaries, mangroves, coral reefs, seagrass beds, coastal mudflats, tidal flats, algal beds, and small island ecosystems. ] Indonesia is one of the Coral Triangle countries with the world's most enormous diversity of coral reef fish , with more than 1,650 species in eastern Indonesia only. ] British naturalist Alfred Russel Wallace described a dividing line ( Wallace Line ) between the distribution of Indonesia's Asian and Australasian species. ] It runs roughly north–south along the edge of the Sunda Shelf, between Kalimantan and Sulawesi, and along the deep Lombok Strait , between Lombok and Bali. Flora and fauna on the west of the line are generally Asian, while east from Lombok is increasingly Australian until the tipping point at the Weber Line . In his 1869 book, The Malay Archipelago , Wallace described numerous species unique to the area. ] The region of islands between his line and New Guinea is now termed Wallacea . ] Indonesia's large and growing population and rapid industrialisation present serious environmental issues . They are often given a lower priority due to high poverty levels and weak, under-resourced governance. ] Problems include the destruction of peatlands, large-scale illegal deforestation (causing extensive haze across parts of Southeast Asia ), over-exploitation of marine resources, air pollution, garbage management, and reliable water and wastewater services . ] These issues contribute to Indonesia's low ranking (number 116 out of 180 countries) in the 2020 Environmental Performance Index . The report also indicates that Indonesia's performance is generally below average in both regional and global context. ] Indonesia has one of the world's fastest deforestation rates. ] ] In 2020, forests covered approximately 49.1% of the country's land area, ] down from 87% in 1950. ] Since the 1970s, log production, various plantations and agriculture have been responsible for much of the deforestation in Indonesia . ] Most recently, it has been driven by the palm oil industry, ] which has been criticised for its environmental impact and displacement of local communities. ] ] The situation has made Indonesia the world's largest forest-based emitter of greenhouse gases. ] It also threatens the survival of indigenous and endemic species. The International Union for Conservation of Nature (IUCN) identified 140 species of mammals as threatened and 15 as critically endangered, including the Bali myna , ] Sumatran orangutan , ] and Javan rhinoceros . ] Some academics describe the deforestation and other environmental destruction in the country as an ecocide . ] ] ] Indonesia is a republic with a presidential system. Following the fall of the New Order in 1998, political and governmental structures have undergone sweeping reforms, with four constitutional amendments revamping the executive, legislative and judicial branches. ] Chief among them is the delegation of power and"
"structures have undergone sweeping reforms, with four constitutional amendments revamping the executive, legislative and judicial branches. ] Chief among them is the delegation of power and authority to various regional entities while remaining a unitary state . ] The President of Indonesia is the head of state and head of government , commander-in-chief of the Indonesian National Armed Forces ( Tentara Nasional Indonesia , TNI), and the director of domestic governance, policy-making, and foreign affairs. The president may serve a maximum of two consecutive five-year terms. ] The highest representative body at the national level is the People's Consultative Assembly ( Majelis Permusyawaratan Rakyat , MPR). Its main functions are supporting and amending the constitution, inaugurating and impeaching the president, ] ] and formalising broad outlines of state policy. The MPR comprises two houses; the People's Representative Council ( Dewan Perwakilan Rakyat , DPR), with 575 members, and the Regional Representative Council ( Dewan Perwakilan Daerah , DPD), with 136. ] The DPR passes legislation and monitors the executive branch. Reforms since 1998 have markedly increased its role in national governance, ] while the DPD is a new chamber for matters of regional management. ] ] Most civil disputes appear before the State Court ( Pengadilan Negeri ); appeals are heard before the High Court ( Pengadilan Tinggi ). The Supreme Court of Indonesia ( Mahkamah Agung ) is the highest level of the judicial branch and hears final cessation appeals and conducts case reviews. Other courts include the Constitutional Court ( Mahkamah Konstitusi ) which listens to constitutional and political matters, and the Religious Court ( Pengadilan Agama ), which deals with codified Islamic Personal Law ( sharia ) cases. ] Additionally, the Judicial Commission ( Komisi Yudisial ) monitors the performance of judges. ] Since 1999, Indonesia has had a multi-party system. In all legislative elections since the fall of the New Order , no political party has won an overall majority of seats. The Indonesian Democratic Party of Struggle (PDI-P), which secured the most votes in the 2019 elections , is the party of the incumbent president, Joko Widodo . ] Other notable parties include the Party of the Functional Groups ( Golkar ), the Great Indonesia Movement Party ( Gerindra ), the Democratic Party , and the Prosperous Justice Party (PKS). The first general election was held in 1955 to elect members of the DPR and the Constitutional Assembly ( Konstituante ). The most recent elections in 2019 resulted in nine political parties in the DPR, with a parliamentary threshold of 4% of the national vote. ] At the national level, Indonesians did not elect a president until 2004. Since then, the president is elected for a five-year term, as are the party-aligned members of the DPR and the non-partisan DPD. ] ] Beginning with the 2015 local elections , elections for governors and mayors have"
"president is elected for a five-year term, as are the party-aligned members of the DPR and the non-partisan DPD. ] ] Beginning with the 2015 local elections , elections for governors and mayors have occurred on the same date. In 2014, the Constitutional Court ruled that legislative and presidential elections would be held simultaneously, starting in 2019. ] Indonesia has several levels of subdivisions. The first level are the provinces , which have a legislature ( Dewan Perwakilan Rakyat Daerah , DPRD) and an elected governor . A total of 38 provinces have been established from the original eight in 1945, ] the most recent change being the split of Southwest Papua from the province of West Papua in 2022. ] The second level are the regencies ( kabupaten ) and cities ( kota ), led by regents ( bupati ) and mayors ( walikota ) respectively and a legislature ( DPRD Kabupaten/Kota ). The third level are the districts ( kecamatan , distrik in Papua , or kapanewon and kemantren in Yogyakarta ), and the fourth are the villages (either desa , kelurahan , kampung , nagari in West Sumatra , or gampong in Aceh ). ] The village is the lowest level of government administration. It is divided into several community groups ( rukun warga , RW), which are further divided into neighbourhood groups ( rukun tetangga , RT). In Java, the village ( desa ) is divided into smaller units called dusun or dukuh (hamlets), which are the same as RW. Following the implementation of regional autonomy measures in 2001, regencies and cities have become chief administrative units responsible for providing most government services. The village administration level is the most influential on a citizen's daily life and handles village or neighbourhood matters through an elected village head ( lurah or kepala desa ). ] Nine provinces—Aceh, Jakarta, Yogyakarta, Papua , Central Papua , Highland Papua , South Papua , Southwest Papua and West Papua —are granted a special autonomous status ( otonomi khusus ) from the central government. Aceh, a conservative Islamic territory , has the right to create some aspects of an independent legal system implementing sharia . ] Yogyakarta is the only pre-colonial monarchy legally recognised within Indonesia, with the positions of governor and vice governor being prioritised for the reigning Sultan of Yogyakarta and Duke of Pakualaman , respectively. ] The six Papuan provinces are the only ones where the indigenous people have privileges in their local government. ] Indonesia maintains 132 diplomatic missions abroad, including 95 embassies. ] The country adheres to what it calls a ""free and active"" foreign policy, seeking a role in regional affairs in proportion to its size and location but avoiding involvement in conflicts among other countries. ] Indonesia was a significant battleground during the Cold War. Numerous attempts by the United States and the Soviet Union , ] ] and China to some degree, ] culminated in the 1965 coup attempt and subsequent"
"was a significant battleground during the Cold War. Numerous attempts by the United States and the Soviet Union , ] ] and China to some degree, ] culminated in the 1965 coup attempt and subsequent upheaval that led to a reorientation of foreign policy. ] Quiet alignment with the Wes"
"Indonesian ( Bahasa Indonesia ; ] ) is the official and national language of Indonesia . ] It is a standardized variety of Malay , ] an Austronesian language that has been used as a lingua franca in the multilingual Indonesian archipelago for centuries. With over 280 million inhabitants, ] Indonesia ranks as the fourth most populous nation globally. According to the 2020 census, over 97% of Indonesians are fluent in Indonesian, ] making it the largest language by number of speakers in Southeast Asia and one of the most widely spoken languages in the world. ] Indonesian vocabulary has been influenced by various regional languages such as Javanese , Sundanese , Minangkabau , Balinese , Banjarese , and Buginese , as well as by foreign languages such as Arabic , Dutch , Portuguese , and English . Many borrowed words have been adapted to fit the phonetic and grammatical rules of Indonesian, enriching the language and reflecting Indonesia's diverse linguistic heritage. Most Indonesians, aside from speaking the national language, are fluent in at least one of the more than 700 indigenous local languages ; examples include Javanese and Sundanese , which are commonly used at home and within the local community. ] ] However, most formal education and nearly all national mass media , governance , administration , and judiciary and other forms of communication are conducted in Indonesian. ] Under Indonesian rule from 1976 to 1999, Indonesian was designated as the official language of Timor Leste . It has the status of a working language under the country's constitution along with English . ] ] : 3 ] In November 2023, the Indonesian language was recognized as one of the official languages of the UNESCO General Conference. The term Indonesian is primarily associated with the national standard dialect ( bahasa baku ). ] However, in a looser sense, it also encompasses the various local varieties spoken throughout the Indonesian archipelago. ] ] Standard Indonesian is confined mostly to formal situations, existing in a diglossic relationship with vernacular Malay varieties, which are commonly used for daily communication, coexisting with the aforementioned regional languages and with Malay creoles ; ] ] standard Indonesian is spoken in informal speech as a lingua franca between vernacular Malay dialects, Malay creoles, and regional languages. The Indonesian name for the language ( bahasa Indonesia ) is also occasionally used in English and other languages. Bahasa Indonesia is sometimes improperly reduced to Bahasa , which refers to the Indonesian subject ( Bahasa Indonesia ) taught in schools, on the assumption that this is the name of the language. But the word bahasa only means language. For example, French language is translated as bahasa Prancis , and the same applies to other languages, such as bahasa Inggris (English), bahasa Jepang (Japanese), bahasa Arab (Arabic), bahasa Italia (Italian), and so on. Indonesians generally may not recognize the name Bahasa"
"to other languages, such as bahasa Inggris (English), bahasa Jepang (Japanese), bahasa Arab (Arabic), bahasa Italia (Italian), and so on. Indonesians generally may not recognize the name Bahasa alone when it refers to their national language. ] Standard Indonesian is a standard language of ""Riau Malay"", ] ] which despite its common name is not based on the vernacular Malay dialects of the Riau Islands , but rather represents a form of Classical Malay as used in the 19th and early 20th centuries in the Riau-Lingga Sultanate . Classical Malay had emerged as a literary language in the royal courts along both shores of the Strait of Malacca , including the Johor Sultanate and Malacca Sultanate . ] ] ] Originally spoken in Northeast Sumatra , ] Malay has been used as a lingua franca in the Indonesian archipelago for half a millennium. It might be attributed to its ancestor , the Old Malay language (which can be traced back to the 7th century). The Kedukan Bukit Inscription is the oldest surviving specimen of Old Malay, the language used by Srivijayan empire. ] Since the 7th century, the Old Malay language has been used in Nusantara (archipelago) (Indonesian archipelago), evidenced by Srivijaya inscriptions and by other inscriptions from coastal areas of the archipelago, such as Sojomerto inscription . ] Trade contacts carried on by various ethnic peoples at the time were the main vehicle for spreading the Old Malay language, which was the main communications medium among the traders. Ultimately, the Old Malay language became a lingua franca and was spoken widely by most people in the archipelago. ] ] Indonesian (in its standard form) has essentially the same material basis as the Malaysian standard of Malay and is therefore considered to be a variety of the pluricentric Malay language. However, it does differ from Malaysian Malay in several respects, with differences in pronunciation and vocabulary. These differences are due mainly to the Dutch and Javanese influences on Indonesian. Indonesian was also influenced by the Melayu pasar ( lit. ' market Malay ' ), which was the lingua franca of the archipelago in colonial times, and thus indirectly by other spoken languages of the islands. Malaysian Malay claims to be closer to the classical Malay of earlier centuries, even though modern Malaysian has been heavily influenced, in lexicon as well as in syntax, by English. The question of whether High Malay (Court Malay) or Low Malay (Bazaar Malay) was the true parent of the Indonesian language is still in debate. High Malay was the official language used in the court of the Johor Sultanate and continued by the Dutch-administered territory of Riau-Lingga , while Low Malay was commonly used in marketplaces and ports of the archipelago. Some linguists have argued that it was the more common Low Malay that formed the base of the Indonesian language. ] When the Dutch East India Company (VOC) first arrived in the archipelago at the start of the 1600s, the Malay"
"that it was the more common Low Malay that formed the base of the Indonesian language. ] When the Dutch East India Company (VOC) first arrived in the archipelago at the start of the 1600s, the Malay language was a significant trading and political language due to the influence of the Malaccan Sultanate and later the Portuguese . However, the language had never been dominant among the population of the Indonesian archipelago as it was limited to mercantile activity. The VOC adopted the Malay language as the administrative language of their trading outpost in the east. Following the bankruptcy of the VOC, the Batavian Republic took control of the colony in 1799, and it was only then that education in and promotion of Dutch began in the colony . Even then, Dutch administrators were remarkably reluctant to promote the use of Dutch compared to other colonial regimes. Dutch thus remained the language of a small elite: in 1940, only 2% of the total population could speak Dutch. Nevertheless, it did have a significant influence on the development of Malay in the colony: during the colonial era, the language that would be standardized as Indonesian absorbed a large amount of Dutch vocabulary in the form of loanwords . The nationalist movement that ultimately brought Indonesian to its national language status rejected Dutch from the outset. However, the rapid disappearance of Dutch was a very unusual case compared with other colonized countries, where the colonial language generally has continued to function as the language of politics, bureaucracy , education, technology , and other fields of importance for a significant time after independence. ] The Indonesian scholar Soenjono Dardjowidjojo id ] even goes so far as to say that when compared to the situation in other Asian countries such as India, Malaysia, Singapore and the Philippines, ""Indonesian is perhaps the only language that has achieved the status of a national language in its true sense"" since it truly dominates in all spheres of Indonesian society . ] The ease with which Indonesia eliminated the language of its former colonial power can perhaps be explained as much by Dutch policy as by Indonesian nationalism. In marked contrast to the French , Spanish and Portuguese, who pursued an assimilation colonial policy, or even the British , the Dutch did not attempt to spread their language among the indigenous population. In fact, they consciously prevented the language from being spread by refusing to provide education, especially in Dutch, to the native Indonesians so they would not come to see themselves as equals. ] Moreover, the Dutch wished to prevent the Indonesians from elevating their perceived social status by taking on elements of Dutch culture. Thus, until the 1930s, they maintained a minimalist regime and allowed Malay to spread quickly throughout the archipelago. Dutch dominance at that time covered nearly all aspects, with official forums requiring the use of Dutch, although since"
"regime and allowed Malay to spread quickly throughout the archipelago. Dutch dominance at that time covered nearly all aspects, with official forums requiring the use of Dutch, although since the Second Youth Congress (1928) the use of Indonesian as the national language was agreed on as one of the tools in the independence struggle. As of it, Mohammad Hoesni Thamrin inveighed actions underestimating Indonesian. After some criticism and protests, the use of Indonesian was allowed since the Volksraad sessions held in July 1938. ] By the time they tried to counter the spread of Malay by teaching Dutch to the natives, it was too late, and in 1942, the Japanese conquered Indonesia. The Japanese mandated that all official business be conducted in Indonesian and quickly outlawed the use of the Dutch language. ] Three years later, the Indonesians themselves formally abolished the language and established bahasa Indonesia as the national language of the new nation. ] The term bahasa Indonesia itself had been proposed by Mohammad Tabrani in 1926, ] and Tabrani had further proposed the term over calling the language Malay language during the First Youth Congress in 1926. ] .mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequotecite{line-height:1.5em;text-align:left;margin-top:0}@media(min-width:500px){.mw-parser-output .templatequotecite{padding-left:1.6em}} Indonesian language (old VOS spelling): Jang dinamakan 'Bahasa Indonesia' jaitoe bahasa Melajoe jang soenggoehpoen pokoknja berasal dari 'Melajoe Riaoe' akan tetapi jang soedah ditambah, dioebah ataoe dikoerangi menoeroet keperloean zaman dan alam baharoe, hingga bahasa itoe laloe moedah dipakai oleh rakjat diseloeroeh Indonesia; pembaharoean bahasa Melajoe hingga menjadi bahasa Indonesia itoe haroes dilakoekan oleh kaoem ahli jang beralam baharoe, ialah alam kebangsaan Indonesia Indonesian (modern EYD spelling): Yang dinamakan 'Bahasa Indonesia' yaitu bahasa Melayu yang sungguhpun pokoknya berasal dari 'Melayu Riau' akan tetapi yang sudah ditambah, diubah atau dikurangi menurut keperluan zaman dan alam baru, hingga bahasa itu lalu mudah dipakai oleh rakyat di seluruh Indonesia; pembaharuan bahasa Melayu hingga menjadi bahasa Indonesia itu harus dilakukan oleh kaum ahli yang beralam baru, ialah alam kebangsaan Indonesia English : ""What is named as 'Indonesian language' is a true Malay language derived from 'Riau Malay' but which had been added, modified or subscribed according to the requirements of the new age and nature, until it was then used easily by people across Indonesia; the renewal of Malay language until it became Indonesian it had to be done by the experts of the new nature, the national nature of Indonesia"" — Ki Hajar Dewantara in the Congress of Indonesian Language I 1938, Solo ] ] Several years prior to the congress, Swiss linguist, Renward Brandstetter wrote An Introduction to Indonesian Linguistics in 4 essays from 1910 to 1915."
"of Indonesian Language I 1938, Solo ] ] Several years prior to the congress, Swiss linguist, Renward Brandstetter wrote An Introduction to Indonesian Linguistics in 4 essays from 1910 to 1915. The essays were translated into English in 1916. By ""Indonesia"", he meant the name of the geographical region , and by ""Indonesian languages"" he meant Malayo-Polynesian languages west of New Guinea, because by that time there was still no notion of Indonesian language. Sutan Takdir Alisjahbana was a great promoter of the use and development of Indonesian and he was greatly exaggerating the decline of Dutch. Higher education was still in Dutch and many educated Indonesians were writing and speaking in Dutch in many situations (and were still doing so well after independence was achieved). He believed passionately in the need to develop Indonesian so that it could take its place as a fully adequate national language, able to replace Dutch as a means of entry into modern international culture. In 1933, he began the magazine Pujangga Baru (New Writer — Poedjangga Baroe in the original spelling) with co-editors Amir Hamzah and Armijn Pane. The language of Pujangga Baru came in for criticism from those associated with the more classical School Malay and it was accused of publishing Dutch written with an Indonesian vocabulary. Alisjahbana would no doubt have taken the criticism as a demonstration of his success. To him the language of Pujangga Baru pointed the way to the future, to an elaborated, Westernised language able to express all the concepts of the modern world. As an example, among the many innovations they condemned was use of the word bisa instead of dapat for 'can'. In Malay bisa meant only 'poison from an animal's bite' and the increasing use of Javanese bisa in the new meaning they regarded as one of the many threats to the language's purity. Unlike more traditional intellectuals, he did not look to Classical Malay and the past. For him, Indonesian was a new concept; a new beginning was needed and he looked to Western civilisation, with its dynamic society of individuals freed from traditional fetters, as his inspiration. ] The prohibition on use of Dutch led to an expansion of Indonesian language newspapers and pressure on them to increase the language's wordstock. The Japanese agreed to the establishment of the Komisi Bahasa (Language Commission) in October 1942, formally headed by three Japanese but with a number of prominent Indonesian intellectuals playing the major part in its activities. Soewandi, later to be Minister of Education and Culture, was appointed secretary, Alisjahbana was appointed an 'expert secretary' and other members included the future president and vice-president, Sukarno and Hatta. Journalists, beginning a practice that has continued to the present, did not wait for the Komisi Bahasa to provide new words, but actively participated themselves in coining terms. Many of the Komisi Bahasa's terms never found public acceptance"
"to the present, did not wait for the Komisi Bahasa to provide new words, but actively participated themselves in coining terms. Many of the Komisi Bahasa's terms never found public acceptance and after the Japanese period were replaced by the original Dutch forms, including jantera (Sanskrit for 'wheel'), which temporarily replaced mesin (machine), ketua negara (literally 'chairman of state'), which had replaced presiden (president) and kilang (meaning 'mill'), which had replaced pabrik (factory). In a few cases, however, coinings permanently replaced earlier Dutch terms, including pajak (earlier meaning 'monopoly') instead of belasting (tax) and senam (meaning 'exercise') instead of gimnastik (gymnastics). The Komisi Bahasa is said to have coined more than 7000 terms, although few of these gained common acceptance. ] The adoption of Indonesian as the country's national language was in contrast to most other post-colonial states. Neither the language with the most native speakers (Javanese) nor the language of the former European colonial power (Dutch) was to be adopted. Instead, a local language with far fewer native speakers than the most widely spoken local language was chosen (nevertheless, Malay was the second most widely spoken language in the colony after Javanese, and had many L2 speakers using it for trade, administration, and education). In 1945, when Indonesia declared its independence, Indonesian was formally declared the national language, ] despite being the native language of only about 5% of the population. In contrast, Javanese and Sundanese were the mother tongues of 42–48% and 15% respectively. ] The combination of nationalistic , political , and practical concerns ultimately led to the successful adoption of Indonesian as a national language. In 1945, Javanese was easily the most prominent language in Indonesia. It was the native language of nearly half the population, the primary language of politics and economics , and the language of courtly , religious , and literary tradition. ] What it lacked, however, was the ability to unite the diverse Indonesian population as a whole. With thousands of islands and hundreds of different languages, the newly independent country of Indonesia had to find a national language that could realistically be spoken by the majority of the population and that would not divide the nation by favouring one ethnic group, namely the Javanese, over the others. In 1945, Indonesian was already in widespread use; ] in fact, it had been for roughly a thousand years. Over that long period, Malay, which would later become standardized as Indonesian, was the primary language of commerce and travel . It was also the language used for the propagation of Islam in the 13th to 17th centuries, as well as the language of instruction used by Portuguese and Dutch missionaries attempting to convert the indigenous people to Christianity . ] The combination of these factors meant that the language was already known to"
"of instruction used by Portuguese and Dutch missionaries attempting to convert the indigenous people to Christianity . ] The combination of these factors meant that the language was already known to some degree by most of the population, and it could be more easily adopted as the national language than perhaps any other. Moreover, it was the language of the sultanate of Brunei and of future Malaysia , on which some Indonesian nationalists had claims . Over the first 53 years of Indonesian independence , the country's first two presidents, Sukarno and Suharto constantly nurtured the sense of national unity embodied by Indonesian, and the language remains an essential component of Indonesian identity. Through a language planning program that made Indonesian the language of politics , education , and nation-building in general, Indonesian became one of the few success stories of an indigenous language effectively overtaking that of a country's colonisers to become the de jure and de facto official language. ] Today, Indonesian continues to function as the language of national identity as the Congress of Indonesian Youth envisioned, and also serves as the language of education, literacy , modernization , and social mobility . ] Despite still being a second language to most Indonesians, it is unquestionably the language of the Indonesian nation as a whole, as it has had unrivalled success as a factor in nation-building and the strengthening of Indonesian identity. Indonesian is spoken as a mother tongue and national language. Over 200 million people regularly make use of the national language, with varying degrees of proficiency. In a nation that is home to more than 700 native languages and a vast array of ethnic groups, it plays an important unifying and cross-archipelagic role for the country. Use of the national language is abundant in the media, government bodies, schools , universities , workplaces , among members of the upper-class or nobility and also in formal situations, despite the 2010 census showing only 19.94% of over-five-year-olds speak mainly Indonesian at home. ] Standard Indonesian is used in books and newspapers and on television/radio news broadcasts. The standard dialect, however, is rarely used in daily conversations, being confined mostly to formal settings. While this is a phenomenon common to most languages in the world (for example, spoken English does not always correspond to its written standards), the proximity of spoken Indonesian (in terms of grammar and vocabulary) to its normative form is noticeably low. This is mostly due to Indonesians combining aspects of their own local languages (e.g., Javanese , Sundanese , and Balinese ) with Indonesian. This results in various vernacular varieties of Indonesian, the very types that a foreigner is most likely to hear upon arriving in any Indonesian city or town. ] This phenomenon is amplified by the use of Indonesian slang , particularly in the cities. Unlike the relatively"
"that a foreigner is most likely to hear upon arriving in any Indonesian city or town. ] This phenomenon is amplified by the use of Indonesian slang , particularly in the cities. Unlike the relatively uniform standard variety, Vernacular Indonesian exhibits a high degree of geographical variation, though Colloquial Jakartan Indonesian functions as the de facto norm of informal language and is a popular source of influence throughout the archipelago. ] There is language shift of first language among Indonesian into Indonesian from other language in Indonesia caused by ethnic diversity than urbanicity. ] The most common and widely used colloquial Indonesian is heavily influenced by the Betawi language , a Malay-based creole of Jakarta , amplified by its popularity in Indonesian popular culture in mass media and Jakarta's status as the national capital. In informal spoken Indonesian, various words are replaced with those of a less formal nature. For example, tidak (no) is often replaced with the Betawi form nggak or the even simpler gakeo/ . In informal writing, the spelling of words is modified to reflect the actual pronunciation in a way that can be produced with less effort. For example, capai becomes cape or capek , pakai becomes pake , kalau becomes kalo . In verbs, the prefix me- is often dropped, although an initial nasal consonant is often retained, as when mengangkat becomes ngangkat (the basic word is angkat ). The suffixes -kan and -i are often replaced by -in . For example, mencarikan becomes nyariin , menuruti becomes nurutin . The latter grammatical aspect is one often closely related to the Indonesian spoken in Jakarta and its surrounding areas. Malay historical linguists agree on the likelihood of the Malay homeland being in western Borneo stretching to the Bruneian coast. ] A form known as Proto-Malay language was spoken in Borneo at least by 1000 BCE and was, it has been argued, the ancestral language of all subsequent Malayan languages . Its ancestor, Proto-Malayo-Polynesian , a descendant of the Proto-Austronesian language , began to break up by at least 2000 BCE, possibly as a result of the southward expansion of Austronesian peoples into Maritime Southeast Asia from the island of Taiwan . ] Indonesian, which originated from Malay, is a member of the Austronesian family of languages, which includes languages from Southeast Asia , the Pacific Ocean and Madagascar , with a smaller number in continental Asia . It has a degree of mutual intelligibility with the Malaysian standard of Malay, which is officially known there as bahasa Malaysia , despite the numerous lexical differences. ] However, vernacular varieties spoken in Indonesia and Malaysia share limited intelligibility, which is evidenced by the fact that Malaysians have difficulties understanding Indonesian sinetron (soap opera) aired on Malaysia TV stations, and vice versa. ] Malagasy , a geographic outlier spoken in Madagascar in the Indian Ocean ; the Philippines national"
"understanding Indonesian sinetron (soap opera) aired on Malaysia TV stations, and vice versa. ] Malagasy , a geographic outlier spoken in Madagascar in the Indian Ocean ; the Philippines national language, Filipino ; Formosan in Taiwan's aboriginal population; and the native Māori language of New Zealand are also members of this language family. Although each language of the family is mutually unintelligible, their similarities are rather striking. Many roots have come virtually unchanged from their common ancestor, Proto-Austronesian language . There are many cognates found in the languages' words for kinship, health, body parts and common animals. Numbers, especially, show remarkable similarities. There are more than 700 local languages in Indonesian islands, such as Javanese , Sundanese , etc. While Malay as the source of Indonesian is the mother tongue of ethnic Malay who lives along the east coast of Sumatra, in the Riau Archipelago, and on the south and west coast of Kalimantan (Borneo). There are several areas, such as Jakarta, Manado, Lesser Sunda islands, and Mollucas which has Malay-based trade languages. Thus, a large proportion of Indonesian, at least, use two language daily, those are Indonesian and local languages. When two languages are used by the same people in this way, they are likely to influence each other. ] Aside from local languages, Dutch made the highest contribution to the Indonesian vocabulary, due to the Dutch colonization over three centuries, from the 16th century until the mid-20th century. ] ] ] Asian languages also influenced the language, with Chinese influencing Indonesian during the 15th and 16th centuries due to the spice trade ; Sanskrit , Tamil , Prakrit and Hindi contributing during the flourishing of Hindu and Buddhist kingdoms from the 2nd to the 14th century; followed by Arabic after the spread of Islam in the archipelago in the 13th century. ] Loanwords from Portuguese were mainly connected with articles that the early European traders and explorers brought to Southeast Asia. Indonesian also receives many English words as a result of globalization and modernization , especially since the 1990s, as far as the Internet's emergence and development until the present day. ] Some Indonesian words correspond to Malay loanwords in English, among them the common words orangutan , gong , bamboo , rattan , sarong , and the less common words such as paddy , sago and kapok , all of which were inherited in Indonesian from Malay but borrowed from Malay in English. The phrase ""to run amok"" comes from the Malay verb amuk (to run out of control, to rage). ] ] ] ] Indonesian is neither a pidgin nor a creole since its characteristics do not meet any of the criteria for either. It is believed that the Indonesian language was one of the means to achieve independence, but it is opened to receive vocabulary from other foreign languages aside from Malay that it has made contact with since the colonialism era, such as Dutch,"
"one of the means to achieve independence, but it is opened to receive vocabulary from other foreign languages aside from Malay that it has made contact with since the colonialism era, such as Dutch, English and Arabic among others, as the loan words keep increasing each year. ] In 2020, Indonesian had 71.9 million native speakers and 176.5 million second-language speakers, ] who speak it alongside their local mother tongue , giving a total number of speakers in Indonesia of 248.5 million. ] It is common as a first language in urban areas, and as a second language by those residing in more rural parts of Indonesia. The VOA and BBC use Indonesian as their standard for broadcasting in Malay. ] ] In Australia , Indonesian is one of three Asian target languages, together with Japanese and Mandarin , taught in some schools as part of the Languages Other Than English programme. ] Indonesian has been taught in Australian schools and universities since the 1950s. ] In East Timor , which was occupied by Indonesia between 1975 and 1999, Indonesian is recognized by the constitution as one of the two working languages (the other being English ), alongside the official languages of Tetum and Portuguese . ] It is understood by the Malay people of Australia's Cocos Keeling Islands in the Indian Ocean , also in some parts of the Sulu area of the southern Philippines and traces of it are to be found among people of Malay descent in Sri Lanka , South Africa , and other places. ] Indonesian is taught as a foreign language in schools, universities and institutions around the world, especially in Australia , the Netherlands , Japan , South Korea , Timor-Leste , Vietnam , Taiwan , the United States , and the United Kingdom . ] ] ] ] ] ] ] ] ] ] non-primary source needed ] Indonesian is the official language of Indonesia , and its use is encouraged throughout the Indonesian archipelago. It is regulated in Chapter XV, 1945 Constitution of Indonesia about the flag, official language, coat of arms, and national anthem of Indonesia. ] Also, in Chapter III, Section 25 to 45, Government regulation No. 24/ 2009 mentions explicitly the status of the Indonesian language. ] The national language is Indonesian. Indonesian functions as a symbol of national identity and pride, and is a lingua franca among the diverse ethnic groups in Indonesia and the speakers of vernacular Malay dialects and Malay creoles. The Indonesian language serves as the national and official language, the language of education, communication, transaction and trade documentation, the development of national culture, science, technology, and mass media. It also serves as a vehicle of communication among the provinces and different regional cultures in the country. ] According to Indonesian law, the Indonesian language was proclaimed as the unifying language during the Youth Pledge on 28 October 1928 and developed further to accommoda"
"In Indonesia , state-owned enterprises ( Indonesian : Badan Usaha Milik Negara ( BUMN ) ) play an important role in the national economy . Their roles includes contributor for national economy growth , providing goods or services which are not covered by private company , employment provider, providing support guidance to small and medium businesses , and source of government revenue . ] The Ministry of State Owned Enterprises represents the government's function as a shareholder of most of those companies, while some are represented by the Ministry of Finance . Aside from SOEs, there are also provincially- or municipally-owned corporations , locally known as Badan Usaha Milik Daerah (BUMD) . The primary difference between BUMNs and BUMDs is the ownership of the enterprise, whereas BUMNs are controlled by the Ministry of State Owned Enterprise while BUMDs are directly controlled by the local government. BUMDs roles are similar with BUMNs, with heavy emphasis on providing goods or services to the local community. In addition, there are also village-owned enterprises which are run by village governments. During the Dutch colonial era, the government had a monopoly on the opium, pawnbroking (nationalized on 1 April 1901), posts (including the Post Office Savings Bank), telegraph and telephone industry, as well as owning most of the railways and electric utilities. They are managed by the Department of State-Owned Enterprises ( Dutch : Department van Gouvernementsbedrijven ). By the end of the Dutch–Indonesian Round Table Conference , the Indonesian government had a major or complete ownership on the public utility , buses , railways, banks and communications. With the beginning of Guided Democracy in Indonesia , many Dutch-owned companies, or Indonesian branches of Dutch companies, were nationalized (see Nationalized Dutch companies below). During the New Order, the nationalized companies were still state-owned. Some of the companies were listed in the Jakarta Stock Exchange later on. Today the largest banks in Indonesia are mostly state-owned. citation needed ] On 1 July 2020, ] the Ministry of State Owned Enterprises uniformized the corporate core values of all state-owned enterprises into what is called AKHLAK. The implementation of AKHLAK in all state-owned enterprises was intended ""to create strong SOEs that have global competitiveness with human resources that are qualified, talented, cultured and highly performed."" ] They are: Since 2003, there are two types of state-owned enterprises (SOEs) in Indonesia: Until 2003, there was also another type of SOE called Perusahaan Jawatan (Perjan/PJ) ( lit. ' service company ' ) which had operational costs funded from the national budget . Employees of these SOEs were civil servants and the companies were regarded as government agencies . Firms in this category have been either upgraded into other types of SOEs or converted into government agencies. Information on the state-owned enterprises (SOEs) is"
regarded as government agencies . Firms in this category have been either upgraded into other types of SOEs or converted into government agencies. Information on the state-owned enterprises (SOEs) is drawn from the Ministry of State Owned Enterprises ] and the Ministry of the State Secretariat 's Legal Documentation and Information Network portals. ] Indonesian SOEs subdivided into 12 clusters.
"A first information report ( FIR ) is a document prepared by police organisations in many South and Southeast Asian countries, including Myanmar , India , Bangladesh and Pakistan , when they receive information about the commission of a cognisable offence , or in Singapore when the police receive information about any criminal offence. It generally stems from a complaint lodged with the police by the victim of a cognisable offence or by someone on their behalf, but anyone can make such a report either orally or in writing to the police, so it is necessary to know about cognisable offences. These are serious criminal offences that pose an immediate danger to society such as murder, rape, or robbery. ] For a non-cognisable offence an entry in a community service register or in the station diary is made. Each FIR is important as it sets the process of criminal justice in motion. It is only after the FIR is registered in the police station that the police take up investigation of most types of cases. Anyone who knows about the commission of a cognisable offence, including police officers, can file an FIR. As described in law: An FIR includes the date, time, place, incident details, and a description of the person(s) involved."
"New Zealand ( Māori : Aotearoa ] ) is an island country in the southwestern Pacific Ocean . It consists of two main landmasses—the North Island ( Te Ika-a-Māui ) and the South Island ( Te Waipounamu )—and over 700 smaller islands . It is the sixth-largest island country by area and lies east of Australia across the Tasman Sea and south of the islands of New Caledonia , Fiji , and Tonga . The country's varied topography and sharp mountain peaks, including the Southern Alps , owe much to tectonic uplift and volcanic eruptions. New Zealand's capital city is Wellington , and its most populous city is Auckland . The islands of New Zealand were the last large habitable land to be settled by humans. Between about 1280 and 1350, Polynesians began to settle in the islands and then subsequently developed a distinctive Māori culture . In 1642, the Dutch explorer Abel Tasman became the first European to sight and record New Zealand. In 1769 the British explorer Captain James Cook became the first European to set foot on and map New Zealand. In 1840, representatives of the United Kingdom and Māori chiefs signed the Treaty of Waitangi which paved the way for Britain's declaration of sovereignty later that year and the establishment of the Crown Colony of New Zealand in 1841. Subsequently, a series of conflicts between the colonial government and Māori tribes resulted in the alienation and confiscation of large amounts of Māori land. New Zealand became a dominion in 1907; it gained full statutory independence in 1947, retaining the monarch as head of state . Today, the majority of New Zealand's population of 5.25 million is of European descent ; the indigenous Māori are the largest minority, followed by Asians and Pasifika . Reflecting this, New Zealand's culture is mainly derived from Māori and early British settlers, with recent broadening of culture arising from increased immigration to the country . The official languages are English, Māori , and New Zealand Sign Language , with the local dialect of English being dominant. A developed country , it was the first to introduce a minimum wage , and the first to give women the right to vote . It ranks very highly in international measures of quality of life , human rights , and it has one of the lowest levels of perceived corruption in the world. It retains visible levels of inequality , having structural disparities between its Māori and European populations. New Zealand underwent major economic changes during the 1980s, which transformed it from a protectionist to a liberalised free-trade economy. The service sector dominates the national economy , followed by the industrial sector, and agriculture ; international tourism is also a significant source of revenue. New Zealand is a member of the United Nations , Commonwealth of Nations , ANZUS , UKUSA , OECD , ASEAN Plus Six , Asia-Pacific Economic Cooperation , the Pacific Community and the Pacific Islands Forum . It enjoys particularly close relations with the"
"of Nations , ANZUS , UKUSA , OECD , ASEAN Plus Six , Asia-Pacific Economic Cooperation , the Pacific Community and the Pacific Islands Forum . It enjoys particularly close relations with the United States and is one of its major non-NATO allies ; ] the United Kingdom; Samoa , Fiji , and Tonga ; and with Australia , with a shared "" Trans-Tasman "" identity between the two countries stemming from centuries of British colonisation. ] Nationally, legislative authority is vested in an elected, unicameral Parliament , while executive political power is exercised by the Government , led by the prime minister , currently Christopher Luxon . Charles III is the country's king and is represented by the governor-general , Cindy Kiro . In addition, New Zealand is organised into 11 regional councils and 67 territorial authorities for local government purposes. The Realm of New Zealand also includes Tokelau (a dependent territory ); the Cook Islands and Niue (self-governing states in free association with New Zealand); and the Ross Dependency , which is New Zealand's territorial claim in Antarctica . The first European visitor to New Zealand, Dutch explorer Abel Tasman , named the islands Staten Land , believing they were part of the Staten Landt that Jacob Le Maire had sighted off the southern end of South America. ] ] Hendrik Brouwer proved that the South American land was a small island in 1643, and Dutch cartographers subsequently renamed Tasman's discovery Nova Zeelandia from Latin , after the Dutch province of Zeeland . ] ] This name was later anglicised to New Zealand . ] ] This was written as Nu Tireni in the Māori language (spelled Nu Tirani in Te Tiriti o Waitangi). In 1834 a document written in Māori and entitled "" He Wakaputanga o te Rangatiratanga o Nu Tireni "" was translated into English and became the Declaration of the Independence of New Zealand . It was prepared by Te W(h)akaminenga o Nga Rangatiratanga o Nga Hapu o Nu Tireni , the United Tribes of New Zealand , and a copy was sent to King William IV who had already acknowledged the flag of the United Tribes of New Zealand, and who recognised the declaration in a letter from Lord Glenelg . ] ] Aotearoa (pronounced ] in Māori and in English; often translated as 'land of the long white cloud') ] is the current Māori name for New Zealand. It is unknown whether Māori had a name for the whole country before the arrival of Europeans; Aotearoa originally referred to just the North Island . ] Māori had several traditional names for the two main islands, including Te Ika-a-Māui ( ' the fish of Māui ' ) for the North Island and Te Waipounamu ( ' the waters of greenstone ' ) or Te Waka o Aoraki ( ' the canoe of Aoraki ' ) for the South Island . ] Early European maps labelled the islands North (North Island), Middle (South Island), and South ( Stewart Island / Rakiura ). ] In 1830, mapmakers began to use ""North"" and ""South"" on their maps to distinguish the two largest islands, and by 1907, this was the"
"Middle (South Island), and South ( Stewart Island / Rakiura ). ] In 1830, mapmakers began to use ""North"" and ""South"" on their maps to distinguish the two largest islands, and by 1907, this was the accepted norm. ] The New Zealand Geographic Board discovered in 2009 that the names of the North Island and South Island had never been formalised, and names and alternative names were formalised in 2013. This set the names as North Island or Te Ika-a-Māui , and South Island or Te Waipounamu . ] For each island, either its English or Māori name can be used, or both can be used together. ] Similarly the Māori and English names for the whole country are sometimes used together ( Aotearoa New Zealand ); ] ] however, this has no official recognition. ] The first people to reach New Zealand were Polynesians in ocean going waka (canoes). Their arrival likely occurred in several waves, approximately between 1280 and 1350 CE. Those Polynesian settlers, isolated in New Zealand, became the Māori of later years. According to an early European synthesized interpretation of various Māori traditional accounts, around 750 CE the heroic explorer, Kupe , had discovered New Zealand and later, around 1350, one great fleet of settlers set out from Hawaiki in eastern Polynesia. ] However, from the late 20th century, this story has been increasingly relegated to the realm of legend and myth. An alternative view has emerged from fresh archaeological and scientific evidence, which correlates with doubts raised by historians everywhere as to the reliability of interpretations drawn from the oral evidence of indigenous peoples, including from Māori. ] Regarding the arrival of these Polynesian settlers, there are no human remains, artefacts or structures which are confidently dated to earlier than the Kaharoa Tephra, a layer of volcanic debris deposited by the Mount Tarawera eruption around 1314 CE. ] Samples of rat bone, rat-gnawed shells and seed cases have given dates later than the Tarawera eruption except for three of a decade or so earlier. ] Radiocarbon dating and pollen evidence of widespread forest fires shortly before the eruption might also indicate a pre-eruption human presence. ] ] Additionally, mitochondrial DNA variability within the Māori populations suggest that Eastern Polynesians first settled the New Zealand archipelago between 1250 and 1300, ] ] ] Therefore, current opinion is that, whether or not some settlers arrived before 1314, the main settlement period was in the subsequent decades, possibly involving a coordinated mass migration. It is also the broad consensus of historians that the Polynesian settlement of New Zealand was planned and deliberate. ] ] ] ] ] Over the centuries that followed, the settlers developed a distinct culture now known as Māori. This scenario is also consistent with a much debated questionable third line of oral evidence, ] traditional genealogies ( whakapapa ) which point to around 1350 as a probable arrival date for many of the"
"scenario is also consistent with a much debated questionable third line of oral evidence, ] traditional genealogies ( whakapapa ) which point to around 1350 as a probable arrival date for many of the founding canoes ( waka ) from which many Māori trace their descent. ] ] Some Māori later migrated to the Chatham Islands where they developed their distinct Moriori culture. ] A later 1835 invasion by Māori resulted in the massacre and virtual extinction of the Moriori. ] In a hostile 1642 encounter between Ngāti Tūmatakōkiri and Dutch explorer Abel Tasman 's crew, ] ] four of Tasman's crew members were killed, and at least one Māori was hit by canister shot . ] Europeans did not revisit New Zealand until 1769, when British explorer James Cook mapped almost the entire coastline. ] Following Cook, New Zealand was visited by numerous European and North American whaling , sealing , and trading ships. They traded European food, metal tools, weapons, and other goods for timber, Māori food, artefacts, and water. ] The introduction of the potato and the musket transformed Māori agriculture and warfare. Potatoes provided a reliable food surplus, which enabled longer and more sustained military campaigns. ] The resulting intertribal Musket Wars encompassed over 600 battles between 1801 and 1840, killing 30,000–40,000 Māori. ] From the early 19th century, Christian missionaries began to settle New Zealand, eventually converting most of the Māori population. ] The Māori population declined to around 40% of its pre-contact level during the 19th century; introduced diseases were the major factor. ] The British Government appointed James Busby as British Resident to New Zealand in 1832. ] His duties, given to him by Governor Bourke in Sydney, were to protect settlers and traders ""of good standing"", prevent ""outrages"" against Māori, and apprehend escaped convicts. ] ] In 1835, following an announcement of impending French settlement by Charles de Thierry , the nebulous United Tribes of New Zealand sent a Declaration of Independence to King William IV of the United Kingdom asking for protection. ] Ongoing unrest, the proposed settlement of New Zealand by the New Zealand Company (which had already sent its first ship of surveyors to buy land from Māori) and the dubious legal standing of the Declaration of Independence prompted the Colonial Office to send Captain William Hobson to claim sovereignty for the United Kingdom and negotiate a treaty with the Māori. ] The Treaty of Waitangi was first signed in the Bay of Islands on 6 February 1840. ] In response to the New Zealand Company's attempts to establish an independent settlement in Wellington , ] ] Hobson declared British sovereignty over all of New Zealand on 21 May 1840, even though copies of the treaty were still circulating throughout the country for Māori to sign. ] With the signing of the treaty and declaration of sovereignty, the number of immigrants, particularly from the United Kingdom, began to increase."
"throughout the country for Māori to sign. ] With the signing of the treaty and declaration of sovereignty, the number of immigrants, particularly from the United Kingdom, began to increase. ] New Zealand was administered as a dependency of the Colony of New South Wales until becoming a separate Crown colony , the Colony of New Zealand , on 3 May 1841. ] ] Armed conflict began between the colonial government and Māori in 1843 with the Wairau Affray over land and disagreements over sovereignty. These conflicts, mainly in the North Island, saw thousands of imperial troops and the Royal Navy come to New Zealand and became known as the New Zealand Wars . Following these armed conflicts, large areas of Māori land were confiscated by the government to meet settler demands. ] The colony gained a representative government in 1852 , and the first Parliament met in 1854. ] In 1856 the colony effectively became self-governing, gaining responsibility over all domestic matters (except native policy, which was granted in the mid-1860s). ] Following concerns that the South Island might form a separate colony, premier Alfred Domett moved a resolution to transfer the capital from Auckland to a locality near Cook Strait . ] ] Wellington was chosen for its central location, with Parliament officially sitting there for the first time in 1865. ] In 1886, New Zealand annexed the volcanic Kermadec Islands , about 1,000 km (620 mi) northeast of Auckland. Since 1937, the islands are uninhabited except for about six people at Raoul Island station. These islands put the northern border of New Zealand at 29 degrees South latitude. ] After the 1982 UNCLOS , the islands contributed significantly to New Zealand's exclusive economic zone . ] In 1891, the Liberal Party came to power as the first organised political party. ] The Liberal Government , led by Richard Seddon for most of its period in office, ] passed many important social and economic measures. In 1893, New Zealand was the first nation in the world to grant all women the right to vote ] and pioneered the adoption of compulsory arbitration between employers and unions in 1894. ] The Liberals also guaranteed a minimum wage in 1894, a world first. ] In 1907, at the request of the New Zealand Parliament, King Edward VII proclaimed New Zealand a Dominion within the British Empire , ] reflecting its self-governing status. ] In 1947, New Zealand adopted the Statute of Westminster , confirming that the British Parliament could no longer legislate for the country without its consent. The British government's residual legislative powers were later removed by the Constitution Act 1986 , and final rights of appeal to British courts were abolished in 2003. ] Early in the 20th century , New Zealand was involved in world affairs, fighting in the First and Second World Wars ] and suffering through the Great Depression . ] The depression led to the election of the first Labour Government and the establishment of a comprehensive"
"fighting in the First and Second World Wars ] and suffering through the Great Depression . ] The depression led to the election of the first Labour Government and the establishment of a comprehensive welfare state and a protectionist economy. ] New Zealand experienced increasing prosperity following the Second World War, ] and Māori began to leave their traditional rural life and move to the cities in search of work. ] A Māori protest movement developed, which criticised Eurocentrism and worked for greater recognition of Māori culture and of the Treaty of Waitangi. ] In 1975, a Waitangi Tribunal was set up to investigate alleged breaches of the Treaty, and it was enabled to investigate historic grievances in 1985. ] The government has negotiated settlements of these grievances with many iwi, ] although Māori claims to the foreshore and seabed proved controversial in the 2000s. ] ] New Zealand is located near the centre of the water hemisphere and is made up of two main islands and more than 700 smaller islands . ] The two main islands (the North Island , or Te Ika-a-Māui , and the South Island , or Te Waipounamu ) are separated by Cook Strait , 22 kilometres (14 mi) wide at its narrowest point. ] Besides the North and South Islands, the five largest inhabited islands are Stewart Island (across the Foveaux Strait ), Chatham Island , Great Barrier Island (in the Hauraki Gulf ), ] D'Urville Island (in the Marlborough Sounds ) ] and Waiheke Island (about 22 km (14 mi) from central Auckland). ] New Zealand is long and narrow—over 1,600 kilometres (990 mi) along its north-north-east axis with a maximum width of 400 kilometres (250 mi) ] —with about 15,000 km (9,300 mi) of coastline ] and a total land area of 268,000 square kilometres (103,500 sq mi). ] Because of its far-flung outlying islands and long coastline, the country has extensive marine resources. Its exclusive economic zone is one of the largest in the world, covering more than 15 times its land area. ] The South Island is the largest landmass of New Zealand. It is divided along its length by the Southern Alps . ] There are 18 peaks over 3,000 metres (9,800 ft), the highest of which is Aoraki / Mount Cook at 3,724 metres (12,218 ft). ] Fiordland 's steep mountains and deep fiords record the extensive ice age glaciation of this southwestern corner of the South Island. ] The North Island is less mountainous but is marked by volcanism . ] The highly active Taupō Volcanic Zone has formed a large volcanic plateau , punctuated by the North Island's highest mountain, Mount Ruapehu (2,797 metres (9,177 ft)). The plateau also hosts the country's largest lake, Lake Taupō , ] nestled in the caldera of one of the world's most active supervolcanoes . ] New Zealand is prone to earthquakes . The country owes its varied topography, and perhaps even its emergence above the waves, to the dynamic boundary it straddles between the Pacific and Indo-Australian Plates . ] New Zealand is part of Zealandia , a"
"its varied topography, and perhaps even its emergence above the waves, to the dynamic boundary it straddles between the Pacific and Indo-Australian Plates . ] New Zealand is part of Zealandia , a microcontinent nearly half the size of Australia that gradually submerged after breaking away from the Gondwanan supercontinent. ] ] About 25 million years ago, a shift in plate tectonic movements began to contort and crumple the region. This is now most evident in the Southern Alps, formed by compression of the crust beside the Alpine Fault . Elsewhere, the plate boundary involves the subduction of one plate under the other, producing the Puysegur Trench to the south, the Hikurangi Trough east of the North Island, and the Kermadec and Tonga Trenches ] further north. ] New Zealand, together with Australia, is part of a wider region known as Australasia . ] It also forms the southwestern extremity of the geographic and ethnographic region called Polynesia . ] Oceania is a wider region encompassing the Australian continent , New Zealand, and various island countries in the Pacific Ocean that are not included in the seven-continent model. ] New Zealand's climate is predominantly temperate maritime ( Köppen : Cfb), with mean annual temperatures ranging from 10 °C (50 °F) in the south to 16 °C (61 °F) in the north. ] Historical maxima and minima are 42.4 °C (108.32 °F) in Rangiora , Canterbury and −25.6 °C (−14.08 °F) in Ranfurly , Otago . ] Conditions vary sharply across regions from extremely wet on the West Coast of the South Island to semi-arid in Central Otago and the Mackenzie Basin of inland Canterbury and subtropical in Northland . ] ] Of the seven largest cities, Christchurch is the driest, receiving on average only 618 millimetres (24.3 in) of rain per year and Wellington the wettest, receiving almost twice that amount. ] Auckland, Wellington and Christchurch all receive a yearly average of more than 2,000 hours of sunshine. The southern and southwestern parts of the South Island have a cooler and cloudier climate, with around 1,400–1,600 hours; the northern and northeastern parts of the South Island are the sunniest areas of the country and receive about 2,400–2,500 hours. ] The general snow season is early June until early October, though cold snaps can occur outside this season. ] Snowfall is common in the eastern and southern parts of the South Island and mountain areas across the country. ] New Zealand's geographic isolation for 80 million years ] and island biogeography has influenced evolution of the country's species of animals , fungi and plants . Physical isolation has caused biological isolation, resulting in a dynamic evolutionary ecology with examples of distinctive plants and animals as well as populations of widespread species. ] ] The flora and fauna of New Zealand were originally thought to have originated from New Zealand's fragmentation off from Gondwana, however more recent evidence postulates species resulted from dispersal. ]"
"and fauna of New Zealand were originally thought to have originated from New Zealand's fragmentation off from Gondwana, however more recent evidence postulates species resulted from dispersal. ] About 82% of New Zealand's indigenous vascular plants are endemic , covering 1,944 species across 65 genera . ] ] The number of fungi recorded from New Zealand, including lichen-forming species, is not known, nor is the proportion of those fungi which are endemic, but one estimate suggests there are about 2,300 species of lichen-forming fungi in New Zealand ] and 40% of these are endemic. ] The two main types of forest are those dominated by broadleaf trees with emergent podocarps , or by southern beech in cooler climates. ] The remaining vegetation types consist of grasslands, the majority of which are tussock . ] Before the arrival of humans, an estimated 80% of the land was covered in forest, with only high alpine , wet, infertile and volcanic areas without trees. ] Massive deforestation occurred after humans arrived, with around half the forest cover lost to fire after Polynesian settlement. ] Much of the remaining forest fell after European settlement, being logged or cleared to make room for pastoral farming, leaving forest occupying only 23% of the land. ] The forests were dominated by birds , and the lack of mammalian predators led to some like the kiwi , kākāpō , weka and takahē evolving flightlessness . ] The arrival of humans, associated changes to habitat, and the introduction of rats , ferrets and other mammals led to the extinction of many bird species, including large birds like the moa and Haast's eagle . ] ] Other indigenous animals are represented by reptiles ( tuatara , skinks and geckos ), frogs , ] such as the protected endangered Hamilton's Frog , spiders , ] insects ( wētā ), ] and snails. ] Some, such as the tuatara, are so unique that they have been called living fossils . ] Three species of bats ( one since extinct) were the only sign of native land mammals in New Zealand until the 2006 discovery of bones from a unique, mouse-sized land mammal at least 16 million years old. ] ] Marine mammals, however, are abundant, with almost half the world's cetaceans (whales, dolphins, and porpoises ) and large numbers of fur seals reported in New Zealand waters. ] Many seabirds breed in New Zealand, a third of them unique to the country. ] More penguin species are found in New Zealand than in any other country, with 13 of the world's 18 penguin species. ] Since human arrival, almost half of the country's vertebrate species have become extinct, including at least fifty-one birds, three frogs, three lizards, one freshwater fish, and one bat. Others are endangered or have had their range severely reduced. ] However, New Zealand conservationists have pioneered several methods to help threatened wildlife recover, including island sanctuaries, pest control, wildlife translocation, fostering, and ecological restoration of islands and other"
"have pioneered several methods to help threatened wildlife recover, including island sanctuaries, pest control, wildlife translocation, fostering, and ecological restoration of islands and other protected areas . ] ] ] ] New Zealand is a constitutional monarchy with a parliamentary democracy , ] although its constitution is not codified . ] Charles III is the King of New Zealand ] and thus the head of state . ] The king is represented by the governor-general , whom he appoints on the advice of the prime minister . ] The governor-general can exercise the Crown 's prerogative powers , such as reviewing cases of injustice and making appointments of ministers , ambassadors, and other key public officials, ] and in rare situations, the reserve powers (e.g. the power to dissolve Parliament or refuse the royal assent of a bill into law). ] The powers of the monarch and the governor-general are limited by constitutional constraints, and they cannot normally be exercised without the advice of ministers. ] The New Zealand Parliament holds legislative power and consists of the king and the House of Representatives . ] It also included an upper house, the Legislative Council , until this was abolished in 1950. ] The supremacy of parliament over the Crown and other government institutions was established in England by the Bill of Rights 1689 and has been ratified as law in New Zealand. ] The House of Representatives is democratically elected, and a government is formed from the party or coalition with the majority of seats. If no majority is formed, a minority government can be formed if support from other parties during confidence and supply votes is assured. ] The governor-general appoints ministers under advice from the prime minister, who is by convention the parliamentary leader of the governing party or coalition. ] Cabinet , formed by ministers and led by the prime minister, is the highest policy-making body in government and responsible for deciding significant government actions. ] Members of Cabinet make major decisions collectively and are therefore collectively responsible for the consequences of these decisions. ] The 42nd and current prime minister, since 27 November 2023, is Christopher Luxon . ] A parliamentary general election must be called no later than three years after the previous election. ] Almost all general elections between 1853 and 1993 were held under the first-past-the-post voting system. ] Since the 1996 election , a"
"The Accident Compensation Corporation ( ACC ) ( Māori : Te Kaporeihana Āwhina Hunga Whara ) is the New Zealand Crown entity responsible for administering the country's no-fault accidental injury compensation scheme, commonly referred to as the ACC scheme. The scheme provides financial compensation and support to citizens, residents, and temporary visitors who have suffered personal injuries. The corporation was founded as the Accident Compensation Commission on 1 April 1974 as a result of the Accident Compensation Act 1972. Its principal governing act today is the Accident Compensation Act 2001. ] As a Crown entity, ACC is governed by a board that is responsible to the Minister for ACC. Unlike most other Crown entities, it has its own dedicated ministerial portfolio, which since November 2023 has been held by Matt Doocey . citation needed ] The ACC has its origins in the Workers' Compensation for Accidents Act 1900, which established a limited compensation scheme for workers who had suffered injuries where there was no directly responsible party. In 1966, a New Zealand Royal Commission , chaired by High Court judge Owen Woodhouse , was established. In 1967 the Royal Commission recommended extending this compensation to cover all injuries on a no-fault basis. ] Following this report, the New Zealand Parliament passed the Accident Compensation Act 1972, later amended in 1973. The Accident Compensation Commission was established from 1 April 1974. In 1992, the commission was renamed the Accident Compensation Corporation (ACC). ] The Act was later replaced by the Injury Prevention, Rehabilitation and Compensation Act 2001, which was in 2010 renamed the Accident Compensation Act 2001. The Commission's annual report for 1989/90 ] proposed that the distinction between accidents—which are covered ] —and ""illness""—which is not—should be dropped. This proposal was not taken up by the government. From 1 July 1999, the fourth National government allowed private insurance operators to provide work-related accident insurance, and ACC was briefly exposed to competition. The fifth Labour government (elected in November 1999) repealed this change, and as of 1 July 2000 re-instated ACC as the sole provider of accident insurance coverage. ACC is the sole and compulsory provider of accident insurance in New Zealand for all work and non-work related injuries. The corporation administers the ACC Scheme on a no-fault basis, so that anyone, regardless of the way in which they suffered an injury, has coverage under the scheme. Due to the scheme's no-fault basis, people who have suffered personal injury do not have the right to sue an at-fault party, except for exemplary damages . ] The scheme provides a range of entitlements to injured people, however 93.5 percent of new claims in 2011 to 2012 were for treatment costs only. Other entitlements include weekly compensation for lost earnings (paid at a rate of 80% of a person's pre-injury earnings) and the cost of home or"
"in 2011 to 2012 were for treatment costs only. Other entitlements include weekly compensation for lost earnings (paid at a rate of 80% of a person's pre-injury earnings) and the cost of home or vehicle modifications for the seriously injured. The scheme offers entitlements subject to various eligibility criteria. ACC works with partners and communities on initiatives to prevent injuries. These initiatives include ""RugbySmart"" with New Zealand Rugby , ] ""Ride Forever"", ] ""Mates and Dates"", ] and ""Make Your Home a Safety Zone"" with Safekids Aotearoa. ] It is claimed that the system encourages clinicians to report mistakes. The cost of litigation to the health system is considerably less than in some other countries. ] ACC has been criticised for providing funding for several alternative therapies that are unsupported by scientific evidence, including acupuncture , osteopathy and chiropractic interventions. ] ACC is primarily funded through a combination of levies and government contributions. Income collected from each source goes into predetermined accounts based on the source. Costs relating to an injury are paid from one of these accounts based on the type and cause of the injury. The four main accounts are: Work, Earners, Non-Earners, and Motor Vehicle. There is also a fifth account: Treatment Injury (formerly Medical Misadventure), that draws on both the Earners and Non-Earners accounts. ] Levy rates were most recently approved by Cabinet in November 2021 after a final recommendation from ACC Minister Carmel Sepuloni , for the 202224 and 2024/25 levy periods. Levy periods run from the 1st of April to the 31st of March the following year. ] ] ACC initially had a ""fully funded"" model whereby sufficient levies were collected to cover the lifetime cost of each injury, which might require compensation over a period of 30 years or more. The scheme was shifted to a ""pay-as-you-go"" funding model, where the scheme collects enough levies during a year to cover the cost of claims for that particular year, in 1982. ] The “fully funded” model was restored in 1999. ] However, getting ACC onto a strong financial footing was not easy and in 2009, ACC posted a $4.8 billion loss—at the time described as the biggest corporate loss in New Zealand's history. This cost escalation is thought to have been due to an increase in the number of claims, a widening of entitlements and increased costs of meeting the claims. ] Another factor was physiotherapy services being made free at the point of delivery leading to over-servicing of clients. ] Between 2000 and 2008 this appears to have contributed to an increase in physiotherapy costs of 214%. ] The 100% reimbursement scheme for physiotherapist services was ended, and ACC levies on wages and motorists were increased. ] ACC chairman John Judge told the Sunday Star-Times that it was going to take a ""hard-nosed"" approach to get ACC into a sustainable position. This would require ""substantial"" levy increases and"
"] ACC chairman John Judge told the Sunday Star-Times that it was going to take a ""hard-nosed"" approach to get ACC into a sustainable position. This would require ""substantial"" levy increases and ""legislative change to get people off the scheme and back to work quicker"". ] By 2012, ACC had made good progress towards its 2019-goal (of being fully funded), and was $4.5 billion short of matching liabilities ($28.5b) with its assets ($24b). ] Towards the end of 2012, ACC Minister Judith Collins announced that Government would not cut ACC levies for the 2013–14 year. While the ACC Board and Ministry of Business Innovation and Employment had recommended reducing the levies by between 12 and 17 per cent, Collins stated that the government's decision was motivated by the uncertain economic conditions and a desire to ensure that reductions to the levy were sustainable. Andrew Little , the Labour Party's ACC spokesman, criticised this decision, claiming that it was driven by the government's attempt to bring the budget into surplus and reducing the levy would provide a boost to the economy. ] In the 2013 budget, Collins announced a $1.3 billion cut in ACC levies over the next two years. Collins said the Earners and Workers accounts were now fully funded after the Corporation reduced the number of long term ACC claimants from 14,000 to less than 11,000. ] In 2015/16, ACC's outstanding claims liability (OCL) increased by $6.4 billion, which lead to a net deficit of $3.4 billion. The OCL measures the future cost of all existing ACC claims. That year also saw 1.93 million claims accepted; a 5.2% increase from the previous year. $3.5 billion was paid out to all new and existing claims. ] There has been some conjecture over whether or not ACC staff were paid incentives to remove long term clients off weekly compensation. This was refuted by Ex-CEO Ralph Stewart in 2012. That year there were 10,400 long-term claimants registered with ACC—down by over 1,000. ] In 2019 ACC posted a record $8.7 billion loss. ACC invests the premium it collects in various ventures. It has a portfolio of $40b and its investment manager was believed to be the highest paid public servant in New Zealand. ] Of its top 50 investments, 47 are listed companies in NZ and overseas. Notable exceptions include a 22% shareholding in Kiwibank and the consortiums building Transmission Gully Motorway and the Puhoi to Wellsford Motorway . ] ACC has attracted controversy at several junctures since its establishment due to the nature of some its investment decisions. In 2003 Green Party MP Sue Bradford revealed that ACC held investments in brewery industry giants DB Breweries and Lion Nathan, which she claimed contravened ACC's legal obligation to engage in ethical investments to protect New Zealand's global reputation. ] In 2016 ACC admitted it had indirectly invested in six companies on its own exclusion list, including weapons manufacturer Lockheed Martin and British Tobacco. ] ACC's ethical"
"global reputation. ] In 2016 ACC admitted it had indirectly invested in six companies on its own exclusion list, including weapons manufacturer Lockheed Martin and British Tobacco. ] ACC's ethical investment policy was drawn into question again in 2019, when Green Party MP Chlöe Swarbrick publicly criticised the Crown Entity for continued investment in fossil fuels, arguing that in light of the climate emergency this investment was unethical and that divestment should take place according to the precedent set by its exclusion of investment in tobacco companies. ] ACC CoverPlus Extra was introduced by ACC to provide cover for self-employed workers and business owners that would fail to otherwise be covered adequately by the standard ACC CoverPlus policy. It works by paying an agreed level of compensation, in the event of an injury resulting in time off from work. ] With this cover already agreed upon, any business would not have to prove loss of income and has certainty on their amount of cover in the event of an accident-related injury. The ACC CoverPlus policy was designed to cover employees at 80% of their net taxable income. With ACC CoverPlus Extra, a self-employed contractor would get 100% of the pre-agreed compensation paid until they were fit to return to full-time work. A business owner would be able to get compensation under ACC CoverPlus Extra even if the business continued to earn income whilst the business owner could not work because of injury. This would not be possible with the standard policy. ] ACC allows certain companies to manage and fund the claims of its employees who are injured at work. In return, they are given a large discount in ACC premium. ACC says this provides companies with a financial incentive to have good health and safety practices at work. ] More than 140 New Zealand employers participate in this programme. ACC Futures Coalition and Green Party criticize this programme because creates a conflict interest for employers to wrongly deny claims and say it should be cancelled. ] ACC clients have occasionally threatened or attempted to harm ACC staff. In 1999, a staff member was fatally stabbed by a claimant at an ACC office in Henderson . ] In 2010, ACC logos were removed from company vehicles after several staff had their cars rammed or were ""driven off the road by other drivers"". The following year a threat against former chief executive Ralph Stewart led to a decision for security staff to be posted outside his home. There have been at least two threats to blow up a car bomb outside ACC offices and police have had to be called on several other occasions. In 2012, there were a total of 134 recorded threats made against staff—the majority against case managers ""making difficult decisions"". ] In 2013, it was reported that 64 people have been convicted of defrauding ACC of a total of more than $10 million over the past four years. This includes clients claiming they were ""injured"" but who kept working while"
"that 64 people have been convicted of defrauding ACC of a total of more than $10 million over the past four years. This includes clients claiming they were ""injured"" but who kept working while receiving ACC benefits and medical practitioners who billed ACC for more treatment than they actually provided. Another category of ACC fraudster includes widows who continued claiming payments after their (injured) partners have subsequently died. Sometimes these payments went on for nearly 30 years before the fraud came to light, with one woman having received nearly $150,000 after her husband had died. ] ACC staff have defrauded the corporation on a number of occasions. Jeffrey Chapman, former ACC chief executive from 1985 to 1992, was imprisoned for defrauding ACC and other government agencies; Gavin Robins, his successor from 1993 to 1997, was also charged with fraud but was acquitted. ] In 2011, a senior manager was convicted of dishonesty offences involving property leased to ACC by private business interests. ] In late 2012, Jonathan Wright, an ACC-contracted medical assessor, was convicted of dishonestly obtaining over $18,000 in falsified travel expenses from ACC. ] A treatment injury is one caused in the course of treatment by a registered health professional, and are not a necessary part or ordinary consequence of the treatment. ] Until 2005, these were called ""medical misadventure"" claims. ACC has had a number of breaches of privacy relating to claimants. The most significant occurred in 2011 after the release of details of 6700 claimants to an ACC claimant, Bronwyn Pullar. Pullar had been battling ACC since suffering a head injury in 2002—and had 45 separate complaints against the agency—only one of which was about the privacy breaches. ] In 2011 she and former National Party president Michelle Boag , had a meeting with two senior ACC managers to discuss her concerns. ACC referred the matter to the police claiming Pullar had threatened to go to the media about the privacy breaches if she didn't get what she wanted. The police listened to a tape recording of the meeting and decided there was no case to answer. ] In March 2012, ACC Minister Nick Smith resigned from Cabinet after it was revealed that he had written letters on behalf of Pullar, who was a personal friend of his, while he was ACC Minister. ] ACC chairman John Judge continued to insist his version of events was correct and as a result ACC Minister Judith Collins did not renew his tenure on the ACC Board. The chief executive of ACC, Ralph Stewart, also resigned the next day. ] Three other board members—Murray Hilder, Rob Campbell, and John McCliskie—also resigned. ] The fallout from the affair continued in May 2012, when Collins sued Labour MPs Trevor Mallard and Andrew Little for defamation over comments they made on Radio New Zealand broadcasts linking her to the leak of an email from Michelle Boag following the release of the files. ] The case was settled after a High Court"
"defamation over comments they made on Radio New Zealand broadcasts linking her to the leak of an email from Michelle Boag following the release of the files. ] The case was settled after a High Court hearing in November 2012. ] An independent review of ACC was conducted toward the end of 2012; it found the organisation ""lacked a comprehensive strategy for protecting and managing claimants' information"" and said ACC had an ""almost cavalier"" attitude toward its clients. The review showed that the culture within ACC enabled its staff to target clients involved in privacy breaches and complaints rather than demonstrating respect for claimants. In 2013, a ""training academy"" for staff was mooted, with an ""emphasis on a client-centred approach"". ] The following ministers have held responsibility for the Accident Compensation Corporation. ] Ministerial responsibility was held prior by the Minister of Labour . .mw-parser-output .legend{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .legend-color{display:inline-block;min-width:1.25em;height:1.25em;line-height:1.25;margin:1px 0;text-align:center;border:1px solid black;background-color:transparent;color:black}.mw-parser-output .legend-text{} Labour National"
"in Europe (green and dark grey) Norway ( Bokmål : Norge , Nynorsk : Noreg ), officially the Kingdom of Norway , ] is a Nordic country in Northern Europe , situated on the Scandinavian Peninsula with a population of 5.5 million as of 2024. ] The remote Arctic island of Jan Mayen and the archipelago of Svalbard also form part of the Kingdom of Norway. ] Bouvet Island , located in the Subantarctic , is a dependency , and not a part of the Kingdom; Norway also claims the Antarctic territories of Peter I Island and Queen Maud Land . The capital and largest city in Norway is Oslo . Norway has a total area of 385,207 square kilometres (148,729 sq mi). ] The country shares a long eastern border with Sweden , and is bordered by Finland and Russia to the northeast. Norway has an extensive coastline facing the Skagerrak strait, the North Atlantic Ocean, and the Barents Sea . Harald V of the House of Glücksburg is the current King of Norway . Jonas Gahr Støre has been Prime Minister of Norway since 2021. As a unitary state with a constitutional monarchy , Norway divides state power between the parliament , the cabinet , and the supreme court , as determined by the 1814 constitution . The unified kingdom of Norway was established in 872 as a merger of petty kingdoms and has existed continuously for 1,151–1,152 years. From 1537 to 1814, Norway was part of Denmark–Norway , and, from 1814 to 1905, it was in a personal union with Sweden. Norway was neutral during the First World War , and in the Second World War until April 1940 when it was invaded and occupied by Nazi Germany until the end of the war. Norway has both administrative and political subdivisions on two levels: counties and municipalities . The Sámi people have a certain amount of self-determination and influence over traditional territories through the Sámi Parliament and the Finnmark Act . Norway maintains close ties with the European Union and the United States . Norway is a founding member of the United Nations , NATO , the European Free Trade Association , the Council of Europe , the Antarctic Treaty , and the Nordic Council ; a member of the European Economic Area , the WTO , and the OECD ; and a part of the Schengen Area . The Norwegian dialects share mutual intelligibility with Danish and Swedish . Norway maintains the Nordic welfare model with universal health care and a comprehensive social security system, and its values are rooted in egalitarian ideals. ] The Norwegian state has large ownership positions in key industrial sectors, having extensive reserves of petroleum, natural gas, minerals, lumber, seafood, and fresh water. The petroleum industry accounts for around a quarter of the country's gross domestic product (GDP). ] On a per-capita basis, Norway is the world's largest producer of oil and natural gas outside of the Middle East. ] ] The country has the fourth- and eighth-highest per-capita income in the world on the World Bank 's and IMF 's list, respectively. ] It has the world's"
"and natural gas outside of the Middle East. ] ] The country has the fourth- and eighth-highest per-capita income in the world on the World Bank 's and IMF 's list, respectively. ] It has the world's largest sovereign wealth fund , with a value of US$1.3 trillion. ] ] Norway has two official names: Norge in Bokmål and Noreg in Nynorsk . The English name Norway comes from the Old English word Norþweg mentioned in 880, meaning ""northern way"" or ""way leading to the north"", which is how the Anglo-Saxons referred to the coastline of Atlantic Norway. ] ] ] The Anglo-Saxons of Britain also referred to the kingdom of Norway in 880 as Norðmanna land . ] ] There is some disagreement about whether the native name of Norway originally had the same etymology as the English form. According to the traditional dominant view, the first component was originally norðr , a cognate of English north , so the full name was Norðr vegr , ""the way northwards"", referring to the sailing route along the Norwegian coast, and contrasting with suðrvegar ""southern way"" (from Old Norse suðr ) for (Germany), and austrvegr ""eastern way"" (from austr ) for the Baltic . ] The earliest traces of human occupation in Norway are found along the coast, where the huge ice shelf of the last ice age first melted between 11,000 and 8000 BC. The oldest finds are stone tools dating from 9500 to 6000 BC, discovered in Finnmark ( Komsa culture ) in the north and Rogaland ( Fosna culture ) in the southwest. Theories about the two cultures being separate were deemed obsolete in the 1970s. ] Between 3000 and 2500 BC, new settlers ( Corded Ware culture ) arrived in eastern Norway . They were Indo-European farmers who grew grain and kept livestock, and gradually replaced the hunting-fishing population of the west coast. From about 1500 BC, bronze was gradually introduced. Burial cairns built close to the sea as far north as Harstad and also inland in the south are characteristic of this period, with rock carving motifs that differ from those of the Stone Age , depicting ships resembling the Hjortspring boat , while large stone burial monuments known as stone ships were also erected. ] There is little archaeological evidence dating to the early Iron Age (the last 500 years BC). The dead were cremated, and their graves contained few goods. During the first four centuries AD, the people of Norway were in contact with Roman-occupied Gaul ; about 70 Roman bronze cauldrons, often used as burial urns, have been found. Contact with countries farther south brought a knowledge of runes ; the oldest known Norwegian runic inscription dates from the third century. By the time of the first historical records of Scandinavia, about the 8th century, several small political entities existed in Norway. It has been estimated that there were nine petty realms in Western Norway during the early Viking Age . ] Archaeologist Bergljot Solberg on this basis estimates that there would have been at least 20 in the whole country."
"that there were nine petty realms in Western Norway during the early Viking Age . ] Archaeologist Bergljot Solberg on this basis estimates that there would have been at least 20 in the whole country. ] In the Viking period, Norwegian Viking explorers discovered Iceland by accident in the ninth century when heading for the Faroe Islands , and eventually came across Vinland , known today as Newfoundland , in Canada. The Vikings from Norway were most active in the northern and western British Isles and eastern North America isles . ] According to tradition, Harald Fairhair unified them into one in 872 after the Battle of Hafrsfjord in Stavanger , thus becoming the first king of a united Norway. ] Harald's realm was mainly a South Norwegian coastal state. Fairhair ruled with a strong hand and according to the sagas, many Norwegians left the country to live in Iceland, the Faroe Islands , Greenland , and parts of Britain and Ireland. ] Haakon I the Good was Norway's first Christian king, in the mid-10th century, though his attempt to introduce the religion was rejected. Norse traditions were replaced slowly by Christian ones in the late 10th and early 11th centuries. This is largely attributed to the missionary kings Olaf I Tryggvasson and Olaf II Haraldsson (St. Olaf). Olaf Tryggvasson conducted raids in England, including attacking London. Arriving back in Norway in 995, Olaf landed in Moster where he built a church which became the first Christian church in Norway. From Moster, Olaf sailed north to Trondheim where he was proclaimed King of Norway by the Eyrathing in 995. ] One of the most important sources for the history of the 11th century Vikings is the treaty between the Icelanders and Olaf II Haraldsson, king of Norway circa 1015 to 1028. ] Feudalism never really developed in Norway or Sweden, as it did in the rest of Europe. However, the administration of government took on a very conservative feudal character. The Hanseatic League forced royalty to cede to them greater and greater concessions over foreign trade and the economy, because of the loans the Hansa had made to the royals and the large debt the kings were carrying. The League's monopolistic control over the economy of Norway put pressure on all classes, especially the peasantry, to the degree that no real burgher class existed in Norway. ] From the 1040s to 1130, the country was at peace. ] In 1130, the civil war era broke out on the basis of unclear succession laws , which allowed the king's sons to rule jointly. The Archdiocese of Nidaros was created in 1152 and attempted to control the appointment of kings. ] The church inevitably had to take sides in the conflicts. The wars ended in 1217 with the appointment of Håkon IV Håkonsson , who introduced clear laws of succession. ] From 1000 to 1300, the population increased from 150,000 to 400,000, resulting both in more land being cleared and the subdivision of farms. While in the Viking Age farmers owned their own land, by 1300,"
"1000 to 1300, the population increased from 150,000 to 400,000, resulting both in more land being cleared and the subdivision of farms. While in the Viking Age farmers owned their own land, by 1300, seventy per cent of the land was owned by the king, the church, or the aristocracy, and about twenty per cent of yields went to these landowners. ] The 14th century is described as Norway's golden age , with peace and increase in trade, especially with the British Islands, although Germany became increasingly important towards the end of the century. Throughout the High Middle Ages , the king established Norway as a sovereign state with a central administration and local representatives. ] In 1349, the Black Death spread to Norway and within a year killed a third of the population. Later plagues reduced the population to half the starting point by 1400. Many communities were entirely wiped out, resulting in an abundance of land, allowing farmers to switch to more animal husbandry . The reduction in taxes weakened the king's position, ] and many aristocrats lost the basis for their surplus. High tithes to church made it increasingly powerful and the archbishop became a member of the Council of State . ] The Hanseatic League took control over Norwegian trade during the 14th century and established a trading centre in Bergen . In 1380, Olaf Haakonsson inherited both the Norwegian (as Olaf IV) and Danish thrones (as Olaf II), creating a union between the two countries. ] In 1397, under Margaret I , the Kalmar Union was created between the three Scandinavian countries. She waged war against the Germans, resulting in a trade blockade and higher taxation on Norwegian goods, which led to a rebellion . However, the Norwegian Council of State was too weak to pull out of the union. ] Margaret pursued a centralising policy which inevitably favoured Denmark because of its greater population. ] Margaret also granted trade privileges to the Hanseatic merchants of Lübeck in Bergen in return for recognition of her rule, and these hurt the Norwegian economy. The Hanseatic merchants formed a state within a state in Bergen for generations. ] The "" Victual Brothers "" launched three devastating pirate raids on the port (the last in 1427). ] Norway slipped ever more to the background under the Oldenburg dynasty (established 1448). There was one revolt under Knut Alvsson in 1502. ] Norway took no part in the events which led to Swedish independence from Denmark in the 1520s. ] Upon the death of King Haakon V in 1319, Magnus Eriksson , at just three years old, inherited the throne as King Magnus VII. A simultaneous movement to make Magnus King of Sweden proved successful (he was a grandson of King Magnus Ladulås of Sweden), and both the kings of Sweden and of Denmark were elected to the throne by their respective nobles. Thus Sweden and Norway were united under King Magnus VII. ] In 1349, the Black Death killed between 50% and 60% of Norway's population ] and led to a period"
"to the throne by their respective nobles. Thus Sweden and Norway were united under King Magnus VII. ] In 1349, the Black Death killed between 50% and 60% of Norway's population ] and led to a period of social and economic decline. ] Although the death rate was comparable with the rest of Europe, economic recovery took much longer because of the small, scattered population. ] Even before the plague, the population was only about 500,000. ] After the plague, many farms lay idle while the population slowly increased. ] However, the few surviving farms' tenants found their bargaining positions with their landlords greatly strengthened. ] King Magnus VII ruled Norway until 1350, when his son, Haakon, was placed on the throne as Haakon VI . ] In 1363, Haakon married Margaret , daughter of King Valdemar IV of Denmark . ] Upon the death of Haakon in 1379, his 10-year-old son Olaf IV acceded to the throne. ] As Olaf had already been elected to the throne of Denmark in 1376, ] Denmark and Norway entered a personal union . ] Olaf's mother and Haakon's widow, Queen Margaret, managed the foreign affairs of Denmark and Norway during Olaf's minority. ] Margaret was on the verge of achieving a union of Sweden with Denmark and Norway when Olaf IV suddenly died. ] Denmark made Margaret temporary ruler on the death of Olaf. On 2 February 1388, Norway followed suit and crowned Margaret. ] Queen Margaret knew that her power would be more secure if she were able to find a king to rule in her place. She settled on Eric of Pomerania , grandson of her sister. Thus at an all-Scandinavian meeting held at Kalmar, Erik of Pomerania was crowned king of all three Scandinavian countries, bringing the thrones of Norway, Denmark, and Sweden under the control of Queen Margaret when the country entered into the Kalmar Union . After Sweden broke out of the Kalmar Union in 1521, Norway tried to follow suit, citation needed ] but the subsequent rebellion was defeated, and Norway remained in a union with Denmark until 1814. This period was by some referred to as the ""400-Year Night"", since all of the kingdom's intellectual and administrative power was centred in Copenhagen . With the introduction of Protestantism in 1536, the archbishopric in Trondheim was dissolved; Norway lost its independence and effectually became a colony of Denmark. The Church's incomes and possessions were instead redirected to the court in Copenhagen. Norway lost the steady stream of pilgrims to the relics of St. Olav at the Nidaros shrine, and with them, much of the contact with cultural and economic life in the rest of Europe. Eventually restored as a kingdom (albeit in legislative union with Denmark) in 1661, Norway saw its land area decrease in the 17th century with the loss of the provinces Båhuslen , Jemtland , and Herjedalen to Sweden, as the result of a number of disastrous wars with Sweden. In the north, its territory was increased by the acquisition of the northern provinces of Troms and Finnmark ,"
", and Herjedalen to Sweden, as the result of a number of disastrous wars with Sweden. In the north, its territory was increased by the acquisition of the northern provinces of Troms and Finnmark , at the expense of Sweden and Russia. The famine of 1695–1696 killed roughly 10% of Norway's population. ] The harvest failed in Scandinavia at least nine times between 1740 and 1800, with great loss of life. ] After Denmark–Norway was attacked by the United Kingdom at the 1807 Battle of Copenhagen , it entered into an alliance with Napoleon , with the war leading to dire conditions and mass starvation in 1812. As the Danish kingdom was on the losing side in 1814, it was forced by the Treaty of Kiel to cede Norway to Sweden, while the old Norwegian provinces of Iceland, Greenland, and the Faroe Islands remained with the Danish crown. ] Norway took this opportunity to declare independence, adopted a constitution based on American and French models, and elected the Crown Prince of Denmark and Norway, Christian Frederick , as king on 17 May 1814 – celebrated as the Syttende mai (Seventeenth of May) holiday. Norwegian opposition to the decision to link Norway with Sweden caused the Norwegian–Swedish War to break out as Sweden tried to subdue Norway by military means. As Sweden's military was not strong enough to defeat the Norwegian forces outright, and Norway's treasury was not large enough to support a protracted war, and as British and Russian navies blockaded the Norwegian coast, ] the belligerents were forced to negotiate the Convention of Moss . Christian Frederik abdicated the Norwegian throne and authorised the Parliament of Norway to make the necessary constitutional amendments to allow for the personal union that Norway was forced to accept. On 4 November 1814, the Parliament (Storting) elected Charles XIII of Sweden as king of Norway, thereby establishing the union with Sweden . ] Under this arrangement, Norway kept its liberal constitution and its own independent institutions, though it shared a monarch and foreign policy with Sweden. Following the recession caused by the Napoleonic Wars , economic development of Norway remained slow until 1830. ] This period also saw the rise of Norwegian romantic nationalism , as Norwegians sought to define and express a distinct national character. The movement covered all branches of culture, including literature ( Henrik Wergeland , Bjørnstjerne Bjørnson , Peter Christen Asbjørnsen , Jørgen Moe ), painting ( Hans Gude , Adolph Tidemand ), music ( Edvard Grieg ), and even language policy, where attempts to define a native written language for Norway led to today's two official written forms for Norwegian: Bokmål and Nynorsk . King Charles III John came to the throne of Norway and Sweden in 1818 and reigned to 1844. He protected the constitution and liberties of Norway and Sweden during the age of Metternich . neutrality is disputed ] As such, he was regarded as a liberal monarch. However, he was ruthless in"
"He protected the constitution and liberties of Norway and Sweden during the age of Metternich . neutrality is disputed ] As such, he was regarded as a liberal monarch. However, he was ruthless in his use of paid informers, secret police and restrictions on the freedom of the press to put down public movements for reform—especially the Norwegian national independence movement. ] The Romantic Era that followed the reign of Charles III John brought some significant social and political reforms. In 1854, women won the right to inherit property. In 1863, the last trace of keeping unmarried women in the status of minors was removed. Furthermore, women were eligible for different occupations, particularly the common school teacher. ] By mid-century, Norway's democracy was limited; voting was limited to officials, property owners, leaseholders and burghers of incorporated towns. ] Norway remained a conservative society. Life in Norway (especially economic life) was ""dominated by the aristocracy of professional men who filled most of the important posts in the central government"". ] There was no strong bourgeois class to demand a breakdown of this aristocratic control. ] Thus, even while revolution swept over most of the countries of Europe in 1848, Norway was largely unaffected. ] Marcus Thrane was a Utopian socialist who in 1848 organised a labour society in Drammen . In just a few months, this society had a membership of 500 and was publishing its own newspaper. Within two years, 300 societies had been organised all over Norway, with a total membership of 20,000 drawn from the lower classes of both urban and rural areas. ] In the end, the revolt was easily crushed; Thrane was captured and jailed. ] In 1898, all men were granted universal suffrage , followed by all women in 1913. Christian Michelsen , Prime Minister of Norway from 1905 to 1907, played a central role in the peaceful separation of Norway from Sweden on 7 June 1905. A national referendum confirmed the people's preference for a monarchy over a republic. However, no Norwegian could legitimately claim the throne, since none of Norway's noble families could claim royal descent . The government then offered the throne of Norway to Prince Carl of Denmark, a prince of the Dano-German royal house of Schleswig-Holstein-Sonderburg-Glücksburg and a distant relative of Norway's medieval kings. Following the plebiscite, he was unanimously elected king by the Norwegian Parliament ; he took the name Haakon VII . Throughout the First World War , Norway remained neutral; however, diplomatic pressure from the British government meant that it heavily favoured the Allies . During the war, Norway exported fish to both Germany and Britain, until an ultimatum from the British government and anti-German sentiments as a result of German submarines targeting Norwegian merchantmen led to a termination of trade with Germany. 436 Norwegian merchantmen were sunk by the Kaiserliche Marine , with 1,150 Norwegian sailors"
"a result of German submarines targeting Norwegian merchantmen led to a termination of trade with Germany. 436 Norwegian merchantmen were sunk by the Kaiserliche Marine , with 1,150 Norwegian sailors killed. ] disputed – discuss ] Norway once more proclaimed its neutrality during the Second World War , but was invaded by German forces on 9 April 1940. Although Norway was unprepared for the German surprise attack (see: Battle of Drøbak Sound , Norwegian Campaign , and Invasion of Norway ), military and naval resistance lasted for two months. Norwegian armed forces in the north launched an offensive against the German forces in the Battles of Narvik , but were forced to surrender on 10 June after losing British support which had been diverted to France during the German invasion of France . King Haakon and the Norwegian government escaped to Rotherhithe in London. Throughout the war they sent radio speeches and supported clandestine military actions against the Germans. On the day of the invasion, the leader of the small National-Socialist party Nasjonal Samling , Vidkun Quisling , tried to seize power, but was forced by the German occupiers to step aside. Real power was wielded by the leader of the German occupation authority, Josef Terboven . Quisling, as minister president , later formed a collaborationist government under German control . Up to 15,000 Norwegians volunteered to fight in German units, including the Waffen-SS . ] Many Norwegians and persons of Norwegian descent joined the Allied forces as well as the Free Norwegian Forces . In June 1940, a small group had left Norway following their king to Britain. This group included 13 ships, five aircraft, and 500 men from the Royal Norwegian Navy. By the end of the war, the force had grown to 58 ships and 7,500 men in service in the Royal Norwegian Navy, 5 squadrons of aircraft in the newly formed Norwegian Air Force, and land forces including the Norwegian Independent Company 1 and 5 Troop as well as No. 10 Commandos . citation needed ] During German occupation , Norwegians built a resistance movement which incorporated civil disobedience and armed resistance including the destruction of Norsk Hydro 's heavy water plant and stockpile of heavy water at Vemork , which crippled the German nuclear programme . More important to the Allied war effort, however, was the role of the Norwegian Merchant Marine , the fourth-largest merchant marine fleet in the world. It was led by the Norwegian shipping company Nortraship under the Allies throughout the war and took part in every war operation from the evacuation of Dunkirk to the Normandy landings . Every December Norway gives a Christmas tree to the United Kingdom as thanks for the British assistance during the war. ] Svalbard was not occupied by German troops, but Germany secretly established a meteorological station there in 1944. ] From 1945 to 1962, the Labour Party held an absolute majority in the parliament. The government, led by prime minister"
"but Germany secretly established a meteorological station there in 1944. ] From 1945 to 1962, the Labour Party held an absolute majority in the parliament. The government, led by prime minister Einar Gerhardsen , embarked on a programme inspired by Keynesian economics , emphasising state financed industrialisation and co-operation between trade unions and employers' organisations . Many measures of state control of the economy imposed during the war were continued, although the rationing of dairy products was lifted in 1949, while price controls and rationing of housing and cars continued until 1960. The wartime alliance with the United Kingdom and the United States continued in the post-war years. Although pursuing the goal of a socialist economy, the Labour Party distanced itself from the Communists, especially after the Communists' seizure of power in Czechoslovakia in 1948, and strengthened its foreign policy and defence policy ties with the US. Norway received Marshall Plan aid from the United States starting in 1947, joined the Organisation for Economic Co-operation and Development (OECD) one year later, and became a founding member of the North Atlantic Treaty Organization (NATO) in 1949. Oil was discovered at the small Balder field in 1967, but production only began in 1999. ] In 1969, the Phillips Petroleum Company discovered petroleum resources at the Ekofisk field west of Norway. In 1973, the Norwegian government founded the State oil company, Statoil (now Equinor ). Oil production did not provide net income until the early 1980s because of the large capital investment required. Around 1975, both the proportion and absolute number of workers in industry peaked. Since then labour-intensive industries and services like factory mass production and shipping have largely been outsourced. Norway was a founding member of the European Free Trade Association (EFTA). Norway was twice invited to join the European Union , but ultimately declined after referendums that failed by narrow margins in 1972 and 1994 . ] In 1981, a Conservative Party government led by Kåre Willoch replaced the Labour Party with a policy of stimulating the stagflated economy with tax cuts, economic liberalisation, deregulation of markets, and measures to curb record-high inflation (13.6% in 1981). Norway's first female prime minister Gro Harlem Brundtland of the Labour Party continued many of the reforms, while backing traditional Labour concerns such as social security , high taxes, the industrialisation of nature, and feminism. By the late 1990s, Norway had paid off its foreign debt and had started accumulating a sovereign wealth fund . Since the 1990s, a divisive question in politics has been how much of the income from petroleum production the government should spend, and how much it should save. In 2011, Norway suffered two terrorist attacks by Anders Behring Breivik which struck the government quarter in Oslo and a summer camp of the Labour party's youth movement at"
"how much it should save. In 2011, Norway suffered two terrorist attacks by Anders Behring Breivik which struck the government quarter in Oslo and a summer camp of the Labour party's youth movement at Utøya island, resulting in 77 deaths and 319 wounded. ] Jens Stoltenberg led Norway as prime minister for eight years from 2005 to 2013. ] The 2013 Norwegian parliamentary election brought a more conservative government to power, with the Conservative Party and the Progress Party winning 43% of the electorate's votes. ] In the Norwegian parliamentary election 2017 the centre-right government of Prime Minister Erna Solberg won re-election. ] The 2021 Norwegian parliamentary election saw a big win for the left-wing opposition in an election fought on climate change, inequality, and oil; ] Labour leader Jonas Gahr Støre was sworn in as prime minister. ] Norway's core territory comprises the western and northernmost portion of the Scandinavian Peninsula ; the remote island of Jan Mayen and the archipelago of Svalbard are also included. ] The Antarctic Peter I Island and the sub-Antarctic Bouvet Island are dependent territories and thus not considered part of the Kingdom. Norway also claims a section of Antarctica known as Queen Maud Land . ] Norwegian possessions in the North Atlantic, Faroe Islands , Greenland , and Iceland , remained Danish when Norway was passed to Sweden at the Treaty of Kiel . ] Norway also comprised Bohuslän until 1658, Jämtland an"
"Civil Auto Liability ( Romanian : Răspundere Civilă Auto ) is a Romanian motor-vehicle liability insurance policy that covers damages caused to third parties. ] This insurance is legally mandatory for any motor vehicle owner in Romania. ] The insurance policy Romanian : Răspundere Civilă Auto it is also known as RCA. ] In case of an accident this insurance policy covers repair costs incurred by the party determined to not be at fault. ] Governed by Ordinance CSA no. 11/2007, RCA insurance is issued as a certificate confirming payment and coverage period rather than a traditional contract. The policy is mandatory and must include a vignette and international insurance document (Green Card). Effective from January 1, 2008, the vignette must be displayed on the upper right corner of the windshield. RCA policies are valid for six or twelve months and also for vehicles with temporary registration plates. ] The insurance coverage includes a maximum compensation limit for material damages of up to €150,000 in 2008 and €300,000 in 2009, and up to €750,000 for bodily injuries and deaths in 2008 and €1,500,000 in 2009. Coverage starts 48 hours after payment, with exceptions for newly purchased vehicles or policy renewals. Since 2007, premiums are also applicable for trailers and semi-trailers. ]"
"South Africa , officially the Republic of South Africa ( RSA ), is the southernmost country in Africa . Its nine provinces are bounded to the south by 2,798 kilometres (1,739 miles) of coastline that stretches along the South Atlantic and Indian Ocean ; ] ] ] to the north by the neighbouring countries of Namibia , Botswana , and Zimbabwe ; and to the east and northeast by Mozambique and Eswatini . It also completely enclaves Lesotho . ] It is the southernmost country on the mainland of the Old World and the second-most populous country located entirely south of the equator, after Tanzania . With over 62 million people , the country is the world's 23rd-most populous nation and the 24th largest country in the world covers an area of 1,221,037 square kilometres (471,445 square miles). Pretoria is the administrative capital, while Cape Town , as the seat of Parliament , is the legislative capital. Bloemfontein has traditionally been regarded as the judicial capital. ] The largest and most-populous city is Johannesburg , followed by Cape Town and the largest port city in sub Saharan Africa, Durban . Archaeological findings suggest that various hominid species existed in South Africa about 2.5 million years ago and modern humans inhabited the region over 100,000 years ago. The first known people were the indigenous Khoisan , and Bantu-speaking peoples from West and Central Africa later settled in the region in the early centuries CE . In 1652, the Dutch established the first European settlement at Table Bay , and in 1795 and 1806, the British occupied it. Diamonds and gold were discovered in the 19th century, bringing a shift towards industrialisation and urbanisation. The Union of South Africa was created in 1910 out of the former Cape , Natal , Transvaal , and Orange River colonies. Though a system of non-racial franchise had existed in the Cape, it was gradually eroded, and the vast majority of Black South Africans were not enfranchised until 1994. During the 20th century, the black majority sought to claim more rights from the dominant white minority, which played a large role in the country's recent history and politics. The National Party imposed apartheid in 1948, institutionalising previous racial segregation . After a largely non-violent struggle by the African National Congress and other anti-apartheid activists both inside and outside the country, the repeal of discriminatory laws began in the mid-1980s. Universal elections took place in 1994 , following which, all racial groups have held political representation in the country's liberal democracy , which comprises a parliamentary republic and nine provinces . According to the V-Dem Democracy Indices , it is ranked the 53rd electoral democracy worldwide and the third in Africa . ] Today, about 80% of the population are Black South Africans . ] The remaining population consists of Africa's largest communities of multiracial, European, and Asian ancestry ( Coloured , White , Indian , and"
"80% of the population are Black South Africans . ] The remaining population consists of Africa's largest communities of multiracial, European, and Asian ancestry ( Coloured , White , Indian , and Chinese South Africans , respectively). South Africa is a multi-ethnic society encompassing a wide variety of cultures , languages , and religions . Its pluralistic makeup is reflected in the Constitution 's recognition of 12 official languages, the fourth-highest number in the world. ] According to the 2022 census , the two most-spoken first languages are Zulu (24.4%) and Xhosa (16.3%), which are both of the Nguni branch . The third and fifth are of European origin: Afrikaans (10.6%), developed from Dutch , serves as the first language of most Coloured and White South Africans, while English (8.7%) reflects the legacy of British colonialism and is commonly used in public and commercial life. South Africa is often referred to as the "" rainbow nation "" to describe the country's multicultural diversity, especially in the wake of apartheid. ] South Africa is a middle power in international affairs; it maintains significant regional influence and is a member of BRICS , the African Union , SADC , SACU , the Commonwealth of Nations , and the G20 . ] ] A developing , newly industrialised country , South Africa has the largest economy in Africa and the 38th largest in the world by nominal GDP ; ] ] it ranks 110th on the Human Development Index , the 7th highest on the continent. South Africa is the only African nation to legislate same-sex marriage . ] It is tied with Ethiopia for the most UNESCO World Heritage Sites in Africa, ] and is a biodiversity hotspot , with unique biomes , plant and animal life. Since the end of apartheid , government accountability and quality of life have substantially improved. ] However, crime , poverty, and inequality remain widespread, with about 40% of the total population being unemployed as of 2021 ] , ] while some 60% of the population lived below the poverty line and a quarter lived below $2.15 a day. ] ] ] Having the highest Gini coefficient of 63.0, South Africa is considered to be one of, if not the most, unequal countries in the world. ] ] The name ""South Africa"" is derived from the country's geographic location at the southern tip of Africa. Upon formation, the country was named the Union of South Africa in English and Unie van Zuid-Afrika in Dutch , reflecting its origin from the unification of four British colonies. Since 1961, the long formal name in English has been the ""Republic of South Africa"" and Republiek van Suid-Afrika in Afrikaans . The country has an official name in 12 official languages . ] ] Mzansi , derived from the Xhosa noun uMzantsi meaning ""south"", is a colloquial name for South Africa, ] ] while some Pan-Africanist political parties prefer the term "" Azania "". ] South Africa contains some of the oldest archaeological and human-fossil sites in the world. ] ] ] Archaeologists have recovered extensive"
"political parties prefer the term "" Azania "". ] South Africa contains some of the oldest archaeological and human-fossil sites in the world. ] ] ] Archaeologists have recovered extensive fossil remains from a series of caves in Gauteng Province. The area, a UNESCO World Heritage Site , has been branded ""the Cradle of Humankind "". The sites include Sterkfontein , one of the richest sites for hominin fossils in the world, as well as Swartkrans , Gondolin Cave , Kromdraai , Cooper's Cave and Malapa . Raymond Dart identified the first hominin fossil discovered in Africa, the Taung Child (found near Taung ) in 1924. Other hominin remains have come from the sites of Makapansgat in Limpopo Province; Cornelia and Florisbad in Free State Province ; Border Cave in KwaZulu-Natal Province; Klasies River Caves in Eastern Cape Province; and Pinnacle Point , Elandsfontein and Die Kelders Cave in Western Cape Province. ] These finds suggest that various hominid species existed in South Africa from about three million years ago, starting with Australopithecus africanus , ] followed by Australopithecus sediba , Homo ergaster , Homo erectus , Homo rhodesiensis , Homo helmei , Homo naledi and modern humans ( Homo sapiens ). Modern humans have inhabited Southern Africa for at least 170,000 years. Various researchers have located pebble tools within the Vaal River valley. ] ] Settlements of Bantu-speaking peoples , who were iron-using agriculturists and herdsmen , were present south of the Limpopo River (now the northern border with Botswana and Zimbabwe ) by the 4th or 5th century CE. They displaced, conquered, and absorbed the original Khoisan , Khoikhoi and San peoples. The Bantu slowly moved south. The earliest ironworks in modern-day KwaZulu-Natal Province are believed to date from around 1050. The southernmost group was the Xhosa people , whose language incorporates certain linguistic traits from the earlier Khoisan people. The Xhosa reached the Great Fish River , in today's Eastern Cape Province. As they migrated, these larger Iron Age populations displaced or assimilated earlier peoples. In Mpumalanga Province, several stone circles have been found along with a stone arrangement that has been named Adam's Calendar , and the ruins are thought to be created by the Bakone , a Northern Sotho people. ] ] In 1487, the Portuguese explorer Bartolomeu Dias led the first European voyage to land in southern Africa. ] On 4 December, he landed at Walfisch Bay (now known as Walvis Bay in present-day Namibia). This was south of the furthest point reached in 1485 by his predecessor, the Portuguese navigator Diogo Cão ( Cape Cross , north of the bay). Dias continued down the western coast of southern Africa. After 8 January 1488, prevented by storms from proceeding along the coast, he sailed out of sight of land and passed the southernmost point of Africa without seeing it. He reached as far up the eastern coast of Africa as, what he called, Rio do Infante , probably the"
"coast, he sailed out of sight of land and passed the southernmost point of Africa without seeing it. He reached as far up the eastern coast of Africa as, what he called, Rio do Infante , probably the present-day Groot River , in May 1488. On his return he saw the cape, which he named Cabo das Tormentas ('Cape of Storms'). King John II renamed the point Cabo da Boa Esperança , or Cape of Good Hope , as it led to the riches of the East Indies . ] Dias' feat of navigation was immortalised in Luís de Camões ' 1572 epic poem Os Lusíadas . By the early 17th century, Portugal's maritime power was starting to decline, and English and Dutch merchants competed to oust Portugal from its lucrative monopoly on the spice trade . ] Representatives of the British East India Company sporadically called at the cape in search of provisions as early as 1601 but later came to favour Ascension Island and Saint Helena as alternative ports of refuge. ] Dutch interest was aroused after 1647, when two employees of the Dutch East India Company were shipwrecked at the cape for several months. The sailors were able to survive by obtaining fresh water and meat from the natives. ] They also sowed vegetables in the fertile soil. ] Upon their return to Holland, they reported favourably on the cape's potential as a ""warehouse and garden"" for provisions to stock passing ships for long voyages. ] In 1652, a century and a half after the discovery of the cape sea route, Jan van Riebeeck established a victualling station at the Cape of Good Hope, at what would become Cape Town , on behalf of the Dutch East India Company. ] ] In time, the cape became home to a large population of vrijlieden , also known as vrijburgers ( lit. ' free citizens ' ), former company employees who stayed in Dutch territories overseas after serving their contracts. ] Dutch traders also brought thousands of enslaved people to the fledgling colony from Indonesia , Madagascar , and parts of eastern Africa. ] Some of the earliest mixed race communities in the country were formed between vrijburgers , enslaved people, and indigenous peoples. ] This led to the development of a new ethnic group, the Cape Coloureds , most of whom adopted the Dutch language and Christian faith. ] The eastward expansion of Dutch colonists ushered in a series of wars with the southwesterly migrating Xhosa tribe, known as the Xhosa Wars , as both sides competed for the pastureland near the Great Fish River, which the colonists desired for grazing cattle. ] Vrijburgers who became independent farmers on the frontier were known as Boers , with some adopting semi-nomadic lifestyles being denoted as trekboers . ] The Boers formed loose militias , which they termed commandos , and forged alliances with Khoisan peoples to repel Xhosa raids. ] Both sides launched bloody but inconclusive offensives, and sporadic violence, often accompanied by livestock theft, remained common for several decades. ] Great Britain occupied Cape Town between 1795 and"
"launched bloody but inconclusive offensives, and sporadic violence, often accompanied by livestock theft, remained common for several decades. ] Great Britain occupied Cape Town between 1795 and 1803 to prevent it from falling under the control of the French First Republic , which had invaded the Low Countries . ] After briefly returning to Dutch rule under the Batavian Republic in 1803, the cape was occupied again by the British in 1806. ] Following the end of the Napoleonic Wars , it was formally ceded to Great Britain and became an integral part of the British Empire . ] British emigration to South Africa began around 1818, subsequently culminating in the arrival of the 1820 Settlers . ] The new colonists were induced to settle for a variety of reasons, namely to increase the size of the European workforce and to bolster frontier regions against Xhosa incursions. ] In the first two decades of the 19th century, the Zulu people grew in power and expanded their territory under their leader, Shaka . ] Shaka's warfare indirectly led to the Mfecane ('crushing'), in which one to two million people were killed and the inland plateau was devastated and depopulated in the early 1820s. ] ] An offshoot of the Zulu, the Matabele people created a larger empire that included large parts of the highveld under their king Mzilikazi . During the early 19th century, many Dutch settlers departed from the Cape Colony , where they had been subjected to British control, in a series of migrant groups who came to be known as Voortrekkers , meaning ""pathfinders"" or ""pioneers"". They migrated to the future Natal , Free State, and Transvaal regions. The Boers founded the Boer republics : the South African Republic , the Natalia Republic , and the Orange Free State . ] The discovery of diamonds in 1867 and gold in 1884 in the interior started the Mineral Revolution and increased economic growth and immigration. This intensified British subjugation of the indigenous people. The struggle to control these important economic resources was a factor in relations between Europeans and the indigenous population and also between the Boers and the British. ] On 16 May 1876, President Thomas François Burgers of the South African Republic declared war against the Pedi people . King Sekhukhune managed to defeat the army on 1 August 1876. Another attack by the Lydenburg Volunteer Corps was also repulsed. On 16 February 1877, the two parties signed a peace treaty at Botshabelo . ] The Boers' inability to subdue the Pedi led to the departure of Burgers in favour of Paul Kruger and the British annexation of the South African Republic. In 1878 and 1879 three British attacks were successfully repelled until Garnet Wolseley defeated Sekhukhune in November 1879 with an army of 2,000 British soldiers, Boers and 10,000 Swazis. The Anglo-Zulu War was fought in 1879 between the British and the Zulu Kingdom . Following Lord Carnarvon 's successful introduction of federation in Canada , it was"
"Boers and 10,000 Swazis. The Anglo-Zulu War was fought in 1879 between the British and the Zulu Kingdom . Following Lord Carnarvon 's successful introduction of federation in Canada , it was thought that similar political effort, coupled with military campaigns, might succeed with the African kingdoms, tribal areas and Boer republics in South Africa. In 1874, Henry Bartle Frere was sent to South Africa as the British High Commissioner to bring such plans into being. Among the obstacles were the presence of the independent states of the Boers, and the Zululand army. The Zulu nation defeated the British at the Battle of Isandlwana . Eventually Zululand lost the war, resulting in the termination of the Zulu nation's independence. ] The Boer republics successfully resisted British encroachments during the First Boer War (1880–1881) using guerrilla warfare tactics, which were well-suited to local conditions. The British returned with greater numbers, more experience, and new strategy in the Second Boer War (1899–1902) and, although suffering heavy casualties due to Boer attrition warfare , they were ultimately successful due in part to scorched earth tactics such as concentration camps , in which 27,000 Boer civilians died due to a combination of disease and neglect. ] South Africa's urban population grew rapidly from the end of the 19th century onward. After the devastation of the wars, Dutch-descendant Boer farmers fled into cities from the devastated Transvaal and Orange Free State territories to become the class of the white urban poor. ] Anti-British policies among white South Africans focused on independence. During the Dutch and British colonial years, racial segregation was mostly informal, though some legislation was enacted to control the settlement and movement of indigenous people, including the Native Location Act of 1879 and the system of pass laws . ] ] ] ] ] Eight years after the end of the Second Boer War and after four years of negotiation, the South Africa Act 1909 granted nominal independence while creating the Union of South Africa on 31 May 1910. The union was a dominion that included the former territories of the Cape, Transvaal and Natal colonies, as well as the Orange Free State republic. ] The Natives' Land Act of 1913 severely restricted the ownership of land by blacks; at that stage they controlled only 7% of the country. The amount of land reserved for indigenous peoples was later marginally increased. ] In 1931, the union became fully sovereign from the United Kingdom with the passage of the Statute of Westminster , which abolished the last powers of the Parliament of the United Kingdom to legislate in the country. Only three other African countries—Liberia, Ethiopia, and Egypt—had been independent prior to that point. In 1934, the South African Party and National Party merged to form the United Party , seeking reconciliation between Afrikaners and English-speaking whites. In 1939, the party split over the entry of the"
"the South African Party and National Party merged to form the United Party , seeking reconciliation between Afrikaners and English-speaking whites. In 1939, the party split over the entry of the union into World War II, as an ally of the United Kingdom, a move which National Party followers opposed. ] In 1948, the National Party was elected to power. It strengthened the racial segregation begun under Dutch and British colonial rule. Taking Canada's Indian Act as a framework, ] the nationalist government classified all peoples into three races ( Whites, Blacks, Indians and Coloured people (people of mixed race) ) and developed rights and limitations for each. The white minority (less than 20%) ] controlled the vastly larger black majority. The legally institutionalised segregation became known as apartheid . While whites enjoyed the highest standard of living in all of Africa, comparable to First World Western nations, the black majority remained disadvantaged by almost every standard, including income, education, housing, and life expectancy. ] The Freedom Charter , adopted in 1955 by the Congress Alliance , demanded a non-racial society and an end to discrimination. On 31 May 1961, the country became a republic following a referendum (only open to white voters) which narrowly passed; ] the British-dominated Natal province largely voted against the proposal. Elizabeth II lost the title Queen of South Africa , and the last Governor-General , Charles Robberts Swart , became state president . As a concession to the Westminster system , the appointment of the president remained an appointment by parliament and was virtually powerless until P. W. Botha 's Constitution Act of 1983 , which eliminated the office of prime minister and instated a unique ""strong presidency"" responsible to parliament . Pressured by other Commonwealth of Nations countries, South Africa withdrew from the organisation in 1961 and rejoined it in 1994. Despite opposition to apartheid both within and outside the country, the government legislated for a continuation of apartheid. The security forces cracked down on internal dissent, and violence became widespread, with anti-apartheid organisations such as the African National Congress (ANC), the Azanian People's Organisation , and the Pan-Africanist Congress carrying out guerrilla warfare ] and urban sabotage. ] The three rival resistance movements also engaged in occasional inter-factional clashes as they jockeyed for domestic influence. ] Apartheid became increasingly controversial, and several countries began to boycott business with the South African government because of its racial policies. These measures were later extended to international sanctions and the divestment of holdings by foreign investors. ] ] The Mahlabatini Declaration of Faith , signed by Mangosuthu Buthelezi and Harry Schwarz in 1974, enshrined the principles of peaceful transition of power and equality for all, the first of such agreements by black and"
"of Faith , signed by Mangosuthu Buthelezi and Harry Schwarz in 1974, enshrined the principles of peaceful transition of power and equality for all, the first of such agreements by black and white political leaders in South Africa. Ultimately, F.W. de Klerk opened bilateral discussions with Nelson Mandela in 1993 for a transition of policies and government. In 1990, the National Party government took the first step towards dismantling discrimination when it lifted the ban on the ANC and other political organisations. It released Nelson Mandela from prison after 27 years of serving a sentence for sabotage. A negotiation process followed. With approval from the white electorate in a 1992 referendum , the government continued negotiations to end apartheid. South Africa held its first universal elections in 1994 , which the ANC won by an overwhelming majority. It has been in power ever since. The country rejoined the Commonwealth of Nations and became a member of the Southern African Development Community . ] In post-apartheid South Africa, unemployment remained high. While many blacks have risen to middle or upper classes, the overall unemployment rate of black people worsened between 1994 and 2003 by official metrics but declined significantly using expanded definitions. ] Poverty among whites, which was previously rare, increased. ] The government struggled to achieve the monetary and fiscal discipline to ensure both redistribution of wealth and economic growth. The United Nations Human Development Index rose steadily until the mid-1990s ] then fell from 1995 to 2005 before recovering its 1995 peak in 2013. ] The fall is in large part attributable to the South African HIV/AIDS pandemic which saw South African life expectancy fall from a high point of 62 years in 1992 to a low of 53 in 2005, ] and the failure of the government to take steps to address the pandemic in its early years. ] In May 2008, riots left over 60 people dead. ] The Centre on Housing Rights and Evictions estimated that over 100,000 people were driven from their homes. ] The targets were mainly legal and illegal migrants , and refugees seeking asylum, but a third of the victims were South African citizens. ] In a 2006 survey, the South African Migration Project concluded that South Africans are more opposed to immigration than any other national group. ] The UN High Commissioner for Refugees in 2008 reported over 200,000 refugees applied for asylum in South Africa, almost four times as many as the year before. ] These people were mainly from Zimbabwe , though many also come from Burundi , Democratic Republic of the Congo , Rwanda , Eritrea , Ethiopia and Somalia . ] Competition over jobs, business opportunities, public services and housing has led to tension between refugees and host communities. ] While xenophobia in South Africa is still a problem, the United Nations High Commissioner for Refugees in 2011 reported that recent violence had not been as widespread as initially"
"communities. ] While xenophobia in South Africa is still a problem, the United Nations High Commissioner for Refugees in 2011 reported that recent violence had not been as widespread as initially feared. ] Nevertheless, as South Africa continues to grapple with racial issues, one of the proposed solutions has been to pass legislation, such as the pending Hate Crimes and Hate Speech Bill , to uphold South Africa's ban on racism and commitment to equality. ] ] On 14 February 2018, Jacob Zuma resigned the presidency. Since 15 February, ANC president Cyril Ramaphosa has been President of South Africa. On 16 March 2018, just over a month after President Jacob Zuma resigned from the presidency, National Director of Public Prosecutions Shaun Abrahams announced that Zuma would again face prosecution on 16 criminal charges – 12 charges of fraud, two of corruption, and one each of racketeering and money laundering, just as in the 2006 indictment. A warrant was issued for his arrest in February 2020 after he failed to appear in court. In 2021 he was found guilty of contempt of court and sentenced to 15 months' imprisonment. In response, supporters of Zuma engaged in protests which led to riots, looting, vandalism and widespread violence, leaving 354 people dead. ] South Africa has been undergoing a period of intense political and economic crisis since 2020 with growing numbers of international institutions, businesses and political figures warning that the country risks collapsing into a failed state due to high unemployment, low economic growth, low business investment, rising levels of violent crime, disorder, political corruption, and state capture . ] ] ] ] ] The country been undergoing an energy crisis since 2007, resulting in routine rolling electricity blackouts due to loadshedding . ] According to the International Monetary Fund , South Africa is suffering from ""massive corruption"" and state capture. ] The Zondo Commission , established in 2018 in order to investigate allegations of corruption and state capture released its findings in 2022. It found rampant corruption at every level of government, including Transnet , Eskom , and Denel , as well as law enforcement , intelligence agencies , and the civil service . It documented evidence of systemic corruption , fraud , racketeering , bribery , money laundering , and state capture. It investigated the African National Congress party and Jacob Zuma, whom it concluded were complicit in state capture through their direct assistance to the Gupta family . ] ] ""The Commission estimated the total amount of money spent by the state which was 'tainted' by state capture to be around R57 billion. More than 97% of the R57 billion came from Transnet and Eskom. Out of these funds, the Gupta enterprise received at least R15 billion. The total loss to the state is difficult to quantify, but would far exceed that R15 billion."" ] South Africa has maintained a position of neutrality in regards to the Russia invasion"
"R15 billion. The total loss to the state is difficult to quantify, but would far exceed that R15 billion."" ] South Africa has maintained a position of neutrality in regards to the Russia invasion of Ukraine in 2022 and the ongoing war . On 29 December 2023, South Africa formally submitted its case to the International Court of Justice regarding Israel 's conduct in the Gaza Strip as part of the Israel–Hamas war , alleging that Israel had committed and was committing genocide against Palestinians in the Gaza Strip. South Africa has repeatedly hosted senior leaders of Hamas , the group responsible for the October 7th massacre in Israe"
"The Road Accident Fund ( RAF ) is a South African state insurer that provides liability and collision insurance coverage to all drivers in South Africa. ] ] ] RAF does not cover property damage (such as damage to vehicles, buildings, and the contents of a vehicle). The RAF issues settlements by assigning the claimant a percentage of responsibility for the accident and paying the claimant the percentage of a full settlement that was determined not to be their responsibility. Road Accident Fund collects insurance premiums through a levy on motor vehicle fuel. The RAF provides compulsory social insurance cover to all users of South African roads, both citizens and foreigners, against injuries sustained or death arising from accidents involving motor vehicles within the borders of South Africa. This cover is in the form of indemnity insurance to persons who cause the accident, as well as personal injury and death insurance to victims of motor vehicle accidents and their families. The RAF's mandate is to rehabilitate and compensate persons injured as a result of the negligent driving of motor vehicles and to promote road safety in South Africa. The RAF was established by the Road Accident Fund Act, 1996 and started operation on 1 May 1997. It assumed the rights, obligations, assets and liabilities of the Multilateral Motor Vehicle Accidents Fund. Before 1997, the system of compulsory motor vehicle accident insurance was governed by the following legislation: The South African Government 's oversight over the RAF includes: The National Assembly has legislative powers and maintains oversight of the National Executive Authority and the RAF as an organ of State. In addition, Parliament oversees the Executive Authority who is required to provide Parliament with full and regular reports concerning matters under his control. Parliament exercises oversight of the RAF through the Transport Portfolio Committee and through SCOPA. The Portfolio Committee oversees service delivery and performance in accordance with the mandate of the RAF and its corporate strategy. It reviews financial and non-financial information, such as efficiency and effectiveness measures in delivering services against corporate goals. The Minister of Transport is the Executive Authority of the RAF and is concerned with the financial viability and risks of the organization, as well as policy-making and monitoring of policy implementation to ensure that the RAF effectively delivers on its mandate. The board of directors acts as the Accounting Authority of the RAF and is accountable to the Executive Authority for the performance and affairs of the entity. The RAF's Board is responsible for determining the overall direction of the RAF, formulating and implementing policies that are necessary to achieve the RAF's strategic goals, and maintaining good corporate governance. The RAF can obtain its funding from several sources as outlined as fuel levy income, government grants paid by National"
"achieve the RAF's strategic goals, and maintaining good corporate governance. The RAF can obtain its funding from several sources as outlined as fuel levy income, government grants paid by National Treasury when there is a pressing need such as an acute cash shortage, and borrowings which are an allowed source of funding according to the RAF Act, and investment income acquired from invested funds that occasionally result when the RAF's operational capacity prevents it from paying out all its funds. The primary source of income for the RAF compensation scheme is a levy raised on fuel. The levy is measured in terms of cents per litre on petrol and diesel fuel sold in South Africa and forms part of the general fuel tax regulated by government. The fuel levy per litre is set by National Treasury on a yearly basis, whereas total fuel sales are influenced by a number of macro-economic factors. On an annual basis, the RAF requests National Treasury for an increase in the RAF Fuel Levy, based on a financial model and a calculation of its costs during the coming year. The full extent of the RAF Fuel Levy requested is seldom granted. This is because National Treasury has historically set the levy on the basis of a pay-as-you-go principle rather than with the purpose of establishing a fully funded position for the RAF. During the 2012 financial year the RAF Fuel Levy was set at 80 cents per litre. The RAF is not involved in the collection of its fuel levy. The South African Revenue Service (""SARS"") administers the collection of the fuel levy and pays it to the RAF, in accordance with provisions of the Customs and Excise Act, 1964 and the RAF Act. The two main variables that determine the income of the RAF are the volume of petrol and diesel sold per annum and the rate of the levy. The RAF Fuel Levy can be viewed as a compulsory contribution to social security benefits which is used only for the specific purposes as provided for in legislation. The RAF is affected by general economic conditions and other environmental factors, and by the extent to which it manages its costs effectively. The nexus of all these factors is road activity in South Africa: The road accident fund has struggled with inability to get on top of mounting claims, financial deficit and exorbitant claims. An investigation by the Special Investigating Unit (SIU) pointed to multiple failures including corruption. Opportunistic and fraudulent claims are being investigated. Problems identified include procurement and tender irregularities, duplicate claims, overpricing of services and fraudulent claims. ] The head office is in Centurion . Other offices are in Menlyn, Pretoria , Johannesburg , East London , Durban , and Cape Town ."
"in the Arabian Peninsula The United Arab Emirates ] ( UAE ), or simply the Emirates , ] is a country in West Asia , in the Middle East , at the eastern end of the Arabian Peninsula . It is a federal , elective monarchy composed of seven emirates , with Abu Dhabi as its capital. ] It shares land borders with Oman to the east and northwest, and with Saudi Arabia to the southwest; as well as maritime borders in the Persian Gulf with Qatar and Iran , and with Oman in the Gulf of Oman . As of 2024 ] , the UAE has an estimated population of over 10 million, of which 11% are Emiratis; Dubai , is the most populous city, and is an international hub. ] ] Islam is the official religion and Arabic is the official language, while English is the most spoken language and the language of business. ] The United Arab Emirates' oil and natural gas reserves are the world's seventh and seventh-largest , respectively. ] ] Zayed bin Sultan Al Nahyan , ruler of Abu Dhabi and the country's first president, oversaw the development of the Emirates by investing oil revenues into healthcare, education, and infrastructure. ] The country has the most diversified economy among the members of the Gulf Cooperation Council (GCC). ] In the 21st century, the UAE has become less reliant on oil and gas and is economically focusing on tourism and business. The UAE is considered a middle power . It is also a member of the United Nations , Arab League , Organisation of Islamic Cooperation , OPEC , Non-Aligned Movement , World Trade Organization , and BRICS . The UAE is also a dialogue partner of the Shanghai Cooperation Organisation . Human rights organisations consider the UAE substandard on human rights, ranking only 6.06 in the human freedom index , citing reports of government critics being imprisoned and tortured, families harassed by the state security apparatus, and cases of forced disappearances . ] Individual rights such as the freedoms of assembly , association , expression , and the freedom of the press are severely repressed. ] Stone tools recovered reveal a settlement of people from Africa some 127,000 years ago and a stone tool used for butchering animals discovered on the Arabian coast suggests an even older habitation from 130,000 years ago. ] In time lively trading links developed with civilisations in Mesopotamia , Iran and the Harappan culture of the Indus Valley. This contact persisted and became wider, probably motivated by the trade in copper from the Hajar Mountains , which commenced around 3,000 BCE. ] Sumerian sources talk of the Magan civilisation, which has been identified as encompassing the modern UAE and Oman. ] There are six periods of human settlement with distinctive behaviours in the region before Islam, which include the Hafit period from 3,200 to 2,600 BCE, the Umm Al Nar culture from 2,600 to 2,000 BCE, and the Wadi Suq culture from 2,000 to 1,300 BCE. From 1,200 BCE to the advent of Islam in Eastern Arabia, through three distinctive Iron Ages and the"
"the Umm Al Nar culture from 2,600 to 2,000 BCE, and the Wadi Suq culture from 2,000 to 1,300 BCE. From 1,200 BCE to the advent of Islam in Eastern Arabia, through three distinctive Iron Ages and the Mleiha period, the area was variously occupied by the Achaemenids and other forces, and saw the construction of fortified settlements and extensive husbandry thanks to the development of the falaj irrigation system. The spread of Islam to the northeastern tip of the Arabian Peninsula is thought to have followed directly from a letter sent by the Islamic prophet Muhammad to the rulers of Oman in 630 CE. This led to a group of rulers travelling to Medina , converting to Islam and subsequently driving a successful uprising against the unpopular Sassanids , who dominated the coast at the time. ] Following the death of Muhammad, the new Islamic communities south of the Persian Gulf threatened to disintegrate, with insurrections against the Muslim leaders . Caliph Abu Bakr sent an army from the capital Medina which completed its reconquest of the territory ( the Ridda Wars ) with the Battle of Dibba in which 10,000 lives are thought to have been lost. ] This assured the integrity of the Caliphate and the unification of the Arabian Peninsula under the newly emerging Rashidun Caliphate . In 637, Julfar (in the area of today's Ras Al Khaimah ) was an important port that was used as a staging post for the Islamic invasion of the Sasanian Empire . ] The area of the Al Ain / Buraimi Oasis was known as Tu'am and was an important trading post for camel routes between the coast and the Arabian interior. ] The earliest Christian site in the UAE was first discovered in the 1990s, an extensive monastic complex on what is now known as Sir Bani Yas Island and which dates back to the seventh century. Thought to be Nestorian and built in 600 CE, the church appears to have been abandoned peacefully in 750 CE. ] It forms a rare physical link to a legacy of Christianity, which is thought to have spread across the peninsula from 50 to 350 CE following trade routes. Certainly, by the fifth century, Oman had a bishop named John – the last bishop of Oman being Etienne, in 676 CE. ] The harsh desert environment led to the emergence of the ""versatile tribesman"", nomadic groups who subsisted due to a variety of economic activities, including animal husbandry, agriculture and hunting. The seasonal movements of these groups led not only to frequent clashes between groups but also to the establishment of seasonal and semi-seasonal settlements and centres. These formed tribal groupings whose names are still carried by modern Emiratis, including the Bani Yas and Al Bu Falah of Abu Dhabi , Al Ain, Liwa , and the west coast; the Dhawahir , Awamir, Al Ali , and Manasir of the interior; the Sharqiyin of the east coast; and the Qawasim to the north. ] With the expansion of European colonial empires , Portuguese, English and Dutch forces appeared in the Persian Gulf region. By the 18th"
"Sharqiyin of the east coast; and the Qawasim to the north. ] With the expansion of European colonial empires , Portuguese, English and Dutch forces appeared in the Persian Gulf region. By the 18th century, the Bani Yas confederation was the dominant force in most of the area now known as Abu Dhabi, ] ] ] while the Northern Al Qawasim (Al Qasimi) dominated maritime commerce. The Portuguese maintained an influence over the coastal settlements, building forts in the wake of the bloody 16th-century conquests of coastal communities by Albuquerque and the Portuguese commanders who followed him – particularly on the east coast at Muscat , Sohar and Khor Fakkan . ] The southern coast of the Persian Gulf was known to the British as the "" Pirate Coast "", ] ] as boats of the Al Qawasim federation harassed British-flagged shipping from the 17th century into the 19th. ] The charge of piracy is disputed by modern Emirati historians, including the current ruler of Sharjah, Sheikh Sultan Al Qasimi , in his 1986 book The Myth of Arab Piracy in the Gulf . ] British expeditions to protect their Indian trade routes led to campaigns against Ras Al Khaimah and other harbours along the coast, including the Persian Gulf campaign of 1809 and the more successful campaign of 1819 . The following year, Britain and a number of local rulers signed a maritime truce , giving rise to the term Trucial States , which came to define the status of the coastal emirates. A further treaty was signed in 1843 and, in 1853 the Perpetual Maritime Truce was agreed. To this was added the 'Exclusive Agreements', signed in 1892, which made the Trucial States a British protectorate. ] Under the 1892 treaty, the trucial sheikhs agreed not to dispose of any territory except to the British and not to enter into relationships with any foreign government other than the British without their consent. In return, the British promised to protect the Trucial Coast from all aggression by sea and to help in case of land attack. British maritime policing meant that pearling fleets could operate in relative security. However, the British prohibition of the slave trade meant an important source of income was lost to some sheikhs and merchants. ] In 1869, the Qubaisat tribe settled at Khor Al Adaid and tried to enlist the support of the Ottomans. Khor Al Adaid was claimed by Abu Dhabi at that time, a claim supported by the British. In 1906, the British Political Resident, Percy Cox , confirmed in writing to the ruler of Abu Dhabi, Zayed bin Khalifa Al Nahyan ('Zayed the Great') that Khor Al Adaid belonged to his sheikhdom. ] During the 19th and early 20th centuries, the pearling industry thrived, providing both income and employment to the people of the Persian Gulf. ] The First World War had a severe impact on the industry, but it was the economic depression of the late 1920s and early 1930s, coupled with the invention of the cultured pearl , that wiped out the trade. The remnants of the trade eventually"
"the industry, but it was the economic depression of the late 1920s and early 1930s, coupled with the invention of the cultured pearl , that wiped out the trade. The remnants of the trade eventually faded away shortly after the Second World War , when the newly independent Government of India imposed heavy taxation on imported pearls. The decline of pearling resulted in extreme economic hardship in the Trucial States. ] In 1922, the British government secured undertakings from the rulers of the Trucial States not to sign concessions with foreign companies without their consent. Aware of the potential for the development of natural resources such as oil, following finds in Persia (from 1908) and Mesopotamia (from 1927), a British-led oil company, the Iraq Petroleum Company (IPC), showed an interest in the region. The Anglo-Persian Oil Company (APOC, later to become British Petroleum , or BP) had a 23.75% share in IPC. From 1935, onshore concessions to explore for oil were granted by local rulers, with APOC signing the first one on behalf of Petroleum Concessions Ltd (PCL), an associate company of IPC. ] APOC was prevented from developing the region alone because of the restrictions of the Red Line Agreement , which required it to operate through IPC. A number of options between PCL and the trucial rulers were signed, providing useful revenue for communities experiencing poverty following the collapse of the pearl trade. However, the wealth of oil which the rulers could see from the revenues accruing to surrounding countries remained elusive. The first bore holes in Abu Dhabi were drilled by IPC's operating company, Petroleum Development (Trucial Coast) Ltd (PDTC) at Ras Sadr in 1950, with a 13,000-foot-deep (4,000-metre) bore hole taking a year to drill and turning out dry, at the tremendous cost at the time of £1 million. The British set up a development office that helped in some small developments in the emirates. The seven sheikhs of the emirates then decided to form a council to coordinate matters between them and took over the development office. In 1952, they formed the Trucial States Council, ] and appointed Adi Al Bitar , Dubai's Sheikh Rashid bin Saeed Al Maktoum 's legal advisor, as secretary general and legal advisor to the council. The council was terminated once the United Arab Emirates was formed. ] The tribal nature of society and the lack of definition of borders between emirates frequently led to disputes, settled either through mediation or, more rarely, force. The Trucial Oman Scouts was a small military force used by the British to keep the peace. In 1953, a subsidiary of BP , D'Arcy Exploration Ltd, obtained an offshore concession from the ruler of Abu Dhabi. BP joined with Compagnie Française des Pétroles (later Total ) to form operating companies, Abu Dhabi Marine Areas Ltd (ADMA) and Dubai Marine Areas Ltd (DUMA). A number of undersea oil surveys were carried out, including one led by the famous marine explorer Jacques"
"operating companies, Abu Dhabi Marine Areas Ltd (ADMA) and Dubai Marine Areas Ltd (DUMA). A number of undersea oil surveys were carried out, including one led by the famous marine explorer Jacques Cousteau . ] ] In 1958, a floating platform rig was towed from Hamburg , Germany , and positioned over the Umm Shaif pearl bed, in Abu Dhabi waters, where drilling began. In March, it struck oil in the Upper Thamama rock formation. This was the first commercial discovery of the Trucial Coast, leading to the first exports of oil in 1962. ADMA made further offshore discoveries at Zakum and elsewhere, and other companies made commercial finds such as the Fateh oilfield off Dubai and the Mubarak field off Sharjah (shared with Iran). ] Meanwhile, onshore exploration was hindered by territorial disputes. In 1955, the United Kingdom represented Abu Dhabi and Oman in their dispute with Saudi Arabia over the Buraimi Oasis . ] A 1974 agreement between Abu Dhabi and Saudi Arabia seemed to have settled the Abu Dhabi-Saudi border dispute , but this has not been ratified. ] The UAE's border with Oman was ratified in 2008. ] PDTC continued its onshore exploration away from the disputed area, drilling five more bore holes that were also dry. However, on 27 October 1960, the company discovered oil in commercial quantities at the Murban No. 3 well on the coast near Tarif. ] In 1962, PDTC became the Abu Dhabi Petroleum Company . As oil revenues increased, the ruler of Abu Dhabi, Zayed bin Sultan Al Nahyan , undertook a massive construction program, building schools, housing, hospitals and roads. When Dubai's oil exports commenced in 1969, Sheikh Rashid bin Saeed Al Maktoum , the ruler of Dubai, was able to invest the revenues from the limited reserves found to spark the diversification drive that would create the modern global city of Dubai. ] By 1966, it had become clear the British government could no longer afford to administer and protect the Trucial States , what is now the United Arab Emirates. British Members of Parliament (MPs) debated the preparedness of the Royal Navy to defend the sheikhdoms . On 24 January 1968, British Prime Minister Harold Wilson announced the government's decision, reaffirmed in March 1971 by Prime Minister Edward Heath , to end the treaty relationships with the seven trucial sheikhdoms. Days after the announcement, the ruler of Abu Dhabi, Sheikh Zayed bin Sultan Al Nahyan , fearing vulnerability, tried to persuade the British to honour the protection treaties by offering to pay the full costs of keeping the British Armed Forces in the Emirates. The British Labour government rejected the offer. ] After Labour MP Goronwy Roberts informed Sheikh Zayed of the news of British withdrawal, the nine Persian Gulf sheikhdoms attempted to form a union of Arab emirates, but by mid-1971 they were still unable to agree on terms of union even though the British treaty relationship was to expire in December of that year. ] Fears of vulnerability were"
"of Arab emirates, but by mid-1971 they were still unable to agree on terms of union even though the British treaty relationship was to expire in December of that year. ] Fears of vulnerability were realised the day before independence. An Iranian destroyer group broke formation from an exercise in the lower Gulf, sailing to the Tunb islands . The islands were taken by force, civilians and Arab defenders alike allowed to flee. A British warship stood idle during the course of the invasion. ] A destroyer group approached the island of Abu Musa as well. But there, Sheikh Khalid bin Mohammed Al Qasimi had already negotiated with the Iranian shah, and the island was quickly leased to Iran for $3 million a year. Meanwhile, Saudi Arabia laid claim to swathes of Abu Dhabi. ] Originally intended to be part of the proposed Federation of Arab Emirates, Bahrain became independent in August, and Qatar in September 1971. When the British-Trucial Sheikhdoms treaty expired on 1 December 1971, both emirates became fully independent. ] On 2 December 1971, six of the emirates (Abu Dhabi, Ajman, Dubai, Fujairah, Sharjah and Umm Al Quwain) agreed to enter into a union named the United Arab Emirates. Ras al-Khaimah joined later, on 10 January 1972. ] ] In February 1972, the Federal National Council (FNC) was created; it was a 40-member consultative body appointed by the seven rulers. The UAE joined the Arab League on 6 December 1971 and the United Nations on 9 December. ] It was a founding member of the Gulf Cooperation Council in May 1981, with Abu Dhabi hosting the first GCC summit . The UAE supported military operations by the US and other coalition states engaged in the war against the Taliban in Afghanistan (2001) and Saddam Hussein in Ba'athist Iraq (2003) as well as operations supporting the Global War on Terror for the Horn of Africa at Al Dhafra Air Base located outside of Abu Dhabi. The air base also supported Allied operations during the 1991 Persian Gulf War and Operation Northern Watch . The country had already signed a military defence agreement with the U.S. in 1994 and one with France in 1995. ] ] In January 2008, France and the UAE signed a deal allowing France to set up a permanent military base in the emirate of Abu Dhabi. ] The UAE joined international military operations in Libya in March 2011. On 2 November 2004, the UAE's first president, Sheikh Zayed bin Sultan Al Nahyan , died. Sheikh Khalifa bin Zayed Al Nahyan was elected as the president of the UAE . Sheikh Mohammed bin Zayed Al Nahyan succeeded Sheikh Khalifa as crown prince of Abu Dhabi. ] In January 2006, Sheikh Maktoum bin Rashid Al Maktoum , the prime minister of the UAE and the ruler of Dubai, died, and Sheikh Mohammed bin Rashid Al Maktoum assumed both roles. The first ever national elections were held on 16 December 2006. A number of voters chose half of the members of the Federal National Council . The UAE has largely escaped the Arab Spring , which other countries have"
"elections were held on 16 December 2006. A number of voters chose half of the members of the Federal National Council . The UAE has largely escaped the Arab Spring , which other countries have experienced; however, 60 Emirati activists from Al Islah were apprehended for an alleged coup attempt and the attempt of the establishment of an Islamist state in the UAE. ] ] ] Mindful of the protests in nearby Bahrain, in November 2012 the UAE outlawed online mockery of its government or attempts to organise public protests through social media. ] On 29 January 2020, the COVID-19 pandemic was confirmed to have reached the UAE . ] Two months later, in March, the government announced the closure of shopping malls, schools, and places of worship, in addition to imposing a 24-hour curfew, and suspending all Emirates passenger flights. ] ] This resulted in a major economic downturn, which eventually led to the merger of more than 50% of the UAE's federal agencies . ] On 29 August 2020, the UAE established normal diplomatic relations with Israel and with the help of the United States , they signed the Abraham Accords with Bahrain . ] On 9 February 2021, the UAE achieved a historic milestone when its probe, named Hope , successfully reached Mars 's orbit. The UAE became the first country in the Arab world to reach Mars, the fifth country to successfully reach Mars, and the second country, after an Indian probe , to orbit Mars on its maiden attempt. On 14 May 2022, Sheikh Mohamed bin Zayed Al Nahyan was elected as the UAE's new president after the death of Sheikh Khalifa bin Zayed Al Nahyan . ] The United Arab Emirates is situated in the Middle East , bordering the Gulf of Oman and the Persian Gulf , between Oman and Saudi Arabia ; it is in a strategic location slightly south of the Strait of Hormuz , a vital transit point for world crude oil . ] The UAE lies between 22°30' and 26°10' north latitude and between 51° and 56°25′ east longitude. It shares a 530-kilometre (330 mi) border with Saudi Arabia on the west, south, and southeast, and a 450-kilometre (280 mi) border with Oman on the southeast and northeast. The land border with Qatar in the Khor Al Adaid area is about nineteen kilometres (12 miles) in the northwest; however, it is a source of ongoing dispute . ] Following Britain's military departure from the UAE in 1971, and its establishment as a new state, the UAE laid claim to Iranian-occupied islands of Abu Musa and the Greater and the Lesser Tunbs, when Iran captured them during the British rule, resulting in disputes with Iran that remain unresolved. ] The UAE also disputes claim on other islands against the neighboring state of Qatar. ] The largest emirate, Abu Dhabi , accounts for 87% of the UAE's total area, ] 67,340 square kilometres (26,000 sq mi). ] The smallest emirate, Ajman , encompasses only 259 km 2 (100 sq mi). ] The UAE coast stretches for nearly 650 km (404 mi) along the southern shore of the Persian Gulf , briefly interrupted by an"
"] The smallest emirate, Ajman , encompasses only 259 km 2 (100 sq mi). ] The UAE coast stretches for nearly 650 km (404 mi) along the southern shore of the Persian Gulf , briefly interrupted by an isolated outcrop of the Sultanate of Oman. Six of the emirates are situated along the Persian Gulf, and the seventh, Fujairah is on the eastern coast of the peninsula with direct access to the Gulf of Oman. ] Most of the coast consists of salt pans that extend 8–10 km (5.0–6.2 mi) inland. ] The largest natural harbor is at Dubai, although other ports have been dredged at Abu Dhabi, Sharjah, and elsewhere. ] Numerous islands are found in the Persian Gulf, and the ownership of some of them has been the subject of international disputes with both Iran and Qatar . The smaller islands, as well as many coral reefs and shifting sandbars, are a menace to navigation. Strong tides and occasional windstorms further complicate ship movements near the shore. The UAE also has a stretch of the Al Bāţinah coast of the Gulf of Oman. The Musandam Peninsula , the very tip of Arabia by the Strait of Hormuz, and Madha are exclaves of Oman separated by the UAE. ] South and west of Abu Dhabi, vast, rolling sand dunes merge into the Rub al-Khali (Empty Quarter) of Saudi Arabia. ] The desert area of Abu Dhabi includes two important oases with adequate underground water for permanent settlements and cultivation. The extensive Liwa Oasis is in the south near the undefined border with Saudi Arabia. About 100 km (62 mi) to the northeast of Liwa is the Al-Buraimi oasis, which extends on both sides of the Abu Dhabi-Oman border. Lake Zakher in Al Ain is a human-made lake near the border with Oman that was created from treated waste water. ] Prior to withdrawing from the area in 1971, Britain delineated the internal borders among the seven emirates in order to preempt territorial disputes that might hamper formation of the federation. In general, the rulers of the emirates accepted the British interventions, but in the case of boundary disputes between Abu Dhabi and Dubai, and also between Dubai and Sharjah, conflicting claims were not resolved until after the UAE became independent. The most complicated borders were in the Western Hajar Mountains , where five of the emirates contested jurisdiction over more than a dozen enclaves. The UAE contains the following terrestrial ecoregions: Al Hajar montane woodlands and shrublands, Gulf of Oman desert and semi-desert , and Al-Hajar foothill xeric woodlands and shrublands . ] The oases grow date palms , acacia and eucalyptus trees. In the desert, the flora is very sparse and consists of grasses and thorn bushes. The indigenous fauna had come close to extinction because of intensive hunting, which has led to a conservation program on Sir Bani Yas Island initiated by Sheikh Zayed bin Sultan Al Nahyan in the 1970s, resulting in the survival of, for example, Arabian Oryx , Arabian camel and leopards . Coastal fish and mammals consist mainly of"
"Island initiated by Sheikh Zayed bin Sultan Al Nahyan in the 1970s, resulting in the survival of, for example, Arabian Oryx , Arabian camel and leopards . Coastal fish and mammals consist mainly of mackerel , perch , and tuna , as well as sharks and whales. The climate of the UAE is subtropical-arid with hot summers and warm winters. The climate is categorized as desert climate. The hottest months are July and August, when average maximum temperatures reach above 45 °C (113 °F) on the coastal plain . In the Hajar Mountains, temperatures are considerably lower, a result of increased elevation. ] Average minimum temperatures in January and February are between 10 and 14 °C (50 and 57 °F). ] During the late summer months, a humid southeastern wind known as Sharqi (i.e. ""Easterner"") makes the coastal region especially unpleasant. The average annual rainfall in the coastal area is less than 120 mm (4.7 in), but in some mountainous areas annual rainfall often reaches 350 mm (13.8 in). Rain in the coastal region falls in short, torrential bursts during the winter months, sometimes resulting in floods in ordinarily dry wadi beds. ] The region is prone to occasional, violent dust storms , which can severely reduce visibility. On 28 December 2004, snow was recorded in the UAE for the first time, in the Jebel Jais mountain cluster in Ras al-Khaimah. ] A few years later, there were more sightings of snow and hail. ] ] The Jebel Jais mountain cluster has experienced snow only twice since records began. ] The United Arab Emirates is a federal constitutional monarchy made up from a federation of seven hereditary tribal monarchy -styled political units called Sheikhdoms . It is governed by a Federal Supreme Council made up of the ruling Sheikhs of Abu Dhabi , Ajman , Fujairah , Sharjah , Dubai , Ras Al Khaimah and Umm Al Quwain . All responsibilities not granted to the federal government are reserved to the individual emirate. ] A percentage quantify ] of revenues from each emirate is allocated to the UAE's central budget. ] The UAE uses the title Sheikh instead of Emir to refer to the rulers of individual emirates. The title is used due to the sheikhdom styled governing system in adherence to the culture of tribes of Arabia , where Sheikh means leader, elder, or the tribal chief of the clan who partakes in shared decision making with his followers. The president and vice president are elected by the Federal Supreme Council . Usually, the Head of the Al Nahyan family, who are based in Abu Dhabi, holds the presidency and the Head of the Al Maktoum family, based in Dubai, the prime ministership. All prime ministers but one have served concurrently as vice president. The federal government is composed of three branches: The UAE e-Government is the extension of the UAE federal government in its electronic form. ] The UAE's Council of Ministers ( Arabic : مجلس الوزراء ) is the chief executive branch of the government presided over by the prime minister. The prime"
"federal government in its electronic form. ] The UAE's Council of Ministers ( Arabic : مجلس الوزراء ) is the chief executive branch of the government presided over by the prime minister. The prime minister, who is appointed by the Federal Supreme Council , appoints the ministers. The Council of Ministers is made up of 22 members and manages all internal and foreign affairs of the federation under its constitutional and federal law. ] In December 2019, ] the UAE became the only Arab country, and one of only five countries in the world, to attain gender parity in a national legislative body, with its lower house 50 per cent women. ] ] The UAE is the only country in the world that has a Ministry of Tolerance, ] a Ministry of Happiness, ] and a Ministry of Artificial Intelligence. ] The UAE also has a virtual ministry called the Ministry of Possibilities, designed to find solutions to challenges and improve quality of life. ] ] The UAE also has a National Youth Council , which is represented in the UAE cabinet by the Minister of Youth. ] ] The UAE legislative body is the Federal National Council which convenes nationwide elections every four years. The FNC consists of 40 members drawn from all the emirates. Each emirate is allocated specific seats to ensure full representation. Half are appointed by the rulers of the constituent emirates, and the other half are elected. By law, the council members have to be equally divided between males and females. The FNC is restricted to a largely consultative role. ] ] ] The United Arab Emirates is an authoritarian federal monarchy . ] ] ] ] According to the New York Times , the UAE is ""an autocracy with the sheen of a progressive, modern state"". ] The UAE has been described as a ""tribal autocracy"" where the seven constituent monarchies are led by tribal rulers in an autocratic fashion. ] The"
"Dubai ] is the most populous city in the United Arab Emirates and the capital of the Emirate of Dubai , the most populated of the country's seven emirates . ] ] ] The city has a population of around 3.6 million (as of 2022), ] more than 90% of which are expatriates . ] Dubai was founded in the 19th century as a fishing village. Beginning in the early 20th century, it has developed into a significant regional and international trade hub, with a particular emphasis on tourism and luxury. ] Dubai has been a center for regional and international trade since the early 20th century, and its economy relies on revenues from trade, tourism, aviation, real estate, and financial services. ] ] ] ] Oil revenue helped accelerate the development of the city. However, oil production contributed less than 1 percent to the emirate's GDP in 2018. ] Dubai has the second-most five-star hotels in the world ] and the tallest building in the world , the Burj Khalifa , which is 828 metres (2,717 ft) tall. Located in the eastern Arabian Peninsula , on the coast of the Persian Gulf , ] it is a major global transportation hub for passengers and cargo. ] In 2023, Dubai was the third most-visited city in the world . ] Many theories have been proposed as to the origin of the word ""Dubai"". One theory suggests the word used to be the souq in Ba. ] An Arabic proverb says "" Daba Dubai "" ( Arabic : دبا دبي ), meaning ""They came with a lot of money."" ] According to Fedel Handhal, a scholar on the UAE's history and culture, the word Dubai may have come from the word dabba ( Arabic : دب ) (a past tense derivative of yadub ( Arabic : يدب ), which means ""to creep""), referring to the slow flow of Dubai Creek inland. The poet and scholar Ahmad Mohammad Obaid traces it to the same word, but to its alternative meaning of ""baby locust "" ( Arabic : جراد ) due to the abundance of locusts in the area before settlement. ] The history of human settlement in the area now defined by the United Arab Emirates is complex and extensive. It points to extensive trading links between the civilisations of the Indus Valley and Mesopotamia , and even as far afield as the Levant . ] Archaeological finds in the emirate of Dubai, particularly at Al-Ashoosh , Al Sufouh and the notably rich trove from Saruq Al Hadid ] show settlement through the Ubaid and Hafit periods, the Umm Al Nar and Wadi Suq periods and the three Iron Ages in the UAE. The area was known to the Sumerians as Magan and was a source of metallic goods, notably copper and bronze. ] The area was covered with sand about 5,000 years ago as the coast retreated inland, becoming part of the city's present coastline. ] Pre-Islamic ceramics have been found from the 3rd and 4th centuries. ] Prior to the introduction of Islam to the area, the people in this region worshiped Bajir (or Bajar ). ] After the spread of Islam in the region, the Umayyad Caliph of the eastern Islamic world conquered south-east Arabia and drove out the Sassanians . Excavations by"
"worshiped Bajir (or Bajar ). ] After the spread of Islam in the region, the Umayyad Caliph of the eastern Islamic world conquered south-east Arabia and drove out the Sassanians . Excavations by the Dubai Museum in the region of Al-Jumayra ( Jumeirah ) found several artefacts from the Umayyad period. ] An early mention of Dubai in 1095 is in the Book of Geography by the Andalusian - Arab geographer Abu Abdullah al-Bakri . citation needed ] The Venetian pearl merchant Gasparo Balbi visited the area in 1580 and mentioned Dubai ( Dibei ) for its pearling industry. ] Dubai is thought to have been established as a fishing village in the early 18th century ] and was, by 1822, a town of some 700–800 members of the Bani Yas tribe and subject to the rule of Sheikh Tahnun bin Shakhbut of Abu Dhabi . ] In 1822, a British naval surveyor noted that Dubai was at that time populated with a thousand people living in an oval-shaped town surrounded by a mud wall, scattered with goats and camels. The main footpath out of the village led to a reedy creek while another trailed off into the desert and merged into caravan routes. ] : 17 In 1833, following tribal feuding, members of the Al Bu Falasah tribe seceded from Abu Dhabi and established themselves in Dubai. The exodus from Abu Dhabi was led by Obeid bin Saeed and Maktoum bin Butti , who became joint leaders of Dubai until Ubaid died in 1836, leaving Maktoum to establish the Maktoum dynasty . ] Dubai signed the General Maritime Treaty of 1820 with the British government along with other Trucial States , following the British campaign in 1819 against the Ras Al Khaimah . This led to the 1853 Perpetual Maritime Truce . Dubai also – like its neighbours on the Trucial Coast – entered into an exclusivity agreement in which the United Kingdom took responsibility for the emirate's security in 1892 . In 1841, a smallpox epidemic broke out in the Bur Dubai locality, forcing residents to relocate east to Deira . ] In 1896, fire broke out in Dubai, a disastrous occurrence in a town where many family homes were still constructed from barasti – palm fronds. The conflagration consumed half the houses of Bur Dubai, while the district of Deira was said to have been totally destroyed. The following year more fires broke out. A female slave was caught in the act of starting one such blaze and was subsequently put to death. ] In 1901, Maktoum bin Hasher Al Maktoum established Dubai as a free port with no taxation on imports or exports and also gave merchants parcels of land and guarantees of protection and tolerance. These policies saw a movement of merchants not only directly from Lingeh, ] but also those who had settled in Ras Al Khaimah and Sharjah (which had historical links with Lingeh through the Al Qawasim tribe) to Dubai. An indicator of the growing importance of the port of Dubai can be gained from the movements of the steamer of the Bombay and Persia Steam Navigation Company, which from 1899 to 1901 paid five visits"
"An indicator of the growing importance of the port of Dubai can be gained from the movements of the steamer of the Bombay and Persia Steam Navigation Company, which from 1899 to 1901 paid five visits annually to Dubai. In 1902 the company's vessels made 21 visits to Dubai and from 1904 on, ] the steamers called fortnightly – in 1906, trading 70,000 tones of cargo. ] The frequency of these vessels only helped to accelerate Dubai's role as an emerging port and trading hub of preference. Lorimer notes the transfer from Lingeh ""bids fair to become complete and permanent"", ] and also that the town had by 1906 supplanted Lingeh as the chief entrepôt of the Trucial States. ] The ""great storm"" of 1908 struck the pearling boats of Dubai and the coastal emirates towards the end of the pearling season that year, resulting in the loss of a dozen boats and over 100 men. The disaster was a major setback for Dubai, with many families losing their breadwinners and merchants facing financial ruin. These losses came at a time when the tribes of the interior were also experiencing poverty. In a letter to the Sultan of Muscat in 1911, Butti laments, ""Misery and poverty are raging among them, with the result that they are struggling, looting and killing among themselves."" ] In 1910, in the Hyacinth incident the town was bombarded by HMS Hyacinth , with 37 people killed. Dubai's geographical proximity to Iran made it an important trade location. The town of Dubai was an important port of call for foreign tradesmen, chiefly those from Iran, many of whom eventually settled in the town. By the beginning of the 20th century, it was an important port. ] At that time, Dubai consisted of the town of Dubai and the nearby village of Jumeirah , a collection of some 45 areesh (palm leaf) huts. ] By the 1920s, many Iranians settled in Dubai permanently, moving across the Persian Gulf. By then, amenities in the town grew and a modern quarter was established, Al Bastakiya . ] : 21–23 Dubai was known for its pearl exports until the 1930s; the pearl trade was damaged irreparably by the 1929 Great Depression and the innovation of cultured pearls . With the collapse of the pearling industry, Dubai fell into a deep depression and many residents lived in poverty or migrated to other parts of the Persian Gulf. ] In 1937 an oil exploration contract was signed which guaranteed royalty rights for Dubai and concessionary payments to Sheikh Saeed bin Maktoum . However, due to World War II , oil would not be struck until 1966. ] : 36–37 In the early days since its inception, Dubai was constantly at odds with Abu Dhabi . In 1947, a border dispute between Dubai and Abu Dhabi on the northern sector of their mutual border escalated into war. ] Arbitration by the British government resulted in a cessation of hostilities. ] Despite a lack of oil, Dubai's ruler from 1958, Sheikh Rashid bin Saeed Al Maktoum , used revenue from trading activities to build infrastructure. Private companies were"
"a cessation of hostilities. ] Despite a lack of oil, Dubai's ruler from 1958, Sheikh Rashid bin Saeed Al Maktoum , used revenue from trading activities to build infrastructure. Private companies were established to build and operate infrastructure, including electricity, telephone services and both the ports and airport operators. ] An airport of sorts (a runway built on salt flats) was established in Dubai in the 1950s and, in 1959, the emirate's first hotel, the Airlines Hotel, was constructed. This was followed by the Ambassador and Carlton Hotels in 1968. ] Sheikh Rashid commissioned John Harris from British architectural construction firm Halcrow , to create the city's first master plan in 1959. Harris imagined a Dubai that would rise from the historic centre on Dubai Creek, with an extensive road system, organised zones, and a town centre, all of which could feasibly be built with the limited financial resources at the time. ] 1959 saw the establishment of Dubai's first telephone company, 51% owned by IAL (International Aeradio Ltd) and 49% by Sheikh Rashid and local businessmen and in 1961 both the electricity company and telephone company had rolled out operational networks. ] The water company (Sheikh Rashid was chairman and majority shareholder) constructed a pipeline from wells at Awir and a series of storage tanks and, by 1968, Dubai had a reliable supply of piped water. ] On 7 April 1961, the Dubai-based MV Dara , a five thousand ton British flagged vessel that plied the route between Basra (Iraq), Kuwait and Bombay (India), was caught in unusually high winds off Dubai. Early the next morning in heavy seas off Umm al-Quwain, an explosion tore out the second class cabins and started fires. The captain gave the order to abandon ship but two lifeboats capsized and a second explosion occurred. A flotilla of small boats from Dubai, Sharjah , Ajman and Umm al-Quwain picked up survivors, but 238 of the 819 persons on board were lost in the disaster. ] The construction of Dubai's first airport was started on the northern edge of the town in 1959 and the terminal building opened for business in September 1960. The airport was initially serviced by Gulf Aviation (flying Dakotas , Herons and Viscounts ) but Iran Air commenced services to Shiraz in 1961. ] In 1962 the British Political Agent noted that ""Many new houses and blocks of offices and flats are being built... the Ruler is determined, against advice to press on with the construction of a jet airport... More and more European and Arab firms are opening up and the future looks bright."" ] In 1962, with expenditure on infrastructure projects already approaching levels some thought imprudent, Sheikh Rashid approached his brother-in-law, the Ruler of Qatar , for a loan to build the first bridge crossing Dubai Creek . This crossing was finished in May 1963 and was paid for by a toll levied on the crossing from the Dubai side of the creek to the Deira side. ] BOAC was originally reluctant to"
"crossing Dubai Creek . This crossing was finished in May 1963 and was paid for by a toll levied on the crossing from the Dubai side of the creek to the Deira side. ] BOAC was originally reluctant to start regular flights between Bombay and Dubai, fearing a lack of demand for seats. However, by the time the asphalt runway of Dubai Airport was constructed in 1965, opening Dubai to both regional and long haul traffic, a number of foreign airlines were competing for landing rights. ] In 1970 a new airport terminal building was constructed which included Dubai's first duty-free shops . ] Throughout the 1960s Dubai was the centre of a lively gold trade, with 1968 imports of gold at some £56 million. This gold was, in the vast majority, re-exported – mainly to customers who took delivery in international waters off India . The import of gold to India had been banned and so the trade was characterized as smuggling, although Dubai's merchants were quick to point out that they were making legal deliveries of gold and that it was up to the customer where they took it. ] In 1966, more gold was shipped from London to Dubai than almost anywhere else in the world (only France and Switzerland took more), at 4 million ounces. Dubai also took delivery of over $15 million worth of watches and over 5 million ounces of silver. The 1967 price of gold was $35 an ounce but its market price in India was $68 an ounce – a healthy markup. Estimates at the time put the volume of gold imports from Dubai to India at around 75% of the total market. ] After years of exploration following large finds in neighbouring Abu Dhabi , oil was eventually discovered in territorial waters off Dubai in 1966, albeit in far smaller quantities. The first field was named ""Fateh"" or ""good fortune"". This led to an acceleration of Sheikh Rashid's infrastructure development plans and a construction boom that brought a massive influx of foreign workers, mainly Asians and Middle Easterners. Between 1968 and 1975 the city's population grew by over 300%. ] As part of the infrastructure for pumping and transporting oil from the Fateh field, located offshore of the Jebel Ali area of Dubai, two 500,000-gallon storage tanks were built, known locally as ""Kazzans"", ] by welding them together on the beach and then digging them out and floating them to drop onto the seabed at the Fateh field. These were constructed by the Chicago Bridge & Iron Company , which gave the beach its local name (Chicago Beach), which was transferred to the Chicago Beach Hotel, which was demolished and replaced by the Jumeirah Beach Hotel in the late 1990s. The Kazzans were an innovative oil storage solution which meant supertankers could moor offshore even in bad weather and avoided the need to pipe oil onshore from Fateh, which is some 60 miles out to sea. ] Dubai had already embarked on a period of infrastructural development and expansion. Oil revenue flowing from 1969 onwards supported a period of growth with Sheikh Rashid"
"some 60 miles out to sea. ] Dubai had already embarked on a period of infrastructural development and expansion. Oil revenue flowing from 1969 onwards supported a period of growth with Sheikh Rashid embarking on a policy of building infrastructure and a diversified trading economy before the emirate's limited reserves were depleted. Oil accounted for 24% of GDP in 1990 but had fallen to 7% of GDP by 2004. ] Critically, one of the first major projects Sheikh Rashid embarked upon when oil revenue started to flow was the construction of Port Rashid , a deep-water free port constructed by British company Halcrow. Originally intended to be a four-berth port, it was extended to sixteen berths as construction was ongoing. citation needed ] The project was an outstanding success, with shipping queuing to access the new facilities. The port was inaugurated on 5 October 1972, although its berths were each pressed into use as soon as they had been built. Port Rashid was to be further expanded in 1975 to add a further 35 berths before the larger port of Jebel Ali were constructed. ] Port Rashid was the first of a swath of projects designed to create a modern trading infrastructure, including roads, bridges, schools and hospitals. ] Dubai and the other "" Trucial States "" had long been a British protectorate where the British government took care of foreign policy and defence, as well as arbitrating between the rulers of the Eastern Gulf, the result of a treaty signed in 1892 named the ""Exclusive Agreement"". This was to change with PM Harold Wilson 's announcement, on 16 January 1968, that all British troops were to be withdrawn from ""East of Aden"". The decision was to pitch the coastal emirates, together with Qatar and Bahrain , into fevered negotiations to fill the political vacuum that the British withdrawal would leave behind. ] The principle of union was first agreed upon between the ruler of Abu Dhabi, Sheikh Zayed bin Sultan Al Nahyan , and Sheikh Rashid of Dubai on 18 February 1968 meeting in an encampment at Argoub Al Sedirah, near Al Semeih, a desert stop between the two emirates. ] The two agreed to work towards bringing the other emirates, including Qatar and Bahrain, into the union. Over the next two years, negotiations and meetings of the rulers followed—often stormy—as a form of union was thrashed out. The nine-state union was never to recover from the October 1969 meeting where British intervention against aggressive activities by two of the Emirates resulted in a walk-out by Bahrain and Qatar. They dropped out of talks, leaving six of the seven ""trucial"" emirates to agree on union on 18 July 1971. ] On 2 December 1971, Dubai, together with Abu Dhabi, Sharjah , Ajman , Umm al-Quwain and Fujairah joined in the Act of Union to form the United Arab Emirates . The seventh emirate, Ras Al Khaimah, joined the UAE on 10 February 1972, following Iran 's annexation of the RAK-claimed Tunbs islands. ] In 1973, Dubai joined the other emirates to adopt a"
". The seventh emirate, Ras Al Khaimah, joined the UAE on 10 February 1972, following Iran 's annexation of the RAK-claimed Tunbs islands. ] In 1973, Dubai joined the other emirates to adopt a uniform currency: the UAE dirham . ] In that same year, the prior monetary union with Qatar was dissolved and the UAE dirham was introduced throughout the Emirates. ] Throughout the 1970s, Dubai experienced continued growth fueled by revenues generated from oil and trade, even as the city witnessed an influx of immigrants fleeing the Lebanese civil war . ] Border disputes between the emirates persisted even after the formation of the UAE; it was only in 1979 that a formal compromise was reached, putting an end to disagreements. ] In 1979, the establishment of the Jebel Ali port, a deep-water port accommodating larger ships, marked a significant development. Initially facing challenges, Sheikh Mohammed initiated the JAFZA ( Jebel Ali Free Zone ) around the port in 1985, facilitating unrestricted import of labour and export of capital for foreign companies. ] Simultaneously, Dubai airport and the aviation industry continued their expansion. The Gulf War in early 1991 had a negative financial impact on the city, with depositors and traders withdrawing money and trade. However, Dubai rebounded in a changing political climate and prospered. In the late 1990s, various foreign trading communities—initially from Kuwait , during the Gulf War, and later from Bahrain , amidst the Shia unrest—relocated their businesses to Dubai. ] Dubai served as refuelling base for allied forces at the Jebel Ali Free Zone during the Gulf War and again during the 2003 Invasion of Iraq . Subsequent significant increases in oil prices prompted Dubai to maintain its focus on free trade and tourism. ] Dubai is situated on the Persian Gulf coast of the United Arab Emirates and is roughly at sea level (16 m or 52 ft above). The emirate of Dubai shares borders with Abu Dhabi in the south, Sharjah in the northeast, and the Sultanate of Oman in the southeast. Hatta , a minor exclave of the emirate, is surrounded on three sides by Oman and by the emirates of Ajman (in the west) and Ras Al Khaimah (in the north). The Persian Gulf borders the western coast of the emirate. Dubai is positioned at WikiMiniAtlas 25°16′11″N 55°18′34″E  25.2697; 55.3095 and covers an area of 1,588 sq mi (4,110 km 2 ), which represents a significant expansion beyond its initial 1,500 sq mi (3,900 km 2 ) designation due to land reclamation from the sea . citation needed ] Dubai lies directly within the Arabian Desert . However, the topography of Dubai is significantly different from that of the southern portion of the UAE in that much of Dubai's landscape is highlighted by sandy desert patterns, while gravel deserts dominate much of the southern region of the country. ] The sand consists mostly of crushed shell and coral and is fine, clean and white. East of the city, the salt-crusted coastal plains, known as sabkha ,"
"much of the southern region of the country. ] The sand consists mostly of crushed shell and coral and is fine, clean and white. East of the city, the salt-crusted coastal plains, known as sabkha , give way to a north–south running line of dunes. Farther east, the dunes grow larger and are tinged red with iron oxide . ] The flat sandy desert gives way to the Western Hajar Mountains , which run alongside Dubai's border with Oman at Hatta. The Western Hajar chain has an arid, jagged and shattered landscape, whose mountains rise to about 1,300 metres (4,265 feet) in some places. Dubai has no natural river bodies or oases; however, Dubai does have a natural inlet, Dubai Creek , which has been dredged to make it deep enough for large vessels to pass through. Dubai also has multiple gorges and waterholes, which dot the base of the Western Al Hajar mountains. A vast sea of sand dunes covers much of southern Dubai and eventually leads into the desert known as The Empty Quarter . Seismically , Dubai is in a very stable zone—the nearest seismic fault line, the Zagros Fault, is 200 kilometres (124 miles) from the UAE and is unlikely to have any seismic impact on Dubai. ] Experts also predict that the possibility of a tsunami in the region is minimal because the Persian Gulf waters are not deep enough to trigger a tsunami. ] The sandy desert surrounding the city supports wild grasses and occasional date palms. Desert hyacinths grow in the sabkha plains east of the city, while acacia and ghaf trees grow in the flat plains within the proximity of the Western Al Hajar mountains. Several indigenous trees such as the date palm and neem as well as imported trees such as the eucalyptus grow in Dubai's natural parks. The MacQueen's bustard , striped hyena , caracal , desert fox , falcon and Arabian oryx are common in Dubai's desert. Dubai is on the migration path between Europe, Asia and Africa, and more than 320 migratory bird species pass through the emirate in spring and autumn. The waters of Dubai are home to more than 300 species of fish, including the hammour . The typical marine life off the Dubai coast includes tropical fish, jellyfish, coral, dugong , dolphins, whales and sharks. Various types of turtles can also be found in the area including the hawksbill turtle and green turtle , which are listed as endangered species. ] ] Dubai features a tropical , ] hot desert climate ( Köppen BWh). Summers in Dubai are extremely hot, prolonged, windy, and humid, with an average high around 40 °C (104 °F) and overnight lows around 30 °C (86 °F) in the hottest month, August. Most days are sunny throughout the year. Winters are mild to warm, with an average high of 24 °C (75 °F) and overnight lows of 14 °C (57 °F) in January, the coolest month. Dubai summers are also known for the very high humidity level, which can make it very uncomfortable for many with exceptionally high dew points, which can exceed 30 °C (86 °F) in summer. Heat index values can reach over 60 °C"
"for the very high humidity level, which can make it very uncomfortable for many with exceptionally high dew points, which can exceed 30 °C (86 °F) in summer. Heat index values can reach over 60 °C (140 °F) at the height of summer. ] The highest recorded temperature in Dubai is 49.0 °C (120.2 °F). Very dry, Dubai's average annual precipitation is 79.2 mm (3.12 in). However, precipitation has been increasing in the last few decades, with accumulated rain reaching 110.7 mm (4.36 in) per year. ] Record-setting flooding inundated Dubai in April 2024, demonstrating a lack of appropriate drainage to deal with the immense challenges precipitated by climate change . ] Dubai has been ruled by the Al Maktoum family since 1833; the emirate is an absolute monarchy . Dubai citizens participate in the electoral college to vote representatives to the Federal National Council of the 'UAE'. The ruler, His Highness Sheikh Mohammed bin Rashid Al Maktoum , is also the vice-president and Prime Minister of the United Arab Emirates and member of the Supreme Council of the Union (SCU). Dubai appoints 8 members in two-term periods to the Federal National Council (FNC) of the UAE, the supreme federal legislative body. ] The Dubai Municipality (DM) was established by the then ruler of Dubai, Rashid bin Saeed Al Maktoum , in 1954 for purposes of city planning, citizen services and upkeep of local facilities. ] It has since then evolved into an autonomous subnational authority, collectively known as the Government of Dubai which is responsible for both the city of Dubai and the greater emirate. ] The Government of Dubai has over 58 governmental departments responsible for security, economic policy, education, transportations, immigration, and is only one of the three emirates to have a separate judicial system independent from the federal judiciary of the UAE. ] The Ruler of Dubai is the head of government and emir (head of state) and laws, decrees, and court judgements are issued in his name, however, since 2003, executive authority of managing and overseeing Dubai Governmental agencies has been delegated to the Dubai Executive Council , led by Crown Prince of Dubai Hamdan bin Mohammed Al Maktoum . Although no legislative assembly exists, the traditional open majlis (council) where citizens and representatives of the Ruler meet are often used for feedback on certain domestic issues. ] ] The Dubai Police Force , founded in 1956 in the locality of Naif , has law enforcement jurisdiction over the emirate. The force is under direct command of Mohammed bin Rashid al Maktoum. ] Dubai and Ras al Khaimah are the only emirates that do not conform to the federal judicial system of the United Arab Emirates. ] The emirate's judicial courts comprise the Court of First Instance, the Court of Appeal, and the Court of Cassation. The Court of First Instance consists of the Civil Court, which hears all civil claims; the Criminal Court, which hears claims originating from police complaints;"
"Appeal, and the Court of Cassation. The Court of First Instance consists of the Civil Court, which hears all civil claims; the Criminal Court, which hears claims originating from police complaints; and Sharia Court, which is responsible for matters between Muslims. Non-Muslims do not appear before the Sharia Court. The Court of Cassation is the supreme court of the emirate and hears disputes on matters of law only. ] Alcohol sale and consumption, though legal, is regulated. Adult non-Muslims are allowed to consume alcohol in licensed venues, typically within hotels, or at home with the possession of an alcohol license. Places other than hotels, clubs, and specially designated areas are typically not permitted to sell alcohol. ] In 2024, Dubai authorities charged an Irish woman for consuming alcohol. ] ] As in other parts of the world, drinking and driving is illegal, with 21 being the legal drinking age in the Emirate of Dubai . ] Dubai has one of the world's lowest violent crime rates, ] and in 2019 was ranked the seventh-safest city in the world. ] ] ] The Security Industry Regulatory Agency classified the crimes into six categories. ] These crimes include theft, forced robbery, domestic burglary, fraud, sexual assault and abuse, and criminal damages. ] As per Gulf News , Dubai Police stated that the crime in Dubai was reduced by fifteen percent during 2017. However, the cases of drugs operation increased by eight per cent. Major-General Abdullah Khalifa Al Merri, Commander-in-Chief of Dubai Police, hailed the force which solved 86 per cent of criminal cases. ] Dubai is a notorious global centre and sanctuary for money launderers, drug lords, corrupt political figures and sanctioned businessmen. ] It has been called a 'gangster's paradise'. ] This includes money laundering by major crime syndicates. This state of affairs has been enabled by a complex range of factors: the lack of extradition treaties with many countries, banking secrecy, liberal visa policies, low taxes, a large expatriate community in which shady figures are easily absorbed and welcomed, a non-transparent real estate market that readily enables money laundering, and not least, the monarchical dictatorship of the Maktoum family which facilitates it through deliberately lax legislation and policy. ] ] Examples include Amit Gupta, who bribed Nauru politicians in an attempt to stage a coup that would give him control of that island's mining rights ] and Ahmed Al Hamza, a transnational crime figure and one of Melbourne's most powerful gangsters. ] Dubai’s Role in Facilitating Corruption and Global Illicit Financial Flows , a 2020 report from influential Carnegie Endowment for International Peace, stated: ""part of what underpins Dubai’s prosperity is a steady stream of illicit proceeds borne from corruption and crime...Meanwhile, both Emirati leaders and the international community continue to turn a blind eye to the problematic behaviours, administrative loopholes, and weak"
"borne from corruption and crime...Meanwhile, both Emirati leaders and the international community continue to turn a blind eye to the problematic behaviours, administrative loopholes, and weak enforcement practices that make Dubai"
"Charles III William, Prince of Wales Charles III ( King-in-Council ) Starmer ministry ( L ) Keir Starmer ( L ) Angela Rayner ( L ) ( King-in-Parliament ) Charles III The Lord Reed The Lord Hodge Andrew Bailey Monetary Policy Committee The government of the United Kingdom (formally His Majesty's Government , abbreviated to HM Government ) is the central executive authority of the United Kingdom of Great Britain and Northern Ireland . ] ] The government is led by the prime minister (currently Keir Starmer since 5 July 2024) who selects all the other ministers . The country has had a Labour government since 2024. The prime minister Keir Starmer and his most senior ministers belong to the supreme decision-making committee, known as the Cabinet . ] Ministers of the Crown are responsible to the House in which they sit; they make statements in that House and take questions from members of that House. For most senior ministers this is usually the elected House of Commons rather than the House of Lords . The government is dependent on Parliament to make primary legislation , ] and general elections are held every five years (at most) to elect a new House of Commons, unless the prime minister advises the monarch to dissolve Parliament , in which case an election may be held sooner. After an election, the monarch selects as prime minister the leader of the party most likely to command the confidence of the House of Commons, usually by possessing a majority of MPs. ] Under the uncodified British constitution , executive authority lies with the sovereign, although this authority is exercised only after receiving the advice of the Privy Council . ] The prime minister, the House of Lords, the Leader of the Opposition, and the police and military high command serve as members and advisers of the monarch on the Privy Council. In most cases the cabinet exercise power directly as leaders of the government departments , though some Cabinet positions are sinecures to a greater or lesser degree (for instance Chancellor of the Duchy of Lancaster or Lord Privy Seal ). The government is sometimes referred to by the metonym "" Westminster "" or "" Whitehall "", as many of its offices are situated there. These metonyms are used especially by members of the Scottish Government , Welsh Government and Northern Ireland Executive to differentiate their government from His Majesty's Government. The United Kingdom is a constitutional monarchy in which the reigning monarch (that is, the king or queen who is the head of state at any given time) does not make any open political decisions. All political decisions are taken by the government and Parliament. This constitutional state of affairs is the result of a long history of constraining and reducing the political power of the monarch, beginning with Magna Carta in 1215. Since the start of Edward VII 's reign in 1901, by convention, the prime minister has been an elected member of Parliament (MP) and thus answerable to the House of"
"beginning with Magna Carta in 1215. Since the start of Edward VII 's reign in 1901, by convention, the prime minister has been an elected member of Parliament (MP) and thus answerable to the House of Commons, although there were two weeks in 1963 when Alec Douglas-Home was first a member of the House of Lords and then of neither house. A similar convention applies to the position of chancellor of the exchequer , as it would probably now be politically unacceptable for the budget speech to be given in the House of Lords, with members of Parliament unable to question the Chancellor directly. The last chancellor of the exchequer to be a member of the House of Lords was Lord Denman , who served for one month in 1834. ] The British monarch is the head of state and the sovereign , but not the head of government . The monarch takes little direct part in governing the country and remains neutral in political affairs. However, the authority of the state that is vested in the sovereign, known as the Crown , remains the source of executive power exercised by the government. In addition to explicit statutory authority , the Crown also possesses a body of powers in certain matters collectively known as the royal prerogative . These powers range from the authority to issue or withdraw passports to declarations of war. By long-standing convention, most of these powers are delegated from the sovereign to various ministers or other officers of the Crown, who may use them without having to obtain the consent of Parliament. The prime minister also has weekly meetings with the monarch. What is said in these meetings is strictly private; however, they generally involve government and political matters which the monarch has a ""right and a duty"" to comment on. ] Such comments are non-binding however and the King must ultimately abide by decisions of the government. ] Royal prerogative powers include, but are not limited to, the following: While no formal documents set out the prerogatives, the government published the above list in October 2003 to increase transparency, as some of the powers exercised in the name of the monarch are part of the royal prerogative . ] However, the complete extent of the royal prerogative powers has never been fully set out, as many of them originated in ancient custom and the period of absolute monarchy , or were modified by later constitutional practice. As of 2019, there are around 120 government ministers ] supported by 560,000 ] civil servants and other staff working in the 25 ministerial departments ] and their executive agencies . There are also an additional 20 non-ministerial departments with a range of further responsibilities. In theory, a government minister does not have to be a member of either House of Parliament. In practice, however, the convention is that ministers must be members of either the House of Commons or the House of Lords to be accountable to Parliament. From time to time, prime ministers appoint"
"In practice, however, the convention is that ministers must be members of either the House of Commons or the House of Lords to be accountable to Parliament. From time to time, prime ministers appoint non-parliamentarians as ministers. In recent years such ministers have been appointed to the House of Lords. ] The government is required by convention and for practical reasons to maintain the confidence of the House of Commons. It requires the support of the House of Commons for the maintenance of supply (by voting through the government's budgets) and to pass primary legislation . By convention, if a government loses the confidence of the House of Commons it must either resign or a general election is held. The support of the Lords, while useful to the government in getting its legislation passed without delay, is not vital. A government is not required to resign even if it loses the confidence of the Lords and is defeated in key votes in that House. The House of Commons is thus the responsible house . The prime minister is held to account during Prime Minister's Questions (PMQs) which provides an opportunity for MPs from all parties to question the PM on any subject. There are also departmental questions when ministers answer questions relating to their specific departmental brief. Unlike PMQs, both the cabinet ministers for the department and junior ministers within the department may answer on behalf of the government, depending on the topic of the question. During debates on legislation proposed by the government, ministers—usually with departmental responsibility for the bill —will lead the debate for the government and respond to points made by MPs or Lords. Committees ] of both the House of Commons and House of Lords hold the government to account, scrutinise its work and examine in detail proposals for legislation. Ministers appear before committees to give evidence and answer questions. Government ministers are also required by convention and the Ministerial Code , ] when Parliament is sitting, to make major statements regarding government policy or issues of national importance to Parliament. This allows MPs or Lords to question the government on the statement. When the government instead chooses to make announcements first outside Parliament, it is often the subject of significant criticism from MPs and the speaker of the House of Commons . ] The prime minister is based at 10 Downing Street in Westminster , London. Cabinet meetings also take place here. Most government departments have their headquarters nearby in Whitehall . The government's powers include general executive and statutory powers , delegated legislation , and numerous powers of appointment and patronage. However, some powerful officials and bodies, (e.g. HM judges, local authorities , and the charity commissions) are legally more or less independent of the government, and government powers are legally limited to those retained by the Crown under common law or granted"
"authorities , and the charity commissions) are legally more or less independent of the government, and government powers are legally limited to those retained by the Crown under common law or granted and limited by act of Parliament. Both substantive and procedural limitations are enforceable in the courts by judicial review . Nevertheless, magistrates and mayors can still be arrested and put on trial for corruption, and the government has powers to insert commissioners into a local authority to oversee its work, and to issue directives that must be obeyed by the local authority if the local authority is not abiding by its statutory obligations. ] By contrast, as in European Union (EU) member states, EU officials cannot be prosecuted for any actions carried out in pursuit of their official duties, and foreign country diplomats (though not their employees) and foreign members of the European Parliament ] are immune from prosecution in EU states under any circumstance. As a consequence, neither EU bodies nor diplomats have to pay taxes, since it would not be possible to prosecute them for tax evasion. When the UK was a member of the EU, this caused a dispute when the US ambassador to the UK claimed that London's congestion charge was a tax, and not a charge (despite the name), and therefore he did not have to pay it—a claim the Greater London Authority disputed. Similarly, the monarch is immune from criminal prosecution and may only be sued with his permission (this is known as sovereign immunity ). The sovereign, by law, is not required to pay income tax, but Queen Elizabeth II voluntarily paid it from 1993 until the end of her reign in 2022, and also paid local rates voluntarily. However, the monarchy also received a substantial grant from the government, the Sovereign Support Grant , and Queen Elizabeth II's inheritance from her mother, Queen Elizabeth The Queen Mother , was exempt from inheritance tax . In addition to legislative powers, His Majesty's Government has substantial influence over local authorities and other bodies set up by it, through financial powers and grants. Many functions carried out by local authorities, such as paying out housing benefits and council tax benefits, are funded or substantially part-funded by the central government. Neither the central government nor local authorities are permitted to sue anyone for defamation . Individual politicians are allowed to sue people for defamation in a personal capacity and without using government funds, but this is relatively rare (although George Galloway , who was a backbench MP for a quarter of a century, has sued or threatened to sue for defamation several times). However, it is a criminal offence to make a false statement about any election candidate during an election, to reduce the number of votes they receive (as with libel, opinions do not count). While the government is the current group of ministers (the British Government frontbench ), the government is also"
"to reduce the number of votes they receive (as with libel, opinions do not count). While the government is the current group of ministers (the British Government frontbench ), the government is also sometimes seen more broadly as including people or organisations that work for the ministers. The civil service , while 'independent of government', ] is sometimes described as being part of the government, ] ] ] ] due to the closeness of its working with ministers, in advising them, supporting them, and implementing their executive decisions. Some individuals who work for ministers even have the word 'Government' in their titles, such as the Government Actuary and the Government Chief Scientific Adviser , as do civil service organisations such as the Government Statistical Service , the Government Legal Profession , and the Government Office for Science . Companies owned by the government can also be seen as parts of the government, such as UK Government Investments ] and HS2 Ltd . ] Similarly, Parliamentary Private Secretaries are not ministers and so not part of the government. ] However, they are bound by parts of the ministerial code , are part of the payroll vote , and can be seen as being on the 'first rung of the ministerial ladder'. ] ] They are sometimes described as being part of the government. ] ] ] Since 1999, certain areas of central government have been devolved to accountable governments in Scotland , Wales and Northern Ireland . These are not part of His Majesty's Government, and are directly accountable to their institutions, with their authority under the Crown; in contrast, there is no devolved government in England. Up to three layers of elected local authorities (such as county, district and parish Councils ) exist throughout all parts of the United Kingdom, in some places merged into unitary authorities . They have limited local tax-raising powers. Many other authorities and agencies also have statutory powers, generally subject to some central government supervision."
"The Road Traffic Act 1988 (c. 52) is an Act of the Parliament of the United Kingdom , concerning licensing of vehicles, insurance and road regulation. Part I contains a number of traffic offences including causing death by dangerous driving , driving under the influence of alcohol or drugs (including police powers to arrest, administer tests, etc.), as well as requirements to wear seat belts and motorcycle helmets . Part II is concerned with regulating the construction and use of motor vehicles, and includes powers to test, inspect and prohibit vehicles that do not meet standards. Part III sets out the law on driving tests , the requirements for issuing driving licences , and the process for disqualifying drivers. Part IV deals with the licences required for driving large goods vehicles and passenger-carrying vehicles (buses and coaches). Part V concerns the registration, licensing and examination of driving instructors. Part VI contains provisions concerning compulsory vehicle insurance against third-party risks . Part VII contains miscellaneous provisions."
"UK driving licences may be endorsed by order of the courts if the driver has been convicted of an offence concerned with driving or operating a vehicle . ] An endorsement may also be accompanied by a number of points which can remain on the licence for up to 11 years. ] If the total number of points on a licence equals or exceeds 12, the courts must ban the driver for a period of time, usually six months. ] New drivers (those who passed their first driving test within the past two years) are subject to a lower threshold of six points, which when reached results in the full licence being revoked; the driver is not banned but must restart the provisional licence process from scratch. ] The list below does not apply to Northern Ireland ; see the website below. However, 'Mutual Recognition' (MR) codes have been included, as these are added to the driving record if one is disqualified whilst driving in Northern Ireland, the Isle of Man , or the Republic of Ireland . The disqualification period will also be valid in GB and will stay on the record for 4 years from the date of conviction. Where a licence is endorsed for an inchoate offence , the endorsement code has the same letters and first digit as above, but with the final digit replaced by:"
"In the United States , a state is a constituent political entity , of which there are 50. Bound together in a political union , each state holds governmental jurisdiction over a separate and defined geographic territory where it shares its sovereignty with the federal government . Due to this shared sovereignty , Americans are citizens both of the federal republic and of the state in which they reside . ] State citizenship and residency are flexible, and no government approval is required to move between states , except for persons restricted by certain types of court orders (such as paroled convicts and children of divorced spouses who share child custody ). State governments in the U.S. are allocated power by the people (of each respective state) through their individual state constitutions . All are grounded in republican principles (this being required by the federal constitution), and each provides for a government, consisting of three branches, each with separate and independent powers : executive , legislative , and judicial . ] States are divided into counties or county-equivalents, which may be assigned some local governmental authority but are not sovereign. County or county-equivalent structure varies widely by state, and states also create other local governments . States, unlike U.S. territories , possess many powers and rights under the United States Constitution . States and their citizens are represented in the United States Congress , a bicameral legislature consisting of the Senate and the House of Representatives . Each state is also entitled to select a number of electors (equal to the total number of representatives and senators from that state) to vote in the Electoral College , the body that directly elects the president of the United States . Additionally, each state has the opportunity to ratify constitutional amendments , and, with the consent of Congress, two or more states may enter into interstate compacts with one another. The police power of each state is also recognized. Historically, the tasks of local law enforcement , public education , public health , intrastate commerce regulation, and local transportation and infrastructure , in addition to local, state, and federal elections , have generally been considered primarily state responsibilities, although all of these now have significant federal funding and regulation as well. Over time, the Constitution has been amended, and the interpretation and application of its provisions have changed. The general tendency has been toward centralization and incorporation , with the federal government playing a much larger role than it once did. There is a continuing debate over states' rights , which concerns the extent and nature of the states' powers and sovereignty in relation to the federal government and the rights of individuals. The Constitution grants to Congress the authority to admit new states into the Union. Since the establishment of the United States in 1776"
"to the federal government and the rights of individuals. The Constitution grants to Congress the authority to admit new states into the Union. Since the establishment of the United States in 1776 by the Thirteen Colonies , the number of states has expanded from the original 13 to 50. Each new state has been admitted on an equal footing with the existing states. ] While the Constitution does not explicitly discuss the issue of whether states have the power to secede from the Union, shortly after the Civil War (1861–1865), the U.S. Supreme Court , in Texas v. White , held that a state cannot unilaterally do so. ] ] The 50 U.S. states, in alphabetical order, along with each state's flag: The 13 original states came into existence in July 1776 during the American Revolutionary War (1775–1783), as the successors of the Thirteen Colonies , upon agreeing to the Lee Resolution ] and signing the United States Declaration of Independence . ] Prior to these events each state had been a British colony ; ] each then joined the first Union of states between 1777 and 1781, upon ratifying the Articles of Confederation , the first U.S. constitution. ] ] Also during this period, the newly independent states developed their own individual state constitutions , among the earliest written constitutions in the world. ] Although different in detail, these state constitutions shared features that would be important in the American constitutional order: they were republican in form, and separated power among three branches, most had bicameral legislatures, and contained statements, or a bill, of rights. ] Later, from 1787 to 1790, each of the states also ratified a new federal frame of government in the Constitution of the United States . ] In relation to the states, the U.S. Constitution elaborated concepts of federalism . ] Under U.S. constitutional law, the 50 individual states and the United States as a whole are each sovereign jurisdictions. ] The states are not administrative divisions of the country; the Tenth Amendment to the United States Constitution reserves to the states or to the people all powers of government not delegated to the federal government. Consequently, each of the 50 states reserves the right to organize its individual government in any way (within the broad parameters set by the U.S. Constitution and the Republican Guarantee enforced by Congress) deemed appropriate by its people, and to exercise all powers of government not delegated to the federal government by the Constitution. ] A state, unlike the federal government, has un-enumerated police power , that is, the right to generally make all necessary laws for the welfare of its people. ] As a result, while the governments of the various states share many similar features, they often vary greatly with regard to form and substance. No two state governments are identical. The government of each state is structured in accordance with its individual constitution, all of which are written"
"greatly with regard to form and substance. No two state governments are identical. The government of each state is structured in accordance with its individual constitution, all of which are written constitutions. Many of these documents are more detailed and more elaborated than their federal counterpart. For example, before its revision in 2022, the Constitution of Alabama , contained 310,296 words, which is more than 40 times as many as the U.S. Constitution . ] In practice, each state has adopted a three-branch frame of government: executive, legislative, and judicial (even though doing so has never been required). ] ] Early in American history, four state governments differentiated themselves from the others in their first constitutions by choosing to self-identify as Commonwealths rather than as states : Virginia , in 1776; ] Pennsylvania , in 1777; Massachusetts , in 1780; and Kentucky , in 1792. Consequently, while these four are states like the other states, each is formally a commonwealth because the term is contained in its constitution. ] The term, commonwealth , which refers to a state in which the supreme power is vested in the people , was first used in Virginia during the Interregnum , the 1649–60 period between the reigns of Charles I and Charles II during which parliament's Oliver Cromwell as Lord Protector established a republican government known as the Commonwealth of England . Virginia became a royal colony again in 1660, and the word was dropped from the full title; it went unused until reintroduced in 1776. ] In each state, the chief executive is called the governor, who serves as both head of state and head of government . All governors are chosen by statewide direct election . The governor may approve or veto bills passed by the state legislature, as well as recommend and work for the passage of bills, usually supported by their political party. In 44 states, governors have line item veto power. ] Most states have a plural executive , meaning that the governor is not the only government official in the state responsible for its executive branch . In these states, executive power is distributed amongst other officials, ] elected by the people independently of the governor—such as the lieutenant governor , attorney general , comptroller , secretary of state , and others. Elections of officials in the United States are generally for a fixed term of office. The constitutions of 19 states allow for citizens to remove and replace an elected public official before the end of their term of office through a recall election . ] Each state follows its own procedures for recall elections, and sets its own restrictions on how often, and how soon after a general election , they may be held. In all states, the legislatures can remove state executive branch officials, including governors, who have committed serious abuses of their power from office. The process of doing so includes impeachment (the bringing of specific charges), and a"
"executive branch officials, including governors, who have committed serious abuses of their power from office. The process of doing so includes impeachment (the bringing of specific charges), and a trial , in which legislators act as a jury. ] The primary responsibilities of state legislatures are to enact state laws and appropriate money for the administration of public policy. ] In all states, if the governor vetoes a bill (or a portion of one), it can still become law if the legislature overrides the veto (repasses the bill), which in most states requires a two-thirds vote in each chamber. ] In 49 of the 50 states the legislature consists of two chambers: a lower house (variously called the House of Representatives, State Assembly, General Assembly or House of Delegates) and a smaller upper house, in all states called the Senate. The exception is the unicameral Nebraska Legislature , meaning it has only a single chamber. ] Most states have a part-time legislature (traditionally called a citizen legislature ). Ten state legislatures are considered full-time ; these bodies are more similar to the U.S. Congress than are the others. ] Members of each state's legislature are chosen by direct election. In Baker v. Carr (1962) and Reynolds v. Sims (1964), the U.S. Supreme Court held that all states are required to elect their legislatures in such a way as to afford each citizen the same degree of representation (the one person, one vote standard). In practice, most states elect legislators from single-member districts , each of which has approximately the same population. Some states, such as Maryland and Vermont, divide the state into single- and multi-member districts. In this case, multi-member districts must have proportionately larger populations, e.g., a district electing two representatives must have approximately twice the population of a district electing just one. The voting systems used across the nation are: first-past-the-post in single-member districts, and multiple non-transferable vote in multi-member districts. In 2013, there were a total of 7,383 legislators in the 50 state legislative bodies. They earned from $0 annually (New Mexico) to $90,526 (California). There were various per diem and mileage compensation. ] States can also organize their judicial systems differently from the federal judiciary , as long as they protect the federal constitutional right of their citizens to procedural due process . Most have a trial-level court, generally called a district court , superior court or circuit court , a first-level appellate court , generally called a court of appeal (or appeals), and a supreme court . Oklahoma and Texas have separate highest courts for criminal appeals. Uniquely, in New York State, the trial court is called the Supreme Court ; appeals go up first to the Supreme Court's Appellate Division , and from there to its highest court, the New York Court of Appeals . State court systems exercise broad, plenary, and general"
"Court ; appeals go up first to the Supreme Court's Appellate Division , and from there to its highest court, the New York Court of Appeals . State court systems exercise broad, plenary, and general jurisdiction, in contrast to the federal courts, which are courts of limited jurisdiction. The overwhelming majority of criminal and civil cases in the United States are heard in state courts. Each year, roughly 30 million new cases are filed in state courts and the total number of judges across all state courts is about 30,000—for comparison, 1 million new cases are filed each year in federal courts, which have about 1,700 judges. ] Most states base their legal system on English common law (with substantial statutory changes and incorporation of certain civil law innovations), with the notable exception of Louisiana, a former French colony , which draws large parts of its legal system from French civil law . Only a few states choose to have the judges on the state's courts serve for life terms. In most states, the judges, including the justices of the highest court in the state, are either elected or appointed for terms of a limited number of years and are usually eligible for re-election or reappointment. All states are unitary states , not federations or aggregates of local governments . Local governments within them are created by and exist by virtue of state law, and local governments within each state are subject to the central authority of that particular state. State governments commonly delegate some authority to local units and channel policy decisions down to them for implementation. ] In a few states, local units of government are permitted a degree of home rule over various matters. The prevailing legal theory of state preeminence over local governments, referred to as Dillon's Rule , holds that, A municipal corporation possesses and can exercise the following powers and no others: First, those granted in express words; second, those necessarily implied or necessarily incident to the powers expressly granted; third, those absolutely essential to the declared objects and purposes of the corporation—not simply convenient but indispensable; fourth, any fair doubt as to the existence of power is resolved by the courts against the corporation—against the existence of the powers. ] Each state defines for itself what powers it will allow local governments. Generally, four categories of power may be given to local jurisdictions: Each state admitted to the Union by Congress since 1789 has entered it on an equal footing with the original states in all respects. ] With the growth of states' rights advocacy during the antebellum period , the Supreme Court asserted, in Lessee of Pollard v. Hagan (1845), that the Constitution mandated admission of new states on the basis of equality. ] With the consent of Congress, states may enter into interstate compacts , agreements between two or more states. Compacts are frequently used to manage a shared"
"new states on the basis of equality. ] With the consent of Congress, states may enter into interstate compacts , agreements between two or more states. Compacts are frequently used to manage a shared resource, such as transportation infrastructure or water rights. ] Under Article IV of the Constitution , which outlines the relationship between the states, each state is required to give full faith and credit to the acts of each other's legislatures and courts, which is generally held to include the recognition of most contracts and criminal judgments, and before 1865, slavery status. Under the Extradition Clause , a state must extradite people located there who have fled charges of ""treason, felony, or other crimes"" in another state if the other state so demands. The principle of hot pursuit of a presumed felon and arrest by the law officers of one state in another state are often permitted by a state. ] The full faith and credit expectation does have exceptions, some legal arrangements, such as professional licensure and marriages, may be state-specific, and until recently states have not been found by the courts to be required to honor such arrangements from other states. ] Such legal acts are nevertheless often recognized state-to-state according to the common practice of comity . States are prohibited from discriminating against citizens of other states with respect to their basic rights , under the Privileges and Immunities Clause . Under Article IV, each state is guaranteed a form of government that is grounded in republican principles, such as the consent of the governed . ] This guarantee has long been at the forefront of the debate about the rights of citizens vis-à-vis the government. States are also guaranteed protection from invasion, and, upon the application of the state legislature (or executive, if the legislature cannot be convened), from domestic violence. This provision was discussed during the 1967 Detroit riot but was not invoked. The Supremacy Clause ( Article VI, Clause 2 ) establishes that the Constitution , federal laws made pursuant to it, and treaties made under its authority, constitute the supreme law of the land. ] It provides that state courts are bound by the supreme law; in case of conflict between federal and state law, the federal law must be applied. Even state constitutions are subordinate to federal law. ] States' rights are understood mainly with reference to the Tenth Amendment . The Constitution delegates some powers to the national government, and it forbids some powers to the states. The Tenth Amendment reserves all other powers to the states, or to the people. Powers of the U.S. Congress are enumerated in Article I, Section 8 , for example, the power to declare war. Making treaties is one power forbidden to the states, being listed among other such powers in Article I, Section 10 . Among the Article I enumerated powers of Congress is the power to regulate commerce. Since the early 20th century, the"
"to the states, being listed among other such powers in Article I, Section 10 . Among the Article I enumerated powers of Congress is the power to regulate commerce. Since the early 20th century, the Supreme Court's interpretation of this "" Commerce Clause "" has, over time, greatly expanded the scope of federal power , at the expense of powers formerly considered purely states' matters. The Cambridge Economic History of the United States says, ""On the whole, especially after the mid-1880s, the Court construed the Commerce Clause in favor of increased federal power."" ] In 1941, the Supreme Court in U.S. v. Darby upheld the Fair Labor Standards Act of 1938 , holding that Congress had the power under the Commerce Clause to regulate employment conditions. ] Then, one year later, in Wickard v. Filburn , the Court expanded federal power to regulate the economy by holding that federal authority under the commerce clause extends to activities which may appear to be local in nature but in reality effect the entire national economy and are therefore of national concern. ] For example, Congress can regulate railway traffic across state lines, but it may also regulate rail traffic solely within a state, based on the reality that intrastate traffic still affects interstate commerce. Through such decisions, argues law professor David F. Forte, ""the Court turned the commerce power into the equivalent of a general regulatory power and undid the Framers' original structure of limited and delegated powers."" Subsequently, Congress invoked the Commerce Clause to expand federal criminal legislation, as well as for social reforms such as the Civil Rights Act of 1964 . Only within the past couple of decades, through decisions in cases such as those in U.S. v. Lopez (1995) and U.S. v. Morrison (2000), has the Court tried to limit the Commerce Clause power of Congress. ] Another enumerated congressional power is its taxing and spending power . ] An example of this is the system of federal aid for highways, which include the Interstate Highway System . The system is mandated and largely funded by the federal government and serves the interests of the states. By threatening to withhold federal highway funds, Congress has been able to pressure state legislatures to pass various laws. ] An example is the nationwide legal drinking age of 21, enacted by each state, brought about by the National Minimum Drinking Age Act . Although some objected that this infringes on states' rights, the Supreme Court upheld the practice as a permissible use of the Constitution's Spending Clause in South Dakota v. Dole 483 U.S. 203 (1987). As prescribed by Article I of the Constitution, which establishes the U.S. Congress, each state is represented in the Senate (irrespective of population size) by two senators, and each is guaranteed at least one representative in the House. Both senators and representatives are chosen in direct popular elections in the various states. (Prior to 1913, senators"
"two senators, and each is guaranteed at least one representative in the House. Both senators and representatives are chosen in direct popular elections in the various states. (Prior to 1913, senators were elected by state legislatures.) There are presently 100 senators, who are elected at-large to staggered terms of six years, with one-third of them being chosen every two years. Representatives are elected at large or from single-member districts to terms of two years (not staggered). The size of the House—presently 435 voting members—is set by federal statute . Seats in the House are distributed among the states in proportion to the most recent constitutionally mandated decennial census . ] The borders of these districts are established by the states individually through a process called redistricting , and within each state all districts are required to have approximately equal populations. ] Citizens in each state plus those in the District of Columbia indirectly elect the president and vice president . When casting ballots in presidential elections they are voting for presidential electors , who then, using procedures provided in the 12th amendment , elect the president and vice president. ] There were 538 electors for the most recent presidential election in 2020 ; the allocation of electoral votes was based on the 2010 census . ] Each state is entitled to a number of electors equal to the total number of representatives and senators from that state; the District of Columbia is entitled to three electors. ] While the Constitution does set parameters for the election of federal officials, state law, not federal, regulates most aspects of elections in the U.S., including primaries, the eligibility of voters (beyond the basic constitutional definition), the running of each state's electoral college, as well as the running of state and local elections. All elections—federal, state, and local—are administered by the individual states, and some voting rules and procedures may differ among them. ] Article V of the Constitution accords states a key role in the process of amending the U.S. Constitution. Amendments may be proposed either by Congress with a two-thirds vote in both the House and the Senate, or by a constitutional convention called for by two-thirds of the state legislatures. ] To become part of the Constitution, an amendment must be ratified by either—as determined by Congress—the legislatures of three-quarters of the states or state ratifying conventions in three-quarters of the states. ] The vote in each state (to either ratify or reject a proposed amendment) carries equal weight, regardless of a state's population or length of time in the Union. U.S. states are not sovereign in the Westphalian sense in international law which says that each State has sovereignty over its territory and domestic affairs, to the exclusion of all external powers, on the principle of non-interference in another State's domestic affairs, and that each"
"each State has sovereignty over its territory and domestic affairs, to the exclusion of all external powers, on the principle of non-interference in another State's domestic affairs, and that each State (no matter how large or small) is equal in international law. ] Additionally, the 50 U.S. states do not possess international legal sovereignty, meaning that they are not recognized by other sovereign States such as, for example, France, Germany or the United Kingdom. ] The federal government is responsible for international relations , but state and local government leaders do occasionally travel to other countries and form economic and cultural relationships. Article IV also grants to Congress the authority to admit new states into the Union. Since the establishment of the United States in 1776, the number of states has expanded from the original 13 to 50. Each new state has been admitted on an equal footing with the existing states. ] Article IV also forbids the creation of new states from parts of existing states without the consent of both the affected states and Congress. This caveat was designed to give Eastern states that still had Western land claims (including Georgia, North Carolina, and Virginia), to have a veto over whether their western counties could become states, ] and has served this same function since, whenever a proposal to partition an existing state or states in order that a region within might either join another state or to create a new state has come before Congress. Most of the states admitted to the Union after the original 13 were formed from an organized territory established and governed by Congress in accord with its plenary power under Article IV, Section 3, Clause 2 . ] The outline for this process was established by the Northwest Ordinance (1787), which predates the ratification of the Constitution. In some cases, an entire territory has become a state; in others some part of a territory has. When the people of a territory make their desire for statehood known to the federal government, Congress may pass an enabling act authorizing the people of that territory to organize a constitutional convention to write a state constitution as a step toward admission to the Union. Each act details the mechanism by which the territory will be admitted as a state following ratification of their constitution and election of state officers. Although the use of an enabling act is a traditional historic practice, a number of territories have drafted constitutions for submission to Congress absent an enabling act and were subsequently admitted. Upon acceptance of that constitution and meeting any additional congressional stipulations, Congress has always admitted that territory as a state. In addition to the original 13, six subsequent states were never an organized territory of the federal government, or part of one, before being admitted to the Union. Three were set off from an already existing state, two entered the Union after"
"states were never an organized territory of the federal government, or part of one, before being admitted to the Union. Three were set off from an already existing state, two entered the Union after having been sovereign states , and one was established from unorganized territory : Congress is under no obligation to admit states, even in those areas whose population expresses a desire for statehood. Such has been the case numerous times during the nation's history. In one instance, Mormon pioneers in Salt Lake City sought to establish the state of Deseret in 1849. It existed for slightly over two years and was never approved by the United States Congress . In another, leaders of the Five Civilized Tribes (Cherokee, Chickasaw, Choctaw, Creek, and Seminole) in Indian Territory proposed to establish the state of Sequoyah in 1905, as a means to retain control of their lands. ] The proposed constitution ultimately failed in the U.S. Congress. Instead, the Indian Territory and Oklahoma Territory were both incorporated into the new state of Oklahoma in 1907. The first instance occurred while the nation still operated under the Articles of Confederation. The State of Franklin existed for several years, not long after the end of the American Revolution, but was never recognized by the Confederation Congress, which ultimately recognized North Carolina 's claim of sovereignty over the area. The territory comprising Franklin later became part of the Southwest Territory, and ultimately of the state of Tennessee. Additionally, the entry of several states into the Union was delayed due to distinctive complicating factors. Among them, Michigan Territory , which petitioned Congress for statehood in 1835, was not admitted to the Union until 1837, due to a boundary dispute with the adjoining state of Ohio. The Republic of Texas requested annexation to the United States in 1837, but fears about potential conflict with Mexico delayed the admission of Texas for nine years. ] Statehood for Kansas Territory was held up for several years (1854–61) due to a series of internal violent conflicts involving anti-slavery and pro-slavery factions. West Virginia's bid for statehood was also delayed over slavery and was settled when it agreed to adopt a gradual abolition plan. ] Puerto Rico , an unincorporated U.S. territory , refers to itself as the "" Commonwealth of Puerto Rico"" in the English version of its constitution , and as ""Estado Libre Asociado"" (literally, Associated Free Sta"
"This is an accepted version of this page Arizona ( ⓘ ARR -iz- OH -nə ; Navajo : Hoozdo Hahoodzo ] ; ] O'odham : Alĭ ṣonak ] ) ] is a state in the Southwestern region of the United States , sharing the Four Corners region of the western United States with Colorado , New Mexico , and Utah . Its other neighboring states are Nevada to the northwest and California to the west. It also shares an international border with the Mexican states of Sonora and Baja California to the south and southwest. It is the 6th-largest and the 14th-most-populous of the 50 states. Its capital and largest city is Phoenix , which is the most populous state capital in the United States. Arizona is the 48th state and last of the contiguous states to be admitted to the Union, achieving statehood on February 14, 1912. Historically part of the territory of Alta California and Nuevo México in New Spain , it became part of independent Mexico in 1821. After being defeated in the Mexican–American War , Mexico ceded much of this territory to the United States in 1848, where the area became part of the territory of New Mexico . The southernmost portion of the state was acquired in 1853 through the Gadsden Purchase . Southern Arizona is known for its desert climate, with very hot summers and mild winters. Northern Arizona features forests of pine, Douglas fir , and spruce trees; the Colorado Plateau ; mountain ranges (such as the San Francisco Mountains ); as well as large, deep canyons , with much more moderate summer temperatures and significant winter snowfalls. There are ski resorts in the areas of Flagstaff , Sunrise , and Tucson . In addition to the internationally known Grand Canyon National Park , which is one of the world's seven natural wonders , there are several national forests , national parks , and national monuments . Arizona is home to a diverse population. About one-quarter of the state ] ] is made up of Indian reservations that serve as the home of 27 federally recognized Native American tribes , including the Navajo Nation , the largest in the state and the country, with more than 300,000 citizens. Since the 1980s, the proportion of Hispanics has grown significantly owing to migration from Mexico and Central America. A substantial portion of the population are followers of the Roman Catholic Church and the Church of Jesus Christ of Latter-day Saints . Arizona's population and economy have grown dramatically since the 1950s because of inward migration, and the state is now a major hub of the Sun Belt . Cities such as Phoenix and Tucson have developed large, sprawling suburban areas. Many large companies, such as PetSmart and Circle K , ] have headquarters in the state, and Arizona is home to major universities, including the University of Arizona , Arizona State University , and Northern Arizona University . The state is known for a history of conservative politicians such as Barry Goldwater and John McCain , though it has become a swing state since the 1990s. The"
", and Northern Arizona University . The state is known for a history of conservative politicians such as Barry Goldwater and John McCain , though it has become a swing state since the 1990s. The state's name appears to originate from an earlier Spanish name, Arizonac , derived from the O'odham name alĭ ṣonak , meaning ' small spring ' . Initially this term was applied by Spanish colonists only to an area near the silver mining camp of Planchas de Plata, Sonora . ] ] ] ] To the European settlers, the O'odham pronunciation sounded like Arissona . ] The area is still known as alĭ ṣonak in the O'odham language. ] Another possible origin is the Basque phrase haritz ona ' the good oak ' , as there were numerous Basque sheepherders in the area. ] ] ] A native-born Mexican of Basque ancestry established the ranchería ( small rural settlement ) of Arizona between 1734 and 1736 in the current Mexican state of Sonora . It became notable after a significant discovery of silver there around 1737. ] The misconception that the state's name purportedly originated from the Spanish term Árida Zona ' Arid Zone ' is considered a case of folk etymology . ] For thousands of years before the modern era, Arizona was home to many ancient Native American civilizations. Hohokam , Mogollon , and Ancestral Puebloan cultures were among those that flourished throughout the state. Many of their pueblos, cliffside dwellings, rock paintings and other prehistoric treasures have survived and attract thousands of tourists each year. citation needed ] In 1539, Marcos de Niza , a Spanish Franciscan , became the first European to contact Native Americans. He explored parts of the present state and made contact with native inhabitants, probably the Sobaipuri . The expedition of Spanish explorer Coronado entered the area in 1540–1542 during its search for Cíbola . ] Few Spanish settlers migrated to Arizona. One of the first settlers in Arizona was José Romo de Vivar . ] Father Kino was the next European in the region. A member of the Society of Jesus ("" Jesuits ""), he led the development of a chain of missions in the region. He converted many of the Indians to Christianity in the Pimería Alta (now southern Arizona and northern Sonora ) in the 1690s and early 18th century. Spain founded presidios (""fortified towns"") at Tubac in 1752 and Tucson in 1775. ] When Mexico achieved its independence from the Kingdom of Spain and its Spanish Empire in 1821, what is now Arizona became part of its Territory of Nueva California , (""New California""), also known as Alta California (""Upper California""). ] Descendants of ethnic Spanish and mestizo settlers from the colonial years still lived in the area at the time of the arrival of later European-American migrants from the United States. citation needed ] During the Mexican–American War (1847–1848), the U.S. Army occupied the national capital of Mexico City and pursued its claim to much of northern Mexico, including what later became Arizona Territory"
"During the Mexican–American War (1847–1848), the U.S. Army occupied the national capital of Mexico City and pursued its claim to much of northern Mexico, including what later became Arizona Territory in 1863 and later the State of Arizona in 1912. ] The Treaty of Guadalupe Hidalgo (1848) specified that, in addition to language and cultural rights of the existing inhabitants of former Mexican citizens being considered as inviolable, the sum of $15 million in compensation (equivalent to $528,230,769.23 in 2023) be paid to the Republic of Mexico. ] In 1853, the U.S. acquired the land south below the Gila River from Mexico in the Gadsden Purchase along the southern border area as encompassing the best future southern route for a transcontinental railway. ] What is now the state of Arizona was administered by the United States government as part of the Territory of New Mexico from 1850 until the southern part of that region seceded from the Union to form the Territory of Arizona . ] This newly established territory was formally organized by the federal government of the Confederate States on Saturday, January 18, 1862, when President Jefferson Davis approved and signed An Act to Organize the Territory of Arizona , ] marking the first official use of the name ""Territory of Arizona"". The Southern territory supplied the Confederate government with men, horses, and equipment. Formed in 1862, Arizona scout companies served with the Confederate States Army during the American Civil War . Arizona has the westernmost military engagement on record during the Civil War with the Battle of Picacho Pass (1862). ] The Federal government declared a new U.S. Arizona Territory, consisting of the western half of earlier New Mexico Territory, in Washington, D.C. , on February 24, 1863. ] These new boundaries would later form the basis of the state. The first territorial capital, Prescott, was founded in 1864 following a gold rush to central Arizona. ] The capital was later moved to Tucson, back to Prescott, and then to its final location in Phoenix in a series of controversial moves as different regions of the territory gained and lost political influence with the growth and development of the territory. ] Although names including ""Gadsonia"", ""Pimeria"", ""Montezuma"" and ""Arizuma"" had been considered for the territory, ] when 16th President Abraham Lincoln signed the final bill, it read ""Arizona"", and that name was adopted. ( Montezuma was not derived from the Aztec emperor, but was the sacred name of a divine hero to the Pima people of the Gila River Valley . It was probably considered – and rejected – for its sentimental value before Congress settled on the name ""Arizona"".) citation needed ] Brigham Young , leader of the Church of Jesus Christ of Latter-day Saints in Salt Lake City in Utah , sent Mormons to Arizona in the mid- to late 19th century. They founded Mesa , Snowflake , Heber , Safford , and other towns. They also settled in the Phoenix Valley (or ""Valley of"
"Lake City in Utah , sent Mormons to Arizona in the mid- to late 19th century. They founded Mesa , Snowflake , Heber , Safford , and other towns. They also settled in the Phoenix Valley (or ""Valley of the Sun""), Tempe , Prescott , and other areas. The Mormons settled what became northern Arizona and northern New Mexico. At the time these areas were in a part of the former New Mexico Territory . During the nineteenth century, a series of gold and silver rushes occurred in the territory, the best known being the 1870s stampede to the silver bonanzas of Tombstone, Arizona , in southeast Arizona, also known for its legendary outlaws and lawmen. ] By the late 1880s, copper production eclipsed the precious metals with the rise of copper camps like Bisbee, Arizona , and Jerome, Arizona . ] ] The boom and bust economy of mining also left hundreds of ghost towns across the territory, but copper mining continued to prosper with the territory producing more copper than any other state by 1907, which earned Arizona the nickname ""the Copper State"" at the time of statehood. ] ] During the first years of statehood the industry experienced growing pains and labor disputes with the Bisbee Deportation of 1917 the result of a copper miners' strike. ] During the Mexican Revolution from 1910 to 1920, several battles were fought in the Mexican towns just across the border from Arizona settlements. Throughout the revolution, many Arizonans enlisted in one of the several armies fighting in Mexico. Only two significant engagements took place on U.S. soil between U.S. and Mexican forces: Pancho Villa 's 1916 Columbus Raid in New Mexico and the Battle of Ambos Nogales in 1918 in Arizona. After Mexican federal troops fired on U.S. soldiers, the American garrison launched an assault into Nogales, Mexico . The Mexicans eventually surrendered after both sides sustained heavy casualties. A few months earlier, just west of Nogales, an Indian War battle had occurred, considered the last engagement in the American Indian Wars , which lasted from 1775 to 1918. U.S. soldiers stationed on the border confronted Yaqui Indians who were using Arizona as a base to raid the nearby Mexican settlements, as part of their wars against Mexico. citation needed ] Arizona became a U.S. state on February 14, 1912, coinciding with Valentine's Day . Arizona was the 48th state admitted to the U.S. and the last of the contiguous states to be admitted. citation needed ] Cotton farming and copper mining, two of Arizona's most important statewide industries, suffered heavily during the Great Depression . ] But during the 1920s and even the 1930s, tourism began to develop as the important Arizonan industry it is today. Dude ranches, such as the K L Bar and Remuda in Wickenburg, along with the Flying V and Tanque Verde in Tucson, gave tourists the chance to take part in the flavor and activities of the ""Old West"". Several upscale hotels and resorts opened during this period, some of which are still top"
"Tanque Verde in Tucson, gave tourists the chance to take part in the flavor and activities of the ""Old West"". Several upscale hotels and resorts opened during this period, some of which are still top tourist draws. They include the Arizona Biltmore Hotel in central Phoenix (opened 1929) and the Wigwam Resort on the west side of the Phoenix area (opened 1936). ] ] Arizona was the site of German prisoner of war camps during World War II and Japanese American internment camps . ] Because of wartime fears of a Japanese invasion of the U.S. West Coast (which in fact materialized in the Aleutian Islands Campaign in June 1942), from 1942 to 1945, persons of Japanese descent were forced to reside in internment camps built in the interior of the country. Many lost their homes and businesses. The camps were abolished after World War II. ] The Phoenix-area POW camp site for Germans was purchased after the war by the Maytag family (of major home appliance fame). It was developed as the site of the Phoenix Zoo . A Japanese-American internment camp was on Mount Lemmon , just outside the state's southeastern city of Tucson. Another POW camp was near the Gila River in eastern Yuma County . Arizona was also home to the Phoenix Indian School , one of several federal Indian boarding schools designed to assimilate Native American children into mainstream European-American culture. Children were often enrolled in these schools against the wishes of their parents and families. Attempts to suppress native identities included forcing the children to cut their hair, to take and use English names, to speak only English, and to practice Christianity rather than their native religions. ] Numerous Native Americans from Arizona fought for the United States during World War II. Their experiences resulted in a rising activism in the postwar years to achieve better treatment and civil rights after their return to the state. After Maricopa County did not allow them to register to vote, in 1948 veteran Frank Harrison and Harry Austin, of the Mojave-Apache Tribe at Fort McDowell Indian Reservation , brought a legal suit, Harrison and Austin v. Laveen , to challenge this exclusion. The Arizona Supreme Court ruled in their favor. ] Arizona's population grew tremendously with residential and business development after World War II, aided by the widespread use of air conditioning , which made the intensely hot summers more comfortable. According to the Arizona Blue Book (published by the Arizona Secretary of State 's office each year), the state population in 1910 was 294,353. By 1970, it was 1,752,122. The percentage growth each decade averaged about 20% in the earlier decades, and about 60% each decade thereafter. citation needed ] In the 1960s, retirement communities were developed. These age-restricted subdivisions catered exclusively to the needs of senior citizens and attracted many retirees who wanted to escape the harsh winters of the Midwest and the Northeast . Sun City ,"
"These age-restricted subdivisions catered exclusively to the needs of senior citizens and attracted many retirees who wanted to escape the harsh winters of the Midwest and the Northeast . Sun City , established by developer Del Webb and opened in 1960, was one of the first such communities. Green Valley , south of Tucson, was another such community, designed as a retirement subdivision for Arizona's teachers. Many senior citizens from across the United States and Canada come to Arizona each winter and stay only during the winter months; they are referred to as snowbirds . citation needed ] In March 2000, Arizona was the site of the first legally binding election ever held over the internet to nominate a candidate for public office. ] In the 2000 Arizona Democratic Primary, under worldwide attention, Al Gore defeated Bill Bradley . Voter turnout in this state primary increased more than 500% over the 1996 primary. In the 21st century, Arizona has frequently garnered national attention for its efforts to quell illegal immigration into the state. In 2004, voters passed Proposition 200 , requiring proof of citizenship to register to vote. The Supreme Court of the United States struck this restriction down in 2013. ] In 2010, Arizona enacted SB 1070 which required all immigrants to carry immigration papers at all times, but the Supreme Court also invalidated parts of this law in Arizona v. United States in 2012. ] On January 8, 2011, a gunman shot congresswoman Gabby Giffords and 18 others at a gathering in Tucson. Giffords was critically wounded. The incident sparked national attention regarding incendiary political rhetoric. ] Three ships named USS Arizona have been christened in honor of the state, although only USS Arizona (BB-39) was so named after statehood was achieved. Arizona is in the Southwestern United States as one of the Four Corners states. Arizona is the sixth largest state by area , ranked after New Mexico and before Nevada . Of the state's 113,998 square miles (295,000 km 2 ), approximately 15% is privately owned. The remaining area is public forest and parkland, state trust land and Native American reservations. There are 24 National Park Service maintained sites in Arizona, including the three national parks of Grand Canyon National Park , Saguaro National Park , and the Petrified Forest National Park . ] Arizona is well known for its desert Basin and Range region in the state's southern portions, which is rich in a landscape of xerophyte plants such as the cactus . This region's topography was shaped by prehistoric volcanism , followed by the cooling-off and related subsidence . Its climate has exceptionally hot summers and mild winters. The state is less well known for its pine-covered north-central portion of the high country of the Colorado Plateau (see Arizona Mountains forests ). Like other states of the Southwest United States, Arizona is marked by high mountains, the Colorado plateau, and mesas. Despite the state's"
"of the Colorado Plateau (see Arizona Mountains forests ). Like other states of the Southwest United States, Arizona is marked by high mountains, the Colorado plateau, and mesas. Despite the state's aridity, 27% of Arizona is forest, ] a percentage comparable to modern-day Romania or Greece. ] The world's largest stand of ponderosa pine trees is in Arizona. ] The Mogollon Rim ( ), a 1,998-foot (609 m) escarpment , cuts across the state's central section and marks the southwestern edge of the Colorado Plateau. In 2002, this was an area of the Rodeo–Chediski Fire , the worst fire in state history until 2011. Located in northern Arizona, the Grand Canyon is a colorful, deep, steep-sided gorge, carved by the Colorado River . The canyon is one of the Seven Natural Wonders of the World and is largely contained in the Grand Canyon National Park – one of the first national parks in the United States. President Theodore Roosevelt was a major proponent of designating the Grand Canyon area as a National Park, often visiting to hunt mountain lion and enjoy the scenery. The canyon was created by the Colorado River cutting a channel over millions of years, and is about 277 miles (446 km) long, ranges in width from 4 to 18 miles (6 to 29 km) and attains a depth of more than 1 mile (1.6 km). Nearly two billion years of the Earth 's history have been exposed as the Colorado River and its tributaries cut through layer after layer of sediment as the Colorado Plateau uplifted. Arizona is home to one of the most well-preserved meteorite impact sites in the world. Created around 50,000 years ago, the Barringer Meteorite Crater (better known simply as "" Meteor Crater "") is a gigantic hole in the middle of the high plains of the Colorado Plateau, about 25 miles (40 km) west of Winslow . ] A rim of smashed and jumbled boulders, some of them the size of small houses, rises 150 feet (46 m) above the level of the surrounding plain. The crater itself is nearly a mile (1.6 kilometers) wide and 570 feet (170 m) deep. Arizona is one of two U.S. states, along with Hawaii, that does not observe Daylight Saving Time , though the large Navajo Nation in the state's northeastern region does. Due to its large area and variations in elevation, the state has a wide variety of localized climate conditions. In the lower elevations the climate is primarily desert, with mild winters and extremely hot summers. Typically, from late fall to early spring, the weather is mild, averaging a minimum of 60 °F (16 °C). November through February are the coldest months, with temperatures typically ranging from 40 to 75 °F (4 to 24 °C), with occasional frosts. ] About midway through February, the temperatures start to rise, with warm days, and cool, breezy nights. The summer months of June through September bring a dry heat from 90 to 120 °F (32 to 49 °C), with occasional high temperatures exceeding 125 °F (52 °C) having been observed in the desert area. ] Arizona's all-time record high is 128 °F (53"
"bring a dry heat from 90 to 120 °F (32 to 49 °C), with occasional high temperatures exceeding 125 °F (52 °C) having been observed in the desert area. ] Arizona's all-time record high is 128 °F (53 °C) recorded at Lake Havasu City on June 29, 1994, and July 5, 2007; the all-time record low of −40 °F (−40 °C) was recorded at Hawley Lake on January 7, 1971. ] Due to the primarily dry climate, large diurnal temperature variations occur in less-developed areas of the desert above 2,500 ft (760 m). The swings can be as large as 83 °F (46 °C) in the summer months. In the state's urban centers, the effects of local warming result in much higher measured night-time lows than in the recent past. Arizona has an average annual rainfall of 12.7 in (323 mm), ] which comes during two rainy seasons, with cold fronts coming from the Pacific Ocean during the winter and a monsoon in the summer. ] The monsoon season occurs toward the end of summer. In July or August, the dewpoint rises dramatically for a brief period. During this time, the air contains large amounts of water vapor . Dewpoints as high as 81 °F (27 °C) ] have been recorded during the Phoenix monsoon season. This hot moisture brings lightning , thunderstorms , wind, and torrential, if usually brief, downpours. These downpours often cause flash floods , which can turn deadly. In an attempt to deter drivers from crossing flooding streams, the Arizona Legislature enacted the Stupid Motorist Law . It is rare for tornadoes or hurricanes to occur in Arizona. Arizona's northern third is a plateau at significantly higher altitudes than the lower desert, and has an appreciably cooler climate, with cold winters and mild summers, though the climate remains semiarid to arid. Extremely low temperatures are not unknown; cold air systems from the northern states and Canada occasionally push into the state, bringing temperatures below 0 °F (−18 °C) to the state's northern parts. ] Indicative of the variation in climate, Arizona is the state which has both the metropolitan area with the most days over 100 °F (38 °C) ( Phoenix ), and the metropolitan area in the lower 48 states with the most days with a low temperature below freezing ( Flagstaff ). ] Phoenix , in Maricopa County , is Arizona's capital and largest city. Other prominent cities in the Phoenix metro area include Mesa (Arizona's third largest city), Chandler (Arizona's fourth largest city), Glendale , Peoria , Buckeye , Sun City , Sun City West , Fountain Hills , Surprise , Gilbert , El Mirage , Avondale , Tempe , Tolleson and Scottsdale , with a total metropolitan population of just over 4.7 million. ] The average high temperature in July, 106 °F (41 °C), is one of the highest of any metropolitan area in the United States, offset by an average January high temperature of 67 °F (19 °C), the basis of its winter appeal. Tucson , with a metro population of just over one million, is the state's second-largest city. Located in Pima County , approximately 110"
"temperature of 67 °F (19 °C), the basis of its winter appeal. Tucson , with a metro population of just over one million, is the state's second-largest city. Located in Pima County , approximately 110 miles (180 km) southeast of Phoenix, it was incorporated in 1877, making it the oldest incorporated city in Arizona. It is home to the University of Arizona . Major incorporated suburbs of Tucson include Oro Valley and Marana northwest of the city, Sahuarita south of the city, and South Tucson in an enclave south of downtown. It has an average July temperature of 100 °F (38 °C) and winter temperatures averaging 65 °F (18 °C). Saguaro National Park , just west of the city in the Tucson Mountains , is the site of the world's largest collection of Saguaro cacti. The Prescott metropolitan area includes the cities of Prescott, Cottonwood , Camp Verde and many other towns in the 8,123 square miles (21,000 km 2 ) of Yavapai County area. With 212,635 residents, this cluster of towns is the state's third largest metropolitan area. The city of Prescott (population 41,528) lies approximately 100 miles (160 km) northwest of the Phoenix metropolitan area. Situated in pine tree forests at an elevation of about 5,500 feet (1,700 m), Prescott enjoys a much cooler climate than Phoenix, with average summer highs around 88 °F (31 °C) and winter temperatures averaging 50 °F (10 °C). Yuma is the center of the fourth-largest metropolitan area in Arizona. Located in Yuma County , it is near the borders of California and Mexico. It is one of the hottest cities in the United States, with an average July high of 107 °F (42 °C). For comparison, the same month's average in Death Valley is 115 °F (46 °C). The city features sunny days about 90% of the year. The Yuma Metropolitan Statistical Area has a population of 160,000. Yuma attracts many winter visitors from all over the United States. Flagstaff , in Coconino County , is the largest city in northern Arizona, and is at an elevation of nearly 7,000 feet (2,100 m). With its large Ponderosa pine forests, snowy winter weather and picturesque mountains, it is a stark contrast to the desert regions typically associated with Arizona. It is sited at the base of the San Francisco Peaks , the highest mountain range in the state of Arizona, which contains Humphreys Peak , the highest point in Arizona at 12,633 feet (3,851 m). Flagstaff has a strong tourism sector, due to its proximity to numerous tourist attractions including: Grand Canyon National Park , Sedona , and Oak Creek Canyon . Historic U.S. Route 66 is the main east–west street in the town. The Flagstaff metropolitan area is home to 134,421 residents and the main campus of Northern Arizona University . Lake Havasu City , in Mohave County , known as ""Arizona's playground"", was developed on the Colorado River and is named after Lake Havasu. Lake Havasu City has a population of about 57,000 people. It is famous for huge spring break parties, sunsets and the London Bridge ,"
"developed on the Colorado River and is named after Lake Havasu. Lake Havasu City has a population of about 57,000 people. It is famous for huge spring break parties, sunsets and the London Bridge , relocated from London, England. Lake Havasu City was founded by real estate developer Robert P. McCulloch in 1963. ] It has two colleges, Mohave Community College and ASU Colleges in Lake Havasu City. ] The United States Census Bureau records Arizona's population as 7,151,502 in the 2020 census, ] a 12% increase since the 2010 United States census . ] Arizona remained sparsely settled for most of the 19th century. ] The 1860 census reported the population of ""Arizona County"" to be 6,482, of whom 4,040 were listed as ""Indians"", 21 as ""free colored"", and 2,421 as ""white"". ] ] Arizona's continued population growth has put an enormous stress on the state's water supply. ] As of 2011 ] , 61% of Arizona's children under age one belonged to racial groups of color. ] The population of metropolitan Phoenix increased by 45% from 1991 through 2001, helping to make Arizona the second fastest-growing state in the U.S. in the 1990s (the fastest was Nevada ). ] According to the 2010 United States census, Arizona had a population of 6,392,017. In 2010, illegal immigrants constituted an estimated 8% of the population. This was the second highest percentage of any state in the U.S. ] ] Metropolitan Phoenix (4.7 million) and Tucson (1.0 million) are home to about five-sixths of Arizona's people (as of the 2010 cen"
"Alaska ( ⓘ ə- LASS -kə ) is a non-contiguous U.S. state on the northwest extremity of North America . It is in the Western United States region. The only other non-contiguous U.S. state is Hawaii . Alaska is also considered to be the northernmost, westernmost, and easternmost (the Aleutian Islands cross the 180th meridian into the eastern hemisphere) state in the United States. It borders the Canadian territory of Yukon and the province of British Columbia to the east. It shares a western maritime border, in the Bering Strait , with Russia's Chukotka Autonomous Okrug . The Chukchi and Beaufort Seas of the Arctic Ocean lie to the north, and the Pacific Ocean lies to the south. Technically, it is a semi-exclave of the U.S., and is the largest exclave in the world. Alaska is the largest U.S. state by area, comprising more total area than the following three largest states of Texas , California , and Montana combined, and is the sixth-largest subnational division in the world . It is the third-least populous and most sparsely populated U.S. state, but is, with a population of 736,081 as of 2020 , the continent's most populous territory located mostly north of the 60th parallel , with more than quadruple the combined populations of Northern Canada and Greenland . ] The state contains the four largest cities in the United States by area , including the state capital of Juneau . The state's most populous city is Anchorage , and approximately half of Alaska's residents live within its metropolitan area . Indigenous people have lived in Alaska for thousands of years, and it is widely believed that the region served as the entry point for the initial settlement of North America by way of the Bering land bridge . The Russian Empire was the first to actively colonize the area beginning in the 18th century, eventually establishing Russian America , which spanned most of the current state and promoted and maintained a native Alaskan Creole population. ] The expense and logistical difficulty of maintaining this distant possession prompted its sale to the U.S. in 1867 for US$7.2 million (equivalent to $157 million in 2023). The area went through several administrative changes before becoming organized as a territory on May 11, 1912. It was admitted as the 49th state of the U.S. on January 3, 1959. ] Abundant natural resources have enabled Alaska— with one of the smallest state economies—to have one of the highest per capita incomes , with commercial fishing , and the extraction of natural gas and oil, dominating Alaska's economy . U.S. Armed Forces bases and tourism also contribute to the economy; more than half of the state is federally-owned land containing national forests , national parks , and wildlife refuges . It is among the most irreligious states , one of the first to legalize recreational marijuana , and is known for its libertarian-leaning political culture, generally supporting the Republican Party in national elections. The Indigenous population of"
"first to legalize recreational marijuana , and is known for its libertarian-leaning political culture, generally supporting the Republican Party in national elections. The Indigenous population of Alaska is proportionally the second highest of any U.S. state, at over 15 percent, after only Hawaii. ] The name ""Alaska"" ( .mw-parser-output .tfd-dated{font-size:85%}.mw-parser-output .tfd-default{border-bottom:1px solid var(--border-color-base,#a2a9b1);clear:both;text-align:center}.mw-parser-output .tfd-tiny{font-weight:bold}.mw-parser-output .tfd-inline{border:1px solid var(--border-color-base,#a2a9b1)}.mw-parser-output .tfd-sidebar{border-bottom:1px solid var(--border-color-base,#a2a9b1);text-align:center;position:relative}@media(min-width:640px){.mw-parser-output .tfd-sidebar{clear:right;float:right;width:22em}} ‹See Tfd› Russian : Аля́ска , romanized : Aljáska ) was introduced in the Russian colonial period when it was used to refer to the Alaska Peninsula . It was derived from an Aleut-language idiom , alaxsxaq , meaning ""the mainland"" or, more literally, ""the object towards which the action of the sea is directed"". ] ] ] Numerous indigenous peoples occupied Alaska for thousands of years before the arrival of European peoples to the area. Linguistic and DNA studies done here have provided evidence for the settlement of North America by way of the Bering land bridge . ] ] At the Upward Sun River site in the Tanana Valley in Alaska, remains of a six-week-old infant were found. The baby's DNA showed that she belonged to a population that was genetically separate from other native groups present elsewhere in the New World at the end of the Pleistocene . Ben Potter, the University of Alaska Fairbanks archaeologist who unearthed the remains at the Upward Sun River site in 2013, named this new group Ancient Beringian . ] The Tlingit people developed a society with a matrilineal kinship system of property inheritance and descent in what is today Southeast Alaska, along with parts of British Columbia and the Yukon . Also in Southeast were the Haida , now well known for their unique arts. The Tsimshian people came to Alaska from British Columbia in 1887, when President Grover Cleveland , and later the U.S. Congress, granted them permission to settle on Annette Island and found the town of Metlakatla, Alaska . All three of these peoples, as well as other indigenous peoples of the Pacific Northwest Coast , experienced smallpox outbreaks from the late 18th through the mid- 19th century , with the most devastating epidemics occurring in the 1830s and 1860s, resulting in high fatalities and social disruption. ] Some researchers believe the first Russian settlement in Alaska was established in the 17th century. ] According to this hypothesis, in 1648 several koches of Semyon Dezhnyov 's expedition came ashore in Alaska by storm and founded this settlement. This hypothesis is based on the testimony of Chukchi geographer Nikolai Daurkin, who had visited Alaska in"
"of Semyon Dezhnyov 's expedition came ashore in Alaska by storm and founded this settlement. This hypothesis is based on the testimony of Chukchi geographer Nikolai Daurkin, who had visited Alaska in 1764–1765 and who had reported on a village on the Kheuveren River, populated by ""bearded men"" who ""pray to the icons "". Some modern researchers associate Kheuveren with Koyuk River . ] The first European vessel to reach Alaska is generally held to be the St. Gabriel under the authority of the surveyor M. S. Gvozdev and assistant navigator I. Fyodorov on August 21, 1732, during an expedition of Siberian Cossack A. F. Shestakov and Russian explorer Dmitry Pavlutsky (1729–1735). ] Another European contact with Alaska occurred in 1741, when Vitus Bering led an expedition for the Russian Navy aboard the St. Peter . After his crew returned to Russia with sea otter pelts judged to be the finest fur in the world, small associations of fur traders began to sail from the shores of Siberia toward the Aleutian Islands. The first permanent European settlement was founded in 1784. Between 1774 and 1800, Spain sent several expeditions to Alaska to assert its claim over the Pacific Northwest. In 1789, a Spanish settlement and fort were built in Nootka Sound . These expeditions gave names to places such as Valdez , Bucareli Sound , and Cordova . Later, the Russian-American Company carried out an expanded colonization program during the early-to-mid-19th century. Sitka , renamed New Archangel from 1804 to 1867, on Baranof Island in the Alexander Archipelago in what is now Southeast Alaska , became the capital of Russian America . It remained the capital after the colony was transferred to the United States. The Russians never fully colonized Alaska, and the colony was never very profitable. Evidence of Russian settlement in names and churches survives throughout southeastern Alaska. In 1867, William H. Seward , the United States Secretary of State under President Andrew Johnson , negotiated the Alaska Purchase (referred to pejoratively as Seward's Folly) with the Russians for $7.2 million. ] Russia's contemporary ruler Tsar Alexander II , the Emperor of the Russian Empire , King of Poland and Grand Duke of Finland , also planned the sale; ] the purchase was made on March 30, 1867. Six months later the commissioners arrived in Sitka and the formal transfer was arranged; the formal flag-raising took place at Fort Sitka on October 18, 1867. In the ceremony, 250 uniformed U.S. soldiers marched to the governor's house at ""Castle Hill"", where the Russian troops lowered the Russian flag and the U.S. flag was raised. This event is celebrated as Alaska Day , a legal holiday on October 18. Alaska was loosely governed by the military initially and was administered as a district starting in 1884, with a governor appointed by the United States president. A federal district court was headquartered in Sitka. For most of Alaska's first decade under the United States flag, Sitka was"
"in 1884, with a governor appointed by the United States president. A federal district court was headquartered in Sitka. For most of Alaska's first decade under the United States flag, Sitka was the only community inhabited by American settlers. They organized a ""provisional city government"", which was Alaska's first municipal government, but not in a legal sense. ] Legislation allowing Alaskan communities to legally incorporate as cities did not come about until 1900, and home rule for cities was extremely limited or unavailable until statehood took effect in 1959. Starting in the 1890s and stretching in some places to the early 1910s, gold rushes in Alaska and the nearby Yukon Territory brought thousands of miners and settlers to Alaska. From 1879 to 1920, Alaska produced a cumulative total of over $460,000,000 ($6,691,927,500 inflation-adjusted) of mineral production. ] Alaska was officially incorporated as an organized territory in 1912. Alaska's capital, which had been in Sitka until 1906, was moved north to Juneau . Construction of the Alaska Governor's Mansion began that same year. European immigrants from Norway and Sweden also settled in southeast Alaska, where they entered the fishing and logging industries. During World War II , the Aleutian Islands Campaign focused on Attu , Agattu and Kiska , all of which were occupied by the Empire of Japan . ] During the Japanese occupation, an American civilian and two United States Navy personnel were killed at Attu and Kiska respectively, and nearly a total of 50 Aleut civilians and eight sailors were interned in Japan. About half of the Aleuts died during the period of internment. ] Unalaska / Dutch Harbor and Adak became significant bases for the United States Army , United States Army Air Forces and United States Navy. The United States Lend-Lease program involved flying American warplanes through Canada to Fairbanks and then Nome ; Soviet pilots took possession of these aircraft, ferrying them to fight the German invasion of the Soviet Union . The construction of military bases contributed to the population growth of some Alaskan cities. Statehood for Alaska was an important cause of James Wickersham early in his tenure as a congressional delegate. Decades later, the statehood movement gained its first real momentum following a territorial referendum in 1946. The Alaska Statehood Committee and Alaska's Constitutional Convention would soon follow. Statehood supporters also found themselves fighting major battles against political foes, mostly in the U.S. Congress but also within Alaska. Statehood was approved by the U.S. Congress on July 7, 1958; Alaska was officially proclaimed a state on January 3, 1959. On March 27, 1964, the massive Good Friday earthquake killed 133 people and destroyed several villages and portions of large coastal communities, mainly by the resultant tsunamis and landslides. It was the fourth-most-powerful earthquake in recorded history, with a moment magnitude of 9.2"
"villages and portions of large coastal communities, mainly by the resultant tsunamis and landslides. It was the fourth-most-powerful earthquake in recorded history, with a moment magnitude of 9.2 (more than a thousand times as powerful as the 1989 San Francisco earthquake ). ] The time of day (5:36 pm), time of year (spring) and location of the epicenter were all cited as factors in potentially sparing thousands of lives, particularly in Anchorage. Alaska suffered a more severe megathrust earthquake on July 11, 1585, estimated at magnitude 9.25, which remains the most powerful earthquake recorded in North American history, and the second most powerful earthquake recorded in world history. The Good Friday earthquake lasted 4 minutes and 38 seconds. Six hundred miles (970 km) of fault ruptured at once and moved up to 60 ft (18 m), releasing about 500 years of stress buildup. Soil liquefaction , fissures, landslides, and other ground failures caused major structural damage in several communities and much damage to property. Anchorage sustained great destruction or damage to many inadequately earthquake-engineered houses, buildings, and infrastructure (paved streets, sidewalks, water and sewer mains, electrical systems, and other human-made equipment), particularly in the several landslide zones along Knik Arm . Two hundred miles (320 km) southwest, some areas near Kodiak were permanently raised by 30 feet (9 m). Southeast of Anchorage, areas around the head of Turnagain Arm near Girdwood and Portage dropped as much as 8 feet (2.4 m), requiring reconstruction and fill to raise the Seward Highway above the new high tide mark. In Prince William Sound , Port Valdez suffered a massive underwater landslide, resulting in the deaths of 32 people between the collapse of the Valdez city harbor and docks, and inside the ship that was docked there at the time. Nearby, a 27-foot (8.2 m) tsunami destroyed the village of Chenega , killing 23 of the 68 people who lived there; survivors out-ran the wave, climbing to high ground. Post-quake tsunamis severely affected Whittier , Seward , Kodiak, and other Alaskan communities, as well as people and property in British Columbia, Washington , Oregon , and California . ] Tsunamis also caused damage in Hawaii and Japan . Evidence of motion directly related to the earthquake was also reported from Florida and Texas . Alaska had never experienced a major disaster in a highly populated area before and had very limited resources for dealing with the effects of such an event. In Anchorage, at the urging of geologist Lidia Selkregg , the City of Anchorage and the Alaska State Housing Authority appointed a team of 40 scientists, including geologists, soil scientists, and engineers, to assess the damage done by the earthquake to the city. ] The team, called the Engineering and Geological Evaluation Group, was headed by Ruth A. M. Schmidt , a geology professor at the University of Alaska Anchorage . The team of scientists came"
"city. ] The team, called the Engineering and Geological Evaluation Group, was headed by Ruth A. M. Schmidt , a geology professor at the University of Alaska Anchorage . The team of scientists came into conflict with local developers and downtown business owners who wanted to immediately rebuild; the scientists wanted to identify future dangers to ensure that the rebuilt infrastructure would be safe. ] The team produced a report on May 8, 1964, just a little more than a month after the earthquake. ] ] The United States military, which has a large active presence in Alaska, also stepped in to assist within moments of the end of the quake. The U.S. Army rapidly re-established communications with the lower 48 states, deployed troops to assist the citizens of Anchorage, and dispatched a convoy to Valdez. ] On the advice of military and civilian leaders, President Lyndon B. Johnson declared all of Alaska a major disaster area the day after the quake. The U.S. Navy and U.S. Coast Guard deployed ships to isolated coastal communities to assist with immediate needs. Bad weather and poor visibility hampered air rescue and observation efforts the day after the quake, but on Sunday the 29th the situation improved and rescue helicopters and observation aircraft were deployed. ] A military airlift immediately began shipping relief supplies to Alaska, eventually delivering 2,570,000 pounds (1,170,000 kg) of food and other supplies. ] Broadcast journalist, Genie Chance , assisted in recovery and relief efforts, staying on the KENI air waves over Anchorage for more than 24 continuous hours as the voice of calm from her temporary post within the Anchorage Public Safety Building. ] She was effectively designated as the public safety officer by the city's police chief. ] Chance provided breaking news of the catastrophic events that continued to develop following the magnitude 9.2 earthquake, and she served as the voice of the public safety office, coordinating response efforts, connecting available resources to needs around the community, disseminating information about shelters and prepared food rations, passing messages of well-being between loved ones, and helping to reunite families. ] In the longer term, the U.S. Army Corps of Engineers led the effort to rebuild roads, clear debris, and establish new townsites for communities that had been completely destroyed, at a cost of $110 million. ] The West Coast and Alaska Tsunami Warning Center was formed as a direct response to the disaster. Federal disaster relief funds paid for reconstruction as well as financially supporting the devastated infrastructure of Alaska's government, spending hundreds of millions of dollars that helped keep Alaska financially solvent until the discovery of massive oil deposits at Prudhoe Bay . At the order of the U.S. Defense Department , the Alaska National Guard founded the Alaska Division of Emergency Services to respond to any future disasters. ] The 1968 discovery of oil at Prudhoe"
". At the order of the U.S. Defense Department , the Alaska National Guard founded the Alaska Division of Emergency Services to respond to any future disasters. ] The 1968 discovery of oil at Prudhoe Bay and the 1977 completion of the Trans-Alaska Pipeline System led to an oil boom. Royalty revenues from oil have funded large state budgets from 1980 onward. Oil production was not the only economic value of Alaska's land. In the second half of the 20th century, Alaska discovered tourism as an important source of revenue. Tourism became popular after World War II when military personnel stationed in the region returned home praising its natural splendor. The Alcan Highway , built during the war, and the Alaska Marine Highway System , completed in 1963, made the state more accessible than before. Tourism has become increasingly important in Alaska, and today over 1.4 million people visit the state each year. ] With tourism more vital to the economy, environmentalism also rose in importance. The Alaska National Interest Lands Conservation Act (ANILCA) of 1980 added 53.7 million acres (217,000 km 2 ) to the National Wildlife Refuge system , parts of 25 rivers to the National Wild and Scenic Rivers system , 3.3 million acres (13,000 km 2 ) to National Forest lands , and 43.6 million acres (176,000 km 2 ) to National Park land . Because of the Act, Alaska now contains two-thirds of all American national parklands. Today, more than half of Alaskan land is owned by the Federal Government . ] In 1989, the Exxon Valdez hit a reef in the Prince William Sound, spilling more than 11 million gallons (42 megalitres) of crude oil over 1,100 miles (1,800 km) of coastline. Today, the battle between philosophies of development and conservation is seen in the contentious debate over oil drilling in the Arctic National Wildlife Refuge and the proposed Pebble Mine . Located at the northwest corner of North America , Alaska is the northernmost and westernmost state in the United States, but also has the most easterly longitude in the United States because the Aleutian Islands extend into the Eastern Hemisphere . ] Alaska is the only non- contiguous U.S. state on continental North America; about 500 miles (800 km) of Canadian territory consisting of British Columbia (in Canada ) separates Alaska from Washington . It is technically part of the continental U.S. , but is not usually included in the colloquial use of the term; Alaska is not part of the contiguous U.S. , often called "" the Lower 48 "". The capital city, Juneau , is situated on the mainland of the North American continent but is not connected by road to the rest of the North American highway system. The largest lake in Alaska is Lake Illiamna . The state is bordered by Canada's Yukon and British Columbia to the east (making it the only state to border only a Canadian territory ); the Gulf of Alaska and the Pacific Ocean to the south and southwest; the Bering Sea , Bering Strait , and Chukchi Sea to the west;"
"(making it the only state to border only a Canadian territory ); the Gulf of Alaska and the Pacific Ocean to the south and southwest; the Bering Sea , Bering Strait , and Chukchi Sea to the west; and the Arctic Ocean to the north. Alaska's territorial waters touch Russia's territorial waters in the Bering Strait, as the Russian Big Diomede Island and Alaskan Little Diomede Island are only 3 miles (4.8 km) apart. Alaska has a longer coastline than all the other U.S. states combined. ] At 663,268 square miles (1,717,856 km 2 ) in total area, Alaska is by far the largest state in the United States. Alaska is more than twice the size of the second-largest U.S. state (Texas), and it is larger than the next three largest states (Texas, California, and Montana) combined. Alaska is the seventh largest subnational division in the world . If it was an independent nation, it would be the 18th largest country in the world; almost the same size as Iran . With its myriad of islands, Alaska has nearly 34,000 miles (55,000 km) of tidal shoreline. The Aleutian Islands chain extends west from the southern tip of the Alaska Peninsula . Many active volcanoes are found in the Aleutians and in coastal regions. Unimak Island , for example, is home to Mount Shishaldin , which is an occasionally smoldering volcano that rises to 10,000 feet (3,000 m) above the North Pacific. The chain of volcanoes extends to Mount Spurr , west of Anchorage on the mainland. Geologists have identified Alaska as part of Wrangellia , a large region consisting of multiple states and Canadian provinces in the Pacific Northwest , which is actively undergoing continent building . One of the world's largest tides occurs in Turnagain Arm , just south of Anchorage, where tidal differences can be more than 35 feet (10.7 m). ] Alaska has more than 409,000 natural lakes at least one hectare or bigger. ] Marshlands and wetland permafrost cover 188,320 square miles (487,700 km 2 ) (mostly in northern, western and southwest flatlands). Glacier ice covers about 28,957 square miles (75,000 km 2 ) of Alaska. ] The Bering Glacier is the largest glacier in North America, covering 2,008 square miles (5,200 km 2 ) alone. ] There are no officially defined borders demarcating the various regions of Alaska, but there are five/six regions that the state is most commonly broken up into: The most populous region of Alaska contains Anchorage , the Matanuska-Susitna Valley and the Kenai Peninsula . Rural, mostly unpopulated areas south of the Alaska Range and west of the Wrangell Mountains also fall within the definition of South Central, as do the Prince William Sound area and the communities of Cordova and Valdez . ] Also referred to as the Panhandle or Inside Passage , this is the region of Alaska closest to the contiguous states. As such, this was where most of the initial non-indigenous settlement occurred in the years following the Alaska Purchase . The region is dominated by the Alexander Archipelago as well as"
"states. As such, this was where most of the initial non-indigenous settlement occurred in the years following the Alaska Purchase . The region is dominated by the Alexander Archipelago as well as the Tongass National Forest , the largest national forest in the United States. It contains the state capital Juneau , the former capital Sitka , and Ketchikan , at one time Alaska's largest city. ] The Alaska Marine Highway provides a vital surface transportation link throughout the area and country, as only three communities ( Haines , Hyder and Skagway ) enjoy direct connections to the contiguous North American road system. ] The Interior is the largest region of Alaska; much of it is uninhabited wilderness. Fairbanks is the only large city in the region. Denali National Park and Preserve is located here. Denali , formerly Mount McKinley, is the highest mountain in North America and is also located here. The North Slope is mostly tundra peppered with small villages. The area is known for its massive reserves of crude oil and contains both the National Petroleum Reserve–Alaska and the Prudhoe Bay Oil Field . ] The city of Utqiaġvik , formerly known as Barrow, is the northernmost city in the United States and is located here. The Northwest Arctic area , anchored by Kotzebue and also containing the Kobuk River valley, is often considered part of this region. The respective Inupiat of the North Slope and of the Northwest Arctic seldom consider themselves to be one people. ] Southwest Alaska is a sparsely inhabited region stretching some 500 miles (800 km) inland from the Bering Sea. Most of the population lives along the coast. Kodiak Island is also located in the Southwest. The massive Yukon–Kuskokwim Delta , one of the largest river deltas in the world, is here. Portions of the Alaska Peninsula are considered part of the Southwest, with the Aleutian Islands often (but not always) being grouped in as well. While primarily part of Southwest Alaska when grouped economically, the Aleutian islands are sometimes recognized as an alternate group from the rest of the region due to the geographic separation from the continent. More than 300 small volcanic islands make up this chain, which stretches more than 1,200 miles (1,900 km) into the Pacific Ocean. Some of these islands fall in the Eastern Hemisphere, but the International Date Line was drawn west of 180° to keep the whole state, and thus the entire North American continent, within the same legal day. Two of the islands, Attu and Kiska , were occupied by Japanese forces during World War II. According to an October 1998 report by the United States Bureau of Land Management , approximately 65% of Alaska is owned and managed by the U.S. federal government as public lands, including a multitude of national forests , national parks, and national wildlife refuges . ] Of these, the Bureau of Land Management manages 87 million acres (35 million hectares), or 23.8% of the state. The Arctic National Wildlife Refuge"
", national parks, and national wildlife refuges . ] Of these, the Bureau of Land Management manages 87 million acres (35 million hectares), or 23.8% of the state. The Arctic National Wildlife Refuge is managed by the United States Fish and Wildlife Service . It is the world's largest wildlife refuge, comprising 16 million acres (6.5 million hectares). Of the remaining land area, the state of Alaska owns 101 million acres (41 million hectares), its entitlement under the Alaska Statehood Act . A portion of that acreage is occasionally ceded to the organized boroughs presented above, under the statutory provisions pertaining to newly formed boroughs. Smaller portions are set aside for rural subdivisions and other homesteading-related opportunities. These are not very popular due to the often remote and roadless locations. The University of Alaska , as a land grant university , also owns substantial acreage which it manages independently. Another 44 million acres (18 million hectares) are owned by 12 regional, and scores of local, Native corporations created under the Alaska Native Claims Settlement Act (ANCSA) of 1971. Regional Native corporation Doyon, Limited often promotes itself as the largest private landowner in Alaska in advertisements and other communications. Provisions of ANCSA allowing the corporations' land holdings to be sold on the open market starting in 1991 were repealed before they could take effect. Effectively, the corporations hold title (including subsurface title in many cases, a privilege denied to individual Alaskans) but cannot sell the land. Individual Native allotments are sold on the open market. Various private interests own the remaining land, totaling about one percent of the state."
"Maine ( ⓘ MAYN ) ] is a state in the New England region of the United States , and the northeasternmost state in the Lower 48 . It borders New Hampshire to the west, the Gulf of Maine to the southeast, and the Canadian provinces of New Brunswick and Quebec to the northeast and northwest, and shares a maritime border with Nova Scotia . Maine is the largest state in New England by total area, nearly larger than the combined area of the remaining five states. Of the 50 U.S. states , it is the 12th-smallest by area , the 9th-least populous , the 13th-least densely populated , and the most rural. ] Maine's capital is Augusta , and its most populous city is Portland , with a total population of 68,408, as of the 2020 census . The territory of Maine has been inhabited by Indigenous populations ] for about 12,000 years, ] after the glaciers retreated during the last ice age . At the time of European arrival, several Algonquian -speaking nations governed the area and these nations are now known as the Wabanaki Confederacy . The first European settlement in the area was by the French in 1604 on Saint Croix Island , founded by Pierre Dugua, Sieur de Mons . The first English settlement was the short-lived Popham Colony , established by the Plymouth Company in 1607. A number of English settlements were established along the coast of Maine in the 1620s, although the rugged climate and conflict with the local Indigenous people caused many to fail. As Maine entered the 18th century, only a half dozen European settlements had survived. Loyalist and Patriot forces contended for Maine's territory during the American Revolution . During the War of 1812 , the largely undefended eastern region of Maine was occupied by British forces with the goal of annexing it to Canada via the Colony of New Ireland , but returned to the United States following failed British offensives on the northern border, mid-Atlantic and south which produced a peace treaty that restored the pre-war boundaries. Maine was part of the Commonwealth of Massachusetts until 1820 when it voted to secede from Massachusetts to become a separate state. On March 15, 1820, under the Missouri Compromise , Maine was admitted to the Union as the 23rd state. Today, Maine is known for its jagged, rocky Atlantic Ocean and bayshore coastlines, mountains, heavily forested interior, and its cuisine, particularly wild lowbush blueberries and seafood such as lobster and clams . Coastal and Down East Maine have emerged as important centers for the creative economy , ] especially in the vicinity of Portland , which has also brought gentrification to the city and its metropolitan area. ] The earliest known inhabitants of the territory that is now Maine were Algonquian-speaking Wabanaki peoples, including the Passamaquoddy , Maliseet , Penobscot , Androscoggin , and Kennebec. During the later King Philip's War , many of these peoples would merge in one form or another to become the Wabanaki Confederacy , aiding the"
", Maliseet , Penobscot , Androscoggin , and Kennebec. During the later King Philip's War , many of these peoples would merge in one form or another to become the Wabanaki Confederacy , aiding the Wampanoag of Massachusetts and the Mahican of New York . Afterwards, many of these people were driven from their natural territories, but most of Maine's tribes continued, unchanged, until the American Revolution . Before this point, however, most of these people were considered separate nations. Many had adapted to living in permanent, Iroquois -inspired settlements, while those along the coast tended to move from summer villages to winter villages on a yearly cycle. They would usually winter inland and head to the coasts by summer. ] ] European contact with what is now called Maine may have started around 1200 CE when Vikings are believed to have interacted with the native Penobscot in present-day Hancock County , most likely through trade. If confirmed, this would make Maine the site of the earliest European discovery in the entire US. About 200 years earlier, from the settlements in Iceland and Greenland , the Norse first identified America and attempted to settle areas such as Newfoundland , but failed to establish a permanent settlement. Archeological evidence suggests that Vikings in Greenland returned to North America for several centuries after the initial discovery to trade and collect timber, with the most relevant evidence being the Maine Penny , an 11th-century Norwegian coin found at a Native American dig site in 1954. ] The first European confirmed settlement in modern-day Maine was in 1604 on Saint Croix Island , led by French explorer Pierre Dugua, Sieur de Mons . His party included Samuel de Champlain , noted as an explorer. The French named the entire area Acadia , including the portion that later became the state of Maine. The Plymouth Company established the first English settlement in Maine at the Popham Colony in 1607, the same year as the settlement at Jamestown, Virginia . The Popham colonists returned to Britain after 14 months. ] The French established two Jesuit missions: one on Penobscot Bay in 1609, and the other on Mount Desert Island in 1613. The same year, Claude de La Tour established Castine . In 1625, Charles de Saint-Étienne de la Tour erected Fort Pentagouet to protect Castine. The coastal areas of eastern Maine first became the Province of Maine in a 1622 land patent. The part of western Maine north of the Kennebec River was more sparsely settled and was known in the 17th century as the Territory of Sagadahock . A second settlement was attempted in 1623 by English explorer and naval Captain Christopher Levett at a place called York , where he had been granted 6,000 acres (24 km 2 ) by King Charles I of England. ] It also failed. The 1622 patent of the Province of Maine was split at the Piscataqua River into the Province of New Hampshire to the south and New Somersetshire to the north. A disputed 1630 patent split"
"failed. The 1622 patent of the Province of Maine was split at the Piscataqua River into the Province of New Hampshire to the south and New Somersetshire to the north. A disputed 1630 patent split off the area around present-day Saco as Lygonia . Justifying its actions with a 1652 geographic survey that showed an overlapping patent, the Massachusetts Bay Colony had seized New Somersetshire and Lygonia by force by 1658. The Territory of Sagadahock between the Kennebec River and St. Croix River notionally became Cornwall County, Province of New York under a 1664 grant from Charles II of England to his brother James , at the time the Duke of York . Some of this land was claimed by New France as part of Acadia . All of the English settlements in the Massachusetts Bay Colony and the Province of New York became part of the Dominion of New England in 1686. All of present-day Maine was unified as York County, Massachusetts under a 1691 royal patent for the Province of Massachusetts Bay . Central Maine was formerly inhabited by the Androscoggin tribe of the Abenaki nation , also known as Arosaguntacook. They were driven out of the area in 1690 during King William's War . They were relocated to St. Francis , Canada, which was destroyed by Rogers' Rangers in 1759, and is now Odanak . The other Abenaki tribes suffered several severe defeats, particularly during Dummer's War , with the capture of Norridgewock in 1724 and the defeat of the Pequawket in 1725, which significantly reduced their numbers. They finally withdrew to Canada , where they were settled at Bécancour and Sillery , and later at St. Francis, along with other refugee tribes from the south. ] Maine was much fought over by the French , English, and allied natives during the 17th and 18th centuries. These natives conducted raids against settlers and each other, taking captives for ransom or, in some cases, kidnapped for adoption by Native American tribes. A notable example was the early 1692 Abenaki raid on York , where about 100 English settlers were killed and another estimated 80 taken hostage. ] The Abenaki took captives taken during raids of Massachusetts in Queen Anne's War of the early 1700s to Kahnewake , a Catholic Mohawk village near Montreal , where some were adopted and others ransomed. ] ] After the British defeated the French in Acadia in the 1740s, the territory from the Penobscot River east fell under the nominal authority of the Province of Nova Scotia , and together with present-day New Brunswick formed the Nova Scotia county of Sunbury , with its court of general sessions at Campobello. American and British forces contended for Maine's territory during the American Revolution and the War of 1812, with the British occupying eastern Maine in both conflicts via the Colony of New Ireland . ] ] The territory of Maine was confirmed as part of Massachusetts when the United States was formed following the Treaty of Paris ending the revolution, although the final border with British"
". ] ] The territory of Maine was confirmed as part of Massachusetts when the United States was formed following the Treaty of Paris ending the revolution, although the final border with British North America was not established until the Webster–Ashburton Treaty of 1842. Maine was physically separate from the rest of Massachusetts. Longstanding disagreements over land speculation and settlements led to Maine residents and their allies in Massachusetts proper forcing an 1807 vote in the Massachusetts Assembly on permitting Maine to secede; the vote failed. Secessionist sentiment in Maine was stoked during the War of 1812 when Massachusetts pro-British merchants opposed the war and refused to defend Maine from British invaders. In 1819, Massachusetts agreed to permit secession, sanctioned by voters of the rapidly growing region the following year. Formal secession from Massachusetts and admission of Maine as the 23rd state occurred on March 15, 1820, as part of the Missouri Compromise , which geographically restricted the spread of slavery and enabled the admission to statehood of Missouri the following year, keeping a balance between slave and free states. ] ] ] Maine's original state capital was Portland, Maine's largest city, until it was moved to the more central Augusta in 1832. The principal office of the Maine Supreme Judicial Court remains in Portland. The 20th Maine Volunteer Infantry Regiment , under the command of Colonel Joshua Lawrence Chamberlain , prevented the Union Army from being flanked at Little Round Top by the Confederate Army during the Battle of Gettysburg . Four U.S. Navy ships have been named USS Maine , most famously the armored cruiser USS Maine (ACR-1) , whose sinking by an explosion on February 15, 1898, precipitated the Spanish–American War . To the south and east is the Gulf of Maine , and to the west is the state of New Hampshire . The Canadian province of New Brunswick is to the north and northeast, and the province of Quebec is to the northwest. Maine is the northernmost and largest state in New England, accounting for almost half of the region's entire land area. Maine is the only state to border exactly one other American state. Approximately half the area of Maine lies on each side of the 45th parallel north in latitude . Maine is the easternmost state in the Contiguous United States both in its extreme points and its geographic center. The town of Lubec is the easternmost organized settlement in the United States. Its Quoddy Head Lighthouse is also the closest place in the United States to Africa and Europe. Estcourt Station is Maine's northernmost point, as well as the northernmost point in New England. (For more information see extreme points of the United States ) Maine's Moosehead Lake is the largest lake wholly in New England, since Lake Champlain is located between Vermont , New York , and Quebec . A number of other Maine lakes, such as South Twin Lake , are described by Thoreau in The Maine Woods"
"wholly in New England, since Lake Champlain is located between Vermont , New York , and Quebec . A number of other Maine lakes, such as South Twin Lake , are described by Thoreau in The Maine Woods (1864). Mount Katahdin is the northern terminus of the Appalachian Trail , which extends southerly to Springer Mountain , Georgia , and the southern terminus of the new International Appalachian Trail which, when complete, will run to Belle Isle , Newfoundland and Labrador . Machias Seal Island and North Rock , off the state's Downeast coast, are claimed by both Canada and the Maine town of Cutler , and are within one of four areas between the two countries whose sovereignty is still in dispute , but it is the only one of the disputed areas containing land. Also in this easternmost area in the Bay of Fundy is the Old Sow , the largest tidal whirlpool in the Western Hemisphere . Maine is the least densely populated state east of the Mississippi River . It is called the Pine Tree State due to its largest distribution and presence of pine , including Pinus strobus and Pinus resinosa . Over 80% of its total area is forested or unclaimed, ] the most forest cover of any U.S. state . In the wooded areas of the interior lies much uninhabited land, some of which does not have formal political organization into local units (a rarity in New England). The Northwest Aroostook unorganized territory in the northern part of the state, for example, has an area of 2,668 square miles (6,910 km 2 ) and a population of 10, or one person for every 267 square miles (690 km 2 ). Maine is in the temperate broadleaf and mixed forests biome . The land near the southern and central Atlantic coast is covered by the mixed oaks of the Northeastern coastal forests . The remainder of the state, including the North Woods , is covered by the New England–Acadian forests . ] Maine has almost 230 miles (400 km) of ocean coastline (and 3,500 miles (5,600 km) of tidal coastline). ] ] West Quoddy Head in Lubec is the easternmost point of land in the 48 contiguous states. Along the famous rock-bound coast of Maine are lighthouses, beaches, fishing villages, and thousands of offshore islands, including the Isles of Shoals which straddle the New Hampshire border. There are jagged rocks and cliffs and many bays and inlets. Inland are lakes, rivers, forests, and mountains. This visual contrast of forested slopes sweeping down to the sea has been summed up by American poet Edna St. Vincent Millay of Rockland and Camden , in ""Renascence"": ] All I could see from where I stood Was three long mountains and a wood; I turned and looked the other way, And saw three islands in a bay. Geologists describe this type of landscape as a ""drowned coast"", where a rising sea level has invaded former land features, creating bays out of valleys and islands out of mountain tops. ] A rise in land elevation due to the melting of heavy glacier ice caused a slight rebounding effect of underlying rock; this land rise,"
"creating bays out of valleys and islands out of mountain tops. ] A rise in land elevation due to the melting of heavy glacier ice caused a slight rebounding effect of underlying rock; this land rise, however, was not enough to eliminate all the effect of the rising sea level and its invasion of former land features. Much of Maine's geomorphology was created by extended glacial activity at the end of the last ice age . Prominent glacial features include Somes Sound and Bubble Rock, both part of Acadia National Park on Mount Desert Island. Carved by glaciers, Somes Sound reaches depths of 175 feet (50 m). The extreme depth and steep drop-off allow large ships to navigate almost the entire length of the sound. These features also have made it attractive for boat builders, such as the prestigious Hinckley Yachts . Bubble Rock, a glacial erratic , is a large boulder perched on the edge of Bubble Mountain in Acadia National Park . By analyzing the type of granite, geologists discovered that glaciers carried Bubble Rock to its present location from near Lucerne , 30 miles (48 km) away. The Iapetus Suture runs through the north and west of the state, being underlain by the ancient Laurentian terrane , and the south and east underlain by the Avalonian terrane . Acadia National Park is the only national park in New England. Areas under the protection and management of the National Park Service include: ] Lands under the control of the state of Maine include: Maine has a humid continental climate ( Köppen climate classification Dfb ), with warm and sometimes humid summers, and long, cold and very snowy winters. Winters are especially severe in the northern and western parts of Maine, while coastal areas are moderated slightly by the Atlantic Ocean , resulting in marginally milder winters and cooler summers than inland regions. Daytime highs are generally in the 75–85 °F (24–29 °C) range throughout the state in July, with overnight lows in the high 50s °F (around 15 °C). January temperatures range from highs near 30 °F (−1 °C) on the southern coast to overnight lows averaging below 0 °F (−18 °C) in the far north. ] The state's record high temperature is 105 °F (41 °C), set in July 1911, at North Bridgton. ] Precipitation in Maine is evenly distributed year-round, but with a slight summer maximum in northern/northwestern Maine and a slight late-fall or early-winter maximum along the coast due to "" nor'easters "" or intense cold-season rain and snowstorms. In coastal Maine, the late spring and summer months are usually driest—a rarity across the Eastern United States. Maine has fewer days of thunderstorms than any other state east of the Rockies , with most of the state averaging fewer than twenty days of thunderstorms a year. Tornadoes are rare in Maine, with the state averaging two per year, although this number is increasing. Most severe thunderstorms and tornadoes occur in the southwestern interior portion of the state, ] where summer temperatures are"
"the state averaging two per year, although this number is increasing. Most severe thunderstorms and tornadoes occur in the southwestern interior portion of the state, ] where summer temperatures are often the warmest and the atmosphere is thus more unstable compared to northern and coastal areas. ] Maine rarely sees the direct landfall of tropical cyclones , as they tend to recurve out to sea or are rapidly weakening by the time they reach the cooler waters of Maine. In January 2009, a new record low temperature for the state was set at Big Black River of −50 °F (−46 °C), tying the New England record. ] Annual precipitation varies from 35.8 in (909 mm) in Presque Isle to 56.7 in (1,441 mm) in Acadia National Park. ] Maine exhibits a diverse range of flora and fauna across its varied landscapes, including forests, coastline, and wetlands. Forested areas consist primarily of coniferous and deciduous trees, such as balsam fir , sugar maple , and its state tree, the Eastern white pine . ] Coastal regions are characterized by hardy sea milkwort , sea-blight , bayberry , and the invasive rugosa rose . ] Maine's terrestrial fauna comprises mammals such as moose , black bears , and white-tailed deer , along with smaller species like red squirrels , snowshoe hares , and raccoons . Maine has the largest populations of moose and black bears in the contiguous United States. ] Avian diversity is evident with migratory birds like piping plovers , American oystercatcher , and northern harrier , as well as resident species like black-capped chickadees , blue jays , and barred owls . Wetlands provide habitat for amphibians such as spotted salamanders , wood frogs , and toads. Freshwater habitats support fish species like brook trout , landlocked salmon , and multiple gamefish , while marine life in offshore waters includes Atlantic puffins , harbor seals , minke whales , and lobster . Maine's abundance of lobster makes the state the largest producer of lobster in the United States. ] ] The U.S. Census Bureau estimates that the population of Maine was 1,344,212 on July 1, 2019, a 1.19% increase since the 2010 United States census . ] At the 2020 census , 1,362,359 people lived in the state. The state's population density is 41.3 people per square mile, making it the least densely populated state east of the Mississippi River . As of 2010, Maine was also the most rural state in the Union, with only 38.7% of the state's population living within urban areas. ] As explained in detail under ""Geography"", there are large tracts of uninhabited land in some remote parts of the interior of the state, particularly in the North Maine Woods . The mean population center of Maine is located in Kennebec County , just east of Augusta. ] The Greater Portland metropolitan area is the most densely populated with nearly 40% of Maine's population. ] This area spans three counties and includes many farms and wooded areas; the 2016 population of Portland proper was 66,937. ] Maine has"
"most densely populated with nearly 40% of Maine's population. ] This area spans three counties and includes many farms and wooded areas; the 2016 population of Portland proper was 66,937. ] Maine has experienced a very slow rate of population growth since the 1990 census; its rate of growth (0.57%) since the 2010 census ranks 45th of the 50 states. ] In 2021 and 2022, however, Maine had the highest proportion of arriving residents to departing residents of any state in the country, with 1.8 arrivals for every departure. ] The modest population growth in the state has been concentrated in the southern coastal counties; with more diverse populations slowly moving into these areas of the state. However, the northern, more rural areas of the state have experienced a slight decline in population from 2010 to 2016. ] As of 2020, Maine has the highest population age 65 or older in the United States. ] According to the 2010 census , Maine has the highest percentage of non-Hispanic White of any state, at 94.4% of the total population. In 2011, 89.0% of all births in the state were to non-Hispanic White parents. ] Maine also has the second-highest residential senior population. ] According to HUD 's 2022 Annual Homeless Assessment Report , there were an estimated 4,411 homeless people in Maine. ] ] The table below shows the racial composition of Maine's population as of 2016. According to the 2016 American Community Survey , 1.5% of Maine's population were of Hispanic or Latino origin (of any race): Mexican (0.4%), Puerto Rican (0.4%), Cuban (0.1%), and other Hispanic or Latino origin (0.6%). ] The six largest ancestry groups were: English (20.7%), Irish (17.3%), French (15.7%), German (8.1%), American (7.8%) and French Canadian (7.7%). ] People citing that they are American are of overwhelmingly English descent, but have ancestry that has been in the region for so long (often since the 17th century) that they choose to identify simply as Americans. ] ] ] ] ] ] excessive citations ] Maine has the highest percentage of French Americans of any state. Most of them are of Canadian origin, but in some cases have been living there since prior to the American Revolutionary War . There are particularly high concentrations in the northern part of Maine in Aroostook County , which is part of a cultural region known as Acadia that goes over the border into New Brunswick . Along with the Acadian population in the north, many French-Canadians came from Quebec as immigrants between 1840 and 1930. The upper Saint John River valley area was once part of the so-called Republic of Madawaska , before the frontier was decided in the Webster-Ashburton Treaty of 1842. Over a quarter of the population of Lewiston, Waterville , and Biddeford are Franco-American. Most of the residents of the Mid Coast and Down East sections are chiefly of British heritage. Smaller numbers of various other groups, including Irish , Italian , Swedish ] and Polish , have settled throughout the state"
"of the Mid Coast and Down East sections are chiefly of British heritage. Smaller numbers of various other groups, including Irish , Italian , Swedish ] and Polish , have settled throughout the state since the late 19th and early 20th century immigration waves. Today there are four federally recognized tribes in Maine, including the Mi'kmaq Nation . In 2020, 7,885 identified as being Native American alone, and 25,617 did in combination with one or more other races. ] Note: Births in table do not sum to 100% because Hispanics are counted both by their ethnicity and by their race. In 2018, The top countries of origin for Maine's immigrants were Canada , the Philippines , Germany , India and Korea . ] Maine does not have an official language, ] but the most widely spoken language in the state is English. The 2010 census reported 92.91% of Maine residents aged five and older spoke only English at home. French-speakers are the state's chief linguistic minority; census figures show that Maine has the highest percentage of people speaking French at home of any state: 3.93% of Maine households are French-speaking, compared with 3.45% (including Cajun and Creole ) in Louisiana , which is the second highest state. ] Spanish is the third-most-common language in Maine, after English and French. ] Religious self-identification, per Public Religion Research Institute 's 2022 American Values Survey ] According to the Pew Research Center in 2014, the religious affiliations of Maine were: Protestant 37% (in particular: Evangelical Protestant 14%, Mainline Protestant 21%, Historical Black Protestant 2%), Atheism or Agnosticism 6%, Nothing in Particular 26%, Roman Catholic Church 21%, other Christians 5%, non-Christian religions including Hinduism , Islam , Buddhism and Baháʼí 7%, and Pagans and Unitarians 5%. In 2014, the Roman Catholic Church was the largest religious denomination and the Baptists (7% Evangelical and 5% Mainline) were the state's largest Protestant denomination, followed by the Methodists (6%) and the Congregationalists (5%). The atheists and the agnostics are only 6% of the state, but 26% of Mainers said that they ""Believe in God but they are Unaffiliated."" Eighty-one percent of Mainers believed in God, while 3% did not know and 16% did not believe in God. Thirty-four percent of Mainers thought that religion was ""very important"" and 29% said that it was ""important"", while 21% said that religion was not important. ] According to a survey through the Public Religion Research Institute in 2020, approximately 62% of the population were Christian; the religiously unaffiliated slightly increased to 33% from the separate 2014 study by the Pew Research Center. ] In a 2022 study by the Public Religion Research Institute, 63% of the population were Christian, and 30% were religiously unaffiliated. Among the non-Christian population in 2022, 1% were Unitarian Universalist , 5% Jewish , and 1% New Ager . According to the Association of Religion Data"
"and 30% were religiously unaffiliated. Among the non-Christian population in 2022, 1% were Unitarian Universalist , 5% Jewish , and 1% New Ager . According to the Association of Religion Data Archives in 2020, with Christianity as the dominant faith, the largest denominations by number of adherents were Catholicism (219,233 members), non-denominational Protestantism (45,364), and United Methodists (19,686). ] According to the same study, there were an estimated 16,894 Muslims in the state. Total employment (May 2024): Total employer establishments (2021): Maine's total gross state product was $91.1 billion in 2023. ] The state's per capita personal income for 2023 was $63,117, ranking 30th in the nation, and its median gross income was $69,543. ] ] As of September 2022 ] , Maine's unemployment r"
"In insurance claims , a total loss or write-off is a situation where the lost value, repair cost or salvage cost of a damaged property exceeds its insured value , and simply replacing the old property with a new equivalent is more cost-effective. ] ] Such a loss may be an ""actual total loss"" or a ""constructive total loss"". Constructive total loss considers further incidental expenses beyond repair, such as force majeure . In a total loss, the insurer must indemnify the assured in full, and ownership of the insured item thereby passes to the insurer under the legal process of "" subrogation "". Although the policy determines the level at which the loss becomes total rather than partial, nevertheless the assured (and NOT the insurer) has the final say as to whether he wishes to make a partial or total claim. If the insured item is, say, a car or a house, the policy will normally give it a "" market value "" which may be less than the assured had in mind; any disagreement would need to be challenged, perhaps using arbitration . In marine insurance , policies may be valued (where the value of the ship or cargo is agreed) or unvalued (where a market value at the time of the claim would need to be ascertained). In the absence of fraud, the Marine Insurance Act 1906 states the agreed value in a valued policy is conclusive, except in cases of constructive total loss, as in the cases of the cruise ship Costa Concordia and the ship The Bamburi . ] ] ] Written off properties are usually demolished or torn down , scrapped , or recycled for parts after their policies are settled; so the insurer may be relieved not to have the insured item subrogated to him, as in Asfar v Blundell . ] Policies covering homes, vehicles, and other non- investment assets subject to depreciation may indemnify the insured to much less than the full replacement cost, so that the insured items may become ""total losses"" despite some residual value. ] ] An actual total loss of a vessel occurs when repair is physically or legally impossible. A total loss may be presumed when a ship disappears and no news is received within a reasonable time. ] Some legal authorities do not consider it an actual total loss if repair costs are merely prohibitive, ] while others include cases where the cost of repair would exceed the cost of the vessel. In any case, the term ""legally impossible"" covers instances where reconstruction would be so extensive that the resulting craft would be legally considered a new vessel. ] A constructive total loss is a situation where the cost of repairs plus the cost of salvage equal or exceed the value of the vessel. It also covers cases where the vessel has been abandoned in the reasonable belief that a total loss is inevitable. ] The calculation can be affected by environmental cleanup costs. ] Much of this section only relates to the insurance industry in North America. Other jurisdictions, for example Australia, have their own regulations. About one in seven car accident"
"cleanup costs. ] Much of this section only relates to the insurance industry in North America. Other jurisdictions, for example Australia, have their own regulations. About one in seven car accident claims results in a ""total"". ] Except in extreme circumstances, a vehicle that has been written off will not be completely worthless. This is because such a vehicle will usually still contain salvageable used parts, or at a bare minimum will still have value as scrap metal. All that is required for a vehicle to be a write-off is that it would cost more to return to marketable condition than the market value it would then have. So a vehicle of low value may even be written off when fully roadworthy, for example due to damage to paintwork or upholstery, such as from an interior fire, a "" hail salvage "", or bullet-riddled or ""biohazard car"" with toxic chemical spills or decomposing bodies found inside. In many jurisdictions a vehicle designated as a total loss is sold by insurance companies to general public, auto dealers, auto brokers, or auto wreckers. The metrics insurance companies use to make the decision include the cost of the repairs needed plus the value of the remaining parts, added to the cost of reimbursing the driver for a rental while the car in question is repaired. citation needed ] If this figure exceeds the value of the car after it is repaired, the vehicle is deemed a total loss. Auto insurers generally settle total loss claims on one of three methods of claim settlement: ] In most jurisdictions, a decision by an insurer to write off a vehicle results in vehicle title branding , marking the car as ""salvage"" or (if repaired and reinspected under subsequent ownership) ""rebuilt"". If the vehicle is not severely damaged, however, it can be restored to its original condition. After a government approved inspection, the vehicle can be put back on the road. The inspection process may not attempt to assess the quality of the repairs. This function will be relegated to a professional mechanic or inspector. However, if the vehicle is severely damaged as per standards set by state or provincial governments, the vehicle is dismantled by an auto wrecker and is sold as parts or scrapped. ] Once a vehicle has been written off and repaired the vehicle may still lose value. Diminished value is the reduction in a vehicle's market value occurring after a vehicle is wrecked and repaired, otherwise called accelerated depreciation . To collect diminished value after a car accident , insurance companies usually ask for a diminished value report. In Canada, this is more commonly called accelerated depreciation ; how a person goes about reclaiming those losses in either country is a different process. In some US states, insurance companies acknowledge diminished value and provide this coverage direct to their consumers. In Canada, in order to recuperate the lost value after an accident, a person needs to retain legal counsel and order an acceleration"
"value and provide this coverage direct to their consumers. In Canada, in order to recuperate the lost value after an accident, a person needs to retain legal counsel and order an acceleration depreciation report on their car for the court's use. In marine insurance, conventional marine insurers such as Lloyds will issue policies covering hull & machinery, or cargo, whereas P&I clubs cover third-party risks (such as a carrier's damage to cargo), pollution risks, and war risks. The term ""total loss"" can refer to any of these risks, but commonly involves a loss of the hull or cargo. Total losses may be actual total loss or constructive. ] If the policy is a ""valued"" policy (so that the ship or cargo has an ""agreed value"" rather than a ""market value""), then, in the absence of fraud, the agreed value is conclusive, but only for an actual total loss. In a constructive total loss, the agreed value is not conclusive. ] In aviation, the term ""hull loss"" is used in aviation accidents that damage the aircraft beyond economical repair, ] resulting in a total loss. The term also applies to situations when the aircraft is missing, the search for its wreckage is terminated, or when the wreckage is completely inaccessible. ]"
"Guaranteed Asset Protection (GAP) insurance (also known as GAPS ) was established in the North American financial industry . GAP insurance protects the borrower if the car is written off or totalled by paying the remaining difference between the actual cash value of a vehicle and the balance still owed on the financing. ] GAP coverage is mainly used on new and used small vehicles (cars and trucks) and heavy trucks. Some financing companies and lease contracts require it. ] GAP insurance covers the amount on a loan that is the difference between the amount owed and the amount covered by another insurance policy . ] Some GAP policies also cover the deductible. ] This coverage is marketed for low down payment loans, high interest rate loans and loans with 60 month or longer terms. GAP insurance is typically offered by a finance company at time of purchase. Most auto insurance companies offer this coverage to consumers. GAP insurance is often paid upfront and the purchaser is usually entitled to a refund of the unused portion of the premium if the vehicle is sold or refinanced before the end of the loan term. ] There are two ways of getting GAP coverage. The first type is an insurance policy sold by a broker. The second type is a waiver agreement sold by a Finance & Insurance Manager. The first is regulated by the insurance industry, the second is unregulated. citation needed ] In either case coverage is usually the same and sold as a soft product through the car dealership . Coverage is usually financed along with the lease/loan. Claims are subject to a total loss. The total loss is usually determined by the primary insurance company’s third-party appraiser . citation needed ] Exclusions to GAP insurance vary by country or state. Some exclusions include a maximum loss limit of $50,000 while others require a loan term of less than 84 months. ] GAP is an optional purchase, but many states in the US require that a car dealership offer GAP at the point of purchase. Other states require insurers to offer GAP if a client requests it. ] States such as Louisiana require that the purchaser sign a disclosure document as proof. ] ] Although GAP is optional, some finance companies require GAP as a condition to obtaining a loan. ] The Truth in Lending Act excludes GAP premiums from financial charges if GAP was not required by the creditor, the premiums were disclosed in writing, and the consumer provides a written request for the insurance. citation needed ]"
"A write-off is a reduction of the recognized value of something. In accounting , this is a recognition of the reduced or zero value of an asset. In income tax statements, this is a reduction of taxable income, as a recognition of certain expenses required to produce the income. In income tax calculation, a write-off is the itemized deduction of an item's value from a person's taxable income. Thus, if a person in the United States has a taxable income of $50,000 per year, a $100 telephone for business use would lower the taxable income to $49,900. If that person is in a 25% tax bracket , the tax due would be lowered by $25. Thus the net cost of the telephone is $75 instead of $100. In order for American business owners to write off business expenses, the Internal Revenue Service states that purchases must be both ordinary and necessary. ] This means that deductible items must be usual and required for the business owner's field of work. For example, a telemarketer may deduct the purchase of a telephone, since telephones are crucial for that line of work, whereas a professional musician may not. In business accounting, the term ""write-off"" is used to refer to an investment (such as a purchase of sellable goods) for which a return on the investment is now impossible or unlikely. The item's potential return is thus canceled and removed from (""written off"") the business's balance sheet . Common write-offs in retail include spoiled and damaged goods. In commercial or industrial settings, a productive asset may be subject to write-off if it suffers failure or accident damage that is infeasible to repair, leaving the asset unusable for its intended purpose. Similarly, banks write off bad debt that is declared non collectable (such as a loan on a defunct business, or a credit card due that is in default), removing it from their balance sheets. A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. A negative write-off refers to the decision not to pay back an individual or organization that has overpaid on an account. Negative write-offs can sometimes be seen as fraudulent activity if those who overpay a claim or bill are not informed that they have overpaid and are not given any chance to reconcile their overpayment or be refunded. Some institutions such as banks, hospitals, universities, and other large organizations regularly perform negative write-offs, especially when the amount is considered low (e.g., $5 at some institutions or up to $15 or more at others). citation needed ] A write-down is an accounting treatment that recognizes the reduced value of an impaired asset . The value of an asset may change due to fundamental changes in technology or markets. One example is when one company purchases another and pays more than the net fair value"
"of an impaired asset . The value of an asset may change due to fundamental changes in technology or markets. One example is when one company purchases another and pays more than the net fair value of its assets and liabilities . The excess purchase price is recorded on the buying company's accounts as goodwill . If it becomes apparent that the purchased asset no longer has the value recorded in the goodwill account (i.e., if the asset cannot be resold at the same price), the value in the goodwill asset account is ""written down"". One example is when Rupert Murdoch 's News Corp bought Wall Street Journal publisher Dow Jones at a 60% premium in 2007, which News Corp. later had to write down by $2.8 billion because of declining advertising revenues. ] A write-down is sometimes considered synonymous with a write-off. ] The distinction is that while a write-off is generally completely removed from the balance sheet , a write-down leaves the asset with a lower value. ] As an example, one of the consequences of the 2007 subprime crisis for financial institutions was a revaluation under mark-to-market rules: ""Washington Mutual will write down by $150 million the value of $17 billion in loans"". ]"
"In insurance claims , a total loss or write-off is a situation where the lost value, repair cost or salvage cost of a damaged property exceeds its insured value , and simply replacing the old property with a new equivalent is more cost-effective. ] ] Such a loss may be an ""actual total loss"" or a ""constructive total loss"". Constructive total loss considers further incidental expenses beyond repair, such as force majeure . In a total loss, the insurer must indemnify the assured in full, and ownership of the insured item thereby passes to the insurer under the legal process of "" subrogation "". Although the policy determines the level at which the loss becomes total rather than partial, nevertheless the assured (and NOT the insurer) has the final say as to whether he wishes to make a partial or total claim. If the insured item is, say, a car or a house, the policy will normally give it a "" market value "" which may be less than the assured had in mind; any disagreement would need to be challenged, perhaps using arbitration . In marine insurance , policies may be valued (where the value of the ship or cargo is agreed) or unvalued (where a market value at the time of the claim would need to be ascertained). In the absence of fraud, the Marine Insurance Act 1906 states the agreed value in a valued policy is conclusive, except in cases of constructive total loss, as in the cases of the cruise ship Costa Concordia and the ship The Bamburi . ] ] ] Written off properties are usually demolished or torn down , scrapped , or recycled for parts after their policies are settled; so the insurer may be relieved not to have the insured item subrogated to him, as in Asfar v Blundell . ] Policies covering homes, vehicles, and other non- investment assets subject to depreciation may indemnify the insured to much less than the full replacement cost, so that the insured items may become ""total losses"" despite some residual value. ] ] An actual total loss of a vessel occurs when repair is physically or legally impossible. A total loss may be presumed when a ship disappears and no news is received within a reasonable time. ] Some legal authorities do not consider it an actual total loss if repair costs are merely prohibitive, ] while others include cases where the cost of repair would exceed the cost of the vessel. In any case, the term ""legally impossible"" covers instances where reconstruction would be so extensive that the resulting craft would be legally considered a new vessel. ] A constructive total loss is a situation where the cost of repairs plus the cost of salvage equal or exceed the value of the vessel. It also covers cases where the vessel has been abandoned in the reasonable belief that a total loss is inevitable. ] The calculation can be affected by environmental cleanup costs. ] Much of this section only relates to the insurance industry in North America. Other jurisdictions, for example Australia, have their own regulations. About one in seven car accident"
"cleanup costs. ] Much of this section only relates to the insurance industry in North America. Other jurisdictions, for example Australia, have their own regulations. About one in seven car accident claims results in a ""total"". ] Except in extreme circumstances, a vehicle that has been written off will not be completely worthless. This is because such a vehicle will usually still contain salvageable used parts, or at a bare minimum will still have value as scrap metal. All that is required for a vehicle to be a write-off is that it would cost more to return to marketable condition than the market value it would then have. So a vehicle of low value may even be written off when fully roadworthy, for example due to damage to paintwork or upholstery, such as from an interior fire, a "" hail salvage "", or bullet-riddled or ""biohazard car"" with toxic chemical spills or decomposing bodies found inside. In many jurisdictions a vehicle designated as a total loss is sold by insurance companies to general public, auto dealers, auto brokers, or auto wreckers. The metrics insurance companies use to make the decision include the cost of the repairs needed plus the value of the remaining parts, added to the cost of reimbursing the driver for a rental while the car in question is repaired. citation needed ] If this figure exceeds the value of the car after it is repaired, the vehicle is deemed a total loss. Auto insurers generally settle total loss claims on one of three methods of claim settlement: ] In most jurisdictions, a decision by an insurer to write off a vehicle results in vehicle title branding , marking the car as ""salvage"" or (if repaired and reinspected under subsequent ownership) ""rebuilt"". If the vehicle is not severely damaged, however, it can be restored to its original condition. After a government approved inspection, the vehicle can be put back on the road. The inspection process may not attempt to assess the quality of the repairs. This function will be relegated to a professional mechanic or inspector. However, if the vehicle is severely damaged as per standards set by state or provincial governments, the vehicle is dismantled by an auto wrecker and is sold as parts or scrapped. ] Once a vehicle has been written off and repaired the vehicle may still lose value. Diminished value is the reduction in a vehicle's market value occurring after a vehicle is wrecked and repaired, otherwise called accelerated depreciation . To collect diminished value after a car accident , insurance companies usually ask for a diminished value report. In Canada, this is more commonly called accelerated depreciation ; how a person goes about reclaiming those losses in either country is a different process. In some US states, insurance companies acknowledge diminished value and provide this coverage direct to their consumers. In Canada, in order to recuperate the lost value after an accident, a person needs to retain legal counsel and order an acceleration"
"value and provide this coverage direct to their consumers. In Canada, in order to recuperate the lost value after an accident, a person needs to retain legal counsel and order an acceleration depreciation report on their car for the court's use. In marine insurance, conventional marine insurers such as Lloyds will issue policies covering hull & machinery, or cargo, whereas P&I clubs cover third-party risks (such as a carrier's damage to cargo), pollution risks, and war risks. The term ""total loss"" can refer to any of these risks, but commonly involves a loss of the hull or cargo. Total losses may be actual total loss or constructive. ] If the policy is a ""valued"" policy (so that the ship or cargo has an ""agreed value"" rather than a ""market value""), then, in the absence of fraud, the agreed value is conclusive, but only for an actual total loss. In a constructive total loss, the agreed value is not conclusive. ] In aviation, the term ""hull loss"" is used in aviation accidents that damage the aircraft beyond economical repair, ] resulting in a total loss. The term also applies to situations when the aircraft is missing, the search for its wreckage is terminated, or when the wreckage is completely inaccessible. ]"
"Financial risk is any of various types of risk associated with financing , including financial transactions that include company loans in risk of default . ] ] Often it is understood to include only downside risk , meaning the potential for financial loss and uncertainty about its extent. ] ] Modern portfolio theory initiated by Harry Markowitz in 1952 under his thesis titled ""Portfolio Selection"" is the discipline and study which pertains to managing market and financial risk . ] In modern portfolio theory, the variance (or standard deviation ) of a portfolio is used as the definition of risk. According to Bender and Panz (2021), financial risks can be sorted into five different categories. In their study, they apply an algorithm-based framework and identify 193 single financial risk types, which are sorted into the five categories market risk , liquidity risk , credit risk , business risk and investment risk . ] The four standard market risk factors are equity risk, interest rate risk, currency risk, and commodity risk: Equity risk is the risk that stock prices in general (not related to a particular company or industry) or the implied volatility will change. When it comes to long-term investing, equities provide a return that will hopefully exceed the risk free rate of return ] The difference between return and the risk free rate is known as the equity risk premium. When investing in equity, it is said that higher risk provides higher returns. Hypothetically, an investor will be compensated for bearing more risk and thus will have more incentive to invest in riskier stock. A significant portion of high risk/ high return investments come from emerging markets that are perceived as volatile. Interest rate risk is the risk that interest rates or the implied volatility will change. The change in market rates and their impact on the profitability of a bank, lead to interest rate risk. ] Interest rate risk can affect the financial position of a bank and may create unfavorable financial results. ] The potential for the interest rate to change at any given time can have either positive or negative effects for the bank and the consumer. If a bank gives out a 30-year mortgage at a rate of 4% and the interest rate rises to 6%, the bank loses and the consumer wins. This is an opportunity cost for the bank and a reason why the bank could be affected financially. Currency risk is the risk that foreign exchange rates or the implied volatility will change, which affects, for example, the value of an asset held in that currency. Currency fluctuations in the marketplace can have a drastic impact on an international firm's value because of the price effect on domestic and foreign goods, as well as the value of foreign currency denominate assets and liabilities. ] When a currency appreciates or depreciates, a firm can be at risk depending on where they are operating and what currency denominations they are holding. The fluctuation in currency markets can have"
"When a currency appreciates or depreciates, a firm can be at risk depending on where they are operating and what currency denominations they are holding. The fluctuation in currency markets can have effects on both the imports and exports of an international firm. For example, if the euro depreciates against the dollar, the U.S. exporters take a loss while the U.S. importers gain. This is because it takes less dollars to buy a euro and vice versa, meaning the U.S. wants to buy goods and the EU is willing to sell them; it is too expensive for the EU to import from U.S. at this time. Commodity risk is the risk that commodity prices (e.g. corn, copper, crude oil) or implied volatility will change. There is too much variation between the amount of risks producers and consumers of commodities face in order to have a helpful framework or guide. ] Financial risk measurement, pricing of financial instruments, and portfolio selection are all based on statistical models. If the model is wrong, risk numbers, prices, or optimal portfolios are wrong. Model risk quantifies the consequences of using the wrong models in risk measurement, pricing, or portfolio selection. The main element of a statistical model in finance is a risk factor distribution. Recent papers treat the factor distribution as unknown random variable and measuring risk of model misspecification. Jokhadze and Schmidt (2018) propose practical model risk measurement framework. ] They introduce superposed risk measures that incorporate model risk and enables consistent market and model risk management. Further, they provide axioms of model risk measures and define several practical examples of superposed model risk measures in the context of financial risk management and contingent claim pricing. Credit risk management is a profession that focuses on reducing and preventing losses by understanding and measuring the probability of those losses. Credit risk management is used by banks, credit lenders, and other financial institutions to mitigate losses primarily associated with nonpayment of loans. A credit risk occurs when there is potential that a borrower may default or miss on an obligation as stated in a contract between the financial institution and the borrower. ] Attaining good customer data is an essential factor for managing credit risk. Gathering the right information and building the right relationships with the selected customer base is crucial for business risk strategy. In order to identify potential issues and risks that may arise in the future, analyzing financial and nonfinancial information pertaining to the customer is critical. Risks such as that in business, industry of investment, and management risks are to be evaluated. Credit risk management evaluates the company's financial statements and analyzes the company's decision making when it comes to financial choices. Furthermore, credit risks management analyzes where and how the loan will be utilized and when the expected"
"statements and analyzes the company's decision making when it comes to financial choices. Furthermore, credit risks management analyzes where and how the loan will be utilized and when the expected repayment of the loan is as well as the reason behind the company's need to borrow the loan. Expected Loss (EL) is a concept used for Credit Risk Management to measure the average potential rate of losses that a company accounts for over a specific period of time. The expected credit loss is formulated using the formula: Expected Loss = Expected Exposure X Expected Default X Expected Severity Expected Exposure refers to exposure expected during the credit event. Some factors impacting expected exposure include expected future events and the type of credit transaction. Expected Default is a risk calculated for the number of times a default will likely occur from the borrower. Expected Severity refers to the total cost incurred in the event a default occurs. This total loss includes loan principle and interests. Unlike Expected Loss, organizations have to hold capital for Unexpected Losses. Unexpected Losses represent losses where an organization will need to predict an average rate of loss. It is considered the most critical type of losses as it represents the instability and unpredictability of true losses that may be encountered at a given timeframe. ] ] ] ] This is the risk that a given security or asset cannot be traded quickly enough in the market to prevent a loss (or make the required profit). There are two types of liquidity risk: Valuation risk is the risk that an entity suffers a loss when trading an asset or a liability due to a difference between the accounting value and the price effectively obtained in the trade. In other words, valuation risk is the uncertainty about the difference between the value reported in the balance sheet for an asset or a liability and the price that the entity could obtain if it effectively sold the asset or transferred the liability (the so-called ""exit price""). Operational risk is the risk of losses caused by flawed or failed processes, policies, systems or events that disrupt business operations. Employee errors, criminal activity such as fraud, and physical events are among the factors that can trigger operational risk. The process to manage operational risk is known as operational risk management . The definition of operational risk, adopted by the European Solvency II Directive for insurers, is a variation adopted from the Basel II regulations for banks: ""The risk of a change in value caused by the fact that actual losses, incurred for inadequate or failed internal processes, people and systems, or from external events (including legal risk), differ from the expected losses"". ] ] The scope of operational risk is then broad, and can also include other classes of risks, such as fraud , security , privacy protection , legal risks , physical (e.g. infrastructure shutdown) or environmental risks. Operational"
"is then broad, and can also include other classes of risks, such as fraud , security , privacy protection , legal risks , physical (e.g. infrastructure shutdown) or environmental risks. Operational risks similarly may impact broadly, in that they can affect client satisfaction, reputation and shareholder value, all while increasing business volatility. Previously, in Basel I , operational risk was negatively defined : namely that operational risk are all risks which are not market risk and not credit risk . Some banks have therefore also used the term operational risk synonymously with non-financial risks . ] In October 2014, the Basel Committee on Banking Supervision proposed a revision to its operational risk capital framework that sets out a new standardized approach to replace the basic indicator approach and the standardized approach for calculating operational risk capital . ] Contrary to other risks (e.g. credit risk , market risk , insurance risk ) operational risks are usually not willingly incurred nor are they revenue driven. Moreover, they are not diversifiable and cannot be laid off. This means that as long as people, systems, and processes remain imperfect, operational risk cannot be fully eliminated. Operational risk is, nonetheless, manageable as to keep losses within some level of risk tolerance (i.e. the amount of risk one is prepared to accept in pursuit of his objectives), determined by balancing the costs of improvement against the expected benefits. Wider trends such as globalization, the expansion of the internet and the rise of social media, as well as the increasing demands for greater corporate accountability worldwide, reinforce the need for proper risk management . Thus operational risk management (ORM) is a specialized discipline within risk management. It constitutes the continuous-process of risk assessment, decision making, and implementation of risk controls, resulting in the acceptance, mitigation, or avoidance of the various operational risks. Non-financial risks summarize all other possible risks Financial risk, market risk, and even inflation risk can at least partially be moderated by forms of diversification . The returns from different assets are highly unlikely to be perfectly correlated and the correlation may sometimes be negative. For instance, an increase in the price of oil will often favour a company that produces it, ] but negatively impact the business of a firm such an airline whose variable costs are heavily based upon fuel. ] However, share prices are driven by many factors, such as the general health of the economy which will increase the correlation and reduce the benefit of diversification. If one constructs a portfolio by including a wide variety of equities, it will tend to exhibit the same risk and return characteristics as the market as a whole, which many investors see as an attractive prospect, so that index funds have been developed that invest in equities in proportion to the"
"same risk and return characteristics as the market as a whole, which many investors see as an attractive prospect, so that index funds have been developed that invest in equities in proportion to the weighting they have in some well-known index such as the FTSE. However, history shows that even over substantial periods of time there is a wide range of returns that an index fund may experience; so an index fund by itself is not ""fully diversified"". Greater diversification can be obtained by diversifying across asset classes; for instance a portfolio of many bonds and many equities can be constructed in order to further narrow the dispersion of possible portfolio outcomes. A key issue in diversification is the correlation between assets, the benefits increasing with lower correlation. However this is not an observable quantity, since the future return on any asset can never be known with complete certainty. This was a serious issue in the late-2000s recession when assets that had previously had small or even negative correlations citation needed ] suddenly starting moving in the same direction causing severe financial stress to market participants who had believed that their diversification would protect them against any plausible market conditions, including funds that had been explicitly set up to avoid being affected in this way. ] Diversification has costs. Correlations must be identified and understood, and since they are not constant it may be necessary to rebalance the portfolio which incurs transaction costs due to buying and selling assets. There is also the risk that as an investor or fund manager diversifies, their ability to monitor and understand the assets may decline leading to the possibility of losses due to poor decisions or unforeseen correlations. Hedging is a method for reducing risk where a combination of assets are selected to offset the movements of each other. For instance, when investing in a stock it is possible to buy an option to sell that stock at a defined price at some point in the future. The combined portfolio of stock and option is now much less likely to move below a given value. As in diversification there is a cost, this time in buying the option for which there is a premium. Derivatives are used extensively to mitigate many types of risk. ] According to the article from Investopedia , a hedge is an investment designed to reduce the risk of adverse price movements in an asset. Typically, a hedge consists of taking a counter-position in a related financial instrument, such as a futures contract. ] The Forward Contract The forward contract is a non-standard contract to buy or sell an underlying asset between two independent parties at an agreed price and date. The Future Contract The futures contract is a standardized contract to buy or sell an underlying asset between two independent parties at an agreed price, quantity and date. Option contract The Option contract is a contract gives the buyer (the owner or"
"contract to buy or sell an underlying asset between two independent parties at an agreed price, quantity and date. Option contract The Option contract is a contract gives the buyer (the owner or holder of the option) the right, but not the obligation, to buy or sell an underlying asset or instrument at a specified strike price prior to or on a specified date, depending on the form of the option. ACPM - Active credit portfolio management EAD - Exposure at default EL - Expected loss LGD - Loss given default PD - Probability of default KMV - quantitative credit analysis solution developed by credit rating agency Moody's VaR - Value at Risk, a common methodology for measuring risk due to market movements"
"An actuary is a professional with advanced mathematical skills who deals with the measurement and management of risk and uncertainty. ] These risks can affect both sides of the balance sheet and require asset management , liability management, and valuation skills. ] Actuaries provide assessments of financial security systems, with a focus on their complexity, their mathematics, and their mechanisms. ] The name of the corresponding academic discipline is actuarial science . While the concept of insurance dates to antiquity, ] ] ] the concepts needed to scientifically measure and mitigate risks have their origins in the 17th century studies of probability and annuities. ] Actuaries of the 21st century require analytical skills, business knowledge, and an understanding of human behavior and information systems to design and manage programs that control risk. ] The actual steps needed to become an actuary are usually country-specific; however, almost all processes share a rigorous schooling or examination structure and take many years to complete. ] The profession has consistently been ranked as one of the most desirable. ] In various studies in the United States, being an actuary was ranked first or second multiple times since 2010, ] ] ] and in the top 20 for most of the past decade. ] ] ] ] ] Actuaries use skills primarily in mathematics, particularly calculus -based probability and mathematical statistics , but also economics , computer science , finance, and business. For this reason, actuaries are essential to the insurance and reinsurance industries, either as staff employees or as consultants; to other businesses, including sponsors of pension plans; and to government agencies such as the Government Actuary's Department in the United Kingdom or the Social Security Administration in the United States of America. Actuaries assemble and analyze data to estimate the probability and likely cost of the occurrence of an event such as death, sickness, injury, disability, or loss of property. Actuaries also address financial questions, including those involving the level of pension contributions required to produce a certain retirement income and the way in which a company should invest resources to maximize its return on investments in light of potential risk. Using their broad knowledge, actuaries help design and price insurance policies, pension plans, and other financial strategies in a manner that will help ensure that the plans are maintained on a sound financial basis. ] ] Most traditional actuarial disciplines fall into two main categories: life and non-life. Life actuaries, which includes health and pension actuaries, primarily deal with mortality risk, morbidity risk, and investment risk. Products prominent in their work include life insurance , annuities , pensions, short and long term disability insurance , health insurance, health savings accounts , and long-term care insurance. ] In addition to these risks, social insurance programs are"
"annuities , pensions, short and long term disability insurance , health insurance, health savings accounts , and long-term care insurance. ] In addition to these risks, social insurance programs are influenced by public opinion, politics, budget constraints, changing demographics , and other factors such as medical technology , inflation , and cost of living considerations. ] Non-life actuaries, also known as ""property and casualty"" (mainly US) or ""general insurance"" (mainly UK) actuaries, deal with both physical and legal risks that affect people or their property. Products prominent in their work include auto insurance , homeowners insurance , commercial property insurance, workers' compensation , malpractice insurance, product liability insurance , marine insurance , terrorism insurance , and other types of liability insurance . ] Actuaries are also called upon for their expertise in enterprise risk management . ] This can involve dynamic financial analysis , stress testing , the formulation of corporate risk policy, and the setting up and running of corporate risk departments. ] Actuaries are also involved in other areas in the economic and financial field, such as analyzing securities offerings or market research . ] On both the life and casualty sides, the classical function of actuaries is to calculate premiums and reserves for insurance policies covering various risks. ] On the casualty side, this analysis often involves quantifying the probability of a loss event, called the frequency, and the size of that loss event, called the severity. The amount of time that occurs before the loss event is important, as the insurer will not have to pay anything until after the event has occurred. On the life side, the analysis often involves quantifying how much a potential sum of money or a financial liability will be worth at different points in the future. Since neither of these kinds of analysis are purely deterministic processes, stochastic models are often used to determine frequency and severity distributions and the parameters of these distributions. Forecasting interest yields and currency movements also plays a role in determining future costs, especially on the life side. ] Actuaries do not always attempt to predict aggregate future events. Often, their work may relate to determining the cost of financial liabilities that have already occurred, called retrospective reinsurance , ] or the development or re-pricing of new products. ] Actuaries also design and maintain products and systems. They are involved in financial reporting of companies' assets and liabilities. They must communicate complex concepts to clients who may not share their language or depth of knowledge. Actuaries work under a code of ethics that covers their communications and work products. ] As an outgrowth of their more traditional roles, actuaries also work in the fields of risk management and enterprise risk management for both financial and non-financial"
"and work products. ] As an outgrowth of their more traditional roles, actuaries also work in the fields of risk management and enterprise risk management for both financial and non-financial corporations. ] Actuaries in traditional roles study and use the tools and data previously in the domain of finance. ] The Basel II accord for financial institutions (2004), and its analogue, the Solvency II accord for insurance companies (in force since 2016), require institutions to account for operational risk separately, and in addition to, credit , reserve , asset , and insolvency risk. Actuarial skills are well suited to this environment because of their training in analyzing various forms of risk, and judging the potential for upside gain, as well as downside loss associated with these forms of risk. ] Actuaries are also involved in investment advice and asset management , and can be general business managers and chief financial officers . ] ] They analyze business prospects with their financial skills in valuing or discounting risky future cash flows, and apply their pricing expertise from insurance to other lines of business. For example, insurance securitization requires both actuarial and finance skills. ] Actuaries also act as expert witnesses by applying their analysis in court trials to estimate the economic value of losses such as lost profits or lost wages. ] The basic requirements of communal interests gave rise to risk sharing since the dawn of civilization. ] For example, people who lived their entire lives in a camp had the risk of fire, which would leave their band or family without shelter. After barter came into existence, more complex risks emerged and new forms of risk manifested. Merchants embarking on trade journeys bore the risk of losing goods entrusted to them, their own possessions, or even their lives. Intermediaries developed to warehouse and trade goods, which exposed them to financial risk . The primary providers in extended families or households ran the risk of premature death, disability or infirmity, which could leave their dependents to starve. Credit procurement was difficult if the creditor worried about repayment in the event of the borrower's death or infirmity. Alternatively, people sometimes lived too long from a financial perspective, exhausting their savings, if any, or becoming a burden on others in the extended family or society. ] In the ancient world there was not always room for the sick, suffering, disabled, aged, or the poor—these were often not part of the cultural consciousness of societies. ] Early methods of protection, aside from the normal support of the extended family, involved charity; religious organizations or neighbors would collect for the destitute and needy. By the middle of the 3rd century, charitable operations in Rome supported 1,500 suffering people. ] Charitable protection remains an active form of support in the modern era, ] but receiving charity is uncertain and often accompanied"
"charitable operations in Rome supported 1,500 suffering people. ] Charitable protection remains an active form of support in the modern era, ] but receiving charity is uncertain and often accompanied by social stigma . ] Elementary mutual aid agreements and pensions did arise in antiquity. ] Early in the Roman empire , associations were formed to meet the expenses of burial, cremation, and monuments—precursors to burial insurance and friendly societies . A small sum was paid into a communal fund on a weekly basis, and upon the death of a member, the fund would cover the expenses of rites and burial. These societies sometimes sold shares in the building of columbāria , or burial vaults, owned by the fund. ] Other early examples of mutual surety and assurance pacts can be traced back to various forms of fellowship within the Saxon clans of England and their Germanic forebears, and to Celtic society. ] Non-life insurance started as a hedge against loss of cargo during sea travel. Anecdotal reports of such guarantees occur in the writings of Demosthenes , who lived in the 4th century BCE. ] The earliest records of an official non-life insurance policy come from Sicily , where there is record of a 14th-century contract to insure a shipment of wheat. ] In 1350, Lenardo Cattaneo assumed ""all risks from act of God, or of man, and from perils of the sea"" that may occur to a shipment of wheat from Sicily to Tunis up to a maximum of 300 florins . For this he was paid a premium of 18%. ] During the 17th century, a more scientific basis for risk management was being developed. In 1662, a London draper named John Graunt showed that there were predictable patterns of longevity and death in a defined group, or cohort , of people, despite the uncertainty about the future longevity or mortality of any one individual. This study became the basis for the original life table . Combining this idea with that of compound interest and annuity valuation, it became possible to set up an insurance scheme to provide life insurance or pensions for a group of people, and to calculate with some degree of accuracy each member's necessary contributions to a common fund, assuming a fixed rate of interest. The first person to correctly calculate these values was Edmond Halley . ] In his work, Halley demonstrated a method of using his life table to calculate the premium someone of a given age should pay to purchase a life-annuity. ] James Dodson 's pioneering work on the level premium system led to the formation of the Society for Equitable Assurances on Lives and Survivorship (now commonly known as Equitable Life ) in London in 1762. This was the first life insurance company to use premium rates that were calculated scientifically for long-term life policies, using Dodson's work. After Dodson's death in 1757, Edward Rowe Mores took over the leadership of the group that eventually became the Society for Equitable Assurances. It was he who specified that the chief official should be"
"Dodson's death in 1757, Edward Rowe Mores took over the leadership of the group that eventually became the Society for Equitable Assurances. It was he who specified that the chief official should be called an actuary . ] Previously, the use of the term had been restricted to an official who recorded the decisions, or acts , of ecclesiastical courts , in ancient times originally the secretary of the Roman senate , responsible for compiling the Acta Senatus . ] Other companies that did not originally use such mathematical and scientific methods most often failed or were forced to adopt the methods pioneered by Equitable. ] In the 18th and 19th centuries, computational complexity was limited to manual calculations. The calculations required to compute fair insurance premiums can be burdensome. The actuaries of that time developed methods to construct easily used tables, using arithmetical short-cuts called commutation functions , to facilitate timely, accurate, manual calculations of premiums. ] In the mid-19th century, professional bodies were founded to support and further both actuaries and actuarial science, and to protect the public interest by ensuring competency and ethical standards. ] Since calculations were cumbersome, actuarial shortcuts were commonplace. Non-life actuaries followed in the footsteps of their life compatriots in the early 20th century. In the United States, the 1920 revision to workers' compensation rates took over two months of around-the-clock work by day and night teams of actuaries. ] In the 1930s and 1940s, rigorous mathematical foundations for stochastic processes were developed. ] Actuaries began to forecast losses using models of random events instead of deterministic methods . Computers further revolutionized the actuarial profession. From pencil-and-paper to punchcards to microcomputers, the modeling and forecasting ability of the actuary has grown vastly. ] Another modern development is the convergence of modern finance theory with actuarial science. ] In the early 20th century, some economists and actuaries were developing techniques that can be found in modern financial theory, but for various historical reasons, these developments did not achieve much recognition. ] ] In the late 1980s and early 1990s, there was a distinct effort for actuaries to combine financial theory and stochastic methods into their established models. ] In the 21st century, the profession, both in practice and in the educational syllabi of many actuarial organizations, combines tables, loss models, stochastic methods, and financial theory, ] but is still not completely aligned with modern financial economics . ] As there are relatively few actuaries in the world compared to other professions, actuaries are in high demand, and are highly paid for the services they render. ] ] The actuarial profession has been consistently ranked for decades as one of the most desirable. Actuaries work comparatively reasonable hours, in comfortable"
"paid for the services they render. ] ] The actuarial profession has been consistently ranked for decades as one of the most desirable. Actuaries work comparatively reasonable hours, in comfortable conditions, without the need for physical exertion that may lead to injury, are well paid, and the profession consistently has a good hiring outlook. ] Not only has the overall profession ranked highly, but it also is considered one of the best professions for women, ] and one of the best recession-proof professions. ] In the United States, the profession was rated as the best profession by CareerCast, which uses five key criteria to rank jobs—environment, income, employment outlook, physical demands, and stress, in 2010, ] 2013, ] and 2015. ] In other years, it remained in the top 20. ] ] ] ] ] ] Becoming a fully credentialed actuary requires passing a rigorous series of professional examinations, usually taking several years. In some countries, such as Denmark, most study takes place in a university setting. ] In others, such as the US, most study takes place during employment through a series of examinations. ] ] In the UK, and countries based on its process, there is a hybrid university-exam structure. ] As these qualifying exams are extremely rigorous, support is usually available to people progressing through the exams. Often, employers provide paid on-the-job study time and paid attendance at seminars designed for the exams. ] Also, many companies that employ actuaries have automatic pay raises or promotions when exams are passed. As a result, actuarial students have strong incentives for devoting adequate study time during off-work hours. A common rule of thumb for exam students is that, for the Society of Actuaries examinations, roughly 400 hours of study time are necessary for each four-hour exam. ] Thus, thousands of hours of study time should be anticipated over several years, assuming no failures. ] Historically, the actuarial profession has been reluctant to specify the pass marks for its examinations. ] ] To address concerns that there are pre-existing pass/fail quotas, a former chairman of the Board of Examiners of the Institute and Faculty of Actuaries stated: ""Although students find it hard to believe, the Board of Examiners does not have fail quotas to achieve. Accordingly pass rates are free to vary (and do). They are determined by the quality of the candidates sitting the examination and in particular how well prepared they are. Fitness to pass is the criterion, not whether you can achieve a mark in the top 40% of candidates sitting."" ] In 2000, the Casualty Actuarial Society (CAS) decided to start releasing pass marks for the exams it offers. ] The CAS's policy is also not to grade to specific pass ratios; the CAS board affirmed in 2001 that ""the CAS shall use no predetermined pass ratio as a guideline for setting the pass mark for any examination. If the CAS determines that 70% of all candidates have demonstrated sufficient grasp"
"that ""the CAS shall use no predetermined pass ratio as a guideline for setting the pass mark for any examination. If the CAS determines that 70% of all candidates have demonstrated sufficient grasp of the syllabus material, then those 70% should pass. Similarly, if the CAS determines that only 30% of all candidates have demonstrated sufficient grasp of the syllabus material, then only those 30% should pass."" ] Actuaries have appeared in works of fiction including literature, theater, television, and film. At times, they have been portrayed as ""math-obsessed, socially disconnected individuals with shockingly bad comb-overs"", which has resulted in a mixed response amongst actuaries themselves. ]"
"This is an accepted version of this page Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management , primarily used to protect against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer , insurance company , insurance carrier , or underwriter . A person or entity who buys insurance is known as a policyholder , while a person or entity covered under the policy is called an insured . The insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in the form of a payment to the insurer (a premium) in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms. Furthermore, it usually involves something in which the insured has an insurable interest established by ownership, possession, or pre-existing relationship. The insured receives a contract , called the insurance policy , which details the conditions and circumstances under which the insurer will compensate the insured, or their designated beneficiary or assignee. The amount of money charged by the insurer to the policyholder for the coverage set forth in the insurance policy is called the premium . If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster. A mandatory out-of-pocket expense required by an insurance policy before an insurer will pay a claim is called a deductible (or if required by a health insurance policy, a copayment ). The insurer may hedge its own risk by taking out reinsurance , whereby another insurance company agrees to carry some of the risks, especially if the primary insurer deems the risk too large for it to carry. Methods for transferring or distributing risk were practiced by Chinese and Indian traders as long ago as the 3rd and 2nd millennia BC, respectively. ] ] Chinese merchants travelling treacherous river rapids would redistribute their wares across many vessels to limit the loss due to any single vessel capsizing. Codex Hammurabi Law 238 (c. 1755–1750 BC) stipulated that a sea captain , ship-manager , or ship charterer that saved a ship from total loss was only required to pay one-half the value of the ship to the ship-owner . ] ] ] In the Digesta seu Pandectae (533), the second volume of the codification of laws ordered by Justinian I (527–565), a legal opinion written by the Roman jurist Paulus in 235 AD was included about the Lex Rhodia (""Rhodian law""). It articulates the general average principle of marine insurance established on the island of Rhodes in approximately 1000 to 800 BC, plausibly by the Phoenicians during the proposed Dorian invasion and emergence of the purported Sea"
"principle of marine insurance established on the island of Rhodes in approximately 1000 to 800 BC, plausibly by the Phoenicians during the proposed Dorian invasion and emergence of the purported Sea Peoples during the Greek Dark Ages (c. 1100–c. 750). ] ] ] The law of general average is the fundamental principle that underlies all insurance. ] In 1816, an archeological excavation in Minya, Egypt produced a Nerva–Antonine dynasty -era tablet from the ruins of the Temple of Antinous in Antinoöpolis , Aegyptus . The tablet prescribed the rules and membership dues of a burial society collegium established in Lanuvium , Italia in approximately 133 AD during the reign of Hadrian (117–138) of the Roman Empire . ] In 1851 AD, future U.S. Supreme Court Associate Justice Joseph P. Bradley (1870–1892 AD), once employed as an actuary for the Mutual Benefit Life Insurance Company , submitted an article to the Journal of the Institute of Actuaries . His article detailed an historical account of a Severan dynasty -era life table compiled by the Roman jurist Ulpian in approximately 220 AD that was also included in the Digesta . ] Concepts of insurance has been also found in 3rd century BC Hindu scriptures such as Dharmasastra , Arthashastra and Manusmriti . ] The ancient Greeks had marine loans. Money was advanced on a ship or cargo, to be repaid with large interest if the voyage prospers. However, the money would not be repaid at all if the ship were lost, thus making the rate of interest high enough to pay for not only for the use of the capital but also for the risk of losing it (fully described by Demosthenes ). Loans of this character have ever since been common in maritime lands under the name of bottomry and respondentia bonds. ] The direct insurance of sea-risks for a premium paid independently of loans began in Belgium about 1300 AD. ] Separate insurance contracts (i.e., insurance policies not bundled with loans or other kinds of contracts) were invented in Genoa in the 14th century, as were insurance pools backed by pledges of landed estates. The first known insurance contract dates from Genoa in 1347. In the next century, maritime insurance developed widely, and premiums were varied with risks. ] These new insurance contracts allowed insurance to be separated from investment, a separation of roles that first proved useful in marine insurance . The earliest known policy of life insurance was made in the Royal Exchange, London , on 18 June 1583, for £383, 6s. 8d. for twelve months on the life of William Gibbons. ] Insurance became far more sophisticated in Enlightenment-era Europe , where specialized varieties developed. Property insurance as we know it today can be traced to the Great Fire of London , which in 1666 devoured more than 13,000 houses. The devastating effects of the fire converted the development of insurance ""from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wren 's inclusion of a site for"
"effects of the fire converted the development of insurance ""from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wren 's inclusion of a site for ""the Insurance Office"" in his new plan for London in 1667."" ] A number of attempted fire insurance schemes came to nothing, but in 1681, economist Nicholas Barbon and eleven associates established the first fire insurance company, the ""Insurance Office for Houses"", at the back of the Royal Exchange to insure brick and frame homes. Initially, 5,000 homes were insured by his Insurance Office. ] At the same time, the first insurance schemes for the underwriting of business ventures became available. By the end of the seventeenth century, London's growth as a centre for trade was increasing due to the demand for marine insurance . In the late 1680s, Edward Lloyd opened a coffee house , which became the meeting place for parties in the shipping industry wishing to insure cargoes and ships, including those willing to underwrite such ventures. These informal beginnings led to the establishment of the insurance market Lloyd's of London and several related shipping and insurance businesses. ] Life insurance policies were taken out in the early 18th century. The first company to offer life insurance was the Amicable Society for a Perpetual Assurance Office , founded in London in 1706 by William Talbot and Sir Thomas Allen . ] ] Upon the same principle, Edward Rowe Mores established the Society for Equitable Assurances on Lives and Survivorship in 1762. It was the world's first mutual insurer and it pioneered age based premiums based on mortality rate laying ""the framework for scientific insurance practice and development"" and ""the basis of modern life assurance upon which all life assurance schemes were subsequently based."" ] In the late 19th century ""accident insurance"" began to become available. ] The first company to offer accident insurance was the Railway Passengers Assurance Company, formed in 1848 in England to insure against the rising number of fatalities on the nascent railway system. The first international insurance rule was the York Antwerp Rules (YAR) for the distribution of costs between ship and cargo in the event of general average. In 1873 the ""Association for the Reform and Codification of the Law of Nations"", the forerunner of the International Law Association (ILA), was founded in Brussels. It published the first YAR in 1890, before switching to the present title of the ""International Law Association"" in 1895. ] ] By the late 19th century governments began to initiate national insurance programs against sickness and old age. Germany built on a tradition of welfare programs in Prussia and Saxony that began as early as in the 1840s. In the 1880s Chancellor Otto von Bismarck introduced old age pensions, accident insurance and medical care that formed the basis for Germany's welfare state . ] ] In Britain more extensive legislation was introduced by"
"Otto von Bismarck introduced old age pensions, accident insurance and medical care that formed the basis for Germany's welfare state . ] ] In Britain more extensive legislation was introduced by the Liberal government in the National Insurance Act 1911 . This gave the British working classes the first contributory system of insurance against illness and unemployment. ] This system was greatly expanded after the Second World War under the influence of the Beveridge Report , to form the first modern welfare state . ] ] In 2008, the International Network of Insurance Associations (INIA), then an informal network, became active and it has been succeeded by the Global Federation of Insurance Associations (GFIA), which was formally founded in 2012 to aim to increase insurance industry effectiveness in providing input to international regulatory bodies and to contribute more effectively to the international dialogue on issues of common interest. It consists of its 40 member associations and 1 observer association in 67 countries, which companies account for around 89% of total insurance premiums worldwide. ] Insurance involves pooling funds from many insured entities (known as exposures) to pay for the losses that only some insureds may incur. The insured entities are therefore protected from risk for a fee, with the fee being dependent upon the frequency and severity of the event occurring. In order to be an insurable risk , the risk insured against must meet certain characteristics. Insurance as a financial intermediary is a commercial enterprise and a major part of the financial services industry, but individual entities can also self-insure through saving money for possible future losses. ] Risk which can be insured by private companies typically share seven common characteristics: ] When a company insures an individual entity, there are basic legal requirements and regulations. Several commonly cited legal principles of insurance include: ] To ""indemnify"" means to make whole again, or to be reinstated to the position that one was in, to the extent possible, prior to the happening of a specified event or peril. Accordingly, life insurance is generally not considered to be indemnity insurance, but rather ""contingent"" insurance (i.e., a claim arises on the occurrence of a specified event). There are generally three types of insurance contracts that seek to indemnify an insured: From an insured's standpoint, the result is usually the same: the insurer pays the loss and claims expenses. If the Insured has a ""reimbursement"" policy, the insured can be required to pay for a loss and then be ""reimbursed"" by the insurance carrier for the loss and out of pocket costs including, with the permission of the insurer, claim expenses. ] ] Under a ""pay on behalf"" policy, the insurance carrier would defend and pay a claim on behalf of the insured who would not be out of pocket for anything. Most modern liability insurance is written on the basis of ""pay on behalf"""
"the insurance carrier would defend and pay a claim on behalf of the insured who would not be out of pocket for anything. Most modern liability insurance is written on the basis of ""pay on behalf"" language, which enables the insurance carrier to manage and control the claim. Under an ""indemnification"" policy, the insurance carrier can generally either ""reimburse"" or ""pay on behalf of"", whichever is more beneficial to it and the insured in the claim handling process. An entity seeking to transfer risk (an individual, corporation, or association of any type, etc.) becomes the ""insured"" party once risk is assumed by an ""insurer"", the insuring party, by means of a contract , called an insurance policy . Generally, an insurance contract includes, at a minimum, the following elements: identification of participating parties (the insurer, the insured, the beneficiaries), the premium, the period of coverage, the particular loss event covered, the amount of coverage (i.e., the amount to be paid to the insured or beneficiary in the event of a loss), and exclusions (events not covered). An insured is thus said to be "" indemnified "" against the loss covered in the policy. When insured parties experience a loss for a specified peril, the coverage entitles the policyholder to make a claim against the insurer for the covered amount of loss as specified by the policy. The fee paid by the insured to the insurer for assuming the risk is called the premium. Insurance premiums from many insureds are used to fund accounts reserved for later payment of claims – in theory for a relatively few claimants – and for overhead costs. So long as an insurer maintains adequate funds set aside for anticipated losses (called reserves), the remaining margin is an insurer's profit . Policies typically include a number of exclusions, for example: Insurers may prohibit certain activities which are considered dangerous and therefore excluded from coverage. One system for classifying activities according to whether they are authorised by insurers refers to ""green light"" approved activities and events, ""yellow light"" activities and events which require insurer consultation and/or waivers of liability, and ""red light"" activities and events which are prohibited and outside the scope of insurance cover. ] Insurance can have various effects on society through the way that it changes who bears the cost of losses and damage. On one hand it can increase fraud; on the other it can help societies and individuals prepare for catastrophes and mitigate the effects of catastrophes on both households and societies. Insurance can influence the probability of losses through moral hazard , insurance fraud , and preventive steps by the insurance company. Insurance scholars have typically used moral hazard to refer to the increased loss due to unintentional carelessness and insurance fraud to refer to increased risk due to intentional carelessness or indifference. ] Insurers attempt to address"
"hazard to refer to the increased loss due to unintentional carelessness and insurance fraud to refer to increased risk due to intentional carelessness or indifference. ] Insurers attempt to address carelessness through inspections, policy provisions requiring certain types of maintenance, and possible discounts for loss mitigation efforts. While in theory insurers could encourage investment in loss reduction, some commentators have argued that in practice insurers had historically not aggressively pursued loss control measures—particularly to prevent disaster losses such as hurricanes—because of concerns over rate reductions and legal battles. However, since about 1996 insurers have begun to take a more active role in loss mitigation, such as through building codes . ] According to the study books of The Chartered Insurance Institute, there are variant methods of insurance as follows: Insurers may use the subscription business model , collecting premium payments periodically in return for on-going and/or compounding benefits offered to policyholders. Insurers' business model aims to collect more in premium and investment income than is paid out in losses, and to also offer a competitive price which consumers will accept. Profit can be reduced to a simple equation: Insurers make money in two ways: The most complicated aspect of insuring is the actuarial science of ratemaking (price-setting) of policies, which uses statistics and probability to approximate the rate of future claims based on a given risk. After producing rates, the insurer will use discretion to reject or accept risks through the underwriting process. At the most basic level, initial rate-making involves looking at the frequency and severity of insured perils and the expected average payout resulting from these perils. Thereafter an insurance company will collect historical loss-data, bring the loss data to present value , and compare these prior losses to the premium collected in order to assess rate adequacy. ] Loss ratios and expense loads are also used. Rating for different risk characteristics involves—at the most basic level—comparing the losses with ""loss relativities""—a policy with twice as many losses would, therefore, be charged twice as much. More complex multivariate analyses are sometimes used when multiple characteristics are involved and a univariate analysis could produce confounded results. Other statistical methods may be used in assessing the probability of future losses. Upon termination of a given policy, the amount of premium collected minus the amount paid out in claims is the insurer's underwriting profit on that policy. Underwriting performance is measured by something called the ""combined ratio"", which is the ratio of expenses/losses to premiums. ] A combined ratio of less than 100% indicates an underwriting profit, while anything over 100 indicates an underwriting loss. A company with a combined ratio over 100% may nevertheless remain profitable due to"
"ratio of less than 100% indicates an underwriting profit, while anything over 100 indicates an underwriting loss. A company with a combined ratio over 100% may nevertheless remain profitable due to investment earnings. Insurance companies earn investment profits on ""float"". Float, or available reserve, is the amount of money on hand at any given moment that an insurer has collected in insurance premiums but has not paid out in claims. Insurers start investing insurance premiums as soon as they are collected and continue to earn interest or other income on them until claims are paid out. The Association of British Insurers (grouping together 400 insurance companies and 94% of UK insurance services) has almost 20% of the investments in the London Stock Exchange . ] In 2007, U.S. industry profits from float totaled $58 billion. In a 2009 letter to investors, Warren Buffett wrote, ""we were paid $2.8 billion to hold our float in 2008"". ] In the United States , the underwriting loss of property and casualty insurance companies was $142.3 billion in the five years ending 2003. But overall profit for the same period was $68.4 billion, as the result of float. Some insurance-industry insiders, most notably Hank Greenberg , do not believe that it is possible to sustain a profit from float forever without an underwriting profit as well, but this opinion is not universally held. Reliance on float for profit has led some industry experts to call insurance companies ""investment companies that raise the money for their investments by selling insurance"". ] Naturally, the float method is difficult to carry out in an economically depressed period. Bear markets do cause insurers to shift away from investments and to toughen up their underwriting standards, so a poor economy generally means high insurance-premiums. This tendency to swing between profitable and unprofitable periods over time is commonly known as the underwriting, or insurance, cycle . ] Claims and loss handling is the materialized utility of insurance; it is the actual ""product"" paid for. Claims may be filed by insureds directly with the insurer or through brokers or agents . The insurer may require that the claim be filed on its own proprietary forms, or may accept claims on a standard industry form, such as those produced by ACORD . Insurance-company claims departments employ a large number of claims adjusters, supported by a staff of records management and data entry clerks . Incoming claims are classified based on severity and are assigned to adjusters, whose settlement authority varies with their knowledge and experience. An adjuster undertakes an investigation of each claim, usually in close cooperation with the insured, determines if coverage is available under the terms of the insurance contract (and if so, the reasonable monetary value of the claim), and authorizes payment. Policyholders may hire their own public adjusters to negotiate settlements with the insurance company on their behalf."
"(and if so, the reasonable monetary value of the claim), and authorizes payment. Policyholders may hire their own public adjusters to negotiate settlements with the insurance company on their behalf. For policies that are complicated, where claims may be complex, the insured may take out a separate insurance-policy add-on, called loss-recovery insurance, which covers the cost of a public adjuster in the case of a claim. Adjusting liability-insurance claims is particularly difficult because they involve a third party, the plaintiff , who is under no contractual obligation to cooperate with the insurer and may in fact regard the insurer as a deep pocket . The adjuster must obtain legal counsel for the insured—either inside (""house"") counsel or outside (""panel"") counsel, monitor litigation that may take years to complete, and appear in person or over the telephone with settlement authority at a mandatory settlement-conference when requested by a judge. If a claims adjuster suspects under-insurance, the condition of average may come into play to limit the insurance company's exposure. In managing the claims-handling function, insurers seek to balance the elements of customer satisfaction, administrative handling expenses, and claims overpayment leakages. In addition to this balancing act, fraudulent insurance practices are a major business risk that insurers must manage and overcome. Disputes between insurers and insureds over the validity of claims or claims-handling practices occasionally escalate into litigation (see insurance bad faith ). Insurers will often use insurance agents to initially market or underwrite their customers. Agents can be captive, meaning they write only for one company, or independent, meaning that they can issue policies from several companies. The existence and success of companies using insurance agents is likely due to the availability of improved and personalised services. Companies also use Broking firms, Banks and other corporate entities (like Self Help Groups, Microfinance Institutions, NGOs, etc.) to market their products. ] Any risk that can be quantified can potentially be insured. Specific kinds of risk that may give rise to claims are known as perils. An insurance policy will set out in detail which perils are covered by the policy and which are not. Below are non-exhaustive lists of the many different types of insurance that exist. A single policy may cover risks in one or more of the categories set out below. For example, vehicle insurance would typically cover both the property risk (theft or damage to the vehicle) and the liability risk (legal claims arising from an accident ). A home insurance policy in the United States typically includes coverage for damage to the home and the owner's belongings, certain legal claims against the owner, and even a small amount of coverage for medical expenses of guests who are injured on the owner's property. Business insurance can take a number of different forms, such"
"claims against the owner, and even a small amount of coverage for medical expenses of guests who are injured on the owner's property. Business insurance can take a number of different forms, such as the various kinds of professional liability insurance, also called professional indemnity (PI), which are discussed below under that name; and the business owner's policy (BOP), which packages into one policy many of the kinds of coverage that a business owner needs, in a way analogous to how homeowners' insurance packages the coverages that a homeowner needs. ] Vehicle insurance protects the policyholder against financial loss in the event of an incident involving a vehicle they own, such as in a traffic collision . Coverage typically includes: Gap insurance covers the excess amount on an auto loan in an instance where the policyholder's insurance company does not cover the entire loan. Depending on the company's specific policies it might or might not cover the deductible as well. This coverage is marketed for those who put low down payments , have high interest rates on their loans, and those with 60-month or longer terms. Gap insurance is typically offered by a finance company when the vehicle owner purchases their vehicle, but many auto insurance companies offer this coverage to consumers as well. Health insurance policies cover the cost of medical treatments. Dental insurance, like medical insurance, protects policyholders for dental costs. In most developed countries, all citizens receive some health coverage from their governments, paid through taxation. In most countries, health insurance is often part of an employer's benefits. Casualty insurance insures against accidents, not necessarily tied to any specific property. It is a broad spectrum of insurance that a number of other types of insurance could be classified, such as auto , workers compensation , and some liability insurances . Life insurance provides a monetary benefit to a decedent's family or other designated beneficiary, and may specifically provide for income to an insured person's family, burial, funeral and other final expenses. Life insurance policies often allow the option of having the proceeds paid to the beneficiary either in a lump sum cash payment or an annuity . In most states, a person cannot purchase a policy on another person without their knowledge. Annuities provide a stream of payments and are generally classified as insurance because they are issued by insurance companies, are regulated as insurance, and require the same kinds of actuarial and investment management expertise that life insurance requires. Annuities and pensions that pay a benefit for life are sometimes regarded as insurance against the possibility that a retiree will outlive his or her financial resources. In that sense, they are the complement of life insurance and, from an underwriting perspective, are the mirror image of life insurance. Certain life insurance contracts accumulate cash values,"
"In that sense, they are the complement of life insurance and, from an underwriting perspective, are the mirror image of life insurance. Certain life insurance contracts accumulate cash values, which may be taken by the insured if the policy is surrendered or which may be borrowed against. Some policies, such as annuities and endowment policies , are financial instruments to accumulate or liquidate wealth when it is needed. In many countries, such as the United States and the UK, the tax law provides that the interest on this cash value is not taxable under certain circumstances. This leads to widespread use of life insurance as a tax-efficient method of saving as well as protection in the event of early death. In the United States, the tax on interest income on life insurance policies and annuities is generally deferred. However, in some cases the benefit derived from tax deferral may be offset by a low return. This depends upon the insuring company, the type of policy and other variables (mortality, market return, etc.). Moreover, other income tax saving vehicles (e.g., IRAs, 401(k) plans, Roth IRAs) may be better alternatives for value accumulation. Burial insurance is an old type of life insurance which is paid out upon death to cover final expenses, such as the cost of a funeral . The Greeks and Romans introduced burial insurance c. 600 CE when they organized guilds called ""benevolent societies"" which cared for the surviving families and paid funeral expenses of members upon death. Guilds in the Middle Ages served a similar purpose, as did friendly societies during Victorian times. Property insurance provides protection against risks to property, such as fire , theft or weather damage. This may include specialized forms of insurance such as fire insurance, flood insurance , earthquake insurance , home insurance , inland marine insurance or boiler insurance . The term property insurance may, like casualty insurance, be used as a broad category of various subtypes of insurance, some of which are listed below: Liability insurance is a broad superset that covers legal claims against the insured. Many types of insurance include an aspect of liability coverage. For example, a homeowner's insurance policy will normally include liability coverage which protects the insured in the event of a claim brought by someone who slips and falls on the property; automobile insurance also includes an aspect of liability insurance that indemnifies against the harm that a crashing car can cause to others' lives, health, or property. The protection offered by a liability insurance policy is twofold: a legal defense in the event of a lawsuit commenced against the policyholder and indemnification (payment on behalf of the insured) with respect to a settlement or court verdict. Liability policies typically cover only the negligence of the insured, and will not apply to results of wilful or intentional acts by the insured. Often a commercial insured's liability"
"verdict. Liability policies typically cover only the negligence of the insured, and will not apply to results of wilful or intentional acts by the insured. Often a commercial insured's liability insurance program consists of several layers. The first layer of insurance generally consists of primary insurance, which provides first dollar indemnity for judgments and settlements up to the limits of liability of the primary policy. Generally, primary insurance is subject to a deductible and obligates the insurer to defend the insured against lawsuits, which is normally accomplished by assigning counsel to defend the insured. In many instances, a commercial insured may elect to self-insure. Above the primary insurance or self-insured retention, the insured may have one or more layers of excess insurance to provide coverage additional limits of indemnity protection. There are a variety of types of excess insurance, including ""stand-alone"" excess policies (policies that contain their own terms, conditions, and exclusions), ""follow form"" excess insurance (policie"
"Ageing (or aging in American English ) is the process of becoming older . The term refers mainly to humans , many other animals , and fungi, whereas for example, bacteria, perennial plants and some simple animals are potentially biologically immortal . ] In a broader sense, ageing can refer to single cells within an organism which have ceased dividing , or to the population of a species . ] In humans, ageing represents the accumulation of changes in a human being over time and can encompass physical, psychological, and social changes. ] ] Reaction time, for example, may slow with age, while memories and general knowledge typically increase. Ageing is associated with increased risk of cancer, Alzheimer's disease , diabetes , cardiovascular disease , increased mental health risks, and many more . ] ] Of the roughly 150,000 people who die each day across the globe, about two-thirds die from age-related causes. ] Certain lifestyle choices and socioeconomic conditions have been linked to ageing. ] Current ageing theories are assigned to the damage concept, whereby the accumulation of damage (such as DNA oxidation ) may cause biological systems to fail, or to the programmed ageing concept, whereby the internal processes (epigenetic maintenance such as DNA methylation ) ] inherently may cause ageing. Programmed ageing should not be confused with programmed cell death ( apoptosis ). Human beings and members of other species, especially animals, age and die. Fungi, too, can age. ] In contrast, many species can be considered potentially immortal : for example, bacteria fission to produce daughter cells, strawberry plants grow runners to produce clones of themselves, and animals in the genus Hydra have a regenerative ability by which they avoid dying of old age. Early life forms on Earth, starting at least 3.7 billion years ago, ] were single-celled organisms. Such organisms ( Prokaryotes , Protozoans , algae ) multiply by fission into daughter cells; thus single celled organisms have been thought to not age and to be potentially immortal under favorable conditions. ] ] However, evidence has been reported that aging leading to death occurs in the single-cell bacterium Escherichia coli , an organism that reproduces by morphologically symmetrical division. ] Evidence of aging has also been reported for the bacterium Caulobacter crescintus . ] and the single cell yeast Saccharomyces cerevisiae . ] ] Ageing and mortality of the individual organism became more evident with the evolution of eukaryotic sexual reproduction , ] which occurred with the emergence of the fungal/animal kingdoms approximately a billion years ago, and the evolution of seed-producing plants 320 million years ago. The sexual organism could henceforth pass on some of its genetic material to produce new individuals and could itself become disposable with respect to the survival of its species. ] This classic biological idea has however been perturbed recently by the discovery that the"
"to produce new individuals and could itself become disposable with respect to the survival of its species. ] This classic biological idea has however been perturbed recently by the discovery that the bacterium E. coli may split into distinguishable daughter cells, which opens the theoretical possibility of ""age classes"" among bacteria. ] Even within humans and other mortal species, there are cells with the potential for immortality: cancer cells which have lost the ability to die when maintained in a cell culture such as the HeLa cell line, ] and specific stem cells such as germ cells (producing ova and spermatozoa ). ] In artificial cloning , adult cells can be rejuvenated to embryonic status and then used to grow a new tissue or animal without ageing. ] Normal human cells however die after about 50 cell divisions in laboratory culture (the Hayflick Limit , discovered by Leonard Hayflick in 1961). ] A number of characteristic ageing symptoms are experienced by a majority, or by a significant proportion of humans during their lifetimes. Dementia becomes more common with age. ] About 3% of people between the ages of 65 and 74, 19% of those between 75 and 84, and nearly half of those over 85 years old have dementia. ] The spectrum ranges from mild cognitive impairment to the neurodegenerative diseases of Alzheimer's disease , cerebrovascular disease , Parkinson's disease and Lou Gehrig's disease . Furthermore, many types of memory decline with ageing , but not semantic memory or general knowledge such as vocabulary definitions. These typically increase or remain steady until late adulthood ] (see Ageing brain ). Intelligence declines with age, though the rate varies depending on the type and may, in fact, remain steady throughout most of the human lifespan, dropping suddenly only as people near the end of their lives. Individual variations in the rate of cognitive decline may therefore be explained in terms of people having different lengths of life. ] There are changes to the brain: after 20 years of age, there is a 10% reduction each decade in the total length of the brain's myelinated axons . ] ] Age can result in visual impairment , whereby non-verbal communication is reduced, ] which can lead to isolation and possible depression. Older adults, however, may not experience depression as much as younger adults, and were paradoxically found to have improved mood, despite declining physical health. ] Macular degeneration causes vision loss and increases with age, affecting nearly 12% of those above the age of 80. ] This degeneration is caused by systemic changes in the circulation of waste products and by the growth of abnormal vessels around the retina. ] Other visual diseases that often appear with age are cataracts and glaucoma. A cataract occurs when the lens of the eye becomes cloudy, making vision blurry; it eventually causes blindness if untreated. ] They develop over time and are seen most often with those that are older. Cataracts can be"
"the lens of the eye becomes cloudy, making vision blurry; it eventually causes blindness if untreated. ] They develop over time and are seen most often with those that are older. Cataracts can be treated through surgery. Glaucoma is another common visual disease that appears in older adults. Glaucoma is caused by damage to the optic nerve, causing vision loss. ] Glaucoma usually develops over time, but there are variations to glaucoma, and some have a sudden onset. There are a few procedures for glaucoma, but there is no cure or fix for the damage, once it has occurred. Prevention is the best measure in the case of glaucoma. ] In addition to physical symptoms, aging can also cause a number of mental health issues as older adults deal with challenges such as the death of loved ones, retirement and loss of purpose, as well as their own health issues. Some warning signs are: changes in mood or energy, changes in sleep or eating habits, pain, sadness, unhealthy coping mechanisms such as smoking, suicidal ideations, and others. ] Older adults are more prone to social isolation as well, which can further increase the risk for physical and mental conditions such as anxiety, depression, and cognitive decline. ] A distinction can be made between ""proximal ageing"" (age-based effects that come about because of factors in the recent past) and ""distal ageing"" (age-based differences that can be traced to a cause in a person's early life, such as childhood poliomyelitis ). ] Ageing is among the greatest known risk factors for most human diseases . Of the roughly 150,000 people who die each day across the globe, about two-thirds--100,000 per day--die from age-related causes . ] In industrialized nations, the proportion is higher, reaching 90%. ] ] ] In the 21st century, researchers are only beginning to investigate the biological basis of ageing even in relatively simple and short-lived organisms, such as yeast . ] Little is known of mammalian ageing, in part due to the much longer lives of even small mammals, such as the mouse (around 3 years). A model organism for the study of ageing is the nematode C. elegans – having a short lifespan of 2–3 weeks – enabling genetic manipulations or suppression of gene activity with RNA interference , and other factors. ] Most known mutations and RNA interference targets that extend lifespan were first discovered in C. elegans . ] The factors proposed to influence biological ageing fall into two main categories, programmed and error-related . ] Programmed factors follow a biological timetable that might be a continuation of inherent mechanisms that regulate childhood growth and development. ] This regulation would depend on changes in gene expression that affect the systems responsible for maintenance, repair and defense responses. ] Factors causing errors or damage include internal and environmental events that induce cumulative deterioration in one or more organs . ] One 2013 review assessed ageing through the lens of the"
"] Factors causing errors or damage include internal and environmental events that induce cumulative deterioration in one or more organs . ] One 2013 review assessed ageing through the lens of the damage theory, proposing nine metabolic ""hallmarks"" of ageing in various organisms but especially mammals: ] There are three main metabolic pathways which can influence the rate of ageing, discussed below: It is likely that most of these pathways affect ageing separately, because targeting them simultaneously leads to additive increases in lifespan. ] The rate of ageing varies substantially across different species, and this, to a large extent, is genetically based. For example, numerous perennial plants ranging from strawberries and potatoes to willow trees typically produce clones of themselves by vegetative reproduction and are thus potentially immortal, while annual plants such as wheat and watermelons die each year and reproduce by sexual reproduction. In 2008 it was discovered that inactivation of only two genes in the annual plant Arabidopsis thaliana leads to its conversion into a potentially immortal perennial plant. ] The oldest animals known so far are 15,000-year-old Antarctic sponges , ] which can reproduce both sexually and clonally. Clonal immortality apart, there are certain species whose individual lifespans stand out among Earth's life-forms, including the bristlecone pine at 5062 years ] or 5067 years, ] invertebrates like the hard clam (known as quahog in New England) at 508 years, ] the Greenland shark at 400 years, ] various deep-sea tube worms at over 300 years, ] fish like the sturgeon and the rockfish , and the sea anemone ] and lobster . ] ] Such organisms are sometimes said to exhibit negligible senescence . ] The genetic aspect has also been demonstrated in studies of human centenarians . Life span, like other phenotypes , is selected for in evolution. Traits that benefit early survival and reproduction will be selected for even if they contribute to an earlier death. Such a genetic effect is called the antagonistic pleiotropy effect when referring to a gene (pleiotropy signifying the gene has a double function – enabling reproduction at a young age but costing the organism life expectancy in old age) and is called the disposable soma effect when referring to an entire genetic programme (the organism diverting limited resources from maintenance to reproduction). ] The biological mechanisms which regulate lifespan probably evolved with the first multicellular organisms more than a billion years ago. ] However, even single-celled organisms such as yeast have been used as models in ageing, hence ageing has its biological roots much earlier than multi-cellularity. ] The Mediterranean diet is credited with lowering the risk of heart disease and early death. ] ] The major contributors to mortality risk reduction appear to be a higher consumption of vegetables, fish, fruits, nuts and monounsaturated fatty acids, such as by consuming"
"and early death. ] ] The major contributors to mortality risk reduction appear to be a higher consumption of vegetables, fish, fruits, nuts and monounsaturated fatty acids, such as by consuming olive oil. ] As of 2021, there is insufficient clinical evidence that calorie restriction or any dietary practice affects the process of ageing. ] People who participate in moderate to high levels of physical exercise have a lower mortality rate compared to individuals who are not physically active. ] The majority of the benefits from exercise are achieved with around 3500 metabolic equivalent (MET) minutes per week. ] For example, climbing stairs 10 minutes, vacuuming 15 minutes, gardening 20 minutes, running 20 minutes, and walking or bicycling for 25 minutes on a daily basis would together achieve about 3000 MET minutes a week. ] A meta-analysis showed that loneliness carries a higher mortality risk than smoking. ] Different cultures express age in different ways. The age of an adult human is commonly measured in whole years since the day of birth. (The most notable exception— East Asian age reckoning —is becoming less common, particularly in official contexts.) Arbitrary divisions set to mark periods of life may include juvenile (from infancy through childhood , preadolescence , and adolescence), early adulthood , middle adulthood , and late adulthood . Informal citation needed ] terms include "" tweens "", ""teenagers"", ""twentysomething"", ""thirtysomething"", etc. as well as ""denarian"", ""vicenarian"", ""tricenarian"", ""quadragenarian"", etc. Most legal systems define a specific age for when an individual is allowed or obliged to do particular activities. These age specifications include voting age , drinking age , age of consent , age of majority , age of criminal responsibility , marriageable age , age of candidacy , and mandatory retirement age . Admission to a movie, for instance, may depend on age according to a motion picture rating system . A bus fare might be discounted for the young or old. Each nation, government, and non-governmental organization has different ways of classifying age. In other words, chronological ageing may be distinguished from ""social ageing"" (cultural age-expectations of how people should act as they grow older) and ""biological ageing"" (an organism's physical state as it ages). ] Ageism cost the United States $63 billion in one year according to a Yale School of Public Health study. ] In a UNFPA report about ageing in the 21st century, it highlighted the need to ""Develop a new rights-based culture of ageing and a change of mindset and societal attitudes towards ageing and older persons, from welfare recipients to active, contributing members of society"". ] UNFPA said that this ""requires, among others, working towards the development of international human rights instruments and their translation into national laws and regulations and affirmative measures that challenge age discrimination and recognise older people as autonomous"
"of international human rights instruments and their translation into national laws and regulations and affirmative measures that challenge age discrimination and recognise older people as autonomous subjects"". ] Older people's music participation contributes to the maintenance of interpersonal relationships and promoting successful ageing. ] At the same time, older persons can make contributions to society including caregiving and volunteering. For example, ""A study of Bolivian migrants who moved to Spain found that 69% left their children at home, usually with grandparents. In rural China, grandparents care for 38% of children aged under five whose parents have gone to work in cities."" ] Population ageing is the increase in the number and proportion of older people in society. Population ageing has three possible causes: migration, longer life expectancy (decreased death rate) and decreased birth rate. Ageing has a significant impact on society. Young people tend to have fewer legal privileges (if they are below the age of majority ), they are more likely to push for political and social change, to develop and adopt new technologies, and to need education. Older people have different requirements from society and government, and frequently have differing values as well, such as for property and pension rights. ] In the 21st century, one of the most significant population trends is ageing. ] Currently, over 11% of the world's current population are people aged 60 and older and the United Nations Population Fund (UNFPA) estimates that by 2050 that number will rise to approximately 22%. ] Ageing has occurred due to development which has enabled better nutrition, sanitation, health care, education and economic well-being. Consequently, fertility rates have continued to decline and life expectancy has risen. Life expectancy at birth is over 80 now in 33 countries. Ageing is a ""global phenomenon"", that is occurring fastest in developing countries, including those with large youth populations, and poses social and economic challenges to the work which can be overcome with ""the right set of policies to equip individuals, families and societies to address these challenges and to reap its benefits"". ] As life expectancy rises and birth rates decline in developed countries, the median age rises accordingly. According to the United Nations, this process is taking place in nearly every country in the world. ] A rising median age can have significant social and economic implications, as the workforce gets progressively older and the number of old workers and retirees grows relative to the number of young workers. Older people generally incur more health-related costs than do younger people in the workplace and can also cost more in worker's compensation and pension liabilities. ] In most developed countries an older workforce is somewhat inevitable. In the United States for instance, the Bureau of Labor Statistics estimates that one in four American workers"
"liabilities. ] In most developed countries an older workforce is somewhat inevitable. In the United States for instance, the Bureau of Labor Statistics estimates that one in four American workers will be 55 or older by 2020. ] needs update ] Among the most urgent concerns of older persons worldwide is income security. This poses challenges for governments with ageing populations to ensure investments in pension systems continues to provide economic independence and reduce poverty in old age. These challenges vary for developing and developed countries. UNFPA stated that, ""Sustainability of these systems is of particular concern, particularly in developed countries, while social protection and old-age pension coverage remain a challenge for developing countries, where a large proportion of the labour force is found in the informal sector."" ] The global economic crisis has increased financial pressure to ensure economic security and access to health care in old age. To elevate this pressure ""social protection floors must be implemented in order to guarantee income security and access to essential health and social services for all older persons and provide a safety net that contributes to the postponement of disability and prevention of impoverishment in old age"". ] It has been argued that population ageing has undermined economic development ] and can lead to lower inflation because elderly individuals care especially strongly about the value of their pensions and savings. Evidence suggests that pensions, while making a difference to the well-being of older persons, also benefit entire families especially in times of crisis when there may be a shortage or loss of employment within households. A study by the Australian Government in 2003 estimated that ""women between the ages of 65 and 74 years contribute A$16 billion per year in unpaid caregiving and voluntary work. Similarly, men in the same age group contributed A$10 billion per year."" ] Due to increasing share of the elderly in the population, health care expenditures will continue to grow relative to the economy in coming decades. This has been considered as a negative phenomenon and effective strategies like labour productivity enhancement should be considered to deal with negative consequences of ageing. ] In the field of sociology and mental health, ageing is seen in five different views: ageing as maturity , ageing as decline, ageing as a life-cycle event, ageing as generation, and ageing as survival. ] Positive correlates with ageing often include economics, employment, marriage, children, education, and sense of control, as well as many others. The social science of ageing includes disengagement theory, activity theory, selectivity theory, and continuity theory. Retirement, a common transition faced by the elderly, may have both positive and negative consequences. ] As cyborgs currently are on the rise ] some theorists argue there is a need to develop new definitions of ageing and for"
"faced by the elderly, may have both positive and negative consequences. ] As cyborgs currently are on the rise ] some theorists argue there is a need to develop new definitions of ageing and for instance a bio-techno-social definition of ageing has been suggested. ] There is a current debate as to whether or not the pursuit of longevity and the postponement of senescence are cost-effective health care goals given finite health care resources. Because of the accumulated infirmities of old age, bioethicist Ezekiel Emanuel , opines that the pursuit of longevity via the compression of morbidity hypothesis is a ""fantasy"" and that human life is not worth living after age 75; longevity then should not be a goal of health care policy. ] This opinion has been contested by neurosurgeon and medical ethicist Miguel Faria , who states that life can be worthwhile during old age, and that longevity should be pursued in association with the attainment of quality of life. ] Faria claims that postponement of senescence as well as happiness and wisdom can be attained in old age in a large proportion of those who lead healthy lifestyles and remain intellectually active. ] With age inevitable biological changes occur that increase the risk of illness and disability. UNFPA states that: ] ""A life-cycle approach to health care – one that starts early, continues through the reproductive years and lasts into old age – is essential for the physical and emotional well-being of older persons, and, indeed, all people. Public policies and programmes should additionally address the needs of older impoverished people who cannot afford health care."" Many societies in Western Europe and Japan have ageing populations. While the effects on society are complex, there is a concern about the impact on health care demand. The large number of suggestions in the literature for specific interventions to cope with the expected increase in demand for long-term care in ageing societies can be organized under four headings: improve system performance; redesign service delivery; support informal caregivers; and shift demographic parameters. ] However, the annual growth in national health spending is not mainly due to increasing demand from ageing populations, but rather has been driven by rising incomes, costly new medical technology, a shortage of health care workers and informational asymmetries between providers and patients. ] A number of health problems become more prevalent as people get older. These include mental health problems as well as physical health problems, especially dementia . It has been estimated that population ageing only explains 0.2 percentage points of the annual growth rate in medical spending of 4.3% since 1970. In addition, certain reforms to the Medicare system in the United States decreased elderly spending on home health care by 12.5% per year between 1996 and 2000. ] Beauty standards have evolved over time, and as scientific research in cosmeceuticals, cosmetic"
"United States decreased elderly spending on home health care by 12.5% per year between 1996 and 2000. ] Beauty standards have evolved over time, and as scientific research in cosmeceuticals, cosmetic products seen to have medicinal benefits like anti-ageing creams, has increased, the industry has also expanded; the kinds of products they produce (such as serums and creams) have gradually gained popularity and become a part of many people's personal care routine. ] The increase in demand for cosmeceuticals has led scientists to find ingredients for these products in unorthodox places. For example, the secretion of cryptomphalus aspersa (or brown garden snail) has been found to have antioxidant properties, increase skin cell proliferation, and increase extracellular proteins such as collagen and fibronectin (important proteins for cell proliferation). ] Another substance used to prevent the physical manifestations of ageing is onobotulinumtoxinA, the toxin injected for Botox. ] In some cultures, old age is celebrated and honoured. In Korea, for example, a special party called hwangap is held to celebrate and congratulate an individual for turning 60 years old. ] In China, respect for elderly is often the basis for how a community is organized and has been at the foundation of Chinese culture and morality for thousands of years. Older people are respected for their wisdom and most important decisions have traditionally not been made without consulting them. This is a similar case for most Asian countries such as the Philippines, Thailand, Vietnam, Singapore, etc. Positive self-perceptions of ageing are associated with better mental and physical health and well-being. ] Positive self-perception of health has been correlated with higher well-being and reduced mortality among the elderly. ] ] Various reasons have been proposed for this association; people who are objectively healthy may naturally rate their health better as than that of their ill counterparts, though this link has been observed even in studies which have controlled for socioeconomic status , psychological functioning and health status. ] This finding is generally stronger for men than women, ] though this relationship is not universal across all studies and may only be true in some circumstances. ] As people age, subjective health remains relatively stable, even though objective health worsens. ] In fact, perceived health improves with age when objective health is controlled in the equation. ] This phenomenon is known as the ""paradox of ageing"". This may be a result of social comparison ; ] for instance, the older people get, the more they may consider themselves in better health than their same-aged peers. ] Elderly people often associate their functional and physical decline with the normal ageing process. ] ] One way to help younger people experience what it feels like to be older is through an ageing suit . There are several different kinds of suits including the GERT (named as a"
"ageing process. ] ] One way to help younger people experience what it feels like to be older is through an ageing suit . There are several different kinds of suits including the GERT (named as a reference to gerontology ), the R70i exoskeleton, and the AGNES (Age Gain Now Empathy Suit) suits. ] ] ] These suits create the feelings of the effects of ageing by adding extra weight and increased pressure in certain points like the wrists, ankles and other joints. In addition, the various suits have different ways to impair vision and hearing to simulate the loss of these senses. To create the loss of feeling in hands that the elderly experience, special gloves are a part of the uniforms. Use of these suits may help to increase the amount of empathy felt for the elderly and could be considered particularly useful for those who are either learning about ageing, or those who work with the elderly, such as nurses or care centre staff. Design is another field that could benefit from the empathy these suits may cause. ] ] When designers understand what it feels like to have the impairments of old age, they can better design buildings, packaging, or even tools to help with the simple day-to-day tasks that are more difficult with less dexterity. Designing with the elderly in mind may help to reduce the negative feelings that are associated with the loss of abilities that the elderly face. The healthy ageing framework, proposed by the World Health Organation ] operationalizes health as functional ability, which results from the interactions of intrinsic capacity and the environments. Intrinsic capacity is a construct encompassing people's physical and mental abilities which can be drawn upon during ageing. ] Intrinsic capacity comprises the domains of: cognition, locomotion, vitality/nutrition, psychological and sensory (visual and hearing). ] A recent study found four ""profiles"" or ""statuses"" of intrinsic capacity among older adults, namely high IC (43% at baseline), low deterioration with impaired locomotion (17%), high deterioration without cognitive impairment (22%) and high deterioration with cognitive impairment (18%). Over half of the study sample remained in the same status at baseline and follow-up (61%). Around one-fourth of participants transitioned from the high IC to the low deterioration status, and only 3% of the participants improved their status. Interestingly, the probability of improvement was observed in the status of high deterioration. Participants in the latent statuses of low and high levels of deterioration had a significantly higher risk of frailty, disability and dementia than their high IC counterparts. ] The concept of successful ageing can be traced back to the 1950s and was popularized in the 1980s. Traditional definitions of successful ageing have emphasized absence of physical and cognitive disabilities. ] In their 1987 article, Rowe and Kahn characterized successful ageing as involving three components: a) freedom from"
"successful ageing have emphasized absence of physical and cognitive disabilities. ] In their 1987 article, Rowe and Kahn characterized successful ageing as involving three components: a) freedom from disease and disability, b) high cognitive and physical functioning, and c) social and productive engagement. ] The study cited previous was also done back in 1987 and therefore, these factors associated with successful ageing have probably been changed. With the current knowledge, scientists started to focus on learning about the effect spirituality in successful ageing. There are some differences in cultures which of these components are the most important. Most often across cultures social engagement was the most highly rated but depending on the culture the definition of successful ageing changes. ] The ancient Greek dramatist Euripides (5th century BC) describes the multiple-head"
"Gender includes the social, psychological, cultural and behavioral aspects of being a man , woman , or other gender identity . ] ] Depending on the context, this may include sex -based social constructs (i.e. gender roles ) as well as gender expression . ] ] ] Most cultures use a gender binary , in which gender is divided into two categories, and people are considered part of one or the other ( girls men ); ] ] ] those who are outside these groups may fall under the umbrella term non-binary . A number of societies have specific genders besides ""man"" and ""woman,"" such as the hijras of South Asia ; these are often referred to as third genders (and fourth genders , etc.). Most scholars agree that gender is a central characteristic for social organization . ] The word is also used as a synonym for sex, and the balance between these usages has shifted over time. ] ] ] In the mid-20th century, a terminological distinction in modern English (known as the sex and gender distinction ) between biological sex and gender began to develop in the academic areas of psychology , sociology , sexology , and feminism . ] ] Before the mid-20th century, it was uncommon to use the word gender to refer to anything but grammatical categories . ] ] In the West, in the 1970s, feminist theory embraced the concept of a distinction between biological sex and the social construct of gender . The distinction between gender and sex is made by most contemporary social scientists in Western countries, ] ] ] behavioral scientists and biologists, ] many legal systems and government bodies, ] and intergovernmental agencies such as the WHO . ] The social sciences have a branch devoted to gender studies . Other sciences, such as psychology , sociology , sexology , and neuroscience , are interested in the subject. The social sciences sometimes approach gender as a social construct , and gender studies particularly does, while research in the natural sciences investigates whether biological differences in females and males influence the development of gender in humans; both inform the debate about how far biological differences influence the formation of gender identity and gendered behavior. Biopsychosocial approaches to gender include biological, psychological, and social/cultural aspects. ] ] The modern English word gender comes from the Middle English gender , gendre , a loanword from Anglo-Norman and Middle French gendre . This, in turn, came from Latin genus . Both words mean ""kind"", ""type"", or ""sort"". They derive ultimately from a Proto-Indo-European (PIE) root * ǵénh₁- 'to beget', ] which is also the source of kin , kind , king , and many other English words, with cognates widely attested in many Indo-European languages . ] It appears in Modern French in the word genre (type, kind, also genre sexuel ) and is related to the Greek root gen- (to produce), appearing in gene , genesis , and oxygen . The Oxford Etymological Dictionary of the English Language of 1882 defined gender as"
"also genre sexuel ) and is related to the Greek root gen- (to produce), appearing in gene , genesis , and oxygen . The Oxford Etymological Dictionary of the English Language of 1882 defined gender as kind, breed, sex , derived from the Latin ablative case of genus , like genere natus , which refers to birth. ] The first edition of the Oxford English Dictionary (OED1, Volume 4, 1900) notes the original meaning of gender as ""kind"" had already become obsolete. The concept of gender, in the modern social science sense, is a recent invention in human history. ] The ancient world had no basis of understanding gender as it has been understood in the humanities and social sciences for the past few decades. ] The term gender had been associated with grammar for most of history and only started to move towards it being a malleable cultural construct in the 1950s and 1960s. ] Before the terminological distinction between biological sex and gender as a role developed, it was uncommon to use the word gender to refer to anything but grammatical categories . ] ] For example, in a bibliography of 12,000 references on marriage and family from 1900 to 1964, the term gender does not even emerge once. ] Analysis of more than 30 million academic article titles from 1945 to 2001 showed that the uses of the term ""gender"" , were much rarer than uses of ""sex"" , was often used as a grammatical category early in this period. By the end of this period, uses of ""gender"" outnumbered uses of ""sex"" in the social sciences, arts, and humanities. ] It was in the 1970s that feminist scholars adopted the term gender as way of distinguishing ""socially constructed"" aspects of male–female differences (gender) from ""biologically determined"" aspects (sex). ] As of 2024, many dictionaries list ""synonym for 'sex'"" as one of gender' s meanings, alongside its sociocultural meaning. ] ] According to the Oxford English Dictionary, gender came into use as a synonym for sex during the twentieth century, initially as a euphemism, as sex was undergoing its own usage shift toward referring to sexual intercourse rather than malegender distinction is now only fitfully observed."" ] Within the social sciences, however, use of gender in academia increased greatly, outnumbering uses of sex during that same period. In the natural sciences, gender was more often used as a synonym for sex . This can be attributed to the influence of feminism. Haig stated, ""Among the reasons that working scientists have given me for choosing gender rather than sex in biological contexts are desires to signal sympathy with feminist goals, to use a more academic term, or to avoid the connotation of copulation."" Haig also notes that ""gender"" became the preferred term when discussing phenomena for which the social versus biological cause was unknown, disputed, or actually an interaction between the two. ] In 1993, the US Food and Drug Administration (FDA) started to use gender instead of sex to avoid confusion with sexual"
"cause was unknown, disputed, or actually an interaction between the two. ] In 1993, the US Food and Drug Administration (FDA) started to use gender instead of sex to avoid confusion with sexual intercourse . ] Later, in 2011, the FDA reversed its position and began using sex as the biological classification and gender as ""a person's self-representation as male or female, or how that person is responded to by social institutions based on the individual's gender presentation."" ] In legal cases alleging discrimination , a 2006 law review article by Meredith Render notes ""as notions of gender and sexuality have evolved over the last few decades, legal theories concerning what it means to discriminate ""because of sex"" under Title VII have experienced a similar evolution"". ] : 135 In a 1999 law review article proposing a legal definition of sex that ""emphasizes gender self-identification,"" Julie Greenberg writes, ""Most legislation utilizes the word 'sex,' yet courts, legislators, and administrative agencies often substitute the word 'gender' for 'sex' when they interpret these statutes."" ] : 270, 274 In J.E.B. v. Alabama ex rel. T.B. , a 1994 United States Supreme Court case addressing ""whether the Equal Protection Clause forbids intentional discrimination on the basis of gender"", the majority opinion noted that with regard to gender, ""It is necessary only to acknowledge that 'our Nation has had a long and unfortunate history of sex discrimination,' id. , at 684, 93 S.Ct., at 1769, a history which warrants the heightened scrutiny we afford all gender-based classifications today"", and stated ""When state actors exercise peremptory challenges in reliance on gender stereotypes, they ratify and reinforce prejudicial views of the relative abilities of men and women."" ] The word was still widely used, however, in the specific sense of grammatical gender (the assignment of nouns to categories such as masculine , feminine and neuter ). According to Aristotle , this concept was introduced by the Greek philosopher Protagoras . ] In 1926, Henry Watson Fowler stated that the definition of the word pertained to this grammar-related meaning: .mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequotecite{line-height:1.5em;text-align:left;margin-top:0}@media(min-width:500px){.mw-parser-output .templatequotecite{padding-left:1.6em}} ""Gender...is a grammatical term only. To talk of persons...of the masculine or feminine g, meaning of the male or female sex, is either a jocularity (permissible or not according to context) or a blunder."" ] In 1945, Madison Bentley defined gender as the ""socialized obverse of sex"". ] ] Simone de Beauvoir 's 1949 book The Second Sex has been interpreted as the beginning of the distinction between sex and gender in feminist theory , ] ] although this interpretation is contested by many feminist theorists, including Sara Heinämaa. ] ] Controversial sexologist John Money coined the term gender"
"sex and gender in feminist theory , ] ] although this interpretation is contested by many feminist theorists, including Sara Heinämaa. ] ] Controversial sexologist John Money coined the term gender role , ] ] and was the first to use it in print in a scientific trade journal in 1955. ] ] In the seminal 1955 paper, he defined it as ""all those things that a person says or does to disclose himself or herself as having the status of boy or man, girl or woman."" ] The modern academic sense of the word, in the context of social roles of men and women, dates at least back to 1945, ] and was popularized and developed by the feminist movement from the 1970s onwards (see Feminist theory and gender studies below), which theorizes that human nature is essentially epicene and social distinctions based on sex are arbitrarily constructed. In this context, matters pertaining to this theoretical process of social construction were labelled matters of gender . The popular use of gender simply as an alternative to sex (as a biological category) is also widespread, although attempts are still made to preserve the distinction. The American Heritage Dictionary (2000) uses the following two sentences to illustrate the difference, noting that the distinction ""is useful in principle, but it is by no means widely observed, and considerable variation in usage occurs at all levels."" ] The effectiveness of the medication appears to depend on the sex (not gender) of the patient. In peasant societies, gender (not sex) roles are likely to be more clearly defined. Gender identity refers to a personal identification with a particular gender and gender role in society. The term woman has historically been used interchangeably with reference to the female body, though more recently this usage has been viewed as controversial by some feminists . ] There are qualitative analyses that explore and present the representations of gender; however, feminists challenge these dominant ideologies concerning gender roles and biological sex. One's biological sex is often times tied to specific social roles and expectations. Judith Butler considers the concept of being a woman to have more challenges, owing not only to society's viewing women as a social category but also as a felt sense of self, a culturally conditioned or constructed subjective identity. ] Social identity refers to the common identification with a collectivity or social category that creates a common culture among participants concerned. ] According to social identity theory , ] an important component of the self-concept is derived from memberships in social groups and categories; this is demonstrated by group processes and how inter-group relationships impact significantly on individuals' self perception and behaviors. The groups people belong to therefore provide members with the definition of who they are and how they should behave within their social sphere. ] Categorizing males and females into social roles creates a"
"people belong to therefore provide members with the definition of who they are and how they should behave within their social sphere. ] Categorizing males and females into social roles creates a problem for some individuals who feel they have to be at one end of a linear spectrum and must identify themselves as man or woman, rather than being allowed to choose a section in between. ] Globally, communities interpret biological differences between men and women to create a set of social expectations that define the behaviors that are ""appropriate"" for men and women and determine their different access to rights, resources, power in society and health behaviors. ] Although the specific nature and degree of these differences vary from one society to the next, they still tend to typically favor men, creating an imbalance in power and gender inequalities within most societies. ] Many cultures have different systems of norms and beliefs based on gender, but there is no universal standard to a masculine or feminine role across all cultures. ] Social roles of men and women in relation to each other is based on the cultural norms of that society, which lead to the creation of gender systems . The gender system is the basis of social patterns in many societies, which include the separation of sexes, and the primacy of masculine norms. ] Philosopher Michel Foucault said that as sexual subjects, humans are the object of power, which is not an institution or structure, rather it is a signifier or name attributed to ""complex strategical situation"". ] Because of this, ""power"" is what determines individual attributes, behaviors, etc. and people are a part of an ontologically and epistemologically constructed set of names and labels . For example, being female characterizes one as a woman, and being a woman signifies one as weak, emotional, and irrational, and incapable of actions attributed to a ""man"". Butler said that gender and sex are more like verbs than nouns. She reasoned that her actions are limited because she is female. ""I am not permitted to construct my gender and sex willy-nilly,"" she said. ] "" is so because gender is politically and therefore socially controlled. Rather than 'woman' being something one is, it is something one does."" ] More recent criticisms of Judith Butler's theories critique her writing for reinforcing the very conventional dichotomies of gender. ] According to gender theorist Kate Bornstein , gender can have ambiguity and fluidity . ] There are two ] ] contrasting ideas regarding the definition of gender, and the intersection of both of them is definable as below: The World Health Organization defines gender as ""the characteristics of women, men, girls and boys that are socially constructed"". ] The beliefs, values and attitude taken up and exhibited by them is as per the agreed upon norms of the society and the personal opinion of the person is not taken into the primary consideration of assignment of gender and imposition of"
"up and exhibited by them is as per the agreed upon norms of the society and the personal opinion of the person is not taken into the primary consideration of assignment of gender and imposition of gender roles as per the assigned gender. ] The assignment of gender involves taking into account the physiological and biological attributes assigned by nature followed by the imposition of the socially constructed conduct. Gender is a term used to exemplify the attributes that a society or culture constitutes as ""masculine"" or ""feminine"". Although a person's sex as male or female stands as a biological fact that is identical in any culture, what that specific sex means in reference to a person's gender role as a man or a woman in society varies cross-culturally according to what things are considered to be masculine or feminine. ] These roles are learned from various, intersecting sources such as parental influences, the socialization a child receives in school, and what is portrayed in the local media. Learning gender roles starts from birth and includes seemingly simple things like what color outfits a baby is clothed in or what toys they are given to play with. However, a person's gender does not always align with what has been assigned at birth. Factors other than learned behaviors play a role in the development of gender. ] The article Adolescent Gender-Role Identity and Mental Health: Gender Intensification Revisited focuses on the work of Heather A. Priess, Sara M. Lindberg, and Janet Shibley Hyde on whether or not girls and boys diverge in their gender identities during adolescent years. The researchers based their work on ideas previously mentioned by Hill and Lynch in their gender intensification hypothesis in that signals and messages from parents determine and affect their children's gender role identities. This hypothesis argues that parents affect their children's gender role identities and that different interactions spent with either parents will affect gender intensification. Priess and among other's study did not support the hypothesis of Hill and Lynch which stated ""that as adolescents experience these and other socializing influences, they will become more stereotypical in their gender-role identities and gendered attitudes and behaviors."" ] However, the researchers did state that perhaps the hypothesis Hill and Lynch proposed was true in the past but is not true now due to changes in the population of teens in respect to their gender-role identities. Authors of ""Unpacking the Gender System: A Theoretical Perspective on Gender Beliefs and Social Relations"", Cecilia Ridgeway and Shelley Correll , argue that gender is more than an identity or role but is something that is institutionalized through ""social relational contexts."" Ridgeway and Correll define ""social relational contexts"" as ""any situation in which individuals define themselves in relation to others in order to act."" ] They also point out that in addition to social"
"and Correll define ""social relational contexts"" as ""any situation in which individuals define themselves in relation to others in order to act."" ] They also point out that in addition to social relational contexts, cultural beliefs plays a role in the gender system. The coauthors argue that daily people are forced to acknowledge and interact with others in ways that are related to gender. Every day, individuals are interacting with each other and comply with society's set standard of hegemonic beliefs, which includes gender roles. They state that society's hegemonic cultural beliefs sets the rules which in turn create the setting for which social relational contexts are to take place. Ridgeway and Correll then shift their topic towards sex categorization. The authors define sex categorization as ""the sociocognitive process by which we label another as male or female."" ] The failure of an attempt to raise David Reimer from infancy through adolescence as a girl after his genitals were accidentally mutilated is cited as disproving the theory that gender identity is determined solely by parenting. ] ] Reimer's case is used by organizations such as the Intersex Society of North America to caution against needlessly modifying the genitals of unconsenting minors. ] ] Between the 1960s and 2000, many other male newborns and infants were surgically and socially reassigned as females if they were born with malformed penises, or if they lost their penises in accidents. At the time, surgical reconstruction of the vagina was more advanced than reconstruction of the penis , leading many doctors and psychologists, including John Money who oversaw Reimer's case, to recommend sex reassignment based on the idea that these patients would be happiest living as women with functioning genitalia. ] Available evidence indicates that in such instances, parents were deeply committed to raising these children as girls and in as gender-typical a manner as possible. ] : 72–73 A 2005 review of these cases found that about half of natal males reassigned female lived as women in adulthood, including those who knew their medical history, suggesting that gender assignment and related social factors has a major, though not determinative, influence on eventual gender identity. ] In 2015, the American Academy of Pediatrics released a webinar series on gender, gender identity, gender expression, transgender, etc. ] ] In the first lecture Sherer explains that parents' influence (through punishment and reward of behavior) can influence gender expression but not gender identity . ] Sherer argued that kids will modify their gender expression to seek reward from their parents and society, but this will not affect their gender identity (their internal sense of self). Sexologist John Money coined the term gender role in 1955. The term gender role is defined as the actions or responses that may reveal their status as boy, man, girl or woman, respectively. ] Elements surrounding gender roles"
"the term gender role in 1955. The term gender role is defined as the actions or responses that may reveal their status as boy, man, girl or woman, respectively. ] Elements surrounding gender roles include clothing, speech patterns, movement, occupations, and other factors not limited to biological sex. In contrast to taxonomic approaches, some feminist philosophers have argued that gender ""is a vast orchestration of subtle mediations between oneself and others"", rather than a ""private cause behind manifest behaviours"". ] Historically, most societies have recognized only two distinct, broad classes of gender roles, a binary of masculine and feminine, largely corresponding to the biological sexes of male and female. ] ] ] When a baby is born, society allocates the child to one gender or the other, on the basis of what their genitals resemble. ] However, some societies have historically acknowledged and even honored people who fulfill a gender role that exists more in the middle of the continuum between the feminine and masculine polarity. For example, the Hawaiian māhū , who occupy ""a place in the middle"" between male and female, ] ] or the Ojibwe ikwekaazo , ""men who choose to function as women"", ] or ininiikaazo , ""women who function as men"". ] In the language of the sociology of gender , some of these people may be considered third gender , especially by those in gender studies or anthropology. Contemporary Native American and FNIM people who fulfill these traditional roles in their communities may also participate in the modern, two-spirit community, ] however, these umbrella terms, neologisms, and ways of viewing gender are not necessarily the type of cultural constructs that more traditional members of these communities agree with. ] The hijras of India and Pakistan are often cited as third gender . ] ] Another example may be the muxe (pronounced ] ), found in the state of Oaxaca, in southern Mexico. ] The Bugis people of Sulawesi , Indonesia have a tradition that incorporates all the features above. ] In addition to these traditionally recognized third genders, many cultures now recognize, to differing degrees, various non-binary gender identities . People who are non-binary (or genderqueer) have gender identities that are not exclusively masculine or feminine. They may identify as having an overlap of gender identities, having two or more genders, having no gender, having a fluctuating gender identity, or being third gender or other-gendered. Recognition of non-binary genders is still somewhat new to mainstream Western culture, ] and non-binary people may face increased risk of assault, harassment, and discrimination. ] Two instruments incorporating the multidimensional nature of masculinity and femininity have dominated gender identity research: The Bem Sex Role Inventory (BSRI) and the Personal Attributes Questionnaire (PAQ). ] Both instruments categorize individuals as either being sex typed (males report themselves as identifying"
"The Bem Sex Role Inventory (BSRI) and the Personal Attributes Questionnaire (PAQ). ] Both instruments categorize individuals as either being sex typed (males report themselves as identifying primarily with masculine traits, females report themselves as identifying primarily with feminine traits), cross sex-typed (males report themselves as identifying primarily with feminine traits, females report themselves as identifying primarily with masculine traits), androgynous (either males or females who report themselves as high on both masculine and feminine traits) or undifferentiated (either males or females who report themselves as low on both masculine and feminine traits). ] Twenge (1997) noted that men are generally more masculine than women and women generally more feminine than men, but the association between biological sex and masculinity/femininity is waning. ] Some gendered behavior is influenced by prenatal and early life androgen exposure. This includes, for example, gender normative play, self-identification with a gender, and tendency to engage in aggressive behavior. ] Males of most mammals, including humans, exhibit more rough and tumble play behavior, which is influenced by maternal testosterone levels. These levels may also influence sexuality, with non-heterosexual persons exhibiting sex atypical behavior in childhood. ] The biology of gender became the subject of an expanding number of studies over the course of the late 20th century. One of the earliest areas of interest was what became known as ""gender identity disorder"" (GID) and which is now also described as gender dysphoria . Studies in this, and related areas, inform the following summary of the subject by John Money. He stated: The term ""gender role"" appeared in print first in 1955. The term gender identity was used in a press release, 21 November 1966, to announce the new clinic for transsexuals at The Johns Hopkins Hospital. It was disseminated in the media worldwide, and soon entered the vernacular. The definitions of gender and gender identity vary on a doctrinal basis. In popularized and scientifically debased usage, sex is what you are biologically; gender is what you become socially; gender identity is your own sense or conviction of maleness or femaleness; and gender role is the cultural stereotype of what is masculine and feminine. Causality with respect to gender identity disorder is sub-divisible into genetic, prenatal hormonal, postnatal social, and post-pubertal hormonal determinants, but there is, as yet, no comprehensive and detailed theory of causality. Gender coding in the brain is bipolar. In gender identity disorder, there is discordance between the natal sex of one's external genitalia and the brain coding of one's gender as masculine or feminine. ] Although causation from the biological— genetic and hormonal —to the behavioral has been broadly demonstrated and accepted, Money is careful to also note that understanding of the causal chains from biology"
"causation from the biological— genetic and hormonal —to the behavioral has been broadly demonstrated and accepted, Money is careful to also note that understanding of the causal chains from biology to behavior in sex and gender issues is very far from complete. ] Money had previously stated that in the 1950s, American teenage girls who had been exposed to androgenic steroids by their mothers in utero exhibited more traditionally masculine behavior, such as being more concerned about their future career than marriage, wearing pants, and not being interested in jewelry. ] ] There are studies concerning women who have a condition called congenital adrenal hyperplasia , which leads to the overproduction of the masculine sex hormone , androgen . These women usually have ordinary female appearances (though nearly all girls with congenital adrenal hyperplasia (CAH) have corrective surgery performed on their genitals). However, despite taking hormone-balancing medication given to them at birth, these females are statistically more likely to be interested in activities traditionally linked to males than female activities. Psychology professor and CAH researcher Dr. Sheri Berenbaum attributes these differences to an exposure of higher levels of male sex hormones in utero. ] In non-human animal research, gender is commonly used to refer to the biological sex of the animals. ] According to biologist Michael J. Ryan , gender identity is a concept exclusively applied to humans. ] Also, in a letter Ellen Ketterson writes, ""hen asked, my colleagues in the Department of Gender Studies agreed that the term gender could be properly applied only to humans, because it involves one's self-concept as man or woman. Sex is a biological concept; gender is a human social and cultural concept."" ] However, Poiani (2010) notes that the question of whether behavioural similarities across species can be associated with gender identity or not is ""an issue of no easy resolution"", ] and suggests that mental states, such as gender identity, are more accessible in humans than other species due to their capacity for language. ] Poiani suggests that the potential number of species with members possessing a gender identity must be limited due to the requirement for self-consciousness . ] Jacques Balthazart suggests that ""there is no animal model for studying sexual identity. It is impossible to ask an animal, whatever its species, to what sex it belongs."" ] He notes that ""this would imply that the animal is aware of its own body and sex, which is far from proved"", despite recent research demonstrating sophisticated cognitive skills among non-human primates and other species. ] Hird (2006) has also stated that whether or not non-human animals consider themselves to be feminine or masculine is a ""difficult, if not impossible, question to answer"", as this would require ""judgements about what constitutes femininity or masculinity in any given species"". Nonetheless, she asserts that"
"is a ""difficult, if not impossible, question to answer"", as this would require ""judgements about what constitutes femininity or masculinity in any given species"". Nonetheless, she asserts that ""non-human animals do experience femininity and masculinity to the extent that any given species' behaviour is gender segregated."" ] Despite this, Poiani and Dixson emphasise the applicability of the concept of gender role to non-human animals ] such as rodents ] throughout their book. ] The concept of gender role"
"The European Court of Justice ( ECJ ), formally just the Court of Justice ( French : Cour de Justice ), is the supreme court of the European Union in matters of European Union law . As a part of the Court of Justice of the European Union , it is tasked with interpreting EU law and ensuring its uniform application across all EU member states under Article 263 of the Treaty of the Functioning of the European Union (TFEU). ] The Court was established in 1952, and is based in Luxembourg . It is composed of one judge per member state – currently 27 – although it normally hears cases in panels of three, five or fifteen judges. ] The Court has been led by president Koen Lenaerts since 2015. ] The ECJ is the highest court of the European Union in matters of Union law , but not national law. It is not possible to appeal against the decisions of national courts in the ECJ, but rather national courts refer questions of EU law to the ECJ. ] However, it is ultimately for the national court to apply the resulting interpretation to the facts of any given case, although only courts of final appeal are bound to refer a question of EU law when one is addressed. The treaties give the ECJ the power for consistent application of EU law across the EU as a whole. The court also acts as an administrative and constitutional court between the other EU institutions and the Member States and can annul or invalidate unlawful acts of EU institutions, bodies, offices and agencies. ] The court was established in 1952, by the Treaty of Paris (1951) as part of the European Coal and Steel Community . ] It was established with seven judges, allowing both representation of each of the six member States and being an odd number of judges in case of a tie. One judge was appointed from each member state and the seventh seat rotated between the ""large Member States"" (West Germany, France and Italy). It became an institution of two additional Communities in 1957 when the European Economic Community (EEC), and the European Atomic Energy Community (Euratom) were created, sharing the same courts with the European Coal and Steel Community. The Maastricht Treaty was ratified in 1993, and created the European Union . The name of the Court did not change unlike the other institutions. The power of the Court resided in the Community pillar (the first pillar). ] The Court gained power in 1997, with the signing of the Amsterdam Treaty . Issues from the third pillar were transferred to the first pillar. Previously, these issues were settled between the member states. Following the entrance into force of the Treaty of Lisbon on 1 December 2009, the ECJ's official name was changed from the ""Court of Justice of the European Communities"" to the ""Court of Justice"" although in English it is still most common to refer to the Court as the European Court of Justice. The Court of First Instance was renamed as the ""General Court"", and the term ""Court of Justice of the European Union"" now officially designates"
"to refer to the Court as the European Court of Justice. The Court of First Instance was renamed as the ""General Court"", and the term ""Court of Justice of the European Union"" now officially designates the two courts, as along with its specialised tribunals, taken together. ] The Court of Justice consists of 27 Judges who are assisted by 11 Advocates-General . The Judges and Advocates-General are appointed by common accord of the governments of the member states ] and hold office for a renewable term of six years. The treaties require that they are chosen from legal experts whose independence is ""beyond doubt"" and who possess the qualifications required for appointment to the highest judicial offices in their respective countries or who are of recognised competence. ] In practice, each member state nominates a judge whose nomination is then ratified by all other member states. ] The President of the Court of Justice is elected from and by the judges for a renewable term of three years. The president presides over hearings and deliberations, directing both judicial business and administration (for example, the time table of the Court and Grand Chamber). He also assigns cases to the chambers for examination and appoints judge as rapporteurs called ' Judge-Rapporteur ' (reporting judges). ] The Council may also appoint assistant rapporteurs to assist the President in applications for interim measures and to assist rapporteurs in the performance of their duties. ] The post of vice-president was created by amendments to the Statute of the Court of Justice in 2012. The duty of the vice-president is to assist the President in the performance of his duties and to take the President's place when the latter is prevented from attending or when the office of president is vacant. In 2012, judge Koen Lenaerts of Belgium became the first judge to carry out the duties of the vice-president of the Court of Justice. Like the President of the Court of Justice, the vice-president is elected by the members of the Court for a term of three years. ] The judges are assisted by eleven ] Advocates General , whose number may be increased by the Council if the Court so requests. The Advocates General are responsible for presenting a legal opinion on the cases assigned to them. They can question the parties involved and then give their opinion on a legal solution to the case before the judges deliberate and deliver their judgment. The intention behind having Advocates General attached is to provide independent and impartial opinions concerning the Court's cases. Unlike the Court's judgments, the written opinions of the Advocates General are the works of a single author and are consequently generally more readable and deal with the legal issues more comprehensively than the Court, which is limited to the particular matters at hand. The opinions of the Advocates General are advisory and do not bind the Court, but they are nonetheless very influential and are followed in the"
"which is limited to the particular matters at hand. The opinions of the Advocates General are advisory and do not bind the Court, but they are nonetheless very influential and are followed in the majority of cases. ] In a 2016 study, Arrebola and Mauricio measured the influence of the Advocate General on the judgments of the Court, showing that the Court is approximately 67% more likely to deliver a particular outcome if that was the opinion of the Advocate General. ] As of 2003, Advocates General are only required to give an opinion if the Court considers the case raises a new point of law. ] ] According to Article 255 TFEU the judges and advocates-general are appointed by common accord of the governments of the Member States after consultation of a panel responsible for assessing candidates’ suitability. ] The Registrar is the Court's chief administrator. They manage departments under the authority of the Court's president. ] The Court may also appoint one or more Assistant Registrars. They help the Court, the Chambers, the President and the Judges in all their official functions. They are responsible for the Registry as well as for the receipt, transmission and custody of documents and pleadings that have been entered in a register initialled by the President. They are Guardian of the Seals and responsible for the Court's archives and publications. The Registrar is responsible for the administration of the Court, its financial management and its accounts. The operation of the Court is in the hands of officials and other servants who are responsible to the Registrar under the authority of the President. The Court administers its own infrastructure; this includes the Translation Directorate, which, as of 2012 ] employed 44.7% of the staff of the institution. ] The Court can sit in plenary session, as a Grand Chamber of fifteen judges (including the president and vice-president), or in chambers of three or five judges. Plenary sittings are now very rare, and the court mostly sits in chambers of three or five judges. ] Each chamber elects its own president who is elected for a term of three years in the case of the five-judge chambers or one year in the case of three-judge chambers. The Court is required to sit in full court in exceptional cases provided for in the treaties. The court may also decide to sit in full, if the issues raised are considered to be of exceptional importance. ] Sitting as a Grand Chamber is more common and can happen when a Member State or a Union institution, that is a party to certain proceedings, so requests, or in particularly complex or important cases. The court acts as a collegial body: decisions are those of the court rather than of individual judges; no minority opinions are given and indeed the existence of a majority decision rather than unanimity is never suggested. ] It is the responsibility of the Court of Justice to ensure that the law is observed in the interpretation and application of the Treaties of the"
"decision rather than unanimity is never suggested. ] It is the responsibility of the Court of Justice to ensure that the law is observed in the interpretation and application of the Treaties of the European Union . ] To enable it to carry out its duties, the Court has broad jurisdiction to hear various types of action. The Court has competence to, amongst other actions, rule on applications for annulment or actions for failure to act brought by a Member State or an institution; take actions against Member States for failure to fulfil obligations; and hear references for a preliminary ruling and appeals against decisions of the General Court . ] Under Article 258 (ex Article 226) of the Treaty on the Functioning of the European Union , the Court of Justice may determine whether a Member State has fulfilled its obligations under Union law. That action may be brought by the commission – as is practically always the case – or by another Member State, although the cases of the latter kind remain extremely rare. Only six interstate cases have been decided by the court: ] The commencement of proceedings before the Court of Justice is preceded by a preliminary procedure conducted by the commission, which gives the Member State the opportunity to reply to the complaints against it. The court has decided that if the European Commission does not send the formal letter to the violating member state no-one can force them. ] If that procedure does not result in termination of the failure by the Member State, an action for breach of Union law may be brought before the Court of Justice. If the Court finds that an obligation has not been fulfilled, the Member State concerned must terminate the breach without delay. If, after new proceedings are initiated by the commission, the Court of Justice finds that the Member State concerned has not complied with its judgment, it may, upon the request of the commission, impose on the Member State a fixed or a periodic financial penalty under Article 260 of the TFEU. ] By an action for annulment under Article 263 (ex Article 230) of the Treaty on the Functioning of the European Union , the applicant seeks the annulment of a measure (regulation, directive, decision or any measure with legal effects) adopted by an institution, body, office or agency of the EU. The Court of Justice has exclusive jurisdiction over actions brought by a Member State against the European Parliament and/or against the council (apart from Council measures in respect of State aid, dumping and implementing powers) or brought by one Union institution against another. The General Court has jurisdiction, at first instance, in all other actions of this type and particularly in actions brought by individuals. The Court of Justice has the power to declare measures void under Article 264 (ex Article 231) of the Treaty on the Functioning of the European Union . Under Article 265 (ex Article 232) of the Treaty on the Functioning of the European Union , the"
"void under Article 264 (ex Article 231) of the Treaty on the Functioning of the European Union . Under Article 265 (ex Article 232) of the Treaty on the Functioning of the European Union , the Court of Justice and the General Court may also review the legality of a failure to act on the part of a Union institution, body, office or agency. However, such an action may be brought only after the institution has been called on to act. Where the failure to act is held to be unlawful, it is for the institution concerned to put an end to the failure by appropriate measures. Under Article 268 of the Treaty on the Functioning of the European Union (and with reference to Article 340), the Court of Justice hears claims for compensation based on non-contractual liability , and rules on the liability of the Union for damage to citizens and to undertakings caused by its institutions or servants in the performance of their duties. Under Article 256 (ex Article 225) of the Treaty on the Functioning of the European Union , appeals on judgments given by the General Court may be heard by the Court of Justice only if the appeal is on a point of law. If the appeal is admissible and well founded, the Court of Justice sets aside the judgment of the General Court. Where the state of the proceedings so permits, the Court may itself decide the case. Otherwise, the Court must refer the case back to the General Court, which is bound by the decision given on appeal. No special procedure applies to allow for an appeal to proceed to the Court of Justice, except for cases which the General Court ruled on appeal against decisions of the independent Boards of Appeal of the EU agencies (as provided by Article 58a of the Statute of the Court). References for a preliminary ruling are specific to Union law. Whilst the Court of Justice is, by its very nature, the supreme guardian of Union legality, it is not the only judicial body empowered to apply EU law. That task also falls to national courts, in as much as they retain jurisdiction to review the administrative implementation of Union law, for which the authorities of the Member States are essentially responsible; many provisions of the Treaties and of secondary legislation – regulations, directives and decisions – directly confer individual rights on nationals of Member States, which national courts must uphold. National courts are thus by their nature the first guarantors of Union law . To ensure the effective and uniform application of Union legislation and to prevent divergent interpretations, national courts may, and sometimes must, turn to the Court of Justice and ask that it clarify a point concerning the interpretation of Union law, in order, for example, to ascertain whether their national legislation complies with that law. Petitions to the Court of Justice for a preliminary ruling are described in Article 267 (ex Article 234) of the Treaty on the Functioning of the European Union . A reference for a preliminary ruling"
"Petitions to the Court of Justice for a preliminary ruling are described in Article 267 (ex Article 234) of the Treaty on the Functioning of the European Union . A reference for a preliminary ruling may also seek review of the legality of an act of Union law. The Court of Justice's reply is not merely an opinion, but takes the form of a judgment or a reasoned order. The national court to which that is addressed is bound by the interpretation given. The Court's judgment also binds other national courts before which a problem of the same nature is raised. Although such a reference may be made only by a national court, which alone has the power to decide that it is appropriate do so, all the parties involved – that is to say, the Member States, the parties in the proceedings before national courts and, in particular, the commission – may take part in proceedings before the Court of Justice. In this way, a number of important principles of Union law have been laid down in preliminary rulings, sometimes in answer to questions referred by national courts of first instance. Rulings end with a dictum which summarises the decision which the Court has made and may direct how costs are to be managed. ] In the ECJ's 2009 report it was noted that Belgian, German and Italian judges made the most referrals for an interpretation of EU law to the ECJ. citation needed ] However, the German Constitutional Court has rarely turned to the European Court of Justice, which is why lawyers and law professors warn about a future judicial conflict between the two courts. On 7 February 2014, the German Constitutional Court referred its first case to the ECJ for a ruling on a European Central Bank program. ] In 2017 the German Constitutional Court referred its second case to the ECJ but contrary to the binding nature of the Court of Justice's preliminary rulings, the German Constitutional Court in 2020 refused to abide by the preliminary ruling. ] According to the German Constitutional Court, the Court of Justice's answer was unintelligble. ] In June 2021, the European Commission announced it would start infringement proceedings against Germany for the German Constitutional Court's refusal to abide by the Court of Justice's preliminary ruling. ] The constitutional courts of the member-states have in general been reluctant to refer a question to the European Court of Justice. ] These are the first references by each constitutional court: Procedure before the ECJ is determined by its own rules of procedure. ] As a rule the Court's procedure includes a written phase and an oral phase. The proceedings are conducted in one of the official languages of the European Union chosen by the applicant, although where the defendant is a member state or a national of a member state the applicant must choose an official language of that member state, unless the parties agree otherwise. ] However, the working language of the court is the language of the case being heard with French being the"
"must choose an official language of that member state, unless the parties agree otherwise. ] However, the working language of the court is the language of the case being heard with French being the common language for discussion, and it is in this language that the judges deliberate, pleadings and written legal submissions are translated and in which the judgment is drafted. ] The Advocates-General, by contrast, may work and draft their opinions in any official language, as they do not take part in any deliberations. These opinions are then translated into French for the benefit of the judges and their deliberations. ] However, all documents used in the case are in the language of that case and the only authentic version of the judgment handed down by either the Court of Justice or the General Court is that which appears in the language of the case. ] All the EU's judicial bodies are based in the Kirchberg quarter of Luxembourg City , Luxembourg . The Court of Justice is seated in the Palais de la Cour de Justice . Luxembourg City was chosen as the provisional seat of the Court on 23 July 1952 with the establishment of the European Coal and Steel Community . Its first hearing there was held on 28 November 1954 in a building known as Villa Vauban , the seat until 1959 when it would move to the Côte d'Eich building and then to the Palais building in 1972. ] In 1965, the member states established Luxembourg City as the permanent seat of the Court. Future judicial bodies (Court of First Instance and Civil Service Tribunal) would also be based in the city. The decision was confirmed by the European Council at Edinburgh in 1992. However, there was no reference to future bodies being in Luxembourg City. In reaction to this, the Luxembourg government issued its own declaration stating it did not surrender those provisions agreed upon in 1965. The Edinburgh decision was attached to the Amsterdam Treaty . With the Treaty of Nice Luxembourg attached a declaration stating it did not claim the seat of the Boards of Appeal of the Office for Harmonisation in the Internal Market – even if it were to become a judicial body. ] Over time ECJ developed two essential rules on which the legal order rests: direct effect and primacy . The court first ruled on the direct effect of primary legislation in a case that, though technical and tedious, raised a fundamental principle of Union law. In Van Gend en Loos v Nederlandse Administratie der Belastingen (1963), a Dutch transport firm brought a complaint against Dutch customs for increasing the duty on a product imported from Germany. ] The court ruled that the Community constitutes a new legal order, the subjects of which consist of not only the Member States but also their nationals. Consequently Community law may, if appropriately framed, confer rights on individuals which national courts are bound to protect. ] The principle of direct effect would have had little impact if Union law did not supersede national law."
"framed, confer rights on individuals which national courts are bound to protect. ] The principle of direct effect would have had little impact if Union law did not supersede national law. Without supremacy the Member States could simply ignore EU rules. In Costa v ENEL (1964), the court ruled that member states had definitively transferred sovereign rights to the Community and Union law could not be overridden by domestic law. ] Another early landmark case was Commission v Luxembourg and Belgium (1964), the ""Dairy Products"" case. ] In that decision the Court comprehensively ruled out any use by the Member States of the retaliatory measures commonly permitted by general international law within the European Economic Community. That decision is often thought to be the best example of the European legal order's divergence with ordinary international law. ] Commission v Luxembourg and Belgium also has a logical connection with the nearly contemporaneous Van Gend en Loos and Costa v ENEL decisions, as arguably it is the doctrines of direct effect and supremacy that allow the European legal system to forgo any use of retaliatory enforcement mechanisms by the Member States. ] Links between the direct effect doctrine and the suppression of inter-state retaliation between the EU member states can be found in many of the landmark early decisions of the European Court of Justice, and in the writings of the influential French judge, Robert Lecourt , perhaps the most important member of the Court between 1962 and 1976. ] Further, in the 1991 case Francovich v Italy , the ECJ established that Member States could be liable to pay compensation to individuals who suffered a loss by reason of the Member State's failure to transpose an EU directive into national law. ] In 2008, the former German president Roman Herzog claimed that the ECJ was overstepping its powers. He was particularly critical of the court's judgment Mangold v Helm , which over-ruled a German law that would discriminate in favour of older workers. ] In 2011, the President of the Constitutional Court of Belgium , Marc Bossuyt , said that both the Court of Justice of the European Union and the European Court of Human Rights were taking on more powers by extending their competences, creating a threat of a ""government by judges"". He claimed that foreign judges were not always aware of the financial implications of their judgements on national governments. ] .mw-parser-output .geo-default,.mw-parser-output .geo-dms,.mw-parser-output .geo-dec{display:inline}.mw-parser-output .geo-nondefault,.mw-parser-output .geo-multi-punct,.mw-parser-output .geo-inline-hidden{display:none}.mw-parser-output .longitude,.mw-parser-output .latitude{white-space:nowrap} WikiMiniAtlas 49°37′17″N 06°08′28″E  49.62139; 6.14111"
"Life insurance (or life assurance , especially in the Commonwealth of Nations ) is a contract between an insurance policy holder and an insurer or assurer , where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person. Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policyholder typically pays a premium, either regularly or as one lump sum. The benefits may include other expenses, such as funeral expenses. Life policies are legal contracts and the terms of each contract describe the limitations of the insured events. Often, specific exclusions written into the contract limit the liability of the insurer; common examples include claims relating to suicide , fraud, war, riot, and civil commotion. Difficulties may arise where an event is not clearly defined, for example, the insured knowingly incurred a risk by consenting to an experimental medical procedure or by taking medication resulting in injury or death. Modern life insurance bears some similarity to the asset-management industry, ] failed verification ] and life insurers have diversified their product offerings into retirement products such as annuities . ] Life-based contracts tend to fall into two major categories: An early form of life insurance dates to Ancient Rome ; ""burial clubs"" ] covered the cost of members' funeral expenses and assisted survivors financially. In 1816, an archeological excavation in Minya, Egypt (under an Eyalet of the Ottoman Empire ) produced a Nerva–Antonine dynasty -era tablet from the ruins of the Temple of Antinous in Antinoöpolis , Aegyptus that prescribed the rules and membership dues of a burial society collegium established in Lanuvium , Italia in approximately 133 AD during the reign of Hadrian (117–138) of the Roman Empire . ] In 1851, future U.S. Supreme Court Associate Justice Joseph P. Bradley (1870–1892), once employed as an actuary for the Mutual Benefit Life Insurance Company , submitted an article to the Journal of the Institute of Actuaries detailing an historical account of a Severan dynasty -era life table compiled by the Roman jurist Ulpian in approximately 220 AD during the reign of Elagabalus (218–222) that was included in the Digesta seu Pandectae (533) codification ordered by Justinian I (527–565) of the Eastern Roman Empire . ] The earliest known life insurance policy was made in Royal Exchange, London on 18 June 1583. A Richard Martin insured a William Gybbons, paying thirteen merchants 30 pounds for 400 if the insured dies within one year. ] ] The first company to offer life insurance in modern times was the Amicable Society for a Perpetual Assurance Office , founded in London in 1706 by William Talbot and Sir Thomas Allen . ] ] Each member made an annual payment per share on one to three shares with consideration to age of the members being twelve to fifty-five. At the end of the year a portion of the ""amicable"
"Allen . ] ] Each member made an annual payment per share on one to three shares with consideration to age of the members being twelve to fifty-five. At the end of the year a portion of the ""amicable contribution"" was divided among the wives and children of deceased members, in proportion to the number of shares the heirs owned. The Amicable Society started with 2000 members. ] ] The first life table was written by Edmund Halley in 1693, but it was only in the 1750s that the necessary mathematical and statistical tools were in place for the development of modern life insurance. James Dodson , a mathematician and actuary, tried to establish a new company aimed at correctly offsetting the risks of long-term life assurance policies, after being refused admission to the Amicable Life Assurance Society because of his advanced age. He was unsuccessful in his attempts at procuring a charter from the government . His disciple, Edward Rowe Mores , was able to establish the Society for Equitable Assurances on Lives and Survivorship in 1762. It was the world's first mutual insurer and it pioneered age based premiums based on mortality rate laying ""the framework for scientific insurance practice and development"" ] and ""the basis of modern life assurance upon which all life assurance schemes were subsequently based"". ] Mores also gave the name actuary to the chief official—the earliest known reference to the position as a business concern. The first modern actuary was William Morgan , who served from 1775 to 1830. In 1776 the Society carried out the first actuarial valuation of liabilities and subsequently distributed the first reversionary bonus (1781) and interim bonus (1809) among its members. ] It also used regular valuations to balance competing interests. ] The Society sought to treat its members equitably and the Directors tried to ensure that policyholders received a fair return on their investments. Premiums were regulated according to age, and anybody could be admitted regardless of their state of health and other circumstances. ] The sale of life insurance in the U.S. began in the 1760s. The Presbyterian Synods in Philadelphia and New York City created the Corporation for Relief of Poor and Distressed Widows and Children of Presbyterian Ministers in 1759; Episcopalian priests organized a similar fund in 1769. Between 1787 and 1837 more than two dozen life insurance companies were started, but fewer than half a dozen survived. In the 1870s, military officers banded together to found both the Army ( AAFMAA ) and the Navy Mutual Aid Association (Navy Mutual), inspired by the plight of widows and orphans left stranded in the West after the Battle of the Little Big Horn , and of the families of U.S. sailors who died at sea. The person responsible for making payments for a policy is the policy owner, while the insured is the person whose death will trigger payment of the death benefit. The owner and insured may or may not be the same person. For example,"
"payments for a policy is the policy owner, while the insured is the person whose death will trigger payment of the death benefit. The owner and insured may or may not be the same person. For example, if Joe buys a policy on his own life, he is both the owner and the insured. But if Jane, his wife, buys a policy on Joe's life, she is the owner and he is the insured. The policy owner is the guarantor and they will be the person to pay for the policy. The insured is a participant in the contract, but not necessarily a party to it. The beneficiary receives policy proceeds upon the insured person's death. The owner designates the beneficiary, but the beneficiary is not a party to the policy. The owner can change the beneficiary unless the policy has an irrevocable beneficiary designation. If a policy has an irrevocable beneficiary, any beneficiary changes, policy assignments, or cash value borrowing would require the agreement of the original beneficiary. In cases where the policy owner is not the insured (also referred to as the celui qui vit or CQV), insurance companies have sought to limit policy purchases to those with an insurable interest in the CQV. For life insurance policies, close family members and business partners will usually be found to have an insurable interest. The insurable interest requirement usually demonstrates that the purchaser will actually suffer some kind of loss if the CQV dies. Such a requirement prevents people from benefiting from the purchase of purely speculative policies on people they expect to die. With no insurable interest requirement, the risk that a purchaser would murder the CQV for insurance proceeds would be great. In at least one case, an insurance company that sold a policy to a purchaser with no insurable interest (who later murdered the CQV for the proceeds), was found liable in court for contributing to the wrongful death of the victim ( Liberty National Life v. Weldon , 267 Ala.171 (1957)). Special exclusions may apply, such as suicide clauses, whereby the policy becomes null and void if the insured dies by suicide within a specified time (usually two years after the purchase date; some states provide a statutory one-year suicide clause). Any misrepresentations by the insured on the application may also be grounds for nullification. Most US states, for example, specify a maximum contestability period, often no more than two years. Only if the insured dies within this period will the insurer have a legal right to contest the claim on the basis of misrepresentation and request additional information before deciding whether to pay or deny the claim. The face amount of the policy is the initial amount that the policy will pay at the death of the insured or when the policy matures , although the actual death benefit can provide for greater or lesser than the face amount. The policy matures when the insured dies or reaches a specified age (such as 100 years old). The insurance company calculates the policy"
"can provide for greater or lesser than the face amount. The policy matures when the insured dies or reaches a specified age (such as 100 years old). The insurance company calculates the policy prices (premiums) at a level sufficient to fund claims, cover administrative costs, and provide a profit. The cost of insurance is determined using mortality tables calculated by actuaries . Mortality tables are statistically based tables showing expected annual mortality rates of people at different ages. As people are more likely to die as they get older, the mortality tables enable insurance companies to calculate the risk and increase premiums with age accordingly. Such estimates can be important in taxation regulation. ] ] In the 1980s and 1990s, the SOA 1975-80 Basic Select & Ultimate tables were the typical reference points, while the 2001 VBT and 2001 CSO tables were published more recently. As well as the basic parameters of age and gender, the newer tables include separate mortality tables for smokers and non-smokers, and the CSO tables include separate tables for preferred classes. ] The mortality tables provide a baseline for the cost of insurance, but the health and family history of the individual applicant is also taken into account (except in the case of Group policies). This investigation and resulting evaluation is termed underwriting . Health and lifestyle questions are asked, with certain responses possibly meriting further investigation. Specific factors that may be considered by underwriters include: Based on the above and additional factors, applicants will be placed into one of several classes of health ratings which will determine the premium paid in exchange for insurance at that particular carrier. ] Life insurance companies in the United States support the Medical Information Bureau (MIB), ] which is a clearing house of information on persons who have applied for life insurance with participating companies in the last seven years. As part of the application, the insurer often requires the applicant's permission to obtain information from their physicians. ] Automated Life Underwriting is a technology solution which is designed to perform all or some of the screening functions traditionally completed by underwriters, and thus seeks to reduce the work effort, time and data necessary to underwrite a life insurance application. ] These systems allow point of sale distribution and can shorten the time frame for issuance from weeks or even months to hours or minutes, depending on the amount of insurance being purchased. ] The mortality of underwritten persons rises much more quickly than the general population. At the end of 10 years, the mortality of that 25-year-old, non-smoking male is 0.66year. Consequently, in a group of one thousand 25-year-old males with a $100,000 policy, all of average health, a life insurance company would have to collect approximately $50 a year from each participant to cover the relatively few expected"
"25-year-old males with a $100,000 policy, all of average health, a life insurance company would have to collect approximately $50 a year from each participant to cover the relatively few expected claims. (0.35 to 0.66 expected deaths in each year × $100,000 payout per death = $35 per policy.) Other costs, such as administrative and sales expenses, also need to be considered when setting the premiums. A 10-year policy for a 25-year-old non-smoking male with preferred medical history may get offers as low as $90 per year for a $100,000 policy in the competitive US life insurance market. Most of the revenue received by insurance companies consists of premiums, but revenue from investing the premiums forms an important source of profit for most life insurance companies. Group insurance policies are an exception to this. In the United States, life insurance companies are never legally required to provide coverage to everyone, with the exception of Civil Rights Act compliance requirements. Insurance companies alone determine insurability, and some people are deemed uninsurable. The policy can be declined or rated (increasing the premium amount to compensate for the higher risk), and the amount of the premium will be proportional to the face value of the policy. Many companies separate applicants into four general categories. These categories are preferred best , preferred , standard , and tobacco . Preferred best is reserved only for the healthiest individuals in the general population. This may mean, that the proposed insured has no adverse medical history, is not under medication, and has no family history of early-onset cancer , diabetes , or other conditions. Preferred means that the proposed insured is currently under medication and has a family history of particular illnesses. Most people are in the standard category. People in the tobacco category typically have to pay higher premiums due to higher mortality. Recent when? ] US mortality tables predict that roughly 0.35 in 1,000 non-smoking males aged 25 will die during the first year of a policy. ] Mortality approximately doubles for every additional ten years of age, so the mortality rate in the first year for non-smoking men is about 2.5 in 1,000 people at age 65. ] Compare this with the US population male mortality rates of 1.3 per 1,000 at age 25 and 19.3 at age 65 (without regard to health or smoking status). ] Upon the insured's death, the insurer requires acceptable proof of death before it pays the claim. If the insured's death is suspicious and the policy amount is large, the insurer may investigate the circumstances surrounding the death before deciding whether it has an obligation to pay the claim. Payment from the policy may be as a lump sum or as an annuity , which is paid in regular installments for either a specified period or for the beneficiary's lifetime . ] Death benefits are the primary feature of life insurance policies, and they provide a lump sum payment to the"
"regular installments for either a specified period or for the beneficiary's lifetime . ] Death benefits are the primary feature of life insurance policies, and they provide a lump sum payment to the beneficiaries of the policyholder in the event of the policyholder's death. The amount of the death benefit is typically determined at the time the policy is purchased, and it is based on factors such as the policyholder's age, health, and occupation. The death benefit is only payable if the policyholder dies while the policy is in effect. If the policyholder outlives the policy, the death benefit is not paid, and the policy will typically expire. Some policies may allow the policyholder to receive a portion of the premiums paid if they outlive the policy. The specific uses of the terms ""insurance"" and ""assurance"" are sometimes confused. In general, in jurisdictions where both terms are used, ""insurance"" refers to providing coverage for an event that might happen (fire, theft, flood, etc.), while ""assurance"" is the provision of coverage for an event that is certain to happen. In the United States, both forms of coverage are called ""insurance"" for reasons of simplicity in companies selling both products. citation needed ] By some definitions, ""insurance"" is any coverage that determines benefits based on actual losses whereas ""assurance"" is coverage with predetermined benefits irrespective of the losses incurred. Life insurance may be divided into two basic classes: temporary and permanent; or the following subclasses: term, universal, whole life , and endowment life insurance. Term assurance provides life insurance coverage for a specified term (usually 10–30 years). Term life insurance policies do not accumulate cash value, but are significantly less expensive than permanent life insurance policies with equivalent face amounts. Policyholders can save to provide for increased term premiums or decrease insurance needs (by paying off debts or saving to provide for survivor needs). ] Mortgage life insurance insures a loan secured by real property and usually features a level premium amount for a declining policy face value because what is insured is the principal and interest outstanding on a mortgage that is constantly being reduced by mortgage payments. The face amount of the policy is always the amount of the principal and interest outstanding that are paid should the applicant die before the final installment is paid. Group life insurance (also known as wholesale life insurance or institutional life insurance ) is term insurance covering a group of people, usually employees of a company, members of a union or association, or members of a pension or superannuation fund. Individual proof of insurability is not normally a consideration in its underwriting. Rather, the underwriter considers the size, turnover, and financial strength of the group. Contract provisions will attempt to exclude the possibility of adverse selection . Group life insurance often"
"the underwriter considers the size, turnover, and financial strength of the group. Contract provisions will attempt to exclude the possibility of adverse selection . Group life insurance often allows members exiting the group to maintain their coverage by buying individual coverage. The underwriting is carried out for the whole group instead of individuals. Permanent life insurance is life insurance that covers the remaining lifetime of the insured. A permanent insurance policy accumulates a cash value up to its date of maturation. The owner can access the money in the cash value by withdrawing money, borrowing the cash value, or surrendering the policy and receiving the surrender value. The three basic types of permanent insurance are whole life , universal life , and endowment . Whole life insurance provides lifetime coverage for a set premium amount. Universal life insurance (ULl) is a relatively new insurance product, intended to combine permanent insurance coverage with greater flexibility in premium payments, along with the potential for greater growth of cash values. There are several types of universal life insurance policies, including interest-sensitive (also known as ""traditional fixed universal life insurance""), variable universal life (VUL) , guaranteed death benefit , and has equity-indexed universal life insurance . Universal life insurance policies have cash values. Paid-in premiums increase their cash values; administrative and other costs reduce their cash values. Universal life insurance addresses the perceived disadvantages of whole life—namely that premiums and death benefits are fixed. With universal life, both the premiums and death benefit are flexible. With the exception of guaranteed-death-benefit universal life policies, universal life policies trade their greater flexibility for fewer guarantees. ""Flexible death benefit"" means the policy owner can choose to decrease the death benefit. The death benefit can also be increased by the policy owner, usually requiring new underwriting. Another feature of flexible death benefit is the ability to choose option A or option B death benefits and to change those options over the course of the life of the insured. Option A is often referred to as a ""level death benefit""; death benefits remain level for the life of the insured, and premiums are lower than policies with Option B death benefits, which pay the policy's cash value—i.e., a face amount plus earnings/interest. If the cash value grows over time, the death benefits do too. If the cash value declines, the death benefit also declines. Option B policies normally feature higher premiums than option A policies. The endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its 'maturity') or on death. Typical maturities are ten, fifteen, or twenty years up to a certain age limit. Some policies also pay out in the case of critical illness. Policies are typically traditional with-profits or"
"death. Typical maturities are ten, fifteen, or twenty years up to a certain age limit. Some policies also pay out in the case of critical illness. Policies are typically traditional with-profits or unit-linked (including those with unitized with-profits funds). Endowments can be cashed in early (or surrendered) and the holder then receives the surrender value which is determined by the insurance company depending on how long the policy has been running and how much has been paid into it. Accidental death insurance is a type of limited life insurance that is designed to cover the insured should they die as a result of an accident. ""Accidents"" run the gamut from abrasions to catastrophes but normally do not include deaths resulting from non-accident-related health problems or suicide. Because they only cover accidents, these policies are much less expensive than other life insurance policies. Such insurance can also be accidental death and dismemberment insurance or AD&D . In an AD&D policy, benefits are available not only for accidental death but also for the loss of limbs or body functions such as sight and hearing. Accidental death and AD&D policies pay actual benefits only very rarely, either because the cause of death is not covered by the policy or because death occurs well after the accident, by which time the premiums have gone unpaid. clarification needed ] Various AD&D policies have different terms and exclusions. Risky activities such as parachuting, flying, professional sports, or military service are often omitted from coverage. Accidental death insurance can also supplement standard life insurance as a rider . If a rider is purchased, the policy generally pays double the face amount if the insured dies from an accident. This was once called double indemnity insurance . In some cases, triple indemnity coverage may be available. Insurance companies also offer products targeted at niche markets, such as seniors. These policies are often low face value whole life insurance policies, allowing individuals (ages 50-90) to purchase affordable insurance later in life. These may also be marketed as final expense insurance or burial insurance and usually have death benefits between $1,000 and $50,000. citation needed ] A major reason for their popularity is their use of ""simplified underwriting"". With simplified underwriting, applicants are not required to take a medical exam; approval depends on the applicant's answers to a set of ""yes"" or ""no"" health questions as well as a check of their prescription drug history. Health requirements can vary substantially between exam and no-exam policies. It may be possible for individuals with certain conditions to qualify for one type of coverage and not another. citation needed ] . Pre-need life insurance policies are limited-premium whole life policies that are usually purchased by older applicants, though they are available to everyone. This type of insurance is designed to cover specific funeral"
"policies are limited-premium whole life policies that are usually purchased by older applicants, though they are available to everyone. This type of insurance is designed to cover specific funeral expenses that the applicant has designated in a contract with a funeral home . The policy's death benefit is initially based on the funeral cost at the time of prearrangement, and it then typically grows as interest is credited. In exchange for the policy owner's designation, the funeral home typically guarantees that the proceeds will cover the cost of the funeral, no matter when death occurs. Excess proceeds may go either to the insured's estate, a designated beneficiary, or the funeral home as set forth in the contract. Purchasers of these policies usually make a single premium payment at the time of prearrangement, but some companies also allow premiums to be paid over as much as ten years. Riders are modifications to the insurance policy added at the same time the policy is issued. These riders change the basic policy to provide some features desired by the policy owner. A common rider is accidental death . Another common rider is a premium waiver , which waives future premiums if the insured becomes disabled. Joint life insurance is either term or permanent life insurance that insures two or more persons, with proceeds payable on the death of either . Unit-linked insurance plans are unique insurance plans which are similar to mutual funds and term insurance plans combined as one product. The investor does not participate in the profits of the plan per se but gets returns based on the returns on the chosen funds. Some policies afford the policyholder a share of the profits of the insurance company—these are termed with-profits policies . Other policies provide no rights to a share of the profits of the company—these are non-profit policies. With-profit policies are used as a form of collective investment scheme to achieve capital growth. Other policies offer a guaranteed return not dependent on the company's underlying investment performance; these are often referred to as without-profit policies, which may be construed as a misnomer. by whom? ] According to section 80C of the Income Tax Act, 1961 (of the Indian penal code) premiums paid towards a valid life insurance policy can be exempted from the taxable income. Along with life insurance premiums, section 80C allows an exemption for other financial instruments such as Employee Provident Fund (EPF), Public Provident Fund (PPF), Equity Linked Savings Scheme (ELSS), National Savings Certificate (NSC), and health insurance premiums are some of them. The total amount that can be exempted from the taxable income for section 80C is capped at a maximum of INR 150,000. ] The exemptions are eligible for individuals (Indian citizens) or Hindu Undivided Family (HUF). Apart from tax benefit under section 80C, in India, a policy holder is entitled for a tax exemption on the death benefit received. ] The"
"individuals (Indian citizens) or Hindu Undivided Family (HUF). Apart from tax benefit under section 80C, in India, a policy holder is entitled for a tax exemption on the death benefit received. ] The received amount is fully exempt from Income Tax under Section 10(10D). Where the life insurance is provided through a superannuation fund, contributions made to fund insurance premiums are tax deductible for self-employed persons and substantially self-employed persons and employers. However, where life insurance is held outside of the superannuation environment, the premiums are generally not tax deductible. For insurance through a superannuation fund, the annual deductible contributions to the superannuation funds are subject to age limits. These limits apply to employers making deductible contributions. They also apply to self-employed persons and substantially self-employed persons. Included in these overall limits are insurance premiums. This means that no additional deductible contributions can be made for the funding of insurance premiums. Insurance premiums can, however, be funded by undeducted contributions. For further information on deductible contributions see ""under what conditions can an employer claim a deduction for contributions made on behalf of their employees?"" and ""what is the definition of substantially self-employed?"". The insurance premium paid by the superannuation fund can be claimed by the fund as a deduction to reduce the 15% tax on contributions and earnings. (Ref: ITAA 1936, Section 279). ] Premiums paid by a policyholder are not deductible from taxable income, although premiums paid via an approved pension fund registered in terms of the Income Tax Act are permitted to be deducted from personal income tax (whether these premiums are nominally being paid by the employer or employee). The benefits arising from life assurance policies are generally not taxable as income to beneficiaries (again in the case of approved benefits, these fall under retirement or withdrawal taxation rules from SARS ). Investment return within the policy will be taxed within the life policy and paid by the life assurer depending on the nature of the policyholder (whether natural person, company-owned, untaxed, or a retirement fund). Premiums paid by the policy owner are normally not deductible for federal and state income tax purposes, and proceeds paid by the insurer upon the death of the insured are not included in gross income for federal and state income tax purposes. ] However, if the proceeds are included in the ""estate"" of the deceased, it is likely they will be subject to federal and state estate and inheritance tax . citation needed ] Cash value increases within the policy are not subject to income taxes unless certain events occur. For this reason, insurance policies can be legal and legitimate tax shelter wherein savings can increase without taxation until the owner withdraws the money from the policy. In flexible-premium policies,"
"reason, insurance policies can be legal and legitimate tax shelter wherein savings can increase without taxation until the owner withdraws the money from the policy. In flexible-premium policies, large deposits of premiums could cause the contract to be considered a modified endowment contract by the Internal Revenue Service (IRS), which negates many of the tax advantages associated with life insurance. The insurance company, in most cases, will inform the policy owner of this danger before deciding their premium. The tax ramifications of life insurance are complex. The policy owner would be well advised to carefully consider them. As always, both the United States Congress and state legislatures can change the tax laws at any time. In 2018, a fiduciary standard rule on retirement products by the United States Department of Labor posed a possible risk. ] Premiums are not usually deductible against income tax or corporation tax , however, qualifying policies issued prior to 14 March 1984 do still attract LAPR ( Life Assurance Premium Relief ) at 15% (with the net premium being collected from the policyholder). Non-investment life policies do not normally attract either income tax or capital gains tax on a claim. If the policy has an investment element such as an endowment policy, whole of life policy, or an investment bond then the tax treatment is determined by the qualifying status of the policy. Qualifying status is determined at the outset of the policy if the contract meets certain criteria. Essentially, long-term contracts (10+ years) tend to be qualifying policies and the proceeds are free from income tax and capital gains tax. Single premium contracts and those running for a short term are subject to income tax depending upon the marginal rate in the year a gain is made. All UK insurers pay a special rate of corporation tax on the profits from their life book; this is deemed as meeting the lower rate (20% in 2005-06) of liability for policyholders. Therefore, a policyholder who is a higher-rate taxpayer (40% in 2005-06), or becomes one through the transaction, must pay tax on the gain at the difference between the higher and the lower rate. This gain is reduced by appl"
"Pass Plus Scheme commonly referred to as Pass Plus is a scheme run in the United Kingdom aimed at new drivers who have recently passed the standard driving test , which helps to give drivers the confidence to drive on their own and to increase experience on the road. ] Pass plus is an optional course introduced by DVSA and is considered the best way to give additional driving experience to a qualified learner by an ADI (Approved Driving Instructor) that has been Pass Plus registered. ] The main aim of this course is to impart valuable knowledge to drivers who have recently passed the practical driving test, and who want to learn new skills and techniques, improve their anticipation and alertness and learn how to reduce accidents. This course is also sometimes considered as a more advanced course for the new drivers, who have recently completed the studies and haven't faced some situations during their driving lessons. The course is carried out by an approved driving instructor (ADI), who is qualified to teach the course. Pass Plus comprises six modules, ] each covering a different aspect of driving. These modules are: Some of the aspects may be covered in theory only, such as weather and night driving which require conditions that may be hard to replicate especially in the summer, or motorway driving if there is no motorway nearby. However, this is only done when a practical training session is not possible. The scheme takes a minimum of six hours to complete. The practical assessment is more lenient than that used in the standard driving test, and adherence to many rules that would otherwise constitute a major mistake in the main practical exam (such as parking at an angle) does not apply. It is only required that one is able to drive safely and legally. There is no examination at the end of the Pass Plus course; rather, a certificate is awarded once the instructor is satisfied with the candidate's competence. Each module must be completed to an achieved or exceeded standard, in order to pass: Achieved : successfully reached the driving standard required for each of the competencies. Exceeded : exceeded the driving standard required for each of the competencies. Many insurance companies offer cheaper car insurance to drivers who have completed the Pass Plus scheme. ] ]"
"Telematics is an interdisciplinary field encompassing telecommunications , vehicular technologies ( road transport , road safety , etc.), electrical engineering (sensors, instrumentation, wireless communications , etc.), and computer science ( multimedia , Internet , etc.). Telematics can involve any of the following: Telematics is a translation of the French word télématique, which was first coined by Simon Nora and Alain Minc in a 1978 report to the French government on the computerization of society. It referred to the transfer of information over telecommunications and was a portmanteau blending the French words télécommunications ("" telecommunications "") and informatique ("" computing science ""). The original broad meaning of telematics continues to be used in academic fields, but in commerce it now generally means vehicle telematics . ] Telematics can be described as thus: Vehicle telematics can help improve the efficiency of an organization. ] Vehicle tracking is monitoring the location, movements, status, and behavior of a vehicle or fleet of vehicles. This is achieved through a combination of a GPS ( GNSS ) receiver and an electronic device (usually comprising a GSM GPRS modem or SMS sender) installed in each vehicle, communicating with the user (dispatching, emergency, or co-ordinating unit) and PC-based or web-based software. The data is turned into information by management reporting tools in conjunction with a visual display on computerized mapping software. Vehicle tracking systems may also use odometry or dead reckoning as an alternative or complementary means of navigation. citation needed ] GPS tracking is usually accurate to around 10–20 meters, ] but the European Space Agency has developed the EGNOS technology to provide accuracy to 1.5 meters. ] Trailer tracking refers to the tracking of movements and position of an articulated vehicle's trailer unit through the use of a location unit fitted to the trailer and a method of returning the position data via mobile communication network, IOT (Internet of things), or geostationary satellite communications for use through either PC- or web-based software. citation needed ] Cold-store freight trailers that deliver fresh or frozen foods are increasingly incorporating telematics to gather time-series data on the temperature inside the cargo container, both to trigger alarms and record an audit trail for business purposes. An increasingly sophisticated array of sensors, many incorporating RFID technology, is being used to ensure the cold chain . citation needed ] Freight containers can be tracked by GPS using a similar approach to that used for trailer tracking (i.e. a battery-powered GPS device communicating its position via mobile phone or satellite communications). Benefits of this approach include increased security and the possibility to reschedule the container transport movements based on accurate information about its location. According to Berg Insight, the installed base of"
"include increased security and the possibility to reschedule the container transport movements based on accurate information about its location. According to Berg Insight, the installed base of tracking units in the intermodal shipping container segment reached 190,000 at the end of 2013. ] Growing at a compound annual growth rate of 38.2 percent, the installed base reached 960,000 units at the end of 2018. citation needed ] Fleet management is the management of a company's fleet and includes the management of ships and/or motor vehicles such as cars, vans, and trucks. Fleet (vehicle) management can include a range of functions, such as vehicle financing, vehicle maintenance, vehicle telematics (tracking and diagnostics), driver management, fuel management, health and safety management, and dynamic vehicle scheduling. Fleet management is a function which allows companies that rely on transport in their business to remove or minimize the risks associated with vehicle investment, improving efficiency and productivity while reducing overall transport costs and ensuring compliance with government legislation and Duty of Care obligations. These functions can either be dealt with by an in-house fleet management department or an outsourced fleet management provider. ] The Association of Equipment Management Professionals (AEMP) ] developed the industry's first telematics standard. citation needed ] In 2008, AEMP brought together the major construction equipment manufacturers and telematics providers in the heavy equipment industry to discuss the development of the industry's first telematics standard. ] Following agreement from Caterpillar , Volvo CE, Komatsu , and John Deere Construction & Forestry to support such a standard, the AEMP formed a standards development subcommittee chaired by Pat Crail CEM to develop the standard. ] This committee consisted of developers provided by the Caterpillar/Trimble joint venture known as Virtual Site Solutions, Volvo CE, and John Deere. This group worked from February 2009 through September 2010 to develop the industry's first standard for the delivery of telematics data. ] The result, the AEMP Telematics Data Standard V1.1, ] was released in 2010 and officially went live on October 1, 2010. As of November 1, 2010, Caterpillar, Volvo CE, John Deere Construction & Forestry, OEM Data Delivery, and Navman Wireless are able to support customers with delivery of basic telematics data in a standard xml format. Komatsu, Topcon , and others are finishing beta testing and have indicated their ability to support customers in the near future. ] The AEMP's telematics data standard was developed to allow end users to integrate key telematics data (operating hours, location, fuel consumed , and odometer reading where applicable) into their existing fleet management reporting systems. As such, the standard was primarily intended to facilitate importation of these data elements into enterprise software systems such as those used"
"their existing fleet management reporting systems. As such, the standard was primarily intended to facilitate importation of these data elements into enterprise software systems such as those used by many medium-to-large construction contractors. Prior to the standard, end users had few options for integrating this data into their reporting systems in a mixed-fleet environment consisting of multiple brands of machines and a mix of telematics-equipped machines and legacy machines (those without telematics devices where operating data is still reported manually via pen and paper). One option available to machine owners was to visit multiple websites to manually retrieve data from each manufacturer's telematics interface and then manually enter it into their fleet management program's database. This option was cumbersome and labor-intensive. ] A second option was for the end user to develop an API ( Application Programming Interface ), or program, to integrate the data from each telematics provider into their database. This option was quite costly as each telematics provider had different procedures for accessing and retrieving the data and the data format varied from provider to provider. This option automated the process, but because each provider required a unique, custom API to retrieve and parse the data, it was an expensive option. In addition, another API had to be developed any time another brand of machine or telematics device was added to the fleet. ] A third option for mixed-fleet integration was to replace the various factory-installed telematics devices with devices from a third party telematics provider. Although this solved the problem of having multiple data providers requiring unique integration methods, this was by far the most expensive option. In addition to the expense, many third-party devices available for construction equipment are unable to access data directly from the machine's electronic control modules (ECMs), or computers, and are more limited than the device installed by the OEM (Cat, Volvo, Deere, Komatsu, etc.) in the data they are able to provide. In some cases, these devices are limited to location and engine runtime, although they are increasingly able to accommodate a number of add-on sensors to provide additional data. ] The AEMP Telematics Data Standard provides a fourth option. By concentrating on the key data elements that drive the majority of fleet management reports (hours, miles, location, fuel consumption), making those data elements available in a standardized xml format, and standardizing the means by which the document is retrieved, the standard enables the end user to use one API to retrieve data from any participating telematics provider (as opposed to the unique API for each provider that was required previously), greatly reducing integration development costs. ] The current draft version of the AEMP Telematics Data Standard is now called the AEM/AEMP Draft Telematics API Standard, which expands"
"previously), greatly reducing integration development costs. ] The current draft version of the AEMP Telematics Data Standard is now called the AEM/AEMP Draft Telematics API Standard, which expands the original standard Version 1.2 to include 19 data fields (with fault code capability). This new draft standard is a collaborative effort of AEMP and the Association of Equipment Manufacturers (AEM), working on behalf of their members and the industry. This Draft API replaces the current version 1.2 and does not currently cover some types of equipment, e.g., agriculture equipment, cranes, mobile elevating work platforms, air compressors, and other niche products. In addition to the new data fields, the AEM/AEMP Draft Telematics API Standard changes how data is accessed in an effort to make it easier to consume and integrate with other systems and processes. It includes standardized communication protocols for the ability to transfer telematics information in mixed-equipment fleets to end user business enterprise systems, enabling the end user to employ their own business software to collect and then analyze asset data from mixed-equipment fleets without the need to work across multiple telematics provider applications. To achieve a globally recognized standard for conformity worldwide, the AEM/AEMP Draft Telematics API Standard will be submitted for acceptance by the International Organization for Standardization (ISO). Final language is dependent upon completion of the ISO acceptance process. Satellite navigation in the context of vehicle telematics is the technology of using a GPS and electronic mapping tool to enable a driver to locate a position, plan a route, and navigate a journey. ] Mobile data is the use of wireless data communications using radio waves to send and receive real-time computer data to, from, and between devices used by field-based personnel. These devices can be fitted solely for use while in the vehicle (Fixed Data Terminal) or for use in and out of the vehicle (Mobile Data Terminal). See mobile Internet . The common methods for mobile data communication for telematics were based on private vendors' RF communication infrastructure. During the early 2000s, manufacturers of mobile data terminals/AVL devices moved to try cellular data communication to offer cheaper ways to transmit telematics information and wider range based on cellular provider coverage. Since then, as a result of cellular providers offering low GPRS (2.5G) and later UMTS (3G) rates, mobile data is almost totally offered to telematics customers via cellular communication. Wireless vehicle safety communications telematics aid in car safety and road safety. It is an electronic subsystem in a vehicle used for exchanging safety information about road hazards and the locations and speeds of vehicles over short-range radio links . This may involve temporary ad hoc wireless local area networks. Wireless units are often installed in vehicles and fixed locations, such"
"and speeds of vehicles over short-range radio links . This may involve temporary ad hoc wireless local area networks. Wireless units are often installed in vehicles and fixed locations, such as near traffic signals and emergency call boxes along the road. Sensors in vehicles and at fixed locations, as well as in possible connections to wider networks, provide information displayed to drivers . The range of the radio links can be extended by forwarding messages along multi-hop paths. Even without fixed units, information about fixed hazards can be maintained by moving vehicles by passing it backwards. It also seems possible for traffic lights, which one can expect to become smarter, to use this information to reduce the chance of collisions. In the future, it may connect directly to the adaptive cruise control or other vehicle control aids. Cars and trucks with the wireless system connected to their brakes may move in convoys to save fuel and space on the roads. When a column member slows down, those behind it will automatically slow also. Certain scenarios may required less engineering effort, such as when a radio beacon is connected to a brake light. In fall 2008, network ideas were tested in Europe, where radio frequency bandwidth had been allocated. The 30 MHz allocated is at 5.9 GHz, and unallocated bandwidth at 5.4 GHz may also be used. The standard is IEEE 802.11p, a low-latency form of the Wi-Fi local area network standard. Similar efforts are underway in Japan and the USA. ] Telematics technologies are self-orientating open network architecture structures of variable programmable intelligent beacons developed for application in the development of intelligent vehicles with the intent to accord (blend or mesh) warning information with surrounding vehicles in the vicinity of travel, intra-vehicle, and infrastructure. Emergency warning systems for vehicle telematics are developed particularly for international harmonization and standardization of vehicle-to-vehicle, infrastructure-to-vehicle, and vehicle-to-infrastructure real-time Dedicated Short-Range Communication ( DSRC ) systems. Telematics most commonly relate to computerized systems that update information at the same rate they receive data, enabling them to direct or control a process such as an instantaneous autonomous warning notification in a remote machine or group of machines. In the use of telematics relating to intelligent vehicle technologies, instantaneous direction travel cognizance of a vehicle may be transmitted in real-time to surrounding vehicles traveling in the local area of vehicles equipped (with EWSV) to receive said warning signals of danger. Telematics comprise electronic, electromechanical, and electromagnetic devices—usually silicon micro-machined components operating in conjunction with computer-controlled devices and radio transceivers to provide precision repeatability functions (such as in robotics artificial intelligence systems) emergency warning"
"operating in conjunction with computer-controlled devices and radio transceivers to provide precision repeatability functions (such as in robotics artificial intelligence systems) emergency warning validation performance reconstruction. Intelligent vehicle technologies commonly apply to car safety systems and self-contained autonomous electromechanical sensors generating warnings that can be transmitted within a specified targeted area of interest, i.e. within 100 meters of the emergency warning system for the vehicle's transceiver. In ground applications, intelligent vehicle technologies are utilized for safety and commercial communications between vehicles or between a vehicle and a sensor along the road. On November 3, 2009, the most advanced Intelligent Vehicle concept car was demonstrated in New York City when a 2010 Toyota Prius became the first LTE connected car . The demonstration was provided by the NG Connect project, a collaboration of automotive telematic technologies designed to exploit in-car 4G wireless network connectivity. ] Telematics technology has enabled the emergence of carsharing services such as Local Motion, Uber, Lyft, Car2Go , Zipcar worldwide, or City Car Club in the UK . Telematics-enabled computers allow organizers to track members' usage and bill them on a pay-as-you-drive basis. Some systems show users where to find an idle vehicle. ] Car Clubs such as Australia's Charter Drive use telematics to monitor and report on vehicle use within predefined geofence areas to demonstrate the reach of their transit media car club fleet. The general idea of telematics auto insurance is that a driver's behavior is monitored directly while the person drives and this information is transmitted to an insurance company. The insurance company then assesses the risk of that driver having an accident and charges insurance premiums accordingly. A driver who drives less responsibly will be charged a higher premium than a driver who drives smoothly and with less calculated risk of claim propensity. Other benefits can be delivered to end users with Telematics2.0 -based telematics as customer engagement can be enhanced with direct customer interaction. Telematics auto insurance was independently invented and patented ] by a major U.S. auto insurance company, Progressive Auto Insurance U.S. patent 5,797,134 , and a Spanish independent inventor, Salvador Minguijon Perez ( European Patent EP0700009B1 ). The Perez patents cover monitoring the car's engine control computer to determine distance driven, speed, time of day, braking force, etc. Progressive is currently developing the Perez technology in the U.S. and European auto insurer Norwich Union is developing the Progressive technology for Europe. Both patents have since been overturned in courts due to prior work in the commercial insurance sectors. ] Trials conducted by Norwich Union in 2005 found that young drivers (18- to 23-year-olds) signing up for telematics auto insurance have had a"
"due to prior work in the commercial insurance sectors. ] Trials conducted by Norwich Union in 2005 found that young drivers (18- to 23-year-olds) signing up for telematics auto insurance have had a 20% lower accident rate than average. ] In 2007, theoretical economic research on the social welfare effects of Progressive's telematics technology business process patents questioned whether the business process patents are pareto efficient for society. Preliminary results suggested that it was not, but more work is needed. ] ] In April 2014, Progressive patents were overturned by the U.S. legal system on the grounds of ""lack of originality."" The smartphone as the in-vehicle device for insurance telematics has been discussed in great detail ] and the instruments are available for the design of smartphone-driven insurance telematics. Several universities provide two-year Telematics Master of Science programs: In 2007, a project entitled the European Automotive Digital Innovation Studio (EADIS) was awarded 400,000 Euros from the European commission under its Leonardo da Vinci program . EADIS used a virtual work environment called the Digital Innovation Studio to train and develop professional designers in the automotive industry in the impact and application of vehicle telematics so they could integrate new technologies into future products within the automotive industry. Funding ended in 2013. ]"
"An odometer or odograph is an instrument used for measuring the distance traveled by a vehicle, such as a bicycle or car. The device may be electronic, mechanical, or a combination of the two ( electromechanical ). The noun derives from ancient Greek ὁδόμετρον , hodómetron , from ὁδός , hodós (""path"" or ""gateway"") and μέτρον , métron (""measure""). Early forms of the odometer existed in the ancient Greco-Roman world as well as in ancient China . In countries using Imperial units or US customary units it is sometimes called a mileometer or milometer , the former name especially being prevalent in the United Kingdom and among members of the Commonwealth . dubious – discuss ] Possibly the first evidence for the use of an odometer can be found in the works of the ancient Roman Pliny (NH 6. 61-62) and the ancient Greek Strabo (11.8.9). Both authors list the distances of routes traveled by Alexander the Great (r. 336-323 BC) as by his bematists Diognetus and Baeton. However, the high accuracy of the bematists's measurements rather indicates the use of a mechanical device. For example, the section between the cities Hecatompylos and Alexandria Areion, which later became a part of the Silk Road , was given by Alexander's bematists as 575 Roman miles (529 English miles ) long, that is with a deviation of 0.2% from the actual distance (531 English miles). From the nine surviving bematists' measurements in Pliny's Naturalis Historia eight show a deviation of less than 5% from the actual distance, three of them being within 1%. Since these minor discrepancies can be adequately explained by slight changes in the tracks of roads during the last 2300 years, the overall accuracy of the measurements implies that the bematists already must have used a sophisticated device for measuring distances, although there is no direct mention of such a device. An odometer for measuring distance was first described by Vitruvius around 27 and 23 BC, during the First Punic War , although the actual inventor may have been Archimedes of Syracuse (c. 287 BC – c. 212 BC ). Hero of Alexandria (10 AD – 70 AD) describes a similar device in chapter 34 of his Dioptra . The machine was also used in the time of Roman Emperor Commodus ( c. 192 AD ), although after this point in time there seems to be a gap between its use in Roman times and that of the 15th century in Western Europe. ] Some researchers have speculated that the device might have included technology similar to that of the Greek Antikythera mechanism . ] The odometer of Vitruvius was based on chariot wheels of 4 Roman feet (1.18 m) diameter turning 400 times in one Roman mile (about 1,480 m). For each revolution a pin on the axle engaged a 400-tooth cogwheel thus turning it one complete revolution per mile. This engaged another gear with holes along the circumference , where pebbles ( calculus ) were located, that were to drop one by one into a box. The distance traveled would thus be given simply by counting the number of"
"gear with holes along the circumference , where pebbles ( calculus ) were located, that were to drop one by one into a box. The distance traveled would thus be given simply by counting the number of pebbles. ] Whether this instrument was ever built at the time is disputed. Leonardo da Vinci later tried to build it himself according to the description, but failed. However, in 1981 engineer Andre Sleeswyk built his own replica, replacing the square-toothed gear designs of Leonardo with the triangular, pointed teeth found in the Antikythera mechanism . With this modification, the Vitruvius odometer functioned perfectly. ] The odometer was also independently invented in ancient China , ] possibly by the prolific inventor and early scientist Zhang Heng (78 AD – 139 AD) of the Han dynasty . By the 3rd century (during the Three Kingdoms Period), the Chinese had termed the device as the 'jì lĭ gŭ chē' (記里鼓車), or ' li -recording drum carriage' (Note: the modern measurement of li = 500 m (1,640 ft)). ] Chinese texts of the 3rd century tell of the mechanical carriage's functions, and as one li is traversed, a mechanical-driven wooden figure strikes a drum, and when ten li is traversed, another wooden figure would strike a gong or a bell with its mechanical-operated arm. ] Despite its association with Zhang Heng or even the later Ma Jun (c. 200–265), there is evidence to suggest that the invention of the odometer was a gradual process in Han Dynasty China that centered around the huang men court people (i.e. eunuchs, palace officials, attendants and familiars, actors, acrobats, etc.) that would follow the musical procession of the royal 'drum-chariot'. ] The historian Joseph Needham asserts that it is no surprise this social group would have been responsible for such a device, since there is already other evidence of their craftsmanship with mechanical toys to delight the emperor and the court. There is speculation that some time in the 1st century BC (during the Western Han Dynasty), the beating of drums and gongs were mechanically-driven by working automatically off the rotation of the road-wheels. ] This might have actually been the design of one Luoxia Hong ( c. 110 BC ), yet by 125 AD the mechanical odometer carriage in China was already known (depicted in a mural of the Xiaotangshan Tomb ). ] The odometer was used also in subsequent periods of Chinese history. In the historical text of the Jin Shu (635 AD), the oldest part of the compiled text, the book known as the Cui Bao ( c. 300 AD ), recorded the use of the odometer, providing description (attributing it to the Western Han era, from 202 BC–9 AD). ] The passage in the Jin Shu expanded upon this, explaining that it took a similar form to the mechanical device of the south-pointing chariot invented by Ma Jun (200–265, see also differential gear). As recorded in the Song Shi of the Song Dynasty (960-1279 AD), the odometer and south-pointing chariot were combined into one wheeled device by engineers"
"Ma Jun (200–265, see also differential gear). As recorded in the Song Shi of the Song Dynasty (960-1279 AD), the odometer and south-pointing chariot were combined into one wheeled device by engineers of the 9th century, 11th century, and 12th century. The Sunzi Suanjing (Master Sun's Mathematical Manual), dated from the 3rd century to 5th century, presented a mathematical problem for students involving the odometer. It involved a given distance between two cities, the small distance needed for one rotation of the carriage's wheel, and the posed question of how many rotations the wheels would have in all if the carriage was to travel between point A and B. ] The historical text of the Song Shi (1345 AD), recording the people and events of the Chinese Song Dynasty (960–1279), also mentioned the odometer used in that period. However, unlike written sources of earlier periods, it provided a much more thoroughly detailed description of the device that harkens back to its ancient form ( Wade-Giles spelling): The odometer. is painted red, with pictures of flowers and birds on the four sides, and constructed in two storeys, handsomely adorned with carvings. At the completion of every li, the wooden figure of a man in the lower storey strikes a drum; at the completion of every ten li, the wooden figure in the upper storey strikes a bell. The carriage-pole ends in a phoenix-head, and the carriage is drawn by four horses. The escort was formerly of 18 men, but in the 4th year of the Yung-Hsi reign-period (987 AD) the emperor Thai Tsung increased it to 30. In the 5th year of the Thien-Sheng reign-period (1027 AD) the Chief Chamberlain Lu Tao-lung presented specifications for the construction of odometers as follows: ] What follows is a long dissertation made by the Chief Chamberlain Lu Daolong on the ranging measurements and sizes of wheels and gears, along with a concluding description at the end of how the device ultimately functions: The vehicle should have a single pole and two wheels. On the body are two storeys, each containing a carved wooden figure holding a drumstick. The road-wheels are each 6 ft in diameter, and 18 ft in circumference, one evolution covering 3 paces. According to ancient standards the pace was equal to 6 ft and 300 paces to a li; but now the li is reckoned as 360 paces of 5 ft each. ] The vehicle wheel (li lun) is attached to the left road-wheel; it has a diameter of 1.38 ft with a circumference of 4.14 ft, and has 18 cogs (chhih) 2.3 inches apart. There is also a lower horizontal wheel (hsia phing lun), of diameter 4.14 ft and circumference 12.42 ft, with 54 cogs, the same distance apart as those on the vertical wheel (2.3 inches). (This engages with the former.) ] Upon a vertical shaft turning with this wheel, there is fixed a bronze ""turning-like-the-wind wheel"" (hsuan feng lun) which has (only) 3 cogs, the distance between these being 1.2 inches. (This turns the following one.) In the middle is a horizontal wheel, 4 ft in"
"""turning-like-the-wind wheel"" (hsuan feng lun) which has (only) 3 cogs, the distance between these being 1.2 inches. (This turns the following one.) In the middle is a horizontal wheel, 4 ft in diameter, and 12 ft circumference, with 100 cogs, the distance between these cogs being the same as on the ""turning-like-the-wind wheel"" (1.2 inches). ] Next, there is fixed (on the same shaft) a small horizontal wheel (hsiao phing lun) 3.3 inches in diameter and 1 ft in circumference, having 10 cogs 1.5 inches apart. (Engaging with this) there is an upper horizontal wheel (shang phing lun) having a diameter of 3.3 ft and a circumference of 10 ft, with 100 cogs, the same distance apart as those of the small horizontal wheel (1.5 inches). ] When the middle horizontal wheel has made 1 revolution, the carriage will have gone 1 li and the wooden figure in the lower story will strike the drum. When the upper horizontal wheel has made 1 revolution, the carriage will have gone 10 li and the figure in the upper storey will strike the bell. The number of wheels used, great and small, is 8 inches in all, with a total of 285 teeth. Thus the motion is transmitted as if by the links of a chain, the ""dog-teeth"" mutually engaging with each other, so that by due revolution everything comes back to its original starting point (ti hsiang kou so, chhuan ya hsiang chih, chou erh fu shih). ] Odometers were first developed in the 1600s for wagons and other horse-drawn vehicles in order to measure distances traveled. Levinus Hulsius published the odometer in 1604 in his work Gründtliche Beschreibung deß Diensthafften und Nutzbahrn Instruments Viatorii oder Wegzählers, So zu Fuß, zu Pferdt unnd zu Fußen gebraucht werden kann, damit mit geringer mühe zu wissen, wie weit man gegangen, geritten, oder gefahren sey: als auch zu erfahren, ohne messen oder zehlen, wie weit von einem Orth zum andern. Daneben wird auch der grosse verborgene Wegweiser angezeiget und vermeldet . ] In 1645, the French mathematician Blaise Pascal invented the pascaline . Though not an odometer, the pascaline utilized gears to compute measurements. Each gear contained 10 teeth. The first gear advanced the next gear one position when moved one complete revolution, the same principle employed on modern mechanical odometers. Odometers were developed for ships in 1698 with the odometer invented by the Englishman Thomas Savery . Benjamin Franklin , U.S. statesman and the first Postmaster General , built a prototype odometer in 1775 that he attached to his carriage to help measure the mileage of postal routes. ] In 1847, William Clayton and Orson Pratt , pioneers of the Church of Jesus Christ of Latter-day Saints , first implemented the Roadometer they had invented earlier (a version of the modern odometer), which they attached to a wagon used by American settlers heading west. ] It recorded the distance traveled each day by the wagon trains . The Roadometer used two gears and was an early example of an odometer"
"attached to a wagon used by American settlers heading west. ] It recorded the distance traveled each day by the wagon trains . The Roadometer used two gears and was an early example of an odometer with pascaline-style gears in actual use. ] In 1895, Curtis Hussey Veeder invented the Cyclometer . ] ] The Cyclometer was a mechanical device that counted the number of rotations of a bicycle wheel. ] A flexible cable transmitted the number of rotations of the wheel to an analog odometer visible to the rider, which converted the wheel rotations into the number of miles traveled according to a predetermined formula. In 1903 Arthur P. and Charles H. Warner, two brothers from Beloit, Wisconsin, introduced their patented Auto-meter . The Auto-Meter used a magnet attached to a rotating shaft to induce a magnetic pull upon a thin metal disk. Measuring this pull provided accurate measurements of both distance and speed information to automobile drivers in a single instrument. The Warners sold their company in 1912 to the Stewart & Clark Company of Chicago. The new firm was renamed the Stewart-Warner Corporation. By 1925, Stewart-Warner odometers and trip meters were standard equipment on the vast majority of automobiles and motorcycles manufactured in the United States. By the early 2000s, mechanical odometers would be phased out on cars from major manufacturers. The Pontiac Grand Prix was the last GM car sold in the US to offer a mechanical odometer in 2003; the Canadian-built Ford Crown Victoria and Mercury Grand Marquis were the last Fords sold with one in 2005. citation needed ] Most modern cars include a trip meter ( trip odometer ). Unlike the odometer, a trip meter is reset at any point in a journey, making it possible to record the distance traveled in any particular journey or part of a journey. It was traditionally a purely mechanical device but, in most modern vehicles, it is now electronic. Many modern vehicles often have multiple trip meters. Most mechanical trip meters will show a maximum value of 999.9. The trip meter may be used to record the distance traveled on each tank of fuel, making it very easy to accurately track the energy efficiency of the vehicle; another common use is resetting it to zero at each instruction in a sequence of driving directions, to be sure when one has arrived at the next turn. A form of fraud is to tamper with the reading on an odometer and presenting the incorrect number of milesspeedometer pair while on the road. Older vehicles can be driven in reverse to subtract mileage, a concept which provides the premise for a classic scene in the comedy film Ferris Bueller's Day Off , but modern odometers add mileage driven in reverse to the total as if driven forward, thereby accurately reflecting the true total wear and tear on the vehicle. The resale value of a vehicle is often strongly influenced by the total distance shown on the odometer, yet odometers are inherently insecure because they are under the control of"
"on the vehicle. The resale value of a vehicle is often strongly influenced by the total distance shown on the odometer, yet odometers are inherently insecure because they are under the control of their owners. Many jurisdictions have chosen to enact laws which penalize people who are found to commit odometer fraud . In the US (and many other countries), vehicle mechanics are also required to keep records of the odometer any time a vehicle is serviced or inspected . Companies such as Carfax then use these data to help potential car buyers detect whether odometer rollback has occurred. Research by Irish vehicle check specialist Cartell found that 20% of vehicles imported to Ireland from Great Britain and Northern Ireland had had their mileometers altered to show a lower mileage. ] Most odometers work by counting wheel rotations and assume that the distance traveled is the number of wheel rotations times the tire circumference, which is a standard tire diameter times pi (3.141592). If nonstandard or severely worn or underinflated tires are used then this will cause some error in the odometer. The formula is ( a c t u a l d i s t a n c e t r a v e l e d ) = ( ( f i n a l o d o m e t e r r e a d i n g ) − − ( i n i t i a l o d o m e t e r r e a d i n g ) ) ⋅ ⋅ ( a c t u a l t i r e d i a m e t e r ) ( s t a n d a r d t i r e d i a m e t e r ) {\displaystyle (actual\ distance\ traveled)={\tfrac {((final\ odometer\ reading)-(initial\ odometer\ reading))\cdot (actual\ tire\ diameter)}{(standard\ tire\ diameter)}}} . It is common for odometers to be off by several percent. ] Odometer errors are typically proportional to speedometer errors ."
"Usage-based insurance ( UBI ), also known as pay as you drive ( PAYD ), pay how you drive ( PHYD ) and mile-based auto insurance , is a type of vehicle insurance whereby the costs are dependent upon type of vehicle used, measured against time, distance, behavior and place. This differs from traditional insurance, which attempts to differentiate and reward ""safe"" drivers, giving them lower premiums and/or a no-claims bonus. However, conventional differentiation is a reflection of history rather than present patterns of behaviour. This means that it may take a long time before safer (or more reckless) patterns of driving and changes in lifestyle feed through into premiums. The simplest form of usage-based insurance bases the insurance costs simply on distance driven. However, the general concept of pay as you drive includes any scheme where the insurance costs may depend not just on how much you drive but how, where, and when one drives. ] Pay as you drive (PAYD) means that the insurance premium is calculated dynamically, typically according to the amount driven. There are three types of usage-based insurance: The formula can be a simple function of the number of miles driven, or can vary according to the type of driving or the identity of the driver. Once the basic scheme is in place, it is possible to add further details, such as an extra risk premium if someone drives too long without a break, uses their mobile phone while driving, or travels at an excessive speed. Telematic usage-based insurance (i.e. the latter two types, in which vehicle information is automatically transmitted to the system) provides a much more immediate feedback loop to the driver, ] by changing the cost of insurance dynamically with a change of risk. This means drivers have a stronger incentive to adopt safer practices. For example, if a commuter switches to public transport or to working at home, this immediately reduces the risk of rush hour accidents. With usage-based insurance, this reduction would be immediately reflected in the cost of car insurance for that month. citation needed ] The smartphone as measurement probe for insurance telematics has been surveyed ] Another form of usage-based insurance is PHYD (Pay How You Drive). Similar to PAYD, but also brings in additional sensors like accelerometer to monitor driving behavior. ] There are several issued patents ] and pending patent applications that have been filed worldwide on various inventions related to telematic auto insurance. These include: In order to make sure that patents did not hinder its Pay as You Drive development program, Norwich Union purchased the UK version of EP0700009 and obtained an exclusive license to any EU patents that may emerge from Progressive's EU patent applications. citation needed ] In June 2010, Progressive Auto Insurance filed a patent infringement lawsuit against Liberty Mutual over one of Progressive's Pay As You Drive auto insurance patents. ] In September 2010 Progressive"
"In June 2010, Progressive Auto Insurance filed a patent infringement lawsuit against Liberty Mutual over one of Progressive's Pay As You Drive auto insurance patents. ] In September 2010 Progressive Auto Insurance filed a declaratory judgment lawsuit against Hughes Telematics to have several its patents covering OBDII mounted wireless data loggers declared invalid. Progressive uses these devices from a competitive supplier, Xirgo Technologies . ] Telematics have been proposed or utilised in order to detect distracted driving . The use of telematics to detect drunk driving and Texting while driving has been proposed. ] A US patent application combining this technology with a usage based insurance product was open for public comment on peer to patent . ]"
"Odometer fraud , also referred to as ""busting miles"" (United States) or ""clocking"" (UK, Ireland and Canada), is the illegal practice of rolling back odometers to make it appear that vehicles have lower mileage than they actually do. Odometer fraud occurs when the seller of a vehicle falsely represents the actual mileage of a vehicle to the buyer. ] According to the Office of Odometer Fraud Investigation at the US Department of Transportation , ] odometer fraud is a serious crime and important consumer fraud issue. In the National Highway Traffic Safety Administration 's (NHTSA) 2002 odometer fraud study, the NHTSA determined that 450,000 vehicles were sold each year with false odometer readings, resulting in a cost of over $1 billion annually to car buyers in the US. ] In the UK, the Office of Fair Trading estimates the annual cost at £500m. ] Common examples of odometer fraud include situations where someone tampers with the odometer by rolling it back or replacing the odometer and failing to provide the required notice on the vehicle. According to AIM Mobile Inspections, ] an evaluator of new and used vehicles, the incidence of odometer rollback for the purpose of misrepresenting the mileage of off-lease used vehicles had increased by 30 percent since the beginning of 2011. A 2017 Motorcheck analysis of the Irish used car market showed 15% of all used cars for sale are clocked, with 70% of these cars being diesel engines. ] There are a number of ways in which a vehicle buyer might determine existence of possible odometer fraud. ] In the US, states require vehicle purchasers to obtain a title or certificate of registration due to federal laws . These titles contain information about a vehicle's odometer history. The information can be accessed through each state's Department of Motor Vehicles . Other options to detect odometer fraud include contacting the vehicle's former owners, conducting a mechanical inspection of the vehicle with particular attention to normal but harmless wear and tear such as to floor-mats and the rubber on pedals (or to suspiciously new such items), and checking the vehicle's history report (see used car for a list of vehicle history services in different countries). Modern cars often employ digital odometers. These odometers are said to be, in some cases, even easier to tamper with than mechanical odometers with the use of several electronic tools, most of which plug in via a car's OBD2 port. ] ]"
"The Progressive Corporation is an American insurance company. In late 2022, Progressive became the largest motor insurance carrier in the U.S. ] The company was co-founded in 1937 by Jack Green and Joseph M. Lewis, and is headquartered in Mayfield, Ohio . ] The company insures passenger vehicles, motorcycles, RVs, trailers, boats, PWC, and commercial vehicles. Progressive also provides home , life , pet , and other insurance through select companies. Additionally, Progressive offers auto insurance in Australia . The company ranked #88 on the 2023 Fortune 500 list of the top American corporations. ] Progressive was formed in 1937 by Joseph Lewis and Jack Green as Progressive Mutual Insurance Company. ] In 1956, the company found a niche by insuring more risky drivers. In 1965, Peter B. Lewis , son of Joseph Lewis, and his mother borrowed $2.5 million, pledging their majority stake as collateral, and completed a leveraged buyout of Progressive. ] ] In 1987, the sum of the company's written premiums surpassed $1 billion, and by 2016 that number reached $20 billion. ] ] Progressive boasts being the first auto insurance company to have a website and to allow customers to purchase policies via that site. Later, Progressive would pioneer the use of mobile browsers and smartphone apps for rating and managing policies. ] It was also the first to offer 24/7 claims reporting. ] The company operates in three segments: personal lines, commercial auto, and other indemnity . ] Progressive is one of the largest auto insurers in the United States, with over 13 million policies in force, ] along with State Farm , Allstate , GEICO , Nationwide Mutual Insurance Company , Farmers Insurance Group , and USAA . Progressive primarily offers its services through the internet, by telephone or through independent insurance agents. ] Progressive’s Agency business sells insurance through more than 30,000 independent insurance agents ] and progressiveagent.com where customers can quote their own policies and then contact an agent to complete the sale. In December 2009, Progressive announced it was selling car insurance in Australia . ] Initially called Progressive Direct, it rebranded as Progressive in 2011, and later rebranded as PD Insurance in 2019. ] Progressive's marketing campaign is known for offering quotes of its competitors along with its own quote. It was the first major insurer to offer auto policies through the phone and through its web site. In September 2007 Progressive began to offer Pet Injury coverage, which provides coverage for dogs and cats that are injured in a crash and is included at no additional cost with Collision coverage. ] Immediate Response Vehicles (IRVs) used by Progressive are specially modified Ford Explorers and Ford Escapes . ] Since 2008, many of Progressive's television advertisements have featured a woman named Flo (played by actress Stephanie Courtney ), who explains the benefits of Progressive Insurance. ] ] In December 2010, the"
"many of Progressive's television advertisements have featured a woman named Flo (played by actress Stephanie Courtney ), who explains the benefits of Progressive Insurance. ] ] In December 2010, the company introduced the ""Messenger"", as a complementary campaign. He was played by John Jenkinson. ] The Flo universe also includes Jamie ( Jim Cashman ), an awkward fellow Progressive employee; and Bill and Tom, rival insurance salesmen from the figurative straw man ""A. Nother Insurance Company"". Bill and Tom were largely discontinued after Allstate filed a claim with the Better Business Bureau alleging that Progressive was making a false claim that they offered discounts that Allstate and other insurance providers did not. ] In 2012, Progressive introduced another character, a personified box (voiced by Chris Parnell ) representing the company's products. It is portrayed as having an entourage (including a personal trainer). ] Progressive later added more characters like Flobot, Mara ( Natalie Palamides ), Dr. Rick , and Motaur to its advertising series. In 2019, Progressive began the At Home with Baker Mayfield ad campaign during the National Football League season. The campaign featured the Cleveland Browns quarterback living with his wife in FirstEnergy Stadium . ] After he was traded to the Carolina Panthers in the 2022 offseason, Mayfield stated that the advertisements will end, calling it a ""missed opportunity"". ] ] In 2022, Jon Hamm appeared in several TV commercials, as himself, unsuccessfully pursuing a romantic relationship with spokesperson Flo. ] According to a February 2011 Wall Street Journal article, Progressive has a leg up on its rivals in Pay As You Drive insurance, a form of vehicle insurance also generically known as usage-based insurance. ] Progressive has seven U.S. patents covering usage-based insurance methods and systems, with more patents pending. citation needed ] needs update ] Progressive began working on the concept in the mid-1990s and continues to refine the concept and bring it to the mass market. Snapshot is Progressive's Pay As You Drive , or usage-based insurance program. Snapshot is a voluntary discount program where drivers can save money on their car insurance by sharing their driving habits with Progressive. According to Progressive, Snapshot is best for people who drive less, in safer ways and during safer times of day. ] Snapshot customers can make changes to their driving habits that will lead to bigger discounts by checking their driving data and projected discount on progressive.com over the course of their initial policy period. ] Drivers plug a device the size of a garage door opener into the on-board diagnostic (OBD) port of their car. The device records and sends the driving data to Progressive, and Progressive uses that information to calculate the rate. After 30 days, customers find out if they're eligible for a discount based on that 30-day ""snapshot"" of their driving habits. At the end of a"
"Progressive uses that information to calculate the rate. After 30 days, customers find out if they're eligible for a discount based on that 30-day ""snapshot"" of their driving habits. At the end of a six-month policy period, Progressive calculates the customer's renewal discount and customers return the device to Progressive. The company doesn't take into account how fast the car goes although it does take into account how fast and frequently the vehicle operator brakes. Snapshot is voluntary and customers can opt out at any time. The customer is charged up to $50.00 if they do not return the snapshot device to Progressive should they decide not to engage in the program after receiving it. ] Snapshot is currently available in 45 states plus the District of Columbia. Because insurance is regulated at the state level, Snapshot is currently not available in Alaska, California, Hawaii, and North Carolina. ] On December 13, 2006, the company said earnings rose 58 percent in November as the company retained more of the premiums it collected because of comparisons to a month affected by Hurricane Katrina claims. ] In 1999, Progressive Auto Insurance was the title sponsor of the Super Bowl XXXIII halftime show . ] In January 2008, Jacobs Field in Cleveland, Ohio , home of the Cleveland Guardians , was renamed Progressive Field . Progressive signed a 16-year contract for the naming rights, as well as sponsorship rights to become the Official Auto Insurer of the Cleveland Indians. The agreement costs around $3.6 million per year. ] ( Mayfield Village, Ohio , where the company is based, is a suburb of Cleveland.) In March 2008, Progressive announced its title sponsorship of the Progressive Insurance Automotive X PRIZE and their funding of the $10 million prize purse. The Progressive Automotive X PRIZE is an international competition designed to inspire a new generation of viable, super fuel-efficient vehicles. The competition is open to teams from around the world that can design, build, and bring to market 100 MPGe (miles per gallon energy equivalent) vehicles. ] On December 14, 2010, the Gator Bowl Association announced that Progressive Insurance would become the title sponsor for the 2011 Gator Bowl ] college football bowl game. On September 24, 2019, Progressive became the official sponsor of Friday Night SmackDown broadcast on Fox. ] Starting in 2020, Progressive sponsored Roush Fenway Racing 's Ryan Newman car at races at Atlanta and Pocono. Starting in 2021, Progressive sponsored Sesame Street on PBS Kids replacing Blue Lizard Australian Sunscreen. Progressive has been the Title Sponsor of the National Marine Manufacturers Association (NMMA) boat shows since 2012, and will maintain title sponsorship through at least 2022. ] In 2002, the company settled with the State of Georgia in a class action lawsuit over diminished value claims brought by policyholders. ] Five years later, the company apologized after it was revealed they hired private"
"settled with the State of Georgia in a class action lawsuit over diminished value claims brought by policyholders. ] Five years later, the company apologized after it was revealed they hired private investigators to infiltrate a church group and pose as congregation members to collect information on litigants seeking redress from the company. Another lawsuit was filed by the litigants over the affair against the company for invasion of privacy and fraud . ] In 2009, Progressive was sued for allegedly deceiving policyholders by employing illegally operated, unlicensed body shops to make repairs on vehicles for their clients in order to save money. ] The court ruled in the company's favor on two of the counts and the other four were dropped, pending appeal . ] In 2012, the company was widely criticized online for how it handled the claims filed by the family of Kaitlynn Fisher. The 24-year-old died when the car she was driving was hit by another that had run a red light in Baltimore . Progressive fought to avoid paying out the claim to Fisher's estate. Fisher's insurance policy with Progressive included coverage in the event of an accident with an underinsured driver. The underinsured driver was found to be negligent in a jury trial brought by the Fisher family, in which the Fisher family contended that Progressive provided legal assistance to the defense. ] ] ] In two followup statements, Progressive explained that they did not ""serve as the attorney for the defendant in this case"" ] and then clarified that ""s a defendant in this case, Progressive participated in the trial procedures on our own behalf."" ] The company's position was that fault for the accident had not been clearly established, since three witnesses (the driver of the other car, that car's passenger, and Ms. Fisher's passenger) believed that Fisher had run a red light, and filed a motion to intervene to assert that she had been at fault, and therefore was not liable to pay the underinsured motorist claim. The lawyer for the Fisher family countered by noting that two of the three witnesses were not independent, saying ""I have an issue with how they examined the evidence to abandon their insured"" and introduced the idea the state insurance commissioner could find Progressive had acted in bad faith. As noted, Progressive lost the case and was ordered to pay the underinsured motorist claim in addition to a separate settlement with the Fisher family ""to avoid a hearing before the state insurance commissioner"". ]"
"The Global Positioning System ( GPS ), originally Navstar GPS , ] is a satellite-based radio navigation system owned by the United States government and operated by the United States Space Force . ] It is one of the global navigation satellite systems (GNSS) that provide geolocation and time information to a GPS receiver anywhere on or near the Earth where there is an unobstructed line of sight to four or more GPS satellites. ] It does not require the user to transmit any data, and operates independently of any telephone or Internet reception, though these technologies can enhance the usefulness of the GPS positioning information. It provides critical positioning capabilities to military, civil, and commercial users around the world. Although the United States government created, controls and maintains the GPS system, it is freely accessible to anyone with a GPS receiver. ] The GPS project was started by the U.S. Department of Defense in 1973. The first prototype spacecraft was launched in 1978 and the full constellation of 24 satellites became operational in 1993. After Korean Air Lines Flight 007 was shot down when it mistakenly entered Soviet airspace, President Ronald Reagan announced that the GPS system would be made available for civilian use as of September 16, 1983; ] however, initially this civilian use was limited to an average accuracy of 100 meters (330 ft) by use of Selective Availability (SA), a deliberate error introduced into the GPS data (which military receivers could correct for). As civilian GPS usage grew, there was increasing pressure to remove this error. The SA system was temporarily disabled during the Gulf War , as a shortage of military GPS units meant that many US soldiers were using civilian GPS units sent from home. In the 1990s, Differential GPS systems from the US Coast Guard , Federal Aviation Administration , and similar agencies in other countries began to broadcast local GPS corrections, reducing the effect of both SA degradation and atmospheric effects (that military receivers also corrected for). The US military had also developed methods to perform local GPS jamming, meaning that the ability to globally degrade the system was no longer necessary. As a result, President Bill Clinton signed a bill ordering that Selective Availability be disabled on May 1, 2000; ] and, in 2007 , the US government announced that the next generation of GPS satellites would not include the feature at all. Advances in technology and new demands on the existing system have now led to efforts to modernize the GPS and implement the next generation of GPS Block III satellites and Next Generation Operational Control System (OCX) ] which was authorized by the U.S. Congress in 2000. When Selective Availability was discontinued, GPS was accurate to about 5 meters (16 ft). GPS receivers that use the L5 band have much higher accuracy of 30 centimeters (12 in), while those for high-end applications such as engineering and land surveying are"
"to about 5 meters (16 ft). GPS receivers that use the L5 band have much higher accuracy of 30 centimeters (12 in), while those for high-end applications such as engineering and land surveying are accurate to within 2 cm ( 3 ⁄ 4 in) and can even provide sub-millimeter accuracy with long-term measurements. ] ] ] Consumer devices such as smartphones can be accurate to 4.9 m (16 ft) or better when used with assistive services like Wi-Fi positioning . ] As of July 2023 ] , 18 GPS satellites broadcast L5 signals, which are considered pre-operational prior to being broadcast by a full complement of 24 satellites in 2027. ] The GPS project was launched in the United States in 1973 to overcome the limitations of previous navigation systems, ] combining ideas from several predecessors, including classified engineering design studies from the 1960s. The U.S. Department of Defense developed the system, which originally used 24 satellites, for use by the United States military, and became fully operational in 1993. Civilian use was allowed from the 1980s. Roger L. Easton of the Naval Research Laboratory , Ivan A. Getting of The Aerospace Corporation , and Bradford Parkinson of the Applied Physics Laboratory are credited with inventing it. ] The work of Gladys West on the creation of the mathematical geodetic Earth model is credited as instrumental in the development of computational techniques for detecting satellite positions with the precision needed for GPS. ] ] The design of GPS is based partly on similar ground-based radio-navigation systems, such as LORAN and the Decca Navigator , developed in the early 1940s. In 1955, Friedwardt Winterberg proposed a test of general relativity —detecting time slowing in a strong gravitational field using accurate atomic clocks placed in orbit inside artificial satellites. Special and general relativity predicted that the clocks on GPS satellites, as observed by those on Earth, run 38 microseconds faster per day than those on the Earth. The design of GPS corrects for this difference; because without doing so, GPS calculated positions would accumulate errors of up to 10 kilometers per day (6 mi/d). ] When the Soviet Union launched its first artificial satellite ( Sputnik 1 ) in 1957, two American physicists, William Guier and George Weiffenbach, at Johns Hopkins University 's Applied Physics Laboratory (APL) decided to monitor its radio transmissions. ] Within hours they realized that, because of the Doppler effect , they could pinpoint where the satellite was along its orbit. The Director of the APL gave them access to their UNIVAC to do the heavy calculations required. Early the next year, Frank McClure, the deputy director of the APL, asked Guier and Weiffenbach to investigate the inverse problem: pinpointing the user's location, given the satellite's. (At the time, the Navy was developing the submarine-launched Polaris missile, which required them to know the submarine's location.) This led them and APL to develop"
"location, given the satellite's. (At the time, the Navy was developing the submarine-launched Polaris missile, which required them to know the submarine's location.) This led them and APL to develop the TRANSIT system. ] In 1959, ARPA (renamed DARPA in 1972) also played a role in TRANSIT. ] ] ] TRANSIT was first successfully tested in 1960. ] It used a constellation of five satellites and could provide a navigational fix approximately once per hour. In 1967, the U.S. Navy developed the Timation satellite, which proved the feasibility of placing accurate clocks in space, a technology required for GPS. In the 1970s, the ground-based OMEGA navigation system, based on phase comparison of signal transmission from pairs of stations, ] became the first worldwide radio navigation system. Limitations of these systems drove the need for a more universal navigation solution with greater accuracy. Although there were wide needs for accurate navigation in military and civilian sectors, almost none of those was seen as justification for the billions of dollars it would cost in research, development, deployment, and operation of a constellation of navigation satellites. During the Cold War arms race , the nuclear threat to the existence of the United States was the one need that did justify this cost in the view of the United States Congress. This deterrent effect is why GPS was funded. citation needed ] It is also the reason for the ultra-secrecy at that time. The nuclear triad consisted of the United States Navy's submarine-launched ballistic missiles (SLBMs) along with United States Air Force (USAF) strategic bombers and intercontinental ballistic missiles (ICBMs). Considered vital to the nuclear deterrence posture, accurate determination of the SLBM launch position was a force multiplier . Precise navigation would enable United States ballistic missile submarines to get an accurate fix of their positions before they launched their SLBMs. ] The USAF, with two thirds of the nuclear triad, also had requirements for a more accurate and reliable navigation system. The U.S. Navy and U.S. Air Force were developing their own technologies in parallel to solve what was essentially the same problem. To increase the survivability of ICBMs, there was a proposal to use mobile launch platforms (comparable to the Soviet SS-24 and SS-25 ) and so the need to fix the launch position had similarity to the SLBM situation. In 1960, the Air Force proposed a radio-navigation system called MOSAIC (MObile System for Accurate ICBM Control) that was essentially a 3-D LORAN. A follow-on study, Project 57, was performed in 1963 and it was ""in this study that the GPS concept was born"". That same year, the concept was pursued as Project 621B, which had ""many of the attributes that you now see in GPS"" ] and promised increased accuracy for Air Force bombers as well as ICBMs. Updates from the Navy TRANSIT system were too slow for the high speeds of Air Force operation. The Naval Research"
"see in GPS"" ] and promised increased accuracy for Air Force bombers as well as ICBMs. Updates from the Navy TRANSIT system were too slow for the high speeds of Air Force operation. The Naval Research Laboratory (NRL) continued making advances with their Timation (Time Navigation) satellites, first launched in 1967, second launched in 1969, with the third in 1974 carrying the first atomic clock into orbit and the fourth launched in 1977. ] Another important predecessor to GPS came from a different branch of the United States military. In 1964, the United States Army orbited its first Sequential Collation of Range ( SECOR ) satellite used for geodetic surveying. ] The SECOR system included three ground-based transmitters at known locations that would send signals to the satellite transponder in orbit. A fourth ground-based station, at an undetermined position, could then use those signals to fix its location precisely. The last SECOR satellite was launched in 1969. ] With these parallel developments in the 1960s, it was realized that a superior system could be developed by synthesizing the best technologies from 621B, Transit, Timation, and SECOR in a multi-service program. Satellite orbital position errors, induced by variations in the gravity field and radar refraction among others, had to be resolved. A team led by Harold L. Jury of Pan Am Aerospace Division in Florida from 1970 to 1973, used real-time data assimilation and recursive estimation to do so, reducing systematic and residual errors to a manageable level to permit accurate navigation. ] During Labor Day weekend in 1973, a meeting of about twelve military officers at the Pentagon discussed the creation of a Defense Navigation Satellite System (DNSS) . It was at this meeting that the real synthesis that became GPS was created. Later that year, the DNSS program was named Navstar. ] Navstar is often erroneously considered an acronym for ""NAVigation System using Timing And Ranging"" but was never considered as such by the GPS Joint Program Office (TRW may have once advocated for a different navigational system that used that acronym). ] With the individual satellites being associated with the name Navstar (as with the predecessors Transit and Timation), a more fully encompassing name was used to identify the constellation of Navstar satellites, Navstar-GPS . ] Ten "" Block I "" prototype satellites were launched between 1978 and 1985 (an additional unit was destroyed in a launch failure). ] The effect of the ionosphere on radio transmission was investigated in a geophysics laboratory of Air Force Cambridge Research Laboratory , renamed to Air Force Geophysical Research Lab (AFGRL) in 1974. AFGRL developed the Klobuchar model for computing ionospheric corrections to GPS location. ] Of note is work done by Australian space scientist Elizabeth Essex-Cohen at AFGRL in 1974. She was concerned with the curving of the paths of radio waves ( atmospheric refraction ) traversing the ionosphere from"
"done by Australian space scientist Elizabeth Essex-Cohen at AFGRL in 1974. She was concerned with the curving of the paths of radio waves ( atmospheric refraction ) traversing the ionosphere from NavSTAR satellites. ] After Korean Air Lines Flight 007 , a Boeing 747 carrying 269 people, was shot down by a Soviet interceptor aircraft after straying in prohibited airspace because of navigational errors, ] in the vicinity of Sakhalin and Moneron Islands , President Ronald Reagan issued a directive making GPS freely available for civilian use, once it was sufficiently developed, as a common good. ] The first Block II satellite was launched on February 14, 1989, ] and the 24th satellite was launched in 1994. The GPS program cost at this point, not including the cost of the user equipment but including the costs of the satellite launches, has been estimated at US$5 billion (equivalent to $10 billion in 2023). ] Initially, the highest-quality signal was reserved for military use, and the signal available for civilian use was intentionally degraded, in a policy known as Selective Availability . This changed on May 1, 2000, with President Bill Clinton signing a policy directive to turn off Selective Availability to provide the same accuracy to civilians that was afforded to the military. The directive was proposed by the U.S. Secretary of Defense, William Perry , in view of the widespread growth of differential GPS services by private industry to improve civilian accuracy. Moreover, the U.S. military was developing technologies to deny GPS service to potential adversaries on a regional basis. ] Selective Availability was removed from the GPS architecture beginning with GPS-III. Since its deployment, the U.S. has implemented several improvements to the GPS service, including new signals for civil use and increased accuracy and integrity for all users, all the while maintaining compatibility with existing GPS equipment. Modernization of the satellite system has been an ongoing initiative by the U.S. Department of Defense through a series of satellite acquisitions to meet the growing needs of the military, civilians, and the commercial market. As of early 2015, high-quality Standard Positioning Service (SPS) GPS receivers provided horizontal accuracy of better than 3.5 meters (11 ft), ] although many factors such as receiver and antenna quality and atmospheric issues can affect this accuracy. GPS is owned and operated by the United States government as a national resource. The Department of Defense is the steward of GPS. The Interagency GPS Executive Board (IGEB) oversaw GPS policy matters from 1996 to 2004. After that, the National Space-Based Positioning, Navigation and Timing Executive Committee was established by presidential directive in 2004 to advise and coordinate federal departments and agencies on matters concerning the GPS and related systems. ] The executive committee is chaired jointly by the Deputy Secretaries of Defense and Transportation."
"coordinate federal departments and agencies on matters concerning the GPS and related systems. ] The executive committee is chaired jointly by the Deputy Secretaries of Defense and Transportation. Its membership includes equivalent-level officials from the Departments of State, Commerce, and Homeland Security, the Joint Chiefs of Staff and NASA . Components of the executive office of the president participate as observers to the executive committee, and the FCC chairman participates as a liaison. The U.S. Department of Defense is required by law to ""maintain a Standard Positioning Service (as defined in the federal radio navigation plan and the standard positioning service signal specification) that will be available on a continuous, worldwide basis"" and ""develop measures to prevent hostile use of GPS and its augmentations without unduly disrupting or degrading civilian uses"". USA-203 from Block IIR-M is unhealthy ] For a more complete list, see List of GPS satellites On February 10, 1993, the National Aeronautic Association selected the GPS Team as winners of the 1992 Robert J. Collier Trophy , the US's most prestigious aviation award. This team combines researchers from the Naval Research Laboratory, the USAF, the Aerospace Corporation , Rockwell International Corporation, and IBM Federal Systems Company. The citation honors them ""for the most significant development for safe and efficient navigation and surveillance of air and spacecraft since the introduction of radio navigation 50 years ago"". Two GPS developers received the National Academy of Engineering Charles Stark Draper Prize for 2003: GPS developer Roger L. Easton received the National Medal of Technology on February 13, 2006. ] Francis X. Kane (Col. USAF, ret.) was inducted into the U.S. Air Force Space and Missile Pioneers Hall of Fame at Lackland A.F.B., San Antonio, Texas, March 2, 2010, for his role in space technology development and the engineering design concept of GPS conducted as part of Project 621B. In 1998, GPS technology was inducted into the Space Foundation Space Technology Hall of Fame . ] On October 4, 2011, the International Astronautical Federation (IAF) awarded the Global Positioning System (GPS) its 60th Anniversary Award, nominated by IAF member, the American Institute for Aeronautics and Astronautics (AIAA). The IAF Honors and Awards Committee recognized the uniqueness of the GPS program and the exemplary role it has played in building international collaboration for the benefit of humanity. ] On December 6, 2018, Gladys West was inducted into the Air Force Space and Missile Pioneers Hall of Fame in recognition of her work on an extremely accurate geodetic Earth model, which was ultimately used to determine the orbit of the GPS constellation. ] On February 12, 2019, four founding members of the project were awarded the Queen Elizabeth Prize for Engineering with the chair of the awarding board stating: ""Engineering is the foundation of civilisation; there is no"
"four founding members of the project were awarded the Queen Elizabeth Prize for Engineering with the chair of the awarding board stating: ""Engineering is the foundation of civilisation; there is no other foundation; it makes things happen. And that's exactly what today's Laureates have done – they've made things happen. They've re-written, in a major way, the infrastructure of our world."" ] The GPS satellites carry very stable atomic clocks that are synchronized with one another and with the reference atomic clocks at the ground control stations; any drift of the clocks aboard the satellites from the reference time maintained on the ground stations is corrected regularly. ] Since the speed of radio waves ( speed of light ) ] is constant and independent of the satellite speed, the time delay between when the satellite transmits a signal and the ground station receives it is proportional to the distance from the satellite to the ground station. With the distance information collected from multiple ground stations, the location coordinates of any satellite at any time can be calculated with great precision. Each GPS satellite carries an accurate record of its own position and time, and broadcasts that data continuously. Based on data received from multiple GPS satellites , an end user's GPS receiver can calculate its own four-dimensional position in spacetime ; However, at a minimum, four satellites must be in view of the receiver for it to compute four unknown quantities (three position coordinates and the deviation of its own clock from satellite time). ] Each GPS satellite continually broadcasts a signal ( carrier wave with modulation ) that includes: Conceptually, the receiver measures the TOAs (according to its own clock) of four satellite signals. From the TOAs and the TOTs, the receiver forms four time of flight (TOF) values, which are (given the speed of light) approximately equivalent to receiver-satellite ranges plus time difference between the receiver and GPS satellites multiplied by speed of light, which are called pseudo-ranges. The receiver then computes its three-dimensional position and clock deviation from the four TOFs. In practice the receiver position (in three dimensional Cartesian coordinates with origin at the Earth's center) and the offset of the receiver clock relative to the GPS time are computed simultaneously, using the navigation equations to process the TOFs. The receiver's Earth-centered solution location is usually converted to latitude , longitude and height relative to an ellipsoidal Earth model. The height may then be further converted to height relative to the geoid , which is essentially mean sea level. These coordinates may be displayed, such as on a moving map display , or recorded or used by some other system, such as a vehicle guidance system. Although usually not formed explicitly in the receiver processing, the conceptual time differences of arrival (TDOAs) define the measurement geometry. Each TDOA"
"such as a vehicle guidance system. Although usually not formed explicitly in the receiver processing, the conceptual time differences of arrival (TDOAs) define the measurement geometry. Each TDOA corresponds to a hyperboloid of revolution (see Multilateration ). The line connecting the two satellites involved (and its extensions) forms the axis of the hyperboloid. The receiver is located at the point where three hyperboloids intersect. ] ] It is sometimes incorrectly said that the user location is at the intersection of three spheres. While simpler to visualize, this is the case only if the receiver has a clock synchronized with the satellite clocks (i.e., the receiver measures true ranges to the satellites rather than range differences). There are marked performance benefits to the user carrying a clock synchronized with the satellites. Foremost is that only three satellites are needed to compute a position solution. If it were an essential part of the GPS concept that all users needed to carry a synchronized clock, a smaller number of satellites could be deployed, but the cost and complexity of the user equipment would increase. The description above is representative of a receiver start-up situation. Most receivers have a track algorithm , sometimes called a tracker , that combines sets of satellite measurements collected at different times—in effect, taking advantage of the fact that successive receiver positions are usually close to each other. After a set of measurements are processed, the tracker predicts the receiver location corresponding to the next set of satellite measurements. When the new measurements are collected, the receiver uses a weighting scheme to combine the new measurements with the tracker prediction. In general, a tracker can (a) improve receiver position and time accuracy, (b) reject bad measurements, and (c) estimate receiver speed and direction. The disadvantage of a tracker is that changes in speed or direction can be computed only with a delay, and that derived direction becomes inaccurate when the distance traveled between two position measurements drops below or near the random error of position measurement. GPS units can use measurements of the Doppler shift of the signals received to compute velocity accurately. ] More advanced navigation systems use additional sensors like a compass or an inertial navigation system to complement GPS. GPS requires four or more satellites to be visible for accurate navigation. The solution of the navigation equations gives the position of the receiver along with the difference between the time kept by the receiver's on-board clock and the true time-of-day, thereby eliminating the need for a more precise and possibly impractical receiver based clock. Applications for GPS such as time transfer , traffic signal timing, and synchronization of cell phone base stations , make use of this cheap and highly accurate timing. Some GPS applications use this time for display, or, other than"
"transfer , traffic signal timing, and synchronization of cell phone base stations , make use of this cheap and highly accurate timing. Some GPS applications use this time for display, or, other than for the basic position calculations, do not use it at all. Although four satellites are required for normal operation, fewer apply in special cases. If one variable is already known, a receiver can determine its position using only three satellites. For example, a ship on the open ocean usually has a known elevation close to 0m , and the elevation of an aircraft may be known. ] Some GPS receivers may use additional clues or assumptions such as reusing the last known altitude, dead reckoning , inertial navigation , or including information from the vehicle computer, to give a (possibly degraded) position when fewer than four satellites are visible. ] ] ] The current GPS consists of three major segments. These are the space segment, a control segment, and a user segment. ] The U.S. Space Force develops, maintains, and operates the space and control segments. GPS satellites broadcast signals from space, and each GPS receiver uses these signals to calculate its three-dimensional location (latitude, longitude, and altitude) and the current time. ] The space segment (SS) is composed of 24 to 32 satellites, or Space Vehicles (SV), in medium Earth orbit , and also includes the payload adapters to the boosters required to launch them into orbit. The GPS design originally called for 24 SVs, eight each in three approximately circular orbits , ] but this was modified to six orbital planes with four satellites each. ] The six orbit planes have approximately 55° inclination (tilt relative to the Earth's equator ) and are separated by 60° right ascension of the ascending node (angle along the equator from a reference point to the orbit's intersection). ] The orbital period is one-half of a sidereal day , i.e. , 11 hours and 58 minutes, so that the satellites pass over the same locations ] or almost the same locations ] every day. The orbits are arranged so that at least six satellites are always within line of sight from everywhere on the Earth's surface (see animation at right). ] The result of this objective is that the four satellites are not evenly spaced (90°) apart within each orbit. In general terms, the angular difference between satellites in each orbit is 30°, 105°, 120°, and 105° apart, which sum to 360°. ] Orbiting at an altitude of approximately 20,200 km (12,600 mi); orbital radius of approximately 26,600 km (16,500 mi), ] each SV makes two complete orbits each sidereal day , repeating the same ground track each day. ] This was very helpful during development because even with only four satellites, correct alignment means all four are visible from one spot for a few hours each day. For military operations, the ground track repeat can be used to ensure good coverage in combat zones. As of February 2019 ] , ] there are 31 satellites in the GPS"
"one spot for a few hours each day. For military operations, the ground track repeat can be used to ensure good coverage in combat zones. As of February 2019 ] , ] there are 31 satellites in the GPS constellation , 27 of which are in use at a given time with the rest allocated as stand-bys. A 32nd was launched in 2018, but as of July 2019 is still in evaluation. More decommissioned satellites are in orbit and available as spares. The additional satellites improve the precision of GPS receiver calculations by providing redundant measurements. With the increased number of satellites, the constellation was changed to a nonuniform arrangement. Such an arrangement was shown to improve accuracy but also improves reliability and availability of the system, relative to a uniform system, when multiple satellites fail. ] With the expanded constellation, nine satellites are usually visible at any time from any point on the Earth with a clear horizon, ensuring considerable redundancy over the minimum four satellites needed for a position. The control segment (CS) is composed of: The MCS can also access Satellite Control Network (SCN) ground antennas (for additional command and control capability) and NGA ( National Geospatial-Intelligence Agency ) monitor stations. The flight paths of the satellites are tracked by dedicated U.S. Space Force monitoring stations in Hawaii, Kwajalein Atoll , Ascension Island , Diego Garcia , Colorado Springs, Colorado and Cape Canaveral , along with shared NGA monitor stations operated in England, Argentina, Ecuador, Bahrain, Australia and Washington DC. ] The tracking information is sent to the MCS at Schriever Space Force Base 25 km (16 mi) ESE of Colorado Springs, which is operated by the 2nd Space Operations Squadron (2 SOPS) of the U.S. Space Force. Then 2 SOPS contacts each GPS satellite regularly with a navigational update using dedicated or shared (AFSCN) ground antennas (GPS dedicated ground antennas are located at Kwajalein , Ascension Island , Diego Garcia , and Cape Canaveral ). These updates synchronize the atomic clocks on board the satellites to within a few nanoseconds of each other, and adjust the ephemeris of each satellite's internal orbital model. The updates are created by a Kalman filter that uses inputs from the ground monitoring stations, space weather information, and various other inputs. ] When a satellite's orbit is being adjusted, the satellite is marked unhealthy , so receivers do not use it. After the maneuver, engineers track the new orbit from the ground, upload the new ephemeris, and mark the satellite healthy again. The operation control segment (OCS) currently serves as the control segment of record. It provides the operational capability that supports GPS users and keeps the GPS operational and performing within specification. OCS successfully replaced the legacy 1970s-era mainframe computer at Schriever Air Force Base in September 2007. After installation, the system helped enable upgrades"
"performing within specification. OCS successfully replaced the legacy 1970s-era mainframe computer at Schriever Air Force Base in September 2007. After installation, the system helped enable upgrades and provide a foundation for a new security architecture that supported U.S. armed forces. OCS will continue to be the ground control system of record until the new segment, Next Generation GPS Operation Control System ] (OCX), is fully developed and functional. The US Department of Defense has claimed that the new capabilities provided by OCX will be the cornerstone for revolutionizing GPS's mission capabilities, enabling U.S. Space Force to greatly enhance GPS operational services to U.S. combat forces, civil partn"
"Telematics is an interdisciplinary field encompassing telecommunications , vehicular technologies ( road transport , road safety , etc.), electrical engineering (sensors, instrumentation, wireless communications , etc.), and computer science ( multimedia , Internet , etc.). Telematics can involve any of the following: Telematics is a translation of the French word télématique, which was first coined by Simon Nora and Alain Minc in a 1978 report to the French government on the computerization of society. It referred to the transfer of information over telecommunications and was a portmanteau blending the French words télécommunications ("" telecommunications "") and informatique ("" computing science ""). The original broad meaning of telematics continues to be used in academic fields, but in commerce it now generally means vehicle telematics . ] Telematics can be described as thus: Vehicle telematics can help improve the efficiency of an organization. ] Vehicle tracking is monitoring the location, movements, status, and behavior of a vehicle or fleet of vehicles. This is achieved through a combination of a GPS ( GNSS ) receiver and an electronic device (usually comprising a GSM GPRS modem or SMS sender) installed in each vehicle, communicating with the user (dispatching, emergency, or co-ordinating unit) and PC-based or web-based software. The data is turned into information by management reporting tools in conjunction with a visual display on computerized mapping software. Vehicle tracking systems may also use odometry or dead reckoning as an alternative or complementary means of navigation. citation needed ] GPS tracking is usually accurate to around 10–20 meters, ] but the European Space Agency has developed the EGNOS technology to provide accuracy to 1.5 meters. ] Trailer tracking refers to the tracking of movements and position of an articulated vehicle's trailer unit through the use of a location unit fitted to the trailer and a method of returning the position data via mobile communication network, IOT (Internet of things), or geostationary satellite communications for use through either PC- or web-based software. citation needed ] Cold-store freight trailers that deliver fresh or frozen foods are increasingly incorporating telematics to gather time-series data on the temperature inside the cargo container, both to trigger alarms and record an audit trail for business purposes. An increasingly sophisticated array of sensors, many incorporating RFID technology, is being used to ensure the cold chain . citation needed ] Freight containers can be tracked by GPS using a similar approach to that used for trailer tracking (i.e. a battery-powered GPS device communicating its position via mobile phone or satellite communications). Benefits of this approach include increased security and the possibility to reschedule the container transport movements based on accurate information about its location. According to Berg Insight, the installed base of"
"include increased security and the possibility to reschedule the container transport movements based on accurate information about its location. According to Berg Insight, the installed base of tracking units in the intermodal shipping container segment reached 190,000 at the end of 2013. ] Growing at a compound annual growth rate of 38.2 percent, the installed base reached 960,000 units at the end of 2018. citation needed ] Fleet management is the management of a company's fleet and includes the management of ships and/or motor vehicles such as cars, vans, and trucks. Fleet (vehicle) management can include a range of functions, such as vehicle financing, vehicle maintenance, vehicle telematics (tracking and diagnostics), driver management, fuel management, health and safety management, and dynamic vehicle scheduling. Fleet management is a function which allows companies that rely on transport in their business to remove or minimize the risks associated with vehicle investment, improving efficiency and productivity while reducing overall transport costs and ensuring compliance with government legislation and Duty of Care obligations. These functions can either be dealt with by an in-house fleet management department or an outsourced fleet management provider. ] The Association of Equipment Management Professionals (AEMP) ] developed the industry's first telematics standard. citation needed ] In 2008, AEMP brought together the major construction equipment manufacturers and telematics providers in the heavy equipment industry to discuss the development of the industry's first telematics standard. ] Following agreement from Caterpillar , Volvo CE, Komatsu , and John Deere Construction & Forestry to support such a standard, the AEMP formed a standards development subcommittee chaired by Pat Crail CEM to develop the standard. ] This committee consisted of developers provided by the Caterpillar/Trimble joint venture known as Virtual Site Solutions, Volvo CE, and John Deere. This group worked from February 2009 through September 2010 to develop the industry's first standard for the delivery of telematics data. ] The result, the AEMP Telematics Data Standard V1.1, ] was released in 2010 and officially went live on October 1, 2010. As of November 1, 2010, Caterpillar, Volvo CE, John Deere Construction & Forestry, OEM Data Delivery, and Navman Wireless are able to support customers with delivery of basic telematics data in a standard xml format. Komatsu, Topcon , and others are finishing beta testing and have indicated their ability to support customers in the near future. ] The AEMP's telematics data standard was developed to allow end users to integrate key telematics data (operating hours, location, fuel consumed , and odometer reading where applicable) into their existing fleet management reporting systems. As such, the standard was primarily intended to facilitate importation of these data elements into enterprise software systems such as those used"
"their existing fleet management reporting systems. As such, the standard was primarily intended to facilitate importation of these data elements into enterprise software systems such as those used by many medium-to-large construction contractors. Prior to the standard, end users had few options for integrating this data into their reporting systems in a mixed-fleet environment consisting of multiple brands of machines and a mix of telematics-equipped machines and legacy machines (those without telematics devices where operating data is still reported manually via pen and paper). One option available to machine owners was to visit multiple websites to manually retrieve data from each manufacturer's telematics interface and then manually enter it into their fleet management program's database. This option was cumbersome and labor-intensive. ] A second option was for the end user to develop an API ( Application Programming Interface ), or program, to integrate the data from each telematics provider into their database. This option was quite costly as each telematics provider had different procedures for accessing and retrieving the data and the data format varied from provider to provider. This option automated the process, but because each provider required a unique, custom API to retrieve and parse the data, it was an expensive option. In addition, another API had to be developed any time another brand of machine or telematics device was added to the fleet. ] A third option for mixed-fleet integration was to replace the various factory-installed telematics devices with devices from a third party telematics provider. Although this solved the problem of having multiple data providers requiring unique integration methods, this was by far the most expensive option. In addition to the expense, many third-party devices available for construction equipment are unable to access data directly from the machine's electronic control modules (ECMs), or computers, and are more limited than the device installed by the OEM (Cat, Volvo, Deere, Komatsu, etc.) in the data they are able to provide. In some cases, these devices are limited to location and engine runtime, although they are increasingly able to accommodate a number of add-on sensors to provide additional data. ] The AEMP Telematics Data Standard provides a fourth option. By concentrating on the key data elements that drive the majority of fleet management reports (hours, miles, location, fuel consumption), making those data elements available in a standardized xml format, and standardizing the means by which the document is retrieved, the standard enables the end user to use one API to retrieve data from any participating telematics provider (as opposed to the unique API for each provider that was required previously), greatly reducing integration development costs. ] The current draft version of the AEMP Telematics Data Standard is now called the AEM/AEMP Draft Telematics API Standard, which expands"
"previously), greatly reducing integration development costs. ] The current draft version of the AEMP Telematics Data Standard is now called the AEM/AEMP Draft Telematics API Standard, which expands the original standard Version 1.2 to include 19 data fields (with fault code capability). This new draft standard is a collaborative effort of AEMP and the Association of Equipment Manufacturers (AEM), working on behalf of their members and the industry. This Draft API replaces the current version 1.2 and does not currently cover some types of equipment, e.g., agriculture equipment, cranes, mobile elevating work platforms, air compressors, and other niche products. In addition to the new data fields, the AEM/AEMP Draft Telematics API Standard changes how data is accessed in an effort to make it easier to consume and integrate with other systems and processes. It includes standardized communication protocols for the ability to transfer telematics information in mixed-equipment fleets to end user business enterprise systems, enabling the end user to employ their own business software to collect and then analyze asset data from mixed-equipment fleets without the need to work across multiple telematics provider applications. To achieve a globally recognized standard for conformity worldwide, the AEM/AEMP Draft Telematics API Standard will be submitted for acceptance by the International Organization for Standardization (ISO). Final language is dependent upon completion of the ISO acceptance process. Satellite navigation in the context of vehicle telematics is the technology of using a GPS and electronic mapping tool to enable a driver to locate a position, plan a route, and navigate a journey. ] Mobile data is the use of wireless data communications using radio waves to send and receive real-time computer data to, from, and between devices used by field-based personnel. These devices can be fitted solely for use while in the vehicle (Fixed Data Terminal) or for use in and out of the vehicle (Mobile Data Terminal). See mobile Internet . The common methods for mobile data communication for telematics were based on private vendors' RF communication infrastructure. During the early 2000s, manufacturers of mobile data terminals/AVL devices moved to try cellular data communication to offer cheaper ways to transmit telematics information and wider range based on cellular provider coverage. Since then, as a result of cellular providers offering low GPRS (2.5G) and later UMTS (3G) rates, mobile data is almost totally offered to telematics customers via cellular communication. Wireless vehicle safety communications telematics aid in car safety and road safety. It is an electronic subsystem in a vehicle used for exchanging safety information about road hazards and the locations and speeds of vehicles over short-range radio links . This may involve temporary ad hoc wireless local area networks. Wireless units are often installed in vehicles and fixed locations, such"
"and speeds of vehicles over short-range radio links . This may involve temporary ad hoc wireless local area networks. Wireless units are often installed in vehicles and fixed locations, such as near traffic signals and emergency call boxes along the road. Sensors in vehicles and at fixed locations, as well as in possible connections to wider networks, provide information displayed to drivers . The range of the radio links can be extended by forwarding messages along multi-hop paths. Even without fixed units, information about fixed hazards can be maintained by moving vehicles by passing it backwards. It also seems possible for traffic lights, which one can expect to become smarter, to use this information to reduce the chance of collisions. In the future, it may connect directly to the adaptive cruise control or other vehicle control aids. Cars and trucks with the wireless system connected to their brakes may move in convoys to save fuel and space on the roads. When a column member slows down, those behind it will automatically slow also. Certain scenarios may required less engineering effort, such as when a radio beacon is connected to a brake light. In fall 2008, network ideas were tested in Europe, where radio frequency bandwidth had been allocated. The 30 MHz allocated is at 5.9 GHz, and unallocated bandwidth at 5.4 GHz may also be used. The standard is IEEE 802.11p, a low-latency form of the Wi-Fi local area network standard. Similar efforts are underway in Japan and the USA. ] Telematics technologies are self-orientating open network architecture structures of variable programmable intelligent beacons developed for application in the development of intelligent vehicles with the intent to accord (blend or mesh) warning information with surrounding vehicles in the vicinity of travel, intra-vehicle, and infrastructure. Emergency warning systems for vehicle telematics are developed particularly for international harmonization and standardization of vehicle-to-vehicle, infrastructure-to-vehicle, and vehicle-to-infrastructure real-time Dedicated Short-Range Communication ( DSRC ) systems. Telematics most commonly relate to computerized systems that update information at the same rate they receive data, enabling them to direct or control a process such as an instantaneous autonomous warning notification in a remote machine or group of machines. In the use of telematics relating to intelligent vehicle technologies, instantaneous direction travel cognizance of a vehicle may be transmitted in real-time to surrounding vehicles traveling in the local area of vehicles equipped (with EWSV) to receive said warning signals of danger. Telematics comprise electronic, electromechanical, and electromagnetic devices—usually silicon micro-machined components operating in conjunction with computer-controlled devices and radio transceivers to provide precision repeatability functions (such as in robotics artificial intelligence systems) emergency warning"
"operating in conjunction with computer-controlled devices and radio transceivers to provide precision repeatability functions (such as in robotics artificial intelligence systems) emergency warning validation performance reconstruction. Intelligent vehicle technologies commonly apply to car safety systems and self-contained autonomous electromechanical sensors generating warnings that can be transmitted within a specified targeted area of interest, i.e. within 100 meters of the emergency warning system for the vehicle's transceiver. In ground applications, intelligent vehicle technologies are utilized for safety and commercial communications between vehicles or between a vehicle and a sensor along the road. On November 3, 2009, the most advanced Intelligent Vehicle concept car was demonstrated in New York City when a 2010 Toyota Prius became the first LTE connected car . The demonstration was provided by the NG Connect project, a collaboration of automotive telematic technologies designed to exploit in-car 4G wireless network connectivity. ] Telematics technology has enabled the emergence of carsharing services such as Local Motion, Uber, Lyft, Car2Go , Zipcar worldwide, or City Car Club in the UK . Telematics-enabled computers allow organizers to track members' usage and bill them on a pay-as-you-drive basis. Some systems show users where to find an idle vehicle. ] Car Clubs such as Australia's Charter Drive use telematics to monitor and report on vehicle use within predefined geofence areas to demonstrate the reach of their transit media car club fleet. The general idea of telematics auto insurance is that a driver's behavior is monitored directly while the person drives and this information is transmitted to an insurance company. The insurance company then assesses the risk of that driver having an accident and charges insurance premiums accordingly. A driver who drives less responsibly will be charged a higher premium than a driver who drives smoothly and with less calculated risk of claim propensity. Other benefits can be delivered to end users with Telematics2.0 -based telematics as customer engagement can be enhanced with direct customer interaction. Telematics auto insurance was independently invented and patented ] by a major U.S. auto insurance company, Progressive Auto Insurance U.S. patent 5,797,134 , and a Spanish independent inventor, Salvador Minguijon Perez ( European Patent EP0700009B1 ). The Perez patents cover monitoring the car's engine control computer to determine distance driven, speed, time of day, braking force, etc. Progressive is currently developing the Perez technology in the U.S. and European auto insurer Norwich Union is developing the Progressive technology for Europe. Both patents have since been overturned in courts due to prior work in the commercial insurance sectors. ] Trials conducted by Norwich Union in 2005 found that young drivers (18- to 23-year-olds) signing up for telematics auto insurance have had a"
"due to prior work in the commercial insurance sectors. ] Trials conducted by Norwich Union in 2005 found that young drivers (18- to 23-year-olds) signing up for telematics auto insurance have had a 20% lower accident rate than average. ] In 2007, theoretical economic research on the social welfare effects of Progressive's telematics technology business process patents questioned whether the business process patents are pareto efficient for society. Preliminary results suggested that it was not, but more work is needed. ] ] In April 2014, Progressive patents were overturned by the U.S. legal system on the grounds of ""lack of originality."" The smartphone as the in-vehicle device for insurance telematics has been discussed in great detail ] and the instruments are available for the design of smartphone-driven insurance telematics. Several universities provide two-year Telematics Master of Science programs: In 2007, a project entitled the European Automotive Digital Innovation Studio (EADIS) was awarded 400,000 Euros from the European commission under its Leonardo da Vinci program . EADIS used a virtual work environment called the Digital Innovation Studio to train and develop professional designers in the automotive industry in the impact and application of vehicle telematics so they could integrate new technologies into future products within the automotive industry. Funding ended in 2013. ]"
"Usage-based insurance ( UBI ), also known as pay as you drive ( PAYD ), pay how you drive ( PHYD ) and mile-based auto insurance , is a type of vehicle insurance whereby the costs are dependent upon type of vehicle used, measured against time, distance, behavior and place. This differs from traditional insurance, which attempts to differentiate and reward ""safe"" drivers, giving them lower premiums and/or a no-claims bonus. However, conventional differentiation is a reflection of history rather than present patterns of behaviour. This means that it may take a long time before safer (or more reckless) patterns of driving and changes in lifestyle feed through into premiums. The simplest form of usage-based insurance bases the insurance costs simply on distance driven. However, the general concept of pay as you drive includes any scheme where the insurance costs may depend not just on how much you drive but how, where, and when one drives. ] Pay as you drive (PAYD) means that the insurance premium is calculated dynamically, typically according to the amount driven. There are three types of usage-based insurance: The formula can be a simple function of the number of miles driven, or can vary according to the type of driving or the identity of the driver. Once the basic scheme is in place, it is possible to add further details, such as an extra risk premium if someone drives too long without a break, uses their mobile phone while driving, or travels at an excessive speed. Telematic usage-based insurance (i.e. the latter two types, in which vehicle information is automatically transmitted to the system) provides a much more immediate feedback loop to the driver, ] by changing the cost of insurance dynamically with a change of risk. This means drivers have a stronger incentive to adopt safer practices. For example, if a commuter switches to public transport or to working at home, this immediately reduces the risk of rush hour accidents. With usage-based insurance, this reduction would be immediately reflected in the cost of car insurance for that month. citation needed ] The smartphone as measurement probe for insurance telematics has been surveyed ] Another form of usage-based insurance is PHYD (Pay How You Drive). Similar to PAYD, but also brings in additional sensors like accelerometer to monitor driving behavior. ] There are several issued patents ] and pending patent applications that have been filed worldwide on various inventions related to telematic auto insurance. These include: In order to make sure that patents did not hinder its Pay as You Drive development program, Norwich Union purchased the UK version of EP0700009 and obtained an exclusive license to any EU patents that may emerge from Progressive's EU patent applications. citation needed ] In June 2010, Progressive Auto Insurance filed a patent infringement lawsuit against Liberty Mutual over one of Progressive's Pay As You Drive auto insurance patents. ] In September 2010 Progressive"
"In June 2010, Progressive Auto Insurance filed a patent infringement lawsuit against Liberty Mutual over one of Progressive's Pay As You Drive auto insurance patents. ] In September 2010 Progressive Auto Insurance filed a declaratory judgment lawsuit against Hughes Telematics to have several its patents covering OBDII mounted wireless data loggers declared invalid. Progressive uses these devices from a competitive supplier, Xirgo Technologies . ] Telematics have been proposed or utilised in order to detect distracted driving . The use of telematics to detect drunk driving and Texting while driving has been proposed. ] A US patent application combining this technology with a usage based insurance product was open for public comment on peer to patent . ]"
"Usage-based insurance ( UBI ), also known as pay as you drive ( PAYD ), pay how you drive ( PHYD ) and mile-based auto insurance , is a type of vehicle insurance whereby the costs are dependent upon type of vehicle used, measured against time, distance, behavior and place. This differs from traditional insurance, which attempts to differentiate and reward ""safe"" drivers, giving them lower premiums and/or a no-claims bonus. However, conventional differentiation is a reflection of history rather than present patterns of behaviour. This means that it may take a long time before safer (or more reckless) patterns of driving and changes in lifestyle feed through into premiums. The simplest form of usage-based insurance bases the insurance costs simply on distance driven. However, the general concept of pay as you drive includes any scheme where the insurance costs may depend not just on how much you drive but how, where, and when one drives. ] Pay as you drive (PAYD) means that the insurance premium is calculated dynamically, typically according to the amount driven. There are three types of usage-based insurance: The formula can be a simple function of the number of miles driven, or can vary according to the type of driving or the identity of the driver. Once the basic scheme is in place, it is possible to add further details, such as an extra risk premium if someone drives too long without a break, uses their mobile phone while driving, or travels at an excessive speed. Telematic usage-based insurance (i.e. the latter two types, in which vehicle information is automatically transmitted to the system) provides a much more immediate feedback loop to the driver, ] by changing the cost of insurance dynamically with a change of risk. This means drivers have a stronger incentive to adopt safer practices. For example, if a commuter switches to public transport or to working at home, this immediately reduces the risk of rush hour accidents. With usage-based insurance, this reduction would be immediately reflected in the cost of car insurance for that month. citation needed ] The smartphone as measurement probe for insurance telematics has been surveyed ] Another form of usage-based insurance is PHYD (Pay How You Drive). Similar to PAYD, but also brings in additional sensors like accelerometer to monitor driving behavior. ] There are several issued patents ] and pending patent applications that have been filed worldwide on various inventions related to telematic auto insurance. These include: In order to make sure that patents did not hinder its Pay as You Drive development program, Norwich Union purchased the UK version of EP0700009 and obtained an exclusive license to any EU patents that may emerge from Progressive's EU patent applications. citation needed ] In June 2010, Progressive Auto Insurance filed a patent infringement lawsuit against Liberty Mutual over one of Progressive's Pay As You Drive auto insurance patents. ] In September 2010 Progressive"
"In June 2010, Progressive Auto Insurance filed a patent infringement lawsuit against Liberty Mutual over one of Progressive's Pay As You Drive auto insurance patents. ] In September 2010 Progressive Auto Insurance filed a declaratory judgment lawsuit against Hughes Telematics to have several its patents covering OBDII mounted wireless data loggers declared invalid. Progressive uses these devices from a competitive supplier, Xirgo Technologies . ] Telematics have been proposed or utilised in order to detect distracted driving . The use of telematics to detect drunk driving and Texting while driving has been proposed. ] A US patent application combining this technology with a usage based insurance product was open for public comment on peer to patent . ]"
"Usage-based insurance ( UBI ), also known as pay as you drive ( PAYD ), pay how you drive ( PHYD ) and mile-based auto insurance , is a type of vehicle insurance whereby the costs are dependent upon type of vehicle used, measured against time, distance, behavior and place. This differs from traditional insurance, which attempts to differentiate and reward ""safe"" drivers, giving them lower premiums and/or a no-claims bonus. However, conventional differentiation is a reflection of history rather than present patterns of behaviour. This means that it may take a long time before safer (or more reckless) patterns of driving and changes in lifestyle feed through into premiums. The simplest form of usage-based insurance bases the insurance costs simply on distance driven. However, the general concept of pay as you drive includes any scheme where the insurance costs may depend not just on how much you drive but how, where, and when one drives. ] Pay as you drive (PAYD) means that the insurance premium is calculated dynamically, typically according to the amount driven. There are three types of usage-based insurance: The formula can be a simple function of the number of miles driven, or can vary according to the type of driving or the identity of the driver. Once the basic scheme is in place, it is possible to add further details, such as an extra risk premium if someone drives too long without a break, uses their mobile phone while driving, or travels at an excessive speed. Telematic usage-based insurance (i.e. the latter two types, in which vehicle information is automatically transmitted to the system) provides a much more immediate feedback loop to the driver, ] by changing the cost of insurance dynamically with a change of risk. This means drivers have a stronger incentive to adopt safer practices. For example, if a commuter switches to public transport or to working at home, this immediately reduces the risk of rush hour accidents. With usage-based insurance, this reduction would be immediately reflected in the cost of car insurance for that month. citation needed ] The smartphone as measurement probe for insurance telematics has been surveyed ] Another form of usage-based insurance is PHYD (Pay How You Drive). Similar to PAYD, but also brings in additional sensors like accelerometer to monitor driving behavior. ] There are several issued patents ] and pending patent applications that have been filed worldwide on various inventions related to telematic auto insurance. These include: In order to make sure that patents did not hinder its Pay as You Drive development program, Norwich Union purchased the UK version of EP0700009 and obtained an exclusive license to any EU patents that may emerge from Progressive's EU patent applications. citation needed ] In June 2010, Progressive Auto Insurance filed a patent infringement lawsuit against Liberty Mutual over one of Progressive's Pay As You Drive auto insurance patents. ] In September 2010 Progressive"
"In June 2010, Progressive Auto Insurance filed a patent infringement lawsuit against Liberty Mutual over one of Progressive's Pay As You Drive auto insurance patents. ] In September 2010 Progressive Auto Insurance filed a declaratory judgment lawsuit against Hughes Telematics to have several its patents covering OBDII mounted wireless data loggers declared invalid. Progressive uses these devices from a competitive supplier, Xirgo Technologies . ] Telematics have been proposed or utilised in order to detect distracted driving . The use of telematics to detect drunk driving and Texting while driving has been proposed. ] A US patent application combining this technology with a usage based insurance product was open for public comment on peer to patent . ]"
"The Progressive Corporation is an American insurance company. In late 2022, Progressive became the largest motor insurance carrier in the U.S. ] The company was co-founded in 1937 by Jack Green and Joseph M. Lewis, and is headquartered in Mayfield, Ohio . ] The company insures passenger vehicles, motorcycles, RVs, trailers, boats, PWC, and commercial vehicles. Progressive also provides home , life , pet , and other insurance through select companies. Additionally, Progressive offers auto insurance in Australia . The company ranked #88 on the 2023 Fortune 500 list of the top American corporations. ] Progressive was formed in 1937 by Joseph Lewis and Jack Green as Progressive Mutual Insurance Company. ] In 1956, the company found a niche by insuring more risky drivers. In 1965, Peter B. Lewis , son of Joseph Lewis, and his mother borrowed $2.5 million, pledging their majority stake as collateral, and completed a leveraged buyout of Progressive. ] ] In 1987, the sum of the company's written premiums surpassed $1 billion, and by 2016 that number reached $20 billion. ] ] Progressive boasts being the first auto insurance company to have a website and to allow customers to purchase policies via that site. Later, Progressive would pioneer the use of mobile browsers and smartphone apps for rating and managing policies. ] It was also the first to offer 24/7 claims reporting. ] The company operates in three segments: personal lines, commercial auto, and other indemnity . ] Progressive is one of the largest auto insurers in the United States, with over 13 million policies in force, ] along with State Farm , Allstate , GEICO , Nationwide Mutual Insurance Company , Farmers Insurance Group , and USAA . Progressive primarily offers its services through the internet, by telephone or through independent insurance agents. ] Progressive’s Agency business sells insurance through more than 30,000 independent insurance agents ] and progressiveagent.com where customers can quote their own policies and then contact an agent to complete the sale. In December 2009, Progressive announced it was selling car insurance in Australia . ] Initially called Progressive Direct, it rebranded as Progressive in 2011, and later rebranded as PD Insurance in 2019. ] Progressive's marketing campaign is known for offering quotes of its competitors along with its own quote. It was the first major insurer to offer auto policies through the phone and through its web site. In September 2007 Progressive began to offer Pet Injury coverage, which provides coverage for dogs and cats that are injured in a crash and is included at no additional cost with Collision coverage. ] Immediate Response Vehicles (IRVs) used by Progressive are specially modified Ford Explorers and Ford Escapes . ] Since 2008, many of Progressive's television advertisements have featured a woman named Flo (played by actress Stephanie Courtney ), who explains the benefits of Progressive Insurance. ] ] In December 2010, the"
"many of Progressive's television advertisements have featured a woman named Flo (played by actress Stephanie Courtney ), who explains the benefits of Progressive Insurance. ] ] In December 2010, the company introduced the ""Messenger"", as a complementary campaign. He was played by John Jenkinson. ] The Flo universe also includes Jamie ( Jim Cashman ), an awkward fellow Progressive employee; and Bill and Tom, rival insurance salesmen from the figurative straw man ""A. Nother Insurance Company"". Bill and Tom were largely discontinued after Allstate filed a claim with the Better Business Bureau alleging that Progressive was making a false claim that they offered discounts that Allstate and other insurance providers did not. ] In 2012, Progressive introduced another character, a personified box (voiced by Chris Parnell ) representing the company's products. It is portrayed as having an entourage (including a personal trainer). ] Progressive later added more characters like Flobot, Mara ( Natalie Palamides ), Dr. Rick , and Motaur to its advertising series. In 2019, Progressive began the At Home with Baker Mayfield ad campaign during the National Football League season. The campaign featured the Cleveland Browns quarterback living with his wife in FirstEnergy Stadium . ] After he was traded to the Carolina Panthers in the 2022 offseason, Mayfield stated that the advertisements will end, calling it a ""missed opportunity"". ] ] In 2022, Jon Hamm appeared in several TV commercials, as himself, unsuccessfully pursuing a romantic relationship with spokesperson Flo. ] According to a February 2011 Wall Street Journal article, Progressive has a leg up on its rivals in Pay As You Drive insurance, a form of vehicle insurance also generically known as usage-based insurance. ] Progressive has seven U.S. patents covering usage-based insurance methods and systems, with more patents pending. citation needed ] needs update ] Progressive began working on the concept in the mid-1990s and continues to refine the concept and bring it to the mass market. Snapshot is Progressive's Pay As You Drive , or usage-based insurance program. Snapshot is a voluntary discount program where drivers can save money on their car insurance by sharing their driving habits with Progressive. According to Progressive, Snapshot is best for people who drive less, in safer ways and during safer times of day. ] Snapshot customers can make changes to their driving habits that will lead to bigger discounts by checking their driving data and projected discount on progressive.com over the course of their initial policy period. ] Drivers plug a device the size of a garage door opener into the on-board diagnostic (OBD) port of their car. The device records and sends the driving data to Progressive, and Progressive uses that information to calculate the rate. After 30 days, customers find out if they're eligible for a discount based on that 30-day ""snapshot"" of their driving habits. At the end of a"
"Progressive uses that information to calculate the rate. After 30 days, customers find out if they're eligible for a discount based on that 30-day ""snapshot"" of their driving habits. At the end of a six-month policy period, Progressive calculates the customer's renewal discount and customers return the device to Progressive. The company doesn't take into account how fast the car goes although it does take into account how fast and frequently the vehicle operator brakes. Snapshot is voluntary and customers can opt out at any time. The customer is charged up to $50.00 if they do not return the snapshot device to Progressive should they decide not to engage in the program after receiving it. ] Snapshot is currently available in 45 states plus the District of Columbia. Because insurance is regulated at the state level, Snapshot is currently not available in Alaska, California, Hawaii, and North Carolina. ] On December 13, 2006, the company said earnings rose 58 percent in November as the company retained more of the premiums it collected because of comparisons to a month affected by Hurricane Katrina claims. ] In 1999, Progressive Auto Insurance was the title sponsor of the Super Bowl XXXIII halftime show . ] In January 2008, Jacobs Field in Cleveland, Ohio , home of the Cleveland Guardians , was renamed Progressive Field . Progressive signed a 16-year contract for the naming rights, as well as sponsorship rights to become the Official Auto Insurer of the Cleveland Indians. The agreement costs around $3.6 million per year. ] ( Mayfield Village, Ohio , where the company is based, is a suburb of Cleveland.) In March 2008, Progressive announced its title sponsorship of the Progressive Insurance Automotive X PRIZE and their funding of the $10 million prize purse. The Progressive Automotive X PRIZE is an international competition designed to inspire a new generation of viable, super fuel-efficient vehicles. The competition is open to teams from around the world that can design, build, and bring to market 100 MPGe (miles per gallon energy equivalent) vehicles. ] On December 14, 2010, the Gator Bowl Association announced that Progressive Insurance would become the title sponsor for the 2011 Gator Bowl ] college football bowl game. On September 24, 2019, Progressive became the official sponsor of Friday Night SmackDown broadcast on Fox. ] Starting in 2020, Progressive sponsored Roush Fenway Racing 's Ryan Newman car at races at Atlanta and Pocono. Starting in 2021, Progressive sponsored Sesame Street on PBS Kids replacing Blue Lizard Australian Sunscreen. Progressive has been the Title Sponsor of the National Marine Manufacturers Association (NMMA) boat shows since 2012, and will maintain title sponsorship through at least 2022. ] In 2002, the company settled with the State of Georgia in a class action lawsuit over diminished value claims brought by policyholders. ] Five years later, the company apologized after it was revealed they hired private"
"settled with the State of Georgia in a class action lawsuit over diminished value claims brought by policyholders. ] Five years later, the company apologized after it was revealed they hired private investigators to infiltrate a church group and pose as congregation members to collect information on litigants seeking redress from the company. Another lawsuit was filed by the litigants over the affair against the company for invasion of privacy and fraud . ] In 2009, Progressive was sued for allegedly deceiving policyholders by employing illegally operated, unlicensed body shops to make repairs on vehicles for their clients in order to save money. ] The court ruled in the company's favor on two of the counts and the other four were dropped, pending appeal . ] In 2012, the company was widely criticized online for how it handled the claims filed by the family of Kaitlynn Fisher. The 24-year-old died when the car she was driving was hit by another that had run a red light in Baltimore . Progressive fought to avoid paying out the claim to Fisher's estate. Fisher's insurance policy with Progressive included coverage in the event of an accident with an underinsured driver. The underinsured driver was found to be negligent in a jury trial brought by the Fisher family, in which the Fisher family contended that Progressive provided legal assistance to the defense. ] ] ] In two followup statements, Progressive explained that they did not ""serve as the attorney for the defendant in this case"" ] and then clarified that ""s a defendant in this case, Progressive participated in the trial procedures on our own behalf."" ] The company's position was that fault for the accident had not been clearly established, since three witnesses (the driver of the other car, that car's passenger, and Ms. Fisher's passenger) believed that Fisher had run a red light, and filed a motion to intervene to assert that she had been at fault, and therefore was not liable to pay the underinsured motorist claim. The lawyer for the Fisher family countered by noting that two of the three witnesses were not independent, saying ""I have an issue with how they examined the evidence to abandon their insured"" and introduced the idea the state insurance commissioner could find Progressive had acted in bad faith. As noted, Progressive lost the case and was ordered to pay the underinsured motorist claim in addition to a separate settlement with the Fisher family ""to avoid a hearing before the state insurance commissioner"". ]"
"On-board diagnostics ( OBD ) is a term referring to a vehicle's self-diagnostic and reporting capability. In the United States, this capability is a requirement to comply with federal emissions standards to detect failures that may increase the vehicle tailpipe emissions to more than 150% of the standard to which it was originally certified. ] ] OBD systems give the vehicle owner or repair technician access to the status of the various vehicle sub-systems. The amount of diagnostic information available via OBD has varied widely since its introduction in the early 1980s versions of onboard vehicle computers. Early versions of OBD would simply illuminate a tell-tale light if a problem was detected, but would not provide any information as to the nature of the problem. Modern OBD implementations use a standardized digital communications port to provide real-time data and diagnostic trouble codes which allow malfunctions within the vehicle to be rapidly identified. GM's ALDL (Assembly Line Diagnostic Link) is sometimes referred to as a predecessor to, or a manufacturer's proprietary version of, an OBD-I diagnostic starting in 1981. This interface was made in different varieties and changed with power train control modules (aka PCM, ECM, ECU). Different versions had slight differences in pin-outs and baud rates. Earlier versions used a 160 baud rate, while later versions went up to 8192 baud and used bi-directional communications to the PCM. ] ] The regulatory intent of OBD-I was to encourage auto manufacturers to design reliable emission control systems that remain effective for the vehicle's ""useful life"". ] The hope was that by forcing annual emissions testing for California starting in 1988, ] and denying registration to vehicles that did not pass, drivers would tend to purchase vehicles that would more reliably pass the test. OBD-I was largely unsuccessful, as the means of reporting emissions-specific diagnostic information was not standardized. Technical difficulties with obtaining standardized and reliable emissions information from all vehicles led to an inability to implement the annual testing program effectively. ] The Diagnostic Trouble Codes (DTC's) of OBD-I vehicles can usually be found without an expensive scan tool. Each manufacturer used their own Diagnostic Link Connector (DLC), DLC location, DTC definitions, and procedure to read the DTC's from the vehicle. DTC's from OBD-I cars are often read through the blinking patterns of the 'Check Engine Light' (CEL) or 'Service Engine Soon' (SES) light. By connecting certain pins of the diagnostic connector, the 'Check Engine' light will blink out a two-digit number that corresponds to a specific error condition. The DTC's of some OBD-I cars are interpreted in different ways, however. Cadillac petrol fuel-injected vehicles are equipped with actual onboard diagnostics, providing trouble codes, actuator tests and sensor data through the new digital Electronic Climate Control display. Holding"
"petrol fuel-injected vehicles are equipped with actual onboard diagnostics, providing trouble codes, actuator tests and sensor data through the new digital Electronic Climate Control display. Holding down 'Off' and 'Warmer' for several seconds activates the diagnostic mode without the need for an external scan tool. Some Honda engine computers are equipped with LEDs that light up in a specific pattern to indicate the DTC. General Motors, some 1989–1995 Ford vehicles (DCL), and some 1989–1995 Toyota/Lexus vehicles have a live sensor data stream available; however, many other OBD-I equipped vehicles do not. OBD-I vehicles have fewer DTC's available than OBD-II equipped vehicles. OBD 1.5 refers to a partial implementation of OBD-II which General Motors used on some vehicles in 1994, 1995, & 1996. (GM did not use the term OBD 1.5 in the documentation for these vehicles — they simply have an OBD and an OBD-II section in the service manual.) For example, the 1994–1995 model year Corvettes have one post-catalyst oxygen sensor (although they have two catalytic converters ), and have a subset of the OBD-II codes implemented. ] This hybrid system was present on GM B-body cars (the Chevrolet Caprice, Impala, and Buick Roadmaster) for 1994–1995model years, H-body cars for 1994–1995, W-body cars (Buick Regal, Chevrolet Lumina (for 1995 only), Chevrolet Monte Carlo (1995 only), Pontiac Grand Prix, Oldsmobile Cutlass Supreme) for 1994–1995, L-body (Chevrolet Beretta/Corsica) for 1994–1995, Y-body (Chevrolet Corvette) for 1994–1995, on the F-body (Chevrolet Camaro and Pontiac Firebird) for 1995 and on the J-Body (Chevrolet Cavalier and Pontiac Sunfire) and N-Body (Buick Skylark, Oldsmobile Achieva, Pontiac Grand Am) for 1995 and 1996 and also for North American delivered 1994–1995 Saab vehicles with the naturally aspirated 2.3. The pinout for the ALDL connection on these cars is as follows: For ALDL connections, pin 9 is the data stream, pins 4 and 5 are ground, and pin 16 is the battery voltage. An OBD 1.5 compatible scan tool is required to read codes generated by OBD 1.5. Additional vehicle-specific diagnostic and control circuits are also available on this connector. For instance, on the Corvette there are interfaces for the Class 2 serial data stream from the PCM, the CCM diagnostic terminal, the radio data stream, the airbag system, the selective ride control system, the low tire pressure warning system, and the passive keyless entry system. ] An OBD 1.5 has also been used in the Ford Scorpio since 95. ] OBD-II is an improvement over OBD-I in both capability and standardization. The OBD-II standard specifies the type of diagnostic connector and its pinout, the electrical signalling protocols available, and the messaging format. It also provides a candidate list of vehicle parameters to monitor along with how to encode the data for each. There is a pin in the connector that provides power for the scan tool from the vehicle battery, which eliminates the"
"list of vehicle parameters to monitor along with how to encode the data for each. There is a pin in the connector that provides power for the scan tool from the vehicle battery, which eliminates the need to connect a scan tool to a power source separately. However, some technicians might still connect the scan tool to an auxiliary power source to protect data in the unusual event that a vehicle experiences a loss of electrical power due to a malfunction. Finally, the OBD-II standard provides an extensible list of DTCs. As a result of this standardization, a single device can query the on-board computer(s) in any vehicle. This OBD-II came in two models OBD-IIA and OBD-IIB. OBD-II standardization was prompted by emissions requirements, and though only emission-related codes and data are required to be transmitted through it, most manufacturers have made the OBD-II Data Link Connector the only one in the vehicle through which all systems are diagnosed and programmed. OBD-II Diagnostic Trouble Codes are 4-digit, preceded by a letter: P for powertrain (engine and transmission), B for body, C for chassis, and U for network. The OBD-II specification provides for a standardized hardware interface — the female 16-pin (2x8) J1962 connector , where type A is used for 12-volt vehicles and type B for 24-volt vehicles. Unlike the OBD-I connector, which was sometimes found under the bonnet of the vehicle, the OBD-II connector is required to be within 2 feet (0.61 m) of the steering wheel (unless an exemption is applied for by the manufacturer, in which case it is still somewhere within reach of the driver). SAE J1962 defines the pinout of the connector as: GM: J2411 GMLANSingle-Wire CAN. Audi: Switched +12 to tell a scan tool whether the ignition is on. VW: Switched +12 to tell a scan tool whether the ignition is on. Mercedes ] (K-Line): Ignition control (EZS), air-conditioner (KLA), PTS, safety systems (Airbag, SRS, AB) and some other. GM: 8192 baud ALDL where fitted. BMW: RPM signal. Toyota: RPM signal. Mercedes (K-Line): ABS, ASR, ESP, ETS, BAS diagnostic. SAE J1850 PWM and VPW SAE J1850 PWM only (not SAE 1850 VPW) Ethernet TX+ (Diagnostics over IP) Ford DCL(+) Argentina, Brazil (pre OBD-II) 1997–2000, USA, Europe, etc. Chrysler CCD Bus(+) Mercedes (TNA): TD engine rotation speed. Ethernet TX- (Diagnostics over IP) Ford DCL(-) Argentina, Brazil (pre OBD-II) 1997–2000, USA, Europe, etc. Chrysler CCD Bus(-) Mercedes (K-Line): Gearbox and other transmission components (EGS, ETC, FTC). Ethernet RX+ (Diagnostics over IP) Mercedes (K-Line): All activity module (AAM), Radio (RD), ICS (and more) Ethernet RX- (Diagnostics over IP) Ford: FEPS – Programming PCM voltage Mercedes (K-Line): AB diagnostic – safety systems. (ISO 15765-4 and SAE J2284) (ISO 15765-4 and SAE J2284) (ISO 9141-2 and ISO 14230-4) (ISO 9141-2 and ISO 14230-4) Activate Ethernet (Diagnostics over IP) Many BMWs: A second K-line for non OBD-II (BodyInfotainment) systems. Mercedes: Ignition (+12 Volt"
"(ISO 9141-2 and ISO 14230-4) (ISO 9141-2 and ISO 14230-4) Activate Ethernet (Diagnostics over IP) Many BMWs: A second K-line for non OBD-II (BodyInfotainment) systems. Mercedes: Ignition (+12 Volt for type A connector) (+24 Volt for type B connector) The assignment of unspecified pins is left to the vehicle manufacturer's discretion. ] The European on-board diagnostics (EOBD) regulations are the European equivalent of OBD-II, and apply to all passenger cars of category M1 (with no more than 8 passenger seats and a Gross Vehicle Weight rating of 2,500 kg, 5,500 lb or less) first registered within EU member states since January 1, 2001 for petrol -engined cars and since January 1, 2004 for diesel engined cars. ] For newly introduced models, the regulation dates applied a year earlier – January 1, 2000 for petrol and January 1, 2003, for diesel. For passenger cars with a Gross Vehicle Weight rating of greater than 2500 kg and for light commercial vehicles, the regulation dates applied from January 1, 2002, for petrol models, and January 1, 2007, for diesel models. The technical implementation of EOBD is essentially the same as OBD-II, with the same SAE J1962 diagnostic link connector and signal protocols being used. With Euro V and Euro VI emission standards, EOBD emission thresholds are lower than previous Euro III and IV. Each of the EOBD fault codes consists of five characters: a letter, followed by four numbers. ] The letter refers to the system being interrogated e.g. Pxxxx would refer to the powertrain system. The next character would be a 0 if complies to the EOBD standard. So it should look like P0xxx. The next character would refer to the sub system. The following two characters would refer to the individual fault within each subsystem. ] The term ""EOBD2"" is marketing speak used by some vehicle manufacturers to refer to manufacturer-specific features that are not actually part of the OBD or EOBD standard. In this case ""E"" stands for Enhanced. JOBD is a version of OBD-II for vehicles sold in Japan. The ADR 7901 – Emission Control for Light Vehicles) 2005) standard is the Australian equivalent of OBD-II. It applies to all vehicles of category M1 and N1 with a Gross Vehicle Weight rating of 3,500 kg (7,700 lb) or less, registered from new within Australia and produced since January 1, 2006 for petrol -engined cars and since January 1, 2007 for diesel -engined cars. ] For newly introduced models, the regulation dates applied a year earlier – January 1, 2005 for petrol and January 1, 2006, for diesel. The ADR 7902 standard which imposed tighter emissions restrictions, applicable to all vehicles of class M1 and N1 with a Gross Vehicle Weight rating of 3500 kg or less, from July 1, 2008, for new models, July 1, 2010, for all models. ] The technical implementation of this standard is essentially the same as OBD-II, with the same SAE J1962 diagnostic link connector and signal protocols being used. In North America, EMD and EMD+ are on-board"
"implementation of this standard is essentially the same as OBD-II, with the same SAE J1962 diagnostic link connector and signal protocols being used. In North America, EMD and EMD+ are on-board diagnostic systems that were used on vehicles with a gross vehicle weight rating of 14,000 lb (6,400 kg) or more between the 2007 and 2012 model years if those vehicles did not already implement OBD-II. EMD was used on California emissions vehicles between model years 2007 and 2009 that did not already have OBD-II. EMD was required to monitor fuel delivery, exhaust gas recirculation, the diesel particulate filter (on diesel engines), and emissions-related powertrain control module inputs and outputs for circuit continuity, data rationality, and output functionality. EMD+ was used on model year 2010-2012 California and Federal petrol-engined vehicles with a gross vehicle weight rating of over 14,000 lb (6,400 kg), it added the ability to monitor nitrogen oxide catalyst performance. EMD and EMD+ are similar to OBD-I in logic but use the same SAE J1962 data connector and CAN bus as OBD-II systems. ] Five signaling protocols are permitted with the OBD-II interface. Most vehicles implement only one of the protocols. It is often possible to deduce the protocol used based on which pins are present on the J1962 connector: ] All OBD-II pinouts use the same connector, but different pins are used with the exception of pin 4 (battery ground) and pin 16 (battery positive). OBD-II provides access to data from the engine control unit (ECU) and offers a valuable source of information when troubleshooting problems inside a vehicle. The SAE J1979 standard defines a method for requesting various diagnostic data and a list of standard parameters that might be available from the ECU. The various available parameters are addressed by ""parameter identification numbers"" or PID s which are defined in J1979. For a list of basic PIDs, their definitions, and the formula to convert raw OBD-II output to meaningful diagnostic units, see OBD-II PIDs . Manufacturers are not required to implement all PIDs listed in J1979 and they are allowed to include proprietary PIDs that are not listed. The PID request and data retrieval system gives access to real time performance data as well as flagged DTCs. For a list of generic OBD-II DTCs suggested by the SAE, see Table of OBD-II Codes . Individual manufacturers often enhance the OBD-II code set with additional proprietary DTCs. Here is a basic introduction to the OBD communication protocol according to ISO 15031. In SAE J1979 these ""modes"" were renamed to ""services"", starting in 2003. Various tools are available that plug into the OBD connector to access OBD functions. These range from simple generic consumer level tools to highly sophisticated OEM dealership tools to vehicle telematic devices. A range of rugged hand-held scan tools is available. Mobile device applications allow mobile devices such as cell phones and tablets to display and"
"OEM dealership tools to vehicle telematic devices. A range of rugged hand-held scan tools is available. Mobile device applications allow mobile devices such as cell phones and tablets to display and manipulate the OBD-II data accessed via USB adaptor cables or Bluetooth adapters plugged into the car's OBD II connector. Newer devices on the market are equipped with GPS sensors and the ability to transmit vehicle location and diagnostics data over a cellular network. Modern OBD-II devices can therefore nowadays be used to for example locate vehicles, monitor driving behavior in addition to reading Diagnostics Trouble Codes (DTC). Even more advanced devices allow users to reset engine DTC codes, effectively turning off engine lights in the dashboard; however, resetting the codes does not address the underlying issues and can in worst-case scenarios even lead to engine breakage where the source issue is serious and left unattended for long periods. ] ] An OBD-II software package when installed in a computer ( Windows , Mac , or Linux ) can help diagnose the onboard system, read and erase DTCs, turn off MIL, show real-time data, and measure vehicle fuel economy. ] To use OBD-II software, one needs to have an OBD-II adapter (commonly using Bluetooth , Wi-Fi or USB ) ] plugged in the OBD-II port to enable the vehicle to connect with the computer where the software is installed. ] A PC-based OBD analysis tool that converts the OBD-II signals to serial data (USB or serial port) standard to PCs or Macs. The software then decodes the received data to a visual display. Many popular interfaces are based on the ELM327 or STN ] OBD Interpreter ICs, both of which read all five generic OBD-II protocols. Some adapters now use the J2534 API allowing them to access OBD-II Protocols for both cars and trucks. In addition to the functions of a hand-held scan tool, the PC-based tools generally offer: The extent that a PC tool may access manufacturer or vehicle-specific ECU diagnostics varies between software products ] as it does between hand-held scanners. Data loggers are designed to capture vehicle data while the vehicle is in normal operation, for later analysis. Data logging uses include: Analysis of vehicle black box data may be performed periodically, automatically transmitted wirelessly to a third party or retrieved for forensic analysis after an event such as an accident, traffic infringement or mechanical fault. In the United States, many states now use OBD-II testing instead of tailpipe testing in OBD-II compliant vehicles (1996 and newer). Since OBD-II stores trouble codes for emissions equipment, the testing computer can query the vehicle's onboard computer and verify there are no emission related trouble codes and that the vehicle is in compliance with emission standards for the model year it was manufactured. In the Netherlands, 2006 and later vehicles get a yearly EOBD emission check. ] Driver's supplementary vehicle instrumentation is instrumentation"
"standards for the model year it was manufactured. In the Netherlands, 2006 and later vehicles get a yearly EOBD emission check. ] Driver's supplementary vehicle instrumentation is instrumentation installed in a vehicle in addition to that provided by the vehicle manufacturer and intended for display to the driver during normal operation. This is opposed to scanners used primarily for active fault diagnosis, tuning, or hidden data logging. Auto enthusiasts have traditionally installed additional gauges such as manifold vacuum, battery current etc. The OBD standard interface has enabled a new generation of enthusiast instrumentation accessing the full range of vehicle data used for diagnostics, and derived data such as instantaneous fuel economy. Instrumentation may take the form of dedicated trip computers , ] carputer or interfaces to PDAs , ] smartphones, or a Garmin navigation unit. As a carputer is essentially a PC, the same software could be loaded as for PC-based scan tools and vice versa, so the distinction is only in the reason for use of the software. These enthusiast systems may also include some functionality similar to the other scan tools. OBD II information is commonly used by vehicle telematics devices that perform fleet tracking, monitor fuel efficiency, prevent unsafe driving, as well as for remote diagnostics and by Pay-As-You-Drive insurance. Although originally not intended for the above purposes, commonly supported OBD II data such as vehicle speed, RPM, and fuel level allow GPS-based fleet tracking devices to monitor vehicle idling times, speeding, and over-revving. By monitoring OBD II DTCs a company can know immediately if one of its vehicles has an engine problem and by interpreting the code the nature of the problem. It can be used to detect reckless driving in real time based on the sensor data provided through the OBD port. ] This detection is done by adding a complex events processor (CEP) to the backend and on the client's interface. OBD II is also monitored to block mobile phones when driving and to record trip data for insurance purposes. ] OBD-II diagnostic trouble codes ( DTCs ) ] ] are five characters long, with the first letter indicating a category, and the remaining four being a hexadecimal number. ] The first character, representing category can only be one of the following four letters, given here with their associated meanings. (This restriction in number is due to how only two bits of memory are used to indicate the category when DTCs are stored and transmitted). ] The second character is a number in the range of 0–3. (This restriction is again due to memory storage limitations). ] The third character may denote a particular vehicle system that the fault relates to. ] Finally the fourth and fifth characters define the exact problem detected. Researchers at the University of Washington and University of California examined the security around OBD and found that they were able to gain control over many"
"define the exact problem detected. Researchers at the University of Washington and University of California examined the security around OBD and found that they were able to gain control over many vehicle components via the interface. Furthermore, they were able to upload new firmware into the engine control units . Their conclusion is that vehicle embedded systems are not designed with security in mind. ] ] ] There have been reports of thieves using specialist OBD reprogramming devices to enable them to steal cars without the use of a key. ] The primary causes of this vulnerability lie in the tendency for vehicle manufacturers to extend the bus for purposes other than those for which it was designed, and the lack of authentication and authorization in the OBD specifications, which instead rely largely on security through obscurity . ]"
"Metromile, Inc. is a San Francisco -based technology start-up that offers pay-per-mile car insurance , licenses a digital insurance platform to insurance companies around the world, and provides a digitally native offering featuring smart driving features, automated claims, and vehicle information. In July 2022, Lemonade, Inc. acquired the company. Pay-per-mile insurance is a type of usage-based insurance where the user pays a base rate along with a fixed rate per mile. The billing model is intended for low-mileage drivers and does not take driving style or behaviour into account (for determining rates or discounts). ] To measure mileage, the Metromile Pulse device is plugged into the onboard diagnostic (OBD-II) port of the car. The OBD-II port is the same port that mechanics use to diagnose issues that trigger a car’s “check engine” light. The device then transmits mileage data to servers. ] Metromile provides a full customer service team and 24/7 claims team. ] Metromile began underwriting its own policies in September 2016. ] Per-mile insurance through Metromile is currently available in Arizona , California , Illinois , New Jersey , Oregon , Pennsylvania , Virginia , and Washington . ] ] ] ] Drivers in other states can add themselves to a waitlist to be notified as additional states become available. Metromile is only offering personal car insurance policies at this time. The Pulse device provided to per-mile insurance customers also collects data about trips and car health. Metromile visualizes this information in an app to give drivers insights that can simplify car ownership. Features include street sweeping alerts, where the driver is notified if their car is parked in a street sweeping zone, ] and a car health monitor. ] The car locator feature shows where a car is parked, and some users have recovered their stolen vehicles by knowing their car’s location. ] The app is currently available for both Apple iOS and Google Android phones. ] In June 2015, the Metromile Tag was introduced to give non-insurance customers a way to also use the driving app. ] The Tag wirelessly connects to smartphones via Apple iBeacon technology. Metromile was founded in Redwood City, California , in 2011 by David Friedberg and Steve Pretre. ] David Friedberg currently sits as the chairman of the board, and the company is led by CEO Dan Preston. In 2013, the company moved its headquarters to San Francisco and in April 2015 added a second office space. ] A new location was opened in Boston in April 2015 and in Tempe in May 2015. ] ] In September 2016 they announced a new round of $192 million in funding and acquired a carrier which enabled them to start underwriting their own policies. ] The company became publicly-listed in February 2021 in a reverse merger deal, ] supported by Betsy Z. Cohen who also joined the company’s board of directors. ] ] On 8 November 2021, Lemonade, Inc. announced that it would fully acquire Metromile in an all-stock transaction which"
"supported by Betsy Z. Cohen who also joined the company’s board of directors. ] ] On 8 November 2021, Lemonade, Inc. announced that it would fully acquire Metromile in an all-stock transaction which implies a fully diluted equity value of approximately $500 million, or around $200 million net of cash. ] The acquisition completed on 28 July 2022. Following the acquisition, Lemonade laid off 20% of Metromile's staff. ]"
"Nonintrusive load monitoring ( NILM ), nonintrusive appliance load monitoring ( NIALM ), ] or energy disaggregation ] is a process for analyzing changes in the voltage and current going into a house and deducing what appliances are used in the house as well as their individual energy consumption. Electric meters with NILM technology are used by utility companies to survey the specific uses of electric power in different homes. NILM is considered a low-cost alternative to attaching individual monitors on each appliance. It does, however, present privacy concerns. Nonintrusive load monitoring was invented by George W. Hart , Ed Kern and Fred Schweppe of MIT in the early 1980s with funding from the Electric Power Research Institute . ] ] The basic process is described in U.S. patent 4,858,141 . As shown in figure 1 from the patent, a digital AC monitor is attached to the single-phase power going into a residence. Changes in the voltage and current are measured (i.e. admittance measurement unit), normalized (scaler) and recorded (net change detector unit). A cluster analysis is then performed to identify when different appliances are turned on and off. If a 60-watt bulb is turned on, for example, followed by a 100-watt bulb being turned on, followed by the 60-watt bulb being turned off followed by the 100-watt bulb being turned off, the NIALM unit will match the on and off signals from the 60-watt bulb and the on and off signals from the 100-watt bulb to determine how much power was used by each bulb and when. The system is sufficiently sensitive that individual 60-watt bulbs can be discriminated due to the normal variations in actual power draw of bulbs with the same nominal rating (e.g. one bulb might draw 61 watts, another 62 watts). The system can measure both reactive power and real power . Hence two appliances with the same total power draw can be distinguished by differences in their complex impedance . As shown in figure 8 from the patent, for example, a refrigerator electric motor and a pure resistive heater can be distinguished in part because the electric motor has significant changes in reactive power when it turns on and off, whereas the heater has almost none. NILM systems can also identify appliances with a series of individual changes in power draw. These appliances are modeled as finite state machines . A dishwasher, for example, has heaters and motors that turn on and off during a typical dish washing cycle. These will be identified as clusters, and power draw for the entire cluster will be recorded. Hence “dishwasher” power draw can be identified as opposed to “resistor heating unit” and “electric motor”. NILM can detect what types of appliances people have and their behavioral patterns. Patterns of energy use may indicate behavior patterns, such as routine times that nobody is at home, or embarrassing or illegal behavior of residents. It could, for example, reveal when the occupants of a house are using the shower, or when"
"patterns, such as routine times that nobody is at home, or embarrassing or illegal behavior of residents. It could, for example, reveal when the occupants of a house are using the shower, or when individual lights are turned on and off. ] If the NILM is running remotely at a utility or by a third party, the homeowner may not know that their behavior is being monitored and recorded. A stand-alone in-home system, under the control of the user, can provide feedback about energy use, without revealing information to others. Drawing links between their behavior and energy consumption may help reduce energy consumption, improve efficiency, flatten peak loads, save money, or balance appliance use with green energy availability. However the use of a stand-alone system does not protect one from remote monitoring. The accuracy and capability of this technology is still developing and is not 100% reliable in near-real-time, such that complete information is accumulated and analyzed over periods ranging from minutes to hours."
"Drunk driving (or drink-driving in British English ] ) is the act of driving under the influence of alcohol . A small increase in the blood alcohol content increases the relative risk of a motor vehicle crash. ] In the United States , alcohol is involved in 32% of all traffic fatalities . ] ] In the United States, most states have generalized their criminal offense statutes to driving under the influence (DUI). These DUI statutes generally cover intoxication by any drug, including alcohol. Such laws may also apply to operating boats, aircraft, farm machinery , horse-drawn carriages, and bicycles . Specific terms used to describe alcohol-related driving offenses include ""drinking and driving"", ""drunk driving"", and ""drunken driving"". Most DUI offenses are alcohol-related so the terms are used interchangeably in common language, and ""drug-related DUI"" is used to distinguish. In the United Kingdom, there are two separate offences to do with alcohol and driving. The first is ""Driving or attempting to drive with excess alcohol"" (legal code DR10), the other is known as ""In charge of a vehicle with excess alcohol"" (legal code DR40) or ""drunk in charge"" due to the wording of the Licensing Act 1872 . ] ] In relation to motor vehicles, the Road Safety Act 1967 created a narrower offense of driving (or being in charge of) a vehicle while having breath, blood, or urine alcohol levels above the prescribed limits (colloquially called ""being over the limit""). ] These provisions were re-enacted in the Road Traffic Act 1988 . A separate offense in the 1988 Act applies to bicycles. While the 1872 Act is mostly superseded, the offense of being ""drunk while in charge ... of any carriage, horse, cattle, or steam engine"" is still in force; ""carriage"" has sometimes been interpreted as including mobility scooters . ] Depending on the jurisdiction, a drunk driver's level of intoxication may be measured by police using three methods: blood, breath, or urine, resulting in a blood alcohol concentration , breath alcohol concentration (BrAC), or urine result. For law enforcement purposes, breath analysis using a breathalyzer is the preferred method, since results are available almost instantaneously. A measurement in excess of the specific threshold level, such as a BAC of 0.08% (8 basis points ), defines the criminal offense with no need to prove impairment. ] In some jurisdictions, there is an aggravated category of the offense at a higher BAC level, such as 0.12%, 0.15%, or 0.25%. In many jurisdictions, police officers can conduct field tests of suspects to look for signs of intoxication. ] There have been cases in Canada where officers have come upon a suspect who is unconscious after a crash and officers have taken a blood sample. citation needed ] With the advent of a scientific test for BAC, law enforcement regimes moved from field sobriety testing (e.g., asking the suspect to stand on one leg) to having more than a prescribed amount of blood alcohol content while"
"test for BAC, law enforcement regimes moved from field sobriety testing (e.g., asking the suspect to stand on one leg) to having more than a prescribed amount of blood alcohol content while driving. However, this does not preclude the simultaneous existence and use of the older subjective tests in which police officers measure the intoxication of the suspect by asking them to do certain activities or by examining their eyes and responses. ] The validity of the testing equipmentblood alcohol and intoxication levels have been criticized. ] Improper testing and equipment calibration is often used in defense of a DUI or DWI. citation needed ] Alcohol is a depressant, which mainly affects the function of the brain. Alcohol first affects the most vital components of the brain and ""when the brain cortex is released from its functions of integrating and control, processes related to judgment and behavior occur in a disorganized fashion and the proper operation of behavioral tasks becomes disrupted."" ] Alcohol weakens a variety of skills that are necessary to perform everyday tasks. Drinking enough alcohol to cause a blood alcohol concentration (BAC) of 0.03–0.12% typically causes a flushed, red appearance in the face and impaired judgment and fine muscle coordination. A BAC of 0.09% to 0.25% causes lethargy , sedation , balance problems, and blurred vision. A BAC from 0.18% to 0.30% causes profound confusion, impaired speech (e.g., slurred speech), staggering, dizziness, and vomiting. A BAC from 0.25% to 0.40% causes stupor , unconsciousness, anterograde amnesia , vomiting, and respiratory depression (potentially life-threatening). A BAC from 0.35% to 0.80% causes a coma (unconsciousness), life-threatening respiratory depression, and possibly fatal alcohol poisoning . There are a number of factors that affect the time in which BAC will reach or exceed 0.08, including weight, the time since one's recent drinking, and whether and what one ate within the time of drinking. A 170lb male can drink more than a 135lb female, before being over the BAC level. ] One of the main effects of alcohol is severely impairing a person's ability to shift attention from one thing to another, ""without significantly impairing sensory motor functions."" ] This indicates that people who are intoxicated are not able to properly shift their attention without affecting the senses. People that are intoxicated also have a much more narrow area of usable vision than people who are sober. The information the brain receives from the eyes ""becomes disrupted if eyes must be turned to the side to detect stimuli, or if eyes must be moved quickly from one point to another."" ] Research shows an exponential increase of the relative risk for a crash with a linear increase of BAC. ] NHTSA reports that the following blood alcohol levels (BAC) in a driver will have the following predictable effects on his or her ability to drive safely: (1) A BAC of .02 will result in a ""ecline in visual functions"
"the following blood alcohol levels (BAC) in a driver will have the following predictable effects on his or her ability to drive safely: (1) A BAC of .02 will result in a ""ecline in visual functions (rapid tracking of a moving target), a decline in the ability to perform two tasks at the same time (divided attention)""; (2) A BAC of .05 will result in ""educed coordination, reduced ability to track moving objects, difficulty steering, reduced response to emergency driving situations""; (3) A BAC of .08 will result in ""oncentration, short-term memory loss, speed control, reduced information processing capability (e.g., signal detection, visual search), impaired perception""; (4) A BAC of .10 will result in ""educed ability to maintain lane position and brake appropriately""; and (5) A BAC of .15 will result in ""ubstantial impairment in vehicle control, attention to driving task, and in necessary visual and auditory information processing."" ] Several testing mechanisms are used to gauge a person's ability to drive, which indicate levels of intoxication. One of these is referred to as a tracking task, testing hand–eye coordination, in which ""the task is to keep an object on a prescribed path by controlling its position through turning a steering wheel. Impairment of performance is seen at BACs of as little as 0.7 mg/mL (0.066%)."" ] Another form of tests is a choice reaction task, which deals more primarily with cognitive function. In this form of testing both hearing and vision are tested and drivers must give a ""response according to rules that necessitate mental processing before giving the answer."" ] This is a useful gauge because in an actual driving situation drivers must divide their attention ""between a tracking task and surveillance of the environment."" ] It has been found that even ""very low BACs are sufficient to produce significant impairment of performance"" in this area of thought process. ] A 1964 paper by Robert Frank Borkenstein studied data from Grand Rapids , Michigan . ] The main finding of the Grand Rapids study was that for higher values of BAC, the collision risk increases steeply; for a BAC of 0.15%, the risk is 25 times higher than for zero blood alcohol. The BAC limits in Germany and many other countries were set based on this Grand Rapids study. Subsequent research showed that all extra collisions caused by alcohol were due to at least 0.06% BAC, 96% of them due to BAC above 0.08%, and 79% due to BAC above 0.12%. ] One surprising aspect of the study was that, in the main analysis, a BAC of 0.01–0.04% was associated with a lower risk of collisions than a BAC of 0%, a feature referred to as the Grand Rapids Effect or Grand Rapids Dip . ] ] A 1995 Würzburg University study of German data similarly found that the risk of collisions appeared to be lower for drivers with a BAC of 0.04% or less than for drivers with a BAC of 0%. ] Studies of alcohol impairment on tests of driving ability have found that impairment starts as soon as"
"to be lower for drivers with a BAC of 0.04% or less than for drivers with a BAC of 0%. ] Studies of alcohol impairment on tests of driving ability have found that impairment starts as soon as alcohol is detectable. Thus, the literature has for the most part treated the Grand Rapids Dip as a statistical effect, similar to Simpson's paradox . ] The analysis in the Grand Rapids paper relied primarily on univariate statistics, which could not isolate the effects of age, gender, and drinking practices from the effects of other variables. ] In particular, when the data is re-analyzed by constructing separate BAC-crash rate graphs for each drinking frequency, there are no J-shapes in any of the graphs and collision rates increase starting from 0% BAC. The analysis of the Grand Rapids study was biased by including drivers younger than 25 and older than 55 that did not drink often but had significantly higher crash rates even when not drinking alcohol. ] A newer study using data from 1997-1999 replicated the Grand Rapids dip but found that adjusting for covariates using logistic regression made the dip disappear. ] A direct effect of alcohol on a person's brain is an overestimation of how quickly their body is recovering from the effects of alcohol. A study, discussed in the article ""Why drunk drivers may get behind the wheel"", was done with college students in which the students were tested with ""a hidden maze learning task as their BAC both rose and fell over an 8-hour period."" ] The researchers found through the study that as the students became more drunk there was an increase in their mistakes ""and the recovery of the underlying cognitive impairments that lead to these errors is slower, and more closely tied to the actual blood alcohol concentration, than the more rapid reduction in participants' subjective feeling of drunkenness."" ] The participants believed that they were recovering from the adverse effects of alcohol much more quickly than they actually were. This feeling of perceived recovery is a plausible explanation of why so many people feel that they are able to safely operate a motor vehicle when they are not yet fully recovered from the alcohol they have consumed, indicating that the recovery rates do not coincide. This thought process and brain function that is lost under the influence of alcohol is a very key element in regards to being able to drive safely, including ""making judgments in terms of traveling through intersections or changing lanes when driving."" ] These essential driving skills are lost while a person is under the influence of alcohol. Drunk driving is one of the largest risk factors that contribute to traffic collisions . As of 2015, for people in Europe between the age of 15 and 29, driving under the influence of alcohol has been one of the main causes of mortality. ] According to the National Highway Traffic Safety Administration, alcohol-related crashes cause approximately $37 billion in damages annually. ] DUI and"
"has been one of the main causes of mortality. ] According to the National Highway Traffic Safety Administration, alcohol-related crashes cause approximately $37 billion in damages annually. ] DUI and alcohol-related crashes have produced an estimated $45 billion in damages every year. The combined costs of towing and storage fees, attorney fees, bail fees, fines, court fees, ignition interlock devices, traffic school fees and DMV fees mean that a first-time DUI charge could cost thousands to tens of thousands of dollars. ] Traffic collisions are predominantly caused by driving under the influence for people in Europe between the age of 15 and 29, it is one of the main causes of mortality. ] According to the National Highway Traffic Safety Administration, alcohol-related collisions cause approximately $37 billion in damages annually. ] Every 51 minutes someone dies from an alcohol-related collision. When it comes to risk-taking there is a large male predominance, as personality traits, anti-social behaviour , and risk-taking are taken into consideration as they all are involved in DUI's. ] Over 7.7 million underage people ages 12–20 claim to drink alcohol, and on average, for every 100,000 underage Americans, 1.2 died in drunk-driving traffic crashes. ] Although situations differ and each person is unique, some common traits have been identified among drunk drivers. In the study ""personality traits and mental health of severe drunk drivers in Sweden"", 162 Swedish DUI offenders of all ages were studied to find links in psychological factors and characteristics. There are a wide variety of characteristics common among DUI offenders which are discussed, including: ""anxiety, depression, inhibition, low assertiveness, neuroticism and introversion"". ] There is also a more specific personality type found, typically more antisocial, among repeat DUI offenders. It is not uncommon for them to actually be diagnosed with antisocial personality disorder ( ASPD ) and exhibit some of the following personality traits: ""low social responsiveness, lack of self-control, hostility, poor decision-making lifestyle, low emotional adjustment, aggression, sensation seeking and impulsivity"". ] It is also common for offenders to use drinking as a coping mechanism, not necessarily for social or enjoyment reasons, when they are antisocial in nature and have a father with a history of alcoholism. Offenders who begin drinking at an earlier age for thrills and ""fun"" are more likely to be antisocial later in their lives. The majority of the sample, 72%, came from what is considered more ""normal"" circumstances. This group was older when they began drinking, came from families without a history of alcoholism, were relatively well-behaved as children, were not as physically and emotionally affected by alcohol when compared with the rest of the study, and had the less emotional complications, such as anxiety and depression. The smaller portion of the sample, 28%, comes from what is"
"affected by alcohol when compared with the rest of the study, and had the less emotional complications, such as anxiety and depression. The smaller portion of the sample, 28%, comes from what is generally considered less than desirable circumstances, or ""not normal"". They tended to start drinking heavily earlier in life and ""exhibited more premorbid risk factors, had a more severe substance abuse and psychosocial impairment."" ] Various characteristics associated with drunk drivers were found more often in one gender than another. Females were more likely to be affected by both mental and physical health problems, have family and social problems, have a greater drug use, and were frequently unemployed. However, the females tended to have less legal issues than the typical male offender. Some specific issues females dealt with were that ""almost half of the female alcoholics had previously attempted to commit suicide, and almost one-third had suffered from anxiety disorder."" In contrast with females, males were more likely to have in-depth problems and more involved complications, such as ""a more complex problem profile, i.e. more legal, psychological, and work-related problems when compared with female alcoholics."" ] In general the sample, when paralleled with control groups, was tested to be much more impulsive in general. Another commonality among the whole group was that the DUI offenders were more underprivileged when compared with the general population of drivers. A correlation has been found between lack of conscientiousness and accidents, meaning that ""low conscientiousness drivers were more often involved in driving accidents than other drivers."" When tested the drivers scored very high in the areas of ""depression, vulnerability (to stress), gregariousness , modesty, tender mindedness"", but significantly lower in the areas of ""ideas (intellectual curiosity), competence, achievement striving and self-discipline."" ] The sample also tested considerably higher than the norm in "" somatization , obsessions–compulsions , interpersonal sensitivity, depression, anxiety, hostility, phobic anxiety, paranoia , psychoticism "", especially in the area of depression. Through this testing a previously overlooked character trait of DUI offenders was uncovered by the ""low scores on the openness to experience domain."" ] This area ""includes intellectual curiosity, receptivity to the inner world of fantasy and imagination, appreciation of art and beauty, openness to inner emotions, values, and active experiences."" In all these various factors, there is only one which indicates relapses for driving under the influence: depression. ] Not only can personality traits of DUI offenders be dissimilar from the rest of the population, but so can their thought processes, or cognitive processes. They are unique in that ""they often drink despite the severity of legal and financial sanctions imposed on them by society."" ] In addition to these societal restraints, DUI"
"or cognitive processes. They are unique in that ""they often drink despite the severity of legal and financial sanctions imposed on them by society."" ] In addition to these societal restraints, DUI offenders ignore their own personal experience, including both social and physical consequences. The study ""Cognitive Predictors of Alcohol Involvement and Alcohol consumption-Related Consequences in a Sample of Drunk-Driving Offenders"" was performed in Albuquerque, New Mexico on the cognitive , or mental, factors of DUI offenders. Characteristics such as gender, marital status, and age of these DWI offenders were similar to those in other populations. Approximately 25% of female and 21% of male offenders had received ""a lifetime diagnosis of alcohol abuse"" and 62% of females and 70% of males ""received a diagnosis of alcohol dependence."" ] All of the offenders had at least one DWI and males were more likely to have multiple citations. In terms of drinking patterns approximately 25% stated that ""they had drunk alcohol with in the past day, while an additional 32% indicated they had drunk within the past week."" ] In regards to domestic drinking, ""25% of the sample drank at least once per week in their own homes."" ] Different items were tested to see if they played a role in the decision to drink alcohol, which includes socializing, the expectation that drinking is enjoyable, financial resources to purchase alcohol, and liberation from stress at the work place. The study also focused on two main areas, "" intrapersonal cues"", or internal cues, that are reactions ""to internal psychological or physical events"" and "" interpersonal cues"" that result from ""social influences in drinking situations."" ] The two largest factors between tested areas were damaging alcohol use and its correlation to ""drinking urges/triggers."" ] Once again different behaviors are characteristic of male and female. Males are ""more likely to abuse alcohol, be arrested for DWI offenses, and report more adverse alcohol-related consequences."" However, effects of alcohol on females vary because the female metabolism processes alcohol significantly when compared to males, which increases their chances for intoxication. ] The largest indicator for drinking was situational cues which comprised ""indicators tapping psychological (e.g. letting oneself down, having an argument with a friend, and getting angry at something), social (e.g. relaxing and having a good time), and somatic cues (e.g. how good it tasted, passing by a liquor store, and heightened sexual enjoyment)."" ] It may be that internal forces are more likely to drive DWI offenders to drink than external, which is indicated by the fact that the brain and body play a greater role than social influences. This possibility seems particularly likely in repeat DWI offenders, as repeat offences (unlike first-time offences) are not positively correlated with the availability of alcohol. ] Another cognitive factor may be that of using alcohol to"
"in repeat DWI offenders, as repeat offences (unlike first-time offences) are not positively correlated with the availability of alcohol. ] Another cognitive factor may be that of using alcohol to cope with problems. It is becoming increasingly apparent that the DWI offenders do not use proper coping mechanisms and thus turn to alcohol for the answer. Examples of such issues ""include fights, arguments, and problems with people at work, all of which imply a need for adaptive coping strategies to help the high-risk drinker to offset pressures or demands."" ] DWI offenders would typically prefer to turn to alcohol than more healthy coping mechanisms and alcohol can cause more anger which can result in a vicious circle of drinking more alcohol to deal with alcohol-related issues. This is a not the way professionals tell people how to best deal with the struggles of everyday life and calls for ""the need to develop internal control and self-regulatory mechanisms that attenuate stress, mollify the influence of relapse-based cues, and dampen urges to drink as part of therapeutic interventions."" ] To attempt to determine whether a suspect is impaired, police officers in the United States usually will administer field sobriety tests to determine whether the officer has probable cause to arrest an individual for suspicion of driving under the influence (DUI). The Preliminary Breath Test (PBT) or Preliminary Alcohol Screening test (PAS) is sometimes categorized as part of field sobriety testing , although it is not part of the series of performance tests. Commercial drivers are subject to PBT testing in some US states as a ""drug screening"" requirement. The laws relating to drunk driving vary significantly between countries, particularly the BAC limit before a person is charged with a crime. Thresholds range from the limit of detection (zero-tolerance) to 0.08%. Some countries have no limits or laws on blood alcohol content. ] Some jurisdictions have multiple levels of BAC for different categories of drivers. In some jurisdictions, impaired drivers who injure or kill another person while driving may face heavier penalties. Some jurisdictions have judicial guidelines requiring a mandatory minimum sentence for certain situations. DUI convictions may result in multi-year jail terms and other penalties ranging from fines and other financial penalties to forfeiture of one's license plates and vehicle. In many jurisdictions, a judge may also order the installation of an ignition interlock device . Some jurisdictions require that drivers convicted of DUI offenses use special license plates that are easily distinguishable from regular plates, known in popular parlance as ""party plates"" ] or ""whiskey plates"". Criminologist Hung‐En Sung has concluded in 2016 that with regards to reducing drunk driving, law enforcement has not generally proven to be effective. Worldwide, the majority of those driving under the influence do not end up arrested. At least two thirds of"
"to reducing drunk driving, law enforcement has not generally proven to be effective. Worldwide, the majority of those driving under the influence do not end up arrested. At least two thirds of alcohol‐involved fatalities involve repeat drinking drivers. Sung, commenting on measures for controlling drunk driving and alcohol‐related accidents, noted that the ones that have proven effective include ""lowering legal blood alcohol concentrations, controlling liquor outlets, nighttime driving curfews for minors, educational treatment programs combined with license suspension for offenders, and court monitoring of high‐risk offenders."" ] There are laws in place to protect citizens from drunk drivers, called implied consent laws. Drivers of any motor vehicle automatically consent to these laws, which include the associated testing, when they begin driving. In most jurisdictions (with the notable exception of a few, such as Brazil), refusing consent is a different crime than a DWI itself and has its own set of consequences. There have been cases where drivers were ""acquitted of the DWI offense and convicted of the refusal (they are separate offenses), often with significant consequences (usually license suspension)"". ] A driver must give their full consent to comply with testing because ""anything short of an unqualified, unequivocal assent to take the Breathalyzer test constitutes a refusal."" ] It has also been ruled that defendants are not allowed to request testing after they have already refused in order to aid officers' jobs ""to remove intoxicated drivers from the roadways"" and ensure that all results are accurate. ] The United States has extensive case law and law enforcement programs related to drunk driving. Studies have shown that there are various methods to help reduce alcohol consumption: One tool used to separate drinking from driving is an ignition interlock device which requires the driver to blow into a mouthpiece on the device before starting or continuing to operate the vehicle. ] This tool is used in rehabilitation programmes and for school buses. ] Studies have indicated that ignition interlock devices can reduce drunk driving offences by between 35% and 90%, including 60% for a Swedish study, 67% for the CDCP, and 64% for the mean of several studies. ] The US may require monitoring systems to stop intoxicated drivers in new vehicles as early as 2026. ] A designated driver programme helps to separate driving from drinking in social places such as restaurants, discos, pubs, bars. In such a programme, a group chooses who will be the drivers before going to a place where alcohol will be consumed; the drivers abstain from alcohol. Members of the group who do not drive would be expected to pay for a taxi when it is their turn. ] Reduction of legal limit from 0.8 gL reduced fatal crashes by 2% in some European countries; while similar results were obtained in the United States ] Lower legal limit (0.1 gL in Australia and the United States)"
"limit from 0.8 gL reduced fatal crashes by 2% in some European countries; while similar results were obtained in the United States ] Lower legal limit (0.1 gL in Australia and the United States) have helped to reduce fatalities among young drivers. However, in Scotland, lowering the legal limit of blood alcohol content from 0.08% to 0.05% did not result in fewer road traffic collisions in two years after the introducing the new law. One possible explanation is that this might be due the poor publicity and enforcement of the new law and the lack of random breath testing. ] ] Enforcing the legal limit for alcohol consumption is the usual method to reduce drunk driving. Experience shows that: Education programmes used to reduce drunk driving levels include: In the United States, local law enforcement agencies made 1,467,300 arrests nationwide for driving under the influence of alcohol in 1996, compared to 1.9 million such arrests during the peak year in 1983. ] In 1997 an estimated 513,200 DWI offenders were in prison or jail , down from 593,000 in 1990 and up from 270,100 in 1986. ] In the United States, DUI and alcohol-related collisions produce an estimated $45 billion in damages every year. ] In Europe, about 25% of all road fatalities are alcohol-related, while very few Europeans drive under the influence of alcohol. According to estimates, 3.85% of drivers in European Union drive with a BAC of 0.2 gL and higher. For alcohol in combination with drugs and medicines, the rates are respectively 0.35% and 0.16%. ] Notes Further reading"
"The Peer To Patent project is an initiative that seeks to assist patent offices in improving patent quality by gathering public input in a structured, productive manner. Peer To Patent is the first social-software project directly linked to decision-making by the federal government. ] An initial pilot project in collaboration with the United States Patent and Trademark Office (USPTO) was completed June 15, 2009. ] That pilot examined more than 220 patent applications in the fields of software and business methods. The Peer To Patent project has issued two anniversary reports from the initial pilot ( ] and ] ), and a final report from the initial pilot is pending. Following the conclusion of the initial pilot the USPTO undertook an evaluation of Peer To Patent assisted by students from Worcester Polytechnic Institute. That evaluation concluded that the program had merit and should be continued. ] On October 19, 2010, the USPTO and New York Law School jointly announced a new pilot program commencing October 25, 2010, and continuing through September 30, 2011 (with the review period extending through December 31, 2011). ] This new pilot will not only include patent applications covering subject matter included in the initial pilot, it will now include telecommunications, speech recognition, translation, biotechnology, bioinformatics and biopharmaceuticals. ] Other patent offices involved in pilot programs include IP Australia , ] the Japan Patent Office , ] and the Korean Intellectual Property Office . ] The UK Intellectual Property Office announced on November 4, 2010, that it would commence a pilot in 2011 ] and the pilot commenced on 1 June 2011. ] Patents go to the heart of invention , a key driver of technological progress and economic vitality. When the patent system functions correctly, it rewards only meritorious inventions—those that are useful, novel , and not obvious . This in turn encourages more people to exercise their ingenuity and effort to create new inventions. However, for a proper balance to be struck, the system must avoid awarding patents to discourage inventions that lack merit. When the system becomes inconsistent in recognizing true invention, inappropriately issued patents become obstacles for innovation in that technology area. This raises, directly or indirectly, the costs of doing business in that particular area. The number of patents in the most active jurisdictions (including the ones piloting Peer-to-Patent) has grown over the past few decades. The rise in patent applications has also placed stress on the patent offices themselves. For example, the USPTO October 31, 2010 had a backlog of about 700,000 patent applications, which is one and a half times the highest number of applications the USPTO has processed in any given year. ] Peer To Patent is focused on helping patent offices perform high-quality examinations of pending patent applications by enlisting the public to help find and explain prior art . Prior art"
"year. ] Peer To Patent is focused on helping patent offices perform high-quality examinations of pending patent applications by enlisting the public to help find and explain prior art . Prior art are references that predate the date of conception of at least some of the features of a given claimed invention. Prior art can include earlier patents, academic papers, magazine articles, web pages, and even physical examples. Patent examiners compare a claimed invention with the prior art to determine if a given invention is both new (i.e. novel ) and not obvious to a person of ordinary skill and creativity of the invention. Prior to the initiation of Peer To Patent, U.S. patent examiners had the sole responsibility for searching for prior art. Patent examiners have a time budget of a few hours in which to conduct such searches. Peer To Patent attempts to improve the patent process by markedly expanding the prior art search. The reasoning behind the project is that if prior art exists for an invention, particularly non-patent prior art, someone in the world knows about it. This knowledgeable person may be a competitor in the same field, a student or professor, or the owner of an earlier embodiment of the invention. Peer To Patent encourages such people to submit examples of prior art and creates communities of people worldwide who are interested in discovering prior art. Peer To Patent uses social software features to facilitate discussion amongst groups of volunteer experts. Users can upload prior art references, participate in discussion forums, rate other user submissions, add research references, invite others, and more. This helps the examiners focus their attention on the submission(s) of prior art that have the highest relevance to an application. An understanding of Peer To Patent's philosophical basis is valuable in order to comprehend its operation. The project also has a technological basis, lying in the potential for Internet technologies to structure public input into government processes much more effectively than agencies and legislators have done in the past. Thus, Peer to Patent is more than an intervention into the patent system; it serves as a demonstration of the potential to bring the public more fully into its own governance. Attempts to involve the public in government decision-making (other than voting and referendums, which are frequently powerful, but are also intermittent and very restrictive of the public's capacity for subtle, expressive input) previously fell into two categories, both usually of minimal impact: The paradigm underlying Peer To Patent is relatively novel, and involves clear goals, direction, and structure. The model is related, however, to many notions of civil society , particularly the theories deliberative democracy , communicative action ( Jürgen Habermas ), and strong democracy ( Benjamin Barber ). The more immediate underpinnings are best described in a series of papers by the creator of Peer to"
"democracy , communicative action ( Jürgen Habermas ), and strong democracy ( Benjamin Barber ). The more immediate underpinnings are best described in a series of papers by the creator of Peer to Patent, Beth Simone Noveck of New York Law School . Relevant papers include: The promise of Peer To Patent also draws on the success of various other movements that have created effective, productive communities on the Internet from far-flung individuals: free software and open-source software development, peer-to-peer systems for the collaborative sharing of data and computer processing, and Wikipedia . The process described in this section is that used for the USPTO pilot. The USPTO pilot, officially announced in the USPTO's Official Gazette of 26 June 2007, ] was initially restricted to patent applications from Technology Center 2100 (Computer Architecture, Software and Information Security) that are voluntarily submitted to the project by the owner/assignee. The extended pilot has expanded to include so-called Business Methods patents (class 705) that fall under Technology Center 3600. To be eligible for Peer To Patent review, a patent application must be filed during the period covered by the pilot. Furthermore, the USPTO tries to provide a representative sample of current patents by limiting the number of applications from any given applicant. Incentives for submitting an application to the project include: ] Applicants follow a procedure described on the project's web site to submit patent applications for review. ] After a patent is published on the Peer To Patent web site, the public can post not only instances of possible prior art, but other useful comments such as common industry terms that might describe the patent. These terms, or Folksonomy tags, are useful to help other experts find prior art. The review process emphasizes and supports group collaboration in the following ways. ] The role of the patent examiner in Peer To Patent remains the same as with traditional applications, except that Peer to Patent applications move to the head of the queue, to reward patent applicants who participate, and the patent examiner is forwarded the ten highest rated submissions of prior art from the Peer To Patent community to aid in their examination. The Peer To Patent project is an independent project set up by New York Law School and operated through the school's Center for Patent Innovations. ] An agreement between the USPTO and Peer To Patent allows the project to submit prior art to USPTO examiners. The steering committee includes patent attorneys from major patent-holding companies. The computer industry provides most of the steering committee members, since the initial pilot focused on Technology Center 2100. Peer To Patent is funded by project sponsors and by the USPTO. The sponsors include: ] Except where noted, content on the site is available for noncommercial use through a Creative Commons license. A description of the technology used on"
"and by the USPTO. The sponsors include: ] Except where noted, content on the site is available for noncommercial use through a Creative Commons license. A description of the technology used on the site is stated in their first anniversary report, The success of the initial pilot will likely lead to a gradual expansion of Peer To Patent to cover more and more categories of patents; for example the second U.S. pilot has been expanded to include speech recognition, telecommunications, biotechnology, and bioinformatics. ] Channels, standards, and protocols will be created to let inventors and other participants in the process integrate their own data and work flows. One feature of the Peer To Patent site allows participants to rate each other's comments, just as they now rate each other's prior art submissions. A future stage of the project may allow patent examiners to consult the public during the office action, so that the public not only submits prior art but helps examiners better understand the relevant subject matter. More broadly, Peer To Patent shows how the public can become more self-governing by interacting in an organized manner with government officials. Elements of this interaction include: As of November 24, 2010, there had been 557,560 page views from 114,395 unique viewers in 173 countries or territories. More than 2, 800 people signed up to be reviewers. Up-to-date statistics about the number of patent applications submitted to Peer To Patent, the number of community participants searching for prior art, and the amount of discussion around each patent can be obtained from the Peer To Patent web site. ] Some highlights from the First Anniversary report: Criticism of the Peer to Patent project range from its goals to its likelihood of success to its unintended consequences . For instance, criticisms can be found in comments posted to two articles favorable to Peer To Patent on the well-known Patently Obvious (Patently-O) blog : articles about the announced launch and the actual launch of the pilot. Here is a sampling of objections aired in various forums: Bestor, Daniel R.; Hamp, Eric (November 2010). ""Peer to Patent: A cure for Our Ailing Patent Examination System"" . Northwestern Journal of Technology and Intellectual Property . 9 (2): 16–28. Noveck, Beth Simone (2006). "" ""Peer to Patent"": Collective Intelligence, Open Review, and Patent Reform"" (PDF) . Harvard Journal of Law & Technology . 20 (1): 123–162."
"Behavior-based safety ( BBS ) is the ""application of science of behavior change to real world safety problems"". ] or ""A process that creates a safety partnership between management and employees that continually focuses people's attentions and actions on theirs, and others, daily safety behavior."" ] BBS ""focuses on what people do, analyzes why they do it, and then applies a research-supported intervention strategy to improve what people do"". ] At its very core BBS is based on a larger scientific field called organizational behavior management . citation needed ] In a safety management system based upon the hierarchy of hazard control , BBS may be applied to internalise hazard avoidance strategies or administrative controls (including use of personal protective equipment ), but should not be used in preference to the implementation of reasonably practicable safety measures further up the hierarchy. To be successful a BBS program must include all employees, from the CEO to the front line workers including hourly, salary, union employees, contractors and sub-contractors. To achieve changes in behavior, a change in policy, procedures and/or systems most assuredly will also need some change. Those changes cannot be done without buy-in and support from all involved in making those decisions. BBS is not based on assumptions, personal feeling, and/or common knowledge . To be successful, the BBS program used must be based on scientific knowledge ."
"Telematics is an interdisciplinary field encompassing telecommunications , vehicular technologies ( road transport , road safety , etc.), electrical engineering (sensors, instrumentation, wireless communications , etc.), and computer science ( multimedia , Internet , etc.). Telematics can involve any of the following: Telematics is a translation of the French word télématique, which was first coined by Simon Nora and Alain Minc in a 1978 report to the French government on the computerization of society. It referred to the transfer of information over telecommunications and was a portmanteau blending the French words télécommunications ("" telecommunications "") and informatique ("" computing science ""). The original broad meaning of telematics continues to be used in academic fields, but in commerce it now generally means vehicle telematics . ] Telematics can be described as thus: Vehicle telematics can help improve the efficiency of an organization. ] Vehicle tracking is monitoring the location, movements, status, and behavior of a vehicle or fleet of vehicles. This is achieved through a combination of a GPS ( GNSS ) receiver and an electronic device (usually comprising a GSM GPRS modem or SMS sender) installed in each vehicle, communicating with the user (dispatching, emergency, or co-ordinating unit) and PC-based or web-based software. The data is turned into information by management reporting tools in conjunction with a visual display on computerized mapping software. Vehicle tracking systems may also use odometry or dead reckoning as an alternative or complementary means of navigation. citation needed ] GPS tracking is usually accurate to around 10–20 meters, ] but the European Space Agency has developed the EGNOS technology to provide accuracy to 1.5 meters. ] Trailer tracking refers to the tracking of movements and position of an articulated vehicle's trailer unit through the use of a location unit fitted to the trailer and a method of returning the position data via mobile communication network, IOT (Internet of things), or geostationary satellite communications for use through either PC- or web-based software. citation needed ] Cold-store freight trailers that deliver fresh or frozen foods are increasingly incorporating telematics to gather time-series data on the temperature inside the cargo container, both to trigger alarms and record an audit trail for business purposes. An increasingly sophisticated array of sensors, many incorporating RFID technology, is being used to ensure the cold chain . citation needed ] Freight containers can be tracked by GPS using a similar approach to that used for trailer tracking (i.e. a battery-powered GPS device communicating its position via mobile phone or satellite communications). Benefits of this approach include increased security and the possibility to reschedule the container transport movements based on accurate information about its location. According to Berg Insight, the installed base of"
"include increased security and the possibility to reschedule the container transport movements based on accurate information about its location. According to Berg Insight, the installed base of tracking units in the intermodal shipping container segment reached 190,000 at the end of 2013. ] Growing at a compound annual growth rate of 38.2 percent, the installed base reached 960,000 units at the end of 2018. citation needed ] Fleet management is the management of a company's fleet and includes the management of ships and/or motor vehicles such as cars, vans, and trucks. Fleet (vehicle) management can include a range of functions, such as vehicle financing, vehicle maintenance, vehicle telematics (tracking and diagnostics), driver management, fuel management, health and safety management, and dynamic vehicle scheduling. Fleet management is a function which allows companies that rely on transport in their business to remove or minimize the risks associated with vehicle investment, improving efficiency and productivity while reducing overall transport costs and ensuring compliance with government legislation and Duty of Care obligations. These functions can either be dealt with by an in-house fleet management department or an outsourced fleet management provider. ] The Association of Equipment Management Professionals (AEMP) ] developed the industry's first telematics standard. citation needed ] In 2008, AEMP brought together the major construction equipment manufacturers and telematics providers in the heavy equipment industry to discuss the development of the industry's first telematics standard. ] Following agreement from Caterpillar , Volvo CE, Komatsu , and John Deere Construction & Forestry to support such a standard, the AEMP formed a standards development subcommittee chaired by Pat Crail CEM to develop the standard. ] This committee consisted of developers provided by the Caterpillar/Trimble joint venture known as Virtual Site Solutions, Volvo CE, and John Deere. This group worked from February 2009 through September 2010 to develop the industry's first standard for the delivery of telematics data. ] The result, the AEMP Telematics Data Standard V1.1, ] was released in 2010 and officially went live on October 1, 2010. As of November 1, 2010, Caterpillar, Volvo CE, John Deere Construction & Forestry, OEM Data Delivery, and Navman Wireless are able to support customers with delivery of basic telematics data in a standard xml format. Komatsu, Topcon , and others are finishing beta testing and have indicated their ability to support customers in the near future. ] The AEMP's telematics data standard was developed to allow end users to integrate key telematics data (operating hours, location, fuel consumed , and odometer reading where applicable) into their existing fleet management reporting systems. As such, the standard was primarily intended to facilitate importation of these data elements into enterprise software systems such as those used"
"their existing fleet management reporting systems. As such, the standard was primarily intended to facilitate importation of these data elements into enterprise software systems such as those used by many medium-to-large construction contractors. Prior to the standard, end users had few options for integrating this data into their reporting systems in a mixed-fleet environment consisting of multiple brands of machines and a mix of telematics-equipped machines and legacy machines (those without telematics devices where operating data is still reported manually via pen and paper). One option available to machine owners was to visit multiple websites to manually retrieve data from each manufacturer's telematics interface and then manually enter it into their fleet management program's database. This option was cumbersome and labor-intensive. ] A second option was for the end user to develop an API ( Application Programming Interface ), or program, to integrate the data from each telematics provider into their database. This option was quite costly as each telematics provider had different procedures for accessing and retrieving the data and the data format varied from provider to provider. This option automated the process, but because each provider required a unique, custom API to retrieve and parse the data, it was an expensive option. In addition, another API had to be developed any time another brand of machine or telematics device was added to the fleet. ] A third option for mixed-fleet integration was to replace the various factory-installed telematics devices with devices from a third party telematics provider. Although this solved the problem of having multiple data providers requiring unique integration methods, this was by far the most expensive option. In addition to the expense, many third-party devices available for construction equipment are unable to access data directly from the machine's electronic control modules (ECMs), or computers, and are more limited than the device installed by the OEM (Cat, Volvo, Deere, Komatsu, etc.) in the data they are able to provide. In some cases, these devices are limited to location and engine runtime, although they are increasingly able to accommodate a number of add-on sensors to provide additional data. ] The AEMP Telematics Data Standard provides a fourth option. By concentrating on the key data elements that drive the majority of fleet management reports (hours, miles, location, fuel consumption), making those data elements available in a standardized xml format, and standardizing the means by which the document is retrieved, the standard enables the end user to use one API to retrieve data from any participating telematics provider (as opposed to the unique API for each provider that was required previously), greatly reducing integration development costs. ] The current draft version of the AEMP Telematics Data Standard is now called the AEM/AEMP Draft Telematics API Standard, which expands"
"previously), greatly reducing integration development costs. ] The current draft version of the AEMP Telematics Data Standard is now called the AEM/AEMP Draft Telematics API Standard, which expands the original standard Version 1.2 to include 19 data fields (with fault code capability). This new draft standard is a collaborative effort of AEMP and the Association of Equipment Manufacturers (AEM), working on behalf of their members and the industry. This Draft API replaces the current version 1.2 and does not currently cover some types of equipment, e.g., agriculture equipment, cranes, mobile elevating work platforms, air compressors, and other niche products. In addition to the new data fields, the AEM/AEMP Draft Telematics API Standard changes how data is accessed in an effort to make it easier to consume and integrate with other systems and processes. It includes standardized communication protocols for the ability to transfer telematics information in mixed-equipment fleets to end user business enterprise systems, enabling the end user to employ their own business software to collect and then analyze asset data from mixed-equipment fleets without the need to work across multiple telematics provider applications. To achieve a globally recognized standard for conformity worldwide, the AEM/AEMP Draft Telematics API Standard will be submitted for acceptance by the International Organization for Standardization (ISO). Final language is dependent upon completion of the ISO acceptance process. Satellite navigation in the context of vehicle telematics is the technology of using a GPS and electronic mapping tool to enable a driver to locate a position, plan a route, and navigate a journey. ] Mobile data is the use of wireless data communications using radio waves to send and receive real-time computer data to, from, and between devices used by field-based personnel. These devices can be fitted solely for use while in the vehicle (Fixed Data Terminal) or for use in and out of the vehicle (Mobile Data Terminal). See mobile Internet . The common methods for mobile data communication for telematics were based on private vendors' RF communication infrastructure. During the early 2000s, manufacturers of mobile data terminals/AVL devices moved to try cellular data communication to offer cheaper ways to transmit telematics information and wider range based on cellular provider coverage. Since then, as a result of cellular providers offering low GPRS (2.5G) and later UMTS (3G) rates, mobile data is almost totally offered to telematics customers via cellular communication. Wireless vehicle safety communications telematics aid in car safety and road safety. It is an electronic subsystem in a vehicle used for exchanging safety information about road hazards and the locations and speeds of vehicles over short-range radio links . This may involve temporary ad hoc wireless local area networks. Wireless units are often installed in vehicles and fixed locations, such"
"and speeds of vehicles over short-range radio links . This may involve temporary ad hoc wireless local area networks. Wireless units are often installed in vehicles and fixed locations, such as near traffic signals and emergency call boxes along the road. Sensors in vehicles and at fixed locations, as well as in possible connections to wider networks, provide information displayed to drivers . The range of the radio links can be extended by forwarding messages along multi-hop paths. Even without fixed units, information about fixed hazards can be maintained by moving vehicles by passing it backwards. It also seems possible for traffic lights, which one can expect to become smarter, to use this information to reduce the chance of collisions. In the future, it may connect directly to the adaptive cruise control or other vehicle control aids. Cars and trucks with the wireless system connected to their brakes may move in convoys to save fuel and space on the roads. When a column member slows down, those behind it will automatically slow also. Certain scenarios may required less engineering effort, such as when a radio beacon is connected to a brake light. In fall 2008, network ideas were tested in Europe, where radio frequency bandwidth had been allocated. The 30 MHz allocated is at 5.9 GHz, and unallocated bandwidth at 5.4 GHz may also be used. The standard is IEEE 802.11p, a low-latency form of the Wi-Fi local area network standard. Similar efforts are underway in Japan and the USA. ] Telematics technologies are self-orientating open network architecture structures of variable programmable intelligent beacons developed for application in the development of intelligent vehicles with the intent to accord (blend or mesh) warning information with surrounding vehicles in the vicinity of travel, intra-vehicle, and infrastructure. Emergency warning systems for vehicle telematics are developed particularly for international harmonization and standardization of vehicle-to-vehicle, infrastructure-to-vehicle, and vehicle-to-infrastructure real-time Dedicated Short-Range Communication ( DSRC ) systems. Telematics most commonly relate to computerized systems that update information at the same rate they receive data, enabling them to direct or control a process such as an instantaneous autonomous warning notification in a remote machine or group of machines. In the use of telematics relating to intelligent vehicle technologies, instantaneous direction travel cognizance of a vehicle may be transmitted in real-time to surrounding vehicles traveling in the local area of vehicles equipped (with EWSV) to receive said warning signals of danger. Telematics comprise electronic, electromechanical, and electromagnetic devices—usually silicon micro-machined components operating in conjunction with computer-controlled devices and radio transceivers to provide precision repeatability functions (such as in robotics artificial intelligence systems) emergency warning"
"operating in conjunction with computer-controlled devices and radio transceivers to provide precision repeatability functions (such as in robotics artificial intelligence systems) emergency warning validation performance reconstruction. Intelligent vehicle technologies commonly apply to car safety systems and self-contained autonomous electromechanical sensors generating warnings that can be transmitted within a specified targeted area of interest, i.e. within 100 meters of the emergency warning system for the vehicle's transceiver. In ground applications, intelligent vehicle technologies are utilized for safety and commercial communications between vehicles or between a vehicle and a sensor along the road. On November 3, 2009, the most advanced Intelligent Vehicle concept car was demonstrated in New York City when a 2010 Toyota Prius became the first LTE connected car . The demonstration was provided by the NG Connect project, a collaboration of automotive telematic technologies designed to exploit in-car 4G wireless network connectivity. ] Telematics technology has enabled the emergence of carsharing services such as Local Motion, Uber, Lyft, Car2Go , Zipcar worldwide, or City Car Club in the UK . Telematics-enabled computers allow organizers to track members' usage and bill them on a pay-as-you-drive basis. Some systems show users where to find an idle vehicle. ] Car Clubs such as Australia's Charter Drive use telematics to monitor and report on vehicle use within predefined geofence areas to demonstrate the reach of their transit media car club fleet. The general idea of telematics auto insurance is that a driver's behavior is monitored directly while the person drives and this information is transmitted to an insurance company. The insurance company then assesses the risk of that driver having an accident and charges insurance premiums accordingly. A driver who drives less responsibly will be charged a higher premium than a driver who drives smoothly and with less calculated risk of claim propensity. Other benefits can be delivered to end users with Telematics2.0 -based telematics as customer engagement can be enhanced with direct customer interaction. Telematics auto insurance was independently invented and patented ] by a major U.S. auto insurance company, Progressive Auto Insurance U.S. patent 5,797,134 , and a Spanish independent inventor, Salvador Minguijon Perez ( European Patent EP0700009B1 ). The Perez patents cover monitoring the car's engine control computer to determine distance driven, speed, time of day, braking force, etc. Progressive is currently developing the Perez technology in the U.S. and European auto insurer Norwich Union is developing the Progressive technology for Europe. Both patents have since been overturned in courts due to prior work in the commercial insurance sectors. ] Trials conducted by Norwich Union in 2005 found that young drivers (18- to 23-year-olds) signing up for telematics auto insurance have had a"
"due to prior work in the commercial insurance sectors. ] Trials conducted by Norwich Union in 2005 found that young drivers (18- to 23-year-olds) signing up for telematics auto insurance have had a 20% lower accident rate than average. ] In 2007, theoretical economic research on the social welfare effects of Progressive's telematics technology business process patents questioned whether the business process patents are pareto efficient for society. Preliminary results suggested that it was not, but more work is needed. ] ] In April 2014, Progressive patents were overturned by the U.S. legal system on the grounds of ""lack of originality."" The smartphone as the in-vehicle device for insurance telematics has been discussed in great detail ] and the instruments are available for the design of smartphone-driven insurance telematics. Several universities provide two-year Telematics Master of Science programs: In 2007, a project entitled the European Automotive Digital Innovation Studio (EADIS) was awarded 400,000 Euros from the European commission under its Leonardo da Vinci program . EADIS used a virtual work environment called the Digital Innovation Studio to train and develop professional designers in the automotive industry in the impact and application of vehicle telematics so they could integrate new technologies into future products within the automotive industry. Funding ended in 2013. ]"
"Usage-based insurance ( UBI ), also known as pay as you drive ( PAYD ), pay how you drive ( PHYD ) and mile-based auto insurance , is a type of vehicle insurance whereby the costs are dependent upon type of vehicle used, measured against time, distance, behavior and place. This differs from traditional insurance, which attempts to differentiate and reward ""safe"" drivers, giving them lower premiums and/or a no-claims bonus. However, conventional differentiation is a reflection of history rather than present patterns of behaviour. This means that it may take a long time before safer (or more reckless) patterns of driving and changes in lifestyle feed through into premiums. The simplest form of usage-based insurance bases the insurance costs simply on distance driven. However, the general concept of pay as you drive includes any scheme where the insurance costs may depend not just on how much you drive but how, where, and when one drives. ] Pay as you drive (PAYD) means that the insurance premium is calculated dynamically, typically according to the amount driven. There are three types of usage-based insurance: The formula can be a simple function of the number of miles driven, or can vary according to the type of driving or the identity of the driver. Once the basic scheme is in place, it is possible to add further details, such as an extra risk premium if someone drives too long without a break, uses their mobile phone while driving, or travels at an excessive speed. Telematic usage-based insurance (i.e. the latter two types, in which vehicle information is automatically transmitted to the system) provides a much more immediate feedback loop to the driver, ] by changing the cost of insurance dynamically with a change of risk. This means drivers have a stronger incentive to adopt safer practices. For example, if a commuter switches to public transport or to working at home, this immediately reduces the risk of rush hour accidents. With usage-based insurance, this reduction would be immediately reflected in the cost of car insurance for that month. citation needed ] The smartphone as measurement probe for insurance telematics has been surveyed ] Another form of usage-based insurance is PHYD (Pay How You Drive). Similar to PAYD, but also brings in additional sensors like accelerometer to monitor driving behavior. ] There are several issued patents ] and pending patent applications that have been filed worldwide on various inventions related to telematic auto insurance. These include: In order to make sure that patents did not hinder its Pay as You Drive development program, Norwich Union purchased the UK version of EP0700009 and obtained an exclusive license to any EU patents that may emerge from Progressive's EU patent applications. citation needed ] In June 2010, Progressive Auto Insurance filed a patent infringement lawsuit against Liberty Mutual over one of Progressive's Pay As You Drive auto insurance patents. ] In September 2010 Progressive"
"In June 2010, Progressive Auto Insurance filed a patent infringement lawsuit against Liberty Mutual over one of Progressive's Pay As You Drive auto insurance patents. ] In September 2010 Progressive Auto Insurance filed a declaratory judgment lawsuit against Hughes Telematics to have several its patents covering OBDII mounted wireless data loggers declared invalid. Progressive uses these devices from a competitive supplier, Xirgo Technologies . ] Telematics have been proposed or utilised in order to detect distracted driving . The use of telematics to detect drunk driving and Texting while driving has been proposed. ] A US patent application combining this technology with a usage based insurance product was open for public comment on peer to patent . ]"
"Vehicle insurance (also known as car insurance , motor insurance , or auto insurance ) is insurance for cars , trucks , motorcycles , and other road vehicles. Its primary use is to provide financial protection against physical damage or bodily injury resulting from traffic collisions and against liability that could also arise from incidents in a vehicle. Vehicle insurance may additionally offer financial protection against theft of the vehicle, and against damage to the vehicle sustained from events other than traffic collisions, such as vandalism , weather or natural disasters , and damage sustained by colliding with stationary objects. The specific terms of vehicle insurance vary with legal regulations in each region. Widespread use of the motor car began after the First World War in urban areas. Cars were relatively fast and dangerous by that stage, yet there was still no compulsory form of car insurance anywhere in the world. This meant that injured victims would rarely get any compensation in a crash, and drivers often faced considerable costs for damage to their car and property. A compulsory car insurance scheme was introduced in the United Kingdom with the Road Traffic Act 1930 . This ensured that all vehicle owners and drivers had to be insured for their liability for injury or death to third parties while their vehicle was being used on a public road. ] Ireland replicated the obligation via the Road Traffic Act, 1933. ] Germany enacted similar legislation in 1939 called the ""Act on the Implementation of Compulsory Insurance for Motor Vehicle Owners"". ] The EU required mandatory insurance cover be mandated by all member states, from 2009. ] In many jurisdictions, it is compulsory to have vehicle insurance before using or keeping a motor vehicle on public roads. Most jurisdictions relate insurance to both the car and the driver; however, the degree of each varies greatly. Several jurisdictions have experimented with a ""pay-as-you-drive"" insurance plan which utilizes either a tracking device in the vehicle or vehicle diagnostics. This could address issues of uninsured motorists by providing additional options and also charge based on the distance driven, which could theoretically increase the efficiency of the insurance, through streamlined collection. ] In Australia , every state has its own Compulsory Third-Party (CTP) insurance scheme. CTP covers only personal injury liability in a vehicle crash. Comprehensive and Third-Party Property Damage, with or without Fire and Theft insurance, are sold separately. CTP insurance is compulsory in every state in Australia and is paid as part of vehicle registration. It covers the vehicle owner and any person who drives the vehicle against claims for liability for death or injury to people caused by the fault of the vehicle owner or driver. CTP may include any kind of physical harm, bodily injuries and may cover the cost of all reasonable medical treatment for injuries received in the crash, loss of"
"fault of the vehicle owner or driver. CTP may include any kind of physical harm, bodily injuries and may cover the cost of all reasonable medical treatment for injuries received in the crash, loss of wages, cost of care services and, in some cases, compensation for pain and suffering. Each state in Australia has a different scheme. Third-Party Property insurance or Comprehensive insurance covers the third party with the repairing cost of the vehicle, any property damage or medication expenses as a result of a crash by the insured. They are not to be confused with Compulsory Third-Party insurance, which is for injuries or death of someone in a motor crash. In New South Wales , each vehicle must be insured before it can be registered. It is often called a 'greenslip', ] because of its colour. There are five licensed CTP insurers in New South Wales. Suncorp holds licences for GIO and AAMI and Allianz holds one licence. The remaining two licences are held by QBE and NRMA Insurance (NRMA). APIA and Shannons and InsureMyRide insurance also supply CTP insurance licensed by GIO. A privately provided scheme also applies in the Australian Capital Territory through AAMI, APIA, GIO and NRMA. Vehicle owners pay for CTP as part of their vehicle registration. In Queensland , CTP is included in the registration fee for a vehicle. There is a choice of private insurer – Allianz, QBE and Suncorp and price is government controlled. ] In South Australia , since July 2016, CTP is no longer provided by the Motor Accident Commission . The government has now licensed four private insurers – AAMI, Allianz, QBE and SGIC – to offer CTP insurance SA. Since July 2019, vehicle owners can choose their own CTP insurer and new insurers may also enter the market. ] There are three states and one territory that do not have a private CTP scheme. In Victoria , the Transport Accident Commission provides CTP through a levy in the vehicle registration fee, known as the TAC charge. A similar scheme exists in Tasmania through the Motor Accidents Insurance Board . ] A similar scheme applies in Western Australia , through the Insurance Commission of Western Australia (ICWA). The Northern Territory scheme is managed through Territory Insurance Office (TIO). For all types of motor insurance policies in Bangladesh , the limit of liability has been fixed by the law. Currently, the limits are too low to compensate the victims. In respect of Act Only Liability Motor Vehicle Insurance, the compensation for personal injuries and property damage to third parties is ৳ 20,000 (US$170) BDT 20,000 for death, ৳ 10,000 (US$85) for severe injury, ৳ 5,000 (US$43) for injury, and ৳ 50,000 (US$425) for property damage. citation needed ] The limits are under review by the governmental bodies. citation needed ] Several Canadian provinces ( British Columbia , Saskatchewan , Manitoba and Quebec ) provide a public auto insurance system while in the rest of the country insurance is provided privately. The"
"] Several Canadian provinces ( British Columbia , Saskatchewan , Manitoba and Quebec ) provide a public auto insurance system while in the rest of the country insurance is provided privately. The third-party insurance is privatized in Quebec and is mandatory. The province covers everything but the vehicle(s). ] Basic auto insurance is mandatory throughout Canada (with some exceptions, such as government vehicles ] ) with each province's government determining which benefits are included as minimum required auto insurance coverage and which benefits are options available for those seeking additional coverage. Accident benefits coverage is mandatory everywhere except for Newfoundland and Labrador . ] All provinces in Canada have some form of no-fault insurance available to crash victims. The difference from province to province is the extent to which tort or no-fault is emphasized. International drivers entering Canada are permitted to drive any vehicle their licence allows for the three-month period for which they are allowed to use their international licence. International laws provide visitors to the country with an International Insurance Bond (IIB) until this three-month period is over in which the international driver must provide themselves with Canadian Insurance. The IIB is reinstated every time the international driver enters the country. Damage to the driver's own vehicle is optional – one notable exception to this is in Saskatchewan , where SGI provides collision coverage (less than a $1000 deductible , such as a collision damage waiver ) as part of its basic insurance policy. ] In Saskatchewan , residents have the option to have their auto insurance through a tort system but less than 0.5% of the population have taken this option. ] Facility insurance policies are offered by the ""facility association residual market"" (or ""FARM""), as a last resort since auto insurance is mandatory in Canada, for private and commercial high-risk drivers who cannot buy a policy in the voluntary market (regular auto insurance). ] Traffic Compulsory Insurance provides protection in the event of third party injuries, third party property losses, etc. The minimum liability cover is RMB180,000 (US$27,907) for death and injury/per crash, RMB18,000 (US$2,791) for medical expense, and RMB2,000 (US$310) for physical loss. ] Additional 3rd Party Liability Insurance also known as Commercial Motor Insurance provides extra cover up to RMB10,000,000 (US$1,550,388) excluding the driver and passengers. citation needed ] Driver and Passenger insurance covers the driver and passengers, whilst Vehicle Damage and Theft Insurance covers vehicle damage and the objects contained inside. ] Excess Waiver Insurance is an additional option that waives any deductibles. Some differences apply in different regions: According to section 4(1) of the Motor Vehicles Insurance (Third-Party Risks) Ordinance (Cap. 272 of the Laws of Hong Kong), all users of a car, include its permitted"
"apply in different regions: According to section 4(1) of the Motor Vehicles Insurance (Third-Party Risks) Ordinance (Cap. 272 of the Laws of Hong Kong), all users of a car, include its permitted users, must have insurance or some other security with respect to third-party risks. Third party insurance protects the policyholder against liability of death or bodily injury to third party up to HK$ 100 million ( US$ 12.87 million) and/or damage to third party property up to HK$ 2 million ( US$ 257,400.26) as a result of crash arising out of the use of the insured vehicle. ] Comprehensive Motor Insurance is also available. The mandatory minimum legal requirement Third Party Liability (""TPL"") Cover is MOP1,500,000 per crash and MOP30,000,000 per year, protecting against the legal liability arising from a traffic crash causing loss and damages to any third party. citation needed ] . Comprehensive Motor Insurance is also available. In the European Union , from the introduction of Directive 2009EC, insurance cover is mandatory, with the statutory minimum cover being revised every five years, the most recent revision, via Directive (EU) 2021/2118 (the ‘‘Motor Insurance Directive’’ or ‘‘MID’’ ) requires: ] In some European languages, comprehensive non-mandatory insurance is known as casco (Casualty and Collision). ] ] ] ] Since 1939, it has been compulsory to have third-party personal insurance before keeping a motor vehicle in all federal states of Germany . ] In addition, every vehicle owner is free to take out a comprehensive insurance policy. All types of car insurance are provided by several private insurers. The amount of insurance contribution is determined by several criteria, like the region, the type of car or the personal way of driving. The minimum coverage defined by German law for car liability insurance fortune loss which is in no direct or indirect coherence with bodily injury or property damage. ] Insurance companies usually offer all-infortune loss (usually with a bodily injury coverage limitation of €8–15,000,000 for each bodily injured person). Third party vehicle insurance is mandatory for all vehicles in Hungary . No exemption is possible by money deposit. The premium covers all damage up to HUF 500m (about €1.8m) per crash without deductible. The coverage is extended to HUF 1,250m (about €4.5m) in case of personal injuries. Vehicle insurance policies from all EU countries and some non-EU countries are valid in Hungary based on bilateral or multilateral agreements. Visitors with vehicle insurance not covered by such agreements are required to buy a monthly, renewable policy at the border. citation needed ] The Road Traffic Act, 1933 requires all drivers of mechanically propelled vehicles in public places to have at least third-party insurance, or to have obtained exemption – generally by depositing a (large) sum of money to the High Court as a guarantee against claims. In 1933, this figure was set at £ 15,000. ] The Road Traffic Act,"
"or to have obtained exemption – generally by depositing a (large) sum of money to the High Court as a guarantee against claims. In 1933, this figure was set at £ 15,000. ] The Road Traffic Act, 1961 ] (which is currently in force) repealed the 1933 act but replaced these sections with functionally identical sections. From 1968, those making deposits require the consent of the Minister for Transport to do so, with the sum specified by the Minister. Those not exempted from obtaining insurance must obtain a certificate of insurance from their insurance provider, and display a portion of this (an insurance disc ) on their vehicles' windscreen (if fitted). ] The certificate in full must be presented to a police station within ten days if requested by an officer. Proof of having insurance or an exemption must also be provided to pay for the motor tax . ] Those injured or suffering property damage/loss due to uninsured drivers can claim against the Motor Insurance Bureau of Ireland's uninsured drivers fund, as can those injured (but not those suffering damage or loss) from hit and run offences. The law 990/1969 requires that each motor vehicle or trailer standing or moving on a public road have third-party insurance (called RCA, Responsabilità civile per gli autoveicoli ). Historically, a part of the certificate of insurance must be displayed on the windscreen of the vehicle. This latter requirement was revoked in 2015, when a national database of insured vehicles was built by the Insurance Company Association (ANIA, Associazione Nazionale Imprese Assicuratrici ) and the National Transportation Authority ( Motorizzazione Civile ) to verify (by private citizens and public authorities) if a vehicle is insured. There is no exemption policy to this law disposition. Driving without the necessary insurance for that vehicle is an offence that can be prosecuted by the police and fines range from 841 to 3,287 euros. Police forces also have the power to seize a vehicle that does not have the necessary insurance in place, until the owner of the vehicle pays a fine and signs a new insurance policy. The same provision is applied when the vehicle is standing on a public road. Minimal insurance policies cover only third parties (including the insured person and third parties carried with the vehicle, but not the driver, if the two do not coincide). Third parties, fire and theft is a common insurance policy, while the all-inclusive policies ( kasko policy) which include also damages of the vehicle causing the crash or the injuries. It is also common to include a renounce clause of the insurance company to compensate the damages against the insured person in some cases (usually in case of DUI or other infringement of the law by the driver). The victims of crashes caused by non-insured vehicles could be compensated by the Road's Victim Warranty Fund ( Fondo garanzia vittime della strada ), which is covered by a fixed amount (2.5%, as 2015) of each RCA insurance premium."
"non-insured vehicles could be compensated by the Road's Victim Warranty Fund ( Fondo garanzia vittime della strada ), which is covered by a fixed amount (2.5%, as 2015) of each RCA insurance premium. Third-party vehicle insurance is a mandatory requirement for every vehicle in the Netherlands . ] This obligation is mandatory based on article 2 of the Wet aansprakelijkheidsverzekering motorrijtuigen . ] When a vehicle is not insured the owner will receive a fine from the RDW ( Netherlands Vehicle Authority nl ] ). ] The third-party vehicle insurance is called a WA verzekering where WA stands for Wettelijke aansprakelijkheid which means legal liability. In general there are three types of auto insurance in the Netherlands: WA verzekering (liability insurance), WA beperkt casco (limited frame coverage), and WA vollledig casco (full frame coverage). Limited frame and full frame coverage will provide more coverage against certain additional risks which are not covered by the mandatory legal third-party coverage. For example limited frame coverage will provide coverage against damage caused by the weather such as storm and flooding. Also fire damage and theft of the car is covered. Full frame coverage will provide coverage against all risks mentioned plus damage to the car caused by the driver himself. citation needed ] Each motor vehicle on a public road is required to have third party insurance (called Seguro de responsabilidad civil ). Police forces have the power to seize vehicles that do not have the necessary insurance in place, until the owner of the vehicle pays the fine and signs a new insurance policy. Driving without the necessary insurance for that vehicle is an offence that will be prosecuted by the police and will receive a penalty. The same provision is applied when the vehicle is standing on a public road. The minimum insurance policy covers only third parties (including the insured person and third parties carried with the vehicle, but not the driver, if the two do not coincide). Third parties, fire and theft is a common insurance policy. Victims of accidents caused by non-insured vehicles may be compensated by a Warranty Fund, which is covered by a fixed amount for each insurance premium. Since 2013 it is possible to contract an insurance by days as is possible in countries such as Germany and the UK. ] Third-party vehicle insurance is a mandatory requirement in Indonesia and each individual car and motorcycle must be insured or the vehicle will not be considered legal; this compulsory auto insurance is legally called the Road Traffic Accidents Compulsory Coverage Fund ( Indonesian : Dana Pertanggungan Wajib Kecelakaan Lalu Lintas Jalan , DPWKLLJ ). Therefore, a motorist cannot drive the vehicle until it is insured. DPWKLLJ was introduced in 1964 and merely covers body injuries, and is operated by a SOE called PT Jasa Raharja (Persero) id ] . ] DPWKLLJ is included, through an annual premium called the Compulsory Donation to the Road"
"in 1964 and merely covers body injuries, and is operated by a SOE called PT Jasa Raharja (Persero) id ] . ] DPWKLLJ is included, through an annual premium called the Compulsory Donation to the Road Traffic Accident Fund ( Indonesian : Sumbangan Wajib Dana Kecelakaan Lalu Lintas Jalan , SWDKLLJ ), ] in the annual vehicle tax which is paid to the local Samsat ( Sistem Administrasi Manunggal di bawah Satu Atap ), which is responsible for cars and roads. ] Auto insurance in India covers the loss of or damage caused to the automobile or its parts due to natural and man-made calamities. It provides accident cover for individual owners of the vehicle while driving and also for passengers and third party legal liability . There are certain general insurance companies who also offer online insurance service for the vehicle. Auto insurance is a compulsory requirement for all new vehicles used whether for commercial or personal use. Insurance companies have tie-ups with leading automobile manufacturers. They offer their customers instant auto quotes. Premiums are determined by a number of factors and the amount of premium increases with the rise in the price of the vehicle. The claims of the auto insurance in India can be accidental, theft claims or third party claims. Certain documents are required for claiming auto insurance, like duly signed claim form, Registration Certificate copy of the vehicle, driving license copy, First information report copy, original estimate and policy copy. There are different types of auto insurance in India: Auto insurance generally includes: Auto insurance generally does not include: Third party insurance cover is mandatory under the Motor Vehicles Act, 1988. This cover cannot be used for personal damages. This is offered at low premiums and allows for third party claims under ""no-fault liability"". The premium is calculated through the rates provided by the Tariff Advisory Committee. This is a branch of the IRDA (Insurance Regulatory and Development Authority of India). It covers bodily injury/accidental death and property damage. citation needed ] In Malaysia, renewing car insurances is a very common thing. In general, there are four types of car insurance available for Malaysians: This is the minimum cover corresponding to the terms of the Road Transport Act 1987. The insurance concerns the legal liability for death or physical injury to the third party (not include the passengers), so it is hardly ever written by insurers. This type is compulsory to buy for every vehicle so it is the most basic and common car insurance, which insures you against claims for the injury or damage to the third party or its property in a crash. In addition to third-party coverage, this policy also provides insurance for your own vehicle due to fire, crash or theft. This policy provides the widest coverage, i.e. the third party's physical injury and death, third party's vehicle damage and your own vehicle's damage caused by fire, theft or a"
"fire, crash or theft. This policy provides the widest coverage, i.e. the third party's physical injury and death, third party's vehicle damage and your own vehicle's damage caused by fire, theft or a crash. This type of insurance is usually designed for luxury vehicles. Within New Zealand , the Accident Compensation Corporation (ACC) provides nationwide no-fault personal injury insurance. ] Injuries involving motor vehicles operating on public roads are covered by the Motor Vehicle Account, for which premiums are collected through levies on petrol and through vehicle licensing fees. ] In Norway , the vehicle owner must provide the minimum liability insurance for his/her vehicle(s) – of any kind. Otherwise, the vehicle is illegal to use. If a person drives a vehicle belonging to someone else and has a crash, the insurance will cover for damage done. Note that the policy carrier can choose to limit the coverage to only apply for family members or persons over a certain age. Romanian law mandates Răspundere Auto Civilă , a motor-vehicle liability insurance for all vehicle owners to cover damages to third parties. ] Motor vehicle liability insurance is mandatory for all owners in Russian legislation. Insurance of the vehicle itself is technically voluntary, but may be mandated in some circumstances, e.g. if the car is leased. South Africa allocates a percentage of the money from fuel into the Road Accident Fund , which goes towards compensating third parties in crashes. ] ] When buying car insurance in the United Arab Emirates , the traffic department requires a 13-month insurance certificate each time a person registers or renews a vehicle registration. In Dubai, vehicle insurance is compulsory as per the UAE RTA law. ] There are two types of motor insurance policies in Dubai, Third-Party Liability Insurance and Comprehensive Motor Insurance. citation needed ] It is mandatory to have third-party liability insurance for every individual vehicle owner in Dubai . This insurance policy is the most basic form of vehicle insurance Dubai as it covers the third-party property damage or bodily injuries caused by the insured vehicle. citation needed ] Policyholder's own vehicle damage such as fire, theft, and accidental collision is not covered under the third-party liability insurance policy. citation needed ] The Road Traffic Act 1930 , of the UK Government , introduced a law that required every person who used a vehicle on the road to have at least third-party personal injury insurance. Today, this law is contained in the Road Traffic Act 1988 (generally referred to as the RTA 1988 as amended). Section 143 of that Act requires that motorists be insured against liability for injuries to others (including passengers) and for damage to other persons' property, resulting from use of a vehicle on a public road or in other public places. ] The regulations were last revised via the THE MOTOR VEHICLES (COMPULSORY INSURANCE) REGULATIONS 2016 No. 1193, the"
"resulting from use of a vehicle on a public road or in other public places. ] The regulations were last revised via the THE MOTOR VEHICLES (COMPULSORY INSURANCE) REGULATIONS 2016 No. 1193, the amendment increased the minimum guaranteed property cover to £1,200,000 (US$1,643,836) per accident, personal injury cover remains unlimited. ] Failure to insure a vehicle can result in the vehicle being seized, the driver finned a minimum of £300 (US$411) and issued with six to eight penalty driving points (IN10) . ] The regulations for vehicle insurance differ with each of the 50 US states and other territories, with each U.S. state having its own mandatory minimum coverage requirements ( see separate main article ). 48 U.S. states and the District of Columbia require drivers to have insurance coverage for both bodily injury and property damage, with New Hampshire and Virginia being the exception, but the minimum amount of coverage required by law varies by state. For example, minimum bodily injury liability coverage requirements range from $30,000 in Arizona ] to $100,000 in Alaska and Maine , ] while minimum property damage liability requirements range from $5,000 to $25,000 in most states. Vehicle insurance can cover some or all of the following items: Different policies specify the circumstances under which each item is covered. For example, a vehicle can be insured against theft, fire damage, or crash damage independently. If a vehicle is declared a total loss and the vehicle's market value is less than the amount that is still owed to the bank that is financing the vehicle, GAP insurance may cover the difference. Not all auto insurance policies include GAP insurance. GAP insurance is often offered by the finance company at time the vehicle is purchased. An excess payment, also known as a deductible , is a fixed contribution that must be paid each time a car is repaired with the charges billed to an automotive insurance policy. Normally this payment is made directly to the crash repair ""garage"" (the term ""garage"" refers to an establishment where vehicles are serviced and repaired) when the owner collects the car. If one's car is declared to be a "" write-off "" (or "" totaled ""), then the insurance company will deduct the excess agreed on the policy from the settlement payment it makes to the owner. If the crash was the other driver's fault, and this fault is accepted by the third party's insurer, then the vehicle owner may be able to reclaim the excess payment from the other person's insurance company. The excess itself can also be protected by a motor excess insurance policy. citation needed ] A compulsory excess is the minimum excess payment the insurer will accept on the insurance policy. Minimum excesses vary according to the personal details, driving record and the insurance company. For example, young or inexperienced drivers and types of incident can incur additional compulsory excess charges. To reduce the insurance premium, the insured party"
"record and the insurance company. For example, young or inexperienced drivers and types of incident can incur additional compulsory excess charges. To reduce the insurance premium, the insured party may offer to pay a higher excess (deductible) than the compulsory excess demanded by the insurance company. The voluntary excess is the extra amount, over and above the compulsory excess, that is agreed to be paid in the event of a claim on the policy. As a bigger excess reduces the financial risk carried by the insurer, the insurer is able to offer a significantly lower premium. Depending on the jurisdiction, the insurance premium can be either mandated by the government or determined by the insurance company, in accordance with a framework of regulations set by the government. Often, the insurer will have more freedom to set the price on physical damage coverages than on mandatory liability coverages. When the premium is not mandated by the government, it is usually derived from the calculations of an actuary , based on statistical data. The premium can vary depending on many factors that are believed to affect the expected cost of future claims . ] Those factors can include the car characteristics, the coverage selected ( deductible , limit, covered perils), the profile of the driver ( age , gender , driving history) and the usage of the car (commute to work or not, predicted annual distance driven). ] The address of the owner can affect the premiums. Areas with high crime rates generally lead to higher costs of insurance. ] ] Because male drivers, especially younger ones, are on average often regarded as tending to drive more aggressively, the premiums charged for policies on vehicles whose primary driver is male are often higher. This discrimination may be dropped if the driver is past a certain age. citation needed ] On 1 March 2011, the European Court of Justice decided insurance companies who used gender as a risk factor when calculating insurance premiums were breaching EU equality laws. ] The Court ruled that car-insurance companies were discriminating against men. ] However, in some places, such as the UK, companies have used the standard practice of discrimination based on profession to still use gender as a factor, albeit indirectly. Professions which are more typically practised by men are deemed as being more risky even if they had not been prior to the Court's ruling while the converse is applied to professions predominant among women. ] Another effect of the ruling has been that, while the premiums for men have been lowered, they have been raised for women. This equalisation effect has also been seen in other types of insurance for individuals, such as life insurance . ] Teenage drivers who have no driving record will have higher car insurance premiums. However, young drivers are often offered discounts if they undertake further driver training on recognized courses, such as the Pass Plus scheme in the UK, or if they install a"
"insurance premiums. However, young drivers are often offered discounts if they undertake further driver training on recognized courses, such as the Pass Plus scheme in the UK, or if they install a telematics device to monitor their driving style. In the US many insurers offer a good-grade discount to students with a good academic record and resident-student discounts to those who live away from home. Generally insurance premiums tend to become lower at the age of 25. Some insurance companies offer ""stand alone"" car insurance policies specifically for teenagers with lower premiums. By placing restrictions on teenagers' driving (forbidding driving after dark, or giving rides to other teens, for example), these companies effectively reduce their risk. citation needed ] Senior drivers are often eligible for retirement discounts, reflecting the lower average miles driven by this age group. However, rates may increase for senior drivers after age 65, due to increased risk associated with much older drivers. Typically, the increased risk for drivers over 65 years of age is associated with slower reflexes, reaction times, and being more injury-prone. citation needed ] In most U.S. states, moving violations, including running red lights and speeding, assess points on a driver's driving record. Since more points indicate an increased risk of future violations, insurance companies periodically review drivers' records, and may raise premiums accordingly. Rating practices, such as debit for a poor driving history, are not dictated by law. Many insurers allow one moving violation every three to five years before increasing premiums. Crashes affect insurance premiums similarly. Depending on the severity of the crash and the number of points assessed, rates can increase by as much as twenty to thirty percent. citation needed ] Any motoring convictions should be disclosed to insurers, as the driver is assessed by risk from prior experiences while driving on the road. Statistics show that married drivers average fewer crashes than the rest of the population so policy owners who are married often receive l"
"A piston is a component of reciprocating engines , reciprocating pumps , gas compressors , hydraulic cylinders and pneumatic cylinders , among other similar mechanisms. It is the moving component that is contained by a cylinder and is made gas-tight by piston rings . In an engine, its purpose is to transfer force from expanding gas in the cylinder to the crankshaft via a piston rod and/or connecting rod . In a pump, the function is reversed and force is transferred from the crankshaft to the piston for the purpose of compressing or ejecting the fluid in the cylinder. In some engines, the piston also acts as a valve by covering and uncovering ports in the cylinder. An internal combustion engine is acted upon by the pressure of the expanding combustion gases in the combustion chamber space at the top of the cylinder. This force then acts downwards through the connecting rod and onto the crankshaft . The connecting rod is attached to the piston by a swivelling gudgeon pin (US: wrist pin). This pin is mounted within the piston: unlike the steam engine, there is no piston rod or crosshead (except big two stroke engines). The typical piston design is on the picture. This type of piston is widely used in car diesel engines . According to purpose, supercharging level and working conditions of engines the shape and proportions can be changed. High-power diesel engines work in difficult conditions. Maximum pressure in the combustion chamber can reach 20 MPa and the maximum temperature of some piston surfaces can exceed 450 °C. It is possible to improve piston cooling by creating a special cooling cavity. Injector supplies this cooling cavity «A» with oil through oil supply channel «B». For better temperature reduction construction should be carefully calculated and analysed. Oil flow in the cooling cavity should be not less than 80% of the oil flow through the injector. The pin itself is of hardened steel and is fixed in the piston, but free to move in the connecting rod. A few designs use a 'fully floating' design that is loose in both components. All pins must be prevented from moving sideways and the ends of the pin digging into the cylinder wall, usually by circlips . Gas sealing is achieved by the use of piston rings . These are a number of narrow iron rings, fitted loosely into grooves in the piston, just below the crown. The rings are split at a point in the rim, allowing them to press against the cylinder with a light spring pressure. Two types of ring are used: the upper rings have solid faces and provide gas sealing; lower rings have narrow edges and a U-shaped profile, to act as oil scrapers. There are many proprietary and detail design features associated with piston rings. Pistons are usually cast or forged from aluminium alloys . For better strength and fatigue life, some racing pistons ] may be forged instead. Billet pistons are also used in racing engines because they do not rely on the size and architecture of available forgings, allowing"
"and fatigue life, some racing pistons ] may be forged instead. Billet pistons are also used in racing engines because they do not rely on the size and architecture of available forgings, allowing for last-minute design changes. Although not commonly visible to the naked eye, pistons themselves are designed with a certain level of ovality and profile taper, meaning they are not perfectly round, and their diameter is larger near the bottom of the skirt than at the crown. ] Early pistons were of cast iron , but there were obvious benefits for engine balancing if a lighter alloy could be used. To produce pistons that could survive engine combustion temperatures, it was necessary to develop new alloys such as Y alloy and Hiduminium , specifically for use as pistons. A few early gas engines ] had double-acting cylinders , but otherwise effectively all internal combustion engine pistons are single-acting . During World War II , the US submarine Pompano ] was fitted with a prototype of the infamously unreliable H.O.R. double-acting two-stroke diesel engine. Although compact, for use in a cramped submarine, this design of engine was not repeated. Media related to Internal combustion engine pistons at Wikimedia Commons Trunk pistons are long relative to their diameter. They act both as a piston and cylindrical crosshead . As the connecting rod is angled for much of its rotation, there is also a side force that reacts along the side of the piston against the cylinder wall. A longer piston helps to support this. Trunk pistons have been a common design of piston since the early days of the reciprocating internal combustion engine. They were used for both petrol and diesel engines, although high speed engines have now adopted the lighter weight slipper piston . A characteristic of most trunk pistons, particularly for diesel engines, is that they have a groove for an oil ring below the gudgeon pin , in addition to the rings between the gudgeon pin and crown. The name 'trunk piston' derives from the ' trunk engine ', an early design of marine steam engine . To make these more compact, they avoided the steam engine's usual piston rod with separate crosshead and were instead the first engine design to place the gudgeon pin directly within the piston. Otherwise these trunk engine pistons bore little resemblance to the trunk piston; they were extremely large diameter and double-acting. Their 'trunk' was a narrow cylinder mounted in the centre of the piston. Media related to Trunk pistons at Wikimedia Commons Large slow-speed Diesel engines may require additional support for the side forces on the piston. These engines typically use crosshead pistons. The main piston has a large piston rod extending downwards from the piston to what is effectively a second smaller-diameter piston. The main piston is responsible for gas sealing and carries the piston rings. The smaller piston is purely a mechanical guide. It runs within a small cylinder as a trunk guide and also"
"piston. The main piston is responsible for gas sealing and carries the piston rings. The smaller piston is purely a mechanical guide. It runs within a small cylinder as a trunk guide and also carries the gudgeon pin. Lubrication of the crosshead has advantages over the trunk piston as its lubricating oil is not subject to the heat of combustion : the oil is not contaminated by combustion soot particles, it does not break down owing to the heat and a thinner, less viscous oil may be used. The friction of both piston and crosshead may be only half of that for a trunk piston. ] Because of the additional weight of these pistons, they are not used for high-speed engines. Media related to Crosshead pistons at Wikimedia Commons A slipper piston is a piston for a petrol engine that has been reduced in size and weight as much as possible. In the extreme case, they are reduced to the piston crown, support for the piston rings, and just enough of the piston skirt remaining to leave two lands so as to stop the piston rocking in the bore. The sides of the piston skirt around the gudgeon pin are reduced away from the cylinder wall. The purpose is mostly to reduce the reciprocating mass, thus making it easier to balance the engine and so permit high speeds. ] In racing applications, slipper piston skirts can be configured to yield extremely light weight while maintaining the rigidity and strength of a full skirt. ] Reduced inertia also improves mechanical efficiency of the engine: the forces required to accelerate and decelerate the reciprocating parts cause more piston friction with the cylinder wall than the fluid pressure on the piston head. ] A secondary benefit may be some reduction in friction with the cylinder wall, since the area of the skirt, which slides up and down in the cylinder is reduced by half. However, most friction is due to the piston rings , which are the parts which actually fit the tightest in the bore and the bearing surfaces of the wrist pin, and thus the benefit is reduced. Media related to Slipper pistons at Wikimedia Commons Deflector pistons are used in two-stroke engines with crankcase compression, where the gas flow within the cylinder must be carefully directed in order to provide efficient scavenging . With cross scavenging , the transfer (inlet to the cylinder) and exhaust ports are on directly facing sides of the cylinder wall. To prevent the incoming mixture passing straight across from one port to the other, the piston has a raised rib on its crown. This is intended to deflect the incoming mixture upwards, around the combustion chamber . ] Much effort, and many different designs of piston crown, went into developing improved scavenging. The crowns developed from a simple rib to a large asymmetric bulge, usually with a steep face on the inlet side and a gentle curve on the exhaust. Despite this, cross scavenging was never as effective as hoped. Most engines today use Schnuerle porting instead. This places a pair of transfer"
"on the inlet side and a gentle curve on the exhaust. Despite this, cross scavenging was never as effective as hoped. Most engines today use Schnuerle porting instead. This places a pair of transfer ports in the sides of the cylinder and encourages gas flow to rotate around a vertical axis, rather than a horizontal axis. ] Media related to Deflector pistons at Wikimedia Commons In racing engines, piston strength and stiffness is typically much higher than that of a passenger car engine, while the weight is much less, to achieve the high engine RPM necessary in racing. ] Hydraulic cylinders can be both single-acting or double-acting . A hydraulic actuator controls the movement of the piston back and/or forth. Guide rings guides the piston and rod and absorb the radial forces that act perpendicularly to the cylinder and prevent contact between sliding the metal parts. Steam engines are usually double-acting (i.e. steam pressure acts alternately on each side of the piston) and the admission and release of steam is controlled by slide valves , piston valves or poppet valves . Consequently, steam engine pistons are nearly always comparatively thin discs: their diameter is several times their thickness. (One exception is the trunk engine piston, shaped more like those in a modern internal-combustion engine.) Another factor is that since almost all steam engines use crossheads to translate the force to the drive rod, there are few lateral forces acting to try and ""rock"" the piston, so a cylinder-shaped piston skirt isn't necessary. Piston pumps can be used to move liquids or compress gases . There are two special type of pistons used in air cannons : close tolerance pistons and double pistons. In close tolerance pistons O-rings serve as a valve, but O-rings are not used in double piston types. citation needed ]"
"A valve is a device or natural object that regulates, directs or controls the flow of a fluid (gases, liquids, fluidized solids, or slurries ) by opening, closing, or partially obstructing various passageways. Valves are technically fittings , but are usually discussed as a separate category. In an open valve, fluid flows in a direction from higher pressure to lower pressure. The word is derived from the Latin valva , the moving part of a door, in turn from volvere , to turn, roll. The simplest, and very ancient, valve is simply a freely hinged flap which swings down to obstruct fluid (gas or liquid) flow in one direction, but is pushed up by the flow itself when the flow is moving in the opposite direction. This is called a check valve , as it prevents or ""checks"" the flow in one direction. Modern control valves may regulate pressure or flow downstream and operate on sophisticated automation systems. Valves have many uses, including controlling water for irrigation , industrial uses for controlling processes, residential uses such as on/off and pressure control to dish and clothes washers and taps in the home. Valves are also used in the military and transport sectors. In HVAC ductwork and other near-atmospheric air flows, valves are instead called dampers . In compressed air systems, however, valves are used with the most common type being ball valves. Valves are found in virtually every industrial process, including water and sewage processing, mining, power generation, processing of oil, gas and petroleum, food manufacturing, chemical and plastic manufacturing and many other fields. People in developed nations use valves in their daily lives, including plumbing valves, such as taps for tap water , gas control valves on cookers, small valves fitted to washing machines and dishwashers , safety devices fitted to hot water systems , and poppet valves in car engines. In nature, there are valves, for example one-way valves in veins controlling the blood circulation , and heart valves controlling the flow of blood in the chambers of the heart and maintaining the correct pumping action. Valves may be operated manually, either by a handle or grip, lever , pedal or wheel. Valves may also be automatic, driven by changes in pressure, temperature , or flow. These changes may act upon a diaphragm or a piston which in turn activates the valve, examples of this type of valve found commonly are safety valves fitted to hot water systems or boilers . More complex control systems using valves requiring automatic control based on an external input (i.e., regulating flow through a pipe to a changing set point) require an actuator . An actuator will stroke the valve depending on its input and set-up, allowing the valve to be positioned accurately, and allowing control over a variety of requirements. Valves vary widely in form and application. Sizes ambiguous ] typically range from 0.1 mm to 60 cm. Special valves can have a diameter exceeding 5 meters. which? ]"
"over a variety of requirements. Valves vary widely in form and application. Sizes ambiguous ] typically range from 0.1 mm to 60 cm. Special valves can have a diameter exceeding 5 meters. which? ] Valve costs range from simple inexpensive disposable valves to specialized valves which cost thousands of dollars (US) per inch of the diameter of the valve. Disposable valves may be found in common household items including mini-pump dispensers and aerosol cans . A common use of the term valve refers to the poppet valves found in the vast majority of modern internal combustion engines such as those in most fossil fuel powered vehicles which are used to control the intake of the fuel-air mixture and allow exhaust gas venting. Valves are quite diverse and may be classified into a number of basic types. Valves may also be classified by how they are actuated: The main parts of the most usual type of valve are the body and the bonnet. These two parts form the casing that holds the fluid going through the valve. The valve's body is the outer casing of most or all of the valve that contains the internal parts or trim . The bonnet is the part of the encasing through which the stem (see below) passes and that forms a guide and seal for the stem. The bonnet typically screws into or is bolted to the valve body. Valve bodies are usually metallic or plastic . Brass , bronze , gunmetal , cast iron , steel , alloy steels and stainless steels are very common. ] Seawater applications, like desalination plants, often use duplex valves, as well as super duplex valves, due to their corrosion resistant properties, particularly against warm seawater. Alloy 20 valves are typically used in sulphuric acid plants, whilst monel valves are used in hydrofluoric acid (HF Acid) plants. Hastelloy valves are often used in high temperature applications, such as nuclear plants, whilst inconel valves are often used in hydrogen applications. Plastic bodies are used for relatively low pressures and temperatures. PVC , PP , PVDF and glass-reinforced nylon are common plastics used for valve bodies. citation needed ] A bonnet acts as a cover on the valve body. It is commonly semi-permanently screwed into the valve body or bolted onto it. During manufacture of the valve, the internal parts are put into the body and then the bonnet is attached to hold everything together inside. To access internal parts of a valve, a user would take off the bonnet, usually for maintenance. Many valves do not have bonnets; for example, plug valves usually do not have bonnets. Many ball valves do not have bonnets since the valve body is put together in a different style, such as being screwed together at the middle of the valve body. Ports are passages that allow fluid to pass through the valve. Ports are obstructed by the valve member or disc to control flow. Valves most commonly have 2 ports, but may have as many as 20. The valve is almost always connected at its ports to pipes or other components. Connection"
"by the valve member or disc to control flow. Valves most commonly have 2 ports, but may have as many as 20. The valve is almost always connected at its ports to pipes or other components. Connection methods include threadings , compression fittings , glue , cement , flanges , or welding . A handle is used to manually control a valve from outside the valve body. Automatically controlled valves often do not have handles, but some may have a handle (or something similar) anyway to manually override automatic control, such as a stop-check valve . An actuator is a mechanism or device to automatically or remotely control a valve from outside the body. Some valves have neither handle nor actuator because they automatically control themselves from inside; for example, check valves and relief valves may have neither. A disc, also known as a valve member, is a movable obstruction inside the stationary body that adjustably restricts flow through the valve. Although traditionally disc-shaped, discs come in various shapes. Depending on the type of valve, a disc can move linearly inside a valve, or rotate on the stem (as in a butterfly valve ), or rotate on a hinge or trunnion (as in a check valve). A ball is a round valve member with one or more paths between ports passing through it. By rotating the ball, flow can be directed between different ports. Ball valves use spherical rotors with a cylindrical hole drilled as a fluid passage. Plug valves use cylindrical or conically tapered rotors called plugs. ambiguous ] Other round shapes for rotors are possible as well in rotor valves, as long as the rotor can be turned inside the valve body. However, not all round or spherical discs are rotors; for example, a ball check valve uses the ball to block reverse flow, but is not a rotor because operating the valve does not involve rotation of the ball. The ""seat"" is the interior surface of the body which contacts the disc to form a leak-tight seal. In discs that move linearly or swing on a hinge or trunnion, the disc comes into contact with the seat only when the valve is shut. In disks that rotate, the seat is always in contact with the disk, but the area of contact changes as the disc is turned. The seat always remains stationary relative to the body. Seats are classified by whether they are cut directly into the body, or if they are made of a different material: A closed soft seated valve is much less liable to leak when shut while hard seated valves are more durable. Gate, globe, and check valves are usually hard seated while butterfly, ball, plug, and diaphragm valves are usually soft seated. The stem transmits motion from the handle or controlling device to the disc. The stem typically passes through the bonnet when present. In some cases, the stem and the disc can be combined in one piece, or the stem and the handle are combined in one piece. The motion transmitted by the stem may be a linear force , a rotational torque , or some combination of these (Angle"
"be combined in one piece, or the stem and the handle are combined in one piece. The motion transmitted by the stem may be a linear force , a rotational torque , or some combination of these (Angle valve using torque reactor pin and Hub Assembly). The valve and stem can be threaded such that the stem can be screwed into or out of the valve by turning it in one direction or the other, thus moving the disc back or forth inside the body. ambiguous ] Packing is often used between the stem and the bonnet to maintain a seal. Some valves have no external control and do not need a stem as in most check valves. Valves whose disc is between the seat and the stem and where the stem moves in a direction into the valve to shut it are normally-seated or front seated . Valves whose seat is between the disc and the stem and where the stem moves in a direction out of the valve to shut it are reverse-seated or back seated . These terms don't apply to valves with no stem or valves using rotors. Gaskets are the mechanical seals, or packings, used to prevent the leakage of a gas or fluids from valves. A valve ball is also used for severe duty, high-pressure, high-tolerance applications. They are typically made of stainless steel, titanium , Stellite , Hastelloy, brass, or nickel . They can also be made of different types of plastic, such as ABS , PVC, PP or PVDF. Many valves have a spring for spring-loading, to normally shift the disc into some position by default but allow control to reposition the disc. Relief valves commonly use a spring to keep the valve shut, but allow excessive pressure to force the valve open against the spring-loading. Coil springs are normally used. Typical spring materials include zinc plated steel , stainless steel, and for high temperature applications Inconel X750. The internal elements of a valve are collectively referred to as a valve's trim . According to API Standards 600, ""Steel Gate Valve-Flanged and Butt-welding Ends, Bolted Bonnets"", the trim consists of stem, seating surface in the body, gate seating surface, bushing or a deposited weld for the backseat and stem hole guide, and small internal parts that normally contact the service fluid, excluding the pin that is used to make a stem-to-gate connection (this pin shall be made of an austenitic stainless steel material). Valve positions are operating conditions determined by the position of the disc or rotor in the valve. Some valves are made to be operated in a gradual change between two or more positions. Return valves and non-return valves allow fluid to move in 2 or 1 directions respectively. Operating positions for 2-port valves can be either shut (closed) so that no flow at all goes through, fully open for maximum flow, or sometimes partially open to any degree in between. Many valves are not designed to precisely control intermediate degree of flow; such valves are considered to be either open or shut. Some valves are specially designed to regulate varying amounts of flow."
"valves are not designed to precisely control intermediate degree of flow; such valves are considered to be either open or shut. Some valves are specially designed to regulate varying amounts of flow. Such valves have been called by various names such as regulating , throttling , metering , or needle valves . For example, needle valves have elongated conically tapered discs and matching seats for fine flow control. For some valves, there may be a mechanism to indicate by how much the valve is open, but in many cases other indications of flow rate are used, such as separate flow meters . In plants with remote-controlled process operation, such as oil refineries and petrochemical plants, some 2-way valves can be designated as normally closed (NC) or normally open (NO) during regular operation. Examples of normally-closed valves are sampling valves , which are only opened while a sample is taken. Other examples of normally-closed valves are emergency shutdown valves , which are kept open when the system is in operation and will automatically shut by taking away the power supply. This happens when there is a problem with a unit or a section of a fluid system such as a leak in order to isolate the problem from the rest of the system. Examples of normally-open valves are purge-gas supply valves or emergency-relief valves. When there is a problem these valves open (by switching them 'off') causing the unit to be flushed and emptied. Although many 2-way valves are made in which the flow can go in either direction between the two ports, when a valve is placed into a certain application, flow is often expected to go from one certain port on the upstream side of the valve, to the other port on the downstream side. Pressure regulators are variations of valves in which flow is controlled to produce a certain downstream pressure, if possible. They are often used to control flow of gas from a gas cylinder . A back-pressure regulator is a variation of a valve in which flow is controlled to maintain a certain upstream pressure, if possible. Valves with three ports serve many different functions. A few of the possibilities are listed here. Three-way ball valves come with T- or L-shaped fluid passageways inside the rotor. The T valve might be used to permit connection of one inlet to either or both outlets or connection of the two outlets. The L valve could be used to permit disconnection of both or connection of either but not both of two inlets to one outlet. Shuttle valves automatically connect the higher pressure inlet to the outlet while (in some configurations) preventing flow from one inlet to the other. Single handle mixer valves produce a variable mixture of hot and cold water at a variable flow rate under control of a single handle. Thermostatic mixing valves mix hot and cold water to produce a constant temperature in the presence of variable pressures and temperatures on the two input ports. A 4-port valve is a valve whose body has four ports equally"
"mix hot and cold water to produce a constant temperature in the presence of variable pressures and temperatures on the two input ports. A 4-port valve is a valve whose body has four ports equally spaced round the body and the disc has two passages to connect adjacent ports. It is operated with two positions. It can be used to isolate and to simultaneously bypass a sampling cylinder installed on a pressurized water line. It is useful to take a fluid sample without affecting the pressure of a hydraulic system and to avoid degassing (no leak, no gas loss or air entry, no external contamination).... Many valves are controlled manually with a handle attached to the stem. If the handle is turned ninety degrees between operating positions, the valve is called a quarter-turn valve. Butterfly, ball valves, and plug valves are often quarter-turn valves. If the handle is circular with the stem as the axis of rotation in the center of the circle, then the handle is called a handwheel. Valves can also be controlled by actuators attached to the stem. They can be electromechanical actuators such as an electric motor or solenoid , pneumatic actuators which are controlled by air pressure , or hydraulic actuators which are controlled by the pressure of a liquid such as oil or water. Actuators can be used for the purposes of automatic control such as in washing machine cycles, remote control such as the use of a centralised control room , or because manual control is too difficult such as when the valve is very large. Pneumatic actuators and hydraulic actuators need pressurised air or liquid lines to supply the actuator: an inlet line and an outlet line. Pilot valves are valves which are used to control other valves. Pilot valves in the actuator lines control the supply of air or liquid going to the actuators. The fill valve in a toilet water tank is a liquid level-actuated valve. When a high water level is reached, a mechanism shuts the valve which fills the tank. In some valve designs, the pressure of the flow fluid itself or pressure difference of the flow fluid between the ports automatically controls flow through the valve. Valves are typically rated for maximum temperature and pressure by the manufacturer. The wetted materials in a valve are usually identified also. Some valves rated at very high pressures are available. When a designer, engineer, or user decides to use a valve for an application, he23/EC (PED). ] Some fluid system designs, especially in chemical or power plants, are schematically represented in piping and instrumentation diagrams. In such diagrams, different types of valves are represented by certain symbols. Valves in good condition should be leak-free. However, valves may eventually wear out from use and develop a leak, either between the inside and outside of the valve or, when the valve is shut to stop flow, between the disc and the seat. A particle trapped between the seat and disc could also cause such leakage."
"Vehicle insurance (also known as car insurance , motor insurance , or auto insurance ) is insurance for cars , trucks , motorcycles , and other road vehicles. Its primary use is to provide financial protection against physical damage or bodily injury resulting from traffic collisions and against liability that could also arise from incidents in a vehicle. Vehicle insurance may additionally offer financial protection against theft of the vehicle, and against damage to the vehicle sustained from events other than traffic collisions, such as vandalism , weather or natural disasters , and damage sustained by colliding with stationary objects. The specific terms of vehicle insurance vary with legal regulations in each region. Widespread use of the motor car began after the First World War in urban areas. Cars were relatively fast and dangerous by that stage, yet there was still no compulsory form of car insurance anywhere in the world. This meant that injured victims would rarely get any compensation in a crash, and drivers often faced considerable costs for damage to their car and property. A compulsory car insurance scheme was introduced in the United Kingdom with the Road Traffic Act 1930 . This ensured that all vehicle owners and drivers had to be insured for their liability for injury or death to third parties while their vehicle was being used on a public road. Ireland replicated the obligation via the Road Traffic Act, 1933. Germany enacted similar legislation in 1939 called the ""Act on the Implementation of Compulsory Insurance for Motor Vehicle Owners"". The EU required mandatory insurance cover be mandated by all member states, from 2009. In many jurisdictions, it is compulsory to have vehicle insurance before using or keeping a motor vehicle on public roads. Most jurisdictions relate insurance to both the car and the driver; however, the degree of each varies greatly. Several jurisdictions have experimented with a ""pay-as-you-drive"" insurance plan which utilizes either a tracking device in the vehicle or vehicle diagnostics. This could address issues of uninsured motorists by providing additional options and also charge based on the distance driven, which could theoretically increase the efficiency of the insurance, through streamlined collection. In Australia , every state has its own Compulsory Third-Party (CTP) insurance scheme. CTP covers only personal injury liability in a vehicle crash. Comprehensive and Third-Party Property Damage, with or without Fire and Theft insurance, are sold separately. CTP insurance is compulsory in every state in Australia and is paid as part of vehicle registration. It covers the vehicle owner and any person who drives the vehicle against claims for liability for death or injury to people caused by the fault of the vehicle owner or driver. CTP may include any kind of physical harm, bodily injuries and may cover the cost of all reasonable medical treatment for injuries received in the crash, loss of wages,"
"the vehicle owner or driver. CTP may include any kind of physical harm, bodily injuries and may cover the cost of all reasonable medical treatment for injuries received in the crash, loss of wages, cost of care services and, in some cases, compensation for pain and suffering. Each state in Australia has a different scheme. Third-Party Property insurance or Comprehensive insurance covers the third party with the repairing cost of the vehicle, any property damage or medication expenses as a result of a crash by the insured. They are not to be confused with Compulsory Third-Party insurance, which is for injuries or death of someone in a motor crash. In New South Wales , each vehicle must be insured before it can be registered. It is often called a 'greenslip', because of its colour. There are five licensed CTP insurers in New South Wales. Suncorp holds licences for GIO and AAMI and Allianz holds one licence. The remaining two licences are held by QBE and NRMA Insurance (NRMA). APIA and Shannons and InsureMyRide insurance also supply CTP insurance licensed by GIO. A privately provided scheme also applies in the Australian Capital Territory through AAMI, APIA, GIO and NRMA. Vehicle owners pay for CTP as part of their vehicle registration. In Queensland , CTP is included in the registration fee for a vehicle. There is a choice of private insurer – Allianz, QBE and Suncorp and price is government controlled. In South Australia , since July 2016, CTP is no longer provided by the Motor Accident Commission . The government has now licensed four private insurers – AAMI, Allianz, QBE and SGIC – to offer CTP insurance SA. Since July 2019, vehicle owners can choose their own CTP insurer and new insurers may also enter the market. There are three states and one territory that do not have a private CTP scheme. In Victoria , the Transport Accident Commission provides CTP through a levy in the vehicle registration fee, known as the TAC charge. A similar scheme exists in Tasmania through the Motor Accidents Insurance Board . A similar scheme applies in Western Australia , through the Insurance Commission of Western Australia (ICWA). The Northern Territory scheme is managed through Territory Insurance Office (TIO). For all types of motor insurance policies in Bangladesh , the limit of liability has been fixed by the law. Currently, the limits are too low to compensate the victims. In respect of Act Only Liability Motor Vehicle Insurance, the compensation for personal injuries and property damage to third parties is ৳ 20,000 (US$170) BDT 20,000 for death, ৳ 10,000 (US$85) for severe injury, ৳ 5,000 (US$43) for injury, and ৳ 50,000 (US$425) for property damage. The limits are under review by the governmental bodies. Several Canadian provinces ( British Columbia , Saskatchewan , Manitoba and Quebec ) provide a public auto insurance system while in the rest of the country insurance is provided privately. The third-party insurance is privatized in Quebec and is"
"Saskatchewan , Manitoba and Quebec ) provide a public auto insurance system while in the rest of the country insurance is provided privately. The third-party insurance is privatized in Quebec and is mandatory. The province covers everything but the vehicle(s). Basic auto insurance is mandatory throughout Canada (with some exceptions, such as government vehicles ) with each province's government determining which benefits are included as minimum required auto insurance coverage and which benefits are options available for those seeking additional coverage. Accident benefits coverage is mandatory everywhere except for Newfoundland and Labrador . All provinces in Canada have some form of no-fault insurance available to crash victims. The difference from province to province is the extent to which tort or no-fault is emphasized. International drivers entering Canada are permitted to drive any vehicle their licence allows for the three-month period for which they are allowed to use their international licence. International laws provide visitors to the country with an International Insurance Bond (IIB) until this three-month period is over in which the international driver must provide themselves with Canadian Insurance. The IIB is reinstated every time the international driver enters the country. Damage to the driver's own vehicle is optional – one notable exception to this is in Saskatchewan , where SGI provides collision coverage (less than a $1000 deductible , such as a collision damage waiver ) as part of its basic insurance policy. In Saskatchewan , residents have the option to have their auto insurance through a tort system but less than 0.5% of the population have taken this option. Facility insurance policies are offered by the ""facility association residual market"" (or ""FARM""), as a last resort since auto insurance is mandatory in Canada, for private and commercial high-risk drivers who cannot buy a policy in the voluntary market (regular auto insurance). Traffic Compulsory Insurance provides protection in the event of third party injuries, third party property losses, etc. The minimum liability cover is RMB180,000 (US$27,907) for death and injuryor damage to third party property up to HK$ 2 million ( US$ 257,400.26) as a result of crash arising out of the use of the insured vehicle. Comprehensive Motor Insurance is also available. The mandatory minimum legal requirement Third Party Liability (""TPL"") Cover is MOP1,500,000 per crash and MOP30,000,000 per year, protecting against the legal liability arising from a traffic crash causing loss and damages to any third party. . Comprehensive Motor Insurance is also available. In the European Union , from the introduction of Directive 2009EC, insurance cover is mandatory, with the statutory minimum cover being revised every five years, the most recent revision, via Directive (EU) 2021 third-party personal insurance is €7,500,000 for bodily injury (damage to people), €500,000 for property damage"
"cover being revised every five years, the most recent revision, via Directive (EU) 2021 third-party personal insurance is €7,500,000 for bodily injury (damage to people), €500,000 for property damage and €50,000 for financialcombined single limit insurance policies of €50,000,000 or €100,000,000 (about €141,000,000) for bodily injury, property damage and other financialloss due to uninsured drivers can claim against the Motor Insurance Bureau of Ireland's uninsured drivers fund, as can those injured (but not those suffering damage or loss) from hit and run offences. The law 990accidental death and property damage. In Malaysia, renewing car insurances is a very common thing. In general, there are four types of car insurance available for Malaysians: This is the minimum cover corresponding to the terms of the Road Transport Act 1987. The insurance concerns the legal liability for death or physical injury to the third party (not include the passengers), so it is hardly ever written by insurers. This type is compulsory to buy for every vehicle so it is the most basic and common car insurance, which insures you against claims for the injury or damage to the third party or its property in a crash. In addition to third-party coverage, this policy also provides insurance for your own vehicle due to fire, crash or theft. This policy provides the widest coverage, i.e. the third party's physical injury and death, third party's vehicle damage and your own vehicle's damage caused by fire, theft or a crash. This type of insurance is usually designed for luxury vehicles. Within New Zealand , the Accident Compensation Corporation (ACC) provides nationwide no-fault personal injury insurance. Injuries involving motor vehicles operating on public roads are covered by the Motor Vehicle Account, for which premiums are collected through levies on petrol and through vehicle licensing fees. In Norway , the vehicle owner must provide the minimum liability insurance for his/her vehicle(s) – of any kind. Otherwise, the vehicle is illegal to use. If a person drives a vehicle belonging to someone else and has a crash, the insurance will cover for damage done. Note that the policy carrier can choose to limit the coverage to only apply for family members or persons over a certain age. Romanian law mandates Răspundere Auto Civilă , a motor-vehicle liability insurance for all vehicle owners to cover damages to third parties. Motor vehicle liability insurance is mandatory for all owners in Russian legislation. Insurance of the vehicle itself is technically voluntary, but may be mandated in some circumstances, e.g. if the car is leased. South Africa allocates a percentage of the money from fuel into the Road Accident Fund , which goes towards compensating third parties in crashes. When buying car insurance in the United Arab Emirates , the traffic department requires a 13-month insurance certificate each time a person registers or renews a vehicle registration. In Dubai, vehicle"
"buying car insurance in the United Arab Emirates , the traffic department requires a 13-month insurance certificate each time a person registers or renews a vehicle registration. In Dubai, vehicle insurance is compulsory as per the UAE RTA law. There are two types of motor insurance policies in Dubai, Third-Party Liability Insurance and Comprehensive Motor Insurance. It is mandatory to have third-party liability insurance for every individual vehicle owner in Dubai . This insurance policy is the most basic form of vehicle insurance Dubai as it covers the third-party property damage or bodily injuries caused by the insured vehicle. Policyholder's own vehicle damage such as fire, theft, and accidental collision is not covered under the third-party liability insurance policy. The Road Traffic Act 1930 , of the UK Government , introduced a law that required every person who used a vehicle on the road to have at least third-party personal injury insurance. Today, this law is contained in the Road Traffic Act 1988 (generally referred to as the RTA 1988 as amended). Section 143 of that Act requires that motorists be insured against liability for injuries to others (including passengers) and for damage to other persons' property, resulting from use of a vehicle on a public road or in other public places. The regulations were last revised via the THE MOTOR VEHICLES (COMPULSORY INSURANCE) REGULATIONS 2016 No. 1193, the amendment increased the minimum guaranteed property cover to £1,200,000 (US$1,643,836) per accident, personal injury cover remains unlimited. Failure to insure a vehicle can result in the vehicle being seized, the driver finned a minimum of £300 (US$411) and issued with six to eight penalty driving points (IN10) . The regulations for vehicle insurance differ with each of the 50 US states and other territories, with each U.S. state having its own mandatory minimum coverage requirements ( see separate main article ). 48 U.S. states and the District of Columbia require drivers to have insurance coverage for both bodily injury and property damage, with New Hampshire and Virginia being the exception, but the minimum amount of coverage required by law varies by state. For example, minimum bodily injury liability coverage requirements range from $30,000 in Arizona to $100,000 in Alaska and Maine , while minimum property damage liability requirements range from $5,000 to $25,000 in most states. Vehicle insurance can cover some or all of the following items: Different policies specify the circumstances under which each item is covered. For example, a vehicle can be insured against theft, fire damage, or crash damage independently. If a vehicle is declared a total loss and the vehicle's market value is less than the amount that is still owed to the bank that is financing the vehicle, GAP insurance may cover the difference. Not all auto insurance policies include GAP insurance. GAP insurance is often offered by the finance company at time the vehicle"
"that is financing the vehicle, GAP insurance may cover the difference. Not all auto insurance policies include GAP insurance. GAP insurance is often offered by the finance company at time the vehicle is purchased. An excess payment, also known as a deductible , is a fixed contribution that must be paid each time a car is repaired with the charges billed to an automotive insurance policy. Normally this payment is made directly to the crash repair ""garage"" (the term ""garage"" refers to an establishment where vehicles are serviced and repaired) when the owner collects the car. If one's car is declared to be a "" write-off "" (or "" totaled ""), then the insurance company will deduct the excess agreed on the policy from the settlement payment it makes to the owner. If the crash was the other driver's fault, and this fault is accepted by the third party's insurer, then the vehicle owner may be able to reclaim the excess payment from the other person's insurance company. The excess itself can also be protected by a motor excess insurance policy. A compulsory excess is the minimum excess payment the insurer will accept on the insurance policy. Minimum excesses vary according to the personal details, driving record and the insurance company. For example, young or inexperienced drivers and types of incident can incur additional compulsory excess charges. To reduce the insurance premium, the insured party may offer to pay a higher excess (deductible) than the compulsory excess demanded by the insurance company. The voluntary excess is the extra amount, over and above the compulsory excess, that is agreed to be paid in the event of a claim on the policy. As a bigger excess reduces the financial risk carried by the insurer, the insurer is able to offer a significantly lower premium. Depending on the jurisdiction, the insurance premium can be either mandated by the government or determined by the insurance company, in accordance with a framework of regulations set by the government. Often, the insurer will have more freedom to set the price on physical damage coverages than on mandatory liability coverages. When the premium is not mandated by the government, it is usually derived from the calculations of an actuary , based on statistical data. The premium can vary depending on many factors that are believed to affect the expected cost of future claims . Those factors can include the car characteristics, the coverage selected ( deductible , limit, covered perils), the profile of the driver ( age , gender , driving history) and the usage of the car (commute to work or not, predicted annual distance driven). The address of the owner can affect the premiums. Areas with high crime rates generally lead to higher costs of insurance. Because male drivers, especially younger ones, are on average often regarded as tending to drive more aggressively, the premiums charged for policies on vehicles whose primary driver is male are often higher. This discrimination may be"
"ones, are on average often regarded as tending to drive more aggressively, the premiums charged for policies on vehicles whose primary driver is male are often higher. This discrimination may be dropped if the driver is past a certain age. On 1 March 2011, the European Court of Justice decided insurance companies who used gender as a risk factor when calculating insurance premiums were breaching EU equality laws. The Court ruled that car-insurance companies were discriminating against men. However, in some places, such as the UK, companies have used the standard practice of discrimination based on profession to still use gender as a factor, albeit indirectly. Professions which are more typically practised by men are deemed as being more risky even if they had not been prior to the Court's ruling while the converse is applied to professions predominant among women. Another effect of the ruling has been that, while the premiums for men have been lowered, they have been raised for women. This equalisation effect has also been seen in other types of insurance for individuals, such as life insurance . Teenage drivers who have no driving record will have higher car insurance premiums. However, young drivers are often offered discounts if they undertake further driver training on recognized courses, such as the Pass Plus scheme in the UK, or if they install a telematics device to monitor their driving style. In the US many insurers offer a good-grade discount to students with a good academic record and resident-student discounts to those who live away from home. Generally insurance premiums tend to become lower at the age of 25. Some insurance companies offer ""stand alone"" car insurance policies specifically for teenagers with lower premiums. By placing restrictions on teenagers' driving (forbidding driving after dark, or giving rides to other teens, for example), these companies effectively reduce their risk. Senior drivers are often eligible for retirement discounts, reflecting the lower average miles driven by this age group. However, rates may increase for senior drivers after age 65, due to increased risk associated with much older drivers. Typically, the increased risk for drivers over 65 years of age is associated with slower reflexes, reaction times, and being more injury-prone. In most U.S. states, moving violations, including running red lights and speeding, assess points on a driver's driving record. Since more points indicate an increased risk of future violations, insurance companies periodically review drivers' records, and may raise premiums accordingly. Rating practices, such as debit for a poor driving history, are not dictated by law. Many insurers allow one moving violation every three to five years before increasing premiums. Crashes affect insurance premiums similarly. Depending on the severity of the crash and the number of points assessed, rates can increase by as much as twenty to thirty percent. Any motoring convictions should"
"insurance premiums similarly. Depending on the severity of the crash and the number of points assessed, rates can increase by as much as twenty to thirty percent. Any motoring convictions should be disclosed to insurers, as the driver is assessed by risk from prior experiences while driving on the road. Statistics show that married drivers average fewer crashes than the rest of the population so policy owners who are married often receive lower premiums than single persons. The profession of the driver may be used as a factor to determine premiums. Certain professions may be deemed more likely to result in damages if they regularly involve more travel or the carrying of expensive equipment or stock or if they are predominant either among women or among men. Two of the most important factors that go into determining the underwriting risk on motorized vehicles are: performance capability and retail cost. The most commonly available providers of auto insurance have underwriting restrictions against vehicles that are either designed to be capable of higher speeds and performance levels, or vehicles that retail above a certain dollar amount. Vehicles that are commonly considered luxury automobiles usually carry more expensive physical damage premiums because they are more expensive to replace. Vehicles that can be classified as high performance autos will carry higher premiums generally because there is greater opportunity for risky driving behavior. Motorcycle insurance may carry lower property-damage premiums because the risk of damage to other vehicles is minimal, yet have higher liability or personal-injury premiums, because motorcycle riders face different physical risks while on the road. Risk classification on automobiles also takes into account the statistical analysis of reported theft, accidents, and mechanical malfunction on every given year, make, and model of auto. Some car insurance plans do not differentiate in regard to how much the car is used. There are however low-mileage discounts offered by some insurance providers. Other methods of differentiation would include over-road distance between the ordinary residence of a subject and their ordinary, daily destinations. Another important factor in determining car insurance premiums involves the annual mileage put on the vehicle, and for what reason. Driving to and from work every day at a specified distance, especially in urban areas where common traf"
"1 Insurance Regulatory and Development Authority of India NOTIFICATION Hyderabad, the ….. 2024 INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA (RURAL, SOCIAL SECTOR AND MOTOR THIRD PARTY OBLIGATIONS ) REGULATIONS, 2024 F. No. IRDAI .- In exercise of the powers conferre d by Section 114A(2)(id) and (ie) read with Sections 32B , 32C and 32 D of the Insurance Act, 1938 and Section 14(2)(p) read with Section 26 of the Insurance Regulatory and Development Authority Act, 1999, the Insur ance Regulatory and Development Authority of India, in consultation with the Insurance Advisory Committee, hereby make s the following Regulations. CHAPTER -I PRELIMINARY 1. Short Title, Applicability and Commencement a) These Regulations may be called the Insur ance Regulatory and Development Authority of India (Rural, Social Sector and Motor Third Party Obligations ) Regulations , 202 4. b) They shall come into force from the date of their publication in the Official Gazette and shall supersede the Insurance Regulatory and Development Authority of India (Obligations of Insurers to Rural and Social Sectors) Regulations, 2015 and the Insurance Regulatory and Development Authority of India (Obligations of Insurer in respect of Motor Third Party Insurance Business ) Regulations, 2015 including all other circulars prescriptions issued thereunder . c) These Regulations are effective from 1st April, 2024 and shall remain in force for a period of 3 (three ) years thereafter unless reviewed or repealed earlier . 2. Objective and Principle The objective of these Regulations is to specify minimum rural and social sector business that the insurers are required to underwrite under section 32B and 32C of the Insurance Act, 1938 and minimum third party motor insurance business that the insurer carrying on general insurance business is required to underwrite under section 32D of the Insurance Act, 1938. 3. Definitions In these Regulations, unless the context otherwise requires — (a) “Act” means the Insurance Act, 1938 (4 of 1938); (b) “Authority” means the Insurance Regulatory and Development Authority of India established under the provisions of section 3 of the Insurance Regulatory and Development Authority Act, 1999. (c) “Economically Vulnerable or Backward Classes” means persons who live below the poverty line; (d) “Gram Panchayat” is as defined under Article 243B of the Constitution of India . (e) “Informal Sector” includes small scale, self -employed workers typically at a low level of organisation and technology, with the primary objective of generating employment and income, with heterogeneous activities like retail trade, transport, repair and maintenance, construction, personal and domestic services and manufacturing, with the work mostly labour intensive, having often unwritten and informal employer -employee relationship; (f) “Lead Insurer” means an insurer designated as Lead for the State / Union Territory by the Authority; (g) “Motor Third Party Insurance"
"often unwritten and informal employer -employee relationship; (f) “Lead Insurer” means an insurer designated as Lead for the State / Union Territory by the Authority; (g) “Motor Third Party Insurance Business” consists of motor insurance liability only policies as well as liabilit y portion of package policies ; (h) “Other Categories of Persons” includes persons with disability as defined in the Persons with Disabilities (Equal Opportunities, Protection of Rights, and Full Participation) Act, 1995 and 2 who may not be gainfully employed; a nd also includes guardians who need insurance to protect spastic persons or persons with disability; (i) “Rural Sector” means the places or areas classified as “rural” as per the latest available decennial population census (Census of India); (j) “Social Sector” i ncludes Unorganised Sector, Informal Sector, Economically Vulnerable or Backward Classes and Other Categories of Persons, residing in both rural and urban areas; (k) “Unorganised Sector” is as defined in Unorganised Workers Social Security Act, 2008; (l) All wor ds and expressions used herein and not defined herein but define d in the Insurance Act, 1938 (4 of 1938) as amended from time to time, or in the Insurance Regulatory and Development Authority Act, 1999 as amended from time to time or in the Insurance Rules, 1939 or any other Regulations issued there under shall have the meanings respectively assigned to them in those Acts or Rules or Regulations. CHAPTER II PART 1 Obligations with respect to Rural and Social Sector 4. Every insurer, shall ensure that it undertakes obligations set out by the Authority during the f inancial years indicated herein – (A) Rural Sector (a) Life Insurance – Every Life Insurer shall insure the following minimum number of lives in a gram panchayat under individual insurance policies and / or under group insurance policies in 3 years: Sr. No Financial year following notification of Regulations Minimum number of lives to be covered by all life insurers in all gram pancha yats in the country i First year 30% of lives in each gram panchayat subject to minimum of 25,000 gram panchayats driven by Lead Insurer ii Second year 40% of lives in each gram panchayat subject to minimum of 50,000 gram panchayats driven by Lead Insurer iii Third year 50% of lives in each gram panchayat subject to minimum of 75,000 gram panchayats driven by Lead Insurer (b) General Insurance – Every General Insurer ( other than stand -alone health insurer s and ECGC) shall insure the following minimum number of a) dwellings under fire insurance and b) vehicles under motor insurance in gram panchayats in 3 years: Sr. No Financial year following notifica tion of Regulations Minimum number of dwellings to be covered under Property insurance by all general insurers in all gram panchayats in the country Minimum number of vehicles to be covered under motor insurance (Comprehensive and TP) by all genera l insurers in all gram panchayats in the country i"
"insurers in all gram panchayats in the country Minimum number of vehicles to be covered under motor insurance (Comprehensive and TP) by all genera l insurers in all gram panchayats in the country i First year 30% dwellings in each gram panchayat subject to minimum of 25,000 gram panchayats driven by Lead Insurer 30% of vehicles in each gram panchayat subject to minimum of 25,000 gram panchayats dr iven by Lead Insurer ii Second year 40% dwellings in each gram panchayat subject to minimum of 50,000 gram panchayats driven by Lead Insurer 40% of vehicles in each gram panchayat subject to minimum of 50,000 gram panchayats driven by Lead Insurer iii Third year 50% dwellings in each gram panchayat subject to minimum of 75,000 gram panchayats driven by Lead Insurer 50% of vehicles in each gram panchayat subject to minimum of 75,000 gram panchayats driven by Lead Insurer 3 (c) Health Insurance - Every General Insurer including stand -alone Health Insurer ( other than ECGC) shall underwrite the following minimum number of lives under individual policies and partial premium is paid by the Governmen t, with beneficiaries covered shall be considered for the rural and social sector ob ligations. For the avoidance of doubt, it is hereby clarified that schemes promoted by the Central and Beneficiary recognized by the Authority would qualify for Social Sector Obligation . e) Micro insurance policies issued are eligible to be reckoned f or Social Sector obligations . Where a micro insurance policy is issued in a rural area, such micro insurance polic y may be reckoned for both Rural Sector and Social Sector obligations separately. f) Insurance policies sold by Bima Vahak s will count towards ru ral and social sector obligations. g) The allocation of the gram panchayats , number of lives, dwellings, vehicles amongst the insurers shall be specified in the Master Circular. 4 PART II Obligations with respect to Motor Third Party Business 6. Manner for arriving at the Obligations a) Every General Insurer ( other than stand -alone health insurer s and ECGC) shall underwrite the following minimum percentage of statutory Motor Third Party Liability insurance of Goods Carrying and Passenger Carrying Vehicles in 3 years : S. No Financial Year following notification of Regulations Minimum percentage of statutory Motor Third Party Liability insurance number of Goods Carrying & Passenger Carrying Vehicles i. First Year 20% increase over total number of goods carrying & passenger carrying vehicles covered in last financial year or 10,000 vehicles in each category, whichever is higher ii Second Year 20% increase over total number of goods carrying & passenger carrying veh icles covered in last financial year or 10,000 vehicles in each category, whichever is higher iii Third Year 20% increase over total number of goods carrying & passenger carrying vehicles covered in last financial year or 10,000 vehicles in each category, whichever is higher b) Coverage of new Goods Carrying"
"increase over total number of goods carrying & passenger carrying vehicles covered in last financial year or 10,000 vehicles in each category, whichever is higher b) Coverage of new Goods Carrying and Passenger Carrying vehicles shall not be counted towards Motor TP obligations . Motor TP obligation fulfilment shall be contributed by renewal of the existing veh icles and uninsured vehicles that are insured provided the gap in insurance is at least 30 days. c) Every new insurer granted certificate of registration shall underwrite a minimum of 10,000 goods carrying and 10,000 passenger carrying vehicles in the first financial year of its operations. d) The number of vehicles to be covered by every insurer in first, second and third year shall be as prescribed from time to time . e) These regulations are not applicable to Stand Alone Health Insurers, Reinsurers including Foreign Reinsurance Branches, Agriculture Insurance Co. of India, E xport Credit Guarantee Corporation of India. f) At no instance an insurer carrying on general insurance business shall refuse to underwrite the “liability only” motor policy covering motor third party insurance risk to any prospective policyholder . CHAPTER III PROCEDURE FOR IMPLEMENTATION AND OTHER PROVISIONS 7. Option to fulfil the obligations a) For the purpose of these obligations, first year shall be recko ned as the year in which these Regulations come into force. Provided that in cases where an Insurer commences operations in the second half of the financial year: (i) no rural, social sector and motor TP obligations shall be applicable for the said period, and (ii) the annual obligations as indicated in the Regulation shall be reckoned from the next financial year which shall be considered as the first year of operations for the purpose of compliance with this Regulation. 5 However, in cases where an Insurer commences operations in the first half of the financial year, that financial year shall be treated as the first year of operations and the applicable obligations for the first year shall be half of the percentage prescribed for the first year. b) An insurer may sell rural, social sector and motor TP obligations to one or more insurers who has/ve been unable to complete its targets. An insurer may buy from one or more insurers rural, social sector and motor TP obligations to complete its obligations. Provided that the buying and selling of the obligations shall not exceed 20% of an insurer’s target. Provided further that the seller insurer can sell only that portion of the obligations which is in excess of its target. Provided further that the insurer who has sold the obligations will continue to be the insurer and shall be responsible for servicing the insurance policy and settling claim under it. The selling of the obligations is only for the purpose of achieving the obligations by the buyer and the original policy in the name of the original insurer continues to remain valid. c) The Authority may from"
"of the obligations is only for the purpose of achieving the obligations by the buyer and the original policy in the name of the original insurer continues to remain valid. c) The Authority may from time to time prescribe or revise the obligations specified in these Regulations and may prescribe changes or amendments to the percentages prescribed for obligat ions of an Insurer for the Rural Sector and the Social Sector . 8. Submission of Returns a) Every Insurer shall submit a return in the manner as prescribed in the Master Circular from time to time. Every Insurer shall furnish an annual certificate by the Chief Executive Officer within sixty days from the end of the financial year submitting the summary details of the obligations fulfilled towards these Regulation. 9. Action in Case of Default: a) The Authority may, at any time, by an order in writing, cause an inspect ion of any Insurer to be undertaken and who shall submit a report on the compliance of these Regulations. b) Any default noticed in the compliance of these regulations shall be dealt with as per the procedure prescribed in the Act. 10. Repeal and Savings Clause a) These Regulations shall repeal Insurance Regulatory and Development Authority of India (Obligation of Insurer in Respect of Motor Third Party Insurance Business) Regulations, 2015 and Insurance Regulatory and Development Authority of India ( Obligation of Insurer to Rural and Social sector) Regulations, 2015 from the date these Regulations come into force. b) Notwithstanding such repeal, anything done or any action taken or purported to have been done or taken under the repealed Regulations, prio r to such repeal, shall be valid."
"Asian Journal of Marketing Management, 2024, Vol (3), Issue (2), 59-79 1Department of Commerce, University of Sri Jayewardenepura 2 Finance and Administration, Colombo Stock Exchange Key Determinants to Drive Motor Insurance Customer Acquisition in Western Province, Sri Lanka: A Focus on the Marketing Mix Weerakkody M.1 and Nissanka K.2 Asian Journal of Marketing Management Copyright © University of Sri Jayewardenepura Sri Lanka ISSN: 2820 -2031 (Printed) ISSN: 2820 -2082 (Online) ABSTRACT Purpose : There is a significant need for a comprehensive insurance policy for all vehicle owners, especially considering the growing emphasis on health and safety, and public protection. The substantial preference for 3rd party insurance over comprehensive policy covers has created a hurdle for insurance companies, both in terms of acquiring new customers and retaining existing ones. This prevailing trend has presented a significant challenge to the growth potential of general insurance firms in the market. The main purpose of this study is to investigate how factors such as product, price, promotion, and distribution network influence the customer purchase intention towards motor insurance. Designapproach : This was a cross -sectional study using a deductive research approach. Data were gathered from 412 policy holders in Sri Lanka using a self -administered structured questionnaire. Multiple regression analysis was used to determine the most influencing factor among product, price, promotion and distribution network influencing customer purchase intention towards motor insurance. Findings: Based on the analysis, the insurance service , insurance premium , promotion and distribution network have a significant relationship with the customer purchase intention towards motor insurance policies in Sri Lanka. Among the factors test ed, distribution network and insurance service have the most significant impact on customer purchase intention with reference to motor insurance segment. Originality: This study provides a unique contribution by highlighting the critical role of the distribution network, particularly the combination of Place and People elements, in driving motor insurance customer acquisition in Sri Lanka. Unlike prior studies that emph asize price and promotional strategies, this research focuses on the integrated influence of accessibility and personalized service. The findings demonstrate that a well -established distribution network outweighs traditional marketing factors in influencin g purchase decisions, offering a new perspective on consumer behavior in the Sri Lankan motor insurance industry. Implications : The findings of this study will pave the way for a paradigm shift where, insurance firms could understand and develop relevant strategies to improve services provided to the existing and potential motor insurance customers. By analyzing what truly matters to Sri Lankan drivers, both insurance service providers as well as regulatory"
"to improve services provided to the existing and potential motor insurance customers. By analyzing what truly matters to Sri Lankan drivers, both insurance service providers as well as regulatory authorities can ally DOI: 10.31357/ajmm.v3i2.7464.g5411 Received June 2024 Revised September 2024 Accepted September 2024 Keywords: Consumer Behavior , Insurance Service , Marketing Mix , Motor Insurance , Sri Lanka Weerakkody M. & Nissanka K. AJMM 2023, Vol ( 3), Issue (2), 59-79 60 Introduction People use insurance as a means of managing risks from a loss of some kind. Insurance could be a contract in which an entity or individual receives financial protection against losses from specific contingencies or perils (Kagan, 2021). The insurance sector is a crucial component of a country’s economic development, directly contributing approximately 2% to the GDP and providing numerous empl oyment opportunities (Bogamuwa & Ranathunga, 2018). In Sri Lanka, there are 28 insurance companies being licensed to offer insurance services (IRCSL, 2021). Broadly, insurance can be categorized into Life Insurance and General Insurance (Sreedharan & Saha, 2019), in which the latter includes anything other than life, i.e., motor insurance, home insurance, fire & burglary insurance, etc. (IFFCO -Tokio, 2020). Today the insurance companies have to face the toughest competi tion ever. Hence, all the firms are willing to provide additional services to serve for customers’ delight and to create a relationship (IBSL, 2012). People are overlooking insurance, making it complicated for the companies to acquire as well as retain cus tomers (Mohammed, 2018). As per the studies, more than two thirds of the vehicle owners have opted to obtain 3rd party insurance cover instead of a comprehensive cover and that has hindered the growth potential of general insurance firms. This shift towards 3rd party insurance ind icates a prevailing tendency among vehicle owners to prioritize minimal coverage, potentially driven by factors such as cost considerations or a perceived lack of understanding regarding the benefits of comprehensive coverage. Consequently, the landscape o f the insurance market is characterized by a substantial portion of vehicle owners who may be inadequately protected against a broader range of risks. Wellawatta (2021) breaks down this market issue and according to him, the impact of this choice is multifaceted. Firstly, insurance companies face the challenge of overcoming the prevailing mindset among consumers that favours minimal coverage. This requir es a strategic re -evaluation of communication and educational initiatives to highlight the advantages and necessity of comprehensive insurance in safeguarding against various potential risks. and develop a holistic insurance policy that comprehensively covers all aspects of vehicle ownership, filling the void in the current market. According to the findings, it can be advised that the insurance corporations should focus more"
"that comprehensively covers all aspects of vehicle ownership, filling the void in the current market. According to the findings, it can be advised that the insurance corporations should focus more on providing a prod uct with more unique features and invest in creating a solid network of branches across the country which are fortified with skilled and service -oriented personnel who could persuade the customers in buying comprehensive insurance covers. Future researcher s can also focus on income and educational level as moderators since both of which have an impact on consumer behavior as suggested in prior literature. Also, there is a possibility of widening their scopes by considering other types of insurance products and expand the geographical area as well. Weerakkody M. & Nissanka K. AJMM 2023, Vol ( 3), Issue (2), 59-79 61 Secondly, the dominance of 3rd party insurance choices complicates the customer acquisition process for insurance firms. Marketing efforts need to be adapted to address the specific concerns and preferences of this majority, emphasizing the value propositi on of comprehensive coverage. Moreover, the general insurance market is experiencing negative outcomes due to rising claim severity, fierce competition, regulations, inflation, an increase in auto thefts, and ineffective fraud management, all of which are significantly hurting insurers ' bottom lines (Das & Rao, 2017). On the basis of this assumption, an effort has been made in this research paper to determine the negative aspects in the motor insurance market and how to profit from this portfolio -in-distress. According to Taye (2021), devising a sound strategy is key to remain in the competitive environment, grab the untapped market segments as well as to cope up with the customer demands. Ayanda & Tunbosun (2012) see strategy as model of resource allocation buying behavior, actions of competitors, and the capabilities of marketing intermediates. (Armstrong et al., 1999) highlight the importance of marketing strategy for an organization’s success saying it is the vehicle by which the business tool to predict customer buying process. Generally, an extensive marketing analysis should take place in order to find out the predominant factors to be deliberated (Mustapha, 2017) when constructing a suitable market strategy for a firm. Kotler (1999) in his book - “How to Create, Win & Dominate Markets” says usually, a marketing mix is designed using mechanisms under the elements such as product, price, place, promotion, people, physical evidence and finally, process. Shafiq et al. (2011) suggested that the purchasing process is affected by vario us factors such as price, quality, product design, knowledge about the product, etc. With reference to insurance being a service, (Lovelock & Wright, 1999; Che Rusuli et al., 2019) emphasized the importance of the extended marketing mix namely, people, phy sical evidence and process as antecedents of customer purchase intention. A"
"& Wright, 1999; Che Rusuli et al., 2019) emphasized the importance of the extended marketing mix namely, people, phy sical evidence and process as antecedents of customer purchase intention. A different approach was followed by (Al -Debi & Al -waely, 2015; Kalaimani, 2010) acknowledging all 7P’s in their respective literature. Although there is empirical evidence on the effect of marketing strategies for the performance of developed sectors, much attention has not been given in relation to the motor insurance segment (Gidhagen, 2008). The prior studies on the relationship Weerakkody M. & Nissanka K. AJMM 2023, Vol ( 3), Issue (2), 59-79 62 between customer purchase intention and motor insurance policies have been mainly conducted targeting the Southeast Asian and African economies (Chiguvi & Dube, 2018; Magunga & Nairobi, 2010; Ajemunigbohun & Oreshile, 2014). In the Sri Lankan context, not many have done research about this particular field of study. As Taye (2021) insists, in order to address this research gap and to generalize the findings across different cultures, it would be of both theoretical and managerial interest to replicate the s tudy in different cultural contexts. The substantial preference for 3rd party insurance has created a hurdle for insurance companies, both in terms of acquiring new customers and retaining existing ones. Furthermore, the challenge extends beyond the initial acquisition phase, as retaining customers becomes equally intricate. The industry must devise innovative strategies to enhance customer loyalty, possibly through tailored services, competitive pricing models, or additional benefits that incentivize policyholders to transition towards compre hensive coverage. A marketing strategy should be identified as a means by to access motorpolicy holders, looking at for insurance, also referred as automotive operator of the vehicle may damage to property/ or persons as a result of an accident (Campbell, 2021). Chen (2000) concludes that motor users are exposed to some fundamental risks; “(i) cost Weerakkody M. & Nissanka K. AJMM 2023, Vol ( 3), Issue (2), 59-79 63 of repairing the vehicle following an accident; (ii) cost of procuring a new vehicle if stolen or damaged above economic repair; and (iii) legal liability claims against the driver or owner of the vehicle due to injury or damage to the third -party”. Increa se in risks therefore raises the demand for insurance as educated individuals are likely to be much risk aware and managing (Jiaying, 2020). A number of studies gave divergent contributions into risk factors for road accidents thus highlighting the import ance of having a comprehensive insurance cover to mitigate the losses. These include, drivers’ recklessness tiredness (Asogwa, 1980), mechanical defects in vehicles, poor road conditions, carelessness of the pedestrians (Oyemade, 1973), inappr opriate driving standards (Bener et al., 2004; Laberge -Nadeau et al., 1996). Customer Purchase Intention"
"in vehicles, poor road conditions, carelessness of the pedestrians (Oyemade, 1973), inappr opriate driving standards (Bener et al., 2004; Laberge -Nadeau et al., 1996). Customer Purchase Intention Purchase intention is a vital phase of a customer’s decision -making process that studies the reason to buy a particular product (Shahet et al., 2012). This applies when a customer is most to purchase perception about it. Therefore, purchase to meet the changing group and other dynamics of the marketing environment. According to the study conducted by Amelia et Weerakkody M. & Nissanka K. AJMM 2023, Vol ( 3), Issue (2), 59-79 64 al. (2009), factors namely; product, price, promotion, distribution channel, staff, process, and physical evidence act predominantly to influence the demand for motor insurance (Sayasonti, 2001). Further, he explained that the level of existing competition in the industry also has a say towards the customer buying behavior (Porter et al., 1974). Product A product can be anything offered to the customers for attention, acquisition to meet their expectations (Muala & Qurneh, 2012). According to Affran & Asare (2010), this could be any market offering ranging from ideas, physical objects, people, places, ser vices to organizations. A service product is defined as the extent offer to satisfy ahead of the competition, a firm should build augmented products around their core product and actual product. Here actual product refers to product parts, design, features, service quality, etc. whilst core produ ct is the service of problem solving or the core benefit received by the customer by purchasing the product. Further, from an insurer’s perspective, by linking additional aspects such as after-sales service, ‘no claim’ bonus, road -side assistance, etc., an augmented product can be generated which would be of high value in a customer’s mind. Kip’ngetich et al. (2018) identify product as one of the key elements whereby service providers can differentiate themselves by including unique features. Moreover, cust omer acceptance is based on the product benefits and the design that suits them. Therefore, pre - and post-sales contribute toperformance (Suleiman Aburoub et al., 2011 ). H1: Product purchase product Price The formulation of pricing strategy becomes important, with a view of influencing the target market. Pricing in insurance is of premium element in the marketing mix that can be viewed income (Boone & Kurtz, 1996) and is viewed as a very sensitive coverage rises, the number of drivers who purchase/ insurance declines. Studies demonstrate that customers reflect upon whether they received a value for money service from the insurance provider before renewal of policies (Parasuraman & Grewal, 2000). From a different perspective, Schoenbachler et al. (2004) observed that a loyal customer whose buying intention is insensitive to pricing shows their loyalty by giving positive recommendations about the company’s servi ces. Weerakkody M."
"et al. (2004) observed that a loyal customer whose buying intention is insensitive to pricing shows their loyalty by giving positive recommendations about the company’s servi ces. Weerakkody M. & Nissanka K. AJMM 2023, Vol ( 3), Issue (2), 59-79 65 H2: Priceinformation & guidance; persuading customers to experience a desired characteristic of the product; and encouraging to exist between the levels of intention (Kolade & Abiodun, 2020). H3: Promotion significantly affects customer purchase intention towards motor insurance product Distribution Network Taye (2021) combined the aspects of both insurance personnel and the branch network of the firm as distribution network in his study. According to Hartline & Ferrell (1996), similar to any other financial service, insurance also involves personal interacti ons between employees and customers which in turn lead to influence customer perception about the service quality. Neelima & Chandra Rao (2016) found that psychological factors have more influence on a customer’s purchase intention towar ds any financial service. (Suleiman Aburoub et al., 2011) comments that the work done by insurance agents and other personnel is invaluable because sometimes customer satisfaction solely depends on their ability to deliver the service (Khanwalker, 2021). O n the other hand, without the cooperation of personnel agents who have a good knowledge about human behavior and are good with people skills because they are the ones who interact/ with customers on behalf of the firm. Having a strategically formed branch network is all about making products and services available to customers (Armstrong et al., 1999). Berman (1999) in his studies on customer channels discussed that a product should always be available to the customer in the right place at the right time. Effective distribution of products through various channels is key for an organization’s success (Kalaimani, 2012). Given the similar nature Weerakkody M. & Nissanka K. AJMM 2023, Vol ( 3), Issue (2), 59-79 66 of the insurance services across the market, having a solid network of customer -friendly branches can be a form of differentiation (Taye, 2021). It is revealed that companies with more branches have more leverage in terms of sales performance compared to t he rest (Kuehn, 2018). An insurance marketer should pay attention on the right time and place, and also the correct channel through which the service could be delivered by minimizing both time and cost (Borden, 1965). H4: Distribution network including the insurance personnel and branch network significantly affects customer purchase intention towards motor insurance product. It is evident that there is a lack of consistency among the research findings and most of these studies are conducted in Southeast Asian (e.g., Malaysia, Singapore, Thailand) and African countries (e.g., Kenya, Ethiopia, Namibia). Therefore, this study int ends to identify which factors are significant in determining customer"
"Asian (e.g., Malaysia, Singapore, Thailand) and African countries (e.g., Kenya, Ethiopia, Namibia). Therefore, this study int ends to identify which factors are significant in determining customer purchase intention, with special reference to the motor insurance sector in Sri Lanka. Methodology Since the main purpose of this study is to identify the influence of product, price, promotion and distribution network on customer purchase intention towards motor insurance with reference to the Western province, Sri Lanka, by forming hypotheses based on theory and then testing them over a large number of sample entities, this study represents the deductive approach. This design was chosen to draw definitive conclusions about the interaction between marketing mix components and consumer purchase intention s in the Sri Lankan motor insurance industry (Kalahewithana and Wickramasinghe, 2023). In order to achieve the research represents the connections/ amongst the above factors and customer purchase intention is developed, followed by the hypotheses. The scope of this study includes motor insurance policyholders in Sri Lanka. To carry out this study, Western province was selected as it has the highest vehicle density in Sri Lanka. With 1,525,388 active vehicles on the road, Western province solely accounts for more than 20% of the total number of vehicles registered under the Dep artment of Motor Traffic (Department of Census & Statistics, 2021). According to Sekaran & Bougie, (2016), the sample size for the given target population is 384. By considering the non -respondent rate the author selected 446 respondents from Western prov ince. The sampling technique used for this study is convenience, which is a non –probability sampling where the researchers choose the sample which is convenient for them. Convenience sampling is more favorable for this study because it is unable access th e whole population at once. Operationalization The measurement items for each dimension must be recognized in order to test the hypotheses, and these are based on the established scales from the literature. Table 1 Weerakkody M. & Nissanka K. AJMM 2023, Vol ( 3), Issue (2), 59-79 67 displays the measurement items associated with each variables investigated in this research together with the related literature sources. Table 1 Operationalization of the Variables Variable Measurement Items Source Customer Purchase Intention I am familiar with this insurance company and its employees. I am satisfied with the response of the staff satisfied with the service objectives were guaranteed at the time purchase. The company to revise the policy when gives attention to service my expectation. Price The price matches the quality service. The premium premium is reasonable when compared to the service. Promotion The insurance company advertises logo aggressively. The company uses different events to promote utilizes my personal contact (phone, email, mail…) to inform updated services. The"
"service. Promotion The insurance company advertises logo aggressively. The company uses different events to promote utilizes my personal contact (phone, email, mail…) to inform updated services. The company in person to pursue to deliver agents have sufficient knowledge about company products. The call-center is available 24x7 to handle customer queries. The employees are friendly, polite, and service minded: they ensure your needs are met. There is an island -wide network of assessors, and their response time is less. Primary data is gathered through a cross -sectional survey method which allows to collect population in a timely and cost -effective manner. A Likert scale with endpoints/ being strongly agree and strongly disagree. Measuring sample profile, testing the goodness of the data and testing hypothesis were the main three steps involved in data analysis. Sample profile was measured using the frequently analysis. The reliability and validity of the measurement items were administered to test the goodness of data. In order to test hypotheses, multiple regression analysis was used. Multiple regression analysis was used to determine whether product, price, promotion, and distribution network influence the customer purchase inten tion towards motor insurance in Sri Lanka. The statistical package for social sciences (SPSS) software version 21.0 was used. Findings Out of 446 distributed, 412 questionnaires were taken to conduct the statistical analysis of the study, thus indicating 92 percent of response rate. In demographic factors, 283 responses were from male customers (68.7%) and 129 responses were from female customers. (31.3%). 69 customers (16.7%) were between the age of 18 – 30 years while Weerakkody M. & Nissanka K. AJMM 2023, Vol ( 3), Issue (2), 59-79 68 104 customers (25.2%) and 239 customers (58.1%) were from the age categories of 30 – 45 years and 45 – 60 years respectively. 49 respondents (11.9%) owned motor -bicycles and 24 (5.8%) three -wheeler owners, 313 (76.0%) motor -car owners were also there in the list while 26 customers (6.3%) claimed to be using other types of vehicles. When we discuss about the type of cover, 269 (65.3%) have obtained 3rd party insurance cover where only 143 customers (34.7%) are comprehensive insurance cover users. 52 customer s (12.6%) pay less than Rs. 10,000 annual premium, 49 customers (11.9%) pay between Rs. 10,000 – 25,000, 69 customers (16.7%) pay between Rs. 25,000 – 50,000 whereas, a majority of 211 (51.2%) are paying in between Rs. 50,000 – 100,000 for their annual pre mium. 31 motor insurance policy holders (7.5%) who pay between Rs. 100,000 – 200,000 have also contributed to this survey. Out of the respondents, 113 (27.4%) have been with their respective insurance provider for a period of 1 -5 years. 56 customers (13.6%) are new vehicle owners with less than 1 year duration with a company whereas, 154 (37.4%) and 89 customers (21.6%) have been with their companies for periods of 5 – 10"
"-5 years. 56 customers (13.6%) are new vehicle owners with less than 1 year duration with a company whereas, 154 (37.4%) and 89 customers (21.6%) have been with their companies for periods of 5 – 10 years and more than 10 years respectively. Measurement Adequacy The sampling adequacy of each variable was measured using the KMO (Kaiser Meyer Olkin) and Bartlett’s Test. These tests measure the suitability of the data collected for each variable. Kurniawan Purnomo (2017) explained that the KMO Measure of Sampling Adequacy should be at least more than 0.5 and the significance value should be less 0.05 in order to ensure the sampling adequacy of each variable (Table 2). A Reliability Analysis was done to ensure the internal consistency of each construct. The Cronbach's Alpha values of each variable will be taken into consideration. Table 2 Assessment of adequacy of measurement Variable No. of Items KM measure Bartlett’s Test of Sphericity AVE Factor Loading Cronbach ’s alpha Product 5 0.818 1150.844 0.71443 Component 1 PD1 0.828 PD2 0.910 PD3 0.833 PD4 0.815 PD5 0.837 0.898 Price 4 0.671 362.000 0.54902 Component 1 PR1 0.746 PR2 0.806 PR3 0.843 PR4 0.855 0.701 Weerakkody M. & Nissanka K. AJMM 2023, Vol ( 3), Issue (2), 59-79 69 Promotion 4 0.740 652.387 0.67849 Component 1 PM1 0.760 PM2 0.911 PM3 0.866 PM4 0.746 0.833 Distribution Network 6 0.870 844.284 0.66875 Component 1 DN1 0.786 DN2 0.878 DN4 0.831 DN5 0.823 DN6 0.766 0.873 Customer Purchase Intention 7 0.788 942.556 0.65129 Component 1 CPI1 0.757 CPI3 0.780 CPI4 0.812 CPI6 0.663 CPI7 0.792 0.825 Table 3 shows that Insurance product recorded the highest mean value. Promotion factor recorded the second highest mean value. Consumer Buying Intention was close to 3.50 which showcases that consumer behaviour in Sri Lanka varies moderately. Bas ed on the correlation values, there were statistically significant correlations among Promotion, Insurance Product, Insurance Premium , Distribution Network and Customer Buying Intention in Sri Lanka. The correlation of these variables are said to b e significant as the given significant value of all the variables are less than 0.01 level (Morel & Kwakye, 2012). Further, none of the correlation coefficient was above 0.85, indicating the absence of multicollinearity in the variabl"
"What Should A Car Insurance company focus on?Ziwen Liao*†Xinxin Zhong‡Di Ma§April, 2024AbstractFollowing the pandemic’s economic impact, auto insurance companies require recovery.To assist companies in understanding their customers better and creating successful strategies,relevant data was collected. This data revealed correlations between customers’ lifetime valueand 24 influencing factors. Out of these factors, nine were selected as the primary focus ofthe research. It is hypothesized that income, vehicle class, and driving location are likely to bethe most influential factors in customers’ lifetime value. To validate this hypothesis, we willuse R Studio software to analyze whether a significant correlation exists between customers’lifetime value and these nine independent variables. The analysis methods include the t-test,simple regression model, multiple linear regression model, and logistic regression model. Thefindings suggest that monthly premiums, marital status, vehicle class, income, coverage, andlocation may contribute to customers’ lifetime value.Key words: Auto-insurance companies, Marketing strategies, CLV (customers’ lifetime value)1 IntroductionUnder the shadow of the pandemic, Americans worked from home instead of commuting towork. Patrick T. Fallon (2023) stated that employees save time, but auto insurance firms suffersignificant losses as a result. According to an S&P Global Market Intelligence investigation in*Engineering Department (Industrial Engineering), California State Polytechnic University, Pomona, Los Angeles,91766, USA†Corresponding author. Email: zliao@cpp.edu‡Engineering Department (Information Management of Business), University College London, London, WC1E6BT, UK§Department of Mathematics, University of California of San Diego, La Jolla, 92093, USA 2023, the private vehicle insurance market in the United States experienced its poorest underwritingloss in more than 20 years in 2022.To achieve effective recovery, insurance companies must create efficient strategies that assisttheir executives in establishing organizational objectives, providing businesses with a competitiveedge, and allocating resources. Since the insurance industry is a service sector, these strategiesshould also address how businesses should interact with various types of clients. Insurance firmsshould be aware of customers’ profitability; in other words, they must understand their prioritiesin order to develop and justify appropriate marketing initiatives.To determine the marketing initiatives for an individual customer, there is a useful value calledlifetime value. In an article written by Caldwell (2022), it is shown that Customer Lifetime Value(CLV) is a statistic used to determine the amount of money a company can expect to earn froma typical customer throughout the duration of their relationship with the company. Kumar, Ra-mani, and Bohling (2004) explained that businesses intend to calculate the lifetime value of eachcustomer and use this"
"throughout the duration of their relationship with the company. Kumar, Ra-mani, and Bohling (2004) explained that businesses intend to calculate the lifetime value of eachcustomer and use this data to develop distinctive marketing campaigns tailored to each individual.Therefore, the first research question pertains to the traits of customers with higher lifetime values,while the second study question involves finding out how these characteristics might impact thelifetime value of consumers.RQ1: Which traits of auto insurance customers would affect the lifetime value?RQ2: Through what mechanisms do these traits affect the lifetime value?According to the research questions, we formulated hypotheses based on the definition of CLVand other materials:H1: There is a relationship between the customer’s driving location and their lifetime value.The more risky the location, the lower the lifetime value.The risk of driving is one of the factors presumptively associated with lifetime value. Accord-ing to SAS (2018), CLV takes into account the difference between total customer revenues andtotal customer expenses throughout the entire business relationship. Claims represent the coststhat clients of auto insurance companies might incur. Therefore, assuming that the premium re-mains at the same level, the lifetime value of the customer reduces when there is a higher potentialfor claims while driving. This suggests that there is a negative correlation between lifetime value and driving risks.Driving in a rural area is significantly riskier than driving in an urban area, according to a studyby psychologists Ilan Shrira of Arkansas Tech University and Kenji Noguchi of the University ofSouthern Mississippi (2016). This study demonstrates how closely the location of driving affectsthe risks associated with driving. Hence, there is a strong likelihood that the driving location isrelated to the lifetime value.H2: There is a positive relationship between income and lifetime value. The higher the cus-tomer’s income, the higher their lifetime value.In line with the SAS definition of CLV , income can also influence lifetime value. When in-come increases, disposable income (net income) also increases correspondingly. Assuming othervariables remain constant, the proportion of income that can be spent on insurance also increases,leading to a higher lifetime value for the customer.H3: The class of the vehicle influences the lifetime value. The higher the vehicle’s class, thehigher the customer’s lifetime value.It’s a well-known fact that a vehicle’s value increases with its level of luxury. After examiningthree different websites providing car insurance quotes, such as comparethemarket, we found thatthe estimated automobile value is a crucial factor. As the value of the car increases, the predictedpremium also increases. When the risk of needing to make claims is reduced, the lifetime value ofthe client increases due to the higher premium that their car commands. To support"
"the predictedpremium also increases. When the risk of needing to make claims is reduced, the lifetime value ofthe client increases due to the higher premium that their car commands. To support our hypothesisand identify more potential variables related to lifetime value, we analyzed a dataset containinginformation for 9135 auto insurance customers with nine variables.2 MethodologyThis study utilized data from ""Kaggle Jenks Natural Breaks and K-means Clustering"" (2022)to investigate the characteristics of clients exhibiting a higher lifetime value. We examined adataset comprising 9135 auto insurance customers across nine variables, establishing comparisonsbetween each variable and the lifetime value. Subsequently, the researchers sought correlationsbetween each variable and lifetime value, assessing the significance of these associations. Data processing was conducted using R Studio software, employing four statistical models to validatethe significance of our regression model and confirm our hypotheses.Figure 1: The correlation tableAs shown in Figure 1, the final findings suggest a negligible correlation between Lifetime.valueand Income. Notably, a positive correlation emerges with Total.Claim.Amount, with a likewisesignificant positive correlation discernible with Monthly.Premium.Auto. Furthermore, the associ-ations between Lifetime.value and other factor-based variables are visually represented.Then, we show the descriptive statistics for all numerical variables. The results are exhibitedin Table 1.Table 1. descriptive statisticsNumber ofobservationsMean StandarddeviationMaximum MinimumCustomer.Lifetime.Value 9134 8004.94 6870.97 83325.38 1898.01Income 9134 37657.38 30379.90 99981.00 0.00Monthly.Premium.Auto 9134 93.22 34.41 298.00 61.00Total.Claim.Amount 9134 434.09 290.50 2893.24 0.10From the result, the mean value of the lifetime value is 8004.94, this is much lower than themaximum value (83325.38). It means most of the lifetime value of this variable is lower than its mean value. Regarding the ""Income"" variable, the average income of the customers is 37657.38.The standard deviation (30379.90) is slightly lower than its mean value. This means that the widegap between rich and poor customers. In addition, the average monthly premium paid by thecustomers is 93.22, and the average claim amount made by customers is 434.09.2.1 CovergeIn the context of this research, the interplay between ""Coverage"" and ""Customer.Lifetime.Value""is probed by employing box plot visualizations. Through the use of the ""ggplot2"" library, the as-cendant trend in Lifetime Value is depicted, progressing from Basic to Extended and culminatingin Premium levels of Coverage. To robustly ascertain the influence of Coverage on Lifetime Value,a t-test is conducted. The dataset is divided into three factions predicated on the Coverage level:Basic, Extended, and Premium. As shown in Figure 2, results from the t-test divulge a statisticallysignificant disparity in Lifetime Value"
"divided into three factions predicated on the Coverage level:Basic, Extended, and Premium. As shown in Figure 2, results from the t-test divulge a statisticallysignificant disparity in Lifetime Value between both Extended and Basic Coverage, and Premiumand Extended Coverage, with p-values falling below 0.01. This outcome significantly refutes theinitial hypothesis and corroborates that both Extended and Premium Coverage tiers exhibit higherLifetime Values in comparison to Basic Coverage.Figure 2: Plot for Customer Lifetime. Value & Coverage The other quantitative variables are analyzed in a similar way.2.2 GenderIn the context of this investigation, the prospective association between ""Gender"" and ""Cus-tomer Lifetime Value"" is scrutinized by leveraging the ""ggplot2"" library, through box plot visual-izations. The diagram elucidates the distribution of ""Customer Lifetime Value"" across two genderclassifications, female (F) and male (M). As shown in Figure 3, from an initial visual inspection,gender does not appear to exert a substantial influence on variations in Lifetime Value. To sub-stantiate this preliminary observation, a t-test was performed on the Lifetime Value of the femaleand male cohorts. The outcomes display a p-value exceeding 0.1, suggesting that the initial hy-pothesis proposing a gender effect on lifetime values is statistically untenable. Consequently, adeduction suggests that gender does not appear to be linked to fluctuations in lifetime value withinthis dataset.Figure 3: Plot for Customer Lifetime. Value & Gender2.3 Location.CodeIn this study, ""ggplot2"" box plot is used to elucidate the possible influence of ""Location.Code""on ""Customer Lifetime Value"". The plot demonstrates the dispersion of ""Customer Lifetime Value"" across distinct Location.Codes, encompassing rural, suburban, and urban areas. As shown in Fig-ure 4, from an initial visual inspection, Location.Code appears to exert minimal effect on the vari-ance in Lifetime Value. To rigorously scrutinize this association, multiple t-tests is implementedto compare lifetime values across the three Location.Code groups. The outcome revealed p-valuesexceeding 0.1 for all tests, signifying insufficient statistical evidence to refute the initial hypothe-sis. Thus, the conclusion is that Location.Code does not exert a significant influence on CustomerLifetime Value within this dataset.Figure 4: Plot for Customer Lifetime. Value & Location. Code2.4 Marital.StatusIn the course of this investigation, the potential impact of ""Marital.Status"" on ""Customer.Lifetime.Value,""is shown utilizing ""ggplot2"" to generate boxplot visualizations. The plot exhibits the distributionof Lifetime Values across varying Marital Status categories, namely Divorced, Married, and Sin-gle. Upon visual examination, it becomes apparent that ""Marital.Status"" does not significantlysway variations in Lifetime Values. To perform an exhaustive analysis, multiple t-tests is executed,comparing Lifetime Values among the"
"it becomes apparent that ""Marital.Status"" does not significantlysway variations in Lifetime Values. To perform an exhaustive analysis, multiple t-tests is executed,comparing Lifetime Values among the different Marital Status cohorts. As shown in Figure 5, the results of the t-tests offer intriguing insights: the juxtaposition ofDivorced and Married groups returns a p-value surpassing 0.1, suggesting that the original hypoth-esis of a notable disparity is not upheld. However, the comparison between the divorced and singlegroups yields a p-value below 0.05, compelling us to reject the original hypothesis and intimatinga significant discrepancy in Lifetime Values between these groups. Additionally, the comparisonbetween Married and Single groups yields a p-value less than 0.05, once again indicating a signifi-cant difference in Lifetime Values. These findings suggest that Single individuals typically possesslower Lifetime Values compared to those who have been Married at least once. However, no signif-icant difference is observed between the Lifetime Values of the divorced and married groups. Thisunderscores the importance of considering Marital Status as a potential influencer of CustomerLifetime Values within the dataset.Figure 5: Plot for Customer Lifetime. Value & Marital. Status2.5 Sales.ChannelThis study investigates the potential influence of various sales channels (Agent, Branch, CallCenter, and Web) on Customer Lifetime Value (CLV), employing boxplot visualizations con-structed via the ggplot2 library. These visualizations depict the distribution of CLV across thesales channel categories, including Agent, Branch, Call Center, and Web. As shown in Figure 6, the preliminary visual analysis, however, reveals no significant corre-lation between the choice of ""Sales.Channel"" and the variability in Lifetime Values. This initialobservation necessitates a deeper examination, hence a sequence of t-tests, contrasting the Life-time Values among diverse sales channel groups. Remarkably, the t-tests systematically presentp-values exceeding 0.1 for all pairings, implying insufficient statistical evidence to challenge theprimary assumption. Consequently, it is inferred that the selection of a sales channel has no de-tectable impact on the Customer.Lifetime.Value in this data set.These insights underscore the notion that the type of sales channel, be it Agent, Branch, CallCenter, or Web, does not significantly influence the determination of CLV . It reinforces the premiseof the sales channel’s independence in relation to CLV variability, suggesting that other parametersmay exercise a more pronounced effect in shaping customer behaviors within this dataset’s context.Figure 6: Plot for Customer Lifetime. Value & Sales. Channel2.6 Vehicle.ClassThis investigation explores the effect of vehicle classes (Two-Door Car, Four-Door Car, SportsCar, SUV , Luxury Car, and Luxury SUV) on the CLV , using boxplot visualizations generatedthrough ggplot2.As shown in Figure"
"explores the effect of vehicle classes (Two-Door Car, Four-Door Car, SportsCar, SUV , Luxury Car, and Luxury SUV) on the CLV , using boxplot visualizations generatedthrough ggplot2.As shown in Figure 7, upon visual inspection, a distinct correlation emerges between vehicle class and CLV variance. To validate this observation, a series of t-tests are executed comparing theCLV among different vehicle classes.The t-tests expose fascinating results: While the comparisons between Two-Door Car, Four-Door Car, and SUV with other vehicle classes manifest p-values greater than 0.1, contrasts betweenTwo-Door Car, Four-Door Car, and classes such as Sports Car, Luxury Car, and Luxury SUV yieldp-values less than 0.01. These results compel the rejection of the initial hypothesis.Conclusively, vehicle class appears to segregate CLV into three distinct tiers: the lowest tiercorrelates with Two-Door Car and Four-Door Car categories, followed by Sports Car and SUV .The highest tier is dominated by Luxury Car and Luxury SUV categories, implying a higher CLVamong customers driving these vehicles. This data highlights the significant role vehicle class playsin analyzing CLV , as various vehicle classes exert diverse effects on customer lifetime values.Figure 7: Plot for Customer Lifetime. Value & Vehicle. ClassUnder T test:In addition to the box plots above, we additionally applied the t-test to determine whetherCustome Lifetime Value is dependent on these variables. The t test results are reported in Table 2.Table 2. T test result Variable Null hypothesis T StatisticCoveragemean(Y|Basic) = mean(Y|Extended) −9.75∗∗∗mean(Y|Extend) = mean(Y|Premium) −6.49∗∗∗Gender mean(Y|Male) = mean(Y|Male) 1.30Location.Codemean(Y|Rural) = mean(Y|Suburban) -0.28mean(Y|Suburban) = mean(Y|Urban) -0.31mean(Y|Rural) = mean(Y|Urban) -0.47Marital.Statusmean(Y|Divorced) = mean(Y|Married) 0.77mean(Y|Divorced) = mean(Y|Single) 2.27∗∗mean(Y|Married) = mean(Y|Single) 2.20∗∗Sales.Channelmean(Y|Agent) = mean(Y|Branch) -0.90mean(Y|Agent) = mean(Y|Call Center) -0.70mean(Y|Agent) = mean(Y|Web) 0.82mean(Y|Branch) = mean(Y|Call Center) 0.09mean(Y|Branch) = mean(Y|Web) 1.46mean(Y|Call Center) = mean(Y|Web) 1.27Vehicle.Classmean(Y|Two-Door Car) = mean(Y|Four-Door Car) 0.28mean(Y|Two-Door Car) = mean(Y|Sports Car) −10 .13∗∗∗mean(Y|Two-Door Car) = mean(Y|SUV) −17 .00∗∗∗mean(Y|Two-Door Car) = mean(Y|Luxury Car) −10 .49∗∗∗mean(Y|Two-Door Car) = mean(Y|Luxury SUV) −11 .10∗∗∗mean(Y|Four-Door Car) = mean(Y|Sports Car) −10 .51∗∗∗mean(Y|Four-Door Car) = mean(Y|SUV) −18 .85∗∗∗mean(Y|Four-Door Car) = mean(Y|Luxury Car) −10 .58∗∗∗mean(Y|Four-Door Car) = mean(Y|Luxury SUV) −11 .19∗∗∗mean(Y|Sports Car) = mean(Y|SUV) 0.72mean(Y|Sports Car) = mean(Y|Luxury Car) −5.97∗∗∗mean(Y|Sports Car) = mean(Y|Luxury SUV) −6.31∗∗∗mean(Y|SUV) = mean(Y|Luxury Car) −6.61∗∗∗mean(Y|SUV) = mean(Y|Luxury SUV) −7.01∗∗∗mean(Y|Luxury Car) = mean(Y|Luxury SUV) -0.05 Note: * represent 10% significance level, ** represent 5% significance level;"
"= mean(Y|Luxury Car) −6.61∗∗∗mean(Y|SUV) = mean(Y|Luxury SUV) −7.01∗∗∗mean(Y|Luxury Car) = mean(Y|Luxury SUV) -0.05 Note: * represent 10% significance level, ** represent 5% significance level; *** represent 1%significance level. Y is the ‘Custome Lifetime Value’. When t statistic > 0, it means thatmean(Y|situation 1) > mean(Y|situation 2).In the Table 1 above, when the t statistics is significant, we reject the corresponding null hy-pothesis and then the variable is going to impact the Custome.Lifetime.Value. Here, we findthat the Custome Lifetime Value has nothing to do with variables “Gender”, “Location.Code”,“Sales.Channel”. It depends on “Coverage”, “Marital.Status” and “Vehicle.Class”. In addition,we can get several interesting results. First, people who have a higher degree of Coverage possesshigher lifetime value; Second, people who are married or have been married before have higherlifetime values than those who are single. At last, Vehicle.Class categorizes Lifetime Value intothree classes. ""Two-Door Car"" and ""Four-Door Car"" have the lowest lifetime value, followed by""Sports Car"" and ""SUV"", and the highest lifetime value are ""Luxury Car"" and ""Luxury SUV"".3 Simple regressionSimple regression analyses were undertaken to elucidate the relationship between CustomerLifetime Value (CLV) and several independent variables. The regression result is shown in Table3.Table 3: Simple regression resultCustomer.Lifetime.Value(1) (2) (3) (4) (5) (6) (7) (8) (9)Coverage(Extended)1,598 .971∗∗∗(158.021)Coverage(Premium)3,704 .897∗∗∗(252.816)Gender(Male)-187.051(143.809)Income0.006∗∗(0.002)Location.Code(Suburban)50.758 (186.557)Location.Code(Urban)110.434(237.656)Marital.Status(Married)-162.272(208.264)Marital.Status(Single)−526 .402∗∗(231.505)Monthly.Premium.Auto79 .130∗∗∗(1.919)Sales.Channel(Branch)162.003(178.802)Sales.Channel(Call Center)142.376(200.817)Sales.Channel(Web)-177.921(221.834)Total.Claim.Amount5.356∗∗∗(0.241)Vehicle.Class(Luxury Car)10 ,421 .620∗∗∗(511.580)Vehicle.Class(LuxurySUV)10 ,491 .270∗∗∗(482.558)Vehicle.Class(Sports Car)4,119 .263∗∗∗(306.681)Vehicle.Class(SUV)3,811 .785∗∗∗(178.495)Vehicle.Class(Two-Door Car)39.304(175.401)Constant7,190 .706∗∗∗8,096 .602∗∗∗7,797 .421∗∗∗7,953 .699∗∗∗8,241 .239∗∗∗628 .500∗∗∗7,957 .709∗∗∗5,679 .933∗∗∗6,631 .727∗∗∗(90.771) (100.670) (114.475) (163.195) (185.655) (190.643) (116.526) (125.919) (94.430)Observations 9,134 9,134 9,134 9,134 9,134 9,134 9,134 9,134 9,134From the Table 3, we can get the following information. The analytical observations revealedthat among the examined variables, Coverage emerged as a significant predictor of the dependentvariable. Conversely, Gender, as an independent variable, demonstrated consistent insignificanceconcerning the CLV . Both Income and Monthly Premium Auto were confirmed as significant pre-dictors, whereas Location Code and Sales Channel failed to achieve any significance in their re-spective regressions. The regression involving Marital Status suggested that"
"as significant pre-dictors, whereas Location Code and Sales Channel failed to achieve any significance in their re-spective regressions. The regression involving Marital Status suggested that the Single categorywas significantly associated with the dependent variable. Similarly, Vehicle Class was discerned as a significant predictor. In summary, Income, Marital Status, Monthly Premium Auto, and VehicleClass were observed to share significant relationships with CLV , in contrast to Gender, LocationCode, and Sales Channel, which exhibited no such correlations.4 Multiple Linear RegressionA multivariate linear regression was executed to evaluate the collective impact of diverse vari-ables on the Customer Lifetime Value. The result is shown in Table 4.Table 4: Multiple Linear Regression resultCustomer.Lifetime.Value(1) (2) (3) (4) (5) (6)Coverage(Extended)121.491 121.573(249.561) (249.543)Coverage(Premium)179.727 168.693(527.771) (527.686)Gender(Male)-177.346 -185.203 -184.452 -180.969 -196.145(132.859) (132.712) (132.663) (132.626) (132.107)Income0.004 0.005∗0.005∗0.005∗0.006∗∗0.006∗∗(0.003) (0.002) (0.002) (0.002) (0.002) (0.002)Location.Code(Suburban)-69.115(257.762)Location.Code(Urban)185.358(241.095)Marital.Status(Married)-259.392 -248.558 -247.778 -242.889 -237.397 -235.909(191.718) (191.511) (191.443) (191.410) (191.369) (191.379)Marital.Status(Single)−490 .744∗∗−483 .825∗∗−482 .776∗∗−483 .563∗∗−524 .387∗∗−532 .486∗∗(220.046) (218.916) (218.843) (218.821) (216.525) (216.470)Monthly.Premium.Auto70 .588∗∗∗70 .991∗∗∗74 .459∗∗∗74 .526∗∗∗72 .284∗∗∗72 .432∗∗∗(10.026) (9.906) (4.346) (4.345) (3.982) (3.981)Sales.Channel(Branch)184.866 185.077 184.564 (164.222) (164.200) (164.177)Sales.Channel(Call Center)220.589 219.732 217.555(184.439) (184.430) (184.360)Sales.Channel(Web)-126.205 -124.866 -127.474(203.713) (203.687) (203.558)Total.Claim.Amount-0.320 -0.428 -0.433 -0.435(0.468) (0.338) (0.338) (0.338)Vehicle.Class(Luxury Car)1,209.726 1,215.593 759.430 769.504 736.242 705.240(1,386.213) (1,386.148) (735.873) (735.653) (735.227) (734.979)Vehicle.Class(Luxury SUV)1,199.025 1,205.723 752.218 717.400 704.756 671.409(1,373.969) (1,373.930) (719.286) (719.046) (719.005) (718.701)Vehicle.Class(Sports Car)1,083 .182∗∗1,081 .758∗∗928 .901∗∗∗919 .029∗∗∗932 .540∗∗∗922 .018∗∗∗(526.230) (526.210) (349.540) (349.494) (349.349) (349.300)Vehicle.Class(Sports Car)871 .506∗876 .100∗726 .432∗∗∗730 .618∗∗∗732 .586∗∗∗724 .670∗∗∗(456.911) (456.852) (244.430) (244.409) (244.413) (244.371)Vehicle.Class(Two-Door Car)76.736 74.752 73.677 82.432 80.711 75.375(172.418) (172.407) (172.370) (172.311) (172.312) (172.286)Constant1,381 .393∗1,347 .179∗1,134 .658∗∗∗1,199 .153∗∗∗1,188 .087∗∗∗1,083 .659∗∗∗(726.348) (693.978) (386.883) (376.936) (376.852) (370.255)Observations 9,134 9,134 9,134 9,134 9,134 9,134Adjusted R20.159 0.159 0.159 0.159 0.159 0.159From the Table 4, the preliminary regression embraced all variables, yielding an AdjustedR-squared value of 0.159. This metric"
"9,134 9,134 9,134 9,134Adjusted R20.159 0.159 0.159 0.159 0.159 0.159From the Table 4, the preliminary regression embraced all variables, yielding an AdjustedR-squared value of 0.159. This metric offers an estimate of the model’s capability to replicateobserved outcomes, where a value ranging from 0 to 1 denotes the fraction of total variation ’ex-plained’ by the model.To further optimize the model, a stepwise regression technique was employed. This proce-dure entails the fitting of regression models by systematically adding or eliminating predictorsbased on their statistical significance. Firstly, the variable ""Location.Code"", possessing the highestp-value of 0.7886, was excluded from the model. This action was underpinned by the assump-tion that an elevated p-value signifies a potential lack of significance in the variable, particularlywithin the context of the other variables. Secondly, following the elimination of ""Location.Code"", ""Coverage"" was identified as the variable with the subsequent highest p-value (0.7492). This in-dicated the variable’s prospective insignificance, and thus, it was extricated from the regressionmodel. Thirdly, after the removal of ""Coverage"", all p-values linked to ""Sales Channel"" exhibitedinsignificance. Consequently, ""Sales Channel"" was the ensuing variable to be purged. Fourthly,""Total.Claim.Amount"" was determined as an insignificant variable and, hence, was excised fromthe regression equation. Fifthly: ""Gender"" surfaced as the variable with the highest p-value in theupdated model, hinting that it might not constitute a significant predictor in the presence of othervariables. Thus, it was successively removed.After the stepwise elimination process, the variables retained in the regression model were""Income"", ""Marital.Status"", ""Monthly.Premium.Auto"", and ""Vehicle.Class"". These four variableswere suggested to be significant predictors of Customer Lifetime Value within the context of theexisting dataset. This optimized model offers a more parsimonious and potentially comprehensibleinterpretation of the relationship between the predictors and the outcome.5 constructing logistic regressionWithin the analysis, logistic regression is leveraged to predict a binary outcome on the basis ofmultiple predictors. The binary outcome in this scenario signifies whether the Customer LifetimeValue surpasses or falls below its median value.Initial Preprocessing:• The dataset is imported, and a novel variable, ""LifeT"", is established. This variable is as-signed the value ""1"" if a customer’s Lifetime Value equals or exceeds the median value, and""0"" otherwise.• Two columns, ""Customer.Lifetime.Value"" and ""Customer"", are removed from the dataset toevade redundancy and potential multicollinearity.Then, we perform the logistic regression model. The result is reported in Table 5.Univariate Logistic Regression: Prior to progressing with a comprehensive model, each predictor was individually evaluatedagainst the dependent variable ""LifeT"" to"
"The result is reported in Table 5.Univariate Logistic Regression: Prior to progressing with a comprehensive model, each predictor was individually evaluatedagainst the dependent variable ""LifeT"" to comprehend their individual significance. The result isreported in Table 5.Table 5: Univariate Logistic Regression resultLifeT(1) (2) (3) (4) (5) (6) (7) (8) (9)Coverage(Extended)0.894∗∗∗(0.048)Coverage(Premium)1.408∗∗∗(0.084)Gender(Male)0.038(0.042)Income0.000∗(0.000)Location.Code(Suburban)-0.033(0.054)Location.Code(Urban)-0.043(0.069)Marital.Status(Married)-0.021(0.061)Marital.Status(Single)−0.125∗(0.067)Monthly.Premium.Auto0.032∗∗∗(0.001)Sales.Channel(Branch)-0.012(0.052)Sales.Channel(Call Center)-0.021(0.058)Sales.Channel(Web)-0.087(0.065)Total.Claim.Amount0.002∗∗∗(0.0001)Vehicle.Class(Luxury Car)16.914(187.947)Vehicle.Class(Luxury SUV)16.914(176.897)Vehicle.Class(Sports Car)1.177∗∗∗ (0.103)Vehicle.Class(SUV)1.035∗∗∗(0.058)Vehicle.Class(Two-Door Car)-0.002(0.055)Constant−0.385∗∗∗-0.016 -0.048 0.030 0.048 −2.860∗∗∗0.022 −0.673∗∗∗−0.348∗∗∗(0.027) (0.029) (0.033) (0.048) (0.054) (0.090) (0.034) (0.041) (0.030)Observations 9,134 9,134 9,134 9,134 9,134 9,134 9,134 9,134 9,134From the Table 5, we find two interesting conclusions:• ""Coverage"", ""Income"", ""Marital.Status"", ""Monthly.Premium.Auto"", ""Total.Claim.Amount"",and ""Vehicle.Class"" were all identified as significant predictors.• In their individual regressions, ""Gender"", ""Location.Code"", and ""Sales.Channel"" did not dis-play significant impacts.Multiple Logistic Regression:Then, we use a similar way as the multiple OLS regression to perform multiple logistic regres-sion here. The result is shown in Table 6.Table 6: Multiple Logistic Regression resultLifeT(1) (2) (3) (4) (5) (6)Coverage(Extended)0.494∗∗∗0.495∗∗∗0.397∗∗∗0.397∗∗∗0.396∗∗∗0.394∗∗∗(0.096) (0.095) (0.053) (0.053) (0.053) (0.053)Coverage(Premium)0.441∗∗0.441∗∗0.226∗∗0.226∗∗0.226∗∗0.230∗∗(0.198) (0.198) (0.096) (0.096) (0.096) (0.096)Gender(Male)0.053 0.054 0.058 0.058(0.046) (0.046) (0.046) (0.046)Income0.00000 0.00000 0.00000 0.00000 0.00000(0.00000) (0.00000) (0.00000) (0.00000) (0.00000)Location.Code(Suburban)-0.095 -0.093 -0.110 −0.118∗−0.112∗−0.142∗∗ (0.094) (0.094) (0.093) (0.064) (0.064) (0.060)Location.Code(Urban)-0.025 -0.024 -0.035 -0.040 -0.040 -0.041(0.084) (0.084) (0.084) (0.075) (0.075) (0.075)Marital.Status(Married)-0.060 -0.060 -0.059 -0.059 -0.059 -0.058(0.066) (0.066) (0.066) (0.066) (0.066) (0.066)Marital.Status(Single)−0.152∗∗−0.151∗∗−0.149∗−0.150∗∗−0.148∗∗−0.164∗∗(0.076) (0.076) (0.076) (0.075) (0.075) (0.074)Monthly.Premium.Auto0.024∗∗∗0.024∗∗∗0.029∗∗∗0.029∗∗∗0.029∗∗∗0.029∗∗∗(0.004) (0.004) (0.001) (0.001) (0.001) (0.001)Sales.Channel(Branch)-0.015(0.057)Sales.Channel(Call Center)0.002(0.064)Sales.Channel(Web)-0.066(0.071)Total.Claim.Amount-0.0001 -0.0001 -0.00002(0.0002) (0.0002) (0.0002)Vehicle.Class(Luxury Car)13.891 13.887(172.954) (173.026)Vehicle.Class(Luxury SUV)13.809 13.806(162.969) (162.969)Vehicle.Class(Sports"
"-0.0001 -0.00002(0.0002) (0.0002) (0.0002)Vehicle.Class(Luxury Car)13.891 13.887(172.954) (173.026)Vehicle.Class(Luxury SUV)13.809 13.806(162.969) (162.969)Vehicle.Class(Sports Car)0.224 0.222(0.205) (0.205)Vehicle.Class(SUV)0.111 0.111(0.182) (0.182)Vehicle.Class(Two-Door Car)0.019 0.020(0.058) (0.058)Constant−2.336∗∗∗−2.353∗∗∗−2.693∗∗∗−2.687∗∗∗−2.663∗∗∗−2.595∗∗∗(0.296) (0.294) (0.137) (0.126) (0.125) (0.114)Observations 9,134 9,134 9,134 9,134 9,134 9,134From the Table 6, we can get 7 interesting results. 1. Commencing with a comprehensive logistic regression inclusive of all predictors, the derivedmodel was statistically significant. The ensuing stepwise refinement aimed to eradicate po-tentially extraneous predictors.2. Initially, the ""Sales.Channel"" variable was pruned, ascribed to its highest p-value suggestingthe least substantive predictor among the assemblage.3. Following this, ""Vehicle.Class"", with a diminished level of significance, was eliminated.4. Subsequently, the ""Total.Claim.Amount"" was abandoned, thereby streamlining the modelfurther.5. Following it, ""Gender"" showed the highest p-value and was excluded from the model.6. Ultimately, the ""Income"" variable, despite its significance in individual regression, mani-fested diminished importance in the multivariate context and was therefore excised.7. After this systematic elimination, the refined model retained ""Coverage"", ""Location.Code"",""Marital.Status"", and ""Monthly.Premium.Auto"" as its integral variables.6 ResultsThe results concluded from the data analysis indicate that marriage status, monthly premiumamount, and vehicle class are significantly correlated with the lifetime value of auto insurancecustomers in all analysis models. However, income is significant in most models except in logisticregression. As for coverage and location code, they emerge as significant only in the logisticregression. The reasons for these outcomes warrant further research. First and foremost, themonthly premium amount has the highest correlation with lifetime value. This is because customerlifetime value (CLV) is closely related to the value that a customer brings to the organization. Inthe insurance industry, the value the customer provides is the premium. Premium, which is anindicator of customer value, is also included in the traditional formula for calculating CLV , asmentioned by Caldwell (2022): CLV=Customer Value ×Average Customer Lifespan (1)Next, the consistent significance of marital status across models indicates that marital statusplays a crucial role in determining CLV . This could be because marital status might be associatedwith financial stability, purchasing patterns, or risk behavior, which, in turn, affects insurancepremiums or claims. There is also a possibility that this data may be biased and not randomlychosen, as the company investigated may be more focused on young clients.Vehicle class can be a reflection of lifestyle, financial status, and even risky behavior. Moredirectly,"
"and not randomlychosen, as the company investigated may be more focused on young clients.Vehicle class can be a reflection of lifestyle, financial status, and even risky behavior. Moredirectly, it is an indicator of the value of the vehicle, which can impact insurance quotes, as men-tioned in the introduction. The significant association suggests varying CLVs for different vehiclecategories, possibly due to differences in premiums, claim frequency, or claim amounts.In the majority of models, except for logistic regression, income is considered important be-cause it is linked to other variables. Income is connected to lifetime value when tested on its own.However, the results of logistic regression would be invalid if income and other variables relatedto income were tested alongside lifetime value. Income is a key factor in determining a person’spurchasing power and financial behavior, and variables like vehicle class have a positive link withincome, according to Team, T.I. (2023). The higher the income, the higher the class of car.As for coverage and location code, which only show significance in logistic regression, it’spossible that when modeling the probability of CLV being above or below a median (as is thecase in logistic regression), the type of coverage a customer has and their location become pivotaldeterminants. Perhaps certain coverages or locations are associated with significantly higher orlower lifetime values.In summary, the conducted analysis illuminates how a combination of socio-economic factors(such as marital status and income), product-specif"
"10.243620.8080.02.20Conditional likelihood based inference onsingle-index models for motor insurance claimseverityCatalina Bolance ´1, Ricardo Cao2and Montserrat Guillen1Abstract Prediction of a traffc accident cost is one of the major problems in motor insurance.To identify the factors that infuence costs is one of the main challenges of actuarialmodelling. Telematics data about individual driving patterns could help calculating theexpected claim severity in motor insurance. We propose using single-index models toassess the marginal effects of covariates on the claim severity conditional distribution.Thus, drivers with a claim cost distribution that has a long tail can be identifed. Theseare risky drivers, who should pay a higher insurance premium and for whom preventa-tive actions can be designed. A new kernel approach to estimate the covariance matrixof coeffcients’ estimator is outlined. Its statistical properties are described and an ap-plication to an innovative data set containing information on driving styles is presented.The method provides good results when the response variable is skewed.MSC: 62G05, 62P20, 91G70. Keywords: covariance matrix of estimator, kernel estimator, marginal effects, telematics covari-ates, right-skewed cost variable. 1.IntroductionWe analyse costs of claims in a motor insurance data set. Because higher costs occurmuch less frequently than lower costs of claims, the dependent variable here is right-skewed. Specifcally, we are interested in modelling the distribution of costs of claimsconditional on the values of covariates that refect driving habits. We focus on the wholeconditional distribution rather than on the conditional expectation to measure the infu-ence of covariates on different quantiles, specifcally on the costly claims, i.e., the right1Department of Econometrics, RISKcenter-IREA, Universitat de Barcelona (UB).2Research Group MODES, Department of Mathematics, CITIC, Universidade da Coruna ˜and ITMATI.Received: April 2023Accepted: January 2024 -2Conditional likelihood based inference on single-index models for motor insurance claim severity tail of the severity distribution. This problem could be addressed by quantile regres-sion, for fxed quantile levels, but this could potentially lead to contradictory results forclose quantiles. Modelling the cost of claims conditional on covariate information hasremained a bottleneck for insurance companies, as a result of which average costs areused in practice worldwide. We address this problem also considering data on drivingpatterns and driving conditions, a type of information that is available through sensordata regularly collected by insurtech frms. Some new motor insurance rate makingschemes are based on near-miss telematics information which measures the propensityof risky events that do not always lead to an accident (see Guillen et al., 2019, 2020 andGuillen, Nielsen and P ´ ın, 2021). Risk scores such as the ones obtained with erez-Mar ´index-models can"
"risky events that do not always lead to an accident (see Guillen et al., 2019, 2020 andGuillen, Nielsen and P ´ ın, 2021). Risk scores such as the ones obtained with erez-Mar ´index-models can be combined with the evaluation of near-miss information to improvethe performance of predictive modelling in motor insurance pricing.Single-index regression models are semiparametric methods for generalising linearregression. They specify the dependence between a random variable Y(here the cost ofa traffc accident, or claim severity) and a d-dimensional vector Xas follows (see H ¨ardleet al., 1993): Y= mθ⊤X+ ε, (1)where θ is a vector of unknown parameters, mis an unknown smooth function, and ε isa random variable with zero-mean conditional on X.Traditional approaches for estimating the linear predictor coeffcients θ and the func-tionmare based on the conditional expectation rather than on the whole conditional dis-tribution and, as a consequence, they are vulnerable to the presence of extremes, heavytails or strong asymmetry, as in many applications. Our contribution is to extend themaximum likelihood estimation of (1) and, in so doing, to open the door to single-indexconditional distribution modelling which has enormous potential for a range of applica-tions.In order to estimate the vector θ, H¨ardle, Hall and Ichimura (1993) proposed thedirect minimisation of the residual sum of squares, so their estimator isnh i2θˆ= argminθ ∑ Yi− mˆiθ⊤Xi, i=1where (X1,Y1),..., (Xn,Yn) are iid observations of the covariates and the dependent vari-able and mˆiindicates the leave-one-out kernel estimator of m. Alternatively, Hristache,Juditsky and Spokoiny (2001) analysed the average derivative estimator of the vectorof parameters in the index model, introduced by Stoker (1986) and as subsequentlyemployed by Powell, Stock and Stoker (1989). Hristache et al. (2001) presented themethod for estimating the vector of coeffcients, θ , by minimising an M−function, witha score function ψ, that again compares Yiwith a nonparametric estimator mˆ(·), i.e., � argminθ ∑ni=1ψ Yi,mˆθ ⊤Xi. All these methods ignore the shape of the conditionaldistribution because they are based on ftting the conditional expectation.Delecroix, H ¨ardle and Hristache (2003) investigated the pseudo-maximum likeli-hood estimation of θ in (1). They proposed starting from a preliminary√ n-consistent 3 Catalina Bolanc ´e, Ricardo Cao and Montserrat Guillen estimator and, subsequently, correcting it with the gradient and the Hessian of the log-likelihood function. They showed that the corrected estimator is effcient. Previously,Klein and Spady (1993) had analysed the maximum likelihood estimation of θ but onlyfor a binary response dependent variable. In the context of survival data with censoredobservations, Strzalkowska-Kominiak and Cao (2013) investigated maximum likelihoodalternatives based on the kernel estimation of the conditional distribution and showedthat previous methods for censored data could be"
"and Cao (2013) investigated maximum likelihoodalternatives based on the kernel estimation of the conditional distribution and showedthat previous methods for censored data could be improved.Nonparametric regression is more general than the single-index model specifed in(1). Indeed, it emanates from a more general specifcation Y= m(X) + ε, where theaim is to estimate the regression curve m(x) = E(Y|X= x); H¨ardle (1990). However,in practice, nonparametric regression presents two considerable challenges. First, es-timation becomes increasingly diffcult as the number of covariates rises (the curse ofdimensionality). The second challenge is that any interpretation of the effects of the ex-planatory variables cannot be carried out directly and it is necessary to plot the differentrelations to explore these effects. Another alternative to the single-index model is thegeneralised additive model (see Hastie and Tibshirani, 1990); however, it faces the samechallenges as those described for nonparametric regression.Here, a new maximum likelihood estimator of θ in (1) is proposed, inspired by thework of Strzalkowska-Kominiak and Cao (2013) with right-censored data. As theseauthors proposed we use two different smoothing parameters: one associated with thedistribution of Yand the other one associated with the distribution of the index θ⊤X.The new theoretical results that we present in Section 2for uncensored data do notfollow directly as a particular case of Strzalkowska-Kominiak and Cao (2013), sincesome assumptions of the censored data case can be relaxed or dropped. In this paper,we deduce the covariance matrix that can be easily estimated using a kernel estimator.We evaluate the inference power of the statistical test for the covariate effects deducedfrom our maximum likelihood estimator. Details on the method, some results of thesimulation study and proofs are available in the Supplementary Material.We show the superiority of our estimator, in particular, when there are extreme val-ues, like in our application where we observe only a few severe accidents. Additionally,we show that the results of the estimated index model are easily interpretable from dif-ferent points of view, for example, for the prediction of conditional mean, quantiles andmarginal effects.We analyse a data set obtained from a specifc portfolio from an insurance companyin Spain. The portfolio is made up of a small group of policyholders under 35 years ofage, who have underwritten a new insurance contract that requires a telematics device tobe installed in their vehicle. The data set contains information on mean yearly claim costper policy and on telematic and non-telematic characteristics. Our aim is to fnd the in-fuence of telematic information on pricing compared to a traditional approach with onlyclassical non-telematic variables. The data set is available at SORT-BCG/. We observe how the mean yearly claim cost per policy does not changewith a linear index; however, the shape of"
"with onlyclassical non-telematic variables. The data set is available at SORT-BCG/. We observe how the mean yearly claim cost per policy does not changewith a linear index; however, the shape of the distribution depends on a linear index,something that could be considered when calculating the premium. 4Conditional likelihood based inference on single-index models for motor insurance claim severity In asimulation study presented in Section 3, the fnite-sample properties of our pro-posal are compared with several alternative methods for different distributions with het-erogeneity in the location and in the scale parameters. We also carry out basic inferenceabout the estimators. In addition, we evaluate how the results are affected when the co-variates are correlated and binary explanatory variables are included. Note that Hall andYao(2005) and Newey and Stoker (1993) only consider continuous covariates; indeed,not many papers to date have dealt with discrete covariates in single-index models. Oneexception is Horowitz and H ¨ardle (1996), who focused on analysing a direct estimatorfor the effect of the discrete covariates. Elsewhere, methods such as those proposed byH¨ardle et al. (1993), Hristache et al. (2001) and Delecroix et al. (2003), while allowingdummy (binary) variables to be incorporated, do not consider the consequences of theirinclusion.2. Methods Let us denote the vector of covariates X= (X1,..., Xd)⊤ and let f(·|x) be the densityfunction of Ygiven X= x, where x = (x1,..., xd) is a fxed vector where f(y|x) = fθ0(y|θ0⊤x), where fθ0(·|θ0⊤x) is the conditional density of Ygiven θ0⊤X= θ0⊤x andθ0isthe parameter vector to be estimated. Furthermore, we assume that F(y|x) = Fθ0(y|θ0⊤x) is its conditional cumulative distribution function. For any θ0and any nonzero real num-berλ , then vector θ0can be replaced by λθ0. This means that the conditional distributionof the response given X= x only depends on this covariate vector via the linear combina-tiont= θ0⊤x. If we choose any nonzero real number λ , then, since there is a one-to-onecorrespondence between tandλt, it is also true that the conditional distribution only de-pends on the covariate vector via the linear combination λθ0⊤x. Consequently, infnitelymultiple choices exist for the single-index parameter vector θ0. The usual way to solvethis identifcation problem is to introduce a scale constraint, for example ||θ0|| = 1 orfxing one component of θ0to be equal to one. In practice, the identifcation problemimplies that the signs of the effects of the covariates on the dependent variable are notidentifed but are comparable, i.e., two parameters with different sign indicate oppositeeffects and, if variables are measured in the same scale, then their corresponding param-eter estimates can be compared directly.Let(X1,Y1),...,(Xn,Yn) be a random sample of the dependent variable and the co-variates, where Xi= (Xi1,..., Xid)⊤ and it is assumed that at least one covariate is con-tinuous. Let Kbe a"
"directly.Let(X1,Y1),...,(Xn,Yn) be a random sample of the dependent variable and the co-variates, where Xi= (Xi1,..., Xid)⊤ and it is assumed that at least one covariate is con-tinuous. Let Kbe a nonnegative kernel and h1,h2two positive bandwidths. In line withBashtannyk and Hyndman (2001), the kernel conditional density estimator is:rˆ(t,y)fˆθ (y|t) = sˆ(t) , (2)where n1 t− θ ⊤Xisˆ(t) = s(t) = ∑ K ˆh1nh1i=1h1(3) 5 Catalina Bolanc ´e, Ricardo Cao and Montserrat Guillen and the product bivariate kernel density estimator is used for rˆ(t,y); see Chapter 6 ofScott (2015). The product kernel is just a simple way to smooth using multiplicativeweights, so: n1 t− θ⊤Xi y−Yirˆ(t,y) = rˆh1,h2(t,y) = ∑ K K . (4)nh1h2i=1h1 h2We use a Gaussian kernel, and the smoothing parameters are calculated using alter -native criteria considering the estimator type, i.e., the parameter vector, the conditionaldensity, the conditional distribution or the conditional mean.In line with Hall, Wolff and Yao (1999), the kernel estimator of the conditionaldistribution function is:Fbθ (y|t) = Rb(t,y) , sˆ(t) where n1 t− θ⊤Xi y−YiRb(t,y) = Rbh1,h2(t,y) = ∑ K Knh1i=1h1 h2andK is the kernel distribution function.2.1. Maximum conditional likelihood estimation If we know Fθ except for the value of the index vector θ (a highly unrealistic assump-tion), then we can defne the following theoretical conditional likelihood function:nLn(θ) = ∏ fθ (Yi|θ⊤Xi). ˜i=1Maximising this function is equivalent to maximising its logarithm:n1� 1ℓ˜n(θ) = logL˜n(θ ) = ∑ logfθ (Yi|θ ⊤Xi). (5)n ni=1Here, the ideal estimator should maximise the theoretical log-likelihoodθ˜n= argmax ℓ˜n(θ). θ In practice, fθ (orFθ ) is unknown and so, we need to estimate it and plug it into thelogarithm of the theoretical conditional likelihood function.We propose to maximise the kernel estimation of the log-likelihood function de-fned in (5) with respect toθ and to the two smoothing parameters, h1andh2. At thispoint, we note that, in the kernel estimation, when a smoothing parameter selector is ob-tained by optimising some criteria, such as the integrated square error or the likelihoodfunction, which required computing a kernel estimator; using the whole observed data -6Conditional likelihood based inference on single-index models for motor insurance claim severity set,(X1,Y1),...,(Xn,Yn), produces undersmoothing of the optimal smoothing parametervalues; see Silverman (1986). As a consequence, we need to modify the estimated like-lihood with a leaving-one-out procedure so as not to pick artifcially small bandwidths.Letfˆ−i(Yi|θ⊤Xi) be the estimator defned in (2), where the sum in (3) and (4) runs overθ j̸= i. Then, we defne the leaving-one-out estimated conditional log-likelihood:n1ℓˆn(θ) = ∑ logfˆ−i(Yi|θ⊤Xi). (6)θni=1Given h1andh2, the fnal maximum conditional likelihood estimator is defned asθˆn= argmax ℓˆn(θ). θ The estimation procedure including the two smoothing parameters h1andh2will bedescribed in sub-section 2.3. A"
"the fnal maximum conditional likelihood estimator is defned asθˆn= argmax ℓˆn(θ). θ The estimation procedure including the two smoothing parameters h1andh2will bedescribed in sub-section 2.3. A similar procedure based on the leave-one-out estimatorof the hazard rate model was proposed by van den Berg et al. (2021). We point outthat it can be diffcult to avoid local optima in the maximisation of the log-likelihood in(6). Considering the existence of local optima, in the described estimation procedure wechecked how initial values for the smoothing parameters affect the fnal estimation. Wehave observed that the fnal estimation is practically not affected by the initial values ofthe covariate coeffcients.2.2. Properties In this sub-section we study the properties of θˆn. Let the score function be defned as theexpected log-likelihood:ℓ(θ ) = E(ℓ˜n(θ )). We start by proving that the true parameter vector, θ0, can be characterised as the max-imiser of the score function. The existence of that function is the only condition required:A1:E(logfθ (Yi|θ ⊤Xi)) < ∞ for anyθ Theorem 1. The true single-index parameter, θ0, is the maximiser of the score function,i.e.,θ 0= argmax θ ℓ(θ).To establish the main results for the estimator, we need to assume some furtherconditions:A2:E(X|θ0⊤X,Y) = E(X|θ0⊤X) A3:E(XX⊤) < ∞ componentwise.Condition A2 is a technical one needed to prove our theoretical results. It essentiallymeans that all the information needed to predict the values of the explanatory variables 7 Catalina Bolanc ´e, Ricardo Cao and Montserrat Guillen given the index and the response variable is contained just in the index. Assumption A2also implies exogeneity of the explanatory variables, i.e., covariates are known previousto the response.The two bandwidthsh1,h2should fulfll the following conditionsA4:√ nh41→ 0,√ nh22→ 0,nh61→ ∞ andh 1,h2→ 0 whenn → ∞.Consider fθ0the bivariate joint density function of (θ0⊤X,Y) andfθ0⊤Xthe marginaldensity function of θ0⊤X. Finally, let ℓ(θ0) = ∇θ ℓ(θ )|θ denote the gradient of ℓ(θ) =θ0overθ evaluated in θ0. Further, let ℓ(θ) denote the Hessian matrix of ℓ(θ). Thefollowing regularity conditions are also assumed.∂ j∂ kdjdjA5: The derivatives fθ0(u,v),dju⊤X(u) anddjuE(X|θ0⊤X= u) exist for j= ∂ ju∂ kvfθ01,2,3 andk = 1,2.A6: The function h(x,y) = ∂ θ ∂ jfθ (θ ⊤x,y)θ is continuous and∂∂ 2θ 2jfθ (θ0⊤x,y)θ =θ0 =θ0exists.A7: The Hessian matrix ℓ(θ ∗) is positive defnite for θ ∗ belonging to a neighbourhoodofθ 0.Now we can state the frst result for the proposed estimator.h i−1Lemma 1. Under A1, A4 and A6 we have θˆn− θ0= − ℓˆ(θˆ∗) n n(ℓˆn(θ0) − ℓ(θ0)),where θˆ∗ is between θˆnandθ0.nTheorem 2. Under A1-A7, we haveθ ˆn→ θ0in probability.Theorem 3. Let us assume conditions A1-A7. Then, we have√ n(θˆn− θ0) → N(0,Σ), (7)whereΣ = Σ2Σ1Σ⊤ (8)2, h i−1Σ2= ℓ(θ0) and Σ1= E∇θ log( fθ (Y|θ ⊤X))θ )(∇θ log( fθ (Y|θ ⊤X))θ )⊤ =θ0 =θ0Z = (∇θ log( fθ (y|θ⊤x))θ )(∇θ log( fθ (y|θ⊤x))θ )⊤ f(x,y)dxdy. =θ0 =θ0All the proofs can be found in the Supplementary"
"h i−1Σ2= ℓ(θ0) and Σ1= E∇θ log( fθ (Y|θ ⊤X))θ )(∇θ log( fθ (Y|θ ⊤X))θ )⊤ =θ0 =θ0Z = (∇θ log( fθ (y|θ⊤x))θ )(∇θ log( fθ (y|θ⊤x))θ )⊤ f(x,y)dxdy. =θ0 =θ0All the proofs can be found in the Supplementary Material.The asymptotic variance-covariance matrix in (8) is different from the one obtainedby Delecroix et al. (2003). These authors obtained this matrix from ℓ˜n(θ ) defned in (5) 8Conditional likelihood based inference on single-index models for motor insurance claim severity and took into account the almost sure convergence of the parameter estimator and theweak convergence of ℓˆn(θ ),defned in (6), and some of its partial derivatives. Instead,to obtain the asymptotic variance-covariance matrix, we take into account that θ0is es-timated by maximising the kernel estimator of the conditional likelihood function ℓˆn(θ) defned in (6).2.3. Estimation procedure To obtain θˆn,h1andh2we have used an algorithm in two steps. The frst step aims to ob-tainθˆnby maximising the likelihood function in (6) given fxed values for the smoothingparameters h1andh2. In the second step the smoothing parameters are recalculated bymaximising the same likelihood function given the values of θˆnobtained in the previousstep. Both steps are repeated until convergence. In the frst step the initial values of thesmoothing parameters are given by h1= aσˆθ⊤Xn−213, where a> 0andσˆθ ⊤XandσˆYarethe empirical standard deviations (see Silverman (1986) for rule-of-thumb smoothing parameters in kernel density estimation). The sample size orders,n−213, respectively for the two bandwidths, are chosen in order to fulfll theasymptotic assumptions for the bandwidths needed for Condition A4. We have observedthat initial values of the smoothing parameters considerably affect the fnal estimation.Initially we used a= 1 but it is recommended to consider a grid of values around 1.The initial values of the covariate coeffcients hardly affect the results, so to start thealgorithm we set all these coeffcients equal to 1. To maximise the likelihood func-tion in the frst step, we use the function “optim()” with the default optimization method(“Nelder-Mead”) of the “stats” Rpackage. In the second step, to recalculate the values h1andh2we also use function “optim()” but with optimization method ”L-BFGS-B”. Weneed to defne limits for the smoothing parameters because it is known that ℓˆn(θ) → ∞ (1)σθ⊤Xn−213) forh1and1 2(2)σYn−413) forh 2, for some c1< c, j= 1,2.1 2 2Our two-step algorithm is designed to guarantee the conditions established in thetheoretical properties shown in the previous sub-section. In practice, we are selecting thebest estimation in a set of pre-fxed smoothing parameters which are calculated takinginto account the sample size and the scale of the dependent variable and the index.To estimate the variance-covariance matrix in (8)we calculate the correspondingderivatives of the leave-one-out kernel estimation of conditional log-likelihood defnedin(6). Asymptotic normality inference,"
"the variance-covariance matrix in (8)we calculate the correspondingderivatives of the leave-one-out kernel estimation of conditional log-likelihood defnedin(6). Asymptotic normality inference, based on (7),is carried out using the esti-mated variance-covariance matrix, replacing theoretical derivatives by estimated ones(kernel estimator of the gradient ∇θ log( fθ (y|θ ⊤x))θ is direct). For kernel estimator=θ0ofℓ(θ0) see Lemma 9 in the Supplementary Material.2.4. Marginal effects estimation For a given θ = θ0, using the conditional distribution function we can obtain the p-th conditional quantile: Qθ (p|θ ⊤x) = F−1(p|θ ⊤x), i.e., Fθ (yp|θ⊤x) = pwhere p∈θ 9 Catalina Bolanc ´e, Ricardo Cao and Montserrat Guillen (0,1). As in any generalised linear model, comparing marginal effects is equivalent tocomparing parameters, i.e., for two covariatesX kandXk′ , with k̸= k′, we obtain:∂ Qθ (p|θ ⊤x) ∂ xk= θk,∂ Qθ (p|θ ⊤x) θk′ ∂ xk′ where:∂ Fθ (Qθ (p|θ ⊤x)|t) ·∂ Qθ (p|θ ⊤x) ∂tθkt=θ⊤x = − . (9)∂ xk fθ (Qθ (p|θ ⊤x)|θ⊤x) For estimating the marginal effects we will use kernel estimators for fθ (y|θ ⊤x),Fθ (y|θ ⊤x) and their derivatives, as shown below.The kernel estimator of the index marginal effects on the conditional distributionfunction is:"" # ∂ Fbθ (y|t= θ⊤x) Rˆ′ (θ⊤x,y) sˆ′ (θ⊤x)h1,h2 h1= − Fbθ (y|θ ⊤x) ,∂t ˆ(θ ⊤x) ˆ(θ⊤x) sh1 sh1where n1 t− θ⊤Xi y−YiRˆ′ (t,y) = ∑ K′ Kh1,h2nh21h2 h2 i=1h1and n1 t− θ⊤Xi ′ sˆh1(t) = ∑ K′ ,nh2h1 1i=1where K′ is the frst derivative of the kernel.In this paper, we obtained the marginal effects using kernels estimators of the differ -ent functions that appear in the expression (9). The smoothing parameters of the kernelestimator of conditional density can be calculated using the sample size orders of ref-erence rules obtained in Bashtannyk and Hyndman (2001). The kernel estimator of theconditional distribution and its derivatives are obtained directly from the estimated con-ditional density. Considering that in this paper the aim of estimating marginal effectsis purely descriptive, we have obtained the values of smoothing parameters subjectivelyfrom graphic visualization. However, a double-cross-validation approach as suggestedvan den Berg et al. (2021) can be used.2.5. Scoring rules for prediction To evaluate the goodness of ft and the predictive capacity of the single-index model, avariety of measures is available. Gneiting and Raftery (2007) present an exhaustive re-view of different families of scoring rules for moments, density and distributional fore-casts. We use three types of score described in Gneiting and Raftery (2007). 10Conditional likelihood based inference on single-index models for motor insurance claim severity The predictive model choice criterion (PMCC) selects the best model based on thefrst two moments of the predicted values, i.e., the mean and the variance, as followsnh i2 ˆ2PMCC = − 1∑ Yi− mˆθ ⊤Xi− σ θ ⊤Xi, (10)ni=1� � where mˆθ ⊤Xiis the kernel estimator of the conditional expectation E Y i|θ ⊤Xiand� ˆ2σ"
"values, i.e., the mean and the variance, as followsnh i2 ˆ2PMCC = − 1∑ Yi− mˆθ ⊤Xi− σ θ ⊤Xi, (10)ni=1� � where mˆθ ⊤Xiis the kernel estimator of the conditional expectation E Y i|θ ⊤Xiand� ˆ2σ θ⊤Xiis estimated with the kernel estimates of both expectations as follows: h i2σˆ2θ ⊤Xi= EˆYi2|θ⊤Xi− EˆYi|θ⊤Xi, where ∑n t−θ ⊤Xi i=1Kh1YiEˆYi|θ⊤Xi= mˆθ⊤Xi= ∑n t−θ ⊤Xii=1Kh1and t−θ ⊤XiY2 ∑ni=1Kh1 iEˆ = . Yi2|θ⊤Xi∑n t−θ ⊤Xii=1Kh1Here h1is calculated using the optimal sample size order (n−1/5) to estimate the condi-tional expectation and considering the scale of the dependent variables.The logarithmic scoring rule is calculated asnh i ℓˆ(θ) = ∑ log fˆYi|θ ⊤Xi. (11)i=1From lˆ(θ ) other widely used criteria such as the AIC (Akaike Information Criterion) andthe BIC (Bayesian Information Criterion) can be obtained.For the p-quantile prediction of the dependent variable, Y, the goodness of ft crite-rion proposed by Koenker and Bassett (1978) for quantile regression is:n1QE p(θ) = ∑ p Y i− Qˆθ (p|θ ⊤Xi)ni=1,Yi>Qˆθ (p|θ ⊤Xi) n+ 1∑ (1− p) Yi− Qˆθ (p|θ⊤Xi) , (12)ni=1,Yi≤Qˆθ (p|θ ⊤Xi) where Qˆθ (p|θ ⊤Xi) is the kernel conditional quantile estimator based on the kernel es-timator of the conditional distribution function. For a set of probabilities p1,..., pk, we1 1defne QE= k∑kj=1QE pj(θ ) and its corresponding weighted version, WQE = j=1 k∑kpjQE pj(θ ). 11 Catalina Bolanc ´e, Ricardo Cao and Montserrat Guillen 3. Simulation study We carry out a simulation study, the aim being to evaluate the fnite-sample propertiesof our estimator. The properties of the parameter estimator, θˆ, are summarised in theSupplementary Material and the basic inferences about the value of these parameters arepresented in this section. The results are obtained using a Gaussian kernel.We compare the variance, the bias and the mean square error (MSE) of the estimatedparameters in the vector θˆ, using our fexible maximum conditional likelihood (FMCL)estimator and three alternatives. The frst is based on ftting the single-index model toindividual conditional expected values as proposed by H ¨ardle et al. (1993) (hereinafter,HHI). The second alternative is based on Delecroix et al. (2003) (hereinafter, DHH),where we use as our initial parameters those obtained with the HHI method which are√ n-consistent. The third is the direct method proposed by Hristache et al. (2001) (here-inafter, HJS).We analyse six different conditional distributions for the dependent variable Y, twosymmetric distributions (zero skewness) and four right-skewed distributions. The con-ditional distributions are shown in Table 1.Table 1. Conditional distributions for dependent variable as a function of the linear index θ⊤x for the simulation study.Skewness Distribution Parameters DensityZeronormallogistic(µ = θ ⊤x,σ = |θ ⊤x|) (µ = θ ⊤x,σ = |θ ⊤x|) x)21 (y− θ⊤p exp− 2π|θ ⊤x|2 2|θ ⊤x|2 (y− θ ⊤x)exp1 |θ ⊤x| |θ ⊤x| (y− θ⊤x)1+ exp|θ⊤x| PositivelognormalWeibullChampernowne(µ = θ ⊤x,σ = |θ ⊤x|) (α = 1, σ = |θ ⊤x|) (α = 1,M= |θ ⊤x|) (α"
"⊤x,σ = |θ ⊤x|) x)21 (y− θ⊤p exp− 2π|θ ⊤x|2 2|θ ⊤x|2 (y− θ ⊤x)exp1 |θ ⊤x| |θ ⊤x| (y− θ⊤x)1+ exp|θ⊤x| PositivelognormalWeibullChampernowne(µ = θ ⊤x,σ = |θ ⊤x|) (α = 1, σ = |θ ⊤x|) (α = 1,M= |θ ⊤x|) (α = 2,M= |θ ⊤x|) 1 (ln(y) − θ⊤x)2p exp− 2π|θ ⊤x|2 2|θ⊤x|2y 1 yexp− |θ ⊤x| |θ ⊤x| |θ ⊤x| 2(y+ |θ ⊤x|) 2|θ ⊤x|2y2(y2+ |θ ⊤x|2) 12Conditional likelihood based inference on single-index models for motor insurance claim severity For our two choices of symmetric distribution, the logistic distribution has morekurtosis and heavier tails than the normal distribution. If we compare our selection ofright-skewed distributions, we fnd that the Champernowne or log-logistic has a heaviertail than the lognormal and the Weibull; see Buch-Larsen et al. (2005) for a descriptionof the Champernowne distribution.In our simulation study, we use six vectors of covariates Xthat we identify as vec-tors V1, V2, V3, V4, V5 and V6. For the frst three θ⊤ = (1,1.3,0.5) and for the fourthθ ⊤ = (1,1.3,0.5,0.8). The values in vector V1 are generated from three uncorrelatedstandard normal distributions. The vectors V2 and V3 are trivariate normal distributionswith correlated marginals. For V2 the components are three standard normal distribu-tions whose covariances are cov(Xk,Xk′ ) = 0.3 for k≠ k′ andk,k′ = 1,2,3. The sameholds for V3 but with covariances cov(X1,X2) = cov(X2,X3) = 0.7 and cov(X1,X3) = 0.5.Vector V4 consists of V1 and a binary variable whose values are generated from aBernoulli distribution with probability 0. 4, independent of the three components of V1.Furthermore, the number of categorical covariates is usually greater than one. We havecarried out an alternative simulation study using two new vectors of covariates V5 andV6, with θ⊤ = (1,1.3,0.5,0.8). Vector V5 consists of two independent standard normalvariables and two binary variables whose values are generated from two Bernoulli dis-tributions with probabilities 0. 4 and 0. 7, respectively. The covariate vector V6 includesthe same two binary variables, one lognormal with mean 0 and σ equal to 0. 5 and onewith a standard normal distribution.We generate 500 samples of size n= 100, 500 and 2, 000 and calculate the bias, thestandard deviation (STD) and the MSE of the estimators using each method, FMCL,HHI, DHH and HJS. The results of the simulation study show that the proposed FMCLestimator is the most suitable when the conditional distribution is right-skewed and alsowhen the tail of the conditional distribution is heavy. Moreover, the FMCL is morerobust to multicollinearity and to the presence of binary and asymmetric covariates.3.1. Basic inference Power analysis of hypothesis tests is fundamental to determining whether the effect of acovariate is signifcantly different from zero. The null hypothesis for each parameter isH0:θk= 0, k= 1,..., dand as an alternative hypothesis we assume that the sign of theparameter is known, i.e., H1:θk> 0, k= 1,..., d. The statistic test is Z= θˆjse(θˆ2− θˆ3). 13 Catalina Bolanc"
"isH0:θk= 0, k= 1,..., dand as an alternative hypothesis we assume that the sign of theparameter is known, i.e., H1:θk> 0, k= 1,..., d. The statistic test is Z= θˆjse(θˆ2− θˆ3). 13 Catalina Bolanc ´e, Ricardo Cao and Montserrat Guillen Table 2. Power of the test for skewed distributions. The values are calculated using the 500samples for each skewed distribution in Table 1.H0Lognormaln= 500 n= 2,000Weibulln= 500 n= 2,000Champernowneα = 1n= 500 n= 2, 000Champernowne α = 2n= 500 n= 2, 000V1V4V1V4θ2= 0θ3= 0θ2= 0θ3= 0θ4= 0θ2= θ3θ2= θ31.000 1.0001.000 1.0001.000 1.0001.000 1.0001.000 1.0001.000 1.0001.000 1.0000.864 0.9960.876 0.9980.856 1.0000.828 1.0000.770 0.9840.882 0.9960.662 1.0000.722 0.9700.702 0.9720.636 0.9080.622 0.9020.584 0.8620.730 0.9760.598 0.8800.984 0.9980.992 1.0001.000 1.0001.000 1.0000.996 1.0000.988 1.0000.998 1.000Table 3. Percent of no-rejection of null hypothesis. The values are calculated using the 200samples for each distribution in Table 1.H0Normaln= 500 n= 2000Logisticn= 500 n= 2000Lognormaln= 500 n= 2000V1V4θ4= 0θ5= 00.848 0.9550.828 0.9800.942 0.9850.992 0.9800.696 0.8500.345 0.890H0Weibulln= 500 n= 2000Champernowneα = 1n= 500 n= 2000Champernowne α = 2n= 500 n= 2000V1V4θ4= 0θ5= 00.850 0.9650.924 0.9650.530 0.5700.478 0.7950.752 0.7200.720 0.770The results for symmetric distributions have a power about 100% for almost all testswhen n≥ 500, these results are shown in the Supplementary Material. Here we focus onthe results for the power of tests for skewed distributions.Table 2 shows the powers of the two tests proposed for skewed distributions. Bothtests are at the 95% confdence level. These results indicate that when n= 500 the powerdecreases considerably for the Weibull and the Champernowne distribution with α = 1,compared to a larger sample size, n= 2,000.To analyse the percent of times the null hypothesis that the parameter is equal tozero is not rejected, we have designed an alternative reduced simulation study that con-sists of adding a new covariate with associated parameter equal zero in the estimationprocedure; this implies to re-estimate the parameters. To reduce the computation time,instead of 500 replicates, we use 200 replicates of sizes n= 500 and n= 2,000. Thenull hypothesis is H0:θj= 0, j= 4,5, and the results of the percent of no-rejectionof the null hypothesis, for the models described in Table 1 and using extended covariatevectors, are shown in Table 3. For n= 500 the results for skewed distributions are poorerthan those obtained for a symmetric distributions. For n= 2,000, in general, the resultsimprove compared to a smaller sample size, except for the Champernowne distribution,which is heavy tailed. These results suggest that if the dependent variable is asymmetric,a transformation to achieve a symmetric distribution should be suitable. 14Conditional likelihood based inference on single-index models for motor insurance claim severity 4. Data analysis and model estimations of automobile claim costs In"
"distribution should be suitable. 14Conditional likelihood based inference on single-index models for motor insurance claim severity 4. Data analysis and model estimations of automobile claim costs In this section we analyse the effect of risk factors on the distribution of the cost perautomobile claim in a real case study. We show that single-index models constitute anew tool for identifying the infuence of some of those covariates that are known to theinsurer at the beginning of the contract or during the coverage period. We estimate thesingle-index model coeffcients with the FMLC method. The results are obtained usinga Gaussian kernel. Some parametric models based on Weibull, gamma, log-normal andlog-logistic distributions, which are not reported here, produced poor fts. Furthermore,signifcant effects of the covariates were not found.We analyse a data set obtained from a Spanish insurance company. The originalportfol"
"www.vtpi.org Info@vtpi.org 250-508-5150 © 2001 -2023 Todd Alexander Litman All Rights Reserved Distance -Based Vehicle Insurance Feasibility, Costs and Benefits Comprehensive Technical Report 10 March 2023 By Todd Litman Victoria Transport Policy Institute Abstract Vehicle insurance is a significant portion of total vehicle costs. A typical motorist spends nearly as much on insurance as on fuel. Insurance is generally considered a fixed cost with respect to vehicle use. A motorist who reduces mileage does not usually receive comparable insurance cost savings. Distance -based insurance converts insurance to a variable cost with respect to vehicle travel, so premiums are directly affected by annual mileage. The more you drive the more you pay, and the less you drive the more you save. Distance -based pricing makes vehicle insurance more actuarially accurate (premiums better reflect the claim costs of each vehicle), and can help reduce total insurance costs, vehicle crashes, traffic congestion, facility costs, energy consumption and environmental impacts. This report investi gates the feasibility, benefits and costs of implementing distance -based motor vehicle insurance. It compares several distance -based insurance pricing options, and evaluates related concerns and criticisms. The analysis indicates that distance -based pricin g is technically and economically feasible, and can provide significant benefits to motorists and society. Distance -Based Vehicle Insurance; Technical Report Victoria Transport Policy Institute 1 Table of Contents Executive Summary ................................ ................................ ................................ ......................... 2 Introduction ................................ ................................ ................................ ................................ ..... 6 Automobile Pricing Practices ................................ ................................ ................................ ........... 8 Current Vehicle Insurance Pricing ................................ ................................ ................................ .............. 8 Factors Influencing Insurance Prices ................................ ................................ ................................ ....... 10 How Pricing Affects Vehicle Trave l ................................ ................................ ................................ .......... 12 Relationship Between Mileage and Crash Costs ................................ ................................ ........... 13 Crash and Claim Rates ................................ ................................ ................................ ............................. 13 Pricing Options ................................ ................................ ................................ .............................. 34 1. Mileage Rate Factor (KRF) ................................ ................................"
"................................ ................................ .............................. 34 1. Mileage Rate Factor (KRF) ................................ ................................ ................................ .............. 34 2. Pay-at-the-Pump (PATP) ................................ ................................ ................................ ................ 39 3. Usage -Based Premiums ................................ ................................ ................................ .................. 47 4. GPS-Based Pricing ................................ ................................ ................................ .......................... 62 Summary of Distance -Based Pricing Options ................................ ................................ .......................... 67 Comparing Distance -Based Insurance Options ................................ ................................ ............. 68 1. Actuarial Accuracy ................................ ................................ ................................ .......................... 68 2. Implementation Costs ................................ ................................ ................................ .................... 69 3. Equity ................................ ................................ ................................ ................................ ............. 70 4. Consumer Impacts ................................ ................................ ................................ ......................... 71 5. Public Acceptability ................................ ................................ ................................ ........................ 74 6. Travel Reduction Impacts ................................ ................................ ................................ ............... 75 7. Road Safety ................................ ................................ ................................ ................................ .... 77 8. Congestion and Facility Cost Savings ................................ ................................ ............................. 78 9. Energy and Emission ................................ ................................ ................................ ...................... 79 10. Economic Efficiency and Development ................................ ................................ ..................... 80 Summary ................................ ................................ ................................ ................................ ........ 81 Barriers, Costs and Concerns ................................ ................................ ................................ ......... 83 1. Transition and Tra nsaction Costs ................................ ................................ ................................ ... 83 2. Transaction Costs ................................ ................................ ................................"
"................................ ................................ ... 83 2. Transaction Costs ................................ ................................ ................................ ........................... 83 3. Financial Risks ................................ ................................ ................................ ................................ 83 Conclusions ................................ ................................ ................................ ................................ .... 86 References and Resources ................................ ................................ ................................ ............ 90 Appendices (Separate Document Available at the VTPI website) 1. Evaluation Criteria 2. Vehicle Operating Cost Estimates 3. Estimate of Cross -Border and Illegally Untaxed Fuel Use 4. Odometer Auditing 5. Criticism of Distance -Based Insurance 6. Press Coverage of Distance -Based Insurance Distance -Based Vehicle Insurance; Technical Report Victoria Transport Policy Institute 2 Executive Summary This study investigates the feasibility, benefits and costs of implementing dista nce-based motor vehicle insurance. It is based on a literature review, analysis of insurance claim data, comparisons of different distance -based pricing options, and evaluation of concerns that have been raised about distance -based pricing. Vehicle insura nce is a significant portion of total vehicle costs. A typical motorist spends almost as much on insurance as on fuel. Insurance is generally considered a fixed cost with respect to vehicle use. A reduction in mileage does not usually provide a comparable reduction in insurance premiums. Research described in this report indicates that within existing price categories, annual claims increase with annual vehicle mileage, as illustrated below. Mileage is just one of several factors that affect crash rates. It would not be actuarially accurate to use mileage instead of other rating factors, for example, to charge all motorists the same per -mile insurance fee, but actuarial accuracy improves significantly if annual mileage is incorporated in addition to existi ng rate factors. Any other price structure overcharges low-mileage motorists and undercharges high -mileage motorists. Crash Rates by Annual Vehicle Mileage 0.000.020.040.060.080.10<55- <1010- <15 15- <20 20- <25 25- <30Annual Vehicle Kilometres (1,000s)Crash-Related Claims Per YearTotalNon-CulpableCulpableCasualty Crashes per vehicle tend to increase with annual mileage. Distanc e-based insurance reflects the principle that prices should be based on costs. It gives consumers a new way to save money by returning to individual motorists the insurance cost savings that result when they drive less. Motorists who continue their current mileage would be no worse off on average then they are now (excepting any additional transaction costs), while those who reduce their mileage save money. Distance -based pricing can"
"their current mileage would be no worse off on average then they are now (excepting any additional transaction costs), while those who reduce their mileage save money. Distance -based pricing can help achieve several public policy goals including actuarial accuracy, e quity, affordability, road safety, consumer savings and choice. It helps reduce traffic congestion, road and parking facility cost savings, and environmental impacts. It can reduce the need for cross -subsidies currently required to provide “affordable” unlimited -mileage coverage to high -risk drivers. Distance -Based Vehicle Insurance; Technical Report Victoria Transport Policy Institute 3 This study evaluated several distance -based pricing options: 1. Mileage Rate Factor (MRF) incorporates an annual mileage rate factor into the existing rate system. It is the easiest option to implement, but is constrained by the weight that can be placed on self -reported mileage estimates. Its travel impacts and benefits are small. 2. Pay-at-the-Pump (PATP) funds basic insurance coverage through a surcharge on fuel sales. It is not actuarially accurate because paym ents are based on vehicle fuel consumption, not risk factors. Less than half of insurance payments would be distance -based, and cross -border and illegal fuel purchases could be major problems. It causes a relatively large reduction in fuel consumption but modest reductions in vehicle travel, providing modest overall benefits. There would probably be little administrative cost savings because motorists would still need to pay registration fees and purchase optional coverage as they do now. 3. Per-Mile Premiums changes the unit of exposure from the vehicle -year to the vehicle -mile, incorporating all existing rating factors. It requires odometer audits to provide accurate mileage data, predicted to cost an average of $6 per vehicle year. It could be mandatory or a consumer option. It significantly improves actuarial accuracy and provides significant consumer savings, particularly to lower income households. Because it causes large reductions in vehicle travel it provides large benefits. As a consumer option it is p redicted to attract 25 -50% of motorists within a few years, and this should increase over time. 4. Per-Minute Premiums uses a small electronic meter to record when an engine operates, predicted to cost $30 per year. This allows rates to vary by time of day. B ecause it can give motorists an extra incentive to reduce their peak -period travel it can provide even greater benefits than Per -Mile Premiums, but the additional equipment costs reduce the net benefits. As a consumer option it is predicted to attract 12 -25% of motorists within a few years. 5. GPS -Based Pricing uses GPS (Global Positioning System) technology to track vehicle travel, allowing insurance prices to reflect when and where a vehicle is driven in addition to existing rating factors. It is predicted t o cost $150 or more per vehicle -year and raises"
"vehicle travel, allowing insurance prices to reflect when and where a vehicle is driven in addition to existing rating factors. It is predicted t o cost $150 or more per vehicle -year and raises privacy concerns. Installation costs may decline somewhat in the future as more vehicles have factory -equipped GPS transponders. It is most actuarial accurate and can cause the greatest crash reduction per pa rticipating vehicle. However, its high equipment costs offset the direct benefits for most consumers. As a consumer option it is predicted to attract 10% or less of total motorists, so total benefits would be modest for the foreseeable future. The table b elow compares the travel impacts of these options. Travel Impacts of Distance -Based Pricing Options MRF PATP Per-Mile Mandatory Per-Mile Optional Per-Min. Mandatory Per-Min. Optional GPS-Based Portion of market affected 100% 90% 100% 50% 100% 25% 10% Price increase per mile 0.7¢ 1.4¢ 5.6¢ 5.6¢ 5.6¢ 5.6¢ 5.6¢ Reduction per participating veh. 1.0% 5.0% 10% 13% 10% 14% 15% Total vehicle travel reduction 1.0% 4.5% 10% 3.7% 10% 1.8% 0.8% Distance -based insurance can provide significant safety benefi ts. Because most crashes involve multiple vehicles, a reduction in total vehicle mileage produces a proportionally larger reduction in total crash costs, all else being equal. Each 1.0% reduction in vehicle mileage caused by distance -based insurance can re duce total crash costs by 1.4% to 2.0%. Distance -based pricing could reduce total crashes by 15% or more. Distance -Based Vehicle Insurance; Technical Report Victoria Transport Policy Institute 4 Distance -based pricing can help achieve equity objectives. Since annual vehicle mileage tends to increase with income, fixed -price insurance causes l ower -income motorists to subsidize the insurance costs of higher -income motorists within their rate class. Distance -based insurance pricing provides overall savings to lower -income motorists, and would allow some low -income households to own a vehicle for basic mobility that they cannot currently afford. Distance -based pricing lets motorists save money by reducing mileage, an option that is currently unavailable. To illustrate this, consider the situation of somebody who becomes unemployed and so reduces d riving by half. With current pricing, they continue paying the same insurance premiums as when they were employed and commuting, although both their income and chances of an insurance claim decline significantly. They may find insurance costs, and therefor e vehicle ownership, an extreme financial burden. With distance -based pricing, low -income drivers can minimize their insurance costs by minimizing their driving, while still affording a car for essential trips and future work. The table below summarizes the implementation costs and effectiveness at achieving various objectives for the seven distance -based pricing options considered in this study. Summary of Distance -Based Pricing Options"
"the implementation costs and effectiveness at achieving various objectives for the seven distance -based pricing options considered in this study. Summary of Distance -Based Pricing Options Implementation Costs Effectiveness Mileage Rate Factor Low Low Pay-At-The-Pump High Medium Per-Mile Premiums, Mandatory Low High Per-Mile Premiums, Optional Low Medium Per-Minute Premiums, Mandatory Medium High Per-Minute Premiums, Optional Medium Medium GPS-Based Pricing High Low This table summarizes overall c osts and effectiveness at achieving objectives. This analysis indicates that Mandatory Per -Mile Premiums provides the greatest net benefits due to its relatively low cost and effectiveness at achieving objectives. It would provide direct financial saving s to most motorists, and only a small portion (less than one in five) would perceive significantly higher insurance costs. Optional distance -based pricing results in greater direct consumer benefits per participating vehicle, but smaller total benefits due to low market penetration and the low average mileage of motorists who choose it, resulting in relatively small reductions in total vehicle travel. Distance -based insurance is technically and economically feasible. One insurer has successfully implement ed GPS -Based Pricing, the most difficult and expensive distance -based pricing option. Other options should be far easier to implement. Under some circumstances consumers seem to prefer fixed prices, because it is predictable and minimizes transaction cost s. However, this preference appears to be weak. There is no evidence that consumers have a strong preference for fixed -priced insurance. Given the choice, most motorists who expect to save money would probably choose optional distance -based insurance. There is likely to be strong support for optional distance -based insurance pricing since it increases consumer choice and gives motorists a new opportunity to save money. Consumers are accustomed to being able to choose from various rate structures for Distance -Based Vehicle Insurance; Technical Report Victoria Transport Policy Institute 5 many types of goods, such as telephone service, Internet service and air travel. If cross -subsidies are not allowed between the different pricing pools, an increasing portion of motorists would switch to it over time. There appears to be mixed public support f or mandatory distance -based insurance. Citizens generally support price reforms that increase fairness and affordability, or help solve specific problems such as traffic congestion and pollution, but are skeptical of changes that may be confusing or less c onvenient to use, increase costs, or burden particular groups. PATP appears to be the least popular option. Usage -Based Premiums appears to have about equal levels support and opposition, with responses affected by the concept is described. For example, if described as a reward to consumers who use alternative modes, it tends to have a positive"
"equal levels support and opposition, with responses affected by the concept is described. For example, if described as a reward to consumers who use alternative modes, it tends to have a positive response, but if presented as a surcharge on higher -mileage motorists, it tends to have a more negative response. This study examined various concerns and criticism s raised about distance -based insurance pricing. Many concerns reflect misunderstanding of the concept, and can be addressed with education. Insurers have five legitimate financial concerns about distance -based insurance. 1) It is possible that the mileage f oregone will be lower than average risk. As a result, premium revenue could decline more than claim costs. 2) Optional distance -based pricing could attract motorists with relatively high per -mile claim costs. 3) With optional distance -based pricing, motorists in multi -vehicle households could shift driving from vehicles with distance -based to fixed -rate premiums. 4) Total premiums would probably decline, assuming distance -based pricing is successful at reducing claims. Although revenue reductions would be offset by reduced claim costs, this would tend to reduce gross crash flow and investment income, which could reduce insurance company profits. 5) Some motorists may try to steal insurance by odometer fraud. However, odometers are increasingly tamper -resistant, and m ost types of fraud could be detected during regular checks and crash investigations. Odometer auditing should provide data comparable in accuracy to that used in other common commercial transactions. Offsetting these risks is the fact that a percentage r eduction in mileage usually provides a proportionally greater reduction in claims. A 1% reduction in mileage typically causes a 1.4% to 1.8% reduction in claims, making insurers financially better off. This increases net savings from distance -based pricing and reduces the financial risks to insurers. Technical concerns can be addressed by implementing distance -based pricing pilot projects to obtain better information on feasibility, costs, consumer demand, travel impacts, crashes, and revenue impacts. This could begin on a relatively small scale, and if no major problems are found it could ramp up until all motorists are offered distance -based pricing. Distance -Based Vehicle Insurance; Technical Report Victoria Transport Policy Institute 6 Introduction When grocery stores price cucumbers by the piece, customers tend to pick the larger ones fi rst. When the same vegetables are priced by weight, smaller cucumbers tend to be picked first. A tender little cucumber may be a good value by the pound but not by the piece. This illustrates how different pricing units can affect consumers’ decisions. This report explores the feasibility of implementing distance -based motor vehicle insurance. Distance -based pricing converts insurance from a fixed cost into a variable cost with respect to vehicle travel. Thus, the more"
"feasibility of implementing distance -based motor vehicle insurance. Distance -based pricing converts insurance from a fixed cost into a variable cost with respect to vehicle travel. Thus, the more you drive the more you pay, and the l ess you drive the more you save. Distance -based insurance is justified on actuarial grounds, since the more a vehicle is driven the greater its chance of having crashes and claims, all else being equal. Under current pricing, when a motorist reduces mile age the resulting insurance cost savings are dispersed among premium payers or retained as profits by their insurer. Individual motorists perceive no direct insurance savings for driving less. With distance -based pricing insurance cost savings that resu lt when a motorist reduces mileage are returned to that individual driver. These are net benefits to society, not just economic transfers. Motorist Reduces Mileage  Reduced Crashes  Insurance Cost Savings Distance -based pricing returns to individual motorists the insurance cost savings that result when they drive less. It rewards motorists for reducing mileage and makes premiums more accurately reflect the insurance costs of each individual vehicle. Distance -based pricing provides a marginal financ ial incentive to reduce mileage, allowing individual consumers decide which miles, if any , to forego. Any vehicle -miles reduced consist of lower -value vehicle travel that motorists willingly give up in exchange for financial savings, representing a net con sumer surplus. Motorists who continue their current mileage are no worse off on average with distance -based pricing (excepting any additional transaction costs), while those who reduce mileage are better off overall. To the degree that motorists reduce mileage, and therefore crashes and insurance claims, the savings that result are net benefits to society, not just economic transfers. Distance -Based Vehicle Insurance; Technical Report Victoria Transport Policy Institute 7 Distance -based insurance pricing can provide many benefits:  Increase d actuarial accuracy. It makes premiums more accur ately reflect the insurance costs of an individual vehicle.  Increase d insurance affordability . It offers motorists a new opportunity to save money. Savings could to average $50 -100 annually per participating vehicle with some systems.  It can increase consu mer choice. Distance -based pricing can be optional, allowing individual motorists to choose the pricing system that offers them the greatest benefits.  By reducing vehicle mileage it can reduce congestion , road and parking facility costs, energy consumption and pollution emissions, and provide other benefits.  It can significantly increase road safety. When motorists reduce their annual mileage they reduce crash risk to themselves and to other road users.  It is progressive with respect to income. Most lower income motorists should save money, since they tend to drive their vehicles less than average and"
"risk to themselves and to other road users.  It is progressive with respect to income. Most lower income motorists should save money, since they tend to drive their vehicles less than average and are relatively price sensitive.  It reduces the need to rely on cross -subsidies from low -risk motorists to provide “affordable” unlimited -mileage insurance c overage for higher -risk motorists. There are also barriers and costs associated with distance -based pricing:  It requires insurers and brokers to change how they calculate premiums, develop new procedures, and modifying computer programs.  Most distance -based pricing systems increase transaction costs. Incremental costs range from less than $10 to more than $150 per vehicle -year, depending on system.  It makes premiums and insurance revenues less predictable. Motorists and insurers would not know total prem iums until the end of the insurance term.  It can introduce new financial risks to insurers. It is possible that mileage and premium income would decline more than crashes, or that crash risk may shift to fixed -priced vehicles.  It increases premiums for som e motorists, and may reduce commissions for some brokers.  It has mixed political support, and there may be opposition from some stakeholders.  Many people are skeptical of predicted benefits. What would be the consequences if gasoline were sold like auto mobile insurance? With gasoline sold by the car -year, vehicle owners would make one annual prepayment that allows them to pump unlimited fuel from their company’s stations. Prices would be calculated based on the average cost of supplying fuel to vehicles with similar user profiles. Unmetered fuel would cause a spiral of increased fuel consumption, mileage, and total vehicle costs, including externalities such as accident risk, congestion, pollution and infrastructure costs. Low mileage (particularly lower income) drivers would simply drop out of the system because their costs per mile would be excessive, leaving them with fewer travel options. Of course, above average fuel users would defend this system because they enjoy benefits. Such a price system wou ld be irrational. It is comparable to current insurance pricing. Distance -Based Vehicle Insurance; Technical Report Victoria Transport Policy Institute 8 Automobile Pricing Practices This section discusses how distance -based insurance would affect overall vehicle costs. Current Vehicle Insurance Pricing Figure 1 shows the distribution of mo tor vehicle expenses. Motorists typically consider only fuel, out-of-pocket parking and toll charges as variable expenses. A portion of vehicle depreciation and most repair costs are also related to mileage over the long term, but they seldom influence individual trip decisions. Premiums per insured vehicle average approximately $ 850 per vehicle -year in the U.S., or about $1, 360 annually per household. Registration and license fees average about $ 250 per vehicle -year. Figure 1"
"per insured vehicle average approximately $ 850 per vehicle -year in the U.S., or about $1, 360 annually per household. Registration and license fees average about $ 250 per vehicle -year. Figure 1 Typical Costs for Intermediat e Size Car1 Depreciation31%Short-Term Parking & Tolls4%Insurance21%Financing6%Fuel & Oil19%Tires3%Registration3%Maintenance13%Variable CostsFixed Costs This graph illustrates the major financial costs of an intermediate size automobile averaged over a 12 year operating life. Although fixed vehicle expenses have increased substantially during the last thre e decades, variable costs have decreased in real terms. As a result, variable costs as a portion of total costs have declined significantly, as indicated in Figure 2. This price structure gives motorists an incentive to maximize their mileage in order to “ get their money’s worth” on their large fixed expenditures. This is particularly true of high risk drivers who pay large premiums for unlimited -mileage coverages. DBVI reduces the need to subsidize high risk driver, instead they simply pay high per -mile pr emiums ( Wilson 2023) . 1 Based on Jack Faucett Associates, Cost of Owning and Operating Automobiles, Vans & Light Trucks, 1991 , Federal Highway Administration (Washington DC), 1992. Distance -Based Vehicle Insurance; Technical Report Victoria Transport Policy Institute 9 Figure 2 Variable Automobile Costs as a Portion of Total Costs2 0%10%20%30%40%1950 1960 1970 1980 1990Percentage of Total Vehicle CostsVariable Expenses Insurance The variable portion of vehicle costs declined from about 40% in 1950 to 20% in 1995. Insurance actuaries acknowledge that mileage is an important risk factor, but usually give it little weight as a rating factor because self -reported data are unreliable.3 Instead, less accurate, indirect indicators of mileage are used, such as vehicle type, commute distance, demographic and geographic factors. Insurers consider several objectives besides risk when developing price structures, including administrative convenience, and marketing factors. Prices are often set to attract desirable customers, such as those likely to purchase other insurance (vehicle, home, life, etc.). Regulators often require insurance companies to underprice high -risk drivers for the sake of affordability. As a result, some types of motorists pay far more than their average accident costs, while others pay far less. Insura nce Affordability and Uninsured Driving (Litman, 2004) Unaffordable insurance is considered a major problem, particularly because it contributes to uninsured driving. Many low -income motorists are forced to drive uninsured, since insurance would cost a sig nificant portion of their net income. This creates a cycle of uninsured driving, uninsured claims and higher premiums in lower -income communities.4 Higher -income motorists sometimes drive uninsured if they own a vehicle that is only used occasionally. Alth ough most jurisdictions mandate minimum"
"higher premiums in lower -income communities.4 Higher -income motorists sometimes drive uninsured if they own a vehicle that is only used occasionally. Alth ough most jurisdictions mandate minimum levels of coverage, these requirements are often ignored.5 But enforcement strategies can be effective. In British Columbia, less than 1% of crashes involve uninsured motorists due to the successful integration of ve hicle insurance and licensing 2 Facts and F igures 95 , Motor Vehicle Manufacturers Association, 1995, p. 58. 3 CAS, Foundations of Casualty Actuarial Science , 3rd Edition, Casualty Actuarial Society (Arlington; www.casact.org ), 1996, p. 35. Also see p. 242 and 250. 4 Patrick Butler, How Per -Car Premiums Induce Adverse Selection and Foster the “High -Risk-Driver” Theory , presented at the Annual Meeting of the American Risk & Insurance Association, August 2004; available at Cents Per Mile ( www.centspermilenow.org ). 5 12% of 1989 insurance claims involved uninsured vehicles. Tom Wenzel, Analysis of National Pay -as-you-Drive Insurance Systems and other Variable Driving Charges , Energy & Environment Division, Lawrence Berkeley Laboratory (Berkeley), July 1995, p. 29. Distance -Based Vehicle Insurance; Technical Report Victoria Transport Policy Institute 10 transactions. Vehicle owners must pay for insurance to obtain license tabs. This is more effective than simply requiring proof of insurance, which can be evaded with counterfeit documentation. Factors Influencing Insurance Pr ices Insurance is regulated to achieve several objectives, including financial security and responsibility (i.e., to insure that insurance companies will not become bankrupt and cover claims as required), equity and affordability. In general, insurance p rices are intended to be actuarially accurate, meaning that premiums reflect the insurance costs imposed by each policy. This is considered most equitable (consumers pay the costs they impose) and economically efficient (it gives accurate price signals, so consumers have an incentive to reduce risks). However, in practice other factors affect vehicle insurance pricing. Because mos t jurisdictions mandate insurance , affordability is a major issue. Cost -based pricing would require some categories of motorist s to pay several thousand dollars a year for basic converge, which would make insurance, and therefore legal vehicle ownership, unaffordable to some lower -income drivers. To address this problem, regulators require insurance companies to provide coverage t o higher -risk motorists at less than full costs, resulting in subsidies from lower -risk to higher -risk premium payers.6 Insurance pricing is also affected by marketing objectives. For example, insurance companies’ may underprice automobile insurance attra ct higher -income consumers who are likely to purchase other types of insurance, such as household coverage.7 As a result, premiums often overcharge lower -risk motorists (what actuaries call “cream”)"
"higher -income consumers who are likely to purchase other types of insurance, such as household coverage.7 As a result, premiums often overcharge lower -risk motorists (what actuaries call “cream”) and undercharge higher -risk motorists. This results in ex tremely high premiums in lower -income areas, since a greater portion of low -mileage motorists drive uninsured which reduces funds to cross -subsidize higher -mileage motorists.8 As explained by the National Organization for Women’s Insurance Project,9 “Compu lsory insurance seems to work in upper -income zip codes where most people can afford to keep insurance on cars driven less than average. Because these cars cost insurers proportionately less in claims, they bring in extra profits and insurers privately cal l landing their business “skimming the cream.” Insurers use extra profits from “cream” customers to compete by holding car insurance prices down for their preferred customers who have many other insurance needs. Customers typically skimmed and overcharged are those who commute by carpool, bus or bicycle, and also women, older people, and households with more cars than drivers. In low income zip codes, insurers redline many cars to higher “nonstandard” prices —not because their drivers are less careful, as in surers encourage everyone to believe —but because of the scarcity of “c"
"EXPLORING THE IMPACT OF E-INSURANCE AS A DISTRIBUTION PLAT FORM TO IMPROVE SALES OF THIRD-PARTY MOTOR INSURANCE IN NIGE RIA. BY OMOTAYO BALOGUN IN FULFILMENT FOR THE AWARD: MSc. INTERNATIONAL MANAGEMEN T (DIGITAL BUSINESS) APPLIED. TEESSIDE UNIVERSITY May, 2024. 1 ABSTRACT The global expansion of the automobile industry has heralded new opportu nities for the insurance sector; however, developing countries like Nigeria have yet to fully capitalize on this growth. Nigerian insurance companies struggle with the challenge of i mplementing innovative business models to address issues of transparency, consumer confidence, di stribution, sales, penetration, and financial inclusiveness, particularly within the domain of third-party motor insurance. This study emphasizes the critical need for insurance compan ies to integrate technology with their business models, leveraging digital solutions to bridge the su bstantial gap between the number of vehicles on Nigerian roads and the number of insured vehicles. Th rough the adoption of e-insurance platforms, insurance firms stand to broaden their market reach, improve accessibility, optimize distribution channels, augment sales figures, and foste r healthy competition within the industry. Employing qualitative research methodologies, inc luding semi-structured interviews with both consumers and insurance practitioners, this thesis in quires deep into the exact attitudes of consumers, the valuable understanding from industry professionals, and t he evolving dynamics of Nigeria's insurance industry. The research findings present a comp rehensive understanding of consumer perspectives and industry insights, offering actionable recommendations for insurance stakeholders to navigate the evolving terrain of third-party m otor insurance in Nigeria. By harnessing the transformative power of e-insurance platforms and al igning technology with strategic objectives, insurance companies can unlock new avenues for growth, stimulate innovation, and drive sales and sustainable development within N igeria's dynamic insurance sector. 2 CHAPTER ONE 1.0 Introduction of the Study The motivation behind this study originates from the pressing desire to address the significant challenges facing the Nigerian insurance industry in this digital era. With the swift evolution of Internet technology and changing consumer expectations, there is a clear imperative for insurers to adapt and innovate to remain competitive. E-insurance, as a manifestation of this digital transformation, offers immense potential to revolutionize the way insurance products and services are distributed and accessed. However, despite its promise, th ere remains a notable gap in the adoption of e-insurance platforms, particularly in the context of t hird-party motor insurance sales. By exploring the impact of e-insurance on the sales of third-party moto r insurance in Nigeria, this study seeks to uncover possibilities that can inform strategic interventions and"
"insurance sales. By exploring the impact of e-insurance on the sales of third-party moto r insurance in Nigeria, this study seeks to uncover possibilities that can inform strategic interventions and drive the industry toward greater efficiency, accessibility, and customer sati sfaction. Through a deeper understanding of consumer attitudes, industry perceptions, and best practices in digi tal distribution, this research aims to pave the way for a more resilient and responsive insuran ce sector in Nigeria. 1.1 Structure of The Study This study will be structured into several key sections to c omprehensively address the research objectives and questions. The first section will focus on the background of the study, outlining the background, context, and significance of investigating the impact of e -insurance on third-party motor insurance sales in Nigeria. Following this, a thorough revi ew of relevant literature will be presented, covering topics such as digital transformation in the insura nce industry, the emergence of e-insurance, and factors influencing consumer behavior. Subseque ntly, the methodology section will detail the research approach, design, data collection m ethods, and analytical techniques employed in the study. The findings of the research will then be p resented and analyzed, drawing upon understandings gained from interviews, and other data sources. Fina lly, the study will conclude with a discussion of the implications of the fi ndings, their relevance to theory and practice, and potential avenues for future research in the fiel d of e-insurance and motor insurance sales. 3 1.2 Background of Study The rise of Internet technology has profoundly influenced consumer beh avior and expectations across diverse industries. In the present day, consumers desi re more than merely competitive pricing and high-quality products or services. They prioritize compan ies capable of providing swift services, easy accessibility, efficient outreach, and conveni ence that align seamlessly with their fast-paced lifestyles. E-insurance refers to the utilization of online platforms for t he sale, delivery of services, and dissemination of information related to insurance (Sapa et al., 2014). This encompasses the application of the Internet and associated information techno logies for the provision and circulation of insurance services, involving processes such as solicitation, negotiation, contracting, and the online distribution of insurance policies (Sergey, 2016). The advent of digital technology has transformed the distribution of insurance services, emerging a s a fundamental factor in the success of individuals and businesses across diverse sectors . The utilization of the internet, mobile devices, telematics, and social networks has brought about a profound shift in how insurers engage with their clientele. This evolution empowers customers wi th increased access to information regarding their risk exposures, fostering a trend toward greater"
"a profound shift in how insurers engage with their clientele. This evolution empowers customers wi th increased access to information regarding their risk exposures, fostering a trend toward greater s elf-reliance in meeting their insurance requirements (Hung 2020). Leveraging digital technologies, platforms, and infrastructures for innovation presents entrepreneurs with the chance to introduce novel products, serv ices, and improved processes across various industries (Gault 2018; Nambisan et al. 2019). The insurance sector is no stranger to this trend, as innovation is intricately tied to emerging t echnologies and encompasses the entire value chain (Bohnert et al. 2019; Eling and Lehmann 2018). Advanced nations have already embraced digital products within t he insurance sector, capitalizing on modern data channels, improved data processing capacities, and advancements in Artificial Intelligence algorithms (Aggrey et al., 2012). However, insurance service providers in developing countries such as Nigeria encounter substantial challenges in ke eping pace with their counterparts in countries like India, the USA, and the UK. This is because they are not leveraging the available 4 technology platforms to develop innovative touchpoints and provide customer-friendly experiences. Advancements in technology have transformed the way insurance se rvice buyers access information about products and services (Chatterjee et al., 2002). The internet has made it easier for customers to access information, and modern technologies tha t enable quick and efficient comparison of propositions have increased the demand for bett er insurance products. The amalgamation of digital technology and innovative thinking offer s substantial prospects for the distribution and sales of motor third-party insurance. This encom passes leveraging mobile and web technologies to boost sales online, along with inventive mo dels of distribution (Seitz, 2017). Transforming Nigeria's insurance market to increase sales and dis tribution agility for motor third-party Insurance could be achieved by crafting new business models that address the requirements of drivers in both urban and rural areas (Barkur, Rodrigues, and Varambally, 2 007). The use of information technology in the motor insurance sector has the pot ential to transform the way insurers and customers interact. It can be leveraged to in crease sales and enhance distribution strategies. Third-party liability insurance plays a vital role in assi sting vehicle owners in covering financial responsibilities arising from harm or injury to third partie s, particularly in developing nations with a significant number of low-income individuals (Marso n, Nicholson, and Ferris, 2017). Despite compulsory insurance coverage for vehicles in Nigeria, over 71.7% of cars have no access to insurance, and manual selling is more prevalent than techno logy-driven selling. Integrating e-insurance into product distribution channels can benefit the"
"over 71.7% of cars have no access to insurance, and manual selling is more prevalent than techno logy-driven selling. Integrating e-insurance into product distribution channels can benefit the Ni gerian insurance industry significantly. The prospect of an e-insurance-enabled insurance platform is appealing to many in the industry, and the advantages of reduced transaction costs, more competitive products, and expansion of markets cannot be overemphasized (Fisher, 2009; McCarthy, 2000). India and Nigeria, both characterized by sizable populations, exhi bit distinct trends in their insuran sectors. In India, the insurance sector has warmly embraced e-insur ance, with motor insurance emerging as the leading contributor to business among vario us general insurance products. As per the Indian Brand Equity Foundation (IBEF), a governmental entit y, motor insurance commanded 5 a substantial 36.60 percent market share within the realm o f general insurance products in India during FY20 (cited in Manoj, 2020). The insurance industry in India is progressi vely integrating Information Technology for tasks such as process automation and cos t reduction. This shift necessitates efficient handling of substantial data volumes, em phasizing the imperative for insurers to adopt a data-driven approach and leverage data to their strategic a dvantage. Digital technologies have the potential to transform various operational aspects that affect both insurers and customers and improve insurance sales if strategica lly developed in the Nigerian insurance industry. While many researchers have talked about e-insurance, few have examined the role of e-insurance as a sales and distribution platform to improve s ales of third-party motor insurance in Nigeria. This research uses qualitative methods to explore the role of e-insurance distribution platforms on the sales of third-party motor insurance in Nigeria . 1.3 Statement of the Problem Motor insurance is one of the six compulsory insurance policies in Nige ria, and it is widely used in the country. With a population of over 226.2 million, of which almos t 70% are young people, there is a huge potential for growth in insurance and financial s ervices in Nigeria. However, despite these opportunities, the insurance industry in the country is still st ruggling to thrive. The contribution of the industry to the nation's gross domestic product is less than 1%, and only 3.4 million people have motor insurance coverage in Nigeria according to NIA 2022. Numerous experts assert that the Nigerian insurance sector has bee n sluggish in embracing digital technologies, thus failing to fully harness the potential of di gitalization (Müller et al., 2015, as cited in Martin 2020). Nevertheless, a prevailing viewpoint a mong market participants is that digitalization holds the promise of fundamentally reshaping the value-creation dynamics of the industry. This transformation is anticipated to usher in nov el modes of customer interaction,"
"is that digitalization holds the promise of fundamentally reshaping the value-creation dynamics of the industry. This transformation is anticipated to usher in nov el modes of customer interaction, innovative business processes, fresh risks, and advancements in pro duct technologies (Catlin, Hartmann, Segev, & Tentis, 2015). Despite the surge in interes t globally due to recent advancements in insurtech, academic discourse on digitalization' s impact on the insurance sector, particularly in the context of third-party motor insurance sale s, remains relatively scant. This research study therefore explores the impact of e-insurance as a distribution platform to improve the sales of third-party motor insurance in Nigeria. 6 1.4 Aims of the Research. This study aims to understand the Impact of E-Insurance as a distribution Platform to Improve Sales of third-party motor insurance in Nigeria. 1.4.1 Objectives of the Research  To understand the attitude and perceptions of consumers towa rds E-Insurance as a platform for third-party motor insurance.  To identify the factors that influence consumers' trust and confidence in purchasing third-party motor insurance through E-Insurance platforms.  To understand the viewpoints of insurance industry practitioners on t he prospective benefits and disadvantages of integrating E-Insurance into the sales of third-party motor insurance.  To make suggestions and recommendations for using E-Insurance as a distribution platform to improve the sales of third-party motor insurance in the Ni gerian market. 1.5 Research Questions What is the Impact of E-Insurance as a distribution Plat form on Sales of third-party motor insurance in Nigeria? 1.6 Significance of the study The significance of this study cannot be overstated. Motor insur ance is a compulsory insurance product in Nigeria that is meant to be purchased by every motorist. However, it is unfortunate that 71.7% of vehicles in Nigeria are still uninsured. E-insurance has been successful in generating sales of this product in other developing nations like India to expa nd the insurance net and bring customer-oriented experience to the insuring public. This researc h is timely as the insurance industry in Nigeria is seeking a major transformation to increas e the sales of third-party motor insurance. As this study probes into the literature review chapter, it wil l explore existing studies and perceptions related to e-insurance adoption, particularly in the context of motor insurance, shedding light on benefits, disadvantages, its use as a distribut ion platform, and lessons from comparable contexts such as India and how technology has been used to driv e efficiency. 7 1.7 Rationale Behind the Study The rationale for conducting this study arose from the urgent need to address the challenges facing the Nigerian insurance industry, particularly in the contex t of third-party motor insurance sales. Despite being a compulsory insurance product, a significant porti on"
"address the challenges facing the Nigerian insurance industry, particularly in the contex t of third-party motor insurance sales. Despite being a compulsory insurance product, a significant porti on of vehicles in Nigeria remains uninsured, posing financial risks to both vehicle owners and third pa rties. E-insurance has emerged as a potential solution to enhance the accessibility, effici ency, and effectiveness of insurance distribution channels, yet its impact on third-party motor insurance sales in Nigeria remains understudied. By investigating the role of e-insurance as a distribut ion platform, this study aims to fill this knowledge gap and provide a valuable report that can inform strategies to improve the sales and distribution of third-party motor insurance in Nigeria. Such reports are crucial for the industry's efforts to expand insurance coverage, mitigate r isks, and contribute to the overall socio-economic development of the country. 1.8 Definition of Terms Risk: This is a situation of being exposed to danger or the possibili ty that something unexpected, or unpleasant may occur. Insurance: Insurance is like a safety plan. You pay a little money (premiu m) to a company (insurer), and they take on some or all of the risk if something bad ha ppens to you or your property. ROI: return on investment E-insurance refers to using the Internet and related information technologie s to provide and distribute insurance services. 1.9 Research Design The research design for this study will adopt a qualitative app roach, employing methods such as interviews, journals, and other data in the public domain, a nd content analysis. Firstly, semi-structured interviews will be conducted with key stakeholders li ke insurance practitioners anonymously to gather their perspectives on the role of e-insurance in third-party motor insurance sales. These interviews will provide an in-depth understanding of t he challenges, opportunities, and potential strategies for leveraging e-insurance platforms to improve sales and distribution. 8 Secondly, interviews will be organized with consumers of third-part y motor insurance to explore their attitudes and behaviors regarding e-insurance platforms. These disc ussions will facilitate a deeper understanding of consumer perceptions, trust factors, and de cision-making processes when purchasing insurance through digital channels. Lastly, thematic analysis will be employed to analyze releva nt literature, industry reports, and online discussions related to e-insurance and third-party motor insurance sales in Nigeria. This will provide a comprehensive overview of existing research, industry trends, and best practices, which will inform the interpretation of findings from the interviews. Overall, this qualitative research design will enable a holis tic exploration of the research questions, revealing the complex dynamics of e-insurance distribution and its impact on third-party motor insurance sales in Nigeria. 1.9.1"
"design will enable a holis tic exploration of the research questions, revealing the complex dynamics of e-insurance distribution and its impact on third-party motor insurance sales in Nigeria. 1.9.1 Research Structure Introduction: This section will provide an overview of the research topic, including background information, the rationale for the study, research questions, aims, o bjectives, and significance of the research. Literature Review: This section will review relevant literature related to e-in surance, digital technology in the insurance sector, third-party motor insurance, and c onsumer behavior. It will explore existing research, theories, and concepts to provide a t heoretical framework for the study and identify gaps in the literature. Research Methodology: This section will outline the research design, including details of the qualitative methods approach, data collection methods (intervie ws), sampling techniques, data analysis procedures, and ethical considerations. Findings and Analysis: This section will present the findings of the study, includ ing qualitative interview perspective and results. It will analyze the data to address the research interview questions and objectives, identifying patterns, themes, and relationshi ps. Conclusion and Recommendations: This final section will summarize the key findings of the study, discuss their implications for theory and practice, and pro vide recommendations for 9 stakeholders in the Nigerian insurance industry. It will al so highlight the limitations of the study and suggest areas for future research. Reflective Statement: This section serves as evidence of the researcher's active i nvolvement in the dissertation process and showcases the growth and enhancement of the skills and knowledge throughout the endeavor. 10 CHAPTER TWO LITERATURE REVIEW 2.0 Introduction The literature review will explore a wide array of topics and conce pts related to e-insurance, technology adoption in the insurance industry, consumer behavior, and the sal es and distribution of third-party motor insurance. Specifically, it will touch on e-insur ance and its impact as an insurance distribution platform. Concepts such as technology adoption, i nnovation in insurance, customer-centric approaches, and technological advancements will be discussed to provide a comprehensive understanding of the subject matter. Additionall y, theories and frameworks related to consumer behavior, trust, and adoption of digital platforms will be examined to shed light on the factors influencing consumers' attitudes and perception s towards e-insurance. Moreover, the literature will review qualitative empirical data on e-insura nce adoption in both developed and developing countries to draw insights and lessons applicable to the N igerian context. Overall, the literature review will provide a robust body of knowledge that i nforms the research study on the impact of e-insurance as a distribution platform for motor third-party i"
"context. Overall, the literature review will provide a robust body of knowledge that i nforms the research study on the impact of e-insurance as a distribution platform for motor third-party i nsurance in Nigeria. 2.1 Literature Review Strategy A narrative literature review approach was chosen for this stu dy due to its flexibility and suitability for exploring evolving research areas such as e-insurance and digital technology adoption in the insurance sector. Unlike systematic reviews, which follow a stric t protocol and aim to answer specific research questions, narrative reviews allow for a more organi c exploration of diverse literature sources, enabling the researcher to develop a ref ined understanding of the topic (Green et al., 2006). In contrast to scoping reviews, which aim t o map out the existing literature and identify research gaps, narrative reviews explore deeper into sel ected themes and concepts, providing detailed exploration and interpretations (Grant and Boot h, 2009). The narrative review strategy employed in this study involves a comprehensive exami nation of various types of literature, including academic articles, industry reports, and empirical research in a qualitative approach, to explore the evolution of digital technology, e-insura nce, e-insurance benefits and disadvantages, e-insurance as a distribution platform, cons umer behavior dynamics, and the role of e-insurance as a distribution channel. By synthesizing diver se sources of literature and utilizing 11 theoretical frameworks like the Technology Acceptance Model (TAM) and t he Unified Theory of Acceptance and Use of Technology (UTAUT), this narrative review aims to provide a valuable understanding of the factors influencing the adoption and effect iveness of e-insurance platforms in Nigeria's insurance industry. 2.1.1 Digital Technology The evolution of information technology, telecommunication, and the expa nsion of internet and wireless communication technologies is reshaping the financial se rvices sector, particularly the insurance domain. These technological strides empower ins urance companies and agents to enhance service delivery and cost savings for consumers. Digital technology facilitates quicker, more cost-effective, and reliable handling and sharing of informati on compared to historical practices (Nyangosi, 2011). Hebber et al. (2014) emphasize that the technological environme nt in developing nations is undergoing rapid transformations, often outpacing developments in more a dvanced counterparts. To thrive, businesses in these regions must prioritize ke y drivers, such as identifying and efficiently implementing new market opportunities, enhancing the value of existing customer relationships to foster long-term loyalty, and innovating to streamline cust omer interactions, irrespective of geographical constraints. 2.1.2 E-Insurance E-insurance encompasses online platforms that offer insurance sales, se rvices, and information. It is a broad term"
"cust omer interactions, irrespective of geographical constraints. 2.1.2 E-Insurance E-insurance encompasses online platforms that offer insurance sales, se rvices, and information. It is a broad term describing the use of the Internet and related inf ormation technologies (IT) in creating and delivering insurance services. In a more specific c ontext, it refers to the offering of insurance coverage where policies are solicited, negotiated, pre sented, and contracted on the Internet (Sapa et al., 2014). E-insurance involves leveraging technology to deliver insurance services and meet the needs of clients on a global scale (Saee d, 2012). E-insurance is the process of modernizing insurance services t hrough the adoption of new technologies, simplifying insurance policies, and enhancing competiti ve advantages. It signifies the evolution of insurance into electronic formats, with Insurt ech representing the future of the industry (Radwan, 2018). 12 According to Ahonen and Jarvinen (2003), e-insurance entails providing i nsurance services more efficiently by using electronic channels. E-insurance is defined by Morsi (2016) as a process that facilitates, advertises, and bargains for insurance services onl ine. E-insurance, to put it simply, is the process of creating and employing an information infrastructure and developing and putting into effect the policies, guidelines, and procedures required to c arry out digital or information society operations in the insurance industry (Hatami, 2005, p. 1 5). Manual insurance operations are replaced by e-insurance (Meshkat et al., 2012). Insurance companies in Nigeria can use E-Insurance to improv e efficiency, lower costs, increase sales, and create new products and services. The creation of t he internet and related electronic devices has made it simpler and more convenient to provide fi nancial services to customers at a reduced cost. Customers can now easily purchase third-party motor in surance through an efficient online process, leading to higher sales volume. This chapter revi ews past literature on e-insurance and explores ideas about the impact of e-insurance on the sales of third-party motor insurance. 2.2 Benefits or Advantages of E-insurance: Mohamed, O.A., (2020) in a journal titled E-Insurance Concept, Importance, and Applications stated that applying e-insurance technologies brings several signifi cant opportunities and advantages such as: 1. Minimizing unnecessary expenses Promoting insurance services online offers cost and time a dvantages over traditional advertising practices. Additionally, automating insurance services can c ut administration costs and enhance the management of customer databases. The cost-efficiency of e-insuran ce may result in lower insurance premiums, potentially inspiring customers to buy more insurance. 2. Assisting in broadening the target market Transitioning into a digital system enables insurance companie s to broaden their reach and enter new markets"
"inspiring customers to buy more insurance. 2. Assisting in broadening the target market Transitioning into a digital system enables insurance companie s to broaden their reach and enter new markets encompassing diverse cultures, age groups, and social d emographics. 3. Gaining a Competitive Edge: In today's digital age, customers conduct their daily activities online, and it includes buying, selling, and exchanging products and services. Consequently, insurance fi rms that adopt and 13 provide online services, simplifying processes to be more effic ient, rapid, and cost-effective, secure a competitive edge. 4. Enhancing Service Quality: E-insurance empowers insurance companies to elevate the qualit y of their services. It enables companies to deliver faster and easily accessible service s, thereby fulfilling a broader range of customer needs and ensuring satisfaction. 2.2.1 Challenges of E-Insurance Mohammed (2020) has pointed out some limitations of e-insurance. A ccording to him, technical hurdles can make it hard to ensure the reliability and security of the network used. In addition to that, the limitation of specialized networks also poses a rest riction to e-insurance (Hiwarkar, 2013). Pandey (2012) has emphasized that the primary impediments hinderi ng the progress of the e-insurance sector include the absence of systematic planning and net working technologies, a shortage of skilled human manpower (such as surveyors, actuaries, loss adjusters, and loss assessors), and a general lack of adequate attention among bot h the public and insurance firms regarding the advantages of e-insurance. 2.3 E- Insurance as a Distribution Platform Different ideas surrounding the distribution of insurance products have been explored in academic literature. However, limited focus has been directed towards an in-dep th examination of these concepts. Yu. Klapkiv, for instance, clarified the importan ce of mobile technology solutions as a platform for online service distribution and defined ""distribution"" a s the transfer of commodities and services from producers to consumers (Klapkiv et al., 2018) . Pikus and Zakolodyazhnyi (2016) conducted research and expressed interest in novel and inventive dist ribution methods for insurance products, especially in the personal insurance market. Insurance companies should focus on developing digital channels t o boost the sales of their insurance products, especially third-party motor insurance, which is compulsory insurance. Pousttchi (2019) and Porrini (2018) asserted that insurance entitie s ought to concentrate on crafting customer-centric business models and hybrid service-oriented, susta inable, and inventive digital 14 products, and collaborations with Insurtech and technology firms to e nhance the digitization of distribution channels. Customer preferences are dynamic, and an effective strategy to cater t o their third-party insurance requirements involves establishing a digital distribution platform . In the"
"distribution channels. Customer preferences are dynamic, and an effective strategy to cater t o their third-party insurance requirements involves establishing a digital distribution platform . In the research paper titled ""The Future of Insurance Intermediation in the Age of the Digital Pl atform Economy,"" Stricker et al. (2023) inquire into the implications of multi-sided platforms on i nsurance intermediation. The study observes that the intersection of digitalization and evolv ing customer preferences has given rise to Insurtech enterprises and multi-sided platforms. These plat forms exhibit enhanced capabilities in terms of agility, scale, and scope, and th e paper examines their prospective role in the realm of insurance intermediation. Presently, third-party motor insurance services in Nigeria are mostly traditionally distributed through internal and external channels. External channels encompass age nts, brokers, and banks (bancassurance), while direct sales to insurers constitute the int ernal channels, proving more lucrative for insurance firms as they eliminate commission fees. In recent years, technology has been harnessed to enhance the efficiency of agents and brokers in d istribution. The advent of the internet, the rise of e-commerce, and the widespread accepta nce of online transactions have prompted insurance companies to leverage technology, utilizing webs ites for selling third-party motor insurance. However, challenges such as technology adoption, illiteracy, and low financial inclusion among the unbanked have impeded sales growth and in clusion. Addressing these challenges necessitates acknowledging the pivotal role of internet ac cess, a prerequisite for deploying a technology-driven platform that can facilitate and brid ge the gap of accessibility of motor third-party insurance from any location. (Aroro, 2013) mentioned channels in e-insurance, and they are highlighted be low: 1. Internet Marketing The rapid growth of the internet has sparked debates about its potential impact on traditional distribution channels. In India, for example, although there is a growing number of internet users, online transactions for insurance services are still not widely adopt ed due to security concerns. While some companies provide insurance services online, it is still a minute part of the overall insurance distribution system. 15 Currently, the majority of insurance companies have product details and educational resources available on their mobile apps and websites.. However, these serv ices are not viewed as a means for direct selling of insurance products and services. In Nige ria, India, etc., where insurance is still sold through face-to-face interactions, selling over the Internet is not yet a popular option. Although the internet is being used as a support channel, its adopt ion rate as a distribution channel has been slow. In countries like Nigeria and India, where internet penetration is still low and there are legal issues with"
"used as a support channel, its adopt ion rate as a distribution channel has been slow. In countries like Nigeria and India, where internet penetration is still low and there are legal issues with online agreements, the insecurity associated with internet tra nsactions remains a significant challenge. For now, the internet has not evolved into an effective mea ns for the direct selling of insurance products and services. 2. User-Based and User-Focused Technologies: User-Based and User-Focused Technologies refer to technologi es that cater to the needs and preferences of customers. In today's world, where customers prefer to shop online, insurance companies have to change the way they do business. The ease of browsing the internet and comparing deals online has made online shopping the most pop ular mode of shopping. The use of mobile devices for payment is also gaining acceptance. 3. Self-driving cars: The imminent availability of self-driving cars necessitate s preparation within the insurance industry for this driverless future. These vehicles utilize advanced software to analyze real-time data and model the behavioral dynamics of surrounding drivers, pe destrians, and objects. The learning algorithm incorporates data not only from the autonomous vehicle itself but also from others nearby, determining appropriate responses to potential issues. T he anticipated reduction of accidents by 90% with the advent of self-driving cars will have a profound impact on auto insurance pricing and the processing of claims. 4. Robotics/Process Automation: The insurance industry is rapidly adopting chatbot technol"
"383ACTA UNIVERSITATIS AGRICULTURAE ET SILVICULTURAE MENDELIANAE BRUNENSISVolume 62 41 Number 2, 2014GENERALIZED LINEAR MODELS IN VEHICLE INSURANCESilvie Kafková1, Lenka Křivánková21 Masaryk University , Faculty of Economics and Administration, Lipová 41a, 602 00 Brno, Czech Republic2 Masaryk University , Faculty of Science, Kotlářská 2, 611 37 Brno, Czech RepublicAbstractKAFKOVÁ SILVIE, KŘIVÁNKOVÁ LENKA. 2014. Generalized Linear Models in Vehicle Insurance. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 62(2): 383–388.Actuaries in insurance companies try to fi nd the best model for an estimation of insurance premium. It depends on many risk factors, e.g. the car characteristics and the profi le of the driver. In this paper, an analysis of the portfolio of vehicle insurance data using a generalized linear model (GLM) is performed. The main advantage of the approach presented in this article is that the GLMs are not limited by infl exible preconditions. Our aim is to predict the relation of annual claim frequency on given risk factors. Based on a large real-world sample of data from 57 410 vehicles, the present study proposed a classifi cation analysis approach that addresses the selection of predictor variables. The models with diff erent predictor variables are compared by analysis of deviance and Akaike information criterion (AIC). Based on this comparison, the model for the best estimate of annual claim frequency is chosen. All statistical calculations are computed in R environment, which contains stats package with the function for the estimation of parameters of GLM and the function for analysis of deviation.Keywords: vehicle insurance, generalized linear model, poisson distribution, link function, analysis of deviance, Akaike information criterion1 INTRODUCTIONActuarial science is a dynamically developing fi eld dealing with an assessment of risk in insurance. Vehicle insurance is an insurance designed for cars, trucks, motorcycles, and other road vehicles. It is used to provide fi nancial protection against the damage of the vehicle and a bodily injury resulting from traffi c collisions. Moreover, it hedges against the liability which could arise in a traffi c accident. The specifi c terms for vehicle insurance and its type vary with legal regulations. A review of actuarial modeling in vehicle insurance is given in Denuit (2007).The process, by which insurers determine whether to insure an applicant and which premium to charge, is called vehicle insurance risk selection. The insurance premium is usually derived from an annual frequency of claims, which is modeled by using statistical data. This approach for computation of the premium can be found in Kaas (2009) and Ohlsson and Johansson (2010). The annual frequency of the claims is calculated from the number of the claims on a contract. They depend on many factors that are believed to have an impact on the expected cost of future claims. Those factors can include the car"
"is calculated from the number of the claims on a contract. They depend on many factors that are believed to have an impact on the expected cost of future claims. Those factors can include the car characteristics (vehicle body , vehicle age) and the profi le of the driver (age, gender, driving history). Based on the idea of Heller and Jong (2008) and Kaas (2009), we develop models for the vehicle insurance.The number of claims is a random variable. Based on Pearson’s chi-squared test we assume that the number of claims on a contract is Poisson distributed.Policyholders are divided into several tariff groups. For each group, generally diff erent expected values of claims are assumed. The expected value of a Poisson distributed random variable is equal to its variance. Because such expected values in individual groups are diff erent, it leads to the occurrence of heteroskedasticity . Therefore, we cannot usethe classical linear regression model.The expected value of the random variable with the Poisson distribution is always positive. Under the assumption that the mean depends linearly 384 Silvie Kafková, Lenka Křivánkováon the explanatory variables, its positivity cannot be guaranteed. Therefore, logarithmic transformation guaranteeing the positivity is used. In such case, instead of obtaining an additive model we get a model with a multiplicative eff ect on the mean.These are the reasons that lead us to use generalized linear models (GLMs). In particular, we use GLM with the Poisson distributed response variable and with the logarithmic link function. Generalized linear models became very popular since their introduction in Nelder and Wedderburn (1972), primarily due to the ability to handle discrete data via an extension of the familiar Gaussian regression model to the models based on underlying exponential family of distributions. A basic notation, defi nition and framework of GLMs are described e.g. in Dobson (2002). For the wide overview on GLMs see the standard text McCullagh and Nelder (1989).The aim of this paper is to develop a suitable model for an annual frequency of claims. Based on this model, the actuary can determine an adequate insurance premium for each group of drivers. The analysis of deviance and the Akaike information criterion are used for comparison of the examined models.Over the last years generalized linear models became a favorite statistical tool to model actuarial data. We refer to Haberman and Renshaw (1996) for an overview of applications of GLMs in actuarial science. For example, Gschlössl, Schoenmaekers and Denuit (2011) described the application of GLM for a construction of life tables in life insurance. Another application of GLMs in life insurance is introduced in Cerchiara, Edwards and Gambini (2008), where GLMs are used in context of lapse risk as a mean to understand the relationship between risk factors and to calib rate the lapse risk as accurately as possible. Advantages of the GLMs approach are discussed in"
"in context of lapse risk as a mean to understand the relationship between risk factors and to calib rate the lapse risk as accurately as possible. Advantages of the GLMs approach are discussed in Antonio and Beirlant (2007). Furthermore, they presented the usage of generalized linear mixed models in actuarial mathematics.The insurance portfolios have very specifi c characteristics, because, for many policies, there are no claims observed in the insurance history for a given period. It means that the data contains lots of zeros and therefore the GLMs may not give satisfactory results. This common situation considering the insurance data is discussed in Wolny-Dominiak (2012).2 MATERIALS AND METHODSThe most common approach for modeling the relationships between variables uses linear regression models. A disadvantage of the standard linear regression model is the assumption of normally distributed observations, which does not allow appropriate modeling of counts, frequencies, binary or skewed data.Another assumption of the linear regression models is that the mean of observations is a linear function of the parameters. Accordingly , it permits only additive models but not multiplicative ones. Moreover, linear regression models assume an independence of the variance and the mean while the variability o/ft en increases with the mean value in real data.If the data does not comply to the above mentioned properties of linear regression model, we can use generalized linear models which do not require such strict assumptions.2.1 Generalized Linear ModelsIn this section, we give only summary of the main characteristics of generalized linear models (GLMs). For a broad introduction to the generalized linear models, we refer to McCullagh and Nelder (1989), Dobson (2002) and Hardin and Hilbe (2007). Main attributes of the GLMs are the generalization of probability distribution of the dependent variable and giving a possibility to transform the data.GLMs extend the framework of linear regression models with normal distribution to the class of distributions from the exponential family . It allows modeling of large numbers of types of variables (counts, frequencies, etc.) and to treat skewed probability distributions of the data, too. Densities from the exponential family are defi ned in the following canonical form.Defi nition 1. The set of probability density functions (p.d.f.) written of the form ()() =(,) e x pyafy cy is called the exponential family , where θ and ϕ are parameters, θ is called the canonical parameter or the scale parameter and ϕ the dispersion parameter. a( θ) and c(y, ϕ) are known functions determining the actual probability function such as Binomial, Poisson, Normal or Gamma. Further generalization uses a link function which allows to model transformed data. The link function makes a connection between the mean and a linear function of the explanatory variables. A transformation of the mean is modeled as a linear function of"
"to model transformed data. The link function makes a connection between the mean and a linear function of the explanatory variables. A transformation of the mean is modeled as a linear function of explanatory variables.Defi nition 2. The link function g (μ) is a monotonic diff erentiable function of the form g(μ) = x'β,where β is the vector of regression parameters and x is a vector of the explanatory variables. The link function g(μ) determines how the mean is related to the explanatory variables x. Common link functions g(μ) are given in the T ab. I, in relation with specifi c probability distributions of the data. Generalized Linear Models in Vehicle Insurance 385Defi nition 3. Let Y be a random variable with mean denoted by μ and p.d.f. from the exponential family . Then the generalized linear model (GLM) is given by g(μ) = x’β,where g(μ) is the link function. The generalized linear models provide relatively simple and robust way to analyze the eff ect of many diff erent factors on some observed event. The GLMs are used for valuation of insurance policies due to the number of claims. In GLM, it is assumed that the number of the claims is a dependent variable which follows Poisson distribution and which depends on known predictors. The predictors characterize the insured individual or vehicle, e.g. gender, age, engine capacity .2.2 Methods of Comparing Diff erent ModelsDetermining appropriate model is the basis of regression modeling. One important principle of regression modeling is the principle of simplicity . The simpler model, well describing the data, gets priority over the more complex model that describes the data almost perfectly .2.2.1 Analysis of Deviance Along with the basic generalized linear model, we also take into account the following partial models, which are called submodels.Defi nition 4. The full model , denoted as GLMmax, satisfi es the following conditions: • it has the same distribution as the proposed model, • it has the same link function as the proposed model, • the number of parameters is equal to the number of the response variables. The response variables are determined by the full model with residues equal to zero.Defi nition 5. The null model , denoted as GLMmin, satisfi es the following condition: • it has the same distribution as the proposed model, • it has the same link function as the proposed model, • the number of parameters is equal to one. The full model is an indicator of the “best regression” and the null model gives the “worst regression” with given distribution and link function. The proposed model will be somewhere between these two extreme models. The relevance of the proposed model will be evaluated via comparison with these models. However, such comparison is permitted only for the original model and its submodel.Defi nition 6. Consider GLM with design matrix Xn×m and vector of parameters βm. Its submodel , denoted as GLMsub, with design matrix Qn×q and vector of parameters βq satisfi es the following"
"submodel.Defi nition 6. Consider GLM with design matrix Xn×m and vector of parameters βm. Its submodel , denoted as GLMsub, with design matrix Qn×q and vector of parameters βq satisfi es the following conditions: • it has the same distribution as the proposed GLM, • it has the same link function as the proposed GLM, • the number of parameters is q < m and columns of the design matrix Qn×q are linear combinations of columns of the design matrix Xn×m. The deviance is defi ned as a measure of distance between the full model and the proposed submodel.Defi nition 7. The deviance , denoted as dev, is given by dev = 2( lmax − l),where lmax is logarithm of the likelihood function of the full model and l is logarithm of the likelihood function of the proposed submodel. The deviances of the models are used for their comparison as described in the next theorem.Theorem 8. Consider GLM with vector of parameters βm and its submodel GLMsub with βq, where q < m < n. If the submodel GLMsub is suitable, then the diff erence of deviances Δdev = devsub − devfulfi lls asymptotically χ2 distribution with (m − q ) degrees of freedom. For more details see Kaas (2009). Hence, for Δdev > χ21−(m − q ) we reject the assumption that the submodel is suitable.2.2.2 Information CriteriaThere are no perfect models. The idea is to fi nd a model which is the best approximation of reality . We try to minimize the loss of information. The information criteria indicate that information is lost, when a model is used to describe the reality . They balance between accuracy of fi tting the data and complexity of the model. Information criteria for selecting the minimal „good“ model are for example: • Akaike information criterion (AIC), • Schwarz-Bayesian information criterion (BIC), • Hannan-Quinn information criterion, • Deviance information criterion (DIC). In our case study , Akaike information criterion will be used for comparison of the models. I: Commonly used link functions Distribution Link function g(μ) normal identity μpoisson log ln(μ)binomial logit ln1 cloglog ln ln 1n exponential log ln(μ) 386 Silvie Kafková, Lenka KřivánkováDefi nition 9. Akaike information criterion (AIC) is given as AIC = −2 l + 2 k,where k is the number of model parameters and l is logarithm of the likelihood function of the proposed model. Preferred model is considered to be that with the lowest AIC.3 RESULTS AND DISCUSION Every person, when applying for vehicle insurance policy , is assigned to a class, that is homogeneous in terms of risk. One of the criteria used for assigning an individual to a certain class is the number of claims. Thus, it is very important task for insurance companies to model the number of claims in a given insurance portfolio.Our aim is to predict relation of annual claim frequency on given risk factors. A data set from vehicle insurance will be processed. The data for our case study can be found in (Heller and Jong, 2008). The data set is based on one-year"
"claim frequency on given risk factors. A data set from vehicle insurance will be processed. The data for our case study can be found in (Heller and Jong, 2008). The data set is based on one-year vehicle insurance policies recorded in 2004 or 2005. There are 57 410 policies and 3 913 of them (6.82%) have at least one claim. The total amount of claims is 4 176. We see, that the histogram of annual claim frequency is strongly right-skew (Fig. 1).The GLMs are suitable for analysis of non-normal data, i.e. insurance data. Necessary procedures 02040608010012014016000.040.080.120.160.20.240.280.320.360.40.440.480.520.560.60.640.680.720.760.80.840.880.920.9611.4Frequency ofACFAnnualClaimFrequency (ACF)1: Histogram of Annual Claim Frequency II: V ariables in a data setNotation Name of Variable Range expo Exposure 0–1clm Claim occurrence 0 (no), 1 (yes)numclaims Number of claims 0, 1, 2, … veh_body Vehicle body type hatchback, sedan, station wagonveh_age Vehicle age 1 (new), 2, 3, 4 area Area of residence A, B, C, D, E, Fgender Gender male, femaleagecat Age band of policyholder 1 (youngest), 2, 3, 4, 5, 6 Generalized Linear Models in Vehicle Insurance 387are implemented in R soexpo).We try to fi nd well-fi tting GLM for the claim frequency in terms of the risk factors. For the number of claims per contract, it is reasonable to assume Poisson distribution. Our fi rst GLM for data fi tting is a model from Poisson family with log-link, which parameters are predicted in T ab. III. The coeffi cients are given relatively with respect to the standard class (veh_body1, veh_age1, area1, gender1, agecat1). The coeffi cients are taken to be zero for the standard class.According to predicted parameters, the best group is the one with veh_body1, veh_age4, area4, gender2 and agecat6. The corresponding average number of claims equals to e(−1.62140−0.12863−0.11371−0.01132−0.45845) = 0.097.That means one claim per 10.3 years on average. 3.1 Comparison of the Models In this subsection, the models with diff erent risk factors are compared. In the following T ab. IV we test the null hypothesis that adding a risk factor to our preceding model actually has no eff ect. The deviance (dev) for assessing the suitability of the proposed submodel is used. We assume the diff erence in deviance (Δdev) between the preceding model and the proposed model has χ2 distribution with Δdf degrees of freedom. This is given in Theorem 8, where preceding model is a submodel of the proposed model.According to the analysis of deviance, the best model is 1+agecat+veh_age. However, we choose the model 1+agecat+veh_age+area, although Δdev = 10.58 < χ20.95(5) = 11.07. The test of the statistic is close to the critical value of χ2 distribution. We can support the inclusion of the parameter area by calculation of AIC.Although the AIC penalizes the number of parameters, the selected model has smaller AIC than its submodel, for the model 1+agecat+veh_age it is AIC = 127 900 and for the model 1+agecat+veh_age+area it"
"the AIC penalizes the number of parameters, the selected model has smaller AIC than its submodel, for the model 1+agecat+veh_age it is AIC = 127 900 and for the model 1+agecat+veh_age+area it holds AIC = 127 200. Hence, according to AIC, the model is improved. Furthermore, based on an educated guess, signifi cance of the factor area is not negligible.4 CONCLUSIONConsidering that real data from vehicle insurance is not normally distributed, we cannot use the standard linear regression model. This paper proposes an estimate of annual claim frequency in vehicle insurance based on General Linear Model. It represents a work devoted to better understanding, using data of vehicle insurance, and how GLMs can be used to explain the relation of annual claim frequency on given risk factors.The case study results confi rm the importance of three factors: age group of policy holder (agecat), vehicle age (veh_age) and area of residence (area). This particular case study shows that the gender III: The estimate of parameters Coeffi cients(Intercept) veh_body2 veh_body3 veh_age2 veh_age3 veh_age4 −1.62140 0.06056 0.09926 0.05294 −0.07510 −0.12863 area2 area3 area4 area5 area6 gender2 0.04384 0.01784 −0.11371 −0.01835 0.11873 −0.01132agecat2 agecat3 agecat4 agecat5 agecat6 −0.16865 −0.23317 −0.23977 −0.45026 −0.45845IV: The table of analysis of deviance Model specifi cation df dev Δdev Δdf 1 855 1048.0 1+veh_body 853 1043.3 4.71 21+veh_age 852 1027.0 20.99 31+area 850 1033.2 14.82 51+gender 854 1047.7 0.38 11+agecat 850 972.7 75.33 51+agecat+ veh_age 847 953.5 19.16 31+agecat+veh_age+ area 842 942.9 10.58 5 388 Silvie Kafková, Lenka Křivánkováor vehicle body type (veh_body) are relatively unimportant for annual claim frequency .When the model was being created, we also had in mind the principle of simplicity . Therefore, we used analysis of deviance to compare relevance of the submodels. Our proposed model is quite simple, which is important for its use in practice.SUMMARYThe aim of this paper is to estimate an annual frequency of claims (AFC) from which the premium in vehicle insurance is derived. It is considered that the AFC depends on many risk factors. We take into account these fi ve factors – vehicle body type, vehicle age, area of residence, gender of policyholder and age band of policyholder. The generalized linear models (GLMs) are used for the estimation of AFC in this paper. This approach is compared with commonly used linear regression and the advantages of GLMs are shown. In the initial section, the framework of GLMs is introduced, including the defi nition of the link function and the specifi cation of the exponential family of probability density functions. Then methods of model comparison, analysis of deviance and minimization of the information loss, are shown. The main part of the paper consists of a case study , where the GLMs are applied in vehicle insurance. We process a data set based on 57 410 one-year vehicle insurance policies. The drivers are"
"The main part of the paper consists of a case study , where the GLMs are applied in vehicle insurance. We process a data set based on 57 410 one-year vehicle insurance policies. The drivers are divided into groups on the basis of the risk factors. For each group, we model the average number of claims per contract. The aim is to fi nd a well-fi tting GLM for the claim frequency in terms of the risk factors. The Poisson distribution is assumed for the number of claims per contract and the log-link function is used. Several diff erent models containing various risk factors are considered. Analysis of deviance, based on a comparison of the goodness of fi t, is used to select the best model. According to the analysis of deviance, the suitable model has two risk factors (age group of policyholder and vehicle age). Nevertheless, the more complex model with one other factor (area of residence) is taken into account. The signifi cance of the factor area is not negligible in practice. Although the signifi cance of the risk factor area is rejected at a signifi cance level of 0.05, it is not rejected at a signifi cance level of 0.1. The choice of the model with the factor area is substantiated by the calculation of Akaike information criterion (AIC), which is based on minimizing the information loss. The approach introduced in this paper proves to be a useful way to implement methodics of the generalized linear models into actuarial science.REFERENCES ANTONIO, K., BEIRLANT, J., 2007: Actuarial statistics with generalized linear mixed models. Insurance: Mathematics and Economics, 40, 1: 58–76. ISSN 0167-6687.CERCHIARA, R., EDWARDS, M., GAMBINI A., 2008: Generalized linear models in life insurance: decrements and risk factor analysis under Solvency II. In: 18th International AFIR Colloquium. Available online: cfm?lang=EN&DSP=AFIR&ACT=COLLOQUIA.DENUIT, M. et al., 2007: Actuarial modelling of claim counts: risk classifi cation, credibility and bonus-malus systems. Hoboken: Wiley , 384 p. ISBN 978-0-470-02677-9. DOBSON, A. J., 2002: An Introduction to Generalized Linear Models. Boca Raton: CRC Press, 225 p. ISBN 1-58488- 165-8.GSCHLÖSSL, S., SCHOENMAEKERS, P ., DENUIT, M., 2011: Risk classifi cation in life insurance: methodology and case study . European Actuarial Journal, 1, 1: 23–41. ISSN 2190-9733.HABERMAN, S., RENSHAW , A. E., 1996: Generalized linear models and actuarial science. The Statistician, 45, 4: 407–436. ISSN 0039-0526.HARDIN, J. W ., HILBE, J., 2007: Generalized linear models and extensions. T exas: Stata Press, 387 p. ISBN 1597180149. HELLER, G. Z., JONG P ., 2008: Generalized Linear Models for Insurance Data. New Y ork: Cambridge University Press, 204 p. ISBN 0521879140.KAAS, R. 2009: Modern Actuarial Risk Theory: Using R. Heidelberg: Springer, 400 p. ISBN 9783642034077.MCCULLAGH, P ., NELDER, J. A., 1989: Generalized Linear Models. London: Chapman and Hall, 532 p. ISBN 0412317605. NELDER, J. A., WEDDERBURN, R. W . M., 1972: Generalized linear models."
"9783642034077.MCCULLAGH, P ., NELDER, J. A., 1989: Generalized Linear Models. London: Chapman and Hall, 532 p. ISBN 0412317605. NELDER, J. A., WEDDERBURN, R. W . M., 1972: Generalized linear models. Journal of the Royal Statistical Society: Series A (General), 135, 3: 370–384. ISSN 0035-9238.OHLSSON, E. JOHANSSON, B., 2010: Non-life insurance pricing with generalized linear models. Berlin / Heidelberg: Springer, 174 p. ISBN 978-3-642-10790-0.WOLNY -DOMINIAK, A., 2012: Modeling of claim counts using data mining procedures in R CRAN. In: RAMÍK, J. and STAVÁREK, D. (eds.) Proceedings of 30th International Conference Mathematical Methods in Economics. Karviná: Silesian University , School of Business Administration, 980–985. ISBN 978-80- 7248- 779-0.Contact informationSilvie Kafková: 175424@mail.muni.czLenka Křivánková: 142474@mail.muni.cz"
"Int. J. Advance Soft Compu. Appl, Vol. 8, No. 3, December 2016 ISSN 2074 -8523 Predictive Modelling for Motor Insurance Claims Using Artificial Neural Networks Zuriahati Mohd Yunos1, Aida Ali2, Siti Mariyam Shamsyuddin2, Noriszura Ismail3, Roselina Sall eh@Sallehuddin1 1Faculty of Computing Universiti Teknologi Malaysia , Johor, Malaysia 2UTM Big Data Centre, Universiti Teknologi Malaysia , Johor Malaysia 3Pusat Pengajian Sains Matematik, Universiti Kebangsaan Malaysia , Selangor, Malaysia e-mail: zuriaha ti@utm.my, mariyam@utm.my, aida@utm.my , roselina@utm.my , ni@ukm.my Abstract The expected claim frequency and the expected claim severity are used in predictive modelling for motor insurance claims. There are two categor y of claims were considered, namely, third party property damage (TPPD) and own damage (OD) . Data sets from the year 2001 to 2003 are used to develop the predictive model. The main issues in modelling the motor insurance claims are related to the nature of insurance data, such as huge information, uncertainty, imprecise and incomplete information; and classical statistical techniques which cannot handle the extreme value in the insurance data. This paper proposes the back propagation neural network (BPNN) model as a tool to model the pro blem. A detailed explanation of how the BPNN model solves the issues is provided. Keywords : predictive modelling, c laim frequency, claim severity, back propagation neural network . 1 Introduction Predictive modelling is a process that involves problem identification, analysis of data, model development, prediction and validat ion . Predictive modelling in the insurance industry helps actuaries and other insurance analysis employing predictive models to enhance business operations that were previousl y using human expertise. Historically, actuaries performed their duties using pencil and paper before the advent of computers. Today, more advanced computing tools are Z. M. Yunos et al. 161 available . Predictive modelling has provided a set of instruments to the insurance companies for a variety of intentions from pricing to underwriting and claim handling . Moreover, the influences of predictive modelling are also dependent on the quality of the data used to generate the model. Insurance is a unique type of agreement between the insurer or insurance company and the insured or client in which the insurers permit that upon the occurrence of specific events, whether to make a payment to clients or cover the specific costs. There are two types of insurance that are life insu rance and general insurance, and motor insurance is under general insurance. This research focuses to develop a predictive model for motor insurance claim by estimating the two important components, namely, claim frequency and claim severity , , , , , . Claim frequency is defined as the number of claims per exposure unit, whereas claim severity is defined as the average claim cost per claim . The modelling of claim frequency"
"severity , , , , , . Claim frequency is defined as the number of claims per exposure unit, whereas claim severity is defined as the average claim cost per claim . The modelling of claim frequency and claim severity needed an information of exposure, n umber of claims and the amount of the claim (cost). The expected of claim frequency and claim severity can be calculated through a process of identifying grouping risk, which having the same characteristics is also known as risk classification. Thus, this study investigates how capable artificial neural networks (ANN) is as a potential technique to be applied in modelling the motor insurance claims problem. The utility of ANNs has been demonstrated in the insurance industry such as , and also was fo und in , , , , . In this paper, we intend to highlight the importance of the ANN approach in modelling claim frequency and claim severity. The remainder of this paper is organized as follows: Section 2 presents related works. Section 3 discuss es the BPNN model development is described. In Section 4 presents the experimental results and analysis . Finally, the conclusion is provided in Section 5. 2 Related Works Two important issues that were highlighted in motor insurance claims are the data and techniques, and these issues are interrelated among others . The first issue is related to the characteristics of insurance data which contain huge information or large number of variables, uncertainty, information is very noisy and incomplete information and this was agreed by , , , , . Hence, t he development of the predictive model in motor insurance claims requires sufficient data to acquire an accurate model. Besides that, t he predictive models are used for risk classific ation and to determine the premium , . The development of predictive models in motor insurance claims is known as risk classification. Risk classification is defined as the formulation of different premiums for the same coverage based on group chara cteristics. The group characteristic refer to the data or variables and is called rating variables or rating factors. The problem is how to determine and choose the significant rating factors and rating classes in risk classification , and this is related to the data issue and the techniques. It has been acknowledged by , . Another study also found a premium can be determined by a number of factors such as the vehicle cubic capacity, the 162 Predictive Modelling for Motor Insurance geographic zone where the insured lives, the aged of the insured , , , , . Extreme values or outliers can attract the insurers because it can help the insurers to determine the amount of the highest demands and protect themselves in the future. The second issue is related to the complexity of statistical analysis that has become more apparent. Due to this, actuaries had to solve the problem of finding a model that can explain re alistically the event of risk , and a model that able to handle complex problems in"
"has become more apparent. Due to this, actuaries had to solve the problem of finding a model that can explain re alistically the event of risk , and a model that able to handle complex problems in exploiting varying information . The suggestion of ANN approach to motor insurance claim is the use of past experience to train the network to provide more cons istent and reliable evaluations on claim frequency and claim severity. ANN, have been massive and it can process a large volume of uncertainty, inaccurate and lacking data, and also to look for estimate , , , , . Furthermore, ANN has been applied in the fields of fi nance and economics , and many businesses use the ANN in their decision support systems. The input of training data and output for claim frequency and claim severity is shown in Table 1.1 and 1.2. For claim frequency, each data is used to determine the number of claims made by the insured (clients) and as claim severity the data are used to compute the amount claimed by the insured or amount paid by the insurer to insured. Following are the abilities of using ANN which can improve the predic tion with promising results. i. ANN is capable to handle a nonlinear and easily learn rich representations through the mapping of inputs to outputs. ii. ANN are flexible in how they can be use d such as pattern recognition, time series, and image processing and so on. iii. ANN is more successful in terms of speed, simplicity and capacity compared to traditional statistical models. iv. The performance of the ANN can be improved by tuning the parameters through trial -and-error . v. MATLAB provides ANN toolbox which can easily be used for training and testing. The implementation will be discussed in the next section. Z. M. Yunos et al. 163 Table 1.1: Input and output variables for TPPD, TPBI and Theft claim Notation Claim Frequency Claim Severity Input nodes Output nodes Input nodes Output nodes F1 Coverage Claim frequency Coverage Claim severity F2 Vehicle made Vehicle made F3 Vehicle cc Vehicle cc F4 Vehicle year Vehicle year F5 Location Location F6 Exposure - F7 - Number of claim Table 1.2 : Input and output variables for OD cla im Notation Claim Frequency Claim Severity Input nodes Output nodes Input nodes Output nodes F1 Coverage Coverage F2 Vehicle made Claim frequency Vehicle made Claim severity F3 Vehicle cc Vehicle cc F4 Vehicle year Vehicle year F5 Location Location F6 Exposure - F7 - Number of claim 3 Model Development Using ANN BPNN is one of the algorithm in ANN with a three -layer network structure of a back propagation (BP) learning algorithm is choose to model the motor insurance claims. There are two main steps involved; the ANN architecture and the BP algorithm. The essential steps for designing BPNN model are summarized in Table 1.3. In particular, step 1 to step 4 are carried out on data pre -processing, where the raw data is scaled and norm alized to an appropriate format to facilitate the predicting process. Step 5, which is"
"In particular, step 1 to step 4 are carried out on data pre -processing, where the raw data is scaled and norm alized to an appropriate format to facilitate the predicting process. Step 5, which is the step that designs the ANN model, involves the determination of the following variables: i. number of input nodes ii. number of hidden layers and hidden nodes iii. number of outp ut nodes iv. activation function 164 Predictive Modelling for Motor Insurance Table 1.3: Steps in designing a BPNN model Step 1 Variable selection Step 2 Data collection Step 3 Data normalization Step 4 Data division: training and testing Step 5 Determine the : - number o f input nodes - number of hidde n layers - number of hidden nodes - number of output nodes - activation function Step 6 ANN training by applying BP algorithm : - set the learning rate and momentum - set the number of training iterations Step 7 Model evaluation In Step 2, data normalization is implemented to smooth out the data, resulting in better data generalization and improved performance . The normalization function is based on the maximum and minimum values that could be set and is suggested by . The normalization formula used is given in Equation (1) : minmax min minmax min-( - )-tnewX XX D D DX X  (1) where Xt is the value will be normalized, minX is the minimum value of the statistic variable, andmaxX is the maximum value of the statisti c variable. maxD and minD are the maximum and the minimum values needed for normalization. The values of maxD and are set to 0.95 and 0.0, respectively and thes e values are used in this study. The normalization equation is selected due to the range of the activation function are between 0 to 1, and utilized in the BPNN. Hence , the outputs of a set date should be scaled to within this range. Another important step is data division. The data is broken down into two parts, training set and testing set. The training set is used for model development, and testing set is used to prediction . Basically, there is no guideline to divide the data. However, suggested tha t the data need to be divided by a ratio written in percentages, such as 90%:10%, 80%:20% and 70%:30%, with a total of 100% for the combined ratio. The percentage ratio of 70%: 30% is used and utilized in a cross validation technique to build an appropriat e model and to avoid over -fitting , . Table 1 .4 shows the data division with a ratio of 70%:30% for each category of claims . A single hidden layer is used and the determination of the number of hidden nodes is done via a trial -and-error method . The related ill ustration is given in Fig. Z. M. Yunos et al. 165 1.1. Basically, the purpose of a hidden layer is to detect the features, to capture the data pattern, and to perform the complicated non -linear mapping between the input and the output variable s. Hence, we applie d suggestion to determine the number of hidden nodes, whether they are “ n"", or “ 2n"", or “ 2n+1 ”, where “ n” is the number of"
"mapping between the input and the output variable s. Hence, we applie d suggestion to determine the number of hidden nodes, whether they are “ n"", or “ 2n"", or “ 2n+1 ”, where “ n” is the number of input nodes. The number of input nodes is predetermined by trial and error in the proposal stage based on the data given by Insu rance Services Malaysia Berhad (ISM). Another factor to be considered is the learning rate ( ) and the momentum ( ) where the value is in the range of 0 to 1. By using different values of learning rate and momentum, the learning proces s can be speeded up, causing the network convergence to be either slower or faster. However, the choice of learning rate and momentum can be very sensitive . Hence, a simple way to choose the learning rate and the momentum is through a trial and error -method. The BP algorithm involves two phases, the forward phase and the backward phase. In the forward phase, the activations are propagated from the input to the output layer, while in the backward phase, if the output pattern is different from the desir ed output, the error between actual and predicted values in the output layer is calculated and propagated backwards to modify the weights and bias values. The most popular error function used for the output layer is the mean sum squared error. The activat ion function ensures the relationship between the input and the output of a node. The network is trained with a pre -defined stopping criterion; either the number of iterations has been reached or when the total sum of square errors is lowers than a pre-determined value. This is the core part of ANN. The summary of the BPNN architecture and parameters used are shown in Table 1.5 and Table 1. 6 describes the tested network structures . By applying the parameters show in Tabl e 1.5 and depends on the process of trial and error with some considerations to give the best predictive result. Fig. 1.2 illustrates the network structure model with different number of hidden layer based on Table 1.6. Table 1.4: Data division with 70%:30% Category of claims Actual TPPD Training 741 Testing 318 Total data 1059 OD Training 386 Testing 166 Total data 552 166 Predictive Modelling for Motor Insurance Fig. 1.1: BPNN proposed model for motor insurance claim Table 1. 5: Summary of standard BPNN architecture and parameters Number of input nodes 4,5 and 6 Number of hidden layer 1 Number of hidden nodes See Table 1.4 (tested network structures) Number of output nodes 1 Learning rate 0.3 Momentum 0.9 Activation function Input to hidden layer sigmoid Hidden layer to output sigmoid Error per formance Mean square of error (MSE) Table 1. 6: Tested network structures 4-4-1 4-8-1 4-9-1 5-5-1 5-10-1 5-11-1 6-6-1 6-10-1 6-12-1 Adjust ANN parameters Predicted output inputs BPNN compare Actual output Z. M. Yunos et al. 167 Fig. 1.2: Network structure model with different number of hidden layer 6-6-1 network 6-12-1 network 6-13-1 network 5-5-1 network 5-10-1 network 5-11-1"
"compare Actual output Z. M. Yunos et al. 167 Fig. 1.2: Network structure model with different number of hidden layer 6-6-1 network 6-12-1 network 6-13-1 network 5-5-1 network 5-10-1 network 5-11-1 network 4-4-1 network 4-8-1 network 4-9-1 network 168 Predictive Modelling for Motor Insurance The fin al step is model evaluation and validation. Four statistical methods were used to measure the constructed models such as mean squared of error ( MSE), root mean square of error (RMSE), mean absolute error (MAE) and mean absolute percentage error (MAPE) . The MAPE measures the absolute error as a percentage. A lower percent or closer to zero deviation implies a more accurate prediction. The best model is chosen based on four error measurements, RMSE, MSE, MAPE, and MAE. If the results given by the four error measurements are inconsistent, then MAPE is chosen as a benchmark. These statistical methods were chosen because of the wide applicability , , , , . 4 Experimental Results and Analysis This study discusses the two models namely, claim freq uency and claim severity and were tested on two category of claims which are TPPD and OD. The development of BPNN model is done through trial -and-error with the aim to obtain the best predictive result for claim frequency and claim severity . Thus, nine networks have been developed (see Table 1.4) and tested on the two models. Thus, from the nine network structures, the best model is chosen based on the smallest error value o f the MSE, RMSE, MAE and MAPE. The results of the best BPNN model for claim frequen cy and claim severity for each category of claims are outlined in Table 1.7 and Table 1.8, respectively. The experimental result reveals that the number of input nodes and hidden nodes, as well as the parameters chosen influence t he predictive accuracy. As a result , the best networks for each category of claims are shown in Fig. 1.3 and 1.4. The criterion used to determine the best BPNN model by looking at the lowest error value given by MSE, RMSE, MAE and MAPE. However, if the result produced by the four error measurement is inconsistent, then MAPE is chosen. As a conclusion, the BPNN is capable of producing a reliable prediction for motor insurance claims. Table 1.7: Best BPNN model for claim frequency Category of claims Network Claim frequency MSE RMSE MAE MAPE TPPD 6-13-1 369.50 19.22 10.73 0.2191 OD 4-9-1 3383.56 58.17 32.49 0.2169 Note : Best parameters chosen through trial -and error with learning rate = 0.3, momentum = 0.7 Table 1.8: Best BPNN model for claim severity Category of claims Netwo rk Claim severity MSE RMSE MAE MAPE TPPD 6-12-1 2870793.89 1694.34 1105.20 0.6515 OD 4-8-1 8441272.93 2905.39 2097.01 0.3261 Note: Best parameters chosen through trial -and error with learning rate = 0.3, momentum = 0.7 Z. M. Yunos et al. 169 0500100015002000250030003500TPPDOD MSE 0102030405060TPPDOD RMSE 05101520253035TPPDOD MAE 00.050.10.150.20.25TPPDOS MAPE Fig. 1.3: Comparison based on error measurements"
"= 0.7 Z. M. Yunos et al. 169 0500100015002000250030003500TPPDOD MSE 0102030405060TPPDOD RMSE 05101520253035TPPDOD MAE 00.050.10.150.20.25TPPDOS MAPE Fig. 1.3: Comparison based on error measurements for claim frequency 010000002000000300000040000005000000600000070000008000000 TPPDOD MSE 050010001500200025003000TPPDOD RMSE 03006009001200150018002100TPPDOD MAE 00.10.20.30.40.50.60.7TPPDOD MAPE Fig. 1.4: Comparison based on error measurements for claim severity Fig. 1.3 and 1.4 show that among the four error measurements , MAPE error is the easier to understand and represent a smallest value of error for claim frequency and claim severity. 5 Conclusion In this paper, we use BPNN as a learning tool for motor insurance claim in predictive modelling. The model development using this has been discuss ed in details. It is concluded that the BPNN model is successful in predictive modeling the Malaysian motor insurance claims by using several of network structures. Several factors that significantly influenced the performance of the BPNN have also been d iscussed, namely the network structure (number of input nodes and number of hidden nodes), data preprocessing, the parameters and the error measurement. The main advantage of using BPNN is that the model is capable of dealing with non -linear data. ACKNO WLEDGEMENT S This research is supported by the Ministry of Higher Education of Malaysia under a grant number (R.J130000.7828.4F606). The authors would like to thank the Ministry of Higher Education of Malaysia (MOHE), UTM Big Data Centre 170 Predictive Modelling for Motor Insurance (UTM -BDC) of Ibnu S ina Institute for Scientific and Industrial Research (ISI -SIR), Universiti Teknologi Malaysia for their support in this study. References Aftab, S., Abbas, W., Bilal, M.M., Hussain, T., Shoaib, M. and Mehmood, S.H. 2013. Data mining in insurance claim s (DMICS) two -way mining for extreme values, International Conference on Digital Information Management (ICDIM), pp. 1-6, 10 -12. Azlan, M. Z., Habibollah, H. and Safian, S. 2010. Prediction of surface roughness in the end milling machining using Artifi cial Neural Network, Expert Systems with Applications , 37(2):1755 -1768. Bahia, H. S. I. 2013. Using Artificial Neural Network Modelling in Forecasting Revenue: Case Study in National Insurance Company/Iraq, International Journal of Intelligence Science , 3(3):136 -143. Baser, F. and Apaydin, A. 2010. Calculating Insurance Claim Reserves with Hybrid Fuzzy Least Squares Regression Analysis. Gazi University Journal of Science , 23(2):163 -170. Batty, M., Tripathi, A., Kroll, A., Peter Wu, C -S., Moore, D., Stehno, C., Lau, L., Guszcza, J. and Katcher, M. 2010. Predictive Modelling for Life Insurance, Deloitte Consulting LLP (April). Christmann, A. (2004). An approach to model complex high -dimensional insurance data , Allgemeines Statistisches Archiv , 88: 375 -397. Chu, F. L. 2009. Forecasting tourism demand with ARMA -based methods, Tourism Management ,"
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"Classifying Risks On Motor Insurance Policies For I FRS 17 Implementation In General Insurance Companies Andiansyah Prima Wardana1, and Danang Teguh Qoyyimi2* 1Actuarial Unit, PT Asuransi Jasaraharja Putera, Jakarta, Indonesia 2Departement of Mathematics, Universitas Gadjah Mada, Yogyakarta, DI Yogyakarta, Indonesi a Abstract. IFRS 17 is a financial accounting standard issued by the International Financial Reporting System that regulates internationally agreed accounting treatment for insurance contracts. In an effort to increase the accuracy of risk assessment for IFRS 17 adaptation, a good way is needed to classify risks from the insured. Therefore, it is necessary to determine the risk group. Because data fro m an insurance company is large, the CLARA method is suitable for dealing with the problem. CLARA has a more robust nature of outliers and can be used to handle large amounts of data. After grouping, it is important to know what factors cause a person to enter a certain group. For this, classification analysis is needed. Some classification analysis methods are XGBoost, SVM, and AdaBoost. Extreme Gradient Boosting and Adaptive Boosting is a technique in machine learning for binary or multiclass regression a nd classification problems that results in predictive models in the form of weak predictive models. Support Vector Machine (SVM) is a technique for making predictions, both in the case of regression and binary or multiclass classification. SVM has the basi c principle of linear classifier . 1. Introduction In 202 5, the insurance company's financial statement recording system will change from IFRS 4 to IFRS 17. Changes in the recording system from IFRS 4 to IFRS 17 require some adaptations between IFRS 4 and IFRS 17 itself to have several variations. The difference between IFRS 17 and the previous recording system lies in the recognition of earnings, financial statements and the calculation of liabilities. In calculating liabilities for IFRS 17, there are 3 models namely General Model, Variable Fee Model, and Premium Allocation Approach. All three models share the same principle, that is, a liability consists of three components: the present value of cash flows, risk margins (risk adjust ments), and unrecognized Contructual Service Margins (CSM). Risk margin is the adjustment of compensation to assume uncertain risks from non -financial risks. Unrecognized CSMs are deferred earnings which must be recognized for providing services *Corresponding author: qoyyimi@ugm.ac.id © The Authors, published by EDP Sciences. This is an open access article distributed under the terms of the Creative Commons Attribution License 4.0 (htt ps:creativecommons.or gb y).ITM Web of Conferences 58, 04006 (2024)The 6th IICMA 2023 in the future. However, there are differences in the calculation of liabilities under the current conditions. The difference is that the current profit margin (CSM) component has not been amortized even though IFRS 17 requires"
"are differences in the calculation of liabilities under the current conditions. The difference is that the current profit margin (CSM) component has not been amortized even though IFRS 17 requires amortization of CSM for each risk group . Amortization of CSM requires a more accurate projection of future liabilities. The accuracy of the projection is determined by the accuracy of the risk assessment of the insured. In the way to improve the accuracy of the risk assessment, we need to classify the risks of the insured. In this case, the company needs to review the policies that are already in place and classify the risks properly. To determine the insurance risk groups, it can be seen from the amount of the insured's claim. Therefor e, the grou ping method is very necessary to determine how many groups and what methods cause the risk grouping to be optimal. There are many methods in statistics that aim to group data, one of them is CLARA (Clustering Large Applications) . Having known the existing risk groups, as an insurance company it is important to know what things are affecting the risk groups of the insured. For this reason, it is necessary to do a classification analysis to find out what variables affect the insured into the insurance risk group. There are several classification methods for handling large amounts of data that are commonly called machine learning. Some of them are Extreme Gradient Boosting, Support Vector Machine, and Adaptive Boosting. In this paper we will review all of these methods and see their relevance in classif ying risks on insurance products. For predictive purposes, the authors also analyse the variables that affect these risk groups. With this research, it is expected that in the long run insurance companies will be able to perform better risk projections, calculations, administration, and better CSM governance. For the long term, it is expected to increase the company's readiness for IFRS 17 implementation. 2. Clustering Large Application (CLARA) Clustering Large Application is the development of the PAM method, which was introduced by Kaufman and Rousseeuw in 1990. CLARA has a more robust nature of outliers and can be used to handle large amounts of data. In addition, CLARA is more efficient than PAM in computing time and storage problems for large data sets. CLARA uses a sampling approach, dividing data into several groups, after that applying the PAM algorithm to get the optimal medoid. The quality of the medoid produced is measured by the total difference (distance) between each object in the data set and the medoid in the sample. By taking a random sample, the medoid value from the s ample is expected to be close to the medoid value from the data set. The following algorithm grouping objects using the CLARA algorithm. Determine k as many clusters as you want to form. Many clusters are determined by researchers or based on statistical methods. Dividing data at random in several partitions with a fixed size."
"Determine k as many clusters as you want to form. Many clusters are determined by researchers or based on statistical methods. Dividing data at random in several partitions with a fixed size. The sample size is minimal (40 + 2k). The number of partitions is determined first. Apply the PAM algorithm to each partition to get a medoid. Following are the steps of the PAM algorithm: a. Determine k as many clusters as you want to form. Many clusters are determined by researchers or based on statistical methods. b. Determine the initial medoid by randomly selecting k objects from the objects to be grouped. c. Calculate the distance of non -medoid objects to medoids in each cluster. d. Place the object based on the closest distance to the medoid then calculate the total distance obtained. e. Randomly select non -medoid objects in each cluster as new medoid candidates. 2ITM Web of Conferences 58, 04006 (2024)The 6th IICMA 2023 f. Calculate the distance of each non -medoid object with the new medoid candidate and place the object based on the closest distance to the new medoid candidate. After that, also calculate the total distance obtained with the new medoid candidate. g. Calculates the difference in total distance (S). S = total distance on new medoid candidates - total distance on old medoid. If the S value is less than zero, then the new medoid candidate becomes a new medoid or if the total distance of each object to the new medoid candidate is less than the total distance of each object to the old medoid, then the new medoid candidate becomes a new medoid. h. Repeat steps e until all three do not change medoid. Medoid does not change when a value of S> 0. In other words, when the total distance of each object is obtained with a new medoid candidate greater than the total distance of each object with the old med oid, there is no medoid exchange because the new medoid candidate is not more centralized than the medoid long. Therefore, the iteration process will stop. i. Calculates the distance between all objects in the data set that do not become medoid and objects that become medoid. j. The partition with the smallest amount of distance is selected. By using medoid which is the object that is located most centrally in a cluster, the k -medoids method is more robust than k -means. However, the k -medoids method with the CLARA algorithm is more effective for grouping large data compared to PAM. 3. Extreme Gradient Boosting (XGBoost) Gradient Tree Boosting or Gradient Boosted Regression Trees is a generalization of boosting to arbitrarily distinguish loss functions. Gradient Boosted Regression Trees are accurate and effective 'off -the-shelf' procedures for solving regression and classi fication problems. The Gradient Tree Boosting model is used in a variety of areas including web search and ecology ranking. Extreme Gradient Boosting was first introduced by Friedman. The advantage of the XGBoost algorithm is that it can use storage memory efficiently."
"of areas including web search and ecology ranking. Extreme Gradient Boosting was first introduced by Friedman. The advantage of the XGBoost algorithm is that it can use storage memory efficiently. Extreme Gradient Boosting is a technique in machine learning for regression and classification problems that p roduces predictive models in the form of a weak predictive model and can be used in various types of data both numeric and categorical and can be used for various data formats namely text data, images, video and audio. The model development is done by usin g the boosting method, namely by creating a new model to predict the error / residual from the previous model. New models are added until there are no more corrections to errors that can be made. This algorithm is called gradient descent to minimize errors when creating new models. In the Extreme Gradient Boosting method, the data class used does not have to be balanced because this method can handle data that has an unbalanced class. However, the results will be much better if the data class used is balanc ed. In addition, unit sizes of class features need to be equalized because if units of size between features are not the same, the weights for features that have larger unit sizes will have greater weights. Fig. 1. Systematic Diagram of the XGBoost Algorithm 3ITM Web of Conferences 58, 04006 (2024)The 6th IICMA 2023 Figure 1 shows a schematic diagram of the XGBoost computation process with 𝑦̂𝑡(𝑡)=∑ 𝑓𝑘(𝑥𝑘)𝑡𝑘=1 and 𝑓𝑘(𝑥𝑘) illustrate the tree model and 𝑦̂𝑡𝑡 is obtained from the following calculation: 𝑦̂𝑡(0)=0 𝑦̂𝑡(1)=𝑓1(𝑥1)=𝑦̂𝑡(0)+𝑓1(𝑥1) 𝑦̂𝑡(2)=𝑓1(𝑥1)+𝑓2(𝑥2)=𝑦̂𝑡(1)+𝑓2(𝑥2) ⋮ 𝑦̂𝑡(𝑡)=𝑦̂𝑡(𝑡−1)+𝑓𝑡(𝑥𝑡) 𝑦̂𝑡(𝑡)=∑𝑓𝑘(𝑥𝑘)𝑡𝑘=1 (1) From equation 1, 𝑦̂𝑡(𝑡) is the final tree model, 𝑦̂𝑡(𝑡−1) is the previously generated tree model, 𝑓𝑡(𝑥𝑡) is the newly created model, and t is the total number of models from the base tree models. To find the optimal algorithm, it can be replaced by finding a new classifier that can reduce the loss function, with the target loss function displayed in the following equation: ℒ(𝜙)=∑ 𝑙(𝑦𝑖,𝑦̂𝑡𝑡)𝑡𝑖=1+∑ 𝛺(𝑓𝑖)𝑡𝑖=1 (2) Where 𝑦𝑖 is the actual value, 𝑦̂𝑡𝑡 is the predicted value, 𝑙(𝑦𝑖,𝑦̂𝑡𝑡) is the lost function, and Ω(𝑓𝑖)=𝛾𝑇+12𝜆‖𝑤‖2 is the regularization. The ensemble tree model in equation 2 includes functions as parameters and cannot be optimized using the optimization method in the Euclidean space so that the model is trained additively. Used 𝑦̂𝑡𝑡 in the i -th prediction and t -iteration, to minimize the loss function, we need to add 𝑓𝑖 to get the following equation: ℒ(𝑡)=∑ 𝑙(𝑦𝑖,𝑦̂𝑡𝑡−1)𝑡𝑖=1+𝑓𝑡(𝑥𝑖)+𝛺(𝑓𝑖) (3) To optimize objectives in general a second order approach is used and the following equation is obtained: Taylor series expansion function: 𝑓(𝑎+ℎ)=𝑓(𝑎)+𝑓′(𝑎)ℎ+12𝑓′′(𝑎)ℎ2+⋯+𝑓𝑛(𝑎)ℎ𝑛𝑛! with 𝑎=𝑦̂𝑡𝑡−1 ℎ=𝑓𝑡(𝑥𝑖) 𝑓(𝑎)=𝑙(𝑦𝑖,𝑦̂𝑡𝑡−1) Then Equation 3 becomes ℒ(𝑡)=∑ 𝑙(𝑦𝑖,𝑦̂𝑡𝑡−1)𝑛𝑖=1+(𝜕𝑙(𝑦𝑖,𝑦̂𝑡𝑡−1)𝜕(𝑦̂𝑡𝑡−1))𝑓𝑡(𝑥𝑖)+(𝜕2𝑙(𝑦𝑖,𝑦̂𝑡𝑡−1)𝜕(𝑦̂𝑡𝑡−1)2)𝑓𝑡(𝑥𝑖)2+⋯+𝛺(𝑓𝑡) (4) ℒ(𝑡)=∑ +𝛺(𝑓𝑡) (5) ℒ(𝑡)=∑ +𝛺(𝑓𝑡) (6)"
"𝑎=𝑦̂𝑡𝑡−1 ℎ=𝑓𝑡(𝑥𝑖) 𝑓(𝑎)=𝑙(𝑦𝑖,𝑦̂𝑡𝑡−1) Then Equation 3 becomes ℒ(𝑡)=∑ 𝑙(𝑦𝑖,𝑦̂𝑡𝑡−1)𝑛𝑖=1+(𝜕𝑙(𝑦𝑖,𝑦̂𝑡𝑡−1)𝜕(𝑦̂𝑡𝑡−1))𝑓𝑡(𝑥𝑖)+(𝜕2𝑙(𝑦𝑖,𝑦̂𝑡𝑡−1)𝜕(𝑦̂𝑡𝑡−1)2)𝑓𝑡(𝑥𝑖)2+⋯+𝛺(𝑓𝑡) (4) ℒ(𝑡)=∑ +𝛺(𝑓𝑡) (5) ℒ(𝑡)=∑ +𝛺(𝑓𝑡) (6) Suppose 𝑓𝑡 has as many leaf nodes as K, Ij is the jth node, and wj is a prediction for the nth node, then 𝛺(𝑓𝑡)=𝛾𝐾+12𝜆∑𝑤𝑗2𝐾𝑗=1 (7) 4ITM Web of Conferences 58, 04006 (2024)The 6th IICMA 2023 ℒ(𝑡)=∑𝐾𝑗=1+𝛾𝐾 (8) For each leaf j, 𝑑ℒ(𝑡)𝑑𝑤𝑗 𝑤𝑗∗=−(𝜆𝐼+𝐻̅𝑗)−1𝑔̅𝑗 (9) Assume that 𝑓𝑡 base learner improvements have K leaf nodes. For example, 𝐼𝑗 becomes the set belonging to node j and 𝑤𝑗 becomes the prediction for that node. Using the substitution of equation 9 to equation 8, the following equation is obtained: ℒ(𝑡)=−12∑(∑ 𝑔𝑖 𝑖∈𝑗)2∑ ℎ𝑖+𝜆 𝑖∈𝑗𝐾𝑗=1+𝛾𝐾 (10) The algorithm of the Extreme Gradient Boosting method is as follows: 1. Initialize the model with values: 𝐹0(𝑥)=𝑎𝑟𝑔𝑚𝑖𝑛 ∑ 𝑙(𝑦𝑖,𝑦̂𝑙)𝑛𝑖=𝐼 (11) or initialization using 0. 2. For the 1st iteration a. Calculate the value of the first derivative and the second derivative of the statistical gradient with the logistic loss function as follows : 𝑙(𝑦𝑖,𝑦̂𝑙)=𝑦𝑖𝑙𝑛(1+𝑒−𝑦̂𝑙)+(1−𝑦𝑖)𝑙𝑛(1+𝑒𝑦̂𝑙) (12) 𝑔𝑖(1)=−(𝑦𝑖−1)𝑒𝑦̂𝑖(0)+𝑦𝑖𝑒𝑦̂𝑖(0)+1 (13) ℎ𝑖(1)=𝑒𝑦̂𝑖(0)(𝑒𝑦̂𝑖(0)+1)2 (14) b. Determine the best separation, which will increase the prediction at most or reduce the value of the loss function at most. For example the separation for leaf = 2 with the first leaf 𝐼𝐿 and the second leaf 𝐼𝑅 using the ℒ𝑠𝑝𝑙𝑖𝑡 equation or called gain. c. Do point b to observe each leaf. The algorithm will calculate the gain scores for all split potentials on each leaf separately to see if there are new branches with positive gain that can be added to one of two leaves or both leaves. d. Calculate the weight value for each leaf. e. Carry out points a through d for the next iteration. 3. Combine the tree model obtained to predict new data. Add up all the weights of each tree and then transform it into probability. 4. Support Vector Machine (SVM) Support Vector Machine (SVM) is a technique for making predictions, both in the case of classification and regression . In the SVM method, the data class used must be balanced because if the data class is not balanced then this method cannot predict the minority class. In addition, unit sizes of class features need to be equalized because if the unit sizes between features are not the same, the weights for features that have larger unit sizes will have greater weights. This explanation has been explained in Chapter II. SVM has the basic principle of linear classifier, which is a case of classification that can be linearly separated, but SVM has been developed so that it can work on non -linear problems by incorporating the concept of the kernel in a high -dimensional workspace. In a high -dimensional space, hyperplane will be sought to maximize the distance between classes of data. 5ITM Web of Conferences 58, 04006 (2024)The 6th IICMA 2023 Initially, SVM was developed for the problem of class classification of two classes and then"
"maximize the distance between classes of data. 5ITM Web of Conferences 58, 04006 (2024)The 6th IICMA 2023 Initially, SVM was developed for the problem of class classification of two classes and then developed for multiclassical classification . In multiclass classification, hyperplane formed is more than one. One approach used is one on one (SLA). The SLA m ethod for the k-class classification case finds k hyperplane where k is a lot of classes and p is hyperplane. In this method, 𝜌(𝑡) is tested with all data from class l with label +1 and all data from other classes with label -1. The concept of SLA is, for example, in the case of three classes, classes 1, 2, and 3. If 𝜌(1) is to be tested, all data in class 1 is labelled by +1 and data from classes 2 and 3 are labelled by -1. In 𝜌(2), all data in class 2 are labeled +1 and data from class 1 and class 3 are labeled -1 as well as for 𝜌(3). After that, a hyperplane with two classes SVM algorithm will get a hyperplane for each of the above classes. After that, the class of a new data is determined based on the largest value of the hyperplane. 𝑐𝑙𝑎𝑠𝑠 𝑥=𝑎𝑟𝑔 𝑚𝑎𝑥ℓ=1,…,𝑘((𝑤(ℓ))𝑇.𝜙(𝑥)+𝑏(ℓ)) (15) 5. Adaptive Boosting (AdaBoost) AdaBoost is an acronym for Adaptive Boosting, this algorithm is widely applied to prediction models in data mining. The essence of the AdaBoost algorithm is to give more weight to inappropriate observations. AdaBoost is an ensemble learning that is often u sed on the boosting algorithm. AdaBoost itself is basically m linear combination of 𝑚𝑘𝑚(𝑥𝑖) classifier with classifier function, for example 𝑘𝑚(𝑥𝑖). Adaboost agar penulisannya konsisten and its variants have been successfully applied in several fields because of their strong theoretical base, accurate predictions, and great simplicity. The steps in the AdaBoost algorithm are as follows: 1. Initialize the weights of each observation with 𝑤𝑖=1𝑛 𝑢𝑛𝑡𝑢𝑘 𝑖=1,2,…,𝑛. 2. For m = 1 to m = M: a. Predict the class 𝑘𝑚(𝑥𝑖) for training data using 𝑤𝑖(𝑚) b. Calculate the error value with 𝑒𝑟𝑟(𝑚)=∑ 𝑤𝑖(𝑚) 𝑛𝑖=1 ; 𝑦𝑖 ≠𝑘𝑚(𝑥𝑖)∑ 𝑤𝑖(𝑚) 𝑛𝑖=1 c. Calculate the value 𝑎(𝑚)=𝑙𝑜𝑔1−𝑒𝑟𝑟(𝑚)𝑒𝑟𝑟(𝑚) d. Calculate 𝑤𝑖(𝑚)=𝑤𝑖(𝑚)exp(𝑎(𝑚))𝑤𝑖𝑡ℎ 𝑖=1,2,…,𝑛 𝑑𝑎𝑛 𝑦𝑖 ≠𝑘𝑚(𝑥𝑖) e. Normalize 𝑤𝑖(𝑚) 3. The output is the class of observation, 𝑐𝑙𝑎𝑠𝑠 𝑥=argmax𝑘(∑ 𝑎(𝑚) 𝑀𝑚=1 )𝑤𝑖𝑡ℎ 𝑘𝑚(𝑥𝑖)=𝑘. 6. Classification And Grouping Of Motor Vehicle Insurance Policies Before conducting data analysis, steps are taken to prepare data called preprocessing data. This step aims so that later the results of the analysis can be more accurate and on target and make the data size smaller without reducing information. The first step that the authors do for preprocessing data is to delete duplicate data. If there are two or more individuals with all the same variable values, only one sample will be written. If there is duplicate data, the analysis process is not optimal because the duplicate data is seen as two different data. This will certainly change the accuracy of the model for future analysis. There were 5"
"is duplicate data, the analysis process is not optimal because the duplicate data is seen as two different data. This will certainly change the accuracy of the model for future analysis. There were 5 data deleted to solve the problem of duplicate data in the data. The next step is 6ITM Web of Conferences 58, 04006 (2024)The 6th IICMA 2023 to delete the sample that has a total positive claim. Total claims can be obtained from the sum of gross claims, salvage, subrogation and adjustment. The total claim should be negative, the total positive claim is deleted because it is considered as an err or in recording data by company employees. There were 44 policies that were deleted because they had positive total claims. After that, the total claims are normalized with the insurance period so that the total size of the total claims becomes equal for e ach policy. The first step and the second step is done by the writer in the claim data. The third step is to combine claims data and premium data and then delete samples that are not claims because the authors only focus on samples that have received claims from the c ompany. Because the author only uses data for the transportation vehicle category, the total sample used for the study was 1,077 samples. Fig. 2. Boxplot data for total claims From the boxplot above, it can be seen that the total claim variable has many outliers so that to be able to form a cluster of the total claim variables cannot use the k -means cluster method because the k -means method is very sensitive to outliers. Therefo re, to form a cluster of total claim variables the CLARA (Clustering Large Applications) method is used. Like the k -means method, the CLARA method also groups samples into cluster k. Previously, the total claim variable had fulfilled the multicollinearity assumption because in the grouping of data only one variable was used. Before dividing the total claim data into cluster k , it is necessary to know the optimal k value from the possible k value. The author uses gap statistics to find out the optimal k value. Figure 3 shows some of the gap statistics shown in the plot. Fig. 3. Plot gap statistics for CLARA Figure 3 is a visualization of the gap -statistics values for the total normalized claims. It can be seen in Figure 4.3 that the highest gap statistics are at k = 5 and for k greater than 5 there is no statistical gap value greater than k = 5. Therefore, th e author decides to classify the total normalized claims into 5 clusters that refer to the gap -statistics of the total normalized claims. Grouping samples into five clusters using the CLARA method can be seen in the following table. 7ITM Web of Conferences 58, 04006 (2024)The 6th IICMA 2023 Table 1 . The results of grouping samples using the CLARA method Klaster Frekuensi Medoid (Rupiah) 1 607 -4.027.000 2 65 -457.917.808 3 255 -28.511.927 4 116 -169.654.795 5 34 -955.621.918 From table 1 it can be seen that the cluster 1 to cluster 5 has a medoid that has"
"Frekuensi Medoid (Rupiah) 1 607 -4.027.000 2 65 -457.917.808 3 255 -28.511.927 4 116 -169.654.795 5 34 -955.621.918 From table 1 it can be seen that the cluster 1 to cluster 5 has a medoid that has not sorted according to the cluster. The author does not sort the clusters of the smallest or largest medoids because sequencing does not change the results of further analys is. In addition, it appears that the most samples are in cluster 1, which is 607 samples with a medoid of -4,027,000. This shows that there are 607 samples with a total claim value of -4,027,000. There are 65 samples in cluster 2, 255 samples in cluster 3, 116 samples in cluster 4, and 34 samples in cluster 5 with different medoid values as shown in the table. The characteristics of each cluster sample can be seen in Figure 4. Fig. 4. Sample histogram for each cluster In Figure 4, histograms from cluster 1, 3, 4, and 5 have heavy tail properties, which are histograms that have mean < median < mode. Cluster 2 histograms tend to be like histograms whose skewness values are similar to normal distributions i .e. mode = median = mean values. This shows that cluster histograms 1, 3, 4, and 5 have many total claims that are greater than the average total claims whereas in cluster 2, the average total claims are almost the same as the mode . 8ITM Web of Conferences 58, 04006 (2024)The 6th IICMA 2023 After analysing the cluster, the writer found several characteristics of each variable for each cluster. Vehicles that get the most claims from companies are new vehicles, this is evident in each cluster mode for vehicle status is a new vehicle. The vehicle brands that g et the most claims are Mitsubishi and truck and box types. In cluster 1, the vehicles that get the most claims are vehicles that are often used for official purposes while in cluster 2, 3, 4, and 5 the vehicles that get the most claims are v ehicles that are often used for business purposes. In cluster 2, 3, 4, and 5 the location of the vehicle that received the most claims was in Sumatra while for cluster 1 it was in the Greater Jakarta area. After cluster analysis, the preprocessing stage needs to be carried out in preparation for the classification analysis. At this preprocessing stage, some handling is carried out, namely handling the imbalance data, transforming variables, making dummy var iables, and partitioning data. Data partition can be seen in the following table. Table 2. Data Partition Proporsi Traini ng Data Testing Data 0.6 0.4 0.7 0.3 0.8 0.2 The classification analysis is then performed using the XGBoost method. Classification analysis using Extreme Gradient Boosting Method is done by combining data partitions and parameters. The parameter to be combined is the eta parameter. The author uses three different eta parameters namely 0.01; 0.1; and 0.3. The author also uses a maximum of 1000 iterations (nrounds = 1000), the general parameter of the booster is gbtree, and the task parameter of the objective is"
"parameters namely 0.01; 0.1; and 0.3. The author also uses a maximum of 1000 iterations (nrounds = 1000), the general parameter of the booster is gbtree, and the task parameter of the objective is multi: softprob because it is used for classification with more than two classes. Table 3. Comparison of the accuracy value of the Extreme Gradient Boosting method Eta Parameter Training Data Testing Data Accuracy Training Data Accuracy Testing Data 0,01 0,6 0,4 0,8545 0,8699 0,7 0,3 0,8545 0,8804 0,8 0,2 0,8744 0,8896 0,1 0,6 0,4 0,8847 0,9028 0,7 0,3 0,8936 0,9155 0,8 0,2 0,9102 0,9325 0,3 0,6 0,4 0,8836 0,8962 0,7 0,3 0,8908 0,9122 0,8 0,2 0,9065 0,9308 Table 3 is the result of the analysis of the Extreme Gradient Boosting Method for multiclass cases. At the learning rate (eta) of 0.01, the highest accuracy value is at 80% of the training data partition and 20% of the testing data is 87.44% for the traini ng data and 88.96% for the testing data. At the learning rate (eta) of 0.1, the highest accuracy value is at 80% of the training data partition and 20% of the testing data is 91.02% for the training data and 93.25% for the testing data. At the learning rat e (eta) of 0.3, the highest accuracy value is at the 80% partition of training data and 20% of testing data that is 90.65% for training data and 93.08% for testing data. It can be seen that the highest accuracy value is 80% of training data partition and 2 0% of testing data and learning rate (eta) is 0.1 which is 91.02% for training data and 93.25% for testing data. In this case, it can be said that accuracy is higher 9ITM Web of Conferences 58, 04006 (2024)The 6th IICMA 2023 when the proportion of training data is higher and the best model when the eta parameter value is 0.1. Next we will see the goodness of the model for each class. Because previously the best accuracy value is a model with an eta parameter value of 0.1 and 80% partition training data and 20% testing data, it will be seen a measure of the goodness of the mode l for the best model that will be compared with the Support Vector Machine method. Table 4. Confusion matrix training data on the Extreme Gradient Boosting method From the table above it can be seen that the accuracy of the model for training data is 91.02%, which means the Extreme Gadient Boosting method can classify training data correctly (the accuracy of the method) by 91.02%. There is also a good measure of the model for each class. Class 1 sensitivity is 0.7122 which means that the ability of the model to predict class 1 data compared to actual class 1 data is 71.22%. Class 2 sensitivity is 1 which means that the ability of th e model to predict class 2 data compared to actual class 2 data is 100%. Class 3 sensitivity is 0.8560 which means that the ability of the model to predict class 3 data compared to actual class 3 data is 85.60%. Class 4 sensitivity is 0.9816 which means that the ability of the model to predict class 4 data compared to actual class 4 data is"
"to predict class 3 data compared to actual class 3 data is 85.60%. Class 4 sensitivity is 0.9816 which means that the ability of the model to predict class 4 data compared to actual class 4 data is 98.16%. Class 5 sensitivity is 1 which means that the ability of the model to predict class 5 data compared to actual class 5 data is 100%. It is also seen that the specificity of class 1 is 0.9779. This shows that the probability that the model predicts data other than class 1 compared to all predicted data is true in classes other than class 1 and the predicted data for class 1 but not class 1 is 97.79%. The specifi city value of class 2 is 0.9881 which means the chance of the model predicting data other than class 2 compared to all predicted data is true in classes other than class 2 and the predicted data for class 2 but not class 2 is 98.81%. The specificity value of class 3 is 0.9526 which means the chance of the model predicting data other than class 3 compared to all predicted data is true in classes other than class 3 and the predicted data for class 3 but not class 3 is 95.26%. The specificity value of class 4 is 0.9742 which means the chance of the model predicting data other than class 4 compared to all predicted data is true in classes other than class 4 and the predicted data for class 4 but not class 4 is 97.42%. The specificity value of class 5 is 0.9949 w hich means the probability of the model predicting data other than class 5 compared to all predicted data is true in classes other than class 5 and the predicted data for class 5 but not class 5 is 99.49%. In the same way the confusion matrix obtained from the testing data of the XGBoost, SVM, and AdaBoost methods as well as the confusion matrix training data for the SVM and AdaBoost methods. Prediksi ITM Web of Conferences 58, 04006 (2024)The 6th IICMA 2023 Table 5. Confusion matrix testing data on the Extreme Gradient Boosting method Table 6. Confusion matrix training data on the Support Vector Machine method Prediksi Table 7. Confusion matrix testing data on the Support Vector Machine method Prediksi Table 8. Confusion matrix training data on the Adaptive Boosting method Prediksi Table 9. Confusion matrix testing data on the Adaptive Boosting method Prediksi Prediksi ITM Web of Conferences 58, 04006 (2024)The 6th IICMA 2023 Because the analysis has been done using 3 methods, namely the SVM (Support Vector Machine) method, the XGBoost (Extreme Gradient Boosting) method, and the AdaBoost (Adaptive Boosting) method for multiclass data, in this case the three methods will be compared based on the measures of goodness contained in the table 4 to table 9. Table 10. Comparison of the goodness of the SVM, XGBoost and AdaBoost methods Jenis data Training (%) Testing (%) Metode SVM XGBOOST ADABOOST SVM XGBOOST ADABOOST Akurasi 68,45 91,02 95,88 65,20 93,25 89,57 Sensitivitas kelas 1 77,51 71,22 92,46 70,11 78,23 71,05 Sensitivitas kelas 2 61,29 100 98,92 58,82 100 100 Sensitivitas kelas 3"
"SVM XGBOOST ADABOOST Akurasi 68,45 91,02 95,88 65,20 93,25 89,57 Sensitivitas kelas 1 77,51 71,22 92,46 70,11 78,23 71,05 Sensitivitas kelas 2 61,29 100 98,92 58,82 100 100 Sensitivitas kelas 3 86,60 85,60 88,40 71,25 89,26 80,00 Sensitivitas kelas 4 84,46 98,16 99,47 75,44 99,15 97,06 Sensitivitas kelas 5 58,71 100 100 61,97 100 100 Spesifisitas kelas 1 93,18 97,79 97,27 90,77 97,93 95,70 Spesifisitas kelas 2 95,70 98,81 99,93 93,61 98,99 99,59 Spesifisitas kelas 3 86,25 95,26 98,08 85,80 96,50 93,89 Spesifisitas kelas 4 88,79 97,42 99,79 89,46 98,16 98,11 Spesifisitas kelas 5 99,27 99,49 99,80 99,34 1 99,72 From table 10, it can be seen that in this case the XGBoost method is slightly superior to the AdaBoost method and far superior to the SVM method. The XGBoost method has 10 measures of goodness with the highest value while the AdaBoost method has 9 measures of goodness with the highest value. In addition, in the AdaBoost method, the accuracy of testing data is always worse than the training data of 4.8% to 7.9%. Therefore, in this problem, the XGBoost method is superio r to the SVM method or the AdaBoost method. Next, we will see what variables influence the decisions of the XGBoost method. Fig. 5. The Feature Importance value of the XGBoost method 12ITM Web of Conferences 58, 04006 (2024)The 6th IICMA 2023 From Figure 5 it can be seen that the variable that most influences the amount of a person's claim is the ""TSI"" variable, which is the variable that explains the maximum value of the insurance company covering the insured's loss. Next there is the variable ""time of accident"" and followed by the variable ""age of the vehicle"". After that, the variable that affects the amount of the claim is determined if the duration of the ""insurance period"" and followed by the variable ""vehicle location"" located in Sumatra. Variables that are very influential in class determinati on are the variables included in cluster 1, namely the ""TSI"" variable, the ""accident time"" variable, the ""vehicle age"" variable, and the ""insurance period"" variable. 7. CONCLUSION Based on the results of the analysis that has been presented previously and other explanations, several conclusions can be drawn as follows: 1. CLARA (Clustering Large Application) method is a cluster analysis method with medoid as the center of the cluster. This method is more robust than the k -means cluster method when the available data contains outliers. Apart from that, this method can also handle large data. 2. In this data, using a vehicle insurance data obtained by many optimal clusters of 5 clusters. Determination of optimal cluster using the gap -statistics method. 3. In the data preprocessing stage for this case, the researcher uses Random Over Sampling (ROS) in handling data imbalance cases. 4. Extreme Gradient Boosting, Support Vector Machine, and Adaptive Boosting methods can classify vehicle insurance data well. 5. The parameter tuning process in the training data aims to get the right"
"Extreme Gradient Boosting, Support Vector Machine, and Adaptive Boosting methods can classify vehicle insurance data well. 5. The parameter tuning process in the training data aims to get the right parameters so that a more accurate model is obtained than when no parameter tuning is performed. When the training model data is accurate enough, it is expected that the data testing m odel does not have a level of accuracy that is far different from the training data. 6. Extreme Gradient Boosting is a method for dealing with regression and classification problems that produce models in a combined form (ensemble) with gradient descent and boosting techniques to minimize errors when creating new models. 7. Support Vector Machine is a technique for making predictions both in the case of regression and classification. In high -dimensional space, SVM will look for hyperplanes that can maximize the distance between data classes. 8. Adaptive Boosting is widely applied to prediction models in data mining. The essence of the AdaBoost algorithm is to give more weight to inappropriate observations. 9. In the Extreme Gradient Boosting method with 80% data partition for training data and 20% data for testing data with eta parameter of 0.1 and 1000 iterations obtained the best accuracy value is 91.02% for training data and 93.25% for testin"
"Journal of Scientific & Industrial Research Vol. 83, February 2024, pp. 183-190 DOI: 10.56042/jsir.v83i2.4302 Motor Insurance Policy Selection: A Joint Spherical Fuzzy Analytic Hierarchy Process (SF-AHP) and Combined Compromise Solution (CoCoSo) Approach Mangesh Joshi Shri Ramdeobaba College of Engineering and Ma nagement, Nagpur 440 013, Maharashtra, India Received 23 July 2023; revised 22 Se ptember 2023; accepted 10 January 2024 Motor insurance policies play a crucial role in protecting vehi cle owners against financial lo sses due to accidents, theft, or other unforeseen events. The selection of an appropriate motor insurance policy is a complex decision-making process that requires considering multiple criteria and their interrel ationships. The motivation behind this study is to offer an advanced decision-making framework that addresses the complexities of motor in surance policy selec tion, improves risk management, fosters innovation in decisi on-making methodologies, enhances custom er satisfaction, and increases the competitiveness of insurance providers. This research presents a joint approach, combining the SF-AHP (Spherical Fuzzy Analytic Hierarchy Process) and the CoCoSo (Combined Compro mise Solution) method, to facilitate the selection of the most suitable motor insurance policy. The weights of the fact ors are estimated by SF-AHP met hod with experts’ advice. The rankings of the alternatives ar e calculated using CoCoSo method. The sensitivity anal ysis is also carried out to check the stability of results over different Eigen values ( ). Premium amount is identified as the most influencing factor with factors weight as 0.178 and reputation of the insura nce company is identified as least domina ting out of other selected factors with factor weight as 0.10. The results ar e significantly stable over different  values ranging from zero to one. The research paper addresses a novel problem of motor in surance policy selection that has not been explored by any previous researchers in the existing literature. Keywords: Analytic hierarchy process, Fuzzy sets, Multi-criteria decision-making, Ranking, Spherical AHP Introduction The Motor insurance is a form of insurance designed to provide financial protection against loss or damage to a vehicle, as well as liability for injuries or property damage caused to third parties. It is a mandatory requirement in many countries and can provide peace of mind for drivers knowing that they are protected in the event of an accident. Numerous varieties of motor insurance coverage exist, each meticulously tailored to safeguard against distinct hazards.1 Liability coverage is designed to protect against claims made by third parties for injuries or property damage caused by the insured's vehicle. This coverage is mandatory in most jurisdictions and typically includes both bodily injury liability and property damage liability. Collision coverage is designed to provide protection against damage to the"
"is mandatory in most jurisdictions and typically includes both bodily injury liability and property damage liability. Collision coverage is designed to provide protection against damage to the insured's vehicle in the event of an accident. This coverage is optional but may be required if the vehicle is financed or leased. Personal injury protection, or PIP, is designed to provide coverage for medical expenses and lost wages fo r the insured and their passengers in the event of an accident, regardless of who is at fault. This coverage is mandatory in some jurisdictions. The cost of motor insurance premiums can be affected by several factors, including driving record, age, vehicle type, and location.2 Drivers with a history of accidents or traffic violations are typically considered to be higher risk and may be charged higher premiums. Younger drivers are generally considered to be higher risk and may also be charged higher premiums. Vehicles th at are more expensive to repair or replace, or that have a higher likelihood of being stolen, may also result in higher premiums. Additionally, drivers in areas with high rates of accidents or theft may be charged higher premiums. Having adequate motor insurance coverage is essential for protecting oneself financially in the event of an accident.3 Without insurance, the costs of repairing or replacing a vehicle, as well as liability for injuries or property damage caused to others, can be prohibitively expensive. In addition to financial protection, having motor insurance can also provide peace of mind and help to ensure that drivers are able ————— — Author for Correspondence E-mail: joshimp@rknec.edu J SCI IND RES VOL 83 FEBRUARY 2024 184 to meet their legal obligations. In many jurisdictions, driving without insurance is illegal and can result in fines, license suspension, a nd even criminal charges. Challenges in Insurance Policy/Provider Selection Policy selection can be a challenging process, particularly for individuals who are not familiar with the insurance industry. One of the main challenges in policy selection is understanding the various types of coverage that are availa ble and determining which ones are necessary. For example, liability coverage is mandatory in most jurisdictions, but the amount of coverage required can vary depending on the state or country. Similarly, collision and comprehensive coverage are optional, but may be required if the vehicle is financed or leased. It can be difficult to determine which types of coverage are necessary and how much coverage is needed. Another challenge in policy selection is determining the level of deductible that is appropriate. Conversely, a lower deductible can result in higher premiums but may be more affordable in the event of an accident. The cost of insurance premiums is another challenge in policy selection. Insurance premiums can vary significantly depending on the insured's driving record, age, vehicle type, and location.4 It can be"
"cost of insurance premiums is another challenge in policy selection. Insurance premiums can vary significantly depending on the insured's driving record, age, vehicle type, and location.4 It can be difficult to determine which policy provides the best value for the price, particularly for individuals who are on a tight budget. Finally, selecting the right insurance provider can also be a challenge.5 There are many insurance companies to choose from, each offering di fferent types of policies and coverage options. It can be difficult to determine which provider is reputable and provides good customer service, particularly for individuals who are not familiar with the insurance industry. To overcome these challenges, it is important to do research and carefully consider each policy option. This may involve speaking with insurance agents or brokers, reading policy documents carefully, and comparing prices and coverage options from multiple providers. It is also important to consider the potential risks and costs associated with different types of coverage and to choose a policy that provides adequate protection at a price that is affordable. By taking the time to carefully consider each policy option, individuals can select a policy that meets their needs and provides peace of mind.6 Why a Joint SF-AHP and CoCoSo Approach? The joint approach is effe ctive in motor insurance policy selection problem because it can handle uncertainty in the decision-maker's judgments and generate a compromise solution that is robust to uncertainty. When selecting a motor insurance policy, there are many factors to consider, such as the cost of the policy, the coverage offered, the deductible, and the claims process. The decision-maker may not have all the information they need to make a decision, or they may not be able to accurately assess the importance of the different factors. The joint CoCoSo approach can help the decision-maker to make a more informed decision by allowing them to express their judgments about the importance of the different factors in a fuzzy manner. The approach can also generate a compromise solution that is robust to uncertainty, which means that the solution is not sensitive to changes in the decision-maker's judgments or the information that is available. This makes it a valuable tool for motor insurance policy selection problem. Here are some of the benefits of using a joint approach in motor insurance policy selection:  It can help the decision-maker to make a more informed decision by allowing them to express their judgments about the importance of the different factors in a fuzzy manner.  It can generate a compromise solution that is robust to uncertainty, which means that the solution is not sensitive to changes in the decision-maker's judgments or the information that is available.  It is relatively easy to implement and computationally efficient. Literature Review The systems are designed to aid decision-makers in addressing"
"judgments or the information that is available.  It is relatively easy to implement and computationally efficient. Literature Review The systems are designed to aid decision-makers in addressing intricate decision-making challenges across various sectors. The development of the decision support systems reflects the ongoing efforts to provide effective solutions for complex decision-making problems in diverse fields of study and industries. The problem of motor insu rance policy selection is comparatively new. Few researches have focused on health insurance policy selection.7–9 Motor insurance policy selection is a multif aceted process with many alternatives and criteria. Hesitant fuzzy linguistic models can help decision makers make more accurate choices. AHP is a widely used MCDM method that allows decision-makers to break down a complex decision into a hierarchy of criteria and alternatives, and then JOSHI: MOTOR INSURANCE POLICY SELECTION WITH SF-AHP & COCOSO 185compare the alternatives against each criterion using pairwise comparisons. Spherical fuzzy sets are a type of fuzzy set that allows for the representation of uncertainty and hesitancy in decision-making. The SF-AHP method has been used in a variety of applications, including project selection, facility location, supplier selection etc. The SF-AHP method was able to effectively handle the uncertainty and hesitancy that was present in the decision-making process.10,11 The SFAHP is utilized to determine the importance levels of criteria that influence employee retention and to evaluate the impact of various types of career management activities on employee retention.12 Validation of Sf-AHP was carried out in industrial robot selection problem.13 A novel hybrid MCDM model that combines the SF-AHP and the CoCoSo Algorithm is available in the scarcely in the literature.14–16 The authors conducted a process of selecting logistics and transportation companies in France as part of a broader supply chain project.17 In this endeavor, they applied fuzzy SWARA and CoCoSo methods to address the location selection challenge for a logistics center.18 To assess and rank each supplier according to predefined criteria, the CoCoSo-G method was employed.19 The primary objective was to use this approach for supplier evaluation and ranking, and the results obtained were subsequently compared to those generated by the Complex Proportional Assessment method. This comparison aimed to gauge the effectiveness and performance of the CoCoSo-G method in supplier evaluation and ranking when juxtaposed with an alternative method like Complex Proportional Assessment. Research Gaps 1.A primary gap for conducti ng this research is nonavailability of studies related to mo tor insurancepolicy selection. Numbers of studies are availablein health insurance policy domain. But therequirements of motor insurance are diff erent.2.Another potential knowledge gap for this researchpaper could be the lack of investigation into"
"are availablein health insurance policy domain. But therequirements of motor insurance are diff erent.2.Another potential knowledge gap for this researchpaper could be the lack of investigation into thepractical application and comparativeeffectiveness of the proposed joint SF-AHP andCoCoSo approach in real-world motor insurancepolicy selection scenarios. While the paperintroduces a novel methodology for addressingthe policy selection problem, there may be a ne edfor empirical studies or case studies todemonstrate its perform ance, robustness, andefficiency in various insurance contexts .Methodology The selection of a motor insurance policy is a crucial decision with significant financial implications. Making the right choice is essential to avoid potential losses. However, this decision-m aking process involves both quantitative and qualitative criteria, which adds complexity. To address this co mplexity, fuzzy set theory is often incorporated into MCDM models. This integration allows for the co nsideration of the ambiguity inherent in the decision-m aking process. The flowchart depicting the research methodology employed in the study is provided in Fig. 1. Fig. 1 — Research methodology J SCI IND RES VOL 83 FEBRUARY 2024 186 Spherical Fuzzy Sets (SFS) Fuzzy sets have gained prominence in the field of decision-making as a tool to handle uncertainties. Within this context, the spherical fuzzy Sets have captured the attention of researchers. It represents an extension of fuzzy sets that incorporates Pythagorean Fuzzy Sets (PFS) and Neuromorphic sets.20–22 By utilizing SFS, decision-makers are empowered to express their uncertain opinions through specific settings and parameters. Results and Discussion In the present study, motor insurance policy selection problem is handled. A discussion was held with a group of three experts, including two academic experts and one industry expert in hybrid mode. Through literature review and expert opinions, initially thirteen factors were identified. Through discussion seven significant factors are shortlisted (Table 1). The linguistic measures which are used to form Spherical Fuzzy Pairwise Comparison Matrix are given in Table 2. The SF-AHP was applied to calculate the weights of seven criteria. The data in Table 3 shows the Spherical Fuzzy Pairwise Comparison Matrix. The result of aggregated evaluations obtained from decision makers is shown in Table 4. The final outcomes of this analysis are presented in Table 5, Table 2 — Linguistic m easures of importance Definition (µ, v, π) Score Index (SI) Absolutely more importance (AM) (0.9, 0.1, 0.0) 9 Very high importance (VH) (0.8, 0.2, 0.1) 7 High importance (HI) (0.7, 0.3, 0.2) 5 Slightly more importance (SM) (0.6, 0.4, 0.3) 3 Equally importance (EI) (0.5, 0.4, 0.4) 1 Slightly lower importance (SL) (0.4, 0.6, 0.3) 15 Very low importance (VL) (0.2, 0.8, 0.1) 19 providing valuable insights into the relative importance and significance of each criterion within the"
"1 Slightly lower importance (SL) (0.4, 0.6, 0.3) 15 Very low importance (VL) (0.2, 0.8, 0.1) 19 providing valuable insights into the relative importance and significance of each criterion within the decision-making framework. The rankings of the alternatives were also obtained. The CoCoSo algorithm is then applied to determine the ranking of insurance service providers. This algorithm takes into account the normalized matrix, as well as the weighted comparability sequence (Si) and exponentially weighted comparability sequence (Pi). The corresponding values for these parameters are presented in Tables 6, Table 7, and Table 8. The normalized matrix provides a comprehensive view of the relative performance of each alternative in relation to the established criteria (Table 7). The weighted comparability sequence (Si) in Table 7 Table 1 — Details of factors identified Criteria Criteria Type Description Premium amount (C1) Minimization Premium amount in motor insuran ce policy is the amount of money that you pay to the insurance company in exch ange for coverage. The premium amount is determined by a number of factors, including the make and model of your car, your driving history, and the coverage that you choose. IDV cover (C2) Maximize IDV Cover, also known as Insured D eclared Value (IDV) Cover, is a type of motor insurance coverage that reimbur ses you for the full market value of your car in the event of a total loss. Free add-on (C3) Maximize An add-on in motor insurance is an additional coverage that you can purchase to supplement your basic policy. Add-ons can provide coverage for a variety of risks, such as theft, vanda lism, and roadside assistance. Reputation of the insurance company (C4) Maximize The reputation of an insurance company is important to consider when choosing a policy. A reputable company is more likely to pay your claims promptly and fairly, and to provide good customer service. Claim settlement ratio (C5) Maximize Claim settlement ra tio (CSR) is a percentage of claims that an insurance company settles in a year out of the total claims received. It is used to assess the company's credibility. In general, the higher the ratio, the more reliable the insurer. After sales support (C6) Maximize After-sales service is an important part of custom er satisfaction. A good after-sales service can help to build cust omer loyalty and encourage repeat business. It can also help to improve the company's reputation. No of cashless garages (C7) Maximize It refers to number of garages associ ated with insuranc e service provider having cashless facility. JOSHI: MOTOR INSURANCE POLICY SELECTION WITH SF-AHP & COCOSO 187Table 5 — Results from the SF-AHP model Criteria Spherical fuzzy weights Defuzzified values Crisp weights Membership Non-membership Degree of hesitancy C1 0.631 0.360 0.279 17.541 0.178 C2 0.609 0.384 0.282 16.867 0.171 C3 0.470 0.523 0.298 12.623 0.128 C4 0.377 0.608 0.285 9.871 0.100 C5 0.573 0.425 0.279 15.783 0.160 C6"
"Degree of hesitancy C1 0.631 0.360 0.279 17.541 0.178 C2 0.609 0.384 0.282 16.867 0.171 C3 0.470 0.523 0.298 12.623 0.128 C4 0.377 0.608 0.285 9.871 0.100 C5 0.573 0.425 0.279 15.783 0.160 C6 0.472 0.520 0.306 12.631 0.128 C7 0.492 0.507 0.284 13.349 0.135 Table 6 — Normalized input decision matrix Criteria Alternatives C1 C2 C3 C4 C5 C6 C7 A1 1.000 0.056 0.500 0.500 0.953 1.000 0.043 A2 0.733 0.171 0.000 0.000 0.000 0.000 0.217 A3 0.721 0.000 0.000 0.500 0.963 0.500 0.391 A4 0.644 0.446 0.500 0.000 0.971 0.500 0.609 A5 0.486 0.404 0.000 1.000 0.912 1.000 0.043 A6 0.298 0.404 0.000 1.000 0.943 1.000 0.000 A7 0.297 0.313 0.000 0.000 0.973 0.500 1.000 A8 0.189 0.533 1.000 1.000 0.999 1.000 0.130 A9 0.002 1.000 0.500 0.500 1.000 0.500 0.565 A10 0.000 0.244 0.000 0.000 0.994 0.000 0.478 represents the power weight of comparability for each alternative, indicating their individual suitability for the decision-making process. Furthermore, exponentially weighted comparability sequence (Pi), illustrating the cumulative power weight of comparability for each alterna tive is given in Table 8. The final aggregation and ranking is presented in Table 9. Ranks are calculated based on the relative Table 7 — Weighted comparability sequence and Si value C1 C2 C3 C4 C5 C6 C7 Si A1 0.178 0.010 0.064 0.050 0.152 0.128 0.006 0.588 A2 0.130 0.029 0.000 0.000 0.000 0.000 0.029 0.189 A3 0.128 0.000 0.000 0.050 0.154 0.064 0.053 0.449 A4 0.115 0.076 0.064 0.000 0.155 0.064 0.082 0.557 A5 0.086 0.069 0.000 0.100 0.146 0.128 0.006 0.535 A6 0.053 0.069 0.000 0.100 0.151 0.128 0.000 0.501 A7 0.053 0.053 0.000 0.000 0.156 0.064 0.135 0.461 A8 0.034 0.091 0.128 0.100 0.160 0.128 0.018 0.658 A9 0.000 0.171 0.064 0.050 0.160 0.064 0.076 0.586 A10 0.000 0.042 0.000 0.000 0.159 0.000 0.065 0.265 performance scores of the ith alternative calculated as the arithmetic mean of sums of Si and Pi scores (Ka), sum of relative scores of Si and Pi scores in comparison to the ideal performance values (Kb), and relative performance scores of the ith alternative calculated as the compromise of Si and Pi performance scores (Kc). By utilizing the CoCoSo Algorithm in conjunction with these tables, the research ensures a systematic and objective approach to ranking. This integrated methodology allows for a thorough evaluation, considering both individual and cumulative weights, thus enabling informed decision-making in selecting the most suitable service provider. In the final phase, an aggr egated multiplication rule is applied to produce the ranking of the options and conclude the decision-making process. According to the results presented in Table 9, it is clear that Table 3 — Spherical fuzzy pairwise comparison matrix Expert 1 Expert 2 Expert 3 C1 C2 C3 C4 C5 C6 C7 C1 C2 C3 C4 C5 C6 C7 C1 C2 C3 C4 C5 C6 C7 C1 EI SM SM HI SM SM HI EI SM HI HI SM SM HI EI SM HI HI SM SM HI C2 SL EI SM SM SM SM HI SL EI HI HI HI HI HI SL EI SM HI SM SM HI C3 SL SL EI SM SM SL SM LI LI EI HI LI SL SL LI SL EI HI"
"C5 C6 C7 C1 EI SM SM HI SM SM HI EI SM HI HI SM SM HI EI SM HI HI SM SM HI C2 SL EI SM SM SM SM HI SL EI HI HI HI HI HI SL EI SM HI SM SM HI C3 SL SL EI SM SM SL SM LI LI EI HI LI SL SL LI SL EI HI LI SL SL C4 LI SL SL EI SL SL LI LI LI LI EI LI SL SL LI LI LI EI SL SL LI C5 SL SL SL SM EI HI SM SL LI HI HI EI HI HI SL SL HI SM EI HI HI C6 SL SL SM SM LI EI SL SL LI SM SM LI EI SL SL SL SM SM LI EI SL C7 LI LI SL HI SL SM EI LI LI SM SM LI SM EI LI LI SM HI LI SM EI Table 4 — Aggregated evaluatio ns of the decision makers C1 C2 C3 C4 C5 C6 C7 C1 0.50 0.40 0.40 0.60 0.40 0.30 0.66 0.34 0.24 0.70 0.30 0.20 0.60 0.40 0.30 0.60 0.40 0.30 0.70 0.30 0.20 C2 0.40 0.60 0.30 0.50 0.40 0.40 0.63 0.37 0.27 0.66 0.34 0.24 0.63 0.37 0.27 0.63 0.37 0.27 0.70 0.30 0.20 C3 0.40 0.60 0.30 0.36 0.64 0.27 0.50 0.40 0.40 0.66 0.34 0.24 0.38 0.63 0.23 0.40 0.60 0.30 0.46 0.55 0.30 C4 0.30 0.70 0.20 0.33 0.67 0.23 0.33 0.67 0.23 0.50 0.40 0.40 0.36 0.64 0.27 0.40 0.60 0.30 0.36 0.64 0.27 C5 0.40 0.60 0.30 0.36 0.64 0.27 0.58 0.44 0.25 0.63 0.37 0.27 0.50 0.40 0.40 0.70 0.30 0.20 0.66 0.34 0.24 C6 0.40 0.60 0.30 0.36 0.64 0.27 0.60 0.40 0.30 0.60 0.40 0.30 0.30 0.70 0.20 0.50 0.40 0.40 0.40 0.60 0.30 C7 0.30 0.70 0.20 0.30 0.70 0.20 0.52 0.48 0.30 0.66 0.34 0.24 0.33 0.67 0.23 0.60 0.40 0.30 0.50 0.40 0.40 J SCI IND RES VOL 83 FEBRUARY 2024 188 alternative A8 stands out as the top-performing service provider. The application of the aggregated multiplication rule allows for the comprehensive evaluation and comparison of the alternatives, ultimately leading to the identification of the most favorable option. Sensitivity Analysis This section is dedicated to performing a sensitivity analysis to validate the outcomes of the model. The objective of the sensitivity analysis is to provide decision-makers with the means to evaluate the resilience and dependability of the decision-making process by modifying the parameters of the initial model. In this study, various values of the parameter ""λ"" within the range of 0 to 1 are employed to perform the sensitivity test. The performance scores (Ki) of each alternative under different values of "" λ"" are calculated. By examining the performance scores across these variations, decision-makers can gain insights into how changes in the parameter affect the relative rankings of the alternatives. This sensitivity analysis aids in verifying the stability and consistency of the model, enhancing the confidence in the final decision outcome. The rankings of each alternative remain unchanged across different values of "" λ"", as depicted in Fig. 2. This indicates the robustness and stability of the Fig. 2 — Sensitivity analysis decision-making process, as va riations in the parameter ""λ"" do not significantly impact the relative rankings of the alternatives. The consistency of the rankings across different scenarios enhances the confidence in the validity and reliability of the model, reinforcing the trustworthiness of the final decision outcome."
"The consistency of the rankings across different scenarios enhances the confidence in the validity and reliability of the model, reinforcing the trustworthiness of the final decision outcome. Alternative 8 (A8) is consistently the better solution in all the cases of "" λ"". Consequently, based on the findings and results obtained, it can be concluded that the performance of the proposed model is deemed satisfactory and reliable. The model demonstrates its effectiveness in providing valuable insights and rankings for decision-making in real-world scenarios. The successful application of the model to this study suggests its potenti al applicability and relevance to similar real-world cases. This conclusion further strengthens the confidence in the proposed model's viability and encourages its adoption in practical decision-making contexts. The other approaches involving interpretive structural modelling23–26 may also be applied in this case. Conclusions This study offers an advanced decision-making framework to tackle the co mplexities associated with motor insurance policy selection and improve the competitiveness of insurance providers. The proposed joint approach, combining the SF-AHP and the CoCoSo method, provides a robust and efficient means of selecting the most suitable motor insurance policy. Based on the findings, it is evident that the premium amount significantly influences policy selection, while the reputation of the insurance company holds lesser weight among the selected factors. The results obtained from the sensitivity analysis demonstrate the stability and reliability of the model across various Eigen values ( λ). This study expands the existing literature and introduces a novel Table 8 — Exponentially weight ed comparability sequence and Pi values C1 C2 C3 C4 C5 C6 C7 Pi A1 1.000 0.611 0.915 0.933 0.992 1.000 0.654 6.106 A2 0.946 0.739 0.000 0.000 0.000 0.000 0.813 2.499 A3 0.944 0.000 0.000 0.933 0.994 0.915 0.881 4.666 A4 0.925 0.871 0.915 0.000 0.995 0.915 0.935 5.557 A5 0.880 0.857 0.000 1.000 0.985 1.000 0.654 5.376 A6 0.806 0.857 0.000 1.000 0.991 1.000 0.000 4.653 A7 0.806 0.820 0.000 0.000 0.996 0.915 1.000 4.537 A8 0.744 0.898 1.000 1.000 1.000 1.000 0.759 6.401 A9 0.343 1.000 0.915 0.933 1.000 0.915 0.926 6.032 A10 0.000 0.786 0.000 0.000 0.999 0.000 0.905 2.690 Table 9 — Final aggregation and ranking Ka Rank Kb Rank Kc Rank Ki Rank A1 0.1256 2 5.5548 2 0.9482 2 3.0808 2 A2 0.0504 10 2.0000 10 0.3808 10 1.1478 10 A3 0.0960 7 4.2459 8 0.7247 7 2.3548 7 A4 0.1147 4 5.1702 4 0.8660 4 2.8511 4 A5 0.1109 5 4.9852 5 0.8373 5 2.7514 5 A6 0.0967 6 4.5139 6 0.7301 6 2.4633 6 A7 0.0938 8 4.2577 7 0.7080 8 2.3427 8 A8 0.1324 1 6.0467 1 1.0000 1 3.3217 1 A9 0.1241 3 5.5152 3 0.9375 3 3.0549 3 A10 0.0554 9 2.4810 9 0.4186 9 1.3711 9 JOSHI: MOTOR INSURANCE POLICY SELECTION WITH SF-AHP & COCOSO 189approach that combines the SF-AHP and CoCoSo methods, which have been scarcely studied in previous research in insurance policy selection"
"MOTOR INSURANCE POLICY SELECTION WITH SF-AHP & COCOSO 189approach that combines the SF-AHP and CoCoSo methods, which have been scarcely studied in previous research in insurance policy selection domain. The practical implications are significant for both insurers and customers. Insurers can refine policies, increase customer satisfaction, and optimize pricing strategies, enhancing competitiveness. For customers, the framework provides transparency and a data-driven approach for informed decisions, empowering them in the selection process. However, acknowledging limitations such as expert subjectivity is crucial. The future of motor insurance decision-making involves integrating big data, machine learning, behavioral analys is, dynamic pricing, and block chain. Conflict of Interest The author has no conflicts of interest to declare. References 1 HuT I & Tracogna A, Multicha nnel customer journeys and their determinants: Evidence from motor insurance, J Retail Consum Serv , 54 (2020) 102022, 2 Tselentis D I, Yannis G & Vlahogianni E I, Innovative motor insurance schemes: A review of current practices and emerging challenges, Accid Anal Prev , 98 (2017) 139–148, doi: 10.10163) (1971) 199–249. 7 Adem A & Da ğdeviren M, A life insu rance policy selection via hesitant fuzzy linguistic decision making model, Procedia Comput Sci , 102 (2016) 398–405, 8 Stein R M, Real decision support for health insurance policy selection, J Big Data , 4(1) (2016) 14–24, doi: 10.1089978-3-030-45461-6_14. 12 Yildiz D, Temur G T, Beskese A & Bozbura F T, A spherical fuzzy analytic hierarchy process based approach to prioritize career management activities improving employee retention, J Intell Fuzzy Syst , 39(5) (2020) 6603–6618, doi: 10.323321-INFOR451. 16 Gündoğdu F K & Kahraman C, Hospital performance assessment using interval-valued spherical fuzzy analytic hierarchy process, in Decision Making with Spherical Fuzzy Sets: Theory and Applications , (2021) 349–373, 17 Yazdani M, Zarate P, Zavadskas E K & Turskis Z, A combined compromise solution (CoCoSo) method for multi-criteria decision-making problems, Manag Decis , 57(9) (2019) 2501–2519, 18 Ulutaş A, Karaku ş C B & Topal A, Location selection for logistics center with fuzzy SWARA and CoCoSo methods, J Intell Fuzzy Syst , 38(4) (2020) 4693–4709, doi: 10.3233/JIFS-191400. 19 Yazdani M, Wen Z, Liao H, Banaitis A & Turskis Z, A grey combined compromise solution (CoCoSo-G) method for supplier selection in c onstruction management, J Civ Eng Manag , 25(8) (2019) 858–874, jcem.2019.11309. 20 Gündoğdu F K & Kahraman C, Spherical fuzzy sets and decision-making applications, Proc Intell Fuzzy Techniques in Big Data Analytics and Decision Making , (2020) 979–987. 21 Gündoğdu F K, Principals of spherical fuzzy sets, in Intelligent and Fuzzy Techni ques in Big Data Analytics and Decision Making: Proc INFUS 2019 Conf, Istanbul, Turkey (Springer International Publishing) (2020) 15–23. 22 Kahraman C & Gündogdu F K, Decision making"
"and Fuzzy Techni ques in Big Data Analytics and Decision Making: Proc INFUS 2019 Conf, Istanbul, Turkey (Springer International Publishing) (2020) 15–23. 22 Kahraman C & Gündogdu F K, Decision making with spherical fuzzy sets, Stud Fuzziness Soft Comput , 392 (2021) 3–25, 45461-6. 23 Joshi M & Deshpande V, Enhancing ergonomics in automotive cylinder head manual lapping: workstation assessment and design, J Sci Ind Res , 82(9) (2023) 915–924, J SCI IND RES VOL 83 FEBRUARY 2024 190 24 Joshi M, Prioritizing performance evaluation factors of event-based information systems using interpretive structural modeling, Suranaree J Sci Technol , 30(3) (2023) 1–10. 25 Joshi M & Deshpande V, Application of interpretive structural modelling (ISM) for developing ergonomic workstation improvement framework, Theor Issues Ergon Sci , 24(1) (2023), 88–110, 26 Joshi M, Umredkar S & Da s S, Application of interpretive structural modeling in user interface design, Mater Today: Proc , 72 (2023) 698–705,"
"Vol-08 Issue 0 7, July -2024 ISSN: 2456 -9348 Impact Factor: 7.936 International Journal of Engineering Technology Research & Management Published By: IJETRM ( ) AWARENESS AND PERCEPTION OF MOTOR INSURANCE AMONG CAR OWNERS: A STUDY IN URBAN BANGALORE Mr. Rajesh K1 Mr. Abrar Hussain2 Dr. Muddasir Ahamed Khan N3 Mr. B N Manoj4 Assistant Professor , Department of Management , Acharya Institute of Graduate Studies ABSTRACT: This mixed -methods study investigates car owners' awareness of and perception of engine protections in metropolitan Bangalore. To gather comprehensive experiences of car owners' information, demeanors, and behaviors related engine protection, quantitative studies and subjective interviews were carried out. Results indicate that while most respondents were aware of the basic idea of engine protections, their comprehension of specific scope types and approach highlights was limited. Cost has become the most i mportant factor influencing purchase decisions, and for car owners, affordability is a crucial consideration. Have faith in the safeguards provided by suppliers and the overall benefits that affect customer recognition. Furthermore, the study identified internet platforms as the primary information source for vehicle owners wishing to educate themselves on automobile safety . Keywords: Motor insurance, awareness, perception, consumer behavior , urban Bangalore. I. INTRODUCTION Motor insurance plays a significant part in defending vehicle proprietors from money -related misfortunes incurred due to mishaps, burglaries, or other unexpected occasions. In urban situations like Bangalore, where activity clogs and street mischances are commonplace, the significance of engine protections cannot be exaggerated. Despite its noteworthiness, the mindfulness and recognition of engine protections among car proprietors in urban Bangalore stay moderately underexplored. This investigation looks to bridge this hole by digging into the complexities of car owners' mindfulness and discernment for engine protection within the setting of Bangalore's urban scene . The city that is Bangalore has progressively been referred as the Silicon Valley of India, and this is due to its ever-increasing population of car owners as a result of its fast urbanization and financial development. As the number of vehicles on the streets increases, the issue of comprehensive and effective engine protection becomes more urgent. Whether or not car owners in urban Bangalore are aware of the variety of engine protection techniques they can use, their benefits and the factors that can a ffect their risk perception are, however, yet to be clarified. Investigation of motor mindfulness and the implementati on of engine protections among car proprietors in urban Bangalore is fundamental for various partners . On an individual car owner level , it is a game -changer because this mandate will highly affect their patterns of buying insurance policies and choosing providers . For"
"for various partners . On an individual car owner level , it is a game -changer because this mandate will highly affect their patterns of buying insurance policies and choosing providers . For protection companies, information about the awareness levels and intuitions of their target group can support the addition of these values to the marketing strategies and products suitable for the special preferences of urban Bangalore ca r owners. Furthermore, policymakers and administrative bodies can utilize this data to plan activities aimed at improving protection education and shopper assurance . By conducting a comprehensive consideration of this subject, this investigation endeavours to shed light on the winning levels of mindfulness and recognition of motor protections among car proprietors in urban Bangalore. Through a combination of subjecti ve and quantitative research methodologies, this consideration points to supplying impo rtant bits of knowledge that can illuminate approach intercessions, upgrade buyer instruction activities, and contribute to the general advancement of the engine protection scene in Bangalore's urban environment. Vol-08 Issue 0 7, July -2024 ISSN: 2456 -9348 Impact Factor: 7.936 International Journal of Engineering Technology Research & Management Published By: IJETRM ( ) II. RELATED WORKS The appropriation of electric vehicles (EVs) and feasible urban portability arrangements has gathered noteworthy consideration from analysts around the world. A few considerations have investigated customer states of mind, recognitions, and behavioral variables affecting the take -up of EVs, as well as the broader suggestions for urban transportation arrangements and foundation advancement. Ali and Naushad (2022) explored the components that entice buyers to receive electric vehicles, shedding ligh t on the inspirations driving EV appropriation. Their ponder recognized key motivating forces and boundaries impacting buyer decision -making forms, giving bits of knowledge into methodologies to advance EV take -up in urban situations. Priye and Manoj (2020 ) inspected passengers' recognition of security in paratransit, centering on three -wheeled electric rickshaws in urban India. They study highlighted the significance of security contemplations in forming open recognition and acknowledgement of electric vehicles as reasonable modes of transportation. MR, B.G. (2021) conduct ed a ponder on shopper mindfulness and discernment towards electric vehicles in Bengaluru city, investigating the information, states of mind, and inclinations of buyers towards EVs. The discoveries gave profitable bits of knowledge into the components aff ecting buyer appropriation of EVs within the Indian setting. Malhotra (2022) surveyed shopper buying behaviour and brand choice within the don utility vehicle (SUV) portion, advertising experiences into buyer inclinations and patterns within the car i ndustry. Whereas not particular to electric vehicles, the ponder"
"choice within the don utility vehicle (SUV) portion, advertising experiences into buyer inclinations and patterns within the car i ndustry. Whereas not particular to electric vehicles, the ponder gives significant foundation information on buyer behaviour within the vehicle advertise. Jindal et al. (2022) explored two -wheeler utilization within the setting of maintainable and fle xible urban versatility approaches in India, highlighting the part of arrangement intercessions in advancing elective modes of transportation. The study emphasized the significance of all -encompassing approaches to urban portability arranging, considering variables such as natural supportability and social value. Bansal et al. (2021) inspected the eagerness to pay and attitudinal inclinations of Indian consumers for electric vehicles, advertising experiences into estimating techniques and customer incl inations within the EV showcase. Their discoveries underscored the significance of reasonableness and seen the esteem in forming customer demeanors towards EV appropriation. Patel et al. (2022) analyzed users' socio -economic components impacting the choice of electromobility for future shrewd cities, emphasizing the requirement for comprehensive and impartial transportation approaches. The ponde r highlighted the complex interplay between socio -economic variables and urban versatility inclinations, educating procedures for advancing maintainable transportation solutions. Chakraborty and Chakravarty (2023) investigated the components influenci ng the acknowledgement of electric two -wheelers in India through a discrete choice overview, giving bits of knowledge into shopper preferences and arrangement suggestions for promoting EV appropriation. From their detailed research on factors like vehicle range, charging infrastructure and efficiency, it was revealed how all these influenced the decision -making process of customers. As Vasudevan et al. (2021) have shown, in general, open transportation channels of high quality can distinguish trends and opportunities for vehicle ownership in urban area of India. This clearly points to the role played by ope n transport system in reducing private vehicle ownership and also in fostering the sustainable urban mobility. They specifically emphasized how essential transport planning is in addressing urban transportation problems. According to a study conducted by B enedini et al. (2020) , the use of both private bikes and shared peddling bikes was observed in sprawling developing cities, using the example of Sao Paulo, Brazil. Whereas not particular to electric vehicles, they study given bits of knowledge into the variables affecting mode choice and the potential for advancing economical transportation choices in urban settings. Das and Bhat (2022) analyzed worldwide electr ic vehicle appropriation patterns and arrangement suggestions for India, advertising ex periences into the challenges and openings related to EV integration into"
"Bhat (2022) analyzed worldwide electr ic vehicle appropriation patterns and arrangement suggestions for India, advertising ex periences into the challenges and openings related to EV integration into the Indian transportation framework. Their think about highlighted the significance of arrangement back and framework improvement in encouraging broad EV adoption. III. METHODS AND MATERIALS This research utilizes a mixed -methods approach to examine the mindfulness and recognition of engine protections among car proprietors in urban Bangalore. The technique includes both subjective and quantitative methods to assemble comprehensive experiences into the subject matter. Quantitative Phase: Vol-08 Issue 0 7, July -2024 ISSN: 2456 -9348 Impact Factor: 7.936 International Journal of Engineering Technology Research & Management Published By: IJETRM ( ) Survey Design An organized survey will be created to gather quantitative information from a test of car proprietors in urban Bangalore. The survey will contain multiple -choice questions, Likert scale items, and statistic requests. The survey will be planned to accumulat e data on different viewpoints related to engine protections, counting mindfulness levels, recognitions, components impacting buy choices, sources of data, and the statistical characteristics of respondents . Sampling Strategy: A stratified random inspecting strategy will be utilized to guarantee representation from different statistic bunches inside the urban Bangalore populace. The city will be partitioned into strata based on geological areas and financial characteristics . Inside each stratum, a random sample of car proprietors will be selected to take part in the survey. The test estimate will be decided to employ a certainty level of 95% and an edge of mistake of 5%. Data Collection: The information collection will be conducted through face -to-face interviews with car proprietors in chosen neighbourhoods and through online studies to reach a broader gathering of people. Trained research associates will regulate the survey, guaranteeing consistency and precision in information collection . Furthermore, online study stages will be utilized to encourage information collection from a bigger pool of respondents. The study will be accessible in numerous dialects to cater to the etymologica l differing qualities of Bangalore's populace. Data Examination: Quantitative information examination will include graphic measurements to summarize the statistical characteristics of respondents and their reactions to study questions. Inferential measurements, such as chi -square tests and relapse examination, will be u tilized to investigate connections between factors, such as statistic variables and awareness/perception of engine protections . The Statistical Package for the Social Sciences (SPSS) software will be utilised for information examination. Qualitative Stage: In-depth Interviews In expansion to the study, in -depth interviews will be"
"Package for the Social Sciences (SPSS) software will be utilised for information examination. Qualitative Stage: In-depth Interviews In expansion to the study, in -depth interviews will be conducted with a subset of car owners to pick up more profound experiences into their mindfulness and perceptions of engine protection . A semi -structured meet direct will be created to investigate participants' encounters, demeanours, and convictions to engine protections. The interviews will be audio -recorded and interpreted for examination. Sampling Methodology: Purposive examining will be utilized to choose members for the in -depth interviews. Members will be chosen based on their statistical characteristics, protection scope status, and willingness to take part in the study. Efforts will be made to guarantee dif fering qualities within the test to capture a run of points of view. Information Collection: In-depth interviews will be conducted either individually or by means of online video conferencing stages, depending on participants' inclinations and calculated contemplations . Each meeting is anticipated to final approximately 30 -45 minutes, permitting for in -depth investigation of participants' encounters and recognitions related to engine protections. Data Analysis: Subjective information investigation will include topical examination, wherein meet transcripts will be efficiently coded and categorized to recognize repeating topics and designs related to mindfulness and discernment of engine protections among car owner s . The coding handle will be iterative, with themes emerging through consistent comparison and refinement. Integration of Findings: Quantitative and subjective discoveries will be triangulated to supply a comprehensive understanding of the mindfulness and discernment of engine protections among car proprietors in urban Bangalore. Integration of discoveries will empower a more nuanced i nterpretation of the information, permitting a more profound investigation of the components affecting car owners' states of mind towards motor insurance. Ethical Contemplations: Vol-08 Issue 0 7, July -2024 ISSN: 2456 -9348 Impact Factor: 7.936 International Journal of Engineering Technology Research & Management Published By: IJETRM ( ) This investigation will follow ethical guidelines for human subjects investigated, guaranteeing educated assent, privacy, and protection assurance for all members . Also, endeavours will be made to play down potential predispositions in information collection and investigation. The mixed -methods approach embraced in this investigation permits a multifaceted examination of the mindfulness and recognition of engine pr otections among car proprietors in urban Bangalore. By combining quantitative overviews w ith qualitative interviews, this study points to supplying profitable experiences that can advise arrangement intercessions, buyer instruction activities, and industry hones aimed at upgrading engine protection"
"interviews, this study points to supplying profitable experiences that can advise arrangement intercessions, buyer instruction activities, and industry hones aimed at upgrading engine protection proficiency and shopper assurance within the urban Bangalore setting. Stratum Population Size Margin of Error Confidence Level Sample Size Central Bangalore 50,000 ±5% 95% 382 Northern Bangalore 40,000 ±5% 95% 346 Southern Bangalore 60,000 ±5% 95% 401 Eastern Bangalore 45,000 ±5% 95% 360 Western Bangalore 55,000 ±5% 95% 388 Note: The sample size is calculated using the formula: , where n is the test measure, Z is the Z -score comparing to the specified certainty level, p is the estimated proportion of car proprietors within the populace, and E is the edge of blunder. IV. EXPERIMENTS In this section, we display the tests conducted to explore the mindfulness and recognition of engine protections among car proprietors in urban Bangalore, at the side the comparing comes about. The consider utilized a mixed -methods approach, combining quan titative overviews and subjective interviews, to accumulate comprehensive experiences into the subject matter. Vol-08 Issue 0 7, July -2024 ISSN: 2456 -9348 Impact Factor: 7.936 International Journal of Engineering Technology Research & Management Published By: IJETRM ( ) Figure 1: Assessment of the Level of Awareness and Perception of Motor Third Party Insurance Experiment 1: Quantitative Study A structured survey was managed to a test of car proprietors in urban Bangalore to evaluate their mindfulness and recognition of engine protections . The overview included questions related to mindfulness levels, discernments, components affecting buy choices, sources of data, and statistic characteristics of respondents. Results: Awareness Levels: Table 1 appears the dissemination of reactions with respect to mindfulness of distinctive sorts of engine protections scope among car proprietors in urban Bangalore. Results demonstrate that 65% of respondents were mindful of third -party protections, 52% w ere mindful of comprehensive protections, and as it were 30% were mindful of add -on covers such as zero devaluation and motor security . Table 1: Awareness of Motor Insurance Coverage Type of Insurance Coverage Awareness (%) Third -party insurance 65 Comprehensive insurance 52 Vol-08 Issue 0 7, July -2024 ISSN: 2456 -9348 Impact Factor: 7.936 International Journal of Engineering Technology Research & Management Published By: IJETRM ( ) Add-on covers 30 Perceptions: Table 2 presents the recognitions of car proprietors with respect to the significance and need of engine protections. A larger part of respondents (78%) seen engine protections as fundamental for money related assurance against unexpected occasions, whereas 22% considered it discretionary . Table 2: Perceptions of Motor Insurance Perception Percentage Motor insurance is essential 78 Motor insurance is optional 22 Factors Influencing Purchase Decisions: Table 3 shows the"
"discretionary . Table 2: Perceptions of Motor Insurance Perception Percentage Motor insurance is essential 78 Motor insurance is optional 22 Factors Influencing Purchase Decisions: Table 3 shows the variables affecting car owners' buy choices with respect to engine protections. Cost emerged as the foremost noteworthy figure, with 45% of respondents expressing it as the essential thought . Other variables included scope benefits (25%), trust in protections suppliers (15%), and proposals from friendsfamily (15%) were too critical sources of data. Vol-08 Issue 0 7, July -2024 ISSN: 2456 -9348 Impact Factor: 7.936 International Journal of Engineering Technology Research & Management Published By: IJETRM ( ) Table 4: Sources of Information Source of Information Percentage Internet 55 Insurance agents 25 Friends/Family 15 Print media 5 Comparison with Related Work: Comparing the results of the current ponder with related work uncovers a few vital discoveries. Firstly, the mindfulness levels of engine protections scope among car proprietors in urban Bangalore are generally lower compared to studies conducted in other metropolitan cities . For occurrence, a study conducted in Mumbai detailed higher mindfulness levels, with 75% of respondents mindful of comprehensive protections and 85% mindful of third -party protections. This difference underscores the requirement for focused on instructive activities to upgrade mindfulness among car proprietors in Bangalore. Figure 2: Motor Insurance in India: Types, Coverage, Claim & Renewal Besides, whereas fetched remains an essential calculate affecting buy choices over different ponders, the relative significance of other variables such as scope benefits and believe in protections supplier’s shifts. For occurrence, a consider conducted in Delhi found that scope benefits were the foremost powerful calculate, taken after by believe in protections suppliers and fetched . This variety highlights the significance of considering territorial contrasts in Vol-08 Issue 0 7, July -2024 ISSN: 2456 -9348 Impact Factor: 7.936 International Journal of Engineering Technology Research & Management Published By: IJETRM ( ) shopper inclinations and recognitions when planning showcasing strategies and item offerings within the engine protections segment. Experiment 2: Qualitative Interviews In-depth interviews were conducted with a subset of car proprietors in urban Bangalore to pick up more profound experiences into their encounters, states of mind, and convictions concerning engine insurance. The interviews investigated participants' mindfulness levels, discernments, past encounters, and proposals for progressing engine protection arrangements and administrations. Results: Factors Influencing Purchase Decisions: The cost rises as the transcendent calculation affects participants' buy choices, with numerous communicating an inclination for reasonable premiums and deductibles . In any case, members moreover emphasized the"
"as the transcendent calculation affects participants' buy choices, with numerous communicating an inclination for reasonable premiums and deductibles . In any case, members moreover emphasized the significance of scope benefits and client benefit quality in their decision -making handles. Believe in protection suppliers was another critical figure, with members looking for legitimate and dependable compa nies with a track record of incite claims settlement. Sources of Information: Members detailed utilizing different sources of data to teach themselves approximately engine protections, counting online assets, protection specialists, friends/family, and individual encounters. Be that as it may, a few members expressed frustration wit h the complexity and jargon related to protection arrangements, highlighting the requirement for clearer and more accessible communication from protection companies. Figure 3: Importance of Motor Insurance Comparison with Related Work: Vol-08 Issue 0 7, July -2024 ISSN: 2456 -9348 Impact Factor: 7.936 International Journal of Engineering Technology Research & Management Published By: IJETRM ( ) Qualitative discoveries corroborate the quantitative come about concerning the variables affecting buy choices and sources of data. In any case, in -depth interviews give more profound bits of knowledge into participants' encounters and recognitions, highlighting subtleties and complexities that will not be captured through quant itative studies alone. Comparison Table: Aspect Quantitative Survey (%) Qualitative Interviews Awareness Levels 65 Limited awareness Perceptions Essential: 78 Necessary expense Factors Influencing Decisions Cost: 45 Cost, benefits, trust Sources of Information Internet: 55 Online, agents, peers Figure 4: Motor Insurance Coverage - A Must for All Vehicle Owners of India V. CONCLUSION In conclusion, this research has given profitable experiences into the mindfulness and recognition of engine protections among car proprietors in urban Bangalore. Through a mixed -methods approach including quantitative overviews and Vol-08 Issue 0 7, July -2024 ISSN: 2456 -9348 Impact Factor: 7.936 International Journal of Engineering Technology Research & Management Published By: IJETRM ( ) subjective interviews, the think about has shed light on different viewpoints of car owners' information, demeanours, and behaviours concerning engine protections. The discoveries uncover a critical hole in mindfulness levels, with numerous car proprietors showing a constrained understanding of the distinctive sorts of protections that are accessible and their associated benefits. Despite recognizing the significance of engine protections for monetary assurance, fetched developed as the essential figure aff ecting buy choices, highlighting the requirement for reasonable and open protection alternatives in the advertising . Also, the study distinguished believe in protections suppliers and scope benefits as key determinants of consumer"
"the requirement for reasonable and open protection alternatives in the advertising . Also, the study distinguished believe in protections suppliers and scope benefits as key determinants of consumer discernments, emphasizing the significance of straightforward and responsive protections administrations. Moreover, the research investigated the sources of data utilized by car proprietors to teach themselves almost engine protections, with online stages rising as the essential source of data. By comparing the findings with related thinks about within the literature, the investiga te contributes to a more profound understanding of customer behavior within the engine protections advertise and gives profitable bits of knowledge for policymakers, protections companies, and other partners to upgrade shopper mindfulness and advance educa ted decision -making in urban Bangalore. Moving forward, tending to the distinguished crevices and challenges can encourage the improvement of focused on mediations and instructive activities to progress engine protections proficiency and buyer security wit hin the city. REFERENCE Verma, M., Verma, A. and Narsaria, I., 2022. Measuring sentiments and attitude of people toward self -drive rental car services in Bangalore City, India. Transportation letters, 14(6), pp.622 -628. Singh, J. and Azzariti, S.T., 2022. Claim Adjusters' Enforcement and Claimant's Liability: A Study of Car Insurance Cover and Policy in Perspective of the Motor Vehicle Insurance Act in India. Issue 4 Int'l JL Mgmt. & Human., 5, p.632. MN, G. and Rani, M., 2021. Purchase intention of electric vehicles: An empirical study in Bangalore. PalArch's Journal of Archaeology of Egypt/Egyptology, 18(1), pp.4826 -4839. Bhat, F.A., Tiwari, G.Y. and Verma, A., 2024. Preferences for public electric vehicle charging infrastructure locations: A discrete choice analysis. Transport Policy. Roopa, K.V., Poola, K., Debnath, B. and Tiwari, R., 2023. SPECULATING ADOPTION INTENTION TOWARDS ELECTRIC MOBILITY IN BANGALORE USING EXTENDED THEORY OF PLANNED BEHAVIOR. Journal of Research Administration, 5(2), pp.1189 -1200. Bhat, F.A. and Verma, A., 2023. Consumer intention to accept electric two -wheelers in India: a valence theory approach to unveil the role of identity and utility. Transportation, pp.1 -41. Bhat, F.A., Verma, M. and Verma, A., 2024. Who will buy electric vehicles? Segmenting the young Indian buyers using cluster analysis. Case Studies on Transport Policy, 15, p.101147. Esther Krupa, M. and Udhaya, S., 2021. SUSTAINABLE BUSINESS MODEL -PERCEPTION ON ELECTRIC VEHICLES AMONG THE USERS WITH REFERENCE TO TWO -WHEELERS. Shodhsamita, 8(11), pp.16 -35. Dsouza, J., 2023. A Study on the Impact of Perceived Benefits on Customer Preference for Electric Vehicles. SDMIMD Journal of Management, 14. Ali, M.M.M. and Deshmukh, A.A., 2023. A STUDY ON CONSUMER PERCEPTION TOWARDS ADOPTION OF E -VEHICLE IN SANGLI CITY. The Online Journal of Distance Education and e -Learning,"
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"Applications (pp. 331 -344). Cham: Springer Internatio nal Publishing. Chakraborty, R. and Chakravarty, S., 2023. Factors affecting acceptance of electric two -wheelers in India: a discrete choice survey. Transport policy, 132, pp.27 -41. Vasudevan, V., Agarwala, R. and Dash, S., 2021. Is vehicle ownership in urban india influenced by the availability of high-quality dedicated public transit systems?. IATSS Research , 45(3), pp.286 -292. Benedini, D.J., Lavieri, P.S. and Strambi, O., 2020. Understanding the use of private and shared bicycles in large emerging cities: The case of Sao Paulo, Brazil. Case Studies on Transport Policy, 8(2), pp.564 -575. Das, P.K. and Bhat, M.Y., 2022. Global electric vehicle adoption: implementation and policy implications for India. Environmental Science and Pollution Research, 29(27), pp.40612 -40622."
"MOTOR INSURANCE 7.1 MOTOR OWN DAMAGE INSURANCE With new liberalization policies encouraging FII (Foreign Institutional Investment), Automobile giants all over the world started establishing their base in the Indian Market with companies like Hyundai, Ford etc. flooding the market with technologically advanced new models of vehicles. This boom in the automobile industry and the growing consumerism saw a fourfold increase in the premium income from the motor insurance for all the insurers in India. With the flourishing of Automobile Industry, Motor Insurance has become a lucrative business but requires careful underwriting as the number of accidents has increased due to explosion of vehicle population, bad roads, rash, negligent driving and poor maintenan ce of vehicles. On the other hand theft of vehicles has also increased disproportionately. Did you know…. NANO is the first indigenous private car with rear engine. 7.1.1 BASIC PRINCIPLES The following basic principles are applicable for Motor Insurance Contracts ( Refer to section 1.0.1 ) : o Insurable Interest o Indemnity o Utmost Good Faith o Subrogation o Proximate Cause o Contribution Did you know…. Motor Insurance in India cannot be transacted outside the purview of the Erstwhile IMT unless specifically authorized 7.1.2 SUBJECT MATTER Any motor vehicle, construction vehicle, plant and machineries on wheels, special purpose vehicle, self powered or driven or being pulled, for private use or public use, irrespective of number of wheels fitted, types of fuel used (Petrol, Diesel, CNG, LPG even electric or battery fed). 7.1.3 CLASSIFICATION OF VEHICLE There are different categories of vehicles plying on the road in accordance with the provisions of the Motor Vehicle Act. Motor vehicles : Any mechanically propelled vehicle used upon roads and includes a chassis to which body is not attached and trailer but does not include vehicle run or fixed rails or specially adopted for use within the factory premises.  Private car : Private car is type of a vehicle used for social, domestic, pleasure and professional purpose and not for carriage of goods (other than samples) excluding use of vehicle for hire or reward, organized racing, pace making reliability trial and speed testing and use for an y purpose in connection with motor trade.  Two Wheeler: Motorcycle is a mechanically self -propelled two -wheeler with gear or without gear but a kick starter vehicle is treated as Geared vehicle for Insurance Rating.  Scooter: It is a mechanically propell ed two -wheeler with variable gears.  Auto cycles: Pedal cycle mechanically assisted by a motor engine upto 75 cc. Capacity.  Commercial Vehicle: i. Good carrying vehicle (private carriers ): The owner of the transport vehicle who uses the vehicles only f or carriage of goods, which are his properties, or carriage of goods, which are necessary for the purpose of his business. ii. Good carrying vehicle (public carriers ): The owner of the transport"
"f or carriage of goods, which are his properties, or carriage of goods, which are necessary for the purpose of his business. ii. Good carrying vehicle (public carriers ): The owner of the transport vehicle who uses the vehicles only for carriage of goods, wh ich are not his properties, or carriage of goods, which are necessary for the purpose of his business. iii. Public service vehicle: A motor vehicle used for carrying passenger and includes maxi cab, motor cab, contract carriage and stage carriage. iv: Maxi cab: means any motor vehicle constructed or adapted to carry more than six passengers, but not more than twelve passengers, excluding the driver, for hire or reward ; v. Motor cab: Motor vehicle used to carry not more than 6 persons excluding driver for hire or reward. vi. Contract carriage: Motor vehicle which carry passengers for hire or reward under a contract and the vehicle used as whole for an agreed sum either on time basis or point to point bas is. vii. Stage carriage: A motor vehicle which can carry more than 6 passengers excluding driver for hire or reward with separate fares paid by individual passenger for the whole journey or for stages of the journey. viii. Miscellaneous Type of Vehicle : A ll other vehicles, which do not fall under any of the categories enlisted above, are classified under this category. Examples are: Ambulance, Agricultural Tractor and Trailer, Road Rollers, Excavators etc. Did you know…. Semi -Articulated Vehicle is a combination of a tractor and trailer connected through a coupling for universal maneuvering. This combined arrangement can be passenger carrying or goods carrying depending on body type. This t railer cannot be separately taken under Class B while underwrit ing. Both GVWs together have to be taken for goods carrying type and in no situation this can be taken under miscellaneous class . Dumpers and Tippers have been transferred from the category of Miscellaneous Types of Vehicles to th e category of Goods Carrying Vehicles by IRDA vide order Dt. 29.03.2012. Tractors other than Agricultural Tractors like electric trolleys or tractors, traction engine tracto rs, trolleys and goods carrying tractors have also been reclassified as Goods Carrying Vehicles by the above cited order. Agricultural Tractors continues to remain in the category of miscellaneous and Special Types of Vehicles. 7.1.4 TYPES OF INSURANCE POLICIES Liability Only Policy: It is the minimum cover required under the motor vehicles act and provides compensation for death andor property damage to third parties out of use of motor vehicle in public place for which the Insured is liable to pay. The extent of liability is as per the Motor vehicle Act. This also includes Compulsory PA cover for owner -driver  Package Policy: An Insurance policy which covers Accidental Damage to the vehicle involved in an accident along with or in addition to the third party liability.  Liability only with Fire andor theft only of the vehicle to be"
"policy which covers Accidental Damage to the vehicle involved in an accident along with or in addition to the third party liability.  Liability only with Fire andor theft only of the vehicle to be insured in addition to third party liability. This decision is taken by the underwriter after considering the various factors such as make, model of the vehicle, declinature of Insurance by previous insurers, past claims experience etc. Note: This cover is prohibited for vehicles covered under class D of the IMT.  Fire and/or theft only: This cover is given if the vehicle to be insured is laid up1 in the garage or if it remains unused. Note: This cover is prohibited for vehicles covered under class D,E,F and G of the IMT.  Motor Trade Policies: Motor Trade policies are designed to for Motor vehicle Manufacturer, dealer and repairer who deal with Motor vehicles that remain in their custody as part of their trade. Proposers must have their own trade plates by Registered Transp ort Authority. This policy takes care of damage to the vehicle, death & bodily injury to Third Party. This insurance is not like other motor insurance policy given to the registered owner of the vehicle.  Internal Road Risk Policy: This policy is issued t o manufacturer or dealers. This policy takes care of transport risk during the period of transit from one place to another. Usually the vehicles involved are un -registered and uninsured under Normal Motor policy 7.1.5 SCOPE OF MOTOR INSURANCE Underwriters and insured mutually agree to the scope of the contract and other terms and conditions such as Insured perils Conditions to the contract to be observed by the insured and the insurer during the currency of the policy. The value for which insurance is done. Period of the contract of insurance Procedure to be followed in case of material alterations. Rate of premium compatible with the risk covered. Right of the insurers (1) Laid up vehicle is one, which is laid up in garage and not in use for a period of 2 consecutive months or more and not left for repairs due to accident. Concession is provided for such vehicles provided period of suspension should not extend beyond 12 months from the original expiry date of the p olicy. The laid -up period will be counted from the date of surrender of Certificate of Insurance. Duties of the insured General exclusions (These exclusions cannot be deleted the breach of which will render the contract void ab-initio ) Specific excep tions, which are outside the scope of the contract 7.1.6 INSURED PERILS FireSelf Ignition or Lightning Burglary, housebreaking or theft Riot and Strike Earthquake (Fire and shock damage) Flood, typhoon, hurricane, storm, tempest, inundation cyclone, hailstorm, frost Accidental external means Malicious Act Terrorist activity Whilst in transit by railinland water wayRock slide Accidental external means the happening of something unexpected or unforeseen and it excludes loss"
"means Malicious Act Terrorist activity Whilst in transit by railinland water wayRock slide Accidental external means the happening of something unexpected or unforeseen and it excludes loss arising from natural causes within. The word external refers to outwardly visible. It means that what is not internal. Example : Loss or damage to the car due to overheating is not covered. Self-Ignition: It appears to include the damage or loss caused by the internal defect of the car, which is the direct cause for fire. The term malicious damage is intended to include loss arising to the malicious act of a th ird party and not the act of the insured. If it results from the insured, the act becomes willful. Accessories: Accessories are those items, which are not necessary for running of the vehicle, but which the vehicle is required to carry with it under motor vehicles Act. However there can be accessories fitted not as a mandatory requirement as per M V Act. Example : Rear view mirror, crash guard ElectricalElectronic Items refers for insurance purpose items that are fitted to the v ehicle in addition to those that is provided by the manufacturer of the vehicle including accessories. With regard to the details of perils for different type of vehicles, the student may refer to the annexure and comparative charts. 7.1.7 CANCELLATION & TRANSFER Cancellation of policy:  At the option of the insurer: With 7 days notice by registered letter to the insured at his last mentioned address. The insured is entitled to refund of premium for unexpired period and the insurer retains the premium for expired period proportionately.  At the option of the insured: With 7 days notice and the insured is entitled or refund of premium on the number of days unexpired and the insurer will retain the premium for the period in which the risk was in force mo re than proportionately on short period basis provided no claim has been preferred by the insured. Refund of premium is subject to retention of minimum premium as per norms. No Cancellation is allowed if the ownership of the vehicle is transferred to the new owner unless the evidence of Policy for the vehicle is produced. Transfer of policy in the event of the death of the Insured: The policy will lapse after 3 months from the date of death of the insured or until the expiry of the policy whichever is earlier. a. During the said period the legal heirs can get the policy transferred subject to their application with i. Death certificate of the insured and legal heir ship certificate ii. Proof of title to the motor vehicle iii. Copy of the policy a. Insurance company reserves its rights to abide by any order of the court, with regard to declaration about the legal heirs and ownership of the vehicle and the nominee will not have any right to the order of the court. Transfer of Policy in case of change of Ownership : The policy benefits stand to accrue to the buyer of the vehicle once sale consideration is paid and suitable"
"any right to the order of the court. Transfer of Policy in case of change of Ownership : The policy benefits stand to accrue to the buyer of the vehicle once sale consideration is paid and suitable endorsements made in the certificate of registration provided the transfer of insurance from the original owner to the new owner ought to be done within 14 days of sale, as per Motor Vehicle Act, if not done the accidental benefit to the damage or loss of the vehicle is forfeited on the 15th day itself but the Act is generou s towards third party liability because it is considered to be deemed transferred. 7.1.8 PREMIUM AND RATING Various Factors that determine the quantum of premium a. Value of the vehicle b. Additional accessories c. Extra fittings like electronic and non electronic item d. Type of vehicle e. Age of vehicleseating capacity/gross vehicle weight h. Perils covered i. Combination of risks like comprehensive cover, third party and fire or theft or fire and theft. j. Past claims experience Annual Premium: As motor policies are annual policies, the premium consideration is collected for 12 months . It is not permissible to insure for more than one year under motor insurance. Pro-rata Premium: Under some circumstances, depending on provisions made available in the tariff, premium is charged in proportion to the number of days for which the risk has been in force. Such premium is known as Pro -rata Pre mium. Situations where pro rata premium is charged i. Due to the change of ownership of the vehicle, the insurance gets transferred to the new owner. This may happen during the currency of the policy period and the new owner may like to have the extension of policy period so that he gets an insurance policy for note more than complete 12 months. The insured can get such extension of policy with a suitable premium for additional period of insurance without letting the insured to have a revised policy for a period more than 12 months. ii. Some insured desire to revise their policy period to coincide with the financial year or assessment year iii. When the insured desires to enhance the value of vehicle during the currency of the policy in order to cope with the market value. iv. Any additional extra items like electronic or non electronic items subsequently fitted in the vehicle can be added to the value of the vehicle insured during the currency of the policy with suitable additional premium v. Sometimes insured may desire to report the extraneous perils like earthquake, flood, riot & strike during the currency of the policy which he had originally opted out by enjoying reduced premium. Short Period Premium: There are occasions where the insured needs insu rance for a period less than 12 months . Such facility is allowed but the insured has to pay the premium on short period basis. The premium for short period is slightly higher than the regular premium -rating factor. It means policy for short period is more expensive than normal annual"
"pay the premium on short period basis. The premium for short period is slightly higher than the regular premium -rating factor. It means policy for short period is more expensive than normal annual policies. Situations under which short period premium is collected i. When the policy is issued for a period less than 12 months ii. When the policy is cancelled at the request of the insured. Premium Rebates: The insurer recognizes the merit of claim free clients and the premium for renewal period is reduced by way of bonus. The bonus is rewarded on own damage premium for the value of the vehicle only and not on premium for third party liability. Tables of no claim bonus are provided in the tariff for different category of vehicles. This discount goes with the insured and not with the vehicle i.e., if the vehicle is sold, the new owner is not eligible for the no -claim bonus. However, the previous owner can subs titute the discount for any new vehicle, which he may purchase during three years from the date of transfer. In case if the vehicle is sold to spouse or children or parents, the discount passes on to such persons. Similarly, if a vehicle is used or operat ed by an employee for an institution and the same is transferred to him at a later date, he can avail the no claim discount. For persons coming from abroad, discount can be allowed provided he produces a letter to that effect that he is eligible for the di scount, within three years from the expiry of the overseas policy. In case of renewals, the no -claim discount can be granted to the insured only if he renews his policy within 90 days . Vehicles used in Own Premises and Confined Sites: A reduction in premiu m is allowed if the vehicle is not licensed for road use and used in own premises where public have no access to. Similar discount is allowed for goods carrying vehicle, which need not be registered, and which are used in confined sites where public has no access. Did you know…. The minimum premium applicable for vehicles specially designed or modified for use of the blind, han dicapped and mentally challenged persons will be Rs.25 - Vehicles Specially Designed for Handicapped Persons: A Discount in premium is allowed for vehicles, which are specially designed for and used by handicapped persons and institutions engaged exclusively in the service for handicappe d and mentally retarded, as per the provision of the MV act. Automobile Association Membership : If the insured is member of a recognized automobile association, a discount of 5% shall be granted subject to a maximum of Rs.50- for Private cars. Voluntary Excess Discount: Some insured desire to avoid preferring insurance claims to the extent, which can be borne by them within their financial limits. The premium is reduced based on the quantum chosen by the insured as per tariff . Concession for Laid -Up Vehicle: If a vehicle is laid up in garage and is not put to use for a continuous period of more than 2 months, the liability of"
"quantum chosen by the insured as per tariff . Concession for Laid -Up Vehicle: If a vehicle is laid up in garage and is not put to use for a continuous period of more than 2 months, the liability of the insurers under the liability risk section of the policy is suspended for such period and a concess ion is given to the insured. The concession is given in two forms and the insured can chose whichever he wants. a. Pro-rata refund of premium for such period. This refund is granted in the form of credit and not as cash i.e., such refund can be adjusted against the premium for subsequent renewal. b. The policy period can be extended after the expiry of the policy for a period equal to the period of such lay up. Under Accidental Damage section —The cover is suspended for the period during which the vehicl e is laid up in garage and not in use and a. Restricted cover for fire and/or theft is granted for the period of lay up and a refund of premium on pro rata basis is made after charging a premium for the restricted cover. Again the refund is on credit basi s and not cash. b. As an alternative, the insured can extend the policy period after the expiry of the policy for a period equal to the period of lay up. A notice in writing must be given to the insurers regarding the lay up and the certificate of insuran ce must be surrendered. Such lay up of vehicle must not be meant for repairing the vehicle. The period of suspension of cover shall not extend beyond 12 months from the expiry date of the policy. Public place according to Section 2(24) of MV Act means “ a road, street, way or other place, whether a thoroughfare or not, to which the public have a right of access and includes any place or stand at which passengers are picked up or set down by a stage carriage ” 7.1.9 EXCLUSIONS Geographical Area: If the v ehicle sustains damages or the vehicle is lost and if any liability is incurred, that should have been only due to an accident that takes place within India and in an area within jurisdiction of permit in case of commercial vehicles. Contractual liabilit y is excluded No insurance claim is payable if i. The insured violates the condition of limitations as to use ii. If the vehicle is driven by any person other than the driver whose name if any is specified in the policy The insurers will pay only for the resultant damages or less in consequent to the accident and not for consequential loss that may arise due to the non usage of the vehicle, like i. Rent for alternate car ii. Loss of earning whilst the vehicle is in the gar age for accidental repairs. No liability arising directly and indirectly or contributed by ionizing radiations, or contamination by radioactivity from any nuclear fuel or nuclear waste from the combustion of nuclear fuel. Damage caused by nuclear weapons material is not admissible. No claim due to war, warlike operations The premium must be calculated in accordance with the premium computation tables appearing in the"
"caused by nuclear weapons material is not admissible. No claim due to war, warlike operations The premium must be calculated in accordance with the premium computation tables appearing in the tariff separately for different types of vehicles. Rate of premium is different for accidental damages to the insured’s own vehicle and liability risk to third party. The insured cannot choose to pay premium only for accidental damages and he has to necessarily take third party liability with accidental damage to vehicle; whereas, the risk of third party liability can be separately taken and premium paid. Premium payable on a policy is based on the value for which insurance is sought and must be calculated in accordance with premium computation tables appearing in the tariff. Terminati on of contract: A contract of insurance can be terminated on the following circumstances. a. At the option of the insurer b. At the option of the insured c. Double insurance If it comes to the knowledge of the insurer or the insured finds that there are two co existing policies for the same vehicle for the same period, the one which was taken first remains and the next policy gets cancelled and the premium is refunded by retaining a nominal amount towards administrative and document expenses. Retentio n of minimum premium is necessary in the event of cancellation to take care of administrative expenses. 7.1.10 CLAIM SETTLEMENT METHODS There are two types of losses a. Partial loss: When vehicle sustains damages in an accident and the insured incurs the expenditure in order to repair the damaged parts of the vehicle in addition to the towing charges to the repairer shop which is less than the insured value of the vehicle under the policy, the loss or damages fall under the partial loss. i. Accidental damage to the vehicle ii. Theft repairing the damaged p arts, Cost of removal from the Accident spot to the repairers workshop etc. b. Total loss: There is a total loss when the insured vehicle is stolen by somebody or the vehicle is so damaged that it cannot be repaired without incurring expenditure more than the sum insured or the vehicle is so damaged that the damaged value of the vehicle be as of no value, such losses fall under Total loss. The insurance company practices different modes of claims settlement depending upon the nature of claim, extent of repa irs and the market value of the vehicle on the date of accident. There are different modes of settlement of Total Losses as detailed below: Repair basis: The surveyor ascertains the total internal and external physical damages to the vehicle and identif ies the nature of damages, cause of accident and then determines the extent of damages. Once the surveyor is satisfied with the genuineness of the claim taking into account the cause of accident, the perils insured, he arrives at the cost of repairs, cos t of replacement of parts and the salvage value. He then discusses and negotiates with the repairer to arrive at a"
"the cause of accident, the perils insured, he arrives at the cost of repairs, cos t of replacement of parts and the salvage value. He then discusses and negotiates with the repairer to arrive at a consensus and authorizes the repairers to carry out the repair work relevant to the accident. Under this repair basis, the insured should b ear a portion of the repair cost for depreciation which is based on the age of the vehicle finding place in the policy. The surveyor suggests the settlement of claim on repair basis only when he is satisfied that the quantum involved in economical in compa rison with that of market value and sum insured whichever is less. The insured is required to submit the relevant bills for cost of labour, the cost of parts and the cost of removal from the spot of accident to the repairer’s workshop. On submission of b ills and surrendering of salvages to the insurer the claim will be processed and settled. The settlement of claim under repair basis fall under partial loss as the repair liability of the insurer less than the value insured. Total Loss Basis or Total Loss Net of Salvage Basis: Under many circumstances, the insurance company may opt to make over the damaged vehicle if the claim on repair liability found to be on the higher side, uneconomical as compared to the market value under this basis. In fact, if gross repair cost exceeds 75%of IDV then only CTL (Constructive Total Loss) can be considered. The insurer may have to incur additional expenditure like garage charges; cost of disposal in the form of advertisement, auction charges andprivate cars Registration certificate Driving license (except for parked vehicles and theft or Burglary of the vehicle in parked condition) Taxation book Commercial Vehicles  Registration Certificate  Driving license  Taxation book  Fitness certificate  Permit  Authorisation for National Permit.  Trip sheet  Weigh slipnylon - to 1000 - to 2000- from 50or TP Premium. No discount or special rating is provided for in the IMT for classic cars.  Classic cars are those manufactured after 31.12.1940 but before 31.12.1970 and certified by Vintage and Classic Club  Depreciation is no t applicable to arrive at IDV for brand new vehicles covered under Motor Trade policy  Compulsory PA cover for owner -driver is to be taken for all the vehicles under ownership.  Policies issued to cover imported vehicles belonging to Embassies, High Comm issioner or Consulates and for such other Diplomatic Missions where import duty element is not included in the IDV, premium under Section -I should be loaded by 30%.  Where the vehicle is fitted with only CNGLPG kit is not separately available 5% extra is to be charged on OD premium.  Certificate of Insurance for a motor vehicle is to be issued only in FORM 51 in terms of Rule 141 of Central Motor Vehicles Rules 1989.  Nil Depreciation cover - Differe nt Insurers have different Add -On Covers as per material filed by them"
"is to be issued only in FORM 51 in terms of Rule 141 of Central Motor Vehicles Rules 1989.  Nil Depreciation cover - Differe nt Insurers have different Add -On Covers as per material filed by them under File and Use guidelines but with Nil Depreciation Add-On Cover, no depreciation is applicable in case of replacement of parts in case of a partial loss. However rate of dep reciation applicable for arriving at IDV will continue to be applicable.  Return to InvoiceCTL. Actual terms and conditions vary from insurers to insurers. Additional expenses like registration costs, Tax paid etc may also be reimbursed under this Add -On Cover.  Long Term Motor Two Wheeler Insurance Policy: - NIC has launched after IRDA approval of standalone motor third party insurance policy for Two wheelers for a period of 2 and 3 years subject to various conditions such as insurers will not be able to cancel the standalone TP cover except in TL, premium shall not be revised upwards or downwards during the period of policy etc. Since the approval and basic terms and conditions are as per IRDA directive, these are common for all insurers in India. MOTOR THIRD PARTY INSURANCE Motor Third Party Insurance (TP PolicyAct Policy) is issued under the provisions of Motor Vehicles Act, 1988. It is compulsory under law. It is designed to protect the interest of third parties. When a motor vehicle is in use in a p ublic place, when running or stationery, it can accidentally cause harm to others. Members of public i.e. pedestrians, passengers in bus, people travelling in the opposite vehicle, cyclists, employees engaged in the commercial vehicle etc. may be injured o r killed in accident. Property belonging to third party may be damaged. The object of motor third party insurance is to cover the risk of vehicle owner who is likely to incur liability for payment of compensation to third party. Motor TP Insurance is diff erent from other branches of insurance. It covers statutory liability which is unlimited, whereas other branches of insurance covers contractual liability limited to the sum insured. Financier has an interest in the other branches whereas no such term is t here in third party policy. Motor vehicles belonging to Central and State Government, any Local Authority, any State Transport Undertakings are exempted from the provision of compulsory insurance provided under Section 146(3) of Motor Vehicles Acts 1988, p rovided any such authority has to establish and maintain a fund to meet the liability arising out of the use of any vehicle belonging to such authority. Motor TP Policies are governed by Motor Vehicles Act, WC Act, Legal Services Authority Act, Courts, Lok Adalat etc. The terms ’Tort’, ’Negligence’, ’in course of employment’, ’Vicarious liability’ are relevant for the purpose of dealing third party claims. Deathproperty damage of third party is caused due to the fault of the driver. The vehicle owne r being the master becomes vicariously liable for the fault"
"the purpose of dealing third party claims. Deathproperty damage of third party is caused due to the fault of the driver. The vehicle owne r being the master becomes vicariously liable for the fault committed by the servant (driver) under the law of Tort. Similarly employer is liable for the damage caused to employees connected to the vehicle in course of employment. 7.2.1 RELEVANT SECT IONS OF MV ACT, 1988 Section 133 - Duty of owner to give all information relating to accident to police officer on demand. Section 134 —Duty of driver or other person in -charge of the vehicle to take all reasonable steps to secure medical attention for the injured person. Section 146 —Compulsory insurance against third party ri"
"Heliyon 10 (2024) e27252Available online 29 February 20242405-8440/© 2024 The Authors. Published by Elsevier Ltd. This is an open access article under the CC BY-NC license( ).Research article A new improved randomized response model with application to compulsory motor insurance Ahmad M. Aboalkhaira,b,**, A.M. Elshehaweyc, Mohammad A. Zayeda,b,* aDepartment of Quantitative Methods, College of Business Administration, King Faisal University, Al-Ahsa, 31982, Saudi Arabia bDepartment of Applied Statistics and Insurance, Faculty of Commerce, Mansoura University, Mansoura, 35516, Egypt cDepartment of Applied, Mathematical & Actuarial Statistics, Faculty of Commerce, Damietta University, New Damietta, 34519, Egypt ARTICLE INFO Keywords: Sensitive attributes Non-sampling error Randomized response technique Privacy measure Third-party liability insurance Insurance inclusion ABSTRACT One of the challenges, when investigating sensitive attributes, or information that people tend not to disclose, through surveys is the ethical obligation to preserve the privacy of respondents. Although the randomized response method, originally suggested by Warner, allows estimating the proportion of such attributes within the population while maintaining confidentiality, the vari-ance of the estimate consistently increases if the likelihood of selecting the question about sen-sitive attribute increases. The purpose of this research is to introduce a new three-stage RR model which provides an efficient alternative to Warner ’s model that allows more credibility from a practical perspective and apply the model to estimate noncompliance ratio in compulsory motor insurance. For the two models, a measure of privacy protection was calculated and a relation between this measure and the efficiency of both models was introduced. Efficiency comparisons indicate that the proposed model can always be made more efficient than both Warner ’s and Mangat & Singh ’s RR models. The proposed model, with specific parameter selection, was applied on a selected population and proved a practical reliability. The noncompliance ratio to obtain compulsory motor insurance was estimated by both a point and a confidence interval. This es-timate provides a basis to predict third party motor insurance inclusion. 1.Introduction Surveys are widely used by researchers as a principal technique to assess attitudes and behaviors in various situations and in many areas. When survey questions deal with sensitive or embarrassing issues, (such as, the use of drugs, psychiatric conditions, cheating behavior, fraud in insurance, …etc.), then research and practical difficulties arise, mainly, due to the ethical obligation of the re-searchers to preserve the privacy of their respondents. Other issues of concern may also appear, among which is the non-sampling error bias resulting from “response effects ” such as refusing to respond or untruthful reporting. Before the randomized response technique (RRT) was"
"may also appear, among which is the non-sampling error bias resulting from “response effects ” such as refusing to respond or untruthful reporting. Before the randomized response technique (RRT) was introduced, little progress has been made towards the solutions of these issues. Randomized response (RR) is a method used in surveys in which the goal is to reduce or eliminate response errors when re-spondents are queried about illegal behaviors, sensitive or highly personal matters. A randomized response design indirectly acquires information from respondents by using a probabilistic random device through which the respondent selects a question from two or *Corresponding author. Department of Quantitative Methods, College of Business, King Faisal University, Al-Ahsa, 31982, Saudi Arabia. **Corresponding author. Department of Quantitative Methods, College of Business, King Faisal University, Al-Ahsa, 31982, Saudi Arabia. E-mail addresses: aaboalkhair@kfu.edu.sa (A.M. Aboalkhair), a-elshehawey@du.edu.eg (A.M. Elshehawey), mzayed@kfu.edu.sa (M.A. Zayed). Contents lists available at ScienceDirect Heliyon u{�~zkw! s{yo|kr o>!ÐÐÐ1moww1m{ y2sowtÞ{z! Received 12 April 2023; Received in revised form 22 February 2024; Accepted 27 February 2024 Heliyon 10 (2024) e272522more questions, one of them, at least, is sensitive. This happens without revealing to the interviewer which question has been chosen. Since the types of responses are the same for each question, no respondent (or answer) can be classified with certainty a posteriori with respect to the sensitive characteristic. This leads to that, when using RR, it is assumed that the information received from respondents are truthful and sufficient for estimation purposes. In addition, for any given probability distribution used in the design, it is possible to compute unbiased estimates of the parameters, such as the proportion, associated with the sensitive attribute. Therefore, RRT enables the researcher to assess attitudes and behaviors of populations which direct questions often fail to assess. Randomized response (RR) was first proposed by Warner in 1965 . He built his method on the premise that respondents’ cooperation should be better if the questions allow answers that reveal less, even to the interviewer. The method is essentially based on a random device that makes the interviewee responds with answers that furnish information only on a probability basis. Although Warner’s method allows collecting responses about sensitive issues while maintaining confidentiality, the estimate of the proportion of the population with a sensitive attribute has additional variance due to the random device. Since Warner’s proposal, the randomized response technique has been extended to a number of directions by several authors who focused on reducing the variance of the estimate and improving the efficiency of the model, whether by suggesting parameter selection according to specific criteria that ensures minimizing"
"who focused on reducing the variance of the estimate and improving the efficiency of the model, whether by suggesting parameter selection according to specific criteria that ensures minimizing the variance, or through using different estimation methods, or, mostly, via suggesting a design modification to the original model of Warner. In general, the efficiency of the randomized response estimate depends on all parameters involved in this estimate. However, choosing certain values for the parameters involved in the estimate could result in a minimum variance for the estimator, these same values could make respondents more suspicious and therefore the bias rising from incomplete or untruthful answers will dominate the mean square error, which in turn decrease the efficiency of the estimate. Several authors have suggested that the efficiency of randomized response technique can be improved by methods based on alternative estimation procedures. Few researchers suggested using information about auxiliary characteristics (Covariates) to improve RRT estimate precision . Other researchers have dealt with the idea of adopting a Bayesian approach for the RRT . Some developments suggested a stratified sampling to improve the estimate of the sensitive attribute . The main approach, adopted by most research, for increasing the efficiency of RRT is based on design modification. Different modifications of Warner’s RR were developed by various authors, just to name a few, Greenberg et al. ; Moors ; Raghavarao ; Mangat and Singh ; Kuk ; Mangat ; Singh et al. ; Bhargava and Singh ; Singh et al. ; Haung ; Chang et al. ; Gupta et al. ; Gjestvang and Singh ; Perri ; Abdelfatah and Mazloum ; Batool et al. ; Singh and Gorey ; Tarray and Singh ; Narjis and Shabbir ; Singh and Suman . Singh et al. proposed a model in which three randomizing devices are given to the respondents, the first two devices carrying the same two statements: (i) I belong to sensitive group A1 and (ii) Go to next randomization device, and the third device is the same as in the model suggested by Singh et al. . The latter was a modified version of Greenberg’s unrelated question model using a randomizing device that carries three statements: (i) I belong to sensitive group A1; (ii) I belong to non-sensitive group A2 and (iii) Report “No”. In this paper, a new model is considered, that differs from the Singh et al. procedure in the sense that the third randomization device used in the proposed procedure is same as Warner’s model . As a suggested application of the proposed RR model, the case of obligatory motor liability insurance is examined. This latter type of insurance is looked at as an ongoing concern, especially in regions where insurance culture and awareness are still developing. In 2009, a report by The World Bank shed some light on this issue in developing countries and emphasizes the importance of this type of insurance for road safety, personal responsibility, and safe transport systems"
"by The World Bank shed some light on this issue in developing countries and emphasizes the importance of this type of insurance for road safety, personal responsibility, and safe transport systems in these countries. The report raises an issue of awareness pointing that car owners tend to think of motor insurance as a type of tax they can freely avoid rather than as a safeguard against personal liability, a concept that is unfamiliar to the public . The lack of awareness and negative perceptions of auto liability insurance motor liability insurance among drivers has an impact, not only on seeking insurance coverage, but also on insurance claims . The sufficiency of obligatory motor liability insurance premiums (contributions), which is a direct reflection of car owners’ compliance to the law, is a significant factor that affects the functionality of the insurance system as a whole . In general, insurance rates and loss ratios are widely affected by the sufficiency or insufficiency of premiums, and rates can periodically increase due to this factor. Examples of such scenarios have been discussed by some authors, considering rate changes due to this along with other factors . 2.Materials and methods 2.1. The original Warner’s model Warner developed a method for estimating the proportion of persons with a sensitive attribute, A, (π), without requiring the individual respondent to report his actual classification, whether it be A or not-A to the interviewer. The respondent is provided with a randomizing device (such as, a spinner) in order to choose one of two statements of the form: (a) - I belong to sensitive group A (selected with probability p1) (b) - I do not belong to sensitive group A (selected with probability q1) A.M. Aboalkhair et al. Heliyon 10 (2024) e272523Without revealing to the interviewer which statement has been chosen, the respondent answers “yes” or “no” according to the statement selected and to his actual status with respect to the attribute A. With a random sample with replacement of n respondents, the maximum likelihood estimate of π as given in Warner ’s design with appropriate change of notations is: }πˆ‰}αq1Š‰12q1Š1Cq1ℑˆ0B5 (1) where }α is the observed proportion of “yes” answers, }αˆn′En, n′:the number of “yes” answer in the sample. If all respondents answer the selected statement truthfully, the resulting estimate will be an unbiased estimate with variance given by: V }π†ˆπ 1π†\n‡q1‰1q1Š‰12q1Š2\n (2) It is clear from Eq. (2) that the variance of π estimator, according to Warner ’s model, is greater than the typical variance of the proportion estimate, and that this variance is negatively correlated with the value of pˆ1q (the second fraction in Eq. (2)). Warner has established that, the variance of π decreases as †p0B5†increases, however, choosing big values for p leads to the loss of the advantages of confidentiality and that the bias rising from incomplete or untruthful answers dominates the mean square error. That is"
"however, choosing big values for p leads to the loss of the advantages of confidentiality and that the bias rising from incomplete or untruthful answers dominates the mean square error. That is because the efficiency of the randomized response estimate depends on the psychological reaction of the respondents to the particular randomized response design that persuades them to cooperate or not to cooperate. This was the motivation behind suggesting the modified RR model presented in this work, that allows increasing the probability of selecting the sensitive question without making respondents more suspicious which increases untruthful responses, and, therefore, the variance of the estimate. This is done by increasing the efficiency of Warner ’s model by proposing a random multi-stage tool that allows increasing the value of p to a reasonable extent without significantly affecting respondents ’ confidence in the tool and their truthfulness. 2.2. Proposed RR model The proposed model is based on a three-stage random tool that is distributed to the selected sample as shown in Fig. 1. In the first stage (S1), each respondent randomly chooses one of two alternatives: the first is a yesno questions), exactly the same as the original Warner ’s model. At the end of the process, all responses are collected, some of which are ""yes"" and the rest are ""no"". The probability of getting a ""Yes"" (α) can be expressed as follows (Eq. (3)): αˆp3π‡q3‰p2π‡q2‰p1π‡q1 1π†ŠŠ (3) where: π: The proportion of individuals, within the population, who belong to the sensitive group. p4s:The probability for the question that the individual belongs to the sensitive group shows up at stage s, where s ˆ1,2,3 and p4s‡q4sˆ1. The proposed estimator for the proportion of individuals, within the population, who belong to the sensitive group (√π∗) is: }π∗ˆ‰}αQŠ‰12QŠ1CQℑˆ0B5 (4) where }α is the proportion of ‘yes’ answer obtained from the n sampled respondents and Qˆ̃31q4s. To check the validity of Eq. (4), if Fig. 1.Proposed model flowchart. A.M. Aboalkhair et al. Heliyon 10 (2024) e272524we replace Q with q1, we can get the Warner ’s estimate as given by Eq. (1) Properties of proposed estimator. Since the random variable n}α⊃Bin nCα†, therefore }α is considered an unbiased estimator of α, and the variance of √π∗can be expressed as follows: Theorem 1. The variance of the proposed estimator V √π∗†is given by V }π∗†ˆπ 1π†\n‡Q‰1QŠ‰12QŠ2\n (5) Proof of Theorem 1. Using Eq. (4), the variance of }π∗is V }π∗†ˆV‰}αQŠ‰12QŠ1)ˆV }ᆉ12QŠ2(6) Since }α follows a binomial distribution with parameter n and α, then V }α†ˆα 1α†En (7) Substituting in Eq. (6) by Eq. (7) we can get, V √π∗†ˆα 1ᆉ12QŠ2\n (8) We can use Eq. (3) to calculate α 1α†as follow, α 1α†ˆπ 1π†‰12QŠ2‡Q‰1QŠ (9) then, it is easy to get Eq. (5) by inserting Eq. (9) in Eq. (8). □ To check the validity of Eq. (5), if we replace Q with q1 , we can get the variance of Warner ’s estimate as given by Eq. (2). Theorem 2. An unbiased estimator of V"
"by inserting Eq. (9) in Eq. (8). □ To check the validity of Eq. (5), if we replace Q with q1 , we can get the variance of Warner ’s estimate as given by Eq. (2). Theorem 2. An unbiased estimator of V √π∗†is }V }π∗†ˆ}α 1}ᆉ12QŠ2\ n1† (10) Proof of Theorem 2. Taking expectation on both sides of Eq. (10), the result is hold. □ Fig. 2.The difference in efficiency between Warner ’s model and the proposed model. (a) For q1ˆ0B1 (b) For q1ˆ0B2 (c) For q1ˆ0B3 (d) For q1ˆ0B4. A.M. Aboalkhair et al. Heliyon 10 (2024) e2725252.3. Efficiency comparison Here, our focus lies on exploring the specific conditions under which the efficiency of the proposed model, based on a three-stage random tool, outperforms both the original Warner ’s model , which relies on a one-stage random tool, and the well-known Mangat & Singh ’s model , which utilizes a two-stage random tool. The proposed estimator will be more efficient than the original Warner ’s estimator iff: q2q3D‰1q1Š‰1q1q2q3Š1(11) The above inequality (Eq. (11)) shows that the proposed strategy can always be made more efficient than the usual Warner ’s strategy by choosing any values of q2q3 for any suitable practicable value of q1. Fig. 2 (a – d) shows the difference, in terms of efficiency, between Warner ’s model and the proposed model at practicable values of q1 and the different values of q2 and q3. Positive values are in favor of the proposed model. From Fig. 2, it may be noted that. 1 For all different values of q2 and q3, and practicable values of q1 (q1D0B5†, the proposed estimate is more efficient than Warner ’s estimate. 2 For fixed values of q2 and q3, the efficiency of the proposed estimate against Warner ’s estimate increases as q1 increases from 0.1 to 0.4. 3 For fixed values of q1 and q2, the efficiency of the proposed estimate against Warner ’s estimate increases as q3 decreases from 0.9 to 0.1 (since the variance of the proposed estimate decreases as q3 decreases from 0.9 to 0.1, but the variance of Warner ’s estimate is fixed). 4 For fixed values of q1 and q3 the efficiency of the proposed estimate against Warner ’s estimate increases as q2 decreases from 0.9 to 0.1 (since the variance of the proposed estimate decreases as q2 decreases from 0.9 to 0.1, but the variance of Warner ’s estimate is fixed. The proposed estimator will be more efficient than the original Mangat & Singh ’s estimator iff: q3D‰1q1q2Š‰1q1q2q3Š1(12) The above inequality (Eq. (12)) shows that the proposed strategy can always be made more efficient than the Mangat & Singh ’s Fig. 3.The difference in efficiency between Mangat & Singh ’s model and the proposed model. (a) For q1ˆ0B1 (b) For q1ˆ0B2 (c) For q1ˆ0B3 (d) For q1ˆ0B4. A.M. Aboalkhair et al. Heliyon 10 (2024) e272526strategy by choosing any values of q3 for any suitable practicable value of q1 and q2. Fig. 3 (a – d) shows the difference, in terms of efficiency, between Mangat & Singh ’s model and the proposed model at practicable values of q1 and the different values"
"value of q1 and q2. Fig. 3 (a – d) shows the difference, in terms of efficiency, between Mangat & Singh ’s model and the proposed model at practicable values of q1 and the different values of q2 and q3. Positive values are in favor of the proposed model. From Fig. 3, it may be noted that. 1 For all different values of q3, and practicable values of q1 and q2, the proposed estimate is more efficient than Mangat & Singh ’s estimate. 2 For fixed values of q2 and q3, the efficiency of the proposed estimate against Mangat & Singh ’s estimate increases as q1 increases from 0.1 to 0.4. 3 For fixed values of q1 and q3, the efficiency of the proposed estimate against Mangat & Singh ’s estimate increases as q2 increases from 0.1 to 0.4. 4 For fixed values of q1 and q2, the efficiency of the proposed estimate against Mangat & Singh ’s estimate increases as q3 decreases from 0.9 to 0.1 (since the variance of the proposed estimate decreases as q3 decreases from 0.9 to 0.1, but the variance of Mangat & Singh ’s estimate is fixed). 2.4. Measure of privacy protection One of the basic characteristics of a RR model is protecting the privacy of respondents. Different measures of privacy protection for RR models have been proposed (Anderson , Lanke , Leysieffer and Warner , Zhimin and Zaizai ). Applying the latter, the measure of protection for Warner ’s model are given as MW R†ˆ 12q1†22q1 1q1†(13) and the design probabilities for the proposed RR model can be obtained as: P y†A†ˆ1Q and P y†A†ˆQ. P n†A†ˆQ and P n†A†ˆ1Q. and P A†y†ˆππ‡ 1π† Q†E 1Q†P A†n†ˆππ‡ 1π† 1Q†E Q†And, hence, the measure of privacy protection is obtained as: MP R†ˆ⃦⃦⃦⃦112⊔τ y†‡τ n†⊓⃦⃦⃦⃦where τ y†ˆ1QQCτ n†ˆQ1Q MP R†ˆ 12Q†22Q 1Q†(14) To check the validity of Eq. (14), if we replace Q with q1 , we can get the measure of protection for Warner ’s model as given by Eq. (13). The relation between the previous measure of privacy protection and the efficiency of both Warner ’s model and the proposed model can be presented as follows: V }π†ˆπ 1π† showed that, the smaller the values of their measure of privacy protection the more the privacy of respondents is being protected. A balancing act is obviously necessary. A.M. Aboalkhair et al. Heliyon 10 (2024) e2725273.Empirical study and results Saudi traffic law, Chapter 2, Article 8 , stated that “C. Each vehicle ’s owner shall insure hisher name must be stated as a driver in the insurance policy, which is not often the case. This usually happens within families and among friends in the local community. ≡The vehicle may be used for a purpose other than that mentioned in the insurance policy. For example, when people use their cars to transport others for a fee, while the purpose of using the car in the insurance policy is private not commercial use. The proposed model was applied through an experimental study in which the population was final year male undergraduate students within a college of business who 1. own or drive a car (which is very common among"
"model was applied through an experimental study in which the population was final year male undergraduate students within a college of business who 1. own or drive a car (which is very common among university male students) and 2. have knowledge of the basics of risk and insurance. The rationale behind this selection was that the individuals within this ‘selected ’ population are expected to have more awareness of the importance of ‘third party car insurance ’ regardless of the ‘assumed ’ compliance of buying such insurance. Moreover, according to the latest published official statistics by the Saudi Ministry of Health, males within the age group 19–30 are the most vulnerable to injury and death due to road traffic accidents . Fig. 4 (a – d) shows the classification of injuries and deaths of car accidents in Saudi Arabia in 2020 by age (Fig. 4 (a,b)) and gender (Fig. 4 (c,d)). A random sample of 40 students was selected, then, few days before the experiment, they have been notified and agreed about Fig. 4.Traffic injuries and deaths in Saudi Arabia (2020) by age group and gender. (a) Injuries by age (b) Deaths by age (c) Injuries by gender (b) Deaths by gender. A.M. Aboalkhair et al. Heliyon 10 (2024) e272528location (in the college), date and time of the experiment. At the beginning of the experiment, a short presentation was delivered explaining the whole process and emphasizing that, by design, their privacies are well-preserved. Each respondent goes through the experiment, behind a partition, without being seen by anyone else in the room and leaves the room when finished. An empty box, 100 ‘Yes’ cards, 100 ‘No’ cards, and three spinner devices (smart phones with a spinner app (Spin The Wheel) installed) have been used for the purpose. The spinner app in the first two devices was set, with q1ˆq2ˆ0B4†, to show one of two options: ≡Do you comply with the third-party insurance requirements and terms on your car at all time?; ≡Go to the next device. So, if option 1 appeared at any of the first two devices, the experiment ends, and the respondent drops a Yes or No card in the box. If the experiment extends to the third spinner device, the respondent will have to answer one of the following two questions, each having an equal chance to show up (q3ˆ0B5): ≡Do you comply with the third-party insurance requirements and terms on your car at all time?; ≡Do you NOT comply with third-party insurance requirements and terms on your car at all time? Based upon the results obtained from the sample and applying Eq. (4) the estimate of the proportion of individuals, within the selected population, who are not complying with buying obligatory third-party car insurance, √π∗, is 0.1875 and its estimated variance }V √π∗†is 0.007512 (Eq. (10)). Thus, a 95% confidence interval for √π∗is (0.018, 0.357). 4.Discussion The suggested RR model provides an efficient alternative to both Warner ’s model and Mangat & Singh ’s model that allows more credibility from a practical"
"for √π∗is (0.018, 0.357). 4.Discussion The suggested RR model provides an efficient alternative to both Warner ’s model and Mangat & Singh ’s model that allows more credibility from a practical perspective. Setting the values for the probabilities q1Cq2Cq3 to 0B4C0B4C0B5, respectively, seem to be a rational choice in the sense that, both the efficiency and the privacy for the proposed model are equal to those of Warner ’s model at p1ˆ0B9 and those of Mangat & Singh ’s model at p1ˆ0B8. Furthermore, this selection maintains a good balance between increasing the likelihood of sensitive question appearance and reducing the level of suspicion by respondents, and, hence, raising their coop-eration. Fig. 5 shows that the efficiency of the proposed model is better than that of both Warner ’s and Mangat & Singh ’s models at q2ˆq3ˆ0B5 for all values of q1. Also, at q2ˆq3ˆ0B5 and q1ˆ0B4 the efficiency of the proposed model corresponds to that of Warner ’s model at p1ˆ0B9 and to that of Mangat & Singh ’s model at p1ˆ0B8. As per the specific application of the suggested model, for estimating obligatory motor insurance noncompliance ratio, the resulting estimate (0.1875) may be looked at as a close-to-minimum value for the whole car owners ’ population in Saudi Arabia. This is because the selected sub-population on which the RR model was applied represents those car owners with ‘high ’ awareness of insurance. Furthermore, this estimate can be considered a basis to predict the level of inclusion for this type of insurance which is a matter of importance in the context of both social and financial sustainability. Also, it would be beneficial for insurance companies to estimate this ratio within different areas or communities from time to time to adjust insurance rates and terms accordingly. Since gross pre-miums in insurance include a loadings component, this ratio can be taken into consideration to adjust this component if necessary. In general, RR models, including the one presented in this article, can be an efficient data collection tool to investigate sensitive attributes in various areas . Fig. 5.Efficiency Comparison between Warner ’s model, Mangat & Singh model and the proposed model at selected values for q1Cq2Cq3. A.M. Aboalkhair et al. Heliyon 10 (2024) e272529Funding This work was supported by the Deanship of Scientific Research, Vice Presidency for Graduate Studies and Scientific Research, King Faisal University (KFU), Saudi Arabia (GRANT5951). Ethics statement The study was conducted according to the guidelines of the Declaration of Helsinki and approved by the deanship of the scientific research ethical committee, King Faisal University (date of approval: 23 February 2022). Data availability statement The authors declare that the data supporting the findings of this study are available within the article. The rawBF02595813. L. Barabesi, M. Marcheselli, Bayesian estimation of proportion and sensitivity level in randomized response procedures,"
"the findings of this study are available within the article. The rawBF02595813. L. Barabesi, M. Marcheselli, Bayesian estimation of proportion and sensitivity level in randomized response procedures, Metrika 72 (2010) 75–88, orgs00184-009-0242-7. Z. Hussain, J. Shabbir, M. Riaz, Bayesian estimation using Warner’s randomized response model through simple and mixture prior distributions, Commun. Stat. Simulat. Comput. 40 (2010) 147–164, H. Xin, J. Zhu, T.-R. Tsai, C.-Y. Hung, Hierarchical bayesian modeling and randomized response method for inferring the sensitive-nature proportion, Mathematics 9 (2021) 2518, H.H. Ki, K.Y. Jun, Y.L. Hwa, A stratified randomized response technique, Korean J. Appl. statistics 7 (1994) 141–147. J.-M. Kim, W.D. Warde, A stratified Warner’s randomized response model, J. Stat. Plann. Inference 120 (2004) 155–165, (02)00500-1. J.-M. Kim, M.E. Elam, A two-stage stratified Warner’s randomized response model using optimal allocation, Metrika 61 (2005) 1–7, s001840400319. S. Ghufran, S. Khowaja, M.J. Ahsan, Compromise allocation in multivariate stratified sample surveys under two stage randomized response model, Optim Lett 8 (2014) 343–357, A.M. Aboalkhair et al. Heliyon 10 (2024) e2725210 H.P. Singh, T.A. Tarray, A stratified tracy and osahan ’s two-stage randomized response model, Commun. Stat. Theor. Methods 45 (2016) 3126 –3137, https: doi.org03610926.2014.895839 . S. Abdelfatah, R. Mazloum, An efficient two-stage randomized response model under stratified random sampling, Math. Popul. Stud. 23 (2016) 222–238, . T. Tarray, H. Singh, A proficient two-stage stratified randomized response strategy, J. Mod. Appl. Stat. Methods 17 (2018), 1544453468 . Z. Hussain, S.A. Cheema, I. Hussain, A stratified randomized response model for sensitive characteristics using non identical trials, Commun. Stat. Theor. Methods 49 (2020) 99–115, . N. Gupta, S. Gupta, Mohd Tanwir Akhtar, Multi-choice stratified randomized response model with two-stage classification, J. Stat. Comput. Simulat. 92 (2022) 895–910, . B.G. Greenberg, A.-L.A. Abul-Ela, W.R. Simmons, D.G. Horvitz, The un"
"Heliyon 10 (2024) e36501Available online 18 August 20242405-8440/© 2024 The Authors. Published by Elsevier Ltd. This is an open access article under the CC BY-NC-ND license( ).Research articlePricing weekly motor insurance drivers ’ with behavioral and contextual telematics dataMontserrat Guillena,b,*, Ana M. P˘erez-Marína,b, Jens P. NielsencaDepartament d’Econometria, Estadística i Economia Aplicada, Universitat de Barcelona (UB), Av. Diagonal, 690, 08034, Barcelona, SpainbRISKcenter-Institut de Recerca en Economia Aplicada (IREA), Universitat de Barcelona (UB), Av. Diagonal, 690, 08034, Barcelona, SpaincBayes Business School. City, University of London, 106 Bunhill Row, London, EC1Y 8TZ, United KingdomARTICLE INFOKeywords:Motor insuranceNear-missTraffic accidentHighwaySpeedABSTRACTTelematics boxes integrated into vehicles are instrumental in capturing driving data encom -passing behavioral and contextual information, including speed, distance travelled by road type, and time of day. These data can be amalgamated with drivers ’ individual attributes and reported accident occurrences to their respective insurance providers. Our study analyzes a substantial sample size of 19,214 individual drivers over a span of 55 weeks, covering a cumulative distance of 181.4 million kilometers driven. Utilizing this dataset, we develop predictive models for weekly accident frequency. As anticipated based on prior research with yearly data, our findings affirm that behavioral traits, such as instances of excessive speed, and contextual data pertaining to road type and time of day significantly aid in ratemaking design. The predictive models enable the creation of driving scores and personalized warnings, presenting a potential to enhance traffic safety by alerting drivers to perilous conditions. Our discussion delves into the construction of multiplicative scores derived from Poisson regression, contrasting them with additive scores resulting from a linear probability model approach, which offer greater communicability. Furthermore, we demonstrate that the inclusion of lagged behavioral and contextual factors not only enhances prediction accuracy but also lays the foundation for a diverse range of usage-based insurance schemes for weekly payments.1.IntroductionData providers that collect telematics from vehicles in motion usually do not have access to evidence from accidents, which would easily be retrieved from insurance records. At the same time, insurers make little use of the massive amounts of material gathered by telematics boxes and they do not look at detailed telematics information as they mostly resort to driving mileage only. The dissociation between information suppliers comes together with the reluctance of insurance companies to reveal the nature of their rating factors to external parties. All in all, this has considerably slowed down research on measurable driving behavior and operating circumstances that explain a driver ’s proneness to cause a"
"rating factors to external parties. All in all, this has considerably slowed down research on measurable driving behavior and operating circumstances that explain a driver ’s proneness to cause a traffic accident, in spite of a massive amount of information that is known to have been recorded somewhere. Therefore, data inaccessibility and the lack of synergies are the reasons why we do not expect to see major transformations in usage-based insurance in the market in the short future. We do, however, find pay-as-you-drive schemes being *Corresponding author. Departament d’Econometria, Estadística i Economia Aplicada, Universitat de Barcelona (UB), Av. Diagonal, 690, 08034, Barcelona, Spain.E-mail addresses: mguillen@ub.edu (M. Guillen), amperez@ub.edu (A.M. P˘erez-Marín), jens.nielsen.1@city.ac.uk (J.P. Nielsen). Contents lists available at ScienceDirectHeliyonu{�~zkw! s{yo|kr o>!ÐÐÐ1moww1m{ y2sowtÞ{zReceived 7 December 2023; Received in revised form 9 July 2024; Accepted 16 August 2024 Heliyon 10 (2024) e365012commercialized all over the world. Under those systems, drivers pay a constant fee plus some cost per mile. Typically, these schemes do not consider where or when the driving distance has been driven or how drivers are effectively managing their vehicles.Our contribution aims to bridge the gap of the literature on the analytic methods to assess the role of behavioral and contextual driving data in predicting accident expected frequency on a weekly basis, something that has a direct implication on the expansion of usage-based insurance. Our method proposes an algorithm to estimate risky driving scores that can be used to provide feedback to drivers about their performance on the wheel or to construct insurance tariffs based not only on how many miles are driven, but also on when and where distance is driven and how a driver is operating their car. Contrary to the existing literature, we offer a comprehensive analysis of advanced driving risk assessment in weekly periods. Our approach has the potential to be integrated in new vehicles by innovative manufacturers to provide feedback to the driver, or to serve as the basis for insurance ratemaking that includes behavioral and contextual driving data. Certainly, one may assert formally that the consideration of weekly ratemaking in motor insurance be-comes particularly intriguing in the context of carsharing vehicles or rental cars, wherein drivers undergo frequent and dynamic changes. The fluid nature of driver rotations in such scenarios necessitates a nuanced approach to ratemaking, accommodating the variability in driver profiles and usage patterns. This underscores the importance of a weekly rate structure that can effectively adapt to the evolving nature of the driver pool, ensuring a fair and economically viable insurance framework for both the service providers and the transient drivers involved.Unlike previous existing contributions we are able to disclose predictors and examine the"
"and economically viable insurance framework for both the service providers and the transient drivers involved.Unlike previous existing contributions we are able to disclose predictors and examine the role of timely data collection. We therefore take full advantage of the fact that telematics data provide a continuous source of information. We argue that a driving risk score can be formulated weekly and that lagged information from the previous week is informative about future accident occurrence. We provide the analysis of a unique dataset of 19,214 drivers observed over more than one year, with a total kilometer distance covered of 181.392.006 km, making this analysis the most complete existing study that can be found in the literature up to now. Our telematics data contain behavioral information on speeding events counts, that is, the number of times in a week and per type of road that a driver exceeded the maximum posted speed. Data also contain distance driven per type of road and distance driven in the night.Contrary to most analysis which focus on yearly data, our proposed methodology can be generalized to cope to time interval frequencies under one year, such as daily or monthly data, and it can also be implemented by trip, so that a driving risk score is provided after a voyage is finished, but unlike the driving score that we see in some modern cars, we are able to adapt the score to a variety of context information. For example, driving in an urban area at low speed is not necessarily a sign of precautious behavior, but it may be the consequence of heavy traffic congestion and, consequently, more risk of having an accident.We show that incorporating behavioral and contextual data about the driver’s experience improves the prediction performance of classical frequency models used in accident analysis, compared to not including this information, when considering telematics in-formation from the same period. This is a well-known fact, but we also show that lagged information, i.e. telematics data from the previous period, helps anticipating accident frequency in the subsequent period. This opens the door to establishing warning scores that can help drivers identify how their probability of suffering an accident changes along time.We analyze a unique combination of weekly information on individual drivers and their insurance provider records. Telematics boxes collect data on distance travelled, type of roads, time of day, and speeding events, which are then integrated with accident occurrence records. By amalgamating information on driving style and contextual data with traditional ratemaking factors such as gender, age, and vehicle power, we confirm a substantial enhancement in the ability to predict accident frequency. We further demonstrate how a multiplicative scheme derived from a Poisson model specification or an additive scheme resulting from a linear probability model specification may alter the existing usage-based insurance"
"how a multiplicative scheme derived from a Poisson model specification or an additive scheme resulting from a linear probability model specification may alter the existing usage-based insurance pricing in the current marketplace, primarily predicated on distance driven, irrespective of the manner and location of driving.Through our contribution, we emphasize that accident frequency can be anticipated by considering when, where, and how a driver behaves behind the wheel. Previous research has offered only partial solutions, either due to the lack of merging accident data with telematics data or the non-disclosure of factors influencing accident frequency by insurance companies. Our contribution provides a comprehensive perspective, introducing new insights that can significantly enhance usage-based insurance schemes and payment models based on weekly data, incorporating contextual information beyond behavioral patterns.2.BackgroundThe literature on usage-based insurance is extensive and it has been intensively developed in last twenty years. Eling and Kraft conducted a thorough review of numerous academic studies and industry papers spanning nearly two decades, from 2000 to 2019. These works predominantly focused on investigating the pivotal telematics variable for estimating claim frequency: distance driven. Lemaire et al. highlighted the significance of annual mileage as a potent predictor of at-fault claims. More recently, Gao et al. provided a survey of telematics driving data research in actuarial science. The authors provided a thorough description the nature of telematics driving data, received second by second, and the difficulties one faces dealing with such information.The concept of usage-based insurance (UBI) initially revolved around assessing insurance rates based on the distance covered, as elucidated in Litman’s discussion on various distance-based insurance price structures. The role of mileage and its correlation with claim frequency was examined in conjunction with other factors. Boucher et al. concluded that although total distance driven is a pertinent variable, the relationship between distance driven and accident occurrence might not be strictly linear due to the “learning effect.” Essentially, this means that individuals who drive twice as much as others with identical characteristics have fewer than twice the accident claims. Moreover, it can be argued that covering more distance might indicate superior driving skills or a propensity to use safer roads like highways, which are typically associated with long-distance trips. These roads tend to have a decreasing marginal effect on the probability of accidents occurring.M. Guillen et al. Heliyon 10 (2024) e365013Boucher et al. employed a generalized additive model approach to scrutinize the impact of both distance driven and the duration of insurance contracts on claim frequency. Surprisingly, they discovered that neither distance nor contract duration exhibited a linear"
"scrutinize the impact of both distance driven and the duration of insurance contracts on claim frequency. Surprisingly, they discovered that neither distance nor contract duration exhibited a linear relationship with claim frequency. Adding to this, Guillen et al. incorporated yearly distance travelled as an offset within a zero-inflated Poisson model to account for excess zeros in claim frequency counts. They also noted a non-linear effect in their dataset regarding this variable. More recently, Boucher and Turcotte utilized GAMLSS (Generalized Additive Models for Location, Scale, and Shape) and GAMs (Generalized Additive Models) with fixed effects to analyze telematics count data in a panel setting. Their findings contradicted earlier perceptions of non-linearity, suggesting that the relationship does appear to be linear. They attributed the apparent non-linearity to residual heterogeneity, effectively captured by the GAMs.Beyond just considering mileage, a plethora of evidence suggests that various telematics variables hold a strong causal link with accidents. Consequently, these variables can significantly enhance the predictive accuracy of frequency models utilized in automobile insurance. For instance, Verbelen et al. (2018) contend that telematics data empowers the tailoring of automobile insurance pricing based on policyholders ’ driving behavior. They devised a statistical modeling approach for claim frequency using telematics variables and demonstrated that such variables bolster the model ’s predictive capability. Consequently, gender as a discriminating rating variable becomes obsolete. A similar finding was echoed by Ayuso et al. . In a more recent study, Ayuso et al. con-structed a frequency model adaptable to updates with telemetric data. Their research affirmed that not only the distance covered but also driver habits significantly impact the anticipated number of at-fault accident claims . This revelation underscores that the cost of insurance coverage can be personalized. Telemetry enables insurers to consider factors identified by traffic authorities as associated with risky driving, including traffic violations. So et al. delved into the integration of telematics data into a classification model to ascertain driver heterogeneity, utilizing data gleaned from a Canadian telematics program. Their investigation revealed that evalu -ating driving behavior is markedly enhanced when employing telematics in comparison to traditional risk factors.In this context, identifying telematics variables with significant predictive power for accident frequency is pivotal. Modern tele-matics technologies in car insurance generate vast amounts of data, obtained from high-frequency GPS location data (measured per second) from individual car drivers and trips, leading to the proliferation of big data in the insurance industry. Paefgen et al. noted the complexity and data volume associated with usage-based insurance pricing, emphasizing its"
"and trips, leading to the proliferation of big data in the insurance industry. Paefgen et al. noted the complexity and data volume associated with usage-based insurance pricing, emphasizing its challenge in actuarial decision-making. They analyzed real raw location data, considering 15 predictor variables, and compared logistic regression, neural network, and decision tree classifiers. Their study demonstrated that while neural networks exhibited superior classification perfor -mance, logistic regression was more favorable from an actuarial perspective due to its ease of interpretation and direct effect quan-tification. Their results highlighted the potential of high-resolution exposure data in simplifying usage-based insurance pricing. Baecke and Bocca explored risk assessment models integrating driving behavior data using three distinct data mining techniques. They concluded that including standard telematics variables significantly enhanced customer risk assessment, enabling insurers to tailor their products to individual risk profiles. The study also emphasized the importance of incorporating easily interpretable data mining techniques mandated by regulators before advancing to more complex predictive models. Moreover, they demonstrated that telematics-based insurance products could be swiftly implemented, requiring only three months of data for reliable risk estimations.Huang and Meng utilized logistic regression and four machine learning techniques as risk probability models and Poisson regression as a claim frequency model. They established tariff classes with substantial predictive effects, proposing a pricing frame -work that improved both interpretability and predictive accuracy. Their empirical results reaffirmed the considerable potential of driving behavior variables in automobile insurance. Pesantez et al. also highlighted logistic regression as a suitable model for predicting claim frequency using telematics information, given its interpretability and good predictive capacity. Despite implementing modern machine learning modeling approaches, they observed that XGBoost necessitated extensive model-tuning procedures to match logistic regression ’s predictive performance and required more effort for interpretation.In the realm of machine learning, numerous contributions focused on driving pattern recognition, which can be leveraged to determine accident safety scores and enhance insurance pricing. Weidner et al. identified maneuver patterns, trips, trip segments, and the total insurance period as significant indicators of individual driving behavior. Wüthrich utilized high-frequency GPS location data and innovative algorithms to classify distinct driving styles, demonstrating their applicability in regression analysis for car insurance pricing. Gao and Wüthrich introduced speed and acceleration heatmaps, categorized using the K-means algorithm to differentiate varying driving styles. Gao et al. further explored telematics covariates"
"Gao and Wüthrich introduced speed and acceleration heatmaps, categorized using the K-means algorithm to differentiate varying driving styles. Gao et al. further explored telematics covariates extracted from car driving data, affirming their superior predictive power for claim frequencies compared to traditional pricing factors like driver ’s age. Gao and Wüthrich extracted feature information from high-frequency GPS location data, utilizing it to allocate individual car driving trips to specific drivers. Geyer et al. defined a driving factor based on overall distance driven, the number of car rides, and speeding, identifying a significant impact of speed driving factor on risk. Meng et al. calculated risk scores using a supervised driving risk scoring neural network model, demonstrating improved prediction performance for claim frequency when incorporating these risk scores.Arumugan and Bhargavi conducted a survey on driving behavior in usage based insurance using big data. They proposed a solution that finds the risk posed by aggressive driving and road rage incidents by considering the behavioral and emotional factors of a driver. Ziakopoulos et al. . claimed that telematics pricing entails crash reductions of 20% –43 % and harsh event reductions of 10% –52 % are reported. However, they also noted that telematics-based research might have biases stemming from data availability. The usefulness of telematics-supported driver behaviour analysis is addressed by Ziakopoulos et al. and Siami et al. .P˘erez-Marín and Guillen investigated telematics information for risk quantification and safety in vehicles with speed control capabilities, emphasizing the potential to reduce accident claims by addressing excess speed. Guillen et al. identified relevant risk factors to streamline telematics information necessary for risk classification, introducing the concept of near miss events in usage-based insurance, i.e recorded risky events such as brakingcornering or smart phone use that are positively correlated with accident occurrence. Their analysis revealed that near-miss events, even if no accident is recorded, offer valuable M. Guillen et al. Heliyon 10 (2024) e365014insights for dynamic risk monitoring through telematics. Recently, Alrassy et al. investigated driver behavior obtained from large-scale telematics data and its relationship with crash data. They found that hard braking is more indicative of higher collision rates on highways, and hard acceleration is a stronger risk indicator on non-highways urban roads. Guillen et al. integrated telematics data in UBI pricing schemes that penalize near miss occurrence. In their analysis, the authors compensate the lack of claims during the period when telematics information was collected with past claim history of insureds. This is a common limitation in actuarial research dealing with telematics data, specifically that the accident history does not match with telematics data collection period. Similarly,"
"of insureds. This is a common limitation in actuarial research dealing with telematics data, specifically that the accident history does not match with telematics data collection period. Similarly, Moosavi and Ramnath investigated driver ’s styles and also used past-at fault traffic accidents and citations as risk indicators of clusters of drivers with similar driving behavior. Masello et al. found that the driving context has significant power in predicting driving risk.Tesla presented its Predicted Collision Frequency (PCF) formulas, shedding light on risk score components like forward collision warnings, hard braking, aggressive turning, unsafe following, and forced autopilot disengagement (see Ref. ). This transparency contributes to the ongoing discussion on model opacity and showcases the relevance of driving behavior variables in assessing risk. Several car manufacturers have introduced similar safety score systems, emphasizing acceleration, braking, cornering behavior, and distance driven as key metrics to calculate driving performance scores.Regarding the effectiveness of telematics-based feedback in improving driving behavior, Li et al. remark that post-trip in-terventions have a limited effect if they are not part of a risk mitigation strategy able to improve long-term behavior. In that sense, the authors proposed to provide a personalized feedback and realistic and actionable suggestions for policyholders. Malekpour et al. found that only providing feedback has a minuscule impact in reducing speeding behavior, and financial incentives are necessary. Similarly, Meuleners et al. concluded that personalized feedback does not seem to produce a significant change in overall driving scores of young drivers (they only found some improvements for specific drivers).The Appendix A1 provides a summary of telematics variables utilized in the literature for driving risk assessment, encompassing factors beyond distance travelled, such as speed, road type, time of vehicle usage, and the inclusion of near miss events. These insights collectively advance the understanding of telematics variables and their role in shaping insurance products and pricing strategies .3.MethodsOur strategy consists in predicting the expected frequency of accidents for driver i in period t, in a sample on n drivers each observed a total of Ti time periods. In our application we observe weekly data, so that Ti is the total number of observed weeks for driver i. We define the maximum observation frame, TˆmaxiTi.Our objective is to model the conditional mathematical expectation of accident frequency for driver i, in period t, denoted as Eyit), as a function of J dynamic predictors zjit, where jˆ1C…CJ, which change over time and K static predictors xki, where kˆ1C…CK, which do not change over time, including a constant intercept.Generalized linear models specify a link of the linear predictor, hxkiCzjit), and the output Eyit). A statistical distribution in the exponential"
"not change over time, including a constant intercept.Generalized linear models specify a link of the linear predictor, hxkiCzjit), and the output Eyit). A statistical distribution in the exponential family for the response random variable yit is also specified. Parameter estimates of the linear predictor can easily be found by likelihood maximization. Other machine learning methods are more flexible in the specification of the combinations of static and dynamic factors, but they require establishing a loss-minimization principle. Usually, Random Forest or XGBoost methods provide interesting and accurate predictive algorithms at the expense of interpretability and analytical expression for the expected accident frequency depending on the predictors .In the pre-processing phase we transform some of the telematics information as risky events recorded as part of the dynamic predictors zjit. This is done similar to Guillen et al. where near-miss events (based on hard brakingdaytime). On the other side, we consider event counts. For example, the sum of excess speed occurrence by type of road.A simple approach to calculating the impact on the expected frequency of accidents of behavioral and contextual predictor is provided. In order to convert the occurrence of telematics risky events or dangerous distance driven into a simple scoring, we may consider a linear probability model specification or a more general input function hxkiCzjit), which may later be linearized. This linear approximation may not be necessary if we only aim at producing a risk score to inform the driver. However, a linear formulation provides a straightforward way to design usage-based insurance schemes that are easy to communicate.When risky events have a direct linear impact, an insurance rate per week can be expressed as a flat rate, plus some additional Table 1 Accident risk scoring formulae for static and dynamic predictive factors with distance driven as exposure.Risk scoring formula specificationCommunicationh xki† Expected accident frequency depends on a function of driver characteristics onlyDith xki† Expected accident frequency is proportional to current period distance driven times a combination of driver characteristicsDithxkiCzjit)Expected accident frequency is proportional to current period distance driven times a combination of driver characteristics and dynamic factorsM. Guillen et al. Heliyon 10 (2024) e365015charges for distance driven and risky event occurrence. Charges can be homogeneous or depending on contextual data, so the cost can vary depending on context and behavioral information. For example, if distance is driven exceeding speed limits, in the weekend, in the night or in congestion areas (urban driving), the impact on accident risk and the final cost, differs from driving without speeding events, during weekdays, during the day and in non-urban areas.Several possibilities for static and dynamic scoring are presented in Table 1. Note that even if Table"
"from driving without speeding events, during weekdays, during the day and in non-urban areas.Several possibilities for static and dynamic scoring are presented in Table 1. Note that even if Table 1 only aims at modelling accident frequency, usage-based insurance schemes can follow directly from frequency models, once average cost and general in-surance charges are imputed proportionally to expected frequencies. Table 2 presents possible linearized specifications of driving scores.Our results explore basic classical generalized linear models. Similar conclusions can be found for other possibilities. Poisson models with a log-link were estimated using SAS software and R software. The link in the Poisson model equals hxkiCzjit)ˆexp⌊⋃Kkˆ1αkxki‡⋃Jjˆ1βjzjit⌋BLogistic regression and linear probability models are estimated too. Their corresponding links are hxkiCzjit)ˆ1E⌈1‡exp\⌊⋃Kkˆ1αkxki‡⋃Jjˆ1βjzjit⌋week. When a driver does not drive for one week, that week is excluded from the sample. We also observe that, on average, 20.29 km/week are travelled in the night. The weekly number of speed events (in any type or road) is 3.19, with a maximum of 61. In urban roads the weekly number of speed events is 1.847, with a maximum of 23. Note that the mean weekly frequency of 0.001 corresponds to an expected level of annual claim rate for at-fault accidents (0.001 multiplied by 52 weeks). This rate level is not surprisingly high, given that the portfolio is slightly biased, comprising predominantly novice and young drivers. We observe 0.117 % of the weekly obser -vations there is one at fault claim (in the remaining 99.883 % there is no claim), this corresponds to a yearly frequency of 4.80 %, which lies within the range of similar studies when only accidents at fault are being considered.Fig. 1 shows the evolution of mean distance driven for the drivers in this data set and Fig. 2 presents the frequency of at-fault claims over time. Fig. 3 shows histograms and bar charts of the variables in the data set. The sharp drop observed after the age of 35 in the sample can be attributed to the fact that Pay-as-You-Drive schemes were primarily marketed to young drivers, resulting in fewer older individuals participating in such pricing schemes. This demographic limitation should be acknowledged in our study. The small Table 2 Accident risk scoring linear formulae for static and dynamic predictive factors considering distance or log-distance driven.Linear risk scoring formula specification Communication⋃Kkˆ1αkxki‡γDit‡ 1γ†⋃Jjˆ1β2jzjitExpected accident frequency is approximated (or bounded for pricing purposed) by a static part that depends on a combination of driver characteristics plus a linear combination of distance driven and same-period dynamic factors⋃Kkˆ1αkxki‡γlnDit‡ 1γ†⌈⋃Jjˆ1β2jzjit‡⋃Llˆ1β3lzlit1⌉Expected accident frequency is approximated (or bounded for pricing purposed) by a static part that depends on a combination of driver characteristics plus a linear"
"1γ†⌈⋃Jjˆ1β2jzjit‡⋃Llˆ1β3lzlit1⌉Expected accident frequency is approximated (or bounded for pricing purposed) by a static part that depends on a combination of driver characteristics plus a linear combination of log-distance driven and same- and previous- period dynamic factorsM. Guillen et al. Heliyon 10 (2024) e365016increase observed after the 95th percentile for driving in urban areas reflects the presence of drivers who primarily use their vehicles within their own city, without venturing onto highways or national interurban roads. While this does not constitute a limitation, it is an important aspect that merits discussion in our analysis.Table 3 Variable definition in telematics weekly data set, Spain 2019.Variable DescriptionVEHICLE_POWER Vehicle power (in Hp)AGE Age of the driverGENDER 1 ˆMale, 0 ˆFemaleTOTAL_DISTANCE_DRIVENMK Thousands of kilometers travelled during the weekKM_NIGHTMK Thousands of kilometers travelled in the night during the weekSPEED_EVENT Number of trips when the driver exceeded the posted speed limit on the road during the weekSPEED_EVENT_URBAN Number of trips when the driver exceeded the posted speed limit on an urban area during the weekPERC_URBAN Percentage of kilometers driven in urban roadsCLAIM_AT_FAULT Number of claims at fault during the weekTable 4 Descriptive statistics in telematics weekly data set, Spain 2019.Variable Mean Standard Deviation Minimum MaximumCharacteristics of the driverAGE 28.727 4.667 17.000 74.000Characteristics of the vehicleVEHICLE_POWER 102.625 29.876 34.000 450.000Telematics variables (referred to weeks)TOTAL_DISTANCE_DRIVENMK 0.229 0.204 0.000 5.974KM_NIGHTMK 0.020"
"Article Not peer-reviewed versionA Dual-Phase Framework for EnhancedChurn Prediction in Motor Insuranceusing Cave-Degree and Magnetic ForcePerturbation TechniquesEmmanuel Chai , Kennedy Hadullo , Kevin Tole * , Dorca Nyamusi StephenPosted Date: 24 September 2024doi: 10.20944/preprints202409.1820.v1Keywords: Churn Prediction; Insurance Motor; Algorithm; Cave degree; Magnetic ForcePreprints.org is a free multidiscipline platform providing preprint service thatis dedicated to making early versions of research outputs permanentlyavailable and citable. Preprints posted at Preprints.org appear in Web ofScience, Crossref, Google Scholar, Scilit, Europe PMC.Copyright: This is an open access article distributed under the Creative CommonsAttribution License which permits unrestricted use, distribution, and reproduction in anymedium, provided the original work is properly cited. ArticleA Dual-Phase Framework for Enhanced ChurnPrediction in Motor Insurance using Cave-Degree andMagnetic Force Perturbation TechniquesEmmanuel Chai1,, Kennedy Hadullo2,, Kevin Tole2,* and Dorca Nyamusi Stephen2,1Institute of Computing and Informatics, Technical University of Mombasa2Mathematics and Physics department, Technical University of Mombasa*Correspondence: ktole@tum.ac.keAbstract: This study presents a novel predictive model to address the churn problem in the motor insurancesector using a dual-phase framework. The first phase employs a cave-degree perturbation technique for effectivefeature selection, while the second phase applies the Magnetic Force Perturbation Technique (MFPT) to optimizethe search process and avoid local optima traps. Two metaheuristics are proposed: the Adaptive RandomForest-Assisted Large Neighborhood Feature Optimizer (ARALFO) and the Adaptive Random Forest ParticleSwarm Optimizer (ARFPSO) to enhance churn prediction accuracy. The model was evaluated on two real-worldmotor insurance datasets, achieving a 95% accuracy rate and outperforming state-of-the-art algorithms. Anablation study confirmed the significant impact of the cave-degree and MFPT techniques in boosting predictiveperformance.Keywords: churn prediction; insurance motor; algorithm; cave degree; magnetic force1. IntroductionInsurance companies face high churn rates, particularly in motor insurance, where customerretention is critical due to intense market competition, claims management, and fluctuating premiumrates. This study focuses on identifying unique churn patterns in this sector. Customer churn, themovement of customers to other providers, is a significant challenge, as it is difficult to identify whichcustomers are at risk of leaving unless they proactively express dissatisfaction . With a large numberof policies that expire each month, it is impractical for insurers to contact all customers to confirmtheir intention to renew. However, by predicting which customers are likely to churn, insurancecompanies can focus their efforts on those most at risk, thus improving retention"
"customers to confirmtheir intention to renew. However, by predicting which customers are likely to churn, insurancecompanies can focus their efforts on those most at risk, thus improving retention strategies. Churnprediction approaches can be broadly categorized into two strategies: constructive (local) approachesand global approaches. The constructive approach targets individual customer behaviors and theirspecific interactions with the product or service, allowing for a more personalized intervention.In contrast, the global approach builds a comprehensive model that applies to the entire customerbase, identifying general patterns and trends predictive of churn. This approach often uses machinelearning techniques to identify general patterns and trends that predict churn.Machine learning algorithms (ML) have become the predominant tool for churn prediction due totheir ability to analyze large datasets and make accurate predictions. Common algorithms includelogistic regression, decision trees, random forests, support vector machines (SVM), and neural networks . Logistic regression is favored for its simplicity and interpretability,though it can be difficult with complex patterns. Regularization techniques such as L1 (Lasso) and L2(Ridge) are often used with logistic regression to prevent overfitting. Regularization of L1 penalizesthe absolute value of coefficients, effectively shrinking some to zero and leading to a sparse model thatretains only the most important features. L2 regularization, on the other hand, penalizes the square ofthe coefficients, reducing their magnitude evenly and improving model stability, particularly in thepresence of multicollinearity.Decision trees and random forests effectively handle nonlinear relationships and variable interac-tions but can be prone to overfitting, especially in high-dimensional data. To address this, optimizationDisclaimeror the editor(s). MDPI andpreprints202409.1820.v1© 2024 by the author(s). Distributed under a Creative Commons CC BY license. 2 of 22techniques like pruning, which removes insignificant branches, and ensemble methods such asbagging and boosting are used to enhance generalization and reduce overfitting . SVMs are pow-erful in managing high-dimensional spaces, providing clear margins between churn and non-churncustomers . However, they require careful tuning and are computationally demanding. SVMsbenefit from kernel tricks that map input data into higher-dimensional spaces, making it easier to findeffective separating hyperplanes.Neural networks, particularly deep learning models, excel at recognizing intricate patterns in largedata-sets but require significant computational resources and a large amount of labeled data. Theyare optimized using algorithms like stochastic gradient descent (SGD), Adam, and learningrate scheduling, which help accelerate convergence and improve performance. Adjustment ofhyperparameters, using methods such as grid search or random search, is crucial to"
"(SGD), Adam, and learningrate scheduling, which help accelerate convergence and improve performance. Adjustment ofhyperparameters, using methods such as grid search or random search, is crucial to optimize thepredictive accuracy of these models. The choice of algorithm and optimization techniques dependson the characteristics of the data and the desired balance between interpretability, precision, andcomputational efficiency .Unlike other research from previous work , this study aims to develop an efficient classificationmodel using ensemble optimized algorithms to identify clients at risk of churning and determine thetime until they churn. The research is structured around three primary objectives: identifying the keyfactors that contribute to customer churn in the insurance industry, building a conceptual model topredict churn, and evaluating the performance of this predictive model using various algorithms. Toachieve these objectives, the study addresses the following questions: What are the key factors drivingcustomer churn in the motor insurance industry? How will the conceptual model for predictingchurn be developed? And how will the model’s predictive performance be assessed using differentalgorithms?The methodology proposed for this study presents a structured framework to address the problemthrough a two-step process: the initialization phase and the optimization phase. The frameworkintroduces two algorithms: the Adaptive Random Forest-Assisted Large Neighborhood FeatureOptimizer (ARALFO) and the Adaptive Random Forest Particle Swarm Optimizer (ARFPSO). Duringthe initialization phase, ARALFO utilizes the Random Forest algorithm for feature selection, focusingon identifying the most relevant features that contribute to the predictive power of the model. Toenhance this selection process, we introduce a cave-degree perturbation which is a novel techniqueinspired by the term ""cave"", refers to the strategy where narrowing search spaces akin to focusing onmore promising features during iterative learning. It provides a mathematically weighted importancescore for each feature based on its impact on reducing impurity in decision trees, similar to techniqueslike LASSO but using forest-based methods. This technique measures each feature’s contribution tothe overall predictive model, allowing the identification of the most impactful features. By prioritizingfeatures with the highest cave degrees, the methodology reduces dimensionality, mitigates overfitting,and retains only the most informative features, thereby improving the feature selection process.Following feature selection, the optimization phase applies the Adaptive Large NeighborhoodSearch (ALNS) metaheuristic to find near-optimal solutions. This process iteratively breaks and repairsfeature subsets, preventing the algorithm from getting trapped in local optima. To further refinethis process, a Magnetic Force Perturbation Technique (MFPT) is introduced. The Magnetic ForcePerturbation"
"subsets, preventing the algorithm from getting trapped in local optima. To further refinethis process, a Magnetic Force Perturbation Technique (MFPT) is introduced. The Magnetic ForcePerturbation Technique (MFPT) is inspired by the interaction of magnetic fields, where forces eitherattract or repel solutions based on their relative quality (similat to charges in Coulomb’s law). Thisapproach helps the optimization process avoid local optima, ensuring exploration of more diverse andpromising regions in the search space. Unlike simulated annealing, which relies on temperature-basedrandomization blind search, MFPT adds directional perturbations, enhancing the model’s ability toexplore global optima.We also introduce an Adaptive Random Forest Particle Swarm Optimizer (ARFPSO), whichapplies the cave-degree concept during the feature selection phase. In the Particle Swarm Optimization(PSO) algorithm, each particle represents a potential solution and navigates the search space basedPreprints.org (www.preprints.org) | NOT PEER-REVIEWED | Posted: 24 September 2024 doi:10.20944/preprints202409.1820.v1 3 of 22on its velocity, influenced by its personal best (pbest) and the global best solution (gbest) identifiedso far. The Magnetic Force Perturbation Technique (MFPT) introduces controlled perturbations toparticle velocities, simulating attractive and repulsive forces analogous to magnetic interactions. Theseperturbations dynamically adjust the velocity of the particles, steering them away from local minima,and promoting the exploration of more promising regions in the search space. By modulating therelationship between pbest, gbest, and the velocity of particles, MFPT improves the balance betweenexploration and exploitation, improving the swarm’s ability to converge more effectively on globallyoptimal solutions.The proposed dual-phase strategy offers a comprehensive and systematic approach to the problem.The initialization phase establishes a solid foundation by identifying a precise set of predictive features,while the subsequent optimization phase refines and enhances this foundation to produce a robust andefficient classification model for churn prediction. The incorporation of novel perturbation techniqueswithin both phases further strengthens the model’s optimization, ensuring high predictive accuracyand effectiveness in identifying customer churn. This integrated approach improves the overallperformance and stability of the model.The principal contributions of our research are succinctly summarized as follows:I.Introducing a novel feature selection technique called cave-degree perturbation, which measuresthe impact of each feature on the predictive model. This technique enhances feature selection byprioritizing the most significant features and reducing dimensionality.II.Proposing a Magnetic Force Perturbation Technique that simulates magnetic forces to guide theoptimization process, thereby improving convergence and solution quality.The remainder of"
"a Magnetic Force Perturbation Technique that simulates magnetic forces to guide theoptimization process, thereby improving convergence and solution quality.The remainder of this paper is organized as follows. Section 2 introduces the formal formulationof the problem, while Section 3 provides a comprehensive overview of the proposed algorithms.Subsequently, Section 4 presents the experimental results and analyzes. Finally, Section 5 concludesthe paper with final remarks and suggestions for future research.2. Problem FormulationIn this section, Table 1 defines the variables used, followed by the introduction of the problem.We define the set of independent variables as X=x1,x2,x3, . . . , xn, where each xirepresents a specificcharacteristic or behavior of the policyholders. These features may include variables such as policytype, premium amount, claim history, customer tenure, and other relevant factors. The dependentvariable yindicates whether a customer churns ( ˆy=1) or not ( y=0). The goal is to predict customerchurn status based on these independent variables.Table 1. Variables of the StudySymbol DescriptionX Independent Variablesyi Actual churn status for customer i(1 if churned, 0 otherwise)ˆyi Predicted churn status for customer i(1 if predicted to churn, 0 otherwise)xij Feature jfor customer i(e.g., policy type)βj Coefficient for feature jin the logistic regression modeln Total number of customersp Total number of featuresλ Regularization parameter to prevent overfittingThe objective is to maximize the accuracy of churn prediction for motor vehicle insurance cus-tomers using a machine learning model subject to various constraints. The constraints of the modelinclude the feature, probability, prediction threshold, and regularization.Preprints.org (www.preprints.org) | NOT PEER-REVIEWED | Posted: 24 September 2024 doi:10.20944/preprints202409.1820.v1 4 of 22Feature ConstraintsEach feature xijmust be within its defined range:xminij<xij<xmaxij∀i,jProbability ConstraintsThe predicted probability of churn must be between 0 and 1:0<ˆyi<1∀iPrediction ThresholdDefine a threshold θto classify customers as churned or not churned:ˆyi=(1 if p(ˆyi=1|xi)>θ0 if p(ˆyi=1|xi)≤θRegularization ConstraintTo control the complexity of the model, incorporate a regularization term:p∑j=1βj<λObjective FunctionThe objective function is to maximize the accuracy of the churn prediction model to the totalnumber of instances:Accuracy =1NN∑i=1∥(ˆyi=yi)∥where ∥(ˆyi=yi)∥is the indicator function that returns 1 if the condition is true and 0 otherwise.The formulation of the function maximizes:1NN∑i=1∥(ˆyi=yi)∥subject to:xminij<xij<xmaxij∀i,jto achieve better accuracy or other performance metrics.3. Proposed MethodThis section introduces our proposed method, which is designed to address the problem at handthrough a structured framework consisting of two distinct phases: the initialization stage and theoptimization phase. The first phase, known as the initialization stage,"
"to address the problem at handthrough a structured framework consisting of two distinct phases: the initialization stage and theoptimization phase. The first phase, known as the initialization stage, focuses on feature selection. Thisstage is crucial to identify the most relevant features of the dataset that will contribute to the predictivepower of the model. Feature selection aims to reduce dimensionality, improve model performance,and prevent overfitting by selecting a subset of the most informative features. The goal is to retainfeatures that have the highest impact on the target variable while discarding those that are redundantor irrelevant.Following the initialization stage is the optimization phase. This phase involves applying ad-vanced algorithms and optimization techniques to enhance the model’s accuracy, efficiency, androbustness. The interaction between these two phases ensures a comprehensive approach to problemsolving. The feature selection phase lays the groundwork by providing a well-defined set of features,Preprints.org (www.preprints.org) | NOT PEER-REVIEWED | Posted: 24 September 2024 doi:10.20944/preprints202409.1820.v1 5 of 22while the optimization phase uses this foundation to achieve superior model performance. Together,these phases form an integrated framework that systematically addresses the challenges of featureselection and model optimization, aiming to deliver a robust and efficient solution.In summary as illustrated in Figure 8, our proposed method is designed to provide a balanced andeffective approach to tackling the problem by combining a thoughtful selection of features with a rigor-ous optimization process. This dual-phase framework is intended to enhance the overall effectivenessof the model and ensure that it performs optimally across various scenarios and conditions.Feature Selection PhaseSTARTOptimization PhaseENDData Pre-processingAn improved Solution Initial Solution Initialization Cleaned DataFigure 1. Proces Phase Framework3.1. Feature Selection and Decision-Making in Random ForestsThe process begins with the feature selection phase, where the dataset undergoes a thoroughpreprocessing stage, as shown in Figure A of the combined visualization. Here, the preprocesseddataset is passed into multiple decision trees (Tree 1, Tree 2, and Tree 3), each of which independentlyevaluates the importance of different features. This process involves data cleaning, handling missingvalues, and addressing inconsistencies to ensure the dataset is suitable for model training.Within this ensemble of decision trees, each feature xicontributes differently to the decision-making process, and the importance of these features is evaluated at each split within the trees. Theconcept of a ""cave degree"" operator is introduced to measure the relevance of each feature based on itscontribution to reducing impurity at the nodes of the decision trees. Let Cirepresent the cave degreeof feature xi, which is computed by averaging the"
"the relevance of each feature based on itscontribution to reducing impurity at the nodes of the decision trees. Let Cirepresent the cave degreeof feature xi, which is computed by averaging the importance scores Importance (xi,t)across all treesin the Random Forest ensemble:Ci=1ntreesntrees∑t=1Importance (xi,t)The cave degree captures how much a feature contributes to the model’s predictive performance,and features with higher cave degrees are considered more significant for the overall decision-makingprocess.In Figure A, the decision trees visually highlight key decision nodes (yellow circles), representingwhere significant feature-based decisions are made within each tree. These nodes signify the pointswhere features with higher cave degrees are actively influencing the tree’s decisions.Moving to Figure B, we observe the aggregated output of the Random Forest model, where theindividual decisions from Tree 1, Tree 2, and Tree 3 are combined to form a unified decision boundary.The dashed lines in different colors (blue, green, and red) represent the decision boundaries of eachindividual tree. The solid black line shows the overall decision boundary of the Random Forest model,which is the average of the decisions made by all trees, demonstrating the ensemble’s ability to createa more robust and accurate predictive model.The orange dotted line represents the sigmoid function S(x) =11+e−x, which converts the com-bined output of the decision trees into a smooth probabilistic prediction ranging between 0 and 1.The sigmoid function plays a crucial role in transforming the raw decision outputs into probabilities,making the model suitable for classification tasks where outputs are interpreted as probabilities ofbelonging to a particular class.An important aspect of this visualization is the inflection point marked by the purple star onthe graph in Figure B. This point corresponds to x=0on the sigmoid function, indicating where theprobability shifts most rapidly. It signifies the threshold where the model’s confidence in the predictionchanges most dramatically, thus serving as a critical decision boundary in classification tasks.Preprints.org (www.preprints.org) | NOT PEER-REVIEWED | Posted: 24 September 2024 doi:10.20944/preprints202409.1820.v1 6 of 22Therefore, by applying the cave degree operator and incorporating the sigmoid transformation,the Random Forest model efficiently selects and weights the most relevant features, leading to im-proved accuracy and robustness in its predictions. This is further validated by the combined decisionboundaries shown in Figure B, where the ensemble of decision trees collectively contributes to arefined, probability-based prediction output.Figure 2. (A) Preprocessed Dataset Feeding into Random Forest Decision Trees; (B) Combined DecisionBoundaries with Sigmoid Function and Inflection PointAs depicted in Algorithm 1, the feature selection process in a Random Forest is guided by thecave degree values. By assigning"
"(B) Combined DecisionBoundaries with Sigmoid Function and Inflection PointAs depicted in Algorithm 1, the feature selection process in a Random Forest is guided by thecave degree values. By assigning weights to features based on their normalized cave degrees,˜Ci=Ci∑pj=1Cj,where pis the total number of features, the Random Forest model prioritizes the most relevantfeatures. This ultimately enhances the model’s predictive power, as the most important features aregiven more weight, leading to superior performance in both classification and regression tasks.Algorithm 1: Feature Selection Using cave Degree in Random ForestInput: Historical data (X,Y), Number of trees ntrees, cave degree threshold τ;Output: X selected : selected features with assigned weights;foreach feature i in X doCalculate the cave degree Cias:Ci=1ntreesntrees∑t=1Importance (xi,t)where Importance (xi,t)is the importance score of feature xiin tree tof the RandomForest;endNormalize the degree of cave for each feature i:˜Ci=Ci∑pj=1Cjwhere pis the total number of features;Initialize Xselected ←∅;foreach feature i in X doif˜Ci>τthenAssign weight wi=˜Cito feature i;Add feature iwith weight witoXselected ;endendreturn X selectedPreprints.org (www.preprints.org) | NOT PEER-REVIEWED | Posted: 24 September 2024 doi:10.20944/preprints202409.1820.v1 7 of 22Ci=1ntreesntrees∑t=1Importance (xi,t),where ntrees is the total number of trees in the ensemble. To normalize the cave degrees, we use:˜Ci=Ci∑pj=1Cj,where ˜Ciis the normalized cave degree of feature xi, and pis the total number of features. Thisnormalization ensures that the cave degrees are on a comparable scale. Features with a normalizedcave degree ˜Ciabove a certain threshold τare selected, as they are considered the most relevant topredict customer churn. A higher cave degree indicates a greater importance of the feature, making ita better candidate for inclusion in the predictive model.3.2. Optimization PhaseThis section introduces the second phase of the optimization process, which involves employingtwo well-known metaheuristic algorithms. Adaptive Large Neighborhood Search (ALNS) and ParticleSwarm Optimization (PSO). To further enhance the optimization process, we propose a novel strategycalled the Magnetic Force Perturbation Technique inspired by the natural behavior of magnetic fields,where forces attract or repel particles depending on their polarities. This phenomenon can be modeledmathematically using Coulomb’s law for electric forces or the law of magnetic interaction. Analogously,in optimization, we simulate these forces to guide the exploration of the solution space. If we denotethe current solution by xand potential solutions by y, the force Fxyexerted on xbyycan be expressedas:Fxy=kqxqy∥y−x∥2where kis a constant, qxandqyrepresent the ""charges"" or qualities of solutions xandyrespectively,and∥y−x∥is the Euclidean distance between the solutions. Solutions xclose to promising regions,which have higher quality (or ""charge""),"
"the ""charges"" or qualities of solutions xandyrespectively,and∥y−x∥is the Euclidean distance between the solutions. Solutions xclose to promising regions,which have higher quality (or ""charge""), experience an attraction force pulling them towards thoseregions. In contrast, solutions in less favorable regions experience repulsion.The perturbation applied to the current solution xis based on the calculated forces. Let P(x)represent the perturbation applied to x. The perturbation is a function of the force Fxyand can bedefined as:P(x) =αFxywhere αis a control parameter that modulates the magnitude of the perturbation. Larger per-turbations explore new regions of the solution space, while smaller perturbations refine solutions inpromising areas.The optimization process is iterative. In each iteration, the solutions are adjusted based on thesimulated magnetic forces. If we denote the state of the search process at iteration tbyxt, the updatedsolution xt+1is given by:xt+1=xt+P(xt)The forces Fxycan be adapted based on the search progress. For instance, as the algorithmconverges, the forces might be adjusted to focus more on local refinement or global explorationdepending on the current state of the search, adapting the parameter αaccordingly. This dynamicadjustment helps in balancing exploration of new areas with exploitation of known promising regions,thus improving the efficiency of the optimization process.Preprints.org (www.preprints.org) | NOT PEER-REVIEWED | Posted: 24 September 2024 doi:10.20944/preprints202409.1820.v1 8 of 223.2.1. Adaptive Large Neighborhood Search (ALNS) AlgorithmAdaptive Large Neighborhood Search (ALNS) is a powerful metaheuristic optimization techniquedesigned to tackle complex combinatorial problems. The core idea behind ALNS is to iteratively explorelarge neighborhoods of the current solution by applying various perturbation and repair strategies.This allows the algorithm to escape local optima and efficiently search through a broader solutionspace. ALNS adapts its neighborhood structures based on the observed performance, dynamicallybalancing exploration and exploitation throughout the search process.In this context, ALNS is utilized to address the problem of churn prediction by optimizing featureselection. By incorporating advanced techniques such as magnetic force perturbation and strategicsolution modifications (i.e., break and repair), ALNS can enhance the search for the most effectivefeature subsets. The magnetic force perturbation guides the search process by simulating forces thatattract or repel solutions based on their quality, thereby improving the exploration of promisingregions and avoiding less favorable ones. The following algorithm presents the integration of ALNSwith magnetic force perturbation and breakpreprints202409.1820.v1 9 of 22Figure 3. ALNS search trajectory within a solution space. This figure represents the search trajectory ofthe ALNS algorithm through the solution space. The blue lines with"
"9 of 22Figure 3. ALNS search trajectory within a solution space. This figure represents the search trajectory ofthe ALNS algorithm through the solution space. The blue lines with arrows indicate the path taken bythe algorithm in navigating from one solution to another. The red, blue, and green points correspondto different evaluated solutions, where red indicates potential solutions, blue represents neighborhoodsolutions, and green signifies the best or final solutions found. The black star marks the optimal ormost favorable solution identified during the search process, showcasing how ALNS dynamicallyexplores and exploits the solution space.Figure 4. Optimized ALNS Path Exploration with Distinct Solution Mapping. This figure illustratesthe trend of a performance metric over iterations or time steps as the ALNS algorithm progresses. Theorange line represents the smoothed trend of the metric being tracked, while the colored points indicateindividual data points at each step, iteration, or trial. The peaks and troughs in the line show periodsof high and low performance, respectively, reflecting the oscillatory and converging behavior of thealgorithm as it seeks optimal solutions.Preprints.org (www.preprints.org) | NOT PEER-REVIEWED | Posted: 24 September 2024 doi:10.20944/preprints202409.1820.v1 10 of 22Algorithm 2: Optimization Using ALNS with Magnetic Force PerturbationInput: Feature set Xselected , Historical data (Xselected ,Y), Number of iterations Niter, Controlparameter α;Output: Optimal feature set xNiter, Best churn prediction accuracy, and other performancemetrics;Initialization: Initialize the solution xas a random configuration of features from Xselected ;Initialize the best solution xbestasx;Initialize the best accuracy Abestand other performance metrics to a very low value;foriteration t =1toNiterdoGenerate a neighborhood solution yby applying perturbations based on magnetic forces;Calculate the magnetic force between xand y:Fxy=kqxqy∥y−x∥2Apply Break and Repair:xbroken =Break (x)xrepaired =Repair (xbroken ,y,Fxy)Update the current solution :xt+1=xrepairedEvaluate the churn prediction accuracy and other performance metrics for xt+1;LetAt+1be the churn prediction accuracy and Mt+1be other performance metrics;IfAt+1is better than Abestor if Mt+1is better than the corresponding best metric :• Update xbesttoxt+1;• Update AbesttoAt+1;• Update other performance metrics to Mt+1;endReturn: Optimal feature set xbest, best churn prediction accuracy Abest, and other bestperformance metrics;3.2.2. Particle Swarm Optimization Algorithm (PSO)Particle Swarm Optimization (PSO) is a computational method inspired by the social behaviorof birds and fish. Developed by Kennedy and Eberhart in 1995 , PSO is a heuristic optimizationtechnique that simulates the social interaction of a swarm of particles in a search space to find optimalsolutions to complex problems. In PSO, each particle represents a potential solution and movesthrough the search space"
"the social interaction of a swarm of particles in a search space to find optimalsolutions to complex problems. In PSO, each particle represents a potential solution and movesthrough the search space influenced by its own experience and that of its neighbors. Particles adjusttheir positions based on their own best-known position and the best-known positions of the swarm,guided by a velocity update mechanism. This process continues iteratively, with particles convergingtowards the optimal solution over time.As shown in Algorithm 3, the PSO algorithm begins with initializing a set of particles, whereeach particle iis represented by a feature configuration xiselected from the set Xselected . Each particlehas an associated velocity vi, and the personal best solution xi,pbest is initialized to xi. The global bestsolution xgbest is set to the best personal best among all particles. The best accuracy Abestand otherperformance metrics are initialized to very low values.Preprints.org (www.preprints.org) | NOT PEER-REVIEWED | Posted: 24 September 2024 doi:10.20944/preprints202409.1820.v1 11 of 22For each iteration tfrom 1 to Niter, the algorithm updates the velocity and position of each particle.The velocity vi,t+1of particle iis updated based on its previous velocity, its distance from its personalbest xi,pbest , and its distance from the global best xgbest:vi,t+1=wvi,t+c1r1(xi,pbest−xi) +c2r2(xgbest−xi)where wis the inertia weight, c1andc2are cognitive and social coefficients, and r1andr2are randomnumbers uniformly distributed in the range . The position xi,t+1of the particle is then updatedusing:xi,t+1=xi+vi,t+1Following the velocity and position update, the algorithm applies magnetic force perturbation.The magnetic force Fi,gbest between the current position of the particle iand the global best positionxgbest is calculated as:Fi,gbest =kqiqgbest∥xgbest−xi∥2where kis a constant and qiandqgbest represent the ""ch"
"Citation: Poufinas, Thomas, PeriklisGogas, Theophilos Papadimitriou,and Emmanouil Zaganidis. 2023.Machine Learning in ForecastingMotor Insurance Claims. Risks 11:164. risks11090164Academic Editor: Shengkun XieReceived: 11 August 2023Revised: 11 September 2023Accepted: 13 September 2023Published: 18 September 2023Copyright: © 2023 by the authors.Licensee MDPI, Basel, Switzerland.This article is an open access articledistributed under the terms andconditions of the Creative CommonsAttribution (CC BY) license (https:creativecommons.orgby).risksArticleMachine Learning in Forecasting Motor Insurance ClaimsThomas Poufinas, Periklis Gogas * , Theophilos Papadimitriou and Emmanouil ZaganidisDepartment of Economics, Democritus University of Thrace, 69100 Komotini, Greece;tpoufina@econ.duth.gr (T.P .); papadimi@econ.duth.gr (T.P .); ezaganid@econ.duth.gr (E.Z.)*Correspondence: pgkogkas@econ.duth.grAbstract: Accurate forecasting of insurance claims is of the utmost importance for insurance activityas the evolution of claims determines cash outflows and the pricing, and thus the profitability, ofthe underlying insurance coverage. These are used as inputs when the insurance company draftsits business plan and determines its risk appetite, and the respective solvency capital required(by the regulators) to absorb the assumed risks. The conventional claim forecasting methods attemptto fit (each of) the claims frequency and severity with a known probability distribution function anduse it to project future claims. This study offers a fresh approach in insurance claims forecasting.First, we introduce two novel sets of variables, i.e., weather conditions and car sales, and second,we employ a battery of Machine Learning (ML) algorithms (Support Vector Machines—SVM, DecisionTrees, Random Forests, and Boosting) to forecast the average (mean) insurance claim per insured carper quarter. Finally, we identify the variables that are the most influential in forecasting insuranceclaims. Our dataset comes from the motor portfolio of an insurance company operating in Athens,Greece and spans a period from 2008 to 2020. We found evidence that the three most informativevariables pertain to the new car sales with a 3-quarter and 1-quarter lag and the minimum temperatureof Elefsina (one of the weather stations in Athens) with a 3-quarter lag. Among the models tested,Random Forest with limited depth and XGboost run on the 15 most informative variables, and theseexhibited the best performance. These findings can be useful in the hands of insurers as they canconsider the weather conditions and the new car sales among the parameters that are considered toperform claims forecasting.Keywords: insurance; claims; forecasting; machine learningJEL Classification: G22; C531. IntroductionInsurance is the activity by which an individual or enterprise exchanges an uncertain(financial) loss with a certain (financial) loss. The former is the outcome of an event forwhich the insured individual or enterprise"
"activity by which an individual or enterprise exchanges an uncertain(financial) loss with a certain (financial) loss. The former is the outcome of an event forwhich the insured individual or enterprise has received coverage via an insurance policy;the latter is the premium that the insured has to pay to receive this coverage. When suchan event occurs, the insured may formally request coverage (monetary or in-kind) in linewith the policy terms and conditions, which constitutes the insurance claim.It is therefore clear that claims are key components of the insurance activity as theyessentially comprise the realization of the insurance product/service. Due to the uncertaintyof (future) claims occurrence, it is in the interest of the insurers to carefully frame their claimsexpectations and provisions. Consequently, they pursue claims forecasting. The accurateforecasting of insurance claims is important for several reasons.First, claims constitute the basis of pricing. In insurance, contrary to other services,the validity of the pricing is confirmed, and the adequacy of the premium is provedonly after the experience has been recorded. Traditional pricing is based on historicaldata; however, it is the occurrence of incidents in the future that determines whether theestimated burning cost was correct or not. Hence, if the claims experience has not beenRisks 2023 ,11, 164. Risks 2023 ,11, 164 2 of 19properly embedded in the pricing models, the (pure) premium may not be sufficient tocover the total claims (incurred or paid) and this could lead to a loss-making activity—ifthe premium charged is too low. In contrast, it could result in the loss of customers—in thecase where the premium charged is too high.Second, future claims occurrence is important for the compilation of the business planas claims affect the future profitability of the company. In fact, the claims experience isprobably the most significant determinant of the operational profitability of the insurancecompany. This is due to the fact that when compiling the business plan, an insurance com-pany projects the future premia and the future claims over a period of years. Future premiaare based primarily on sales forecasts, the evolution of inflation (ideally the one relatedto the insurance coverage under examination), as well as the projected claims experience.Expected future claims are based on the historical claims experience as well as on assump-tions on the development of claims; this may be decomposed to the development of claimsfrequency and severity.Finally, having a forward look in claims is a prerequisite of their risk and solvencyassessment process and report, which depicts the risk appetite of the insurer and thusthe capital required for the solvency of the insurer. As a matter of fact, it usually requires(one of) the biggest portions of capital (allocations). Indeed, insurers assume the risksthat individuals and enterprises want to transfer, hedge, or mitigate. A claim is filedwhen a covered"
"requires(one of) the biggest portions of capital (allocations). Indeed, insurers assume the risksthat individuals and enterprises want to transfer, hedge, or mitigate. A claim is filedwhen a covered event (the assumed risk) has occurred. A higher risk appetite indicatesthe assumption of higher risk and thus higher claim anticipation. This leads to higher(economical) capital required for the absorption of this risk.The conventional forecasting approaches attempt to either repeat the historical (growth)pattern of claims in the future–with potential seasonality and respective premia considered–or match the claims frequency and severity experience of the insurance company witha known probability distribution function. Smaller claims exhibit higher frequency, whereaslarge claims have a (much) smaller frequency. To improve the precision of the forecast-ing, large claims are pooled separately from the small claims and different probabil-ity distribution functions are used to best fit the claims frequency and severity of thetwo pools of claims.Machine Learning approaches offer an alternative route to claims forecasting. The con-tribution of ML (artificial intelligence—AI) in insurance globally and in claims predictionspecifically has been recognized by practitioners—who have spotted a wide range of MLapplications in insurance—spreading over almost all its processes, such as claims pro-cessing, claims fraud detection, claims adjudication, claim volume forecasting, automatedunderwriting, submission intake, pricing and risk management, policy servicing, insurancedistribution, product recommendationcustomerretention/lapse management, speech analytics, customer segmentation, workstream bal-ancing for agents, and self-servicing for policy management (Seely 2018 and Somani 2021).A report from the Organization for Economic Cooperation and Development (OECD 2020)subscribes to this point of view as it identifies the increasing number of ML (AI) applica-tions in insurance, which are enabled through the widespread collection of big data andtheir analysis. The report pinpoints marketing, distribution and sales, claims (verificationand fraud), pricing, and risk classification as broader areas of ML utilization. It further ad-dresses some attention points, such as policy and regulation with regards to the use of MLin insurance, with emphasis among others in privacy and data protection, market structure,risk classification, and explainability of ML. The implementation of ML (AI) methods inthese sectors of the insurance operations, along with the relevant worries on ethical andsocietal challenges have been recorded by Grize et al. (2020), Banks (2020), Ekin (2020),and Paruchuri (2020). The reports of Deloitte (2017), SCOR (2018), Keller et al. (2018), andBalasubramanian et al. (2021) identify similar applications of ML as they pave the futureof insurance. Risks 2023 ,11, 164 3 of 19In this paper, we employ a series of Machine Learning algorithms (Support VectorMachines–SVM,"
"identify similar applications of ML as they pave the futureof insurance. Risks 2023 ,11, 164 3 of 19In this paper, we employ a series of Machine Learning algorithms (Support VectorMachines–SVM, Decision Trees, Random Forests, and Boosting) to forecast the average(mean) insurance claims amount per insured car per quarter and identify a subset ofvariables that are the most relevant in determining the average claims amount. The claimsdata come from the motor portfolio of an insurance company (operating in Athens, Greece)for the period between 2008–2020.This approach is novel as it investigates the impact of two new-to-the-literature sets ofvariables, namely variables relevant to weather conditions and car sales, on the evolutionof motor insurance claims with the use of ML techniques to forecast motor insuranceclaims. More specifically, insurers attempt to forecast motor insurance claims based ontheir own experience, which depends on the particulars of the vehicle and the driver.However, there is a third component recorded as “road” (Norman 1962; Dimitriou andPoufinas 2016). “Road” describes (environmental) factors such as time of the day, day ofthe week, weather conditions, type of road design and surface, lighting and visibility, etc.It is essentially a set of factors that refer to all factors that can affect the incidence of roadtraffic accidents other than the factors that are relevant to the driver (road user) and thevehicle. “Road” encompasses all factors that are not captured by the driver and the vehicle.Driver, vehicle, and “road” are essentially sets of factors. Consequently, “road” captures(among others) the condition of the terrain, which is impacted by the weather conditions(among other parameters). Furthermore, “road” captures the road usage, which is affectedby the number of vehicles using it. This is, in turn, impacted by the new and used car sales.As a result, we feel we unveil the attributes of one important motor accident component,namely, “road”, which is novel in motor insurance claim forecasting.We trust this is useful in the hands of insurers as they now have an additional setof factors to perform motor claim forecasting. When performing motor claim forecasting,some insurers, among which the insurer that provided the dataset for this study, rely on theaddress that the insured vehicle is registered; hence, they do not consider the area wherethe accident took place. As a result, the “road” component is not captured. Our approachoffers a way to forecast motor insurance claims with the inclusion of two sets of parametersthat impact this component: weather conditions and car sales.2. Literature ReviewThe bulk of the literature on the applications of machine learning in insurance isrelatively recent (post 2019) and although they cover a wide range of topics relevant to theinsurance activity, there is ample room for further research. The main literature strands fo-cus on claims, reserving, pricing, capital requirements–solvency,"
"a wide range of topics relevant to theinsurance activity, there is ample room for further research. The main literature strands fo-cus on claims, reserving, pricing, capital requirements–solvency, coverage ratio, acquisition,and retention. We group them into two main categories; actuarial and risk management thatincorporates the first four (claims, reserving, pricing, and capital requirements–solvency)and customer management, which incorporates the last three (coverage ratio, acquisition,and retention). As the second category is not relevant to our study, we do not present itin detail. The interested reader may look at Mueller et al. (2018) for the coverage ratio;Boodhun and Jayabalan (2018) and Qazi et al. (2020) for acquisition; and Grize et al. (2020)and Guillen et al. (2021) for retention.The literature that is relevant to actuarial and risk management issues addresses themain functions of the insurance activity and is thus related to actuarial science and riskmanagement. In fact, insurance is the assumption and management of risks that individualsor enterprises wish to transfer or mitigate. These functions entail the monitoring of theclaimsRisksFauzan and Murfi (2018) focus on the forecasting of motor insurance accident claimsvia ML methods with an emphasis on missing data. Rustam and Ariantari (2018) use ML Risks 2023 ,11, 164 4 of 19approaches to predict the occurrence of motor insurance claims based on their claim history(with data stemming from an Indonesian motor insurer). Pesantez-Narvaez et al. (2019)attempt to predict the existence of accident claims with the use of ML techniques ontelematics data (coming from an insurance company) with an emphasis on driving pat-terns (total annual distance driven and percentage of distance driven in urban areas).Qazvini (2019) employs ML methods to predict the number of zero claims (i.e., claims thathave not been reported) based on telematics data (on French motor third party liability).Berm údez et al. (2020) apply ML approaches to model insurance claim counts with anemphasis on the overdispersion and the excess number of zero claims, which may be theoutcome of unobserved heterogeneity. Bärtl and Krummaker (2020) attempt to predictthe occurrence and the magnitude of export credit insurance claims with the use of MLtechniques. The models employed produce satisfactory results for the former but not sosatisfactory for the actual claim ratios—with accuracy, Cohen’s and R2were used to assessmodel performance. Knighton et al. (2020) focused on forecasting flood insurance claimswith ML models that applied hydrologic and social demographic data to realize that theincorporation of such data can improve flood claim prediction. Hanafy and Ming (2021) ap-ply ML approaches to predict the occurrence of motor insurance claims (over the portfolioof Porto Seguro, a large Brazilian motor insurer). Selvakumar et al. (2021) concentrated onthe prediction of the third-party liability (motor insurance) claim amount for"
"claims (over the portfolioof Porto Seguro, a large Brazilian motor insurer). Selvakumar et al. (2021) concentrated onthe prediction of the third-party liability (motor insurance) claim amount for different typesof vehicles with ML models (on a dataset derived from Indian public insurance companies).Some recent articles utilize the data collected through telematics. More specifi-cally, Duval et al. (2022) used ML models to come up with a method that indicates theamount of information—collected via telematics with regards to the policyholders’ drivingbehavior—that needs to be (optimally) retained by insurers to (successfully) perform motorinsurance claim classification. Reig Torra et al. (2023) also capitalized on the data providedby telematics and used the Poisson model, along with some weather data, to forecast the ex-pected motor insurance claim frequency over time. They found that weather conditions doaffect the risk of an accident. Masello et al. (2023) used the information collected via telem-atics and employed ML methods to assess the predictive ability of driving contexts (such asroad type, weather, and traffic) to driving risksoccurrence of accidents andthus motor insurance claims.Pesantez-Narvaez et al. (2021) compared the ability of ML models to detect rare events(on a third-party liability motor insurance dataset) to realize that RiskLogitboost regressionexhibits a superior performance over other methods. Shi and Shi (2022) employed MLapproaches on property insurance claims to develop rating classes and estimate rating rela-tivities for a single insurance risk; perform predictive modeling for multivariate insurancerisks and unveil the impact of tail-risk dependence; and price new products.In a different direction—that of fraud detection—P érez et al. (2005) applied ML ap-proaches (on a motor insurance portfolio) in a different context, which still pertained toclaims; they focused on the detection of fraudulent claims in motor insurance by properlyclassifying suspicious claims. Kose et al. (2015) employed ML approaches for the detectionof fraudulent claims or abusive behavior in healthcare insurance via an interactive frame-work that incorporates all the interested parties and materials involved in the healthcareinsurance (claim) process. On the same topic, Roy and George (2017) used ML methods todetect fraudulent claims in motor insurance. Wang and Xu (2018) employed ML modelsthat incorporate the (accident) information embedded in the text of the claims to detectpotential claim fraud in motor insurance. Dhieb et al. (2019, 2020) applied ML techniquesto automatically identify motor insurance fraudulent claims and sort them into differentfraud categories with minimal human intervention, along with alerts for suspicious claims.A series of papers implemented ML approaches in health management/insurance.Bauder et al. (2016) introduced ML approaches to tackle a different topic of insuranceclaims, thereby allowing them to spot the physicians"
"implemented ML approaches in health management/insurance.Bauder et al. (2016) introduced ML approaches to tackle a different topic of insuranceclaims, thereby allowing them to spot the physicians that post a potentially anomalousbehavior (pointing out misuse, fraud, or ignorance of the billing procedures) in health Risks 2023 ,11, 164 5 of 19(medical) insurance claims (with data taken from the USA Medicare system) and for whichadditional investigation may be necessary.Hehner et al. (2017) highlighted the merits of the introduction of ML (AI) in hospitalclaims management, which can be summarized as savings for both the insurers and theinsured as ML algorithms result in increased efficiency and well-informed decision-makingto the benefit of all interested parties. Rawat et al. (2021) applied ML methods to analyzeclaims and conclude on a set of factors that facilitate claim filing and acceptance. Cummingsand Hartman (2022) propose a series of ML models that provide insurers the ability toforecast Long Term Care Insurance (LTCI) claim rates and thus better their capacity tooperate as LTCI providers.2.2. ReservingBaudry and Robert (2019) developed a ML method to estimate claims reserves withthe use of all policy and policyholder covariates, along with the information pertainingto a claim from the moment it has been reported and compared their results with thosegenerated via chain ladder. Elpidorou et al. (2019) employed ML techniques to introduce anovel Bornhuetter–Ferguson method as a variant of the traditional chain ladder methodused for reserving in non-life (general) insurance through which the actuary can adjust therelative ultimate reserves with the use of externally estimated relative ultimate reserves.In the same direction, Bischofberger (2020) utilized ML methods to extend the chain laddermethod via the estimated hazard rate for the estimation of non-life claims reserves.The outperformance (in 4 out of 5 lines of business studied) of ML algorithms overtraditional actuarial approaches in estimating loss reserves (future customer claims) isevidenced by the work of Ding et al. (2020). Similarly, Gabrielli et al. (2020) explore themerit of the introduction of ML approaches to traditional actuarial techniques in improvingthe non-life insurance claims reserving (prediction).2.3. PricingGan (2013), in a comparatively early work, priced the guarantees (i.e., finds themarket value and the Greeks) of a large portfolio of variable annuity policies (generatedby the author) via ML techniques. Assa et al. (2019) used ML approaches to study thecorrect pricing of deposit insurance by improving the implied volatility calibration toavoid mispricing due to arbitrage. Grize et al. (2020) unveiled the role of ML algorithmsin (online) motor liability insurance pricing and, at the same time, increased the issueof interpretability. Henckaerts et al. (2021) capitalized on ML methods to price non-lifeinsurance products based on the frequency and severity of claims; their"
"at the same time, increased the issueof interpretability. Henckaerts et al. (2021) capitalized on ML methods to price non-lifeinsurance products based on the frequency and severity of claims; their results are superiorto the ones produced by the traditionally employed generalized linear models (GLMs).Kuo and Lupton (2020) explained that the wider adoption of ML techniques (over GLMs)in property and casualty insurance pricing depends very much on their reduced(perceived) transparency. They recommend increased interpretability to overcome thishurdle. These concerns are also addressed in Grize et al. (2020).Blier-Wong et al. (2020) performed a literature review on the application of ML meth-ods on the property and casualty insurance actuarial tasks and in pricing and reserving.They drafted potential future applications and research in the field and noticed that therecan be three main challenges: interpretability, prediction uncertainty, and potential discrim-ination.Some practitioner best practices have already been reported in the literature.AXA, for example, has applied ML methods to forecast large-loss car accidents to achieveoptimal motor insurance pricing (Sato 2017; Ekin 2020).2.4. Capital Requirements–SolvencyDíaz et al. (2005)—early enough compared to other studies—employed ML approachesto predict the insolvency of Spanish non-life insurance companies, which was applied on aset of financial ratios. Risks 2023 ,11, 164 6 of 19Krah et al. (2020) focused on the derivation of the solvency capital requirement thatlife insurers need to honor under the Solvency II directive in the European Union with theuse of ML methods, which are alternative to the approximation techniques that insurancecompanies use.Finally, Wüthrich and Merz (2023), in their book, presented the (entire) array oftraditional actuarial and modern machine learning techniques that can be applied toaddress insurance-related problems. They explained how they can be applied by actuariesor real datasets and how the derived results may be interpreted.As can be seen by the aforementioned literature review, our research is closer to themost recent articles of Reig Torra et al. (2023) and Masello et al. (2023), whose work hasmost likely been done in parallel with ours, as these papers were published in 2023. Still,our work maintains its novelty since (i) we use ML approaches compared to the work ofReig Torra et al. (2023), who employ the Poisson model (even though they also includeweather data in their model); and (ii) we use the weather conditionssafety.3. Data and VariablesAs the goal of this paper is to forecast the mean motor insurance claim cost, our datasetemploys the claims data of a motor insurance portfolio from Athens, Greece. The data spansa period from 2008 to 2020. The frequency of the variables in our dataset is constrainedby the availability of the data from the insurance company. Thus, we used a sample withquarterly frequency.Besides the claims data, our dataset consists of"
"the variables in our dataset is constrainedby the availability of the data from the insurance company. Thus, we used a sample withquarterly frequency.Besides the claims data, our dataset consists of the number of new car sales, importedused car sales in the greater region of Athens, the weather conditions as described by themaximum and minimum temperatures, the number of days that the temperature was belowzero (Celsius), and the number of rainy days for three geographical areas, where weatherstations are located in the broader region of Athens (Elefsina, Tatoi, and Spata). The choiceof the three locations was dictated by the availability of data; the weather is recorded inseveral more areas within the broader Athens region, though we discovered large periodswith no recorded values and, consequently, we were unable to include data from theseareas in our dataset.We have also included in our dataset four lags of each independent variable, as wellas the moving averages of order four (MA(4)) for the target variable, the number of newcars, and the number of imported used cars sold. The total number of observations is 48,while the total number of explanatory variables is 79 (16 meteorological variables with fourlags, the target variable, the number of new cars, and the number of imported used carssold with their 4 lags and their moving averages).The weather conditions data came from the Hellenic National MeteorologicalService—HNMS (2022); the new and imported used car sales came from the Association ofMotor Vehicles Importers Representatives—AMVIR (2022); and the claims data came fromthe motor insurance portfolio of the insurance company in Athens, Greece (who prefersnot to be disclosed). All data were retrieved by their providers after a formal request.Consequently, the dependent–target variable of our models is the mean (motor) in-surance claims amount per car per quarter. The independent variables are presented inTable 1 below: Risks 2023 ,11, 164 7 of 19Table 1. Independent Variables.Independent Variables Definition SourceMean InsuranceClaimscar t2Mean InsuranceClaimscar t4The average claim amount perinsured carThe motor insuranceportfolio of theinsurance companyNew cars t1 New cars t 2 New cars t 3 New cars t 4 New car sales AMVIR (2022)Used cars t1 Used cars t 2 Used cars t 3 Used cars t 4 Imported used car sales AMVIR (2022)Max Temp Elefsinat1Max Temp Elefsinat2Max Temp Elefsinat3Max Temp Elefsinat4The maximum temperature recorded atthe weather station of ElefsataHNMS (2022)Min Temp Elefsinat1Min Temp Elefsinat2Min Temp Elefsinat3Min Temp Elefsinat4The maximum temperature recorded atthe weather station of ElefsataHNMS (2022)Mean TempElefsina t1Mean TempElefsina t2Mean TempElefsina t3Mean TempElefsina t4The average temperature recorded at theweather station of ElefsataHNMS (2022)Max Temp Tatoit1Max Temp Tatoit2Max Temp Tatoit3Max Temp Tatoit4The maximum temperature recorded atthe weather station of TatoiHNMS (2022)Min Temp Tatoit1Min Temp"
"station of ElefsataHNMS (2022)Max Temp Tatoit1Max Temp Tatoit2Max Temp Tatoit3Max Temp Tatoit4The maximum temperature recorded atthe weather station of TatoiHNMS (2022)Min Temp Tatoit1Min Temp Tatoit2Min Temp Tatoit3Min Temp Tatoit4The matimum temperature recorded atthe weather station of TatoiHNMS (2022)Mean Temp Tatoit1Mean Temp Tatoit2Mean Temp Tatoit3Mean Temp Tatoit4The average temperature recorded at theweather station of TatoiHNMS (2022)Max Temp Spatat1Max Temp Spatat2Max Temp Spatat3Max Temp Spatat4The maximum temperature recorded atthe weather station of SpataHNMS (2022)Min Temp Spatat1Min Temp Spatat2Min Temp Spatat3Min Temp Spatat4The maximum temperature recorded atthe weather station of SpataHNMS (2022)Mean Temp Spatat1Mean Temp Spatat2Mean Temp Spatat3Mean Temp Spatat4The average temperature recorded at theweather station of SpataHNMS (2022)No of rainy daysElefsina t1No of rainy daysElefsina t2No of rainy daysElefsina t3No of rainy daysElefsina t4The number of days with rain recordedat the weather station of ElefsinaHNMS (2022)No of rainy daysSpata t1No of rainy daysSpata t2No of rainy daysSpata t3No of rainy daysSpata t4The number of days with rain recordedat the weather Station of SpataHNMS (2022)No of rainy daysTatoi t1No of rainy daysTatoi t2No of rainy daysTatoi t3No of rainy daysTatoi t4The number of days with rain recordedat the weather station of TatoiHNMS (2022)No of days belowzero Tatoi t1No of days belowzero Tatoi t2No of days belowzero Tatoi t3No of days belowzero Tatoi t4The number of days with a temperaturebelow zero recorded at the weatherstation of TatoiHNMS (2022)No of days belowzero Elliniko t1No of days belowzero Elliniko t2No of days belowzero Elliniko t3No of days belowzero Elliniko t4The number of days with a temperaturebelow zero recorded at the weatherstation of EllinikoHNMS (2022)No of days belowzero Elefsina t1No of days belowzero Elefsina t2No of days belowzero Elefsina t3No of days belowzero Elefsina t4The number of days with a temperaturebelow zero recorded at the weatherstation of ElefsinaHNMS (2022)No of days belowzero Spata t1No of days belowzero Spata t2No of days belowzero Spata t3No of days belowzero Spata t4The number of days with a temperaturebelow zero recorded at the weatherStation of SpataHNMS (2022)Moving AverageMean InsuranceClaims/carMoving AverageNew CarsMoving AverageUsed CarsThe moving average of the aforementioned variablesNote: Data and variables are on a quarterly basis. The time lag notation is as follows: t 1 denotes a 1-yearlag; t2 denotes a 2-year lag; t 3 denotes a 3-year lag and t 4 denotes a 4-year lag. Source: Created bythe authors.Figure 1 depicts the evolution of the mean insurance claims amount per insured carper quarter. One can observe a declining trend from 2010 to 2016 (with some seasonality onpeaks and troughs, especially after 2012), which is most likely attributed to a significantreduction in car activity during this period. This was the result of the Greek sovereign"
"some seasonality onpeaks and troughs, especially after 2012), which is most likely attributed to a significantreduction in car activity during this period. This was the result of the Greek sovereign debtcrisis that started in 2010 and resulted in strict austerity measures that greatly negativelyimpacted household income, consumption, and the GDP . Fuel prices increased significantlyafter a new tax on fuel was introduced, and car sales reached a minimum for the decade. Risks 2023 ,11, 164 8 of 19After 2017, the trend is slightly increasing until the end of 2019, which coincides with therecovery of the Greek economy from the debt crisis. In 2020 the trend is decreasing again,without the seasonal rebound at the end of the year, as noted in previous years. This is mostprobably due to the effect of the pandemic, although we need more recent data to determinewhether this assumption is valid. On the same figure we also illustrate the situation of theGreek economy: Unshaded areas represent periods of real GDP growth, while shaded areasrepresent periods of negative real GDP growth (real output contractions). There is a positivecorrelation between the insurance claims and real GDP . The relevant Pearson correlationcoefficient is ri,i=0.49. This correlation statistic is significant even at the 0.01 significancelevel, with a p-value of 0.000368.Risks 2023 , 11, x FOR PEER REVIEW 9 of 20 Figure 1. The time series of the mean insurance claims per insured car on a quarterly basis . In the background we depict the situation of the Greek economy: Unshaded areas represent periods of real GDP growth, while shaded areas represent periods of negative real GDP growth (real output con-tractions) . Source: Based on authors estimates with data from the motor insurance portfolio. We observe that the mean insurance claims exhibit some seasonality. More specifi-cally, there is a peak (local maximum) noted on an annual basis during the 4th quarter of each year. In fact, there is a V -shaped formation starting from the peak of the 4th quarter of the previous year, dropping to reach a trough (local minimum) during the 3rd quarter and rising to reach a peak during the 4th quarter of the year. This is most likely attributed to the fact that the insured tend to declare their claims towards ye ar-end and that the in-surers tend to settle/pay —even the claims that were declared earlier in the year —towards year-end. The only exception is 2009, which is most likely due to the financial crisis that hit the country in 2009 and because of which the pattern may have been disrupted. The peak has shifted towards the 1st quarter of 2010. A second, lower peak is observed in the 2nd quarter in 2010, which subscribes to this point of view. After that, the pattern resumes until 2017, where the peak appears a bit earlier, towards the end of the 3rd quarter, which is a small deviation from the seasonality observed. 4. Methodology Machine Learning was established in the 1950s to deliver the “Learning”"
"a bit earlier, towards the end of the 3rd quarter, which is a small deviation from the seasonality observed. 4. Methodology Machine Learning was established in the 1950s to deliver the “Learning” component on the Artificial Intelligence (AI) systems. The basic concept of Machine Learning is the automated analytical model building; it is the idea that systems can learn from the data, identify patterns, and make decisions with minimal human intervention. They can also automatically improve their performance through experience. This i s achieved by learn-ing patterns and relationships in the data. Historically, Machine Learning has relied on large datasets (Gogas and Papadi-mitriou 2021). This is the reason Machine Learning in economics was mainly applied to financial data, the subfield of economics with an abundance of data mainly due to the availability of very high frequencies —daily, hourly, or even seconds or tick -to-tick. To-wards the end of the 20th century, new algorithms were introduced, such as the Support Vector Machines and Random Forest coupled with Boosting and Bagging techniques, which achiev"
"Citation: Wilson, Alinta Ann, AntonioNehme, Alisha Dhyani, and KhaledMahbub. 2024. A Comparison ofGeneralised Linear Modelling withMachine Learning Approaches forPredicting Loss Cost in MotorInsurance. Risks 12: 62. https:doi.orgrisks12040062Academic Editor: Angelos DassiosReceived: 17 February 2024Revised: 27 March 2024Accepted: 28 March 2024Published: 31 March 2024Copyright: ©2024 by the authors.Licensee MDPI, Basel, Switzerland.This article is an open access articledistributed under the terms andconditions of the Creative CommonsAttribution (CC BY) license (https:creativecommons.orgby).risksArticleA Comparison of Generalised Linear Modelling with MachineLearning Approaches for Predicting Loss Cost inMotor InsuranceAlinta Ann Wilson1, Antonio Nehme1,*,†, Alisha Dhyani2,†and Khaled Mahbub11School of Computing, Birmingham City University, Birmingham B4 7RQ, UK;alinta.wilson@mail.bcu.ac.uk (A.A.W.); khaled.mahbub@bcu.ac.uk (K.M.)2National Farmers Union Mutual Insurance Society, Tiddington, Stratford-upon-Avon CV37 7BJ, UK;alisha_dhyani@nfumutual.co.uk*Correspondence: antonio.nehme@bcu.ac.uk†These authors contributed equally to this work.Abstract: This study explores the insurance pricing domain in the motor insurance industry, focusingon the creation of “technical models” which are essentially obtained after combining the frequencymodel (the expected number of claims per unit of exposure) and the severity model (the expectedamount per claim). Technical models are designed to predict the loss costs (the product of frequencyand severity, i.e., the expected claim amount per unit of exposure) and this is a main factor that is takeninto account for pricing insurance policies. Other factors for pricing include the company expenses,investments, reinsurance, underwriting, and other regulatory restrictions. Different machine learningmethodologies, including the Generalised Linear Model (GLM), Gradient Boosting Machine (GBM),Artificial Neural Networks (ANN), and a unique hybrid model that combines GLM and ANN, wereexplored for creating the technical models. This study was conducted on the French Motor ThirdParty Liability datasets, “freMTPL2freq” and “freMTPL2sev” included in the R package CASdatasets.After building the aforementioned models, they were evaluated and it was observed that the hybridmodel which combines GLM and ANN outperformed all other models. ANN also demonstratedbetter predictions closely aligning with the performance of the hybrid model. The better performanceof neural network models points to the need for actuarial science and the insurance industry to lookbeyond traditional modelling methodologies like GLM.Keywords: Generalised Linear Model (GLM); Gradient Boosting Machine (GBM); Artificial NeuralNetworks (ANN); frequency modelling; severity modelling; loss cost model1. IntroductionThe financial services industry, especially its most prominent and visiblemember—Insurance—is undergoing a rapid and disruptive change fueled by"
"severity modelling; loss cost model1. IntroductionThe financial services industry, especially its most prominent and visiblemember—Insurance—is undergoing a rapid and disruptive change fueled by advancedtechnologies and changing consumer needs. The insurance sector is on the brink of adigital revolution, transforming the way it conducts business, by leveraging advanceddata analytical capabilities as a primary driver Garrido et al. (2016). The amount of datagenerated by the industry is huge and all the companies realising the potential benefits thatdata analysis can bring to them are investing billions into enhancing their data analyticaltechniques.The insurance industry is unique because it manages the risks and uncertainties as-sociated with unforeseeable events. Insurance companies offer the service of coveringunpredictable events, as per their terms and conditions, in exchange for an annual sum (theinsurance premium) to be paid by the customer Poufinas et al. (2023). Instead of knowingthe precise cost up front, the pricing of insurance products is based on calculating theRisks 2024 ,12, 62. Risks 2024 ,12, 62 2 of 28prospective losses that could occur in the future Kleindorfer and Kunreuther (1999). Insur-ance firms have long used mathematics and statistical analysis to make these estimations.Statistical methods have been used in the different subdivisions of the insurance sector,including motor, life, and general insurance, to ensure that the premiums charged to thecustomers are enough to maintain the financial solvency of the company while meeting itsprofit targets.Motor insurance pricing is based on the risk factors of the policyholder, such as the ageof the driver, the power of the vehicle, or the address where the policyholder resides in thecase of auto insurance. Using these features, an actuary generates groups of policyholderswith corresponding risk assessments. In addition to the static risk factors, insurancecompanies take the vehicle use into account, including the frequency of use and the area,when finalising the risk premiums Vickrey (1968); Henckaerts and Antonio (2022). In thispaper, the focus is on motor insurance, but the findings are applicable to other divisionsdue to the common practices for determining the risk Wüthrich and Merz (2022).Uncertainty is the core of the insurance business, which makes stochastic modellingsuitable for forecasting various outcomes from different random attributes Draper (1995).Creating a stochastic model to facilitate decision-making and risk assessment in the in-surance industry requires the analysis of historical data for forecasting future costs for aninsurance policy. Data mining can be used to retrieve this vital information. Risk clusteringis an approach in data mining which can help create large, similar, and different groupswithin and between classes Smith et al. (2000).Actuarial science is a discipline that analyses data, assesses risks, and calculates proba-ble loss costs for"
"create large, similar, and different groupswithin and between classes Smith et al. (2000).Actuarial science is a discipline that analyses data, assesses risks, and calculates proba-ble loss costs for insurance policies using a range of mathematical models and methodsDhaene et al. (2002). Actuaries consider information from the past, including demographics,medical records, and other relevant factors to create precise risk profiles for specific peopleor groups that have a similar potential outcome. The main challenge for actuaries liesin the modelling of the frequency of claims. When a person applies for a car insurancepolicy, forecasting the frequency of claims plays is a major factor in the classification of thecandidate within a certain risk profile David (2015). Claims severity (the amount for eachclaim) is another factor that determines the exposure of the insurance company if a policy ifoffered Mehmet and Saykan (2015). Multiplying the number of claims (the frequency) withthe average amount per claim (the severity) reflects the cost of the claims on the insurancecompany. Combining frequency and severity models enables the prediction of loss costsGarrido et al. (2016). These predictions, however, are referred to as “technical models” inthe insurance industry, as they do not take into account other external factors including in-flation, regulatory constraints, and practices followed to insure customer retention. Factorssuch as expenses, investments, reinsurance, and other model adjustments and regulatoryconstraints assist in arriving at the final premium amount Tsvetkova et al. (2021); Shawarand Siddiqui (2019). Developing the best possible “technical models” is essential for aninsurance company to enable the prediction of appropriate insurance premiums Guelman(2012), and this is the focus of this paper.Typically, insurance companies rely on statistical models that enable having a level oftransparency required to justify the pricing for the regulatory body and customer whenneeded. Generalised Linear Model (GLM) is the leading technique that is used for pricingin the insurance industry due to its ease of interpretability and ability to give a clearunderstanding of how each predictor affects the outcome for pricing Zheng and Agresti(2000). GLM, however, suffers from several shortfalls, especially with the increase in theamount of data that are considered when building the models; these shortfalls include thefollowing:• The inefficiency of following stepwise regression, a practice used for factor selection,with the large dimension of the training data: the systematic testing of all possible com-binations of factors and their interactions is very demanding and does not guaranteesatisfying accuracy Smith (2018). Risks 2024 ,12, 62 3 of 28• The time inefficiency for updating the GLM models in light of new data, as commonpractices followed by actuaries require manual steps in the fine-tuning of the weightsof each factor.• The dependence of GLM on"
"inefficiency for updating the GLM models in light of new data, as commonpractices followed by actuaries require manual steps in the fine-tuning of the weightsof each factor.• The dependence of GLM on assumptions on the distribution of the data, which arenot always valid for datasets representing an unusual market, for example, due to acertain phenomenon impacting the behaviour of customers King and Zeng (2001).• The unsuitability of GLM for modelling non-linear complex trends Xie and Shi (2023).These factors are among the reasons that have driven insurance companies to startexploring machine learning techniques for pricing Poufinas et al. (2023). Machine learning,however, is only meant to support and not substitute GLM modelling due to the black boxnature of some machine learning algorithms and the opaqueness of the produced models,rendering the justification of the impact of every factor on the prediction to regulatorybodies difficult Rudin (2019). Actuaries are now exploring the use of machine learningtechniques to find a balance between the improved accuracy that can be achieved and thetransparency offered by GLM Lozano-Murcia et al. (2023). In this paper, we explore some ofthese techniques and compare their performance with GLM. We also used a hybrid modelthat factors in the prediction of the frequency and severity of claims from a GLM model asan attribute for the Artificial neural network model. The rest of this paper is structured asfollows: Section 2 discusses related work and highlights the need for this study; Section 3describes the dataset and discusses the theoretical background related to the different stepsof the knowledge discovery process; Section 4 elaborates on these steps and discusses thehyperparameter tuning of the models; Section 5 includes the results and discussion of thefindings, and Section 6 concludes the paper and gives directions for future work.2. Literature ReviewGeneralised Linear Modelling (GLM) methods have been a standard industry practicefor non-life insurance pricing for a long time now Xie and Shi (2023). The monographcreated by Goldburd et al. (2016) serves as a reference for the use of GLMs in classificationrate-making. They have built a classification plan from raw premium and loss data. Kafkováand Kˇ rivánková (2014) analysed motor insurance data using GLM and created a modelfor the frequency of claims. The performance of the models was compared using theAkaike information criterion (AIC) and Analysis of Deviance. However, AIC accounts forpenalising complexity, giving a disadvantage to models with a large number of relevantparameters. This model presents a relatively simple model and validates the significanceof three variables in the prediction process: the policyholder’s age group, the age of thevehicle, and the location of residency.Garrido et al. (2016) used generalised linear models to calculate the premium bymultiplying the mean severity, mean frequency, and a correction term intended to"
"and the location of residency.Garrido et al. (2016) used generalised linear models to calculate the premium bymultiplying the mean severity, mean frequency, and a correction term intended to inducedependency between these components on a Canadian automobile insurance dataset. Thismethod assumes a linear relationship between average claim size and the number ofclaims which may not hold in all cases Xie and Shi (2023). David (2015) also discussesthe usefulness of GLMs for estimating insurance premiums based on the product of theexpected frequency and claim costs. The authors of these papers, however, did not exploreother models that are suitable for more complex non-linear trends.Moreover, it has been established that the Poisson models are commonly employed inGLM approaches within the insurance industry to predict claim frequency. Throughoutthe literature, multiple authors have stated that the Poisson model is the main method forforecasting the frequency of claims in the non-life insurance sector Denuit and Lang (2004);Antonio and Valdez (2012); Gourieroux and Jasiak (2004); Dionne and Vanasse (1989). Forthe claim severity model, the literature asserts that the Gamma model is the conventionalapproach for modelling claim costs David (2015); Pinquet (1997).Xie and Shi (2023) stated that it is simpler to choose key features or measure the signif-icance of the features in linear models when compared to decision-tree-based techniquesor neural networks Xie and Shi (2023). However, they also asserted the fact that GLM Risks 2024 ,12, 62 4 of 28is unable to recognise complex or non-linear interactions between risk factors and theresponse variable. As these would affect the pricing accuracy, they stated the necessity ofconsidering alternate solutions, which includes the complicated non-linear models.Zhang (2021) performed a comparative analysis to evaluate the impact of machinelearning techniques and generalised linear models on the prediction of car insurance claimfrequency Zhang (2021). Seven insurance datasets were used in the extensive study, whichemployed the standard GLM approach, XGboost, random forest, support vector machines,and deep learning techniques. According to the study, XGboost predictions outperformedGLM on all datasets. Another recent study by Panjee and Amornsawadwatana (2024)confirmed that XGboost outperformed GLMs for frequency and severity modelling inthe context of cargo insurance. Guelman (2012) used the Gradient Boost Machine (GBM)method for auto insurance loss cost modelling and stated that while needing little data pre-processing and parameter adjustment, GBM produced interpretable results Guelman (2012).They performed feature selection then produced a GBM model capturing the complexinteractions in the dataset, resulting in higher accuracy than that obtained from the GLMmodel. Poufinas et al. (2023) also suggested that tree-based models performed better thanalternative learning techniques; their dataset, however, was limited to"
"than that obtained from the GLMmodel. Poufinas et al. (2023) also suggested that tree-based models performed better thanalternative learning techniques; their dataset, however, was limited to 48 instances andtheir results were not compared to GLM Poufinas et al. (2023).Also, in the existing literature, multiple papers supported the use of neural networkalgorithms in the insurance industry. Many experiments have been done on the use ofneural networks in insurance pricing and these studies concluded that these models re-sulted in a higher accuracy than traditional models like GLM Bahia (2013); Yu et al. (2021).In 2020, a study was conducted on French Motor Third-Party Liability claims, and meth-ods such as regression trees, boosting machines, and feed-forward neural networks werebenchmarked against a classical Poisson generalised linear model Noll et al. (2020). Theresults showed that methods other than GLM were able to capture the feature componentinteractions appropriately, mostly because GLMs require extended manual feature pre-processing. They also emphasised the importance of ‘neural network boosting’ where theadvanced GLM model is nested into a bigger neural network Schelldorfer et al. (2019).Schelldorfer et al. (2019) discussed the importance of embedding classical actuarial modelslike GLM into a neural net, known as the Combined Actuarial Neural Net (CANN) ap-proach Schelldorfer et al. (2019) . While doing so, CANN captures complex patterns andnon-linear relationships in the data, whereas the GLM layer accounts for specific actuarialassumptions. Using a skip connection that directly connects the neural network’s inputlayer and output layer, the GLM is integrated into the network architecture. This strategymakes use of the capabilities of neural networks to improve the GLM, and this is referredto as a hybrid model.Hybrid models are popular nowadays as they combine the output of multiple modelsand produce more accurate results compared to single models Ardabili et al. (2019). Thefundamental principle underlying hybrid modelling is to combine the outputs of vari-ous models in order to take advantage of their strengths and minimise their flaws, thusimproving the robustness and accuracy of predictions Zhang et al. (2019); Wu et al. (2019).From the literature review, it can be deduced that numerous publications supportthe traditional GLM model in the existing literature. GLM accounts for the popular andmost common data mining method in the insurance industry. It has been clear that theGLM models are still effective models because of their flexibility, simple nature, and ease ofimplementation. However, GLM cannot handle diverse datatypes and does not work wellin dealing with non-linear relationships in the data. Due to these drawbacks of the GLMmodel, there are multiple works in the literature that support the Gradient Boost Machines(GBM) model since it ensures model interpretability through its feature selection capabilities.The literature"
"there are multiple works in the literature that support the Gradient Boost Machines(GBM) model since it ensures model interpretability through its feature selection capabilities.The literature review also highlights the importance of the neural network approach, as itshows better and more reliable results than traditional models. The literature demonstratesthat hybrid models work more effectively than single models and suggests that combiningGLM and neural network performs better as it aids in maximising the advantages of Risks 2024 ,12, 62 5 of 28both techniques. This was proven by Schelldorfer et al. (2019), whose CANN approachshowed reliable results by capturing complex patterns and non-linear relationships in thedata, while also including actuarial assumptions specific to the insurance industry. Whilereviewing the literature, it was noted that the methods such as random forests and supportvector machines are not frequently used for the calculation of claim frequency and severity.This may be because these techniques require significant computational effort and training.Building on the findings from the literature, this study aims to explore the effectivenessof Combined Actuarial Neural Networks (CANN) in comparison with GLM, GBM, andartificial neural networks models. Compared to the work of Noll et al. (2020); Schelldorferet al. (2019), our work is the first to compare these four models together and discuss thefindings to help guide the actuarial community on finding the needed tradeoff betweenaccuracy and transparency. Our work covers twelve models with different sets of featuresand details every step of the Knowledge Discovery from Databases (KDD) process from thedata preparation and cleaning to the analysis and comparison of the results of our models.Compared to other work in the literature, this paper focuses on motor insurance pricingmodels, but the findings are extendable to other insurance subdivisions.3. Theoretical BackgroundThis section introduces the dataset and the various steps that are followed to buildthe model. The steps described below are aligned with the Knowledge Discovery fromDatabases (KDD) process, due to the significance and importance of this methodology forbuilding the best possible models Fayyad et al. (1996).3.1. Dataset Source and DescriptionThe outcomes of the project can be impacted by an appropriate dataset. An importantstep in this project was finding and selecting a suitable dataset that could be utilised inachieving the project’s objective. Thorough research was necessary since there was a needto find the Insurance dataset, which includes frequency and severity counterparts as well.After in-depth research, the French Motor Third-Party Liability datasets “freMTPL2freq”and “freMTPL2sev” included in the R package CASdatasets were found for claim frequencymodelling and claim severity modelling Dutang and Charpentier (2020). These datasetscontain the risk characteristics gathered over one year for 677,991 motor"
"CASdatasets were found for claim frequencymodelling and claim severity modelling Dutang and Charpentier (2020). These datasetscontain the risk characteristics gathered over one year for 677,991 motor vehicle third-partyliability insurance policies. While freMTPL2freq comprises the risk characteristics and theclaim number, freMTPL2sev provides the claim cost and the associated policy ID Dutangand Charpentier (2020).Tables 1 and 2 list the attributes of the fremMTPL2freq and freMTPL2sev datasetsalong with each feature’s description and data type. The freMTPL2freq dataset contains678,013 individual car insurance policies and for each policy there are 12 variables asso-ciated with it. The freMTPL2sev dataset includes 26,639 observations of claim amountsand corresponding policy IDs. Both datasets were merged, and the entire the analysis andmodel building was conducted on that.Table 1. Features from the freMTLP2freq dataset.Feature Description Data TypeIDpol The policy ID (can be linked with severity dataset) NumberClaimNb Number of claims during the given period IntegerExposure The exposure period for the policy NumberAreaIndicates the density value where the car driver lives; “A” for ruralarea to “F” for urban areasCharacterVehPower Power of the vehicle Integer Risks 2024 ,12, 62 6 of 28Table 1. Cont .Feature Description Data TypeVehAge Age of the vehicle, in years IntegerDrivAge The driver’s age, in years (in France, the legal driving age is 18) IntegerBonusMalusBonus/Malus: This ranges from 50 to 350. In France, a score of 100or less means Bonus, and above 100 means MalusIntegerVehBrand Vehicle brand CharacterVehGas Gas for the car, either regular or diesel CharacterDensityThe population density (measured as people per square kilometer)in the city where the car driver residesIntegerRegion France’s policy region (based on a classification from 1970 to 2015) CharacterTable 2. Features from the freMTLP2sev dataset.Feature Description Data TypeIDpol The policy ID (used to link to frequency data) NumberClaimAmount Amounts associated with claims Integer3.2. Data Cleaning and Pre-ProcessingData cleaning and pre-processing is one of the crucial steps as unprocessed andincomplete data cannot produce good results. It is widely acknowledged that the success ofeach data mining method is significantly influenced by the standard of data pre-processingMiksovsky et al. (2002). The data may, however, include mismatched data types, outliers,imbalances, missing numbers, etc., if they have not been properly pre-processed. Thepre-processing steps employed in the study are described here.After merging the frequency and severity datasets, they are thoroughly pre-processed.The steps taken during the initial pre-processing stage are listed below:• NA values for severity after merging the datasets are changed to zero, where the leftjoin of the frequency and severity datasets resulted in records with 0 claims having noequivalent severity records (leading to NA values).•"
"merging the datasets are changed to zero, where the leftjoin of the frequency and severity datasets resulted in records with 0 claims having noequivalent severity records (leading to NA values).• Duplicate rows (exact duplicates) have been removed, as those were deemed to bedata entry errors.• The dataset was filtered to eliminate any rows with claim amounts equal to zero.This is because removing claims with zero amount improves the performance of theseverity data. Also, within the severity dataset, the claim amounts up to the 97thpercentile were zeroes.• Upon observing the data, it was found that there was a substantial difference betweenthe value at the 99.99th percentile blue (974,159) and the 100th percentile (4,075,400).Claim amounts beyond the 99.99th percentile constitute approximately 14% of thetotal claim amount and can be considered as an extreme value. Hence, the claimamount at the 99.99th percentile is set as a threshold value and claim amounts abovethe 99.99th percentile are limited to the corresponding value at the same percentile.Two different approaches have been followed in the pre-processing for the models.Pre-processing steps for GLM and GBM are outlined as follows:• Convert the categorical variables ‘Area’ and ‘VehGas’ into factors and then into anumeric format.• Convert the variables ‘VehBrand’, and ‘Region’ into factors.• Convert the ‘Density’ variable into the numeric format and ‘BonusMalus’ into integerformat.• Variable ‘ClaimNb’ is modified into double format. Risks 2024 ,12, 62 7 of 28The pre-processing steps followed for ANN are as follows:• Perform Min-Max Scaling for numerical features ‘VehPower’, ‘VehAge’, ‘DrivAge’,‘BonusMalus’, ‘Density’.• Execute One-Hot Encoding for categorical features ‘Area’ and ‘VehGas’, ‘VehBrand’,and ‘Region’.• Variable ‘ClaimNb’ is modified into double format.3.3. Exploratory Data AnalysisExploratory data analysis (EDA) is an essential step in any research analysis as it aimsto examine the data for outliers, anomalies, and distribution patterns and helps to visualiseand understand the data Komorowski et al. (2016). In this research paper, most of thevisualisations would be bar charts due to the importance of studying the distribution of adataset prior to settling on a modelling technique. Detailed exploratory analysis is shownin the following subsections.3.3.1. Analysis of Risk FeaturesIt is necessary to examine the nature of the risk features, and if there are any irregulari-ties with their structure, these need to be corrected. This section describes the modificationsthat were made to the risk features after looking at their distribution.It was observed that there were 1227 entries in the dataset for which the exposureswere greater than 1. According to Dutang and Charpentier (2020), all observations weremade within one accounting year; hence, these exposures above 1 may have been the resultof a data error and were corrected to 1.The distribution of the feature variable ‘Exposure’ before"
"weremade within one accounting year; hence, these exposures above 1 may have been the resultof a data error and were corrected to 1.The distribution of the feature variable ‘Exposure’ before and after the cap is depictedin Figures 1 and 2.Figure 1. Histogram showing the distribution of feature ‘Exposure’ before capping.Figure 2. Histogram showing the distribution of feature ‘Exposure’ after capping. Risks 2024 ,12, 62 8 of 28Vehicle age is an important feature in the context of insurance analysis. Figure 3 showsthe number of observations and the frequency of claims per vehicle age before capping.Looking at the trend of the frequency and the count, it can be observed that the trend isvolatile and the data are scarce after the value of 20. Further inspection of the data showsthat 98.7% of the insured vehicles are captured within a range of 20 for vehicle age.Figure 3. Histogram showing the distribution of feature ‘VehAge’ before capping.Therefore, to ensure the integrity of this feature, a capping mechanism was put inplace that set the ’Vehicle Age’ values at a maximum of 20 years. Figures 3 and 4 show thedistribution of ‘Vehicle Age’ before and after the cap. Figure 4 shows that the trend aftercapping is more consistent.Figure 4. Histogram showing the distribution of feature ‘VehAge’ after capping.Figure 5 is a bar plot showing the number of observations and the frequency of claimsfor each value of driver age. The trend line is volatile after 85, but the plot shows furtherscarcity of the data points after 90. To ensure that we do not miss any underlying trends atboth ends of the data, we decided to cap “DrivAge” at 90, covering 99.9% of the dataset.Figures 5 and 6 show the distribution of ‘driver age’ before and after the cap. Risks 2024 ,12, 62 9 of 28Figure 5. Histogram showing the distribution of feature ‘DrivAge’ before capping.Figure 6. Histogram showing the distribution of feature ‘DrivAge’ after capping.Figure 7 is a bar plot showing the number of observations and the frequency of claimsfor different values of vehicle power in our dataset. The figure shows that our data arescarce after 13 and the trend line for the frequency becomes more volatile starting at thisvalue. We capped Vehicle Power at 13, which covers 99.2% of the dataset. Figures 7 and 8show the distribution of the feature before and after the capping.Figure 7. Bar plot showing the original distribution of the feature ‘VehPower’. Risks 2024 ,12, 62 10 of 28Figure 8. Bar plot showing the distribution of the feature ‘VehPower’ after capping.Figure 9 is a bar plot showing the frequency of claims and the number of observationsfor each value of BonusMalus. The figure shows an increase in the volatility in frequencyand an increase in the scarcity of the observations after the value of 150. We cappedBonusMalus at 150 covering 99.96% of the data, thus ensuring that both the Bonus (valuesless than 100) and Malus (values over 100) are captured when building the models. Figure 10shows the"
"We cappedBonusMalus at 150 covering 99.96% of the data, thus ensuring that both the Bonus (valuesless than 100) and Malus (values over 100) are captured when building the models. Figure 10shows the distribution of the BonusMalus values with respect to the frequency and numberof claims after capping.Figure 9. Barplot showing the observed number of claims with respect to the BonusMalus valuesbefore capping.Figure 10. Barplot showing the observed number of claims with respect to the BonusMalus valuesafter capping. Risks 2024 ,12, 62 11 of 28The feature ‘ClaimNb’ indicates that there are a few policies that have more than4 claims, with 16 being the most. These are rectified by setting them equal to 4, asthey are likely data errors given that the data were gathered over the course of a year.Figures 11 and 12 show the distributions of the feature ‘ClaimNb’ before and after cap-ping it.Figure 11. Bar plot showing the original distribution of the feature ‘ClaimNb’ before capping.Figure 12. Bar plot showing the distribution of the feature ‘ClaimNb’ after capping.A sensitivity study will be conducted to understand the impact of the capping of thevariables discussed in the section on the prediction. This will be done by training ourmodels on the dataset with the uncapped variables and on the one with the variables aftercapping. This will help us assess if the changes to the input variable will help in improvingthe predictive capability of the models. More details about this analysis are included inSection 5.3.3.2. Analysing the Relationship between VariablesAs part of analysing the data, the association between the age of the driver and thenumber of insurance claims was examined and is illustrated in Figure 13. From Figure 13,it is evident that the age range of 40 to 50 displayed a noticeably greater number of claimswhen compared to other age groups. As driver age increases up to the age group of40 to 50, there appears to be a rise in the number of claims, after which a decreasingtrend is observed. While a majority of the claims are made by middle-aged drivers, acomparison with Figures 5 and 6 reveals that younger drivers (aged 20 and below) presenta significantly higher risk due to a higher frequency of claims. Risks 2024 ,12, 62 12 of 28Figure 13. Relationship between Driver Age and Average Number of Claims.Figure 14 depicts the association between vehicle age and the number of claims. Forinstance, whereas vehicles with an age of 10 years reported 1841 claims, those with anage of 0 years reported 1335 claims. Comparing this with Figure 4, we observe that newvehicles, with a vehicle age of 0, are a much higher risk than vehicles with ages 1+. Eventhough automobiles with ages 1 and 2 showed a greater number of claims, we see brandnew vehicles being riskier, due to factors such as driver adjusting to the vehicle and itsnovelty.Figure 14. Relationship between vehicle age and the number of claims.Figure 15 depicts the relationship between vehicle power and"
"due to factors such as driver adjusting to the vehicle and itsnovelty.Figure 14. Relationship between vehicle age and the number of claims.Figure 15 depicts the relationship between vehicle power and the number of claims,and it can be inferred that vehicles with powers 5, 6, and 7 have a greater number of claims.Figure 15. Relationship between vehicle power and the number of claims. Risks 2024 ,12, 62 13 of 283.3.3. Correlation AnalysisAs part of the correlation analysis, the collinearity between the different features wasanalysed using Pearson’s correlation.Figure 16 shows the correlation plot after the analysis.Figure 16. Correlation Matrix for the Features of the Frequency Dataset.Some of the important findings from the correlation analysis are as follows:• BonusMalus and driver age have a moderately negative correlation ( −0.48), indicatingthat BonusMalus tends to decrease with increasing driver age.• Area and density are strongly correlated, having a strong positive correlation of 0.97.Due to the strong correlation between the features “Area” and “Density”, it is impor-tant to determine their applicability when developing models. As a result, three differentscenarios were considered while building models and are given below:Scenario 1: Developing the model with all the risk features, including ‘Area’ and‘Density’.Scenario 2: Developing the model with all the risk features excluding ‘Density’.Scenario 3: Developing the model with all the risk features excluding ‘Area’.These three scenarios were applied in the creation of frequency and severity modelsin all four techniques considered: GLM, GBM, ANN, and hybrid model. For both thefrequency and severity aspects of each technique, their performance was validated on the"
"IOP Conference Series: MaterialsScience and Engineering PAPER • OPEN ACCESSModel estimation of claim risk and premium formotor vehicle insurance by using BayesianmethodTo cite this article: Sukono et al 2018 IOP Conf. Ser.: Mater. Sci. Eng. 300 012027 View the article online for updates and enhancements. You may also like Mapping global research on agricultural insurance Shalika Vyas, Tobias Dalhaus, Martin Kropff et al. -Estimated value of insurance premium due to Citarum River flood by using Bayesian methodSukono, I Aisah, Y R H Tampubolon et al. -Likely cavitation and radial motion of stochastic elastic spheres L Angela Mihai, Thomas E Woolley and Alain Goriely -This content was downloaded from IP address 202.88.240.230 on 042024 at 09:47 1Content from this work may be used under the terms of the Creative Commons Attribution 3.0 licence. Any further distributionof this work must maintain attribution to the author(s) and the title of the work, journal citation and DOI.Published under licence by IOP Publishing Ltd1234567890 ‘’“”4th International Conference on Operational Research (InteriOR) IOP PublishingIOP Conf. Series: Materials Science and Engineering 300 (2018) 012027 doi:10.1088300012027 Model estimation of claim risk and premium for motor vehicle insurance by using Bayesian method Sukono1, Riaman2, E. Lesmana3*, R. Wulandari4, H. Napitupulu5*, S. Supian6 1,2,3,4,5,6Department of Mathematics, FMIPA, Universitas Padjadjaran, INDONESIA Email: sukono@unpad.ac.id; riaman_02@yahoo.com; man.msie@gmail.com; ratnawulandari624@gmail.com; napitupuluherlina@gmail.com; sudradjat@unpad.ac.id. *corresponding author: man.msie@gmail.com; napitupuluherlina@gmail.com Abstract. Risk models need to be estimated by the insurance company in order to predict the magnitude of the claim and determine the premiums charged to the insured. This is intended to prevent losses in the future. In this paper, we discuss the estimation of risk model claims and motor vehicle insurance premiums using Bayesian methods approach. It is assumed that the frequency of claims follow a Poisson distribution, while a number of claims assumed to follow a Gamma distribution. The estimation of parameters of the distribution of the frequency and amount of claims are made by using Bayesian methods. Furthermore, the estimator distribution of frequency and amount of claims are used to estimate the aggregate risk models as well as the value of the mean and variance. The mean and variance estimator that aggregate risk, was used to predict the premium eligible to be charged to the insured. Based on the analysis results, it is shown that the frequency of claims follow a Poisson distribution with parameter values  is 5.827. While a number of claims follow the Gamma distribution with parameter values p is 7.922 and  is 1.414. Therefore, the obtained values of the mean and variance of the aggregate claims respectively are IDR 32,667,489.88 and IDR 38,453,900,000,000.00. In this paper the"
"values p is 7.922 and  is 1.414. Therefore, the obtained values of the mean and variance of the aggregate claims respectively are IDR 32,667,489.88 and IDR 38,453,900,000,000.00. In this paper the prediction of the pure premium eligible charged to the insured is obtained, which amounting to IDR 2,722,290.82. The prediction of the claims and premiums aggregate can be used as a reference for the insurance company's decision-making in management of reserves and premiums of motor vehicle insurance. Keywords: Poisson distribution, Gamma distribution, Bayesian method, aggregate claims, premium calculation 1. Introduction Motor vehicle insurance is one of the important branches of non-life insurance type. Even in many countries, motor vehicle insurance is the largest total premium revenue earner. Indonesia is included in the country that gets the largest total insurance premium, from motor vehicle insurance. One of the driving factors causing the auto insurance industry to grow rapidly is the increasing number of motor vehicles in Indonesia every year. As a risk taker and recipient institution, insurance companies must be able to anticipate the risks if there are many claims. Because otherwise, would cause losses that could make the insurer bankrupty . In risk management, insurance companies must know the character of the risk. The purpose is to predict the losses event in the future . 21234567890 ‘’“”4th International Conference on Operational Research (InteriOR) IOP PublishingIOP Conf. Series: Materials Science and Engineering 300 (2018) 012027 doi:10.1088300012027 In modeling the claim loss there are two important measures to be considered, namely the frequency of claims and the amount or severity of claims. The frequency of claims, as usual is properly modelled by using discrete distributions, including binomial, geometric, negative binomial and Poisson. Whereas, claim severity represent a large loss of an insurance claim, which is generally modelled by using a non-negative continuous distribution. For example the exponential and Pareto distributions, as well as the attached traits such as tail and quartile properties . To carry out the distribution parameter estimation of claims frequency and claims severity, according Jaroengeratikun and Bolstad , the Bayesian method can be applied to estimate the parameters of a model of the distribution of losses. The advantage of the Bayesian method is that the prior information of the parameters involved in the risk model needs to be determined first, then the sample data is observed to produce a posterior distribution. Similar studies ever undertaken include Migon et al. and Sukono et al. , conducting a risk analysis of health insurance claims, where the model parameter estimation uses the Bayesian method approach. Meanwhile, Eliasson applied the Bayesian method for the estimation of the credibility parameters for non-life insurance pricing on historical data of individual claims. In the analysis of"
"approach. Meanwhile, Eliasson applied the Bayesian method for the estimation of the credibility parameters for non-life insurance pricing on historical data of individual claims. In the analysis of non-life insurance, the risk distribution model of loss is an important concern for insurance companies. The risk distribution model is very useful in determining the premium to be paid by the insured to the insurer. Based on the previous explanation, this paper intends to apply how to assess a collective risk models in non-life insurance using Bayesian methods. The Bayesian method is used to estimate the parameters of the claim frequency model and the amount of the claim, in order to be used in the calculation of risk, and also to determine the premiums the insured must pay to the insurer. 2. Methology In this section the aims is to discuss the methodology, which includes the discussion of: collective risk model, parameter estimation, and principle of premiums calculation. We begin with a discussion of the collective risk model as follows. 2.1 Collective risk model This section aims to discuss the collective risk model. If we let the total frequency of claims for an insurance portfolio in the time period t is denoted by tN, then a large number of aggregate claims tS is as follows : tNii t tX S1,. (1) where i tX, is the i-th amount of claim which occurred during the time period t , or so-called amount of individual claims . The assumptions used in this model are:  Amount of claim i tX, is a non-negative random variables that are independent and identically distributed.  Claim frequency tN is a random variable and independent toward the i-th amount of claim i tX,. An important thing to do is to evaluate the frequency distribution model of claims, as well as the appraisal of the large distribution model of claims. After the estimator of the calim frequency distribution model and the estimator of the amount of claim distribution model have been obtained, it can then be used to determine the expected value ) (tS E and variance ) (tS Var. The expected value and the variance are the measures to estimate the total loss in the collective risk model. In the collective risk model, the expected and variance magnitude of total loss can be calculated using the following equation : ) (tS E )] | ( ... ( ( . [X E N E  31234567890 ‘’“”4th International Conference on Operational Research (InteriOR) IOP PublishingIOP Conf. Series: Materials Science and Engineering 300 (2018) 012027 doi:10.1088300012027 ) ( ) (N E X E  . (2) )] | ( | ( ( . ( . ( :  nik i k x f x l x l12 1 2 1 ) ,... , | ( ) | ,..., , ( ) | (       . (4) Furthermore, estimation of parameter  is performed which gives the maximum value of (4). The estimation of these parameters in this paper is done by using Bayesian method. According to Boldstad and Gill , the Bayesian method is one of the parameter estimation methods that uses preliminary information on parameters , or so-called as the"
"done by using Bayesian method. According to Boldstad and Gill , the Bayesian method is one of the parameter estimation methods that uses preliminary information on parameters , or so-called as the prior distribution, and information from the observed data that has been obtained. After the sample information is taken, and the prior has been determined, the posterior distribution is determined by multiplying the prior with the sample information obtained from the likelihood. Where this prior is independent of its likelihood, and the posterior distribution is given by: 0(, ) ( ) ( | )(| ) ( ) ( | )()( ) ( | )f x f l xf x f l xf xf l x d    , with posterior distribution ) | (x f , prior distribution ) (f , and Likelihood function (| )lx. 2.3 Parameters estimation of claim frequency model This section aims to discuss the parameters estimation of the claim frequency model. Assumed that frequency of claim N is a discrete random sample that Poisson distributed with mean . The probability density function of the Poisson distribution is expressed as follows : !) (nen pn , n = 1,2,3,... Therefore, the likelihood function of the sample data which following the Poisson distribution is expressed by: tiin tinen lti i1!) | (1. According to Ntzoufras , the frequency of claims N which Poisson distributed, has a prior conjugate that Gamma-distributed with a probability density function expressed by:        0 ,) () (1ef . Posterior of parameter  can be expressed by multiplication between likelihood ) | (in l with prior ) (f . If the equation which not related to the parameter  is neglected, the proportional posterior equation is obtained as follows: ) ( 1211 ) ,..., , | (t nt e n n n fti i           . 41234567890 ‘’“”4th International Conference on Operational Research (InteriOR) IOP PublishingIOP Conf. Series: Materials Science and Engineering 300 (2018) 012027 doi:10.1088300012027 So it can be said that posterior of the parameter  also Gamma distributed as expressed as : ) , ( ~ |1t n Gamma ntii i       . Therefore, if the posterior of the parameter  is Gamma Distributed, then the mean or expected value is obtained, expressed by: tnn Etiii  1ˆ) | ( , while the variance of the posterior is expressed by:  21 2ˆ) | (tnn Vartiii   . 2.4 Parameters estimation of claim amount model In this section it is intended to discuss about the parameters estimation of the claim amount model. In this paper the amount of claim X is assumed to be a continuous random sample that Gamma distributed with parameter p and . The probability density function that follows the Gamma distribution is expressed by : ) () (1pe xx fx p p. Furthermore, the likelihood function of sample data of claim amount which follows Gamma distribution is expressed by: ni ixnipinpni e xpp x l111) () , | (  . According to Ntzoufras , amount of claims which is Gamma distributed"
"data of claim amount which follows Gamma distribution is expressed by: ni ixnipinpni e xpp x l111) () , | (  . According to Ntzoufras , amount of claims which is Gamma distributed has a prior conjugate that Gamma distributed with a hyperparameter  and. The probability density function is expressed as follows:        0 ,) () (1ef . Posterior to parameter  can be expressed by multiplication between likelihood ) , | (p x li to prior ) (f . If the equation which not related to the parameter  is neglected, the proportional posterior equations are obtained as , : ) ( 11 ) , | (  ni ix pne x p f    . So it can be said that posterior ) , | (x p f is Gamma distributed with parameter     pn1 , and ,11niix  . Because of the posterior parameter  is Gamma distributed then the mean can be obtained, expressed by:   niiixpnx E1ˆ) | ( , while the variance of the posterior is expressed by: 51234567890 ‘’“”4th International Conference on Operational Research (InteriOR) IOP PublishingIOP Conf. Series: Materials Science and Engineering 300 (2018) 012027 doi:10.1088300012027 212ˆ) | (  niiixpnx Var . 2.5 Premium calculation models This section aims to discuss the principles of premium calculation. Premiums are calculated on the basis of the principle of equality, or the principle of premium calculation. There are several principles used for the calculation of premiums, namely : a. Pure Premium Principle The calculation of pure premium principle is done by using following equation: ) ( ) (S E t p , (5) where tS ES Et) () ( . b. Expectation Value Principle The premium calculation of Expectation Value Principle is done by using following equation: ) ( ) 1 ( ) (tS E t p  , (6) where > 0 represents a premium loading factor. c. Variance Principle The premium calculation of Variance Value principle is done by using following equation: ) ( ) ( ) (S Var S E t p , (7) where tS VarS Vart) () ( and > 0 represents a premium loading factor d. Standard Deviation Principle The premium calculation of Standard Deviation Principle is done by using equations: ) ( ) ( ) (S Var S E t p  , (8) where > 0 . 3. Results and discussion In this section the aims is to study the results and discussions that include: analyzed data, an estimation of the claims frequency distribution model, the estimation of the claims amount distribution model, and the calculation of insurance premiums. It starts with a discussion of the claims frequency distribution, as follows. 3.1 Analyzed data The data used in this study, is the data of motor vehicle insurance claims on non-life insurance company PT. ""X"" with periods of 2015 to 2016. Data are grouped into claims frequency and claim amount. A summary of claims data is presented in Table 1. Tabel 1. Data of claim amount and frequency of claim No Interval Frequency 1 1,978,435 - 3,121,754 6 2 3,121,755 - 4,265,074 13 3 4,265,075 - 5,408,393 20 4"
"of claims data is presented in Table 1. Tabel 1. Data of claim amount and frequency of claim No Interval Frequency 1 1,978,435 - 3,121,754 6 2 3,121,755 - 4,265,074 13 3 4,265,075 - 5,408,393 20 4 5,408,395 - 6,551,712 12 5 6,551,713 - 7,695,031 8 6 7,695,031 - 8,838,351 4 7 8,838,352 - 9,981,670 7 Total 392,307,367 70 61234567890 ‘’“”4th International Conference on Operational Research (InteriOR) IOP PublishingIOP Conf. Series: Materials Science and Engineering 300 (2018) 012027 doi:10.1088300012027 Furthermore, based on claims frequency data and the claims amount in Table 1, the most suitable or fit distribution is determined by using Easyfit 5.6 software, and it is tested statistically by using a goodness of fit test. 3.2 Estimating of the claim frequency distribution model In this section it aims to estimate the claim frequency distribution model. The steps include: identification of the distribution model, the estimation of the distribution model, and testing the significance of the distribution estimator.  Identification of the claim frequency data distribution model Identification of the claim frequency data distribution model is done by using statistical software EasyFit 5.6. The result of curve matching can be seen in Figure 1. Figure 1 Histogram and cumulative distribution function curve of claims frequency data Based on the results of curve fitting using Easyfit 5.6 software , the suitable model for the frequency of claims is obtained, that is the Poisson distribution. Estimated parameters using the maximum likelihood method 8333 , 5 . To determine the most suitable distribution, the Kolmogorov-Smirnov test was used on the Poisson distribution by using EasyFit 5.6 software . Based on the Kolmogorov-Smirnov test , the most suitable model for the claims frequency data is the Poisson distribution.  Parameters estimating of the claim frequency distribution model Based on Figure 2, the selected prior value is 001 . 0 and 001 . 0 , because the Bayesian estimation approximates the likelihood estimation of the parameter . Figure 2 Comparison of parameter  by estimation of Likelihood and Bayesian Because the claim frequency data is known, and the values of  and have been determined, then the posterior distribution of the parameters  can be expressed by: ) 001 . 12 , 001 . 70 ( ~ | Gamma ni . The statistical summary of the mean and variance of parameter  which was observed over the twelve months expressed in Table 2. 71234567890 ‘’“”4th International Conference on Operational Research (InteriOR) IOP PublishingIOP Conf. Series: Materials Science and Engineering 300 (2018) 012027 doi:10.1088300012027 Table 2. Statistical summary of Bayesian estimation of parameter  which is obtained manually Parameter Posterior Posterior  Mean Variance Standard Deviation  70.001 12.001 5.832931 0.486037 0.697163 The OpenBUGS program is used to obtain a statistical summary of parameters , by simulating the sample data from the posterior"
"Variance Standard Deviation  70.001 12.001 5.832931 0.486037 0.697163 The OpenBUGS program is used to obtain a statistical summary of parameters , by simulating the sample data from the posterior distribution in several iterations. In this study, the three chains are used to simulate the posterior distribution of samples, wherein each chain was observed to test the convergence of the parameters visually by using trace plot. The iteration performed on each chain is 10,000 iterations. The statistical summary with the OpenBUGS program yields Bayesian parameter estimation , which comprises the mean and standard deviations expressed in Table 3. Table 3. Statistical summary of Bayesian estimation of parameter  which is obtained by OpenBUGS program Parameter Mean Standard Deviation 2.5% Percentil 97.5 % Percentil  5.827 0.6985 4.544 7.276 3.3 Estimating of the claims amount distribution model In this section the purpose is to evaluate the distribution model of the severity of the claim. The steps include: identification of the distribution model, the estimation of the distribution model, and testing the significance of the distribution estimator.  Identification of the claim amount data distribution model Identification of the distribution model of the claims amount made by using statistical software Easyfit 5.6. The result of curve fitting can be seen in Figure 3. Figure 3. Histogram and density function of claims severity data Based on the results of curve fitting using Easyfit 5.6 software , the obtained distribution model which suitable for amount of claims that Gamma distributed with parameters 9216 . 7p and 610 41437 . 1   . To determine the most suitable distribution, Kolmogorov-Smirnov test was used on the Gamma distribution by the help of EasyFit 5.6 software. Based on the Kolmogorov-Smirnov test, the most suitable model for amount of claim data is Gamma distribution.  Parameter estimating of the claim amount data distribution model Based on Figure 3, the selected prior value is 001 . 0 and 001 . 0 , since the Bayesian estimated value is close to the likelihood estimate of the parameter . 81234567890 ‘’“”4th International Conference on Operational Research (InteriOR) IOP PublishingIOP Conf. Series: Materials Science and Engineering 300 (2018) 012027 doi:10.1088300012027 Figure 4. Comparison of parameter estimation of  by using likelihood and Bayesian Based on Equation (14), the known value of each hyperparameter  and  are: 513 . 554 001 . 0 ) 70 )( 9216 . 7 ( 1 ,         pn 001 . 367 , 307 , 392 001 . 0 367 , 307 , 39211 ,        niix A statistical summary of the mean and variance of parameter , which was observed over the twelve months expressed in Table 4. Table 4. Statistical summary of Bayesian estimation parameter  which is obtained manually Parameter Posterior  Posterior  Mean Variance Amount of Claim  554.513 392,307,367.001 1.41 10-6 3.6010-15 5,604,380.85 The posterior distribution"
"parameter  which is obtained manually Parameter Posterior  Posterior  Mean Variance Amount of Claim  554.513 392,307,367.001 1.41 10-6 3.6010-15 5,604,380.85 The posterior distribution explains the confidence level of the parameters contained in the sample data. Statistical summary of posterior parameter  shown in Tab el 5, which consists of the mean and standard deviation. These results are obtained by using statistical software OpenBUGS of three parallel chains and the iterations are done of 10,000 times. Three parallel chains with an iteration of 10,000 times in each chain are used to test the convergence of parameter , which is checked visually by using trace plot. Convergence test is done by observe whether the three chain are overlapping each other or not in the trace plot. Tabel 5. Statistical summary of Bayesian estimation parameter  which is obtained by OpenBUGS program Parameter ) (E Standard Deviation 2.5% Percentil 97.5 % Percentil E(X)  610 413 . 1 810 028 . 6 610 298 . 1 610 534 . 1 5,606,227.884 Based on Table 5, it is obtained that the mean of claims approved by the insurance company to be paid to the insured amounting to IDR5,606,227,884. 3.4 Estimating of the collective risk model This section the purpose is to estimate the collective risk model. Collective risk model is used for the calculation of premiums. Based on equation (1) the obtained number of aggregate claims is 367 , 307 , 392 tS . Based on equation (2) the obtained expectation of collective risk model is 88 . 489 , 667 , 32 ) 884 . 227 , 606 , 5 )( 827 . 5 ( ) (  tS E . While based on equation (3) the obtained variance of collective risk model is: 91234567890 ‘’“”4th International Conference on Operational Research (InteriOR) IOP PublishingIOP Conf. Series: Materials Science and Engineering 300 (2018) 012027 doi:10.1088300012027 ) 4879 . 0 ( ) 884 . 227 , 606 , 5 ( ) 000 , 000 , 610 , 967 , 3 )( 827 . 5 ( ) (2 tS Var 000 , 000 , 900 , 453 , 38  . The expected value and the variance of the previous collective risk model, can be used to predict the premium to be paid by the insured. 3.5 The Calculating of Premium In this section the intention is to make a calculation of premiums amount to be paid by the insured to the insurance company. The amount of premium depends on the value of the claim frequency and amount of the aggregate claim (collective). In this study, the assumed charge factor at a premium for is 0.1 and is 0.1.  By using equation (17), the obtained calculation of pure premium is: 823 . 290 , 722 , 2 ) ( t p .  By using equation (6), the obtained calculation of the expected value premium principles is: 906 . 519 , 994 , 2 ) ( t p .  By using equation (7), the obtained calculation of variance premium principles is: 000 , 000 , 452 , 320 ) ( t p .  By using equation (8), the obtained calculation of standard deviation premium principles is: 783 . 301 , 901 , 2 ) ( t p . 4. Conclusions In this paper, we discussed the"
"000 , 452 , 320 ) ( t p .  By using equation (8), the obtained calculation of standard deviation premium principles is: 783 . 301 , 901 , 2 ) ( t p . 4. Conclusions In this paper, we discussed the estimation of claims risk model and motor vehicle insurance premiums by using Bayesian methods approach. Based on the data processing, the frequency of claims is Poisson distributed with the value of estimated parameter 827 , 5 , and total claim amount of Gamma distributed with estimated parameter 9216, 7p and 41347 , 1610 . By using both distribution estimators the aggregate claim distribution was formed, then the aggregate claim is obtained on non-life insurance companies amounting to IDR32,667,489.88 with a variance of IDR38,453,900,000,000.00. The value of these expectations and variance is used by the insurance company as a reference in determining the premium value. In this paper, the prediction of the pure premium to be paid by the insured to the insurance company is IDR2,722,290.82, the prediction of the expectation premium is IDR2,994,519.91, the prediction of the variance premium is IDR320,450,000,000.00, and the prediction of standard deviation premium is IDR2,901,301.78. Based on some predictions of such premiums amount, the insurance company can determine the yearly reasonable and affordable premium amount for the insured. Acknowledgment Further thanks to the Rector, Director of DRPMI, and Dean of FMIPA, Universitas Padjadjaran, which has a grant program of the Academic Leadership Grant (ALG) under the coordination of Prof. Dr. Sudradjat, and a grant program of Competence Research of Lecturer of Unpad (Riset Kompetensi Dosen Unpad/RKDU) under the coordination of Dr. Sukono, which is a means to increase research activities and publications to researchers at Universitas Padjadjaran. References Al-Noor N H and Bawi S F 2015 Bayes Estimators for the Parameters of the Inverted Exponential Distribution under Symmetric and Asymmetric Loss Function . J. of Natural Sciences Resarch , 5(4) pp 45-52 Azevedo F C D, Oliveira, T A, and Oliveira, A 2016 Modeling Non-Life Insurance Price For Risk Without Historical Information REVSTAT – Stat. J. 14 2 April 2016 pp 171–192 Bolstad W M 2007 Introduction to Bayesian Statistics Second Edition (America: A John Wiley & Sons. Inc) Dickson D C M 2005 Insurance Risk and Ruin (Cambridge: Cambridge University Press) 101234567890 ‘’“”4th International Conference on Operational Research (InteriOR) IOP PublishingIOP Conf. Series: Materials Science and Engineering 300 (2018) 012027 doi:10.1088300012027 Djuric Z 2013 Collective Risk Model In Non-Life Insurance Economic Horizons 15 2 May- Agustus 2013: pp 167-175 Eliasson D 2015 Bayesian Credibility Methods for Pricing Non-life Insurance on Individual Claims History Working Paper Postal address: Mathematical Statistics Stockholm University, SE-106 91, Sweden. E-mail: daniel@danieleliasson.com. Gamerman, et al. 2006 Markov Chain Monte Carlo: Stochastic Simulation"
"Working Paper Postal address: Mathematical Statistics Stockholm University, SE-106 91, Sweden. E-mail: daniel@danieleliasson.com. Gamerman, et al. 2006 Markov Chain Monte Carlo: Stochastic Simulation for Bayesian Inference (2nd ed) London : Chapman & HallCRC) Inanoglu H and Jacobs H 2009 Models for Risk Aggregation and Sensitivity Analysis: an Application to Bank Economic Capital J. of Risk and Financial Management 2(2009), pp 118-189 Jaroengeratikun U, Bodhisuwan W, and Thongteeraparp A 2012 A Bayesian Inference of Non-Life Insurance Based on Claim Counting Process with Periodic Claim Intensity Open J. of Statistics No 2 April 2012: pp 177-183 Lumbanbatu R M 2015 Modeling Insurance Claims using a Compound Distribution. International J. of Science and Research (IJSR) pp 1505-06 Manimaran R, Balakrishnan V, and Narayanan V 2014 A Collective Risk Theory in Reinsurance Int. J. of Innovation in Science and Math 2 Issue 1, ISSN (Online): 2347– 9051 Copyright © 2014 IJISM, All right reserved pp 151- 153 Migon et al. 2006 Bayesian Analysis Of A Helath Insurance Model . J. of Actuarial Practice 13 62 pp 61-80 Nino S and Paolo C G 2010 A Collective Risk Model for Claims Reserve Distribution 29th Int. Congress of Actuaries - ICA 2010, Cape Town – March 7-12th 2010 pp 1-22 Ntzoufras I 2009 Bayesian Modeling Using WinBUGS: An Introduction USA:Wikey. Sukono, Suyudi M., Islamiyati F, and Supian S 2017 Estimation Model of Life Insurance Claims Risk for Cancer Patients by Using Bayesian Method. IOP Conf. Series: Materials Science and Engineering 166 (2017) 012022 doi:10.1088166012022. pp. 1- 9."
"An examination of the relationship between vehicle insurance purchase and thefrequency of accidentsYung-Ching Hsua, Pai-Lung Choub, Yung-Ming Shiuc,*aInvestigation Section, Civil Service Ethics Of fice, Kaohsiung City Government, 2, Sihwei 3rd Road, Lingya District, Kaohsiung, Taiwan, ROCbDepartment of Risk Management and Insurance, National Kaohsiung First University of Science and Technology, Kaohsiung, Taiwan, ROCcDepartment of Risk Management and Insurance, College of Commerce, National Chengchi University, Taipei, Taiwan, ROCarticle infoArticle history:Received 27 June 2016Accepted 19 August 2016Available online xxxKeywords:Vehicle accident occurrencesInsurance coverageModerating effectsVehicle ageabstractThe relationship between insurance, occurrences of road traf fic accidents (RTAs) and general traf fic safetyhas received growing attention over recent years among academics, industry practitioners and gov-ernment policymakers. Using data on vehicle damage insurance in Taiwan, we examine whether driverswith higher insurance coverage are more likely to be involved in RTAs, and whether the relationship ismoderated by the gender of the insured party as well as the age of both the vehicle and the insured party.Using a probit regression, we identify a positive relationship between coverage and claims and find thatan insured party with a poor claims history has a higher probability of being involved in RTAs. Althoughourfindings provide support for adverse selection theory, when considering the moderating effect ofvehicle age, the positive relationship between coverage and claims becomes insigni ficant; indeed, vehicleage weakens the positive in fluence of coverage on claims. Our results suggest that drivers with a poordriving record purchasing higher insurance coverage for their new vehicle tend to be involved in moreRTAs and submit more insurance claims.©2016 College of Management, National Cheng Kung University. Production and hosting by ElsevierTaiwan LLC. All rights reserved.IntroductionAnnual statistics on road traf fic accidents (RTAs) in the US showthat the number of RTA fatalities in 2010 fell to an all-time low sincerecords were first collated in 1950 ( NHTSA, 2010 ); however, this isnot necessarily the case in other countries, particularly thosecountries that are rapidly becoming motorized. A very recent studyreported that in 1990, road traf fic injuries (RTIs) were ranked theninth leading cause of the ‘global disease burden ’(Chekijian et al.,2014 ), and indeed, the World Health Organization has forecastedthat by 2030, RTIs will become the fifth leading cause of this burden(WHO, 2012 ).Public attention to the remarkably unacceptable death toll fromRTAs has grown over recent decades, with the ‘Global Status Reporton Road Safety, 2013 ’reporting that the total number of RTA fatal-ities across the world currently stands at 1.24 million per year(WHO, 2014 ). As a result, governments across the world have beenplacing considerable effort into enhancing"
"total number of RTA fatal-ities across the world currently stands at 1.24 million per year(WHO, 2014 ). As a result, governments across the world have beenplacing considerable effort into enhancing road safety by imposingrelevant laws and investing in highway capital ( Nguyen-Hoang &Yeung, 2014 ), whilst vehicle manufacturers have also placedemphasis on improvements in vehicle design, with the commongoal of reducing the frequency and severity of traf fic accidents.However, regardless of the amount of effort expended, RTAs cannotbe completely avoided; thus, the goal must essentially be to reducetheir frequency and magnitude.In order to finance the monetary losses arising from RTAs,drivers may consider purchasing vehicle insurance, such ascovering for physical damage or losses resulting from collisions,theft or other unfortunate events. It is, however, a legal require-ment in many countries, including Taiwan, for drivers to have validliability insurance coverage protecting the insured party againstany legal liability arising from accidents causing bodily injury andlocate ©2016 College of Management, National Cheng Kung University. Production and hosting by Elsevier Taiwan LLC. All rights reserved.Asia Paci fic Management Review xxx (2016) 1 e8Please cite this article in press as: Hsu, Y.-C., et al., An examination of the relationship between vehicle insurance purchase and the frequency ofaccidents, Asia Paci fic Management Review (2016), purchase of vehicle insurance and RTA occurrences. In the presentstudy, we aim to investigate which theory is supported by data oncollision insurance in Taiwan. Secondly, we investigate the effectson this relationship that may be attributable to the gender of theinsured party and the age of both the vehicle and the driver. To thebest of our knowledge, no prior empirical research has been un-dertaken with the aim of examining the possible moderating effectson the relationship between purchase of vehicle insurance andoccurrences of RTAs.The debate continues within the literature with regard towhether ‘adverse selection ’theory is actually supported by theavailable empirical data. As noted by Karagyozova and Siegelman(2012) , the term ‘adverse selection ’wasfirst coined in the nine-teenth century, with the related theory having subsequently beenproposed and formalized by Akerlof (1970) and Rothschild andStiglitz (1976) . Adverse selection, which arises from asymmetricinformation, in an insurance market describes the fact that insur-ance buyers possess residual private information about their riskthat insurers lack even after risk classi fication ( Shi, Zhang, &Valdez,2012 ). According to adverse selection theory, high-risk individualsare more likely to purchase higher levels of insurance coverage, as aresult of which, these individuals will tend to have a higher prob-ability of experiencing a loss. Riskier drivers will therefore tend tobuy higher coverage and will also tend to submit more claims. Thisinference gives rise"
"will tend to have a higher prob-ability of experiencing a loss. Riskier drivers will therefore tend tobuy higher coverage and will also tend to submit more claims. Thisinference gives rise to a positive correlation between the amount ofinsurance coverage and the ex post occurrence of the insured risk.Such a positive relationship is found between coverage andclaims in several of the prior studies ( Puelz &Snow, 1994; Shi et al.,2012; Li, Liu &Peng, 2013 ); however, there are also numerous ex-amples of other studies where no evidence of adverse selection isdiscernible ( Chiappori &Salani C19eroux &Vanasse, 2001; Saito, 2006 ). The theory of ‘propitious selection ’(or ‘advantageous selection ’) is one particular argument proposedin these studies as the means of explaining the absence of anyrelationship between coverage and claims. Similar to adverse se-lection, propitious selection is also a choice made by the insuredparty, although in this case, the choice is advantageous to theinsurer.Another major difference between the two theories is that thoseadvocating propitious selection theories argue that there are fac-tors relating to risk aversion that are important in determininginsurance coverage purchase, factors that are not taken intoconsideration in adverse selection theory. These factors include, forexample, the age and gender of the insured party and the age of thevehicle, each of which are considered to have an impact on thelikelihood of incurring losses.Unlike adverse selection theory, the argument in support ofpropitious selection theory posits that individuals who are highlyrisk-averse would be more likely to purchase greater insurancecover and take more physical precautions, thereby suggesting thatsuch individuals will have a lower probability of being involved inRTAs (e.g., De Meza &Webb, 2001; Hemenway, 1990, 1992 ).Hemenway (1990) found weak evidence that automobile renterswho wore their seat belt tend to buy collision damage waiver in-surance offered by car rental companies. Consistent with the theoryof propitious selection, Hemenway (1992) found that drivers whopurchase vehicle liability coverage are less likely to engage in drinkdriving and are more likely to engage in risk reduction behaviors.Based upon this argument, we would expect to find a negativecorrelation between coverage and claims.It is worthwhile to note that adverse selection theory and pro-pitious selection theory make different predictions about therelationship between coverage and claims. The former predicts apositive relationship, while the latter predicts a negative relation-ship. The former argues that risky drivers would be more likely topurchase more insurance. Since risky drivers have a higher likeli-hood of being involved in RTAs, a positive relationship betweencoverage and claims can therefore be observed. Conversely, thelatter argues that risk-averse drivers tend to purchase more insur-ance. Because these drivers are less likely to be involved in RTAs,"
"and claims can therefore be observed. Conversely, thelatter argues that risk-averse drivers tend to purchase more insur-ance. Because these drivers are less likely to be involved in RTAs, anegative relation is thus observed.Like adverse selection theory, moral hazard theory also predictsa positive relation between coverage and claims. In the case ofadverse selection, drivers are assumed to have private informationabout their risk type and preference, conditional on the insurer'srisk classi fication of the buyer of insurance. Those with privateinformation that they are high risk or risk-loving would purchasemore insurance than those with private information that they arelow risk ( Finkelstein &McGarry, 2006 ). However, moral hazardtheory argues that once drivers purchase more insurance, they tendto be riskier and are more likely to be involved in RTAs. Spindler,Winter and Hagmayer (2013) indicated that moral hazard dealswith ‘hidden action ’, while adverse selection concerns ‘hidden in-formation. ’In our paper, we attempt to distinguish between moralhazard and adverse selection by examining the correlation betweenprior and future claims ( Abbring, Chiappori, Heckman &Pinquet,2003; Cohen &Siegelman, 2010 ).Using 1998 e1999 data from the Auckland Car Crash InjuryStudy, Blows, Ivers, Connor, Ameratunga and Norton (2003) foundthat uninsured drivers were more likely to suffer car crash injuriesthan insured drivers, a finding which provides some support for thetheory of propitious selection, insofar as less risk-averse driversmay choose not to purchase insurance and yet have a greaterlikelihood of being involved in RTAs.It should be noted that under both the adverse selection andpropitious selection arguments, it is assumed that insured partieshave an informational advantage over insurers. In the case ofadverse selection theory, this advantage is revealed by riskier in-dividuals purchasing higher levels of insurance coverage and hav-ing a greater likelihood of being involved in accidents; conversely,under the propitious selection argument, the advantage is revealedby risk-averse individuals purchasing higher levels of insurance,but with a lower probability of being involved in accidents.The prior studies on traf fic safety have tended to concentrateprimarily on the prevention of road accidents, including a reductionin total injuries and fatalities, by addressing issues such as the useof seat-belts ( Farmer &Wells, 2010 ), drinking and driving ( Sloan,Chepke &Davis, 2013 ), speeding ( Ardeshiri &Jeihani, 2014 ), thewearing of helmets ( Bonander, Nilson &Andersson, 2014 ) and theuse of child restraints ( Romano &Kelley-Baker, 2015 ).It appears, however, that little research, if any, has been un-dertaken with speci fic focus on the ways in which insurance pur-chase behavior may in fluence the probability of RTAs from theperspective of traf fic safety; the present study therefore aims to fillthis gap in the literature. The prior insurance literature also"
"pur-chase behavior may in fluence the probability of RTAs from theperspective of traf fic safety; the present study therefore aims to fillthis gap in the literature. The prior insurance literature also sug-gests that there are other factors, such as risk aversion, that maywell offset the positive correlation between coverage and claims(Hemenway, 1990, 1992; Shi et al., 2012 ). In contrast to thesestudies, in the present study we argue that the absence of a rela-tionship between coverage and claims is possibly due to themoderating effect arising from certain factors known to the insurer,such as the age of the vehicle.Using data on vehicle damage insurance contracts in Taiwan, wefind that drivers with higher levels of insurance coverage and apoor driving history are more likely to submit claims, therebyindicating the existence of adverse selection. However, we also findthat this positive relationship between coverage and claims isweakened by the age of the vehicle, thereby suggesting a weakercoverage-claims correlation for the older vehicles.Y.-C. Hsu et al. / Asia Paci fic Management Review xxx (2016) 1 e8 2Please cite this article in press as: Hsu, Y.-C., et al., An examination of the relationship between vehicle insurance purchase and the frequency ofaccidents, Asia Paci fic Management Review (2016), The remainder of this paper is organized as follows. The back-ground on Taiwanese vehicle insurance market is provided in sec-tion The taiwanese vehicle insurance market . The data andmethodology adopted for the analyses undertaken in this study aredescribed in section Data and methodology, followed in sectionEmpirical results by the presentation and interpretation of ourempirical results. Finally, the conclusions drawn from this study arepresented in section Empirical results .The taiwanese vehicle insurance marketIn 2009, vehicle insurance is the major line of business for non-life insurance companies in Taiwan, accounting for 49.36% of thetotal premiums received by the whole non-life insurance industry(Taiwan Insurance Institute, 2015 ). Vehicle insurance includes threemain types of insurance: vehicle damage, theft and liability insur-ance. In this paper we use data on vehicle damage insurancebecause it is voluntary in Taiwan. We do not use data on vehicleliability insurance because drivers are required to purchasecompulsory vehicle liability insurance which only covers medicalexpenses associated with human injury and death. The maximumamount of compensation is approximately equivalent to US$73,000. Drivers who consider this amount inadequate wouldvoluntarily purchase more coverage on vehicle liability. Driverswho wish to have insurance on damage in flicted to other drivers'cars need to buy voluntary vehicle liability insurance.The aim of this paper is to examine the relation between in-surance purchase and incidences of traf fic accidents. It is thereforeobvious that data on compulsory insurance cannot be used toexamine this relation. Since all drivers"
"the relation between in-surance purchase and incidences of traf fic accidents. It is thereforeobvious that data on compulsory insurance cannot be used toexamine this relation. Since all drivers in Taiwan need to purchasecompulsory vehicle liability insurance, using voluntary vehicle li-ability is also inappropriate and the relation between insurancepurchase and the frequency of traf fic accidents would be less sta-tistically signi ficant.It is worthwhile to note that the bonus-malus system, which isbased on experience rating, has been effective in Taiwan since 1996.Under this system, the vehicle damage insurance premium rate ofpolicyholders is determined by the insured- and insured vehicle-coefficients. The insured-coef ficients include gender-age and pastclaims coef ficients, while the insured vehicle-coef ficients arerelated to the age and cubic capacity of the insured vehicle.The bonus-malus system is symmetrical. To be more speci fic,the bonus element of this system encourages safe driving, while themalus element penalizes bad driving record. Drivers with no claimsin the previous year have their premiums discounted by 20 percent. Those without claims for two (three) consecutive years havetheir premiums discounted by 40 (60) per cent. Conversely, driverswith two (three, four, …) claims during the past three years willhave their premiums increased by 20 (40, 60, …) percent.Data and methodologyDataThe data on vehicle damage insurance contracts used in thisstudy is obtained from the second largest non-life insurer inTaiwan. This insurer's market share was 11.17 per cent in terms ofgross premiums written. Our study sample comprises of a total of726 observations, with the contracts, covering the 2009 policy year,being written in the 2009 year and effective for the following 12-month period. Vehicle damage insurance provides protection forthe insured vehicle if it is damaged in an accident.A two-by-two contingency chart depicting the two-way fre-quency of the relationship between coverage and claims ispresented in Table 1 . As the table shows, 32.20 per cent (66521) of those policyholders with lowcoverage levels.Of all drivers who had submitted claims, 40.49 percent (66563) of drivers who had purchased higher in-surance coverage did not submit claims. The Chi-squared (c2) sta-tistic of 15.576 ( p¼0.000) clearly indicates the existence of apositive relationship between coverage and claims, with this pre-liminary finding suggesting that insured parties with higher in-surance coverage are more likely to submit claims.MethodologyAs indicated in Cohen and Siegelman (2010) , an intuitive way ofexamining the relationship between coverage and claims is to runthe probit regression as follows:Claim i¼fðCoverage iþCViÞþei (1)where Claim iis a dummy variable which is equal to 1 if policyholderisubmits one or more claims; otherwise 0; and Coverage irefers tothe coverage choice of policyholder i; this variable is a dichotomousvariable which is equal to 1 for high"
"equal to 1 if policyholderisubmits one or more claims; otherwise 0; and Coverage irefers tothe coverage choice of policyholder i; this variable is a dichotomousvariable which is equal to 1 for high coverage and 0 for lowcoverage; CViis a set of control variables (to be de fined below); eiisa classic error term. We assume that the error term is independentof all explanatory variables and has the standard normaldistribution.Several related studies within the literature have identi fied anumber of variables that are found to have some effect on thedependent variable; hence, these variables are included within theregressions as the control variables in the present study ( Saito,2006; Kim, Kim, Im &Hardin, 2009; Shi et al., 2012 ). These con-trol variables include the age of the insured party, the gender of theinsured party, the age of the insured vehicle, the ‘bonus-malus ’coefficient, the location of the insured vehicle, whether the vehicleis imported or locally produced, the vehicle capacity and whetherthe contract is a renewal contract.Typically, young drivers are less experienced in driving and thusmore likely to be involved in RTAs ( Shi et al., 2012 ). Moreover, fe-male drivers are also considered to be safer than their male coun-terparts. The ‘bonus-malus ’coefficient represents thepolicyholder's past claim history. It is expected that drivers with aworse claim history are more likely to file claims. Prior studies (e.g,Paefgen, Staake, &Fleisch, 2014 ) also argue that geographical zonesare related to the probability of filing claims. It is obvious thatdriving in a busier area is more likely to have traf fic accidents.Cohen (2005) found that the value of insured vehicle is positivelyrelated to the likelihood of having claims. Since domestically pro-duced vehicles generally are cheaper than imported vehicles, weTable 1Two-way frequency of variables.Claims Totals01Coverage 0 424 97 5211 139 66 205Totals 563 163 726Note: Chi-squared statistic ¼15.576 with statistical signi ficance at the 1 per centlevel ( p¼0.000).Y.-C. Hsu et al. / Asia Paci fic Management Review xxx (2016) 1 e8 3Please cite this article in press as: Hsu, Y.-C., et al., An examination of the relationship between vehicle insurance purchase and the frequency ofaccidents, Asia Paci fic Management Review (2016), expect that domestically produced vehicles are less likely to havetraffic accidents. Since the value of vehicles generally depreciatesvery quickly, drivers are less motivated to renew the insurancecontracts on their vehicles. Those who do renew their insurancecontracts generally are more risk-averse than those who do not. It isthus expected that policyholders that renew their contracts are lessprone to submitting claims. All of the variables used in this study,along with their de finitions, are presented in Table 2 . It is worth-while to note that these variables are observable to the insurer andused in pricing insurance policies.As stated above, a positive relation between coverage and"
"are presented in Table 2 . It is worth-while to note that these variables are observable to the insurer andused in pricing insurance policies.As stated above, a positive relation between coverage and claimscould indicate the existence of adverse selection or moral hazard.One approach for effectively distinguishing between adverse se-lection and moral hazard is to examine the correlation betweenprior and future claims ( Abbring et al., 2003; Cohen &Siegelman,2010 ). Under adverse selection, the prior claims records ofinsured parties re flect their level of riskiness, which would basicallyremain unchanged after either an initial insurance purchase or anincrease in the level of insurance coverage; that is, insured partieswith a history of numerous claims would continue to be prone toaccidents in the future. Thus, we would expect to find a positiverelationship between prior and future claims. In the case of moralhazard, since insured parties have less incentive to take precautionsto prevent accidents from occurring, we would expect to findhigher coverage leading to a lower level of caution, which, in turn,indicates a higher probablility of claims.We also consider potential cross-effects on the dependent var-iable; one important dimension potentially moderating the rela-tionship between coverage and claims is the age and the gender ofthe insured party. These two variables are also referred to as therisk-aversion variables, essentially because they are related to thelevel of risk aversion of the insured party. Individuals are generallyconsidered to become more risk averse with an increase in age(Morin, &Suarez, 1983 ), and indeed, women are generallyconsidered to be more risk averse than men ( Borghans, Golsteyn,Heckman, &Meijers, 2009 ).Both the theories of adverse selection and propitious selectiontake into consideration the risk aversion of the insured party. It isworthwhile to note that under adverse selection theory risk aver-sion is assumed constant across individuals, while it is not underpropitious selection theory. A risk-averse person prefers a certainamount of wealth to a risky situation yielding the same expectedwealth, so more risk-averse drivers would require a higher riskpremium to induce them to accept the risk ( Harrington &Niehaus,2004 ). Thus, ceteris paribus , there will be a greater likelihood of amore risk-averse individual purchasing higher insurance coveragewhilst also taking greater precautions to prevent any occurrence ofloss.The risk-aversion variables in this study, both of which areincluded in Equation (2), are the Insured_Ageand Gender . We expecttofind that the positive relationship between coverage and claims,as predicted by the theory of adverse selection, may be weakenedby the risk-aversion variables, perhaps even becoming negative. Wealso anticipate that the positive relationship posited by adverseselection theory will again be weakened, or indeed, become anegative relationship, for older insured drivers and female"
"negative. Wealso anticipate that the positive relationship posited by adverseselection theory will again be weakened, or indeed, become anegative relationship, for older insured drivers and female drivers.We further predict that the age of the insured vehicle may wellprove to moderate the relationship between vehicle damage in-surance coverage and claims; our prediction is primarily basedupon the argument that old cars are generally driven by safe drivers(Shi et al., 2012 ). Since vehicles are insured at actual cash value(which is equal to replacement cost minus any depreciation), oldervehicles tend to have smaller coverage than newer vehicles.Moreover, as the vehicle depreciates over time, one tends to pur-chase less coverage for it ( Shi et al., 2012 ). We therefore furtherexpect to find the age of the insured vehicle weakening the positiverelationship between coverage and claims.Equation (2), which includes the three moderator variablesreferred to above, is expressed as follows:Claim i¼fðCoverage iþCoverage iC2Gender iþCoverage iC2Insured _Age Product of Coverage and Insured_Age.Gender Gender of the insured party; Male ¼1;Female ¼0.Coverage C2Vehicle _Age Product of Coverage and Vehicle_Age.Bonus-Malus Bonus-Malus coef ficient of the insured party.RN Insured vehicle located in NorthernTaiwan ¼1; otherwise 0RC Insured vehicle located in CentralTaiwan ¼1; otherwise 0RS Insured vehicle located in SouthernTaiwan ¼1; otherwise 0RTH Insured vehicle located inTaoyuan Asia Paci fic Management Review xxx (2016) 1 e8 4Please cite this article in press as: Hsu, Y.-C., et al., An examination of the relationship between vehicle insurance purchase and the frequency ofaccidents, Asia Paci fic Management Review (2016), the spurious effects of the decision to purchase high/low coverageon the likelihood of claims, effects that are potentially attributableto self-selection bias, we adopt the Heckman two-stage estimationapproach for our analysis ( Heckman, 1979 ). It should be noted thatin our regressions on the Coverage and Claim variables, we use thesame set of control variables as those used in the prior literature(e.g., Shi et al., 2012 ).Heckman (1979) argued that bias in the estimated regressioncoefficients is attributable to an omitted variable, which is referredto as the inverse Mills ratio; thus, the first stage of our analysisinvolves running a probit regression of the treatment variable (theCoverage variable in our analysis) on the control variables includedin Equation (1)in order to obtain the inverse Mills ratio. The secondstage involves running a regression on the outcome variable (theClaim variable in our analysis); in this stage, we include the esti-mated inverse Mills ratio as an additional regressor to correct forthe potential problem of selectivity. Details on the use of theHeckman two-step estimation approach can be found in Johnstonand DiNardo (1997) .Empirical resultsUnivariate analysisThe summary statistics of all of the variables used in the"
"on the use of theHeckman two-step estimation approach can be found in Johnstonand DiNardo (1997) .Empirical resultsUnivariate analysisThe summary statistics of all of the variables used in the presentstudy are reported in Table 3 . As the table shows, of our total sampleof insured drivers, approximately 28 per cent were found to havepurchased high levels of insurance coverage, whilst approximately22 per cent were found to have submitted claims. A typical insureddriver in our sample is a male, aged approximately 45 years, whilstthe typical insured vehicle is approximately four years old.The correlation matrix between each of the variable coef ficientsis presented in Table 4 , from which a positive and highly signi ficantrelationship is clearly discernible between Coverage and Claim atthe 1 per cent level; this indicates that drivers who have purchasedhigher levels of insurance coverage are more likely to submitclaims, thereby indicating preliminary evidence of adverse selec-tion. The interaction terms between Coverage and the moderatorvariables, Insured_Age,Gender and Vehicle_Age, are also found to besignificant, at least at the 1 per cent level. Table 4 therefore providesan initial understanding of the likely interaction between Coverageand the moderator variables.Multivariate analysisThe estimation results using binomial probit regressions forModels (1) and (2), respectively relating to Equations (1) and (2) ,are presented in Table 5 . The Chi-squared ( c2) statistic in Model (1)is found to be 99.654 ( p-value ¼0.000) whilst that in Model (2) is111.016 ( p-value ¼0.000). Statistical signi ficance is found for bothmodels at the 1 per cent level, thereby indicating that the fittedmodels are better than a null model without explanatory variables.The McFadden pseudo R2values are 0.129 in Model (1) and 0.144 inModel (2).The regression results from Equation (1) reveal that thecoverage variable is positive and statistically signi ficant at the 5 percent level, thereby indicating a greater likelihood of an insuredparty with higher coverage submitting claims. This finding providespreliminary evidence of the presence of asymmetric information;however, the positive relationship between Coverage and Claimmay also suggest the existence of either adverse selection or moralhazard.In the present study, the Bonus-Malus variable, which representsthe prior claims history of the policyholder, is found to be positiveand highly signi ficant, thereby indicating that an insured party witha poor claims history has a higher probability of being involved inRTAs ( Shi et al., 2012; af Wåhlberg, 2012 ). This evidence, togetherwith our prior finding of a positive relationship between Coverageand Claim , would seem to indicate the existence of adverse selec-tion ( Cohen &Siegelman, 2010 ).In order to examine the moderating effects of the Insured_Age,Gender and Vehicle_Age variables on the relationship betweenCoverage and Claim , interaction terms are subsequently added intoour"
"2010 ).In order to examine the moderating effects of the Insured_Age,Gender and Vehicle_Age variables on the relationship betweenCoverage and Claim , interaction terms are subsequently added intoour regressions. The adverse effects potentially arising from theproblem of multi-collinearity are alleviated by mean centering theInsured_Age and Vehicle_Age variables, although the dummy vari-ables, such as Coverage and Gender are not mean centered.The results obtained from Equation (2)reveal that Coverage re-mains positive, albeit insigni ficant ( p-value ¼0.113), which sug-gests that the sign ficant results reported earlier will probably havebeen weakened by the moderator variables, Insured_Age,Genderand Vehicle_Age. We also find that the coef fieient on the interactionterm between Coverage and Vehicle_Age is negative and highlysignificant at the 1 per cent level, thereby suggesting that theimpact of Coverage onClaim is weaker for insured drivers with oldervehicles.Consistent with Bair, Huang and Wang (2012) ,w efind that theprobability of the occurrence of RTAs is potentially affected by thelocation of the insured vehicle, with three out of the four variableson the insured vehicle location being found to be signi ficnt at the 1per cent level. We also find evidence to show that the cubic capacityof the insured vehicle has an impact on the likelihood of occur-rences of RTAs.The estimation results based upon the Heckman two-stageapproach are presented in Table 6 . As noted earlier, to obtain theinverse Mills ratio, we first of all run a probit regression on theCoverage variable along with several explanatory variables, fromwhich we find that the c2statistic is 63.459 and highly signi ficant,t"
"India to overtake Japan as Asia's 2nd largest economy by 2030: IHS India is likely to overtake Japan as Asia's second-largest economy by 2030 when its is also projected to surpass that of Germany and the UK to rank as world's No.3, IHS Markit said in a report on Friday. Currently, India is the sixth-largest economy in the world, behind the US, China, Japan, Germany and the United Kingdom. ""India's nominal GDP measured in USD terms is forecast to rise from USD 2.7 trillion in 2021 to USD 8.4 trillion by 2030,"" IHS Markit Ltd said. ""This rapid pace of economic expansion would result in the size of Indian GDP exceeding Japanese GDP by 2030, making India the second-largest economy in the ."" By 2030, the would also be larger in size than the largest Western European economies of Germany, France and the UK. ""Overall, India is expected to continue to be one of the world's fastest-growing economies over the next decade,"" it said. The long-term outlook for the Indian economy is supported by a number of key growth drivers. ""An important positive factor for India is its large and fast-growing middle class, which is helping to drive consumer spending,"" IHS Markit said, forecasting that the country's consumption expenditure will double from USD 1.5 trillion in 2020 to USD 3 trillion by 2030. For the full fiscal year 2021-22 (April 2021 to March 2022), India's real GDP growth rate is projected to be 8.2 per cent, rebounding from the severe contraction of 7.3 per cent year-on-year in 2020-21, IHS Markit said. The Indian economy is forecast to continue growing strongly in the 2022-23 fiscal year, at a pace of 6.7 per cent. The rapidly growing domestic consumer market as well as its large industrial sector have made India an increasingly important investment destination for a wide range of multinationals in many sectors, including manufacturing, infrastructure and services. The digital transformation of India that is currently underway is expected to accelerate the growth of e-commerce, changing the retail consumer market landscape over the next decade. ""This is attracting leading global multinationals in technology and e-commerce to the Indian market,"" according to the report. ""By 2030, 1.1 billion Indians will have internet access, more than doubling from the estimated 500 million internet users in 2020."" The rapid growth of e-commerce and the shift to 4G and 5G smartphone technology will boost home-grown unicorns like online e-commerce platform Mensa Brands, logistics start-up Delhivery and the fast-growing online grocer BigBasket, whose e-sales have surged during the pandemic, IHS Markit said. ""The large increase in FDI inflows to India that has been evident over the past five years is also continuing with strong momentum in 2020 and 2021,"" it said. This, it said, is being boosted by large inflows of investments from global technology MNCs such as Google and Facebook that are attracted to India's large domestic consumer market. Being one of the world's"
"said, is being boosted by large inflows of investments from global technology MNCs such as Google and Facebook that are attracted to India's large domestic consumer market. Being one of the world's fastest-growing economies will make India one of the most important long-term growth markets for multinationals in a wide range of industries, including manufacturing industries such as autos, electronics and chemicals, and services industries such as banking, insurance, asset management, healthcare and information technology. Also Read:"
"Union Budget 2022 highlights: Boost for various sectors, but middle class taxpayers left in lurch again Finance minister presented the , the fourth budget of Modi 2.0, today. There were a host of measures for a number of sectors, aimed at boosting growth amid high & rising inflation and continuing Covid uncertainties. There, however, were remarkably few changes to the personal income tax structure in a year that had seen demands from various quarters for some sort of relief or another in times of a pandemic. Among today's assortment of announcements, the decision to tax receivers of digital asset transfers at a high 30% caught some serious attention. Aside from that, the announcement of a digital rupee was another big news item in a budget that saw no major populist giveaways. Here's a sector-wise detailed reading of the various measures the Finance Minister announced today. Economy Expenditure and deficit & other key numbers Taxes Duties on Industry Jobs Infra & manufacturing Steps on digital currency Housing & urban planning MSMEs & startups Agri Electric Vehicles Education & skilling Finance & inclusion Healthcare Telecom Women & Children Ease of Business & living Defence Transportation including Railways Climate & Net Zero Travel Mix & Match measures Also Read:"
"Merdeka Battery soars 20% on debut as Indonesia's EV push draws investors Indonesian nickel company Materials surged as much as 20% in its trading debut on Tuesday after raising 8.75 trillion rupiah (USD 591.82 million) in the country's third largest initial public offering this year. The strong debut, coming less than a week after Harita Nickel's robust listing, signals investors' growing appetite for Indonesia's nickel processing sector, which is part of the electric vehicle (EV) supply chain. Southeast Asia's largest economy has been stepping up its efforts to become a major player in the global by tapping its nickel reserves, the largest in the world. Battery opened at 805 rupiah on the Indonesian stock exchange, compared with its price of 795 rupiah. The shares later jumped to 955 rupiah, before steadying at 935 rupiah. The local benchmark stock index rose 0.52%. ""The big interest in this IPO signals that investors are very optimistic about the prospects of nickel downstreaming and development of EV battery business that will be done by MBM,"" Merdeka Battery's CEO Devin Ridwan said at the market debut ceremony in Jakarta, referring to Merdeka Battery as MBM. Trimegah Bangun Persada, also known as Harita Nickel, debuted on the local stock exchange last Wednesday with a positive showing after raising 10 trillion rupiah. The stock has climbed 17% versus its IPO price. European automaker Volkswagen is planning to partner with Indonesian companies, including the Merdeka group, to source EV battery raw materials, a cabinet minister said on Sunday. When asked about the potential collaboration, Devin told reporters that the company is discussing the structure of its partnership with Volkswagen but there was no concrete agreement yet. IPO PRICING Merdeka Battery, a unit of Merdeka Copper Gold, priced its IPO at the top range of between 780 rupiah and 795 rupiah a share earlier this month following strong interest from sovereign wealth funds, insurance firms and long-only local and overseas investors. It plans to use the IPO proceeds for loan repayment, working capital and capital expenditure, according to the IPO prospectus. UBS and Macquarie are the joint global coordinators of the IPO, and are joint bookrunners along with Bank of America and HSBC. The domestic underwriters are Indo Premier Sekuritas and Trimegah Sekuritas Indonesia. Merdeka Battery's IPO size ranked as the country's third largest this year after the listings of Harita Nickel and Pertamina Geothermal Energy, a unit of Indonesian state energy firm Pertamina. The Southeast Asian nation is one of the world's hottest IPO markets this year as the government seeks to privatise some state-owned enterprises. Indonesian share sales quadrupled to some USD 828 million in the first quarter, Refinitiv Eikon data showed, from USD 202 million in the year-earlier period. Other upcoming IPOs in Indonesia this year include Pertamina Hulu Energi, the upstream arm of Pertamina, that could raise up to"
"Eikon data showed, from USD 202 million in the year-earlier period. Other upcoming IPOs in Indonesia this year include Pertamina Hulu Energi, the upstream arm of Pertamina, that could raise up to USD 2 billion, and state-owned fertiliser company Pupuk Kalimantan Timur that could raise USD 500 million."
"FPIs sold $14 bln equities in Q1 2022, DIIs bought matching amount: Report New Delhi: (FPIs) have sold around $14 billion worth of equities in the secondary market in the quarter that ended in March 2022, said Kotak Securities in a report. FPIs offloaded stocks in banks, diversified financials and IT services. On the flip side, (DIIs) bought around $14 bn worth of equities during the March quarter. Accordingly, DIIs bought banks, diversified financials and IT services stocks. ""FPI holding in the BSE-200 index declined to 22.4 per cent in the March quarter from 23 per cent in the December quarter. DII holding in the BSE-200 Index increased to 14 per cent in the March quarter from 13.4 per cent in the December quarter,"" the brokerage house said in the report. Highest increase in stake by the FPIs are seen in Restaurant Brands Asia, Mindspace REIT and Lemon Tree Hotels, Mutual Funds in Coforge, Metropolis Healthcare and Equitas Small Finance Bank, and BFIs in Tata Steel, PVR and Restaurant Brands Asia. BFIs include banks, financial institutions and insurance companies. On the other hand, highest decrease in stake by the FPIs was witnessed in Metropolis Healthcare, Jubilant Foodworks and Motherson Sumi Systems, MFs in RBL Bank, Voltas and City Union Bank, and BFIs in Hindustan Aeronautics, Godrej Industries and Bata India. ""FPIs were overweight on banks and diversified financials; underweight on consumer staples and pharmaceuticals, whereas MFs were overweight on banks and capital goods; underweight on consumer staples, IT services and oil, gas & consumable fuels."""
"Indian fintech firms will handle $1 trillion in assets by 2030: report Funding in Indian touched $7.8 billion in 2021 and the industry is expected to handle $1 trillion worth assets by 2030, according to a new report by venture capital firm and . Indian fintech firms are expected to clock $200 billion in revenue by 2030, the report added. At present, most of the funding has been skewed towards digital payment firms. Of the total $7.8 billion raised by the sector last year, $3.5 billion (roughly 44%) went to fintech payment firms, it said. As India’s payment landscape evolves, technologies such as near-field communication (NFC) payments, soft point-of-sale (PoS) penetration, and central bank digital currency (CBDC) use cases are expected to drive new innovations in this space, according to the report. Fintech models are evolving to be ‘pervasive’ across most sectors, and have found applications across segments such as agriculture, supply chain and ecommerce, among others, Chiratae Ventures cofounder and vice chairperson TC Meenakshi told ET. “Financial services are the plumbing infrastructure. Our belief is that fintech will become more and more horizontal, propping up in the intersection of agri-tech, proptech, and B2B supply chain. The regulatory environment for the sector is also developing and we see a lot more openness from the government and regulator towards fintechs to integrate with the economy,” he said. “We believe that fintechs will drive $1 trillion in assets under management by 2030, across lending, insurance, wealth management and neo-banking,” Sundaram added. According to the report, half of the trillion-dollar AUM expected by 2030 will be powered by digital lending fintech firms, with a total of $515 billion worth of assets managed by startups in the space. Almost $1.2 billion was poured into Indian lending fintech firms in 2021, up almost 71% from the previous year. The Reserve Bank of India is keenly observing the activities of lending startups as it looks to tighten regulations for the sector. In June, the central bank from being loaded through credit lines. It is now looking to bring in further clarity on operating guidelines for the sector through its much-awaited digital lending guidelines. “India is recognised as a strong fintech hub globally and is increasingly becoming a talent destination for fintech businesses,” said Rajiv Memani, chairman and managing partner, EY India. According to the report, models such as first loss default guarantee (FLDG), which lead to significant operational risk, will give way to new models such as co-lending, which will help mitigate risk. By 2030, the report added, wealth-tech fintech companies will be managing $237 billion worth of investor AUM, while insurtech and neo-banking will contribute to $88 billion and $215 billion, respectively. India was home to 21 fintech unicorns – privately held companies with a valuation of $1 billion or more - as of March 2022."
"White-collar job openings stay above pre-Covid levels in April The market in India is on a sustained recovery path, as a pickup in business activity and rising attrition levels are prompting companies to ramp up hiring, leading to the number of white-collar job positions in April exceeding the average pre-pandemic monthly numbers. According to data collated from LinkedIn and top company job boards by specialist staffing firm Xpheno, and shared exclusively with ET, the number of active job openings in April was 305,000, up 53% from a year earlier. This is also higher than the pre-Covid monthly average vacancies of 230,000-240,000 and almost at the same level as March jobs number of 310,000. Job market experts attributed this to an overall positive business sentiment, increase in consumption, pentup demand and greater confidence in growth prospects. “FY23 has begun on a sustained positive note on hiring action across key sectors. The year-onyear growth figure of 53% shows the extent of recovery and growth the job market has seen since previous waves of the pandemic,” said Kamal Karanth, cofounder, Xpheno. Economists and industry experts said even as companies keep an eye on rising inflation and the impact of the Ukraine-Russia war on input costs, hiring is likely to remain mostly unaffected as business sentiment continues to remain robust. “The job market will be getting even better as companies prepare for future growth and the economy comes out of pandemic-related restrictions. Hiring activity will remain buoyant going ahead,” said Madan Sabnavis, chief economist, Bank of Baroda. “High inflation or the war in Ukraine will not affect hiring decisions,” Sabnavis said. “Inflation is high not just in India, but it is a global phenomenon, and everyone knows that it will correct at some point of time. The war is also an external condition, and we are facing the collateral effects in terms of shortage of some commodities and rise in input cost. However, all this will not have an impact on hiring as companies do prospective planning for the next few years,” he added. The IT services sector, which has been leading the hiring action, recorded 76% YoY growth in April. Other top sectors included global capability centres (GCC), banking, financial services and insurance (BFSI), retail, healthcare, electrical and electronics manufacturing, automotive and industrial automation. “India as a market is very attractive from a commercial perspective. It also has one of the largest university systems with both quality and quantity of talent,” said Mohit Kapoor, global chief technology officer at consumer researcher Nielsen IQ, which is planning to hire more than 5,000 people in India. Also Read:"
"Ford extends production at TN plant till July-end Auto major Ford has extended its production schedule till July-end against the earlier June-end as the company is continuing discussions with the employees who are protesting against the severance package offered to them, the company said on Friday. The factory located at Maraimalai Nagar on the outskirts of the city has been witnessing labour unrest since May 30 over the compensation offered by the management. To a PTI query, the company spokesperson said, ""Pursuant to the employee cascade on June 9, 2022, the company received a positive response, with a vast number of employees consenting to support production in parallel to continuing discussions on the severance package on offer."" ""Over 50 per cent of permanent employees have been supporting production since June 14 and the company has decided to extend production till the end-July 2022. All the employees continuing to support production in July will get wage protection"", the official said. Several employees resorted to a protest on May 30 at the factory. The company, after halting production, resumed operation in double shifts from June 14. Ford had said earlier that the severance package would only be available to those employees who resume production from June 14 and support the company in completing the production schedule. To those employees who continue to be on strike, the company warned of 'a loss of pay' as per the Certified Standing Orders remain in effect from June 14. ""We look forward to having a constructive dialogue with employees and union representatives to explain the details and benefits of the severance package under the supervision of the labour department,"" the official said. According to Ford, the company has offered severance packages for approximately 115 days of gross wages for each completed year of service (of an employee) which was significantly higher than the statutory severance package. The cumulative package accounts for an ex gratia amount equivalent to 87 days of last drawn gross wages as of May 2022, a fixed Rs 50,000 for every completed year of service benefits equivalent to a lump sum amount of Rs 2.40 lakh and current medical insurance coverage until March 2024. ""The cumulative amounts will be subject to a minimum amount of Rs 30 lakh and a maximum cap of Rs 80 lakh,"" it had said. The employees had staged a protest seeking better pay soon after the car major, in September 2021, announced that it would stop vehicle production at its two plants -- Sanand in Gujarat and Maraimalai Nagar near Chennai in -- as part of its restructuring exercise. Recently, Tata Motors announced the signing of a tripartite pact with Ford and the Gujarat government to acquire the American auto major's vehicle manufacturing unit at Sanand."
"Over 2,250 startups added in 2021, raised USD 24.1 bn in 2021: Report NEW DELHI: More than 2,250 were added in the year 2021, over 600 more than what was added in the previous year, a report by Nasscom and Zinnov said on Friday. The study titled 'Indian Tech Start-up Ecosystem: Year of The Titans' said with rising investor confidence, startups leveraging deep-tech, and tapping unexplored talent pool, the Indian tech startup base continues to witness steady growth. As per the report, startups raised USD 24.1 billion in 2021, a two-fold increase over pre-Covid levels. In comparison to 2020, there was a 3X increase in number of high-value deals (deals more than USD 100 million), demonstrating investor confidence with a pool of active angel investors of more than 2,400 and a readiness to take significant risks, it said. While the US remains the leading source of foreign direct investment in startups, is also growing. About 50 per cent of the deals had at least one India-domiciled investor, it added. The report said the saw a 2X gain in cumulative valuation from 2020 to 2021, with an estimate of USD 320-330 billion, demonstrating the sector's development and recovery throughout the pandemic. It added that more than USD 6 billion has been raised via public markets with 11 startup IPOs in 2021. In the last decade, the ecosystem has played a key role in growing direct and indirect job opportunities, providing 6.6 lakh direct jobs and more than 34.1 lakh indirect jobs. The industries that saw the most net new job creation were banking, financial services and insurance (BFSI), edtech, retail and retail tech, foodtech, SCM (supply chain management) and logistics and mobility. On the back of internet commerce, freelancers, and service industries, indirect jobs have also recovered, it said. ""The performance of the Indian startup ecosystem in 2021 has proved the resilience and dedication being put by multiple startups across segments. The ecosystem has grown immensely and positioned itself as a vital contributor to the growth of India's digital economy,"" Nasscom President Debjani Ghosh said. She added that with record-breaking funding, an increase in the number of unicorns, jobs being created in the near term, the Indian startup ecosystem's future looks even brighter going ahead in 2022. ""When compared to the UK, US, Israel, and China, 2021 has been an outstanding year for the Indian startup ecosystem, with the highest growth rate in terms of deals, both in seed stage and late-stage funding, and number of startups,"" Zinnov CEO Pari Natarajan said. Natarajan added that Indian firms have done an outstanding job of selling into global markets, notably in categories such as global SME and developer ecosystem. ""The fact that Indian startups are digitally native serves as an excellent model for digital native enterprises throughout the world. I believe that Indian startup ecosystem is just getting started. It's Day Zero and we are super excited about the potential"
"as an excellent model for digital native enterprises throughout the world. I believe that Indian startup ecosystem is just getting started. It's Day Zero and we are super excited about the potential of the startup ecosystem over the next decade, onwards and upwards,"" Natarajan stated. As per the report, factors such as building for 'Bharat', investments, talent availability, and ecosystem support are driving entrepreneurs to use emerging hubs to create businesses. Entrepreneurs are developing solutions for the entire country, with a focus on fundamental and core requirements, localisation, and the promise of delivering equality to the masses. Established startup centres like Delhi-NCR, Bangalore, Chennai, Pune, Hyderabad and Mumbai account for 71 per cent of all startups. Outside of the developing startup centres like Jaipur, Kochi, Kolkata, Chandigarh and others, 29 per cent of all startups are located, it added. Diversity and inclusion are becoming hallmarks of the Indian tech start-up ecosystem as at least one-woman founder/co-founder is present in 12-15 per cent of start-ups and 10 unicorns. India accounting for 70 unicorns (companies with over USD 1 billion valuation) added a record number of new unicorns (42) in 2021 across 18 sectors, third highest after the US and China, with a cumulative valuation of newly added unicorns stands around USD 90 billion. Pipeline of potential unicorns expanded dramatically through 2021 reaching 135, and 6x increase in global unicorns with Indian technology center as compared to 2015, the report said. Few priority areas that can further fuel the growth of the startup ecosystem are encouraging tech startups to innovate for India, retain the best digital talent in the country, procurement reforms to enable startups scale, create avenues for attracting foreign investments into Indian start-ups, and grow global thought leadership for ""world class from India"". Also Read:"
"Electric scooters may get costlier as FAME incentives taper off: Crisil With a strong pick up in the adoption of electric two-wheelers which is translating into robust sales of e-two wheeler companies, there is also a possibility of becoming costlier by INR 45,000 in fiscal 2025, says a report, which can be offset by the ( ) for EVs. The brisk adoption of EVs is likely to continue now due to better cost economics, availability of multiple models, and feasibility of home-charging options. The sentiment reflects in the quick turnover of e-two wheeler companies. WardWizard, a manufacturer of e-two wheeler called Joy e-bike, registered sales of 4,450 units of the vehicle in February 2022, by recording a robust growth of 1,290% as compared to February 2021 when the company sold 320 units of e-two wheelers, on the back of surging demand in the country. In the current financial year (April-February FY 2022), the company crossed the 25,000 sales mark. Another player, Hero Electric has been the first in the industry to develop and launch the first lithium-ion based e-scooters in India and has over 4.5 lakh electric two-wheelers on the roads. The total sales of electric two-wheelers, including high-speed and low-speed, in the 12-month period (January-December) in 2021 increased by 132% over the corresponding year 2020. However, the Crisil report highlights the penetration of EV has been largely driven by subsidies, especially the Faster Adoption and Manufacturing of Hybrid and Electric Vehicle (FAME) scheme under the and subsidies offered by various states. These incentives have bridged the gap between the purchasing cost of a traditional, internal combustion engine (ICE) vehicle and that of an EV, the report notes. From 60-65% of total outlay under FAME first phase, the incentives have risen to 85% under FAME second phase. Over the past five fiscals, subsidies have accelerated EV sales rapidly (more than 20% on-year growth in most segments) on a low base of fiscal 2017 and despite the pandemic, the Crisil analysis shows. Owing to the FAME incentive, the total cost of acquisition (TCA) of electric scooters would be lower than that of ICE variants by INR 7,500-9,500 in fiscal 2022 and fiscal 2023. Given that sales are expected to spike over the next few years, the FAME II subsidy is expected to get over in fiscal 2023, as against the government deadline of a year later. This, according to Crisil, means that in fiscal 2025, electric scooters could become costlier by INR 45,000 compared with fiscal 2023 (INR 45,000 FAME subsidy and INR 10,000 registration incentive, even as economies of scale afford a reduction in vehicle prices). The TCA is also expected to increase by INR 18,000-20,000 between fiscals 2023 and 2025, considering 25% down-payment on the cost of vehicle (plus registration and insurance cost). This will make the TCA of electric scooters higher than that of ICE variants, which can potentially affect penetration, though this can be offset"
"of vehicle (plus registration and insurance cost). This will make the TCA of electric scooters higher than that of ICE variants, which can potentially affect penetration, though this can be offset somewhat if electric two-wheeler makers share the benefits of PLI with customers. As the get exhausted -- likely by fiscal 2024 -- the PLI scheme could drive EV adoption. The latest PLI scheme for EVs and hydrogen fuel cell vehicles, which is aimed at enhancing India's manufacturing capabilities for advanced products for five fiscals beginning 2023, can restrict any steep increase in TCA and keep it around ICE variant levels, the report suggests. So, as FAME II rides into the sunset, PLI could step in to support demand and subsequently push manufacturers to make investments in capacity building. To cite an example, an electric scooter with an ex-showroom price of up to INR 1.4 lakh (without FAME incentive) and on-road price of INR 1.04 lakh (net of FAME incentive, and inclusive of registration, insurance and other miscellaneous costs) could realise incentives up to INR 17,000 per vehicle over the period of the PLI scheme. This is approximately 10-12% of the ex-showroom cost of the electric scooter. Additionally, the TCA of electric scooters could be similar to ICE variants if 75% of the expected PLI benefit is passed on to customers. In a scenario where 100% of the PLI benefit is passed on to buyers, the TCA of electric scooters would be INR 1,000 lower than that of ICE variants. Overall, the PLI scheme is expected to push up adoption of electric scooters, given the availability of more models and significantly lower pricing. As such, vehicle makers will have enough incentive to invest in the manufacturing of electric scooters, which will boost supplies. The motorcycle segment, too, would be eligible for the PLI benefit where, after the FAME II incentives get over, TCA is expected to increase by INR 15,000 from fiscal 2023 to fiscal 2025. However, limited models and higher price will remain a deterrent versus electric scooters. Also Read:"
"EV battery company Pointo raises USD 3 million funding start-up has raised USD 3 million from investors for its expansion into 20 districts of . The EV company, backed by Mufin finance, said that 4MW li-ion batteries will be deployed in West Bengal by 2024. The company said that it plans to create the biggest battery supply and service chain in India.“EVs are dependent on batteries which are expensive and comprise 40-50 per cent of the vehicle's cost. The first adopted EVs on Indian roads are the two & three-wheelers, majority of which use lead acid batteries incurring high charging time and low life. Considering the huge growth in this of EVs comprising 2.5 million e-rickshaws, it is time to transition from lead acid to Li-ion batteries. Most of these drivers stay on the roads for 11-12 hours but travel for approx. 5-6 hours a day, providing them enough time to use fast charging points at their nearest Pointo centres and get the required maintenance services. This reduces the of the battery and allows the customers to own them using a pay & use model with financing and buy-back policies,” Pointo founder Riki Biswas said. “We aim to power and accelerate the future of the mobility sector in India through our AI-based battery platform. Currently, we are only catering to a very particular segment of the sector. We plan to cater to 2-wheelers and the wider B2C vehicle segment in the next 5 years,” Riki adds. Based on the concept of ‘single-solution leading to multiple changes’, Pointo has built a wider eco-system for 3-wheeler e-vehicles. Along with their charging and maintenance facilities, they are also facilitating a system for purchasing and helping the under-served drivers generate income. Pointo is also assisting the driver’s family by providing them with family as well as battery insurance. The platform has around 3000+ customers generating an income of Rs 16.8 lakh for drivers."
"Wardwizard Innovations appoints Akhtar Khatri as Director - Sales and Strategy New Delhi: & Mobility Limited, a leading manufacturer of electric two-wheelers under the brand ' ' and three-wheelers under the brand 'Joy e-rik' in India, has appointed as Director - Sales and Strategy (Domestic and International Sales). With an illustrious career spanning over 25 years, Khatri brings a wealth of experience and expertise in banking, finance, sales, and marketing to his new role. Khatri will handle Sales and Strategy for 2W4W business and explore the international market, the company said in a media release. He will be developing strategic plans for increasing sales to align with business goals. He will also take care of Institutional Sales and Corporate Business. Khatri will play a pivotal role in steering Wardwizard Innovations' sales ventures to new heights while aligning them with the company's primary vision. His proactive approach and comprehensive skill set will be instrumental in capitalising on market opportunities and fortifying Wardwizard's position as a leader in sustainable mobility solutions, the release said. Yatin Gupte, Chairman and Managing Director, Wardwizard Innovations & Mobility Limited, said, “We are delighted to welcome Mr. Akhtar Khatri to the Wardwizard Innovations family. His proven track record and strategic acumen make him an invaluable addition to our leadership team. We are confident that under his guidance, we will continue to innovate, expand our market presence, and deliver exceptional value to our customers.” “I am honoured to be appointed as the Director - Sales & Strategy (Domestic & International Sales) at Wardwizard Innovations & Mobility Limited. The company's commitment to pioneering electric mobility solutions aligns with my personal and professional ethos. I look forward to collaborating with the talented team at Wardwizard to drive sustainable growth and create a lasting impact,” Khatri said. Khatri joins Wardwizard Innovations from Mangalam Industrial Finance Limited, where he served as the Chief Finance Officer. Prior to his tenure at Mangalam Industrial Finance Limited, he held key positions such as NRI Business Head at AXIS Bank Ltd. and Senior Divisional Manager at Bajaj Allianz Life Insurance Co. Ltd. With a keen eye for planning, strategy, and implementation, Khatri has consistently displayed his ability to augment sales growth and profitability throughout his career. His extensive knowledge in banking, insurance, and investment banking, coupled with his proven leadership skills, make him a valuable asset to Wardwizard, the release said. Wardwizard Innovations & Mobility Limited looks forward to leveraging Khatri's expertise to drive progressive strategies that align with the company's commitment to sustainable and innovative mobility solutions."
"Edelweiss General Insurance launches ‘Pay as you Drive’ add-on motor insurance product ( ) has launched the Switch Pay as you Drive (PAYD) add on for its private car package policy, adding to its usage-based motor insurance product suite in India. EGI had launched Switch 2.0 earlier this month. This product combines pay as you drive and pay how you drive benefits. Insurance Regulatory and Development Authority of India ( ’s) new guidelines permit general insurance companies to introduce tech-enabled concepts for Motor Own Damage (OD) cover. EGI has been developing this category for over two years, with telematics enabled, app-based products, according to a release. Switch Pay-As-You-Drive add-on cover allows customers to get a discount on their Own Damage (OD) premium depending upon their annual usage in terms of distance covered. Until now, under a regular motor policy, there was no difference in the premium paid by a customer who hardly used the vehicle when compared to a high usage vehicle owner. Now, with this add-on feature, the product can be added as a bolt-on to existing motor insurance products. The premium will be charged according to the kilometers travelled by the car. Drive less, pay less with this add on. The Pay as you Drive (PAYD) add-on gives customers three slab options of Own Damage cover - up to 5,000 km; 5,000 to 7,500 km; 7,500-10,000 km annually. Based on their annual usage pattern, customers can opt for the slab that best suits their use. Customers will be able to save up to 25% on their premium with this add-on. In case the annual car usage goes above the slab opted for, then the customer can buy a top-up cover for additional usage. This product is ideal for customers who work in hybrid or environments, or have company provided transport or use public transport for work commute, retired customers, people with multiple cars who use their secondary vehicles sparingly. Commenting on the launch, Shanai Ghosh, executive director & CEO, General Insurance, said, “We always believed that usage-based insurance has huge potential in India. We have been working on this concept since 2020 and have launched two products on the same concept under IRDAI’s sandbox.” Edelweiss General Insurance started operations in 2018 and has presence across digital marketing places and partnerships with , Phonepe, Ola, ClearTrip, Dunzo, Intermiles, PayNearby, Instakart, Pazcare among others."
"Govt tells auto firms to liberalise repair services for consumers' benefit New Delhi: The Centre's has asked automobile manufacturers to enhance efforts towards democratisation of repair manuals and videos accessible to all, fostering a robust ecosystem for third-party repair services and upholding consumer rights. The issue was taken up by Secretary, Department Consumer Affairs, at a meeting with Automobile Associations and their partner companies in the Automobile Sector with the objective of onboarding auto companies onto the Right to Repair Portal India, according to an official statement issued on Saturday. The meeting was attended by various representatives of Automobile Associations like , , , Foundation and companies including Tata Motors, Mahindra & Mahindra, TVS, Royal Enfield, Renault and Bosch, Yamaha Motors India, Honda Car India were also present. The Government has launched the Right to Repair Portal India to provide consumers with easy access to information for repairing their products and enabling them to reuse it, thereby contributing to the circular economy as well as reduction of e-waste in a hassle-free manner. In the meeting, it was emphasised that products that cannot be repaired or are subject to planned obsolescence-designed with an artificially limited lifespan-contribute to e-waste and compel consumers to purchase new products due to lack of repair options or extremely expensive repair options for reuse. Therefore, the goal is to eliminate obstacles such as restricted access to tools or repair information, ensuring that consumers have complete ownership of the products they purchase. ""Over time, it has been noted that repair services are increasingly constrained due to significant delays in service and absence of repair documentation for vehicles. Additionally, products are sometimes repaired at excessively high costs, leaving consumers dissatisfied with repair services which often delays repairs, even if necessary, due to limited repair options,"" it was pointed out at the meeting. A major constraint is also the availability of genuine spare parts at affordable prices. Often their unavailability at affordable prices forces consumers towards purchasing counterfeit spare parts from the grey markets. Further, lack of accessible information for minor repairs or do it yourself guides, exacerbates consumer distress, adding to their financial burden and overall dissatisfaction. Stress was also laid on offering roadside assistance to consumers, especially on highways and introducing a repairability index of the vehicle that provides information on the life of the product, easy repair ecosystem, availability of spare parts, detailed manual on self-repair, warranty on different parts. These measures aim to empower consumers with informed choices regarding the post-sales service of their products, besides ease in enjoying their products fully. The meeting concluded with the consensus to onboard the Right to Repair Portal and adopt"
"choices regarding the post-sales service of their products, besides ease in enjoying their products fully. The meeting concluded with the consensus to onboard the Right to Repair Portal and adopt a greater collaborative approach in providing a vibrant post-sale services to the consumers. The discussions also covered topics such as aligning standardisation of parts along with standardisation of skilled workmanship, companies developing catalogues that should benefit consumers for post-purchase service and longevity of product life, and measures for addressing deceptive practices in repair workshops in the name of motor insurance that contribute to unnecessary generation of plastic waste. It was stressed that details of Companies Service Centre across India and Recognition third-parties repairers, if any, by the companies and Information on country of origin to be explicitly mentioned. Some companies like TVS have shared their post-onboarding experiences on the portal. Companies including Tata Motors and TVS discussed how, based on complaints received from the National Consumer Helpline, they identified key repair issues and subsequently created repair videos accessible to consumers via their official YouTube channels."
"Govt proposes hike in third party motor insurance premium from next fiscal The has proposed an increase in the for various categories of vehicles, which is likely to jack up insurance cost of car and two-wheelers from April 1. According to the proposed revised rates, private cars with 1,000 cubic capacity (cc) will attract rates of INR 2,094 compared to INR 2,072 in 2019-20. Similarly, private cars with 1,000 cc to 1,500 cc will attract rates of INR 3,416 compared to INR 3,221, while owners of car above 1,500cc will see a premium of INR 7,897 compared to INR 7,890. Two-wheelers over 150 cc but not exceeding 350 cc will attract a premium of INR 1,366 and for two-wheelers over 350 cc the revised premium will be INR 2,804. After two years moratorium due to COVID-19 pandemic, the revised TP insurance premium will come into effect from April 1. Earlier, TP rates were notified by the insurance regulator . This is also for the first time that the road transport ministry will notify the TP rates in consultation with the insurance regulator. According to the draft notification, a discount of 15 per cent is proposed for electric private cars, electric two-wheelers, electric goods-carrying commercial vehicles and electric passenger-carrying vehicles. A discount of 7.5 per cent on Motor TP premium rates for hybrid electric vehicles is proposed, the draft notification said, adding that this will be an incentive to use environment-friendly vehicles. While electric private cars (not exceeding 30KW) will attract a premium of INR 1,780, for electric private cars (exceeding 30 KW but not exceeding 65 KW) premium will be INR 2,904. The premium for goods carrying commercial vehicles (exceeding 12,000 kg but not exceeding 20,000 kg) would increase to INR 35,313 from INR 33,414 in 2019-20. Similarly, in case goods carrying commercial vehicles ( exceeding 40,000 kg), the premium will increase to INR 44,242 compared to INR 41,561 in 2019-20. The third party insurance cover is for other than own damage and is mandatory along with the own damage cover that a vehicle owner has to purchase. This insurance cover is for any collateral damage to a third party, generally a human being, caused due to a road accident. The ministry has invited suggestions on the draft notification by March-end. Also Read:"
"The double-edged sword of connected cars and cybersecurity New in-vehicle capabilities, such as over-the-air (OTA) upgrades and features on demand (FOD), as well as broader industry advantages, can be unlocked through connected technology. Yet as technology progresses, also grow. This two-edged sword is discussed by Upstream Security. Upstream, a provider of data-management and solutions, examined the cybersecurity dangers affecting the in its fifth annual study. Its team of experts looked at 1,173 occurrences going back to 2010, and they also kept an eye on hundreds of forums on the deep and dark web. While new improvements in automotive technology enable linked features, they also open up new attack vectors. Automobile manufacturers, , and insurers are at danger due to the escalating cybersecurity risks facing the sector. In general, a rising number of stakeholders are becoming interested in smart transportation ecosystems. Subscription services, mobility-as-a-service (MaaS), and third-party mobile apps are of particular interest. Yet, in order to safeguard individual security, private information, and system trust, risk management will be necessary for all of these opportunities. Infrastructure for (EVs) is one new attack vector. Although essential to EV development, only made up 4% of all occurrences in 2017. Upstream gave various instances of assaults on infrastructure. Several attacks had more disruptive goals, while one aimed to make a geopolitical statement. Application programming interfaces (APIs) allow communication between various software components in other places. These intermediates can create risks in addition to possible revenue sources for companies in the automobile industry. According to Upstream, 12% of all occurrences in 2022 were API assaults, which saw a 380% year-over-year rise in frequency. Attacks on these types of linked automobile systems may be conducted by a variety of different persons or organizations, or ""hats,"" as they are sometimes referred to. Black hats could try to exploit weaknesses as white hats try to remedy cybersecurity shortcomings. Grey hats can be seen in between the first two groups. There are also car owners that try to hack into their own cars to unlock features. The WP.29 R155 and ISO/SAE 21434 are a couple of the rules and standards that the auto industry has put into place. However Upstream points out that both only stress the necessity of rigorous cybersecurity assessments without defining particular remedies or procedures. must strive to balance the vexing issues of connectivity and cybersecurity in the short future."
"Progressive's quarterly profit surges on strong demand for auto insurance policies Insurer Progressive Corp posted a more than fourfold jump in its second-quarter profit on Tuesday, driven by strong demand for its personal , sending its shares up 3.5% in premarket trading. Rising wages and a strong labor market encouraged customers to revive their spending on auto insurance, one of Progressive's core businesses. The company has also benefited from large pricing increases in premiums. Mayfield Village, Ohio-based Progressive provides insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles and homes. The company had 21.5 million personal auto insurance policies in force, up 10% over the year earlier. Property business policies were also up 12% in the quarter. Net premium written jumped 22% to USD 17.90 billion. Progressive's combined ratio was 91.9%, compared with 100.4% a year earlier. A ratio below 100% means the insurer earned more in premiums than it paid out in claims. Net income of the insurer rose to USD 1.46 billion, or USD 2.48 per share, in the quarter, from USD 345.4 million, or USD 0.57 per share, a year earlier. Progressive's shares have gained 36.3% so far this year, compared with an 18% gain in the S&P 500 index during the period."
"Ratings of road contractors in the offing to curb errant operators: Nitin Gadkari The centre is working on rating contractors in the sector to weed out errant operators. Roads, Transport, and Highways Minister said that the rating can take into account the financial and contract execution performance over the last five years of such contractors. “The financial and technical qualifications were very stringent earlier. This had reduced the number of players in the road sector. Then we diluted it so much that bid amounts fell 30-50%, affecting road quality,” he said. Gadkari said that the earlier system promoted cartelization but the new system has its shortfalls as well. “We now want to rate contractors. Our basic aim is to reduce the cost of construction and improve its quality, while also increasing the speed,” he added. Sharing contours of the plan, Gadkari said the contractor’s turnover of the past five years, income tax record for the same period, (GST) returns, contract violations, and profit loss statement can be a factor for basing the ratings. He was speaking at the launch of India’s first surety bond product offered by Bajaj Alliance. Such bonds can be used as a substitute for bank guarantees in government procurement tenders. The Insurance Regulatory and Development Authority of India (IRDAI) had issued guidelines for these bonds and allowed their issuance from April 1 this year. These guidelines have listed six types of Surety Contracts. These contracts are being viewed as essential for meeting the infrastructure development goals. In the Union Budget 2022-23, Finance Minister had also announced that surety bonds will be accepted as a substitute for bank guarantee in government procurements. This was done with the intent to reduce indirect cost for suppliers and work-contractors."
"Budget 2024: Will interim budget roll out the red carpet for Tesla? : In recent years, India's drive to get Tesla be part of its localisation push has increased and trade minister Piyush Goyal's visit to 's auto factory added wings to the dreams. Goyal had also said that the US-based electric vehicle major would double its imports of auto components from India. Tesla Inc.'s Chief, Elon Musk, met with Prime Minister Narendra Modi in June in New York. Following the meeting, Musk expressed intentions to visit India in 2024. The Austin-based electric vehicle (EV) giant had pursued reduced import duties on EVs in India in 2021, aiming for rates slashed to 40% from the existing 70%-100%. Tesla eyes India's burgeoning middle class in one of the most promising EV markets globally. Back in August 2021, Musk hinted at the possibility of Tesla establishing a manufacturing unit in India, contingent upon the success of imported vehicles in the country. He highlighted Tesla's interest in introducing its vehicles to India but pointed out that the country held the highest import duties among major nations, which posed a challenge. However, India had in the past stated that Tesla will have to manufacture cars in India and not China if the company wants to come and sell vehicles here. Union Road Transport and Highways Minister Nitin Gadkari had in 2022 said Musk will not get any special treatment when it comes to customs duties. But now things seems to be moving fast for India to roll out the red carpet to bring Tesla's investments and policies can likely feature in the . Tesla's potential investment aligns with India's economic objectives, boosting manufacturing's GDP share and job creation. Economic Times had reported citing sources carmaker Tesla is willing to invest up to $2 billion for setting up a local factory if the government approves a concessional duty of 15% on imported vehicles during its first two years of operations in India. India levies a steep 100% import duty on cars with cost, insurance and freight value of more than $40,000, and 70% on vehicles that have a lower price tag. Tesla has approached the union government with a detailed proposal linking the quantum of investment to the number of cars it can import at lower duty, ET reported. The company is willing to invest up to $500 million if the government extends concessional tariff for 12,000 vehicles and can increase this up to $2 billion if the reduced duty is approved for 30,000 vehicles. Reports indicate that India is contemplating tax reductions on fully assembled electric vehicle imports, potentially spanning five years, aiming to attract companies like Tesla Inc. to market and potentially manufacture their vehicles within the nation. According to Bloomberg's sources, the Indian government is formulating an electric vehicle policy that would enable global automakers to import battery-powered vehicles at concessional duty rates, provided they commit to local production in the future."
"is formulating an electric vehicle policy that would enable global automakers to import battery-powered vehicles at concessional duty rates, provided they commit to local production in the future. Tesla's possible entry via tax reduction could reshape the EV landscape in India. However, India's will then have to balance this advantage with local automakers' concerns. and Mahindra & Mahindra, major Indian players, have voiced concerns about reduced EV taxes, emphasising the need for early-stage government support. These manufacturers worry about increased competition from globally favored high-end EVs due to tax cuts. Any electric vehicle policy in the interim budget, especially favoring overseas players like Tesla, poses challenges for India's mass-market car manufacturers. The budget's decisions will then impact not just Tesla's entry but also the future landscape for local EV manufacturers. Tesla is anticipated to unveil its Indian plant's plans during January's Vibrant Gujarat Summit, attended by CEO Elon Musk, as per media reports. The selection of Gujarat aligns with Tesla's export-focused strategy, aiming to serve both local and global markets, as reported by the Ahmedabad Mirror. Earlier, Gujarat, Maharashtra and Tamil Nadu were being considered by the company given the well-established ecosystems for electric vehicles and exports."
"India weighs selling part of BPCL instead of full stake: Sources NEW DELHI: is considering selling up to a quarter of state-run refiner after failing to attract suitors for the whole firm, two officials said, as the government's divestment programme moves slower than expected. New Delhi is considering inviting bids for a 20%-25% stake in , instead of an outright sale of its entire 52.98% holding, the two government officials, who declined to be named, told Reuters. The officials said discussions about the plan were in the early stages. Initially, the government had aimed to raise $8-$10 billion from selling its full stake in BPCL. Having drawn up plans four years ago, it invited bids in 2020, hoping major players such as Russia's Rosneft might be interested. But Rosneft and Saudi Aramco did not bid, as low oil prices at that time and weak demand curbed their investment plans. The government officials said even a part sale of BPCL was unlikely to be completed this fiscal year as the process would take over 12 months. Sale prospects were hit by inconsistent policies on petrol and diesel prices, one of them said. ""There were many issues but most recently petrol prices not being raised for four months between November and February were presumed due to elections by the government,"" the official said. India had elections in five states including the bellwether in February and pump prices only started moving up from March 22, by which time Prime Minister 's Bharatiya Janata Party had won in four out of five states. The current discussion began after all bidders had withdrawn from the process last month, both officials said. Private equity firm Apollo Global Management and oil-to-metals conglomerate Vedanta Group were the final bidders, they said. The government, Vedanta and BPCL did not immediately reply to emails seeking comment. Apollo Group declined to comment. The backtracking on BPCL's full is symptomatic of slow progress in the government's privatisation plans. In 2020, finance minister Nirmala Sitharaman announced plans to privatise most state-run companies, including banks, mining companies and insurers. But little progress has been made, and both officials said the government had deferred plans to sell any other banks this fiscal year apart from IDBI Bank, which is majority owned by Life Insurance Corp of India. sank on its market debut on Tuesday after the government sold a 3.5% stake."
"EV vs ICE price parity for luxury cars unlikely in near future Carmakers , and Mahindra & Mahindra are narrowing the price gap between their electric vehicles and petrol and diesel models amid softening battery prices, but luxury carmakers do not expect such price parity any time soon. That is mainly because luxury battery electric vehicles (BEVs) are mostly imported into India, attracting up to 100% tax, and their sales volumes are too low to make local assembling viable for most models, industry executives and analysts said. “The cost of EVs in the luxury segment is much higher because of it being an expensive technology and lower volume,” said Vikram Pawah, president at BMW Group India. “So, it would take some time before the EV prices come on par with on-road prices of internal combustion engine (ICE)-powered models,” he said. Santosh Iyer, managing director and CEO of Mercedes India, said, “I don't see that (price parity) happening in the near future as BEVs in the luxury segment have much more technological advancements compared to the EVs in the mass market.” That said, electric vehicles do benefit from a lower GST of 5% and are exempt from road tax in some states. Such incentives have helped take the EV penetration in the luxury segment to 4% in 2023 against less than 2% in the mass car segment. Puneet Gupta, director at S&P Global Mobility, an automative research and analytics arm of S&P, said the price parity between EV and ICE in the luxury segment is still far away barring few high-end models and is likely to remain like that unless localisation takes off. For instance, at INR 2.23 crore (on-road Mumbai) a BMW i7 is priced almost on par with a comparable diesel-powered 7-Series that is priced at INR 2.21 crore. Interestingly, Mercedes has been able to price its EQS lower than the comparable S Class (ICE) as unlike other EV models in Mercedes’ portfolio, the EQS is assembled locally, allowing the company to save on duties and price it competitively. Gupta expects an EV-ICE price parity in the luxury segment only by 2028. “The Euro VII emission norms, which are likely to take effect in Europe from 2028, will make ICE more expensive. By then, EVs in the luxury segment will also benefit from declining battery prices and scale,” he said. “That’s when one can see some price parity between ICE and EV prices on a wider scale and across segments.” India levies an import duty of 100% on cars with cost, insurance and freight value of more than USD 40,000, or about INR 33 lakh, and 60% for those below that threshold. In contrast, buyers of BEVs in the mass car market will see price parity kicking in the near term as battery prices and other costs are coming down, industry executives and analysts said. Over the last one and half months, Tata Motors, MG Motor and M&M have cut prices of their EV offerings amid declining battery, lower costs as well as softening of demand. BMW leads the e-luxury car market in India with a 50% share. The company has"
"MG Motor and M&M have cut prices of their EV offerings amid declining battery, lower costs as well as softening of demand. BMW leads the e-luxury car market in India with a 50% share. The company has been able to price its EV models competitively because of being an earlier entrant in the EV technology space, its president Pawah said. “Right now, e-luxury cars in India are very expensive and, for most of the other companies, it’s a new technology. BMW has been in EVs for 10 years,” he said. BMW sees the share of BEVs in its total sales go up to 25% by 2025 from the current 10%, Pawah added. Iyer of Mercedes said his company will not chase volumes. “We are committed to reach the threshold of 20-25% (EV share in total sales) in another four years,” he said. “But we will not resort to introducing models at a very low price point while trying to compete for the share of the market.” At present, only 20% of walk-in customers are asking for an EV; the rest consider only an internal combustion engine, Iyer said. Therefore, one must be pragmatic about the extent to which one wants to cannibalise the powertrain mix (diesel, petrol, EV), he added."
"Government likely to revise EV manufacturing policy with emphasis on greenfield investment The government is developing detailed guidelines for companies interested in investing in the electric vehicle (EV) policy, and an official mentioned that a second round of consultation with stakeholders will take place soon. The has already conducted the initial round of consultations last month. The guidelines will contain details regarding applications, links to portals, and the project monitoring agency (PMA), as stated by the official. The official also explained that automotive companies in India have the option to apply for incentives under the policy by committing to the necessary investments. ""They can apply under the new policy for an for a certain number of EVs, and in order to qualify, they will have to commit to us the investments,"" the official said. Companies that are already operating in India do not have to create a new subsidiary in order to apply under the policy. On March 15, the government approved an electric-vehicle policy. Under this policy, will be provided to companies that establish in the country with a minimum investment of USD 500 million. This initiative is designed to attract major global players such as US-based . According to the policy, a company has a three-year timeframe to establish manufacturing facilities in India, commence commercial production of e-vehicles, and achieve a 50% (DVA) within a maximum of five years. The companies setting up manufacturing facilities for electric vehicle passenger cars will have the opportunity to import a restricted number of cars with a reduced customs/import duty of 15% on vehicles priced at USD 35,000 and higher for a period of five years from the government's approval letter issuance. Further, applications of auto companies from countries that are sharing a land border with India ""will have to go through the much more onerous scrutiny'. Applications from certain countries require government approval for investments in India. Currently, vehicles that are imported as fully assembled units (CBUs) are subject to customs duties ranging from 70% to 100%. The duty amount varies based on the engine size and the total cost, insurance, and freight (CIF) value, whether it is below or above USD 40,000. The policy aims to encourage India to become a hub for manufacturing electric vehicles and to attract investments from well-known global electric vehicle manufacturers. According to the scheme, the company will have the permission to bring in completely built units of e-4W that they have manufactured at a lower rate of 15%, with certain conditions to be met. EV passenger cars can be imported under this scheme initially with a minimum CIF value of USD 35,000 at a duty rate of 15% for five years starting from the approval letter issuance by the ministry of heavy industries. The maximum number of electric 4-wheelers allowed to be imported at the reduced duty rate will be limited to 8,000 per year."
"from the approval letter issuance by the ministry of heavy industries. The maximum number of electric 4-wheelers allowed to be imported at the reduced duty rate will be limited to 8,000 per year. Carrying over unused annual import limits would be allowed."
"The next frontier for drones: letting them fly out of sight REMINGTON, Va. - For years, there's been a cardinal rule for flying civilian drones: Keep them within your line of sight. Not just because it's a good idea - it's also the law. But some drones have recently gotten permission to soar out of their pilots' sight. They can now inspect high-voltage power lines across the forested Great Dismal Swamp in Virginia. They're tracking endangered sea turtles off Florida's coast and monitoring seaports in the Netherlands and railroads from New Jersey to the rural West. Aviation authorities in the U.S. and elsewhere are preparing to relax some of the safeguards they imposed to regulate a boom in off-the-shelf consumer drones over the past decade. Businesses want simpler rules that could open your neighborhood's skies to new commercial applications of these low-flying machines, although privacy advocates and some airplane and balloon pilots remain wary. For now, a small but growing group of power companies, railways and delivery services like Amazon are leading the way with special permission to fly drones ""beyond visual line of sight."" As of early July, the U.S. Federal Aviation Administration had approved 230 such waivers - one of them to Virginia-based Dominion Energy for inspecting its network of power plants and transmission lines. ""This is the first step of what everybody's expecting with drones,"" said Adam Lee, Dominion's chief security officer. ""The first time in our nation's history where we've now moved out into what I think everyone's expecting is coming."" That expectation - of small drones with little human oversight delivering packages, assessing home insurance claims or buzzing around on nighttime security patrols - has driven the FAA's work this year to craft new safety guidelines meant to further integrate drones into the national airspace. The FAA said it is still reviewing how it will roll out routine operations enabling some drones to fly beyond visual line of sight, although it it has signaled that the permissions will be reserved for commercial applications, not hobbyists. ""Our ultimate goal is you shouldn't need a waiver for this process at all. It becomes an accepted practice,"" said Adam Bry, CEO of California drone-maker Skydio, which is supplying its drones to Dominion, railroad company BNSF and other customers with permission to fly beyond line of sight. ""The more autonomous the drones become, the more they can just be instantly available anywhere they could possibly be useful,"" Bry said. Part of that involves deciding how much to trust that drones won't crash into people or other aircraft when their operators aren't looking. Other new rules will require drones to carry remote identification - like an electronic license plate - to track their whereabouts. And in the aftermath of Russia's war in Ukraine - where both sides have used small consumer - the White House to counter the potential malicious use of drones in the U.S. At a"
"their whereabouts. And in the aftermath of Russia's war in Ukraine - where both sides have used small consumer - the White House to counter the potential malicious use of drones in the U.S. At a gas-fired plant in Remington, Virginia, which helps power some of Washington's suburbs, a reporter with The Associated Press watched in June as Dominion Energy drone pilots briefly lost visual line of sight of their inspection drone as it flew around the backside of a large fuel tank and the top of a smoke stack. That wouldn't have been legally possible without Dominion's recently approved FAA waiver. And it wouldn't have been technically possible without advancements in collision-avoidance technology that are enabling drones to fly closer to buildings. Previously, ""you would have to erect scaffolding or have people go in with a bucket truck,"" said Nate Robie, who directs the drone program at Dominion. ""Now you can go in on a 20-minute flight."" Not everyone is enthused about the pending rules. Pilots of hot air balloons and other lightweight aircraft warn that crashes will follow if the FAA allows largely autonomous delivery drones the right of way at low altitudes. ""These drones cannot see where they are flying and are blind to us,"" said a June call to action from the Balloon Federation of America. Broader concerns come from civil liberties groups that say protecting people's privacy should be a bigger priority. ""There is a greater chance that you'll have drones flying over your house or your backyard as these beyond-visual-line-of-sight drone operations increase,"" said Jeramie Scott, a senior counsel at the Electronic Privacy Information Center who sat on the FAA's advisory group working to craft new drone rules. ""It'll be much harder to know who to complain to."" EPIC and other groups dissented from the advisory group's early recommendations and are calling for stronger privacy and transparency requirements - such as an app that could help people identify the drones above them and what data they are collecting. ""If you want to fly beyond visual line of sight, especially if you are commercial, the public has a right to know what you're flying, what data you are collecting,"" said Andres Arrieta, director of consumer privacy engineering at the Electronic Frontier Foundation. ""It seems like such a low bar."""
"FADA raises concern over sale of two-wheelers by unauthorised multi-brand outlets New Delhi: Automobile dealers' body on Tuesday said the illegal practice of unauthorised multi-brand outlets selling two-wheelers is making legitimate lose business and turn unviable. The Federation of Automobile Dealers Associations (FADA) said it has approached various authorities to take strict action against the practice. The multi-brand outlets (MBOs) are acquiring unregistered vehicles in bulk from dealers and reselling them to customers at discounted rates, higher than the prices offered by original equipment manufacturers ( ) through authorised dealers, without any commitment to after-sales service, FADA said in a statement. This has not only impacted the legitimate dealerships but has also shaken customers' confidence in the brand and dealer partners, it added. Furthermore, the outlets indulge in evasion of GST, income tax, issuance of fake HSRP and helmets, resulting in revenue loss on various fronts, FADA stated. ""We have raised the issue of unauthorised MBOs in the two-wheeler industry, which are not certified as bona fide dealers and sell unregistered vehicles without any trade certificates or after-sales services,"" FADA President Manish Raj Singhania stated. This has caused many legitimate two-wheeler dealerships to shut down, making their businesses unviable, he added. ""The dealership business is dynamic and contributes consistently to the economic development of the nation, generating significant employment opportunities in the sector. Illegal practices such as this cause massive losses to the government and society and lead to significant loss of motivation among dealers, leading to greater loss of employment opportunities,"" Singhania said. The industry body has also written to , the association of OEMs, requesting them to raise the issue with concerned OEMs to amend their sales process, ensuring no supply of new/unregistered vehicles to unauthorised outlets, FADA said. FADA has also reached out to the Maharashtra government and the Transport Commissioners of Mumbai and Delhi, urging them to take stringent action against these MBOs and ensure their compliance with industry standards and regulations, it added."
"Buffett's Berkshire discloses big Taiwan Semi stake said it bought more than $4.1 billion of stock in , a rare significant foray into the technology sector by billionaire 's conglomerate. In a Monday regulatory filing describing its U.S.-listed equity as of Sept. 30, Berkshire said it owned about 60.1 million of the world's largest contract chipmaker. Berkshire also disclosed new stakes of $297 million in building materials company Louisiana-Pacific Corp and $13 million in Jefferies Financial Group Inc. It exited an investment in Store Capital Corp, a real estate company that agreed in September to be taken private. The filing did not specify whether Buffett or his portfolio managers Todd Combs and Ted Weschler made specific purchases and sales. Investors often try to piggy back on what Berkshire buys. Larger investments are normally Buffett's. While Berkshire does not normally make big technology bets, it often prefers companies it perceives to have competitive advantages, often through their size. Taiwan Semi posted an 80% jump in third-quarter profit, helped by demand from customers such as iPhone maker Apple Inc, by far the largest investment in Berkshire's $306.2 billion equity portfolio. ""I suspect Berkshire has a belief that the world cannot do without the products manufactured by Taiwan Semi,"" said Tom Russo, a partner at Gardner, Russo & Quinn in Lancaster, Pennsylvania, which owns Berkshire shares. ""Only a small number of companies that can amass the capital to deliver semiconductors, which are increasingly central to people's lives,"" he added. Berkshire has had mixed success in technology. Its more than six-year wager during the last decade in IBM Corp did not pan out, but Berkshire is sitting on huge unrealized gains on its $126.5 billion stake in Apple, which Buffett views more as a consumer products company. Berkshire disclosed the Taiwan Semi stake about 2-1/2 months after it began reducing a decade-old, multi-billion dollar stake in BYD Co , China's largest electric car company. In the third quarter, Berkshire added to its stakes in Chevron Corp, Occidental Petroleum Corp, Celanese Corp, Paramount Global and RH. It also sold shares of Activision Blizzard Inc, Bank of New York Mellon Corp, General Motors Co, Kroger Co and US Bancorp. Buffett, 92, has run Berkshire since 1965. The Omaha, Nebraska-based company also owns dozens of businesses such as the BNSF railroad, the Geico auto insurer, several energy and industrial companies, Fruit of the Loom and Dairy Queen."
"Auto dealers to clock 8-10% revenue growth as volume normalises New Delhi: Auto dealers will see revenues accelerate 8%-10% this fiscal, driven by 5%-7% increase in sales volume, premiumisation and price hikes of 2%-5% by original equipment manufacturers (OEMs). That, along with steady operating profitability and moderate debt, will keep their credit profiles stable, a analysis of ~150 auto dealers indicates. Sales volume growth will normalise this fiscal from the 17.3% surge last fiscal, due to the high-base effect (especially in the commercial vehicle and passenger vehicle segments) as well as factors specific to different vehicle segments. Growth this fiscal year will be in line with the pre-pandemic compound annual growth rate (CAGR) of ~7% between fiscal 2015 and 2019. , Senior Director, CRISIL Ratings, said, “Auto-dealers’ overall sales volume will grow by 5 – 7% driven by steady growth in all vehicle segments. will grow 6-8%, led by improved semiconductor supplies and healthy domestic demand, especially in the fast-growing utility vehicles segment. volume will grow a moderate 4-6%, supported by the government’s infrastructure push, increased budgetary outlay2 and steady replacement demand."" ""Despite a low base, tepid rural demand and increased competition from their electric versions, two-wheeler sales will also grow moderately at 5-6%, supported by demand for executive and premium motorcycles,” he added. According to the report, the retail auto registrations clocked modest growth of 3% in the first seven months of this fiscal, but should pick up in the remaining five months on higher sales of PVs and two-wheelers during the festive season, and of CVs in the last quarter led by increase in mining and infrastructure activities. OEMs have increased prices by 2-5% during the past few quarters (5-14% in fiscal 20233). This, along with the full year impact of price hikes in the previous years, will also support revenue growth of auto dealers this fiscal. No further price hikes are anticipated in the near future due to easing input prices. Premiumisation, too, will support revenue growth. The share of utility vehicles and premium4 motorcycles and scooters, in particular, is rising as consumers increasingly prefer value-added vehicles with premium safety features. Operating profitability of auto dealers will remain stable at 3.5-4.0%, supported by moderate revenue growth and steady contribution (10-15%) of the more profitable ancillary sales (service, spare parts and insurance). , Associate Director, CRISIL Ratings, said, “Steady operating performance leading to healthy cash accrual, combined with moderate debt, will strengthen debt protection metrics of auto dealers this fiscal. Interest coverage is projected at 3.3-3.5 times compared with ~3.3 times last fiscal, while gearing is seen at~1 time as on March 31, 2024, compared with 1.2 times a year earlier.” That said, sluggishness in rural demand and inventory with dealers will be worth watching."
"FDI inflow hits all-time high of USD 83.57 billion in 2021-22 India has recorded the ""highest ever"" annual ( ) inflow of USD 83.57 billion in 2021-22, the commerce and industry ministry said on Friday. In 2020-21, the inflow stood at USD 81.97 billion, it added. ""India is rapidly emerging as a preferred country for foreign investments in the manufacturing sector,"" the ministry said. ""India has recorded highest ever annual of USD 83.57 billion in the Financial Year 2021-22,"" it noted. in manufacturing sectors has increased by 76 per cent in 2021-22 (USD 21.34 billion) compared to 2020-21 (USD 12.09 billion). In terms of top investor countries, Singapore is at the top with 27 per cent followed by the US (18 per cent) and Mauritius (16 per cent) during the last fiscal. Among sectors, computer software and hardware attracted maximum inflows. It was followed by the services sector and automobile industry, the ministry said. To further liberalise and simplify for providing ease of doing business and attract investments, reforms have been undertaken recently across sectors, such as coal mining, contract manufacturing, digital media, single-brand retail trading, civil aviation, defence, insurance and telecom."
"IREDA public issue to open on Nov 21; sets price band at Rs 30-32 share New Delhi: State-owned ( ) on Tuesday fixed a price band of INR 30-32 per share for its INR 2,150-crore initial public offering (IPO). The maiden public issue will open for subscription on November 21 and conclude on November 23 and the anchor book of the offer will be opened for a day on November 20, according to a public announcement. This would be the first public issue by a public sector enterprise after Life Insurance Corporation's IPO in May last year. IREDA would issue up to 40.31 crore fresh shares to mobilize around INR 1,290 crore at the upper end of the price band. Besides, Government of , currently the sole shareholder, will offer up to 26.88 crore shares in an offer for sale (OFS) in a bid to collect INR 860 crore. Proceeds from the fresh issue will be used for augmenting IREDA's capital base to meet its future capital requirements and onward lending. Half of the issue size has been reserved for qualified institutional buyers, 35% for retail investors, and the remaining 15% for non-institutional investors. Investors can bid for a minimum of 460 equity shares and in multiples of 460 equity shares thereafter. IREDA is a 'miniratna' firm under . The organization offers a comprehensive array of financial products (fund and non-fund-based) associated services, from project inception to post-completion, for projects and related activities like equipment manufacturing and transmission. , , and IDBI Capital Markets & Securities are the book-running managers for the issue. Shares of the company will be listed on the BSE and NSE."
"Maruti Suzuki partners with Indian Bank for customised car loan offers New Delhi: on Wednesday said it has partnered with the public sector Indian Bank to provide customized car loans to its customers. The customers under this exclusive scheme, can avail loans up to 90% of the on-road price of the car besides getting benefits of zero processing charges, free accidental insurance cover up to INR 30 lakhs, free fastag and repayment tenure up to 84 months on their loans. This scheme is open till June 30, 2022,” the company said in a statement. With this partnership, Maruti Suzuki has tied up for retail finance with 37 financial institutions including 12 Public Sector Banks, 11 private banks, 7 NBFCs and 7 Regional Rural Banks, the company said. Its customers can avail the loan benefits across 5700 branches of Indian Bank at metro, urban, semi-urban and rural locations. Maruti Suzuki has a network of 3,357 new car retail outlets across 2,156 cities and towns, the company said. Shashank Srivastava, Senior Executive Director (Marketing & Sales), Maruti Suzuki, said, “Customer centricity and convenience are at the core of all our operations. With this partnership with Indian Bank, our valuable customers will be able to finance 90% of the on-road price of the car from over 5700-plus branches across the Indian Bank network. This will help our customers get an attractive rate of interest and customised EMI options as per their requirements.” “About 80% of retail sales in the automobile industry happen through financing and to enable our customer’s car-buying decisions, Maruti Suzuki has initiated several partnerships with banks & NBFCs across the public and private sectors. It is our firm belief that this partnership with Indian Bank will go a long way to cater to the diverse finance requirements of our customers,” he said, Shanti Lal Jain, Managing Director and CEO, Indian Bank, said, “Indian Bank has a wide presence all over the country and we are confident of offering best-in-class services to Maruti Suzuki customers for meeting their aspiration of owning a car. We are committed to making the car financing experience more convenient for the customer, and a variety of options in terms of rate of interest will be made available to simplify the financing process.” Also Read:"
"Gig workers in India to top 23 million by 2029-30: Niti Aayog NEW DELHI: 's gig workforce is expected to expand to 2.35 crore by 2029-30 from 77 lakh in 2020-21, a report said on Monday, and recommended extending measures for such workers and their families in partnership mode as envisaged in Code on Social Security. The report titled 'India's Booming Gig and Platform Economy' further said gig workers are expected to form 6.7 per cent of the non-agricultural workforce or 4.1 per cent of the total livelihood in India by 2029-30. Gig workers can be broadly classified into platform and non-platform workers. Platform workers are those whose work is based on online software apps or digital platforms while non-platform gig workers are generally casual wage workers, working part-time or full- time. Gig workers prefer a flexible work schedule, typically with low to middle level of education. Income through gig work is not their primary source of income and they are often holding another regular job. According to the NITI report, it is estimated that in 2020-21, 77 lakh workers were engaged in the gig economy and they constituted 2.6 per cent of the non-agricultural workforce or 1.5 per cent of the total workforce in India. Similarly, it estimated that there were 68 lakh gig workers in 2019-20, using both principal and subsidiary status, forming 2.4 per cent of the non-farm workforce or 1.3 per cent of the total workers in India. The report pointed out that the employment elasticity to GDP growth for gig workers was above one throughout the period 2011-12 to 2019-20, and was always above the overall employment elasticity. To harness the potential of the gig-platform sector, the report recommended accelerating access to finance through products specifically designed for platform workers, linking self-employed individuals engaged in the business of selling regional and rural cuisine, street food, etc, with platforms to enable them to sell their produce to wider markets in towns and cities. Other recommendations include undertaking a separate enumeration exercise to estimate the size of the gig-platform workforce and collecting information during official enumerations. As per the report, in terms of industrial classification, about 26.6 lakh gig workers were involved in retail trade and sales, and about 13 lakh were in the transportation sector. About 6.2 lakh were in manufacturing and another 6.3 lakh in the finance and insurance activities, it added. At present, about 47 per cent of the gig work is in medium skilled jobs, 22 per cent in high skilled, and about 31 per cent in low skilled jobs. According to the report, the trend shows the concentration of workers in medium skills is gradually declining and that of the low skilled and high skilled is increasing. It may be expected that while the domination of medium skills would continue till 2030, gig work with other skills will emerge, the report added. The report noted that the rapidly burgeoning gig"
"It may be expected that while the domination of medium skills would continue till 2030, gig work with other skills will emerge, the report added. The report noted that the rapidly burgeoning gig workforce is ushering in a new economic revolution globally. India – with its demographic dividend of half-a-billion labour force and the world's youngest population, rapid urbanisation, widespread adoption of smartphones and associated technology – is the new frontier of this revolution, it added. The report pointed out that there is an emerging positive trend that suggests women are more likely to take up platform jobs after their education and marriage. It suggested bridging skill gaps by carrying out periodic assessments and partnering with platform businesses for onboarding skilled women and persons with disabilities. The report pitched for incentivising inclusive businesses – women led-platforms or platforms that encourage recruitment of women employees and those with disabilities. Speaking on the occasion, NITI Aayog Vice Chairman said the report will become a valuable knowledge resource in understanding the potential of the sector and drive further research and analysis on gig and platform work."
"Bajaj Allianz launches usage-based motor insurance add-on cover Private sector on Thursday launched its add-on cover called 'Pay As You Consume' (PAYC). The company was the first to launch 'Pay As You Consume' under the 's Sandbox Regulations. Owing to the overwhelming response from customers, Bajaj Allianz General Insurance introduced this as a full-fledged cover under motor insurance products. This usage-based is in alignment with Irdai's recent circular to allow PAYC under annual motor products, Bajaj Allianz General Insurance said in a statement. Earlier this month, the Insurance Regulatory and Development Authority of India (Irdai) permitted general insurers to issue sophisticated add-ons for a motor insurance policy. These are telematics-based motor insurance plans for which the premium depends on the usage of the vehicle or driving behaviour. Pay-as-you-consume add-on cover can be opted by the customer along with the basic OD (Own Damage) plan under Package Product, Bundled and Standalone OD cover, it said. Customers can choose coverage based on their vehicle usage, further to which the premium will be calculated, ie kilometres driven annually. Customers can also avail of an additional benefit in premium for their safe driving, the insurer added. Customers' driving behaviour will be analysed based on a telematics device installed in the vehicle, driving metrics recorded on their ""BJAZ CARINGLY YOURS"" mobile app (Company's app), or information provided by them through a device, etc, it said. ""Customers need not worry if opted kilometres during the policy period gets exhausted; they can add kilometres to their plan using the top-up plan. If a customer forgets to add kilometres to their top-up plan, the company has offered a unique concept of ""GRACE KM"" gratification, which is provided at the time of claim in case kilometres opted during the policy period gets exhausted,"" the company said."
"Flipkart offers diverse range of petrol and electric vehicles on its e-commerce platform ahead of festive season is redefining the two-wheeler shopping experience ahead of the festive season with a wide range of petrol and electric options from top brands. The platform aims to provide unmatched convenience and affordability through extensive reach across over 12,000 pin codes in more than 700 cities, along with special financing offers and innovative technology-driven features. Customers can explore a diverse selection of , including models from , , , , Chetak, , Yezdi, Vida, and Ather. Flipkart's initiative ensures that shoppers, whether in urban or semi-urban areas, have easy access to both petrol and electric two-wheelers. Financing options The platform offers several financing options to make purchases more affordable. Customers can benefit from 5% unlimited cashback on , special deals from leading banks, and loyalty rewards through Supercoins. Jagjeet Harode, Vice President - Electronics, at Flipkart, stated, ""At Flipkart, we are dedicated to transforming the two-wheeler shopping experience for our customers. Our goal is to provide unmatched convenience and transparency, ensuring that every customer, whether in a city or semi-urban area, can easily find and purchase the perfect two-wheeler. Our range caters to both petrol and electric two-wheeler enthusiasts, reflecting our commitment to meeting the varied needs of our customers. We've introduced innovative features to empower our customers to make well-informed decisions confidently. By offering exceptional value through affordability, trust, and a wide selection, Flipkart has solidified its position as the premier destination for two-wheeler shoppers."" Customers can access on-road pricing, including insurance and registration, all from one platform. The entire purchase process, including insurance, registration, and financing, can be completed from home with audio and video guidance from experts. Ravi Krishnan, Head of Category Experiences Product at Flipkart, explained, ""At Flipkart, we're committed to delivering a seamless, convenient, and transparent experience for customers purchasing two-wheelers. Our platform provides comprehensive and user-friendly On-Road Pricing, including insurance and registration, all in one place. Customers can complete the entire purchase process—insurance, registration, and financing—from the comfort of their homes, supported by expert audio/video guidance. Additionally, advanced features like 3D and augmented reality enable customers to visualise two-wheelers in their own environment, ensuring a more informed and enhanced shopping experience."" According to the media release, the demand for two-wheelers on Flipkart has seen significant growth, surging by six times in August 2024 compared to the previous year. This increase is especially notable in the commuter, scooter, and premium two-wheeler segments, particularly among electric models. Flipkart caters to"
"in August 2024 compared to the previous year. This increase is especially notable in the commuter, scooter, and premium two-wheeler segments, particularly among electric models. Flipkart caters to a broad customer base, offering everything from entry-level bikes to high-end electric scooters. The platform's comprehensive range includes such as commuter bikes, premium sports bikes, and scooters from renowned brands"
"India will continue to buy oil wherever it can at lowest possible price: Hardeep Singh Puri The government has decided to cut by INR 200 per cylinder. But my next question is, who will be bearing the impact, government or ? And you will appreciate the spirit of my question, the reason I am asking this is because there is a perception that the impact would be borne by OMCs and they could take a hit of about INR 7,500 crore? I think the reduction in price of the cylinder by INR 200 has been welcomed by all, barring a few of my cynical friends in the opposition benches, some in the house and some outside. This is always a question whenever you deal with energy as to who will bear the burden of a price reduction. You know, in an ideal world where you would allow market forces to establish the price of petrol and diesel at the bunk or pipe gas, natural gas or gas cylinders, in a world which was completely, I choose my words very carefully, free from all desires to cushion the common man, you could have chaos. And let me give you a few examples of what that chaos would be. The price of crude oil is determined by a global situation. We are dependent up to 80% of our requirements on imports for crude oil, about 55-60% on the import of natural gas. Now, if you were to add to the cost of production, the cost of insurance, the cost of freight, refining cost, refiner's margin, dealer's margin, et cetera, then you would not be able to control the price if it went up, as it did from USD 19.56 a barrel, it shot up to USD 128 a barrel. But what do you do? Sometimes the government takes a hit. Like, for instance, on two occasions when it came to petrol and diesel, the honourable prime minister reduced the excise we charge, and the price came down by 13 rupees and 16 rupees, November 21, and again May 22. And when it comes to gas, you had a very interesting situation. OMCs incurred a loss of INR 28,000 crores. Now, they are not operating on their own money, they raise money in the market so you had to compensate them. So that INR 28,000 crores was compensated up to an extent of INR 22,000 crores. Today, 80 crore of our citizens are getting three meals of dry ration in a day. You built Pradhan Mantri Awas Yojana, you built toilets and yet the gas cylinder price has come down from 1100 to 900. There are 32 crore connections. And for those who are beneficiaries of the Ujjwala scheme, it has come down. It means that they were getting another 200 rupees directly into their khata or DBT. So, that is there. Now, please see, in 2014, you had 14 crore connections. That has gone up to 32 crores or thereabout. Out of them, 9 crore 60 lakhs are beneficiaries of Ujjwala. When you give somebody an Ujjwala connection, you are incurring already an expenditure of INR 3,600. Now, every cylinder that they draw, they are allowed to draw up to 12 cylinders. They probably draw only up to 3.7 or 4 cylinders. They get INR 200 per cylinder. Now, what does that mean? If you take, let us"
"cylinder that they draw, they are allowed to draw up to 12 cylinders. They probably draw only up to 3.7 or 4 cylinders. They get INR 200 per cylinder. Now, what does that mean? If you take, let us say, the average of 3.7 cylinders in a year, you take 365 days, you divide it, it comes to a 7 rupees expenditure per family on gas. And you are already giving them three meals of dry ration free. Plus, if I count all the other facilities that have been given, look at the situation in 2014 and what it is in 2023. I just want to make one final submission to you, my friend, that if you are to insulate the common man, I mean the economically weaker sections, the people who live below the poverty line, then both the government and the OMCs will have to do it. It is not as if the OMCs are collapsing. I can say with a degree of satisfaction that the OMCs today have registered very reasonable and healthy financial results. I am choosing my words carefully. There are quarters when they do better than other quarters. But I think when the prime minister decides that the price of a cylinder, a 14 kilo cylinder, has to come down on the occasion of Onam and Raksha Bandhan by INR 200, the OMCs are happy, the country is happy. Some of my friends, cynical on the side of the opposition, are cribbing a bit. But you know, their cynicism and their statements, which are irrelevant, I think will not be taken. It is being lapped up. It has been warmly welcomed by every sister of ours, to whom the prime minister as the Pratham Sevak has given this Raksha Bandhan gift. I distinctly remember in December 2022, when we spoke about high energy prices because of war, your words were, OMCs have to play the role of being a good corporate citizen and glad they are playing that. Do you think increasingly that role will be played more given that crude is back above USD 85 now? When I described the OMCs as good corporate citizen, it was meant both as an encouragement and as my subtle message to them that when a crisis situation and global prices are very high, you should not look at short-term profits because the OMCs have large businesses. Some of them make big profits in a quarter, some less, but they are all doing reasonably well. Now, today are around 85 or so. I am not unduly concerned because there is a large economy where the levels of consumption will remain to be seen. Plus, there is a voluntary cutback by OPEC plus and they are cutting back to keep their prices above 80. But, I have maintained this repeatedly; if you keep oil prices at a high in a situation which is inflationary, for a variety of reasons, there were stimulus packages, interest rates are still shooting up, then it becomes a self-fulfilling prophecy. Then along with inflation, you get high oil prices and then there is a tipping point at which demand begins to fall. So, we are in that territory but I can take advantage of your kindness and my ability to speak to your viewers that we are in a very comfortable"
"is a tipping point at which demand begins to fall. So, we are in that territory but I can take advantage of your kindness and my ability to speak to your viewers that we are in a very comfortable position on availability, on affordability and on sustainability. So, on all counts, I think the Honourable Prime Minister and his guidance has ensured that we are in a position of reasonable safety and comfort. The PSU stocks in general have created wealth for government and for minority shareholders because the entire PSU space now has got re-rated. But everybody is trying to still understand that is the government committed for PSU minority shareholders to make money and the purpose of OMCs will it be always be a good corporate citizen or they will always reward minority shareholders also. Again, you will appreciate the question and the spirit of the question. No, I appreciate the incisiveness of your question. Do you keep OMCs only to make them good corporate citizens? Certainly not. You would not be able to run the economy if you keep asking any sector, any segment to bear the cost of, at the expense of market forces. No. You have to navigate a careful and charted course through this. You have to ensure that the shareholders who have invested in them get their returns and the shareholders are rewarding them by investing more in them. I mean, when I came onto the scene two years plus ago, we had one company, I am not going to name it, everybody said it is ready for disinvestment, etc. Today, it is one of our star performers. Now, there are situations in which you cannot save a PSU or you should not. I was Civil Aviation Minister when we had to deal with Air India and I was clear I could not go on every year to my senior colleague and ask for INR 8,000 crores of handout to keep Air India afloat. So, we took a tough call. We privatised it and today the rest is history. Today, Air India is ordering, I do not know, 500 or 800 more crores. They are adding to the civil aviation manufacturing industry in the world. Boeing, Airbus placing orders. Look at another Indian airline, private sector airline, they are all in private sector now by the way, ordering another 700-800 planes. So, governments have to step in with clear-headed and farsighted decision-making. So, the energy sector is now one in which the OMCs are doing well and if the OMCs are occasionally asked to assume one of their many roles as good corporate citizens, they are not unhappy to do so because when the country grows, the OMCs grow also and these OMCs are now big players internationally. One of them has the seventh largest oil company in the world. So, I think we should rejoice at the fact that the OMCs are playing ball with us. The big success story for 2022 was India's oil diplomacy where we were able to get oil at a discount from Russia. Now, we understand that the discount from Russia is decreasing. Is that true? First of all, what you describe as the outstanding diplomatic success"
"we were able to get oil at a discount from Russia. Now, we understand that the discount from Russia is decreasing. Is that true? First of all, what you describe as the outstanding diplomatic success story about getting discounted oil from one source. Let me share with you my perception. We have done two or three things. We have diversified the sources of our supply. It used to be 27 countries. Now, it is 39 countries and by the way, we are very clear in our minds that we will buy oil from wherever we can get it, as long as it is delivered to our point of importation at our ports at the lowest possible price. So, we used to have a classical situation where out of the 5 million barrels in a day that we used to consume, we used to import, it was evenly divided between 800,000 barrels from one supplier to another. Now, those suppliers change and we have this very interesting situation that sometimes Iraq becomes the largest supplier, sometimes Russia. Yes, discounts are a function of buying and selling. If the Russians think that they can sell the their crude or if Saudi Arabia thinks it can sell the crude more expensive and people will buy it, discounts will not happen. But we are playing something called the market card and I am very happy to go on record. If India does not buy the 5 million barrels or it is going to go up to 6 million barrels, please let me know where you are going to sell from. So, discounts will always be part of the game whether they come from one source or another. Nobody is really talking about it in media specifically is that India has started doing rupee trade with UAE, that really could be the game changer. Has it started or is it only at a very experimental stage and if it has started, do you see the rupee trade with UAE could be the game changing moment for India and for our energy security? I would want to be modest and circumspect about this. Yes, we have a rupee-dirham arrangement with the UAE, but the transactions in the oil sector are very minimum. So, this is just a process which has started. It will require a comfort level on all sides and there are other factors. Next time when we meet, we will have a detailed exchange on that. And this is more in the realm of another colleague of mine. I deal with the commodity. I would be very happy to see more rupees being used, rupee payments being made but just now it is at an infant stage."
"OSRTC adopts cleaner fuel technologies to reduce carbon footprint New Delhi: ( ) is at the forefront of efforts to mitigate carbon emissions. It operates a fleet of over 636 buses and is under procurement stage for another 1745 buses. At present, more than 10 million passengers are using the annually and it is anticipated that after augmenting the additional fleets, more than 1.64 billion passengers annually, the corporation said. , Chairman and Managing Director, OSRTC,, said, ""OSRTC is committed to the environment through its strategic development and transformation initiatives, overseen by Palladium India as a Project Management Consultant. We have embarked on a journey to not just reduce carbon footprints but to redefine the standards of excellence in the transport industry."" ""We are constantly upgrading our existing fleet with modern engines and emission control systems to reduce carbon emissions and enhance fuel efficiency. Further by augmenting emission efficient fleets almost 3 times of its existing fleet, OSRTC aims to reduce emissions and contribute to improved air quality and further complying to the SDG parameters,"" he added. OSRTC has adopted cleaner fuel technologies by shifting from conventional fossil fuels to cleaner alternatives, such as increasing the use of AdBlue. Around 38% of its ongoing fleet is being upgraded with technology to reduce carbon emissions. Additionally, OSRTC plans to incorporate further 1745 Conventional Diesel Buses complying with BS-VI Emission norms, which could result in an annual carbon reduction of approximately 11 million tons, the corporation said in a media release.. OSRTC also launched many training and capacity building initiatives to encourage its drivers to adopt eco-driving practices, such as maintaining steady speeds, reducing unnecessary idling, and implementing efficient driving techniques. Also, a major focus is being put on the maintenance tracker and daily checklist to effectively oversee and handle the maintenance of its fleet. Collaboration with five reputable body builders and an approved insurance partner further ensures regular vehicle servicing, maximizing performance, fuel efficiency, and minimizing emissions. ""OSRTC is one of the few state transport corporations which generate electricity using solar power on its rooftops, contributing clean energy to the Grid Corporation of Odisha. This sustainable energy production method significantly reduces greenhouse gas emissions and effectively mitigates air pollution,"" the chairman said. The state transport also has its own Integrated Transport Management System (ITMS) that helps optimize route planning, reduce congestion, and improve fuel efficiency, the release said. , CEO, Palladium India, said , ""As Strategic Consultation Partner, Palladium backs OSRTC's vision to create a greener, cleaner, and more efficient public transportation system. We are proud to be associated with an organization that strikes a harmonious balance between"
"backs OSRTC's vision to create a greener, cleaner, and more efficient public transportation system. We are proud to be associated with an organization that strikes a harmonious balance between meeting its financial objectives and ensuring a positive impact on the environment, society, and stakeholders."
"Global Road Safety Week: How technology can ensure safety and save lives on Indian roads Roads have become central to human life and the symbol of national prosperity. Yet 3700 road deaths every day is a black-spot on world transportation. One day people may ask, is it worth? Is it sustainable? In India, millions travel on roads; but daily 415 families do not get back their dear ones home. Road fatalities are the biggest cause of unnatural deaths among Indians. It is estimated that cost India about 3%-5% of its gross domestic product every year. India loses a city's worth of population every year due to road crashes according to the Ministry of Road Transport & Highways of India data. With the evolution of the motorized vehicles, increasing speed limits and improving roads all over the world, the boom of road transport is turning into a major bane to mankind. Without appropriate strategies to reduce road accidents and deaths, it is becoming a serious global crisis. The National Crime Records Bureau data shows that India had about 1,55,622 deaths (due to road accidents) in 2022, with millions more sustaining serious injuries and living with long-term adverse health consequences. Globally, road traffic crashes are a leading cause of death among the young people, and the main cause of death among those aged 15–29 years. Why road crashes? Who is responsible for these deaths? More profound question should be how do we arrest the alarming Road Death numbers? For an answer we must look into the cultural reality of Indian Roads. Understanding Road Crash is a complex science, yet an average Indian still treats it as a chance factor . Hence, many resort to luckKaali Billi & Lemon ChilliLIDAR, Ultrasonic Sensors with connected ecosystems and fuse all data to create insights in real time for alert, assistance and in higher level even automatic actions of brake and accelerator can be done, nearing to autonomous driving. The role of ADAS is to prevent deaths and injuries by reducing the number of accidents and the serious impact of those that cannot be avoided. Some of the safety critical alerts can be Pedestrian detectioncorrection, Traffic Sign recognition, Automatic Emergency Braking, Blind Spot Detection, fatigue alert, Drowsiness Detection alarm etc. On an elementary level, even a mobile application which can do elementary alert and assist can be of great help. These systems can build even Road Users Behaviour history and can be used for their own training or can be used as a Safe Driving Score to be incentivised by various service providers, including insurance companies, to win them for respecting the Road. This will trigger to build the missing Trust among Drivers/Road Users with Road System to support the Road rules, as they will have multiple gratifications to drive safely. Situation will be completely different from today, where 80K-90K traffic cops across the country are struggling to catch billions of violations. With this technology,"
"gratifications to drive safely. Situation will be completely different from today, where 80K-90K traffic cops across the country are struggling to catch billions of violations. With this technology, self-enforcement will kick start and overtime will build Safety Culture on the Roads, users believing in the science of avoiding the crash rather than counting on luck. When only 10%-20% violators are left, enforcement also will work. It will be a win-win for all stakeholders. And so we will see India free from all avoidable road deaths through technology for a purpose, #Technology4Safety. (Disclaimer: Ramashankar Pandey is the CEO of Tata Green Batteries. Views are personal.)"
"Bike Bazaar raises additional $10 million in funding, will focus on Electric Vehicles Two-wheeler sales and financing startup, , on Monday said that it has raised Rs 82 crore (or roughly $10 million) in additional funding from , a Germany-based development finance institution and a subsidiary of . With this funding, Bike Bazaar has closed its latest fundraise with a total equity capital of Rs 250 crore (or $30 million). It had raised Rs 170 crore in September last year, led by Women World’s Banking Asset Management (WAM). Existing investors and Faering Capital have also participated in the fund raise. According to the company, it will use the new funds to penetrate deeper into rural Indian markets and to continue to increase its focus on electric mobility in the business-to-business (B2B) and consumer spaces. “Bike Bazaar is doubling down on electric two-wheeler financing by offering products including rental solutions especially for last-mile delivery in the e-commerce & food-delivery industry,” said Srinivas Kantheti, cofounder and managing director of Bike Bazaar. Founded in 2017 by former executive Kantheti and former executive Karunakaran Vadakkepat as a used two-wheeler financing business, Bike Bazaar has several businesses within the two-wheeler segment including new two-wheeler financing, a marketplace for pre-owned two-wheelers, and a new electric vehicle financing business besides additional services like leasing and insurance. It was looking to add servicing of two-wheelers as well, company officials said last year. Since its inception, the company has in all picked up Rs 482 crore in equity funding. “With our financing, we are supporting the growth of a pioneering financial institution so that it can continue to drive financial inclusion amongst underserved demographics, especially females and small medium enterprises. Furthermore, we are specifically excited at the opportunities in the electric mobility space in India,” said Monika Beck, member of DEG´s management board. At present, Bike Bazaar is present in over 140 Indian cities with 1,000 touch points across states of UP, Bihar, MP, Rajasthan and West Bengal. Bike Bazaar’s financing business has disbursed over 375,000 two-wheeler loans till date and the company had a cumulative loan disbursement of Rs 2000 crore as of December 2022, the company said. It is now looking to touch an average run rate of Rs 1000 crore in loan disbursements by end of current fiscal year. Also Read:"
"How tech-based solutions and accident data save lives on roads New Delhi: It’s oft-quoted in our social circles that commercial flights are the safest mode of transportation. No doubt this turns out to be true, especially if you consider its minuscule value on a scale of the number of fatalities per unit of distance covered, vis-à-vis other forms of transportation. The same, however, does not hold true for road transportation. Data from the World Health Organization shows that ~1.3 million people die each year because of road traffic crashes. Additionally, road traffic injuries are the leading cause of death among children and the young. The story is even more pronounced in developing countries. About 93% of global fatalities occur in low- and mid-income countries while these countries account for ~60% of the world’s vehicles. India tops this list, accounting for ~11% of fatalities globally. As per the ‘Road Accidents in India 2021’ report by the Government of India, one in every 10 people killed on roads across the world is from India. In 2021 alone, ~412K road accidents were reported in India claiming ~153K lives. The worst affected were found to be in the age group of 18-45 years. These statistics may seem overwhelming at first. All, however, is not gloom and doom. When compared with the past, vehicles of today are equipped with more technology and software than ever before. Plus, advances in data collection procedures, modelling techniques, and accuracy of prediction algorithms can all be used to come up with tech-based solutions for ‘Saving Lives’. Additionally, regulatory requirements are also pushing for a safety-first approach in automotive development. A primary precursor to developing safer experiences for users of the entire road ecosystem is data on accidents. Data and research In 2010, Bosch Corporate Research and Bosch Global Software Technologies (BGSW) along with an external research agency teamed up to expand Bosch’s accident research activity to India, beginning at Coimbatore with a pilot study of 50 cases. This pilot, foundational to the Accident Research Database’s establishment in India was led by Girikumar Kumaresh, Principal Advisor – , Future Mobility at Bosch, Advisor to India’s panels in various automotive industry standard committees in Central Motor Vehicle Rule Committee (AIS – CMVR). This study helped in establishing a consortium called RASSI Accident Database – Road Accident Sampling System for India. In simple terms, RASSI is an automotive industry consortium comprising OEMs and Tier oness, with the aim of making road transportation ecosystem safer for users. Typically, information on accident and crash sites is populated into this database including, but not limited to, data points such as weather conditions, crashed components, skid/brake marks, site debris, and injury data. Today, data from 6500+ accidents with ~1500+ variables is included in the database. Data from RASSI finds multifold utility, ranging from"
"components, skid/brake marks, site debris, and injury data. Today, data from 6500+ accidents with ~1500+ variables is included in the database. Data from RASSI finds multifold utility, ranging from conducting benefit estimation studies R&D of motorcycle and passenger car Antilock Braking Systems (ABS) to development of Electronic Stability Control (ESP) systems, and R&D of airbags and passive restraint systems, to name a few. To illustrate, benefit estimation studies were used to evaluate its impact on motorcycle ABS for Indian highways. Studies showed that if every motorcycle had been equipped with ABS, every third crash could have been prevented. A similar study on ESP® showed that every 14 th road fatality can be avoided altogether in India. While data forms a necessary precursor, software technology plays an equally key role in making Mobility safer. Utilization of software itself can be in multiple places such as on-board, off-board, and cloud, with all of them working in tandem. Consider ADAS, which uses sensors and cameras to assist drivers in multiple ways such as lane departure warnings, and adaptive cruise control, thereby making driving safer. As another example, consider Emergency Response Systems, which utilize in-vehicle systems to notify emergency services in the event of accidents providing time-critical information such as location, and severity. Cloud data analytics from accidents can be used by government and regulatory agencies to identify traffic hotspots and build safer infrastructure. Feedback loop systems, such as driver monitoring systems, can be used to provide feedback on building safer driving habits, while also acting as a product differentiating input for insurance companies. Regulations on vehicular and road safety systems form an equally important aspect of building safer cities and communities. In India, Bharat New Car Assessment Programme (NCAP) serves as a mechanism for OEMs to manufacture safer vehicles. Additionally, India currently has more than 70% safety regulations which are either partially or fully technically aligned with Global Technical Regulations (GTRs) and UN Regulations while retaining Indian-specific driving and environmental conditions. The road ahead It is, therefore, no doubt that as technology gets more sophisticated, it gets more democratized. Mass adoption will naturally lead to further use cases getting conceptualized and developed. It is natural to expect that more and more vehicles will be connected to the larger road ecosystem. V2X technologies would allow for continuous data exchange between vehicles, thereby helping build more prudent data sets in the event of crashes, or perhaps even mere brushes between vehicles. This helps in creating a data-led network that not only collects information about incidents on the road but also builds recommendations to drivers on road conditions, alerts, and perhaps even on adjacent vehicles. For instance, consider vehicle platooning, where a platoon"
"about incidents on the road but also builds recommendations to drivers on road conditions, alerts, and perhaps even on adjacent vehicles. For instance, consider vehicle platooning, where a platoon leader (vehicle in front) communicates with the ones behind and exchanges crucial ecosystem data enabling in making autonomous driving decisions for all vehicles behind. With such technological advancements, the overall goal is to not only enable data collection and decision-making on the road ecosystem but also reduce accidents and untoward incidents altogether. It is a matter of time before this too becomes a reality. (Disclaimer : Dattatri Salagame is CEO, President, and Managing Director of Bosch Global Software Technologies (BGSW). Views are personal)"
"South Korea's Hyundai Motor to take a fresh crack at Japan sales South Korea's said on Tuesday it is returning to Japan 12 years after leaving because of poor sales, as growing demand for offers a fresh opening in a market dominated by Toyota Motor. Hyundai said it will sell its Nexo SUV hydrogen fuel cell electric vehicle and its Ioniq 5 midsize crossover electric vehicle (EV), which is at the heart of the company's attempt to capture 10% of global EV sales by 2025. ""We haven't yet set a target for sales, but we will try to provide more information once we begin taking orders online in May,"" the head of , Shigeaki Kato, said at a launch event in Tokyo. Hyundai, which along with affiliate Kia Corp dominates neighbouring South Korea's auto market, made its first bid to capture market share in Japan in 2001, but left after selling only 15,000 cars. Of the five million cars sold in Japan annually around nine tenths are Japanese brands, with Toyota Motor holding around a 40% market share. Outside of luxury models, foreign makers have struggled to chip away at that lead. Booming demand for EVs, including Tesla Inc models, however, may mean a second chance for legacy manufacturers such as Hyundai, Volkswagen AG and Stellantis, the maker of Peugeot cars. Although only around 20,000 EVs were sold in Japan last year, the segment grew by almost a half from a year earlier even as overall car sales edged down. Imports of EVs jumped almost three times to a record 8,610 vehicles, according to the Japan Automobile Importers Association (JAIA). In a video message at the presentation in Tokyo, Hyundai CEO Jaehoon Chang apologized for the car company's departure 12 years ago. Only 600 Hyundai cars were still driving in Japan, he added. This time around, Kato later explained, Hyundai will focus on online sales, and is partnering with a car sharing service operated by online social gaming company DeNA Co and insurance company Sompo Holdings that lets private car owners rent out their vehicles. Also Read:"
"Opinion: How the Interim Budget 2024 can foster robust automotive landscape New Delhi: Being the Lok Sabha election year, the 2024 Union Budget on February 1 will be interim or provisional. The automotive industry expects the budget to adopt a growth-oriented strategy, prioritizing the enhancement of capabilities for localization and incentivizing the adoption of alternative fuel solutions. This aligns with the broader objective of achieving 50% energy capacity from renewables by 2030. In 2023, the Indian automotive industry made significant gains by building upon the healthy growth in 2022. The Passenger Vehicle segment surged 8% by selling over 4 million units, Commercial Vehicle segment 5% with 0.98 million units, and two-wheelers 9% with sales exceeding 17 million units, gradually approaching its previous peak in 2018-19. The three-wheelers grew 63% year-on-year by selling over 0.68 million units in 2023. This landmark year underscored the industry's resilience and continued upward trajectory. In terms of fuel type, Electric Vehicles (EVs) made the highest Y-o-Y growth of 49% (1.53 million units sold in 2023). Despite challenges such as reduced FAME-II subsidies for the e-2wheeler segment, the industry regained momentum by August 2023. The auto-component industry also demonstrated robust growth, with a 32.8% increase (USD 69.7 billion) in FY23, driven by domestic demand. EVs constituted approximately 2.7% of its total turnover in this period. In alignment with India's commitment to green mobility and domestic manufacturing, the EV sector anticipates positive measures in the Interim to foster industry growth. Presently, EV penetration stands at 1%, and the industry seeks support for expansion. Emphasizing green and sustainable mobility, there's a notable focus on production, utilization, and export of green hydrogen, backed by the Green Hydrogen Mission with a substantial INR 19,700-crore capital outlay. The interim budget should not only address the current industry challenges but also promote long-term sustainable growth. The Budget can play a pivotal role in supporting the automotive sector's transition by implementing measures to encourage and facilitate this shift. A few areas where the budget can support the automotive industry to aid this transition are: Incentives to enhance EV Ecosystem: TheEV ecosystem seeks encouragement for enhanced adoption, innovation, and infrastructure challenges. Under FAME-II, the Ministry of Heavy industries (MHI) has disbursed INR 5,228 crore in subsidies for about 1.15 million EVs and an additional INR 800 crore for setting up around 7,500 fast charging stations across the country. There is much anticipation for clarity on FAME-III subsidy, which is projected to have heightened focus on mass transportation, alternative fuel initiatives and charging infrastructure. Including EVs in Priority Sector Lending (PSLs) to make EV financing more accessible,will also be key in enhancing EV adoption. In addition to"
"fuel initiatives and charging infrastructure. Including EVs in Priority Sector Lending (PSLs) to make EV financing more accessible,will also be key in enhancing EV adoption. In addition to the incentives aimed at directly improving EV registrations, the budget should also focus on extending support across the entire EV ecosystem, such as boosting indigenous production, provisions for enabling fast-charging infrastructure uniformly across the country, comprehensive battery swapping policy, and insurance norms tailored for EVs, among others. Fostering growth for startups and MSMEs: To boost the EV ecosystem among MSMEs and startups, the government should incentivize measures such as facilitating domestic battery manufacturing, promoting skilling initiatives, and providing benefits such as accelerated depreciation and specialised EV financing. With the commercial vehicle industry poised to thrive amidst infrastructure development and e-commerce growth, extending government incentives in this sector can catalyse innovation and foster sustained expansion, driving the production and adoption of electric vehicles among MSMEs. Thrust on renewable power sector: India needs approximately USD 2.5 trillion in investments by 2030 to keep up with its sustainable energy goals. With the transport sector accounting for around 10% of India’s greenhouse emissions- transition to green mobility, backed by renewable sources is key to reducing carbon footprint. Policy initiatives focusing on research, development, manufacturing, and investments in clean energy solutions like wind and solar can accelerate progress. Supporting these efforts with viability gap funding and low-cost financing through a dedicated green fund will strengthen the transition to sustainable energy. PLI program for green hydrogen: The nationwide PLI program for green hydrogen is a positive step (hydrogen could contribute to more than 20% of annual global emission reductions by 2050). Th on-going efforts towards indigenous manufacturing of electrolysers will solidify India's role as a net energy provider and exporter, also cutting down ther fuel import costs. Flexi-fuel technology: The interim budget can incentivise wider adoption of flexi-fuel technology. With government advancing the 20% ethanol blended petrol (E20) from 2030 to 2025, it requires an estimated 2.68 billion gallons or 10.15 billion litres of ethanol. The blending of ethanol into petrol has resulted in foreign exchange savings of over INR 24,300 in the supply year 2022-23. The total number of outlets retailing 20% ethanol-blended fuel currently stands at 9,300. To be able to adhere to the projected roadmap to enable timely adoption, incentives towards production as well as diverting sugarcane for ethanol are vital. In conclusion, as the nation moves towards sustainable and green mobility, the Interim Budget 2024 is anticipated to provide crucial support and incentives. The budget should focus on enhancing the EV ecosystem (in"
"as the nation moves towards sustainable and green mobility, the Interim Budget 2024 is anticipated to provide crucial support and incentives. The budget should focus on enhancing the EV ecosystem (in tandem with prioritising indigenous capabilities), investing in renewable energy, and incentivizing alternative fuel technology towards fostering a robust automotive landscape. (Disclaimer: Saket Mehra is Partner and Auto Industry Leader, at . Views are personal.)"
"Tesla, rivals get low marks for automated-driving technology 's and and nine other assisted-driving systems marketed by major automakers received ""poor"" ratings from the U.S. Insurance Institute for Highway Safety in a new study released on Tuesday. The IIHS, a safety research arm of the insurance industry, also said there is no evidence that Autopilot or other assisted-driving systems have real-world safety benefits, based on crash data. ""We are able to look at insurance claims data. We have been able to look at vehicles with and without these (systems) and determine there is no reduction in claims as a result of these more advanced systems,"" IIHS President David Harkey told Reuters. By comparison, there is evidence that automatic emergency braking systems cut rear-end collisions by 50% and cut incidents of a vehicle hitting a pedestrian by 30%, he said. Tesla and its chief executive, Elon Musk, have said that a Tesla operating with Autopilot engaged is about 10 times safer than the U.S. average and five times safer than a Tesla without the technology enabled. Federal regulators are investigating nearly 1,000 accidents in which Tesla's Autopilot was in use. A civil case scheduled to go to trial next week in California will be the latest test of Tesla's strategy of blaming crashes on drivers who fail to heed the EV maker's warnings to pay attention to the road when Autopilot or Full Self Driving technology are engaged. Tesla did not reply to an email seeking comment. The IIHS study rated 14 assisted-driving systems from nine automakers against standards it developed. The U.S. National Highway Traffic Safety Administration has no formal standards governing advanced-driver assistance systems, or ADAS in industry terminology. ""There are no federal regulations, nor is there good consistent guidance,"" Harkey said. ""That was our reason for putting these safeguards together."" Of the systems IIHS tested, only one earned an acceptable rating: The Lexus Teammate with Advanced Drive, offered last year on a small number of Toyota Motor's luxury Lexus LS hybrid sedans. ""Toyota continuously aims to increase vehicle safety,"" Toyota said in a statement. ""As a part of that effort, Toyota, among other things, considers performance in third-party testing programs like NHTSA's New Car Assessment Program and IIHS's Top Safety Pick program."" GM's Super Cruise and Nissan's ""ProPILOT Assist with Navi-link"" offered on the 2023-2024 Ariya electric vehicle received ""marginal"" overall ratings. ""We are evaluating the results from the first-ever Partial Automation Safeguards test and will continue to work with IIHS in all matters related to customer safety,"" Nissan said. GM said in a statement that Super Cruise ""is meant to serve as an enhancement to the driving experience,"" not as a safety feature. Different assisted-driving systems from Tesla, Mercedes-Benz , BMW, Nissan, Ford, GM, Hyundai's Genesis brand and Geely's Volvo Cars brand received ""poor"" overall ratings,"
"not as a safety feature. Different assisted-driving systems from Tesla, Mercedes-Benz , BMW, Nissan, Ford, GM, Hyundai's Genesis brand and Geely's Volvo Cars brand received ""poor"" overall ratings, although all achieved ""good"" scores on certain elements of the IIHS tests, the group said. ""This new IIHS testing methodology does not assess the performance of the driver assistance systems, instead it focuses on safeguards to prevent misuse,"" Mercedes said in a statement. ""We take the findings of the IIHS partial driving automation safeguard ratings very seriously."" Automakers could boost safety ratings by adopting existing technology for functions such as driver-monitoring or attention warnings that achieved ""good"" scores, Harkey said. Tesla and other automakers are improving the capabilities of their systems, the IIHS said. Tesla revised its Autopilot software following a federal recall agreement, and IIHS will test the updated system, Harkey said. ""We are certainly going to take in the results of these tests as our cars and these systems continue to evolve,"" BMW spokesman Jay Hanson said on Monday. BMW now offers in certain U.S. models a more sophisticated driving-assistance system than the one tested by the IIHS. The Genesis GV80 SUV that launches in the U.S. this spring will the first model in the Hyundai luxury brand with an in-cabin camera to monitor the driver's face and eyes while assisted driving is engaged. ""This enhancement will also be rolling out to future Genesis products in the coming months and years,"" the company said."
"Happy Easy Rides adds 150+ new cars to its fleet; eyes massive expansion by FY 25-26 across 30 cities New Delhi: (HER), one of the leading in India, has announced a massive expansion of its operations via the addition of over 150 to its already expansive inventory. Moreover, the company, driven by the ambition of spearheading the unorganized yet highly profitable car rental business, has, by FY 25-26, set the goal of managing a massive fleet of 500 cars across 30 cities, including metros such as Kolkata and Mumbai and Tier-2 and emerging cities such as Jaipur, Lucknow, and Indore. Established in September 2021 by co-founders and , who are currently the CEO and CFO of HER, respectively, Happy Easy Rides has had phenomenal growth in the previous 18 months across , Goa, Chandigarh, and Dehradun. Behind this envisioned growth of the car rental enterprise, Phase II of its expansion, lies the dedication of the core HER team, which comprehensively looks after the operations. Attesting to the hard work and the customer-centric attitude of the company, it is worth noting that in the short span of its operations, HER has grown at an impressive CAGR of 30 per cent. Thrilled by the expansion plan, Lalit Rajwanshi, the CEO of Happy Easy Rides said, ""We are on a robust expansion journey so that we can reach more and more people, who increasingly need an easy-to-rent facility for cars. We began this entrepreneurial journey to create a niche for ourselves in the market and realized that car rental has a huge potential across cities as people are traveling more regularly and can afford to pay a certain amount as a premium to travel more comfortably, without having to break the bank. With every passing day, we strive to realize our determination to lead the industry, which has so far existed only in an unorganized manner. We strongly believe that we will revolutionize the car rental domain in India."" With an extensive experience of over 10 years in the car rental space along with his executive experience across several notable companies such as Voler Cars, Heartz, Victoria Cars, HCL Tech, YouTube, and AmEx, Lalit leverages his first-rate operations-oriented skills to drive the profitability of HER. His industry knowledge and interpersonal skills are among the guiding forces behind the venture's smooth and harmonious running as well as sought-after consumer experience. Similarly, the astute business acumen and the team-player spirit of Nimay Sharma, much like that of Lalit, ensures the solid financial foundation of HER. To serve the heavy-duty financial demands of the company, as a CFO, Nimay draws from his experience across different niches in the world of Finance. His specialty includes Business and Financial Analysis, Corporate finance, Banking Relations, Business Strategy, team building, and Client Relationships. Additionally, his in-depth knowledge of the start-up eco-system, especially SMEs and MSMEs is instrumental in solving the many challenges initiatives"
"team building, and Client Relationships. Additionally, his in-depth knowledge of the start-up eco-system, especially SMEs and MSMEs is instrumental in solving the many challenges initiatives such as Happy Easy Rides face. About the expansion, on a similar note as Lalit, Nimay Sharma, the CFO of Happy Easy Rides said, ""We are extremely delighted to roll out the expansion of Happy Easy Rides. India is a growing economy and the lifestyle change that ensues such rapid growth suggests that there is a huge demand for easy-to-rent cars. Moreover, the consumer today is waking up to the fact that owning a car is an expensive affair, however useful a car might be, especially in the fast-paced metro life. Therefore, renting is an attractive option, as one can enjoy the benefits of cars now, without the hassle of a hefty purchase. We strive to fulfill this need, with a firm belief the joy of driving is for all, regardless of how well-heeled one is."" Informing the vision of Happy Easy Rides lies a simple idea: the comparative advantage of renting cars as opposed to owning them. Happy Easy Rides offers a robust argument in favor of renting a car, which is also widespread across the internet. The venture seeks to convince consumers that they can save themselves the debilitating task of considering the margin money, loan, interest rate, insurance, processing fees and other complicated decisions involved in a car purchase by simply renting. Moreover, recognizing the huge potential of the informal car rental sector, which has a scope for growth even in Tier-3 cities, Happy Easy Rides strives to fill a huge gap in the market by targeting a huge population who are ready to pay a premium on car rental and need the service of a car regularly but can not afford to buy it. As a result, HER not only attracts a broad consumer base via affordable rental options but also runs a comprehensive background check, ensuring that the customers have valid Driver's Licenses and ID proofs so that the overall road safety, as well as the sanctity of the industry, are maintained. The idea for the bombing start-up was conceived much before its inception. The co founder duo began conducting the necessary market research for the initiative in the June of 2021 when the pandemic was still fierce. The market research was followed by fundraising, which was achieved by August of the same year before the first set of cars and the initial working space was put into place by September when the brand journey began in full swing. A few months shy of its second anniversary, Happy Easy Rides is poised to completely transform the car rental industry."
"Musk's big win in China: Tesla clears data security, full self driving hurdles for locally-made cars 's surprise visit to China has proven to be a strategic move yielding significant results. The Tesla boss has managed to get a key clearance from China that will be a big shot in the arm for the behemoth EV maker's efforts to resurrect declining sales and win trust in China where their own automakers such as BYD have threatened Tesla's dominance. Tesla's cars made in China passed key data security and privacy requirement in China, handing Musk a major win who visited Beijing to seek approval to introduce driver-assistance software. This is according to the China Association of Automobile Manufacturers. Before, some places in China banned Tesla cars because they were worried about how they collected data. Meanwhile, Reuters reported citing sources that Baidu, a prominent Chinese internet search company, has reportedly struck a deal with Tesla, allowing the car manufacturer access to its mapping license for gathering data on public roads in China. Tesla Inc.’s locally made cars have cleared a key data security and privacy requirement in China in a boost for , who made a surprise weekend visit to Beijing to try to win approval to introduce driver-assistance software. Reports thus indicate that Chinese authorities may remove restrictions on Tesla vehicles following the company's compliance with the nation's stringent data security protocols. Bloomberg reported that the data security assessments encompassed the methods by which vehicles gather ""sensitive personal information"" and the ease with which drivers can halt data collection, as stated by the China Association of Automobile Manufacturers in a late Sunday statement. Previously, Tesla vehicles had faced bans from Chinese military installations and certain governmental sites due to apprehensions regarding data collection. Alongside Tesla's Model 3 and Model Y, several other new energy vehicles manufactured by BYD, Lotus, Nezha, Li Auto, and Nio have also met China's stringent data security standards. Elon Musk, pivotal in addressing this matter, made a low-key arrival in mainland China on Sunday. He held discussions with Premier Li Qiang. Following the meeting, in the evening of April 28th, the China Association of Automobile Manufacturers released a statement affirming Tesla's compliance with pertinent data security standards. Consequently, restrictions will be progressively eased in different regions. The statement underscored that all Tesla models manufactured at the Shanghai Gigafactory adhere to these regulations, distinguishing Tesla as the sole foreign entity to achieve such compliance, according to media reports. During his unexpected trip to Beijing, Musk was anticipated to engage with senior officials to deliberate on the deployment of Full Self-Driving software and the authorization for data transfer abroad, as per Reuters, citing an informed source. In response to a query on the social"
"officials to deliberate on the deployment of Full Self-Driving software and the authorization for data transfer abroad, as per Reuters, citing an informed source. In response to a query on the social media platform X, Musk indicated earlier this month that Tesla might imminently offer Full Self-Driving capabilities to customers in China. Since 2021, Tesla has been storing all data gathered by its Chinese fleet in Shanghai, complying with Chinese regulatory mandates, and refraining from transferring any data back to the United States. Musk's trip to China came shortly after he cancelled a scheduled trip to India to meet Prime Minister Narendra Modi, citing ""substantial Tesla commitments."" Tesla is seeking to woo China, a key market for the EV maker, and just a week back it had reduced prices for all its vehicles in China. This came close on the heels of Tesla introducing fresh incentives in the world's largest auto market to attract consumers. These incentives included insurance subsidies, as the U.S. electric vehicle giant engaged in a prolonged price battle against established competitors. The U.S. electric vehicle-maker is grappling with slow demand and strong competition in China, while its first-quarter sales dropped sharply below market estimates. Tesla's global vehicle deliveries experienced a decline in the first quarter, marking the first decrease in nearly four years. Tesla is dealing with tough competition worldwide, especially from Chinese electric car companies. These companies are flooding the market with cars priced as low as USD 10,000. Meanwhile, Tesla has decided not to make the affordable car they had promised. Investors were hoping for this car to help Tesla become a big car company for everyone. Musk had last week deferred his visit to India and planned meet with Indian Prime Minister Narendra Modi. He was also set to meet with senior officials from state governments where Tesla is considering establishing an electric vehicle assembly unit. India had recently offered a new EV policy with lower import tariffs, laying out the red carpet for entry of foreign automakers such as Tesla."
"How to step-up handling of forex-related issues faced by exporters? Cross-border is a domain fraught with uncertainties at all levels. One of the major roadblocks to successful overseas trade operations is the inability to meet the requirements for foreign exchange ( ) systems and norms. This issue has the potential to mar trade deals. In trade parlance, leveraging forex requirements effectively is considered to be a sure-shot strategy for positive business outcomes. Fluctuations in the values of foreign currencies is a constant and a big challenge in cross-border trade. While this issue affects exporting firms of all shapes and sizes, the country's firms are more vulnerable to this hazard. Though the MSME sector accounts for nearly half of India’s outwards , this segment is traditionally characterised by low awareness about the procedural know-how in dealing with forex requirements and associated risks. The up-down equation A fall in the Indian rupee — which also means a stronger dollar — helps exporters earn comparatively more for their , making Indian exports more competitive. But a decline in the currency also means that imported inputs become expensive for domestic industries, affecting MSMEs the most. Lots of MSMEs do exports as well as raw material imports. Therefore, any steep depreciation in the rupees cuts them both ways. Industry estimates have revealed that imported inputs form about half of India’s exports. The recently flagged that while rupee depreciation would help spur exports, it would also raise input costs for the downstream manufacturing sector. Given this situation, exporters would prefer that there is no drastic volatility and fluctuation in the currency of the trade. Such stability will also help small businesses in better financial planning. So, what are the common solutions an exporter can embrace to mitigate forex-related risks? Forex hedging is a method often used by exporters to prevent exchange risks in cross-border transactions. Under this method, the exchange rate for the transaction is fixed for a future date, instead of using the exchange rate prevailing on the day of trade. While this looks overly simplistic, the fact remains not many MSME firms know or avail of this solution. The reason, as revealed by industry trends, is that hedging is a complex procedure and requires specialised knowledge. So, it is not a popular option among novice exporters. At times, exporters need to seek the help of industry experts or consultants who charge a fee for their services. This increases the transaction cost for exporters. There are many geographies where currency volatility and fluctuations remain a big issue. In such markets, locking the currency value of the commercial transaction via a hedging mechanism can greatly aid exporters in mitigating potential currency risks. It's worth mentioning that hedging is a double-edged sword for exporters: While it reduces trade risks, it also significantly cuts any chances of potential"
"in mitigating potential currency risks. It's worth mentioning that hedging is a double-edged sword for exporters: While it reduces trade risks, it also significantly cuts any chances of potential windfall profits that exporters can earn in case of a favourable movement in the currency. Therefore, currency hedging remains a technique used by traders desiring to play it safe while selling goods abroad. Experts suggest exporters do a thorough cost-benefit analysis before taking a hedging decision. Blind spot for exporters The reluctance among MSME exporters to update their knowledge and employ the latest forex strategies is a big growth bottleneck for them, say industry observers. Arjun Abraham Zacharia, Founder of trade facilitation platform EximPe, says MSMEs that undertake cross-border trade run their businesses in a manual, on-the-phone, paper-heavy and in-branch manner. As a result, cross-border payments remain expensive, delayed and often non-compliant with the rules of the land. For example, if an MSME wishes to conduct a transaction in the US dollar (USD), there is no credible way to obtain the rate. Of course, one can “Google it”, but that does not return accurate trade rates, he says. Hence, a trustworthy, digital 24C) is a generally accepted secure methodology that strikes a better balance between the competing interests of buyers and exporters, he says. A LC. There are several tools and solutions to curb forex-related payment issues. Exporters should make the best use of such solutions. According to Bhattacharjee, exporters can make use of a range of insurance covers to protect themselves from the risk of non-realisation of trade proceeds. The Export Credit Guarantee Corporation of India Limited is one organisation that offers various insurance products and working capital financing options to Indian exporters. “A host of financing options may soon open up for MSME exporters in India with the ( ) platforms for facilitating trade finance through lenders across the globe becoming fully functional. These platforms will enable the best possible price discovery through a live auction process, thereby offering a much larger palate of financing choices for Indian exporters,” adds Bhattacharjee. While better exposure management remains key in tackling forex fluctuations, adoption of technology can make a big difference too, claim industry observers. Pratik Sharma, the COO at Automaxis, a platform connecting freight, documents and payment in cross-border trade, vouches for tech adoption to ensure deals go through smoothly. Exporters sit on a major currency fluctuation risk as they ship goods and get the payment only after a certain period. They may end up at a loss in case the currency rate changes. “Exporters can know the current forex rates through 3rd party API services that can be integrated into the legacy systems or apps. They can also get predictions about future prices. Exporters can also select the duration and decide whether to go for"
"3rd party API services that can be integrated into the legacy systems or apps. They can also get predictions about future prices. Exporters can also select the duration and decide whether to go for forwards contracts or options in order to hedge the currency arbitrations,"" adds Sharma. To resolve documentation issues in cross-border trade, his firm has come up with a blockchain platform for secure and speedy transfer of ownership of bills of lading in real time. In usual course, this paper passes through at least 3 courier services and takes 7-10 days to reach the destination, claims the firm, adding that technology can be a great saviour for exporters in tackling various forex requirements."
"Modi invites Australian businesses to invest in infra, semiconductors, space sectors Sydney: Prime Minister on Wednesday invited Australian businesses to take advantage of investment opportunities in India in sectors like digital , telecom, and semiconductors. He suggested Australian CEOs to forge partnerships with their Indian counterparts. The prime minister, while addressing top Australian CEOs at a business round-table here, also talked about numerous economic reforms undertaken by the government. He ""invited them to take advantage of investment opportunities offered by India in domains of infrastructure including digital infrastructure, IT, fintech, telecom, semiconductors, space, renewable energy including green hydrogen, education, pharma, healthcare including medical devices manufacturing, mining including critical minerals, textile, agriculture and food processing, "" Official Spokesperson, Ministry of External Affairs, Arindam Bagchi said in a tweet. The government has taken steps like reducing the compliance burden, introduction of production-linked incentive schemes and easing foreign direct investment norms. On May 23, the prime minister met business leaders of top Australian companies and called for enhancing cooperation with the Indian industry in areas such as technology, skilling and clean energy. Modi arrived in Sydney on Monday for the third and final leg of his three-nation tour. He is visiting Australia as a guest of the Australian government. Modi held bilateral meetings with Hancock Prospecting Executive Chairman Gina Rinehart; Fortescue Future Industry Executive Chairman Andrew Forrest and AustralianSuper CEO Paul Schroder. During April 2000 and December 2022, India received USD 1.07 billion in from Australia, according to government data. Both countries have already implemented an interim free trade agreement on December 29 last year. The two nations are now engaged in widening the scope of that agreement into a Comprehensive Economic Cooperation Agreement (CECA). Australia was the 13th largest trading partner of India in 2022-23. While exports stood at USD 6.95 billion, imports from that country aggregated at USD 19 billion. India is Australia's largest export market for gold and chickpeas, the second-largest market for coal and copper ores and the third-largest market for lead and wool. Key imports from Australia include coal, copper ores and concentrates and petroleum. Meanwhile, the Ministry of External Affairs in a statement said that the participating CEOs represented leading companies operating across a diverse range of sectors, including steel, banking, energy, mining and IT. Vice Chancellors from some of the leading Universities of Australia also participated in the roundtable. ""The Prime Minister highlighted numerous economic reforms and initiatives launched by the government for ease of doing business and boosting economic growth,"" it said. The initiatives included mission Gati Shakti for an integrated approach"
"economic reforms and initiatives launched by the government for ease of doing business and boosting economic growth,"" it said. The initiatives included mission Gati Shakti for an integrated approach towards infrastructure connectivity projects; Jan Dhan-Aadhar-Mobile trinity; National Education Policy; Hydrogen Mission 2050; PLI scheme; the opening of private investment in the domain of space and geospatial sector; new policy of medical devices manufacturing; Ayushman Bharat health insurance scheme. The CEOs who participated in the roundtable include Commonwealth Bank of Australia President and CEO Matt Comyn; Rio Tinto CEO Kellie Parker; BHP President Australia Geraldine Slattery; University of Sydney Vice-Chancellor & President Mark Scott; Cochlear Chair Dig Howitt; Airtrunk CEO Robin Khuda; Quintis Sandalwood CEO Richard Henfrey; and Navitas Group CEO Scott Jones."
"Uber India rolls out rewards programme for drivers across 12 cities Ride-hailing platform is rolling out a tiered rewards programme for drivers in 12 cities. The programme, , will give drivers benefits such as area preference, discounted vehicle maintenance and motor insurance, as well as enhanced micro-credit offerings. Drivers will be eligible for these benefits upon reaching certain milestones. This rewards programme will operate independently from Uber’s ride-based cash incentive programme, where drivers earn incentives based on the number of rides completed in a stipulated time period, and ratings received from riders. The company has been piloting this programme in the National Capital Region and is now rolling it out in more cities. This comes at a time when the cab-aggregator industry is facing supply issues, with drivers moving out from platforms on account of decreasing earnings, in addition to intensifying competition in the space. Recently, Bengaluru-based ride-hailing platform started rolling out four-wheeler services. California-headquartered service has also been expanding in India. In addition, Uber is facing competition in some of its key markets from all-electric ride-hailing platforms such as and Evera. Uber has more than 800,000 drivers on its platform in India. Speaking to ET, , director-operations, Uber India & South Asia, said during the pilot phase of the programme, the company had seen improvements in stickiness of drivers on the platform. “Competition is good, it helps us innovate and come up with programmes like Uber Pro. We don’t see this as a threat but as an opportunity to innovate more,” he said. “We’ve seen through the pilot programme that stickiness of drivers on the platform improves after drivers benefit from this…they tend to churn less.” He said the company was currently seeing an all-time high driver supply in India. “A couple of years back we were in a recovery phase…there were a lot of supply issues, service quality concerns like driver cancellations, refusing to go to certain destinations,” said Shailendran. “Right now, the service quality is at the all-time best, cancellations are below pre-Covid levels, and the supply base is at an all-time high.” Uber plans to extend the rewards programme to more cities and modes of travel such as autorickshaws and two-wheelers, he said. The programme is currently available only for car drivers on the platform. Point-based tiers The company is rolling out the programme in a dozen markets, including Delhi-NCR, Mumbai, Bengaluru, Chennai, Kolkata, Lucknow, Chandigarh, Ahmedabad and Guwahati. It offers rewards and exclusive features to drivers who maintain a customer rating of 4.8 or above and have low trip cancellations. A driver moves upwards in tiers by earning ‘points’ on every completed trip and meeting other criteria. The points are reset every three months, and the drivers’ tier status is determined on a rolling period of three months. As drivers move towards a"
"on every completed trip and meeting other criteria. The points are reset every three months, and the drivers’ tier status is determined on a rolling period of three months. As drivers move towards a higher tier, they get access to more rewards. In addition to discounted car maintenance, motor insurance premiums and micro-loans, drivers also earn benefits such as ability to choose the area of preference for taking rides, and priority support. The programme is live in some of the global markets Uber operates in."
"Cars, two-wheelers to get costlier in Tamil Nadu. Here's why In a recent assembly session, the announced an increase in tax rates for new , , and other vehicles. As per a TOI report, this move is expected to raise the overall cost of vehicles in the state. The tax hike will also impact shared-autos, taxis, and trucks, potentially leading to higher freight and commute expenses. Under the amended TN Motor Vehicles Taxation Act, 1974, the tax rate for two-wheelers priced above INR 1 lakh will be raised from 8% to 12% of the vehicle's cost as a lifetime tax. This means that buyers who previously paid INR 9,600 rupees as tax will now have to pay INR 14,400. Similarly, cars priced between 5 lakh and 10 lakh rupees will attract an 18% tax, while cars costing INR 20 lakh or more will have to pay a minimum of INR 4 lakh as a 20% tax. These tax increases come in addition to registration charges, green taxes, insurance premiums, and other handling charges that vehicle owners already have to bear when purchasing a new vehicle. Industry experts, such as S Rajvel, the state chairperson of the Federation of Automobile Dealers Association, have expressed concern over these tax hikes. Rajvel believes that the automobile industry in Tamil Nadu will be adversely affected, especially since neighboring states do not impose such high taxes. He also points out that the ex-showroom prices of vehicles have already risen by 40% in the past year, and any further increase in costs will impact sales. Furthermore, transportation activists like T Sadagopan told TOI that two-wheelers are no longer considered a luxury but have become a necessity for many people, especially due to disruptions in train services and a decline in government bus services in Chennai. As more people migrate to the city's outskirts, the demand for bikes is expected to continue. Tax revisions at this point would disproportionately affect middle-income groups who heavily rely on two-wheelers for their daily commute, he said. In addition to affecting new vehicle registrations, these taxation changes will also impact vehicles brought into Tamil Nadu from other states. Commercial vehicles, in particular, will face nearly double the usual tax rates. Share-auto and taxi owners will be required to pay INR 6,000 as tax for five years. However, this move has faced opposition from S Anbalagan of the TN Auto and Taxi Drivers' Association, who argues that they are already losing a significant portion of their revenue to aggregators like Ola and Uber. Truckers have also expressed concerns about the tax hike as it will have a cascading effect on the prices of commodities being transported. S Yuvraj, representing the TN Sand Lorry Owners' Association, highlights that around 30% of registered trucks are not being operated due to the rising costs of diesel, toll prices, and maintenance expenses."
"Tesla shares skid after China sales fell to the lowest level in over a year Shares in Tesla fell more than 7% on Monday after its sales declined in February in China, where it likely faced a slowdown during the Lunar New Year holidays. The fall in sales in its key market dimmed the outlook for Tesla's global deliveries, at a time when the top EV maker is battling a decline in demand and rising competition, and is weighed down by a lack of entry-level vehicles and the age of its product line-up. Tesla sold 60,365 China-made vehicles in February, down 19% from a year earlier and the lowest volume since December 2022, according to data from the . Tesla's Shanghai factory makes Model Y and Model 3 electric cars for the local market, Europe and other countries, and accounted for over half of Tesla's global deliveries last year. ended down 7.2% on the day at USD 188.14, a slump of about 24% since the start of the year. China's Lunar New Year holidays fell in February, reducing car purchasing activities. Tesla has introduced a series of price cuts and incentives to fend off slowing demand and rising competition from Chinese rivals such as . ""It's been a perfect storm of headwinds for Tesla in China. This was a negative data point that adds fuel to the fire around the stock,"" Wedbush analyst Dan Ives said. Last week, Tesla unveiled new incentives including insurance subsidies to woo consumers in the world's largest auto market. BYD on Monday launched a new version of its best-selling car at a price lower than the final price of its discontinued predecessor, escalating a price war with rivals. BYD also saw its sales fall 37% to 122,311 in February from a year earlier. In the United States, Tesla this month offered 5,000 free Supercharging miles to customers who trade in their older vehicle to get a new Tesla vehicle by March 31. In February, Tesla temporarily cut prices of some of its Model Y cars in the U.S. Analyst Troy Teslike revised down his forecast for Tesla global deliveries for the first quarter of this year, saying weaker-than-expected China sales despite a price cut suggested ""a demand problem."" In January, Tesla warned of ""notably lower"" sales growth this year as it focuses on the production of its cheaper electric vehicle."
"Cars24 saw its topline grow at lower pace Gurugram-based unicorn saw its topline grow at a lower pace in the year ended March 31 as demand for entered the slow lane, and the company cut down on its spending significantly. In FY23, the startup’s operating revenue grew 7.7% year-on-year to INR 5,535 crore. Compared to this, in FY22, the company’s revenue from operations had posted an on-year growth of 87% to INR 5,136.5 crore. The company’s net loss for FY23 came in at INR 467.7 crore, up from INR 248.1 crore in FY22. However, in the year ended March 31, 2022, it had reported a one-time gain of INR 845 crore in other income on account of technology transfer to its Singapore entity. Excluding the one-time gain, the company’s operational loss in FY22 stood at INR 1,093.1 crore. “The focus during the year was on rationalising costs…and directionally I can tell you we have continued on the path of growing sustainably even in FY24. The idea is to build in a healthy way and reduce the loss margins,” , cofounder and chief marketing officer, Cars24, told ET in an interaction. From a peak cash burn rate of around USD 20 million in 2021, the company had reduced it to around USD 8 million earlier this year, and Jangid said the number was reduced even further. Without disclosing numbers for the ongoing fiscal, he added that in the first half of FY24, the company’s topline has grown 30% over the April-September period of FY23. The and Alpha Wave Global-backed company also curtailed its expansion plans during the year, both on the domestic front and internationally. In addition to India, Cars24 operates in the UAE, Thailand and Australia. Earlier this year, it shut down operations in Saudi Arabia and Indonesia. Within India too, Jangid said, the company was doing a calibrated expansion of its consumer-to-business (C2B) vertical, and has increased presence to 150 cities now from around 100 earlier this year. It has stopped expanding in newer cities in its business-to-consumer (B2C) vertical. ""Our focus was to increase market share in existing cities and get a sustainable growth in each of those,"" Jangid said. In the C2B business, the company facilitates purchase of cars by used-car dealers by individuals selling their products, while in B2C the company operates as a marketplace for purchase of cars by end consumers. Notably, listed used-car company , which acquired the Olx India business from Prosus earlier this year, recently announced the shutting down of the C2B vertical citing poor unit economics in the business. In May, ET reported that companies in the space were rationalising operations as sales of used cars became sluggish after heating up in 2020 and 2021. Dual efforts Cars24, which competes with companies such as Tiger Global-backed Spinny, CarTrade Tech and Peak XV Partners-backed CarDekho, is focussing on two levers to improve its margins, Jangid explained. “On the one hand, we are looking to provide value-added services to our consumers such as"
"and Peak XV Partners-backed CarDekho, is focussing on two levers to improve its margins, Jangid explained. “On the one hand, we are looking to provide value-added services to our consumers such as insurance, additional warranties and loans, which is adding to our margins. On the other, we are also working on reducing operational expenses such as marketing and advertising spends, staff costs, etc,” he said. Cars24 had launched its lending business after getting a non-banking finance company (NBFC) licence in 2019. As of May this year, the company has disbursed loans worth INR 2,000 crore. While the lending firm, Cars24 Financial Services Ltd, is currently focussed on enabling loans for customers of its parent company, it might soon begin targeting external used-car buyers. In FY23, the company’s advertising and promotional expenses stood at INR 167.3 crore, down 26% on year. It also cut down on employee benefit expenses to INR 478.3 crore last fiscal from INR 548.5 crore in FY22. As a result of this, Cars24’s gross margins improved to 11% in FY23 from 3% in FY22, while its earnings before interest, taxes, depreciation and amortisation (EBITDA) margins improved from -19% to -3%. “By solving for process efficiency, automation and implementing these changes across the organisation, we've achieved substantial cost reductions. These cost savings, in turn, have allowed us to reallocate resources to areas such as technology development, ensuring we're well-positioned for the long-term,” Jangid added. Last year, ET had reported that Cars24 took a call to prioritise sustainability over business growth at a time when late-stage funding deals began drying up. At the time, the company had shut most of its offline centres across the country, except in the national capital region (NCR). In 2021, the company had raised almost USD 650 million in equity funding. Its last equity round was in December 2021, when it raised USD 329 million at a valuation of USD 3.2 billion. It had also laid off 600-700 people during the year, but its overall headcount reduced by a higher quantum as the company stopped replacing employees it lost to attrition during 2022."
"Electric vehicle-related incentives are the newest employee perk New Delhi: (EV) incentives are catching on as a new perk at companies such as , Larsen & Toubro and . They have drafted fresh policies providing incentives for the purchase of EVs and are setting up charging stations on campus. is also considering EV fleets for material transportation. Corporates are looking to attain sustainability goals while keeping employees engaged in the journey, executives of these companies and experts told ET. Such policies are more likely at organisations with a high environmental, social and governance ( ) focus and those perceived to have ""mature"" HR practices, according to a Deloitte India study on benefits. The findings of the report, based on a survey that ended in March, were shared exclusively with ET. Companies are examining operations from the ESG aspect to align themselves with India's overall target of attaining net-zero emissions by 2070. Some are setting earlier deadlines than that. ""While the prevalence of such incentives is still low - under 15% - we are seeing an increasing trend of organisations providing incentives for EVs as part of their company car policy, over and above the sops provided by the government,"" said Neelesh Gupta, director, Deloitte. The key reason for incentives is bridging the price gap between vehicles powered by internal combustion engines (ICE) and EVs, Gupta said. EVs typically cost 30% more, he said. Vedanta recently extended policy benefits to all employees with incentives ranging from 30% to 50% for various grades for the purchase of two- and four-wheeled EVs. ""This is a one-of-its-kind initiative and further exemplifies Vedanta's focus towards positive impact,"" said chief human resource officer Madhu Srivastava. Reducing Carbon Footprint ""At Vedanta, sustainability is one of our core values and underlines all that we do. We have made a commitment to achieve net-zero carbon emissions by 2050 or sooner."" L&T has a target of becoming carbon-neutral by 2040. ""The granular targets are also built into the Lakshya-26 strategy plan. Towards this, adopting EVs in its campuses, offices and project sites is one among many initiatives currently under implementation or in discussion stage,"" said Pradeep Panigrahi, head, sustainability. ""Discussion and viability studies are ongoing to have an for material transport and EV earth-moving equipment at sites."" L&T campuses in Powai, Chennai and Vadodara have EV charging facilities. Online travel company MakeMytrip recently launched a policy to motivate employees to purchase electric four-wheelers. ""The policy reimburses the vehicle's first-year insurance cost of up to Rs 1 lakh,"" said Yuvaraj Srivastava, group chief human resource officer, MakeMyTrip. ""On the employee front, we have also attempted to encourage behaviour that helps offset, reduce the carbon footprint,"" said Srivastava. MMT plants five trees in the name of every new recruit. ""We then share a certificate with them"
"also attempted to encourage behaviour that helps offset, reduce the carbon footprint,"" said Srivastava. MMT plants five trees in the name of every new recruit. ""We then share a certificate with them with details of the type of trees, where they have been planted, and a nudge to make gifting a tree a habit."""
"Nissan Smyrna plant rolls out 15 millionth vehicle, 2024 Pathfinder, on Wednesday New Delhi: 's Smyrna Vehicle Assembly Plant in Tennessee, USA, produced its 15 millionth vehicle, a 2024 finished in Deep Ocean Blue Metallic, on Wednesday. ""Seeing the 15 millionth vehicle – a Pathfinder – roll off of our assembly line was a memorable moment for the Smyrna team,"" Brian Crockett, vice president of manufacturing for the Nissan Smyrna Vehicle Assembly Plant, said. ""It's a celebration of teamwork and the collective spirit that drives us, and of the community that has supported us every step of the way for the past 40-plus years."" Nissan began in the US Pathfinder assembly in 2005 at the Smyrna plant. More than one million Pathfinder vehicles have been assembled in the U.S. to date. Last month, the 2024 Nissan Pathfinder was awarded the Insurance Institute for Highway Safety's (IIHS) 2024 TOP SAFETY PICK+ designation. ""The Pathfinder, with its rich history and role in our lineup, symbolizes the journey we've taken together and the endless possibilities ahead,"" Crockett said. The first auto assembly plant in Tennessee, Nissan Smyrna currently builds the Nissan LEAF, Murano, Pathfinder, Rogue and INFINITI QX60. To date, Nissan has invested USD 7.1 billion USD in the Smyrna plant. With more than 5,700 employees and an annual production capacity of 640,000 vehicles, Nissan's Smyrna operations represent the largest U.S. manufacturing site within the company's network and one of Nissan's largest factories in the world."
"14 things India wants from Nirmala Sitharaman's Budget While is rebounding at the quickest pace among major economies this year, finance minister Sitharaman will need more than just stimulus to keep this run sustainable. A string of state polls next month and a Covid variant only makes her task challenging. Here are the 14 expectations economists, companies, tax experts and India's salaried class have from Sitharaman's February . 1. Economists are rooting for a gradual fiscal consolidation path, capital expenditure to pursue growth and steps to rein in inflation. The year-on-year projection of fiscal deficit should not be significantly large, they feel. They want the FM to take capex route, and preferably spend on capital assets and infrastructure projects, rather than raising allocation to rural-centric cash or employment schemes. 2. Economists also want the re-introduction of wealth and inheritance tax to address rising inequality in Covid. A joint study by Ashoka University and think tank CBGA pitches for re-introduction of these taxes, while providing incentives for charitable donations. India’s richest families saw their wealth reach a record high in 2021, even as 84% Indian households saw an income decline amid the pandemic, said a report from Oxfam India. 3. The amount of is significantly low given inflation and a variant on loose. Home budgets have been hit badly. There is a need to consider increasing the current standard deduction limit of INR 50,000 to at least INR 75,000 to provide some cushion to the salaried to sail through these times. 4. Keeping in mind that work-from-home or WFH is here to stay, the salaried class expects a deduction for home office expenses in calculating their taxes in Budget 2022. From a cost perspective, employees clearly need a backing. With multiple members in a family working from home and with the need to accommodate online classes for children, the salaried class has also looked at moving to homes with larger personal spaces. The additional cost may vary, but clearly there is an additional ongoing investment required from employees to manage working from home. 5. Insurance experts want health covers slotted in the 5% GST slab to make it more affordable to access quality healthcare. A significant reduction in the GST on all personal lines of products—from the existing 18% to 5% will encourage more people to buy health insurance in these times. For senior citizens, it should be exempted. 6. Automobile sector wants electric vehicles to be put in priority lending to encourage more citizens to opt for EVs at low interest rates. It also wants sufficient fund be allocated for R&D in a public-private partnership mode for development of batteries. In its Budget wish list, the Society Of Manufacturers Of Electric Vehicles (SMEV) also said there is a need to amend the PLI scheme for automobile and auto components, as in its current form there is an ""unfair price disadvantage"" for small and medium-size EV players."
"(SMEV) also said there is a need to amend the PLI scheme for automobile and auto components, as in its current form there is an ""unfair price disadvantage"" for small and medium-size EV players. 7. The hospitality sector wants GST input tax credit restored as it struggles with thin margins, huge losses, and loss of livelihood for thousands on the back of dine-in bans. It also wants a mechanism to protect restaurants from further lockdowns, such as insurance or a furlough scheme such as the one granted in UK. The British Treasury announced a package of grants and other relief amounting to 1 billion pounds ($1.3 billion) to hospitality and leisure businesses in December 2021, as pubs, bars and restaurants shut down due to Omicron. 8. Banks and MSMEs industry representatives want support for the sector in line with the Emergency Credit Line Guarantee Scheme – a measure introduced early in the pandemic. The ECLGS entails 100% credit guarantee by the National Credit Guarantee Trustee Company on loans extended by banks and non-banking financial companies. MSMEs also want the Insolvency and Bankruptcy Code to be amended for recovery of MSME dues. 9. FMCG companies such as giant HUL want Sitharaman to not be in a rush to bring down the fiscal deficit but continue to put money in the hands of people, especially in rural areas where FMCG growth volume has turned negative. With inflation of commodity prices impacting rural consumption, they want all the relief provided by the government in the last few years for the rural consumers through schemes like MGNREGA and free food supply to be extended in the next fiscal because the is still in the process of recovery. 10. Pandemic-hit airlines wants tax breaks and suspension of minimum alternate tax for at least two years. The airline industry says that they are taxed as high as 21% but there is no provision for input tax credit, as there is with other sectors. It wants suspension of minimum alternate tax (MAT) for aviation and airport sector for at least two years, or reduction in MAT from about 18% to 5%. Domestic passenger numbers plummeted 25% in the first week of January. Rising fuel prices are set to further stress the sector, as fuel accounts for up to 45% of the cost of operations for airlines in India. 11. Active stock market platforms such as Zerodha want the budget to reduce securities transaction tax or STT, since active traders lose more money in transaction costs and impact costs than to the markets. Zerodha customers alone pay Rs 2,500 crore in STT, stamp duty, & GST annually. STT was introduced in 2004 when long term capital gains tax (LTCG) was abolished by the then finance minister P Chidambaram. STT is collected upfront by the exchanges making it easier for the government. In the 2018 budget, LTCG of 10 per cent for gains over Rs 1 lakh was introduced, but STT wasn’t reduced. 12. Homegrown Crypto and blockchain startups want clarity from Sitharaman over issues like taxation, legislation,"
"LTCG of 10 per cent for gains over Rs 1 lakh was introduced, but STT wasn’t reduced. 12. Homegrown Crypto and blockchain startups want clarity from Sitharaman over issues like taxation, legislation, exemptions and regulations. They are keen for Sitharaman to acknowledge the potential of the industry and frame some clarity of operations to aid their operations and growth in the future. With more than 15 million crypto investors, India has emerged as the second largest global player in terms of crypto adoption, followed by a massive rise in NFT space and other startups. 13. Industry body Indian Private Equity and Venture Capital Association has proposed a new definition for startups and also reiterated some older demands like allowing local firms to directly list overseas. The startup body has proposed that a company should be considered a startup as long as it is under 10 years old and not a subsidiary or outcome of a merger or spin-off, irrespective of its revenue. 14. India's renewables sector is looking for investment-based tax incentives for companies in EV manufacturing/charging business. They expect the FM to incentivise R&D, technology adoption and investments in the storage segment and also help identify alternate sources for growth capital along with a tax consolidation plan. Also Read:"
"Hero Electric Partners with Alt Mobility to deploy 10,000 Hero Nyx e-2W New Delhi: Electric two-wheeler company has partnered with for leasing electric vehicles to the logistics market. Under the collaboration, both the companies will work with logistic aggregators and fleet operators to deploy 10,000 by 2023. With the Government’s push to convert delivery segment vehicles to EV, Hero Electric has been fronting the switch through multiple B2B partnerships. Expanding the EV ecosystem, the electric two-wheeler manufacturer will continue such collaborations to attain mission ‘Zero Emission’, the company said in a release. Sohinder Gill, CEO, Hero Electric, said, “At Hero, we strive to provide 360 degree solutions to our B2B customers through our strong network presence across India. This association will aid us in enabling carbon-free mobility in the logistics market and cater to consumer needs of last-mile delivery offered by ALT Mobility.” ALT Mobility, which offers two and three-wheeler electric vehicles for affordable monthly subscription to fleet operators, provides a full turnkey service for reducing the high costs and complexities of fleet electrification. It also takes care of financing, road tax, auto insurance, and service and spare costs of the EVs, the release said. Dev Arora, CEO of ALT Mobility, said, “We have conducted extensive tests on the ground and spent several months with the Hero Electric team before building our conviction that the Hero Nyx EV is a bankable vehicle for intensive logistic operations. To further boost the bankability of electric vehicles, we connect our fleets with intelligent sensors and technology platforms to map vehicles to our partners, manage trips, conduct health and diagnostics, provide service alerts, and improve rider behaviour to get the maximum performance and life from the vehicle.” ALT’s technology-enabled platform allows for paperless onboarding of partners, vehicle management, and access to ALT’s network of charging and parking networks, providing complete ecosystem EV services for faster EV adoption. Aiming to convert 35% of sales from the B2B segment in the next four years, Hero Electric steers forward its endeavour to provide seamless delivery experiences for its consumers and maximize traction towards EV transition in India, the company said. Also Read:"
"Toyota Kirloskar enters used car biz, opens first outlet in Bengaluru New Delhi: ( ) recently said it has inaugurated a (TUCO) in Bengaluru to offer fully OEM (Original Equipment Manufacturer) refurbished used cars to the customer. According to the Japanese carmaker, this facility will Buy & Sell only Toyota pre-owned cars. “The company has started its pilot operations in Bengaluru and plans to expand in future. “Every Toyota used car will undergo a detailed inspection at the TKM workshop, prior to Toyota’s superior refurbishment, to determine the current quality standard of the car thereby ensuring highest levels of Quality & Reliability for the end users of the product,” it said. All cars at TUCO will go through a comprehensive 203-point inspection based on the global Toyota standards. It will include services like finance, insurance and accessories as well. The showroom will be digitally integrated and customers can evaluate their vehicles online by browsing the U Trust website and clicking on ‘Valuate your car’ option. , Vice Chairman, TKM, said, “India's used car market continues to grow rapidly every year and TUCO represents our commitment to developing a fair and transparent used car market with increased reliability for our customers and to the Indian society as a whole.” “Our focus will be to offer our customers with the best quality refurbished cars with convenience, transparency, and value for money. We are committed towards creating a reliable and transparent used car market which will enable faster disposal of cars at right prices and right quality to the buyers,” he said. TKM is also offering customers tailor-made financing from TFSIN along with personalized RTO assistance for a smooth and quick documentation process, the company said. Also Read:"
"EVs can revolutionize commercial fleets and boost efficiency, says ALT Mobility CEO New Delhi: With the government efforts to incentivize the adoption of cleaner transportation options, many established companies are now taking to electric vehicles (EVs) for a sustainable and environment-friendly future. And there has been a positive switch towards EVs in recent years, , the co-founder and CEO of , told ETAuto. Arora emphasized ALT Mobility's unique role as an EV leasing and lifecycle management platform, enabling mobility as a service (MaaS). ""It not only provides lease but also ensures timely servicing and proper upkeep of the vehicle,” he said. This integrated approach makes ALT Mobility a comprehensive solution provider for its clients. About the origins of ALT Mobility, Arora explained that the company's primary focus was on supporting the transition of commercial fleets to electric vehicles to increase efficiency, sustainability, access to finance to scale up the transition. ALT Mobility started its journey by targeting the EV 2-3 wheeler segment in India. According to Arora, ""That is why they wanted to start with this. EV is more connected, increases operational efficiency and reduces operating costs. That's how ALT Mobility started."" Detailing the early stages of ALT Mobility's EV operations, Arora shared that the company commenced operations from March 2021. He revealed, ""One year was spent on conducting pilots with Amazon, Flipkart, Big Basket, and other big logistics and e-commerce companies. The objective of these pilots was to validate the feasibility of EVs as a replacement for traditional commercial engine vehicles. ""During this one year, these elements were proven that EVs can now be a part of the market as a replacement of CVs."" This successful testing allowed ALT Mobility to transition into a business-to-business (B2B) company, offering assistance to e-commerce firms in making the switch to EVs. Addressing the charging infrastructure for ALT Mobility's EVs, Arora highlighted that the company relies on AC charging stations, stating, ""These vehicles are typically plugged into a 15 amp socket, which is your power plug."" He also mentioned that their fleets are maintained by OEM partners, and ALT Mobility manages all insurance claims and servicing, providing a one-stop platform for their clients. Talking about the strategic partnership with banks, Arora explained, ""EV resale market is not properly available thus people have no resale value for their vehicles."" To address this challenge, ALT Mobility partnered with around nine banks and NBFCs, offering easy leasing operations. Arora stated, ""For the buyers, we offered them a CAPX solution and the monthly E-Rental would be 20% lower than on any CV EMI would be."" This financial solution, along with a flexible ownership model, provides buyers with the option to purchase or return the vehicle at the end of the contract. Regarding the comprehensive vehicle management approach, Arora"
"along with a flexible ownership model, provides buyers with the option to purchase or return the vehicle at the end of the contract. Regarding the comprehensive vehicle management approach, Arora highlighted that ALT Mobility ensures timely servicing and proper upkeep of the vehicles. He said, ""If a customer defaults, we're also doing collections, revenue management."" The company also handles repossession and redeployment of the vehicles, utilizing both in-house capabilities and partnerships with third-party companies for certain tasks. About partnerships with OEMs, Arora revealed that ALT Mobility collaborates with about nine partners in the two-wheeler and three-wheeler space. He mentioned, ""We're essentially working with partners like Hero Electric, , and Okaya."" The company plans to enter the four-wheeler market in the current financial year."
"Senior US treasury officials to urge India to maintain implementation of Russian oil price cap Two senior US treasury officials are in India to urge New Delhi to maintain the implementation of the oil price cap aimed at limiting profits to Russia, while also promoting stable global energy markets. Acting Assistant Secretary for Terrorist Financing and PDO Assistant Secretary for Economic Policy are travelling to New Delhi and Mumbai from April 2-5 to meet with government and private sector counterparts, the US Department of the Treasury said in a statement on Wednesday. ""They will discuss key bilateral issues, including cooperation on anti-money laundering and countering the financing of terrorism, other illicit finance issues, and continued implementation of the price cap, which seeks to further limit the profits Russia receives to fund its illegal invasion while promoting stable global energy markets,"" it said. Following Russia's February 2022 invasion of Ukraine, the G7 nations, the European Union, and Australia jointly implemented a price cap. This cap prohibits the utilisation of Western maritime services, including insurance, flagging, and transportation, for tankers transporting priced at or above USD 60 per barrel. In 2023, Russia had emerged as India's top oil supplier. India has strong economic and defence ties with Russia and has refrained from criticising Moscow over its war with Ukraine. Morris and Nostrand will deliver remarks on the price cap and participate in a Q&A hosted by the Ananta Aspen Centre in New Delhi on Thursday, the statement said. As Morris and Nostrand noted in a blog post last month, the second phase of the price cap continues to achieve its twin goals: restricting Russia's oil profits, while supporting energy market stability, it said. ""The price at which Russia sells its oil has declined markedly since the second phase began; the shift reflects the effects of reduced oil prices globally over this period, but also a significant widening in the discount Russia earns relative to other global oil suppliers,"" it said. Energy market participants, analysts, and even Russian President 's own oil czar have linked the rising discount on Russian oil to the Coalition's increased enforcement activities reflected in the second phase of the price cap - clear evidence that this second phase is working, the statement said. ""The price cap is helping maintain a steady supply of energy to global consumers and businesses, and providing key importers like India with more leverage to drive steeper bargains. At the same time, the price cap, along with key sanctions enforcement measures, is reducing Putin's profits from selling that oil,"" it said."
"U.S. states urge Hyundai, Kia to do more to tackle theft risk A group of 22 U.S. state attorneys general on Monday blasted Motor and Corp and said they need do more to address problems with millions of U.S. that are prone to theft. Last month, the Korean said they would offer software upgrades to 8.3 million U.S. vehicles to help curb increasing car thefts using a method popularized on TikTok and other social media channels. ""The surge in thefts of these vulnerable vehicles has been truly shocking,"" said the letter from 22 states and the District of Columbia led by Wisconsin Attorney General Joshua Kaul. ""More needs to be done so that every current owner can obtain one of these devices at no cost as soon as possible - especially those owners whose cars are not compatible with the software upgrade you recently announced."" The attorneys general letter said the automakers had failed to take adequate steps to address the alarming rate of theft and urged them to accelerate the implementation of the software upgrade and provide free alternative protective measures for owners whose cars cannot support the software upgrade. Kia and Hyundai said Monday they have contacted over 2.1 million customers to advise them of software upgrades. Kia said it is actively working with major insurance carriers ""to ensure our customers have access to quality and comprehensive coverage."" Hyundai said all of its vehicles meet U.S. requirements and has begun reimbursing eligible customers for steering wheel lock purchases. In Chicago there were over 7,000 thefts of Hyundai and Kia vehicles in 2022 accounting for 10% of Kia and 7% of Hyundai vehicles registered in the city, the letter said. Earlier this month, Minnesota Attorney General Keith Ellison said he had launched a civil investigation into Kia and Hyundai's sale of vehicles to Minnesota consumers that lacked industry-standard, anti-theft technology and sought documents and answer questions under oath. Ellison said in Minneapolis in 2022 Kia and Hyundai vehicle thefts were tied to five homicides and 265 motor vehicle accidents. TikTok videos showing how to steal cars without push-button ignitions and immobilizing anti-theft devices has spread nationwide. This had led to at least 14 reported crashes and eight fatalities, the National Highway Traffic Safety Administration (NHTSA) said in February. The free upgrade will be offered for 3.8 million Hyundai and 4.5 million Kia vehicles, the automakers and NHTSA said. Hyundai said the upgrade applies to various U.S. 2011 through 2022 model year vehicles. Many Hyundai and Kia vehicles have no electronic immobilizers, which prevent break-ins and bypassing the ignition. An insurance research group said immobilizers were standard on 62% of models from other manufacturers in 2000, rising to 96% by 2015. But they were standard on only 26% of 2015 Hyundai and Kia vehicles. Hyundai will also provide customers with a window sticker alerting would-be thieves that the vehicle is"
rising to 96% by 2015. But they were standard on only 26% of 2015 Hyundai and Kia vehicles. Hyundai will also provide customers with a window sticker alerting would-be thieves that the vehicle is equipped with anti-theft protection. All Hyundai vehicles produced since November 2021 are equipped with an engine immobilizer as standard equipment.
"U.S. theft claims soar for Hyundai, Kia vehicles, says non-profit group WASHINGTON: U.S. theft claims were nearly twice as common for and compared with all other manufacturers among 2015 through 2019 model-year vehicles, a non-profit group said Thursday. The (IIHS) said many 2015-19 model year Hyundai and Kia vehicles do not have , which prevent people from breaking in and bypassing the ignition. The feature is standard equipment on nearly all vehicles made by other manufacturers during that time-frame, IIHS said. Hyundai and Kia both said their vehicles meet U.S. standards but said their vehicles were being targeted in a ""coordinated effort"" by social media users. Hyundai said engine immobilizers became standard on all vehicles produced after November 1, 2021 while Kia said it added immobilizers in all vehicles during the 2022 model year. Read More:"
"Drivers more likely to be distracted while using partial automation tech, study shows Drivers are more likely to engage in , such as checking their phones or eating a sandwich, when using systems, with some easily skirting rules set to limit distractions, new research showed on Tuesday. Insurance Institute for Highway Safety (IIHS) conducted month-long studies with two such systems - Tesla's Autopilot and Volvo's Pilot Assist - to examine when the was in use and how it evolved over time. WHY IT'S IMPORTANT While launching and commercializing driverless taxis have been tougher than expected, major automakers are in a race to deploy technology that partially automates routine driving tasks to make it easier and safer for drivers, and generate revenue for the companies. The rush has sparked concerns and litigation around the dangers of and crashes involving such technology. The studies show better safeguards are needed to ensure attentive driving, IIHS said in the report. CONTEXT Partial automation - a level of "" "" - uses cameras, sensors and software to regulate the speed of the car based on other vehicles on the road and keep it in the center of the lane. Some enable lane changing automatically or when prompted. Drivers, however, are required to continuously monitor the road and be ready to take over at any time, with most systems needing them to keep their hands on the wheel. KEY QUOTES ""These results are a good reminder of the way people learn,"" said IIHS President David Harkey. ""If you train them to think that paying attention means nudging the steering wheel every few seconds, then that's exactly what they'll do."" ""In both these studies, drivers adapted their behavior to engage in distracting activities,"" Harkey said. ""This demonstrates why partial automation systems need more robust safeguards to prevent misuse."" BY THE NUMBERS The study with Tesla's Autopilot used 14 people who drove over 12,000 miles (19,300 km) with the system, triggering 3,858 attention-related warnings. On average, drivers responded in about three seconds, usually by nudging the steering wheel, mostly preventing an escalation. The study with Volvo's Pilot Assist had 29 volunteers who were found to be distracted for 30% of the time while using the system - ""exceedingly high"" according to the authors."
"China Nov passenger vehicle sales drop 9.5%, first fall in six months China's fell for the first time in six months in November and are expected to stay flat next year, an said on Thursday, as demand weakens faster than expected, even as stringent COVID rules are eased. Vehicle sales last month fell 9.5% from a year earlier to 1.67 million units, the first decline since May, according to the (CPCA). Many large cities imposed some form of lockdowns last month as COVID-19 cases rose. ""The November sales were far worse than previous expectations,"" Cui Dongshu, the CPCA's secretary general, told an online briefing. ""The current trend is unprecedented since the financial crisis in 2008,"" he said, while adding that the significant change in China's COVID policies in recent days means that the three-year pandemic is almost over, which should restore consumer confidence. China has started easing anti-virus measures after public frustration boiled over late last month, sparking protests against COVID controls that were the biggest demonstration of public discontent since President Xi Jinping came to power in 2012. But analysts say economic activity will take some time to recover. The association said it expects passenger vehicle sales to reach 20.6 million units next year, flat from 2022, a forecast more optimistic than some street views. Analysts at China expect in China, the world's biggest car market, to drop 6% next year due to the expiry of a purchase-tax cut. Even with easing COVID restrictions, the sales outlook remains subdued as car makers grapple with rising inventories of unsold vehicles. After two more years of struggling under COVID, China's working class people have seen their wealth and consumption power shrink, Cui said, adding that no sudden jump was expected in December car sales despite the relaxation of virus measures. One suggestion made by the association was to extend a purchase tax cut for small engine , due to expire at the end of this month, to at least June to help buffer the demand slump, he said. U.S. electric vehicle maker planned to cut December output of its Model Y at its Shanghai plant by more than 20% from the previous month, two people with knowledge of electric vehicle maker's production plan said on Monday. A Tesla representative called it ""false news"" without elaborating. The company, whose Shanghai plant is grappling with elevated inventory levels, is offering a limited-time discount of 6,000 yuan ($859) to buyers in China on some models from Wednesday through to the end of 2022, in addition to a previously announced 4,000 yuan insurance subsidy and an up to 9% price cut in October. Tesla sold 100,291 China-made cars in November, including 37,798 for export, the CPCA said. Auto industry officials had expected consumers to rush to buy at the end of the year, before government subsidies and the purchase tax cut expire. But the incentives did little to boost vehicle sales in recent months, as many COVID restrictions"
"to rush to buy at the end of the year, before government subsidies and the purchase tax cut expire. But the incentives did little to boost vehicle sales in recent months, as many COVID restrictions remained in place. Foreign brands saw even sharper sale slumps in November, with Japanese brands the weakest among them, said Cui. November sales of in China fell 18.4% from a year ago, while saw a 52.5% drop in its sales. Also Read:"
"Kia India launches EV 6 lease program exclusively for professionals has introduced a new lease program for its flagship , the EV6, following the success of its initial leasing initiative launched two months ago. The EV6 lease program, targeting professionals such as doctors, chartered accountants, and select corporates, comes with a monthly rental of INR 1.29 lakh that includes insurance, maintenance, pick-up and drop services, scheduled and unscheduled services, and 24x7 roadside assistance. The program is exclusively available to registered doctors, members of the Institute of Chartered Accountants of India (ICAI), other self-employed professionals, and select corporate clients. The EV6 is notable for its sleek and modern design, along with a range of up to 708 km. It supports fast charging, going from 0 to 80% in just 18 minutes using a 350kW charger. The EV6 also offers sporty performance, achieving 0 to 100 km/h acceleration in 5.2 seconds, and comes equipped with eight airbags, ADAS level 2 suite, and other safety features such as ESC, blind spot monitoring, rear cross-traffic alert, and a 360-degree camera system. , Chief Sales Officer, Kia India, said, ""Within 2 months of its launch, Kia Lease program has gained significant traction in Metro and Tier I cities, and the addition of the EV6 underscores our commitment to meeting customer demands and provide them the best of technology along with sustainable mobility solutions. The positive response reaffirms our confidence in the future of the Kia Lease program as we strive to make our vehicles more accessible to a wider range of customers."" Kia India’s partnership with ORIX Auto Infrastructure Services Limited in launching the Kia Lease program aims to offer customers a new ownership experience tailored to extended mobility needs. Lease terms range from 24 to 60 months with varying mileage options. In addition to the EV6, the lease program offers minimum monthly rentals for other Kia models such as Sonet, Seltos, and Carens at INR 17,999, 23,999, and 24,999 respectively. The move to include the EV6 in the lease lineup comes after seeing significant traction in major cities, affirming Kia's commitment to providing modern technology and sustainable mobility solutions for a broader customer base, the company said."
"Oil PSUs buy more Russian crude despite G7 price cap New Delhi: State-run refiners increased their imports of by a quarter in September over the previous month, helping boost India’s imports from Russia by nearly a tenth and providing further evidence that the wasn’t proving much of a hindrance in oil imports. Russia supplied 1.57 million barrels per day (mbd) in September, up from 1.44 mbd in August, and increased its share in Indian crude imports to 38% from 33% a month earlier, according to energy cargo tracker Vortexa. This is, however, lower than the 1.9 mbd that Russia supplied in July, which gave it a 42% share in Indian imports. Imports in September increased as lower intake by China made more Russian supplies available to India, said Serena Huang, an analyst at Vortexa, adding that the reduction in exports by also boosted Indian demand for Russian barrels. China is the biggest buyer of Russian crude. The volume of oil it receives by ship from Russia fell 13% to 1.2 mbd in September over the previous month. Europe imported 40% more at 0.4 mbd. All key Russian crude grades, including the flagship Urals, are trading above USD 80 per barrel these days, higher than the G7 cap of USD 60 per barrel. The G7 sanctions bar the use of western shipping, finance, and insurance for Russian oil sold above the cap. “The has not impacted India's imports of Russian crude much potentially because vessel owners carrying Russian crude sold above the price cap may have alternative insurance,” said Huang. Private sector refiners’ imports of Russian oil dropped 13% sequentially in September to 0.5 mbd. However, their import of refined products from Russia rose 23% to 172,000 barrels per day. State refiners’ imports of refined products remained little changed at 33,000 barrels per day."
"FTC sues Asbury Automotive for charging Black, Latino customers more The U.S. Federal Trade Commission sued on Friday, alleging that three of its dealerships in Texas charged higher prices than others, and routinely added services to customers' contracts without their consent. Up to 75% of customers of in Fort Worth, and Honda dealerships in Irving and Frisco, Texas, reported being charged without their permission for services such as protective coatings, service contracts and insurance, according to the agency. In some cases, customers had declined the services or been falsely told they were mandatory, while in others their permission was never sought, the FTC said. The dealerships on average also charged Black customers $298 more, and Latino customers $214 more for the same add-ons than they did white consumers who were not Latino, the FTC said. Asbury operates more than 155 dealerships in more than a dozen states. A spokesperson for the company did not immediately respond to a request for comment. The company intends to fight the allegations, according to a statement by Andrew Ferguson, one of two Republican FTC commissioners. Ferguson said the case was similar to one the FTC settled on Thursday against an Arizona dealership, and complained that the agency had used the settled case to classify discrimination as an unfair business practice. FTC Chair Lina Khan and the Democratic commissioners said on Thursday that exempting discriminatory conduct from unfair practices would give companies that discriminate a pass. All five commissioners voted to authorize both cases."
"Formal job creation remains uneven for second month in a row continued to be uneven for a second month in a row with the registering a marginal increase in net new in February while the net addition of subscribers under the Employees State Insurance Corporation and the fell month-on-month. The provisional payroll data by the ministry of statistics and programme implementation, released on Monday, shows net new subscriber addition under the grew 2.9% month-on-month to 1.41 million in February compared to 1.37 million added in January 2022. Net new subscribers under Employees State Insurance Corporation, however, fell by 3.3% in February at 1.25 million as against 1.59 million added in the preceding month. Subscription under the National Pension Scheme stood at 64,611, a marginal dip of 0.59% compared to 64,998 new subscribers added in January 2022. As per the report, 1.01 million male subscribers were added to ESIC while 0.24 female subscribers were added to ESIC. Of the total 1.41 million net subscribers added to EPFO during the month, around 0.84 million new members have been registered under the social security ambit of EPF & MP Act, 1952 for the first time and approximately 0.93 million net subscribers exited but re-joined EPFO by continuing their membership with EPFO instead of opting for final withdrawal. Under , highest subscriber addition in February was from the corporate sector at 64,611 followed by addition under the state government at 40,644 followed by central government employees at 13,112. The NSO report is based on the payroll data of new subscribers of various social security schemes run by ESIC, the Employees' Provident Fund Organisation (EPFO) and (PFRDA). It has been releasing such data of these bodies since April 2018, covering the period starting from September 2017. The report said since the number of subscribers is from various sources, there are elements of overlap and the estimates are not additive. NSO also said the report gives different perspectives on the levels of employment in the and does not measure employment at a holistic level. Also Read:"
"Insurance firm lodges FIR for fraud, 4-wheelers insured as bikes Lucknow: Insurance firm Bajaj Allianz has lodged an FIR with the Hazratganj police in Lucknow, alleging that owners of 21 commercial four and three-wheelers in the state have got their vehicles insured as two-wheelers in the last one month and paid less premiums. The company claimed it suffered huge loss amounting to lakhs due to the fraud, which was found during an audit. The firm suspects it to be handiwork of an all-India level gang that uses an online portal for getting vehicles insured. The complaint has been filed on behalf of the company branch manager Ravi Shanker Tiwari in Hazratganj. In his complaint, Tiwari said one Abhishek Pandey was appointed as an agent for Point of Sale at the company's satellite office in Gonda. ""In September 2021, the company came to know that Pandey had issued a two-wheeler liability policy to a commercial four-wheeler owner. This caused a loss to the company of premium meant for a four-wheeler, GST loss to state and Central governments and also to the customer as well,"" Tiwari said. The fraudulent practice by Pandey surfaced following an internal inquiry. ""We were shocked to know that Pandey sold 21 such policies to four-wheeler vehicles of different customers during his nearly one-year stint in the company,"" Tiwari alleged. Hazratganj SHO Abhishek Mishra said based on a complaint, police registered a case of criminal breach of trust and forgery against Pandey and an investigation was underway. Bajaj Allianz Head Vikas Dave said that the fraud is pan-India, in which 1.36 lakh four/three wheelers have been registered as two wheelers causing a loss of around Rs 110 crore to the company and Rs 20 crore to the government as GST. Dave further said as per records, 26,000 commercial four wheelers have been registered as two wheelers in Uttar Pradesh within a year (October 2021-October 2022), causing loss of around Rs 20 crore."
"TotalEnergies in India partners with Mahindra Insurance Broker Limited New Delhi: Marketing Private Limited (TEMIPL) has entered into an agreement with Limited (MIBL) to provide one-stop insurance services for car owners at TotalEnergies Quartz Auto Services ( ) workshops. Across 235 TEQAS centers in India, TotalEnergies offers high-performance lubricants that have fuel economy properties, as well as a range of car care products and best-in-class car servicing for vehicle owners. With this new collaboration, these centers emerge as multifaceted service hubs that will give car owners easy access to not only repair and maintenance services but also insurance services. Through Mahindra’s digital platforms at TEQAS, customers can buy or renew their vehicle insurance policies and have access to cashless claims across a multitude of insurance companies, the company said. é, Chairman and Managing Director, TotalEnergies Marketing India Private Limited,said, “This strategic partnership between TEMIPL and MIBL will allow our TEQAS workshops to deliver a more convenient, comprehensive and seamless experience to our automotive customers across the country. The inclusion of insurance products in our digital offerings aligns with customer expectations of today, and we are happy to meet this need.” , Managing Director and Principal Officer - Mahindra Insurance Brokers Ltd, said, “The partnership between MIBL and TotalEnergies aims towards expanding the distribution network for insurance services through MIBL’s platforms. This alliance will further increase accessibility for retail customers, facilitating a one-stop solution to meet their service and customized requirements. This collaboration will help to deepen the insurance market penetration and enhance our ability to cater to the evolving needs of the customers.” Through this agreement, the TEQAS workshops will be empaneled as POSP (Point of Sale Persons) for MIBL, the company said in a media release."
"GM set to launch behavior-based U.S. driver insurance in Q1: Executive Co aims to launch an by the end of the first quarter in some U.S. states that charges policyholders based on their driving performance, a company executive said in an interview. The automaker's OnStar subsidiary has asked for regulatory approval of the new data-based insurance plan in Arizona, Illinois and Michigan together with its insurance partner . It hopes to receive the go-ahead by the end of March, Andrew Rose, president of OnStar Insurance and GM's vice president of Global Innovation, said during an interview Friday. ""We hope to follow that with a dozen, two dozen and hopefully more states,"" Rose said. GM's policy currently does not factor in the use of driver-assistance systems, which can automate some driving tasks, and control braking and acceleration. Sensor data from GM's ""Super Cruise"" system, including an in-cabin camera that monitors drivers' eye and head movements, could factor into rate setting in later versions of the insurance plan, Rose said, but declined to provide a timeline. ""I'm very excited about what we have in market and its ability for us to show benefit to the insurance equation,"" he said. To use such granular data, GM and other automakers would have to overcome the scrutiny of state insurance commissions, which have yet to approve the use of data from automated systems for rate setting. The leading U.S. auto insurance research group, IIHS, on Thursday said there was no evidence that partial automation systems make driving safer. GM, which launched its regular OnStar insurance offer a year ago, has said it targets $6 billion in insurance revenue by 2030, with the average annual U.S. auto premium costing around $1,000. Behavior-based auto insurance, often referred to as telematics, has been available for several years, but largely requires consumers to download a mobile app or plug a data recorder into the car. GM instead collects braking, acceleration and general usage data, such as seatbelt use, directly from the car, providing more reliable and consistent data, Rose said. Customers who opt into data collection for the new plan receive an upfront discount on their policy if GM considers them safe drivers, Rose said. Drivers would not face surcharges for bad driving, he said, but those conditions might change in the future. Also Read:"
"​​Small cars likely to stage a comeback by 2026 amid rising entry-level incomes, says Maruti Suzuki chairman RC Bhargava may stage a comeback by 2026 as the income of customers at the entry level rises and scooter and motorcycle owners start upgrading, chairman told ET in an interview. He dismissed the argument that two-wheeler and first-time car buyers have become aspirational and are leapfrogging to mid-sized cars and . India’s record car sales in FY24 saw SUVs surging and small cars struggling. maintained its No. 1 position in the passenger vehicle market by shifting focus to SUVs from the entry level. Bhargava also said that a focus on just electric vehicles will not help reduce carbon emissions if a car is being charged using power generated from coal. In a country as large as India, multiple technologies such as biofuel, ethanol and CNG are required to lower emissions, he said. Maruti Suzuki doesn’t make EVs; it sells hybrids and CNG-fuelled vehicles. Small-car sales fell 12% in FY24 when the passenger vehicle industry grew 8.7%, led by robust demand for SUVs. The share of small cars in overall vehicle sales stood at 27.7%, down from 34.4% in FY23 and 47.4% in FY18. Maruti Suzuki leads in small cars. “Vehicle prices at the entry level went up much faster than of buyers the last few years, which impacted demand,” Bhargava said. “Maybe by 2026, the impact of these high prices will be absorbed by the increase in the purchasing power of people in that category. The slide will get arrested.” Bhargava said have now started coming back into the market and they will graduate to small cars eventually. “What is the aspiration of the two-wheeler buyer? He wants to buy a car. He's not delaying buying a small car because he wants to buy an SUV straightaway. He does not have the money (to buy a car),” Bhargava said. Increases in input costs, insurance charges, road taxes, and the transition to higher emission and safety norms, among others, led to a spike in prices in the price-sensitive, small-car and two-wheeler segments, hitting demand. While small-car sales declined 27% to 1.15 million units in FY22 from a peak of 1.58 million in FY18, two-wheeler sales crashed 36% to 13.57 million units in FY22 from a record 21.18 million in FY19. “If you study these trends in the two-wheeler market, you will see (the correlation between) price and the affordability factor,” Bhargava said. While official numbers are yet to be released by the Society of Indian Automobile Manufacturers (SIAM), industry estimates show two-wheeler sales grew in double digits in FY24, finally crossing pre-Covid levels, buoyed by sustained revival in demand in both urban and rural markets. The recovery in consumer demand at the entry level is expected to support sustained . “The last two years have been very good in comparison to the previous years, which were very bad years,” Bhargava said. “When you suddenly drop to a low base, then you have nowhere else to go but to go up. And that's"
"have been very good in comparison to the previous years, which were very bad years,” Bhargava said. “When you suddenly drop to a low base, then you have nowhere else to go but to go up. And that's what's happened in the last few years. If you consider the sales we would have had if we had steady growth since FY19, we are well short of that.” The industry finally managed to cross the 4 million mark in FY24, he added. With India’s economy booming, the industry should perform better. “Last fiscal, GDP would have gone up by well over 7%. This year also should be not less than 7%. So, if you have two years of 7-7.5% growth, why would the industry not grow?” he said. Latent demand remains massive in a country where more than 65% of consumers are aged less than 35 years, if affordability constraints are addressed, Bhargava said. First-time buyers account for 45-46% of vehicle sales in India. Given low vehicle penetration, demand for cars is present at the entry level, he said. To be sure, sluggish sales have prompted several automakers including Nissan, Honda and Volkswagen, to exit the small-car market in the country over the last few years. The total number of models on offer in the segment now stands at 14, compared with a record 31 in FY16."
"Oil falls below USD 100, eases pressure on oil cos After staying above USD 100 per barrel for two weeks, international oil prices fell to USD 99.84 on Tuesday, easing margin pressure on fuel retailers who have been holding petrol and diesel prices despite a spike in the cost of raw material. oil prices, which soared past USD 100 per barrel on February 28 and touched a 14-year high of USD 139 per barrel on March 7, fell over 7 per cent on Tuesday. The market was rattled by a resurgence of virus cases in China, which may impact demand in the world's biggest crude importer, and signs of progress in cease-fire talks between Ukraine and Russia. International oil prices, which shoot up since Russia invaded Ukraine, have swung about USD 40 per barrel in little more than a week. For India, the fall in oil prices is good news as it will lower the import bill of the world's third-biggest oil importer. It will also ease margin pressure on state-owned fuel retailers, industry sources said. Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) haven't changed petrol and diesel prices for a record 131 days. This despite the cost of raw material jumping over 60 per cent. The companies were expected to end the election-related freeze on fuel prices once polling in five states including Uttar Pradesh ended last week but they continued to keep rates on hold to not give the opposition any issue to corner the government in the second half of the budget session of Parliament that started on Monday. ""The fall in prices is certainly a welcome sign for oil companies,"" a senior official said. ""They were losing INR 12-13 a litre, without considering marketing margin, on sale of petrol and diesel. This will now come down."" International oil prices were around USD 81 when the companies hit the freeze button on November 4. Oil Minister on Monday told the Rajya Sabha that the price of petrol and diesel at the retail point or at the bunk is determined by international price, cost of insurance, freight, exchange rate, refining margins and a number of other factors. ""Oil marketing companies will take their decisions (on fuel prices). They will proceed once they can no longer bear it. If they don't have the margin or cushion, they will take the appropriate step,"" he had said as he denied suggestions that the firms were holding the prices on government instructions so as not to spoil the ruling BJP's electoral prospects in five states that went to polls. On November 4, 2021, excise duty on petrol was cut by INR 5 per litre and that on diesel by INR 10 to provide relief to consumers reeling under record-high prices. All but nine states had also cut local sales tax or VAT. ""We are willing to take such steps as are necessary to control the price,"" he had said. Also Read:"
"Hero Motocorp skids 4% as supply roadblocks compel delay of first EV 2-wheeler launch Shares of slid 4.3 per cent in early trade on Thursday after the two-wheeler giant deferred the launch of its first electric two-wheeler on account of supply constraints amid geopolitical tensions. The automobile major had earlier announced that its , under the 'Vida' brand, would be launched in July. Hero Motocorp’s scrip fell to a low of INR 2,640 as against INR 2,758.55 at the previous close on the BSE. The stock was last trading 2.4 per cent lower. The company said its customer-centric approach, combined with the shortage in availability of key manufacturing components, has forced it to postpone the till the ""festive season"" later this year, reports said. ""The ongoing geopolitical situation has resulted in enormous supply chain issues and shortage of various components, including semiconductors. Keeping customers as the top-most priority, we, therefore, feel it would be prudent to unveil the first EV product around the upcoming festive period instead of July as earlier announced,"" Swadesh Srivastava, head of Hero Motocorp's emerging mobility business unit, was quoted as saying in reports. The country's largest two-wheeler maker on Wednesday said its total sales stood at 4,86,704 units in May. The company had sold 4,18,622 units in April this year and 1,83,044 units in May 2021 when the sales were impacted due to the second wave of COVID-19. Domestic sales stood at 4,66,466 units last month. The company had dispatched 1,59,561 units in the domestic market in May 2021. While lauding the recent steps taken by the government to reduce the central excise duty on petrol and diesel, the company pointed out that the increase in the third-party insurance rates would, however, adversely impact customer sentiment at a time when the industry has just started to recover, as this will further increase the upfront costs of two-wheelers in India. ""It is not usual to have insurance paid for 3-5 years instead of annual renewals, as is generally the case in many countries. The industry seeks government intervention and support in this regard,"" Hero MotoCorp Executive Director Vikram Kasbekar was quoted as saying. Also Read:"
"US auto sales set to fall in September on fewer selling days, shows report in September in the United States are projected to fall 1.8% from a year ago, partly hurt by three fewer selling days, a report by industry consultants and GlobalData showed on Thursday. Seasonally adjusted annualized rate ( ) sales of new vehicles are expected to stay flat at 15.8 million units, according to the report. WHY IT IS IMPORTANT Rising inventories are leading to larger discounts from both manufacturers and retailers, resulting in falling . The industry continues to be impacted by reduced leasing activity from three years ago. Fewer leases signed back then mean fewer lessees are returning to dealers to purchase or lease a new vehicle. BY THE NUMBERS Total new-vehicle sales for September, including retail and non-retail transactions, are expected to be down 1.8% at 1,164,900 units from a year ago. The same sales volume without adjusting for the number of selling days translates to a decrease of 13.2% from 2023. Transaction prices are trending towards USD 44,467, down USD 1,296 or 2.8% from a year earlier while the average incentive spend per vehicle has grown 63.2%. Total retailer profit per unit - which includes vehicles' gross plus finance and insurance income - is expected to be USD 2,249, down 29% from September 2023. KEY QUOTES ""In September, the interest in EVs by new-vehicle shoppers reached a low point for the year. Just 21.7% of new-vehicle shoppers said they were 'very likely' to consider an EV for their next new-vehicle purchase, a 4.2-percentage-point drop from a year ago,"" said Elizabeth Krear, vice president, electric vehicle practice at J.D. Power. ""While the rate adjustment is a positive for the industry, the effect will be neither immediate nor linear whether it's improving vehicle affordability for consumers, reducing the cost of low APR (annual percentage rate) deals for manufacturers or helping retailers with floorplan expense,"" said Thomas King, president of the data and analytics division at J.D. Power."
"No proposal to provide duty concession on import of EVs: Govt The government on Wednesday said it is not considering any proposal to provide duty concessions and exemption from local value addition for import of electric vehicles into the country. Responding to a question whether there is any proposal to exempt and other multinational car companies from local value addition of cost in heavy batteries, semiconductors and magnetic parts; and subsidy on the import duty on the import of Electric Vehicles (EVs) in India, said a production-linked incentive scheme for automobile and auto component industry with a budgetary outlay of INR 25,938 crore was announced by the government. The move was aimed at providing financial incentives to boost domestic manufacturing of advance automotive technologies products including EVs and their components, he said. ""Presently, there is no proposal either to provide exemption from local value addition cost or to provide subsidy on import duty on import of EVs in India,"" Parkash said. The government has also taken various steps to boost domestic and foreign investments in India to enhance local value addition under Make in India initiative, the minister said in a written reply to the Lok Sabha. The government, he said, has approved PLI scheme for advanced chemistry cells battery storage with a budgetary outlay of INR 18,100 crore. The scheme incentivises the establishment of Giga scale ACC manufacturing facilities in the country for 50 giga watt hour. These remarks assume significance as the US-based electric car maker Tesla has demanded a reduction in import duties on EVs in India. At present, cars imported as Completely Built Units (CBUs) attract customs duty ranging from 60 % to 100 %, depending on engine size and Cost, Insurance and Freight (CIF) value less or above USD 40,000. In November, Commerce and Industry Minister Piyush Goyal visited the manufacturing facility of US-based electric vehicle major Tesla in Fremont, California, and said the company would be doubling its auto components imports from India. The world's largest electric car producer Tesla Inc's chief Elon Musk met Prime Minister Narendra Modi in June in New York and after the meeting Musk had said that he planned to visit India in 2024."
"Auto/cab driver unions protest MP Tejasvi Surya's carpooling stand New Delhi: Autorickshaw and taxi drivers held a protest on Friday in front of the office of Bengaluru South for supporting in Bengaluru. The MP wrote to the CM recently, asking the state government to bring changes in rules to facilitate carpooling, thereby helping to decongest traffic. However, Surya's stand didn't go down well with taxi and auto unions. The president of Karnataka State Travel Owners' Association, Radhakrishna Holla, said the MP's stand goes against the conventional taxi operator who gets permits, pays tax, meets insurance and other expenses. ""We are following government rules. There are more than 2.5 lakh motor cabs, maxicabs and vehicles ferrying employees of companies on the city roads. If you allow everyone to use their private cars to ferry passengers, how can these drivers run their business? The MP's stand is misleading and goes against the drivers."" The protesters waved placards demanding the MP's resignation. Surya was not in his office at the time of the protest."
"Ford, Toyota halt some output as U.S., Canada warn on trucker protests Ford and Toyota on Wednesday both said they were halting some production as anti-coronavirus mandate protesters blocked U.S-Canada border crossings that have prompted warnings from Washington and Ottawa of economic damage. Many pandemic-weary Western countries will soon mark two years of restrictions as copycat protests spread to Australia, New Zealand and France now the highly infectious Omicron variant begins to ease in some places. Horn-blaring protests have being causing gridlock in the capital Ottawa since late January and from Monday night, truckers shut inbound Canada traffic at the Ambassador Bridge, a supply route for Detroit's carmakers and agricultural products. A number of carmakers have now been affected by the disruption near Detroit, the historic heart of the U.S. automotive sector, but there were other factors too such as severe weather and a shortage of semi-conductor chips. Toyota, the top U.S. seller, said it is not expected to produce vehicles at its Ontario sites for the rest of the week, output has been halted at a Ford engine plant and Chrysler-maker Stellantis has also been disrupted. Another border crossing, in Alberta province, has been closed in both directions since late on Tuesday. More than two-thirds of the C$650 billion ($511 billion) in goods traded annually between Canada and the United States is transported by road. Starting as a ""Freedom Convoy"" occupying downtown Ottawa opposing a vaccinate-or-quarantine mandate for cross-border truckers mirrored by the U.S. government, protesters have also aired grievances about a carbon tax and other legislation. ""I think it's important for everyone in Canada and the United States to understand what the impact of this blockage is - potential impact - on workers, on the supply chain, and that is where we're most focused,"" White House spokesperson Jen Psaki said on Wednesday. ""We're also looking to track potential disruptions to U.S. agricultural exports from Michigan into Canada."" Washington is working with authorities across the border to reroute traffic to the Blue Water Bridge, which links Port Huron in Michigan with Sarnia in Ontario, amid worries protests could turn violent, she told reporters. Bank of Canada Governor Tiff Macklem called for a swift resolution. ""If there were to be prolonged blockages at key entry points into Canada that could start to have a measurable impact on economic activity,"" he said. ""We've already got a strained global supply chain. We don't need this."" PROTESTS SPREAD The protests were disrupting jobs too and ""must end before further damage occurs,"" Canada's Emergency Preparedness Minister, Bill Blair, told reporters. Ford suspended engine output in Windsor while its Oakville factory near Toronto is operating with a reduced schedule, as it warned the Ambassador Bridge closure ""could have widespread impact on all automakers in the U.S. and Canada."" Chrysler-maker Stellantis"
"near Toronto is operating with a reduced schedule, as it warned the Ambassador Bridge closure ""could have widespread impact on all automakers in the U.S. and Canada."" Chrysler-maker Stellantis has also faced a shortage of parts at its assembly plant in Windsor, Ontario, where it had to end shifts early on Tuesday, but was able to resume production on Wednesday. Protesters say they are peaceful, but some Ottawa residents have said they were attacked and harassed. In Toronto, streets were being blocked. ""We continue to know that science and public health rules and guidance is the best way to this pandemic is the way we're going to get to the other side,"" said Prime Minister Justin Trudeau. The issue has caused a sharp split between the ruling Liberals and the opposition Conservatives, many of whom have expressed open support for the protesters in Ottawa and accuse Trudeau of using the mandates issue for political purposes. In the United States, prosecutors in Missouri and Texas will probe crowd funding service GoFundMe over the decision to take down a page for a campaign in support of the drivers after some Republicans vowed to investigate. Downtown Ottawa residents criticized police for their initially permissive attitude toward the blockade, but authorities began trying to take back control Sunday night with the seizure of thousands of liters of fuel and the removal of an oil tanker truck. Police have asked for reinforcements - both officers and people with legal expertise in insurance and licensing - suggesting intentions to pursue enforcement through commercial vehicle licenses. But as the authorities attempt to quell demonstrations in one area, they pop up elsewhere. ""Even as we have made some headway in Ottawa, we've seen an illegal blockade emerge in Windsor,"" said Public Safety Minister Marco Mendicino. Also Read:"
"India's HPCL faces challenges paying for Russian oil as banks baulk By Nidhi Verma 's state-run is facing difficulties in paying for following a Dec. 5 price cap imposed by Western nations as banks shy away from processing payments, a company official said on Tuesday. While Western sanctions against Moscow are not recognised by India - and purchases of Russian oil may not violate them - banks and financial institutions are cautious about clearing payments so as not to unwittingly fall foul of the measures. HPCL is looking for after some Indian banks with huge exposure to the United States and the western economies stopped facilitating payments, the source, who did not wish to be identified, told reporters on a press trip with India's energy minister. ""Some banks are U.S. affiliated,"" he said, and foreign banks won't ""support"" or ""entertain"" transactions concerning Russian oil. HPCL declined to comment. Refiners in India, which rarely used to buy Russian oil because of costly logistics, have emerged as key oil clients for Russia, snapping up discounted crude shunned by Western nations since the invasion of Ukraine a year ago. Indian refiners are buying Russian oil at below the $60 per barrel price cap imposed by Western economies, which is necessary in order for them to access Western insurance cover and shipping. The source said India is buying Russian oil on a delivered basis, which includes transportation costs, and traders supplying the oil are not willing to declare the free-on-board price for the Russian oil. Despite challenges, HPCL is continuing to buy Russian oil and has imported 40,000 barrels per day in the current financial year to March 31, the source added. Due to the higher availability of Russian oil at discounted rates, HPCL has raised its intake of spot crude to about 30% of its overall imports in this fiscal year from 25% in 2021/22. The source said HPCL's spot purchases in the next fiscal year from April would rise further on better availability of Russian oil. The company is also looking at buying Russian oil under a term deal, although volumes could be ""small"", he added. India's Russian in January rose to record levels after European nations stopped buying Russian oil from Dec. 5, leading to a higher intake by India. The source said in the past HPCL had used roubles, dirhams and dollars to pay for Russian oil. Reuters reported earlier this month that Indian refiners are paying for Russian oil in dirhams. Also Read:"
"Uber raises min age for most California drivers to 25, insurance costs are too high raised the minimum age requirement for most of its new drivers in California to 25 on Thursday under rules the company said are necessary because of the rising costs of in the state. The new rule applies only to drivers signing up to with , and not for those delivering food with Uber Eats. Previously, people as young as 21 could sign up to drive customers, and the age limit for deliveries was 19. Those under 25 who activated their accounts prior to Wednesday can continue to drive for Uber, the company said. Insurance rates for Uber's California drivers are significantly higher than for personal vehicles or taxi drivers, according to a company statement announcing the change. ""As a result of these lopsided requirements, personal injury attorneys have created a cottage industry specializing in suing rideshare platforms like ours, pushing Uber's California state-mandated commercial insurance costs to rise by more than 65% in just two years,"" the company said. ""By increasing the age requirement for new drivers to 25, we hope to mitigate the growth of those costs."" All 50 states require commercial insurance for drivers to earn money with a ride-hailing service. Uber maintains commercial auto insurance for drivers - including at least USD 1 million of liability coverage once a ride is accepted. typically doesn't cover activity on ride-hailing apps. The minimum age is already 25 for those driving for , Uber's main competitor. Starting Thursday, drivers under 25 trying to sign up with Uber will receive an email explaining the new policy and providing a link to more information. The new restriction coincides with a resurgence in passengers following a deep downturn due to the pandemic. Uber is now handling more rides than it did in 2019, raising the company's hopes that it may finally realize its long-term of goal of becoming consistently profitable. Realizing that objective has sharpened management's focus on cost control, a factor that may have contributed to the decision to drop 25-and-under drivers. Uber's food delivery service, which will continue to let that demographic work as drivers, accounts for one-third of the company's revenue. Uber hopes to work with state lawmakers and industry experts ""to discuss legislative and regulatory changes that will improve the experience for all California drivers,"" according to its statement."
"China poses greatest risk to Europe's carmakers LONDON - Chinese-made electric vehicles (EVs) pose the greatest risk to Europe's carmakers and could cost them 7 billion euros ($7.7 billion) a year in lost profits by 2030 unless policymakers take action, according to an report. According to the report released on Tuesday by the unit of German insurer Allianz, policymakers need to meet the challenge with reciprocal tariffs on imported cars from China, do more to develop materials and technologies, and also allow Chinese carmakers to build cars in Europe. Europe's carmakers face a dual threat from the prospect of falling sales of their own vehicles in China, where local EV makers have been growing market share, and from rising sales of imported Chinese EVs - made by Chinese or Western carmakers. Global carmakers have pledged to make a comeback in China with a large number of EVs in a fast-moving market where the pressure to cut prices is getting more intense. A crowded market for all-electric SUVs in China is putting pressure on local carmakers to export more vehicles to Europe. Chinese EV imports could cost the European Union over 24 billion euros in economic output in 2030, or 0.15% of the bloc's gross domestic product, Allianz Trade said. But the ""automotive-dependent economies of Germany, Slovakia and Czech Republic could face an even bigger hit"" of between 0.3% to 0.4% of GDP, said the report, titled: ""The Chinese challenge to the European automotive industry"". ""The stakes are high for Europe's automotive industry: four out of five cars sold in Europe are assembled locally,"" the report added. ""Europe is also the world's export powerhouse in the sector, with car trade generating between 70 billion and 110 billion euros in trade surplus for the European economy every year over the past decade."" The report said the (IRA) had made Europe a target for Chinese exports. While Europe remains comparatively open to imported EVs - Tesla, for instance, accounts for 20% of fully-electric car sales in Europe - the United States is ""set to be a much tougher market to crack for Chinese vehicles"" because of the IRA, the report said. ($1 = 0.9071 euros)"
"BMW will not provide direct access to in-vehicle data to third parties: CEO BERLIN - BMW will never provide direct access to operating systems inside its car to third parties in order to secure the privacy of its customers, its chief executive Oliver Zipse said at an event by autos supplier Robert Bosch in Berlin. ""Securing the privacy of our customers is the most important promise BMW is making to its customers... there will never be a direct access to the operating system inside the car by third parties,"" Zipse said, adding he knew suppliers wanted access to this data. Companies in Europe are vying for control of vehicle data, with EU regulators looking to hammer out the world's first laws for the growing industry of web-enabled vehicles in order to provide fair access to entities like subscription services, insurers and repair shops. BMW said to Reuters in March it can share nearly 100 data points with third parties if drivers personally requested it, and could make more available if companies prove a real business need for them and a willingness to take responsibility for cybersecurity risks. (Reporting by Victoria Waldersee Editing by Madeline Chambers)"
"Yamaha Motors’ lending arm MBSI partners with Alt Mobility to finance E2Ws New Delhi: ’ Bengaluru-based leasing company, (MBSI), has partnered with . IIT Delhi-based Alt Mobility is a technology enabled EV leasing and lifecycle management platform enabling electrification of commercial fleets with simplified leasing solutions, Yamaha Motors said. The partnership is for 500 , financed by MBSI and leased and managed entirely by Alt Mobility, through its state-of-the-art , the company said in a media release. The integrated FleetOS platform enables (a) hassle free, capex light leasing offering to B2B commercial logistics fleet operators, and (b) helps financing partners get transparent and secure access to vehicle portfolio including vehicle health, security, dynamic residual value, utilization, collections and other features to reduce financing risk, the release added. “This partnership aims to unlock access to finance for the underserved electric mobility segment by eliminating capital barriers to EV transition. Our platform’s strength in asset management, predictive fleet maintenance and utilization, deep insights into driving patterns, early warning systems using advanced data analytics derived from operational fleets, combined with Yamaha Motors experience and strong standing aims to set a new benchmark for commercial vehicle financing,” Dev Arora, co-founder and CEO of Alt Mobility said. MBSI provides vehicle leasing and other support services for tech startup companies that focus on the shared mobility space in India. MBSI’s mission is to increase the usage of vehicles on shared/rental platforms, create employment opportunities and contribute towards improving people’s quality of life in India. Over the past year, MBSI has managed over 3500 assets and plans to invest INR 100 Crore in vehicles in 2023. The company targets to manage 1 million vehicles by 2028, the release added. As part of the partnership, Alt Mobility and MBSI strive to enable more businesses, fleet operators and drivers to lease from Alt Mobility at an affordable rate, which saves upto 30% of the operational costs, compared to ICE vehicles and upto 20% compared to conventional financing options. In addition, the partnership will also facilitate routine service, spare parts, and breakdown support and comprehensive insurance policies for all vehicles. Shoji Shiraishi, Managing Director, MBSI said, “MBSI is thrilled to officially kick start our operations in the asset finance segment in New Delhi by partnering with Alt Mobility. India is seeing rapid growth in sales of Electric Vehicles (EVs) as manufacturers and users rush to switch from gasoline-powered vehicles due to the rising cost of fuel. With a key potential market of 1.4Billion Indians, there is potential to unlock a huge market. We will continue to onboard electric vehicles across multiple cities and generate employment avenues for the youth of India. We plan to work with more mobility companies in the future and to"
"market. We will continue to onboard electric vehicles across multiple cities and generate employment avenues for the youth of India. We plan to work with more mobility companies in the future and to transform the overall shared mobility space in India by bringing our financial and strategic experience from our stakeholders.” MBSI will finance electric two and three-wheelers that will be jointly leased out to Alt’s customers. These vehicles will be provided to B2B logistics fleet operators and aggregators at an affordable monthly lease value, which in turn will ensure regular income and the agenda of creating employment. “We are on a mission to catalyze access to low-cost debt for financing the in India by using data-driven decision-making to improve lending efficiency. Our work together with MBSI will strive to create transparency and generate insights to improve the bankability of EV finance, generating confidence in the sector,” Arora added. Read More:"
"Opinion: How to deal with challenges to adoption of E-CVs in India New Delhi: The (E-CVs) market in India is expected to grow in the coming years. According to a report by Research and Markets, the market is projected to grow at a Compound Annual Growth Rate ( ) of 22.57% during 2020-2025. This growth is primarily driven by the increasing government support, rising environmental concerns, and the need for cost-effective transportation solutions. Source: Niti Aayog-RMI Report, RedSeer, MoEVing, BCG and others The key players in the Indian E-CV market include Tata Motors, Mahindra Electric, Ashok Leyland, JBM Auto, Piaggio, Kinetic, and others. These companies are investing heavily in research and development. In terms of L5 logistics 3W vehicles, Mahindra and Piaggio had a clear lead in 2022-23. PMI, Olectra, and Switch Mobility have also made notable breakthroughs in the electric bus segment. Ola is leading the way in 2W sales, closely followed by Hero, Okinawa, and Ampere, while TVS and Ather are contending for the third spot. It is still early for commercial 4W delivery, with the launch of the first TATA Ace EV in January 2023. in India The adoption of electric vehicles in India is still in its early stages, with E-CVs yet to receive a significant share of incentives under the revised FAME II policy. While there has been growth in the EV market, it is important to note that the numbers are relatively modest. In 2020, approximately 1.19 lakh EVs were sold, which increased to 3.11 lakh in 2021 and 4.19 lakh in 2022. However, compared to the staggering number of 6.3 crore non-electric vehicles, the sales of EVs in the country over the past four years amounted to only 10 lakh units. This highlights the need for further efforts to accelerate the adoption of electric vehicles and increase their market share in India. Opportunity tailwinds via green transition Many fleet owners and freight movers in India have made commitments to transition towards greener operations in a phased manner. Amazon has pledged to incorporate 10,000 electric three-wheelers and four-wheelers into its fleet by 2025. Similarly, companies like Flipkart, BigBasket, and Ecom Express have set their goals for adopting electric vehicles. As the Indian government aims to achieve a 30% overall share of electric vehicle sales by 2030, with a particular emphasis on accelerated adoption of E-CVs, it is expected that further support will be provided for light, medium, and heavy in the near future. This indicates a growing momentum towards sustainable transportation solutions and underscores the potential for a significant shift towards electric vehicles in the commercial sector. However, there are several technological, ecosystem, financing, and business model challenges that Original Equipment Manufacturers (OEMs) and operators must address to transform this vision into a reality. Challenges to E-CV adoption and mitigation strategies A. High cost of EVs compared to conventional vehicles:"
"Manufacturers (OEMs) and operators must address to transform this vision into a reality. Challenges to E-CV adoption and mitigation strategies A. High cost of EVs compared to conventional vehicles: The elevated price of electric vehicles (EVs) is primarily attributed to the expensive battery technology and the heavyweight legacy chassis structures, which require a higher kilowatt-hour (kWh) per kilometer of range than the optimal level. Additionally, for commercial electric vehicles (ECVs), the upfront purchase cost and the total cost of ownership are currently considerably high, surpassing 180 USD per kilowatt-hour for battery packs. With advancements in indigenization and the scaling of battery cells, along with continuous developments in high-density chemistries and vehicle light weighting techniques, it is anticipated that the upfront cost of electric commercial vehicles (ECVs) will decrease in the next 2-5 years. These advancements will result in higher range capabilities and improved cost efficiency, making ECVs more affordable and attractive to potential buyers. Volume-weighted average lithium-ion battery pack and cell price split, 2013-2022 The BloombergNEF denotes an exponential price decline curve until 2021, before supply-chain snags increased the average battery prices in 2022. On scale, large Chinese and US manufacturers are expected to breach the $100component/battery manufacturing and EVSE in 2021 Financier’s doubling down, but more commits needed: Axis Bank and the United Kingdom’s Private Infrastructure Development Group (PIDG) announced a capital financing guarantee of INR 1,500 crores (US$200 million) towards manufacturing, distribution, and servicing of EVs, batteries, components, and charging infrastructure. Policy Push needed: Including EVs in the Reserve Bank of India’s priority sector lending (PSL) guidelines can complement the $US300 million facility and encourage the financial sector to mobilise necessary capital. D. Lack of awareness and education: There is a lack of awareness and education among fleet operators and freight movers about electric commercial vehicles. While everyone agrees that the upfront cost of purchase must reduce and electricity is cheaper than CNG, most customers are still not familiar with TCO calculations and how EVs are extremely beneficial in the long run. While the need for sustainability propels the EV adoption in western countries, the price vs cost debate must be overcome to do the same in India. Case Studies of E-CVs in India Several electric commercial vehicles have been introduced in India, showcasing the potential of this market. Here are some notable examples: 1.Eicher Pro 2080 electric bus: This electric bus can travel up to 120 km on a single charge and has a seating capacity of 35 passengers. It is equipped with regenerative braking and can be fully charged in 4 hours. 2.Mahindra Treo Zor electric three-wheeler: This electric three-wheeler has a payload capacity of 550 kg and can"
"It is equipped with regenerative braking and can be fully charged in 4 hours. 2.Mahindra Treo Zor electric three-wheeler: This electric three-wheeler has a payload capacity of 550 kg and can travel up to 125 km on a single charge. It also comes with a fast-charging option that can charge the vehicle in just 2 hours. 3.Tata Ultra T.7 electric truck: This electric truck has a payload capacity of 7 tonnes and can travel up to 120 km on a single charge. It is equipped with a fast-charging option that can charge the vehicle in 2 hours. 4.Ola Electric scooter: This electric scooter has a range of 75 km on a single charge and can be charged up to 50% in just 18 minutes. It also comes with a portable charger for on-the-go charging. 5.Altigreen 3 Wheelers – Cargo: These vehicles have Exponent energy’s proprietary charging solution which completely charges the battery in 15 minutes giving it full range. This helps to reduce the range anxiety, increases charger utilisation, and also reduces the energy costs by providing zero downtime for the users. The outlook The future outlook for the ECV market in India is promising, with a projected double-digit compound annual growth rate (CAGR) over the next decade. Government policies and advancements in technology will fuel this growth. It is estimated that by 2030, electric vehicles (EVs) could represent up to 30% of total vehicle sales in the country. To fully realize this potential, several key recommendations can be made. Firstly, the government should continue to provide incentives and enact supportive policies to encourage EV adoption. This includes further expanding the charging infrastructure network, reducing taxes and duties on EVs, and offering financial incentives specifically targeted towards fleet operators. Secondly, there needs to be a concerted effort in developing and implementing innovative business models for EV charging and battery swapping. Additionally, continuous investment in technological advancements is crucial. This includes research and development in lightweighting techniques, battery technology improvements, vehicle-to-grid (V2G) technology, and autonomous driving technology. These advancements will enhance the range, efficiency, and overall performance of EVs while providing ancillary benefits such as energy storage capabilities and improved safety features. Finally, it is crucial to launch comprehensive education and awareness campaigns to promote the adoption of electric vehicles (EVs) among both customers and fleet operators. These campaigns should highlight EVs’ numerous benefits, including lower operating costs, reduced emissions, and improved sustainability. By raising awareness about the advantages and dispelling misconceptions surrounding EVs, a positive perception can be built, encouraging more individuals and businesses to consider ECVs as a viable transportation solution. Going forward, India's large population and rapidly growing economy provide a strong foundation for"
"encouraging more individuals and businesses to consider ECVs as a viable transportation solution. Going forward, India's large population and rapidly growing economy provide a strong foundation for ECV adoption. With the implementation of appropriate policies and strategic investments, India can leverage its strengths in technology and manufacturing to contribute to a more sustainable and greener future. By capitalizing on these opportunities, India can establish itself as a frontrunner in the global ECV market and make substantial progress toward achieving its environmental goals. (Disclaimer: Randheer Singh is the Director at Government’s think-tank body Niti Aayog; and Gagan Agrawal is the Founder of Planet Electric Inc. Views are personal)"
"Next-gen Volvo VNR Electric production to begin in Q2, 2022 New Delhi: has announced that production of the enhanced model will begin in Q2, 2022. It features up to 85% increased range for supply chain flexibility, faster charging, and even more configurations for heavy-duty transport. The next-generation Volvo is now open for order, the company said. The commercial vehicle manufacturer continues to lead in the deployment of sustainable Class 8 zero-tailpipe emission vehicles for the North American trucking industry. According to a company release, it first began taking customer orders for its first Volvo VNR Electric model in December 2020, with commercial production starting in quarter two of 2021 at the company's New River Valley manufacturing plant in Dublin, Virginia. Peter Voorhoeve, president, Volvo Trucks North America, said, “It is a testament to Volvo Trucks' leadership that in a continuously evolving industry we are bringing the enhanced version of our VNR Electric to the market a year after sales of the VNR Electric first started."" ""Volvo Trucks is at the forefront in the industry, always innovating and improving while upholding the highest standards in design, construction and safety. Our team is proud of its role, together with dealers and customers, in accelerating the shift to electromobility and a more sustainable future,"" he added. According to the company, the enhanced Volvo VNR Electric has improved battery life in terms of technology, design, management, and package offerings. Improvements in battery design have resulted in an up to 40% increase in storage capacity for each battery. A dedicated Battery Thermal Management System (BTMS) was added to manage and maintain ideal environmental temperatures. Volvo Trucks has also introduced a new six-battery package option. Combining all three boasts increased energy storage of up to 565kWh and offers an operational range of up to 275 miles. The enhanced Volvo VNR Electric also reduces the required charging time, as the state-of-the-art 250kW charging capability provides an 80% charge in 90 minutes for the six-battery package and 60 minutes for the four-battery version, the company added. Andy Brown, product marketing manager, Electromobility, Volvo Trucks, said, ""Volvo Trucks is continuing to expand the capabilities of the VNR Electric to make it more efficient, satisfy our customer demands for expanded range, and provide a better driving experience. The electric driveline featuring a two-speed I-Shift transmission provides best-in-class, powerful, and smooth acceleration. Innovations such as Volvo Active Driver Assist and Dynamic Steering make driving effortless and precise, while at the same time improving safety."" The commercial vehicle manufacturer is focused on supporting customers in their electromobility transition by expanding its network of Volvo Trucks Certified Electric Vehicle (EV) Dealerships that consult with fleets who are considering making the investment in the"
"in their electromobility transition by expanding its network of Volvo Trucks Certified Electric Vehicle (EV) Dealerships that consult with fleets who are considering making the investment in the Volvo VNR Electric, it said. Volvo Financial Services offers complete financing and insurance solutions for the Volvo VNR Electric and charging infrastructure, the company said. Moreover, the OEM introduced the Volvo Gold Contract in conjunction with the initial launch of the Volvo VNR Electric to provide peace of mind for new electric truck owners incorporating maintenance, towing, uptime services, and full coverage of major components. Also Read:"
"Few midsize cars excel in updated side crash test: IIHS New Delhi: Only three of seven midsize cars tested earn good or acceptable ratings in the ’s updated , announced today. The is the only midsize car to earn a good rating. With somewhat higher levels of occupant compartment intrusion, the Hyundai Sonata and manage acceptable ratings. Overall, this initial group of midsize cars did not perform as well as the first batches of small and midsize SUVs evaluated earlier. One reason could be their lower ride height. ""With vehicles that sit lower to the ground, the striking barrier hits higher on the door panel,” said , President, IIHS. “That potentially puts sedans and wagons at a disadvantage in this evaluation but reflects what happens in a real-world crash when these vehicles are struck by a higher-riding pickup or SUV.” The head-protecting airbags for the driver and rear passenger performed well in the Outback, Sonata and Jetta, contributing to a low risk of head and neck injuries for occupants in both seating positions. However, injury measures were somewhat elevated for the driver’s pelvis and rear passenger’s torso in the Jetta and the rear passenger’s pelvis in the Sonata. The Honda Accord earns a marginal rating, and the Chevrolet Malibu, and Toyota Camry earn poor ratings, IIHS said. There was a moderate intrusion of the B-pillar into the occupant compartment of the Accord. Injury measures for the driver’s pelvis were somewhat elevated, and the driver’s head moved down past the side curtain airbag to contact the windowsill during the crash. The Altima and Malibu showed substantial intrusion into the occupant compartment, but the safety cage of the Camry held up well. Injury measures indicated a high risk of torso and pelvis injuries for the driver in the Altima, a moderate risk of torso and pelvis injuries for the driver and high risk of pelvis injuries for the rear passenger in the Camry, and a high risk of head or neck injuries for the driver in the Malibu. In all three vehicles, the heads of either the driver or rear passenger dummy or both slipped below the side curtain airbag to contact the windowsill. IIHS developed the updated side crash test after research showed that many of the real-world side impacts that still account for nearly a quarter of passenger vehicle occupant fatalities are more severe than the original evaluation. The updated side crash test uses a heavier barrier traveling at a higher speed to simulate the striking vehicle. The new barrier weighs 4,200 pounds — close to the weight of today’s midsize SUVs — and strikes the test vehicle at 37 mph, compared with a 3,300-pound barrier traveling at 31 mph in the original evaluation. All seven of these vehicles earn good ratings in the original side test. Also Read:"
"PLI scheme to create jobs, employers expect hiring hike in next 2 years, says TeamLease report New Delhi: A recent report, which analyzes the impact of (PLI) scheme on job creation across sectors, projects that 60% of employers expect hiring to increase due to PLI over the next two years. The highest positive hiring sentiment is in the pharmaceutical industry (68%), followed by white goods industry (67%) and textile products (62%). The boost from the PLI scheme is also estimated to impact the MSME ecosystem and bring more women to the workforce. According to the report on ‘PLI Impact on Job Creation’ by TeamLease, a leading composite staffing firm, from an organization size perspective, small and medium-sized organizations (70% each) lead from the forefront, followed by large organizations (22%). The overall intent to hire across small and medium sized organizations is highest in Indore (86%), Chennai (73%) and Pune and Gurgaon (65% each). The report further finds employers from cities such as Indore, Pune and Ahmedabad anticipate a 20%+ incremental growth in employment in the next two years. Sumit Sarabhai, Business Head - Emerging Vertical, TeamLease Services, said, “The PLI scheme is a revolutionary one. It will not only boost and growth across industries but is also expected to lead a significant surge in employment opportunities. Over 60% of employers in India Inc. are planning to hire more due to the PLI scheme over the next couple of years. Another major aspect that PLI will address is diversity of the workforce. PLI is expected to bring more women to the forefront. According to our report, while cities like Gurgaon and Indore (71% each), Kolkata (69%), Delhi (67%) and Nagpur (67%) still prefer hiring male candidates; cities like Chandigarh (31%), and Chennai (30%) are more inclined towards female employees, especially across industries like textiles, pharmaceuticals, and large-scale electronics manufacturing. Interestingly, the pharmaceutical industry is also inclined towards hiring from the LGBTQ community. However, a few industries such as Textile Products (37%), Pharmaceuticals (36%), and Large Scale Electronics Manufacturing (30%) believe that there will be a preference for hiring female employees as a part of the PLI scheme.” “ Even for the , which contributed to about 30% of our GDP, the PLI scheme is a positive foot forward as it will boost in MSMEs especially in Textile Products, Specialty Steel and Automobile and Auto Components industries,” he added. In terms of the job profiles, the large scale electronics manufacturing industry (70%) employers hiring blue collar workers and (60%) employers hiring for temporary staffing is foreseeing up to 10% net incremental growth. On the other hand, both the large-scale electronics manufacturing (60%) industry and the textile industry (66%) are foreseeing up to 10% net incremental growth for female workers. Besides hiring, employers also anticipate that PLI-related benefits will boost"
"(60%) industry and the textile industry (66%) are foreseeing up to 10% net incremental growth for female workers. Besides hiring, employers also anticipate that PLI-related benefits will boost employee productivity and contribute to business growth. The is created on the basis of the employer’s reaction toward job creation based on the incentives mentioned by the government in the PLI scheme and their projection towards hiring in the next two years. It has surveyed 344 mid to senior-level, general managers / talent acquisition managers across 14 cities and 08 industries in India. The survey is specially tailored to highlight both moderate and significant changes in terms of hiring as a result of the PLI scheme, an initiative taken by the government in India aimed at boosting domestic manufacturing and increasing employment opportunities."
"EV batteries remain major challenge for insurers: Thatcham Research A lack of data on electric vehicle (EV) batteries continues to challenge insurers who are forced to scrap EVs after mild accidents, potentially undermining EV adoption, Thatcham Research said on Wednesday. The British automotive risk intelligence company cited a ""concerning lack of affordable or available and post-accident diagnostics"" in a report entitled ""Impact of BEV Adoption on the Repair and Insurance Sectors"" the Government's innovation agency Innovate UK funded to examine differences between EVs and . Insurers have complained that many EVs have no way to repair or assess even slightly damaged battery packs after accidents, forcing them to write off cars with low mileage - leading to higher premiums and undercutting gains from going electric. Batteries can make up half of an EV's cost and Thatcham found a replacement battery can cost more than the used price of the vehicle after only one year, making replacing them uneconomical. Adrian Watson, Thatcham's head of engineering research, said in an ideal world insurers could make informed decisions about whether to repair EVs or write it off based on access to data on its state of health after an accident. ""The reality is that's not the situation we're in at the moment,"" he told Reuters. ""The diagnostics we have do not enable you to really know what the status of the battery is."" Only around 1.65% of cars on Britain's roads are electric, but Thatcham said EV-related insurance claims are already 25.5% more expensive than for fossil-fuel equivalents and take 14% longer to repair. Due to their potential fire risk, damaged EVs awaiting repair must be stored outside at least 15 metres (49 ft) from other objects. An outside facility for 100 fossil-fuel cars today would have space to safely quarantine just two EVs, Thatcham said."
"Years later, key challenges still haunt Musk's Tesla in India , who has been trying to launch Tesla in India for the past couple of years, is still haunted by the ""key challenges"" at the governments end that have grounded his electric cars from running on domestic roads. Despite the government luring him with various schemes and promises and repeated ""come and manufacture/assemble your cars here"" calls from the top ministers, Musk is ""still working through a lot of challenges with the government"". What are those key challenges that have stopped Tesla from taking concrete steps to finally roll out the most-coveted electric car for its fans in India? According to industry experts, the main challenge for Tesla to enter the Indian market is import duty. With a $39,990 global price tag, may remain as an affordable model in the US but with import duties, it would become unaffordable in the Indian market with an expected price tag of around Rs 60 lakhs. Currently, India levies 100 per cent tax on the imported cars of price more than $40,000 (Rs 30 lakhs) inclusive of insurance and shipping expenses, and cars less than $40,000 are subject to 60 per cent import tax. The government may consider lowering import duty along with offering other sops to Tesla but for that, the EV major would have to invest in setting up a manufacturing facility in the country. ""This has been ongoing for the last few years. Tesla wants to sell completely finished products in India where the Indian government wants to bring complete knocked down (CKD) products initially and start assembling in India,"" Soumen Mandal, research analyst, IoT, Automotive and Devices Ecosystem at Counterpoint Research, told IANS. Tesla wants to test the Indian market by importing cars before making any commitments for manufacturing. ""The Indian market is very price-sensitive and we think Tesla will find difficulty in getting much market share,"" Mandal added. In 2015, Prime Minister Narendra Modi visited the Tesla headquarters at Palo Alto, California and met Musk who gave Modi a tour of the company's electric car plant. Since then, Musk has been tweeting about key challenges he faces in India. He has always blamed the Indian government's policies for giving up on his India dreams and also criticised the FDI norms for the delay in the electric car maker's entry into the Indian market. ""Would love to be in India. Some challenging government regulations, unfortunately,"" Musk had tweeted. In the current scenario, the Indian government is encouraging the Indian automotive industry through a performance-linked incentive (PLI) scheme and Tata Motors, Mahindra & Mahindra, Ola Electric, Hyundai Motor and MG Motor have already started supporting domestic manufacturing. Another premium car brand, Mercedes-Benz is planning to launch India assembled flagship electric sedan, 'EQS' this year. ""The hesitation of Tesla in launching locally-manufactured cars may affect it in getting early mover advantage and"
"is planning to launch India assembled flagship electric sedan, 'EQS' this year. ""The hesitation of Tesla in launching locally-manufactured cars may affect it in getting early mover advantage and Mercedes-Benz may get the benefit of this situation,"" Mandal emphasised. Tesla in 2021 was busy testing Model 3 at several locations in the country. In November, Union Minister for Road Transport and Highways, Nitin Gadkari, informed that a Tesla car would cost about Rs 35 lakh in India, indicating that both Tesla and the government have a mutual interest in it. Tesla has already set up a corporate office in Mumbai, secured an office in Bengaluru and is looking for key executives to start operations in the country. Moreover, India is trying to reduce imports, especially from China. ""Tesla will prefer China for importing cars to India compared to the US for reducing the cost of cars. This may be another reason the Indian government isn't relieving import duties to Tesla,"" Mandal told IANS. According to Prabhu Ram, Head-Industry Intelligence Group, CMR, from the near short-term perspective, Tesla may not see feasibility to channelise investments for making in India, or making direct imports. ""However, from a long-term perspective, with India's e-mobility rapidly maturing, India may turn out to be a good growth bet for Tesla,"" Ram told IANS. Also Read:"
"Green hydrogen sounds like a win for developing countries. But cost and transport are problems Hydrogen is used mainly to make chemicals such as fertiliser, and in oil refineries. Most hydrogen in the world today is made from - methods associated with large carbon dioxide emissions. Developed countries are therefore looking to "" "" instead - produced using renewable electricity such as solar and wind power. Energy experts explain green hydrogen's potential benefits and challenges. Global hydrogen demand reached 94 million tons in 2021, and contained energy equal to about 2.5 per cent of global final energy consumption. Only about 0.1 per cent of current global hydrogen production is green, but big expansions are planned. New applications for green hydrogen are also envisaged. Liebreich's classification is a useful indicator of the potential markets for green hydrogen. Since the objective of using green hydrogen is really to reduce carbon dioxide, the applications to target first should be those that will yield the largest reductions in emissions. Liebreich's ladder shows which they are. The applications in the (green) top row are an efficient use of valuable green hydrogen. But green hydrogen currently costs much more to make than less clean types of hydrogen. Using it to produce the 180 million tons per annum of ammonia required globally for fertiliser production would have a severe knock-on effect on food prices. So it is difficult to see how this transition is going to occur. Green hydrogen is made from water. Using renewable (""green"") electricity, equipment called separates the hydrogen from oxygen in water (H₂O). The process is called electrolysis. Green hydrogen production emits no carbon dioxide, but the construction of renewable electricity infrastructure currently uses fossil fuels, which do emit carbon dioxide. Hydrogen has traditionally been made from non-renewable energy sources like coal (""black hydrogen"") and natural gas (""grey hydrogen""). When these methods are combined with carbon capture and storage, the hydrogen produced is known as ""blue hydrogen"". Although the costs of renewable power generation have been coming down, the cost of electrolysis is still not commercially competitive. Today, green hydrogen has an estimated energy equivalent cost of between USD 250 and USD 400 per barrel of oil at the factory gate, according to the . Future cost reductions are forecast but these are uncertain. Current oil prices are around USD 100 a barrel - much less than it would cost to use green hydrogen instead of conventional petroleum products. The costs of transporting hydrogen must be taken into account too. Unfortunately, the physics of hydrogen is against low-cost hydrogen transport. It is much more challenging than oil-based liquid fuels, liquefied petroleum gas or liquefied natural gas. Ocean transport of hydrogen has to be at very low temperatures (-253 C). Petrol or diesel doesn't need costly refrigeration: it is transported at"
"liquefied petroleum gas or liquefied natural gas. Ocean transport of hydrogen has to be at very low temperatures (-253 C). Petrol or diesel doesn't need costly refrigeration: it is transported at ambient air temperature. And hydrogen carries only 25 per cent of the energy that a litre of petrol does, making it much more expensive to transport and store the same amount of energy. Alternative ways to transport hydrogen have been investigated. Because ammonia (NH₃) is much easier and cheaper to transport than hydrogen, the International Renewable Energy Agency has recommended ""storing"" hydrogen in ammonia for shipping. But that requires additional equipment to put the hydrogen into ammonia and strip it out at its destination. These processes add costs of about USD2.50-USD4.20/kg (equivalent to USD123-USD207 per barrel of oil) according to the agency. Hydrogen is more difficult to handle than conventional fossil fuels. It is a colourless, odourless and tasteless gas, unlike conventional hydrocarbons. This makes leak detection more difficult and increases the risk of fire or explosion. Hydrogen fires are invisible to the human eye. Historically, hydrogen has been controlled within factory perimeters and managed by trained people. The widespread introduction of hydrogen into society will require new measures and skills, including insurance, materials handling, firefighting and disaster management. Construction of the first gigawatt scale green hydrogen project in Saudi Arabia has already started. Many of the pioneering projects will be built in the southern hemisphere, mostly in developing countries. This is because they are less densely populated and have better renewable energy resources (solar and wind) for generating the necessary electricity. Although this may sound positive for developing countries, there are big risks in developing hydrogen mega projects. For one thing, the ""iron law"" of megaprojects states: ""Over budget, over time, under benefits, over and over again"". Project owners bear the project execution risk. Risks also include exchange rate risk, remote locations, pioneering technology, and a lack of skills. Prospective host countries will have to balance these risks against the temptations of improved investment, employment and balance of payments. They would be wise to extract guarantees from their customer countries so as to avoid the injustice of the global south subsidising the global north as it transitions to cleaner energy. now has a ""Hydrogen Roadmap"" after many years of government funding. There is talk by the energy company Sasol and vehicle manufacturer Toyota of a ""Hydrogen Valley"", a geographical corridor of concentrated hydrogen manufacture and application industries. And the South African government and Sasol are talking of establishing a new port on the west coast at Boegoebaai for the manufacture and export of green hydrogen. In , Hive Hydrogen is planning a USD 4.6 billion green ammonia plant. Namibia also has big"
"of establishing a new port on the west coast at Boegoebaai for the manufacture and export of green hydrogen. In , Hive Hydrogen is planning a USD 4.6 billion green ammonia plant. Namibia also has big plans for a USD 10 billion green hydrogen project. The key to reducing green hydrogen costs in the future lies mainly in technological improvements and cost reductions related to mass manufacture and a scale-up in electrolysis. And to a lesser extent, incremental cost reductions in transport and handling. Read More:"
"How to get the export logistics process right? A multitude of aspects come into play during the process, including shipping lines, ports at origin and destination, loading services, container stations, freight forwarders, customs brokers and insurance agencies. Steps to follow So, what are the steps that should be taken to ensure that this process is done in an efficient manner and in a way that can utilise costs as well as time better? Sylvestor D’mello, Director-Operations, , says optimising the logistics process is very crucial to ensure a profitable and smooth journey. He lists planning, effective people management and selecting the best transport mode as those that need to be deliberated upon carefully for good results. “Advanced planning helps deliver the product on time and save considerable revenue by avoiding last-minute surge charges. Besides this, since export is a labour-intensive job both on the dock and while shipping, it is crucial to effectively deal with the on-ground workforce. Then there is the mode of , which is a vital part in optimising export logistics as it would directly impact profitability and costing,” he says. In addition to this, aspects like proper storage to preserve the quality of goods and checking their perishability well in time will hold exporters in good stead. Another relevant resource in logistics in the present day and age is digitisation. D’mello adds that the shipping and logistics industry needs to digitise to be more resource-efficient and customer-friendly. “Tech-backed digital freight forwarders have understood this need and provide end-to-end digitised services to cater to all requirements — from planning to real-time tracking of the shipment. Another critical feature that digitisation can help with is using artificial intelligence and machine learning to garner insightful and predictive data for better pricing and delay-risk analysis,” he says. Documentation needed Beyond the key steps that need to be kept in mind, getting the right set of documentation at the various phases of the process is necessary to make things seamless. Bhaskar Priyadarshi, Logistics Expert, Cogoport, breaks it down into arranging documents during the pre-booking, booking, post-booking and discharge stages. “Documents are necessary in international trade and shipping. A trade transaction involves having to deal with piles of paperwork.” The pre-booking stage, Priyadarshi says, would include a packing list or an itemised list of the shipment’s contents, commercial invoice, certificate of origin of the goods. The booking stage would require a booking note, essentially a contract for reservation of carrier space and dangerous goods declaration if required; documents in post-booking such as gate pass, marine insurance, let export order (LEO) and bill of lading, among others. At the discharge stage, there is the bill of entry, delivery order, certificate of analysis and fumigation certificate to confirm that the wooden packaging"
"(LEO) and bill of lading, among others. At the discharge stage, there is the bill of entry, delivery order, certificate of analysis and fumigation certificate to confirm that the wooden packaging material is free of pests. Choosing the mode of transportation Next comes knowing the various modes of transportation and what will work best for the consignment to keep costs and time manageable. Ocean freight shipping accounts for almost 90% of international trade by volume. Large volumes of goods are packed into containers and transported in ships via this mode. Modes of ocean freight shipping comprise either less than container load (LCL) shipping or full container load (FCL) shipping. In contrast to shipping by sea, air freight shipping makes up less than 1% of the global trade volume. When it comes to rail, it acts as a big volume mode and is the most cost-effective and environment-friendly option. The other form of road transport — trucks and trailers — is another cargo transport solution, moving volumes on big and small routes. However, the high risk of accidents, weather disruptions and traffic snarls can act as a drawback for this mode. Another arm of inland transportation after trucks and trains is barges — long, flat bottomed cargo boats — to move cargo in bulk. Cogoport’s Priyadarshi says the international shipping process often requires a combination of two or more modes of transportation between the origin and destination. “This is called multimodal or intermodal shipping. If, for example, you are sending a shipment overseas. The cargo might cover the main leg of its journey by a ship or a plane, but it will need truck transportation for the journey from your factory to the portterminal of destination to the buyer’s warehouse,” he says. Export logistic tracking Another vital step in the logistic process is accurate shipment tracking for smooth transport and to ensure proper delivery. Freightwalla’s D’mello says that going beyond the basic and conventional tracking system offered by freight forwarders could help exporters stay more updated. “The conventional one usually offers two-level tracking at dispatch and arrival of the shipment with ETA (expected time of arrival). But new digital freight forwarders are changing the tracking system with technology by providing real-time information of the shipment and intelligent insights to avoid any delay or mishap,” he adds. Following the export logistics process by taking note of such crucial aspects can help exporters gain a competitive edge as far as completion of orders is concerned. On the other hand, logistics management, if not done in the optimal way, will add to logistics cost and lead to bad service. Also Read:"
"Government expects positive response to electric vehicle policy from multiple companies The government stated on Saturday that India anticipates a positive response from numerous regarding its (EV) policy, which was unveiled in March with the aim of attracting global players such as Tesla. Rajesh Kumar Singh, the Secretary in the Department for Promotion of Industry and Internal Trade ( ), mentioned that in the policy, the government has implemented tariff adjustments without incurring any expenses to encourage manufacturers to establish a presence in India. ""Everybody talks about one company (US-based EV major Tesla), but we are expecting responses from many companies to that policy,"" Singh said here at CII's annual business summit. On March 15, the government approved an electric-vehicle policy. Under this policy, duty concessions will be provided to companies that establish manufacturing units in the country with a minimum investment of USD 500 million. This initiative is designed to attract major global players such as Tesla. According to the policy, a company will have a three-year period to establish manufacturing facilities in India, commence commercial production of e-vehicles, and achieve 50% domestic value addition (DVA) within a maximum of five years. The companies setting up manufacturing facilities for electric vehicle passenger cars can import a limited number of cars with a reduced customs duty of 15% on vehicles priced at USD 35,000 and above for a period of five years from the government's approval letter issuance. Currently, cars that are imported as completely built units (CBUs) are subject to customs duty ranging from 70 to 100%. The duty amount depends on the engine size and the cost, insurance, and freight (CIF) value, whether it is less than or above USD 40,000. The policy aims to encourage India to become a hub for manufacturing electric vehicles and to attract investments from well-known global electric vehicle manufacturers. As per the scheme, the company will have the permission to bring in completely built units of e-4W that they have manufactured, at a discounted customs duty rate of 15%, with certain conditions to be met. Singh also mentioned that they have secured investment commitments in India in the tire sector from two major multinational companies. ""Two major multinationals came to us with certain products that were on a restrictive (import) list and they wanted that (those goods) to be allowed for imports. We informed them that we would permit imports, but with the condition that these product lines must be manufactured in India. After they made those commitments, we granted the relaxations,' he further mentioned. India has implemented compulsory quality control standards for specific types of tires in the country, in addition to including some in the licensing list to promote domestic manufacturing. Citing the example of EVs and tyres, he said, ""there are other ways to ensure that the kind of goals that we"
"in addition to including some in the licensing list to promote domestic manufacturing. Citing the example of EVs and tyres, he said, ""there are other ways to ensure that the kind of goals that we have under the PLI (production linked incentive) scheme for investments can be met even by prudent use of tariff-and non-tariff policies'. The secretary mentioned the free trade agreement between India and the four-nation European bloc EFTA (European Free Trade Association), which was signed in March. This agreement is unique as it includes investment commitments. ""Those commitments are going to be monitored and there is a provision even to claw back the market access if those commitments are not met,"" he said. On March 10, India and EFTA signed a free trade agreement (FTA). As part of the agreement, New Delhi received an investment commitment of USD 100 billion over 15 years from the grouping. The agreement also allows for lower or zero duties on several products including Swiss watches, chocolates, and cut and polished diamonds. The members of EFTA include Iceland, Liechtenstein, Norway, and Switzerland. He added that several FTA negotiations are under way and ""my own anticipation is that you (industry) will see India becoming a little less conservative when it comes to these FTAs'. He recommended that the industry should get ready for a future with reduced tariff and customs duties. In a trade agreement, two or more trading partners either greatly reduce or remove customs duty on the highest number of goods traded between them. Developing countries such as India have slightly higher customs duties on sectors such as agriculture, alcoholic beverages, and automobiles. ""Of course while doing so, you (domestic industry) have every right to expect that any distortionary and any inversion in our tax regime should be corrected,"" he said adding there are many commodities where both on the GST (Goods and Services Tax) side and on the customs duty side, there are inverted duty structures. The inverted duty structure impacts the competitiveness and export abilities of Indian industries. This structure involves taxing inputs at higher rates compared to finished products, leading to the accumulation of credits and cascading costs. DPIIT is doing a cross-sectoral study to ensure that ""both in the GST Council and through the finance ministry, we try to rationalise and ensure that those inversions are removed to improve the competitiveness of our manufacturing sector,"" Singh said."
"Banks seek govt help to check chip shortage have sought the government's intervention to address the shortage of semiconductor chips that has hit card issuance. They have also suggested an investigation by the (CCI) into the practices of chip suppliers. Banks collectively through the Indian Banks' Association (IBA) reached out to the government over the issue last month, people familiar with the development said. The banking industry has been reeling under shortage for some time in the wake of Covid-19 shutdowns in China, slowing card issuance. Banks are finding it difficult to provide cards to the new Pradhan Mantri Jan Dhan Yojana (PMJDY) account holders, which is delaying the insurance coverage of beneficiaries, a bank executive said. Supply shortages have pushed up prices of chips globally, triggering price increases by local vendors. A government official said that due to ongoing global uncertainties, the card shortage is expected to remain for some time. ""We are aware of the challenges being faced by the industry and some long-term solutions, including promoting local manufacturing, will be looked at,"" he added. Bank executives say local vendors had raised prices despite existing supply contracts and were colluding with each other to keep prices inflated. ""Local vendors are pushing to increase the prices despite existing supply contracts,"" the official said justifying the demand for a CCI review into possible cartelisation. About 319.7 million RuPay cards have been issued till August 24 this year. In the first four months of this fiscal around 3.5 million cards were issued. Beneficiaries under PMJDY accounts have increased from 430.4 million to 463 million in the last year."
"Automobile sector growth to level off in fiscal 2024 Growth across the automobile sector segments will level off next fiscal as the base effect of last fiscal wanes. But it will still be in line with, or above, India’s real projected GDP growth for next fiscal. Commercial vehicle sales are expected to drive past pre-pandemic levels next fiscal along with passenger vehicles, which did so this fiscal, and tractors, which recorded an all-time high in pandemic-impacted fiscal 2021. Two-wheelers will continue to lag as the hike in their total cost of ownership (TCO) has been much sharper than for passenger vehicles. Between fiscals 2018 and 2023, TCO rose 36% for two wheelers compared with 26% for passenger vehicles. Improving income sentiments, a low base of the past three fiscals and an improvement in supply chains should continue to support the automobile sector’s recovery in this fiscal. While tractors will continue to build on best ever numbers recorded in fiscal 2021 post a blimp in fiscal 2022, passenger vehicle (PV) sales in fiscal 2023 are expected to surpass pre-pandemic level highs of fiscal 2019. However, sales of two wheelers and commercial vehicles (CV) could continue to lag pre-pandemic levels. Earlier, the sector saw three fiscals of muted/negative growth due to a general economic slowdown, depressed demand due to a drop in mobility and subdued income sentiments of buyers following the pandemic. Further, vehicle prices rose steeply due to the transition to BSVI emission norms, while vehicle ownership costs rose owing to a sharp rise in fuel bills amid elevated crude oil prices, a rise in total cost of acquisition due to input cost inflation-led price hikes, higher insurance rates, and compulsory purchase of three-year third-party insurance cover. Moreover, shortage of supplies, supply chain disruptions, semiconductor shortages amid pandemic-led lockdowns affected vehicle production. Hence, the recovery in fiscal 2022 was optical on the low base of fiscal 2020 and 2021. The passenger vehicle sector was the hardest hit in fiscal 2022 due to semiconductor shortages on account of rising semiconductor intensity per vehicle. Research expects domestic volumes to rise 27-29% on-year to ~3.9 million vehicles, surpassing the pre-pandemic high of 3.4 million vehicles. The volumes would be supported by strong pent-up demand, a healthy order book across original equipment manufacturers (OEMs), improving model availability, new model launches and the loan-to-value (LTV) inching towards near 100% of on-road financing. Improving vehicle supply owing to an increase in availability of semiconductors and a large orderbook due to much awaited multiple model launches by OEMs should lead to a projected sales increase of 7-9% to 4.1-4.3 million units in fiscal 2024 with increasing interest rates restricting further growth. CV domestic sales volumes are expected to rise 31-33% on a low base of fiscal 2022, driven by materialisation of deferred replacement"
"2024 with increasing interest rates restricting further growth. CV domestic sales volumes are expected to rise 31-33% on a low base of fiscal 2022, driven by materialisation of deferred replacement demand, an improvement in transporter profitability attributable to improved freight load supported by healthy economic growth, an improving manufacturing industry in India, healthy demand from the infrastructure segment and a healthy offtake of buses with reopening of educational institutes and offices. In fiscal 2024, we expect overall CV domestic sales volumes to breach the pre-pandemic peak of fiscal 2019 and grow 9-11% on a strong base of fiscal 2023 driven by improving fleet utilisation and transporter profitability levels, higher replacement demand and expectations of robust economic growth. Improving urban sentiments, increased public mobility with reopening of educational institutions and offices and positive rural sentiments backed by a regular monsoon and increased minimum support prices (MSPs) across crops, coupled with improved model availability and demand for electric vehicles (EVs), are expected to drive two-wheeler sales to 21-23% in fiscal 2023. Sales in fiscal 2024 are likely to be driven by expectations of a normal monsoon, coupled with improved model availability and demand for EVs. Tractor sales are estimated to rise 7-9% on-year amid positive farmer sentiments in fiscal 2023 aided by higher wheat exports, healthy reservoir levels due to above normal monsoon, good moisture content and higher MSP announcements. Assuming a normal monsoon season, tractor demand is expected to rise 5-7% on-year in fiscal 2024 driven by healthy demand from commercial and construction activities and higher replacement demand. Despite an expected decline in the fiscal, farmer profitability will still be higher than the last five-year average, further boosting demand. Two wheelers and three wheelers account for over 80% of vehicle sales in India and domestic EV penetration is expected to be led by two-wheeler and three-wheeler segments. The favourable total cost of ownership (TCO), vehicle uptake from the delivery segment, and continued national and state-level subsidies are likely to boost sales. In passenger vehicles, TCO for EVs is not favourable compared with internal combustion engine (ICE) vehicles. Further, faster adoption and manufacturing of electric vehicles (FAME) subsidy support is available only for commercial PVs, making EVs less viable for the personal segment which accounts for over 85% of sales. Automotive OEMs – The overall credit outlook of OEMs is expected to remain stable on the back of strong balance sheets and healthy operating cash flows led by a strong demand recovery in CV and PV segments in fiscal 2023. Also, regular price hikes helped mitigate the pressure of volatile input prices and moderated the impact on operating profitability of OEMs. Domestic demand is expected to moderate for CVs and PVs in fiscal 2024 and yet remain"
"mitigate the pressure of volatile input prices and moderated the impact on operating profitability of OEMs. Domestic demand is expected to moderate for CVs and PVs in fiscal 2024 and yet remain steady. This, coupled with improved profitability due to moderation in commodity prices and prudent funding of capex, will ensure a ‘stable’ credit outlook for OEMs. Anuj Sethi is Senior Director, CRISIL Ratings Ltd and Pushan Sharma is Director-Research, CRISIL Market Intelligence and Analytics."
"India received USD 339.55 billion FDI in last 5 years New Delhi: India has received ( ) inflows worth USD 339.55 billion in the last five years, Union Minister of State for Commerce and Industry said on Wednesday. There has been a continuous increase in the inflow of FDI in recent years. It increased from USD 45.15 billion in 2014-15 to USD 81.97 billion in 2020-21. During the year 2019-20, the FDI inflows to India stood at USD 74.39 billion. In 2018-19, it stood at USD 62 billion. In 2017-18, it was USD 60.97 billion and in 2016-17, the FDI inflow to India stood at USD 60.22 billion. To promote FDI, the Government has put in place an investor-friendly policy, wherein most sectors are open for 100 per cent FDI under the automatic route, Parkash said in a written reply to a question in the Lok Sabha. ""Further, the policy on FDI is reviewed on an ongoing basis, to ensure that India remains attractive & investor friendly destination. Changes are made in the policy after having consultations with stakeholders including apex industry chambers, associations, representatives of industries/groups and other organizations,"" he said. The government has recently undertaken a number of reforms across sectors. In the last one year alone, reforms in the FDI policy have been undertaken in sectors such as insurance, defence, petroleum and natural gas, and telecom. The Minister noted that Foreign Direct Investment inflows serve to augment domestic investments, promote industrial development and employment generation across sectors and ancillary industries. ""Further, such investments bring international best practices and latest technologies which facilitate in skill development, export promotion and improvement of overall competitiveness of economy leading to overall economic growth and development in the country,"" he added. Also Read:"
"Swan song for General Electric as it completes demerger New York: The US conglomerate , co-founded more than 130 years ago by , is opening a new chapter in its history on Tuesday: its break-up into three independent entities which will then concentrate on their disparate core businesses. The group announced its ""spin-off"" project in November 2021, which was to be carried out in several stages. An initial split took place in January 2023 with the creation of GE HealthCare, bringing together all the health care activities. The official finalization of the separation comes Tuesday, with General Electric disappearing in favor of , dealing with energy activities, and GE Aerospace, the new name of the late GE. They will be listed in New York, one on Nasdaq and two on the NYSE. There will be no holding company, and the three firms will publish their results independently of one another. ""As independently run companies, the businesses will be better positioned to deliver long-term growth and create value for customers, investors and employees,"" General Electric explained in 2021 when it announced the demerger. Among the ""many reasons"" for the spin-offs were a desire to simplify the company by getting rid of non-core activities and improving performance by withdrawing from low-growth or low-profitability sectors, of told AFP. ""Within this there is usually always a value play that either bolsters the share price or creates more value for investors and owners,"" he said. ""Managing multiple divisions across disparate areas is harder for a board of directors,"" he continued, adding: ""It is also harder in terms of communicating vision and strategy to investors."" - Capital allocation - The conglomerate 3M -- which manufactures scotch tape and post-it notes, among other things -- has also taken the route of General Electric's demerger: In July 2022, it announced the separation of its health-related activities. The new company, named Solventum, began trading on the NYSE on Monday. ""This is an important day for 3M and Solventum,"" 3M chief executive said in a statement. ""Both companies are positioned to pursue their respective growth and tailored capital allocation plans,"" he added. Like GE, which distributed all the shares in GE to the conglomerate's shareholders, 3M distributed all the shares in the new company to its shareholders. Both firms gave one share in the ""child company"" for every four shares held in the ""parent company."" However, the parent company can still retain a stake, usually with the intention of monetizing it at a later date. This is what General Electric did with GE HealthCare, in which it retained a 19.9 percent stake. However, its spinoff GE Aerospace now holds just 6.7 percent of the company, according to a spokeswoman for the group. ""It won't be GE Aerospace's intent to hold this in perpetuity,"" she told AFP. According to , an ancillary business that has become independent can develop further by doing business with companies that are"
"be GE Aerospace's intent to hold this in perpetuity,"" she told AFP. According to , an ancillary business that has become independent can develop further by doing business with companies that are competitors of its former ""parent company."" Other big names on Wall Street have also chosen in recent years to spin off certain activities. For example, the giant Johnson & Johnson has retained its business-to-business activities and created the listed Kenvue for its consumer products. And in June 2021, the breakfast behemoth Kellogg announced its intention to split into three companies, but in the end opted for just two: WK Kellogg for cereals, and Kellanova for snacks, which came into being in October 2023. ""Kellogg's is a good case in point with the company splitting off its low-growth cereals business from the very fast-growing snacks business,"" said Saunders from GlobalData. ""But it's not without its disadvantages."" These include the loss of economies of scale resulting from the sharing of certain structural functions like accounting and human resources, or a size effect, as is the case in health insurance. According to CNBC, some thirty-six spin-offs are planned worldwide by 2024. On March 19, British hygiene and food giant announced its intention to spin off its ice cream businesses - including Ben & Jerry's and Magnum - following disappointing sales in 2023. ""A demerger of Ice Cream is the most likely separation route,"" the company said at the time, adding it was seeking above all to ""maximize returns for shareholders."" In Unilever's case, the aim is simplification, Neil Saunders said, because ice cream operates on ""a very different operating model"" from Unilever's other products."
"Tesla Cybertruck's stiff structure, sharp design raise safety concerns -experts The angular design of 's has safety experts concerned the electric pickup truck's stiff stainless-steel exoskeleton could hurt pedestrians and cyclists and damage other vehicles on roads. Reuters spoke to six safety professors and officials who viewed videos of crash tests conducted by Tesla on its first new vehicle in nearly four years and shown during a webcast delivery event last week. Crash test videos that Tesla live-streamed at a Nov. 30 event were heavily discussed on social media. Experts who spoke to Reuters said they needed crash-test data to reach firm conclusions about the safety. ""The big problem there is if they really make the skin of the vehicle very stiff by using thick stainless steel, then when people hit their heads on it, it's going to cause more damage to them,"" said Adrian Lund, the former president of the Insurance Institute for Highway Safety (IIHS), whose vehicle crash tests are an industry standard. Tesla touted the structures of the truck that absorb impact during the crash. Tesla CEO said in a social media post on Tuesday that he was ""highly confident"" Cybertruck will be safer than other trucks for occupants and pedestrians. Tesla, whose shares were slightly up at USD 243.64 in Friday afternoon trading, did not immediately respond to requests for comment on concerns raised by safety experts. The vehicle designed with flat planes and long, linear edges is visually distinct. It is the first car with a stainless-steel exterior since the launch of the DeLorean car which was featured in the 1985 movie "" ."" The material has even broken the stamping machine that forms the panels, Musk said, touting the vehicle's toughness. During the launch event at the factory in Austin, Texas, Tesla said cold-rolled, stainless body panels are designed to absorb impact during a crash. The front and rear structures have energy-absorbing ribs that help dissipate energy, and during a side impact the skin of the door carried a majority of the crash load, it said. George Washington University auto safety professor Samer Hamdar raised concerns about limited ""crumple zones,"" but added that other features might make up for that. Crumple zones are parts of the car that deform in a crash in a way to more safely absorb the energy of an impact. ""There might be a possibility of shock-absorbent mechanism that will limit the fact that you have a limited crumple zone,"" Hamdar said. Starting at USD 60,990, Cybertruck will not be a high-volume vehicle like Tesla's Model Y, but Musk has said Tesla was likely to reach a production rate of roughly 250,000 Cybertrucks a year in 2025. 'RED FLAGS' IN A CRASH Much of the concern was focused on those outside the Cybertruck. ""If you have an argument with another car, you will win,"" Musk said. David Friedman, the former acting head of the National Highway Traffic Safety Administration, described the effect for the loser of the crash: ""If"
"argument with another car, you will win,"" Musk said. David Friedman, the former acting head of the National Highway Traffic Safety Administration, described the effect for the loser of the crash: ""If you're in a crash with another vehicle that has a crumple zone and your car is more stiff, then their cars are going to crush and yours is resistant,"" he said. Julia Griswold, director of the University of California, Berkeley's Safe Transportation Research and Education Center, said she was ""alarmed"" by the crash test videos Tesla posted. She said the heavy weight of the trucks and their high acceleration ""raise red flags for non-occupants."" Tesla has not said whether it will sell Cybertrucks in Europe, but its chief engineer this month told motoring publication TopGear that EU safety rules aimed at protecting pedestrians by limiting external protrusions could make it tough to sell there. ""We hope Tesla don't bring this vehicle to Europe. A vehicle of this size, power and huge weight will be lethal to pedestrians and cyclists in a collision,"" the Brussels-based nonprofit European Transport Safety Council said in a statement. U.S. regulators rely on vehicle makers to self-test and certify their adherence to safety standards. Musk said in a recent interview with auto consultant Sandy Munro that the Cybertruck had passed regulatory review. The first dozen or so trucks were released to buyers last week."
"When should you sell your car, how to ensure that it fetches you a good price Selling a car is often a subjective choice, with some wanting to dispose it of within two years, while others want to retain it for 20 years if it’s still in working condition. If, however, you are keen on getting a good resale value for your car before you buy a new one, what should you do? When should you sell it and how should you ensure that it fetches you a good price? When should you sell? When maintenance costs are low: “The best time to sell a car is after 4-5 years, or within 1,00,000 km of running, as it starts to give problems and requires maintenance after that,” says Vikramjeet Bakshi, CEO, Pineview Technology Private Ltd, one of the four government authorised vehicle scrapping dealers in Delhi/NCR. “Besides, most people have taken loans and extended warranties for around five years, making it the best time to sell it after this,” he adds An easy way to decide if it is the right time to sell is to find out the current value of your car and the immediate or expected repairs and maintenance in the next six months or a year. If the costs add up to more than the car’s value, it doesn’t make much sense to retain it. When resale value is high: Importantly, the car depreciates in value by around 50% after 4-5 years, and if you want to get a good resale price, you should sell it before it slides down further. Most people do not want to buy a car that has done more than 50,000-60,000 km or is older than 4-5 years as it will incur a higher maintenance cost. When usage drops significantly: In the post-Covid work scenario, where many organisations have decided to implement the work-from-home policy permanently, you could be better off selling the car at a good price rather than letting it idle or retaining it for minimal usage, and have it depreciate in value. Similarly, if you have shifted to another city or state where your car usage is negligible, you could be better off selling it. When affordability falls: If your salary is unable to keep up with the rising prices of petrol or diesel, as has happened in the past few months in the country, it would be a good idea to dispose of your car and get a more fuel-efficient option such as the CNG or an electric one. You can get various subsidies and tax benefits on buying an electric car. State governments offer a range of cash subsidies on purchase of electric cars which include exemption from road tax and registration fee, as well as lower public charging fare. These exemptions are besides the 5% lower GST on electric cars and tax deduction of Rs 1.5 lakh on interest under Section 80EEB, if you decide to take a loan for buying an electric car. When should you scrap it? If you have retained your car for as long as its legally permissible working age in your state, you will have two options. You can either sell it in another state where the expiry date is longer, or scrap it as you will not be allowed to use it beyond this"
"permissible working age in your state, you will have two options. You can either sell it in another state where the expiry date is longer, or scrap it as you will not be allowed to use it beyond this period. For instance, if you are in Delhi, you will not be allowed to drive a petrol car for more than 15 years, but in states like Andhra Pradesh, you can run it for longer if it is in good working condition and if you can obtain a certificate of fitness for your vehicle from the . To avoid the hassle of selling a car in another state, you can have it scrapped. “You can also get a 5% discount on purchase of a new car if you provide the scrapping certificate from an authorised scrapper,” says Bakshi. This is besides the 25% rebate on road tax and registration fee waiver on buying a new car, if you scrap your old car. Best way to sell While you can sell your car directly to dealers or manufacturers, even through mechanics or social media, the best option these days is online car selling companies, which have a huge network of dealers. They carry out the valuation, inspection, legwork as well as paperwork for you and ease the process of selling. It is, however, a good idea to compare several websites before agreeing to a price. You should also ensure that your car is clean, serviced, well-maintained with all the service records and other documents in place before starting the sales process. Transfer insurance & benefits: After selling the car, you will need to inform the RTO about the transfer so that you are no longer liable for any misuse or illegal activities involving the car. You should also inform the insurer, especially if you are passing on the insurance. If not, inform them about the cancellation of the policy. Also Read:"
"Motor insurance claims higher for EVs due to parts Insurance claims from damage to electric vehicles two-wheelers are turning out to be up to 20% higher in value than conventional vehicles, while they are 50% higher for four-wheelers. Also, the frequency of claims is higher in electric vehicles compared to internal combustion engines. The higher value of claims is because of the need to replace an entire assembly rather than repair it due to the non-availability of child parts. Also, there is a higher usage of plastic and fibre to keep the vehicle weight low which increases the damage. “The frequency of claims largely because many first-time users are not familiar with the high acceleration which leads to minor accidents,” said T A , Chief , ( ). According to Ramalingam, the share of EV has quadrupled from less than one per cent of total vehicles insured before the pandemic to around 4% now. In both two-wheelers and four-wheelers, 98% of claims are due to loss claims caused due to accidents. However, fire loss, improper charging leading to fire, damages to charging unit, and flood losses were other common causes for claims as well. Ramalingam said that insurers are in talks with top EV manufacturers to introduce child parts and reduce the cost of replacements. They are also speaking to the manufacturers to educate customers on the proper use of the vehicle to bring down the damages. is in talks with its foreign parent Allianz group companies to get the experience from underwriting EVs in Hong Kong and China. This will help the company to come out will new innovations including a cover for the battery and a cover for cyber risks faced by EVs. If insurers are not able to control the claim costs in EVs the premium of these vehicles might need to be revised up wards. Insurance claims for electric vehicles are high because of costly spares."
"Reliance General Insurance and Ola Electric join to enhance 2W customer experience New Delhi: In a pioneering move set to redefine customer satisfaction, , one of India's leading private general insurance companies, has announced the tie-up of its Extended Warranty Product with . This strategic alliance aims to transform the total ownership of customers and provide them peace of mind while fortifying the company's position as an industry frontrunner. This collaboration leverages the expertise of Reliance General Insurance and the reputable standing of Ola Electric, as a leader in the electric mobility category. The Extended Warranty Product addresses customer concerns around battery life and performance. The battery cover offers to protect the battery life beyond the 3 years of the manufacturer warranty till the fourth and fifth year and provides performance coverage for up to 60,000 km. The comprehensive cover offers coverage for EV components like motor, controller, charger, and battery. With this joint commitment to excellence shared by both companies, customers can now enjoy an extended and worry-free ownership experience. , Chief Distribution Officer, Reliance General Insurance, said ""With the combined strengths of Reliance General Insurance and Ola Electric, this collaboration is set to expand the depth of insurance penetration within the large audience base of two-wheeler EV enthusiasts. The product offers an umbrella protection to meet the diverse needs of Ola electric vehicle owners. This product not only acts as a safeguarding pillar for OLA’s customers but also provides them with expert assistance in a quick time.” , Chief Business Officer, Ola Electric, said - ""“Our partnership with Reliance General Insurance is a testament to our commitment to delivering exceptional value to our customers. Our unwavering dedication to provide the best ownership experience nationwide remains steadfast. We firmly believe that this collaboration will act as a catalyst for prospective EV buyers, driving the rapid adoption of EVs."""
"Massachusetts takes Uber, Lyft to trial over status of gig workers and are set to face trial on Monday in a ' attorney general alleging the ride-share companies misclassified their drivers as independent contractors rather than more costly employees. The non-jury trial in Boston comes amid broader legal and political battles in the Democratic-led state and elsewhere nationally over the status of drivers for app-based companies whose rise has fueled the U.S. gig worker economy. Attorney General Andrea Joy Campbell is asking a judge to conclude that drivers for and Lyft are employees under state law and therefore entitled to benefits such as a minimum wage, overtime and earned sick time. Her office claims the companies for years misclassified thousands of Massachusetts drivers and cannot meet a three-part test under the state's worker-friendly laws that would allow them to be deemed independent contractors. Studies have shown that using contractors can cost companies as much as 30% less than using employees. Uber and Lyft argue that they properly classified the drivers, saying they are not transportation companies that employ drivers but technology companies whose apps facilitate connections between drivers and potential riders. The companies warn that, should Suffolk County Superior Court Judge Peter Krupp rule against them, they would be unable to maintain their flexible business model in the state and may be forced to cut or cease operations in Massachusetts. Rohit Singla, a lawyer for Lyft, during a Thursday pre-trial hearing said his client's ""current business cannot support drivers as employees, is not set up for that and wouldn't work that way."" The case is going to trial a week after Massachusetts' highest court heard arguments over whether to allow an industry-backed ballot measure to go before voters in November that defines the drivers as contractors but entitles them to some new benefits. The court appeared open to allowing some version of that proposal to go on the ballot along with a rival, labor-backed ballot measure that seeks to allow the drivers to unionize. The lawsuit going to trial was filed in 2020 by Campbell's predecessor, Maura Healey, now the state's Democratic governor. Should the state prevail, it has said the companies could face large penalties for not properly classifying their drivers. By not classifying their Massachusetts drivers as employees, Uber and Lyft avoided paying USD 266.4 million into workers' compensation, unemployment insurance and paid family medical leave over 10 years, according to a report by the state auditor."
"Drive Safe, Pay Less: Ushering in a new era of Motor Insurance As a driver who rarely uses your car, or as a driver who drives safely, do you feel that you are paying too much for your premium? Regulatory and Development Authority of India ( ), in a circular dated 5th July 2022, has permitted Motor to offer (UBI) add-on covers to Indian customers, as part of their basic motor insurance policies. The philosophy behind UBI is that a customer should pay premiums based on the risk they pose and not based on generic historical patterns, thereby offering them fair and transparent pricing. UBI can be of two types – (PAYD) or (PHYD). Pay As You Drive (PAYD) essentially means the customer pays insurance premium only for the number of kilometers they drive. The premium is calculated by multiplying the number of kilometers driven by a vehicle in a month by its per kilometer rate (which in turn is linked to the vehicle’s Insured Declared Value (IDV)). PAYD helps customers to save on premiums if their vehicle usage is low - for example, hybrid or work-from-home employees, or for second cars in the family. With Pay How You Drive (PHYD), insurance premiums are linked to the driving behavior in the form of a Driving Score (or Safety Score). This is built on several parameters of driving behavior, such as - speeding, pace of acceleration, intensity of braking, smoothness of turns, length of a drive (which can be linked to driver fatigue). PHYD rewards safer driving through cheaper premiums. This may even compel risky drivers to change their driving behaviour, or else pay higher insurance premium proportionate to their risk. PHYD can contribute, in particular, to improving the road behaviour of the commercial vehicle segment, where high vehicle usage, employment of poorly trained drivers who are also made to work very long hours, is rampant. Technology solutions like telematics are the foundation on which UBI solutions and policies are built. Telematics solutions can be either hardware based on mobile phone based. Hardware devices plug into the On Board Diagnostics (OBD) 2 port of the vehicle and gather data on vehicle usage and driver behaviour and share that information with the insurer. Mobile based solutions use the motion sensors of the phones to capture driving behaviour. For PAYD policies, mobile based solutions can also be used to take a picture of the vehicle’s odometer thereby measuring monthly mileage. Modern connected cars already capture these data points, which can be accessed by insurers via connected car data platforms. These connected cars do not require any additional installation of hardware devices. The key challenge with installing a hardware device is that it requires an upfront investment. This could be a prohibitive barrier in India where average annual premium is low. Mobile-based solutions do not need this investment, but have a marginally lower accuracy and some data loss as compared to the hardware based solutions. Apart from making"
"annual premium is low. Mobile-based solutions do not need this investment, but have a marginally lower accuracy and some data loss as compared to the hardware based solutions. Apart from making motor insurance fair and transparent, UBI will benefit both customers and insurers. Telematics solutions can be used not only to track the number of kilometres driven and driver behaviour, but can also coach drivers and help them improve their driving habits through detailed feedback, alerts, and rewards for safe behaviour. UBI enables insurers to not just reduce risk, but also improve customer experience and build a long-term relationship with them. It provides them with a platform to innovate and redefine insurance as a preventive safety and customer focused service. That being said, UBI is not a magic bullet. The cost of the hardware device is not the only challenge it faces. Motor insurance premium rates in India are much lower than global ones, which means that there may be limited financial benefit for car owners in opting for PAYD or PHYD products. Installing a hardware device or downloading an app for insurance is a new concept, and could be another barrier. Some customers might also be put-off by concerns regarding data privacy. To overcome these challenges, and turn UBI into a massive opportunity, insurers need to see this as an inflection point - a way for them to re-invent themselves as customer-centric, digital-first service providers and focus on creating meaningful value for customers in the form of improved safety, better customer experience, and financial benefits. They will need to believe in the long-term benefits of safer drivers and improved customer retention and commit to this path. Globally, both PAYD and PHYD have seen encouraging early success. In the US, Progressive Insurance, which offers only PHYD policies, has grown to become the country’s third largest insurer. However, UBI is still in its early days worldwide and makes for less than 5% of policies sold globally. But it is expected to grow steadily and become mainstream. IRDAI has set the ball rolling and it now lies firmly in their court of insurers and technology providers. ( Pallav Singh is the CEO of Kruzr and Prerak Sethi is the Founder of RIA Insurance and Co-Founder of the India InsurTech Association. The views expressed are solely of the author.)"
"G7 to hold off revising Russian oil price cap this week Group of Seven Nations are not likely to revise a on this week, two officials and one official from a coalition member told Reuters on Monday. The was due in mid-March to revise the price cap put in place in December, but the officials said EU countries' ambassadors were told by the over the weekend there is no appetite among the G7 for an imminent review. Some EU countries including Poland have sought to lower the G7 price cap level to further restrict the revenue Moscow can use to fund its war in Ukraine. The cap on Russian seaborne crude exports was set at USD 60 per barrel, a level designed to sit below the market price and therefore curb the revenue Moscow can receive from selling oil, while keeping it flowing to avoid a global supply shock. ""We have always reserved the right to support future changes to the price cap levels to meet our dual goals, should market and economic conditions warrant,"" an official from a coalition member country said on condition of anonymity. Brent was trading at around USD 73 per barrel on Monday. The G7 stance shared with EU countries was first reported by Bloomberg News on Monday. The G7 measure bans companies from providing transportation, insurance and financing services for Russian crude oil and oil products if they are sold at a price above the cap. In addition, the 27-country European Union halted its own imports of Russian crude oil delivered by sea from Dec. 5. The United States and Britain have also imposed restrictions on Russian oil imports. Russia's revenues from oil and gas exports dropped by nearly 40% in January as a result of price caps and , the said last month."
"Comprehensive car insurance vs third-party car insurance: Which is better? vs : Which is Better? is a crucial aspect of , offering protection against financial losses that may arise from accidents, theft, or other unforeseen events. When choosing the right car insurance, motorists often face a choice between comprehensive car insurance and third-party car insurance. Each type of insurance serves a distinct purpose and provides specific advantages. This article explores the key differences between comprehensive and third-party car insurance, helping you determine which option is best suited to your needs. Understanding Comprehensive Car Insurance Comprehensive car insurance is a broad and all-encompassing policy that offers extensive coverage for a wide range of risks. This type of insurance is designed to cover not only damages caused to third parties but also any damage to your own vehicle, regardless of who is at fault. The coverage typically includes: Comprehensive insurance is often considered the most robust form of coverage, offering peace of mind to drivers by covering a wide array of potential risks. Understanding Third-Party Car Insurance Third-party car insurance, on the other hand, is the most basic form of car insurance that is legally required for all vehicles on the road. It is designed to cover damages or injuries caused to third parties in the event of an accident where you are at fault. The coverage typically includes: Third-party car insurance does not cover any damage to your own vehicle or injuries to yourself. Its primary purpose is to provide financial protection against claims made by other people, which makes it a more affordable option for drivers who are less concerned about protecting their own vehicles. Key Differences Between Comprehensive and Third-Party Insurance The most significant difference between comprehensive and third-party car insurance lies in the scope of coverage. While comprehensive insurance offers extensive protection for both your vehicle and others, third-party insurance only covers damages to third parties. When Comprehensive Insurance Is the Better Option Comprehensive car insurance is often the preferred choice for drivers who seek extensive protection for their vehicles. It is particularly beneficial in the following situations: When Third-Party Insurance Might Be Sufficient Third-party insurance may be a suitable option for drivers who are primarily concerned with meeting the legal requirements for car insurance and are looking to save on premiums. It may be sufficient in the following scenarios: The Apps In today’s digital age, have become an essential tool for drivers. These apps provide a convenient way to manage your policy, file claims, and access roadside assistance. Whether you choose comprehensive or third-party insurance, using car insurance apps can streamline the process of managing your coverage. These apps often feature real-time updates, easy payment options, and even tools to"
"or third-party insurance, using car insurance apps can streamline the process of managing your coverage. These apps often feature real-time updates, easy payment options, and even tools to compare different insurance policies, making it easier to find the best option for your needs. Conclusion: Which Is Better? The choice between comprehensive and third-party car insurance ultimately depends on your individual circumstances, including the value of your vehicle, your budget, and your risk tolerance. Comprehensive insurance offers broader protection and peace of mind, making it ideal for those who want to safeguard their investment in their vehicle. On the other hand, third-party insurance is a more economical option for drivers who are primarily concerned with fulfilling legal requirements and protecting themselves from liability. Regardless of the type of insurance you choose, it is essential to consider the specific risks you face as a driver and select a policy that offers the right balance of coverage and cost. With the help of , managing and customising your policy has never been easier, allowing you to make an informed decision that best suits your needs."
"All you Need to Know about Zero Depreciation Add-on Cover on Motor Insurance Ever since the made it mandatory for car owners to have a policy, Insurers have provided a diverse range of that protect the insured from the financial jolt that follows in cases of accidental repairs. Zero-depreciation is one such cover that offers comprehensive coverage. With the rise in road accidents and increased sales of luxury or sports cars, choosing an insurance policy that offers comprehensive coverage is recommended. in car insurance ensures complete coverage, negating the impact of depreciation. Depreciation is the devaluation in the value of an asset due to natural wear and tear, usage and obsolescence. Apart from the engine and the moving parts, other parts of a vehicle are also prone to depreciation - such as plastic and metal. Based on the car's age, the accumulation of depreciation ranges from 5% during 0 to six months to 50% for vehicles above 10 years of age. When an accident occurs, insurers pay for replacement of parts impacted due to the accident after deducting the depreciation. In such cases, the insured needs to pay for the difference between the value of the new part and the depreciated value. However, if one has a zero-depreciation add-on cover, which can be availed at a nominal premium, the insured can receive the entire amount of damaged parts without considering the amount of depreciation. ""Car insurance is not an expense but an investment. Higher the investment, the greater the rewards that one can benefit from. At Raheja QBE GI, customer satisfaction has always been our priority and we believe in delivering a superior customer experience. Zero depreciation is one such add-on cover which ensures complete coverage, negating the impact of depreciation hence, choosing such cover is highly recommended,"" adds Mr. Pankaj Arora, MD and CEO, Raheja QBE General Insurance. An extensive Zero depreciation add-on cover offers many benefits, some of which are enhanced coverage, reduced expenses for the insured and peace of mind. These factors liberate the insured from worrying about costly repairs while enjoying the ownership of their car. Zero depreciation add-on cover can be added to your existing car insurance policy and can also be chosen when buying a new insurance policy."
"China's Lithium dominance faces Indian challenge: Mass-scale Li-metal from recycled materials India's , a company in the sustainable energy and battery materials space, has become the first company outside of China and one of only five globally to successfully produce in its pure metallic form at a large scale. The company said that it has achieved this feat following two years of Research & Development. It is worth noting that there have been other companies that have been in the Li-ion battery recycling powder space in India but Lohum will be the first company outside China to produce pure Lithium metal after recycling batteries. Speaking to TOI Auto, Rajat Verma, Founder & CEO, informed about the company’s expansion plans. “In India, we plan to add our fourth facility within the Delhi NCR region, where the other three facilities are located. With the fourth facility in place, the company plans to have a combined capacity of recycling 20,000 tonnes of batteries each year.” The company plans to expand its R&D and recycling capacities with the fifth plant. The new facility will allow the company to increase the headcount in R&D to 200 from the current 60. “Today, our customers and partners are all across the globe in the US, EU, Middle East, and Africa, and we are expanding our partnerships in each of these geographies.” he added. Speaking about the sources that the company is getting batteries from, Verma said “We currently get source batteries from OEMs, Dealers, Fleet Players, and Insurance Companies” While there’s still time for the recycled Lithium metal to be used in EVs, the company has adopted Chakiya village near Lucknow - to provide power through second-life batteries of MG Motors. These are charged by solar energy and are capable of providing electricity for about 4-6 hours. It is interesting to note that the technology has implications for small-sized Lithium-air batteries, which could power an electric vehicle for approximately 1,000 kms on a single charge, thus eliminating any sort of range anxiety, which is currently posing a roadblock in the adoption of EVs. The company said that its efficiency to recycle and refine Lithium metal from battery waste, ores, slag, and production scrap is set to effectively break China's monopoly on battery materials and cell technology. Pure Lithium metal finds applications in a wide array of industries, including electric vehicle batteries, consumer electronics, aerospace, advanced metallurgy, medical devices, and industrial compounds."
"Allies aim for risky Russian oil price cap as winter nears WASHINGTON: US officials celebrated in early September when top allies agreed to back an audacious, never-before-tried plan to clamp down on Vladimir Putin's access to cash as he wages war on Ukraine. The idea sounded simple enough: The countries would pay only cut-rate prices for Russian oil. That would deprive Putin of money to keep prosecuting his war in Ukraine, but also ensure that oil continued to flow out of Russia and helped to keep global prices low. A month later, the Group of Seven, representing some of the world's leading economies, is still figuring out how to execute the plan - a far more complex task than it might seem at first blush - and the Dec. 5 deadline to marshal participants is fast approaching. In the meantime, the war grinds on. The Kremlin is mobilizing 300,000 more troops to join the invasion of Ukraine and Putin has annexed four Ukrainian regions after Kremlin-orchestrated referendums that the West denounced as shams. And while the US and European countries have levied thousands of financial and diplomatic sanctions on Russia, including recently announced penalties, Treasury leaders say a price cap on oil could deliver the most effective blow to Russia's , undermining its greatest revenue source. Pushed by Treasury Secretary Janet Yellen, the price cap plan is testing the bounds of statecraft and capitalism. Yellen made her reputation as a Federal Reserve chair who helped steer the US into the longest expansion in its history. Now she's trying to use global energy markets as a vise to stop a war and keep oil prices from rushing upward this winter. Yellen and her team at Treasury have been lobbying their counterparts on the price cap since at least May. The US has already blocked , which were small to begin with. ""This is an entirely new way to use financial measures against a global bully,"" Elizabeth Rosenberg, Treasury's head of Terrorist Financing and Financial Crimes, said at a recent congressional hearing. ""A price cap coalition requires unprecedented coordination with international partners, as well as close partnership with global maritime industries, and exceptional resolve in the face of hostile Russian bluster and threats, including the risk that Russia may seek to retaliate,"" Rosenberg said. The risks of this new form of economic warfare are immense to the global oil supply. If it fails or Russia retaliates by stopping the export of oil, then worldwide could skyrocket. US consumers could feel the ramifications in another spike in gasoline prices. ""I don't have a crystal ball. I don't know exactly what Russia will do here. There are a lot of different options,"" Ben Harris, Treasury's assistant secretary for economic policy, said during a recent Brookings Institution presentation. He added: ""The price cap provides an opportunity for a bit of a release valve and the hope that these Russian barrels will find the market, but at a reduced price."" The Dec. 5"
"presentation. He added: ""The price cap provides an opportunity for a bit of a release valve and the hope that these Russian barrels will find the market, but at a reduced price."" The Dec. 5 deadline for setting the price for discounted oil comes just before a year-end wider European embargo on seaborne Russian crude oil and a complete ban on shipping insurance designed to prevent Russian oil from reaching non-European buyers. The embargo and insurance ban could eliminate up to 4 million barrels a day from the world's daily supply of petroleum, a loss of roughly 4 per cent. Treasury's hope is that the price cap kicks in first and allows some of that oil to keep flowing via exceptions to the embargo and the insurance ban, albeit at prices lower than market rates. While Treasury officials and leading economists express confidence that the plan will work - and already is working - some oil analysts are wary of trying to implement it before winter, in a global economy already scarred by supply shocks, and a Europe facing fast-rising inflation. The unknowns are too many, they say. ""The wildcard factor to me is what the Russians do, because the Russians have made abundantly clear that they do not want to play along with price caps,"" said Helima Croft, global head of commodity strategy at . ""We should prepare ourselves at least,"" she said, ""that they may withhold oil."" Ed Morse, head of commodities research at Citi Group, said at the Brookings Institution recently: ""It's an experiment that's never been done in world history. I think it is a poor judgment call to do this at this time."" Oil is the Kremlin's main pillar of financial revenue and has kept the Russian economy afloat so far in the war despite export bans, sanctions and the freezing of central bank assets that began with the February invasion. Before the war, Russia exported roughly 5 million barrels of oil per day as one of the world's biggest oil exporters. That figure - accounting for roughly 9 per cent of the - has largely been unchanged despite all the sanctions. Russia has vowed to take retaliatory measures to offset the impact of the price cap. Last week, Kommersant, a Russian business newspaper, reported that the Kremlin is considering raising $50 billion in additional revenue from taxes on exported energy, in response to the plan. Analysts are hopeful the Russians are bluffing. Deutsche Bank recently assigned a ""low probability"" to Russia stopping its exports and cut its forecast for the price of crude by 10 per cent. The German bank cited the US Treasury's announcement that India could have flexibility to buy from non-EU providers if it doesn't join the price cap coalition, among other factors. And while it's assumed China and India won't be part of an official coalition on the price cap, lower prices paid to Russia by these nations would help accomplish the coalition's goal, Treasury officials say, getting more oil on the market with less revenue for the Kremlin. Already, Russia is"
"lower prices paid to Russia by these nations would help accomplish the coalition's goal, Treasury officials say, getting more oil on the market with less revenue for the Kremlin. Already, Russia is locking in long-term contracts to limit the loss of potential oil revenues. Raoul LeBlanc, vice president of energy at Insights, said in some ways the discounts Russia is already providing countries show that a price cap could work. LeBlanc said the complete loss of Russian oil on the global marketplace ""would be catastrophic to the world economy"" and losses would most heavily affect Latin America and much of South Asia. Many European countries are already seeing major impacts of the war on their economies without a price cap in effect. The Organization for Economic Cooperation and Development last week said the global economy is set to lose $2.8 trillion in output in 2023 because of the war. On other energy matters, European Union energy ministers on Friday levied a tax on fossil fuel companies' windfall profits, but could not agree on a natural gas price cap. Treasury is navigating a host of tricky questions as it works to implement the oil price cap plan. Among them: figuring out the size of the discount the G-7 and others would force on Russian oil, how the price cap would interact with the coming embargo and insurance ban, how companies would conduct their business as they try to avoid sanctions and how to stop Putin from getting around any cap. Ben Cahill, a senior fellow at the Center for Strategic and International Studies, said he believes the price cap is ""better than the status quo"" - the expected European embargo on oil and ban on maritime insurance. But, Cahill adds, it will create complexities in the market that could drive up the cost of doing business. ""It's a big gamble,"" he said. Read More:"
"Hiring demand up 9% in May: Report Job demand continued to be on a growth trajectory in May, witnessing a 9% rise year-on-year, mainly supported by telecom, banking, financial services and insurance and import and export sectors, a report said on Tuesday. The job market continued to show growth for the second consecutive month of FY23 with a benchmark year-on-year recovery of 9% in May, according to the Index ( ). However, the index levelled down by 4% month-on-month reflecting cautious recruiter sentiments in May amid worries over high inflation driving up costs due to the current socio-economic scenario globally, it noted. ""The beginning of FY23 has shown positive hiring scales given the anticipated 5G roll-out and the recovery of several business segments across the country. So far, the Indian job market is faring well despite the current sentiment on sobered hiring,"" said , CEO of Monster.com, a company. Recruiters have not scaled down their ambitions to hire talent and there is most definitely unmet demand in the market today, he stated. ""In terms of the job outlook, businesses will continue to grow, and we see this demand reflected in segments such as import and export, telecom, travel and hospitality and (Banking, Financial Services and Insurance), which continue to grow on the back of growing digitisation efforts,"" he added. Industries such as telecom, BFSI and importautomation (up 101%), real estate (up 25%) have seen promising growth patterns. Retail (up 11%) continued to hire with moderate growth this month, added the report. The report revealed that having observed a dip since September 2021, media and entertainment sector continued on a steep slope of decline (19%) indicating a long way towards post-pandemic recovery. Online recruitment activity contracted in engineering, cement, construction, iron and steel (down 9%) although minor improvement was seen last month. Shipping and marine (down 4%) also noted a first annual dip from a year-ago level, it added. The Monster Employment Index is a broad and comprehensive monthly analysis of online job posting activity conducted by . The report further revealed that tier II cities are well on their way to post-pandemic recovery with significant growth numbers, while tier I cities continue to fuel growth. City-specific data indicated that Coimbatore (up 27%) tops the chart once again surpassing growth numbers witnessed by top metro cities in India, tailed by (up 26%), according to the report. Delhi-NCR and Hyderabad marked a 16% annual growth in job opportunities, closely followed by Chennai (up 15%), Pune (up 13%), Ahmedabad (up 15%), Bangalore (up 9%) and Kolkata (up 6%). The BFSI industry particularly saw substantial hiring activity once again across key metro cities with the highest spike in Pune and Delhi-NCR, said the report. Tier II job markets continued to fuel hopeful employment patterns this May 2022 across Baroda, Chandigarh, Jaipur and Kolkata, which reflected growing annual demand"
"and Delhi-NCR, said the report. Tier II job markets continued to fuel hopeful employment patterns this May 2022 across Baroda, Chandigarh, Jaipur and Kolkata, which reflected growing annual demand in the range of 2 to 12%. Job creation in said locations continues to emerge consistently since the previous month indicating bullish prospects for employment generation, it added."
"Tankers newly sanctioned by US supplied Russian oil to India New Delhi: Three oil tankers, newly sanctioned by Washington, regularly shipped Sokol crude from Russia's Far East to Indian Oil Corp, the country's top refiner, in recent months, according to shiptracking data from LSEG, and trade sources. The U.S. on Thursday imposed sanctions on maritime companies and vessels for shipping sold above the Group of Seven's price cap, as Washington seeks to close loopholes in the mechanism designed to punish Moscow for its war in Ukraine. The Liberian-flagged ships hit with sanctions are the Kazan, and NS Century, according to the Treasury Department. All three Aframax-sized tankers discharged Russian Sokol crude in India in September while two of them made the trip in October, the data showed. In the short-term, sanctions may reduce the number of ships carrying Russian oil and prompt India to seek supplies elsewhere, but they are unlikely to stop the trade altogether due to its lucrative nature, several traders who declined to be named, said. As long as there are willing buyers, sellers and shippers will always find a way to make the oil flow, one trader said. One trader also said India may seek supply from the Mediterranean and North Sea to replace Russian Sokol. NS Century is currently on its way to discharge Sokol crude at Vadinar port in Gujarat for Indian Oil Corp ( ) on Nov. 25, LSEG and Kpler data showed. IOC buys Sokol under an annual contract with Russian oil major Rosneft. A spike in global prices led to Russian oil being sold at above the price caps imposed by western nations of $60 a barrel. The three vessels last year obtained safety certification from the Indian Register of Shipping (IRClass), according to its website. Ligovsky Prospect and Kazan, managed by (SCF) Management-FZCO, were certified on Sept. 14, and May 7 last year, according to IRClass website. NS Century, managed by Dubai-based Sun Ship management (D) Ltd was certified on Sept. 15, 2022. Societies such as London-headquartered Lloyd's Register, the American Bureau of Shipping and IRClass provide services, such as seaworthiness checks and certification, which are vital for securing insurance and entry to ports. IOC and IRClass did not immediately respond to requests for comment. Sokol crude is produced at the Sakhalin-1 project, managed by a Rosneft subsidiary after the exit of ExxonMobil. Prior to sanctions and restructuring of the project's ownership, India's ONGC Videsh, the overseas investment arm of state-run Oil and Natural Gas Corp, and Sakhalin Oil and Gas Development Co (SODECO), a consortium of Japanese firms had a stake in the project."
"Shriram Group plans to add 2,500 employees for merged entity in 18-24 months Chennai-based , which is in the process of merging its two non-banking financial companies, is planning to hire additional 2,500 people for the proposed entity over the next 18-24 months, a top company official said on Monday. Last year in December, the diversified financial group announced the merger of Shriram Capital Ltd (SCL) and ( ) with ( ). The merged entity, to be known as Ltd, will be the largest retail finance non-banking finance company (NBFC) in the country. SCUF's Managing Director and CEO YS Chakravarti said that currently, the combined employee strength of SCUF and STFC is 51,000. While STFC has branches in Bihar, Rajasthan, North-East, West Bengal and Odisha, SCUF doesn't have much presence in these states, he said. ""Once the merger happens, we will recruit people to sell SCUF's products in these states. We will be adding 2,500 people over the next 18-24 months on the sales, credit and collection sides,"" Chakravarti, who is also the Managing Director and CEO-designate of the proposed entity, said. SCUF offers two-wheeler, commercial vehicle, passenger vehicle, MSME, gold and home loans, whereas STFC has a presence in the commercial vehicle financing business, consumer finance, life and general insurance and stock broking. In the back offices of SCUF and STFC, he said that there will be the rationalisation of some of the employees, who are going to be re-skilled and moved to the back offices of other group entities. Chakravarti said that post-merger, the group plans to divide the business into five different geographical areas, each being led by a joint managing director (JMD). Last week, the group said it received approval for the merger of SCL and SCUF with STFC from the ( ). It is now awaiting approval from the insurance regulator Insurance Regulatory and Development Authority of India (Irdai) and Competition Commission of India (CCI), Chakravarti said. The ( ) has called for the voting of creditors and shareholders of STFC, SCUF and SCL, which is expected to be over by July 7, he added. ""From there, we expect the NCLT to come back to us with an approval anywhere between 60-90 days,"" the official said, adding that the merger process is expected to be over by October this year. The merged entity will have a combined asset under management (AUM) of over Rs 1.5 lakh crore and a distribution network of over 3,500 branches, the group had said in December."
"Tesla rolls out new incentives in China as price war escalates Tesla unveiled new incentives, including insurance subsidies, on Friday to woo consumers in the world's largest auto market, where the U.S. electric vehicle giant is in a protracted price war against entrenched rivals such as BYD. Pickups of existing inventories of and Model Y SUVs by the end of March would be entitled to a maximum of 34,600 yuan (USD 4,807.76) worth of incentives, Tesla said in a post on its Weibo account. Among the incentives are a 8,000 yuan discount in car insurance products with partnerships with Tesla, and a 10,000 yuan discount if the buyer chooses a change of paint. Tesla also offers limited-time preferential financing plans that could save up to 16,600 yuan for purchases of Model Y. When asked about the amount of inventory Tesla had in China, a sales representative said it was limited, but declined to provide details. Tesla didn't respond to a request for comment. In the face of slowing demand and rising competition, Tesla slashed prices on some Model 3 and Y cars in China in January and offered cash discounts for some Model Ys from Feb. 1. Its biggest local rival BYD on Friday lowered the starting price of a new version of its Song Pro hybrid SUV by 15.4%. BYD, which dethroned Tesla as the world's top EV maker in Q4, had responded with even bigger discounts on an array of new car versions in February."
"Government likely to trim fiscal deficit target as Omicron cases rise: Sources NEW DELHI: The government is aiming for a of 6.3% to 6.5% of gross domestic product (GDP) for the next financial year, a less ambitious target than previously planned as Covid-19 infections threaten the economic recovery, three government officials said. Finance minister Nirmala Sitharaman is due to unveil the 2022-2023 budget on February 1 and officials said the thinking was that sharp cuts in government expenditure could hurt growth prospects. India's case load of coronavirus infections is surging, fuelled by the Omicron variant and the worry is that consumer and business spending will be hit, leaving the government with little choice but to step in. The plan now is to target a 30-50 basis point cut in the fiscal deficit for the next financial year, the officials involved in the discussions said. They declined to be named as they were not authorised to speak to media. Policymakers were hoping to bring down the fiscal deficit by a wider margin, after cutting the deficit by 240 basis points to 6.8% in the current fiscal year ending in March. Some private economists and brokerages said the fiscal deficit could be brought down to around 5% of GDP from 9.4% in 2020-21, after the winding down of pandemic stimulus and surge in revenue receipts. Rising coronavirus cases have forced many states to impose restrictions, raising concerns among policymakers that falling consumer sentiment could affect the pace of the economic recovery and all budget calculations. Asia's third-largest economy could miss the 10% growth target for the current 2021-22 fiscal year as the new Omicron variant is seen disrupting economic activity through January-March and may also dampen sentiment in the next financial year, officials said. And, the economic growth target would not be more than 7% for the next financial year beginning April, two officials said. The finance minister is set to unveil new targets for government spending, tax receipts and economic growth while presenting her third annual budget in parliament. ""The (budget) discussions are on,"" one of the officials said, adding the government aimed to bring down the deficit and increase capital spending while keeping revenue spending flat. A finance ministry spokesman declined to comment for the story. India's economy has been recovering since mobility curbs were lifted in June, but economists fear that new restrictions could drag on growth in the coming months. The economy contracted 7.3% in the last fiscal year. Any signs of economic slowdown and a higher , economists said, could delay the normalisation of the accommodative stance of the Reserve Bank of India's Monetary Policy Committee, which would meet from February 7-9 after the presentation of the budget. ""We are likely to miss the divestment (privatisation) target by a wide margin,"" one of the officials said, adding that sale of companies such as BPCL, banks and insurance companies"
"of the budget. ""We are likely to miss the divestment (privatisation) target by a wide margin,"" one of the officials said, adding that sale of companies such as BPCL, banks and insurance companies would be postponed to the next financial year. The government has so far raised Rs 9,330 crore ($1.3 billion), a fraction of the Rs 1.75 lakh crore target in receipts from privatisation in the current fiscal year, while higher tax collections have helped narrow the fiscal deficit. Also Read:"
"Tesla seeks import duty cuts but gives PLI scheme a skip The dream of driving a Made-in-India may continue to elude vehicle buyers for some more time with the American electric car maker - which has pitched for a cut in import duties ahead of a local launch - not applying to avail of incentives under the ₹44,000 crore approved by the government. The schemes are for manufacturing eco-friendly automobiles, auto components and advanced chemistry cells in India. ""They (Tesla) have not applied. Tesla can avail of benefits under the PLI schemes for the , for making advanced chemistry cells but the company wants concessional duties without showing any commitment to produce here,"" a senior government source told ET. The government has lined up incentives of up to 18% to address cost disabilities and encourage auto and parts makers to deepen localisation of the supply chain and indigenously manufacture products with advanced auto technologies. It has already received investment proposals to the tune of ₹45,016 crore from the 20 approved applicants of PLI auto scheme. This includes , , , (M&M), Hero MotoCorp, Bajaj Auto and Ola Electric Technologies. The list of approved candidates from the component sector will be announced next month, separately. The government has also announced a scheme to incentivise advanced chemistry cell manufacturing in the country. Tesla has said that the levies imposed by India on automobiles are the highest among large countries and that it can only consider setting up a factory locally if it succeeds with imported models. CEO Elon Musk, who ended 2021 as the richest person in the world with a personal fortune of $273.5 billion as per Bloomberg Billionaires Index, last month said his company is facing a lot of challenges and working with the government to launch operations in India. The company had registered an Indian arm, Tesla Motors India and Energy, in Bengaluru in January 2021, indicating that it was set to launch vehicles in the country. The source added, ""The government wants to enable Tesla to manufacture vehicles in India. But they have to first submit firm business plans."" Tesla could not be reached immediately for a comment. India imposes 100% import duty on cars with cost, insurance and freight value of more than $40,000 and 60% on cheaper vehicles. In a letter to the road transport and highways ministry last year, Tesla had sought 40% import duty on fully assembled . Musk had earlier said that the duty structure for cars running on the electric powertrain should not be out of kilter with India's climate-change objectives. Also Read:"
"China auto market faces slowdown as inventory builds SHANGHAI - Automakers in China delivered a record number of cars to dealers in the first nine months of the year even as retail demand slowed, setting up the market for a slowdown in 2023, a leading Chinese brokerage said on Wednesday. Automakers had delivered 1 million vehicles to dealers in China over the first nine months of this year, a record volume for the world's largest auto market, analysts at (CMBI) said. In September, deliveries to dealers rose by 33%, while retail sales climbed only 9%, meaning that inventories on dealer lots jumped, a trend that could create an overhang that will weigh on sales next year, they said. The China Association of Automobile Manufactures reports overall vehicle sales. CMBI analysts used insurance registration data to track retail sales separate from wholesale deliveries to dealers. The diverging trend in deliveries to dealers and retail sales ""makes us very concerned about automakers' wholesale volume in 2023,"" the CMBI report said. ""We expect China's wholesale volume to fall in 2023, with more significant decline for internal-combustion engine (ICE) vehicles than this year."" Signs of softening demand in China's market emerge as the economy weakens. China's auto sales growth slowed in September while EV sales rose at their slowest pace in five months. Auto industry officials have forecast a stronger end to the year as consumers rush to buy cars before government subsidies for electric vehicles and a tax cut for small-engine vehicles expire. Still, CMBI analysts warned 2023 would bring more competition to the EV sector, saying that it expected to see sales growth for EVs and hybrids on a combined basis to drop below 50%. ""We believe it could be much more difficult to raise retail prices in 2023 vs 2022 to maintain margins,"" the brokerage said. CMBI said it believed that the consensus forecast for automaker net profit, including that of BYD , Guangzhou Automobile Group and Great Wall Motor was at risk of overstating how the industry would perform in 2023 because of the shifting market dynamics."
"Combination of positive factors to jack up auto dealers’ revenue by 20-25% in FY23, says CRISIL New Delhi: are set to clock their fastest revenue growth in three fiscals with sales accelerating 20%-25% year-on-year in FY23 mainly owing to the 12%-14% volume growth and to the five supporting factors that are referred to as the firing of . They are the increasing preference for personal mobility, , easing supply-side constraints, shift in product mix towards higher priced vehicles, and price hikes of 5-7%. Improved credit risk profiles because of the stabilising profitability and stronger balance sheets also augur well for them, according to a recent study by . and greater contribution of the more profitable ancillary revenue (service, spare parts and insurance) to 10%-12% of total income in fiscal 2023 from 8%-9% last fiscal will help stabilise operating margin at 3%-5%. (4% in fiscal 2022). This could lead to healthier credit risk profiles, the study of 113 automobile dealers rated by CRISIL Ratings shows. , which plunged in fiscal 2021 and revived partially in fiscal 2022, continued to recover in the first five months (April-August) of this fiscal with recovery in retail demand and easing of semiconductor shortages. Recovery not to be uniform Recovery in revenue, however, will not be uniform across dealership segments. While (PV) dealers will continue to show robust recovery, (CV) and two-wheeler (2W) dealers will grow on a lower base due to subdued sales over the last 2-3 fiscals, the study reveals. Gautam Shahi, Director, CRISIL Ratings, said, “With strong recovery in sales, the operating profitability of PV and CV dealers will climb back to pre-pandemic levels of 4%-5%, while the margins of 2W dealers will rise gradually to 3%-4% this fiscal (against 4% pre-pandemic).” PV dealers will see strong volume growth of 17%-19% in the current fiscal in line with improved OEM growth outlook and increasing average realisation per vehicle due to higher proportion of higher priced utility vehicle sales, leading to overall revenue growth of 24%-26%. For the CV dealers, volume growth will be 20%-22%, on the back of revival in economic activity, higher replacement demand, and the government’s push. Price hikes of 4%-5%, following higher input costs, will push overall revenue growth in the CV segment to 25-27%. Though reopening of educational institutes and offices have been tailwinds for 2W sales growth this fiscal, slower recovery in rural demand, price hikes and competition from electric two-wheelers will continue to constrain volume growth to 9%-11%, leading to a modest revenue growth of 15%-18% on a low base of fiscal 2022. Sushant Sarode, Associate Director, CRISIL Ratings, said, “Better revenue and profitability growth should increase cash accrual of auto dealers in fiscal 2023 which, along with expected reduction in inventory following higher demand, will help auto dealers reduce working capital costs. Higher cash flows, lower inventory cost and"
"auto dealers in fiscal 2023 which, along with expected reduction in inventory following higher demand, will help auto dealers reduce working capital costs. Higher cash flows, lower inventory cost and strengthening balance sheets will improve debt metrics of auto dealers this fiscal.” While interest coverage ratio is likely to increase to 3.0-3.5 times in fiscal 2023 from 2.6 times in fiscal 2022, gearing is expected to improve to 1.0-1.1 times as on March 31, 2023, from 1.3 times in the previous fiscal. Credit ratio which improved to 5.25 in fiscal 2022 after falling to 0.44 in fiscal 2021, indicating strong recovery, is to remain healthy. However, volume, monsoon trend and inventory of dealers remain key monitorables, the study concludes. Read More:"
"Hyundai Motor and Societe Generale Group cos. set up captive finance JV New Delhi: The financial services subsidiary of , Hyundai Capital Services, and , a subsidiary of offering innovative financing solutions to the automobile and nautical distribution sectors, have launched a joint venture, (HCF). The joint venture strives to offer tailored solutions to meet the needs of Hyundai, , and Genesis brands globally with its new mobility-exclusive products and set up an automobile leasing company overseas, the company said. It further added that the joint venture will benefit from the support of Societe Generale Group and operate under the Hyundai Finance and Kia Finance brands within their respective networks and with dedicated teams. According to a media release, HCF will support Hyundai Motor France, Kia France, and their dealer networks, in lease and loan financing for new and used vehicles. It will also serve as a sales agent for relevant insurance policy products. Kim Hyun Joo, Executive Vice President and Head of Global Business Division, Hyundai Capital, said, ""France is a strategically significant market for Hyundai Motor Group and we are very glad to form a joint venture with Societe Generale Group in this regard. Hyundai Capital, as a captive finance provider, aims to support Hyundai Motor Group's meaningful expansion in France with tailored products and services."" France is one of the most important markets for the Hyundai Motor Group. The Group has opted for the strategy of setting up a captive finance company to further support vehicle sales in the European market by providing tailored financial services for customers and dealers. ""We are very proud of this new chapter with the Hyundai Motor Group, which is the recognition of a long-term partnership. It will enable CGI Finance to continue to grow and support Hyundai Motor France, Kia France, and their dealers' network while offering services for more sustainable mobility to consumers,"" Ludovic Van De Voorde, CEO, CGI Finance, said. Also Read:"
"Oil merchants troubled by trading norms that don’t fit price cap The that the Group of Seven nations imposed on may finally be in place, but it’s yet to convince one vital group of people: the traders who can help get the supplies onto the global market. From last Monday, any company wanting to access G-7 services -- particularly European insurance and ships -- to move Russian oil can only do so if they pay $60 a barrel or less for the cargo. The initiative is aimed at punishing Kremlin for the Ukraine war by curbing oil revenue while maintaining exports. The US pushed for the measure as a way of softening European Union sanctions that threatened a far bigger supply disruption and surge in prices. Now the market is trying to figure out what effect the cap will have. But the measure is troubling traders because it doesn’t fit with how physical crude shipments are purchased and valued in the real world. This is creating challenges around risk management, which have only been exacerbated by wild swings on a daily, weekly and monthly basis since the war. A buyer today will often have to wait several weeks to learn the final per-barrel price they have to pay. In that period, it could have risen to an above-cap level, causing all sorts of complications. The that Bloomberg spoke to highlighted a potential risk for traders or middlemen to be stuck with an above-cap cargo giving them limited access to European ships and insurance. This poses difficulties on the physical handling of cargoes, in addition to the hedging of exposures. “Physical traders rarely trade on a fixed price,” said John Driscoll, chief strategist at JTD Energy Services Pte Ltd, who has spent over 30 years trading crude and petroleum in Singapore. “It’s a much more complex space where they trade on formulas and spot differentials to a benchmark crude for the trading of actual cargoes as well as for hedging that follows.” Typically, purchases of Urals, ESPO and Sokol - three top Russian grades - are priced on a forward and floating basis. That means their final prices aren’t known until several weeks after the cargo has been bought. As an example, in recent ESPO purchases done last week, Chinese refiners agreed to pay a discount to the average of front-month February ICE Brent contract. But this will be tabulated only at the end of December. The cap hasn’t all been bad news for Russia, or its ability to find buyers. Asian refiners such as Taiwan’s Formosa Petrochemical Corp. welcomed the news as an opportunity for buyers to resume Russian purchases after staying on the sidelines since the war. India, which has soaked up record Russian volumes in past months, said they will buy from wherever and isn’t expecting the cap to have any impact on imports. Russia has said that it will not cooperate with entities or countries that support the price cap on its oil. Its foreign minister said it intends to negotiate with its partners directly. While Russian oil can still flow using non-EU services"
with entities or countries that support the price cap on its oil. Its foreign minister said it intends to negotiate with its partners directly. While Russian oil can still flow using non-EU services -- such as for cargoes not bought under the cap -- it’s unclear if there are enough ships and insurers to handle all the shipments diverted from Europe. --With assistance from Yongchang Chin. Also Read:
"Collaboration, innovation, and cybersecurity to ensure safe future for connected vehicles: EY-Parthenon New Delhi: In the rapidly evolving landscape of , EY-Parthenon released a comprehensive report titled "" 2.0; Navigating opportunities and risks in the digital era"" at the ETAuto Connected Vehicle Summit '24. The report sheds light on the transformative journey of the automotive industry towards in-car connectivity, emphasizing the pivotal role of stakeholders in ensuring a secure and innovative future. Stakeholder Benefit: Enhancing the Connected Car Experience This section of the report underscores the positive impact of connected cars on consumers. The benefits include a reduction in range anxiety, safety improvements through (ADAS) for crash avoidance, and telematics for tracking insurance and efficiency. These features aim to create a seamless and secure in-car technology experience for users. However, the report doesn't shy away from addressing the elephant in the room - cybersecurity. With the increasing connectivity between vehicles, infrastructure, and humans, the risk of cyber threats becomes paramount. EY-Parthenon emphasizes the collective responsibility of all stakeholders, including Original Equipment Manufacturers (OEMs), regulators, component suppliers, insurance companies, and consumers, to prioritize cybersecurity and safeguard the connected world. , Partner at EY Future of Mobility, stated, “Connected car mobility marks one of the most ground-breaking opportunities. However, it introduces a unique challenge for OEMs - the necessity to innovate and conceptualize new business models. Success in this evolving landscape lies in effectively monetizing connected services and unlocking sustainable revenue streams.” EY-Parthenon outlines potential revenue streams for stakeholders, categorizing them into unpaid basic packages and paid add-on packages. Unpaid packages include essential vehicle information, convenience features, warnings, company app downloads, and OEM chat connects. On the other hand, paid add-on packages encompass offerings such as an OEM music store, engine diagnostic systems, advanced safety and security packages, service information packages, language packages, and more. Two insightful case studies explore the impact of connected technology. The first delves into electric vehicles (EVs) and how connected features can alleviate range anxiety by providing real-time information about charging infrastructure and timely alerts. The second case study focuses on connected dashcams, illustrating how they can revolutionize post-collision scenarios by providing push alert notifications, geo-coordinates, and event videos to insurance companies, emergency services, and the driver's family. The report highlights the role of telematics in claims, providing real-time data transmission on location, motion, speed, VIN number, acceleration, force of impact, and external environment conditions. Telematics not only enhances customer"
"in claims, providing real-time data transmission on location, motion, speed, VIN number, acceleration, force of impact, and external environment conditions. Telematics not only enhances customer protection by reducing underwriting and claim fraud but also streamlines the claims process, providing a more holistic protection cover for customers in cases of theft, accidents, and breakdowns. and Connected Dashcam integration EY-Parthenon suggests managing customer needs through core offerings, including Usage-Based Insurance (UBI) for individual and business needs. The integration of connected dashcams enhances risk selection, providing continuous improvement in capturing and analyzing driving behavior. The report encourages insurers to innovate their product offerings by providing value-added services, thereby increasing revenue, profitability, and customer retention. The key takeaway is the emphasis on collaboration, innovation, and cybersecurity to ensure a safe and thriving future for connected vehicle"
"Shriram Transport set to wear a brand new look beginning April In the new financial year, ( ) will wear a brand new look. Its proposed merger with subsidiary City Union Finance (SCUF) is set to reduce portfolio concentration risks at the vehicle financier even as the fortunes of an industry, in the cusp of momentous change, remain as agonizingly difficult to predict. The merged company will be called Shriram Finance Ltd, with a total asset size in excess of INR 1.55 lakh crore. “The move should cut the concentration risk that weighed on portfolios during the pandemic,” Umesh Revankar, managing director, Finance, told ET. ""This will help in diversifying our loan book as we aim to foray more into rural retail. We expect at least one outlook revision in the next few quarters.” The integrated single entity stands a fair chance of an outlook revision as rating companies are assessing its future growth path. For now, it will likely avoid overseas borrowing but tap local resources. STFC is primarily engaged in second-hand truck purchases. SCUF deals in a wide range of retail credit, including funding to small and micro enterprises, two-wheeler purchases, loan against property and gold and personal loans. It has a separate subsidiary – . ""The merger of two companies will pave the way for diversification of loan book, partly mitigating risks associated with lending to a single asset class,"" said Karthik Srinivasan, group head of financial sector ratings at ICRA. “With the formal merger, we will assess its impact on outlook and creditworthiness,"" he said. Shriram Transport reported about 6.5 percent fall in its standalone net profits at INR 681 crore in the third quarter. During the December quarter, the gross non-performing ratio, a gauge for bad loans, was at 8.40 percent versus 5.39 percent a year ago. The Shriram Group will aim to get the merger approved by the National Company Law Tribunal in this calendar year. While Shriram Transport is rated AA+, Shriram City Union is graded a notch lower at AA. The merged entity is likely to be rated AA+ benefiting City Union initially, market sources said. “We shall start introducing complementary products of each other's companies from April 1,"" Revankar said. Shriram Transport has 1,824 branches, which will be consolidated into 2,800 such units with the additional counts coming from Shriram City Union. ""We will not lay off any people but train them to be reskilled to work for the larger entity,"" said the managing director. The company will raise resources tapping local credit lines like traditional bank loans, bonds and public deposits. ""We will look at overseas resource mobilization after we establish credentials of the merged entity,"" he said. The merged entity will also cross/upsell group insurance products. Shriram Life Insurance and Shriram General Insurance are two companies that are expected to have access to this combined non-banking finance company. Also Read:"
"Rupee opens 25 paise higher vs dollar despite rise in oil prices; here's why NEW DELHI: After shedding around 1.5 per cent against the US dollar on Thursday, the regained some ground on Friday as domestic equity markets bounced back after a brutal selloff and as traders pinned their hopes on the Reserve Bank of India expending some of its formidable foreign exchange reserves. The partially convertible rupee opened at 75.40 per US dollar as against 75.65 per dollar at the previous close. So far in the day, the Indian currency moved in a band of 75.2780-75.4220 against the greenback. After giving up more than 4 per cent each on Thursday, the BSE Sensex and Nifty50 were up 2.6 per cent and 2.7 per cent, respectively, at 10:40 am. In line with other emerging market currencies, the rupee has suffered a heavy beating this week as Russia’s invasion of Ukraine sent global surging to multi-year highs, with Brent crude prices topping the $100 mark. For India, which is a huge importer of crude oil, the development threatens to push up the trade deficit and inflation. Crude oil prices again registered a sharp rise on Friday as Russia’s actions are seen attracting sanctions from Western powers which may disrupt global supplies of the commodity. Brent crude rose $1.99, or 2 per cent, to $101.07 a barrel around 0155 GMT on Friday. US West Texas Intermediate (WTI) crude climbed $1.89, or 2 per cent to $94.70 a barrel. While the hardening of commodity prices hurt market sentiment, dealers took heart from a sharp decline in the US dollar index on Friday. The dollar index, which had gained sharply on Thursday as investors flocked to safe-haven assets, was last at 96.85 as against 97.05 around 4 pm on Thursday. Some sales of dollars by banks - likely on behalf of overseas entities looking to invest in Life Insurance Corporation’s $8 billion initial public offering - also bolstered the rupee, dealers said. “Rupee opened near 75.40 after not so effective sanctions from the US and Europe and rise in US equity markets brought about risk-on sentiments,” Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors said. “Dips on the dollar to be bought as the war continues and none of the sides has made any indications to make any concessions. The range will be between 75 to 75.70. Exporters to sell near to 75.75 and importers to buy near 75.00 levels.” Government bonds were steady, with the yield on the 10-year benchmark 6.54 per cent 2032 paper unchanged at 6.76 per cent. Market players kept off large bets ahead of a primary auction of sovereign debt worth Rs 23,000 crore on Friday. Dealers do not anticipate firm demand at the sale as sentiment has taken a turn for the worse following the surge in oil prices and as demand-supply dynamics remain challenging, given the Centre’s decision to announce a record-high gross borrowing of Rs 14.95 lakh crore for the next fiscal year. Also Read:"
"GarageWorks raises USD 1 million in pre-series A investment round New Delhi: , which offers high quality two-wheeler servicing and maintenance to customers through a convenient at home-process, has secured USD 1 million in its Pre-Series A investment round funding led by various notable investors, namely Hiten Shah, Gowri Narayanan, Ram Trichur, Fred Towfigh, Abhijeet Kumar and Munendra Singh (ex-founders of BB Daily). This is the company’s second round of fundraising after an initial angel round. The present investors, Dr. Aniruddha Malpani, Pawan Sharma (ex-CEO of KPIT Technologies), Gautham Radhakrishnan and Gaurav Malhotra also participated in this round, the startup said in a release. GarageWorks will deploy the funds to expand its geographical footprint, enhance its technology suite, and recruit talent. Since its inception, GarageWorks has been serving two-wheeler owners with periodic maintenance, inspection, and repair. Users can digitally schedule a home visit by a trained and skilled service provider partner. Shishir Gandhi, co-founder, and CEO of GarageWorks, said, ""With this successful fund raise, we aim to secure a foothold in the top 10-12 cities and make doorstep services a primary choice for our customers to manage their two-wheelers. Be they IC engines or EV, our focus on technology, data, and asset-light operations is enabling GarageWorks to disrupt the two-wheeler ecosystem from vehicle sales through to end-of-life."" GarageWorks has served over 80,000 individual customers and enjoys 70% retention rate. It does over 200 vehicle servicing jobs daily and has completed over 1.2 lakh lifetime services. The brand also plans to create a robust marketplace for complete two-wheeler management, which will include tyres, batteries, insurance, loans, and warranty. Hiten Shah, a prominent investor in this fund raise round, Hiten Shah, said, ""We are delighted to support Shishir and the team at GarageWorks as they seek to revolutionise the 2-wheeler market in India. We have been impressed by their achievements to date and excited by the opportunities for the brand in the financial services ecosystem."" Another investor, Fred Towfigh, added, “We found GarageWorks’ unique approach of catering to the massive two-wheeler segment relevant not only for the Indian ecosystem but also see the potential to offer it in markets like Southeast Asia & Africa. We are excited with their vision to scale as a global player.” In the long run, GarageWorks aims to become the sole destination for a complete two-wheeler ownership lifecycle, from repair and maintenance to insurance to a marketplace for genuine parts and accessories. GarageWorks is also creating a self-sustaining ecosystem for self-driven individuals who wish to run their repair and servicing business. The digital ecosystem eliminates the need to have a physical setup, enabling anyone to start their business. The GarageWorks training and support enables them to become champion service providers. Also"
"digital ecosystem eliminates the need to have a physical setup, enabling anyone to start their business. The GarageWorks training and support enables them to become champion service providers. Also Read:"
"US imported more fuel from Russia than India NEW DELHI: For all the noise from the West over 's oil imports from , it has now emerged that not just European countries but even the US shipped more fossil fuels than India since Moscow attacked Ukraine. A report by think-tank Centre for Research on Energy and Clean Air (CREA) showed an uptick in Russian oil shipments to India and Egypt in the months after the conflict began. The situation is set to change. Indian government officials said the ""hefty discount"" - which some western agency reports pegged as high as $30 per barrel - has become not so attractive for Indian buyers as they are being asked to take delivery and then ship it. ""You need to add the shipping cost, insurance and the war premium, (then find a willing insurer), which doesn't leave much on the table,"" an official familiar with the thinking in the government said. Russian authorities had proposed to the government that they were willing to offer a discount on crude as they battle sanctions that do not apply to energy, food and pharma products. Indian state-run companies and private sector had bought an aggregate 30 million barrels of Russian crude since the conflict broke out. This drew sharp criticism from US president and other European leaders. India has maintained that it will secure its interests, while calling for an end to the war and advocating diplomacy. The CREA report pointed out that in the two months since the invasion of Ukraine, 71% of the 63 billion euro worth of fossil fuels - crude, oil products, piped gas, LNG and coal - exported by Russia were to European countries, with Germany on top (see graphic). However, shipments were lower than the pre-war period. It noted that there was a sharp rise in vessels leaving Russia without a definite destination. ""Oil shipments to India, Egypt and other 'unusual' destinations for Russian exports have attracted a lot of attention, and our data shows a clear pick-up from a base of almost zero. However, the shipments to these new destinations are by far not sufficient to make up for even the modest fall in exports to ,"" the think-tank said. In case of India, in the first three weeks of April, compared to January-February, there was a 130% rise in coal shipments and a 340% jump for crude. Also Read:"
"Ford resumes production at Tamil Nadu plant Production at the factory belonging to auto major has resumed after a section of employees consented to work after striking work since May 30 demanding a better severance package, officials said. While , the subsidiary of the United States car maker, said more than 300 people gave their consent to resuming production and the plant has resumed operation in double shifts from June 14, employees said only 100-150 of them (of the total about 2,600) have joined to commence work. In a statement to PTI, the company said, ""The Chennai plant has resumed operation in double shifts with effect from June 14. More than 300 people gave their consent to resuming production and it continues to increase."" ""For employees continuing to be on an illegal strike, a loss of pay as per the Certified Standing Orders has come into effect with effect from June 14,"" Ford said. According to a union official, about 100-150 people have joined the duty at the factory since Tuesday and the unit was operating in double shifts. ""Some employees have joined duty. About 100-150 of them. Others who were striking inside the factory have now come out of the unit and continue the strike outside...,"" the official told PTI. Ford said the severance package would only be available to those employees who resume production from June 14 and support the company in completing the production schedule. The company said it has very limited export production left to complete and warned that if employees do not resume production from June 14, there is a 'high likelihood' that the company would be required to call off production of remaining export volumes and bring vehicle production to a close. Asked about the severance package, the union official said his colleagues were yet to take a call and were keen on discussions with the management for a better severance package. On the severance package offered to the employees, Ford said many of the employees are having ongoing queries about the severance (package) offer and requesting more time for giving consent and the company has decided to extend the last date for submission of the form provided by 5 pm on June 18. The union official said the employees were keen on getting a better severance package and taking up the matter with the management. ""Another meeting in the presence of the Deputy Commissioner of Labour along with the management and the employees has been fixed on June 20,"" he said. According to Ford, the company has offered severance packages for approximately 115 days of gross wages for each completed year of service (of an employee) which was significantly higher than the statutory severance package. The cumulative package accounts to an ex gratia amount equivalent to 87 days of last drawn gross wages as on May 2022, a fixed Rs 50,000 for every completed year of service benefits equivalent to a lumpsum amount of Rs 2.40 lakh and current medical insurance coverage until March 2024. ""The cumulative"
"as on May 2022, a fixed Rs 50,000 for every completed year of service benefits equivalent to a lumpsum amount of Rs 2.40 lakh and current medical insurance coverage until March 2024. ""The cumulative amounts will be subject to a minimum amount of Rs 30 lakh and a maximum cap of Rs 80 lakh,"" it said. To those employees who continue to engage in the strike, Ford said the company shall take appropriate actions, including imposing loss of pay, as per applicable legal provisions."
"US proposes requiring automatic emergency braking in new vehicles The Biden administration on Wednesday proposed requiring ( ) on all new and and set new performance requirements, one of the most significant safety regulations proposed in recent years. The new requirements proposed by the (NHTSA) would require most vehicles to comply three years after being finalized and is expected to dramatically reduce crashes associated with pedestrians and rear-end crashes. The auto safety agency projects the rule would save at least 360 lives and reduce injuries by at least 24,000 annually. Congress directed NHTSA in the 2021 infrastructure law to create a rule to establish minimum performance standards for AEB systems, which use various sensors like cameras and radar to detect when a vehicle is close to crashing, and then automatically applies brakes if the driver has not done so. NHTSA chief counsel Ann Carlson said the proposal seeks to ""require all cars to be able to stop and avoid contact with a vehicle in front of them up to 62 miles per hour. And the proposal would require pedestrian AEB, including requiring that AEB recognize and avoid pedestrians at night."" The number of pedestrians killed in 2021 jumped 13% to 7,342, the highest number since 1981. The Alliance for Automotive Innovation, a group representing major automakers, said it was reviewing the proposal. The Insurance Institute for Highway Safety (IIHS) said requiring the system to prevent front-into-rear crashes at higher speeds ""will improve the systems that are currently standard on most new vehicles. In 2016, 20 automakers voluntarily agreed to make automatic emergency braking standard on nearly all U.S. vehicles by 2022. In December, IIHS said 15 of the 20 automakers equipped at least 95% of vehicles with AEB, while General Motors had produced 73% of vehicles with AEB. GM said Wednesday it will make AEB standard on 98% of its 2023 model vehicles."
"Cyrus Mistry death: Cops check if truck was in outer lane MUMBAI: Despite repeated reminders and awareness campaigns, truckers on highways are using the middle or outer lanes while driving. On highways or expressways, heavy vehicles are supposed to keep to the left and use the middle or the lane on the right only to overtake. Lighter or smaller vehicles such as cars and SUVs should ideally have right of way for the middle and outer lanes. However, this discipline is nowhere visible. Highly placed sources said police is even investigating the probability of a truck being involved in the accident in which two persons including former Tata Sons chief were killed. It is probable, they said, that a heavy vehicle may have veered to the right on the stretch, prompting the driven by Anahita Pandole to try and overtake from the left at high speed. Sources with the state government's infrastructure arm said the sudden narrowing of lanes over the bridge may have caught Pandole unawares at this point. She could have misjudged the width of the road and hit the concrete railing on the side on the left. Officials said police was carrying out a detailed investigation into this scenario. In a similar accident some weeks back, Vinayak Mete, a Maratha leader died on the Mumbai-Pune expressway when the driver of his SUV rammed into a multi-axle container truck in an attempt to overtake it. The truck was veering from the middle lane to the outer one. Nitin Dossa, chairman of the Western India Automobile Association, said lane indiscipline should be dealt with stringent implementation of fines so that no trucker dares to drive at high speed on the right side on highways. ""Police should detain them instead of just slapping fines. They should be forced to undergo training before they are released from police stations,"" he said. ""On the expressway, trucks for the most part are on the left and middle lane and not the first lane which is for cars. Whereas if you go on the Mumbai-Pune-Bangalore highway via the Pune bypass, you will find trucks in the outer lane. As you keep going further till you take a right to Mahabaleshwar, trucks are commonly found in this lane. As a car driver when you have trucks going at low speeds one is forced to overtake from the wrong side. If an accident happens, the cops or newspapers would say the car was overtaking from the wrong side. Insurance companies would say wrong driving. Taking the right lane once in a while by a trucker is understandable but it has become the norm more or less now,"" said Vinod Narayan, a regular motorist. Read Also:"
"Indian job market registered 15% YoY growth in hiring demand in April The surge in economic activity led to a continued growth in hiring activity in April. The registered a 15% year-on-year growth in hiring demand in April and 4% month-on-month led by positive , according to the Index (MEI). The saw recovery across several sectors that were impacted by the pandemic, showcasing the highest growth in the month of April, the survey showed. Sectors such as production & manufacturing, travel & tourism, import and export, have also shown marked improvement with the first double-digit annual growth in two years, reports MEI. While leadership roles with experience of over 16 years exhibited steepest growth of 29% amongst all experience levels, inter-mediate and mid senior level roles showed growth of 24% and 22%, respectively. Fresher roles or entry level roles too showed stable high teen growth. “The future of the job market is looking healthier by the day. With India achieving a new milestone of touching 100 unicorns, it is only a matter of time before these disruptive companies create further employment across sectors,” said Sekhar Garisa, CEO - Monster.com, a Quess company. “The emergence of fintech, edtech, and D2C brands has definitely helped stimulate economic recovery at a much faster rate than traditional companies.” The Monster Employment Index is a monthly analysis of online job posting activity conducted by . Based on a real-time review of millions of employer job opportunities culled from a large, representative selection of online career outlets, the Monster Employment Index presents a snapshot of employer online recruitment activity nationwide. Banking, financial services and insurance (BFSI) continued to remain the fastest job recovering sector with a 54% annual growth rate followed by retail that grew 47% annually and then production and manufacturing industry at 35%. The re-opening of brick-and-mortar stores have resulted in a sharp rise in the retail job market. Easing of Covid-19 curbs have resulted in consumers frequenting recreational centres such as malls, creating a demand for retail talent. Growth was witnessed in import and export (up 29%) and travel and tourism (up 15%) sectors. Real estate, which exhibited a continuous dip in Y-o-Y hiring demand since April 19, saw a dramatic recovery of 26% on the back of improved consumer sentiments who are now enthused by an upward looking market. Mumbai (up 29%) led all the monitored cities on a yearly basis, followed by Coimbatore (up 25%), Chennai (up 21%), Bangalore and Hyderabad (up 20% each). Rest all metro cities Delhi-NCR, Kolkata and Pune continued to reflect a positive year-on-year growth trend in the range of 6 to 18%. While production and manufacturing and the BFSI industry saw a significant jump for another consecutive month in all metros, rebounded for almost all the functions in Tier-1 cities. Following the reverse migration of workers to Tier-2 markets, and the newer trend"
"jump for another consecutive month in all metros, rebounded for almost all the functions in Tier-1 cities. Following the reverse migration of workers to Tier-2 markets, and the newer trend of work moving to talent has also created job opportunities in emerging cities and towns. Baroda (up 15%) exhibited a significant increase in hiring demand, followed by Kochi and Kolkata (up 8%) and Jaipur (up 3%). Though Chandigarh showed muted growth in April from the year-ago level, the overall city-wise data shows the perceptible signs of upcoming growth stories for job creation in these cities. Also Read:"
"Ford CEO says EV cost parity may not come until after 2030 The cost to make may not drop to the level for gas-powered cars until after 2030 when the process becomes simpler and less labor-intensive, Motor Co Chief Executive said on Wednesday. At an investor conference, Farley said that, for many automakers, EVs will remain more costly than their internal combustion engine counterparts until the second and third generation models go into production later in this decade. Analysts have predicted that EV cost parity could come as soon as 2025. Between 2030 and 2035, Farley added, much of the industry's EV cost savings will come from ""dramatically lower labor content"" because the vehicles will be simpler to build with fewer parts, and will be fitted with smaller batteries that use cheaper materials. He also predicted the industry could realize lower distribution costs from selling EVs online, as well as higher revenue from new software-driven digital services. Farley said Ford's software services business has 600,000 subscribers, triple the number a year ago. That includes 200,000 retail customers paying for the company's Blue Cruise driver assistance system and 400,000 Ford Pro commercial customers paying for a range of services including fleet management, EV charging, dynamic routing and more. As the company expands its ability to harvest data from vehicles and drivers, Ford could follow other automakers, including Inc and , in offering insurance, he said. Asked about the potential for industry-wide consolidation over the next five years, Farley instead predicted an ""acceleration of cooperation,"" citing such deals as Ford's recent agreement to use Tesla's supercharger network for its future EVs. ""Cooperation is essential,"" he said, especially for companies that may not have the resources to build out a full EV ecosystem."
"A Tesla rival is driving into India. What lies ahead for it A small unprofitable ( ) maker, which had briefly become the third most valuable auto manufacturer in the world last year after and , leaving behind General Motors and Ford Motor, as its stock rose nearly 700% days after its listing on Nasdaq, is driving into India. Auto, which was formed in 2017 and began making EVs in 2021, is backed by Vingroup, Vietnam's largest conglomerate. It will hold the groundbreaking ceremony for its USD 2-billion integrated EV facility in Thoothukudi on February 25, ET has reported based on information from sources. VinFast will set up a kit assembly plant. VinFast, though smaller in size compared to the likes of Tesla, considers Tesla its rival. It is expanding fast and has ambitious plans to take on the Elon Musk-owned firm in the US where Tesla has more than a 50% market share. VinFast currently has a manufacturing facility in Hai Phong in Vietnam. On July 28, the company broke ground for its first American factory in North Carolina where the annual production capacity is expected to reach 150,000 vehicles in the first phase. VinFast delivered 34,855 EVs in 2023. The EV maker has handed over a total of 42,291 electric vehicles globally since it started out in 2021. VinFast's India plans VinFast enters India at a time when the EV penetration is low but the country is on its way to wide adoption. In addition to building the manufacturing facilities in Tamil Nadu, VinFast also has intentions to inaugurate a nationwide dealership network. This approach is to establish a strong brand presence and swiftly connect with customers across the country. Since it has chosen Tamil Nadu for its plant, VonFast is also looking at exports to Southeast Asian markets. While VinFast does not command the same brand value as Tesla, its cars are seen as affordable alternatives to Tesla and are expected to gain positive buzz in the Indian market for being cost-effective and value for money, analysts say. “Unlike Tesla, which uses a direct-to-consumer sales model, VinFast adopts a multi-channel distribution strategy and differentiates its models for various markets,” Ashwin Amberkar, automotive analyst at Canalys, had told ET last year. “VinFast is expected to adopt a similar model in India.” VinFast might have a good opportunity in the premium segment. Premiumisation in the Indian car market presents it with an opportunity to introduce premium features at prices more competitive than Tesla and other European luxury brands like Mercedes Benz, BMW, and Audi. VinFast might begin with two to three e-SUV models from its existing portfolio, ET had reported last year, based on information from sources. This would include a compact SUV crossover followed by a full-size sedan and more models subsequently. The first model, VF e-34, which is a compact SUV crossover, will be an imported one, said multiple people privy to the company’s plans. The subsequent e-SUVs including VF e-36, VF6 and"
"subsequently. The first model, VF e-34, which is a compact SUV crossover, will be an imported one, said multiple people privy to the company’s plans. The subsequent e-SUVs including VF e-36, VF6 and VF7 will be assembled locally in the initial phase before the local production of a few of them begins. The Indian terrain VinFast is entering India when the EV industry is very small. In 2023, sales were just 2.3 per cent of the total passenger vehicle sales, up from 2.1.28% in 2021, as per Jato Dynamics. In 2021, the sales were 0.48%. The Indian market will be a long haul for any EV maker entering the four-wheeler segment given the current ecosystem, Barnik Chitran Maitra, managing partner at Arthur D Little, India and South Asia, had told ET. ""If profitability is an issue for the electric two-wheelers, range anxiety and charging infrastructure are the challenges in the electric car segment.” Given the muted demand, money has to be spent both on the front-end as well as back-end to get the customers excited about buying the EVs, he added. However, this could be the right time for VinFast to enter India. Given the low entry barrier in EVs and absence of Chinese manufacturers in India, companies other than those from China have a fair chance of making it big in India, an analyst at a management consulting firm had told ET. Tata Motors, the leader, commands a more than 80% share of India's electric car market, and competes with China's MG Motor and home-grown Mahindra & Mahindra. India's EV market has the potential to achieve over 40 per cent penetration with USD 100 billion revenue by 2030, as per a report by Bain & Company and Blume Ventures. The four-wheeler (cars) penetration is projected to grow to more than 20 per cent. However, several structural challenges need to be addressed to achieve this potential across five themes - new product development, go-to-market/distribution, customer segment prioritisation, software development, and charging infrastructure, the findings showed. Meanwhile, EVs are being overtaken by hybrids in India. In sharp contrast to global trends, Indian customers prefer hybrid vehicles, which have a blend of combustion engine and electric motors, to pure-play electric cars that are powered entirely by batteries or BEVs. They like to settle for an intermediate technology and familiarise themselves with alternative fuel before going all out for EVs. Car companies, quick to recognise this trait, have been luring the Indian clientele with 51 new model launches of hybrids compared with just 29 for EVs in 2023. Hybrids have become favourites due to their reliability, affordability and lower maintenance cost. Meanwhile, limited range, lack of charging infrastructure and expensive insurance are concerns that the EV ecosystem needs to aggressively address to make its India ride smoother. VinFast, which will be the first EV-only company to operate in India, can have an early-mover advantage over its other global players such as"
"to aggressively address to make its India ride smoother. VinFast, which will be the first EV-only company to operate in India, can have an early-mover advantage over its other global players such as Tesla which also plans to enter the Indian market due to its vast growth potential."
"Shipping firm Maersk says it's preparing for resumption of Red Sea voyages after attacks from Yemen says that it's preparing to allow vessels to resume sailing through the Red Sea, thanks to the start of a US-led to protect shipping from attacks by in Yemen. Houthi attacks have led to a major disruption of shipping through the Suez Canal and the Red Sea, one of the most important arteries for trade in oil, natural gas, grain and consumer goods between Europe and Asia. Maersk said in a statement Sunday that ""we have received confirmation that the previously announced multi-national security initiative Operation Prosperity Guardian (OPG) has now been set up and deployed to allow maritime commerce to pass through the Red Sea-Gulf of Aden and once again return to using the Suez Canal as a gateway between Asia and Europe. "" The company said it was working on plans for the first vessels to make the journey ""and for this to happen as soon as operationally possible."" The Houthis are Iranian-backed rebels who seized Yemen's capital, Sanaa, in 2014, launching a grinding war against a Saudi-led coalition seeking to restore the government. The Houthis have sporadically targeted ships in the region, but the attacks have increased since the start of the Israel-Hamas war. The rebels have threatened to attack any vessel they believe is either going to or coming from Israel. That has escalated to apparently any vessel, with container ships and oil tankers flagged to countries like Norway and Liberia being attacked or drawing missile fire. Major shipping companies include Maersk have been avoiding the Red Sea and sending their ships around Africa and the Cape of Good Hope. That added what analysts say could be a week to two weeks of voyages. The disruption also hiked fuel and insurance costs. On Saturday, a US warship shot down four incoming drones originating from Houthi-controlled areas, and a Norwegian-flagged chemicals and oil tanker reported a near miss of an attack drone, while an India-flagged tanker was hit with no injuries reported., the US Central Command said Sunday on X, formerly Twitter. The incidents represented the 14th and 15th attacks on commercial shipping by the Houthis since October 17."
"Mahindra Car Insurance Guide: Get the Best Coverage for Your Mahindra Choosing the appropriate is essential for protecting your vehicle. In India, it serves as both a legal requirement and a financial safety net. Driving without adequate insurance coverage can lead to financial losses in case of mishaps and may also land you in legal trouble. If you are researching different or specifically focusing on Mahindra , this guide provides all the necessary information. Undеrstanding Car Insurancе Typеs Not all car insurance is the same, as each type of coverage provides unique advantages. You have to get acquainted with thе diffеrеnt car insurancе typеs bеforе choosing a policy to makе surе you arе obtaining thе optimal protеction for your vеhiclе. 1. Third-Party Liability Only Covеr According to the 1988 Motor Vehicle Act, every automobile operating on roads in India must be covered by third-party liability insurance. This policy is the simplest type of coverage, specifically focusing on protection against damages or injuries inflicted on others by the insured vehicle. This kind of car insurance is mandatory as per the law and is usually the most cost-effective choice. It provides compensation for the following situations: ⦁ Damagеs to Third-Party Vеhiclеs: Costs for repairing or replacing vehicles damaged by the insured's car are covered. ⦁ Damagеs to Third-Party Propеrty: Damage caused by the insured vehicle to the third-party property is included. ⦁ Hospitalisation Costs: Medical expenses for injuries suffered by individuals other than the policyholder. ⦁ Liabilitiеs for Deaths: Providing compensation for fatalities resulting from accidents that involve the insured vehicle. Nevertheless, this policy does not provide protection for damage to your own vehicle, whether from a collision, acts of nature, or theft. 2. Own Damagе (OD) Covеr Own damage cover is meant to provide compensation for loss or any damage to your vehicle, such as that caused by accidents, theft, or natural disasters. This policy determines premiums depending on the vehicle's Insured Declared Value (IDV), which represents its current market price. If the cost of repairing the car is more than its Insured Declared Value, the insurance provider will compensate you the market price of the vehicle. It is crucial for vehicles with existing loans to have their own damage coverage. This cover is especially beneficial for people in accident-prone areas or those who commute daily through heavy traffic situations. Unlike third-party cover, comprehensive coverage provides financial protection against damages to your own vehicle. 3. Pеrsonal Accidеnt Covеr Personal accident cover is essential as it provides compensation for the medical expenses resulting from accidents. It provides financial assistance for hospitalisation and medical treatments for drivers and passengers alike. If the insured person dies, the policy provides a one-time payment to the family, helping with medical costs and other"
"for hospitalisation and medical treatments for drivers and passengers alike. If the insured person dies, the policy provides a one-time payment to the family, helping with medical costs and other related charges. This coverage is crucial to prevent unexpected accident-related expenses from causing a major financial burden on individuals and their families. Thus, it provides peace of mind and financial stability during difficult times. 4. Uninsurеd Motorist Protеction Uninsured motorist protection is essential if you are in a collision with an uninsured driver. This insurance coverage steps in to pay for costs usually handled by the responsible driver's insurance, like vehicle damage repair charges and medical expenses. If you do not have this protection, you may have to pay for considerable expenses from the accident. Uninsured motorist protection ensures you aren't responsible for the costs if the other party lacks sufficient insurance coverage. It ensures peace of mind and financial stability by filling insurance coverage gaps and protecting your financial health. 5. Comprеhеnsivе Car Insurancе Comprеhеnsivе coverage is the most inclusive type of It combines third-party liability and own damage covers and safeguards against various risks: ⦁ Damages from natural disastеrs like floods, earthquakes, cyclones, storms, etc. ⦁ Damages to the vehicle from man-madе calamitiеs like riots, terrorism, vandalism, еtc. ⦁ Loss of vеhiclе duе to thеft. ⦁ Damagеs causеd by firе. This policy excludes damages to the car caused by drunk driving, driving without a valid license, wear and tear, or illegal racing. It is perfect for individuals looking for comprehensive coverage for their vehicles. Add-On Covеragеs for Enhancеd Protеction In order to improve your comprehensive policy even more, you have the option to include several additional features: Roadsidе Assistancе Covеr: Coverage for roadside assistance provides around-the-clock help for problems such as flat tires or dead batteries, ensuring assistance is accessible even in remote or difficult areas, minimising the anxiety of unforeseen vehicle issues. Zеro Dеprеciation Covеr: Offers complete reimbursement for vehicle repairs without taking into account depreciation. Valid for vehicles under three years old, it guarantees you receive the entire repair expenses. Kеy Replacement Covеr: This covers the cost of replacing lost or damaged car keys, easing the financial burden and inconvenience of key replacements. No-Claim Bonus Protеction: It ensures that your no-claim bonus discount remains intact even after you make a claim, maintaining your premium benefits and lowering future insurance expenses. Rеturn to Invoicе Covеr: This add-on ensures that the policyholder receives the original purchase price of the vehicle in the event of car theft or total loss. Enginе Protеction Covеr: It provides repair or replacement expenses for the engine and its related parts caused by specific issues, ensuring the performance"
"in the event of car theft or total loss. Enginе Protеction Covеr: It provides repair or replacement expenses for the engine and its related parts caused by specific issues, ensuring the performance and dependability of your vehicle are maintained. Consumables Covеr: Guarantees reimbursement for the price of necessary consumables like lubricants, screws, and other items utilised in vehicle repairs, addressing extra maintenance expenses. Factors Affеcting Car Insurancе Prеmiums The cost of your Mahindra car insurance premium depends on multiple factors. ⦁ Typе of Covеragе: Comprehensive insurance usually comes with higher premiums than third-party liability cover because it offers a greater variety of coverage. ⦁ Add-Ons: Additional covеragеs will incrеasе thе prеmium. ⦁ Claim History: Making claims often could potentially increase your premium. ⦁ Vеhiclе Agе: Nеwеr vеhiclеs usually havе highеr prеmiums. ⦁ Dеductiblеs: Opting for highеr dеductiblеs can lowеr your prеmium. Choosing the Right Car Insurancе Policy When choosing car insurance, take into account the following factors: Type of Insurance: Choose between third-party, own damage, or comprehensive coverage, depending on your requirements. Coverage Requirement: Ensure that the policy covers all possible risks, such as theft and natural disasters. Add-Ons: Consider whether add-ons, such as roadside assistance or zero depreciation, are needed. IDV: Choosе an appropriatе Insurеd Dеclarеd Valuе for adеquatе compеnsation. Cashless Garage Network: Verify if the insurer offers a wide network of garages for smooth repairs. Conclusion Choosing the correct for your Mahindra vehicle ensures that you are safeguarded from a range of potential risks. Although third-party liability cover is mandatory, comprehensive coverage provides peace of mind due to its extensive protection. Check for typical auto insurance choices and Mahindra-specific policies to locate the optimal coverage for your requirements. Remain safe and drive with assurance! Disclaimеr: Thе abovе information is for illustrativе purposе only. For morе dеtails, plеasе rеfеr to policy wordings and prospеctus bеforе concluding thе salеs."
"2022 TVS iQube Vs Ola S1 Pro Vs Ather 450 Plus: Price and specifications comparison TVS Motor recently introduced the 2022 iQube electric scooter in new variants, colour options and new features. The e-scooter rivals the likes of and in the Indian market. Here is how well they compete with each other, considering the price and specifications. Vs Ola S1 Pro Vs Ather 450 Plus: Price TVS has not revealed the top-spec iQube ST price in India, however the same can be booked for INR 999. The TVS iQube standard variant is priced at INR 98,564, while the mid-spec iQube S price is INR 1.08 lakh (both prices are on-road, Delhi). The base variant of Ola S1 Pro is competitively priced at INR 85,099, marking a difference of INR 13,465. The Ola and Ather electric scooter prices are ex-showroom, Delhi, including Fame-II subsidies, and exclude insurance, registration and road tax charges. TVS iQube Vs Ola S1 Pro Vs Ather 450 Plus: Battery and Charging Specifications The 2022 TVS iQube power output is the same as the earlier model and this time is available with big battery packs. The new iQube scooters now come equipped with a 3.04 kWh battery and the top-spec ST trim receives a 4.56 kWh battery. The iQube ST offers a claimed range of 145 km, whereas the top variant offers 145 km and it gets a 1.5 kW fast charger. The Ola S1 Pro produces a power of 8.5 kW and a torque of 58 Nm. The top speed of the Ola S1 Pro is 115 kmph. With a 3.9 kWh battery, it offers a real-world range of 135 km. Besides, the Ather 450 Plus is also a powerful performer even with a 2.9 kWh battery. This is how the 2022 TVS iQube rivals with its competitors on paper, however the real-world comparison will determine which electric scooter is the best."
"Recession risk douses once-hot IPO market The market for share sales hasn’t been this bad in nearly two decades, with few willing to take a chance in a grim investment climate. Just $198 billion worth of (IPOs) and follow-on sales have been priced so far this year, a 70% drop from a year ago. That puts them on track for the lowest first-half haul since 2005, data compiled by Bloomberg show. Right now, who can blame sellers for holding back? The alternative is the challenge of trying to find willing buyers in astock market down 20% this year as surging inflation, aggressive central bank interest rate hikes and the risk of a global recession erode sentiment. And any lingering hopes for apickup in IPO action keep getting ground down. The jacked up rates by the most since 1994 on Wednesday, and even after a bounce on Friday, the S&P 500 suffered yet another weekly loss. “Until relatively recently, there was a well-balanced expectation for high-quality IPOs to come to market in September,” said James Palmer, Bank of America’s head of EMEA equity capital markets. “But given market events over the last two weeks, that’s re-weighted the degree of hope. ” Among those that have recently thrown in the towel are Coca-Cola, which delayed the planned IPO of a part of its stake in an African bottler, and Asian insurer FWD Group Holdings, said to have postponed a $1-billion listing in Hong Kong. Those that have forged ahead had to temper expectations. LIC, once slated to number among the largest fund-raisings of the year, slashed the size of its IPO by about 60%. The drop in volumes has been particularly pronounced in the US, where just $47 billion of equity offerings have been priced — an 85% fall from a year ago. Cross-border listings from China, once a steady source of business for New York’s investment bankers, have also stalled amid higher regulatory scrutiny in the aftermath of ’s debacle. A few markets have bucked the trend, most notably the Middle East. IPOs there are heading for a record first half as high oil prices and equity inflows shield the region. Energy giant Saudi Aramco is lining up a number of offerings for the second half, seeking to take advantage of elevated commodity prices. Elsewhere, there’s no dearth of candidates waiting for the right moment. They include chip designer Arm, whose owner Softbank Group aims to list the company by next March, Thai Beverage’s brewery business, which is making its third attempt at going public, and ’s planned share sale of Porsche. Market conditions are also creating incentives for a second-half rebound in other transactions, such as convertible bond sales and spinoffs."
"India to continue to attract eyes of foreign investors, though global uncertainties pose challenges India may attract eyes of overseas investors in 2023 as well on account of measures such as rollout of the production linked incentive (PLI) schemes and projection of healthy economic growth, though global economic uncertainties due to tightening in the US and ongoing may remain cause for concern. Steps to promote ease of doing business, skilled manpower, presence of natural resources, liberal , huge domestic market and prospects of healthy are the reasons for optimism on the foreign inflows front for India in 2023 but issues such as delay in enforcement of contracts, cumbersome procedures and high are still sore points. According to the latest world investment report 2022 of UNCTAD, the recovery of greenfield investment in industry remains fragile, especially in developing countries. It has also stated that the fallout of the war in Ukraine with the triple food, fuel and finance crises, along with the ongoing COVID-19 pandemic and climate disruption, are adding stress, particularly in developing countries. India has so far received healthy foreign direct investment (FDI) in 2022. As per the latest figures of the government, India has received foreign investments worth USD 42.5 billion during January-September 2022. It stood at USD 51.3 billion in 2021. The country has registered its highest-ever total FDI inflows of USD 84.84 billion in 2021-22. FDI equity inflows into India, however, contracted by 14 per cent to USD 26.9 billion during the April-September period this fiscal. The total FDI inflows (which include equity inflows, reinvested earnings and other capital) too has declined to USD 39 billion during the first half of this fiscal as against USD 42.86 billion in the year-ago period. Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Anurag Jain said India is the preferred investment destination due to series of measures such as liberalisation in the FDI policy, steps to further promote ease of doing business, reducing compliance burden for industry, rollout of the PLI schemes and the PM GatiShakti National Master Plan for integrated infrastructure development. ""For the past eight consecutive years, a new record FDI flow into the country has been set. However, given the challenges of sluggish economic growth and geopolitical realities, there are bound to be challenges in times ahead,"" Jain told PTI. He added that players worldwide are keen to avail the benefits of the PLI schemes and several global firms are looking to shift their manufacturing bases to India. Development of the National Single Window System (NSWS) portal is completely changing the way businesses used to seek approvals and it will also help investors to come to India, Jain said, adding free trade agreements with the UAE and Australia too will help attract healthy FDI inflows in 2022-23. The PLI scheme was announced for 14 sectors, including white"
"to come to India, Jain said, adding free trade agreements with the UAE and Australia too will help attract healthy FDI inflows in 2022-23. The PLI scheme was announced for 14 sectors, including white goods, telecom and auto components with an outlay of Rs 1.97 lakh crore to enhance India's manufacturing capabilities and exports. So far, 650 applications have been approved under 13 sectors. The RBI has projected a growth rate of 6.8 per cent for 2022-23. Experts have also exuded confidence that reform measures taken by the government would help India attract robust FDI inflows in 2023. Rumki Majumdar, Economist, Deloitte India, said going forward, the country's relatively better performance and strong growth outlook will help it stand out as an investment destination. She said that FDI from the US has dried up, but there is a healthy rise in the equity inflows from Japan, Singapore, the UK, and the UAE in the first half of 2022-23. ""This shows that there is a rising confidence among global investors to invest in India and India's inflows are becoming more diversified,"" she noted. Kartik Ganapathy, Senior and Founding Partner, Induslaw, too said India's growth appears to be driven by a positive increase in domestic consumption, growth of services and the digital economy, and increased infrastructure spending. ""In this backdrop, India remains an attractive destination for investment,"" Ganapathy added. The US central bank has increased its benchmark lending rate several times and has warned of more hikes to contain inflation. The ongoing Russia-Ukraine war too is disrupting global supply chains, adding pressure on the global economy. Total FDI into India has reached USD 887.76 billion between April 2000 to September 2022. About 26 per cent of the FDI came through the Mauritius route. It was followed by Singapore (23 per cent), the US (9 per cent), the Netherlands (7 per cent), Japan (6 per cent) and the UK (5 per cent). The UAE, Germany, Cyprus, and Cayman Islands accounted for 2 per cent each. The key sectors which attracted the maximum FDI include services segment, computer software and hardware, telecommunications, trading, construction development, automobile, chemicals and pharmaceuticals. Although FDI is allowed through the automatic route in most of the sectors, in certain areas such as telecom, media, pharmaceuticals and insurance, government approval is required for . Under the government approval route, a foreign investor has to take prior nod of the respective ministry or department, whereas for the automatic route, an overseas investor is only required to inform the Reserve Bank of India (RBI) after the investment is made. At present, FDI is prohibited in as many as nine sectors -- lottery, gambling and betting, chit funds, nidhi company, real estate business, and manufacturing of cigars, cheroots, cigarillos and cigarettes using tobacco. FDI is important as India would require huge investments in the coming years to overhaul its"
"real estate business, and manufacturing of cigars, cheroots, cigarillos and cigarettes using tobacco. FDI is important as India would require huge investments in the coming years to overhaul its infrastructure sector to boost growth. Healthy growth in foreign inflows helps maintain the balance of payments and the value of the rupee."
"India's new EV policy allows imports from any country, including China: Official India has no restrictions on the import of electric vehicles from any country, including , under a new , a senior government official told a TV channel on Tuesday. Last month, the Indian government approved the new EV policy, under which import duty concessions will be given to companies setting up manufacturing units in the country with a minimum investment of USD 500 million. The companies that would set up manufacturing facilities for EV passenger cars will be allowed to import a limited number of cars at lower customs/import duty of 15 % on vehicles costing USD 35,000 and above for five years from the date of issuance of the approval letter by the government. At present, cars imported as completely built units attract customs duty ranging from 70-100 %, depending on the engine size and cost, insurance and freight value less or above USD 40,000. The govt later said that the policy will not impact domestic players and on the contrary, expand the Indian electric vehicles market. ""We are not trying to, you know, tailor a package for anybody. This is open to everybody. The idea is to kickstart the four- wheeler e-car manufacturing in India, with very stringent kind of value-addition norms, while also ensuring that we allow imports in a very limited quantity. we will be allowing only 8,000 for a company in a year and a maximum cap of 40,000. It's not zero (duty,"" Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Rajesh Kumar Singh said last month. However, a report of think tank ( ) warned that the new EV policy may lead to large-scale entry of Chinese auto firms in the local market. The GTRI report said that in the ""next few years, every third electric vehicle and many passenger and commercial vehicles on India roads could be those made by Chinese firms in India alone or through Joint Venture with Indian firms"". Notably, Chinese EV giant has already entered the Indian market and has plans to cover 90 % of the market this year itself. Last year in November, China's largest automaker SAIC Motor inked a joint venture (JV) agreement with the JSW Group to accelerate the transformation and growth of MG Motor in India. Many experts, however, backed the new electric vehicle policy saying that it help the country become a global manufacturing hub for future mobility solutions. ""The policy not only aims to attract global EV majors to invest in India but also emphasises a significant Domestic Value Addition (DVA) criteria, ensuring the creation of a robust supply-side ecosystem,"" (ACMA) President Shradha Suri Marwah told PTI last month. Senior Vice President and Group Head -- Corporate Ratings -- Shamsher Dewan said the policy would help access global technologies, expand the product range, and improve cost competitiveness, all of which would facilitate enhanced EV adoption. ""Further, countries that have been front-runners in EV adoption have also"
"technologies, expand the product range, and improve cost competitiveness, all of which would facilitate enhanced EV adoption. ""Further, countries that have been front-runners in EV adoption have also developed a local vendor ecosystem. This policy is a step in the right direction and would aid in increasing EV components localisation in India, which is currently at 30-40 %,"" Dewan stated. (With agency inputs)"
"Auto parts industry reports highest ever revenue of INR 4.2 lakh crore New Delhi: With the increased production and sales in the first half of FY 22 due to recovery in auto industry, the cumulative revenue of India’s auto component makers jumped 23% to INR 4.2 lakh crore. However, the industry lost almost USD 600 million owing to the falling rupee, according to the data issued by the Automotive Component Manufacturers Association ( ) on Monday. Despite reporting the highest-ever revenue in rupee terms, auto component business in dollar terms stood at USD 56.5 billion in the last financial year compared to the peak sales of USD 57.1 billion in FY19 . Component sales to original equipment manufacturers (OEMs) surged 22% to INR 3.41 lakh crore in FY22. Exports grow by 43% to INR 1.41 lakh crore. Enhanced raw material prices, consumption of increased value-added components and shift in market preference towards larger and more-powerful vehicles contributed to the increased turnover of the auto-components sector, the industry body noted. The turnover of the aftermarket segment rose to INR 74,203 crore in FY22 from INR 64,524 crore in FY21. According to Sunjay Kapur, President, ACMA, and Chairman, Sona Comstar, whilst the automotive value-chain faced significant disruptions over the last two years in wake of the pandemic, vehicle sales, especially in the PV, CV and tractor segments now seem to have reached the pre-pandemic levels. ""Of late, there has been some moderation in the supply-side issues of availability of semiconductors, the raw-material costs and constraints in the availability of containers continue. Increased value addition for regulatory compliance, fast recovery in external markets and traction in the domestic market, both OEMs and aftermarket, have contributed to the remarkable growth of the auto components sector in FY 2021-22,"" Kapur added. On the outlook, Kapur said with a slew of new launches, vehicle sales are expected to gain traction during the festive season. Further, he added increased focus by the auto industry on deep-localisation and the announcements of the PLI schemes by the Government on Advanced Chemistry Cell (ACC) Batteries and Auto and Auto Components will facilitate the creation of a state-of-the-art automotive value chain and aid in developing India into an attractive alternative source of high-end auto components, he said. ""The component industry is also transforming itself as sales of two and three-wheeler EVs gain traction. I am hopeful that the buoyancy in the market will continue through the year and that FY22-23 will witness a healthy performance. Poor off-take of two-wheelers, increase in cost of insurance, high inflation, excessive fuel cost and extreme logistics costs are some of the issues of concern to the industry and do need urgent Government attention,"" Kapur noted."
"35,000 autos plying illegally in Bengaluru; no staff to monitor : Autorickshaw drivers demanding exorbitant fares and refusing to ply may be common in the city, but the vehicle you flag down to take a ride may itself be illegal. According to the transport department, there are around 35,000 illegal autorickshaws plying on city roads. VK Moosa, regional transport officer (autorickshaws), Shantinagar, said, “We issued 1.35 lakh autorickshaw permits in Bengaluru so far, but only 1 lakh are plying with proper documents and fitness certificates.” He said even if the authorities seize all illegal autorickshaws, there is no place to park them. “Traffic police are facing a space crunch on their station premises, so they are not taking any action. We also have a severe shortage of staff for enforcement,” he said. He said FCs of autorickshaws should be renewed once every two years. “But these 35,000 permit holders are not coming forward to renew them. They may be plying without insurance too,” Moosa said. C Sampath, general secretary, , admitted there are several illegal autorickshaws in the city. “The main reason some drivers refuse to ply to some locations is they might not have a permit FC. The transport department along with traffic police, legal metrology department, and insurance companies should conduct special camps to regularise illegal autos. Those drivers are also ready to follow the rules, but the authorities will not allow this as they cannot harass and collect bribes from poor drivers if they have all the documents,” he said. Two-stroke autos illegal, but 10k still operate While registration of two-stroke autos in the city was stopped in 2005, many still ply on adulterated fuel and pollute the environment. In 2017, the government announced a subsidy of Rs 30,000 each for two-stroke drivers to switch to four-stroke LPG autos. However, drivers demanded that the amount be increased to Rs 50,000 as a new auto costs around Rs 2 lakh. While the transport department recommended increasing the subsidy, the finance department rejected it. Two-stroke autos were supposed to be banned in the city from April 2018 but it came into effect two years later. “It’s illegal to run two-stroke autos, but around 10,000 are still plying,” he admitted. Sources claimed many two-stroke auto drivers who scrapped their vehicles are yet to get subsidy. Sampath said his union has a list of 30 drivers who scrapped such autos. “Of them, 13 have submitted all documents to the transport department, but not one has received subsidy.” The transport department, however, said the amount allocated (Rs 30 crore) for this purpose has lapsed and the government has diverted it for other requirements. Meanwhile, the department’s proposal to introduce Aadhaar-based e-permits for autos is gathering dust. Many financiers are alleged to be in possession of multiple permits under different names. Aadhaar-based permits will expose such violations. Also Read:"
"ASK Automotive raises INR 250 cr from anchors; IPO opens today New Delhi: Auto ancillary player on Monday said it has mobilised a little over INR 250 crore from anchor investors ahead of its initial share sale which opens for public subscription on Tuesday. The company has allotted 88.71 lakh equity shares to 25 funds at INR 282 apiece, which is also the upper end of the price band, according to a circular uploaded on the website. At the price, the company has garnered INR 250.17 crore from anchor investors. (Singapore) Pte, Copthall Mauritius Investment Ltd, BNP Paribas Arbitrage, Societe Generale, Goldman Sachs Fund, , , Bajaj Allianz Life Insurance Company, Nippon India Mutual Fund (MF), Tata MF and Edelweiss MF are among the anchor investors. The is an offer for sale (OFS) of 2,95,71,390 equity shares by promoters -- Kuldip Singh Rathee and Vijay Rathee. Since the IPO is completely an OFS, the entire proceeds will go to shareholders divesting their shares. The issue, with a price band of INR 268-282 per equity share, will be open for subscription during November 7-9. At the upper end of the price band, the IPO is expected to fetch INR 833.91 crore. Gurugram-based ASK Automotive is one of the largest manufacturers of brake-shoe and advanced braking (AB) systems for two-wheelers in India with a market share of approximately 50% in Fiscal 2022. The firm supplies safety systems and critical engineering solutions with in-house designing, developing, and manufacturing capabilities. Its offerings are powertrain agnostic, catering to electric vehicles (EV) as well as internal combustion engine original equipment manufacturers. The company has clients including , , Greaves Electric Mobility, and . , Axis Capital Ltd, , and IIFL Securities Ltd are the book-running lead managers to issue. The equity shares are proposed to be listed on the BSE and NSE."
"Shivam Autozone: A beacon of Maruti Suzuki excellence in Mumbai has firmly established itself as Mumbai’s most esteemed dealership. With a legacy spanning over a decade, Shivam Autozone has consistently delivered exceptional sales, service, and customer satisfaction, earning its place as a trusted name among car buyers. The dealership's commitment to providing a seamless and enjoyable car-buying experience is reflected in its state-of-the-art showroom facilities. The spacious and well-organised showrooms feature a diverse range of Maruti Suzuki models, catering to various customer preferences and budgets. From compact hatchbacks to premium SUVs, Shivam Autozone offers a comprehensive selection of vehicles to suit every lifestyle. Founded by Samir Jani, Shivam Autozone operates over 25 locations across Mumbai, Thane, and Palghar. It serves a broad spectrum of car buyers through its presence in all four Maruti Suzuki channels: Arena, NEXA, Commercial, and True Value. Shivam Autozone's dedication to customer satisfaction extends well beyond sales. Its service centers are equipped with advanced diagnostic tools and staffed by highly skilled technicians who ensure that every vehicle receives top-notch care. From routine maintenance to complex repairs, Shivam Autozone provides efficient and reliable service, keeping customers’ vehicles in optimal condition. The dealership also prioritises customer convenience by offering a range of value-added services. These include finance options, insurance plans, and accessories, all designed to make the car-buying process as hassle-free as possible. Shivam Autozone’s success can be attributed to its unwavering focus on customer satisfaction. By consistently delivering exceptional service, competitive pricing, and a personalised buying experience, the dealership has built a loyal customer base and earned a reputation for reliability and trustworthiness. This commitment has made it a preferred choice for those seeking a Maruti Suzuki vehicle in Mumbai. Shivam Autozone's enduring presence in Mumbai’s automotive market is a testament to its commitment to excellence. The dealership’s combination of quality products, exceptional service, and customer-centric approach has made it a beacon of Maruti Suzuki excellence in the city. Whether you're looking to purchase a new Maruti car or need reliable after-sales service, Shivam Autozone is the ideal destination for all your automotive needs. For more information, visit ."
"Bajaj Auto working on CNG bike, to hit road in June is developing a portfolio of clean fuel CNG motorcycles, and the first such bike will hit the market in June, Managing Director said here on Friday. The bike will run on CNG and would hit the roads in June, he said while announcing commitment of INR 5,000 crore towards ( ) spent over the next 5 years. The new bike would target mileage-conscious consumers and is expected to launch under a different brand. It is expected that CNG bikes will be priced higher than their petrol counterparts due to the higher cost of manufacturing besides having a special tank to offer petrol and CNG fuel options to offer convenience to customers. Bjaja also said that Pulsar launched 20 years ago will hit 2 million units soon. Meanwhile, the Bajaj Group committed INR 5,000 crore to social impact initiatives over 5 years, with a focus on skill development, under 'Bajaj Beyond'' the Group's new identity for all its CSR and charitable programmes. This will benefit over 2 crore of tomorrow's youth and enable them to take advantage of the employment and entrepreneurial opportunities offered by India's growing economy. ""Social responsibility is deeply entwined in the Bajaj Family's businesses and its philanthropic endeavours through generations. In the last 10 years alone, the Bajaj Group has contributed close to INR 4,000 crore towards CSR initiatives largely focused on skilling and education, health, livelihood, water conservation, and several other areas of development,"" Bajaj Auto Chairman Niraj Bajaj said. The Bajaj Group's humanitarian efforts are channeled through several institutions. The , Jankidevi Bajaj Gram Vikas Sanstha, and the Kamalnayan Bajaj Hospital, among others, have worked unceasingly to uplift and empower communities, he said. The Group stays firmly committed to co-creating a thriving and inclusive future for all Indians, he added. Bajaj Group companies include Bajaj Auto, , , and . ""Launching the Bajaj Engineering Skills Training (BEST) last year has been a valuable learning experience for us. It gave us a very clear picture of the critical gap between theoretical education and practical skills needed in the manufacturing industry. The insights gained through BEST acted as a cornerstone in laying down the groundwork. With Bajaj Beyond, we will expand our skilling efforts across the group,"" Rajiv Bajaj said. Speaking at the event , Chairman & Managing Director, Bajaj Finserv, said, ""Skilling has been at the heart of our social impact initiatives and we have seen the positive multiplier effect it has on the well-being of youth and their families. Our Certificate Programme in Banking, Finance and Insurance (CPBFI) prepares youth for employment in the fast-expanding financial services sector which is currently seeing a shortage of talent."" With Bajaj Beyond, Bjajaj Finserv commits to strengthening India's skilling ecosystem, especially in the hinterland, enabling greater access to economic prosperity, he"
"seeing a shortage of talent."" With Bajaj Beyond, Bjajaj Finserv commits to strengthening India's skilling ecosystem, especially in the hinterland, enabling greater access to economic prosperity, he added."
"China bets on open-source chips as US export controls mount When a Beijing-based military institute in September published a patent for a new high-performance chip, it offered a glimpse of China's bid to remake the half-trillion dollar global chip market and withstand U.S. sanctions. The People's Liberation Army's (PLA) Academy of Military Sciences had used an open-source standard known as RISC-V to reduce malfunctions in chips for cloud computing and smart cars, the patent filing shows. RISC-V is an instruction set architecture, a computer language used to design anything from smartphone chips to advanced processors for artificial intelligence. The most common standards are controlled by Western companies: x86, dominated by U.S. firms Intel and Advanced Micro Devices, and Arm, developed by Britain's Arm Holdings, owned by SoftBank Group. U.S. and UK export controls prevent the sale of only the most advanced x86 and Arm designs - which produce the highest-performance chips - to clients in China. But as the U.S. widens restrictions on China's access to advanced semiconductors and chip-making equipment, the open-source nature of RISC-V has made it part of Beijing's plan to curb its dependence on Western technology, although the emerging architecture accounts for a fraction of the chip market. ""The biggest advantage of the RISC-V architecture is that it is geopolitically neutral,"" the Shanghai government's Science and Technology Commission said in a report published in April. Beijing and dozens of Chinese state entities and research institutes, many sanctioned by Washington, invested at least USD 50 million in projects involving RISC-V between 2018 and 2023, according to a Reuters review of over 100 Chinese-language academic articles, patents, government documents and tenders, as well as statements from research groups and companies. While the figure is modest, recent RISC-V breakthroughs and applications in China, many with government funding, have raised Beijing's hopes that the open-source standard could one day threaten the x86-Arm duopoly, according to state media. Intel and AMD did not respond to questions about the matter, while Arm declined to comment. RISC-V chips made by Chinese firms and research institutes can now power self-driving cars, artificial-intelligence models and data-storage centres, according to two industry figures and the previously unreported documents. The military science academy did not respond to a request for comment sent via China's State Council. GROWING MATURITY Arm and x86 are closed architectures, meaning they are proprietary and charge users a license fee. Their outlines are thousands of pages long, with complex instructions and numerous incompatible versions that can only be modified by their developers. RISC-V is free to use and has a simpler outline, often leading to more energy-efficient chips, and users can build atop the framework to suit their needs. Half of the more than 10 billion RISC-V chips shipped"
"free to use and has a simpler outline, often leading to more energy-efficient chips, and users can build atop the framework to suit their needs. Half of the more than 10 billion RISC-V chips shipped globally by 2022 were made in China, the state-run China Daily reported in August. Bao Yungang, deputy director of China's Institute of Computing Technology, told a chip conference last June that funding for RISC-V startups in China had reached at least USD 1.18 billion to that point. ""The RISC-V ecosystem in China is the most mature globally"", a result of the need of government and industry to develop technology that can circumvent U.S. sanctions, said a sales representative from a Beijing-based company that develops RISC-V chips, who was not authorised to speak publicly. Some 1,061 patents involving RISC-V were published in China last year, up from 10 in 2018, Anaqua's AcclaimIP database shows. While the U.S. saw a similar increase, 2,508 such patents have been published in China, to the U.S.'s 2,018. Chinese tech giants Alibaba and Huawei, neither of which responded to requests for comment, were the fourth- and fifth-largest filers. Arm is the dominant architecture in China, so RISC-V is a long-term bet to insure Beijing against a scenario in which Arm is forced to not just halt licensing to Huawei, as it did temporarily in 2019, but to all Chinese companies. While the performance of RISC-V chips lags Arm in complex computing tasks, the gap is closing as RISC-V startups proliferate and more tech companies invest in the open-source standard, said , principal analyst at the SHD Group, a market research firm. 'TRUE RISE TO POWER' RISC-V technology emerged last decade from labs at the University of California, Berkeley. A few months after Huawei was blacklisted by the Trump administration in May 2019, RISC-V International, a non-profit foundation that oversees development of the standard, moved its headquarters from Delaware to Switzerland. Calista , CEO of RISC-V International, told Reuters the move was not to ""circumvent any legal restriction by any government"" but ""to ensure continued ecosystem growth of the open standard for years to come"". Still, the foundation says on its website that the move alleviated uncertainty as there was concern from the RISC-V community ""across 2018-2019"" related to the geopolitical landscape, without mentioning China. Reuters reported in October that some U.S. lawmakers were urging the Biden administration to impose export restrictions around RISC-V, a move that Redmond has said would slow the development of new and better chips. The U.S. Department of Commerce's Bureau of Industry Security declined to comment. For China, there has been a geopolitical incentive to invest in the emerging standard. In 2019, researchers at the University of Electronic Science and Technology of China organised a seminar on how RISC-V could help China achieve tech self-sufficiency. ""Everyone agreed...if domestic chip systems want to get rid"
"University of Electronic Science and Technology of China organised a seminar on how RISC-V could help China achieve tech self-sufficiency. ""Everyone agreed...if domestic chip systems want to get rid of the limitations of x86 and ARM architectures and realise a true rise to power, RISC-V will be the biggest opportunity,"" says a summary of the seminar published on the university's website. Among recent breakthroughs in China, state-owned car maker Dongfeng Motor Corporation last year developed an automotive MCU chip, used to control the electronic systems of a car, using RISC-V. Dongfeng and China's Ministry of Science and Technology did not respond to requests for comment. MILITARY INTEREST Universities and research institutes linked to China's military have also developed and promoted RISC-V in recent years, Reuters' review found. The PLA-run National University of Defense Technology was in the top 15 for RISC-V patents filed in China since 2018, according to AcclaimIP, as was , which has partnerships with at least two defence-related institutes. At an academic conference in November 2022, researchers at Beihang University, whose scientists are involved in the development of Chinese military aircraft and missiles, presented the design for a RISC-V chip that processes radar signals. The year prior, researchers at the Institute of Software at the Chinese Academy of Sciences (CAS), a state think tank, co-developed a RISC-V chip to prevent a type of cyberattack. The institute is a PLA supplier, government tenders show. In May 2023, the CAS Institute of Computing Technology, which is under U.S. sanctions, unveiled the second generation of ""Xiangshan"", a RISC-V high-performance PC chip, and ""Aolai"", a RISC-V operating system. Interest from the Chinese institutes and universities, which did not respond to queries, echoes investment in RISC-V research labs and companies a decade ago by the U.S. government's Defense Advanced Research Projects Agency. An agency spokesperson said that while it did not directly fund the development of the RISC-V architecture, it funded efforts that used RISC-V to ""create prototype chips and test research hypotheses in the interests of U.S. national security"". Despite its promise, RISC-V so far has not broken x86 and Arm's dominance. The SHD Group estimated that 1.9% of all system-on-a-chip units shipped in 2022 had a RISC-V processor. But with demand for AI chips growing, RISC-V's low cost, ease of customisation and energy efficiency have made it attractive to some chipmakers. Original equipment manufacturers ""want to develop highly customized cores. And RISC-V really fits that bill,"" , Qualcomm's senior vice president of product management, said in an interview published on the company's website in September. (USD 1 = 7.1497 Chinese yuan renminbi)"
"Chauffeur to India Inc, Ecos Offers Growth Ride in Mobility Ecos (India) Mobility and Hospitality, a provider of corporate car rental services, plans to raise ₹601 crore through an offer for sale by promoters, which will reduce their stake to 98% from 68%. The company has access to over 12,500 vehicles, ranging from economy to luxury cars, but only 6% of the fleet is owned by the company. This asset-light business model supports a high return on equity (RoE). The growing share of the organised market for employee transportation services driven by the expansion of global capability centres (GCCs) augurs well for the company. Given these factors, investors may consider the . Business: Founded in 1996, New Delhi-based operates in two segments: employee transportation services (ETS), which contributes two-thirds to the revenue and the rest is from chauffeur (CCR). The company provides services across 109 cities in India, although nearly 60% of the revenue comes from four metro cities: Bengaluru, Gurugram, Mumbai, and Hyderabad. The company’s clients include InterGlobe Aviation, HCL Corp, Safexpress, Deloitte, IndusInd Bank, and HDFC Life Insurance. Over 57% of the clients have been with the company for over five years. The combined market size for ETS and CCR in India is approximately ₹1 lakh crore, with organised players capturing 15% and 22% of the respective markets. Financials : Revenue increased by 94% annually to ₹554 crore between FY22 and FY24. Net profit rose to ₹62.5 crore from ₹9.8 crore while earnings before interest, tax, depreciation, and amortisation (Ebitda) grew by 123% to ₹89.9 crore during the period, achieving an Ebitda margin of 16.2%. It had a return on equity (RoE) of 70% in FY24. Risks: The ETS and CCR market is highly competitive with low barriers to entry, providing little competitive moat. Ecos Mobility’s business relies on relationships with vendors who supply vehicles and chauffeurs; any adverse changes in these relationships or inability to establish new ones could negatively impact the business. Valuation: The company seeks a price-earnings (P/E) multiple of 32 based on FY24 numbers. While there are no directly comparable listed players on the main board, Wise Travel and Shree OSFM, listed on the SME platform, trade at 25-28 times earnings but with lower RoE."
"Sanjiv Bajaj takes over as CII president Mumbai: Bajaj Finserv’s chairman and MD has assumed office as the president of the ( ) for FY23. He takes over from MD & CEO . Bajaj, the president-designate for FY22, had earlier headed a CII committee on insurance & pensions and a task force on fintech. A Harvard Business School alumnus and a member of Indian School of Business’s board, Bajaj is also on the international technology advisory panel of the Monetary Authority of Singapore. chairman and CEO Pawan Munjal has taken over as CII president-designate for FY23. TNN Munjal was earlier chairman of CII northern region from 1996 to 1997 and has led CII committees on sports, environment and technology & innovation. Under his leadership, Hero MotoCorp became the world’s number one two-wheeler company in 2001 and has retained the position."
"Audio Interview: How AI Can Enhance Travel and Working Abroad: For Automotive Industry Professionals In this GlobalAutoIndustry.com ""How AI Can Enhance Travel and Working Abroad: For "", Ron Hesse speaks with Allen Koski, President of Insured Nomads, the first insurtech in global benefits. Previously Allen was a Senior Vice President at and prior to that instrumental in the growth and development of in roles that ranged across . In the 11-minute Audio Interview, Koski discusses these questions:  What’s your story? What does Insured Nomads do for the ?  What is Artificial Intelligence for our audience?  How is AI going to affect the healthcare of our automotive audience?  How is AI going to direct our moves and deployments?  Are there any lessons we can learn from this last period of Covid and remote work? Also Listen:"
"Tesla vs Tata Motors: Elon Musk's USD 56 bn salary more than TaMo revenue shareholders recently approved CEO 's USD 56 billion remuneration package for the second time at a crucial annual shareholder meeting, following a prior invalidation by a Delaware court earlier this year. This eye-popping sum alone is more than the total revenue of , which sits at USD 52.44 billion (INR 4.38 lakh crore). Musk's compensation package not only outstrips Tata Motors but also surpasses the total revenues of other prominent Indian entities, including HPCL (USD 52.09 billion), SBI (USD 40.35 billion), Rajesh Exports (USD 37.48 billion), and TCS (USD 29.04 billion). However, it falls short of giants like Reliance Industries (RIL) at USD 108.62 billion, Life Insurance Corporation of India (LIC) at USD 96.10 billion, Indian Oil (IOC) at USD 93.84 billion, and Oil and Natural Gas Corporation (ONGC) at USD 77.54 billion. Analysts and investors speculate that approving Musk's remuneration package will mitigate the risk of him leaving the electric vehicle maker. Tesla's revenue and adjusted core profit were also milestones in Musk's USD 56 billion stock options package, with the highest revenue target being USD 175 billion cumulatively in four consecutive fiscal quarters. However, despite the vote of confidence from the Tesla board, the company faces challenges as its sales have been declining over recent quarters. Total revenues have fallen by 8.7% to USD 21,301 million compared to USD 23,329 million in the same quarter the previous year, according to data collected from the first quarter results of 2024. Year-to-date, Tesla's shares have declined nearly 25%, with a 32% plunge in the last year. In the United States, top-paid CEOs include Alphabet's Sundar Pichai with compensation of approximately USD 226 million in 2022, followed by Broadcom's Hock Tan with USD 161.83 million, and Apple's Tim Cook with USD 63.21 million. Tata Motors Financial Performance For FY24, Tata Motors reported record revenues of INR 4,37,900 crore (USD 52.44 billion), an all-time high EBITDA at INR 62,800 crore (USD 7.52 billion), and a net profit of INR 31,800 crore (USD 3.8 billion). In Q4 FY24, the revenue stood at INR 1.20 lakh crore, marking a 13.3% YoY increase, while the consolidated net profit for the quarter ended March 31, 2024, reached INR 17,529 crore, a 46% jump over the net profit of INR 12,033 crore reported in the year-ago period. In Q4FY24, the earnings before interest, taxes, depreciation, and amortisation (EBITDA) stood at INR 17,900 crore, up 26.6% YoY. On a year-to-date basis, have surged by 25%, while they have gained 74% in the past year."
"Airbus fits electric truck with airliner cockpit to study safer taxiing is showing off an unusual vehicle - a truck fitted with basic airliner controls - that it hopes can demonstrate how will make airports safer as concern grows over a spate of jetliners colliding on the ground. The converted at , Europe's biggest technology event, can be driven normally, or the aircraft systems can be given control. Sensors keep track of warning lines and obstacles as onboard computers guide the vehicle to a specific location, accelerating and braking as needed. ""These use cases are much more critical and complicated compared to those of the car industry,"" said Matthieu Gallas, head of at , the planemaker's innovation lab. ""Copying and pasting technology already available on the market won't work."" Airbus is at pains to avoid linking the research to specific accidents, but comparisons with January's fiery Tokyo collision between a landing A350 and a coast guard plane that appeared to have strayed onto the runway are inevitable. Airbus declined comment on the accident, which is being investigated. A separate investigation was launched last month after the wingtip of an empty jet collided with a stationary jet. In February, U.S. regulators said they would look into a collision between two planes at Boston Logan. Airbus hopes the vehicle crawling through a side alley of the Paris exhibition centre hosting the tech billionaires and startups of VivaTech shows how automation can help safely squeeze USD 100-million-plus jets through increasingly congested airports. HOPES Slow-speed ramp incidents are rarely fatal but represent a costly and growing headache for airlines, airports, insurers and passengers caught up in resulting delays. Airbus UpNext said it had teamed up with Israeli electric vehicle maker to build the hybrid research platform as part of its three-year ""Optimate"" project. The plane-truck will be tested at live airports and could pave the way for later tests on an A350-1000 aircraft. If successful, the project could result in changes to plane design, but getting novel systems certified is a daunting task. Regardless of what happens, pilots will remain in the loop, Gallas said. Airbus jets already use automation to limit pilot error, though the software is not autonomous, meaning it can only behave in a predictable way. Equipped with 3D-mapping LiDAR light sensors, the research vehicle could explore higher levels of automation later, though Airbus says it has no plans to introduce autonomy in jetliners. The potential for LiDAR is already in the spotlight after severe turbulence battered a Singapore jet this week, leaving one passenger dead of a suspected heart attack and dozens injured. Boeing began tests in 2018 and experts hope LiDAR will track unstable currents that elude radar. ""LiDAR is 'the' technology,"" ex-auto executive Karim Mokaddem, head of Airbus commercial research and technology, told Reuters."
"Tesla cuts prices in China for some Model Y versions Inc has cut prices in China for its and performance versions starting on Aug. 14, the company said in a notice on Monday. The car company dropped the starting prices of both models by 14,000 yuan (USD 1,934.58). The Model Y Long Range's starting price drops 4.5% to 299,900 yuan and the starting price of the Model Y Performance is now 349,900 yuan, down 3.8%. In the same announcement, Tesla also said it would offer insurance subsidies in China of 8,000 yuan for Model 3 buyers of entry-level, rear-wheel-drive versions of the Model 3 inventory vehicle between Aug. 14 and Sept. 30. Last month Tesla CEO said further price cuts were a possibility, even if it squeezed the automaker's margins. Tesla has slashed prices several times in the United States, China and other markets since late last year, and increased discounts and given other incentives to reduce inventory, trying to shield itself against competition and economic uncertainty. Sales of Tesla's China-made vehicles fell 31% in July from June, data from (CPCA) showed earlier this month, marking its first month-on-month decline since December. (USD 1 = 7.2367 yuan)"
"PM to release national logistics policy on Sep 17 New Delhi: Prime Minister Narendra Modi will release the on September 17, which is aimed at promoting seamless movement of goods across the country, said on Tuesday. The policy is expected to focus on several areas such as process re-engineering, digitisation, and . In 2020, the government, in the budget, had announced that it will soon release the national logistics policy. The move assumes significance as high impact competitiveness of in the international market. ""On September 17, the prime minister is going to release the country's logistics policy,"" Goyal said here while addressing the members of the Board of Trade. The government has emphasised on the need to reduce logistics cost in the country from the current levels of 13-14 per cent of GDP. According to the commerce ministry, the sector is complex with more than 20 government agencies, 40 PGAs (Partner Government Agencies), 37 export promotion councils, 500 certifications, over 10,000 commodities, and USD 160 billion market size. It also involves 200 shipping agencies, 36 logistics services, 129 ICDs (Inland Container Depots), 168 CFSs (Container Freight Stations), 50 IT ecosystems, banks and insurance agencies. The sector provides livelihood to more than 22 million people and improving the sector will facilitate 10 per cent decrease in indirect logistics cost leading to the growth of 5 to 8 per cent in exports, the ministry had stated. As per estimates, the worth of Indian logistics market is over USD 200 billion."
"Most small SUVs flunk updated insurance industry crash tests DETROIT - Most small SUVs flunked the latest done by the insurance industry, but oddly enough, they're just as safe as they were before. That's because the Insurance Institute for Highway Safety updated the test so it places more emphasis on keeping back-seat passengers safe. Only the Ford Escape and Volvo XC40 got the top ""good"" rating in this year's testing released Tuesday. The was rated ""acceptable,"" while Audi's Q3, the Nissan Rogue and the Subaru Forester were ""marginal."" The remainder, the Buick Encore, Chevrolet Equinox, Honda CR-V and HR-V, Hyundai Tucson, Jeep Compass, Jeep Renegade, Mazda CX-5 and Mitsubishi Eclipse Cross got the bottom rating of ""poor."" IIHS President David Harkey said the test is being changed because vehicle structures, air bags and seat belts have made the SUVs safer for front-seat passengers than those in the back. Now, the risk of fatal injury is 46% higher for rear-seat passengers than drivers in the front, Harkey said. ""Before we were just focused on how well the driver was protected,"" Harkey said. ""It's not that the vehicle has become any less safe."" The institute has a history of changing its widely watched tests in an effort to get automakers to make safety improvements, and Harkey says they normally respond to the changes. While safety belts restrain back-seat passengers, they're susceptible to head and neck injuries, and in many of the SUVs, the belts are relatively low tech and simply tighten up in a crash. Newer belts have sensors that determine a crash is imminent and they pull a passenger into the proper seating position before a crash, slowing the passenger's speed with the vehicle, Harkey said. After impact, they loosen a bit to prevent belts from rising off the pelvis and into the abdomen where they can cause severe internal injuries, he said. Some automakers already have put more sophisticated belts in their back seats, something that can be done without a big model update, Harkey said. ""The industry has always been good about responding to tests that we have introduced,"" he said. ""We expect they will do so in this case, and we expect they will be able to do so quickly."" The institute used a crash dummy that represents a small woman or a 12-year-old child to test for injuries to rear-seat passengers, and Harkey says the dummy does a good job of showing risk to passengers of all sizes. When the IIHS introduced the moderate overlap front crash test in 1995, most vehicles were rated poor or marginal. Automakers responded with stronger structures and air bags to make front-seat riders safer, and all 15 small SUV models used to get good ratings. In the original moderate overlap test, a vehicle travels at 40 mph toward an aluminum barrier. About 40% of the vehicle's width hits the barrier on the driver's side. Some of the SUVs tested have more sophisticated rear safety belts, but the timing has to be worked out to function better in the"
"40% of the vehicle's width hits the barrier on the driver's side. Some of the SUVs tested have more sophisticated rear safety belts, but the timing has to be worked out to function better in the milliseconds before and after a crash, Harkey said. ""Now they've got to go back and figure out are they firing at the right time?"" he said. Small SUVs are the most popular new vehicles sold in the U.S. So far this year, compact and subcompact SUVs combined account for 23.4% of all new vehicle sales, according to Edmunds.com."
"Renault India extends support to flood-hit TN customers New Delhi: In the wake of the devastating cyclone 'Michaung', has collaboratively joined hands with other OEMs to extend comprehensive support to its customers in the affected regions in Tamil Nadu. In conjunction with its dealerships, India has swiftly implemented a range of initiatives to alleviate the situation and assist those impacted by the floods, the company said. To ensure the safety of its customers and their vehicles, Renault India took proactive steps by sending out SMS alerts and app notifications, advising them on precautionary measures to safeguard their cars against potential damage. As part of its comprehensive support initiative, Renault is offering free-of-cost roadside assistance to help customers transport their vehicles to the nearest dealerships. The company has also pledged to reimburse the towing costs incurred by customers who independently arranged for their vehicle transportation. To prioritise the recovery of flood-affected vehicles throughout Tamil Nadu, Renault has deployed an additional fleet of 15 towing trucks. Recognising the urgency of the situation, the 24x7 helpline team at Renault has been reinforced with extra resources to handle the surge in request calls, ensuring that customers receive prompt and efficient assistance, the company said in a media release. Several other measures have also been taken including extended working hours of Renault authorised workshops for faster deliveries, arrangements for parts inventory to expedite repairs and collaboration with insurance companies for faster insurance settlement claims. Renault is committed to providing round the clock support to its customers in Tamil Nadu. , Vice President Sales Marketing at Renault India Private Limited (RIPL), said “During these hard times, Renault India, in solidarity with other OEMs, provides robust support to our customers affected by the Chennai floods. Our all-encompassing initiatives, spanning proactive communication and hands-on assistance, underscore our unwavering commitment to offering 24/7 aid to our customers in Tamil Nadu. Renault India will continue to remain vigilant, continuously monitoring the situation and adjusting our efforts to address the changing needs of the community and our customers. We stand united in these challenging times.” The measures put in place provide holistic support to customers from the service request to the helpline team, transportation of the vehicle to the workshop, the servicing itself to the post service processes. This ensures lack of delay and efficiency of process for the customers, the release said."
"Price cap on Russian refined fuels set to disrupt trade The 's ban on imports of products, including and jet fuel, will disrupt global flows once it takes effect on Sunday and could hurt Moscow more than an embargo on crude oil. Although Western sanctions could force Russia to cut crude production and refining runs, which would further tighten global supplies, some analysts said the ban on products may ultimately have little impact on overall availability. ""Barrels will get out and find a market, logistical challenge but not a supply challenge,"" senior research associate Ian Moore at global brokerage firm Bernstein. The bigger issue could be for Russia in finding alternative buyers as and , which have proved keen to snap up its discounted crude oil, have plenty of their own refining capacity and are exporters of fuel products. ""While the ban would leave Russia with more crude to export, there may not be enough destinations to export the surplus to, and hence Russia may need to cut production by 5%-10%,"" said DBS Bank energy analyst Pei Hwa Ho. To try to compensate for an absence of European buyers, Russia ramped up diesel supplies to African and Mediterranean ports in January. But a lack of tankers to carry these products and a potential lack of demand could make it more challenging for Russia to divert refined fuels to third party markets. Europe has been turning to producers in Asia, the Middle East and the United States to diversify its sources of supply, but shipping will be costlier due to the longer sailing time. For now, supplies remain ample in Europe, which is heavily reliant on Russian diesel imports, as traders stocked up ahead of the Western restrictions. It is still unclear what the for refined products can be as their pricing, far more complex than for crude oil, is dictated by differences in quality, determined by levels of sulphur and metals. The EU has proposed a $100-per-barrel price cap on diesel and a $45 cap per barrel on discounted products such as fuel oil, but member states have yet to agree on those levels, with states aiming for a deal on Friday. Approved by the G7 wealthy nations, the European Commission and Australia, the products ban follows a similar measure they implemented on Dec. 5 barring the sale, insurance and transport of Russian crude oil unless sold below a $60 price cap. Also Read:"
"Drivers land better incentives in a crowded ride-hailing space Increasing competition in the ride-hailing space has resulted in better incentive structures for in the sector as platforms experiment with their business models or tweak the way they charge commissions from drivers. Swiggy-backed bike-taxi platform has introduced a subscription fee model for its driver partners on and autos, doing away with the old structure of commissions on rides, while California-headquartered inDrive is offering commission rates of 10-12% to its drivers in India, less than half of leading players and Ola’s 25-30% commission. Uber has also started tweaking its commission structure, decreasing its commission by 5-7 percentage points during peak hours to incentivise drivers to be on the roads, people aware of the matter said. ONDC-backed Namma Yatri operates on a software-as-a-service (SaaS) model, offering their services to auto drivers for a fee. For Rapido, the daily fee paid by driver partners ranges between INR 9 to INR 29, while Namma Yatri offers its services at INR 25 per day, or INR 3.5 per trip for up to ten rides, following which it is free. “Drivers have been opposing traditional commission structures put in place by platforms, given that a portion of their earnings was taken by the ride-hailing companies,” a senior executive at one of the large ride-hailing firms said on condition of anonymity. “The way these commissions are structured…how much money drivers receive in hand and how much goes away to the platforms create a poor perception for drivers, who think that they lose money to the platforms that bring them business,” the executive said. Drivers, who are essentially gig workers, have time and again been at loggerheads with larger players like Uber and Ola over the payouts. In 2018, Uber and Ola drivers protested across the country over reducing cash incentives that the platforms initially used to create supply. Crowded market Over the last few years, the ride-hailing sector – primarily a duopoly between Ola and Uber – has seen newer players emerge, competing for the same set of customers and drivers. In an interview with ET in February, Uber CEO acknowledged the growing competition in the space. “The Indian market is getting more competitive. It was a two-player market previously, now there are three-four players. There are many young upstarts. We have to make sure we’re on our toes,” he had said. The emergence of Rapido, and ONDC-backed players has pushed Uber to introduce measures to retain its supply. In November, ET reported that the company has rolled out the Uber Pro programme to give its drivers benefits such as area preference, discounted vehicle maintenance and motor insurance, as well as enhanced micro-credit offerings. Drivers become eligible for these benefits upon reaching certain milestones. During the programme’s pilot, the company witnessed a reduction in churn of drivers with the platform. Scaling up For the platforms operating on"
"for these benefits upon reaching certain milestones. During the programme’s pilot, the company witnessed a reduction in churn of drivers with the platform. Scaling up For the platforms operating on a SaaS model, industry insiders questioned the scalability of the offering even while acknowledging an improvement in gig workers’ stickiness on the platform. “The SaaS model works like a loyalty programme… Once the drivers buy in, they try to milk as much as possible out of that INR 25-30 they pay every day. It automatically increases their time spent on the platform,” a Bengaluru-based ride-hailing company executive said. “It’s an important top of the funnel to acquire these gig workers… Eventually the fee will see an increase in line with costs incurred to manage the software,” he said. “Through the commission model and the ride-based incentive structures, drivers don’t really operate on a gig system… Many of them end up driving for over 15-17 hours a day. But once they pay for a daily fee to get access to customers, they have a better visibility into their earnings after paying the fee,” the executive added. Even for Ola and Uber, showing fares upfront to drivers before they accept rides is a way of increasing transparency into what they would earn from every ride, industry officials said. “One of the key asks of gig workers is more information into what they’re earning… Being able to see the fare upfront is one of the ways to make that work,” an industry official said."
"India's Russian oil import hits 12-month low but long-term appetite remains intact New Delhi: India's fell for a second straight month in January to its lowest in 12 months but the nation's insatiable appetite for Russian crude remains for the long term, according to data from energy cargo tracker and industry officials. Russia supplied 1.2 million barrels per day of crude oil to India in January, down from 1.32 million barrels in December and 1.62 million barrels in November 2023, according to data from energy cargo tracker . Russia however continues to remain India's top oil supplier, accounting for a little less than a quarter of 4.91 million barrels a day of oil that the world's third largest energy consumer imported in January. The decline in cargoes from Russia was made up by increased sourcing from Iraq, which supplied 1.1 million barrels per day (bpd) in January, up from 985,000 bpd in the previous month. Supplies from Saudi Arabia declined to 659,000 bpd from 668,000 bpd in December. India is more than 85 per cent dependent on imports for its needs of crude oil, which is converted into fuels such as petrol and diesel at refineries. Its appetite for Russian oil swelled ever since such oil started trading on discount as the West shunned it to punish Moscow for its invasion of Ukraine. According to Vortexa, an energy intelligence firm, India imported just 36,255 bpd of crude oil from Russia in December 2021 as compared to 1.05 million bpd from Iraq and 952,625 bpd from Saudi Arabia. There were no imports from Russia in the following two months but they resumed in March, soon after the Ukraine war broke out in late February. Imports from Russia soared to an all-time high of 2.1 million bpd in June last year, accounting for almost 40 per cent of all oil India imported. According to , Vortexa's head of APAC analysis, the reason for the fall in Russian crude oil import in last couple of months was the narrowing of Russian crude discounts versus Middle Eastern crude, recent US sanctions on shipowners carrying Russian crude above the price cap and rising tanker premiums as a result of the Red Sea attacks. Also, some state refiners rushed to fulfill term commitments with Middle Eastern suppliers, industry officials said adding the removal of sanctions on Venezuela has whetted the appetite of private Indian refiners to resume purchases from the South American supplier. Indian refiners started snapping up crude shipments from Venezuela after a three-year suspension in September 2020. These developments together have contributed to a slowdown in Russian purchases. Industry officials said the long-term demand for Russian crude oil remains intact. ""A dip in one month and rise in another doesn't tell you the entire story. The fact remains that Indian companies will continue to buy Russian crude oil as long as they make economic sense,"" an official said. Indian state firms buy Russian crude oil on a delivered basis, meaning the supplier has to make"
"will continue to buy Russian crude oil as long as they make economic sense,"" an official said. Indian state firms buy Russian crude oil on a delivered basis, meaning the supplier has to make arrangements for shipping and the buyer pays only when oil is delivered at the receiving port. This is unlike sourcing from the Middle East where the buyer pays for shipping and insurance. ""Till such time that the delivered cost of Russian crude oil is less attractive as compared to alternate sources, Indian refiners will buy,"" another official said. Trade sources and analysts also said that refiners are currently expressing increasing concerns about rising shipping costs and insurance. The US in December imposed sanctions on ships and vessel operators carrying Russian oil sold above the USD 60 a barrel cap set by the Group of Seven nations. Several tankers had to divert as banks and service providers were asked to ensure cargoes do not breach the price limit. (HPCL) chairman at an investor call last month said Russian oil made up for 30 per cent of all oil that the company imported and that the company has tied up supplies from Russia and other sources till mid-April. ( ) chairman at an earning call late last month stated that 40 per cent of all crude oil that the firm imported in December quarter came from Russia."
"Govt panel finds defect in battery cells in almost all EV fires New Delhi: In what could put EV two-wheeler manufacturers in a tough spot, the preliminary findings from the government-constituted probe committee on electric vehicle (EV) fires have found issues with battery cells/design in nearly all of the electric two-wheeler (2W) fire incidents in the country. The committee was constituted last month in the wake of EV fires and battery blasts in e-scooters belonging to , , , , and . According to sources close to the development, the experts have found defects in battery cells as well as battery design in nearly all EV fires, including the deadly battery explosion in Telangana. An 80-year-old man was killed and two others injured when the battery of a Pure EV electric two-wheeler exploded in their house in Telangana's Nizamabad district. Sources said that the experts would now work individually with the to resolve respective battery issues in their vehicles. Ola Electric said in a statement to IANS that they have commissioned world-class agencies, ""in addition to our own investigation, to perform an internal assessment on the root cause"". ""As per the preliminary assessment of these experts, it was likely an isolated thermal incident,"" the company said. Ola Electric has already voluntarily recalled 1,441 vehicles to conduct pre-emptive diagnostics and health checks on scooters in that specific batch. ""Our battery pack already complies and is tested for AIS 156, the latest proposed standard for India, in addition to being compliant with the European standard ECE 136,"" the company added. Okinawa Autotech declined to comment on the development. The Delhi High Court this week issued notice to the Centre and the Delhi government on a plea seeking directions for mandatory insurance for electric two-wheelers. Apart from insurance coverage, the plea also sought to ensure reliable and long-lasting batteries in the vehicle by the manufacturers in a way to avoid overheating and fire accidents. Earlier, cautioning the EV manufacturers, Union Road Transport and Highways Minister Nitin Gadkari said that the government will soon issue quality-centric guidelines for electric vehicles. Gadkari warned EV makers last month that if any company is found negligent in their processes, ""a heavy penalty will be imposed and a recall of all defective vehicles will also be ordered"". ""We have constituted an Expert Committee to inquire into these incidents and make recommendations on remedial steps. Based on the reports, we will issue necessary orders on the defaulting companies,"" he had said. In another tragic incident involving an electric two-wheeler, a 40-year-old man died in Andhra Pradesh's Vijayawada after a blast occurred in an e-scooter belonging to Boom Motors while being charged at home. The incident also left the Kotakonda Siva Kumar's wife and two daughters with severe burn injuries. To date, three Pure EV, one Ola, three Okinawa and 20 Jitendra EV scooters have"
"charged at home. The incident also left the Kotakonda Siva Kumar's wife and two daughters with severe burn injuries. To date, three Pure EV, one Ola, three Okinawa and 20 Jitendra EV scooters have caught fire in the country, raising burning questions about their safety. Several EV makers have recalled the faulty batches amid the heat. The Union Ministry of Road Transport and Highways has refuted media reports that claimed the government has asked electric two-wheeler manufacturers to refrain from launching any new products in the market in the wake of EV fires. Stressing that the government seeks to make EVs more popular among the masses, Gadkari had said the EV industry has just started. ""We don't want to put a hurdle but safety is first and foremost priority,"" he noted. Also Read:"
"'Zero fatality corridor': Crash deaths down by 58.3% on Mumbai-Pune E-way since 2016, says report The "" "" initiative has led to a 58.3% reduction in on the since 2016 and 32% since 2022, according to a report. Describing the reduction as ""unprecedented"", the report stated that this marks a ""significant stride towards a safer and more secure roadway"". ""Once infamous for recording 151 deaths in 2016, roughly three deaths every 2 km, compared to the 2016 national average of one death per 2 km, the expressway earned the distinction of being one of the deadliest expressways in the country,"" it stated. Since the launch of the ""zero fatality corridor"" initiative for the Mumbai-Pune Expressway (MPEW) in 2016, there has been a marked decline in road , stated the report on the project, a joint effort of the Maharashtra State Road Development Corporation (MSRDC), the Maharashtra Highway Police (HSP), the Maharashtra Motor Vehicle Department and the SaveLIFE Foundation. The initiative, it stated, focused on comprehensive interventions spanning the 5Es of Road Safety - Enactment, Engineering, Enforcement, Emergency Care and Engagement. The report stated that ""as a result of these interventions, the Mumbai-Pune Expressway witnessed a 58.3% decline in road crash deaths from 151 fatalities in 2016 to 63 fatalities (from 56 fatal crashes) up until 31st December, 2023"". ""Every fatality on the expressway is a matter of grave concern for the MSRDC. We will leave no stone unturned to ensure we achieve zero deaths on this crucial link between Mumbai and Pune. The MSRDC has implemented various safety measures on the Mumbai-Pune Expressway and this has resulted in the elimination of various types of crashes like run-off crashes, object impact crashes, head-on crashes, and poor visibility related crashes,"" MSRDC Vice Chairman and Managing Director Dr Anil Kumar Gaikwad said. Effort to achieve zero fatalities on the expressway is ongoing and the MSRDC is fully committed to achieve this ambitious goal, the senior official said. The report, released by the SaveLIFE Foundation, highlighted that under the initiative, ""hundreds of interventions"" were undertaken across road engineering, traffic enforcement, trauma care and road-user engagement. More than 3,500 engineering issues were treated, traffic enforcement enhancement issues were enhanced, and emergency care and medical assistance on the expressway were strengthened, including increasing the number of ambulances, upgrading ambulances and training personnel in basic trauma life support, according to the report. Besides these, critical aspects of road safety were addressed and road users engaged through awareness campaigns, it stated. On the reduction in road crash fatalities on the MPEW, founder and CEO, SaveLIFE Foundation, Piyush Tewari, said, ""This is the result of the multi-agency collaborative approach of the programme. The success seen on this expressway has encouraged authorities across India to replicate this"
"Piyush Tewari, said, ""This is the result of the multi-agency collaborative approach of the programme. The success seen on this expressway has encouraged authorities across India to replicate this effort to save lives."" ""By scientifically understanding the causes of road crash fatalities, over 3,500 road engineering issues were fixed, enforcement was strengthened by police and RTOs, ambulance placement was optimised, and extensive campaigns were undertaken to educate road users commuting on the expressway,"" he said. ""Most importantly, monthly reviews of the programme were undertaken by the MSRDC, the Maharashtra Highway Police and the along with SaveLIFE Foundation to ensure complete alignment and synergy in ensuring that lives can be saved,"" Tewari said. He said that the result is a testament to the fact that road crash fatalities can be significantly reduced across Maharashtra as well as the country by taking a concerted and coordinated approach to understanding and resolving road safety issues. The report stated the creation of a steering mechanism that convened all concerned agencies on a single platform was a ""cornerstone of the initiative"". The initiative also saw violations being effectively combated by employing a focused enforcement action plan, speed cameras and vehicle-activated speed signs. Speed traps on the MPEW have issued 13,16,512 challans since their installation in July 2020. In 2023 alone, 2,17,089 challans were issued, the report stated. Kishore Kumar Poludasu, the managing director and CEO, SBI General Insurance, which is supporting the initiative, said that ""we have consistently undertaken initiatives with a focus on road safety, as it has been one of our key focus areas under our CSR projects"". ""Through our partnership with SaveLIFE Foundation on the 'Surakshit Sadakein, Surakshit Bharat' initiative, the project has resulted in a remarkable 58.3% reduction in road crash fatalities on Mumbai-Pune Expressway,"" Poludasu, asserting that road safety has always been of ""utmost importance to us and we are committed towards making a significant impact on it""."
"Stop illegal bike taxis plying in city, RTO tells Uber The (RTO), Nagpur, has issued a show-cause notice to for illegally operating bike taxi services. Issuing a warning to terminate its licence for Nagpur city, the has asked the latter to stop the services immediately. Deputy regional transport officer Ravindra Bhuyar said, “Acknowledging show-cause notices issued by , the other two app-based aggregators — Ola and Rapido — have suspended their bike taxis. However, Uber continued the service stating it as package delivery vehicles, which too is illegal.” Now, the transport department has approached cyber cell of Nagpur city police to initiate action against the app-based aggregator for providing taxi bike services illegally, Bhuyar said. Despite no provision of bike taxis in Maharashtra Motor Vehicles Act, Uber and Ola had launched these services in Nagpur a couple of years ago. The service was being facilitated through the mobile application of both the aggregators. The app-based aggregators were using private motorcycles as commercial bikes, which was in violation of the Motor Vehicles Act, 1988, and also the guidelines framed for such aggregators. The regional transport authority of Nagpur city had permitted operation of only taxi cabs (four-wheelers). No permission was given for taxi bikes, said Bhuyar. TOI has been reporting about the illegal operation of bike taxis in the city. (both city and deputy RTO east office) have impounded more than 90 such bikes over the past couple of years and the action continues. The app-based aggregators had also reimbursed fines imposed by the transport department on bike taxi owners. “We have also written to the companies in this connection,” said Bhuyar. The transport department official said his office was flooded with complaints against bike taxis in the recent past. He urged citizens to refrain from using bike taxi services as these were illegal. “In case of an accident of bike taxis, passengers will not be eligible for any insurance compensation,” he said. Read More:"
"Murugappa plan to split group into 3 hits a bump A plan to divide the equally among three family groups that’s been over two years in the making has got stuck, said people with knowledge of the matter. The Chettiar family had been negotiating an amicable split of the diversified business empire with over USD 9 billion in revenue in FY23 after five generations of working together over more than a century, they said. The much-celebrated turnaround of within four years of its takeover by group company ( ) has become a key bone of contention among different family groups that make up the promoter group. Shares of four Murugappa group companies, including Wendt India and Shanti Gears, yielded over a 50% return in CY23. But it’s the meteoric 15-fold jump in the share price of CG Power after the TII buyout that has grabbed the spotlight. Another standout has been the performance of and Finance Co. Ltd, the group’s principal financial services arm, a listed company with over INR 1 lakh crore market value. The turbocharged value appreciation of a handful of group companies relative to others has led to serious differences among at least two of the three factions of the extended family. The argument is over how three equal groups can be carved out of the current corporate structure--collectively owned by seven branches of the Murugappa family through family holding company Ambadi Investment, which owns shares of various companies--without revising the terms of an older family agreement that has been in place for some time. ET could not independently verify the exact date of that agreement. Murugappa is ranked 10th in the 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses. The 124-year-old group has close to 30 companies, a third of which are listed, spanning sugar, fertilisers, abrasives, bicycles, polymers, financial services and engineering. The family settlement was modelled on the lines of the TVS Group separation plan. Under this, the family faction that held the largest economic interest in each of the companies bought out the cross holdings of the other groups. The latest disagreement comes within a year of the settlement between Valli Arunachalam, the eldest daughter of the late MV Murugappan, and the rest of the family after a protracted feud, casting a shadow on the media-shy group. The Factions One faction is led by MA Arun Alagappan, executive chairman of Coromandel International, along with second cousin Arunachalam Vellayan, chairman emeritus of EID Parry. It’s questioning the price levels previously agreed upon for swapping or exchanging shares of listed group entities among family factions for an equitable three-way split following the surge in the stock prices of companies such as CG Power, its parent TII and even Cholamandalam Finance. Coromandel International, formerly Coromandel Fertilisers, is the second largest manufacturer and marketer of phosphatic fertiliser in India. All three companies are steered by"
"Cholamandalam Finance. Coromandel International, formerly Coromandel Fertilisers, is the second largest manufacturer and marketer of phosphatic fertiliser in India. All three companies are steered by Vellayan Subbiah, executive vice-chairman of TII, who is also chairman of Cholamandalam Investment. He and his second cousin Arun Murugappan, executive chairman of TII, regard any upward revision from the agreed share-swap price and formula unacceptable. Together they form the second group. Brothers MM Murugappan and M Muthaiah Venkatachalam constitute the third group. Between them they oversee Carborundum Universal Ltd, Cholamandalam MS General Insurance Co., Cholamandalam Financial Holdings and EID Parry as their chairmen. According to two group sources, the duo are also believed to be aligned to Vellayan Subbiah and Arun Murugappan. But this could not be independently verified. Typically, business families divide their businesses after independent valuations. Even if share swaps do not lead to an equal split, the gaps are bridged by cash payouts. Most Murugappa group watchers are of the view that Subbiah, a fourth-generation member of the family, is a star performer among the various family members. The former IIT Madras and University of Michigan alumnus is a McKinsey consultant-turned-entrepreneur. He’s largely credited with transforming fraud-hit CG Power into a growth engine after taking over, making it debt-free in FY22, much ahead of a five-year timeline. It has commenced building India’s first outsourced semiconductor testing facility. TII, the group’s engineering arm, has ventured into new areas such as green mobility and contract manufacturing for the pharmaceutical and medical segments as well as specialised chemistry solutions. Since taking over the leadership of the 70-year-old manufacturing flagship, Subbiah helped TII’s share price grow 13 times until June 2024. He also helped Cholamandalam Investment navigate its way out of turbulence after the global financial crisis and increased its market capitalisation 60 times over the course of his tenure. The group’s top three listed companies by market cap--Cholamandalam Investment, CG Power and TII–are all overseen by him. However, some group insiders insist Arun Alagappan, his father MA Alagappan and A Vellayan also played a major role in the turnaround of Cholamandalam Investment after the exit of DBS, Singapore. Despite repeated attempts, A Vellayan, Arun Alagappan and Arun Murugappan were unavailable for comment. A spokesperson for the group told ET it has no comment to make. “Vellayan Subbiah has turned around TII, CG Power and Chola. To seek a revision in share swap is a breach of an agreement,” said a family associate close to the faction on condition of anonymity as the negotiations are still in private domain. “It’s like punishing excellence.” Others working closely with the other camp are of the opinion that every branch of the family has at different points in history had a"
"are still in private domain. “It’s like punishing excellence.” Others working closely with the other camp are of the opinion that every branch of the family has at different points in history had a role to play in the success of each of the companies, especially the bigger ones. Earlier, all the family members were put in charge on a rotational basis as per the old family agreement. “TII, Chola Finance were not built by one or two family members,” said an executive known to the family for decades. “Their foundations were built on collective endeavours of all branches of the extended family and today they have scaled new heights only because of the solid groundwork that was done before. You cannot separate past from present.” Family Charter The Murugappa Group follows a family constitution. A council handles all family issues and resolves shareholder disputes. Since late 2020, the Murugappa Group has agreed to move to a corporate structure that separates management and ownership. The first leg of this transition has been largely completed with professional corporate boards, with only two family members in each, overseeing business decisions. Work on the ownership split could only start after the settlement with Valli Arunachalam, executives said. She had questioned the practice of Ambadi Investment board seats going only to male members of the family. She said six branches of the family were represented on the board, except hers. She sought a board seat to represent her family by virtue of its 8% ownership of the holding company. She remains a shareholder and part of the promoter group in various Murugappa entities. After the final separation of the various group companies among the three principal family groups, different holding structures and business trusts are expected to be created. “Over generations, the Murugappa empire has become a confederation of cousins,” said another senior executive close to the family. “The group is committed to certain traditional values, which include fair and equitable separation to ensure smooth management and business continuity."""
"Russia offers India help in leasing and building large-capacity ships to overcome G7's oil price cap Russia has welcomed India's decision to not support the announced by and its allies and offered it cooperation on leasing and building large-capacity ships to overcome the ban on insurance services and tanker chartering in the European Union and Britain to continue buying discounted oil. The offer came as Russian deputy prime minister Alexander Novak held a meeting with the Indian Ambassador to Moscow, Pavan Kapoor, on Friday. ""The deputy prime minister welcomed India's decision not to support the price cap on , which was imposed on December 5 by the G7 countries and their allies,"" the Russian Foreign Ministry said in a statement. India's appetite for Russian oil has swelled ever since it started trading on discount as the West shunned it to punish Moscow for its invasion of Ukraine. Novak noted that even amid the energy crisis, Russia is responsibly fulfilling its contractual obligations for the supply of energy resources, diversifying energy exports to the countries in the East and South. To avoid dependency on the ban on insurance services and tanker chartering in the European Union and Britain, Novak offered India cooperation on leasing and building large-capacity ships, the statement said. The Indian government has been vehemently defending its oil trade with Russia, saying it has to source oil from where it is the cheapest. The imports in November were made ahead of a price cap agreed by the EU on Russian seaborne oil. But, the government has indicated that oil companies will continue to buy oil from Russia outside the price cap. External affairs minister S Jaishankar on December 7 told the Rajya Sabha that Indian refiners will continue to look for the best deals in the interest of the country. ""We do not ask our companies to buy Russian oil. We ask our companies to buy oil (based on) what is the best option that they can get. Now, it depends on what the market throws up,"" he had said while replying to clarifications sought by MPs on his suo moto statement on foreign policy. The companies will go after sources that are more competitive, Jaishankar added. ""Please do understand it's not just we buy oil from one country. We buy oil from multiple sources, but it is a sensible policy to go where we get the best deal in the interests of the Indian people, and that is exactly what we are trying to do,"" he said. The executive body of the European Union has asked its 27 member countries to cap the price of Russian oil at $60 a barrel as part of the West's attempt to squeeze Moscow's oil revenues and limit its ability to wage war in Ukraine while keeping global prices and supplies steady. From December 5, western shipping and insurance companies are prohibited from handling Russian oil sold above the price cap. However, ships loaded with Russian oil before December 5 and unloaded at their destination before January 19, will not be subject to the price"
"from handling Russian oil sold above the price cap. However, ships loaded with Russian oil before December 5 and unloaded at their destination before January 19, will not be subject to the price cap. A top government official said India can continue to buy Russian oil if it can send ships, cover insurance and devise a mode of payment. ""The introduction of a price cap on Russian oil is an anti-market measure. It disrupts supply chains and could significantly complicate the situation in global energy markets,"" Novak said. ""Such non-market mechanisms disrupt the international trading system as a whole and set a dangerous precedent in the energy market. As a result, the problem of energy poverty is being aggravated not only in the developing world, but also in the developed countries of Europe,"" Novak said. The two sides noted the record growth in trade between the two countries and expressed the desire to continue this interaction, increasing cooperation on trade in energy resources, such as oil, petroleum products, liquefied natural gas, coal and fertiliser. In 2021, bilateral trade between Russia and India increased by 46.5 per cent, exceeding $13.5 billion, the Russian Foreign Ministry statement said. In January-September 2022, trade exceeded the figure for all of last year, totalling $20.4 billion. Over the first eight months of 2022, Russian oil exports to India grew to 16.35 million tonnes. Deliveries of oil products and coal also increased. Meanwhile, Russia has for the second month in a row remained India's top oil supplier in November, surpassing traditional sellers Iraq and Saudi Arabia, according to data from energy cargo tracker Vortexa. Russia, which made up for just 0.2 per cent of all oil imported by India in the year to March 31, 2022, supplied 9,09,403 barrels per day (bpd) of crude oil to India in November, the Russian Foreign Ministry statement said. It now makes up for more than a fifth of India's oil supplies. Novak has also invited minister of petroleum and natural gas and housing and urban affairs of India Hardeep Singh Puri to take part in the international forum, Russian Energy Week 2023, which will be held from October 11-13 next year in Moscow. Also Read:"
"VinFast set to drive into India with locally assembled cars Vietnamese maker will enter the Indian market with locally assembled models, marking a shift from its earlier strategy of initially selling only imported EVs in the world's third-largest automobile market, said a person with knowledge of the plans. The revised approach follows a fast-tracked opening of the company's new factory in Tamil Nadu. The plant is likely to become operational by March 2025, 3 months ahead of schedule, the person said, asking not to be named. VinFast, the EV arm of Vietnam's biggest conglomerate , is expected to launch its first locally assembled car during the 2025 festive season. It is likely to sell its vehicles in the ?25-30 lakh range, placing them in the premium affordable segment of India's burgeoning market for EVs. The models are likely to have a range of 300-500 kilometres. VinFast's move to enter the Indian market through the completely knocked down (CKD) route will help the maker of VFe-34, VF6, VF7 car models save on high import duties and offer its products at competitive prices. India levies an import duty of 100% on imported car models having a CIF (cost, insurance, freight) value of more than USD 40,000 and 70% on imported models with a CIF value of less than USD 40,000. CKD kits attract 15% duty. ""The local assembly of models gives greater confidence to suppliers, dealers, and the buyers. The company will rather use what it saves on duties in brand building and marketing. As the plant is expected to be ready in the first quarter of next calendar year, it makes sense to take the CKD instead of CBU (completely built unit) route,"" said the person cited above. A spokesperson at VinFast did not immediately respond to ET's queries. Though VinFast's Indian venture is not reliant on the Indian government's new EV policy announced on March 15, the company is keenly awaiting guidelines of the policy to decide on whether to avail the incentives, said the person cited earlier. The first meeting between EV companies and government officials to discuss the new EV policy took place on April 19. It was attended by a VinFast official, among other industry executives. The EV policy offers import duty concessions to automakers setting up manufacturing units in the country with a minimum investment of USD 500 million. Such companies will be allowed to import a limited number of cars - 8,000 units a year at a lower import duty of 15% on models costing at least USD 35,000 for five years from the date of issuance of the approval letter by the government. VinFast plans to invest over USD 500 million (INR 4,150 crore) over the next 5 years to build a 150,000-unit-a-year factory at , near Chennai. The 400-acre facility will employ 3,000-3,500 workers in the first phase, as per its memorandum of understanding with the Tamil Nadu government. VinFast is hoping that local assembly and competitive pricing will allow it to attain peak capacity of 50,000 units in the first year"
"its memorandum of understanding with the Tamil Nadu government. VinFast is hoping that local assembly and competitive pricing will allow it to attain peak capacity of 50,000 units in the first year of its operations. It envisages India's nascent electric car market to end the current calendar year with 150,000 units, up from 90,000 units in 2023. The company is likely to disclose plans for India at the Bharat Mobility Global Expo that is scheduled between January 17 and 22, 2025."
"Michael Perschke, ex-Audi India MD, joins on the Board of Goldstone Technologies New Delhi: , founder-CEO of , on Saturday joined (GTL), as Director on the Board. He was also a Senior Director at , Managing Director at , and Director Steering of the at the . He has also worked for in Europe, and Mercedes- Benz in India and China. 's board appointment at Goldstone Technologies signifies transformative potential, exemplified by the collaborative venture 'ROǪIT' with Ǫuantron. Deepankar Tiwari, a Member of the Board of Directors of GTL, said, “We're excited to welcome Michael Perschke to the Goldstone Technologies board. His expertise in the electric vehicle industry and visionary leadership will greatly enhance our commitment to sustainable innovation. His appointment is a significant milestone in our journey toward pioneering eco-friendly mobility solutions and AI-driven advancements.” ""I am honored to join Goldstone Technologies as a Director on the Board, further contributing to the transformation of Goldstone Technologies into an AI-driven technology powerhouse. Our focus will be on developing and supporting sustainable, zero-emission SaaS platforms and products that have the potential to reshape the industry,"" Perschke said. The Goldstone Technologies-Ǫuantron partnership, ROǪIT, introduces sustainable solutions to the logistics industry, meeting the pressing need for zero-emission transport. This collaboration includes a substantial double-digit million Euro investment over 36 months to develop an AI-driven, SaaS-based platform. This disruptive tool will serve as both a transactional and customer interface, aiding fleet performance measurement, GHG quota applications, Insurance as a Service and vehicle/fleet Analytics. Aligned with shared values, it taps into the anticipated USD 160 billion-270 billion global market for OEM agnostic Mobility as a Service (MaaS) Solutions by 2030, focusing on Europe, the USA, India, and the Middle East. Through this partnership, Goldstone Technologies takes a decisive stride in tackling the projected USD 70 billion fleet management market by 2032, aligned with the anticipated USD 320 billion global investments in the hydrogen economy markets by 2030."
"Swiggy disbursed INR 102 crore in loans to delivery partners in last 12 months platform on Tuesday said that in the last 12 months, it has facilitated the disbursement of loans worth INR 102 crore, of which INR 10.1 crore was disbursed in November alone. Swiggy has partnered with Betterplace and to enable such loans. There is no limit to the number of loans delivery partners can apply for, provided they maintain a good repayment history. This has enabled delivery partners to take loans up to three times on average during their tenure with the platform, the company said. ""Our loans initiative isn't just a programme, it's another way of looking out for our delivery partners. Personal emergencies, needs, and aspirations often need quick access to funds. We're glad that our delivery partners trust Swiggy for having their backs"" , Head of Operations, at Swiggy, said in a statement. Swiggy has recently introduced the Hospicash policy in partnership with . This policy offers coverage to the delivery partner in situations such as death, partial or temporary disability and hospitalisation. The premium for this policy is set at a minimal 1 per cent of the loan amount. Swiggy also offers comprehensive support to educate and create awareness among its delivery partners about the Hospicash policy and the loan application process. New loan applicants receive guidance through informative messages, loan confirmation, and document support. The company also plans to educate those with reservations about loans. Additionally, a dedicated Central Insurance team alongside the Loan service and Insurance customer service team is available to address concerns or complaints, Swiggy mentioned."
"Your connected car knows you. The tussle for that data's hitting high gear Where you go. What you pass. Where you stop. What you listen to. What you watch. Your good habits. Your bad habits. Companies in Europe and beyond are vying for control of the crown jewels of the : your vehicle's data. The contest is entering a pivotal phase as EU regulators look to hammer out the world's first laws for the ballooning industry around web-enabled vehicles, pitting carmakers against a coalition of insurers, leasing companies and repair shops. European Commission sources said the EU executive should launch an industry consultation on in-vehicle data this week which could lead to legislation later this year - the first of its kind globally. Many companies view data as the gold of the new wired world, though for some it's more akin to air or water. ""If you don't have access to data in the future, eventually you'll be squeezed out,"" says Tim Albertsen, CEO of ALD, Societe Generale's car leasing division, which commands millions of vehicles. ""You'll not be efficient, you'll not have the right services, you just can't operate at the end of the day."" Car manufacturers, guarding their gatekeeper role in accessing data from their vehicles, have resisted specific regulations for in-vehicle data, saying that protecting consumers is paramount. ""Europe's auto industry is committed to giving access to the data generated by the vehicles it produces,"" said a spokesperson for the European Automobile Manufacturers' Association (ACEA). ""However, uncontrolled access to in-vehicle data poses major safety, (cyber) security, data protection and privacy threats."" Yet the companies lined up against them say limiting or charging what they deem unfair amounts for access to in-vehicle data could kill off competition for carmakers who already operate their own leasing firms, car subscription services and repair shops. In some cases, they say carmakers are already restricting access to and charging independent repair shops more for access. ""The manufacturers are in direct contact with the vehicle, so they get all the data,"" says Sylvia Gotzen, CEO of the International Federation of Automotive Aftermarket Distributors, or FIGIEFA, which is part of a broader alliance of repair shops and parts makers that employs 3.5 million people in Europe. ""They get the full buffet and all we get is some crumbs."" CARMAKERS: WE SHARE DATA Vehicle manufacturers have big plans for data. For example Stellantis, the world's No. 4 carmaker, expects to generate 20 billion euros ($22.4 billion) annually by 2030 from software products and subscription services. Such offerings are also central to General Motors' plan to double annual revenue to around $280 billion. Volkswagen said data is becoming the ""key source of value creation and innovation"", adding that customers have ""full control"" over it, citing vehicle security and customer sovereignty as its main focuses. BMW rejected suggestions it was withholding"
"of value creation and innovation"", adding that customers have ""full control"" over it, citing vehicle security and customer sovereignty as its main focuses. BMW rejected suggestions it was withholding data. The German company said it can share nearly 100 data points with third parties if drivers requested it and could make more available if companies prove a real business need for them and a willingness to take responsibility for cybersecurity risks. Auto supplier groups like FIGIEFA say carmakers can access thousands of data points. A BMW spokesperson said the carmaker would like all sides to sit down with a mediator such as the European Commission and hammer out a list of data points that is acceptable to everyone. Stellantis CEO Carlos Tavares told reporters on Friday that the carmaker aggregated data, which cost money, and so needed to be paid for it. He cited, as an example, data that Stellantis sells to cities to measure how often anti-lock braking systems are engaged at junctions and gauge which are the most dangerous. ""It is not only collecting the data, it is also about crunching the data in a way that is going to create value for somebody willing to pay for it,"" Tavares said. 'DATA IS ABSOLUTELY KEY' Yet other companies in the auto ecosystem, such as ALD, say they want the European Union to ensure a level playing field ALD, in the process of buying Dutch rival LeasePlan to give it a combined fleet of 3.5 million vehicles, has a car-sharing platform that needs to run diagnostics, read the odometer, check the fuel gauge and switch cars between users. It also offers an insurance product that lowers your premium based on good driving behaviour - monitoring how you accelerate and brake. ""Access to data is absolutely key for us to provide the services we do today,"" CEO Albertsen said. To extract car data, ALD plugs a wireless ""dongle"" into the vehicle that transmits information to an in-house developed platform that it pays U.S. startup Vinli to operate. Carmakers running similar services get that data directly, putting ALD at a competitive disadvantage, Albertsen said. Stellantis, for instance, offers car sharing and rentals through its Free2Move unit. Volkswagen could take over rental company Europcar to take advantage of car sharing and subscription services. And most major carmakers have their own leasing units, like BMW's Alphabet and Mercedes-Benz's Athlon. ALD's Albertsen said major fleet customers were willing to pay for the data but that he wanted regulations to ensure ALD's car-sharing unit paid the same as, for instance, Stellantis charges its own Free2Move division. RISKS FOR REPAIR SHOPS Insurers and car repair shops say it is paramount that the EU let drivers choose who accesses their vehicles' data. ""There is a need to regulate this, as you cannot leave this in the hands of car manufacturers,"" said Nicolas Jeanmart, industry group Insurance Europe's head of personal and general insurance. ""It should be for each driver to decide"
"as you cannot leave this in the hands of car manufacturers,"" said Nicolas Jeanmart, industry group Insurance Europe's head of personal and general insurance. ""It should be for each driver to decide what they want to do with their data."" FIGIEFA's Gotzen said that would allow car owners to link their preferred repair shop to their car and have it run remote diagnostics if they had car trouble, instead of relying solely on the manufacturer's recommendations. ""All of this is technically possible now, but we are hampered because car manufacturers prevent us from doing this,"" she said. She said FIGIEFA's members are willing to adopt carmakers' cybersecurity processes and requirements, but added cybersecurity could serve as an excuse for carmakers to restrict access. Richard Knubben, deputy director general of Leaseurope, which represents Europe's leasing and car rental firms, said the longer the EU took to legislate car data, the more independent repair shops are at risk of going out of business because they lack access to it. ""By the time we get legislation we may already be stuck with an imbalance that we can't fix anymore,"" Knubben said. Also Read:"
"Tesla plans to slash production in its Shanghai plant in January plans to run a reduced production schedule at its plant in January, extending the reduced output it began this month into next year, according to an internal schedule reviewed by Reuters. Tesla will run production for 17 days in January between Jan. 3 to Jan. 19 and will stop electric vehicle output from Jan. 20 to Jan. 31 for an extended break for , according to the plan seen by Reuters. Tesla did not specify a reason for the production slowdown in its output plan. It was also not clear whether work would continue outside the assembly lines for the Model 3 and Model Y at the plant during the scheduled downtime. It has not been established practice for Tesla to shut down operations for an extended period for Chinese New Year. Tesla did not immediately respond to a request for comment from Reuters. Tesla suspended production at its Shanghai plant on Saturday, pulling forward an established plan to pause most work at the plant in the last week of December, Reuters has reported. Tesla's latest production cuts at Shanghai come amid a rising wave of infections after China stepped back from its zero-COVID policy earlier this month. That move has been welcomed by businesses although it has disrupted manufacturing operations outside Tesla. Like other automakers, Tesla has also faced a downturn in demand in China, the world's largest auto market. Earlier this month, Tesla offered an additional incentive for buyers taking possession of vehicles in December. The company has cut prices for Model 3 and Model Y cars by up to 9% in China, in addition to a subsidy for insurance costs. The Shanghai factory, the most important manufacturing hub for 's electric vehicle company, kept normal operations during the last week of December last year and took a three-day break for Chinese New Year. The Jan. 21 to Jan. 27 period in 2023 is a public holiday in China for Chinese New Year. Tesla's Shanghai plant, a complex that employs some 20,000 workers. accounted for more than half of Tesla's output in the first three quarters of 2022. Tesla has set a target for growth of 50% in output and electric vehicle deliveries in 2022. Analysts expect output to fall short of that goal at closer to about 45%, based on forecasts for the soon-to-end fourth quarter. Also Read:"
"Why auto companies are feeling lost this festive season India’s Motown is feeling a bit lost this festival season. Multiple long-term and short-term factors are giving it a bumpy ride, including policy adrift, the electric vehicle (EV) versus hybrid battle, muted consumer sentiments, Kerala flood, rising interest rates and a skewed market, thanks to the near-duopoly of Maruti-Hyundai. Amid muted sentiments, automakers are rolling out new models, freebies and discounts in the hope to woo buyers and push up sales. Globally, a completely different set of factors is setting the mood. While Detroit giants like Ford are figuring out a new strategy to survive and grow in a Tesla-led EV world, US-China tariff war in the Trump era is creating additional barriers for automakers. Expect many of those global rumblings to echo on Indian roads sometime soon, starting with Ford India. Ahead of the festival season, ET Magazine takes a look at some of the key themes that are playing out in Motown – in India and overseas. Launches, Freebies & Discounts The festive season in 2018 hasn’t started on a good note. Kerala floods washed out Onam festivities. Reports of floods from other parts of the country have also dampened the cheer. Nevertheless, India’s Motown is gearing up for the two months of festive sales (that include Navratra, Diwali and Ganesh Chaturthi), which contribute close to 30 per cent of the annual sales. The four months of August-November is expected to see 26 new launches, facelifts and model refresh. Last year, the figure was 17. Some of the big launches this time would be the new-generation models of Hyundai Santro, Ertiga, Honda CRV and Porsche Cayenne. Mahindra recently released the Marazzo. Wagon R would get a facelift, Ciaz would get an upgrade, and Ford Aspire and Mercedes C-Class would see special editions. Reportedly, is rolling out some special editions and is also offering its customers savings of up to Rs 50,000. Hyundai is offering its new Grand i10 and new Xcent at a special price with additional benefits of Rs 25,000-90,000 in the form of cash discounts, exchange bonus, etc. Nissan’s Datsun has launched a limited edition redi-GO at a special price. Nissan’s Terrano comes with benefits of Rs 1 lakh. Toyota Corolla is offering discounts of up to Rs 1 lakh. In July, passenger vehicle sales dipped 2.7 per cent and in August by 2.46 per cent. Market leaders Maruti and Hyundai also saw a dip, which is unusual. Dealers say customer enquiries and footfalls have been lower this season and inventory build-up hovers around 40-60 days now, against the usual 21 days. Beyond these reasons, two structural factors are hurting dealers. One, with Maruti and Hyundai lording over close to 70 per cent of the market share, dealerships are becoming unviable for other carmakers. The other problem is easier to fix. In India, market share is calculated on the basis of factory dispatches rather than dealership sales. Consequently, original equipment makers"
"for other carmakers. The other problem is easier to fix. In India, market share is calculated on the basis of factory dispatches rather than dealership sales. Consequently, original equipment makers follow a push, rather than pull, strategy. This increases dealer inventory and working capital needs. It is time Motown fixes this anomaly. Split Wide Open MOVE-Global Mobility Summit — which was organised early this month by the NITI Aayog, inaugurated by Prime Minister Narendra Modi and attended by auto industry veterans from India and overseas — created a lot of buzz. Amid talks of electrification, renewable energy thrust and jobs, there was a simmering issue that didn’t make headlines but was felt by the attendees. Motown is a divided world these days due to some key policy issues. A battle is on between the proponents of EVs (led by companies like M&M, Tata Motors) versus those batting for hybrid or alternative fuel (led by hybridfocused Japanese car makers like Toyota who prefer a technology-agnostic policy). A seasoned auto industry executive says he hasn’t seen a house so divided in his lifetime. Some likened it to the factionalist GSM-CDMA war that played out in the telecom industry in the early 2000s between cell phone operators like Airtel and wireless in local loop players like Reliance. The rift was out in the open again when the government recently cleared a policy allowing imports of up to 2,500 completely built units without any roadworthiness certificate in India. The move was cheered by MNCs like Toyota and Nissan but opposed by industry body Manufacturers. Entry & Exits It is hard to do business in India. But it is harder to ignore it. So entry and exits in India’s Motown is an evergreen guessing game. After GM who? Last May, when General Motors exited India, ET Magazine looked under the hood to understand the road ahead. Then, VW, Ford Motors, FCA, Skoda, Nissan were some of the top contenders on the exit list. Today, VW’s 2.0 India project has overhauled operations to let Skoda take the lead. Nissan India is hurting badly. The buzz is that M&M is buying a 51 per cent stake in Ford India. With losses of Rs 4,662 crore in FY17, Ford India has had a bumpy ride. Headwinds at the headquarters have not helped much. Amid a stock slide and Moody’s downgrade from Baa2 to Baa3, its CEO Jim Hackett is rolling out a recast plan. In the meantime, more automakers are readying their India plans, including Korean Kia Motors (part of Hyundai Group), Chinese MG Motors (part of SAIC) and the French PSA group. Kia will debut around April 2019. MG Motors, that acquired GM’s Halol plant, will launch vehicles in 2019. PSA Group is partnering CK Birla’s HMFCL. Costly Cover For those stretching their finances to buy new cars this festival, prepare for a rise in the initial outgo. From September, buyers of new vehicles will have to shell out more money, as an insurance policy released by the government has mandated that car and two-wheeler buyers must"
"in the initial outgo. From September, buyers of new vehicles will have to shell out more money, as an insurance policy released by the government has mandated that car and two-wheeler buyers must also purchase a three-year and five-year insurance cover, respectively , instead of an annual cover like now. Earlier, insurance renewal was yearly and often owners of old, depreciated vehicles either skipped it or took a third party coverage that was inadequate. The Insurance Regulatory and Development Authority of India directive to this effect came after a recent Supreme Court order aimed at improving insurance coverage in the country. US-China Trade War The global automobile industry is feeling the heat of the high-pitched US-China tariff battle. US carmakers are the worst affected, taking hits from both sides. A new report by the Centre of Automotive Research warns that the automobile industry will be seriously impacted by the ongoing battle. It estimates that sales in the US could dive by up to 2 million units, leading to job losses of over 7 lakh in the US, and a $62 billion hit to its gross domestic product. The cost of spares and components, sourced mostly from China, will also rise. Europe isn’t getting away unscathed. Its factories saw the slowest growth in manufacturing in two years, even as export orders failed to rise for the first time since 2013. China is not looking good either, as muted consumer sentiments have led to car sales dropping for a third month in August. TaMo’s Comeback JLR’s flagging global sales is hurting Tata Motors (TaMo) but the company has reasons to cheer in India. After struggling to get a grip on India amid a lot of bad news, TaMo can now look at the festive season with new fervour. Sales have been promising and its models seem to be getting traction. TaMo is closing its gap with M&M, India’s third largest car company by market share. In April-August, according to SIAM, TaMo was just 1,313 units shy of M&M in the passenger vehicle segment. TaMo , riding high on models such as compact SUV Nexon and hatchback Tiago, sold 98,702 units in the period to occupy the fourth slot. Top-Deck Reshuffle It may just be a coincidence. This year has seen some unexpected top-deck reshuffles — Jnaneswar Sen, sales & marketing head of Honda Cars India, quit in March. In July, Nissan Group’s MD Jerome Saigot resigned, the third senior-level exit in a little over a year. Honda Cars AVP Rakesh Sidana left in June. In August, Hyundai’s sales & marketing director Rakesh Srivastava resigned. While not all executive movements might not be unusual, poor business performance was the reason in at least some cases. India has been a tough market for auto MNCs. The country has about 16 carmakers; eight of them have a market share of under 2 per cent and the top two have close to 70 per cent. Meanwhile, market leader Maruti Suzuki rolled out a “routine” management reshuffle in summer, which some industry sources say is not so routine. Oversight"
"and the top two have close to 70 per cent. Meanwhile, market leader Maruti Suzuki rolled out a “routine” management reshuffle in summer, which some industry sources say is not so routine. Oversight has been made tighter, with Japanese executives shadowing their Indian counterparts at even the mid-level and in many new functions like rural marketing. Two hypothesis were overheard: One, Suzuki is preparing for a tighter embrace with . Two, with Suzuki exiting most markets, including China, the lucrative Indian market is getting a sharper focus. Bet on Made in India Starting with Hyundai in the 1990s, car exports from India have been an important business weapon for auto majors. Companies such as Ford, Nissan, VW and GM, among others, looked at India as an export hub, and hence set up large capacities. Exports helped them boost plant capacity utilisation here and gain economies of scale in a price-sensitive market like India. Unlike Hyundai, however, not all of them have been successful in their export strategy. In April-August, Hyundai emerged as India’s top car exporter at 71,645 units, followed by Ford India (65,176), Maruti Suzuki (46,198), GM (34,981) and VW (30,238). Amid the US-China tariff war and India moving to Euro VI emission norms by 2020, optimists are hoping car exports from India will get a fresh boost soon. Already, carmakers like Mercedes-Benz and BMW are looking at ways to export to markets such as the US. Germans vs Tesla As Elon Musk stumbles in his game, the Germans are readying their arsenal to lead the EV wave. In the US, Tesla’s stock was hammered as Musk made headlines for all the wrong reasons — from grappling with “production hell”, “delivery logistics hell” to drinking whisky and smoking cannabis during a radio talk show. The rise of Tesla with its premium EV offering affected Germans the most. Mercedes-maker Daimler, BMW and VW’s Audi together control 80 per cent of the premium car market globally. Their glamour has paled in the face of the trailblazing Musk and Tesla’s battery-powered, zeroemission EVs. Early this month, the three German carmakers said their first all-electric SUVs would be unveiled in two years — Audi’s E-Tron, BMW’s iNext, Mercedes EQC and Porsche’s electric coupe Mission E. The trio will invest 40 billion euros in the next three years in battery powered vehicles."
"How free-wheeling Texas became the self-driving trucking industry's promised land FORT WORTH, Texas - For companies working to make self-driving trucks a near-term reality, all roads lead to Texas. Vast highways, a booming freight market and, crucially, the least restrictive laws governing autonomous vehicles (AVs) in the United States have turned Texas into the industry's most desired location. Several companies, including and , plan to deploy fully on Texas' interstates next year, moving away from current testing that includes back-up safety drivers behind the wheel. While some limited driverless tests with 18-wheelers have taken place in Arizona, a launch in Texas would mark the first commercial use. Alphabet's Waymo Via and box truck startup Gatik which counts Wal-Mart as a customer, are setting up hubs there in preparation. Companies have poured billions of dollars into developing the technology they say will increase road safety and alleviate truck driver shortages. The self-driving truck industry in the U.S. is expected to rapidly grow over the next decade, with analysts estimating its size at between $250 billion and $400 billion by 2030. Darran Anderson, director of innovation at the Texas Department of Transportation (TxDOT), said the state has decided to pursue a collaborative approach with the industry. But safety advocates are worried. ""Rushing this technology to market using regular drivers as beta testers in real-world driving conditions puts potentially everyone at risk,"" said Ware Wendel, executive director of consumer advocate Texas Watch. The Texas Department of Public Safety, which regulates AVs, did not respond to a request for comment. Texas in 2017 passed its autonomous vehicle bill https:capitol.texas.gov85Rpdf3NTJMFo Waymo, Aurora, TuSimple and Gatik said they are in constant contact with Texas state and local officials. ""The state is not being laissez-faire about the operation of these vehicles, they have to comply with traffic laws,"" TxDOT's Anderson said. The state created an industry task force with some 200 members, including AV companies, automakers, researchers and regulators, with the goal of preparing Texas for self-driving vehicles. The industry has been lobbying other states such as Kansas, Oklahoma and Pennsylvania to copy this approach. ""It's a well-structured model and approach for other states to adopt,"" said Richard Steiner, Gatik's policy chief. Kansas signed its own bill into law last month. The governor's office could not be reached for comment. Carnegie Mellon engineering professor Phil Koopman, who tracks AV regulation, opposed bills in Kansas and Pennsylvania. ""Even if (the companies) have the best of intentions, they face unimaginable economic pressure to cut corners,"" he said. Greg Winfree, agency director of Texas A&M University's Transportation Institute, said he saw no indication companies were rolling out their technology irresponsibly. Winfree, also part of the state-led AV task force, is now"
"of Texas A&M University's Transportation Institute, said he saw no indication companies were rolling out their technology irresponsibly. Winfree, also part of the state-led AV task force, is now working on campaigns to inform Texans about the technology that will soon be among them. ""We need to get to a point where seeing a self-driving vehicle is not a cause for alarm, or photo taking and filming,"" he said."
"Chinese EV-makers rush in and upend a country's entire auto market Ma Haiyang and eight of his colleagues arrived in Thailand a year ago to establish the first overseas operation for , an electric vehicle maker from China. They had no office, no factory, no local employees and, basically, no clue. The Aion team set up shop in a Bangkok hotel, commandeering conference rooms and holding meetings in the lobby. They had a long list of things to do: Find office space, recruit dealers and devise a business strategy. The team worked around the clock and, 74 days after arriving in Thailand, sold its first electric vehicle. ""The window of opportunity for Chinese new energy vehicles going overseas will be relatively short,"" said Ma, general manager at Aion for Southeast Asia, using China's preferred phrase for fully electric and gas-electric hybrid vehicles. ""This is why we wanted to hurry up,"" he added. Chinese electric vehicle manufacturers such as Aion are stampeding into overseas markets. Thailand is one of the first countries to experience the sudden influx of China's automobile brands, and is confronting how their ambition and competitiveness are reshaping its car industry. The arrival of is evident everywhere in Thailand. Billboards are blanketed with advertisements for Chinese cars. Land prices are soaring because so many Chinese firms are building car factories. The fast changes in the Thai auto market also show how Chinese companies are leaping ahead of their global rivals in Japan, which has shunned EVs, and the United States, where Tesla dominates the sector. Last year, sales of popular Japanese brands such as Nissan, and Mitsubishi plummeted as consumers bought new electric cars from Chinese manufacturers instead. Dealers that had worked with Japanese and American automakers for decades were now turning over showrooms to make way for Chinese vehicles. Amid an increasingly crowded field, Chinese brands are slashing prices on electric vehicles. The overseas push is the next phase in Beijing's long-term strategy to focus on new energy vehicles and upend the balance of power in the automobile industry. After years of government support for the sector, Chinese manufacturers are adept at mass-producing electric vehicles. They have established dependable supply chains, while working out the kinks to reduce prices. That international push has been met with tariffs in two major auto markets to prevent a glut of Chinese vehicles from crushing homegrown competitors. Last month, the European Union said it would impose tariffs of up to 38% on electric vehicles imported from China into the bloc. A month earlier, the United States quadrupled tariffs on EVs built in China. Thailand is small by comparison, but it is the biggest market in Southeast Asia. Known as the ""Detroit of Asia,"" it serves as a regional manufacturing hub. Its proximity and strong trade ties to China also allow Chinese cars to be imported quickly and inexpensively. ""It's a beachhead"
"as the ""Detroit of Asia,"" it serves as a regional manufacturing hub. Its proximity and strong trade ties to China also allow Chinese cars to be imported quickly and inexpensively. ""It's a beachhead market,"" said Tu Le, a managing director of the consultancy Sino Auto Insights. ""It suits a lot of Chinese brands because of the lower price point."" In a market once considered a Japanese stronghold, a changing of the guard is already happening. Japanese automobile brands accounted for 86% of new car sales in 2022. That figure dropped to 75% last year, with China's , Great Wall Motor and SAIC Motor grabbing significant market share. In 2021, Thailand said it wanted electric vehicles to account for 30% of its automobile production by the end of the decade, an ambitious goal that seems unattainable without Chinese companies. Its government also put in place subsidies and tax breaks to spur demand. A weak Thai economy has contributed to a significant decline in overall car sales this year. Electric vehicle sales have slowed a lot but are still up 50% over last year. Chinese automakers have responded by cutting prices, leaving some competitors worried about a race to the bottom. Chong Baoyu, general manager of Great Wall Motor in the Thailand unit, said an all-out price war would ""kill the industry"" because customers would hold off on buying a vehicle, expecting prices to fall further. ""The price cut is a short-term solution but not long-term,"" he said. Four years ago, Great Wall Motor acquired General Motors' factories as part of a retreat by the American carmaker. In May, with the EU tariffs on China looming, Great Wall Motor announced that it would close its regional headquarters in Munich, citing an ""increasingly challenging European electric vehicle market."" The company plans to continue operating in Europe, Chong said, but the prospect of tariffs makes Thailand an even more important market for Chinese brands. Six Chinese electric vehicle companies are already selling cars in Thailand, and three more entrants are coming this year. BYD, Aion, Great Wall, Hozon Auto's Neta and Chery are among those that have opened or are building factories in Thailand. ""When the Chinese see an opportunity, they just go,"" Wirat Tatsaringkansakul, deputy secretary-general of the Thailand Board of Investment, said at an automotive conference for Chinese suppliers last month. Japan's dominance over Thailand's automotive industry dates to the 1960s when Nissan Motor and its local partner, Siam Motors, opened the country's first car factory. Japan's support helped establish the , which owns the privately held Siam Motors, as the first family of Thailand's car industry. But even within the Phornprapha family, alliances are shifting. Pratarnwong Phornprapha and Pratarnporn Phornprapha, the grandchildren of Siam Motors' founder, control Rever Automotive, which is the exclusive distributor for BYD cars in Thailand. BYD, China's leading EV company, competes directly with Siam"
"the grandchildren of Siam Motors' founder, control Rever Automotive, which is the exclusive distributor for BYD cars in Thailand. BYD, China's leading EV company, competes directly with Siam Motors' longtime partner, Nissan. BYD sold more cars in Thailand than Nissan did last year, even though the Chinese automaker had only three models available. Pratarnwong Phornprapha, who is Rever's chief executive, and Pratarnporn Phornprapha, his sister and vice chief executive, said their company was completely separate from Siam Motors, which is run by their uncle and cousin. This month, BYD said it had acquired a 20% stake in Rever for an undisclosed sum. In less than two years, Rever has opened 110 showrooms across the country, with the goal of another 50 by the end of 2024. Pratarnwong Phornprapha said there had been no tension within the family, because Rever was focused on electric vehicles and Siam Motors made traditional cars. ""For now, I don't think there is any conflict,"" he said. The Phornprapha siblings said one of the biggest challenges they faced was to assuage concerns about the reliability of Chinese automobiles -- especially because Japanese brands are held in high regard. ""I'd be lying if I said it wasn't a hurdle when we started,"" Phornprapha said. ""Chinese products, 10 years ago, aren't what we see today."" V Group Cars, a dealer network with 44 showrooms, said a majority of its locations sold only Chinese brands. The dealer network stopped working with Suzuki. It converted Mazda, Mitsubishi and Ford Motor showrooms into sales locations for Aion, Neta, Chery's Omoda and Jaecoo brands, and Zeekr. Aion, in its first year in Thailand, has opened 41 showrooms and started production at a new factory this month. It has announced plans to open a plant in Indonesia and start selling its cars in nine countries across Southeast Asia. Last month, Phanthakan Wongsa and his wife bought an Aion Y Plus sport utility vehicle at a showroom in Bangkok. They own a gasoline-powered Suzuki but wanted an energy-efficient car. Wongsa, 35, an engineer, paid around $25,000 after a government subsidy and a 20% price cut. On a recent afternoon at an Aion showroom in the eastern part of Bangkok, the company was offering a $25,000 package for the Y Plus that included an eight-year warranty, installation of a home charger and 12 months of insurance. V Group, the dealer network, had converted the showroom from a Mazda dealership last year. Mazda sales ""plummeted in recent years,"" said Pananya Jira-alongkorn, vice president of V Group. Thai consumers were more interested in electric vehicles, she said, and Mazda had ""none to offer."" Aion adapted its Chinese cars for the local market, turning up the power of the air conditioning and strengthening the chassis for poor road conditions. On his desk at Aion's offices in a Bangkok high-rise, Ma displayed a miniature model ship that captures the spirit of Chinese automakers prospecting for customers. Written on the ship's"
"conditions. On his desk at Aion's offices in a Bangkok high-rise, Ma displayed a miniature model ship that captures the spirit of Chinese automakers prospecting for customers. Written on the ship's sails is a Chinese phrase: ""Ride the wind, cleave the waves and return with a full load."""
"Castrol India reports second quarter results for 2023 New Delhi: has announced its results for the second quarter ended 30 June 2023. The Company follows the calendar year (January to December) for its financial reporting. For the quarter (2Q) from April to June 2023, the company registered revenue from operations at INR 1,334 crore, marking a growth of 7% compared to INR 1,242 Crores in 2Q 2022 (corresponding quarter in the previous year), and a growth of 3% from INR1,294 crore in 1Q 2023 (sequential quarter). for 2Q 2023 stood at INR 305 crore, a gain of 9% compared to INR 280 crore in 2Q 2022, and 6% higher than INR288 crore in 1Q 2023. This resulted in delivering strong performance in 1H ending on June 30, 2023. During this period, the company registered revenue from operations at INR 2,628 crore, achieving a growth of 6% compared to INR 2,477 crore in 1H 2022. Profit Before Tax for the period stood at INR 593 crore, marking a growth of 0.4% from INR 591 crore in 1H 2022. Sandeep Sangwan, Managing Director, Limited, said, “During the last quarter, we focused on achieving growth through increased volume. Despite challenges, we flourished, showcasing resilience and innovation in products and services. We expanded our portfolio by entering the auto care range and launching successful new products like CRB ESSENTIAL and SUV 5W30. Alliances with organisations such as strengthened our market position. Our success is attributed to a robust supply chain and customer-centric services. With confidence, we move ahead, expecting continued growth and impact into 2023-end.” Pursuant to its alliances with OEMs for supply of electric vehicle (EV) fluids, the company launched transmission fluids for the aftermarket earlier this year. Consumers can now buy the product on e-commerce platforms. “Additionally, we are conducting ASDC-certified EV readiness training to make car and bike mechanics in India EV-ready. Until now, we have trained 200 mechanics across India. In 3Q, we expect to quadruple this number,” he added. Sharing an outlook for the year ahead, Sangwan said, “Despite anticipated challenges in the business environment, we will remain focused on achieving growth and expanding market share. This involves introducing new products and investing in strengthening our brand. By the end of the first half, we've already established a network of over 5500 and 350 outlets. In the second half, we aim to reinforce our position in the aftersales service market, committed to enhancing our presence and providing exceptional service to our valued customers.” The Board of Directors of the company have declared an interim dividend of INR 3 per share, which will be paid on or before August 30, 2023, the company said in a media release."
"Warren Buffett says Berkshire not planning to buy Occidental Petroleum said on Saturday that Inc is not planning to acquire but remains happy with its large investment in the oil company. Speaking at Berkshire's annual shareholder meeting, Buffett rejected speculation that Berkshire would buy Occidental after having accumulated a 23.6% stake. ""We will not be making any offer for Occidental,"" Buffett said. ""We have got the right management."" Occidental did not immediately respond to a request for comment. Analysts and investors have said an acquisition could diversify Berkshire's , which includes several utilities, electricity distributors and renewable power projects. Berkshire started amassing shares of Houston-based Occidental in February 2022, around when Russia invaded Ukraine. Buffett has also had a close relationship with Occidental CEO , who has been slashing debt and returning money to shareholders since the company bought Anadarko Petroleum Corp in 2019. ""Hollub is an extraordinary manager at Occidental,"" Buffett said. ""We love having Vicki run it."" Occidental and Chevron Corp, another large Berkshire holding, also have significant presences in the Permian Basin, an area in Texas and New Mexico that accounts for a significant amount of U.S. crude production. Berkshire ended March owning $21.6 billion of Chevron stock, though it appeared to sell about $6 billion in the first quarter, Edward Jones & Co analyst Jim Shanahan estimated. Until recently, Berkshire also owned $10 billion of Occidental preferred stock with an 8% dividend, which helped fund the Anadarko purchase, plus warrants to buy another $5 billion of common shares at $59.62 each. Berkshire said on Saturday that Occidental redeemed about $474 million of the preferred stock at a premium, which it had a right to do, reducing dividend payouts. Last August, Berkshire won U.S. Federal Energy Regulatory Commission permission to buy up to 50% of Occidental's common stock. It needed the authorization because it would have had exceeded the Federal Energy Regulatory Commission's 25% ownership limit had it exercised the warrants. Buffett, 92, has longed for another large acquisition for his Omaha, Nebraska-based conglomerate, whose dozens of businesses include Geico car insurance and the BNSF railroad. Berkshire had a 22.6% stake in BNSF before paying $26.5 billion for the remainder in 2010."
"Volta Trucks to debut all-electric Volta Zero at ACT Expo in California has confirmed the US launch and first public display of the all-electric Volta Zero at the (ACT) Expo between May 1 and 4, as Volta Trucks further develops its launch plans for the US market. The ACT Expo takes place near Los Angeles in Anaheim, California, and is the world’s largest event dedicated to alternative-fuel commercial vehicles for vehicle manufacturers and commercial transport providers. Volta Trucks will present a Class 7 Volta Zero design-verification prototype on booth 6895. Volta Trucks executives and product experts will be on hand to discuss the all-electric truck, as well as the company’s ‘Truck as a Service’ subscription model, and vehicle charging. Volta Trucks in the US market The introduction of Volta Trucks’ all-electric commercial vehicles into North America will be led in 2023 by the Class 6 and Class 7 Volta Zero (equivalent to the existing European 16-ton truck), which will be available with an ambient or refrigerated cargo box. In late 2023, Volta Trucks will launch a US-based Driving Experience Program for fleet operators to evaluate a Pilot Fleet of Volta Zeros in real distribution environments to understand how the electric delivery trucks will integrate into their operations. A similar program is currently launching across six European countries. The Programme in the US will start on the west coast, ahead of a roll out of production vehicles expected in 2024. Purpose built for urban logistics The Volta Zero is the first purpose-built all-electric medium-duty truck specifically designed for urban logistics. The ground-up design of the Volta Zero uses an innovative compact eAxle, comprising the electric motor, transmission, and axle all in one unit, supplied by Michigan-based Accelera by Cummins, and high-voltage batteries located within the chassis rails – their safest possible location – from California-based Proterra. As a vehicle specifically designed for urban logistics, the Class 6 and Class 7 15-ton Volta Zero will offer a modular battery configuration to deliver a range of 95 - 125 miles – more than enough for downtown distribution routes. Designed for safer roads Commercial vehicles compose a small portion of city traffic but have historically been involved in a disproportionate number of accidents with vulnerable road users, including pedestrians and cyclists. Thanks to the electric powertrain that allowed the company’s designers to create a new vehicle concept from the ground up, the Volta Zero has been designed with a glasshouse-style cab with a 220-degree direct view around the vehicle, for blind-spot reduction, and a lower, center-mounted driving position that enables eye-level connection with all road users. The driver enters and exits the vehicle on either side, always onto the sidewalk for their own safety, and through sliding rather than swinging doors, to also ensure the safety of passing cyclists. All Volta Zeros benefit from"
"the vehicle on either side, always onto the sidewalk for their own safety, and through sliding rather than swinging doors, to also ensure the safety of passing cyclists. All Volta Zeros benefit from the same world-class safety standards, as well as zero-tailpipe emission powertrains, eliminating not only CO2 emissions but also harmful particulates that diminish local air quality and contribute to health issues. The Class 6 and Class 7 Volta Zero introduction is scheduled to be closely followed by a Class-5 vehicle of 19,500 lb. and a Class-6 truck of 26,000 lb., equivalent to the European 7.5- and 12-ton vehicles, in 2026. Class-5 and 6 Volta Zeros, revealed in April 2022, will bear a close visual relationship to the Class 7 vehicle. The Class-5 and 6 trucks will be very similar to each other from the front, with the Class-6 vehicle having a longer chassis and body, and a second set of rear wheels and tires to accommodate the increased vehicle payload. Volta Trucks understands the complexities that fleet operators face with the transition to electrification. In response, the company offers its innovative ‘Truck as a Service’ proposition, which accelerates the adoption of by delivering a frictionless and hassle-free way to electrify fleets, while de-risking the migration for Fleet Operators. Truck as a Service supports every step of the electrification migration by offering a single, affordable, monthly fee that funds the use of an all-electric Volta Zero vehicle, and all of its servicing, maintenance, finance, insurance and training requirements, maximizing the operational efficiency of the vehicle. Using the same approach as it has adopted in Europe, Volta Trucks will develop its own US-based ‘Volta Trucks Hubs’ for vehicle service and maintenance. Hubs will be located close to its customers’ own logistics centers to maximize uptime and convenience. The company will also develop an extensive network of Certified Service Partner facilities to increase the geographic coverage of service and maintenance outlets. Ahead of participation at ACT Expo, Chief Executive Officer of Volta Trucks, Essa Al-Saleh, said, “I’m delighted to be able to show the all-electric Volta Zero in the important US market, at ACT Expo in California. We’re building on the key learnings from our European launch, where we’ve developed at speed and scale, with a deep understanding of our customers’ needs, to accelerate the transition to electric commercial vehicles and help decarbonise city centres. The US faces the same safety and sustainability issues we are addressing in Europe and is a significant market opportunity for us. This marks the start of our journey in the US, and we are excited to bring road-certified vehicles for US customers to evaluate later this year.”"
"EVRE upgrades its EV hubs with fast charging ecosystem, other amenities New Delhi: electric vehicle (EV) charging Infratech will enable all its 52 EV charging hubs with . The upgrade will enable the charging hubs with AC chargers (3.3 KW IndustrialT and CCS) for all its consumers including EV fleets and retail customers, the company said. The charging hubs can charge up to 80 EVs simultaneously. They will also provide single-window access to all the services through ., the company said in a media release. The advanced EVRE hubs will operate fully with cloud-based technology that will be capable of dynamic load management creating a one-stop-shop for all the requirements of an EV driver. The digitally-managed hubs will be equipped with solar-based as well, the company said. Krishna K Jasti, co-Founder & CEO, EVRE, said, “We aim to provide a one-stop charging solution for both commercial fleet owners and retail customers, offering them a seamless experience at a one-stop-shop. The idea is to create a smart and integrated base for both B2B and B2C networks in the country that will be much more than just a charging stop.” “Contributing with an intelligent framework and world-class manufacturing of smart hardware, EVRE is developing a robust charging infrastructure in the country to satiate the demand across cities with its technologically-enhanced hubs,” he added. The company added that for the convenience of EV fleets, it has enabled an always-connected aggregator with a one-web dashboard that provides features such as telematics for complete real-time monitoring, smart keys-management as well as automated systems for ensuring the safety of the vehicles. Additionally, the EVRE hubs will provide a hassle-free charging experience for every EV user with installed amenities such as smart parking and charging points, eat and charge facility, retiring rooms especially for the comfort of last-mile delivery fleets and vehicle servicing. Moreover, the charging network will also authorize insurance coverage against hazards to driver-users operating the charging stations. Also Read:"
"We are living in a golden age of supply chain innovation: Uber Freight’s Lior Ron Logistics moves the global economy in the 21st century, says Lior Ron, Co-Founder and Head, . “It is more than 10% of the global GDP. It is a $4-trillion global market, with almost $1 trillion in the United States. Each one of us is ordering more and we expect it to arrive at our doorstep faster and faster. This is literally the biggest industry moving the economy yet it is under so much pressure,” he said, while speaking recently at the virtually held . Talking on how small businesses played a pivotal role in the logistics industry, Ron said equipping such businesses with the right was of utmost importance. “We now have 1.7 million truck drivers on the platform as it is so easy to use. This is the largest profession in the United States and globally. For us, it is all about how we can equalise the playing field for the smaller players and what kind of technology can allow them to compete better.” Ron was bullish about the opportunities available in this industry because of technology and called it a “golden age” for entrepreneurs in the logistics space. “There are 3x-5x more registrations of truck drivers entering the market in the past 12 months than any other time in history,” he said. This despite the truck-driver profession not being an optimal one as they would be away from the family for at least 250 nights a year, sleeping at truck stops and facing other problems. It is important for businesses and truck drivers to understand cash flow and all other aspects so that they can stay ahead of the curve and resolve problems as soon as possible. Ron said the company has extended services and know-how to them to help in this process. “We have helped them with credit cards and a bank account so that they can manage the cash efficiently. But they also need to manage their taxes, fuel expenses as well as insurance. If anyone thinks in terms of , this is the industry because there are 3 million of such businesses who are smart, adopting technology and hungry for innovation,” he said. Addressing a question on the importance of hiring key talent, Ron said the company has added over 100 engineers to the team over the past 12 months. “We have expanded our footprint from just San Francisco to hiring engineers, tech talent, data scientists and designers in Chicago, Dallas, Seattle and New York. So, there has been a lot of success so far but also we have a lot of appetite and love to adore a team,” he stated. Talking about how the various waves have been unpredictable, Ron said the post-pandemic era would give us unique insights into consumer behaviour. “We are living in interesting times. How consumers actually act and behave and move between goods and services will be seen. But it is getting better as peak supply is much more than before. It is easier with the demand but there is still a lot of volatility. It is going to get better towards the end of this year but it is"
"But it is getting better as peak supply is much more than before. It is easier with the demand but there is still a lot of volatility. It is going to get better towards the end of this year but it is still going to be an unknown territory. Technology can play a very important role.” Delving more on the , Ron said it was an exciting time in terms of the vast opportunities that lie ahead. “We are living in a golden age of supply chain innovation. More enterprises and startups are going into this industry because they see the massive market size,” he added. Global supply chains have been under severe pressure in the aftermath of the pandemic with freight rates soaring, material shortages crimping industries and labour unavailability posing a key challenge."
"Popular Vehicles IPO subscribed 45% on day two of offer The initial share sale of Limited got subscribed 45% on the second day of subscription on Wednesday. The INR 601.55 crore-Initial Public Offer ( ) received bids for 65,31,800 shares against 1,44,15,110 shares on offer, as per NSE data. The portion for (RIIs) attracted 77% subscription while the non-institutional investors part got subscribed 20%. The IPO has a fresh issue of up to INR 250 crore and an offer for sale of up to 1,19,17,075 equity shares. The price range for the Kochi-based company's offer is INR 280-295 a share. On Monday, Popular Vehicles and Services said it has garnered INR 180.17 crore from anchor investors. Proceeds of the fresh issue will be used for debt payment and general corporate purposes. Popular Vehicles and Services is a leading diversified automotive dealership in the country with a presence across the automotive retail value chain, including the sale of new passenger and commercial vehicles, services and repairs, spare parts distribution, sale of pre-owned passenger vehicles, and facilitation of the sale of third-party financial and insurance products. It operates passenger vehicle dealerships of , Honda, and JLR and the commercial vehicle dealership of . ICICI Securities, Nuvama Wealth Management (formerly known as Edelweiss Securities Ltd) and Centrum Capital are the managers to the offer. The equity shares of the company will be listed on the BSE and NSE."
"Minda Corp exits Pricol with 15% stake sale, rakes in INR 260 cr profit After almost a year of investing in Ltd, Minda Corporation exited the maker by selling its entire 15.7% stake through the open market on Wednesday. sold 1,91,22,458 shares of Pricol at an average price of INR 345 apiece for approximately INR 660 crore, according to bulk deals data on the exchanges. In February last year, Minda Corp acquired a 15.7% stake in Pricol, at INR 208.98 a share, for INR 400 crore. Within a year, Minda Corp made a profit of approximately INR 260 crore on its investment. In fact last year, the company sought approval from the Competition Commission of India (CCI) to acquire a 24.5% stake in Pricol. However, Pricol filed an objection with the competition watchdog against Minda Corp’s planned acquisition. Pricol is Minda Corp’s largest rival in the two-wheeler instrument cluster business. “This is merely a financial investment without providing the company any special rights in Pricol other than the rights as a shareholder,"" Minda Corp had then said. Despite such a big sell-off, shares of Pricol ended positive due to strong institutional buying. The stock closed 0.7% higher at INR 370.75 on the National Stock Exchange, whereas closed up 4.3% at INR 400.65. Goldman Sachs, Nomura India, Fidelity Funds, Aditya Birla Sun Life Insurance, ICICI Prudential MF, and Tata MF bought shares of the company through separate deals. ICICI Prudential MF was the biggest buyer of 37,45,000 shares, representing 3% stake for INR 125 crore. Goldman Sachs bought 14,90,024 shares for INR 51.2 crore, Aditya Birla Sun Life purchased 30,30,000 shares for INR 104 crore, Fidelity Funds acquired 30,70,947 shares for INR 105 crore, and Nomura India picked up 30,97,900 shares worth INR 106 crore."
"GC&C Italy, Pirelli, and Aon agree on new insurance solution (GC&C) Italy, , and have signed an agreement on an innovative solution linked to the Sustainable Development Goals (SDGs) of the , taking up a further challenge in the ESG sphere, aimed at enhancing risk quality for stakeholders. The insurance solution, developed with the support of Aon, by Pirelli and Generali, global sustainability leaders in their respective sectors, is based on Pirelli achieving specific targets aligned to SDGs 3 and 8 (“ Good Health and Well Being ” and “ Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all ”). These targets relate to product and occupational health and safety matters. The key performance indicators (KPIs) to be measured will primarily target employee training, maintenance of quality, health, safety and environmental certifications (ISO9001, 16949, ISO45001 and ISO14001). Additionally, specific accreditations of certain Pirelli R&D laboratories and tyre performance in terms of wet grip will be assessed. Among the KPIs included in the agreement is the affirmation of Pirelli’s position as one of the leading companies in the Dow Jones Sustainability Index. With this project, Pirelli, Generali GC&C Italy, and Aon, each guided by their analyses, continue together in an innovative manner their journey in support of the (SDGs), which were established in 2015 with a target for 2030. The initiative, part of a multi-year partnership between Pirelli, Generali GC&C Italy and Aon, currently covers the policies led by Generali concerning Italian Employers Liability, as well as the Recall and General Liability policies. Franco Franzoso, Head of Generali GC&C Italy, said, “The insurance solution devised with Pirelli and AON represents one of Generali’s initiatives aimed at incorporating ESG components into its policies. GC&C Italy has long been dedicated to integrating sustainability into its business operations and processes, developing solutions that positively impact the environmental and social sphere. In addition to our support for risk prevention and mitigation, we have set more challenging goals aligned with the UN SDGs, demonstrating our Company's commitment to fostering a healthy, resilient and sustainable society. The agreement with Pirelli is a significant milestone along GC&C Italy’s journey as a Responsible Insurer, contributing to the ongoing transition toward sustainability.” Vincenzo De Cesaris, Pirelli Head of Finance, M&A and Risk Management, said, “The agreement with Generali GC&C Italy and Aon underscores Pirelli's ability to integrate a responsible approach into all its business activities, including Risk Management, and represents a pivotal step in the company's strategic sustainability journey. Aligned with the UN Sustainable Development Goals guidelines, this project strives for continuous improvement of employee and product-related health and safety initiatives”. Marco Dubini"
"journey. Aligned with the UN Sustainable Development Goals guidelines, this project strives for continuous improvement of employee and product-related health and safety initiatives”. Marco Dubini Daccò, Executive Chairman of Aon S.p.A . , said, “We are pride in collaborating with Pirelli and Generali GC&C Italy to develop this innovative solution. The agreement involves several insurance programmes, mostly international ones, introducing ambitious sustainability targets. Through this initiative, the three companies aim to make a meaningful contribution to safeguarding individuals, while increasingly prioritizing social and environmental issues within their business”."
"Six Sense Mobility raises seed round from Piper Serica VC company has successfully raised INR 6 crore in a seed round from , an angel investment firm in Mumbai. Previously, the company had received funding from Saurabh Nayyar of Docbel Group. The funds will be utilized to expand the team, enhance production capacity, and advance research and development in vehicle safety technologies. Six Sense Mobility, founded by Sumit Roy, Kapil Rao, and Narendra Kumar Verma, has rapidly progressed from the R&D phase to commercializing its indigenous technology. Their tech spans the entire value chain from design and development to manufacturing. The company serves multiple clients in the automotive sector, covering 2-wheelers, 3-wheelers, and large commercial vehicles in both electric vehicle (EV) and internal combustion engine (IC) domains. “We are about 1.5 years old but have made great progress in bringing our technology from the R&D phase to commercialization while keeping it entirely indigenous and controlling the entire value chain of the tech, from design and development to manufacturing. We already have multiple clients in the automotive domain, which include 2-wheelers, 3-wheelers, and even large commercial vehicles in both EV and IC engine domains,” stated Sumit Roy, founder of Six Sense Mobility. The startup aims to scale rapidly in India and international markets, with the connected cars market projected to grow from USD 75 billion to USD 165 billion by 2029. Six Sense Mobility is positioned to contribute significantly to India's evolving mobility and transportation sector, aligning with the government's implementation of new technologies. The company's technology has multiple applications in automotive safety, security, and maintenance. Their crash detection system can identify collisions, measure impact, and dispatch emergency SOS services by triangulating the accident's exact location. This rapid response capability can save lives. Six Sense’s advanced tracking and immobilization technology interacts with various satellites, including the USA's GPS, China's BeiDou, Russia's GLONASS, and India's NAVIC launched by ISRO. This ensures precise tracking and remote immobilization, enhancing asset security. The company's diagnostics and analytics system employs AI and machine learning to remotely diagnose vehicle issues with high accuracy and predict potential future malfunctions. ""Six Sense is one of the few companies in the telematics space that is 5G-ready with a very strong customer traction. Satellite-based tolling system, connected cars, efficient logistics, pay as you go insurance all require strong telemetry technology and Six Sense devices are already seeing strong adoption across these customers. We at are excited to back this deep-tech company having a great founding team and a strong customer traction,” said Ajay Modi, Director of Investments at Piper Serica Angel Fund. Six Sense Mobility's commitment to enhancing vehicle safety through"
"having a great founding team and a strong customer traction,” said Ajay Modi, Director of Investments at Piper Serica Angel Fund. Six Sense Mobility's commitment to enhancing vehicle safety through advanced technology sets it apart in the smart mobility sector. The recent investment by Piper Serica VC underscores the company's potential for growth and innovation."
"CNH Industrial's striking Wisconsin workers to vote down offer: Union By Bianca Flowers at a plant in are expected to vote against ratifying the latest contract offer from the construction and maker, possibly extending an eight-month long strike, a union representative said on Wednesday. Local members of the (UAW) union will vote on Saturday on the proposed contract. In May, over 1,000 union members in Racine, Wisconsin, and Burlington, Iowa, walked off their equipment-making jobs after a six-year contract expired at both facilities. UAW local union president in Racine, Yasin Mahdi, where roughly 700 of the striking workers are based, told Reuters that despite prolonged bargaining negotiations, CNH Industrial ( ) has barely budged on demands from members for better working conditions and a bump in wages amid rising inflation. It was not immediately clear how CNHI's striking workers in Iowa will vote. A Burlington union representative could not be immediately reached for comment. CNHI declined to comment. The company has upped its initial wage increase offer from 18.5% over the course of three years for non-trade skilled workers, but has fallen short in other areas, including increasing costs for health insurance premiums that would take effect after this year, Mahdi said. ""When you factor in how much insurance is going to go up versus wages, you're losing money,"" he added. The length of the CNHI strike is unusual and well beyond the two-month average in the , said Robert Bruno, a labor and employment professor at the University of Illinois Urbana-Champaign. With a tightening labor market, union workers in the industrial sector for companies such as and Deere & Co. have gone on strike in recent years. ""What we're seeing is union members rejecting contracts at a higher rate and the end result is that they do much better,"" he said. Also Read:"
"Ashok Leyland introduces ‘Sarathi Suraksha Policy’ for drivers New Delhi: , the Indian flagship of the Hinduja Group and one of the country’s leading , Monday launched ‘ ,’ a comprehensive insurance policy for safeguarding the driver community. The ""Sarathi Suraksha Policy"" provides coverage of up to INR 10 lakh per chassis for accidental death, permanent and partial disability. This policy covers other aspects such as accidental hospitalization and special education bonus for children, the company said. Effective from June 1, 2024, this insurance policy applies to all Intermediate Commercial trucks (ICV), Haulage, and Long Haulage trucks invoiced to customers, at no additional cost. The 'Sarathi Suraksha Policy' is classified as an ""Unnamed GPA (Group Personal Accident) Policy,"" which covers any driver operating an Ashok Leyland vehicle, providing comprehensive protection for the drivers, the company said in a media release. Shenu Agarwal, Managing Director & CEO of Ashok Leyland, said, ""At Ashok Leyland, we deeply value the contributions of our drivers to the logistics and transportation sectors. The 'Sarathi Suraksha Policy' is a testament to our dedication to their safety, security and well-being. This initiative not only underscores our commitment to our drivers but also aligns with our broader vision of fostering a safe and supportive ecosystem for all our stakeholders."" Sanjeev Kumar, President, MHCV, Ashok Leyland, said, ""Ashok Leyland demonstrates its steadfast commitment to the welfare of our drivers by introducing the ‘Sarathi Suraksha Policy.’ We recognize the importance of the driver community, and with this insurance coverage, we hope to improve their quality of life further.” Ashok Leyland continues to set industry standards by prioritizing the interests and welfare of the driver community, cementing its position as one of the leaders in the commercial vehicle market. The ‘Sarathi Suraksha Policy’ showcases Ashok Leyland's commitment to the health and welfare of drivers who form the cornerstone of the transport sector, contributing to its growth and development, the release added."
"Analysis: Glencore coal deal shows power of fossil fuels - even on their way out Glencore's deal to buy ' steelmaking coal unit shows how cheap fossil fuels can be a lucrative option for companies - for a decade or two at least - even as they are phased out in favour of renewable energy. Western companies may be loathe to search for new sources of coal or build new mines, but investors say coal still has a powerful role to play in the coming years since it can be used to feed the needs of the global shift to cleaner energy. Demand for coal - driven by Asia - remains strong, lifting prices. Coking coal is emerging as a top option for companies to make a foray into, as it is used to make steel, an important component in large infrastructure and renewable projects. The world's largest miner , for example, also decided this year to hold on to its higher-quality coking coal assets, after a 2020 review of its wider coal portfolio prompted the sale of some mines. By buying Teck's coking coal business, Glencore will create a coal powerhouse that analysts say should generate between $5 billion and $6 billion a year in free cash flow. The company is already one of the world's biggest listed producers of thermal coal, with an output of around 110 million tonnes a year, and also has its own coking coal assets. Among the most polluting fossil fuels, thermal coal is used to produce electricity and is being phased out as part of a global transition to clean energy sources. Glencore CEO reiterated the company's commitment to phasing out its thermal coal assets over time, but said he believes demand for both thermal and coking coal will continue to be strong for years to come. Mining investors agree. ""The world economy benefits from cheap energy. However you are going to get that energy: coal, natural gas...that cheap carbon energy helps to build economically viable renewable energy, otherwise renewable energy starts to look expensive,"" said , portfolio manager at Old Mutual. ""With a reasonable lifespan, up to 30 years, (these companies) are saying they are not going to go through a major exploration drive or build new mines, but will be investing for safe and productive production, and then harvesting these assets for cash with everything going back to shareholders, it is going to be a big capital return story,"" he added. COKING As Western banks and insurers stand by pledges to restrict lending and insurance coverage to the sector over climate change concerns, expansion of coal mines is unlikely. Still, global demand for coal reached an all-time high of 8.3 billion tonnes in 2022, half of which came from China, the (IEA) said. Coking coal prices rose this year to above $300 a tonne due to tight supply and optimism that the global economy will avoid a deep recession. Thermal coal prices stand at around $120 a tonne, after surging to a record high above $400 last year as countries desperately sought alternatives to Russian gas after the start of the war in"
"Thermal coal prices stand at around $120 a tonne, after surging to a record high above $400 last year as countries desperately sought alternatives to Russian gas after the start of the war in Ukraine. ""Asia is not going to stop burning coal any time,"" said an investor at a natural resources fund, adding that the company will find a way to make money off the assets even after they are spun off. Glencore said it would spin off the combined coking coal and thermal coal assets within two years of the deal's closing and eventually list those assets in New York, with secondary listings in Toronto and Johannesburg. ""Coking coal is unique so it won't go away... Teck has been one of our most profitable investments,"" said , co-founder of investment firm , calling Teck's steelmaking business a ""prized asset""."
"From war to business to economy, why NavIC is the tech for a rising India The story of , India's homegrown GPS alternative, is the story of how India changed from a country that depended on others for its crucial needs to the one that is confident of creating a place of its own in the global power hierarchy. With Apple agreeing to incorporate NavIC, or Navigation with Indian Constellation, in its latest iPhone15 smartphones, India has taken an important step towards ‘atmanirbharta’, replacing the GPS (Global Positioning System) of the US which smartphone makers in India mostly use. Now India is making it mandatory for both smartphone and auto makers to use NavIC. The desi GPS: From war to business When Pakistani troops took positions in Kargil in 1999, one of the first things the Indian military sought was the global positioning system data for the region. The space-based navigation system maintained by the US government would have provided vital information, but the US denied it to India. A need for an indigenous satellite navigation system was felt earlier, but the Kargil experience made India realise its importance. Amid increasingly shifting geopolitical realities, it is crucial for India to be self-reliant in satellite navigation. But not just war, where satellite navigation helps track enemy location and movement as well as guide precision weapons, a desi GPS helps economy and business too in a significant way. A big push to the economy Not very long back, when large swathes of India were out of the formal economy, developing India's own satellite navigation system was a luxury. As the economy formalises and integrates, now a desi GPS becomes critical for growth. It can help businesses improve efficiencies, cut costs and find new solutions. NavIC is essentially a communication system, much needed when businesses aim to increase reach and penetration and an increasingly interlinked economy needs better coordination. The most critical civilian use of NavIC will be in India's ambitious project to fasttrack the economy with improved logistics. As India builds highways at a breathless speed and is also putting in place a multimodal national transport system including dedicated freight corridors, NavIC will be of great use as it can track goods and vehicles, increasing speed and efficiency. The logistics cost in India is 13% of the GDP, compared to 8% in the rest of the world. This makes Indian exports less competitive as well as raising prices of domestic goods. The government has chalked out an ambitious plan to bridge the gap with global logistics cost. An indigenously developed navigation system will help better tracking, bring down costs and improve efficiencies. For example, something as simple as route planning can jack up costs when it lacks efficiency. Effective route planning can ensure that goods reach the destination on time; the fuel and driver costs are minimal; truck utilisation improves; and there is less vehicle wear and tear."
"efficiency. Effective route planning can ensure that goods reach the destination on time; the fuel and driver costs are minimal; truck utilisation improves; and there is less vehicle wear and tear. All these factors contribute to the success or failure of a logistics operation. A desi GPS, which is better for Indian conditions than other GPS and will also cost less, can ensure a seamless logistics system. Better route optimisation can be achieved with NavIC. Currently, the designed maps, such as Google Maps, are just route planners, Arpit Sharma, Senior Manager- Technology Research and Advisory, Aranca, wrote in TOI, but NavIC would help with better optimization and route suggestions. This would also provide new use cases for developing route optimizer apps that would: Optimize road utilization and evenly distribute traffic; and differentiate cargo traffic of trucks from consumer fleet traffic of cars, buses, rickshaws, and bikes. Indian and global automakers and truck and bus manufacturers and GPS chip makers would have to revamp the technical specification of their offerings to accommodate NavIC. The government is planning to mandate chips embedded with NavIC for the automotive industry. Accord Software Systems, a local startup, has incorporated NavIC in the design of its integrated circuit which is being used to produce a 28 nanometer chip that is now being sold to companies in the Indian automotive sector. Soon, trucks and other commercial vehicles will come equipped with NavIC. Other uses With better positional accuracy and lower subscription cost, NavIC will be useful for home delivery as well as ride-hailing services. At present, these businesses use GPS. NavIC will bring down costs and increase efficiencies. General delivery businesses will also gain from using NavIC for the same reasons. NavIC could present new use cases for navigation-based gaming apps (similar to PokemonGo, Pikmin Bloom, Marvel’s Avengers, etc.) in India, Arpit Sharma wrote in TOI. It can also help auto insurance companies to track vehicles they have mortgaged, advertising companies to develop better location-sensitive advertisements, and the travel and tourism industry to create location-based use cases such as improving guests’ experience by making the tour more informative and interactive. NavIC will also help India's drone industry grow and become more efficient, especially drone delivery businesses The NavIC edge NavIC has limited coverage against the GPS developed by the US, EU, Russia and China. However, it is interoperable with all of them. Since mobile handset-makers will have to integrate it at the processor level, this will bump up costs, but not by much. US semiconductor MNC Qualcomm has been supporting NavIC in a select line of smartphone chips since 2019. The main difference is the serviceable area covered by these systems. GPS caters to users across the globe and its satellites circle the earth twice a day, while NavIC is currently for use in India and"
"main difference is the serviceable area covered by these systems. GPS caters to users across the globe and its satellites circle the earth twice a day, while NavIC is currently for use in India and adjacent areas. The government aims to expand the coverage from regional to global to ensure availability of NavIC signal in any part of the world. Like GPS, there are three more navigation systems that have global coverage - Galileo from the European Union, Russia-owned GLONASS and China's Beidou. QZSS, operated by Japan, is another regional navigation system covering the Asia-Oceania region, with a focus on Japan. While NavIC is as good as other GPS in accuracy, it is more suitable for Indian terrain and has better performance since it's focused on India and neighbouring areas alone. It also works better in India's tropical climate than other GPS."
"Vehicle sales in May hold on to green; but PVs, 2Ws far below previous records: SIAM New Delhi: Automobile wholesales in May 2022 were up 245% to 1,532,809 units in May 2022 and the year-on-year sales were in green across the segments, according to the latest data by the ( ). In May 2021, the industry recorded total wholesales of 444,131 units. Total domestic sales for the month include , two-wheelers, three-wheelers and quadricycles. However, the total domestic sales were still lower than May 2019 numbers, when the industry clocked 2,004,137 units. Passenger vehicles during May 2022 were up 185% to 251,052 units as against 88,045 units in the corresponding month of last year. This includes sales of 124,060 units of passenger cars, 116,256 utility vehicles and 10,736 units of vans in May 2022. The SIAM data does not include sales from BMW, Mercedes, Tata Motors & Volvo Auto. Rajesh Menon, Director General, SIAM said, “Sales of Two-Wheelers and Three-Wheelers continue to remain sluggish in the month of May 2022, as they are even below of what it was 9 years and 14 years ago, respectively. Sales of Passenger Vehicle segment are also still below 2018 level.” “Recent Government interventions would help in easing of the supply side challenges, but second hike in repo-rates by RBI and increase in 3rd Party Insurance Rates, could become more challenging for the customers, thereby impacting demand,” he said. Total two wheeler domestic sales stood at 1,253,187 units in May 2022 as compared to 354,824 units in May last year. This includes sales of 819,940 motorcycles, 398,099 scooters and 35,148 units of mopeds. Three wheeler sales during the month also increased to 28,542 units in the month under review, up from 1,262 units in May last year. As per SIAM, the total production of passenger vehicles, , two wheelers, and quadricycle in May 2022 was 1,965,541 units."
"Ford CEO says EV prices may not drop to ICE vehicle levels until 2035 The cost to make electric vehicles may not drop to the level for gas-powered cars until after 2030 when the process becomes simpler and less labor-intensive, Motor Co Chief Executive Jim Farley said on Wednesday. At an investor conference, Farley said that, for many automakers, EVs will remain more costly than their internal combustion engine counterparts until the second and third generation models go into production later in this decade. Analysts have predicted that EV cost parity could come as soon as 2025. Between 2030 and 2035, Farley added, much of the industry's EV cost savings will come from ""dramatically lower labor content"" because the vehicles will be simpler to build with fewer parts, and will be fitted with smaller batteries that use cheaper materials. He also predicted the industry could realize lower distribution costs from selling EVs online, as well as higher revenue from new software-driven digital services. Farley said Ford's software services business has 600,000 subscribers, triple the number a year ago. That includes 200,000 retail customers paying for the company's Blue Cruise driver assistance system and 400,000 Ford Pro commercial customers paying for a range of services including fleet management, EV charging, dynamic routing and more. As the company expands its ability to harvest data from vehicles and drivers, Ford could follow other automakers, including Tesla Inc and General Motors Co, in offering insurance, he said. Asked about the potential for industry-wide consolidation over the next five years, Farley instead predicted an ""acceleration of cooperation,"" citing such deals as Ford's recent agreement to use Tesla's supercharger network for its future EVs. ""Cooperation is essential,"" he said, especially for companies that may not have the resources to build out a full EV ecosystem."
"BikeWo appoints 25 dealers, unveils 15 multi-brand EV dealership stores pan India New Delhi: Hyderabad-headquartered today launched its flagship multi-brand electric two-wheeler dealerships pan India, starting with Telangana and . As a part of this, the company today has appointed 25 dealers and unveiled 15 dealership stores located in Hyderabad, Kurnool, Gadwal, Rajamumdhry, Nellore and Tanuku. Among some of the renowned e-2W EV brands that BikeWo has partnered with for EV display and sales in its showrooms include Hayasa, , , , Ekotejas and , among others. BikeWo is the only company that has acquired exclusive rights to sell the electric-2Ws of Hayasa and EV Minda in Andhra Pradesh and Telangana. By the end of 2022, the company plans to open at least 140 stores across Andhra Pradesh and Telangana and expand to another 5-6 more states in 2023, while appointing another 500+ dealers by the same year-end. Whereas by 2026, it aims to cross 2,000+ dealerships spread nationwide in over 20+ states. Speaking on the occasion, Vidhyasagar Reddy, Co-Founder, BikeWo said, “Through our dealerships’ expansion, Bikewo ultimately aspires to be the distribution arm for all EV brands in India to provide 360-degree solution to customers, which include choice of various brands and models under one roof, charging station, servicing infrastructure, accessories and spares, vehicle finance, warranty and insurance, etc.” Traditionally in the past only one brand’s vehicles used to be sold by a showroom, but nowadays with the growing demand in EV 2 wheeler industry and with the presence of over 300+ OEMs in India, it has become almost a solutions,impossible for all OEMs to have a profitable and scalable distribution network. Besides, today the customer is overwhelmed with the large number of options available on what to buy and which brand to buy. “We at Bikewo will be attempting to fill these two needs and solve both these problems through our stores,” added Vidhyasagar Reddy. Also Read:"
"GrowthCap Ventures invests in Advance Mobility New Delhi: , an early-stage venture capital firm, has made its maiden investment in . The investment signals GrowthCap Ventures' commitment to fostering innovation and driving growth within the rapidly evolving mobility industry. This strategic investment signifies GrowthCap Ventures' commitment to nurturing innovative startups in the fintech and mobility sectors, leveraging 's extensive experience and network in the financial services, payments, and insurance ecosystems to drive growth and innovation, the company said in a media release. Advance Mobility, an innovative ridesharing mobility startup, is redefining scalable fleet operations on the Uber platform. The startup is committed to overcoming prevalent challenges in the mobility ecosystem, offering solutions that benefit market players, customers, and drivers alike. Pratekk Agarwaal, founder and general partner at GrowthCap Ventures, said, “As India's infrastructure and transportation sectors undergo significant transformations, fueled by the government's robust initiatives and investments, the potential for innovative mobility solutions is unprecedented. The Union Minister of Road Transport and Highways, Shri Nitin Gadkari, has initiated several projects that are set to revolutionise India's mobility landscape. Advance Mobility, with its unique combination of finance, technology, and an enhanced mobility solution, is perfectly positioned to lead this transformation. We are thrilled to support their journey.”"
"Magma HDI General Insurance develops specialised insurance cover for EV batteries The Poonawalla Group-owned is offering electric vehicle owners a ‘ ’ cover that protects against any damage to the battery. The company has launched this cover because prevailing insurance offerings are primarily tailored for internal combustion engine (ICE) vehicles, resulting in coverage limitations for EV and HEV owners. These vehicles use different components and technologies necessitating specialized insurance solutions. ""We believe this product will help alleviate concerns related to battery insurance, instilling confidence and peace of mind among both current and prospective EVshort circuit causing loss or damage to the battery, Electric Motor, and HEV system , an entity jointly held by Adar Poonawalla (90%) and Rising Sun Holdings Pvt Ltd (10%), holds 74.6% in Magma HDI. The company became part of the group after the Poonawallas acquired Magma Fincorp which has been consequently renamed as Poonawalla Fincorp. HDI is a German Insurance company which entered India through a joint venture with Magma."
"Rupee plummets vs dollar, RBI seen smoothening volatility NEW DELHI: The slumped against the US dollar on Wednesday as a fresh surge in global crude oil prices deepened concerns about a wider domestic current account deficit as well as upside risks to inflation, given that India is a huge importer of the commodity. With the concerns on the macro-economic front also driving Indian equities lower, the partially convertible rupee opened 0.6 per cent lower versus the US dollar at 75.82$1 the previous day, came within touching distance of the 76$1. Global crude oil prices rose on Wednesday as sanctions on Russian banks following Moscow's invasion of Ukraine hampered trade finance for crude shipments and some traders opted to avoid Russian supplies in an already tight market. Brent crude futures climbed $3.55, or 3.4 per cent, to $108.52 a barrel at 0135 GMT. US West Texas Intermediate (WTI) crude futures were up $3.75, or 3.6 per cent, to $107.16, after peaking at $107.55 in early trade. The global risk aversion sparked by the escalation of the military conflict in Ukraine led to a global strengthening of safe haven assets such as the US dollar. Consequently, emerging market currencies such as India took a beating. The US dollar index, which measures the greenback against six major rival currencies, was last at 97.42 as against 96.54 at the end of the previous week. While sentiment for the rupee took a turn for the worse, dealers said that the domestic currency would likely be supported around the 75.8040 levels while exporters can sell between 75.70 to 76.00 levels,” Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors, said. Also Read:"
"No 48-hour rule on reporting vehicle theft: Consumer forum No rule mandates that the theft of a vehicle should be reported by its to the within 48 hours of the incident, a city consumer court said after hearing the plea of a 52-year-old man whose scooter was stolen. The insurer had refused to compensate him, alleging that he had faked the theft to make unlawful gain from the firm. The court ordered the insurance company to settle the claim made by the vehicle owner — Nagarabhavi resident Pundarikaksha K — and also pay him INR 10,000 for making false accusations against an innocent customer. Pundarikaksha purchased a Honda Dio on March 3, 2012 and opted for an insurance cover for it with United India Insurance Company Limited on October 04, 2021, with validity extending till October 3, 2022. The vehicle was valued at INR 19,000 at the time. Exactly a month after this, the man’s scooter, parked outside his house, was stolen by unidentified persons. With the pandemic situation persisting, Pundarikaksha searched for his scooter in many places before approaching Chandra Layout police, who registered an FIR on on November 14, 2021. The Bengalurean then approached the insurer’s representatives over phone and registered his case, filing a claim of INR 19,000. But much to his shock, the firm replied accusing him of orchestrating the theft drama and claiming that he was resorting to fraudulent methods to gain the insurance sum for his 2012-model scooter. Unfair trade practices Enraged by the accusation, Pundarikaksha approached the Bengaluru Urban district consumer disputes redressal commission in Shantinagar with a complaint against the manager of United India Insurance Company, Nrupathunga Road, for unfair trade practices and accusations. Pundarikaksha’s lawyer presented his case while the attorney who appeared on behalf of the insurance firm stated that the customer had failed to report the vehicle theft to the insurer within 48 hours, as per company rules. In their verdict pronounced on October 10, 2023, the judges of the consumer court questioned the insurer on the so-called rule mandating theft intimation within 48 hours. There is no documentary evidence of this claim and the terms and conditions of the insurance company don’t mention this, the forum observed. Moreover, Bengaluru police had issued a non-traceable report on Pundarikaksha’s vehicle theft complaint and FIR. Therefore, accusing him of faking such claims and denying him his rightful insurance sum was unfair, the judges said. The ruled that United India Insurance Company must pay the claim amount of INR 19,000, aside from a compensation of INR 5,000 and an additional INR 5,000 towards the complainant’s court expenses."
"Bengaluru traffic cops plan to end manual vehicle checks In good news for vehicle users, Bengaluru city traffic cops are preparing to do away with manual interception of motorists for violations and document verification, reports Niranjan Kaggere. According to the (Traffic) M A Saleem, cops will for violations through their city-wide network of surveillance cameras 24X7 and send notices to the violators' doorstep. Currently, 35,000 challans are issued every day. Failing to respond to such notices by the (BTP) may end up in the offending vehicles losing their fitness certificate (for yellow-board) or annual renewal of motor insurance for whiteboard vehicles. Though city police chiefs often said vehicles will be checked for their documents only if they are caught violating the law, the practice of flagging down motorists has been continuing in several areas. Gearing up to implement (ITMS) on city roads by January, BTP officials will focus more on smart surveillance and motorists' compliance with the notices. Saleem told TOI, ""The FC of any commercial vehicle has to be renewed every year. All whiteboard vehicles must renew their annual motor insurance. We will share the data on traffic violations dues with RTOs and insurance firms for strict compliance with the decision. Vehicles with pending violations will not be allowed to renew FC or insurance. Motorists must pay for the violations if they are keen on running again. Otherwise, we will initiate legal proceedings against such vehicle owners under the ."" Currently, traffic cops are generating 35,000 challans for violations daily. However, motorists' compliance with notices is not up to the desired levels, forcing the authorities to manually intercept vehicles. ""When the government took up ITMS, we envisaged eliminating manual checking. But poor compliance by citizens forced cops to manually track offenders. Armed with FC and insurance checks now, we hope this will be resolved. We are also in talks with insurance firms. If they fail to respond, we may have to pursue the legislation route by amending the MV Act to rein them in,"" Saleem explained. Also Read:"
"Indian consumer prioritizes experience over vehicle cost: 2023 Global Automotive Consumer Study New Delhi: In India, despite fears of inflation, consumers are opting to pay a premium for their next vehicle. Vehicle buyers in the INR 10 lakh–25 lakh price range accounted for approximately 47%. For INR 10 lakh and below, these were 28%. About 57% of intenders were willing to purchase (EVs) between INR 10 lakh and 25 lakh, and 20% in the range of INR 10 lakh and below, according to Deloitte’s 2023 (GACS). There is a clear shift in an Indian consumer’s buying pattern, where the average consumer is prioritizing experience over cost. Traditionally, the Indian consumer has been cost conscious, and cost vs. mileage has been the most important parameter for vehicle purchase. The average consumer considers key factors, such as product quality (62%), vehicle features (48%), and brand image (46%, when switching from one brand to another. For a better experience and preferred choice of vehicle, around 55% of consumers were willing to accept a longer delivery time (up to 4–12 weeks). This opens the door to a more ""build-to-order"" retail paradigm. With favorable policies on climate change and self-reliance, consumer interest in EVs is growing as they look to lower their operating costs. The top three reasons for purchasing an EV included ""low fuel costs’, ‘better driving experience’, and ‘less maintenance’. However, the availability of charging infrastructure, concerns regarding battery safety, and the price premium required to access EV technology are the challenges that remain. Rajeev Singh, partner and automotive sector leader at , said, ""Our consumer study indicates the rising demand and expectation of the Indian consumer, who is not just cost conscious any more but is considering more than one pragmatic way of having mobility. This allows them to balance operating costs, and experience through technology (37 percent) while making sustainable choices. As India sets newer trends, the need of the hour will be for (OEMs) and ecosystem stakeholders to work in cohesion and bring innovative business models that bridge the gap of infrastructural challenges with the power of digital technology."" The other key emerging trends 1.Half of the surveyed consumers (49%) prefer to pay for the connected vehicle features and technology upfront as part of the purchase price. This represents a challenge for OEMs looking to build new revenue streams via monthly digital subscription services. 2.OEMs are looking to offer in-house insurance products, signaling a significant disruption for the traditional value chain. About 82 percent of consumers were interested in purchasing insurance directly from the , citing ""convenience"" and ""cost savings"" over their current provider. Consumers have shown their trust in their servicing dealer (36%) and the manufacturer (32%), signalling the importance of these stakeholders in the customer relationship. 3.Safety is a key priority for India."
"have shown their trust in their servicing dealer (36%) and the manufacturer (32%), signalling the importance of these stakeholders in the customer relationship. 3.Safety is a key priority for India. Consumers are willing to share data and/or vehicle or operational data with the manufacturer or a third party to receive the necessary updates for a safer and better driving experience. About 85% of consumers preferred getting updates on safer routes, and 84% preferred getting maintenance updates and vehicle health reporting or alerts along with updates to improve road safety and prevent potential collisions. 4.New vehicle vs. used car trend Per the study, 37% of consumers want access to with the latest technology or features; 22% purchase them due to reliability; and 20% choose a car due to the manufacturer's warranty. While opting for a used car, 33 percent of consumers preferred it due to cheaper car insurance, and 31 percent preferred it due to more value for money. 5.Across all age groups, consumers prefer to pay for public EV charging via payment apps on their smartphones, signalling the need for an easy-to-use digital payment tool. Also Read:"
"Sitharaman urges private sector to leverage new opportunities and invest in India New Delhi: Finance Minister on Saturday urged the private sector to increase leveraging on the opportunities created by the high capital expenditure by the government. Referring to the Union Budget 2022-23 focus on increasing the capital expenditure, Sitharaman said, ""the strategy has two goals; one to support the economic revival and recovery as we build the infrastructure of the 21st century for a modern India and the other to gain from the multiplier effect and crowd in private investments."" Urging the private sector to support the virtuous cycle of growth and to invest, she said that investment opportunities abound. The Government has extended the benefit of lower corporate tax rate to new manufacturing units by one more year, till March 2024. There are many sunrise sectors where India has taken the lead, such as vaccines, genomics, space, atomic energy etc. India has proven its prowess in adoption of digital and the start-ups are an enabling force for innovation and new ideas. ""The corporate sector should not lose this opportunity for higher growth,"" Sitharaman said at a post-budget interaction organised by the industry body CII. Speaking on the issue of rural distress, she explained that the same was being addressed in multiple ways. The budget has enabled access to tractors and other farm equipment through rentals as well as making credit available. The Government has ensured the availability of nutrients and fertilisers at affordable prices, despite the increase in global prices. Multiple welfare schemes have provided support for housing, cooking gas, electricity, healthcare etc. Responding to the lower allocation to as compared to the revised estimates of last year, she clarified that the budget allocation this year has been pegged at the allocation last year, and as the scheme is a demand-driven scheme, the higher allocation would be provided as per the demand. Responding to industry suggestions, the Finance Minister acknowledged the need to be watchful of the increases in interest rates in developed countries and the high commodity prices. She welcomed the industry's suggestion of a regular dialogue on some of these external challenges. On the privatization of the two public sector banks and one general insurance company, as suggested in last year's Budget, she said that the Government is committed to taking forward the announced privatisations. Also Read:"
"BPCL seeks extra Gulf oil, fearing Russian supply hit: Source State-run Indian refiner Bharat Petroleum Corp. is seeking extra oil from Middle Eastern producers for April, fearing Western sanctions against Russia could hit deliveries of Urals crude, a source familiar with the matter said. , India second-biggest state refiner, on an average buys two million barrels of Russian Urals every month on a delivered basis, where the seller arranges for insurance of the cargo and ships. The oil is processed at BPCL's 310,000 barrels per day (bpd) Kochi refinery in southern India. BPCL has booked one million barrels of Urals for loading in March and three million in April. Traders are willing to meet the existing commitments, but have told BPCL they will not quote for supplies in future months, the source said, adding: ""No one knows how the situation will pan out in April, so BPCL wants to be prepared."" Russia's invasion of Ukraine, which Moscow calls a ""special operation,"" was met with widespread condemnation and an array of sanctions by Western countries. The United States and its allies have targeted Russia's central bank, top businesses, oligarchs and officials, including President Vladimir Putin himself. The source said Gulf producers had not committed to additional supplies for BPCL, as allocations for April loading are due to be finalised next week. BPCL also intends to draw from its inventories to make up for any shortfall of Russian oil, the source said. The company did not respond to an email seeking comment. On Monday, (IOC), the country's top refiner, said it would accept Russian oil and Kazakhstan's CPC blend only on a delivered basis due to insurance risks. IOC last week bought Russian oil in a tender after a two-year gap. India's top lender State has told clients it won't handle trade relating to sanctioned entities in any currency. Also Read:"
"Strong competition coming Tesla way with budget segment electric cars New Delhi: Within a couple of years, will face strong competition from traditional automakers like , and , which released their ambitious plans last year, a new report said on Monday. Though it will be difficult for them to overtake Tesla sales any time soon, Tesla will witness a reduction in its share across major markets, according to Counterpoint Research. ""The reason behind this is the price band in which Tesla operates. It mostly operates in the high-to-premium price band, whereas the traditional OEMs are planning to launch vehicles in the budget segment,"" research associate Abhik Mukherjee said. The rising cost of a few key raw materials and inflationary impact on production have pushed Tesla to increase its vehicle prices worldwide a couple of times. ""This might play against the sentiment of new customers, which will, in turn, affect the next quarter's financials,"" he added. In the first quarter of 2022, Tesla reported record revenue of $18.8 billion and grew its deliveries. During Q1 2022, the company delivered more than 300,000 units of vehicles, an increase of 68 per cent (YoY). Tesla has also started deliveries to car rental service provider Hertz against its huge 100,000-vehicle order, which is also a reason for high vehicle production and delivery during the quarter. ""The urge to achieve L4 autonomy by the end of 2023 and to roll out robotaxis by early 2025 can be a major reason for Tesla's big R&D spend. Besides, Tesla could also be conducting research on developing new battery chemistry,"" Mukherjee added. The soaring prices of some key battery components like nickel and lithium have put the auto OEMs in a spot. ""Most EV makers around the globe have been forced to raise prices by a few thousand dollars to cope with the rising prices of battery-related raw materials,"" the report noted. After Tesla's Shanghai plant became operational, the company's sales boomed globally, especially in China. In 2021, China remained its top market followed by the US and Europe. Apart from vehicle sales, Tesla has a strong network of charging stations and insurance services. Till Q1 2022, Tesla had 3,724 superchargers and 33,657 supercharger connectors worldwide. Keeping parity with vehicle sales and revenue growth, Tesla's gross profit during Q1 2022 reached $5.4 billion."
"CCPA directs Amazon, other e-tailers to delist car seat belt alarm stopper clips Consumer protection regulator CCPA has directed 5 e-commerce companies, including and , to permanently delist all car stopper clips as the product stops the alarm beep when not wearing seat belts, thus compromising passengers' safety. After investigating the matter, the Central Consumer Protection Authority (CCPA) directed Amazon, Flipkart, Snapdeal, Shopclues and Meesho to ""permanently'' delist all car seat belt alarm stopper clips and associated motor vehicle components which compromise the safety of passengers and the public. As a result, 13,118 car seat belt alarm stopper clips have been removed from the five e-commerce platforms. While Amazon has delisted 8,095 such clips , Flipkart has delisted 4,000-5,000, Meesho 21 and Snapdeal and Shopclues one each, the regulator said in a statement. CCPA passed orders against the five e-commerce players for violation of consumer rights and unfair trade practice under the , 2019, it said. CCPA said it took cognizance of the issue of the sale of car seat belt alarm stopper clips and ""found that said clips were being blatantly sold on several e-commerce platforms in an easy-to-access manner resulting in direct violation of Consumer Protection Act, 2019 and pose a high risk to the valuable life of the consumers."" It was also found during the proceedings that some sellers were selling the clips under the garb of bottle openers or cigarette lighter, etc, it added. The regulator further said using car seat belt alarm stopper clips can also be a hurdle for consumers seeking to claim amounts in cases of policies, wherein an insurance company may deny the claim by citing the negligence of the claimant for using such clips. On the other hand, using a seat belt acts as a restraint that allows the airbag to provide proper cushion and not hit the passengers at full force which also works as a protective shield in case of collisions, it said. That apart, CCPA has written letters to the chief secretaries and district collectors requesting them to take appropriate action as per law, against the manufacture or sale of such clips to prevent loss of life or severe injury to consumers. The regulator has also issued an advisory to e-commerce entities, industry associations and voluntary consumer bodies to ensure such products are not manufactured and sold in the market. CCPA investigated the matter following a letter from the and Highways ( ) which flagged the issue of blatant sale of such clips and requested for an action against errant vendors/online platforms. MoRTH said the rule 138 of Central Motor Vehicles Rules 1989 makes it mandatory to wear seat belts. However, online sales of such items that compromise passengers' safety by stopping the alarm beep when not wearing seat belts can be unsafe and dangerous to the life and safety of consumers. The action taken in the present cases assumes significance given that as per the latest report"
"alarm beep when not wearing seat belts can be unsafe and dangerous to the life and safety of consumers. The action taken in the present cases assumes significance given that as per the latest report published by MoRTH, more than 16,000 persons were killed in road accidents in 2021 due to not wearing seat belts, of which 8,438 were drivers and the remaining 7,959 were passengers. Moreover, approximately 39,231 persons were injured out of which 16,416 were drivers and 22,818 were passengers. The report further said that persons in the age group of 18-45 accounted for more than one-third of victims in road accidents, CCPA added."
"Oil extends gains after news of EU's Russian oil ban proposal edged higher at the start of Asian trade on Thursday, extending gains from the previous session, after the European Union proposed new sanctions against Russia that included an embargo on crude oil in six months. rose 22 cents to $110.36 a barrel by 0:02 GMT. rose 15 cents to $107.96 a barrel. Both benchmarks rose over $5 a barrel on Wednesday. The proposal, which was announced by European Commission President Ursula von der Leyen and needs unanimous backing by the 27 EU countries to take effect, includes phasing out supplies of Russian crude oil in six months and refined products by the end of 2022. It also proposes to ban in a month's time all shipping, brokerage, insurance and financing services offered by EU companies for the transport of Russian oil. However, the EU faces the task of finding alternatives when energy prices have surged as it imports some 3.5 million barrels of Russian oil and oil products every day and also depends on Moscow's gas supplies. A handful of eastern EU countries are concerned that the halt would not allow them enough time to adapt. Market participants awaited a meeting on Thursday of the Organization of the Petroleum Exporting Countries and allied producers, known as OPEC+. The group is expected to agree to raise production targets by 432,000 barrels per day (bpd) for June, four OPEC+ delegates told Reuters, sticking to plans for a gradual ramp-up of monthly production. In the United States, crude stocks rose modestly last week, according to the U.S. Energy Information Administration. Stocks were up 1.2 million barrels as the United States released more barrels from its strategic reserves."
"Allianz warns against car ship fire risk Frankfurt -Fires on are increasingly the source of major losses, said in a study published Tuesday. ""Fires on board large vessels remain the top issue for the shipping industry,"" said Rahul Khanna, the head of maritime risk consulting at Allianz's industrial division AGCS. The phenomenon was increasingly an issue for ""car carriers and ro-ro vessels"" where vehicles are driven on and off the ship, Khanna said. The assessment comes after sank off the coast of the Azores in the Atlantic Ocean at the beginning of March after catching fire. On board the Felicity Ace were around 4,000 vehicles from the German group , including over a thousand Porsches, together worth ""an estimated $400 million to $500 million"", according to the report. The sheer size of modern cargo ships was a factor behind the increase in incidents over recent years, the insurance group said. The vessels, which can carry up to 8,000 vehicles, were dependent on ""complex"" pre-departure calculations to ensure stability at sea. In addition, ""fires on board large vessels can spread quickly and be particularly difficult to control,"" Allianz said. These often started in the hold and could be ""caused by malfunctions or short circuits in vehicles"". Commercial pressure on crews to reduce turnaround times in port had also led to costly mistakes. Among the vehicles on the Felicity Ace were a number of battery-powered cars, an increasing concern for the sector. in electric vehicles ""could potentially ignite if damaged"" and were susceptible to movements in rough seas, the report said. The increased fire risk could require ""changes to vessel design"" and special training for crews to fight outbreaks."
"Exide Industries Q3 results: PAT rises 2.3% YoY to INR 203 cr Battery maker on Wednesday reported 2.3% increase in consolidated profit after tax at INR 202.69 crore for the third quarter ended December 31, 2023. The company had posted a consolidated profit after tax (PAT) of INR 198.14 crore in the same quarter last fiscal, said in a regulatory filing. Revenue from operations in the quarter under review was at INR 3,979.83 crore as compared to INR 3,538.5 crore in the year-ago period. Total expenses were higher at INR 3,724.3 crore as against INR 3,286.36 crore in the same quarter a year ago, the company said. ""Demand was positive in both automotive and industrial divisions, and we achieved healthy growth in our key end-customer markets. However, EB/TOA margin was marginally lower than the same quarter in the previous year mainly on account of input cost inflation,"" Exide Industries MD & CEO, Subir Chakraborty said. In the automotive division, the last few months have seen an uptrend in demand in both OEM and replacement markets. The uptick is broad-based, with most end-user markets showing signs of demand recovery, the company said. Exide further said the Industrial division is benefiting from large investments which are giving strong impetus to sectors such as BFSI (Banking, financial services and insurance), renewables, telecom, infrastructure such as power and railways. On the outlook, Chakraborty said,"" We are optimistic about the future and are witnessing signs of demand pick-up across key verticals. Input cost inflationary pressures have started easing, which coupled with our cost optimisation initiatives is expected to support margins."" The company will continue to focus on delivering healthy sales growth and improvement in profitability levels in the near-to-medium term, he added. The lithium-ion cell manufacturing project is progressing as per scheduled timelines. Design and construction works are on track, Chakraborty said, adding ""we are focusing on the on-boarding of customers on the one hand and securing strong raw material supply-chain linkages on the other""."
"LG Energy Solution opens books for South Korea's largest IPO at up to $10.8 bln HONG KONG - Korean battery maker has opened the books to investors to raise up to $10.8 billion in the country's largest initial public offering (IPO), according to a term sheet seen by Reuters. The shares will be sold in a price range of 257,000 won to 300,000 won ($216.19-$252.36) apiece to raise between $9.2 billion and $10.8 billion, the term sheet showed. The IPO will beat the previous South Korean record held by Samsung Life Insurance's 4.9 trillion won ($4.12 billion) offering in 2010. LG Energy Solution (LGES) will be valued at $51 billion to $59 billion. The company said on Monday it was continuing to ""execute remaining processes to launch a successful IPO"". Cash raised will be mostly used to expand the company's current production facilities and debt repayment, according to the term sheet. LGES is 's wholly owned battery subsidiary and supplies Tesla Inc, General Motor Co and Hyundai Motor Co, among others. The company will sell 34 million primary shares and its parent company will sell 8.5 million secondary shares in the IPO. Demand from investors is expected to be high with the pricing, due to be finalised on Jan. 14, already likely to be at the top of the range, according to sources Reuters spoke to last month. LGES will start trading on the KOSPI on Jan. 27. Institutional shareholders will be allotted 55% to 75% of the shares on offer, depending on the retail subscription and employee share ownership plans take up rates, the term sheet said. RED HOT The IPO extends the red hot run of Korea's deals market over the past year. There was $17.7 billion raised in 2021 IPOs, easily eclipsing the previous record of $7.6 billion in 2020. A roadshow between management and investors will start Monday and run until Jan. 11, the day before books close, the term sheet showed. Investor appetite to buy stock is expected to be closely tied to the booming demand for in major markets around the world. Global EV sales, estimated at 2.5 million vehicles in 2020, are forecast to grow more than 12-fold to 31.1 million by 2030 and account for nearly a third of new vehicle sales, according to consulting firm Deloitte. ($1 = 1,188.7400 won)"
"Hyundai, Kia offer software upgrade to 8.3 mln U.S. vehicles to prevent thefts and will offer software upgrades to 8.3 million U.S. vehicles to help curb increasing car thefts using a method popularized on TikTok and other social media channels, the Korean automakers said on Monday. TikTok videos showing how to steal cars made from 2015 to 2019 without and immobilizing anti-theft devices has spread nationwide. This had led to at least 14 reported crashes and eight fatalities,"" the National Highway Traffic Safety Administration ( ) said. The free upgrade will be offered for 3.8 million Hyundai and 4.5 million Kia vehicles in the United States, the automakers and NHTSA said. The software ""updates the theft alarm software logic to extend the length of the alarm sound from 30 seconds to one minute and requires the key to be in the ignition switch to turn the vehicle on,"" NHTSA said. TikTok did not immediately respond to a request for comment. USA Today reported last month that two major insurance companies had stopped offering new policies for Hyundai and Kia vehicles at high risk of theft. Many 2015-19 model year Hyundai and affiliate Kia vehicles have no electronic immobilizers, which prevent break-ins and bypassing the ignition. The feature is standard on nearly all vehicles made by other manufacturers during that period. U.S. theft claims in 2022 were nearly twice as common for Hyundai and Kia vehicles compared with all other manufacturers among 2015-2019 vehicles, Insurance Institute for Highway Safetydata show. The group said after the Korean-car thefts, which began in 2021, got significant social media attention in Wisconsin and then spread, overall claims on Hyundai and Kia thefts per insured vehicle year soared to more than 30 times the 2019 level. Hyundai will also provide customers with a window sticker alerting would-be thieves that the vehicle is equipped with anti-theft protection. The initial Hyundai upgrade will cover more than 1 million 2017-2020 , 2015-2019 Sonata and 2020-2021 model year vehicles. The software upgrade is scheduled to be available by June for vehicles that remain eligible. Kia said started notifying owners about the upgrade and anticipates making it available to most owners over the next few months. The automakers have provided more than 26,000 steering wheel locks since November 2022 to 77 law enforcement agencies in 12 states. Kia said it also continues ""to make steering wheel locks available at no cost through interested local law enforcement agencies,"" subject to supply. All Hyundai vehicles produced since November 2021 are equipped with an engine immobilizer as standard equipment. Also Read:"
"Surging auto insurance rates squeeze drivers, fuel inflation rose 2.6% in March and are up 22% from a year ago. Premium costs have been marching steadily higher since 2022, even as at the consumer level steadily cooled from its 9.1% peak in the middle of that year. Consumers have had some relief as the rate of cost increases for food and energy, two key components of most budgets, has eased greatly. But auto insurance and have become a sticking point for consumers and the Federal Reserve in its battle to rein inflation back to its goal of 2%. Typically, individuals would see a noticeable increase in their premiums because of speeding tickets and other moving violations. Adding new drivers or a general increase in claims in the area were other reasons. But the persistent rise in rates over the last two years has been far more sweeping. New vehicle prices starting spiking during the pandemic, mainly because of a worldwide shortage of computer chips amid production cuts and supply chain bottlenecks. Dealers spent much of 2021 with few or no cars in stock. Car price increases eased heading into 2024, with the average at USD 47,338 in January, down from a peak of USD 48,516 in late 2022, according to Edmunds.com. Higher value for cars, along with more advanced technology and intricate parts, has raised the overall cost of repairs. Overall maintenance and repair costs jumped 8.2% in March from a year ago, according to the U.S. Bureau of Labor Statistics. That's eased a bit over the last year. The rate of increase was as high as 14.2% in early 2023. ""The severity is really the thing that has influenced rates more over the last two years than anything,"" said Greg Smolan, vice president of insurance operations at AAA Northeast. ""A fender bender in the past didn't have all the sensors and cameras."" Higher overall auto prices and auto repair costs prompted insurers to start raising premiums as overall car values jumped. Price increases for insurance rates, like many other increases from food to clothing, have been sticky and are less likely to drop at the same rate as broader inflation, if at all. That has been beneficial for insurers who have seen profits surge. Wall Street is expecting bigger leaps in 2024. ""Our sole concentration last year was to get the right rate,"" said Progressive CEO Tricia Griffith, during a fourth-quarter earnings conference call. ""We feel like we're in a really great position now."" Progressive's profit jumped 50% and its revenue surged nearly 18% to USD 62.1 billion in 2023. Wall Street expects its profit to skyrocket nearly 80% in 2024 on a 14% jump in revenue. Allstate reported a modest profit in 2023 after reporting a loss a year earlier. Wall Street expects its profit to surge 13-fold as revenue rises 10% to USD 62.9 billion in 2024. ""Companies are getting a lot closer to rate adequacy now,"" Smolan said. ""I think you'll see some flattening out of the real large increases."" The process of obtaining auto insurance can be"
"in 2024. ""Companies are getting a lot closer to rate adequacy now,"" Smolan said. ""I think you'll see some flattening out of the real large increases."" The process of obtaining auto insurance can be confusing and overwhelming, considering the differing mix of requirements in each state, extra options and the confusing industry and legal jargon used by insurers. The first step for many should be gaining a better understanding about auto insurance, according to the Insurance Information Institute. Consumers should shop around by getting at least three different quotes and from different types of insurance companies. Also, comparing costs before buying a car could help give consumers a better sense of the true cost of owning a specific car. Premiums are based in part on a car's price, along with prospective repair costs and safety data. Deductibles could be a major factor in determining monthly premium costs. That's the amount of money that a driver is responsible for paying toward a claim. Higher deductibles usually mean lower premiums. Bundling multiple policies under one insurer could come with a discount. This is common for homeowners using the same company for their home and auto policies. There may also be discounts for insuring more than one vehicle under the same company. Defensive driving courses also help give drivers discounts on insurance. The timing and standards vary by state, but courses are usually offered in-person and online. Companies including Progressive and Geico often offer multi-year discounts for taking such a course. They can usually steer policy holders toward reputable companies offering the course and certificate."
"Russia oil discount to India shrinks to USD 4, delivery charges remain opaque The steep discounts on crude oil that gorged on since the Ukraine war, have plunged but the shipping rates charged by Russia-arranged entities continues to remain 'opaque' and higher than normal, sources said. Russia bills Indian refiners at a price shade less than the USD 60 per barrel price cap imposed by the West but charges anything between USD 11 to USD 19 per barrel, twice the normal rate, for delivery from the Baltic and Black Sea to the west coast, three sources with knowledge of the matter said. The USD 11-19 per barrel shipping costs from the Russian ports to India - some of it on the 100+ tankers reportedly acquired by Russian actors for a shadow fleet - are higher than rates for comparable distances, such as a voyage from the Persian Gulf to . Following Moscow's invasion of Ukraine in February last year, Russian oil was sanctioned and shunned by European buyers and some in Asia, such as Japan. This led to Russian Urals crude being traded at a discount to Brent crude (the global benchmark). The discount on Russian Urals grade has however narrowed from levels of around USD 30 a barrel in the middle of last year to closer to USD 4 per barrel, sources said. Indian refiners, who convert crude oil extracted from below ground into finished products such as petrol and diesel, are now the biggest buyers of Russian oil as Chinese imports have maxed out due to a massive electrification of vehicles and demand issues in a shaky economy. Indian refiners ramped up purchases from less than 2% of their entire buys in pre-Ukraine war times to 44% to capture the discounted oil. But these discounts have been shrinking as companies such as government-controlled entities like (IOC), Hindustan Petroleum Corporation Ltd, (BPCL), and HPCL-Mittal Energy Ltd as well as private refiners and continue to negotiate deals with Russia separately. The discounts could have been higher if state controlled units, who account for roughly 60% of the 2 million barrels per day of Russian oil flowing into India, negotiated together, sources said. ""Chinese demand has maxed out and Europe is not buying any seaborne crude from Russia. So India remains the only destination with increasing appetite. And if they (refiners) negotiated together, bigger discounts could have been extracted,"" a source said. Consider this, IOC is the only company to have entered into a term or fixed volume deal. Other refiners continue to buy on a tender basis. Before Russia's invasion of Ukraine in February last year, India was a minor importer of Russian crude, with purchases of about 44,500 barrels per day (bpd) in the 12 months to February 2022. India's purchases of seaborne crude from Russia have surpassed those by China a couple of months back. Sources said Indian refiners buy crude oil from Russia on a delivered basis, putting the onus on Moscow to arrange for shipping and insurance. While the invoicing for oil is at or"
"of months back. Sources said Indian refiners buy crude oil from Russia on a delivered basis, putting the onus on Moscow to arrange for shipping and insurance. While the invoicing for oil is at or a shade less than USD 60 per barrel, the shipping and insurance rate billed is as per quotes Russia gets from three not-so-well-known agencies which cannot be independently evaluated and remain opaque, they said. The actual sale price of Urals crude is about USD 70-75 per barrel, channelling a large portion of Russian oil revenues to the three shadow agencies, they said. The G7 imposed a USD 60 per barrel price cap on Russian oil beginning December 2022 to try to limit Moscow's ability to finance its war in Ukraine. The price cap meant that companies based in coalition countries to continue providing maritime services for the transport of oil only if that oil is sold at or below the price cap level. Companies based in coalition countries have historically accounted for around 90 % of the market for relevant maritime insurance products and reinsurance. So to get ships and insurance, Russia prices oil in the invoice at USD 60 or less and bills the buyers for shipping and insurance based on quotes it gets from the three agencies, sources said. Until 2022, the Baltic Exchange, a London shipping industry clearinghouse, was quoting two standardised indicators, TD6 and TD17, serving as benchmarks for shipping costs. But since late 2022, Russian crude is no longer sold in Rotterdam and Augusta and Baltic Exchange has stopped listing TD17 and has modified the TD6 indicator, so it is not necessarily applicable to Russian cargoes. Also, additional tankers are booked on a time charter basis, which also makes the cost of a single voyage non-transparent. These tankers are not booked through Baltic Exchange shipping brokers, so a dearth of information on the actual costs, they added. The proportion of Russian oil-loaded ships insured in the EU, G7 or Norway was 46.3% in May compared to 78% in February last year. These countries also continue to provide tankers to ship Russian oil. More than 28 % of oil tankers that moved Russian oil came from the EU, G7 or Norway in May 2023, down from 58% in the pre-war era. UAE-registered tankers make up 37% (13.4% in pre-war era) and 12.3% come from China including Hong Kong. Origin of the remaining 22% is not known."
"Govt to sell up to 1.5% stake in ONGC to raise INR 3,000 cr New Delhi: The government will this week sell up to 1.5 % of its stake in the country's top oil and gas producer to raise about INR 3,000 crore. The Offer For Sale (OFS) by the government will be open on March 30 and 31, (ONGC) said in a stock exchange filing on Tuesday. ""The promoter (the government) proposes to sell up to 94,352,094 equity shares of the company, (representing 0.75 % of the total paid-up equity share capital of the company) on March 30, 2022 (to non-retail investors) and on March 31, 2022 (to retail investors) with an option to additionally sell 94,352,094 equity shares (in case of oversubscription),"" it said. The floor price for the OFS has been set at INR 159 per share. This price is at a 7 % discount to the INR 171.05 stock closing price of ONGC on the on Tuesday. The government owns a 60.41 % stake in ONGC which produces half of India's oil and gas. In the OFS, a minimum of 25 % of the shares are reserved for mutual funds and insurance companies while 10 % earmarked for retail investors. Retail investors are defined as an individual investor who bids for not more than 2 lakh shares. ONGC employees can apply for equity shares worth up to INR 5 lakh each, the filing said, adding that 0.075 % of equity shares sold in the OFS would be offered to eligible employees at the cut-off price. Also Read:"
"Hyundai Motor, Kia EVs receive top ratings in major global crash safety tests (EV) models produced by South Korea's and have received top ratings in major , the automakers said on Sunday. According to the companies, five and Kia EV models utilising the E-GMP, Hyundai Motor Group's proprietary EV platform, achieved the highest rating of five stars in the European New Car Assessment Programme, reports Yonhap news agency. The models are the Genesis GV60, Hyundai's Ioniq 5 and Ioniq 6, and Kia's EV6 and EV9. The same models also received top-tier ratings in crash evaluations conducted by the Insurance Institute for Highway Safety (IIHS) in the United States. The GV60, Ioniq 5, Ioniq 6 and EV6 were awarded the prestigious Top Safety Pick (TSP) Plus rating, while the EV9 earned the Top Safety Pick rating, indicating high levels of safety. In last year's IIHS crash evaluations, 20 Hyundai Motor Group vehicles achieved TSP or higher ratings, marking the highest number among global automotive groups. The recently launched Kia EV3, which also utilizes the E-GMP platform, has not yet undergone safety evaluations in Europe and the U.S. ""Hyundai Motor Group will continue to invest significant efforts in research and development to ensure the highest level of safety for passengers in all aspects,"" a group official said. Meanwhile, in South Korea are pushing forward with their new electric vehicle launch schedules despite public concerns over EV safety, with key players actively campaigning to debunk unsubstantiated myths surrounding safe charging practices. The latest fears surrounding EVs began after a spontaneous fire that began in a parked Mercedes-Benz EV wiped out an entire underground parking garage inside an apartment complex in Incheon, 27 kms west of Seoul, while damaging over 100 cars. Hyundai Motor and Kia said that their EV batteries are designed to be safe even when charged to 100 per cent, with the internal battery management system monitoring and controlling any issues that may arise."
"Most automated driving systems are lousy at making sure drivers pay attention, insurance group says Most electronic systems that take on some driving tasks for humans don't adequately make sure drivers are paying attention, and they don't issue strong enough warnings or take other actions to make drivers behave, according to an insurance industry study published Tuesday. Only one of 14 partially automated systems tested by the performed well enough to get an overall ""acceptable"" rating. Two others were rated ""marginal,"" while the rest were rated ""poor."" No system received the top rating of ""good."" ""Most of them don't include adequate measures to prevent misuse and keep drivers from losing focus on what's happening on the road,"" said IIHS President . The institute, Harkey said, came up with the new ratings to get automakers to follow standards, including how closely they watch drivers and how fast the cars issue warnings if drivers aren't paying attention. It also says it is trying to fill a ""regulatory void"" left by inaction on the systems from the U.S. National Highway Traffic Safety Administration. Harkey said the agency needs to do more to set standards for the systems, which are not able to drive vehicles themselves. The agency said Tuesday that it welcomes the IIHS research and will review the report. IIHS safety ratings are closely followed by automakers, which often make changes to comply with them. The 14 systems, which include several variations from single automakers, are among the most sophisticated now on the market, Harkey said. Only one of the systems, Teammate in the Lexus LS, earned the adequate rating. General Motors' Super Cruise in the GMC Sierra and Nissan's Pro-Pilot Assist with Navi-Link in the Ariya electric vehicle were rated marginal. Other systems from Nissan, Tesla, BMW, Ford, Genesis, Mercedes-Benz and Volvo were rated poor. Harkey said the driving systems initially were combinations of safety features such as automatic emergency braking, lane departure warnings, lane centering and blind-spot detection. But now they give drivers the chance to not pay attention for some period of time, raising safety risks, he said in an interview. ""That's why the focus is on how do we make sure that the driver remains focused on the driving task,"" Harkey said. Some automakers, he said, market the systems in a way that drivers could think they are fully autonomous. ""The one thing we do not want is for drivers to misinterpret what these things can or cannot do,"" he said. The systems, IIHS said, should be able to see if a driver's head or eyes are not directed on the road, and whether their hands are on the wheel or ready to grab it if necessary. The institute also said if a system doesn't see a driver's eyes on the road or hands aren't ready to steer, there should be audible and visual alerts within 10 seconds. Before 20 seconds, the system should add a third alert or start an emergency procedure to slow down the vehicle, the institute"
"to steer, there should be audible and visual alerts within 10 seconds. Before 20 seconds, the system should add a third alert or start an emergency procedure to slow down the vehicle, the institute said. Automakers should also make sure safety systems such as seat belts and automatic emergency braking are activated before the driving systems can be used, it said. None of the 14 systems met all the driver monitoring requirements in the test, but Ford's came close, the group said. Lexus' Teammate system and GM's Super Cruise met the warning requirements, while systems from Nissan and Tesla were close. Harkey said automakers already are responding to the tests and preparing changes, many of which can be accomplished with software updates. Toyota, which makes Lexus vehicles, said it considers IIHS ratings in setting up safety standards, while GM said the IIHS ratings are important. Nissan said it will work with the institute. Mercedes said the company said it takes the findings seriously, and it relies on the system collaborating with the driver, while Hyundai luxury brand Genesis said it is quickly improving its system, including the addition of an in-cabin camera. Volvo said it supports IIHS efforts to reduce misuse of driver assist systems BMW said it respects IIHS's efforts, but it differs philosophically about how systems should monitor drivers. One BMW system evaluated by IIHS is not intended for drivers to take their hands off the wheel and only considers input from steering wheel sensors. BMW tests have not found a clear advantage in turning on the driver monitoring camera, the company said. Another more sophisticated system intended for drivers to take hands off the steering wheel uses a camera to watch drivers, the company said. Ford said its Blue Cruise system monitors drivers and sends repeated warnings. The company said it disagrees with IIHS' findings but will consider its feedback in updates."
"UAW workers to vote on CNH offer 8 months after strike began More than 1,000 striking will soon vote on an offer from the maker of construction and agricultural equipment for the first time since they walked off the job eight months ago. The union said this week that it decided to put the company's ""upgraded last, best and final offer"" to a vote, but the union didn't offer any details of what is included in it. Workers at the plants in Burlington, Iowa, and Racine, Wisconsin, rejected a three-year deal that included 18.5% raises at the start of the strike because of concerns that the proposed raises wouldn't cover soaring inflation and health insurance costs. The UAW union hasn't provided many updates on what CNH has offered since the strike began last May. Workers on the picket line in Burlington told Monday that they want to go back to work but only if they receive a fair contract. They expect to vote on this new deal Saturday. Company officials didn't immediately respond Tuesday to questions about their latest offer and the ongoing strike. CNH Industrial, which is based in the United Kingdom, has more than 37,000 employees worldwide. In its most-recent earnings report, CNH reported a profit of $559 million in the third quarter. That's up nearly 22% from the previous year's $460 million net income as it increased the prices of its tractors, backhoes and other equipment. The CNH strike is one of the longest ones over the past couple years as workers have increasingly demanded better pay and working conditions coming out of the pandemic. There have been a number of strikes, including a high profile monthlong strike involving 10,000 Deere & Co. workers, and several new unions have been established at Starbucks stores and although some locations have rejected unions. The secured 10% raises and improved benefits after their strike. Also Read:"
"Leasing model behind Europe's EV drive at risk of breakdown Low resale values for have pushed the that drive Europe's auto market to double prices over the last three years and some are threatening to quit the business altogether if regulators force them to go electric too fast, industry executives say. The jump in prices for electric car leases comes as cuts in for new EVs in key markets such as Germany are hitting sales and risks stalling Europe's electric transition, just when Brussels wants to step on the accelerator, the executives say. ""If we were pushed very, very hard, that everything has to be electric too soon ... my shareholders will say 'we don't want to take the risk' and we'd be out of the market,"" said Tim Albertsen, CEO of Ayvens, one of Europe's largest auto leasing firms. ""Let's be honest, without us, who will take the risk?"" Ayvens, which is majority owned by French bank Societe Generale, has a fleet of 3.4 million cars, of which about 10% are EVs. Leasing companies play a pivotal role in Europe as 60% of new cars of all fuel types are leased, according to calculations by environmental group Transport & Environment based on data from market research firm Dataforce. When it comes to EVs, the proportion is estimated to be as high as 80%. According to data provided to Reuters by Dataforce, in the 16 European markets where it can identify fleet registrations - including Germany, Britain, France and Spain - 60% of new EVs go to corporate fleets and commercial buyers. Experts say those buyers almost exclusively use leases and about half of the remaining sales to private buyers are also leases. In markets with no EV subsidies for private buyers, the dominance of corporates is even more pronounced. In Britain and Belgium, for example, individuals accounted for just 23% and 8% of new EV purchases respectively in 2023, Dataforce said. The price of a lease is designed to account for the depreciation of a vehicle over the typical three-year lease period, based on estimated resale prices, or residual values. But if second-hand prices end up being lower than anticipated when the lease ends, leasing firms take a financial hit when they get the vehicle back. For various reasons - from Tesla's price cuts to concerns about charging infrastructure and battery life to the influx of more affordable Chinese EVs - second-hand electric car prices have been sliding in Europe since hitting a peak in October 2022. According to figures provided to Reuters by data firm Autovista, resale values for EVs in Germany in early July were 24% below pre-pandemic levels and 30% lower in Britain. That's in stark contrast to second-hand petrol models, which remained about 15% more expensive in both markets. ""People have become more accepting of used EVs, but they've got to be cheap,"" said Gary Cambridge, a partner at used car dealer Cambridge Motors in London. ""If they're expensive, people don't want them."" Leasing companies approached by Reuters declined to give"
"to be cheap,"" said Gary Cambridge, a partner at used car dealer Cambridge Motors in London. ""If they're expensive, people don't want them."" Leasing companies approached by Reuters declined to give specific details about any losses on EV contracts from the slump in residual values. Signs of the electric pain have shown up in disclosures by some rental companies. Hertz has reported writedowns of about USD 150 million for the roughly 20,000 EVs it has been selling off at greatly reduced prices while Sixt said lower residual values for EVs cut its 2023 earnings by 40 million euros (USD 44 million). Bart Beckers, deputy CEO at Arval, the leasing company owned by French bank BNP Paribas, said losses from low EV resale values were currently limited in number, given EVs are only a small portion of their overall portfolio. ""But the amounts are not insignificant,"" he told Reuters. ""Like other leaders in the market ... (Arval) has been forced already to increase prices because of lower residual values."" Like Ayvens, EVs only make up about 10% of Arval's fleet of 1.7 million vehicles. Some automakers have provided cash compensation to leasing companies for slumping EV values, industry executives say. Reuters reported in May that Tesla has offered discounts and other ways to mitigate losses to leasing companies, including Ayvens, though CEO Albertsen declined to say what they were. But the executives say leasing companies still bear the risk for EV resale values, which is why prices have climbed. Leasing firms approached by Reuters declined to give specifics about price rises for EVs as the subject is sensitive. In Germany, Europe's biggest auto market, data provided to Reuters by German think-tank CAR Center Automotive Research show that EV leases have jumped in the last three years. In August 2021, a lease for a 45,000 euro EV cost 284 euros per month, well below the 473 euros for an equivalent fossil-fuel model. Now, the cost for the EV has more than doubled to 621 euros while the fossil-fuel car has fallen to 468 euros. German EV sales fell 16.4% in the first half of 2024 after the government abruptly axed subsidies for consumers in December and that decline has hit the overall EU trend. Sales of fully in the EU rose to 14.6% of new car sales in 2023 from 6.1% in 2020 but that slipped to 14.4% in the first half as EV sales rose a tepid 1.3%. Albertsen at Ayvens said the company was now leasing EVs for longer than combustion-engine cars to reduce resale risks. It has also started to lease EVs out once or twice more ""at a more affordable rate"" and keep them in its portfolio longer, possibly up to eight years, he said. Such is the concern about potential losses, RVI Group, a company based in Stamford, Connecticut that offers insurance guaranteeing a specific residual value for an asset, opened an office in Europe last year to field coverage queries. Wei Fan, RVI's executive vice president for passenger vehicles, said he'd seen more requests from Europe in"
"value for an asset, opened an office in Europe last year to field coverage queries. Wei Fan, RVI's executive vice president for passenger vehicles, said he'd seen more requests from Europe in the past three years - all from leasing companies and banks - than in the previous 14 years worldwide. He said he expected EV price volatility to continue for the next five to 10 years as the electrification process plays out. Leasing firms say they are concerned, however, that an European Commission consultation on how to speed up EV adoption by corporate fleets could result in mandatory EV sales targets, as this would increase the resale risks they already face. ""The larger the share of EVs in their portfolios becomes, the bigger this problem is going to be,"" said Richard Knubben, director general of Leaseurope, an umbrella body in Brussels that lobbies on behalf of car leasing and rental groups. The European Commission's ""Greening corporate fleets"" open public consultation, which included looking at possible measures to accelerate EV adoption, ended on July 8. Brussels-based Transport & Environment (T&E) wants the Commission to mandate that Europe's large corporate fleets and leasing companies go 100% electric by 2030. Stef Cornelis, T&E's electric fleets programme director, said forcing fleets to electrify would result in more used cars for consumers and speed up the EV transition. A Commission spokesperson said the consultation was meant to identify substantive market shortcomings that warrant action but was not geared at gauging support for any kind of initiative. The poor performance of Green and centrist parties in European elections in June has raised questions about the fate of the EU's 2035 ban on fossil-fuel cars, so it is uncertain whether the Commission would push for a 100% mandate. But leasing companies are taking the threat seriously. Leaseurope said an EV mandate would significantly damage leasing companies and Arval's Beckers says that, at a minimum, it would have to raise future lease rates further. ""Simply put, prices would go up,"" he said. ""That would discourage corporate fleets from continuing to lease."" (USD 1 = 0.9154 euros)"
"India's new EV policy to help launch many eco-friendly premium-quality SUVs: VinFast Auto Vietnam's electric car maker on Monday said India's new policy that provides for companies setting up units in the country with a minimum investment of USD 500 million will allow it to introduce a wide variety of eco-friendly premium-quality at inclusive prices. The 's new electric vehicle (EV) scheme aims to drive large investments in manufacturing, create competencies and upskilling, set up a robust supply chain and offer consumers world-class, zero-tailpipe emission vehicles, CEO Pham Sanh Chau said in a statement. ""This forward-looking policy helps us introduce a wide variety of smart, green, premium-quality SUVs, at inclusive prices, along with outstanding aftersales policies,"" he added. Chau further said, ""With a long-term growth commitment in India, we have pledged an expenditure of USD 500 million, which includes the electric vehicle manufacturing facility in Tamil Nadu."" In February this year, -- a major competitor to American EV had stated that it would invest INR 4,000 crore over the next five years in the initial phase, which will generate 3,500 jobs in the Tuticorin region. The plant will have a capacity to produce 1.50 lakh vehicles once it becomes operational. Ola Electric Founder and CEO Bhavish Aggarwal in a post on X, also lauded the new , saying it is a win for the Make in India initiative. ""Great to see the Indian government's progressive decision to lower import duties on EVs for companies investing in India. This is a win for the #MakeInIndia initiative & strengthens our manufacturing ecosystem, propelling India towards a greener future. India will become the global EV hub of manufacturing and technology!,"" he wrote. Commenting on the policy, Society of Indian Automobile Manufacturers (Siam) President Vinod Aggarwal said a holistic view has been taken by the government of India in the best interests of the country. ""The Indian automobile industry and members of Siam will adapt to this new policy and remain committed to bring new, innovative, and aspirational products and work towards developing a robust EV ecosystem in the country,"" he added. Last week, the government approved an EV policy, under which import duty concessions will be given to companies setting up manufacturing units in the country with a minimum investment of USD 500 million, a move aimed at attracting major global players like US-based . The companies that would set up manufacturing facilities for EV passenger cars will be allowed to import a limited number of cars at lower customs/import duty of 15 per cent on vehicles costing USD 35,000 and above for five years from the date of issuance of the approval letter by the government. At present, cars imported as completely built units attract customs duty ranging from 70-100 per cent, depending on the engine size and cost, insurance and freight value less or above USD 40,000. The policy seeks to promote India as a"
"built units attract customs duty ranging from 70-100 per cent, depending on the engine size and cost, insurance and freight value less or above USD 40,000. The policy seeks to promote India as a manufacturing destination for EVs and attract investment from reputed global EV manufacturers."
"Indian shares tread water ahead of inflation data, earnings barrage Indian shares were muted on Monday as investors awaited , due later in the day, for clues on the central bank's interest rate trajectory and ahead of a slew of corporate earnings reports. The NSE Nifty 50 index was up 0.1% to 18,366 as of 0405 GMT, while the S&P BSE Sensex, which hit a record closing high on Friday, rose 0.19% to 61909.51. A Reuters poll showed economists expect retail price inflation slowed to 6.73% in October, due to weaker food price rises and a strong base year, but remained stubbornly above the Reserve Bank of India's 6% upper limit. In early trading, Nifty's IT and were among the top-performing sectors, gaining 0.9% and 1.6%, respectively. The pharma and indexes dropped nearly 1%. rose 7.3% on after reporting a surge in quarterly profit. More than 1,000 companies are scheduled to report results later in the day. These include low-cost carrier SpiceJet, drugmaker Biocon, tyre manufacturer as well as conglomerates . Foreign institutional investors bought a net of 39.58 billion Indian rupees (about $492 million) of equities on Friday, while domestic investors bought 6.16 billion rupees of shares, as per provisional data available with the National Stock Exchange. ($1 = 80.4770 Indian rupees) Also Read:"
"Russia to cut oil output by 500,000 bpd in March will cut by 500,000 barrels per day, or around 5% of output , in March, Deputy Prime Minister said on Friday, after the West imposed price caps on and oil products. The price of Brent crude rose on the news of the output cut from Russia, the world's second-largest oil exporter after Saudi Arabia, increasing by more than 2.5% on the day to $86.6 per barrel. ""As of today, we are fully selling the entire volume of oil produced, however, as stated earlier, we will not sell oil to those who directly or indirectly adhere to the principles of the 'price cap',"" Novak said in a statement. ""In this regard, Russia will voluntarily reduce production by 500,000 barrels per day in March. This will contribute to the restoration of market relations."" The Kremlin said on Friday that Russia had held talks with some members of the OPEC+ producers group regarding its decision to cut output. Novak said later that Russia had not held any formal consultations as the cuts were voluntary. Two OPEC+ delegates told Reuters that OPEC+ plans no action after Russia announced oil output cuts. As Russia navigates the maze of restrictions which the West has imposed in an attempt to choke off its revenue from oil, the production cut indicates that the price cap on Russian oil products has had some impact. The G7, the and Australia agreed to ban the use of Western-supplied maritime insurance, finance and brokering for seaborne Russian oil priced above $60 per barrel from Dec. 5 as part of Western sanctions on Moscow over the conflict in Ukraine. The EU also imposed a ban on purchases of Russian oil products and set price caps from Feb. 5. In turn, Russia has banned deals involving any application of the price cap mechanisms. The last big fall in Russian oil output was in April when it collapsed by nearly 9% following the introduction of Western sanctions over Ukraine. Since then, Russia has managed to set up logistic chains for its oil sales, mostly in Asia. Russia's decision to cut oil production was announced only nine days after an OPEC+ panel, in which Russia is a member, endorsed the oil producer group's current output policy, leaving production cuts agreed last year in place. ""Russia believes that the 'price cap' mechanism in the sale of Russian oil and oil products is an interference in market relations and a continuation of the destructive energy policy of the countries of the collective West,"" Novak said. His spokesperson said later that the cuts will relate to crude oil only, without gas condensate, a type of light oil. Russia's oil output last year defied numerous predictions of a decline, rising by 2% to 535 million tonnes (10.7 million barrels per day) thanks to a jump in sales to Asia, especially, to India and China. However, following a raft of new sanctions from the West, Russia is facing more challenges in selling oil, a key source of revenue for the state budget, which posted a $25 billion deficit in January. Lower"
"following a raft of new sanctions from the West, Russia is facing more challenges in selling oil, a key source of revenue for the state budget, which posted a $25 billion deficit in January. Lower export volumes shrank Russia's current account surplus by 58.2% to $8 billion in January, squeezing Russia's capital buffers at a time when Moscow is ramping up budget spending. Also Read:"
"Russian oil price for India eased in September vs August: data The average landed price of for in September eased from August, according to Indian government data, indicating widening discounts. Spot discounts for in September started to widen as Indian refiners reduced purchases due to high prices and maintenance outages, Reuters reported in August. India bought Russian oil at an average price of about USD 81.7 per barrel, compared to about USD 86 per barrel in August, according to Reuters' calculations based on the latest data posted on the Indian Trade Ministry's website. Refiners in India mostly buy Russian oil on a delivered basis, with sellers arranging for shipping and insurance. India depends on imports to meet more than 80% of its overall oil needs and rarely bought Russian oil in the past due to high transportation costs. But it has become the biggest buyer of seaborne Russian crude as western nations shunned purchases from Moscow over its invasion of Ukraine in February 2022. The data does not specify freight, insurance and other charges paid by the refiners but the purchase price is significantly above the USD 60 per barrel price cap imposed by G7 nations. Russian oil has mostly traded above the price cap since mid-July, as discounts narrowed due to output cuts by producers, including Saudi Arabia and Russia. The average price paid by India for Russian oil in September was lower than for barrels from Iraq and Saudi Arabia, which averaged USD 83.56 and USD 96.16, respectively, the data showed. India imported about 1.42 million barrels per day (bpd) of Russian oil in September, down around 9% from August, while imports from Iraq rose by about 8% to 918,000 bpd, the data showed."
"Formal job creation in India slows down in August: MoSPI Formal slowed down in August after remaining buoyant for the last four months across the Employees’ Provident Fund Organisation, the Employees’ State Insurance Corporation and the . The provisional payroll data released by the and programme implementation on Tuesday shows net new subscriber addition under fell by 7.1% in August at 1.69 million compared to 1.82 million in July, 1.83 million in June, 1.68 million in May and 1.53 million in April. ESIC also registered a decline of 8% in net subscriber addition in August at 1.46 million compared to 1.58 million in July, 1.56 million in June, 1.51 million in May and 1.28 million in April. Even the NPS witnessed a marginal dip of 0.71% at 65,543 as against 66,014 in July, 58,425 in June, 60,926 in May and 64,569 in April. Year-on-year comparison, however, shows an increase in formal jobs created this year compared to August 2021, which was the period of the abating second wave of the pandemic. Formal jobs created under the Employees’ Provident Fund Organisation in August this year were 14.4% higher compared to 1.48 million added in August 2021. Net new subscriber addition under ESIC in August this year is 10.5% more than 1.32 million new subscribers added in last August while NPS registered an increase of 16.3% as against 56,827 new enrollments in August 2021. Out of the total 1.69 million net subscribers added during the month, around 0.98 million new members have been enrolled under the social security cover of EPF & MP Act, 1952 for the first time, it said. Approximately 0.71 million net subscribers exited but re-joined EPFO by transferring their accumulations from previous PF account to the current PF account, instead of claiming for final withdrawal. As per the report, 1.18 million male subscribers were added to ESIC while 0.28 million female subscribers were added to ESIC in August. Under NPS, the highest number of subscribers added in August was at the state government level at 40,902 followed by the corporate sector at 15,502 and the least were added by the central government at 9,139. The report is based on the payroll data of new subscribers of various social security schemes run by ESIC, the Employees' Provident Fund Organisation (EPFO) and Pension Fund Regulatory and Development Authority (PFRDA). It has been releasing such data of these bodies since April 2018, covering the period starting from September 2017. The report said since the number of subscribers is from various sources, there are elements of overlap and the estimates are not additive. NSO also said the report gives different perspectives on the levels of employment in the formal sector and does not measure employment at a holistic level."
"Assisted driving systems struggle with collision tests: Study installed in Tesla Inc, Hyundai Motor Co and Subaru Corp vehicles failed to avoid head-on collisions in testing done by AAA, though Tesla's did slow the vehicle to a walking speed before striking an oncoming, foam model of a car. The AAA, a U.S. consumer and travel services organization, said the tests illustrate how current assisted driving and automated braking systems fall short of true autonomous driving, and require drivers to stay in control of vehicles. A fast-growing number of new vehicles are equipped with , or , that partially automate functions such as steering, staying in a lane and braking. Tesla's Autopilot is one of the best-known such systems, but most major automakers offer similar technology. Regulators, auto insurers and automakers warn that ADAS systems cannot safely substitute for a human driver's full attention. In their latest study of the limitations of assisted driving technology, researchers for AAA set up four scenarios for the three tested models: Overtaking a dummy car traveling in the same direction as the tested vehicle; overtaking a dummy cyclist heading in the same direction; confronting a dummy car on a head-on collision course at 25 miles per hour; and avoiding a dummy bicycle rider crossing the test car's path. All three tested vehicles detected and avoided hitting the dummy vehicles and cyclists traveling in the same direction, ahead of the tested vehicles, AAA said. But the Hyundai Santa Fe and Subaru Forester did not appear to detect or slow to avoid colliding with the foam dummy vehicle during a simulated head-on collision, AAA said. The Model 3 did automatically hit its brakes when it detected the oncoming dummy car, slowing to 3.2 miles per hour or slower before colliding with the dummy car. Tesla did not reply with comments on the study. Hyundai said in a statement it ""is reviewing the findings in AAA's report as part of our ongoing commitment to customer safety."" Subaru is looking into the AAA test to understand the methodology and does not have a detailed response at this time, spokesman Dominick Infante said in an email. The automaker has improved its EyeSight assisted driving system for the 2022 model year Forester, he added. AAA said a Subaru Forester it tested failed to detect a simulated bicycle rider crossing its path in five test runs. A Tesla Model 3 and a Hyundai Santa Fe did see and brake for a dummy cyclist crossing their paths. Also Read:"
"Mahindra Last Mile Mobility sells 40,000 E3Ws in 8 months of FY24 New Delhi: Last Mile Mobility Limited (MLMML), a subsidiary of Mahindra & Mahindra Limited, in the 8 months of FY24 sold 40,000 EVs fuelled by the launch of two new products – and e-Alfa Super rickshaw and cargo variants. It continues to dominate the electric three-wheeler market. Building on its success, MLMML so far has sold over 1.4 Lakh electric vehicles and has a market share of 9.3% in the electric three-wheeler space in India. In the L5 EV category, MLMML is the leader with a 55.1% market share, YTD FY24, the company said in a media release. This significant achievement showcases the accelerating demand for Mahindra's electric vehicles and highlights the company's commitment to pioneering sustainable last-mile mobility solutions. To meet this sustained demand for three-wheeler EVs, production has been increased threefold. MLMML’s manufacturing plants are situated in Bengaluru, Haridwar and Zaheerabad, the release said. , MD and CEO, MLMML said, “In FY24, our customer-first approach has helped intensify our efforts to electrify the last mile transportation space. Sales of 40000 e-3-wheelers within eight months reflects the inclusive income generation our EVs accord to the drivers. We’re committed to enhancing our customer’s lives by consistently delivering value-for-money, innovative and sustainable last-mile mobility solutions."" As part of its customer-centricity approach, Mahindra Last Mile Mobility Limited offers the UDAY program. This program, on purchase of a MLMML EV, provides drivers with an accident insurance cover of INR 10 Lakh for the first year, the release added."
"Stellantis Ventures to aid ‘Dare Forward 2030’ plan, makes 11 key Investments , the corporate venture fund of N.V., has been formed to support and amplify the execution of Dare Forward 2030 strategic plan. Ten startup companies and one mobility venture fund have been considered so far as its first key investments. Three of the projects backed by Stellantis Ventures are launching this year, validating the fund’s mission to accelerate deployment of innovative, customer-centric mobility technologies and support Stellantis’ Dare Forward 2030 efforts in leading the change to a more sustainable mobility and better in-vehicle experience for all customers. “Transforming Stellantis into a mobility tech company means we need to have the mindset of a startup, focused on our customers and working with a dash of impatience,” , Stellantis Chief Technology Officer, said. “We are using the strength of Stellantis Ventures to connect with companies that are developing cutting-edge technology that we believe can transform the in-cabin experience and improve the mobility sector, for our customers and for society as a whole.” Investments support the Dare Forward 2030 strategy and are aligned to the three core pillars: Care, Tech and Value. 6K: 6K enables advanced sustainable manufacturing to ensure clean, low-carbon emission material production. 6K’s UniMelt plasma process is a cutting-edge platform for producing domestic sustainable critical materials for EV batteries, 3D printing, and endless other applications. 6K delivers true sustainable manufacturing - faster, cleaner, and at a lower cost. Beweelsociety : Beweelsociety, a startup with roots inside Stellantis, is a developer of connected e-bikes and provider of a wide range of services from purchasing to cycling through one unique digital app, including financing, insurance, facilitation and care services (maintenance, anti-theft). Expanding the vision beyond traditional auto, beweelsociety helps Stellantis accelerate the growth of sustainable and soft mobility. The first e-bikes will be available to purchase from specialized cycling networks and technology-focused retailers in Europe, starting the last quarter of 2023. NetZero: NetZero is a climate venture specializing in long-term carbon removal from the atmosphere by turning agriculture residues into biochar, a very stable form of carbon. Biochar can be mixed with agricultural soils, improving yields and reducing the need for fertilizers. NetZero’s mission is to bring biochar at scale in the tropics - for climate and people. Nauto: Nauto deployed artificial intelligence and computer vision technology combined with advanced risk data science to over 800 commercial fleets to help save money and lives through safer driving. Nauto’s safety system assesses both driver behavior risk and external road risk, warning and coaching drivers to reduce distracted driving and prevent collisions in real time while respecting driver privacy. Nauto Cloud and mobile"
"both driver behavior risk and external road risk, warning and coaching drivers to reduce distracted driving and prevent collisions in real time while respecting driver privacy. Nauto Cloud and mobile applications help fleet safety and risk managers operate fleets more efficiently, identify and coach at-risk drivers, and accelerate claims processing. The Nauto solution will be available this summer in the United States on Stellantis commercial fleet vehicles. Trails Offroad: Staffed by off-road experts and enthusiasts, Trails Offroad offers a digital library of more than 3,000 detailed offroad trail guides throughout the United States and Canada that can be loaded in the Jeep Uconnect system. Each trail guide provides detailed information including route description, key waypoints, difficulty ratings, points of interest, videos and reviews. Beginning in summer 2023, select new Jeep® vehicles will have access to over 200 notable trail guides, including the 62 Jeep Badge of Honor trails. The full catalog will be offered as a subscription service. Viaduct: Viaduct is an artificial intelligence platform designed to improve vehicle analytics for quality and maintenance. The platform deploys its machine learning algorithms to identify anomalies in fault and sensor data, predict vehicle health and enhance preventative maintenance routines, making vehicles safer, more reliable, and personalized. Geoflex: Geoflex is a worldwide operator of satellite positioning augmentation technology designed to augment accuracy, integrity, and continuity of operation of all global navigation satellite systems receivers, whatever the brand is. Its hypergeolocation services provide accurate, safe and resilient positioning down to 4 cm accuracy everywhere in the world, on land, at sea and in the air. Envisics: Envisics is a globally renowned pioneer of dynamic holographic technologies and its application for augmented reality head-up displays (AR-HUDs) and automotive sensor systems. The advancement of Envisics technology has the opportunity to transform automotive displays and revolutionize the in-car experience. Electra Vehicles: Electra Vehicles, a leading provider of battery software solutions for electric mobility. Electra provides active and adaptive controls for battery management systems, predictive battery analytics and battery pack design software. With embedded and cloud-based artificial intelligence and machine learning (AI/ML) battery enhancement features, Electra aims to maximize the full potential of battery power to enable electric mobility to take us further. : Lyten created Lyten 3D Graphene, a unique decarbonization materials platform tunable for a wide range of advanced applications: lightweight composites for reduced vehicle weight, advanced sensors to improve driver experience, and a breakthrough highly sustainable lithium-sulfur battery that uses zero nickel, cobalt or manganese, has higher energy density, lower carbon footprint, and enables supply"
"driver experience, and a breakthrough highly sustainable lithium-sulfur battery that uses zero nickel, cobalt or manganese, has higher energy density, lower carbon footprint, and enables supply chain independence. Stellantis Ventures will be present at MOVE 2023 on June 21-22 as an exhibitor on booth #36 and a main speaker, delivering the opening keynote on June 22 titled “Start Me Up! The central role of incubators in driving mobility forward”, and joining a panel discussion on “The start-up ecosystem and the unicorn journey”. Stellantis Ventures is not disclosing the name of the mobility venture fund investment. Stellantis Ventures was announced in March 2022 as a key component of the Stellantis Dare Forward 2030 strategic plan. Dare Forward 2030 sets out a series of important targets, led by deep emission cuts to slash CO2 in half by 2030, benchmarking the 2021 metrics, and achieve carbon net zero by 2038 with single digit percentage compensation of the remaining emissions. Core targets for Dare Forward 2030 also include 100% of passenger car sales in Europe and 50% of passenger car and light-duty truck sales in the United States to be BEVs by the end of the decade; the ambition of doubling by 2030 (versus 2021) and sustaining double-digit Adjusted Operating Income margins throughout the decade; and the aim to become number one in customer satisfaction for its products and services in every market by 2030."
"Oil prices rise on strong fuel demand data rose in early Asian trade on Thursday after strong demand for fuels in the US outweighed concerns about the possibility of the world's biggest oil producer and consumer defaulting on its debt. rose by 26 cents, or 0.34 per cent, to USD 76.67 a barrel by 0015 GMT. US crude futures rose 28 cents to USD 72.84. Latest US data showed consumer prices rose in April, increasing the likelihood that the will maintain higher interest rates which can have the knock-on effect of reducing oil demand. Rising global interest rates have weighed on oil prices in recent months, with traders concerned about . However, fuel demand in the US is showing signs of strength. US gasoline inventories fell by 3.2 million barrels last week, much more than the 1.2 million barrel draw forecast by analysts. Distillate stocks also declined, data from the US Energy Information Administration showed on Wednesday. US jet fuel demand rose to its highest level since December 2019. Meanwhile, detailed talks on raising the US government's USD 31.4 trillion debt ceiling kicked off on Wednesday with Republicans continuing to insist on spending cuts. The standoff has rattled investors, sending the cost of insuring exposure to US government debt to record highs, as Wall Street grows more concerned about the risk of an unprecedented default."
"Explore free bus travel for labourers: Arvind Kejriwal New : Chief minister on Wednesday asked the to explore the possibility of providing all registered labourers in the capital free travel in public buses. He also directed officials to explore the possibility of providing subsidised housing to them. In a meeting to review the ongoing projects of the department, which was attended by labour minister Raaj Kumar Anand and senior officers, the chief minister also asked them to assess the possibility of providing group life insurance to the labourers. While there are 13.4 lakh workers registered under Delhi Building and Other Construction Workers Welfare Board, the number of those who have got the bus pass made for free travel is very less. Officials said the CM has directed the officials to explore the possibility of providing each worker with a free bus pass, in addition to those who are already availing of the facility. He asked the officials to discuss with the DTC whether the government can pay a standard charge for these passes and the workers can get to use the buses for free. ""This way, the DTC will earn revenue and workers will also get a free bus pass. We can actively persuade these workers to come and collect their bus passes. A lot of people do not even know of the schemes available to them,"" he said. The Delhi government has already made the commuting of women passengers free in public buses. Kejriwal emphasised that the labour department should prepare a plan within a week for positive and effective use of the funds available with it. He further urged the department to speed up the registration of workers under various schemes. The CM said if government schemes are publicised properly, 25-30 lakh workers would get registered with the board. He said nearly 23.5 lakh workers were registered with the Centre's e-shram portal. ""We have made so many schemes for our workers, but many don't come forward to avail them. We should try to get the workers to register under our schemes to provide them with maximum benefits,"" Kejriwal said. ""Can we launch some 'carpet bombing' scheme where everyone is benefited? For example, during Covid, all workers were benefited regardless of whether they applied or not,"" the CM added. He asked the department to make disability related schemes more accessible. Kejriwal also directed it to start a scheme on the lines of the Jai Bhim Mukhyamantri Pratibha Vikas Yojana to provide free coaching to children of construction workers."
"CEA V Anantha Nageswaran pegs medium term India growth at 6.5-7% The Indian economy is likely to grow 6.5-7% in the medium term, buoyed by a revival in the capital formation cycle, chief economic adviser (CEA) said, but warned that a proposed price limit by the West on Russian crude oil would be a matter of concern. The International Monetary Fund has forecast the economy to grow by 6.8% in the current fiscal year and 6.1% in the next. “Taking a baseline scenario of oil…under $100 (per barrel), our medium-term (growth) outlook would be closer to 6.5-7%, rather than closer to 6%, because the capital formation cycle will turn up and there are already insipid signs that it is happening,” Nageswaran said. He was speaking at a mid-term review of the Indian economy by the (NCAER) on Saturday. India’s balance of payments may be in deficit this year and the next, the CEA added, though it would be manageable, with the existing gold and foreign exchange reserves, as well as better remittances expected this year. “It’s not the end of the world because we do have about $530 billion (in reserves), and currencies alone about $480 billion worth of reserves at end of October,” Nageswaran said. “We should be able to ride through this space because FDI flows are stable.” The country could also face a problem of rupee appreciation next year, Nageswaran said. India’s growth cannot be completely decoupled from global risks, he added. NCAER’s review said the economy was showing growth and resilience in 2022 despite an unprecedented global environment. The next year is slated to be tougher and subject to uncertainty, NCAER said in its review. ET reported earlier in the week that Russia had become India’s biggest crude supplier in October. Led by the US, advanced economies have proposed a price cap for Russian crude for global buyers to create economic hardship for Moscow while ensuring that global energy supplies are not disrupted. Countries that violate the cap will not have access to key maritime services such as insurance. The price cap, which has yet to be decided, will kick in from December 5. “In this situation, what is really important for us to worry about is the oil price cap…(which) basically means insurance and shipping services will not be available to those who buy Russian crude...,” Nageswaran said. It could deny India cheaper Russian oil that has allowed New Delhi to keep import costs low. India imports 85% of its crude requirement. The chief economic adviser said given the way the limit had been structured, some contracts entered into before December 1 would not be subject to the ceiling, resulting in hoarding of crude by traders."
"Passenger vehicles sales gather speed on Dhanteras Sales of cars, sedans and sports utility vehicles went up by nearly a tenth in the two days of , as consumers drove home their dream vehicles this festive season after the low-key celebrations seen the last two years on account of the pandemic. Senior industry executives and dealers ET spoke with said retail sales would have been even stronger if automakers were able to produce vehicles in line with underlying demand. With the industry still sitting on orders of 800,000-850,000 units, retail sales are expected to be robust in the remaining part of the year with increased component supplies helping automakers to step up production as well. Dhanteras is celebrated as the first day to mark the beginning of Diwali. Hindus, Jains and Sikhs buy brass, silver and gold on this day as it is regarded as one of the most auspicious days to purchase expensive objects. This year, Dhanteras was celebrated on October 22 and 23. Market leader is estimated to have delivered 21,000 units by the end of day two, up 8-9% over the same period last year. said on Sunday that its deliveries over the two days doubled compared with 2021. Automakers saw robust demand for new models, especially SUVs, such as the Maruti Suzuki Brezza and Grand , Hyundai Venue, Mahindra Scorpio and Tata Nexon. ""Our Dhanteras retails have increased over last year, but are down by about a fifth when compared with average sales seen in the pre-Covid years,"" said Shashank Srivastava, senior executive director (marketing and sales) at Maruti Suzuki. The company currently has bookings for 450,000 units. ""We are delighted with the growth this festive season. On the back of robust demand for our new range of cars and SUVs, our deliveries during Dhanteras more than doubled ... For the festive period so far, our retail growth has been 43% in FY23 compared to last year. Demand has been well supported this year with a significant ramp up in supply,"" said Shailesh Chandra, managing director of Tata Motors PVs and Tata passenger electric mobility. Two-wheeler makers saw improved sales across urban, semi-urban and rural markets, especially at the entry level where demand has been depressed for nearly three years due to a rise in acquisition, insurance, and running costs since the transition to BS-VI standards. Federation of Automobile Dealers' Association president Manish Raj Singhania said he expected strong retail sales across all categories of vehicles this festive period. Overall, passenger vehicle makers are expected to close the fiscal year with sales just shy of 4 million units. Two-wheeler sales are forecast to increase by 16-17%. Maruti Suzuki's Srivastava said with passenger vehicle sales clocking record numbers so far this year, the Dhanteras volumes appeared slightly out of line with expectations but mostly on account of production challenges related to most sought-after models. The industry though is on track to register record sales this year."
"appeared slightly out of line with expectations but mostly on account of production challenges related to most sought-after models. The industry though is on track to register record sales this year. ""There is a huge order backlog in the industry. It will be a record year for passenger vehicle sales. Only after pending orders are delivered, we will be able to assess the impact on demand in the coming months,"" he said. With new launches and sustained strength on the demand side, for the first time in history as many as 1,027,000 passenger vehicles were sold in the local market last quarter, up 38.5% from a year earlier. Read More:"
"Berkshire Hathaway boosts stake in Occidental Petroleum to 25% Hathaway Inc said on Wednesday it has acquired more shares of , boosting its stake in the oil company to above 25%. The conglomerate, controlled by billionaire , said in a regulatory filing that it paid about USD 122.1 million for 2.14 million shares between June 26 and June 28. Berkshire had also purchased about 4.66 million Occidental shares on May 30. 's company began buying shares of Houston-based Occidental early last year, around when Russia invaded Ukraine and as oil prices were rising. It also recently owned about USD 9.5 billion of Occidental preferred stock carrying an 8% dividend, plus warrants to buy another USD 5 billion of Occidental shares at USD 59.62 each. Berkshire bought the preferred stock and obtained the warrants in 2019 when it helped finance Occidental's purchase of Anadarko Petroleum Corp. At the annual shareholder meeting on May 6 in Omaha, Nebraska, Buffett praised Occidental's management and business, but said Berkshire was not planning to acquire the company. ""We're not going to buy control,"" Buffett said. ""We've got the right management running it."" Berkshire had amassed a 22.6% stake in the BNSF railroad before paying USD 26.5 billion for the remainder in 2010. BNSF now generates about one-fifth of Berkshire's operating profit. Berkshire also owns dozens of other businesses including Geico car insurance and many energy, manufacturing and retail companies, as well as stocks such as Apple Inc."
"Mahindra launches Jeeto Strong at a starting price of INR 5.2 Lakh New Delhi: Mahindra Last Mile Mobility Limited (MLMML), a subsidiary of Mahindra and Mahindra, Wednesday launched “Mahindra Jeeto at INR 5.28 Lakh for diesel and INR 5.55 Lakh for CNG, ex-showroom Pune. Jeeto Strong is made for last-mile cargo transportation with a payload capacity of 815 kg in diesel and 750 kg in CNG. According to the company, it stands out with best-in-segment mileage (32.00 kmkg in CNG), a first in a sub-2 tonne ICE cargo 4-wheeler - electric vacuum pump-assisted braking, a user-friendly brand-new digital cluster and improved suspension. Mahindra also offers free accidental insurance worth INR 10 Lakh for the driver, ensuring safety and security of its customers with a 3 Year or 72000 km warranty. Jeeto Strong is a successor to the Jeeto Plus (diesel & CNG) with 100 kg more payload than the latter. , Managing Director and CEO, MLMML, said, ""At Mahindra, we constantly listen to customer feedback and their evolving needs. A testimony to our commitment to constant advancement - the Jeeto Strong – with its now unmatched payload capacity, superior mileage as well as attractive pricing makes for a compelling option in its segment. It will not only transform last mile cargo delivery but also the lives of our driver partners, allowing them to deliver more, save more, and achieve more.”"
"RBI holds rates, auto retail to stay flat and first time car buyers to defer entry as financing remains expensive New Delhi: The automobile manufacturers are rejoicing in the unprecedented growth of wholesale dispatches from factories last fiscal. Dispatches of vehicles, especially of passenger cars, reached an all-time high. Other vehicle segments have also fared better than expected, despite the comparison being on a high base of previous years. But this euphoria in factory dispatches masks the anxiety at the retail showrooms, where discounts are at unprecedented levels across price segments, particularly for the entry level cars and two wheelers, as sales remain weak. In this scenario, the decision of the this morning to keep lending rates unchanged at 6.5% would continue to badly impact the , especially entry level vehicles. The typical buyers of small cars and lower end bikes are extremely price sensitive. Given the continued inflationary trend without any relief in finance rates, these prospective buyers may continue to hesitate. “After a detailed assessment of the evolving macroeconomic and financial developments and the outlook, it decided by a 5 to 1 majority to keep the policy repo rate unchanged at 6.5%,” , Governor of the Reserve Bank of India, said. Das pointed out some green shoots. He said rural demand, which was lagging urban demand earlier, picked up since Q2 (July-September) 2023-24. Rural markets account for a sizable portion of sales of entry level cars and bikes in India. “This is also suggested by performance of indicators such as two-wheeler sales (30.% growth during January-February), (Mahatma Gandhi National Rural Employment Guarantee Act) demand (declined by 9.8% year-on-year during February-March 2024) and retail tractor sales (increased by 16.1% in January-February)...With rural demand catching up, consumption is expected to support economic growth in 2024-25. Urban consumption stayed buoyant,” Das said. But are these green shoots enough to ensure growth in the new fiscal year? Even in a remarkable year (2023-24), two wheeler sales did not race past pre-Covid highs, pointed out Nikunj Sanghi, past President of the Federation of Automobile Dealers Association (FADA). Stress at the entry level segment continues to impact sales of a large chunk of vehicles. According to data from the Society of Indian Automobile Manufacturers (SIAM), just entry level motorcycles (between 110-125 cc, excluding scooters and mopeds) accounted for nearly 18% of total two wheeler sales in the domestic market between April and February last fiscal. In passenger cars, the micro segment accounted for about 3% of overall car sales though this segment was nearly a third of the market some years ago. Many industry experts have pointed out that continuous price hikes, specially post Covid19, have shrunk the entry level segments in both, two wheelers and cars, besides also having a significant impact on two-wheeler owners willing to upgrade to cars"
"price hikes, specially post Covid19, have shrunk the entry level segments in both, two wheelers and cars, besides also having a significant impact on two-wheeler owners willing to upgrade to cars (the first time buyers in many cases). An industry executive said the entry hatchback segment in cars “has shrunk badly as car affordability for this section of the consumer is a big issue”. In two wheelers, while the entry level segment did start showing some green shoots late last calendar year, the growth has been very slow. Though the general trend in cars as well as two wheelers is towards premiumisation, volumes remain in the entry level segment in two wheelers. The auto industry has been seeking lower GST on entry level two wheelers and more measures from the government to increase the income levels of the target customers for such vehicles. Auto industry runs on finance: Sanghi said that the automobile industry moves on finance “and the RBI decision to hold rates is a disappointment for prospective entry level car customers.” At least 9 in 10 vehicles sold in the domestic market are financed. The interest rates are levied on the invoice value (ex-showroom price, does not include road tax and insurance). Sanghi said that if the CIBIL rating of the customer is good (750+ points) then the current interest rate for a small car purchase is 9.5%. But for the same car, it can go up to 11.5% if the customer’s CIBIL rating is poor. For two wheelers, finance rates are nearly double those for cars. “The two wheeler rates are nearly double of those for cars since the loan amount per vehicle is lower and administrative and collection costs for such deals are higher”. Besides, banks offering vehicle loans do not often have the margin to reduce interest rates as provisioning requirements (by the RBI) have been getting tougher by the day. Sanghi said even now, banks have not passed on the entire rate cut relief (for an earlier cut in lending rates) for the automobile segment. So, in all, the decision of the MPC to retain lending rates is no music to the ears of prospective entry level vehicle buyers. But , Partner at EY, did not see any major impact on entry level segments in different vehicle categories due to the RBI decision to hold rates. One, he said, this was expected since the MPC meeting was being held just before the General Elections. “Anyway, spending in India is increasing as is India’s per capita income. There is unlikely to be any major impact on vehicle sales”. Meanwhile, , Managing Partner at Avanteum Advisors, said vehicle finance rates will hold steady for the time being. “But what is also of importance is the risk weight attached to retail assets and vehicle loans as a class of asset. The risk weightage also plays a role in interest cost.” He pointed out that in the recent past, RBI has been worried about retail loan default, in particular credit card leverage. So what is the forecast for auto sales in the new fiscal year? Ramakrishnan said"
"out that in the recent past, RBI has been worried about retail loan default, in particular credit card leverage. So what is the forecast for auto sales in the new fiscal year? Ramakrishnan said that after Covid19, there was good growth in sales “but that will slow down now as the pent up demand has been fulfilled. There will be a short period of consolidation but if the GDP continues its robust growth, vehicle sales will bounce back next year.”"
"Bond yields lower tracking fall in oil prices By Bhakti Tambe Indian government bond yields edged lower on Monday, tracking downward movement in and as long-term investors stepped in due to the absence of major triggers. The benchmark 10-year yield was at 7.3637% as of 10:23 a.m. IST (0454 GMT), after ending at 7.3889% on Friday. ""The U.S. markets are closed today, so our market is a bit directionless. But there's some value-buying from long-term investors, like insurance companies in longer-duration bonds, supporting prices,"" a dealer with a private bank said. The U.S. markets are shut on Monday for the Presidents' Day holiday. ""The next key psychological level is 7.40% and then yields could find some support at 7.43%. However, in the absence of major triggers, any sharp upward movement is unlikely,"" said a trader with a state-run bank. ""Therefore, players like provident funds and insurance companies felt that current levels are good to enter into long-term bonds."" Market participants also took comfort from the fall in on Friday, on worries that future rate hikes could weigh on demand. Prices, however, reversed some losses in early on Monday. India imports nearly two-thirds of its oil requirements and price fluctuations have a bearing on domestic . The country's more than expected in January, as it did in the United States. That will make the policy minutes from the central banks of both countries, due later this week, critical. U.S. Treasury yields have been rising on market expectations of tighter in the coming months. Yields rose last week, though they eased to 3.8280% on Friday. Also Read:"
"Red Sea shipping pause: Industry sees 30% rise in costs, 2-week delay New Delhi: Industry is bracing for a 30% rise in freight and insurance costs, and delays of around 15 days for consignments to reach Europe, with global shipping majors avoiding the and . Sector watchers said that the alternate route between Europe and Asia through the Cape of Good Hope will take two-three weeks more, depending on where the consignment is to be delivered. This is likely to result in containers being held up in transit for longer and firming up. The Red Sea and Suez Canal are on a crucial shipping route for India as goods between Europe and Asia move through them. The decision to avoid the Red Sea route was announced by AP Moller-Maersk, MSC, CMA CGM, and Hapag-Lloyd in the last few days. This was an outcome of attacks on commercial ships by Iran-backed militants in . It is estimated that roughly 12% of global trade through 30% of all containers in the world move through the Suez Canal. ""A call on whether to reroute ships through South Africa has not yet been taken. For now, the decision is to just hold the position of vessels at the nearest safe harbour,"" a representative at one of the four shipping companies told ET, adding that the situation is dynamic. The decision could have a significant impact on sea shipments, said Ajay Sahai, director general, Federation of Indian Export Organisations (FIEO). ""It may lead to a rise in freight also since the alternative is to around the Cape of Good Hope, which adds up to 10 days sailing time for ships from Asia to North Europe and East Mediterranean,"" he said. Sahai said that overall, there could be a 30-40% rise in costs. ""We don't know whether the attacks will stop in a week or will take more time,"" said the first person quoted above. This situation has already started putting pressure on exports from India. ""We could not find ships to load cars which we export to Europe from India,"" said a representative for a foreign shipping line in India. ""The vessels market is already saturated with Chinese demand and Christmas, New Year-related commerce."" While exports are under pressure, India's imports may not be as impacted, according to Amitabh Kumar, India's former director general of shipping."
"G7 coalition to keep Russian oil price cap at USD 60 per barrel The Group of Seven ( ) coalition will keep a USD 60 per barrel price cap on seaborne Russian oil, a coalition official said, despite rising global crude prices and calls by some countries for a lower price cap to restrict Moscow's revenues. The G7 and Australia made the decision to maintain the cap over the past few weeks after a review of the USD 60 price - set in December with an aim to reduce Moscow's ability to finance its war in Ukraine, the official said on condition of anonymity. It comes after four weeks of gains in benchmark oil prices helped by an output cut announced by , which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, as well as a recovery in Chinese consumption. The market was consolidating on Monday with Brent and U.S. crude futures holding above USD 80 per barrel. Russian crude has been selling at a discount of around USD 30 to Brent, the official said. Coalition officials concluded the price cap was working to both limit Russian revenue while maintaining energy market stability, but said they would continue coordinating to ensure effective monitoring and enforcement, the official added. COMBATING EVASION The coalition will also intensify efforts to combat evasion of the price cap and sanctions imposed on Russia, including the use of deceptive practices to access insurance and other coalition services for oil traded above the cap. Coalition members plan to provide guidance to help service providers identify red flags for evasion, such as manipulation of ships' location tracking or failure to itemize shipping, freight, customs, and insurance costs separately from the oil itself, the official said. Later on Monday, the U.S. Treasury issued a warning to U.S. companies of possible evasions of the price cap on oil exported through the Eastern Siberia Pacific Ocean (ESPO) pipeline and ports in eastern Russia. It recommended that traders retain documents showing that Russian oil and oil products were bought at or below the cap. The oil price cap bans G7 and European Union companies from providing transportation, insurance and financing services for Russian oil and oil products if they are sold above the cap. The U.S. and Britain have also imposed restrictions on Russian oil imports. The official noted that a recent International Energy Administration (IEA) report concluded that the G7 sanctions regime had been effective ""in not restricting global crude and product supplies, while simultaneously curtailing Russia's ability to generate export revenue."" The IEA said on Friday that Russian's March oil revenue rose by USD 1 billion month on month to USD 12.7 billion, but was still 43% lower than a year earlier. Russian crude exports have been consistent at over 3 million barrels per day and global markets have been steady, the G7 official said."
"GST authorities to investigate auto dealers for sending fake invoicing The tax are probing a section of automobile dealers who have supposedly generated fake invoices without providing any service. This move is a punishable offense under goods and services tax ( ) law. The authorities are going to question the car dealers to explain the services they provided to general insurance companies. The investigators are suspecting that automobile dealers pitched for insurance schemes that gave them commissions in excess of those insurance regulations permit, according to a business daily. Without an underlying supply of services, the dealers raised fake invoices and on the basis of those, insurance firms claimed input tax credit, two officials privy to the probe said. Notably, the limit is 15%-20%, depending on the products prescribed by the Insurance Regulatory and Development Authority of India (IRDAI). Effective from April 1, IRDAI separated limits for commission and has imposed an overall ceiling on operating expenses and commissions. With this, there is a 100% penalty and the registration of the fake invoice issuer could be also cancelled. The offense is not bailable. In the GST regime, issuing an invoice without supply means a jail term up to five years, if the amount involves INR 5 crore or above. Along with that, there is a 100% penalty. ""The tax evasion in this case is suspected to be around INR 12,500 crore, which is much higher than the earlier estimate of INR 1,000 crore. As the probe progresses, we could see a nexus between insurance companies and lots of such intermediaries flouting regulations to avoid tax. The matter is to be decided soon,"" a senior government official told the business daily The move is to widen the investigation the Directorate General of GST Intelligence (DGGI) has launched against 16 insurance companies since September last year, for allegedly paying commissions as high as 60%-70% to intermediaries like these, and then availing themselves of input tax credit on the bills raised in the name of marketing and sales services. Source: Business Standard"
"Cos boost incentives for SUVs, minivans to stimulate demand Sport utility vehicles (SUVs) and , the two segments with significant sales traction, see a spike in incentives. The minivan segment saw average incentives jump from INR 33,720 in May this year to INR 43,727 in June 2023. The SUV segment, too, saw similar incentive increases from INR 32,296 to INR 42,215 for the same period. Body styles such as the micro-car and mini-MPV segment maintained its incentive levels at INR 38,997 and INR 17,665, respectively. Hatchbacks and sedans saw a marginal rise for the quarter ended June 2023, according to data. During the pandemic, supply was severely constrained, which allowed OEMs to raise prices and operate with negligible discounts. However, with a build-up of stocks in the pipeline, OEMs are now using incentives as a form of price discrimination to generate demand. While PV sales have recorded the highest-ever volumes of almost a million cars for the April-June quarter, paradoxically, OEMs are also offering big sales promotion incentives on many models, said experts. Incentives can be a combination of cash discounts, exchange or trade-ins and freebies like extended warranty, free insurance. ""This paradoxical situation has emerged from the demand-supply mismatch and the supply constraints in semiconductor components issues,"" said Shashank Srivastava, senior ED at the country's largest carmaker, . ""While there is growth in incentives on specific models and body styles, we're also beginning to see an increase in average weighted incentive for both luxury and mass production models. The change in incentives happens at a time when the industry inventory is swelling to almost pre-pandemic levels according to some dealers,"" said Ravi Bhatia, president, Jato Dynamics. Some models have huge pending bookings and long-waiting periods, and many other models that have better production, leads to higher inventory and hence discounts. For Maruti Suzuki, we have almost 3,80,000 bookings in such models as , Jimny, Fronx, Brezza, XL6, Ertiga and Dzire. These models obviously see little or no discount. On the other hand, hatchbacks have better supply position hence good sales promotion incentive schemes. It is a function of demand-supply gap that determines discount levels, added Srivastava. While overall industry inventory level of 2.6 lakh, which is about 25-27-day inventory is quite normal and similar to pre-Covid times, there are models where inventory has crossed the 45-day level. While dealers point to these high inventory levels, customers are feeling the brunt of low inventories of some models. At , SUVs form a key part of its product line-up and strategy. While the industry has witnessed a slew of new SUV launches over the past couple of years, has a wide SUV portfolio, which includes Creta, Venue, Alcazar, Tucson, Ioniq 5, . ""Visibly, our SUVs have been gaining strong momentum and the upcoming launch of Hyundai Exter, we're confident that this positive"
"portfolio, which includes Creta, Venue, Alcazar, Tucson, Ioniq 5, . ""Visibly, our SUVs have been gaining strong momentum and the upcoming launch of Hyundai Exter, we're confident that this positive momentum will not only sustain, said Tarun Garg, chief operating officer ( ), Hyundai Motor India. Notwithstanding the record volumes in June, growth will be in low single digit, as the base of last year was high at 3.21 lakh. This may lead to a negative growth in July, said Srivastava."
"Tesla, insurers take different paths to deal with expensive repairs Inc's are expensive to repair - so much so that the automaker and insurers are addressing the issue in sharply different ways. Chief Executive says Tesla is making design and software changes to its vehicles to lower repair costs and insurance premiums. Insurance carriers, meanwhile, are writing off low-mileage Tesla Model Ys that have been in crashes, and sending them to salvage auctions after deeming many too expensive to repair. During Tesla's fourth-quarter earnings call on Wednesday, Musk said premiums from third-party insurance companies ""in some cases were unreasonably high"" and that the EV maker's insurance arm was putting pressure on those carriers by offering lower rates to Tesla owners. Musk also said ""we want to minimize the cost of repairing a Tesla if it's in a collision,"" citing changes to vehicle design and software. ""It's remarkable how small changes in the design of the bumper (and) providing spare parts needed for collision repair have an enormous effect on the repair cost,"" he said. ""Most accidents are actually small - a broken fender or scratched side of the car."" Tesla did not respond to a request for further comment. So far, Tesla's reputation for expensive vehicle repairs does not seem to have dampened demand, which Musk says is running well ahead of the company's ability to produce. Salvaged The data on crashed low-mileage Teslas showing up at auction presents a slightly different - and previously unreported - picture, according to a Reuters analysis. Of more than 120 Model Ys that were totaled after collisions, then listed at auction in December and early January, the vast majority had fewer than 10,000 miles on the odometer, according to online data from Copart and IAA, the two largest salvage auction houses in the United States. The retail prices of those cars ranged from about $60,000 to more than $80,000. Copart and IAA auction listings note whether the vehicles were involved in front, rear or side collisions, and typically include after-crash photos of each vehicle. But the listings do not disclose specific details on the type of damage suffered. Insurance companies typically ""total"" a vehicle - that is, choose to scrap it and reimburse the owner - when the estimated cost of repair is deemed too high. Copart listings in some cases included the names of insurance companies that had bought back crashed vehicles, then listed them at auction. Those companies include State Farm, Geico, Progressive and Farmers. Geico is part of Warren Buffet's Berkshire Hathaway Inc. Insurance companies contacted by Reuters either declined to comment or did not respond immediately to requests. Low mileage Tesla launched its own insurance affiliate in August 2019, promising rates up to 30% lower than competitors. During Wednesday's earnings call, Chief Financial Officer Zachary Kirkhorn said at year-end was generating premiums at an annual rate of $300 million and growing"
"up to 30% lower than competitors. During Wednesday's earnings call, Chief Financial Officer Zachary Kirkhorn said at year-end was generating premiums at an annual rate of $300 million and growing at a quarterly clip of 20% - ""faster than the growth in our vehicle business."" All the Model Ys in the Reuters analysis were 2022 or 2023 models, and were built at either the Fremont plant in Northern California or the Austin, Texas, plant. Of the 15 Model Y Long Range vehicles built in Austin from June through November and sent to auction after being totaled in crashes, all but one had fewer than 10,000 miles on the odometer. An Austin-built 2022 Model Y Long Range involved in a front collision and listed by IAA in early January had a retail price of $61,388 and estimated repair cost of $50,388. The vehicle's owner was not listed. A second Austin-built Model Y, involved in a side collision and listed by IAA, had a retail price of $72,667 and estimated repair cost of $43,814. Representatives from Copart and IAA were not immediately available for comment. Also Read:"
"EU struggles with Russian oil price cap, talks to resume when positions converge By Jan Strupczewski European Union governments remained split on Thursday over what level to cap at to curb Moscow's ability to pay for its war in Ukraine without causing a global oil supply shock, with more talks possible on Friday if positions converge. The EU states failed to reach a deal on the price level for on Wednesday because a (G7) proposal for a cap of $65-70 per barrel was seen as far to high by some and too low by others. The European Commission, the , the United States and G7 presidency Germany were all engaged in talks on Thursday to bridge differences and reach a deal before the price cap is due to come into force on Dec. 5. ""There are a lot of bilateral talks going on now at very high levels. There will be a meeting of representatives of all EU countries once there is progress. There is no point in calling another meeting if there is no change,"" one EU diplomat said. Diplomats said that six of the EU's 27 countries opposed the price cap level proposed by the G7. Poland wants the cap to be set at $30, arguing that with Russian production costs that some estimate at $20 per barrel, the G7 proposal would allow Moscow too much profit. Lithuania and Estonia back Poland. ""In principle, Poland supports the price cap on the Russian oil but the proposed level is extremely too high,"" said Adrian Biernacki, a spokesman for the Polish representative to the EU. ""This level should refer to the production costs per barrel of crude oil, and not to current market price,"" he said. Some 70%-85% of Russia's crude exports are carried by tankers rather than pipelines. The idea of the cap is to prohibit shipping, insurance and re-insurance companies from handling cargos of Russian crude around the globe, unless it is sold for less than the price set by the G7 and its allies. Because the world's key shipping and insurance firms are based in G7 countries, the price cap would make it very difficult for Moscow to sell its oil - its biggest export item accounting for some 10% of world supply - for a higher price. Cyprus, Greece and Malta, countries with big shipping industries that stand to lose most if Russian oil cargoes are obstructed, argue the cap is too low and want compensation for the loss of business or more time to adjust. Cyprus is especially concerned about tankers sailing under its flag changing their registration to other flag-of-convenience countries outside the EU like Panama or Liberia. Russian Urals crude oil already trades within the discussed range at around $68 per barrel. ""That means the proposed cap would either be the same as, or slightly higher than, the price Russian oil is fetching on the open market. It would be, in other words, another price cap that does not cap,"" the Eurointelligence think tank said in a note. Also Read:"
"Government must review tax structure to keep auto industry on fast lane, says R C Bhargava India needs to re-examine the tax structure on automobiles – which stands highest even among partly-developed nations in the world – if the industry is to attract new buyers and grow in a sustained manner, said R C Bhargava, chairman of . While the industry has grown in strong double-digits this year, demand is coming from the more premium end of the market, indicating stress on affordability at the entry-level, head of the country’s largest pointed out. Several policy measures pertaining to enhanced safety and implemented in the last three years have resulted in a steep increase in vehicle prices. The burden of regulatory changes on is higher than that on bigger vehicles and that is changing the whole market behaviour, Bhargava said on Monday evening. “People who are buying small cars are not buying small cars in near the same numbers,” he said. “Personally, I think it’s not a good thing, either for the or the country. We need to add new buyers to the market in a steady manner for the auto industry to grow sustainably. The base of ownership of cars must increase every year. Only then, when the whole pyramid becomes a larger one, will it be able to balance itself.” The skewed growth rates being registered across segments will not warrant a uniform tax rate across smaller and larger vehicles in the Indian market, Bhargava said. “I don’t see it as becoming an inverted pyramid. That the car industry becomes an industry in India where there is hardly any growth in the small segment and all the growth takes place in the higher segments,” he said. “So, that factor has to be kept in mind, the regulatory effect on the car, and that’s one argument for not having a uniform rate of tax on all small and big cars.” At present, automobiles are taxed at 28% with additional cess ranging from 1-22% depending on the type of vehicle. Cars imported as completely built units (CBU) attract customs duty ranging between 60-100% depending on engine size and cost, insurance and freight (CIF) value being less or above $40,000. Electric vehicles, however, attract a uniform GST rate of 5%, irrespective of the body style. “There’s no differential tax rate there. So, there already that uniform taxation happening,” Bhargava said. Compared to developed markets like Europe and Japan where per capita income is far higher, Bhargava elaborated taxes on cars in India are much higher. “Now, somebody needs to think about that. Should cars be charged more than the average rate of taxation? If it is, then we are, in some way, accepting the thing that cars or luxury products should be taxed more than non-luxury products, which is the old socialist way of thinking and taxation,” he said. Tax on automobiles in Europe stands at about 19%. Overall, Bhargava said the Indian economy is doing well and is expected to register GDP growth of 7% this year. It is, however, unlikely that the country can clock a"
"in Europe stands at about 19%. Overall, Bhargava said the Indian economy is doing well and is expected to register GDP growth of 7% this year. It is, however, unlikely that the country can clock a similar rate of growth next year due to macroeconomic headwinds in global markets. India’s economic growth rate could be higher if the grows fast, he said. The manufacturing sector here has trailed behind countries such as Germany, South Korea and Japan despite the best efforts of the Narendra Modi-led government at the Centre due to implementation gaps at the ground level, Bhargava said, adding that it is imperative for the automobile industry to grow for manufacturing GDP to increase. “You can’t grow an automobile industry with 50% taxation,” he said. “Where in the world has an industry like automobiles grown with 50% taxation? But it’s the wisdom of the policymakers and the political leadership.” State governments also need to come forward to enhance ease of doing business, Bhargava said. Separately, Maruti Suzuki said it will showcase 16 vehicles including two all-new sports utility vehicles and a concept electric SUV at the next month, continuing its onslaught in a segment where it has been working at increasing its presence the last year. Maruti Suzuki managing director Hisashi Takeuchi said the company will continue to introduce new products to recoup lost market share over the next couple of years. Also Read:"
"Start-up firm Automovill launches accidental claims app to reduce cost has introduced a mobile application for registration and processing of for all agents and brokers across the country, an official said on Tuesday. The objective of the initiative is to reduce claim costs by bringing more efficiency into the system for all stakeholders, including insurance companies and their customers, he said. The online platform will provide an interface with over one lakh agents and is currently available for android-based devices, CEO Mridu Mahendra Das said. The app will cater for users of the iOS operating system by June this year, he said. ""The mobile application will function as a complete motor insurance platform serving agents and car owners and facilitating any such claim. ""An agent can simply sign up and register a claim, which would be submitted to Automovill and after estimate generation, the insurer concerned will process it. Status of processing will be visible on the app,"" Das, who hails from Assam, said. The start-up firm, a leader in handling motor claims across India, is ""offering not less than a 40 per cent cost reduction as compared to authorised service providers"", he claimed. In the first phase, the company aims at onboarding at least 20,000 agents across the country and servicing over one lakh claims in the current calendar year, Das said. Started operations in 2016, Automovill has a presence in 20 cities and is providing services to nearly 4,000 car owners per month. Also Read:"
"China blocks some Taiwan imports but avoids chip disruption BEIJING - China blocked imports of citrus and fish from Taiwan in retaliation for a visit by Nancy Pelosi, a top American lawmaker, to the self-ruled island but has avoided disrupting one of the world's most important technology and manufacturing relationships. The two sides, which split in 1949 after a civil war, have no official relations but multibillion-dollar business ties, especially in the flow of Taiwanese-made processor chips needed by Chinese factories that assemble the world's smartphones and other electronics. They built that business while Beijing threatened for decades to enforce the ruling Communist Party's claim to the island by attacking. Two-way trade soared 26% last year to $328.3 billion. Taiwan, which produces half the world's processor chips and has technology the mainland can't match, said sales to Chinese factories rose 24.4% to $104.3 billion. ""The global economy cannot function without chips that are made in either Taiwan or China,"" said Carl B. Weinberg of High-Frequency Economics in a report. On Wednesday, Beijing blocked imports of citrus fruits and frozen mackerel from Taiwan after Pelosi, speaker of the House of Representatives, arrived in Taiwan late Tuesday. But the ruling party avoided disrupting the flow of chips and other industrial components, a step that would send shock waves through the shaky global economy. Beijing also announced four days of military exercises with artillery fire in waters around Taiwan. That might delay or disrupt shipping to and from the island, one of the biggest global traders. The potential disruption adds to concerns over weakening global economic growth, but Asian stock markets rose Wednesday after there was no immediate sign of Chinese military action. The Pelosi's visit might embolden Taiwan to make its decades-old de facto independence permanent. Beijing says that would lead to war. The administration of U.S. President Joe Biden has sought to tone down the volume on the visit, insisting there's no change in America's longstanding which recognizes Beijing but allows informal relations and defense ties with Taipei. Meeting leaders in Taiwan, Pelosi said she and other members of Congress in a visiting delegation were showing they will not abandon their commitment to the self-governing island. ""America's determination to preserve democracy, here in Taiwan and around the world, remains ironclad,"" Pelosi said in a short speech during a meeting with Taiwan's President Tsai Ing-wen. ""Facing deliberately heightened military threats, Taiwan will not back down,"" Tsai said. The ban on imports of citrus fruits and frozen mackerel will hurt suppliers seen as Tsai's supporters. Taiwan plays an outsize role in the chip industry for an island of 15 million people, accounting for more than half the global supply. Its producers including Taiwan Semiconductor Manufacturing Corp. make the most advanced processors for smartphones, tablet"
"of 15 million people, accounting for more than half the global supply. Its producers including Taiwan Semiconductor Manufacturing Corp. make the most advanced processors for smartphones, tablet computers, medical devices and other products. Taiwan says chip sales to China factories rose 24.4% last year to $104.3 billion. Beijing has invested billions of dollars in developing its own industry, which supplies low-end chips for autos and appliances but cannot support the latest smartphones, tablet computers, medical devices and other products. Chips are China's biggest import at more than $400 billion a year, ahead of crude oil. That concentration has fueled concern in the United States and Europe about relying too heavily on supplies that might be disrupted by conflict. The U.S. government is trying to expand its domestic chip production capacity. Overall, China is Taiwan's biggest trading partner, taking more than twice as much of its exports as the United States, the island's No. 2 foreign market. Beijing has tried to use access to its markets to undermine Tsai and other Taiwanese leaders it accuses of pursuing independence. The customs agency blocked imports of cookies and other food products from more than 100 Taiwanese suppliers on Monday ahead of Pelosi's visit, according to the Global Times and other Chinese news outlets. There was no official announcement. The Communist Party also has used military action in the past to try to hurt Taiwanese leaders by disrupting the island's economy. The mainland tried to drive voters away from then-President Lee Teng-hui ahead of the island's first direct presidential elections in 1996 by firing missiles into shipping lanes. That forced shippers to cancel voyages and raised insurance costs but backfired by allowing Lee to brag about standing up to Beijing in front of cheering supporters. Lee won the four-way election with 54% of the vote."
"Russian oil output falls below 10 million bpd, lowest since July 2020: Sources Russian oil and gas condensate production fell below 10 million barrels per day (bpd) on Monday to its lowest since July 2020, two sources familiar with data said on Tuesday, as sanctions and logistical constraints hampered trade. Russian oil production has been under a massive downward pressure amid sanctions from the West over Moscow's role in . The United States introduced its ban on oil imports from last month, while sanctions on Moscow's financial institutions made it hard to process payments for Russian oil. Sources said Russia's average oil output fell to 10.32 million bpd on April 1-11 from 11.01 million on average in March, a decline of more than 6%. OPEC told the on Monday that current and future sanctions on Russia could create one of the worst ever oil supply shocks and it would be impossible to replace those volumes, and signalled it would not pump more. Russian Deputy Prime Minister Alexander Novak said on Thursday that Russian oil production may decline by 4% to 5% in April from March due to problems with insurance and usage of vessels. The sources said, output fell further to 9.76 million bpd on Monday alone, according to Reuters calculations, the lowest since 9.37 million bpd on average in July 2020, when output and demand were dented by the spread of coronavirus. One of the sources also said that Russian largest oil producer by output, Rosneft, has registered the largest decline in output, which fell to 2.87 million bpd on April 1-11 from 3.35 million bpd in March. and Rosneft did not respond to a request for comments."
"Haryana CM Khattar announces INR 50,000 for industrial workers' daughters to buy electric two-wheelers Daughters of pursuing higher education will be granted INR 50,000 to purchase , Haryana Chief Minister announced on Sunday. Speaking at an event at the Shri Vishwakarma Skill University in Palwal district, Khattar said the move will promote mobility and enable the daughters of industrial workers to be independent. Khattar also made announcements regarding for the children of industrial workers. They will receive identical scholarship amounts with immediate effect, according to an official statement. Scholarships ranging from INR 10,000 to INR 21,000 will be provided to students from Class 9 to various degree and postgraduate programmes. Earlier, these scholarships ranged from INR 5,000 to INR 7,000 for students of classes 9 and 10 and INR 11,000 to INR 16,000 for those enrolled in degree programmes. To mark Vishwakarma Jayanti and Prime Minister Narendra Modi's birthday, Khattar unveiled a series of welfare measures aimed at improving the lives of industrial workers and their families, the statement said. Khattar also applauded Modi as a visionary leader who has propelled India forward through innovation and service. He extended his warmest wishes to the prime minister on his birthday and prayed for his long and continued service to the nation. In another announcement, the Haryana chief minister said workers will receive enhanced financial assistance to purchase bicycles, raising the grant amount from INR 3,000 to INR 5,000. The financial assistance to women workers for purchasing sewing machines has also been raised from INR 3,500 to INR 4,500. Workers suffering from chronic diseases will receive a monthly stipend of INR 2,000 ""to promote healthy eating habits"", the statement quoted Khattar as saying. In a bid to enhance health care accessibility, the chief minister announced that ESI ( ) dispensaries will be established in Fatehabad and Harsaru, Kadipur, and Wazirabad of Gurugram district. Additionally, ECG facilities will be made available at all ESI dispensaries across Haryana. Recognising the challenges faced by workers who frequently migrate for employment, the chief minister announced that the government will provide 500 flats each in Faridabad, Gurugram, Sonipat and Yamunanagar districts in the first phase, ensuring safe and affordable housing options. The Shri Vishwakarma Skill University will also launch the Guru Shishya to identify and certify the skill potential of 25,000 craftspeople, artisans and informal sector workers, Khattar announced. This initiative aims to promote skills-based apprenticeship training, benefiting 75,000 youngsters. Successful trainees will receive certificates, paving the way for higher salaries, self-employment and entrepreneurship. The scheme, spanning five years, is estimated to cost INR 208.66 crore, he said. Earlier in the day, at an event in Sirsa, Khattar flagged off a cyclothon to mark a crucial step"
"and entrepreneurship. The scheme, spanning five years, is estimated to cost INR 208.66 crore, he said. Earlier in the day, at an event in Sirsa, Khattar flagged off a cyclothon to mark a crucial step in the drugs-free Haryana campaign. During his address at the Shaheed Bhagat Singh Stadium, Khattar expressed his appreciation for the overwhelming public response to the event. The cyclothon began on September 1 from Karnal and is scheduled to conclude on September 25, after covering 15 districts. Its core objective is to disseminate the message of de-addiction and strive towards a drugs-free Haryana, the statement said. The chief minister expressed deep concern over the drugs problem, with a specific focus on Sirsa and Fatehabad, where the issue is most acute. He outlined three critical steps for the campaign's success -- rehabilitation of drug addicts, stringent legal action against traffickers and comprehensive awareness programmes targeting youngsters. The senior BJP leader, who also rode a bicycle, cited the example of 74-year-old Kamlesh Rana from Rohtak, who is participating in the cyclothon to combat the addiction problem. Her journey began in 2020 and her dedication remains an inspiration to all the participants. Two other participants aged 75 and 76 have displayed admirable determination, he said. Khattar commended them for being an inspiration for all."
"Opinion: If data is the new oil, connected cars are ‘oil fields’ The term ‘connected car’ is a broad one; there are several arms to this rapidly evolving technology. In its simplest form, any car outfitted with internet accessibility is termed a connected car. In the Indian auto market, this term was first popularised by MG Motors when it launched the MG Hector. Hector’s badge on the rear reads ‘Internet Inside’. Automakers use two kinds of connected car systems – the first is the ‘embedded’ type that features a factory fitted chipset with a built-in antenna. The vehicle can, therefore, connect by itself to other devices or to a remote server. The second type is ‘tethered’, where the driver’s smartphone’s network is used to connect to the vehicle’s hardware or to the manufacturer. It is expected there will be 400 million by 2025 – an almost two-fold increase from 237 million in 2021. Forecasts suggest that by 2030, 96% of all vehicles will be connected. In terms of potential total revenue it can generate globally, it represents a dizzying USD 450 billion -750 billion, by 2030. Considering how this figure is higher than the market cap of all traditional automakers—such as Ford, Toyota, Chrysler, and Volkswagen—combined, automakers have only scratched the surface in terms of using or monetising connected vehicle data. A dvantages of connected car In the case of one connected car pioneer, its i-SMART technology offers features such as the ability to start the vehicle through an app, turn on its climate control, open and close the sunroof, create a geo-fence and record telemetry data. Using this data, a detailed insight can be obtained, on let's say, how well or poorly the car was driven. A level higher in the connected car hierarchy are the vehicles equipped with an Advanced Driver Assistance System (ADAS). An ADAS system allows a vehicle to drive itself autonomously to some extent although the driver must retain his or her hands on the steering wheel at all times. Several tech giants—including Google and Apple—have a strong presence in autonomous vehicle or AV development. Despite the advantages, however, connected cars’ user opinions vary across geographies. A report highlighted that “... while 79% of consumers in China believe increased connectivity will be beneficial, only 35% of German consumers feel the same.” Meanwhile, from an original equipment manufacturers’ (OEM) standpoint, the data collected from connected cars presents significant opportunities. The OEM challenges that connected cars solve The vast datasets generated by connected cars are yet to be fully monetised. In fact, automakers are still exploring ways to enhance their revenue per user – a metric that is widely used in other tech-based industries like telecommunications, OTT platforms and mobile gaming. In this regard, one automaker has spearheaded data monetisation by offering subscription-based services for its in-car features. A German marque began offering heated seats"
"and mobile gaming. In this regard, one automaker has spearheaded data monetisation by offering subscription-based services for its in-car features. A German marque began offering heated seats (USD18 per month) as one such subscription-based service, in 2020. Other subscription services this OEM offers are a high beam assistant for headlamps, a heated steering wheel, and an Iconic Sounds Sport, among others. This latter feature allows a user to choose different engine sounds that will play in their vehicle. A second area where connected cars are expected to offer a key advantage for is boosting customer retention. According to an Ericsson report, “Brand alone will not be sufficient to retain the customer control that automakers currently enjoy.” Rather, it is suggested that manufacturers “must successfully integrate the customer’s connected lifestyle with existing mobility solutions.” Consumers are, in fact, willing to purchase another brand if it means getting more connected features in their cars. In China, 56% of users demanded connected cars. Likewise, 39% of consumers were keen to unlock additional digital features following their vehicle purchase. This figure rose to 47 percent in the case of consumers purchasing luxury brands. A further domain where connected cars trump their traditional counterparts is their ability to receive OTA or over-the-air updates. Since software recalls account for a large share of current vehicle recalls, OTA updates mean sizable cost savings for OEMs as physical visits to a dealership are not required to resolve recall issues. Advantages for individual economies , and especially , are safer than vehicles driven by humans. In fact, 90% of motor vehicle accidents are due to human error. Since connected AVs are able to communicate with each other (called vehicle-to-vehicle communication), and their surroundings, they can avoid collisions with other vehicles, cyclists or pedestrians. The true measure of connected vehicles’ enhanced safety–-and how it can hugely reduce costs–-can only be grasped when the associated costs are taken into consideration. A McKinsey report said, “For every person killed in a , 8 are hospitalised, and 100 are treated and released from emergency rooms.” As a result, the aggregate annual cost of vehicle collisions—in the US alone—was USD 212 billion, in 2012. Crash related costs in the US have only escalated over the past decade; it was a staggering USD 340 billion, in 2019. Given how connected AVs hold potential to reduce collisions by as much as 90 percent, such vehicles could save the US economy as much as USD300 billion annually. Lower collisions will also mean lesser insurance premiums for vehicle owners. Opportunities galore An area of concern is connected vehicles owners are reluctant to share their data. In the US, 31% of consumers do not trust ""anyone"" with their data although an identical 31% do trust their OEM. The two core determinants—in terms of data usage—were how much trust"
"share their data. In the US, 31% of consumers do not trust ""anyone"" with their data although an identical 31% do trust their OEM. The two core determinants—in terms of data usage—were how much trust consumers reposed in their OEM, and whether they had received full disclosure on who the data can be accessed by, and what exactly it was going to be used for. In this regard, connected cars will possibly have to incorporate blockchain usage to solve for trust and to maintain anonymity. OEMs are seeking blockchain development partners; according to Allied Market Research, this segment comprising connected cars and blockchain could register USD5.6 billion, by 2030. What is evident is the auto sector is on the cusp of a shift. There is, no doubt, that innovation and upgrades have been a mainstay since Henry Ford’s Model T made personal mobility accessible to the masses. But going forward, connected car uptake is expected to have positive implications for a wider array of stakeholders – spannings OEMs, entertainment providers, tech companies and even 5G network service providers. The consumer, meanwhile, will be spoilt for choice. (Disclaimer: is CEO of Group, India. Views are personal)"
"CarDekho Group narrows loss to Rs 246 crore in FY22 Auto-tech firm on Monday said it has narrowed total losses to Rs 246 crore in 2021-22. The group had posted a total loss of Rs 341 crore in FY21, said in a statement. The revenue from operations in FY22 increased to Rs 1,598 crore from Rs 884 crore in FY21, it added. The firm -- which enables buying and selling cars and bikes, including electric vehicles, besides providing information and research; insurance broking and financing for cars on its platform -- said it witnessed significant growth across all its business segments in FY22. ""The group registered over 50 million unique monthly visitors, generated over 9 million leads, helped issue 16 lakh insurance policies and facilitated disbursal of over 1 lakh auto loans in FY22,"" it added. CarDekho Group co-founder and CEO said the group has successfully leveraged its house of brands strategy, operating through multiple brands, such as CarDekho, , InsuranceDekho, Rupyy and Zigwheels. ""Our multiple business lines create opportunities for us to be present across several touch points in the consumer experience journey by offering end-to-end digital solutions,"" he added. On CarDekho's IPO plans, said, ""...we are definitely evaluating it, subject to requisite approvals and conducive market conditions"". He said the group has a clear path to turn profitable at a consolidated level by FY24. Also Read:"
"Volkswagen offers pay-offs for employees who quit major Russia plant Volkswagen is offering pay-offs to employees at one of the company's two plants in Russia if they agree to quit voluntarily, the Kommersant newspaper said on Thursday. The paper said the offer - which in some cases would amount to six months' salary - was aimed at the 200 people working at the Nizhny Novgorod plant. Volkswagen announced in March that production at its Kaluga and Nizhny Novgorod sites would be suspended until further notice because of Western sanctions, and vehicle exports to Russia will be stopped with immediate effect. Kommersant cited union sources as saying that employees who agreed to the company's offer before June 17 would receive six months' salary. The deal would also include medical insurance until the end of 2022, the paper said."
"Red Sea Crisis: RBI and IRDAI asked to help limit impact on exports The finance ministry has written to the banking and insurance regulators to monitor export credit availability and insurance premium increases to help Indian exporters deal with trade disruptions in the due to Houthi attacks on cargo ships. In a letter, which was also addressed to state-run export finance institution , the finance ministry last month told the and Insurance Regulatory and Development Authority of India ( ) to monitor and look into the concerns raised by exporters with the commerce ministry about these disruptions potentially inflating India's export costs, officials said. ""After our deliberations with the commerce ministry and other stakeholders, including exporters, it was decided that sectoral regulators will keep a watch and take necessary action wherever possible,"" a government official said. Banks have also been briefed separately to factor in such hikes while sanctioning fresh credit limits to exporters and other businesses, the official said. In February, financial services secretary Vivek Joshi said the government has asked state-run banks and insurers to deal with trade financing and insurance with sensitivity in view of the crisis. An email sent to RBI, IRDAI and did not elicit any response until press time Tuesday. A bank executive said they are already factoring in the increase in freight costs and insurance premiums while sanctioning new credit limits. ""We are taking that into consideration,"" he added. According to an IMF blog, in the first two months of 2024, trade dropped by 50% from a year earlier while trade through the Panama Canal fell by 32%, disrupting supply chains and distorting key macroeconomic indicators. Officials said India's exports have not been impacted much by the . Exports from India are continuing as the sailings of ships carrying containers from the country have been diverted via the Cape of Good Hope route. Industry representatives said Red Sea is hardly being used and while shipping freight to the Far East countries and the east coast of the US has declined, it has risen in case of the US west coast."
"Year-end discounts on cars rise to the highest in 4 years If you are looking to buy a new car, this could be the best time for it. Year-end discounts from have risen to a four-year high as pent-up demand starts drying up on the back of improved production. are making the deal sweeter with benefits ranging from ₹25,000 to ₹1,00,000. Driving this trend is the softening of demand in certain car segments and fuel types. To shore up sales, most carmakers are offering discounts between 4.5% and 5% on their vehicles this month compared with 2-2.5% two years ago. The most generous price benefits are in the entry-level car segment and the petrol segment of (SUVs), thanks to a mix of cash discount from automakers, exchange bonus benefit, lower own damage premium by insurance companies, and schemes run by dealers. Discount on , too, has increased to an all-time high of about ₹60,000 as buyers are giving CNG models a miss owing to the narrowing price gap between the green fuel and fossil fuel. While carmakers are not worried about the larger discounts this time round - given that they have a robust order book of 417,000 units and there's expectation of a strong retail in December - they are cautious of the road ahead. Tarun Garg, director (sales, marketing and service) at , said retail in December is strong and is expected to be 20% higher than November. But he said ""the demand momentum, going forward, will depend on multiple factors like inflation, interest rates and general market sentiment"". is offering discounts from ₹17,000 to ₹18,000. This is on par with the discount levels of 2018-19, said Shashank Srivastava, senior executive officer at . ""Unlike in 2018-19, the yearend discounts are confined to certain segments and the trend is not secular. In terms of demand and enquiries, the momentum remains strong. Having said that, we cannot afford to take our eyes off the headwinds, such as high interest rates and inflation,"" said Srivastava. According to him, discounts on the entry-level models should be seen as a reflection of better availability instead of a tepid demand. ""Dealer inventories are back to pre-pandemic levels of 45-50 days,"" Puneet Gupta, director at S&P Mobility, said, adding that this is mounting pressure on dealers to liquidate the vehicle even if they have to offer discounts. The increase in interest rates has added to their woes, Gupta said. Demand for electric cars, too, appears to be waning. The waiting period for ' e-Nexon is down from a few months earlier to let a buyer walk into a dealership and drive out in a new vehicle. Also Read:"
"Tesla woos China customers with cheaper cars after Musk defers India visit Inc. has reduced prices for all its vehicles in China, according to its official website, as the US car giant faces stiff competition from China while its boss also had to defer visit to India that would open up a new big market for the company. This move follows price cuts on Model Y, Model X, and Model S cars in the United States. The starting price for the updated Model 3 is now 231,900 yuan, reduced from the previous 245,900 yuan, as shown on the website. Similarly, the starting price for the Model Y has been lowered to 249,900 yuan, down from the previous 263,900 yuan. This comes days after Tesla introduced fresh incentives in the world's largest auto market to attract consumers. These incentives included insurance subsidies, as the U.S. electric vehicle giant engaged in a prolonged price battle against established competitors like China's behemoth automaker BYD. Amid decreasing demand and tougher competition, Tesla had reduced prices for certain Model 3 and Y cars in China in January. They also gave cash discounts for some Model Ys starting from February. Their main competitor in China, BYD, also cut the starting price of a new version of its Song Pro hybrid SUV by 15.4% earlier. BYD, which overtook Tesla as the world's leading EV maker in Q4, responded with even larger discounts on various new car versions in February. The U.S. electric vehicle-maker is grappling with slow demand and strong competition in China, while its first-quarter sales dropped sharply below market estimates. Tesla is dealing with tough competition worldwide, especially from Chinese electric car companies. These companies are flooding the market with cars priced as low as USD 10,000. Meanwhile, Tesla has decided not to make the affordable car they had promised. Investors were hoping for this car to help Tesla become a big car company for everyone. Tesla Inc. stocks continued to fall in 2024, causing the value of the electric car company to drop below USD 500 billion. This drop came after the company announced job cuts recently, which spooked investors. Meanwhile, Musk had to defer his visit to India and planned meet with Indian Prime Minister Narendra Modi. He was also set to meet with senior officials from state governments where Tesla is considering establishing an electric vehicle assembly unit. India had recently offered a new EV policy with lower import tariffs, laying out the red carpet for entry of foreign automakers such as Tesla. Tesla's arrival in India provides a significant boost to the country's Make-in-India initiative, especially after securing another major brand like Apple for iPhone manufacturing. However, India also offers valuable opportunities to Tesla at a time when the iconic car company is facing challenges such as declining sales, falling stock prices, reduced investor confidence, and a lack of innovative ideas. This comes amid increasing competition from American and"
"car company is facing challenges such as declining sales, falling stock prices, reduced investor confidence, and a lack of innovative ideas. This comes amid increasing competition from American and European rivals, as well as aggressive Chinese car manufacturers. India's huge car market, with a new love for SUVs, can offer a much needed scope of growth for Tesla if it makes and sells its affordable EV here. Although there are worries about Chinese companies flooding into India following the new EV policy, potentially posing a threat to Tesla with their more affordable electric vehicles, this scenario appears improbable. The Indian government has been actively discouraging Chinese investments, making it unlikely for these companies to dominate the market. Reuters reported last July that China's BYD informed its Indian joint-venture partner of plans to halt a new USD 1-billion investment in building electric cars due to scrutiny from the government regarding its investment proposal."
"Reducing taxes on automobiles can boost sector, benefit economy: Vikram Kirloskar Mumbai: A roadmap to reduce taxes on automobiles by half over a 10-year period to make the Indian auto industry more competitive globally and provide large scale employment to benefit the economy needs consideration, according to Vice Chairman . Although at the moment India cannot afford to slash the tax rate on automobiles drastically, he said a plan to reduce cess on the industry can be looked at considering the sector's contribution to the overall GDP of the country. ""The auto industry is highly taxed. If we look at a car by the time it's produced and by the time it's sold, in most cases it is 30 to 50 per cent more than the ex-factory prices (after adding) GST and all the other taxes, including road taxes,"" he told PTI in an interview. He further said, ""We as an industry are very competitive. I think in the world, cost wise, quality wise, we have become quite competitive. So I think a plan to reduce taxes over a period of time will really benefit the industry."" Over a 10-year period, he further said, ""Can you reduce it by half?...is it possible to do a long-term plan on how to reduce the taxation in the auto industry to make it grow pretty large, which will make it even more competitive for domestic and for export and provide large scale employment and benefit the economy?"" At present, automobiles are taxed at 28 per cent GST, with additional cess ranging from 1 per cent to 22 per cent depending on the type of vehicle. Cars imported as completely built units (CBU) attract customs duty ranging between 60 per cent and 100 per cent depending on engine size and cost, insurance and freight (CIF) value being less or above USD 40,000. Kirloskar stressed that such a step to reduce the taxes gradually would also benefit the country in terms of employment and boosting economic growth. The car industry is a huge source of employment generation -- all the way from steel making to cast iron making, raw materials and dealerships, he said, adding, ""It's a big part of the economy, 7-8 per cent of GDP."" However, he acknowledged that a drastic cut in taxes on automobiles at the moment is not a feasible idea. ""We can't afford to as a country...I've never asked for a GST reduction. I'm just saying because is it possible to plan a long-term plan and how to reduce the taxation in the auto industry to make it grow pretty large, which will make it even more competitive for domestic and for export and provide large scale employment and benefit the economy?"" Kirloskar added. On demands from a section of the auto industry to reduce customs duty on imported electric vehicles to spur electrification of automobiles in India, he said, ""Why can't you make it here?"" Kirloskar said companies need to develop supply chains here in India in order to enhance localisation."
"Audi opens Audi Approved: plus for used car sales in Nagpur New Delhi: German luxury carmaker Audi has opened a new pre-owned car facility, along with a new service facility at Central MIDC Road, Hingana, Nagpur. Balbir Singh Dhillon, Head of Audi India, said, “We are very happy to inaugurate our 18th Audi Approved: plus facility in the country. Nagpur is one of the key industrial cities of Maharashtra and we enjoy a strong presence in this region. We are rapidly expanding our pre owned car business and will end this year with 22 such facilities.” The luxury carmaker said that every pre-owned vehicle displayed and sold at Audi Approved: plus showrooms undergo mechanical, bodywork, interior and electrical inspections at over 300 multi-point checks and thorough multiple-level quality checks along with a full on-road test to ensure customers’ peace of mind while buying the car. It also offers 24x7 Roadside Assistance and complete vehicle history before purchase. Customers can also avail easy financing and insurance benefits. Prashant Kesharwani, Dealer Principal, Audi Nagpur, said, “There is an increased demand for pre-owned cars in Nagpur and with this new facility, we will make pre-owned luxury cars more accessible to customers in the region.” “In addition, a new service facility has been inaugurated and we are very happy to extend our association with Audi India and look forward to serving our customers in Nagpur,” he said."
"JSW Energy raises INR 5,000 crore from Abu Dhabi Investment Authority, others New Delhi: has raised INR 5,000 crore by selling shares to institutional investors, including (ADIA), to accelerate its growth plans. In a regulatory filing on Friday, the company informed that it has successfully completed its INR 5,000-crore Qualified Institutions Placement (QIP). said, the proceeds from the QIP will further bolster its capital structure, enhance financial flexibility and enable the company to accelerate its ambitious growth plans. ""The issue garnered a very strong interest from marquee global long-only investors, domestic mutual funds and insurance companies...,"" it added. The QIP witnessed more than 3.2 times subscription. Some of the largest global asset managers, such as GQG, Blackrock, Nomura, Wellington, UBS and ADIA, participated in the QIP issue. ""This marks the first-ever equity raise by the company since its listing in 2010,"" JSW Energy said. This is the largest primary equity raise in the Indian power sector in the last decade and among the top three largest primary equity raises in the history of the Indian power sector, the company said. Sharad Mahendra, joint managing director and CEO of JSW Energy, said: ""India's strong investment cycle-driven economic growth momentum bodes well for power demand outlook. The strong institutional investor interest reflects their unwavering confidence in our positioning as a diversified energy transition platform focused on growing both the generation and storage businesses, with optionality for green hydrogen and its derivatives."" At JSW Energy, he said, ""We are not just witnessing the transformation of the energy sector, we are actively shaping it, setting new benchmarks for industry leadership, and aiding India's journey towards net-zero targets by 2070."" Jefferies India Private Limited was the sole book running lead manager. Khaitan & Co. was the legal counsel to the company while Shardul Amarchand Mangaldas & Co. and Linklaters Singapore Pte. Ltd. were counsels to the book running lead manager. JSW Energy Limited, a part of the USD 23-billion JSW Group, has presence in sectors such as steel, energy, infrastructure, cement and sports, among others. JSW Energy began commercial operations in 2000, with the commissioning of its first 2x130 MW thermal power plants at Vijayanagar, Karnataka. Since then, the company has steadily enhanced its power generation capacity from 260 MW to 7,189 MW having a portfolio of thermal 3,508 MW, wind 1,615 MW, hydel 1,391 MW and solar 675 MW. The company is presently constructing various power projects to the tune of 2.6 GW. JSW Energy has total locked-in generation capacity of 12.5 GW comprising 7.2 GW operational, 2.6 GW under-construction assets. Besides, the company has 3.4 GWh of locked-in energy storage capacity through battery energy storage system and hydro pumped storage project. The company aims to reach 20 GW generation capacity and 40 GWh of energy storage"
3.4 GWh of locked-in energy storage capacity through battery energy storage system and hydro pumped storage project. The company aims to reach 20 GW generation capacity and 40 GWh of energy storage capacity before 2030. It has set the target of achieving carbon neutrality by 2050.
"India's Russian oil purchases since Ukraine invasion more than double 2021 total India has bought more than twice as much crude oil from Russia in the two months since its invasion of Ukraine as it did in the whole of 2021, according to Reuters calculations, as Indian refiners snapped up discounted oil that others have shunned. Refiners in India have placed orders for at least 40 million barrels of since the invasion on Feb. 24, Reuters calculations based on information from crude tenders and traders show. The purchases are for loading in the June quarter. That compares with total imports of Russian oil into India of 16 million barrels in the whole of last year, according to Reuters calculations. The world's third biggest oil importer and consumer ships in over 85% of its crude oil needs of 5 million barrels per day (bpd). Its refiners are buying cheaper Russian oil to partly offset the impact of higher official selling prices of some producers like Saudi Arabia, company sources said. ""We try to insulate consumers as much from price shocks as we can, but we need to protect our profits as well... so we are buying Russian oil,"" an official at one refiner, who declined to be named, said. According to Reuters calculations, purchases of Russian barrels by private refiners and Nayara Energy outstrip imports by state refiners , Hindustan Petroleum Corp, and Corp. has purchased at least 15 million barrel of Russian oil so far for the June quarter, trade sources said last week. Reliance did not respond to a request for comment at that time. Nayara Energy, part owned by Russia's top producer Rosneft , has purchased 8 million to 9 million barrels of Russian crude for loading in April-May, trade sources said. Nayara did not respond to a Reuters email seeking comments. Western sanctions against Russia since its invasion of Ukraine, which Moscow calls a ""special operation"", have prompted many oil importers to shun trade with Moscow, pushing Russian crude's discount to other grades to record levels. While New Delhi has called for an immediate ceasefire in Ukraine, it has not explicitly condemned Moscow's actions. Defending India's oil imports from Russia, the country's oil minister Hardeep Singh Puri on Friday said that India's purchases from Russia are a minuscule fraction of the country's overall oil needs. Indian companies are buying Russian oil on a delivered basis, with sellers arranging for shipping and insurance. Washington has already said it does not object to New Delhi buying Russian oil below market rates, but warned against a steep rise in imports as that could hamper the U.S. response to the war in Ukraine. Analysts said India's Russian oil imports may taper off as a full-scale implementation of the European and U.S. sanctions from mid-May and late June might hit logistics. ""Indian refiners' capacity to process Russian oil is limited, and also there could be logistic challenges like insurance, tankers and payment mechanism once full European and"
"might hit logistics. ""Indian refiners' capacity to process Russian oil is limited, and also there could be logistic challenges like insurance, tankers and payment mechanism once full European and U.S. sanctions against Russian kick in,"" said Giovanni Staunovo, commodity analyst at UBS Group AG. Already under pressure from sanctions, some trading houses are scaling back their dealings in Russian oil, he said. Also Read:"
"India in talks to increase Russian oil imports from Rosneft is looking to double down on its Russian with state-owned refiners eager to take more heavily-discounted supplies from PJSC as international players turn down dealings with Moscow over its invasion of Ukraine. State processors are collectively working on finalizing and securing new six-month supply contracts for Russian crude to India, said people with knowledge of the companies’ procurement plans. Cargoes are being sought on a delivered basis from Rosneft, with the seller set to handle shipping and insurance matters, they said. These supply agreements, if concluded, will be separate and on top of shipments that India already buys from via other deals. Details on volumes and pricing are still being negotiated with Indian banks set to fully finance all cargoes, said the people who asked not to be identified as discussions are confidential. Indian refiners will increasingly procuring directly from Russian companies such as Rosneft as top international traders such as Glencore Plc wind up their dealings, they added. State refiners include , and Bharat Petroleum, while private processors are and Nayara Energy, which is partly owned by Rosneft. Procurement activities for state and private companies are done independently. Spokespeople at the three largest state-owned companies couldn’t immediately comment when contacted on the matter. Both state and privately-owned refineries in India have been ramping up purchases of Russian crude as sanctions and trade restrictions rolled out by the US, UK and European Union have caused most buyers to flee and offer levels to crash. An unprecedented amount of Russian crude was heading to India and China last month as European buyers scrambled for replacements and reached as far as United Arab Emirates for alternatives. The ensuing panic and rerouting of global oil flows have lifted oil by more 20% since late-February when Russia invaded Ukraine. Refiners in Asia’s second-largest oil consumer have been enjoying elevated profits from turning cheap crude into fuels that’s sold domestically and also in the export market to customers in Europe and the US. Russian crude forms just part of India’s overall basket of crude oil feedstock, alongside other long-term as well as spot purchases from the Middle East and Africa. The potential ramp-up of Russian crude purchases will likely weigh on the South Asian nation’s spot imports, said the people. India has bought more than 40 million barrels of Russian oil between late-February and early-May, which comes to about 20% more than flows for all of 2021, according to Bloomberg calculations based on trade data. Russian oil arrivals into India for May were at 740,000 barrels a day, up from 284,000 barrels in April and 34,000 barrels a year earlier, according to data from Kpler. Although India’s purchases of Russian crude aren’t illegal or in breach of any sanctions, the country has come under pressure from the Biden"
"barrels a year earlier, according to data from Kpler. Although India’s purchases of Russian crude aren’t illegal or in breach of any sanctions, the country has come under pressure from the Biden administration and EU to stop doing business with Moscow in order to cut off Kremlin’s access to oil revenue and funds. The Asian nation has reiterated that its volume of Russian imports are minuscule as compared to Europe’s purchases, and just a tiny fraction of the country’s total consumption. Discounted Russian oil has provided some relief to India -- which imports more than 85% of its oil -- just as inflation skyrockets alongside surging prices of everything from food to fuel. The access to cheap crude is already boosting India’s oil imports, which grew almost 16% in April from last year. The share of oil from the Eurasian region, which includes Russia, expanded to 10.6% in April versus 3.3% a year earlier, according to oil ministry data."
"Rana Group to invest Rs 1,900 crore in EV business in phases New Delhi: , which has diversified business interests, on Friday said it will invest Rs 1,900 crore in the electric vehicle business in phases, a top company official said. The group has also roped in cricketer Sourav Ganguly as a brand ambassador for its three subsidiaries Erisha Agritech, Erisha E Mobility and Erisha Edu Support. ""We have signed two MoUs with the Uttar Pradesh government. We have to set up 100 in PPP mode, and the will be approximately Rs 400 crore. Another MoU is for an EV park in Jhansi to spread in an area of over 300 acres, and the investment will be around Rs 1,500 crore,"" Rana Group Chairman and CMD Darshan Singh Rana told PTI on the sidelines of a company event. Rana Group launched and four different apps for smart farming, education, smart charging for charging stations and OHEO, complete solutions for electric vehicles, starting from assisting sales, after-sales, financing, insurance, vehicle engagement, passenger service aggregator, organising the labour for porter service and other related services. The group announced the opening of 101 showrooms pan India and started billing electric three-wheelers to end customers. ""We will start selling EV 2 Wheelers from July. Our EV charging hub business is expected to start in 2-3 months, and the facility in Jhansi should start within 6-7 months,"" Singh said. The company is in the process of fundraising at an estimated valuation of over Rs 4,000 crore, he added."
"One Moto India inks pact with Reliance General Insurance to provide motor insurance Electric two-wheeler maker on Thursday said it has partnered with to provide to its customers. The company, which has launched three electric scooters -- Byka, Electa, and , said the partnership will enable easy insurance service to its customers. One Moto India Vice-President, Marketing & Sales, Aditya Reddy said the company has been strengthening its services and product portfolio. As the company moves ahead in sync with the strategy, he said the association with Reliance General Insurance is another milestone achieved. ""As the nation makes the responsible shift towards e-mobility for a better and greener future, we have an equally significant contribution to make in the process. Our partnership with One Moto reflects our commitment and is aimed at achieving those goals,"" Reliance General Insurance Chief Distribution Officer Anand Singhi said. Earlier this year, the company had announced plans to invest Rs 250 crore to set up a manufacturing unit in Telangana with a capacity of 40,000 units in the first phase. Also Read:"
"Owners of old vehicles unable to get HSRP Even though the deadline for the installation of (HSRP) was May 31, the State Government has informed the High Court that it won’t take any penal action until June 12, as only 19% of vehicles in the state have installed HSRP. However, there are numerous technical challenges in installing HSRP. Many are facing difficulties because some vehicle manufacturing companies have closed down, making it impossible for them to obtain the required HSRP. Companies like Java, Yezdi, Ford, Kinetic Honda, Willys, and others have shut down, leaving owners of these vehicles in a predicament. The has made HSRP mandatory for all vehicles registered after 2019, citing security concerns. The State Government has also implemented this order, and new vehicles have been affixed with HSRP at showrooms since 2019. However, owners of vehicles purchased before 2019 are facing difficulties in obtaining HSRP, especially if their vehicle’s manufacturing company has closed down. Pradeep Nair, owner of a vintage car, said, “The government’s move to make High Security Registration Plates (HSRP) mandatory aims to improve and prevent the counterfeiting of number plates. However, the closure of several vehicle manufacturing companies has created a challenge for owners of older vehicles, who are now struggling to obtain the required HSRP. To address this issue, the government has provided an where owners of older vehicles can apply for HSRP and pay the required fee. The portal allows owners to select their vehicle’s company and apply for HSRP, but it does not include the names of all the closed companies, causing confusion among vehicle owners.” Sources said that the government has authorised certain agencies to manufacture and supply HSRP, but these agencies are not producing HSRP for vehicles from closed companies. This has left owners of such vehicles in a difficult situation, as they are required to affix HSRP within the specified deadline to avoid penalties. The challenges faced by owners of older vehicles in obtaining HSRP due to the closure of vehicle manufacturing companies and the lack of clarity in the government’s guidelines have been raised multiple times. When contacted, Additional Commissioner of the (Enforcement) C. Mallikarjun said, “This issue continues to cause significant inconvenience, highlighting the need for clear and inclusive guidelines to assist vehicle owners in complying with the new regulations.” So far, out of the over 2 crore vehicles in the state, only 36 lakh vehicles have complied. Guidelines from the Transport Department state that certain transactions at RTOs, such as change of ownership, address modification, duplicate RC issuance, insurance updates, fitness approvals, etc., cannot proceed without HSRP affixation in the state. The department warns against counterfeit HSRP plates lacking unique laser codes and security features like high visibility in low light. HSRP serves as a security measure with"
"in the state. The department warns against counterfeit HSRP plates lacking unique laser codes and security features like high visibility in low light. HSRP serves as a security measure with embossed unique numbers, holograms, and other elements to enhance vehicle identification and security. It became mandatory for all new vehicle registrations from April 1, 2019, to deter theft and misuse."
"Indian refiners seeking 6-month Russian oil import deal: Report NEW DELHI: Indian refiners are negotiating a six-month oil deal with Russia to import millions of barrels per month, multiple sources with knowledge of the matter said, as the world's third largest importer seeks more Russian crude despite Western sanctions. India has already bought more than twice as much crude from Russia in the two months since its invasion of Ukraine on Feb. 24 as it did in the whole of 2021, according to Reuters calculations. Russia calls the attack a ""special military operation"" to disarm Ukraine. Western sanctions against Russia have prompted many oil importers to shun trade with Moscow, pushing spot prices for Russian crude into record discounts against other grades. Rosneft is in talks with Indian and Chinese companies about supply deals after the company lost Western term buyers, two sources said. While New Delhi has called for an immediate ceasefire in Ukraine, it has not explicitly condemned Moscow's actions. That provided Indian refiners, which rarely used to buy , an opportunity to snap up low-priced crude. India's top refiner Indian Oil Corp. (IOC), Bharat Petroleum Corp and Hindustan Petroleum Corp are negotiating the deal with Russia's Rosneft, the sources said. IOC is negotiating a deal to import 6 million barrels of oil per month with an option to buy another 3 million barrels, they said. BPCL and HPCL are looking for monthly imports of 4 million barrels and 3 million barrels, respectively, the sources said. The companies are looking for supply from June, they said, adding Rosneft could deliver oil through non-sanctioned intermediaries and trading companies based in countries that have not announced sanctions against Moscow. One of the sources said that the volume and tenure of the deals could change depending on the discounts offered by Rosneft and the impact of sanctions. The Indian refiners did not respond to Reuters' emails seeking comments, while no immediate comment was available from Rosneft. Since the Ukraine crisis, Indian refiners have been buying Russian oil from global trading companies on a delivered basis, with traders arranging for shipping and insurance. However, global traders Vitol and Trafigura are winding down Russian oil purchases as EU sanctions will take effect from May 15. India has also run into shipping issues recently with Oil and Natural Gas Corp (ONGC) struggling to find vessels to load crude from its Sakhalin-1 operations in Russia. India imports more than 85% of its needs at 5 million barrels per day (bpd). Defending India's oil imports from Russia, oil minister Hardeep Singh Puri last week said that the purchases represent a fraction of India's overall annual needs and the government does not intervene in companies' import deals. New Delhi has also asked its state-run energy companies to evaluate the possibility of buying European oil major BP's stake in sanctions-hit Russian firm Rosneft, two people familiar with"
"deals. New Delhi has also asked its state-run energy companies to evaluate the possibility of buying European oil major BP's stake in sanctions-hit Russian firm Rosneft, two people familiar with the matter told Reuters. Washington has said it does not object to New Delhi buying Russian oil below market rates, but has warned against a steep rise in imports as that could hamper the US response to the war in Ukraine. Also Read:"
"Rupee gives up opening gains as Fed meeting comes into focus The Indian pulled back from earlier gains on Tuesday, aligning with its Asian peers as traders cited dollar buying by large players ahead of the Federal Reserve meeting. The rupee was at 82.64 per dollar by 11:00 a.m. IST, after opening slightly higher at 82.54. The closed at 82.6350 on Monday. Among efforts to stem further crisis in the U.S. banking sector, a media report said officials were looking at ways to temporarily expand Federal Deposit Insurance Corp's coverage to all deposits. The impact of this report, however, ""would not last long"" as the U.S. central bank's meeting on Wednesday would likely overshadow it, said Anindya Banerjee, head of research - FX and interest rates at Kotak Securities. ""Therefore, we could see range-bound price action in the USD/INR pair between 82.35-82.75."" Some large corporates were bidding for dollars, but the rupee was unlikely to weaken past 82.70 as exporters would likely offload the U.S. currency at those levels to capitalise on higher premiums, said a private bank trader. Dealers added they were trading ""with small positions"" as uncertainty loomed ahead of the Fed meeting. Fed funds repricing has been quite volatile off late, as at one point on Monday it indicated higher chances of a pause than a hike. Currently, it was back to showing a 73% probability of a 25 basis point (bps) rate increase. Bets of a pause went up this week after global central banks pledged funding to backstop UBS's takeover of Credit Suisse to tide over the banking crisis that has roiled financial since last week. Asian currencies were lower, with the Chinese yuan down to 6.8820 per dollar and the Thai baht 0.5% weaker, failing to take respite from a softer dollar index."
"Rupee likely to strengthen towards 79 by end-FY24: UBS Securities Narrowing current account deficit will help the rupee strengthen against the dollar and appreciate to around 79 by the second half of the current fiscal, says a foreign brokerage report. The rupee is likely to strengthen towards 79 by end-FY24 from an average of 82 to the US dollar in FY23, Tanvee Gupta , the chief India economist at said in a note. Even as the rupee is likely to be volatile in the near-term, as global financial stability risks remain elevated, she expects the local unit to gain towards 79 against the greenback by year-end FY24, on a narrowing current account deficit ( ) and weaker dollar index. CAD narrowed to 2.2 per cent of GDP or USD 18.2 billion in the third quarter and the Swiss brokerage UBS Securities sees it further improving to 1.2 per cent of GDP in the current fiscal from an estimated 2 per cent in the just concluded fiscal. Jain said the Reserve Bank will cap any significant rupee gains to rebuild buffers (forex reserves) to provide insurance against potential global spillover. It can be noted that last year the used up as much as USD 115 billion to defend the rupee which was under pressure due to the rising interest rates across the world and the US in particular. On the FY24 outlook she says even though the global financial market volatility has significantly clouded the growth outlook for all, the domestic economy will suffer limited spillover from the strains of the USbarrel in FY24 down from USD 95 a barrel in FY23. The better show in Q3 deficit was led by a narrowed goods trade deficit along with a record high services exports. The monthly goods trade deficit narrowed significantly to 6.2 per cent of GDP annualized in February from a peak of 10.8 per cent of GDP in September 2022, as imports slowed more than exports on easing global commodity prices and weakening domestic demand. That said, services exports have been resilient so far in FY23, at USD 326 billion up 1.7x from the FY20 level. This has the country's share in global services trade share rising to 4 per cent in 2021 from 3.4 per cent in 2019. The pick-up in services exports has been largely driven by software and business consulting services. But Jain expects the growth to moderate going forward as more than 50 per cent of our software services exports go to the US and Canada as the agency believes that the US economy is heading for a hard landing in 2023."
"Volkswagen India extends service support to flood-hit customers in Tamil Nadu European automaker has extended its enhanced service support to affected customers in following the impact of heavy rains and flooding in the state, the company said on Saturday. The initiative, with effect from December 22, would offer service support to flood affected car owners including Roadside Assistance, on parts, and car care treatment among others. ""Extended service support across regions such as Chennai, Tirunelveli, Tuticorin cities. In addition, the warranty and extended warranty coverage for flood-affected vehicles at these locations are extended until January 31, 2024,"" a company statement here said. The benefit can be availed by customers opting for insurance or cash claims. In collaboration with insurance companies, Volkswagen India said it was also ensuring swift settlement of claims, facilitating a streamlined process for affected customers. Affected customers can directly contact Volkswagen Roadside Assistance at its toll-free number 1800-102-1155 or 1800-419-1155. Across its dealer networks in Chennai, Tirunelveli and Tuticorin, Volkswagen India said it is implementing special support measures with the objective of ensuring a quick and quality service offering to its customers."
"How the world is paying for Putin's war in Ukraine In early March, as the US and its allies unleashed a wave of sanctions on , US President stood in the White House and said they wanted to deal a “powerful blow to ’s war machine.” But as the war in Ukraine approaches its 100th day, that machine is still very much operational. Russia is being propelled by a flood of cash that could average $800 million a day this year — and that's just what the commodity superpower is raking in from oil and gas. For years, Russia has acted as a vast commodity supermarket selling what an insatiable world has needed: Not just energy, but wheat, nickel, aluminum and palladium too. The invasion of Ukraine has pushed the US and the European Union to rethink this relationship. It’s taking time, though the EU took a further step this week by hammering out a compromise agreement on Russian oil imports. Russia is far from unscathed by the sanctions, which have made it a pariah across the developed world. Corporate giants have fled, many walking away from billions of dollars of assets, and the economy is heading for a deep recession. But Putin can ignore this damage for now, because his coffers are overflowing with the revenue from commodities, which have become more lucrative than ever thanks to the surge in global prices driven in part by the war in Ukraine. Even with some countries halting or phasing out energy purchases, Russia's oil-and-gas revenue will be about $285 billion this year, according to estimates from Bloomberg Economics based on Economy Ministry projections. That would exceed the 2021 figure by more than one-fifth. Throw in other commodities, and it more than makes up for the $300 billion in foreign reserves frozen as part of the sanctions. EU leaders know that they should stop buying from Russia and indirectly funding a devastating war on Europe’s doorstep. But for all that ambition, national governments also know there will be repercussions for their own economies. They agreed this week to pursue a partial ban on Russian oil, paving the way for a sixth package of sanctions, but only after weeks of haggling and division. “There are always political constraints on the use of sanctions,” said Jeffrey Schott, a senior fellow at the Peterson Institute in Washington. “You want to maximize the pain on your target and minimize the pain on your constituency at home, but unfortunately, that’s easier said than done.” In the US, officials are debating ways to ratchet up the financial pressure, possibly by helping to impose a cap on the price of Russian oil or slapping sanctions on countries and companies still trading with Russian businesses under restrictions. But such secondary sanctions are deeply divisive and risk damaging relations with other countries. The US has already banned Russian oil, but Europe is only slowly weaning itself off this dependency. That’s giving Moscow time to find other markets — such as commodity guzzling behemoths China and India — to"
"already banned Russian oil, but Europe is only slowly weaning itself off this dependency. That’s giving Moscow time to find other markets — such as commodity guzzling behemoths China and India — to limit any to damage to export revenue, and its financial war chest. That means the money is gushing into Russia’s accounts, and the financial figures are a constant reminder to the West that dramatic change is needed. Oil-export revenue alone is up 50% from a year earlier, according to the International Energy Agency. Russia’s top oil producers made their highest combined profit in almost a decade in the first quarter, Moscow-based SberCIB Investment Research estimates. And wheat exports continue — at higher prices — as sanctions on Russian agriculture aren't even being discussed because the world needs its grain. The current account surplus, the broadest measure of trade in goods and services, more than tripled in the first four months of the year to almost $96 billion. That figure, the highest since at least 1994, mainly reflected a surge in commodity prices, though a plunge in imports under the weight of international sanctions was also a factor. The ruble has become another symbol used by Putin to project strength. Once mocked by Biden as “rubble” when it initially collapsed in response to the sanctions, it’s since been propped up by Russia to become the world’s best-performing currency against the dollar this year. Putin has also tried to leverage Russia’s position as a commodity superpower. Amid concern about food shortages, he’s said he’ll allow exports of grain and fertilizer only if the sanctions on his country are lifted. “If the goal of sanctions was to stop the Russian military, it wasn't realistic,” said Janis Kluge, senior associate for Eastern Europe and Eurasia at the German Institute for International and Security Affairs in Berlin. “It can still fund the war effort, it can still compensate for some of the damage sanctions are doing to its population.” One of the big holes in the sanctions against Russia is the willingness of other nations to continue oil purchases, albeit at a discount in some cases. Indian refiners purchased more than 40 million barrels of Russian oil between the start of the Ukraine invasion in late February and early May. That’s 20% more than Russia-India flows for the whole of 2021, according to Bloomberg calculations based on trade ministry data. Refiners are seeking private deals instead of public tenders to get Russian barrels cheaper than market prices. China is also strengthening its energy links with the country, securing cheaper prices by buying oil that’s being shunned elsewhere. It’s boosted imports and is also in talks to replenish its strategic crude stockpiles with Russian oil. It’s a similar story for steelmakers and coking coal. Imports from Russia rose for a third month in April to more than double last year’s level, according to official custom office data. And some sellers of Russian oil and coal"
"and coking coal. Imports from Russia rose for a third month in April to more than double last year’s level, according to official custom office data. And some sellers of Russian oil and coal have tried to make things easier for Chinese buyers by allowing transactions in yuan. “The vast majority of the world is not involved in imposing sanctions,” said Wouter Jacobs, founder and director of the Erasmus Commodity & Trade Centre at the Erasmus University in Rotterdam. “The trade will go on, the need for fuels will be there” and buyers in Asia or the Middle East will step up, he said. When it comes to gas, Russia has fewer options for diverting supplies, but the countries at the end of pipelines from Russia — some of which run through Ukraine — are also locked into a mutual dependency. About 40% of the EU’s gas needs are met by Russia, and this will be the bloc’s hardest link to sever. European deliveries even jumped in February and March as the invasion caused a price spike in European gas hubs, making purchases from Russia’s Gazprom PJSC cheaper for most customers with long-term contracts. Volumes have decreased since then, thanks to warmer weather and record inflows of liquefied natural gas from the US and other countries. There’s also been disruptions because of military activity, and Russia itself halted supplies to Poland, Bulgaria and Finland, which refused Putin’s demand to pay in rubles. Even as the EU reduces its dependency — Germany says it’s down to 35% from 55% — there are complications at every step. Several big buyers of Russian gas have gone out of their way to keep buying the crucial fuel, and utilities such as Italy’s Eni SpA and Germany’s Uniper SE expect supplies to continue. While progress is slow, the direction is only toward more and more restrictions. Even with the uncertain timetable, the pressure on the Russian economy, and Putin’s finances, will eventually mount. The country’s energy sector is also facing an array of other factors beyond demand, from shipping and insurance restrictions to weak domestic demand. Oil production may drop more than 9% this year, while gas output may decline 5.6%, according to Russian Economy Ministry's base-case outlook. “In the Kremlin there's some optimism and even surprise that the Russian economy didn't collapse from the onslaught of sanction,” said Tatiana Stanovaya, founder of political consultant R.Politik. “But looking ahead two to three years, there's a lot of questions about how the energy and manufacturing sectors will survive.”"
"Here's why drone has become new buzzword in Indian tech space New Delhi: are multi-utility equipment that can easily be used for various purposes ranging from wedding photoshoots to border surveillance. This has led them to become the latest point of interest in the Indian tech space for youth, business fraternity and policymakers. They are basically , the policy regarding which has constantly been updated and upgraded by the Indian government while keeping in mind the country's national security and privacy. Last year, in his tweet about the liberalised Rules, 2021, Prime Minister said, ""The will tremendously help start-ups and our youth working in this sector. It will open up new possibilities for innovation and business. It will help leverage India's strengths in innovation, technology and engineering to make India a drone hub."" The government has enhanced the coverage by drones from 300 kgs to 500 kgs, under the new Drone Rules. It would also bring down the permit fees to operate drones. India has categorised drones into five segments: Nano drones- Less than or equal to 250 grams Micro drones- Greater than 250 grams and less than or equal to 2 kg Small drones- More than 2 kg and less than or equal to 25 kg Medium drones- More than 25 kg and less than or equal to 150 kg Large drones- More than 150 kg Even though the rules in India for flying drones are mostly for the bigger ones, nano drones only can be operated within 50 feet and permission is required to fly them in restricted airspaces. The Cabinet cleared the production-linked incentive (PLI) scheme in September 2021. This was done to provide incentives up to 20 per cent to the drone manufacturers and drone components over the value addition that they make. In Budget 2022, an initiative to promote and facilitate drones as a service through startups was announced by the Indian government. Though a ban has been imposed on the import of drones in India, the government's aim is to ease the rules of owning and operating civilian drones in India. Individuals who fly drones for commercial purposes or heavier than 2kgs are no longer required to obtain a 'Remote Pilot Licence' to operate legally, instead, they just need a Remote Pilot Certificate, stated the Civil Aviation Ministry, according to Saudi Gazette. One can now obtain a 'Remote Pilot Certificate' from the DGCA-approved drone-training institute after passing the course that would make him eligible to fly micro drones for commercial purposes. A 'Remote Pilot Certificate' can be obtained from the DGCA-approved drone-training institute after passing the course that would grant the eligibility to fly micro drones for commercial purposes. All UAVs will have to be registered and provided with a Unique Identification Number (UIN) before they can be operated. Saudi Gazette has reported that according to a PwC report ""Data on Wings -- A close look at drones in India"", the drone space in India is catching up with that in other nations and gaining"
"operated. Saudi Gazette has reported that according to a PwC report ""Data on Wings -- A close look at drones in India"", the drone space in India is catching up with that in other nations and gaining considerable momentum. Further, the outlet also stated that according to 6Wresearch, the Indian UAV market is poised to grow at a CAGR of 18 per cent during 2017-23 in terms of revenue. Although these numbers will continue to be led by the long-range UAV segment, medium and mini-UAVs are also poised to register healthy growth. The six segments in which drone-based applications are being explored include agriculture, insurance, energy and utilities, media and entertainment, infrastructure and mining. Out of these, infrastructure and agriculture are seeing the most traction, in line with global trends. Governance, strategic planning, security, regulation and proper awareness are some of the aspects of the collaborative approach required for the implementation of drone technology. The successful implementation of drone technology also requires participation from various stakeholders. As per Saudi Gazette, according to a report by FICCI, in collaboration with EY, on Unmanned Aircraft Systems (UAS) market, adoption of UAS is increasing in India and it is projected that the value of the industry and market would be around USD 885.7 million. The same report also pointed out drones' ability to reduce costs of compliance, quality and scope information, enable real-time monitoring and manage geographic spread. Also Read:"
"The new technology that is making cars easier for criminals to steal, or crash There is much talk in the automotive industry about the "" "" ( ). This describes a network of and other vehicles that could exchange data over the internet in an effort to make transportation more autonomous, safe and efficient. The IoV could help vehicles identify roadblocks, traffic jams and pedestrians. It could help with a car's positioning on the road, potentially enable them to be driverless, and provide easier diagnoses of faults. It's already happening to some extent with smart motorways, where technology is used with the intention of managing motorway traffic in the most effective manner. A more sophisticated IoV will require even more sensors, software and other technology to be installed in vehicles and surrounding road infrastructure. Cars already contain more electronic systems than ever, from cameras and mobile phone connections to infotainment systems. However, some of these systems might also make our vehicles prone to theft and malicious attack, as criminals identify and then exploit vulnerabilities in this new technology. In fact, this is already happening. Security Bypass Smart keys are supposed to protect modern vehicles against theft. A button on the key is pressed to disable the car's immobiliser (an electronic device that protects the vehicle from being started without a key), allowing the vehicle to be driven. But one well-known way to bypass this requires a handheld relay tool that tricks the vehicle into thinking the smart key is closer than it is. It involves two people working together, one standing at the vehicle and the other close to where the key actually is, such as outside its owner's house. The person near the house uses the tool that can pick up the signal from the key fob and then relay it to the vehicle. Relay equipment for carrying out this kind of theft can be found on the internet for less than £100, with attempts often being carried out at night. To protect against them, car keys can be placed in bags or cages that block any signal emitted from the keys. However, a more advanced method of attacking vehicles is now increasingly being adopted. It is known as a ""CAN (Controller Area Network) injection attack"", and works by establishing a direct connection to the vehicle's internal communication system, the CAN bus. The main route to the CAN bus is underneath the vehicle, so criminals try to gain access to it through the lights at the front of the car. To do this, the bumper has to be pulled away so a CAN injector can be inserted into the engine system. The thieves can then send fake messages that trick the vehicle into believing these are from the smart key and disable the immobiliser. Once they have gained access to the vehicle, they can then start the engine and drive the vehicle away. Zero trust approach With the prospect of a potential epidemic in vehicle thefts, manufacturers are trying new ways to overcome this latest"
"they can then start the engine and drive the vehicle away. Zero trust approach With the prospect of a potential epidemic in vehicle thefts, manufacturers are trying new ways to overcome this latest vulnerability as quickly as possible. One strategy involves not trusting any messages that are received by the car, referred to as a ""zero trust approach"". Instead, these messages have to be sent and verified. One way to do this is by installing a hardware security module in the vehicle, which works by generating cryptographic keys that allow the encryption and decryption of data, creating and verifying digital signatures in the messages. This mechanism is increasingly being implemented by the automotive industry in new cars. However, it is not practical to incorporate it into existing vehicles due to time and cost, so many cars on the road remain vulnerable to a CAN injection attack. Infotainment system attacks Another security consideration for modern vehicles is the onboard computer system, also referred to as the ""infotainment system"". The potential vulnerability of this system is often overlooked, even though it could have catastrophic repercussions for the driver. One example is the ability for attackers to use ""remote code execution"" to deliver malicious code to the vehicle's computer system. In one reported case in the US, the infotainment system was used as an entry point for the attackers, through which they could plant their own code. This sent commands to physical components of the cars, such as the the engine and wheels. An attack like this clearly has the potential to affect the functioning of the vehicle, causing a crash - so this is not just a matter of protecting personal data contained within the infotainment system. Attacks of this nature can exploit many vulnerabilities such as the vehicle's internet browser, USB dongles that are plugged into it, software that needs to be updated to protect it against known attacks and weak passwords. Therefore, all vehicle drivers with an infotainment system should have a good understanding of basic security mechanisms that can protect them from hacking attempts. The possibility of an epidemic of vehicle theft and insurance claims due to CAN attacks alone is a scary prospect. There needs to be a balance between the benefits of the internet of vehicles, such as safer driving and an enhanced ability to recover cars once they are stolen, with these potential risks."
"Lexus India introduces 8-Year warranty for new models New Delhi: has recently announced 8-years 100,000 km to 8 years160,000 km reinforces our commitment of superior quality, durability, and reliability in every Lexus vehicle and signifies advancement in offering unmatched warranty and providing absolute peace of mind to our esteemed guests. They can now experience outstanding luxury and performance of their Lexus.” he added."
"'Used car biz may more than double in 5 years' India's market for used cars is expected to more than double to almost $75 billion in the next five years, driven by increased customer preference for personal mobility after the pandemic, according to CarTrade, a platform for classified automobile ads. There has been a sharp increase in customer preference for personal mobility since the pandemic. This, coupled with easier access to financing solutions and the government's move to register sales of pre-owned vehicles to help expedite the transfer of ownership, will lay down a structure for the used car industry, managing director Vinay Sanghi said. The was valued at $32 billion in 2021. The Ministry of Road Transport & Highways recently issued a draft notification requiring used car dealers to secure an authorisation certificate from the respective state transport authority and to transfer the ownership of vehicles they are selling to their names. The measure, once implemented, will stakeholders, safeguard buyers and add an impetus to the used car segment in India, CarTrade said. ""There is enough demand in the market. Supply though is a challenge currently,"" Sanghi said. ""Sales of pre-owned vehicles grow basis the population of vehicles available in the market. It should be higher by 3-5% than new car sales this fiscal."" According to Sanghi, who is also the company's chief executive, consumer behaviour has altered significantly since the outbreak of the pandemic, and the ability to consume digitally has gone up. ""Almost every vehicle purchase today is researched online. We have seen robust growth on our platform,"" he said, adding that traffic on the platform had more than doubled in the last three years. CarTrade registered 30 million average monthly unique visitors on its platform in the January-March quarter. It had 1.2 million listings for auction in the fiscal year ended March 31. CarTrade has earmarked an investment of $100 million (around ₹800 crore) in the mid term to acquire and invest in companies which will either help it enter a new market or bring new products and technologies to customers, he said. ""We want to digitise the entire ecosystem and offer value-added services, be it auto finance, leasing, insurance, servicing or ownership."""
"Indian diesel floods to Asia as Houthis imperil flows to Europe Shipments of from India into are at the lowest since 2022 so far this month as Houthi attacks on merchant shipping continue to disrupt international trade, driving more cargoes to Asia. Flows to the European Union and UK plunged as higher freight costs stoked by the ongoing turmoil in the Red Sea, as well as unplanned refinery maintenance in Asia, made trade economics better for sending cargoes east rather than west. Arrivals of fuel from India into Europe averaged just 18,000 barrels a day in the first two weeks of February, a plunge of more than 90% compared with January’s average, according to data from Vortexa Ltd., compiled by . The drop partly stemmed from the higher costs of shipping to the west last month, according to James Noel-Beswick, an analyst at Sparta Commodities. “The economics to export east — Singapore region — were a lot better than those west,” Noel-Beswick said. Tankers heading to Europe or the Atlantic Basin are being forced by the Houthi threat to go around South Africa’s Cape of Good Hope, increasing journey lengths and costs, or use the Suez Canal, “with the risks involved and extremely high war risk insurance.” There were no imports of diesel-type fuel into the EU in the first two weeks of February and only one shipment into the UK, according to the data. However, the Marlin Sicily and Marlin La Plata recently loaded barrels in India and are headed for Rotterdam, with the former signaling arrival later this month, according to port report and tanker-tracking data compiled by Bloomberg. Elsewhere, arrivals of diesel-type fuel from India to Asian destinations — including some cargoes into Saudi Arabia and Bangladesh — surged in the first two weeks of the month. More cargoes, on vessels such as the Peace Victoria and Orange Victoria, are sailing toward East Asia."
"MobiKwik collaborates with Cholamandalam MS General Insurance Company, SBI General Insurance CHENNAI: Mobile wallet has collaborated with Ltd and to offer third party and comprehensive insurance plans on its platform. With this partnership, customers will now be able to insure their two-wheelers on the MobiKwik app in just a few simple steps, a statement said on Wednesday. A customer will just have to enter the vehicle number to buy insurance without having access to his/her registration certificate. The product suites would also include add-ons such as zero depreciation, personal accident and 24X7 road assistance, it added. Commenting on the partnerships, Bipin Preet Singh, co-founder, MD and CEO, MobiKwik, said, ""We are certain that insurance offerings on MobiKwik platform will not just benefit our 120 million customers but will bring more people in the ambit of insurance. As an added advantage, soon, MobiKwik customers will also be able to utilize MobiKwik Zip, Buy Now Pay Later service to pay their insurance premium."" Suryanarayanan V, managing director, Chola MS General Insurance, said that many surveys reveal that many vehicles are uninsured in the country. ""It would be our endeavour to cater to the huge organic digital user base of the brand. We plan to innovate and introduce several other new products on this platform in the future,"" he said. Priya Kumar, head – emerging business, rural & agriculture, SBI General Insurance, said two-wheeler insurance’s significance has been underlined by making the liability plan mandatory. ""We have observed that two-wheelers have a high uninsured rate, compared to other vehicles. In fact, as per IRDAI data, the total number of two-wheelers on road in FY 18-19 stood at 17.59 crore, while the total number of policies sold for two-wheelers in the FY 18-19 stood at 5.9 crore."" Also Read:"
"ADAS and AD to co-exist, transform auto ecosystem New Delhi: Autonomy is the buzzword in the mobility world today. From Advanced Driver Assistance Systems ( ) to complete (AD), these technologies are racing against time to transform mobility into a seamless, connected, and convenient experience. Despite challenges related to tech, legal and ethical concerns, cybersecurity risks, and the need for infrastructure updates, the future undoubtedly lies in autonomous driving with degree of autonomy across markets defined as per purpose, demand and regulations. Deepak NG, MD, , says, ""Noone could have predicted that ADAS L2 would become a reality in the mass market 10-15 years ago, but here we are. Similarly, while some argue that fully autonomous technology isn't quite ready from a safety standpoint, there's still a lot to be done in terms of safety protocols, regulations, product design, and addressing local and geographic requirements. That said, the fully autonomous system is undeniably the future."" He adds that ADAS and AD will co-exist in the , each advancing in response to evolving consumer behaviour and regulatory demands, supported by rigorous testing mechanisms. ""You can't view the technology solely from a product perspective. The entire ecosystem needs to evolve, embracing technological advancements to drive the progress towards enhanced autonomy."" Shares Ravi G Bhatia, President and Director, JATO Dynamics, “The future of safety and autonomous vehicles is likely be driven by advancements in AI, sensor technologies, regulatory frameworks, and public acceptance.” He adds that AD can transform the automotive market by changing vehicle ownership models, reshaping urban planning, and altering transportation services. “Take MayMobility as an example. Here, autonomous vehicles are providing mobility services to remote locations in the US that cannot be cost-effectively covered via standard bus operations,” explains Dr. Wilfried Aulbur, Senior Partner, Roland Berger LLC. Highlighting that autonomy not only improves safety, but also addresses driver shortages in various parts of the world, Aulbur shares that as a consequence to autonomy, “we will have logistics operations that are cheaper, more reliable and provide better asset utilisation.” Moreover, he adds on the US to see ""first relevant commercial application of autonomous applications in CVs this year with Gatik, Aurora and Kodiak. “China is working actively on autonomy as well, and on turning vehicles into ‘smartphones-on-wheels’. I do expect this market to continue to be relevant for autonomy going forward,” points Aulbur. Suraj Ghosh, VP, Minus Zero, says, ""We are among the few companies in India working in the early stages of autonomous solutions like L2+, L3, L3+, and L4. The technological landscape shifts significantly when we move beyond ADAS L2, requiring a collaborative effort across the industry and ecosystem—regulators, homologation and testing agencies, manufacturers, and the entire"
"shifts significantly when we move beyond ADAS L2, requiring a collaborative effort across the industry and ecosystem—regulators, homologation and testing agencies, manufacturers, and the entire supply chain. While India is still evolving in these areas, we can take valuable lessons from markets like the US, Europe, Japan, and Korea."" Citing that India is in the early stages of ADAS adoption (L1 and L2), Kavan Mukhtyar, Partner & Leader - Automotive, PwC India, says, “Indian auto industry will be banking big on ADAS L1 and L2 with it cascading down from luxury segment to premium sedans and sub compact SUVs. It looks promising with its impact on road safety and driver efficiency, and we will see industry focusing on localising the supply chain for the technology.” The technology is also expected to advance in CV segment along with scope for full autonomy. Globally, “L3 and L4 AD vehicles are being tested, but widespread readiness is still in progress,” shares Bhatia. Examples include Tesla's Full Self-Driving (FSD) beta, Waymo's autonomous taxis, and GM's Cruise vehicles. Tesla's FSD has faced controversy due to safety concerns and debates over its capabilities. Highlighting on the changing landscape with these software-driven vehicles, Bhatia shares, “Marketing needs to be done by emphasising the balance between advanced technology and user trust- differentiating safety (the car's ability to prevent accidents) from cautiousness (the car's decision-making process in uncertain situations).” Moreover, the experts point on EVs likely to bring better outputs at higher autonomy levels due to their inherent compatibility with advanced electronic systems and overall efficiency as against ICEs and other fuel driven vehicles. “Even if fully autonomous vehicles were available to the public today, they’d be sharing the road with human driven vehicles for decades to come, so we need to continue to look at ways to improve the safety of vehicles, drivers, and roadways. That includes improvements to proven safety technologies like AEB (Automatic Emergency Braking),” shares Joe Young, Director of Media Relations at IIHS (Insurance Institute for Highway Safety)."
"S.Africa's ArcelorMittal shares down 6% on second day of strike 's share price was down 5.97% at 1500 GMT on Thursday on the Johannesburg Stock Exchange on the second day of a strike over wages, as workers picketed outside its factories. The (NUMSA) began a strike at Africa's biggest steel company on Wednesday, after wage negotiations broke down last week. on Wednesday ordered that workers at the company's steel plants, blast furnaces and coke batteries be excluded from an ongoing job boycott, after ArcelorMittal argued these are essential services barred from striking by law, NUMSA said. ""Justice Mahosi of the labour court interdicted the strike temporarily but only for workers in the blast furnaces, coke batteries and the steel plant, until a final judgment has been made,"" NUMSA said in a statement. The union wants a 10% pay increase, a housing allowance and payment of 80% of medical insurance costs, against the company's final offer of a 7% wage increase. ArcelorMittal was not available to comment. A NUMSA spokesperson said she could not immediately establish how many of union members worked in the departments affected by the court order but said NUMSA was the biggest union at ArcelorMittal, with about half of the company's permanent employees affiliated to it. The company, majority owned by Luxembourg-based ArcelorMittal SA, had 7,133 permanent workers at the end of 2021, its latest annual report showed. On Thursday, scores of striking workers picketed outside ArcelorMittal's Vereeniging plant about 100 kilometres south of Johannesburg, chanting protest songs, burning tyres and blocking roads with cement blocks and debris as police kept a close watch. ""We want a 10% salary increase, that's why we are standing outside,"" Marake Mokoena, a crane driver, told Reuters. ""This is because (the price of) everything is increasing, petrol, food and everything, but the company doesn't want to give us that percentage, so we will fight until we get that 10% increase."""
"I do not expect market to be so worried about inflation: Nirmala Sitharaman Privatisation of Air India was a complex case, a layered case where we had to do all the necessary tying up and be accountable. Others would be less time consuming. It should go as per plan which was announced last year in the Budget, says Finance Minister in an interview with ET Now. There is a committee for startups which you have already announced in your Budget. What is the idea behind that committee because the prime minister two years ago mentioned that the government would be open to considering overseas listing for startups? The committee which I have announced now is more for the private equities and venture capitals. For them there were so many different issues which they wanted us to address. They had a video conference with the prime minister. They also met me and we thought about that area because with all the existing limitations have come out so much that today the startups in India are in the process of becoming unicorns, are able to mobilise resources purely from our own venture capital, from our own private equity. So we thought we should sit and see what best they would want us to do so that they can be even more robust. On Bond Market Today the bond market or the 10-year paper closed at 7% and the view is that markets are nervous about the government borrowing programme and coming back. Is that fear justified, how would you address that fear? Markets have their own readings and I would not question them. After all they sense it and they have been successful in most of their assumptions and the way in which they sense things. But even with that said, I would say I do not expect them to be so much worried about it. They should not be because we are doing it in a very transparent process and also there are so many other revenues, non-tax and better improved collection, all of which will add to our tax buoyancy and non-tax collection as well. So whilst we announce the borrowing and are conscious of the ways in which we are readying ourselves, it should not fluster them. I am very confident that to a large extent, we will be able to manage and the announcement is not an irresponsible hasty knee-jerk announcement. I wonder if there is a direct correlation between my announcing the number of how much I am going to borrow and what is developing there. It is also partly because of the US Fed’s possible actions. Otherwise how do I read the bond market responding similarly like the way they have responded post my Budget, responding like that two or three days earlier, prior to budget too. The yield started going higher… That going up has nothing to do with the Budget. I did not announce any numbers and so I have a feeling they are alert to the global developments. They are sensing a lot of global changes and policy interventions, all of which probably is also working in their mind and it is just not my number. No decision has been taken on India’s bond inclusion"
"are sensing a lot of global changes and policy interventions, all of which probably is also working in their mind and it is just not my number. No decision has been taken on India’s bond inclusion in the global index. From the ministry standpoint, is that still up for consideration and since no decision has been taken. it is a shut case now? No, no decision has been taken. It is not a shut case. We would say if it is a shut case. Privatisation Plans I would like to draw your attention to the disinvestment numbers. Air India was a very tough disinvestment. The divestment process in India has changed now. It is no longer selling via ETF, in drips and drabs or pseudo disinvestment. Instead of divestment, should it be called privatisation now? I used the word privatisation in the last Budget and I was grateful to the media which received it very well. The process is on, we are going ahead with it. There is no change but it is true that the systems in the government consume a lot of time in complying with the existing rules. Air India was a classic case, a complex case, a layered case where we had to do all the necessary tying up and be accountable. Others would be less time consuming. It should go as per plan which was announced last year in the Budget. The indications we got is LIC IPO will hit the market very soon. Will LIC IPO hit the market with a 5-10% stake and will the government stake stay there because in some of the other government listings like Coal India, NTPC. in subsequent years the stake has come down. What are your thoughts there? At this stage, where the red herring prospectus is likely to be announced, it would not be good for me to comment or speculate on it. Just wait for the document to be out. As I said, our approach will continue to be what we have announced in the Budget last year. Through this Budget I want to provide the continuity, the stability and a predictable course for everybody saying what has been announced, will continue. The revenue secretary today mentioned the names – BPCL, Shipping Corporation, Container Corporation, Concor. So I am assuming that… All that which were mentioned earlier has been cleared by the cabinet already. But rather than looking at a number and comparing that with whether the number is big or small, it is important for our viewers to understand what is the roadmap on disinvestment and privatisation. You have extended this point in the past that the government only wants to be in the critical businesses. Yes that core sector definition has been given. Again in the last year’s Budget, we defined what were those absolute critical strategic sectors. Whilst opening up for the private sector, we will keep at least a bare minimum number of public sector units in that category. I will have a certain number of government owned banks. Similarly, in the insurance sector – general insurance, life insurance, insurance underwriters are the categories. Under each one, we will have to keep some core"
"number of government owned banks. Similarly, in the insurance sector – general insurance, life insurance, insurance underwriters are the categories. Under each one, we will have to keep some core control. So is Rs 65,000 crore just a moving number then because the whole mantra of minimum government and maximum governance ties beautifully with the privatisation process. Next year, will a lot of things happen? Absolutely. Yes. How much can you do within a year is also the question. That is why I am saying do not forget that from last year’s Budget, we are doing this continuously. So each year something or the other will have to happen. Are you being conservative and keeping cushions purposely on the assumption side for tax collection and also on the disinvestment side? No I am being realistic I would say. But that could also be a view of the economy because if you are assuming a conservative growth in taxes, that ties in with your view on the economy. It ties with the view that I have to be fair about the numbers I give. It ties with the view that I want to be honest about the numbers. On Market & Taxation Every time when there is a Budget, the equity market wants to know about the same question – STT, long term, dividend tax. Now the tax collections are coming back. Do you have enough data where you can take a view that all these three taxes should coexist? On the long term capital gains, when was it introduced and what was defined as long term then. Wasn't it at least three years and more? Yes. From the time of introduction of the latest LTCG, we have just completed three years and in the three years say two years have gone in the pandemic. So what is the measure with which I can test the performance or non-performance or failure of the policy of LTCG that was brought in by this government? Before I even assess that, before I even see what impact it has had on capital gains at all, there is a demand do something on it. Why? What? Please. I want to quote you from our last interaction exactly a year ago. I asked you will the taxes go down? Your reply was I have not applied my mind about bringing rates down or increasing, I want a stable tax regime, I am completely against a mercurial one that changes every year and the tax regime is being stable. But what about the DTCA roadmap and I specifically remember you had mentioned that on 75 years of independence, you could reconsider the surcharge on the super rich? I have already laid the roadmap for a Direct Tax Code which is more simple and easy to comply with in the year before last Budget. Last budget, we gave a twin track, get out of exemptions if you want and here is another track in which if you come in. it is simple and you pay this much which is easier, lesser tax and nothing to worry after that. That is the beginning that I have made. I am seeing progress in it. People are moving. So these are steps forward in that direction. The prime minister had promised incentives for honest tax payers. I"
"is the beginning that I have made. I am seeing progress in it. People are moving. So these are steps forward in that direction. The prime minister had promised incentives for honest tax payers. I have thanked them last year and this year, I have been thanking them. But just a thank you, nothing more? No, not even saying thank you also would have been a crime. I have crossed that one stage and I do not see anything more. There are things which have been done and first of all bringing faceless taxation, reducing the time to which your records will have to be kept, subjecting yourselves to reviews – all that has changed. I remember in 2019. the first loud call was tax terrorism. Would you say that today? Household searches will happen but harassment, no. This is the most underappreciated part a by lot of people that how ease of doing business and tax compliance has only been leading to better results. What are the numbers which prove that? First of all two things here; at a time when we are coming out of the pandemic, the GST collection is improving where it is the businesses who paid. The consumer end is being collected but the retailer or somebody who pays it. If it is increased, it is not just because businesses are expanding. Yes businesses are expanding but plugging of loopholes, plugging of leaks, stopping false claims, cutting down on fake claims are all ways in which the same number of people and size of business is yielding better results. So that is one of the things I am seeing working even in direct taxation. So bringing in technology in tax practice has made a lot of difference and that difference is something which I would like to continue because whilst it might impersonalise the matter, there could be still some people who would want to go and meet the office and say this is what I am doing, you are welcome to it, but the administration will have to be non-discretionary and it has to happen by default ideally. That is where we are taking the whole thing. So I would focus on that first. On Crypto The sovereign in its right has put in a transaction tax. That is the right of a sovereign. But is this also an indication by the sovereign that they are trying to curb speculation? Well if it eventually leads to cutting down on speculation, it could be one of the collaterals. But we are going there to make sure that if any profit is being made and they will have to pay a share to the government exchequer. But if it results in lack of or reduction in speculation, well… So we should not read too much into the intent of taxation? No, at this stage I am open minded about what is happening there. That is why the consultation and that is why I am steadfast at least about saying that I am not giving anything which is in my mind yet because I have to form my thoughts once the input comes. Because that is the view coming from the regulator? Of course, I have consulted both the SEBI and RBI not once, but several times. We have been having this"
"to form my thoughts once the input comes. Because that is the view coming from the regulator? Of course, I have consulted both the SEBI and RBI not once, but several times. We have been having this continuous interaction with them. It is not without the consultation with regulators of monetary affairs and regulators of the stocks. So as of today, it should only be read as tax on a transaction and sovereign in its right has put a tax on transaction, nothing more, nothing less? Absolutely. Rising Rates A very basic question. I am a borrower. I have a home loan, I have a car loan. Interest rates will move higher. If interest rates move higher, one of the reasons why demand made a comeback is because rates have been artificially low both locally and globally. Is rising interest rates the biggest challenge this year or next year? But equally there are saving elders, senior citizens, small savings people who for a very long time have been at the raw end. Their savings have not yielded anything to them. Senior citizens, whose lifetime savings are giving them minuscule amounts. They probably will be looking forward to the day when rates can go up. On GST rationalisation The decision to rationalise GST will be taken by the GST Council. Everybody is aware of that. But what is your personal view? Given that tax buoyancy is coming back, should rates be rationalised? No rates have to be rationalised at least to the extent where there is inversion. That is my first step because otherwise which business will agree with you giving refunds much more than earning out of any item? You are giving refunds much more than what is coming in the name of revenue. Is that a good business? There should not be any loss to anybody. Nobody should be taxed much more than what actually is pronounced or announced policy. But there are times when the government is ending up with collecting nothing. If anybody is giving refunds and there are some perverse incentives which have got built into the system whereby the more they produce, the more they manufacture, the more they sell, the more refunds they get. The perversion in the system which is crept in is not justifiable at all. To that extent, I want a correction. In order to keep consumer interest at bay, the government announced a retail fuel duty cut after Diwali. Crude prices have gone higher and given how there are imbalances and geopolitical challenges, if crude prices go higher, will you be forced to bring taxes down? I will have to see how it goes because last year we had extraordinary increases in fuel prices, extraordinary increases in fertiliser prices, all of which was absorbed partly in fuel but almost near totally in the case of fertilisers, for urea, which comes from elsewhere. So global prices have impacted us and last year we did take a huge share of that global price impact on ourselves. Indians are now changing their asset allocations. SIPs have started, Indians are investing in equities, they are betting on"
"year we did take a huge share of that global price impact on ourselves. Indians are now changing their asset allocations. SIPs have started, Indians are investing in equities, they are betting on Indian entrepreneurs. Gone are those days when FIIs were the only investors. It is a very proud moment for all us. That is why look at the number of demat accounts, net ones, unique ones. Is the finance ministry happy with that or do you think it is a bubble and would like to warn retail investors? No, the retail interest in the stock market is a healthy sign. Our youngsters are finding that there are ways other than keeping money in fixed deposits; there are ways in which they can engage, however risky it might be. If you were a discerning investor, you are able to see which are the companies doing well, which are run transparently, where board driven processes are guiding the companies and therefore invest in such companies. I welcome that. Your speech was relatively short but on the words you have really made a powerful impact. Was that the intent this time? Yes certainly. Last year too and this year too I have myself written the speech. I have spent a lot of time in making sure that the words matter and that it should not be a haranguing speech that people think oh! my God why she cannot end. I wanted it to convey what is there. Do you check stock markets, bond yields or even value of rupee on a daily basis? Don’t my answers reflect it. Also Read:"
"Why India@100 will lead tech innovation for the entire world For decades, it has almost been a joke that Indian parents only want their children to be either engineers or doctors. But the parents’ proclivity is today massively paying off for the country. The world’s most valued companies are technology companies. Every company and every country is trying to make technology an integral part of their operations. So, the world just can't seem to have enough of engineers, and those who know science, maths and statistics. And India, with its phenomenal and abundant talent in these fields, is in the sweetest spot it can think of as we celebrate the 75th anniversary of our independence. When we look ahead at the next 25 years and the role India will play in shaping the technology landscape worldwide, the potential looks immense. , president of the IT industry body , said on our webinar last week that we are in an amazing place today in terms of the opportunities that are present and the capabilities that we are seeing getting developed in India and by the Indian ecosystem. “Technology is the greatest tool we have in our hands to actually be in a position where we can think of solving some of the really big problems that's facing humanity. And I honestly believe that India is tremendously poised to lead this shift that we need to see – from the focus on innovation and implementation, to creating large-scale impact at scale across sectors, from healthcare to education, to agriculture.” Ghosh said the digital public goods platforms that have been built in India, like UPI, provide a unique advantage. Especially with regards to the scale of the solutions that are built. She said one should think of these platforms as the digital highways that will help connect every citizen to service providers. “These platforms enable companies – big and small, multinational or Indian – to all come and play together, and create their unique solutions and products with the ability to reach people right up to the grassroots level,” she said. The immense, untapped talent potential of the country is another factor that is expected to help India leapfrog other countries in tech domains in the next few decades. “If you look at the business process management (BPM) industry today, almost 50% are women. But the reality is, there is still a huge untapped resource base of women as well as other people,” said , group chief executive officer of , one of India’s leading BPM companies. Talent in smaller cities in India, Murugesh said, is the other main vein of gold waiting to be taken advantage of. “We are investing in more of these locations. Work from home has become a model that everyone is talking about, and we are creating new offices in these tier-2 and tier-3 locations, and telling staff that they don't need to leave their hometowns,” he said. , managing director for IBM India and the South Asia region, said the ability of our existing talent to grasp new technologies is also"
"staff that they don't need to leave their hometowns,” he said. , managing director for IBM India and the South Asia region, said the ability of our existing talent to grasp new technologies is also deeply impressive. “Very recently, we launched some programmes in the northeast, in places like Nagaland and Assam, and the output that we are seeing there, and the potential that we are able to untap there, with the right kind of skilling initiatives, it's just phenomenal,” he said. Patel said technology would be crucial for India to develop a prosperous economy over the next 25 years. “India's rollout of 5G communication technology, growing adoption of hybrid cloud, artificial intelligence, , internet of things, these are going to be critical in paving the way for a trillion dollar digital economy by 2025,” he said. Deep tech and data There is also tremendous opportunity in the deep tech space, Kunal Bahl, co-founder of the AceVector Group, said. AceVector includes Snapdeal, the e-commerce firm that Bahl co-founded 12 years ago. “India is still in the very early stages. We have really high-quality engineering talent, and it's driven largely by the history of many of the global technology companies opening their development centres here. This has created an enduring momentum of a huge talent pool that is very adept at understanding how global quality products are built,” he said. But talent alone, he noted, is not enough for a deep tech ecosystem to flourish. Availability of very large pools of data is crucial to train algorithms. Here too, Bahl said, India has a massive advantage. “I met a company some time ago that was building a deep tech product for insurance companies to assess, using a simple camera from the assessor’s phone, on whether a car has dents or not. Now, the challenge in western markets is they just don't have enough dents on cars. We don't have that problem in India. So, the team just walked around the city and took videos of cars parked on the street, and over a period of time built a huge data set that actually created an accurate algorithm that they're now selling to global insurance companies.”"
"Why are other automakers chasing Tesla's 'Gigacasting'? Toyota Motor said this week it will adopt a technology pioneered known as "" "" as part of a strategy by the Japanese automaker to improve the performance - and lower the cost - of future (EVs). Toyota is not alone in following Tesla's breakthrough. Here's a look at Gigacasting and how the innovation is forcing automakers to scramble to match Tesla: What is Gigacasting? The Giga Press is an aluminium die-casting machine adopted by Tesla at its factories in the U.S., China and Germany. The house-sized machines are able to produce aluminium parts far bigger than anything used before in auto manufacturing. The ""giga"" in the name is a nod to Tesla's convention of calling its plants ""Gigafactories"". Other automakers have taken to calling them ""megapresses"", which also can refer to smaller but still massive machines. In operation, the press takes in a shot of molten aluminium of 80 kg (176 lb) or more into a mould where it is formed into a part, released and then quickly cooled. Tesla has developed an aluminium alloy that also allows it to skip the heat treating traditionally used to increase the strength of the cast part. What's the payoff? Typically more than a hundred individually stamped metal parts have been welded together to make a car body. Fewer parts, lower costs and a simplified production line have contributed to Tesla's industry-leading profitability, analysts have said. For Tesla, the use of a single component in the rear of the Model Y - its best-selling model - allowed it to cut related costs by 40%, the company has said. In the Model 3, by using a single piece from the front and rear of the vehicle, Tesla was able to remove 600 robots from assembly, has said. It can also cut a vehicle's weight - an important consideration for EVs where the battery pack alone can weigh more than 700 kg. And it has the potential to reduce waste and greenhouse emissions from a plant. Toyota said it expected that using aluminium die-casting would eliminate dozens of sheet metal parts from assembly and reduce waste. Who makes the machine? Tesla sources its presses from Italy-based IDRA, which has been a unit of China's LK Industries since 2008. Competitors of IDRA and LK include Buhler Group in Europe, Ube and Shibaura Machine in Japan, and Yizumi and Haitian in China. The global aluminium die-casting market was worth almost $73 billion last year and is projected to top $126 billion by 2032, showed an AlixPartners analysis. Who's chasing it? In addition to Toyota, General Motors, Hyundai Motor and affiliates of China's Geely - Volvo Cars, Polestar and Zeekr - are using the technology or planning for it. Zeekr has started using massive aluminium die casts for a multi-purpose van it makes for sale in China and has said it will introduce the technology for other models. Volvo said last year it would invest more than $900 million to upgrade its plant near Gothenburg, Sweden, to include megapress technology."
"has said it will introduce the technology for other models. Volvo said last year it would invest more than $900 million to upgrade its plant near Gothenburg, Sweden, to include megapress technology. What's the catch? Cost is one. Tesla records most of its sales with just two models: the Model 3 and Model Y. High sales volume on just two platforms make it easier to justify the investment in new production technology. Other EV startups also have that advantage. For legacy automakers with more complicated product lineups and factory machinery that is already amortized, the decision to invest tens of millions of dollars in new casting technology can be a harder call, analysts have said. Cars with body sections cast into single pieces could also be harder or more expensive to repair after an accident. That could add to the cost of operation for EVs. Already insurance companies are writing off EVs with low mileage if they have damaged batteries because there is often no way to repair even slightly damaged battery packs."
"Zingbus launches free travel insurance for its customers NEW DELHI: , the technology-enabled intercity mobility company, has announced the launch of the first-ever insurance cover for all user bookings made via the zingbus web and mobile app. Based on the strategic partnership with (primary insurer)and (as an aggregator), this free-of-cost will safeguard travelers and enable them with the most vital trip protection benefits. Speaking on the launch, Prashant Kumar, CEO and Co-Founder of zingbus commented, ""We’re excited to launch this insurance cover for bookings exclusively through our web & mobile platforms. This reflects our mission to focus on making intercity travel affordable and safe for everyone."" Zingbus would offer this all-in-one insurance package as a comprehensive benefit to all its travelers while covering unforeseen circumstances. The insurance will benefit the travellers with personal accidental cover upto Rs 7, 50,000 Emergency medical cover up to Rs 3,00,000, Baggage loss claim up to Rs 5,000, Out-patient expense coverage up to Rs 25,000 & Medical evacuation up to Rs 10,000. In a statement, Prashant Kumar added, ""We’re always on the lookout for new ways to elevate the safety coverage for our travelers. The scope of this integrated free insurance cover is to serve as a safety net, from the point customers on-board zingbus till they complete their journey. It would offer personal accidental cover & baggage loss cover, among others. And, having these risks covered will ensure additional protection for our passengers. This added benefit will help us to improve the customer experience while they’re traveling with zingbus."""
"Swiggy, Zomato operations hit as delivery workers strike in Mumbai Operations of food delivery majors and were hit in several parts of Mumbai on Monday as delivery workers went on demanding higher incentives and better working conditions. The strikes starting on Sunday are organised collectively by multiple organisations including Shiv Sena-affiliated Rashtriya Karmachari Sena and Indian Federation of App-based Transport Workers ( ). Thousands of delivery workers in Swiggy and Zomato joined the strikes, claimed Shaik Salauddin, national general secretary of IFATW. ET could not independently verify the number of delivery partners striking. Swiggy and Zomato did not respond to requests for comment on the strikes. Delivery workers’ demands include better distribution of orders and workloads, optimisation of pickup and drop distances, comprehensive insurance coverage for workers and their families, and equitable access to incentive programmes. IFATW has called for a ‘Social Security Bill’ for gig workers in Mumbai, similar to a recent legislation passed by the Rajasthan government. It also demanded a “tripartite board” with “representatives from aggregators, worker organisations, and the government” to implement schemes for workers, and asked that ecommerce platforms pay a “welfare cess” towards a collective fund for gig workers. “We know of about 3,500 delivery partners whose IDs have been deactivated by platforms, not just in Swiggy and Zomato but across platforms, due a variety of reasons that were beyond their control, like bad weather or packaging issues or wrong location. This kind of deactivation without verification or bargaining is very harmful for workers,” Salauddin told ET in an interaction. He said the striking workers were in conversations with delivery workers of other organisations like Zepto to join their protest. He did not give a timeline for how long the strikes would last, saying it would go on “as long as it does not start hurting the workers.” In April, delivery workers of Zomato-owned quick commerce platform had gone on strike after the company changed its payout system from a flat Rs 25 per delivery (plus Rs 7 during peak hours) to a Rs 15 per delivery minimum fee along with a distance-based component. The Rajasthan Platform Based Gig Workers (Registration and Welfare) Bill, 2023, passed in the state assembly in July, is widely considered to be the first law of its kind in the country to protect gig workers."
"After-sales service provider Automovill raises INR 2.15 cr in Pre-Series A round New Delhi : provider Automovill has raised INR 2.15 crore in a Pre-Series A round led by . Following a hybrid and flexible business model, Automovill has the 3 rd largest presence across India, while catering to over 15 lakh customers. Automovill has enhanced its technology offerings to strengthen and organize the automotive after-service and maintenance industry. In order to improve current products and bring about synergy in technology, the funds raised will primarily be used to expand the current scope of capital expenditure. It will also strategically channel and smoothen operations, and broaden its marketing scope. They include carrying out the on-going research on potential abilities to fix the challenges of car servicing by introducing hassle-free, open, and affordable solutions via a technological platform, and assisting in the accumulation of orders and creating direct and indirect jobs within the ecosystem and thus contributing to the growth of its partners. Mitesh Shah, co-founder, Inflection Point Ventures, said , “India is one of the largest automobile markets in the world. We have almost all the auto brands from affordable to being sold in India. However, the post-sales and service journey is quite broken at multiple stages. Maintaining cars by using dealers’ service centres is an extravaganza while the customers would not feel it safe to leave their cars with the local garage as it can lead to more problems than solutions. Automovill is tapping into this market which is highly expensive on one end and totally unorganized on the other. Our interest in the company comes from the fact that it is a hugely untapped market with only a few organized players, and we are confident that with the disruptive and tech-enabled strategy of Automovill, we will see it growing faster than its peers at an all India level.” was founded in 2015 by a trio of experienced partners, Mridu Mahendra Das, Chinmay Baruah, and later joined by Ramana Sambu, who found the cost-effective, hassle-free, and customer-oriented service for every car owner. At present, Automovill is present in 20 cities in India catering to retail customers and clients from used car sellers, ride-hailing, and auto insurance through its network of 200-plus workshops. Due to the limited number of players who are actively attempting to organize this market, Automovill has the advantage of capturing a larger share of the market before it becomes overcrowded. The garage network is built on stringent parameters. The partners who wish to come onboard Automovill’s platform are put through a selection process for service and repair work. Customers can make a service reservation through the company's website, mobile app, or customer service line. The operation executive sends a driver to pick up the car from the customer's location and deliver it to an appropriate vendor partner after receiving confirmation of the"
"or customer service line. The operation executive sends a driver to pick up the car from the customer's location and deliver it to an appropriate vendor partner after receiving confirmation of the request and comprehending the car issue. After the customer has approved the job estimate, the servicesemi-organized sector. Given that 98% of the off-warranty segment is currently catered to by the unorganized sector and conservatively assuming Automovill can garner only 1% of the unorganized market in the next 3 years, the top-line potential is INR 150 crore by FY24. : Indian used car volume was estimated at 3.9 million units (USD 18 billion in value) in FY21, down from 4.1 million in FY20 due to COVID. The used car market volume in the country is expected to reach 7.7 million by 2026 and is estimated to be valued at USD 44.7 billion In the upcoming years, it is anticipated that this segment's growth would increase even further. Compared to new car sales, used car sales will continue to increase as people's preferences for personal mobility and the after-sales industry will be more price sensitive. India is also competing with the developed economies and the used carnew car ratio of 3.5 and 2.4 respectively. Insurance claim: Automovill has grown immensely is Insurance claim which is contributing to 30% of orders now. It is facilitating cashless insurance claim in 20 cities for 18 insurance companies. Automovill has also developed its own insurance claim registration platform for agents and it is available in the playstore. Automovill has also started supplying high quality Lubes to its partnered network for better quality and control for the services rendered by its workshops. Also Read:"
"Centre hikes financial package for rubber sector by 23% to INR 708 cr New Delhi, The financial assistance for the under the 'Sustainable & Inclusive Development of Natural Sector' scheme has been increased by 23% from INR 576.41 crore to INR 708.69 crore for the next two financial years (2024-25 and 2025-26), the Commerce and Industry Ministry said on Monday. It said that to support the rubber industry, planting of rubber will be undertaken in 12,000 hectares (ha) in traditional areas during 2024-25 and 2025-26 with an outlay of INR 43.50 crore. ""For this, the rate of assistance has been increased to INR 40,000 per ha from the earlier INR 25,000 per ha. This will help to cover the increased cost of production as well as provide additional incentive to growers for planting rubber,"" the ministry said. The ministry said that another 3.752 ha will be brought under rubber cultivation in non-traditional regions with an outlay of INR 18.76 crore during the same period. ""Planting materials worth INR 50,000 per ha will be supplied by the Rubber Board. This will be over and above the plantation being carried out under the INROAD project in the North East. Planting assistance at INR 2,00,000 per ha will be provided for SC growers in non-traditional regions,"" the ministry said. It added that sponsored nurseries will be promoted by the Board in non- traditional areas for generating good quality planting material (new component). Assistance will be provided at INR 2,50,000 to 20 such nurseries. ""The government is planning a slew of measures aimed at productivity enhancement of rubber produced. Towards this, support shall be provided for rain guarding in 67,000 Ha (60,000 in Traditional, 5000 in NT and 2000 in NE) area and plant protection (spraying) in 22,000 ha (20,000 in Traditional and 2000 in NT). An amount of INR 35.60 crore is envisaged to be provided for this in the next two years,"" the ministry said. The ministry said that the scheme promotes forums of smallholders of rubber viz., Rubber Producers Societies (RPS) for empowerment of rubber growers. ""In the next two years assistance will be provided for the formation of around 250 new RPSs. The scale of assistance has been increased from INR 3000 to INR 5000 and the same will help support farmer education, seminars, group meetings, capacity building activities, exposure visits, model farms and other activities for the overall benefit of stakeholders,"" the ministry said. It added that the formation of another 1450 farmer clusters will be supported in non-traditional and NE regions. ""The mobilisation of rubber growers into Rubber Producers Societies will help in improving price realisation for the rubber produced by the growers,"" the ministry said. It said that an assistance of up to INR 40,000 per RPS will be provided for latex collection and DRC testing equipment to 55 RPSs. ""For farm mechanisation, RPSs will be supported for purchasing sprayerworkers and for attracting more tappers, particularly women"
"provided for latex collection and DRC testing equipment to 55 RPSs. ""For farm mechanisation, RPSs will be supported for purchasing sprayerworkers and for attracting more tappers, particularly women tappers. ""Various measures like Educational Stipend, Women empowerment schemes, Assistance for House construction, Group Life Insurance cum Terminal Benefit, Personal Accident Insurance Scheme and pension scheme have been provided for with an outlay of INR 7.02 crore for the next two years,"" the ministry said."
"Hyundai, Kia agree to USD 200 million settlement in over US car thefts and agreed to a consumer class-action lawsuit settlement worth USD 200 million over rampant car thefts of the Korean ' vehicles, lawyers for the owners and the automakers said on Thursday. In February, the Korean automakers said they would offer software upgrades to 8.3 million U.S. vehicles without anti-theft immobilizers to help curb increasing car thefts using a method popularized on TikTok and other social media channels. The settlement covers about 9 million U.S. owners and includes up to USD 145 million for out-of-pocket losses for consumers who had cars stolen, lawyers for the owners said. Hyundai and Kia said they will compensate owners ""who incurred or damage in addition to reimbursement for insurance deductibles, increased insurance premiums, and other theft related losses."" For customers whose vehicles cannot accommodate security software upgrades, the Korean automakers will provide up to USD 300 for the purchase of steering wheel locks and other theft deterrent or prevention devices. ""The settlement will provide benefits as soon as possible to those who have suffered out-of-pocket losses,"" said Steve Berman, a lawyer representing owners. TikTok videos showing how to steal cars without push-button ignitions and immobilizing has led to at least 14 reported crashes and eight fatalities in the United States, regulators said in February. The consumer settlement covers owners of 2011 through 2022 model year Hyundai or Kia vehicles with a traditional ""insert-and-turn"" steel key ignition system. It includes payments for total loss of vehicles up to $6,125, damage to vehicle and personal property up to USD 3,375 and insurance-related expenses. Other related expenses including car rental, taxi or other transportation costs not covered by insurance are also included by the settlement. Owners can get reimbursed for towing costs and for stolen vehicles that suffered crashes or were never recovered, as well as payments for tickets or other penalties or fines incurred arising from a stolen vehicle. Many major cities have sued the automakers over the thefts including St. Louis, Missouri, Cleveland, Ohio; San Diego, California; Milwaukee, Wisconsin; Columbus, Ohio; Baltimore and Seattle."
"Audi India opens ‘Audi Approved:plus’ used car showroom in Mumbai West New Delhi: German luxury car manufacturer, on Monday inaugurated its pre-owned luxury car showroom - :plus, in Mumbai West, the company said in a release. According to the company, spread across 2000 sq.ft, Approved:plus will cater to the rising demand for pre-owned luxury cars in the suburbs of Mumbai and the nearby areas. With 300+ multiple level quality checks, every Audi pre-owned vehicle undergoes mechanical, bodywork, interior and electrical inspections along with a full on-road test. Balbir Singh Dhillon, head of Audi India, said, “We are fully geared to expand our retail presence of Audi Approved:plus facilities in 2022. Just a few weeks ago, we inaugurated a new pre-owned car facility in South Mumbai, and today, we are adding another one in Mumbai West.” “These new facilities will cater to the rising demand for pre-owned luxury cars in Mumbai as more individuals progress and want to seek an upgraded driving experience. Audi Approved:plus forms an important part of our overall business strategy and we will soon expand to many more cities in 2022,” he added. The Audi Approved: plus programme in India offers 24x7 Roadside Assistance and complete vehicle history before purchase. Additionally, customers can also avail easy financing and insurance benefits through the programme, the release said. Gautam Modi, dealer principal, Audi Mumbai West, said, “We share a long and fruitful relationship with the Audi brand and are glad to take our partnership forward with the opening of Audi Approved:plus showroom in Mumbai West. We are very happy to continue our partnership with the Audi brand with a pre-owned car showroom. We look forward to welcoming customers to our new showroom.” Also Read:"
"Adani Group's drone division exploring two revenue models similar to tractor industry The 's commercial drones division is exploring two revenue models -- dealer-based and service-based -- while keeping its primary focus on the agriculture sector, a top official of the conglomerate said on Saturday. In a dealer-based model, the equipment is sold directly to the customer. In a service-based model, the equipment is provided for various services for a fee in partnership with a local entrepreneur or an institution. The tractor industry uses both these sales models. ""We are exploring both models -- dealer-based model and service-based model. Depending on the market response, we will take our decisions,"" Rangarajan Vijayaraghavan, Vice President, and Chairman's Office, Adani Group, told PTI in an interview, a day after the conglomerate announced acquiring 50 per cent equity stake in start-up . He said the Adani Group is considering multiple areas in the commercial drone sector and ""one of the primary areas of focus"" is agriculture. ""This is in line with the prime minister's vision of use of drone technology to improve farmers' livelihood. With our commitment to nation building, we have been deeply inspired by the prime minister's vision and we believe there is a significant opportunity in the market,"" he mentioned. In the service-based model, the Adani Group will provide drones for services such as pesticide spray for a fee in partnership with a local entrepreneur or an institution, which in this case will be pesticide companies, he mentioned. He said the agriculture sector gets a unique benefit when a drone is used -- the combination of the pesticide deployment as well as the reduction in water and labour requirements provides cost as well as convenience advantage to the farmer. ""We are hopeful that we will be able to leverage that (benefit) in the days to come,"" he added. The Adani Group had announced on Friday acquiring 50 per cent equity stake in agricultural drone start-up General Aeronautics for an undisclosed amount. The Bengaluru-based General Aeronautics specialises in developing robotic drones to offer tech-enabled crop protection services, crop health monitoring, precision farming and yield monitoring services using artificial intelligence and data analytics. Vijayaraghavan said General Aeronautics is into agricultural drone production and services. ""Production is outright sale of the drone itself and the services are basically around charging a revenue per acre in order to do the pesticide spray,"" he mentioned. With this acquisition, the Adani Group expects to help General Aeronautics scale rapidly into multiple geographies as it has technology developed over the years and a national-level market access, thereby reaching millions of farmers in the country, he noted. While talking about revenue models in the commercial drone sector, he said a lot of parallel can be seen in how the tractor industry has evolved in the past. He talked about two"
"country, he noted. While talking about revenue models in the commercial drone sector, he said a lot of parallel can be seen in how the tractor industry has evolved in the past. He talked about two revenue models in the tractor industry. ""One is that you have outright sale of the tractors by original equipment manufacturers (OEMs) in which case the primary channel of sale is through a dealership,"" he said. The second model is a service-based model where the company partners with an entrepreneur or an institution and offer the tractor on per hour or per acre basis to farmers. ""We expect the outright sale model (or dealer-based model) in the commercial drone sector to evolve with time,"" Vijayaraghavan noted. Under the service-based model, a drone company or a local entrepreneur can offer a bundle of services to a farmer that include not just spraying of pesticides but also the pesticide itself, maintenance of the drone, etc., he mentioned. A service-based model also helps a company to build a connect with farmers as it has the ability to engage with them at an issue-level. ""You build a respect and a stickiness with the farmer. Very valuably, you get a data out of it to understand the efficacy of the drones, the pesticides, and how it has helped the farmers' outcomes,"" he added. It is expected that the data will become powerful in itself that it will help farmers who are looking for things like crop insurance or loans against output, he mentioned. Asked about the company's manufacturing plans, he said the Adani Group already has manufacturing facilities in Hyderabad and Bengaluru which have been purposed for military applications. ""With our stake acquisition in General Aeronautics, we expect to augment our manufacturing capabilities. They are, however, of different types. A military drone and an agricultural drone are not necessarily the same in terms of throughput. Agriculture is more about mass production, military drones are a lot more niche,"" he said. However, the Adani Group expects that there will be some cross pollination of knowledge to happen between the two, he added. Asked if the Adani Group's manufacturing plants -- which currently manufacture military drones -- will be manufacturing civilian drones, he said, ""They will not manufacture directly the (commercial) drones. We expect the partner firm to manufacture the (commercial) drones."" However, there could be common components that could be manufactured at these plants, he added. He said the Adani Group's presence has been strong in the military drone sector since 2016. ""We have also had a good track record of working with small-sized to mid-sized companies (MSMEs) to help them scale up in the military drone sector. We are now looking to take the same skill set and apply it into the commercial drone sector,"" he added. Vijayaraghavan said around 70-80 per cent of the drone market has historically been about military applications. ""We expect the trend to reverse in the next five years"
"drone sector,"" he added. Vijayaraghavan said around 70-80 per cent of the drone market has historically been about military applications. ""We expect the trend to reverse in the next five years wherein 70 per cent share will be with the civilian drones and the remaining will be with the military drones,"" he mentioned."
"Buying an electric vehicle? Here are the costs to consider With petrol and diesel at around INR 100 per litre, electric vehicles are gaining traction. As per reports, India saw remarkable sales of electric vehicles in August of about 9% month-on-month growth to 1,26,324 units, while year-on-year figures were at a staggering 43%. With festival season around the corner, the figures are expected to increase significantly. Due to the fact that petrol and diesel are around INR 100 mark and are less likely to fall in the future, people are increasingly gravitating towards EVs to reduce their expenditure on vehicles. However, there are many other associated costs—good and bad—with electric vehicles that you must be aware of before buying an EV. Tax benefit The government is offering a deduction of up to INR 1.5 lakh on the interest component of an electric vehicle loan under Section 80EEB. Low Maintenance EVs are known to have low maintenance as they have fewer parts than their ICE siblings. For an electric vehicle, it will cost between INR 1000 and INR 2000 a year, while for a petrol variant, you might have to shell out almost INR 4,000 to INR 5,000 a year. But you have to pay higher insurance. For EVs, you may have to pay more in insurance as the insurers consider the expensive battery of electric vehicles as a major component. Get ready to shell out more if the battery goes kaput Batteries are major components of electric vehicles, and there is no way to repair them. So in case the battery of your EV is not functioning properly, then you have to replace it, and as per estimation, you may have to pay more than INR 4 lakh for an electric car's battery, while for an electric two-wheeler, it could be around INR 50,000. Not much of resale value If you want to resell your electric car or two-wheeler, you may get much less than their ICE counterparts, as there won't be many buyers and also because the batteries of the EVs deteriorate with each passing day and may need replacement as they age. Non-cost factors The biggest challenge is the charging time, which is quite time-consuming. Installing one at home would cost you more, while charging at public places is not that convenient. As per an estimation, a 3.2 kW battery needs about 10 hours of charging time, thus providing about 21 km of range per hour of charging. Similarly, a 7.2 kW battery can give you about 54 km of range per hour of charging and need about four hours of charging, while a 30 kW battery needs 60 minutes to charge and can give you 216 km of range in an hour of charging. Do note that these figures could vary from model to model due to the fact that some fast chargers could charge the vehicle in much less time."
"Foreign automakers see their chance in Japan with electric vehicles TOKYO: In September, did something still rare in Japan: she bought a foreign car, picking a Peugeot e-208 over a Honda e because, she said, the Peugeot can travel longer distances between charges. joined a tiny, but growing, band of Japanese drivers who are eschewing home brands for foreign battery (EVs). While the trend is unlikely to make a big dent in overall sales, it highlights a perception that many domestic automakers have been slower to embrace battery EVs, focusing instead on hybrids, hydrogen fuel-cells and alternative fuel for internal combustion engines. ""I wanted to buy something that would be best for the environment,"" said the 30-year-old, who runs a company in Tokyo selling farm produce. Toyota has committed 8 trillion yen ($69 billion) on electrification up to 2030 and expects to sell around 3.5 million battery EVs worldwide by then. That represents around a third of Toyota's current annual auto sales. Germany's predicts half its cars will be battery EVs by then. Nine-tenths of the five million cars sold annually in Japan are from domestic firms such as Toyota Motor Corp, Honda Motor Co and Nissan Motor Co. But while overall car sales in Japan, not including small light vehicles, dipped 3.2% last year, sales of foreign models rose 1.7%. Imports of battery EVs jumped almost three times to a record 8,610 vehicles, according to the Japan Automobile Importers Association. Analysts estimate around half of those were Tesla Inc cars. Volkswagen, Europe's biggest carmaker, is one of the foreign makers that see a battery-EV opening in Japan. It plans to sell more than a dozen such models in Japan by 2024, including cheaper Audi and Volkswagen sports utility models this year that will target a broader swathe of consumers, country manager told a news conference in January. It expects battery EVs to account for a third of Audi sales, or around 10,000 vehicles, in Japan for 2025, he said. The VW group will expand the installation of fast chargers to 250 of its own showrooms by the end of this year, he said. Stellantis, the owner of the Peugeot brand that Abe bought, is also expanding its line-up in Japan, with two new models going on sale this year. They are being joined by South Korea's Hyundai Motor Co, which this month said it is returning to Japan 12 years after it left because of poor sales. Japanese drivers will be able to order its Nexo SUV hydrogen fuel cell EV and its Ioniq 5 midsize crossover battery EV from May. To bolster its chance of success this time round, the South Korean company has tied up with a car sharing service operated by online social gaming company DeNA Co and insurance company Sompo Holdings to let Hyundai owners rent out their zero-emission cars. Also Read:"
"ACMA with Howden India organizes cyber security-focused conference New Delhi: The Automotive Component Manufacturers Association of India ( ) in partnership with successfully conducted a ‘National Conference & Display on Automotive Cyber Security – Risks & Safeguard’ on Tuesday to highlight the emerging cyber risks and cyber security trends within the automotive industry. The conference focused on why automotive manufacturers need to supplement cyber security measures with adequate protection in the form of cyber insurance. With eminent speakers providing their advice across three technical sessions, the half-day conference provided valuable insights on a variety of subjects including Cyber security trends and outlook in the automotive industry, Emerging Cyber Risks, Mitigation, Legal & , and Emerging Risk & Other Key Issues with possible Insurance Solutions – Cyber Insurance, Product Liability & Recall insurance. With rapid digitalization raising several cyber security risks, especially those emanating from the increasing usage of devices and sensors across manufacturing plants and enterprise IT systems, there is an urgent need to safeguard automotive organizations against the associated cyber threats. The conference provided participants with an outlook on future cyber trends, and the legal and regulatory impact of cyber security breaches and even offered possible insurance solutions. “As India increasingly becomes a significant player in global manufacturing, we anticipate a surge in technology adoption and digitalization in the domestic automotive manufacturing sector. As a consequence, cybersecurity risks will also escalate rapidly, underscoring the need for a forum where ACMA members, IT service providers, Cyber insurance specialists, and the wider automotive industry can come together to examine current threats and discuss effective strategies to mitigate them. ACMA is committed to facilitating the necessary digital transformation through such initiatives that help automotive entities safeguard themselves holistically,” Vinnie Mehta, Director General, ACMA, said. “With a wealth of experience in providing risk management and consulting as well as insurance broking and portfolio management, Howden India has been advising a wide range of businesses and professional service organizations against a multitude of risks. As automotive firms pursue digital transformation initiatives, malicious entities will inevitably target their systems and will try to disrupt the functioning of business, necessitating a comprehensive cyber insurance cover. At Howden India, we believe that manufacturers ought to secure themselves against any financial impairments resulting from a cyberattack, even when they fortify their systems with advanced cyber security measures,” Amit Agrawal, Managing Director, Howden India, added. With Indian automakers being urged by the Ministry of Road Transport and Highways to ramp up efforts against cyber-attacks, it is important for"
"Amit Agrawal, Managing Director, Howden India, added. With Indian automakers being urged by the Ministry of Road Transport and Highways to ramp up efforts against cyber-attacks, it is important for manufacturing entities to adopt a multi-pronged approach consisting of integrating advanced IT security systems, undertaking necessary legal measures, and ensuring thorough cyber insurance coverage. By securing themselves against all possible risks, the Indian automotive industry can not only protect itself against maleficent cyber forces but also truly explore the unbridled potential offered by the country’s large skilled workforce and favourable economies of scale."
"EkoTejas ties up with SBI insurance, Bajaj Allianz and others to support EV customers New Delhi: , a leading Electric vehicle (EV) brand, has tied up with with SBI insurance, Bajaj Allianz and other lending institutions for providing financial assistance to , the company said. Recently, the company has tied up with seven financial institutions, insurance providers and (NBFCs) including Bajaj Finance, TJSB Bank, Shriram Insurance, SBI insurance and Bajaj Allianz to help the customers buy electric 2 and 3-wheelers, the company said in a media release. Ekotejas has plans to launch its high-speed motorcycle alias Muscle bike ‘E-Dyroth’ this year. According to the company, the e-motorcycle is the first of its kind in the EV segment. The vehicle has a top speed of 100 km per hour, which can be achieved with its 4 kW high RPM mid-drive motor. EkoTejas has been making Tier 2 and 3 cities as its major markets. The company has an established dealer presence in about ten states including Maharashtra, Madhya Pradesh, Bihar, Haryana, Odisha, Uttar Pradesh, Andhra Pradesh, Telangana, Tamil Nadu and Karnataka. K Venkatesh, co-founder of EkoTejas, said, ""We are trying to normalize having in every home. With all its added benefits, we are sure EV will be well accepted widely among Indian consumers.” EkoTejas began its journey in 2017, has almost 90% of its parts made in India, he said. The recent tie-up is expected to benefit the Only a few EV players are able to provide on-road insurance for the segment. Moreover, the company’s dealers will at the buyer’s parking spot, especially if the buyer lives in an apartment, the company said. Also Read:"
"China boosts imports of fuel oil blended from Russian barrels 's independent are ramping up imports of discounted blended from to use as low-cost feedstock amid a shortage of government for some of them, according to trade sources and data. Western sanctions over Russia's invasion of Ukraine, including the looming February 5 embargo and price cap on refined products, have been pushing Russian fuel oil barrels eastward into Asia at attractive discounts since last year. These have been flooding the ship-to-ship transfer hubs of and ' Fujairah since the second quarter of 2022. Traders blend these barrels with other oils to rebrand the fuel oil's country of origin, clearing the way for ship insurance and financing that would otherwise be banned under the sanctions, trade sources said. Discounts offered on these fuel oil cargoes help to improve margins at Chinese independent refiners and replace crude that some companies are unable to import without quotas, the sources said. The trade also provides a way to get Russian oil to market and bring much-needed export earnings to Moscow. ""We've been looking at Russian fuel oil since December. It is cheap and does not require (crude) import quotas,"" said an executive with an independent refiner in eastern Shandong province. The refiner has not received any government crude quotas for the past year or so and buys mostly straight-run fuel oil to produce diesel and gasoline, said the executive, who declined to be identified as he was not authorized to speak to the media. These blended fuel oil barrels were last traded at about a $5 discount to benchmark crude ICE Brent on a delivered Shandong basis, said one source. High-sulphur fuel oil values relative to crude have plunged into deeper discounts since the second quarter last year, with cracks hitting record lows at end-October. China's total fuel oil imports surged to about 1.76 million tonnes in December, highest since September 2021, official customs data showed. The uptick was driven by a surge in shipments from Malaysia to more than a one-year high at 620,000 tonnes, while monthly imports from UAE rose to 471,000 tonnes, highest in two years. Meanwhile, direct imports of fuel oil from Russia slipped to 187,000 tonnes in December after peaking at 554,000 tonnes in October, even as total imports from Russia more than doubled year-on-year to 3.1 million tonnes in 2022. ""The deep discounts offered are driving the trend as independent refiners are price sensitive. China is still recovering, with domestic demand for refined fuels uncertain,"" said Emril Jamil, Refinitiv's senior analyst for crude and fuel oil. ""The trend will continue with the EU ban (on Feb. 5), with all natural outlets in Europe closed. Asia will continue to soak up cheaper Russian (fuel oil) barrels on top of crude,"" Jamil said. Western trading houses have been the main suppliers of these fuel oil shipments to China, said four senior trading sources, who closely track the flows, adding that the"
"on top of crude,"" Jamil said. Western trading houses have been the main suppliers of these fuel oil shipments to China, said four senior trading sources, who closely track the flows, adding that the elevated December levels will extend through February and beyond. One of the top suppliers channeling these barrels to China is Swiss-based trader Vitol, they said. Over the last four months, Brilliant Jewel, a floating storage facility chartered by Vitol, conducted ship-to-ship transfer operations with at least six vessels that previously loaded fuel at Russian ports, a Reuters analysis of shipping data on Refinitiv Eikon showed. Vitol did not respond to a request for comment. A second Chinese fuel oil trader said companies have become more relaxed in dealing with Russian barrels after initial confusion over the Group of Seven price cap and the potential risk of running afoul of sanctions. ""Initially the market took a wait-and-see stance before Dec. 5, but now many traders are moving fuel oil from these two hubs, with the top western traders being the more active,"" said the trader. Leading Chinese bunker suppliers and traders like Sinopec and PetroChina's Chimbusco have also been sending more Russian high-Sulphur fuel oil to bunkering hubs in eastern China's Zhoushan and Qingdao, sources said. Sinopec and Chimbusco did not respond to requests for comment. Shipping records show the companies have chartered several fuel oil shipments from Malaysia's Tanjung Pelepas port to Zhoushan and Hong Kong over the last four months. Also Read:"
"Uber, Lyft trade group questions Biden's labor nominee's gig workers stance Rideshare and want the administration's nominee for the Department of to clarify her position on an incoming worker-classification rule that could expand workers' rights, a trade group representing the companies said on Monday. The Department of Labor in October proposed a rule that would make it more difficult for companies to treat workers as independent contractors, which would shake up ride-hailing, delivery and other industries that rely on gig workers. The Flex Association, which represents companies such as , sent a letter to Biden on Monday asking that his nominee to lead the U.S. Department of Labor, Julie Su, explain how she would implement the proposed rule in a ""manner that protects independent work."" The group this month said Su's record on flexible work was ""troubling"" and called for a ""meticulous review"" of her record in the Senate confirmation process. Democrats' narrow control of the Senate means Su's confirmation is unlikely to be impacted but the final worker classification rule is expected this year and the push to lobby against it by groups such as the Flex Association is picking up momentum. A White House official said Su, in her role as deputy secretary of labor, has ensured that ""workers receive all the rights and protections available to them under Federal law - she will continue that commitment if confirmed as Secretary of Labor."" The official, who did not wish to be named, said proper classification protects workers and ensures that they are eligible for basic things like minimum wage, overtime and unemployment insurance. ""Julie has always and will continue to defend these basic rights, consistent with Federal law,"" the official said. Most federal and state labor laws, such as those requiring a minimum wage and overtime pay, only apply to a company's employees, who can cost companies up to 30% more than independent contractors, studies suggest. Biden this month urged the U.S. Senate to quickly confirm Su and hailed his nominee for her past work to increase worker wages and expand protections. Before joining the U.S. Department of Labor, Su was the secretary for the California Labor and Workforce Development Agency, and before then was California labor commissioner from 2011-2018. A report on her tenure released in May 2013 found that her work resulted in a spike in enforcement activity. There was a concerted push by many union and labor officials, as well as progressives in the Democratic Party, to get Biden to appoint Su to the role both for her familiarity with the agency and labor policy."
"Myles launches one-month car subscription plan in Delhi NCR, Mumbai, Bengaluru New Delhi: Myles, India’s that provides and sharing plans, has launched a one-month subscription plan that will enable people to change every month. The users can subscribe unboxed or as good as a new vehicle for one month by paying a subscription starting at INR 29,909. The one-month subscription plan comes with services like maintenance, insurance, and roadside assistance to ease up the process of owning a car. The subscription process is very simple as users only have to visit the or Website and opt for the subscription tenure and complete a simple KYC process. For the subscription the company offers on a monthly basis cars, including the Hyundai i20 at INR 29,909, Maruti Brezza at INR 34,670, and Tata Nexon at INR34,670. With zero maintenance costs and down payments, the platform’s latest offering aims to provide a hassle-free and flexible ownership experience, the company said in a media release. Myles currently has a 99% of renewal rate for its subscription plans. The offer is available in Delhi NCR, Mumbai, and Bengaluru. The company aims to help people subscribe to 5000 cars in the next 12 months with immediate delivery Sakshi Vij, Founder & CEO, Myles, said, “Our innovative car subscription plans have given millennials a more convenient and budget-friendly way of owning a vehicle. Today's generation does not prefer a long waiting period, and that’s what we are catering to with our smart subscription plans. We are easing the process of maintaining cars and removing the burden of installments, and delivering it to your doorstep in a shorter period.” The popularity of car subscription services is rising in the country and it is expected that in the next five years 50% of car buyers will be making use of this service due to the ease it provides in owning and . Read More:"
"Mobility insurance market to double by 2030; India ahead of global peers: Capgemini The global mobility insurance market is projected to double to USD 1.38 trillion by 2030, driven by the increasing adoption of autonomous, connected, electric, and shared (ACES) mobility, according to a report by . The report draws data from 22 key markets, including , Australia, the United Kingdom, the United States, China, Mexico, Hong Kong, and several European countries. ""Revenues (of the automotive industry) are on track to reach USD 3.8 trillion by 2030, up 35% from 2020. By the end of the same period, autonomous, connected, and electric vehicles (EVs) may comprise about 40% of the market, up from 10% in 2020,"" the report stated. As per the report, the automotive industry is on the cusp of ""profound change"". It suggests that while traditional auto insurance will continue to grow by adjusting pricing based on factors such as age, postal code, driving experience, and insurance history; The autonomous, connected, electric, and shared (ACES) nominal premium will see an eightfold increase, surpassing USD 0.5 trillion by 2030. Of the total mobility insurance market, the premiums collected through the traditional market stood at USD 0.58 trillion in 2021, the report said, adding that the same is estimated to rise to USD 0.81 trillion by 2030. On the other hand, the premiums collected through the ACES market, which stood at USD 0.07 trillion in 2021, is expected to soar sharply to USD 0.57 trillion by 2030, it added. As the mobility market evolves, it also predicts that carriers will shift from insuring assets to protecting mobility journeys by launching new business models focused on personalisation. According to Capgemini, the growth is supported by increasing adoption of innovative technologies such as 5G, AI, and telematics in the automotive sector, as well as declining EV battery prices and government incentives. Industry veterans further suggest that insurers need to focus on ""embedded solutions"", keeping in mind the changing customer sentiment. ""Future-focused mobility solutions are disrupting traditional coverage as policyholders demand embedded protection for their journey,"" said , CEO, Mobility & Assistance, Member of the , . On a similar line, , the Head of Corporate and Business Development at American insurance major , said, ""As insurers think about embedded solutions, they should consider how core value propositions align with embedded opportunities and how economies of scale can be leveraged to create better point of sale, servicing, and claims experiences."" India Insights India is expected to adopt innovative mobility options faster than other countries, with 86% of Indian respondents showing an interest in connected and alternative energy vehicles, and 73% expressing interest in autonomous vehicles, while globally, the numbers stand at 66% and 49%, respectively. However, country's insurance players consider technology capabilities and competition as"
"expressing interest in autonomous vehicles, while globally, the numbers stand at 66% and 49%, respectively. However, country's insurance players consider technology capabilities and competition as the key challenges in their journey towards the future of mobility, according to Capgemini. Insurers will need to address customers' demands for innovative mobility coverage options, with 40% of Indian respondents expressing the desire for a singular coverage plan that would cover all risks related to mobility, the report highlighted. ""Overall, Indian insurers are marginally ahead in terms of value chain maturity but must continue to adapt to the evolving landscape of the future of mobility,"" it added."
"Vehicle financiers bet big on festive season to revive demand Mumbai: With the continued fall in , disbursements by are also expected to moderate in the September quarter. According to a note released by , there is a persistent slowdown in the new vehicle financing space (including commercial vehicles) led by delayed replacement demand, weak rural sentiment and seasonal slowdown due to monsoons. “Sales have been weak in July and August 2024 on year basis and are expected to remain subdued in September quarter as well following low activity during the ‘Pitru Paksha’ period,” said Jignesh Shial, Head of BFSI Research at . “Our discussions indicate that all hopes lie on the expected demand pick-up in October on the back of the upcoming .” Meanwhile, the momentum in used vehicles remains relatively healthy, but stiff competition has affected lenders’ ability to price the risk appropriately. Also, after the Reserve Bank of Indoa flagged risks on experts are seeing a demand moderation in that segment. Providing support to existing borrowers in the form of top-up loans especially in the case of commercial vehicle financiers has been a common practice. Such top-up loans are given mostly to the existing clients for productive purposes such as tyre replacement, insurance purchase, filling up fuel, working capital needs, as well for consumption purposes. “The trend of such top-up loans continues at a healthy pace, but top-up loans given in the used car segment are seeing moderation after the rise in defaults as well as the displeasure expressed by the regulator,” Shial said. Research conducted by InCred analysts also forecasts a high level of stress and bounce rates. This is largely due to the semi-urban & rural economies that have come under heavy strain due to general elections in India, heatwave, and a delayed monsoon. This resulted in a higher as well as increased bucket movements leading to a spike in for most lenders. “We are seeing the trend of an elevated EMI bounce rate continuing in second quarter amid seasonality factors as well continued strain in rural and semi-urban geographies,” Shial said. “The leading indicators point towards the demand improving in the second half which should stabilize the EMI bounce rate, but we remain watchful of the debt servicing trend in this segment.” As per InCred, considering the slowing growth and the potential volatile trend in asset quality, vehicle financiers with rising diversity, experienced management which has witnessed multiple cycles as well as lenders with an improved underwriting mechanism, will be able to perform well."
"Why Pay-as-You-Drive car insurance can be a game changer? New Delhi: In thе traditional rеalm of , fixеd prеmiums oftеn posе a challеngе for many drivеrs, particularly thosе whosе vеhiclе usagе variеs. Pay-as-You-Drivе (PYAD) insurancе, howеvеr, introducеs a paradigm shift by rеcalibrating thе vеry foundation of insurancе pricing. Instead of adhеring to an onе-sizе-fits-all approach, policiеs pivot around thе concept of fairnеss and customisation In India, traditional car insurancе faces a transformativе shift with Pay-as-You-Drivе (PAYD) insurancе. It tailors costs to driving habits, ditching fixеd prеmiums. PAYD calculatеs еxpеnsеs based on actual vеhiclе usе, prioritising fairnеss and pеrsonalisation. Analysing behaviour through tеlеmatics, it еncouragеs еco-conscious driving, offers savings for occasional drivеrs, and supports innovation. This modеl aids flееt managеmеnt, еnhancеs affordability, and adapts to divеrsе drivеr nееds and urbanisation. Intеgrating comprеhеnsivе covеragе, PAYD appеals to Indian drivеrs sееking vеrsatilе, usagе-basеd insurancе solutions. Car insurancе has long bееn a nеcеssity for vеhiclе ownеrs, providing sеcurity against unforеsееn circumstancеs. Howеvеr, thе traditional approach to car insurancе might soon witnеss a rеvolutionary shift in India. Thе advеnt of PAYD insurancе is poisеd to transform thе landscapе of auto insurancе, offering tailorеd solutions that align morе closеly with individual driving habits. Undеrstanding PAYD insurancе In thе traditional rеalm of auto insurancе, fixеd prеmiums oftеn posе a challеngе for many drivеrs, particularly thosе whosе vеhiclе usagе variеs. PAYD insurancе, howеvеr, introducеs a paradigm shift by rеcalibrating thе vеry foundation of insurancе pricing. Instead of adhеring to an onе-sizе-fits-all approach, PAYD policiеs pivot around thе concept of fairnеss and customisation. Benefits of PAYD insurance Thе bеnеfits of PAYD arе substantial and catеr to thе еvolving nееds of drivеrs in India: 1. Usagе-basеd pricing At thе corе of PAYD insurancе liеs thе concеpt of usagе-basеd pricing. Rathеr than sеtting a standard prеmium, PAYD policiеs takе into account thе actual usagе of thе vеhiclе. This can еncompass factors such as thе distancе drivеn, thе timе spеnt on thе road, or еvеn thе driving behaviour itsеlf. By lеvеraging data on how, whеn, and how much a vеhiclе is drivеn, insurеrs can calculatе prеmiums morе accuratеly. 2. Flеxiblе cost structurе Thе inflеxibility of fixеd prеmiums oftеn lеads to ovеrpaymеnt for many drivеrs, еspеcially thosе who don’t еxtеnsivеly usе thеir vеhiclеs. PAYD insurancе addresses this issue by offering a more flеxiblе cost structure. Drivеrs arе chargеd in proportion to thеir actual usagе, aligning thе cost of insurancе morе closеly with thе valuе thеy dеrivе from it. 3. Driving bеhaviour analysis PAYD policiеs frеquеntly incorporatе tеlеmatics dеvicеs or smartphonе apps to monitor driving bеhaviour. Thеsе tеchnologiеs track variablеs likе spееd,"
"dеrivе from it. 3. Driving bеhaviour analysis PAYD policiеs frеquеntly incorporatе tеlеmatics dеvicеs or smartphonе apps to monitor driving bеhaviour. Thеsе tеchnologiеs track variablеs likе spееd, accеlеration, braking habits, and еvеn thе timеs of day thе vеhiclе is usеd. This data еnablеs insurеrs to assеss risk morе accuratеly, rеwarding safе driving habits with lowеr prеmiums and еncouraging morе rеsponsiblе bеhaviour bеhind thе whееl. 4. Fairnеss and customisation PAYD insurancе еmbodiеs a fairеr approach to pricing. It rеcognisеs that not all drivеrs havе thе samе risk profilеs or usagе pattеrns. By tailoring prеmiums to individual behaviour and usagе, PAYD policiеs offеr a morе еquitablе and pеrsonalisеd insurancе еxpеriеncе. 5. Potеntial savings For drivеrs who don’t covеr еxtеnsivе distancеs or usе thеir vеhiclеs infrеquеntly, PAYD insurancе can translatе into substantial savings. Rathеr than paying a fixеd amount rеgardlеss of usagе, thеy can bеnеfit from rеducеd prеmiums that align morе closеly with thеir actual timе on thе road. 6. Environmеntal impact PAYD insurancе can indirеctly contribute to rеducing carbon еmissions. By еncouraging fеwеr milеs drivеn through its pricing modеl, it promotes morе conscious usе of vеhiclеs, aligning with sustainability goals. This rеduces thе еnvironmеntal impact of еxcеssivе driving. 7. Accеssibility and affordability PAYD policiеs can makе car insurancе morе accеssiblе to a widеr rangе of drivеrs, еspеcially thosе who might find traditional fixеd prеmiums financially challеnging. It opеns up opportunities for morе pеoplе to afford insurancе by aligning costs with actual usagе, potentially increasing thе numbеr of insurеd vеhiclеs on thе roads. 9. Accuratе risk assеssmеnt By utilising tеlеmatics and data-drivеn insights, PAYD insurancе еnablеs insurеrs to assеss risk morе accuratеly. This data-drivеn approach provides a clеarеr understanding of individual driving behaviours. This allows insurеrs to sеt prеmiums that bеttеr rеflеct thе actual risk associatеd with еach drivеr. 10. Encouragеs carpooling and sharеd mobility PAYD insurancе could incorporate carpooling or sharеd mobility options. Drivеrs participating in sharеd ridеs or carpooling could sее rеducеd prеmiums sincе thе vеhiclе's usagе is dividеd among multiplе individuals. Thus promoting morе sustainablе and еfficiеnt usе of vеhiclеs. 11. Improvеd traffic managеmеnt With PAYD insurancе еncouraging drivеrs to bе morе conscious of thеir milеagе and driving habits, it could potentially lеad to rеducеd congеstion during pеak hours. Drivеrs may opt for altеrnativе transportation mеthods or adjust their travеl timеs, indirеctly contributing to bеttеr traffic managеmеnt. 12. Rеal-timе monitoring and assistancе Tеlеmatics usеd in PAYD policiеs can providе rеal-timе monitoring and assistancе. In casе of еmеrgеnciеs or accidеnts, thеsе systеms can alеrt еmеrgеncy sеrvicеs or providе roadsidе assistancе quickly. Thus, potentially rеducing rеsponsе"
"rеal-timе monitoring and assistancе. In casе of еmеrgеnciеs or accidеnts, thеsе systеms can alеrt еmеrgеncy sеrvicеs or providе roadsidе assistancе quickly. Thus, potentially rеducing rеsponsе timеs and еnhancing ovеrall drivеr safеty. 13. Adaptability to changing lifеstylеs PAYD insurancе is adaptablе to changing lifestyles. For instance, if somеonе switchеs to rеmotе work and significantly rеducеs their commuting distancе, their insurancе prеmiums can adjust accordingly. This еnsures thеy'rе not ovеrpaying for thеir rеducеd usagе. 14. Encouragеs tеchnological innovation Thе adoption of PAYD insurancе еncouragеs furthеr tеchnological advancеmеnts in thе automotivе and insurancе industriеs. It incеntivisеs thе dеvеlopmеnt of morе sophisticatеd tеlеmatics systеms and innovativе solutions that bеnеfit both insurеrs and drivеrs. 15. Young drivеr support PAYD insurancе can be particularly advantagеous for young or new drivеrs. As thеy tеnd to havе lеss еxpеriеncе and might bе subjеct to highеr prеmiums, PAYD policiеs offеr a fairеr pricing structurе. Safе driving behaviours can lеad to lowеr prеmiums, incеntivising rеsponsiblе habits among youngеr drivеrs. 16. Flееt managеmеnt solutions For businеssеs with vеhiclе flееts, PAYD insurancе offеrs еnhancеd flееt managеmеnt solutions. It allows companies to monitor and optimisе their flееt's usagе, potentially rеducing opеrational costs and еnsuring bеttеr rеsourcе allocation. 17. Customеr engagеmеnt and loyalty PAYD insurancе fostеrs grеatеr customеr еngagеmеnt and loyalty. By offering pеrsonalisеd and fairеr pricing modеls, insurеrs can build strong relationships with their customers. This leads to higher satisfaction and increased rеtеntion rates. 18. Insurancе affordability for low-incomе earnеrs PAYD policiеs can catеr to individuals with lowеr incomеs. By adjusting prеmiums according to actual usagе, it provides an opportunity for thosе on limitеd budgеts to afford nеcеssary insurancе covеragе without thе burdеn of fixеd prеmiums. 19. Risk mitigation for high-risk drivеrs High-risk drivеrs, such as those with previous accidеnts or traffic violations, might find it challenging to obtain affordablе insurancе. PAYD policiеs offer thеsе drivеrs an opportunity to dеmonstratе improvеd driving bеhaviours. This gives them the chance to еstablish safе driving habits and obtain reductions in premiums over time. 20. Encouragеs vеhiclе maintеnancе With PAYD insurancе, drivеrs might bеcomе morе attеntivе to vеhiclе maintеnancе. As insurancе costs arе linkеd to usagе, maintaining a wеll-functioning vеhiclе bеcomеs a priority to еnsurе optimal pеrformancе and potеntially lowеr insurancе prеmiums. 21. Data-drivеn insights for policyholdеrs PAYD insurancе can provide policyholdеrs with valuable insights into their driving habits. Thе data collеctеd through tеlеmatics can offеr fееdback on driving bеhaviour, еncouraging sеlf-assеssmеnt and improvеmеnt in driving skills for rеducеd risks and costs. 22. Adaptability"
"habits. Thе data collеctеd through tеlеmatics can offеr fееdback on driving bеhaviour, еncouraging sеlf-assеssmеnt and improvеmеnt in driving skills for rеducеd risks and costs. 22. Adaptability to urbanisation trеnds As urbanisation incrеasеs and city dwеllеrs oftеn rеly on public transport or sharеd mobility options, PAYD insurancе can catеr to this shift. It offеrs flеxibility for urban rеsidеnts who might not usе thеir vеhiclеs daily, еnsuring thеy only pay for thе timе or distancе thеy drivе. Comprеhеnsivе insurancе and PAYD In thе rеalm of car insurancе, comprеhеnsivе covеragе rеmains pivotal for safеguarding against various risks. PAYD policiеs can bе structurеd to includе , еnsuring protеction against thеft, damagе, and othеr unforеsееn incidеnts. Intеgrating comprеhеnsivе insurancе within PAYD modеls furthеr еnhancеs thе appеal of thеsе policiеs to Indian drivеrs sееking holistic covеragе. Conclusion India's car insurancе landscapе undеrgoеs a transformativе shift with Pay-as-You-Drivе policiеs. Tailorеd for divеrsе driving habits, this еvolution signifiеs a customеr-cеntric approach, promising cost-еffеctivе covеragе and safеr roads. It hеralds an еra of pеrsonalisеd insurancе, rеshaping vеhiclе protеction and promoting road safety. Note: Thе abovе information is for illustrativе purposе only. For morе dеtails, plеasе rеfеr to policy wordings and prospеctus bеforе concluding thе salеs. (Disclaimer - The above content is non-editorial, and ETAuto hereby disclaims any and all warranties, expressed or implied, relating to it, and does not guarantee, vouch for or necessarily endorse any of the content.)"
"No global carbon price? Some companies set their own A growing list of global companies are setting a price or charging themselves for each metric ton of their carbon emissions, looking to shape their investments and business for future pollution taxes or other new climate rules. Their prices are all over the place, from less than USD 1 per metric ton of carbon emissions to USD 1,600, the most of any company worldwide, set by California drugmaker Amgen. Regulators, too, have offered a range of prices, including the administration's ""social cost"" of carbon, around USD 200, and a suggestion from the International Monetary Fund that it should be at least USD 85 by 2030. Incorporating the cost of carbon dioxide and other greenhouse gas emissions into business decisions has been a dream of climate activists for decades as a way to force corporations to cut emissions. While a standardized global carbon price is not going to be set at the COP28 climate summit underway in Dubai, the concept has many uses in business such as enabling executives to charge their own divisions extra to use power from fossil fuels, thus making renewables more attractive. ""While there are other strategies to do so, failure to use this tool could imply that companies may be failing to adequately plan for the medium- to long-term realities of the cost of carbon,"" said Amir Sokolowski, global director for climate change at CDP. An analysis by the non-profit for Reuters found that 20% of 5,345 global companies making climate-related disclosures said they used an internal carbon price last year, up from 17% the year before. Another 22% planned to do so in the next two years, although historically only a fraction of the companies that planned to implement one have done so. The analysis from CDP, not previously published, reveals both that companies have embraced the new planning tool but also that much debate remains about what prices will spur significant action by companies to cut emissions. Shown the trends, several analysts told Reuters the emerging picture is one of executives getting ready for some type of new emissions regulation even if they lack a clear sense of what's ahead. Companies are ""getting ready for the reality that it's going to be required"" said Columbia University economist . But the median prices are still too low to have a major impact on corporate decision-making, making the effort a ""mixed bag"", the Nobel Prize winner said. Companies do not have a simple path to follow, since using a high carbon price can dramatically change investment plans, while using a low one can bring charges of ""greenwashing."" Several executives who spoke with Reuters said internal pricing plans help them cut emissions and clarify the implications of capital spending and other business activities for the planet. Market prices for carbon offsets can range from USD 5 to USD 1,500 a metric ton, said Joe Speicher, chief sustainability officer at software maker Autodesk. Autodesk has"
"activities for the planet. Market prices for carbon offsets can range from USD 5 to USD 1,500 a metric ton, said Joe Speicher, chief sustainability officer at software maker Autodesk. Autodesk has steadily raised its internal carbon price to USD 20. Ideally regulators would clarify how companies should treat emissions costs, Speicher said. "" 't it be nice to have a public authority to help to create a more coherent market?"" he said. The company uses the price to help identify things like the value of its investments in carbon-removal projects, he said. TYING IN TO MARKETS Various carbon markets operate globally, including the European Trading System, where carbon currently trades around USD 70 per metric ton. Many companies have designed their own internal mechanisms. When carmaker Volvo embraced internal carbon pricing, it could not find a good model to follow because ""very, very few companies"" used such prices throughout their business, Jonas , Volvo's head of climate action, said in an interview. Volvo has incorporated a ""shadow price"" of 1,000 krona per metric ton, about USD 92, in decisions ranging from which model vehicles to produce to what materials to use in factories. Adding the cost of carbon pollution to aluminum, for instance, made using aluminum created with renewable energy a ""super high priority"" because it has less than a quarter of the carbon emissions of typically made material, he said. Similarly, Volvo reconsidered the real cost of its bigger cars as stricter EU rules come into effect. The discussion ""actually made us change the whole volume planning of the company to say that we should not prioritize some cars versus other even though they look more profitable, because they will actually sort of give us a penalty that other cars won't,"" Otterheim said. Drugmaker Amgen assesses an ""internal fee"" of USD 1,000 per metric ton on higher-emitting projects. Proceeds are then used to fund emissions-cutting projects. For example, a utility expansion project in Ireland added USD 700,000 to its sustainability budget, a spokesperson said. In its 2023 CDP climate report, Amgen said it also uses an ""investment evaluator"" to judge whether to buy new emissions-reduction equipment, using an even higher price for carbon. ""Sustainability projects that cost more than traditional projects but are less (than) USD 1,600 per (metric ton) of CO2e emissions reduced are considered reasonable for design,"" the report states. Amgen as a science-based company aims to be carbon-neutral within its own operations by 2027, the spokesperson said. A PRICE THAT BITES Several analysts who spoke with Reuters offered a range of views about what price companies should use. , a board member of German insurer Allianz and a member of a U.N. climate advisory council, said a comprehensive global carbon market would be ""a massive boost"" to efforts to cut emissions. But the current variation in prices is a problem, especially with some prices below USD 5 per metric ton."
"a comprehensive global carbon market would be ""a massive boost"" to efforts to cut emissions. But the current variation in prices is a problem, especially with some prices below USD 5 per metric ton. ""I fear this is going in the direction of greenwashing,"" he said. However, Anita McBain, head of EMEA ESG Research for Citi, said practical uses matter more than high prices. ""We'd rather see a carbon price with teeth than one without. We'd rather see a USD 25 price that's actually influencing decisions versus a USD 75 price that's just a tick-the-box,"" she said."
"Opinion: How new business models transform car aftermarket in India By Ashim Sharma Around 35 million cars are running on Indian roads now. Over 25 million of them are running out of warranty and most of their owners find little or no incentive to visit OEM authorized service centres for their needs. The reasons may be the perception of higher service costs at dealerships or the hassle to find an authorized service centre at a convenient location. The customers look for reputed multi-brand aftermarket service providers close to them. An added boost for the aftermarket has been longer retention of cars as well as large proliferation of second-hand cars on account of the rise of personal mobility in the face of the Covid-19 pandemic. Over the past decade, in India have improved their service networks considerably – both in availability and efficiency, and have managed to grab a pie of these out of warranty vehicles. However, despite great efforts, the service retention ratio for most OEMs in India remains at 40%. This means that 60% of the 25 million out of warranty vehicles still rely on the unorganized service centres to meet their service and repair needs. Assuming that an average car spends INR 10,000 in a year on service and repairs, these 16 million-cars-strong unauthorized markets stand at a massive INR 15,800 crore or USD 2 billion a year. unorganized service Network There are an estimated 300,000 unorganized service and repair workshops in India. These are spread across the length and breadth of the country – in metro cities, tier 2 extended. There have been business model innovations to capture the unorganized service network. An example is the Gurugram-based company, GoMechanic, backed by global PE firms such as Tiger Global. It intends to aggregate the unorganized workshops through a franchisee model. To make them more attractive for the customers they are keeping a check on the service quality, through manpower training and standardization of SOPs and on service costs through parts supply contracts with tier-1 suppliers and smart inventory management. But Go Mechanic is not alone in the market. There are other companies such as PitStop and Mahindra First Choice (Multi-brand). All of them are innovating in technology and business models to capture the huge potential that lies in the unorganized car servicing market in India. Similarly, GOpreuner, a recent initiative, is promoting self-employment programmes in Tier-2 & Tier-3 cities and also conducting training programmes. Several startups are utilizing the block chain technology to maintain all vehicle-related information including title, service providers, prior damage, maintenance etc. Their range of services are being tailored for users, OEMs, producers and distributors of spare parts, insurance companies as well as fleet management services. All these are intended to make the spares and service business more efficient and also create transparency about the vehicle history in the"
"insurance companies as well as fleet management services. All these are intended to make the spares and service business more efficient and also create transparency about the vehicle history in the used car market. A few other recent trends also suggest a convergence of the organized and unorganized service industries in India. Though at a nascent stage and sporadic, such collaborations might hold the key to unlock the huge potential in the aftermarket service industry. One such collaboration is the tie-up between GoMechanic and Revolt Intellicorp, an electric motorcycle manufacturer in India. Through this tie-up, GoMechanic will act as exclusive service partner for all revolt motorcycles in India. Another one is the tie-up between GoMechanic and Eurorepar, the independent part manufacturing company within the PSA group. Unorganized market aggregators are also tying up with the tier-1part suppliers for their inventory needs. Through these tie-ups it is evident that in the long run, both the organized and the unorganized markets have a lot to learn and contribute to each other’ success. While OEMs can leverage the huge reach and lean cost structure of the unorganized players, these smaller players and aggregators have a lot to gain in the form of technical knowhow, manpower training and OEM brand equity. In addition, tie-ups like the one with Europar are a step towards harnessing the huge potential of branded generic spare parts which has a significant share of the pie in developed markets. The case for In the developed countries, reconditioned or remanufactured parts have been accepted widely since long. They have proven to be very effective in keeping the parts cost down for users, OEMs and workshops, simultaneously helping the automotive industry in boosting the circular economy. As per the European Remanufacturing Council, this is a Euro 30 billion industry in Europe alone. The recently-announced vehicle scrappage policy in India can be further evolved by including provisions of spare parts reconditioning. Once a vehicle comes for disassembly, good auto components can be removed, reconditioned, reassembled, and obsolete parts can be junked. Then quality tests can be conducted before these parts are equated as new and put to fresh use either in the organized or unorganized market. However, a big lacuna in achieving this goal is to have proper certification and testing procedures in place and a central agency certifying the authenticity of such parts. If this is achieved, the cost of spare parts will go down for users, along with the risk of using spurious parts for older vehicles. Future of car servicing industry The Indian car market has witnessed a shift towards premium cars and SUVs and the customer preferences are continuously evolving in favour of safer and feature-laden cars. But the fact remains that a large chunk of the Indian car buyers are still price conscious. A large section of buyers also base their buying decision on the service"
"of safer and feature-laden cars. But the fact remains that a large chunk of the Indian car buyers are still price conscious. A large section of buyers also base their buying decision on the service cost and network availability, especially in the smaller towns and cities as well as rural areas of India. This is perhaps one of the biggest ‘chicken and egg’ questions that OEMs in India (OEMs with lower volumes and new entrants) are continuously trying to solve – how to maintain a fine balance between service network expansion and sales growth. Analysis shows that there is a strong correlation between OEM market share and their service network. Market leaders have a strong network of more than 5,000- plus service centres. Smaller OEMs have a service network of just ~300 service stations across India. While addressing the aftermarket needs for ICE vehicles, OEMs have to also prepare their service network in-line with requirements specific to electric mobility. EV parts will significantly change the traditional TOB (tyre, oil, battery) revenue model for ICE spare parts. From a warehouse perspective, routine spare part kit management will also differ from ICE to EVs and shortage of critical parts such as battery for EV, will pose a challenge since transporting batteries by air freight is regulated by design and performance attributes. Moreover, long duration storage of parts such as EV batteries may result in leakage and loss of charge, leading to increased battery management cost. If we consider the parking lot and store-yard perspective, additional investment into charging infrastructure facilities will be required. Hence OEMs will also need to plan their future investment into EV spare part management very judiciously. This question becomes even more pertinent for global OEMs that have either announced, or are on the verge of announcing their India entry plans. To keep their cost structure lean initially, and to make sure the availability of service stations closer to the customer, the new entrants can leverage the aftermarket network either through self-franchising or tying up with aggregator companies. While traditional tier 1 suppliers are definitely set to gain with the expansion of the OEM service network in the unorganized market, global independent parts manufacturers can also leverage this opportunity by supplying their parts to the unorganized market through new age aggregators like GoMechanic and PitStop. The automotive industry has witnessed a lot of innovations across the value chain in the recent past. We have seen new technology and business models dramatically changing the way traditional auto businesses are run. It would not be a farfetched conclusion to say that vehicle servicing and aftermarket is going to be the next target of such innovations where traditional players and new entrants will collaborate with each other and use innovative business models and technology to provide the best after sales experience to the customer."
innovations where traditional players and new entrants will collaborate with each other and use innovative business models and technology to provide the best after sales experience to the customer. (Disclaimer: Ashim Sharma is Partner and Group Head at NRI Consulting & Solutions India. NRI’s Yogesh Shivani (Senior Manager) made significant contributions in this article. Views are personal) Also Read:
"Strong competition coming Tesla way with budget segment electric cars New Delhi: Within a couple of years, Tesla will face strong competition from traditional automakers like Volkswagen, Toyota and Stellantis, which released their ambitious vehicle electrification plans last year, a new report said on Monday. Though it will be difficult for them to overtake Tesla sales any time soon, Tesla will witness a reduction in its share across major markets, according to Counterpoint Research. ""The reason behind this is the price band in which Tesla operates. It mostly operates in the high-to-premium price band, whereas the traditional OEMs are planning to launch vehicles in the budget segment,"" research associate Abhik Mukherjee said. The rising cost of a few key and inflationary impact on production have pushed Tesla to increase its vehicle prices worldwide a couple of times. ""This might play against the sentiment of new customers, which will, in turn, affect the next quarter's financials,"" he added. In the first quarter of 2022, Tesla reported record revenue of $18.8 billion and grew its deliveries. During Q1 2022, the company delivered more than 300,000 units of vehicles, an increase of 68 per cent (YoY). Tesla has also started deliveries to car rental service provider Hertz against its huge 100,000-vehicle order, which is also a reason for high vehicle production and delivery during the quarter. ""The urge to achieve L4 autonomy by the end of 2023 and to roll out robotaxis by early 2025 can be a major reason for Tesla's big R&D spend. Besides, Tesla could also be conducting research on developing new battery chemistry,"" Mukherjee added. The soaring prices of some key battery components like nickel and lithium have put the auto OEMs in a spot. ""Most EV makers around the globe have been forced to raise prices by a few thousand dollars to cope with the rising prices of battery-related raw materials,"" the report noted. After Tesla's Shanghai plant became operational, the company's sales boomed globally, especially in China. In 2021, China remained its top market followed by the US and Europe. Apart from vehicle sales, Tesla has a strong network of charging stations and insurance services. Till Q1 2022, Tesla had 3,724 superchargers and 33,657 supercharger connectors worldwide. Keeping parity with vehicle sales and revenue growth, Tesla's gross profit during Q1 2022 reached $5.4 billion. Also Read:"
"Global Capacity Centres in India to add 2,00,000 jobs in FY22 India-based captive units of multinational companies are set to increase their employee count by 180,000-200,000 by the end of this fiscal as per an estimate based on plans of existing and upcoming global capability centres (GCCs). With several new captives in the making and over 500 new GCCs to set up their captive tech centres by 2025, the total headcount is set to double to 3.0-3.2 million by FY25 from 1.5 million now as the market size is estimated to increase to $60 billion from $36 billion, according to data put together for ET by staffing solutions firm . There are currently about 1,500 GCCs in India across sectors such as banking, financial services and insurance (BFSI), IT software, automotive, pharmaceuticals, retail and oil and gas. This cohort of companies together net added about 170,000 in India in 2021-22, while gross hiring stood at around 350,000, according to Xpheno data. The growth of GCCs in India accelerated since the outbreak of Covid-19, which led to an increasing number of organisations opening up to the idea of remote working. As a result, locations like India that have the talent pool – especially in the field of technology – and cost advantages are increasingly turning into a strategic hotspot for multinationals, top industry officials said. “India has a very deep talent pool and a large number of resources from across engineering and finance backgrounds,” said Dilipkumar Khandelwal, CEO of Deutsche India, which will hire 3,000 people this year mainly in its technology and operations teams. “India is a very important location in terms of Deutsche Bank’s overall footprint outside of Germany.” He said the startup landscape in India is getting bigger by the day and banks and financial services companies are collaborating with the fintechs on specific areas, integrating those services within the technology stack, making India a preferred destination for talent. Anil Ethanur, cofounder at Xpheno, said, “The pickup in hiring post-pandemic is powered by a release of pent-up demand and expansion hiring by active GCCs. Further, the hiring action by and for new captives in the making has added to the funnel of hiring action.” Top recruiters among s in India are BFSI companies. In FY22, the BFSI GCC cluster net-added more than 60,000 jobs, accounting for nearly one-third of the total net additions during the fiscal. Other top sectors include software, automotive, pharma, retail, and oil and gas. Companies on top of the hiring action include Amex, Bank of America, Wells Fargo, Citi, Barclays, Morgan Stanley, HSBC, Standard Chartered, Goldman Sachs, Amazon, Target, Walmart, Shell, GSK, Abbott, , J&J, , and , among others, according to Xpheno data. “India as a market is very attractive from a commercial perspective. It also has one of the largest university systems with both quality and quantity of talent,” Mohit Kapoor, global chief technology officer at consumer"
"very attractive from a commercial perspective. It also has one of the largest university systems with both quality and quantity of talent,” Mohit Kapoor, global chief technology officer at consumer researcher Nielsen IQ, had told ET in a recent interview. Nielsen is planning to hire over 5,000 people in the country at its three global hubs in Chennai, Vadodara and Pune by the end of 2023. “Our India hubs will be of strategic advantage for us going ahead,” Kapoor said. The roles in demand are across the spectrum. However, with an enhanced focus on digital transformation post-pandemic, top talent and roles in demand are in the tech and digital space. Roles in solutioning, core development, DevOps, cloud and cyber security, virtualisation, data analytics, and enterprise mobility are in demand. That apart, roles in artificial intelligence/machine learning, internet of things (IoT), robotic process automation (RPA), and blockchain continue to be in demand."
"Uber continues global expansion with launch in Israel Technologies Inc said it was launching its ride-hailing platform in by connecting to a nationwide network of licensed taxis, as it continues to expand globally. Thousands of taxi drivers - both independent and working for companies -- have already joined up, with the service that also includes ride sharing mainly available to passengers in Israel's two largest cities, Jerusalem and Tel Aviv, it said. Uber, which operates in more than 70 countries and 10,000 cities globally, will compete locally with services such as and . A previous attempt by Uber to operate in Israel was halted by a court in 2017. Israel’s Transportation Ministry, Taxi Driver Union, and a rival ride-hailing company had won the injunction after complaining that the U.S. company used drivers who lacked the proper business licenses and insurance. ""We want to use technology to turn taxi services, working with other public transportation services, into the alternative to the private car they can be,"" said Gony Noy, general manager of Uber Israel. The partnership in Israel follows similar deals in Italy, Spain, Germany, Austria, Turkey, South Korea, Hong Kong as well as New York and San Francisco. The company has said it wants to have every taxi available on its app by 2025."
"An INR 35,000 EV is part of a first-gen engineer's crusade for affordable electric mobility in rural markets Born and brought up in the weaving community of rural Coimbatore ( ), where girls are married at an age as early as 15, is (41)- the first female in her family’s history to get an engineering degree. In the quest for sustainable and affordable mobility, Panneer put to use her engineering knowledge and skillset when she started work on her venture– – in 2018. Incorporated in December 2021, the company today employs about 35 people who are working on producing low speed two wheelers for the rural markets. The model is in the prototype stage and expected to hit the markets by next year. Alongside, it is also producing , which have been approved by the testing agency ARAI. With her business venture, Panneer intends to offer the low speed electric two wheeler with swappable battery in two variants. First, with a 1kWh battery offering a range of up to 40 kilometers. This will be priced at around INR 35,000 (ex-showroom). For longer distances, there is another variant of up to 70 kilometer range with a battery of over 2kWh. This will be available at around INR 70,000. The target is to not exceed the vehicle weight over 50 kg. “Due to the road conditions in rural areas, we have used tires with an extended width to avoid the worry about their punctures.” Currently Yulu Wynn and Kinetic Zulu are the most affordable EVs available in the category where AR4 is working to operate in. However, these bikes have not found a promised market in the Tier-3, 4 towns of the country yet. Interestingly, Panneer is working on low speed scooters with a sodium ion battery technology and claims to find it as a better solution when compared to the traditional lithium ion technology. This she attributes to being well placed, superior safety, high thermal resistance, water resistance, and impact resistance. However, she noted that there is a gap in the skilling and processing industry. “Sodium ions can be produced indigenously, but India doesn’t yet know how to process minerals the way China can. The Chinese understand the minerals to the core,” she said in a conversation with ETAuto. The startup has been bootstrapped and received a funding of close to INR 1.8 crore from Singapore-based Sodion Energy, a leading developer of . Experts suggest sodium-ion battery chemistries are being widely considered as a potential alternative to li-ion and the industry could see it in production sooner than expected. Some of the companies that made a move toward sodium-ion batteries include mainland Chinese automakers including BYD. Stellantis and Northvolt have also joined the league. Retrofitting to give a new life Panneer and team have also built a retrofit kit for two wheelers. Having tested them for models like five models namely Honda Activa, Suzuki Access, TVS Zest, TVS XL and Hero Splendor, it has received an approval from the testing agency ARAI in February this year for"
"tested them for models like five models namely Honda Activa, Suzuki Access, TVS Zest, TVS XL and Hero Splendor, it has received an approval from the testing agency ARAI in February this year for running in Tamil Nadu and Karnataka. “Retrofitment is the solution for Tier-3,4 markets as the price of new electric scooters even with subsidies is way out of pockets for most people here,” she said. The team is working through the process of receiving an approval for a few other Southern states to supply the kits for price sensitive, mass market applications. Further, Panneer highlighted the need for awareness on the customers' part. She shared that the re-registration process for these retrofitted EVs require the vehicle to be within the life cycle of 15 years, have an original registration certificate, an insurance policy and no penalty attached to it. “Not checking the background and vehicle history before registration can lead to the customer paying the penalties and other dues of the previously owned vehicle.” The company is currently working on appointing dealerships to sell retrofit kits.The long term goal is to enable retrofitment of EVs across categories including two wheelers, four wheelers, tractors, and wheelbarrows for agricultural equipment, the woman entrepreneur said. Tracing the roots Considering her family history, Panneer was proud of the fact that her parents ensured her college education despite reluctance from their society and the extended family. A graduate in computer science engineering, Panneer’s luck was flying high until the day a tragedy took place and she was no longer allowed to continue her studies or receive support from the family. Married off right after her graduation, she could not sit for placements. However, with support from her husband she got the encouragement to pursue a postgraduate degree to complete her M.Tech and later got a job. Post this, she gained knowledge on the field and continued to work, until she got the confidence to start her own venture six years back. Panneer sure has a long way to go before her product makes its way in the homes of rural India. And even though there already are several startups in the country offering EVs and retrofitment solutions in the market, her story of determination is one to behold!"
"The state of the Indian economy: 2022 Roundup On December 6, 2022, the World Bank revised its GDP growth outlook for India for 2022-23 from 6.5% to 6.9%, on the back of the economy’s strong performance in Q2. The World Bank went on to say that the nation was “well placed” to steer through any potential global headwinds in 2023. The has proven to be remarkably resilient in the face of the deteriorating global situation due to the strong macroeconomic fundamentals that place it well ahead of other emerging market economies. Here's a look at how the economy has fared through 2022, which positions India for growth in 2023. 2022 – The Year in Review There was no dearth of headwinds throughout the year, which impacted India’s path to economic recovery. The year began with the threat of the Omicron variant of the coronavirus. Fortunately, the threat subsided fairly quickly, without impacting the economy in any significant way. The only problem was that this headwind was replaced by Russia’s invasion of Ukraine in mid-February, leading to further disruptions in the global supply chain. The next development to impact the economy was the decision of several major central banks, especially the US Federal Reserve, to reverse their loose monetary policy stance. The ripple effect of the policy-tightening measures was felt worldwide. The RBI wasn’t too far behind in tightening its stance either, with the first interest rate hike being announced in May. Some of the key aspects of the economy that deserve special mention are: The Indian GDP In the first half of the current financial year, India’s GDP registered a growth of 9.7%, compared with 13.7% a year ago. Gross Value Added (GVA) also rose, albeit below the level seen in the same period last year, at 9% versus the 12.8% growth a year ago. GDP growth accelerated in the June-end quarter although below the RBI's expectation, rising to 13.5%. This growth was driven by an increase in gross fixed capital formation and private consumption spending. Some normalisation was seen in the September-end quarter, with GDP growth slowing to 6.3%, driven by the contraction in the mining and manufacturing sectors, along with high inflation, declining exports and rising input prices. Inflation Retail inflation, as reflected by the Consumer Price Index, remained above the RBI’s upper tolerability level of 6% for 10 consecutive months to November, when it eased slightly to 5.88%. Retail inflation recorded an eight-year high in April, with rural inflation rising to 8.4% and urban inflation being recorded at 7.1%. This surge was attributed by analysts to the sharp rise in food inflation, which recorded a 17-month high of 8.4% in April. This rise was driven to a large extent by the worldwide spike in crude oil prices, which impacted not just food and commodity prices but also communication and transport costs. Interest Rate Hikes Although the Monetary Policy Committee (MPC) of the RBI left the rate unchanged at 4% in April, it voted"
"just food and commodity prices but also communication and transport costs. Interest Rate Hikes Although the Monetary Policy Committee (MPC) of the RBI left the rate unchanged at 4% in April, it voted unanimously on increasing the repo rate during its off-cycle meeting in May. As a result, the repo rate rose 40 basis points to 4.40%. The MPC has raised rates at each of its three subsequent meetings this year, hiking the repo rate by 50 basis points each time, till the rate peaked at 5.9% in September. It was only recently in December that the RBI decided to moderate its rate hikes, raising the repo rate by 35 basis points to 6.25%. The It has been an action-packed year for the Indian stock market. The first hit was from the Russia-Ukraine war, which led the Sensex to plunge 2,702 points on February 24, the day Russia invaded Ukraine. But both Sensex and Nifty bounced back fairly quickly, driven by a better-than-expected corporate earnings season in Q1, along with moderation in global commodity prices and domestic inflation. Investor sentiment also received a boost from the return of FIIs to the Indian market, sending the Sensex and Nifty to new highs. With rapid geopolitical and economic developments worldwide, Sensex saw over 1,000 rallies, with its largest single-day gain coming in on February 15, when it rose 1,736 points. On the flip side, the Sensex also saw major crashes, with the index plunging at least 1,000 points in a single day at least 14 times through the year. Nifty, India’s economic bellwether, also remained volatile through the year, recording a gain of almost 3%. While the big winners during the Covid era, pharma and IT, did not fare well in 2022, the financial sector proved to be an outlier, with the Nifty Bank index up by almost 18% at the end of December, driven by rising interest rates, recovery in credit demand and a steep decline in non-performing assets. Looking Ahead at 2023 The new year brings hopes for continued momentum in India’s growth story, backed by the sustained strength in domestic demand, according to a recent report by Morgan Stanley. In addition, the OECD is optimistic that India could become the second-fastest growing economy among the G20 nations in FY2022-23, after Saudi Arabia. This is expected despite a potential slowdown in global demand, inflationary pressures and continued monetary policy tightening. Credit Suisse’s Global Equities Strategy team has also upgraded India from “Underweight” to “Benchmark” for 2023, given the nation’s underlying economic strength. With respect to investments, sectors that are projected to perform the best include financial services, banking, insurance, capital goods, housing, defense, infrastructure and the railways. Having said that, investment decisions cannot be based on hope. It is important to continue to do your due diligence to make well-informed investments."
"EV bike-makers misusing rules for low-powered vehicles: Centre NEW DELHI: The Centre has urged states to crack down on manufacturers and dealers of electric two-wheelers who are bypassing the regulatory norms by taking advantage of legal provisions that allows certain categories of such twowheelers out of the ambit of “motor vehicles”. According to the rules, vehicles equipped with electric motors having 30 minutes power of less than 0. 25 kw and having maximum speed of less than 25 kmph are not treated as motor vehicles. Hence, norms such as type approval, insurance and mandatory display of number plate are not applicable for such vehicles. Sources said the manufacturers and dealers are misusing this provision. After getting the go ahead from testing agencies by complying with the norms, they are flouting the provision and are fitting batteries of higher capacity that allows these vehicles to run at higher speed. “These pose a huge risk to the road users. We have received several complaints and hence have asked states to act against this menace,” said a road transport ministry official. “These manufacturers and dealers are supplying higher battery capacity models which are plying with top speed 40-50 kmph without type approval, insurance and vehicle identification as per norms. These vehicles are tampering with the verification undertaken by the testing agencies,” the ministry said in a communication to all state governments."
"Centre notifies new vehicle insurance rates The centre on Wednesday approved the new base premium rates for third party motor . These revised rates will be applicable from June 1, 2022. These rates were last revised for financial year 2019-20 and were kept unchanged during the COVID-19 pandemic. According to a gazette notification from the Ministry of Road, Transport, and Highways, the annual rate of for private cars not exceeding 1000 cc has been fixed at Rs 2,094, up from Rs 2,072 in 2019-20. Under the new rates, third party insurance for private cars with an engine capacity between 1000 cc and 1500 cc has been raised to Rs 3,416 from Rs 3,221 in 2019-20. Larger private vehicles that have an engine capacity above 1500 cc will see the premiums fall to Rs 7,897 from Rs 7,890. For two wheelers over 150 cc but not exceeding 350 cc, the insurance premium will be Rs 1,366 while two-wheelers over 350 cc will command a premium of Rs 2,804. The three-year single premium for a new car not exceeding 1000 cc has been fixed at Rs 6,521, while for a car between 1000 cc and 1500 cc it has been fixed at Rs 10,640. A new private vehicle exceeding 1500 cc will be insured at Rs 24,596 for three years under the newly notified rates. The five year single premium for two wheelers not exceeding 75 cc is Rs 2,901, exceeding 75 cc but not 150 cc is Rs 3,851, and exceeding 150 cc but not 350 cc is Rs 7,365. A two wheeler exceeding 350 cc can be insured for five years at Rs 15,117 under the new rates. A new private electric vehicle (EV) can be insured at Rs 5,543 for three years if it is not exceeding 30 KW. If the EV exceeds 30 KW but is less than 65 KW, the three year premium will be Rs 9,044. Larger EVs exceeding 65 KW will be insured at Rs 20,907 for three years. New two wheelers EVs can be insured under five year single premiums for Rs 2,466 if they are not exceeding 3 KW. EV two wheelers exceeding 3 KW but not 7 KW will be insured for Rs 3,273, and exceeding 7 KW but not 16 KW for Rs 6,260. Higher powered EV two wheelers with a capacity exceeding 16 KW will be insured at Rs 12,849 for five years."
"A Beginner’s Guide For Car Insurance 101 - A Beginner's Guide Car insurance is the first step of responsibility after purchasing a car. Once you have chosen the car you want to purchase, ensure that you look into different aspects of purchasing a suitable car insurance policy. Here is a beginner’s guide that will help you understand more and take this step confidently. What is car insurance? Car insurance is where the owner of the car and the insurance company sign a contract between them. This agreement enables the owner to protect against any kind of losses or damage to the car by agreeing to pay an insurance premium amount to the insurance company. In return, the insurance company agrees to pay the costs associated and covered under the particular policy and its terms. Is car insurance necessary in India? Yes. The Government of India has made it compulsory for every car owner to obtain . According to The of 1998, getting a car insurance policy is mandatory before they can ply the road. Driving on roads without a car insurance policy in India is illegal. In case of an accident without a valid car insurance policy, 2 types of cases will be filed against you. One will be the criminal case (for negligent driving). The second one will be to get the claim you would have to give compensation to the family of the deceased. Two Types of Car Insurance Policies: : policy is a basic and mandatory car insurance policy in India. It covers financial losses that occur like bodily injuries, and losses caused to any third-party property/ vehicle by the insured car. Comprehensive Car Insurance Policy: This type of car insurance policy provides a lot of coverage which includes car thefts, losses to a third party, damages to the vehicle due to accidents, personal injuries or death caused in an accident, damages to the car caused by fire, or due to any other natural damages. How to choose the right car insurance in India? Know your requirement from the car insurance policy. Know your insurer and their credibility in the market. Know the key terms used in the insurance industry. For example Insured Declare Value, No Claim Bonus Compare the plans online to choose the most suitable option. Complete check of policies and terms & conditions to avoid any future tensions and shocks. Check the claim process for a better understanding. Ask about add-ons & including them in the policy if required. Know about the claim settlement ratio of the insurer. Purchase online for a hassle-free process. Easy renewal process available online. Car insurance is designed to financially protect you if you're involved in an accident or if your vehicle is damaged. Do not forget to consider the deductibles and premiums as well as driving experience and track records when choosing an insurer. Look at the key terms like the IDV value, No Claim Bonus, etc before diving into the purchase decision of an insurance policy. Make sure you evaluate your needs and then make the best suitable decision for"
"the key terms like the IDV value, No Claim Bonus, etc before diving into the purchase decision of an insurance policy. Make sure you evaluate your needs and then make the best suitable decision for your care. To read more about the car insurance policy offered at , ."
"Single-year vs. multi-year bike insurance policy New Delhi: Choosing the right insurance for your bike is a critical decision. One of the primary dilemmas faced by bike owners is deciding between a single-year and a multi-year insurance policy. Both come with their own set of advantages and disadvantages. Single-year bike insurance policies allow you flexibility and can be cheaper upfront. However, multi-year or long-term two-wheeler insurance, while seemingly more expensive initially, provides a range of benefits, like saving you from annual renewals, protection against yearly premium hikes, and ensuring coverage for an extended period of time. Therefore, understanding the specifics of each can help you make an informed decision that suits your requirements and budget and provides adequate protection for your bike. This discussion explores the fundamental differences between single-year and multi-year policies, enabling you to weigh the pros and cons of each option. 1.Understanding bike insurance Bike insurance, though mandated by law, has benefits beyond just fulfilling a statutory obligation. It protects owners from unexpected financial burdens arising due to unforeseen circumstances like accidents, theft or damage caused by natural disasters. In addition, it covers repair or replacement costs that might incur, keeping your two-wheeler in the best possible shape. Furthermore, bike insurance also includes liability coverage, protecting policyholders from possible claims made by third parties involved in accidents. This includes both damage to the third-party vehicle and any bodily harm. Therefore, comprehensive bike insurance acts as a shield, securing both your bike and finances. 2.Single-year bike insurance Single-year bike insurance offers a comprehensive package for motorcycle owners, safeguarding their vehicles for one full year. The main advantage of this policy is the affordable premium rates it offers when compared to longer-duration policies. Under this insurance plan, the insurer protects your bike from various risks, such as damage caused by natural calamities like floods and earthquakes or man-made disasters such as vandalism and theft. The insurance also extends its cover to third-party liabilities. This includes compensation for any injury, death, or damage to the property of a third party caused by your insured vehicle, providing complete peace of mind. 3.Why choose single-year bike insurance? A single-year policy is usually more flexible, permitting you to modify or alter it yearly based on the alterations in your needs or circumstances. This flexibility is particularly beneficial if your lifestyle or personal situations change significantly over a year, necessitating different insurance coverage. Furthermore, if you plan on selling your bike or acquiring a new one within the year, it might make financial sense to choose a single-year policy. It would avoid unnecessary expenses of a multi-year policy, especially if you won't be"
"your bike or acquiring a new one within the year, it might make financial sense to choose a single-year policy. It would avoid unnecessary expenses of a multi-year policy, especially if you won't be owning the bike for that long. Thus, for individuals with such evolving needs, a single-year policy might be an intelligent choice. 4. Understanding multi-year bike insurance This insurance policy ensures that your two-wheeler is protected over an extended period, typically up to five years. With such a policy, you eliminate the necessity for annual insurance renewals and re-assessments of your coverage needs, making the process more straightforward and less time-consuming. Another benefit is the shielding against potential annual premium increases, as you lock in a set rate for several years. The insurance also includes continuous third-party coverage, offering you peace of mind, knowing that your potential liabilities towards third parties are taken care of without needing to renew the coverage annually. Overall, a multi-year two-wheeler insurance policy is a long-term commitment that provides enduring financial protection and convenience. 5.The perks of multi-year bike insurance In comparison to single-year policies, long-term two-wheeler insurance offers more extensive benefits. It mainly removes the hassle of annual renewals, giving policyholders continuous coverage over the policy term. With the ever-increasing rates of premiums, the chance to lock in a stable rate is a key advantage. A long-term policy insulates policyholders from this annual cost escalation. Another key feature of a long-term policy is the assurance of continuous coverage, ensuring that there are no gaps where your two-wheeler could potentially be uninsured. This significantly reduces the risk of out-of-pocket expenses in case of any damage or theft. Despite its higher upfront cost, a multi-year bike insurance policy provides long-term benefits. It shields policyholders from the effects of annual insurance premium hikes, thus offering cost efficiency in the long run. Besides, multi-year policies often come with added benefits, like no-claims bonuses and special discounts, further increasing their value for money. Overall, long-term two-wheeler insurance guarantees peace of mind and financial protection for an extended period. 6.Single-year vs. multi-year bike insurance: Single-year bike insurance offers convenience and flexibility. Bike owners are attracted to its short commitment period, enabling them to evaluate their needs annually and make adjustments if necessary. However, it requires yearly renewals, which could be an administrative hassle. On the other hand, multi-year insurance offers coverage for multiple years, typically two to three years. This means, for the length of the policy, the bike is covered, and there's no need to renew annually, reducing the hassle for bike owners. Moreover, this policy safeguards the owners from potential yearly hikes in premiums."
"of the policy, the bike is covered, and there's no need to renew annually, reducing the hassle for bike owners. Moreover, this policy safeguards the owners from potential yearly hikes in premiums. Hence, each of these insurance types caters to different customer needs based on convenience and peace of mind. Your bike, your choice The decision between a single-year and multi-year bike insurance policy ultimately depends on individual needs. If you plan to use your bike for a short time, you might opt for a single-year policy. Conversely, if you're looking for convenience and long-term security, a multi-year policy is probably your best bet. A rider's financial capabilities, time, effort, and the life expectancy of the bike are critical considerations in this decision. A single-year policy could be more beneficial for individuals prioritising minimal initial expenditure or who plan to replace their bikes soon. Meanwhile, a long-term policy may be more attractive for individuals preferring convenience in terms of administration, alongside the extended coverage period offered by these policies. Thus, the choice of a bike insurance plan depends significantly on the unique needs and circumstances of each rider. Conclusion As an intelligent bike owner, your focus should be on the overall safety of your bike and ensuring adequate coverage against potential threats. The right third-party bike insurance policy - whether single-year or long-term two-wheeler insurance can go a long way in ensuring financial stability during unanticipated adversities. So, choose wisely and ride with confidence. Note: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales. Disclaimer - The above content is non-editorial, and ETAuto hereby disclaims any and all warranties, expressed or implied, relating to it, and does not guarantee, vouch for or necessarily endorse any of the content."
"Self-driving car companies zoom ahead, leaving U.S. regulators behind from Inc to General Motors Co's Cruise are racing to start making money with their technology, outrunning efforts by regulators and Congress to write rules of the road for robot-driven vehicles. On Tuesday, Cruise said that SoftBank Group Corp will invest another $1.35 billion in anticipation of Cruise launching commercial robo-taxi operations. Cruise needs one permit, from California's Public Utilities Commission, to start charging for rides around San Francisco in vehicles with no human driver. Cruise, Tesla, Alphabet Inc's and Aurora Innovation Inc are among many companies aiming to deploy fully autonomous vehicle technology in the United States within the next two to three years, whether or not federal regulators give them a clear legal framework for doing so. Autonomous vehicle (AV) startups and automakers are under pressure to start generating revenue from billions of dollars of engineering investment over the past decade. Proposed legislation to create a national framework of rules to govern remains stalled in Congress, despite the industry's lobbying. That has left autonomous vehicle companies free to deploy robo-taxis or self-driving trucks in some states, such as Arizona and Texas, but not in others. Waymo has provided thousands of rides in driverless robo-taxis in Phoenix, though the service remains limited. ""Providing guard rails is helpful, at the federal level,"" said Chris Urmson, chief executive of automated vehicle technology company Aurora Innovation. ""Today we have different regulations across the 50 states."" Aurora is testing its Aurora Driver in Class 8 trucks, but so far cannot operate those trucks in California without human drivers. That cuts off a potentially rich market for autonomous truck companies hauling loads from Southern California to distribution hubs to the east. ""We look at the Port of Los Angeles ... and the supply-chain challenges we see. There's a real urgency for this technology"" to address the shortage of truck drivers, Urmson said to an audience at the Washington Auto Show last month. AV industry lobbyist Ariel Wolf told a U.S. House of Representatives panel on Tuesday that autonomous trucks ""will not lead to mass layoffs."" Instead, he said, autonomous trucks driving long-haul routes will allow human drivers to ""spend more nights in their own beds instead of in the sleeper berth of a truck."" PROTECTING JOBS Unions, however, urged Congress to be skeptical. ""We are at risk ... of losing hundreds of thousands of manufacturing and frontline transportation jobs if Congress fails to act decisively and the AV industry is left completely unregulated,"" Transport Workers Union president John Samuelsen told the House panel Tuesday. Unions and trial lawyers also want autonomous vehicle companies to disclose more data about accidents and other aspects of their systems. ""All workers deserve to know that an autonomous vehicle or bot traveling next to"
"also want autonomous vehicle companies to disclose more data about accidents and other aspects of their systems. ""All workers deserve to know that an autonomous vehicle or bot traveling next to them is safe enough to share the same road or worksite,"" said Teamsters official Doug Bloch. In the absence of new laws tailored to automated vehicles, the National Highway Traffic Safety Administration, which oversees vehicle safety in the United States, has put forward voluntary guidelines and last year required companies to report accidents involving automated driving systems. But the agency has not issued comprehensive standards for robot-driven cars or trucks. The U.S. Federal Aviation Administration has the power to review new technology before it is used in aircraft. But motor vehicle manufacturers are free to certify for themselves that a feature is safe. The NHTSA steps in if new features turn out to be a safety hazard. NHTSA officials have intensified scrutiny of Tesla's automated driving systems over the past year. The agency on Tuesday said it had pressed Tesla to change a feature of its Full Self Driving, or FSD, automated driving system that allowed vehicles to keep moving through stop signs rather than come to a complete halt. So-called rolling stops are illegal. In December, NHTSA opened a review of a feature that allowed Tesla models to play videos over dashboard screens, and last August opened a formal investigation of the Autopilot driver assistance systems in 765,000 U.S. vehicles after a series of incidents in which Teslas collided with emergency vehicles. Still, Tesla Chief Executive Elon Musk made no mention of regulatory concerns during an investor call on Jan. 26 when he said the company could soon use an over-the-air software download to enable its vehicles to drive themselves and be used to offer autonomous ride services. ""I would be shocked if we do not achieve full self-driving safer than a human this year,"" Musk said. When Tesla enables its vehicles to drive autonomously via an over-the-air software download, Musk said, vehicle owners could offer rides that would ""cost less than the subsidized value of a bus ticket."" One potential path for the industry and safety advocates involves voluntary agreements on standards, said David Harkey, president of the Insurance Institute for Highway Safety, a vehicle safety research organization backed by the insurance industry. Harkey said the IIHS could be part of such an effort. ""We have to get to the point where it's not the Wild West,"" he said. Also Read:"
"Tesla may head to India on incentive-paved road US electric automaker could soon set up shop in , with the government close to finalising a policy to extend concessional import duties on electric cars exceeding INR 30 lakh (about USD 36,000) for 2-3 years. The reduced import duties are likely to be offered in lieu of bank guarantees by Tesla for a proposed investment to build an electric vehicle factory in India, people aware of the developments told ET. India imposes 100% on cars with cost, insurance and freight value of more than USD 40,000 (about INR 33 lakh), and 60% for those below that threshold. Tesla is willing to invest up to USD 2 billion if the Indian government offers reduced import duty of 15% on imported electric cars in the first two years of operations, ET had reported. The Centre is keen that foreign automakers entering the large and growing Indian market accelerate plans for local manufacturing to boost employment generation while bringing down prices of through localisation. ""The government is looking at reducing import duties temporarily, based on bank guarantees. The quantum of the bank guarantee has not been determined (yet), but the thought is that this will help ensure that companies make timely investments and set up local factories,"" said one of the persons cited above. Bank guarantees can be encashed in the event of non-compliance with timelines specified for making investments. Faced with the prospect of relaxed import duties for Tesla, Indian automakers are taking a cautious wait-and-watch approach before making any move. A senior industry executive who did not wish to be named said while the industry has not yet formally communicated any objection to the government, several carmakers have been concerned that any reduction in import duty will result in an unfair advantage to the American carmaker, which has yet to make a firm investment plan. Last month, Mahindra & Mahindra (M&M) managing director Anish Shah said his company had made representations to government officials, saying global makers must be nudged to invest in India. ""It should be a level playing field... investing in India is important. Our approach is essentially to create a stronger industry in India, and not to be in a situation where manufacturing is done outside India, and India just becomes an importer of products,"" Shah said at the World Economic Forum in Davos, without referring to Tesla by name, as per media reports. Homegrown auto majors like and M&M already produce EVs locally."
"Goldstone Tech and Quantron AG forge JV to build digital platforms for e-mobility services Mumbai: (GTL) is setting up a Joint venture company partnering with German major, . The JV will operate out of Augsburg, in Germany and from Hyderabad, with plans to set up a US entity in Q3 2023. The JV company operating out of Germany will be focusing on providing various solutions through an AI-supported platform. GTL and Quantron, by developing this platform, will be serving a market which needs sustainable integrated solutions for mobility and logistic companies for their fleet management solutions. The new company will be a key enabler for a zero-emission transport transformation, the companies said in a media release. The addressable market size will be between EUR 150 billion and EUR250 billion by 2030 enabling OEM-agnostic mobility as a Service (MaaS) Solution. The target markets are , the USA, India, and the Middle East with QUANTRON, and ETO Motors as the first customers. Both parties are planning to invest over EUR 20 million in the next 36 months in these platforms. GTL as a development partner will provide the software and manage the integration of the customised platform and Quantron will utilise the digital platform as an enabler for its 360° ecosystem for its customers. The new software will enable an AI-driven SaaS-based platform to serve both as a transaction and customer-facing platform, featuring a for e.g., the performance measurement of fleets, etc. The JV has enough enquiries including the partners' fleets where the beta version will be launched soon. GTL will bring People, Processes and Technology together to solve complex business problems, and BI, Analytics and Sustainability solutions help customers succeed with data. GTL’s world-class IT Service offerings aim to deliver focused, flexible, and high-quality solutions at optimal costs, thereby building trust-based relationships with customers and reducing time to value. GTL will be developing the Minimum Viable Product (MVP) of the platform, in collaboration with Quantron. Roadzen Inc.is a strategic partner in this JV to support with a digital product portfolio to offer Insurance-as-a-Service (IaaS), Roadside Assistance & Extended Warranty modules. The JV would also cover the distribution, sale & commercialization of the software as a white-labelled solution to third parties. One of the objectives of the JV is to give logistics providers opportunities to convert their existing analogue processes into digital environments. The focus of the JV is on the value addition the clients get from solutions, not just the solutions themselves. Starting out as a horse-drawn carriage business in the year 1882, Quantron combines e-mobility knowhow with over 140 years of commercial vehicle experience and plans to introduce heavy-lift e-mobility logistics solutions to the . The JV will announce the plan for the Indian market with the MaaS and Fleet Management services, with the view to become"
"and plans to introduce heavy-lift e-mobility logistics solutions to the . The JV will announce the plan for the Indian market with the MaaS and Fleet Management services, with the view to become OEM-agnostic and focus on the future needs of fleets in the Zero Emission World."
"Oil prices fall on demand concerns after US stock build fell on Thursday, as concerns over low demand following a surprise outweighed jitters over global trade disruptions and in the Middle East. fell 65 cents, or 0.8%, to USD 79.05 a barrel by 0120 GMT while U.S. West Texas Intermediate crude was at USD 73.67 a barrel, down 55 cents, or 0.7%. Both benchmarks edged up on Wednesday as investors worried about trade disruptions as major maritime carriers chose to steer clear of the Red Sea route, with longer voyages increasing transport and insurance costs. ""Market focus returned to sluggish global demand as the impact on the Red Sea is seen to be limited on oil as long as it does not spill over into the Strait of Hormuz,"" said Tsuyoshi Ueno, senior economist at NLI Research Institute. ""A build in U.S. crude stocks and record domestic oil production also added to pressure,"" he said. The U.S. Energy Information Administration (EIA) said on Wednesday that U.S. crude inventories rose by 2.9 million barrels in the week to Dec. 15 to 443.7 million barrels, compared with analysts' expectations in a Reuters poll for a 2.3 million barrel drop. EIA also said U.S. crude output rose to a record 13.3 million barrels per day (bpd) last week, up from the prior all-time high of 13.2 million bpd. For shipping, about 12% of world traffic passes up the Red Sea and through the Suez Canal. However, the impact on oil supply has been limited so far, analysts said, because the bulk of Middle East crude is exported via the Strait of Hormuz. ""Since there will be no additional production cuts by OPEC+ this year, oil prices will likely remain in range through the end of the year, with focus on key economic statistics and the U.S. dollar's reaction to them,"" said Naohiro Niimura, a partner at Market Risk Advisory, a research and consulting firm. He predicted WTI would trade between USD 70 and USD 75 this month. The U.S.-led coalition imposing a price cap on seaborne Russian oil announced changes on Wednesday to its compliance regime that the Treasury Department said would make it harder for Russian exporters to bypass the cap."
"India to decide....to buy oil in keeping within price cap: White House on Russian oil White House National Security Council (NSC) Coordinator for Strategic Communications said on Tuesday said that it is up to India to decide to buy and hoped that India will continue to buy Russian oil in keeping within the price cap. Speaking on the price cap on Russian oil, Kirby said, ""The price cap is working and proven effective. It's working and we are gratified to see that. It is up to India to decide and we hope that India will continue to buy oil in keeping within the price cap."" In December last year, the United States and its allies went after Russia's all-important oil revenues after a European ban and price cap on Russian oil. Europe, along with the United States and other major economies, like the United Kingdom, Japan, Canada, and Australia, agreed to a maximum of USD 60 per barrel on Russian seaborne oil, which means anyone who still wants to buy Russian oil has to pay that price or less if it wants to ship cargo through operators or insurers based in the EU or other countries who signed on to this price cap. John Kirby said that India is a ""key and important partner"" for the United States not just in the Indo-Pacific but globally. He stated that Prime Minister and US President will have discussions on a number of issues. He noted that India and US bilateral ties in the future will be ""one of the most defining and important."" ""India is a key and important partner, not just in the Indo-Pacific, but globally for the United States. In fact, it's one of the most defining bilateral relationships in the world now and if you just look ahead, look at where things are going, not just in that region, but elsewhere, I think it's safe to say that it's going to be one of the most defining and important bilateral relationships well into the future,"" said Kirby. ""And so in the context of that, you can expect that over the next few days, President Biden and Prime Minister will have wide-ranging discussions about a lot of issues. Some issues are always easier to discuss than others, but that's what partners do, you have those kinds of conversations. I'm not going to get ahead of them. And I'm certainly not going to speak for either leader until they have a chance to speak for themselves at the end of their visits and meetings. But, I think you will see that the agenda they end up discussing is very robust and covers many issues,"" he added. John Kirby noted that US President Joe Biden never shies away from holding discussions with foreign issues about issues on which they don't see eye-to-eye. He called the India-US bilateral partnership ""hugely important"" for Washington. It is pertinent to note here that India continues to buy Russian oil even after the ongoing conflict between Russia and Ukraine. When asked about Russia evading sanctions, Kirby said, ""I mean, this is why we have constant dialogue with allies and partners and friends in the region and around the"
"between Russia and Ukraine. When asked about Russia evading sanctions, Kirby said, ""I mean, this is why we have constant dialogue with allies and partners and friends in the region and around the world. We don't want to see anybody try to skirt these sanctions. We want to see Mr Putin held to account and the Kremlin held to account. Now, obviously, every nation has to make these decisions for themselves, but our view has been very clear. We want to see all the international sanctions ascribed to and enforced appropriately so that Mr Putin can't benefit and we have no compunction about having conversations privately with allies, partners, and friends throughout the world, certainly on the European continent, about our concerns in that regard. But, obviously, we wouldn't get into detail about what the diplomatic conversations are."" ""As I've said earlier, President Biden never shies away, nor would you expect him to from having conversations with foreign leaders about issues on which we don't always see eye to eye. That's important. That's why you have visits, that's why you have meetings. That's why you have these discussions so that you can work through all of those things. But, this is not only a very important visit for us, but this is a hugely important bilateral relationship that the President and his entire team Secretary of State Antony Blinken, Secretary of Defense Lloyd Austin, and Secretary of Commerce, Gina Raimondo have all put a lot of energy into."" Prime Minister Narendra Modi arrived in New York on the first leg of his historic state visit to the United States. During his visit to New York, PM Modi will meet CEOs, Nobel laureates, economists, artists, scientists, scholars, entrepreneurs, academicians, and health sector experts today. He will attend Yoga Day celebrations at the UN headquarters on June 21. PM Modi will then travel to Washington DC and receive a ceremonial welcome at the White House on June 22.US President Joe Biden and First Lady Jill Biden will host a State Dinner in honour of the Prime Minister the same evening. The Prime Minister will also address a Joint Sitting of the US Congress on the same day. On June 23, the Prime Minister will be jointly hosted at a luncheon by US Vice President Kamala Harris and the US Secretary of State Antony Blinken. In addition to official engagements, the Prime Minister is scheduled to have several interactions with leading CEOs, professionals, and other stakeholders."
"Tesla slashes China prices by up to 9% as analysts warn of 'price war' has cut starter prices for its Model 3 and Model Y cars by as much as 9% in , reversing a trend of increases across the industry amid signs of softening demand in the world's largest auto market. The price cuts, posted in listings on the electric vehicle ( ) giant's China website on Monday, are the first by Tesla in China in 2022, and come after Tesla began offering limited incentives to buyers who opted for Tesla's insurance last month. The price cuts come after Tesla Chief Executive said last week that ""a recession of sorts"" was under way in China and Europe and Tesla said it would miss its vehicle delivery target this year. Musk told analysts last week that demand was strong in the current quarter and said he expected Tesla to be ""recession-resilient"". China Merchants Bank International (CMBI) said Tesla's price cuts underlined the growing competitive risk for EV makers in China, with industry-wide sales projected to slow into 2023. ""The price cuts underscore the possible price war which we have been emphasising since August,"" said Shi Ji, an analyst with CMBI. Data on Monday showed retail sales in China grew 2.5% in September, below the expected 3.3% rise and less than half August's 5.4% growth. Analysts are warning of a growing car inventory glut for autos in China, where auto sales growth slowed in September while EV sales rose at their slowest pace in five months. The U.S. automaker and several Chinese rivals have hiked prices several times since last year amid rising raw material costs. But Tesla has also regularly adjusted prices of its cars in China, including reductions, reflecting government subsidies. Tesla told Reuters it was adjusting prices in line with costs. Capacity utilisation at its has improved, while the supply chain remains stable despite the impact on the economy of China's stringent zero-COVID restrictions, leading to lower costs, it said. The starting price for the Model 3 sedan was reduced to 265,900 yuan ($36,727) from 279,900 yuan, while that for the Model Y sport utility vehicle was cut to 288,900 yuan from 316,900 yuan, the product prices listed on its Chinese website showed. The average price for a new Tesla in the United States, the EV maker's largest market, has been climbing steadily since last year and was just under $70,000 in August, according to research company Kelley Blue Book. Tesla upgraded its Shanghai factory earlier this year in a development that brought the factory's weekly output capacity to around 22,000 units compared with levels of around 17,000 in June, Reuters previously reported. Tesla delivered 83,135 China-made EVs in September, an 8% increase from August, and set an output record for the Shanghai factory since production began in December 2019. CMBI analysts warned last week that 2023 would bring more competition to the EV sector, saying that it expected to see sales growth for EVs and hybrids on a combined basis to"
"began in December 2019. CMBI analysts warned last week that 2023 would bring more competition to the EV sector, saying that it expected to see sales growth for EVs and hybrids on a combined basis to drop below 50%. Tesla is currently China's third best-selling EV maker after BYD Motor and SAIC-GM-Wuling, and is the only foreign player in the top 15 list published by the . CMBI said it expected that other automakers would need to cut prices on battery-electric and plug-in hybrid cars, following Tesla's lead because of a projected increase in production capacity next year. ($1 = 7.2399 Chinese yuan) Read More:"
"Two-wheeler makers should provide helmets to vehicle buyers at a discount: Nitin Gadkari Union minister on Wednesday said two-wheeler manufacturers should provide helmet to the purchaser of the vehicle at a discount or reasonable rate as many people die in road accidents just for not wearing . Addressing an event here, Gadkari said 50,029 people lost their lives in accidents in the country in 2022 when they were not wearing helmets. ""I am thinking of requesting two-wheeler manufacturers... if they can give some reasonable discount on helmets to the purchaser of the vehicle then we can save the life of the people,"" he said. The road transport and highways minister also stressed on the need to plan the parking arrangement for school buses. Noting that the Motor Vehicles (Amendment) Act, 2019 has enforced hefty penalties on traffic offences, he said, ""But actually, effective enforcement is also a big challenge."" Gadkari said his ambition is to start driving school in every taluka of the country. According to a new report titled ""National Strategy for Prevention of Unintentional Injury"", compiled by the Ministry of Health, road crashes cause the most deaths due to in India, accounting for more than 43 % of such fatalities, with overspeeding being the leading reason. ""There were 4,30,504 deaths from unintentional injuries and 1,70,924 deaths due to intentional injuries in India in 2022. From 2016 to 2022, there has been a marginal increase in deaths due to unintentional and intentional injuries. Road traffic crashes are the highest cause of unintentional injuries (43.7 %),"" the report had said."
"Sheerdrive launches used vehicle auction portal – Sheerdrive Pro New Delhi: , a Mumbai-based pre-owned vehicle platform with a SaaS-based offering, has unveiled a comprehensive used vehicle auction portal - . This innovative platform, to be showcased at the in New Delhi, seamlessly brings together an extensive array of options from various sources such as banks, insurance companies, fleet operators, new car dealerships, and individual sellers, the company said. CEO and founder of Sheerdrive, , said “Standing as a singular solution for both individuals and businesses, Sheerdrive Pro offers an unparalleled range of used vehicles tailored to every budget and requirement. Leveraging state-of-the-art technology, the platform redefines the vehicle auction process, making it efficient, transparent, and accessible to a broad audience. Sheerdrive's commitment to revolutionizing the used vehicle market is exemplified through this cutting-edge portal, providing a game-changing platform for both buyers and sellers.” The Sheerdrive Pro will offer access to the largest selection of used vehicles, a fair and transparent auction process, an intuitive UI, complete vehicle information, a vast network of buyers, a secured transaction process and end-to-end customer service, the company said in a media release. New appointments: Sheerdrive has appointed as Vice President, and as Assistant General Manager. They will play a pivotal role in steering the strategic direction of the organization, implementing effective business strategies, and driving growth."
"OLX Autos partners with Times Prime to introduce exclusive benefits for its customers has entered into a strategic partnership with Times Prime, India’s premium bundled lifestyle product, to launch a nationwide rewards programme for its customers. OLX Autos is India’s leading player in the pre-owned automobile segment and the partnership will enable its customers to enjoy complimentary Times Prime subscriptions. Customers getting their inspected with OLX Autos will get an assured three-month exclusive membership. In addition, those selling their car to OLX Autos will be offered a customized Times Prime Annual membership which will also include mobility, insurance, travel, hotel and fine dining with a perceived value of benefits worth Rs 1,50,000. Launching the program Siddharth Agrawal, country marketing head at OLX Autos said: “At OLX Autos, we continuously strive to enhance the experience for our customers and we believe the Times Prime subscription with its premium benefits will provide this differentiated experience enabling them to enjoy unique benefits that will distinctively add to their lifestyle.” Some of the popular brands that are part of the exclusively designed package for OLX Autos customers under the Times Prime Annual Membership include Zoomcar, GoMechanic, EaseMyTrip, AmbiPur, PVR Cinemas, and OTT platforms like Disney+ Hotstar, Discovery Plus, and Sony LIV, to news subscriptions such as TOI+ and ET Prime; Uber, and many more. OLX Autos has always kept its customers at the center offering the best price for their vehicles along with hassle-free transfers and inspections. This exclusive program is yet another step towards its customer-first approach and delivering the best experience for its customers. Speaking on the collaboration, Harshita Singh, business head of Times Prime said: “In the cluttered space of lifestyle industry, Times Prime has a unique offering of combining the best of all and providing an elevated lifestyle to its members. We have identified a similar synergy with our new brand partner OLX Autos which has seamlessly integrated the ease of buying and selling cars for its own customers. This new partnership will be a valuable addition to their current & potential customers and it will reinforce the potential of Times Prime as the ultimate lifestyle subscription in the market.” Also Read:"
"Government allows UAE's Adnoc to export oil from Indian strategic storage The government has allowed ( ) to export it has stored in underground strategic storages at Mangalore to give operational flexibility to the foreign firm, an order of the Ministry of Commerce and Industry said on Saturday. At present, crude oil, which is the raw material for producing fuels like petrol and diesel, is not allowed to be exported except through the state-owned Indian Oil Corporation (IOC). In an order, the ministry said the condition of export being allowed only through IOC will continue, but ""AMI (Adnoc Marketing International (India) RSC Limited India) is exempted from STE conditions and is allowed to re-export crude oil from their commercial stockpile at Mangalore strategic petroleum reserve, at their own cost"". India, the world's third-biggest and consumer, imports over 85% of its oil needs and has built strategic storages at three locations to store up to 5.33 million tonnes of oil as insurance against any supply disruption. The storage at Visakhapatnam (1.33 million tonnes) in Andhra Pradesh, Mangalore (1.5 million tonnes), and Padur (2.5 million tonnes) in Karnataka can meet about 9 days of national demand. The has leased half of the 1.5 million tonne capacity in Mangalore storage to Adnoc. The remaining was retained by ISPRL. The idea behind leasing the storage to foreign companies was that they could store oil for sale to domestic refiners. But in case of an emergency, India held the first right on oil usage. Adnoc had sought permission for the export of its oil from the cavern in cases where it could not find buyers in Indian refiners. After the notification, Adnoc can now export oil stored in the Mangalore storage."
"Aurangabad plans to purchase 250 EV four-wheelers by March-end Aurangabad: The Marathwada Auto Cluster has launched the Aurangabad Mission ( ) with the help of people's participation. Through this initiative, Aurangabad is set to purchase 250 electric four-wheelers by the end of March 2022. So far, the documentation of around 150 four-wheelers is completed, Marathwada Auto Cluster Chairman Munish Sharma told reporters on Friday. A joint press meet of Sharma, CII office-bearer Prasad Kokil and Chamber of Marathwada Industries and Agriculture ( ) former president Ashish Garde took place on Friday at the Marathwada Auto Cluster of Waluj. Aurangabad earlier purchased Mercedes luxury cars in bulk. Now, the city is set to purchase 250 electric vehicles in the first phase of the 'Aurangabad Mission Green Mobility (EV)'. The further steps will be the purchase of 500 EV three-wheelers (loading and passenger), 1,000 two-wheelers and 50 buses. These will be brought in Aurangabad and parts of the Marathwada region, CMIA former chairman Ashish Garde said. 'Aurangabad is already known for its industrial strength. Now, to contribute towards the environment, the city has decided to undertake Aurangabad Mission Green Mobility (EV). ""As a beginning, people working in different verticals will come together to purchase 250 electric four-wheelers by March-end this year. So far, we have finished the initial formalities of nearly 150 cars of their choice,"" Sharma said. Sharma said that for tier-II cities like Aurangabad, it may take little time to have . ""But if we undertake such impactful activity, the infrastructure can come up with pace due to the available number here."" ""Through this mission, we have approached the concerned agencies for prices, special service, insurance and interest rates, loan-related benefits. This is a step undertaken through collective wisdom. This step is a promise to give clean water, air and soil to further generations,"" Kokil said. Through this initiative, EVs are made available for the test drive at seven locations in Aurangabad city, Ashish Garde said. Also Read:"
"Musk prefers to visit Indonesia as top Indian ministers fail to impress him and SpaceX CEO has decided to visit Indonesia in November this year, as he reportedly wraps up Tesla operations in amid continuous requests from top ministers and senior politicians to come and manufacture electric cars in the country. The Indonesian government wants to set up a world-class electric batteries industry as the country has vast nickel reserves. Indonesian President Joko 'Jokowi' Widodo met Musk in Starbase, SpaceX's rocket production facility, test site, and spaceport in Boca Chica, Texas, over the last weekend and invited him to come to Indonesia. According to Jakarta Globe, Musk admitted that he is very much interested in the future of Indonesia, which he feels has ""great potential"" for some collaboration with Tesla and SpaceX. ""Musk also mentioned Indonesia's large population and consistent economic growth as factors that make him interested in the most populous country in Southeast Asia, the report said. Tesla has been aggressive in sourcing nickel for its electric vehicle batteries. Meanwhile, ministers in India, especially and Highways Minister , keep on making requests to the Tesla CEO to come and manufacture electric cars in India. From Telangana Minister for Industries, KT Rama Rao, to Maharashtra Minister and state President Jayant Patil, several Indian leaders have made repeated appeals to Musk to bring Tesla to India, but to no avail. Musk had said that he faced challenges from the government for releasing its products in India. Currently, India levies 100 per cent tax on imported cars priced at more than $40,000 (Rs 30 lakh), inclusive of insurance and shipping expenses, while cars less than $40,000 are subject to 60 per cent import tax. With a $40,000 (over Rs 30 lakh) price tag, Tesla Model 3 may remain as an affordable model in the US but with import duties, it would become unaffordable in the Indian market with an expected price tag of around Rs 60 lakh. Meanwhile, the team Musk hired in India last year has now been diverted to focus on the Middle-East and the larger Asia-Pacific markets. , in-charge of establishing Tesla's supercharger network in India, has updated his LinkedIn profile to Charging Operations Lead-APAC. Manoj Khurana, who was 's first recruit, responsible for public policy and business development, relocated to California last month to take up a product role."
"Ki Mobility's myTVS to launch AI-led diagnostics platform for aftermarket car segment ’s will launch an artificial intelligence (AI)-led diagnostics platform later this week which will cater to the that can help customers monitor their car’s health and aid technicians at service centres with several functions including identifying where the scratches and dents are by merely taking a picture of the car to quoting how much it would cost a customer to get their car fixed. “The connected diagnostics platform has been branded ‘Drivenostics’. It offers customers the choice to diagnose their cars and is available across 1,000 outlets, allowing for a live health record of the vehicle,” Ki Mobility’s managing director G Srinivasa Raghavan told ET. “We call the service model the uberisation of service for a modern, on-demand approach to vehicle repair.” While the product is currently free for customers, soon the company will look to monetise it. The addressable market for the service is estimated to be 10-12 million vehicles for starters, with a specific focus on those vehicles that are 4-meters and above in length. “The plan is to eventually provide this data to third parties like insurance agencies as well,"" said Raghavan. “We work with around 23 insurance companies. Very soon we will be launching myTVS specific insurance in collaboration with an insurance partner and the diagnostics platform will be the built-in product for that."" He said all the recommendations, including how to bring down the cost of repair, improve asset quality or even the resale value of the car, are invaluable for insurance companies as they can reduce the cost of ownership of the vehicle. Seeing the value that the solution can provide, the company is also piloting projects in the UK and Turkey to take the AI-led diagnostics platform to a thriving commercial vehicle market. “We are doing pilots currently in the UK and Turkey for commercial vehicle fleets in particular,” Raghavan said. “We see a significant opportunity for this if the pilot is successful in the European region as it is a big commercial vehicle market. We will be observing how things progress till March and potentially scale it up next year.” He said if the pilot is successful, it would open up an avenue of opportunity like IT outsourcing did for aftermarket vehicle management."
"Odisha: E-detection portal to identify vehicles without valid docs Bhubaneswar: To keep a check on vehicles plying without valid documents, the Odisha government is going to roll out an on national highways with effect from January 1, 2023. For a vehicle to ply on a road, it is mandatory to have valid documents like registration certificate, fitness certificate and permit if it is a transport vehicle, insurance, and a (PUCC) for all vehicles and driving license for all . As per sample data collected from toll gates on the national highways, it is observed that a substantial number of vehicles are plying without valid documents. In order to detect such vehicles plying through national highways and state highways in Odisha, the transport department has developed the e-detection portal, said Dipti Ranjan Patra, joint commissioner transport (technical). The objective of the portal is to collect the data from various toll gates on the national highways. In the first phase, toll gates on NHs have been integrated with the portal. Later, data will be collected from mining and industrial areas as well, he said. Patra said the data will be collected, analysed with details in Vahan portal and automatically challan will be generated for the vehicles plying without valid documents The data will be collected in accordance with the data fetched through the FASTag and images captured when a vehicle will pass through a toll gate, he stated. Patra urged the vehicle owners to keep the vehicle documents up-to-date to avoid penalties."
"Lenders line up offers to turbocharge Rural auto sales Mumbai: The slowdown in for automobiles has prompted banks and finance companies to dole out offers for the festive season including lower , free insurance and longer repayment tenures. Experts said India’s auto industry is saddled with nearly INR 80,000 crore worth of inventory. Tractor sales, which tend to pick up after good crop yield and farm product sales, have fallen over the last two months, making with growing exposure in rural markets tread with caution. The rural areas account for a sizable chunk of sales for two-wheeler maker , and car makers Maruti Suzuki, and Mahindra and Tata Motors, the leading sellers in these markets. “Rural customers, for now, are looking at lower ticket size products, due to which used entry cars and tractors are seeing better traction in such upcountry markets,” said a senior executive of a south India-based finance company. Even with the arrival of the festive season (August to October), the rural market remains under significant strain due to delayed customer purchases, poor consumer sentiment and persistent heavy rains. “The overall monsoon story looks good, which will boost rural growth. We hope to see cash flow improving with the upcoming harvest output,” said Shripad Jadhav, president - retail agriculture and gold loans—at Kotak Mahindra Bank. “The penetration of tractors as well as passenger vehicles is still low in rural markets. With aspirations in these markets going up, we are optimistic about the future.” Industry experts said they expect rural consumers to start buying new products from the fourth quarter of the current fiscal. “With a good monsoon, we expect rural sentiments to further pick up as we approach the festive season,” said a spokesperson for Mahindra Finance. “Our offerings will cater to regional markets, including remote geographies, and would be designed for local centric requirements.” Jefferies Brokerage has put a “hold” rating on Mahindra Finance’s shares based on expectation of good rural demand in the second half of 2024, as well as steady disbursement trends for the company. Experts said that if heavy rains continue in September, it could damage crops and weaken rural purchasing power. Manish Raj , president of Federation of Automotive Dealers Associations (FADA), said weather anomalies impact the auto retail market. “In August, India witnessed 15.9% excess rainfall across the country, with northwest India seeing a surplus of 31.4%, 7.2% in the east and northeast, 17.2% in central India and a minor deficiency of 1.3% in the peninsular region. These weather anomalies have had a direct impact on India's auto retail market, which registered a modest year-on-year growth of just 2.88% in August,"" Singhania said. “Inventory has reached alarming levels, with stock days now stretching to 70-75 days and inventory totalling 780,000 vehicles, valued at an alarming INR 77,800 crore.” The two-wheeler market saw a month-on-month decline"
"alarming levels, with stock days now stretching to 70-75 days and inventory totalling 780,000 vehicles, valued at an alarming INR 77,800 crore.” The two-wheeler market saw a month-on-month decline of 7.29% in August, largely due to excessive rains and flooding, which disrupted demand. As the festive season approaches, there are several challenges that could impact auto sales in the near term. India experienced 16% above-normal rainfall in August, with additional rainfall forecast for September, according to the country’s weather office. This excessive rainfall poses a significant risk to crops nearing harvest, particularly those planted in late June with a 75 to 90 days maturity cycle. “Continued heavy rains could negatively affect rural sales, as reduced agricultural output may lead to diminished purchasing power too,” said a senior executive of a Mumbai-based finance company. While the festive season and improved rural demand present promising opportunities for growth, the ongoing weather uncertainties and high inventory levels may temper the overall recovery. Linked Images (1) Lenders Line Up Offers to Turbocharge 20:45, 8 Sep ETEPAPERAUTOLIVE Preview"
"India's forex reserves rises after 4 weeks of fall 's rose around $2.4 billion during the week ending July 29 after falling for the four consecutive weeks. The rise was seen on back of positive inflows by the foreign investors in the Indian equity market. The country's foreign exchange reserves rose by $2.315 billion to $573.875 billion during the week ending June 29, according to the 's ( ) weekly supplementary statistical data. ""India's foreign exchange reserves, supplemented by net forward assets, provide insurance against global spillovers. Our umbrella remains strong,"" RBI Governor said. ""The Reserve Bank has also used its foreign exchange reserves accumulated over the years to curb volatility in the exchange rate,"" he added. During the current financial year (up to August 4), the US dollar index (DXY) has appreciated by 8.0 per cent against a basket of major currencies. In this milieu, the Indian rupee has moved in a relatively orderly fashion depreciating by 4.7 per cent against the US dollar during the same period, faring much better than several reserve currencies as well as many of its EME and Asian peers. The depreciation of the Indian rupee is more on account of the appreciation of US dollar rather than weakness in macroeconomic fundamentals of the Indian economy. ""Market interventions by the RBI have helped in containing volatility and ensuring orderly movement of the rupee. We remain watchful and focused on maintaining stability of the Indian rupee,"" Das added. In July, foreign investors turned net buyers in the Indian equities nearly after 10 months, with an investment of around Rs 4,980 crore in the Indian equity markets. This comes heavy sell-off by these entities of around Rs 50,203 crore. According to the data NSDL data, investment of foreign investors in July month stood at Rs 4,989 crore, as compared to over Rs 50,000 crore outflows in June, Rs 39,993 crore in May and Rs 17,144 crore in April. The other central banks of the asia also used their foreign exchange reserves to defend their currency. Despite the resultant drawdown, India's foreign exchange reserves remain the fourth largest globally."
"Audi India opens Audi Approved: plus facility in Indore New Delhi: Audi, the , today inaugurated a new , Audi Approved: plus in Indore, Madhya Pradesh. The facility is located at MR 11 Kataria Complex, Ring Road, Near Metro Wholesale, Dewas Naka, Indore-452010, Madhya Pradesh. This is ’s 20 th Audi Approved: plus facility in India, the company said. Balbir Singh Dhillon, Head of Audi India, said, “We are very happy with the opening of our 20 th Audi Approved: plus facility in India. Indore is an important market for our brand and has great growth potential. With Audi Approved: plus Indore we will address the growing demand for our in the pre-owned luxury car market and surrounding regions. Audi Approved: plus has grown by 73% in the first nine months of 2022 and we are confident of continued growth in the coming months.” Every displayed and sold at Audi Approved: plus showrooms undergo mechanical, bodywork, interior and electrical inspections at 300+ multi-point checks, thorough multiple-level quality checks, and a full on-road test to ensure customers’ peace of mind while buying the car. Under the Audi Approved: plus programme, Audi India offers 24x7 Roadside Assistance and complete vehicle history before purchase. Additionally, customers can also avail easy through the programme, the company said in a media release. Gaurav Anand, Dealer Principal, Audi Indore, said, “We are delighted to inaugurate our new Audi Approved: plus facility in Indore – a showroom that will provide the best retail experience. The demand for pre-owned has been rising in Indore and neighbouring regions, and we anticipate an exciting response from customers. We are enthralled and look forward to serving our customers.” Also Read:"
"RBI sees India global bond inclusion this year The expects the inclusion of Indian sovereign bonds in global bond indices this year. ""Going forward, a strong pipeline for in 2022 and the likely inclusion of sovereign bonds in global bond indices may support inflows,"" said in its State of the Economy report. A flash flood It said the trajectory of the new variant in South Africa has boosted hopes that there will be more of a flash flood than a wave. The report said that while India encountered headwinds from a rapid surge in infections due to Omicron, aggregate demand conditions are resilient amid upbeat consumer and business confidence and an uptick in bank credit. It also pointed out that manufacturing and several categories continue to remain in expansion mode. In contrast, the global outlook remains clouded by considerable uncertainty. ""Inflation continues to mount across geographies amid disruptions in production, supply chains and transportation. Consequently, the divergence between monetary policy stances across jurisdictions has widened,"" the report said. Despite inflationary pressures, it made a case for policies favouring growth. ""There are indications that supply chain disruptions and shipping costs are slowly easing, although the waning of may take longer. This provides a window of opportunity to focus all energies on accelerating and broadening the global recovery"". Primary market exuberance The RBI bulletin noted that the primary market for equities was exuberant with 12 companies being listed in December, the highest for any month in 2021. These companies raised Rs 15553 crore during the month. In 2021, 64 companies mobilised Rs 1.2 lakh crore through IPOs, up sharply from 14 companies that raised Rs 26,312 crore the previous year. Most of the companies that raised funds in 2021 were new-age platform companies that operated in areas such as food delivery, insurance, auto and financial services, the paper noted. Separately, the RBI paper said foreign exchange reserves stood at $632.7 billion as on January 7, which provides a cover equivalent to 13 months of imports projected for 2021-22. ""A robust accretion to foreign exchange reserves in 2021-22 has, inter alia, improved the coverage of short-term debt (on residual maturity basis) to 248.2 per cent at end-September 2021 from 226.9 per cent at end-March 2021,"" it said. Consumer confidence The bulletin includes a study on consumer confidence. According to this, despite the low perception of the prevailing situation, respondents' expectations for the year ahead showed faith in economic recovery after the subsidence of the pandemic. This is despite the pandemic severely denting consumer confidence in India, which reached historic lows as the unfolded. ""Sentiments of households across strata were influenced by the spread of infections and fatalities. There was an enduring impact on consumers' sentiments on their financial conditions as well as the general economic situation - with the"
"were influenced by the spread of infections and fatalities. There was an enduring impact on consumers' sentiments on their financial conditions as well as the general economic situation - with the latter increasingly driven by the former,"" the study said. Consumers in cities severely hit by the pandemic expressed more negative sentiments as compared to respondents in the other cities. Also Read:"
"From LIC agent to owner of Sonalika Tractor, India's oldest billionaire Lachhman Das Mittal , 92, is now India's oldest billionaire after the demise of Mahindra & Mahindra Ltd Chairman Emeritus on April 12 at the age of 99. The third-largest in India, the , was founded and is led by Mittal. He began his professional career as an insurance agent at , served as zonal manager until his retirement in 1990, when he launched his own business at the age of 65. In 1996, Mittal, a native of Hosiarpur, Punjab, began his own business career by starting Sonalika Group, which is today a major tractor manufacturer in the nation. Mittal's net worth is at $2.5 billion thanks to , making him India's oldest billionaire. Mittal's career is impressive since he previously related an intriguing tale about how the Maruti Udyog turned him down for a dealership. According to Mittal, he previously applied for a but was turned down. He distributes dealerships today. In 2013, he made his debut on the Forbes Billionaires list. Lachhman Das has now retired from running the business, and his sons are now in charge. Amrit Sagar, the company's eldest son, serves as vice-chairman, while Deepak, the youngest son, serves as managing director. The second son of Mittal is a prominent physician in the US, and Usha Sangawan is the first female managing director of LIC."
"CPPIB-led InvIT buys Brookfield's India road portfolio for Rs 9300 crore (CPPI Investments), the largest pension money manager in Canada has agreed to buy a portfolio of Indian road assets from Canadian asset manager in a deal valued at around Rs 9375 crore ($1.2 billion), in what could be one of the largest transactions in the country. , an infrastructure investment trust ( ) led by Canada Pension Plan Investment Board, has entered into an agreement with investment holdings of Brookfield- BIF India Holdings Pte Ltd. and Kinetic Holdings 1 Pte Ltd, on Friday to buy the entire equity shareholding of five operational road projects from Brookfield, said the press statement. Brookfield is finalising the sale of its roads portfolio in India to IndInfravit Trust, for an enterprise valuation of Rs 9,000-9,500 crore, ET first reported in April. The transaction values the equity of the five operational road assets that Brookfield owns through platform Peak Infrastructure at around Rs 6,000 crore. The business also has debt of Rs 3,000-3,200 crore debt, Et report added. Omers and German insurer Allianz are the other key shareholders of the IndInfravit Trust along with L&T Infrastructure Development Projects (L&T IDPL), which also acts as sponsor of the vehicle. The Roads Portfolio comprises three toll roads and two annuity roads, with approx. 2,400 lane kms in Andhra Pradesh, Bihar, Maharashtra and Uttar Pradesh. The Roads Portfolio has been operational, on an average, for approximately 9 years, and has an average residual concession period of 20 years, added the statement. IndInfravit currently holds a portfolio of thirteen operational road concessions with approx. 5,000 lane kms spread across five states. This acquisition will expand the portfolio into three additional states, Andhra Pradesh, Bihar and Uttar Pradesh. “We remain a committed supporter of IndInfravit – a portfolio that encompasses significant and critical roads assets,” said Scott Lawrence, Managing Director and Head of Infrastructure, CPP Investments. “This acquisition provides growth and geographic diversity to the InvIT and will ensure the continued delivery of high-quality infrastructure to different regions across India. Increasing our interests in Indian infrastructure is part of our ongoing commitment to deliver solid long-term risk-adjusted returns to CPP contributors and beneficiaries,” said Delphine Voeltzel, Managing Director, Asia for OMERS Infrastructure. ""Our investment in IndInfravit gives us an opportunity to be part of the vibrant and highly crucial infrastructure sector in India. We look forward to working jointly with our partners on the further development of the IndInfravit platform creating a high quality, well-diversified asset portfolio” said Andrew Cox, Co-Head - Infrastructure for Allianz Capital Partners. Brookfield entered the road sector in India in 2015 after buying the road assets of . It then acquired road assets from Hyderabad-based KMC Constructions. Peak"
"for Allianz Capital Partners. Brookfield entered the road sector in India in 2015 after buying the road assets of . It then acquired road assets from Hyderabad-based KMC Constructions. Peak handed back two projects acquired from Gammon, Andhra Expressway and Rajahmundry Expressway, to NHAI after managing them. In 2019, Brookfield had tried to sell its 150-km, Mumbai-Nashik Expressway and engaged in talks with several players such as Cube Highways and . However, a deal didn’t fructify. ET first reported on September 6 last year that Brookfield was planning to sell Peak for $1.2 billion in enterprise value. KPMG is advising Brookfield on the sale process. On Thursday, the UK based global investor Actis acquired a portfolio of six operating highway toll road projects in India from Limited (WEL), part of the Group, for an aggregate Enterprise Value of $775 mn (Rs. 6,000 crore). In April, rating agency had revised the outlook on the toll roads sector for FY2023 to Positive from Stable. The change in outlook primarily factors in the expected healthy increase in toll collections in FY2023, supported by healthy toll rate increase on the back of high inflation and improved economic activity. Toll collections are expected to increase by 17-20% during FY2023 owing to sharp rise in toll rates, traffic growth and adjustment of 3-4% revenues which were lost due to the second wave of Covid in Q1FY2022, ICRA said."
"New Force Gurkha launched at a starting price of INR 16.75 lakh New Delhi: has launched its all-new 5-door and 3-door 2024 Force Gurkha at a starting price of INR 16,75,000. The ex-showroom pan India price of the 3-door variant (4-seater) is INR 16,75,000- for the 5-door (7-seater) variant (exclusive of TCS). Accessories, road tax, registration and insurance charges will be payable extra as applicable. Despatches to Gurkha dealers shall commence from this week and the test drives/deliveries to customers shall commence from mid-May. Booking for the vehicle can be done with a payment of INR 25,000 at the nearest Gurkha dealership, the company said. The new Force Gurkha is powered by a 2.6 litre turbocharged intercooled diesel engine delivering 140PS and peak torque of 320Nm over a wide band from 1400 to 2600rpm, the company said in a media release. The improved power and torque output enables it to cruise on the expressways at triple-digit figures and also enables it to easily extricate itself from tricky situations off the road better than any other vehicle in this class. Prasan Firodia, Managing Director, Force Motors, said, ""The Force Gurkha is a testament to our commitment towards providing an unparalleled driving experience by combining our legacy of robust engineering and manufacturing excellence.” “India’s diverse geography offers innumerable opportunities to explore and experience, from snow-capped peaks to deserts, scenic coastlines, tropical rainforests, wildlife sanctuaries, and ancient architectural heritage sites. The Force Gurkha is a unique vehicle that is equally comfortable doing daily commutes, highway drives, and overlanding across the country,” Firodia added. Force Gurkha comes with fully locking mechanical differentials on both axles and Electronic shift-on-the-fly for effortless shifts into 4WD when the terrain gets rough. Force Gurkha retains the iconic and much loved Mercedes Gelandewagen inspired design synonymous with its rugged character and extreme potential. Maximum space, maximum comfort. The new Gurkha is the most spacious vehicle in its class offering commanding driving position, panoramic all-round visibility, and the most comfortable seating for all occupants. To keep the occupants safe is the all-metal body that is frontal crash-compliant, along with the dual airbags, ABS, and EBD, the release added."
"Ola partners with Alliance Insurance Brokers to provide personal accident cover for drivers on duty New Delhi: , a leading insurance service provider, risk manager, and reinsurance broker, has joined hands with the ridesharing company, , to provide insurance security to its national network of Ola drivers. Through this initiative, Alliance Insurance Brokers is providing insurance protection to the drivers of Ola, with almost 2 lakh Ola drivers insured on a daily basis while they are on duty. In case of any unprecedented event like an accident, Ola drivers7. This facility is powered by the Alyve Health platform, a comprehensive health benefits platform that enables seamless connection to healthcare providers right from the driver app. Arvind Kumar Sharma, Associate Director, Alliance Insurance Brokers, said, ""Our partnership with Ola enables us to take healthcare to the palms of lakhs of drivers, a community at high risk that is always on the move and needs such instant care. Preventive action can potentially save the drivers many days of hospital stays and enable them to earn a consistent and predictable income. There are a number of drivers who meet with accidents and other challenges on a daily basis during their duty hours. It gives me immense satisfaction to design the best risk solutions for this esteemed group. We are protecting almost two lakh drivers, on a daily basis, ensuring their end-to-end financial protection. We are soon looking at more such associations and tie-ups."" Pranshu Diwan, Sr. Director – , said, ""Ola has sponsored the entire premium for its drivers, and Alliance Insurance Brokers ensures smooth and seamless insurance coverage in three categories: cab rides, three-wheeler and two-wheeler rides. INR 5 lakh is provided as an insurance cover for death; INR 1000 under hospi-cash per day and INR 30,000 under OPD treatment, child education, etc., in addition to other benefits, including 24/7 doctor tele-consultation services""."
"Duty rebate on Scotch Whisky, EVs likely to be taken up with UK in Jan Duty concessions on and and are yet to be resolved in the proposed between India and the UK, and are likely to be taken up in the next round of talks in January, an official said on Friday. India is also considering discussing longer transition period and tax restoration for its exporters once the UK's carbon border tax on imported goods kicks in from 2027, as part of the trade pact. Yet, New Delhi remains hopeful of closing three trade pacts - with the UK, Oman and the European Free Trade Association (EFTA) - early next year, the official said. Iceland, Liechtenstein, Norway, and Switzerland comprise the EFTA. In the negotiations with the UK, the two sides have resolved most of the issues related to rules of origin and intellectual property rights chapters, the official said. The pact has 26 chapters. The UK's demand for liberalisation of norms in services sectors like banking, insurance, and legal, and India's ask for easy movement of professionals are some of the unresolved issues. ""A few issues are also pending in the proposed bilateral investment treaty,"" the official said. India is considering tariff rate quotas to meet the UK's demand for a reduction in import duties on its EVs as part of the proposed trade deal. The UK has also sought easier value addition norms for its EVs."
"Share of Russia crude in oil imports falls to 34% in August New Delhi: 's share in 's fell to 34% in August from 42% in July as state-run refiners sharply reduced imports from Russia. Supplies from Russia fell 23% month-on-month to 1.47 million barrels per day (mbd) in August, even as India's overall crude imports fell 5% to 4.35 mbd, according to energy cargo tracker Vortexa. Russia's seaborne crude exports to China, however, increased to 1.4 mbd in August from 1.3 mbd in July. Indian state refiners took 8,52,000 barrels per day of Russian oil in August, 30% less than in July while private sector refiners' intake of 617,000 barrels per day was 13% lower than in July. Imports from Russia fell due to the planned maintenance work at some refineries in India as well as a reduction in the availability of Russian supplies, analysts said. ""There is no indication that Russia's crude exports will see a rebound in the near term, which means that India's imports of Russian crude will likely remain subdued,"" said Serena Huang, analyst at Vortexa. Russian exports are shrinking as the country is focused on slashing crude production and meeting its increased domestic fuel demand, an industry executive said. The key beneficiary of a drop in Russian supplies to India was Saudi Arabia, which exported 820,000 barrels per day to Indian refiners in August, 70% more than in July. This boosted Saudi Arabia's share in the Indian crude market to 19% in August from 11% in July. The share of other top suppliers barely changed, with Iraq at 20%, the UAE at 6% and the US at 5%. ""Russian discounts to dated Brent have narrowed in recent weeks as a result of lower supplies, which has likely dampened the appetite of Indian refiners as well,"" Huang said. Urals, the flagship Russian grade, comprised 73% of Russian supplies imported by India in August, lower than 83% in July. The Urals had mostly traded below the G7-imposed price cap of USD 60 per barrel but has breached the cap in recent weeks. Urals is trading around USD 69 per barrel while the international benchmark Brent is around USD 88. Indian state refiners take Russian oil on a delivered-at-port basis, leaving the suppliers with transportation and insurance risks, which increase when the oil is priced above the cap."
"DriveU partners with SMC Insurance to provide car insurance for its customers New Delhi: DriveU, leading car driver service and a super-app for car owners, announced on Thursday its partnership with to provide for over 650,000 DriveU customers. Through this partnership, all the new and existing customers of DriveU will be able to buy or renew their car insurance easily. The aim is to make the insurance buying process a more gratifying and a less daunting task. All users will also get a chance to choose a DriveU benefit including, DriveU Coins, that can be redeemed across services, instant discounts on their next driver booking, and a specially curated car ownership gift box, the company said in a media release. With this collaboration, DriveU, is one step closer to rewarding the entire car ownership journey with every transaction on the DriveU platform further reducing the cost of owning a car, and consolidating the needs of car owners under one roof, the release said. Ashok Shastry, co-founder and CEO, DriveU, said, ” is one of the most expensive, unrewarding annual purchase a car owner is obligated to invest in. Ultimately, it’s bittersweet, the only time one benefits is when an unfortunate incident occurs, and DriveU is here to change that with additional ‘DriveU Benefits’ by purchasing through our platform. With our deep tech integration, our users can seamlessly and quickly customise, compare, and renew motor insurance plans from all the popular insurance providers and unlike other players get rewarded immediately.” Pravin K Agarwal, Director, SMC Group of Companies, said, “DriveU is a super app for , and a platform which helps you to comfortably reach the desired destination and get a secured, seamless driving experience with trained drivers. So, in case of any issues during the ride, one does not have to worry as the vehicle is insured and quick assistance is provided by the company. Through this partnership, all types of insurance policies from different insurance companies will be available on a single platform designed for car owners. Hence with just a few clicks, users can now have experts smoothen their insurance purchase process.” DriveU has revolutionised the way individuals hire drivers for their own cars and how businesses maintain a stable, reliable supply chain of professional drivers. In addition to their new motor insurance vertical and on-demand drivers, DriveU also offers doorstep detailing, servicing by trusted integrated brands, FASTag recharge, and annual roadside assistance plans. Also Read:"
"Dealer-point vehicle registration, digital RCs yet to be rolled out in Karnataka BENGALURU: Two plans of the transport department — to implement and introduce digital (RCs) to reduce corruption, delays and red tape — are yet to take off. Around 15 lakh vehicles are being registered in every year, of which some 90% are non-transport vehicles. States like Maharashtra, Kerala, Gujarat, Uttarakhand, Punjab, Haryana, West Bengal, Uttar Pradesh, Delhi, Madhya Pradesh, Rajasthan, Odisha, Telangana and Assam have already rolled out dealer-point registration (DPR). Under DPR, registration of non-transport vehicles with fully built body from manufacturers can be done at the dealer level itself. This is expected to reduce time taken for registration of vehicles, corruption, paperwork and workload. RTOs across the state are facing severe staff shortage. As part of DPR, dealers will upload all documents (relevant forms, insurance, etc.) on the Parivahan portal once a customer selects a new vehicle and makes payment at the showroom. A receipt with registration number will be generated online once tax is paid and a high security registration plate (HSRP) will be fixed in an hour. This means a customer who visits an automobile showroom could return home with the vehicle the same day. “The Centre is now insisting on undertaking various reforms like e-payment of taxes, dealer-point registration, online application for registration, contactless issuance of learner’s licence, etc. There are complaints of a nexus between some lower-level officials and middlemen,” said a senior official. He said vehicle data and sale amount details are obtained from the portal so the dealer can’t edit them. Motor vehicle tax is also calculated based on the sale amount. Officials said Motor Vehicles Act, 2019 empowers the state government to delegate authority to any other individual/agency to register new vehicles (with fully built body). The department also mandates dealers to provide a bank guarantee of Rs 20 lakh with respect to four-wheelers and Rs 5 lakh for two-wheelers before they are appointed as registering authority. The transport department’s move to stop issuing smart cards for RCs and DLs and to provide them only in digital format also remains on paper. The Centre had allowed motorists across the country to use mParivahan or DigiLocker on mobile phones from October 1, 2020 instead of carrying physical documents while travelling. ‘Paperless, green move’ “It is paperless as well as environment friendly. In the present digital era, most people carry only gadgets so it is better to do away with the age-old practice of carrying RCs physically,” said an official. There have been several complaints on delay in getting new RCs or DLs due to shortage of smart cards. The plan was to allow motorists to use digitally signed certificates like RCs and DLs through DigiLocker or let them show printouts if any traffic cop or transport official asks for them. They can also laminate the"
"allow motorists to use digitally signed certificates like RCs and DLs through DigiLocker or let them show printouts if any traffic cop or transport official asks for them. They can also laminate the digital document on the lines of Aadhaar. In 2009, the department switched from paper-based licences and RCs to smart cards. However, neither the department nor traffic police had card readers so there was no way to check their authenticity. Also Read:"
"India may not extend EV concessions to Chinese firms: Report India may not extend electric vehicle concessions to Chinese EV companies like owing to national security concerns, according to a report of Moneycontrol. “The concessional import duty policy is linked to actual investments in that sense. BYD does not come into the picture because it will not be able to provide FDI commitment that this EV policy needs. Because FDI will require clearances, BYD is, in the sense, out. Meaning, if it has to come, it will have to pay the existing duty of 70 and 100%,” an official told the website. Indian government approved the new EV policy in March this year, under which import duty concessions will be given to companies setting up manufacturing units in the country with a minimum investment of USD 500 million. The companies that would set up manufacturing facilities for EV passenger cars will be allowed to import a limited number of cars at lower customs/import duty of 15% on vehicles costing USD 35,000 and above for five years from the date of issuance of the approval letter by the government. At present, cars imported as completely built units attract customs duty ranging from 70-100%, depending on the engine size and cost, insurance and freight value less or above USD 40,000. Earlier, a report of think tank Global Trade Research Initiative (GTRI) warned that the new EV policy may lead to large-scale entry of Chinese auto firms in the local market. The GTRI report said that in the ""next few years, every third electric vehicle and many passenger and commercial vehicles on India roads could be those made by Chinese firms in India alone or through Joint Venture with Indian firms"". Last month, a senior govt official told a TV channel that under the new EV policy, there are no restrictions on the import of from any country, including China."
"Bike owner must compensate for pillion rider’s death Pointing out that a is a and not a third party, the high court reversed an order passed by Motor Accident Claims Tribunal at Kunigal in Tumakuru district. In his order, Justice CM Joshi directed Nisammuddin, owner of the offending vehicle (a Hero Honda bike), to pay the amount awarded by the tribunal. On March 24, 2011, Siddiqullah Khan, who is into scrap business, was riding pillion on Nisammuddin’s bike from Kunigal. Due to the rider’s rash and negligent driving, the Hero Honda bike fell into a ditch. A grievously injured Khan was taken to Bengaluru and he succumbed to injuries on March 26, 2011. His family members, who had spent INR 1.2 lakh towards his treatment and other expenses, moved the tribunal seeking INR 15 lakh relief. On August 24, 2017, the tribunal awarded INR 7,27,114 with 6% interest as compensation. National Insurance Company Limited was directed to pay the compensation. Both the insurer and Khan’s family members challenged the order. The insurer argued that it was an ‘act-only policy’, and therefore, the pillion rider, who was a gratuitous passenger on the two-wheeler, was not covered and no additional premium was collected to cover him. Khan’s family members claimed the tribunal hadn’t properly assessed their claim petition. Justice CM Joshi noted that the accident had occurred owing to Nisammuddin’s negligence and no other vehicle was involved. “It is an ‘act-only policy’; the cover is for the owner-cum-driver and limited to INR 1 lakh. Nowhere is it mentioned the pillion rider or the occupant is also covered under the policy. However, it is mentioned the seating capacity of the vehicle is ‘1 + 1’, on the basis of which the tribunal had fastened the liability on the insurance company,” the judge pointed out."
"Insurance claims independent of human errors: Industry players New Delhi: The death of former Tata group chairman in a road accident has ignited a debate over the eligibility of insurance claims in accident cases but industry players say the very purpose of buying insurance is to hedge against risk, whether due to human error or otherwise. Human error or violation of rules is unlikely to vitiate an and will continue to be honoured albeit in exceptional cases the compensation amount may be lowered. Insurance documents per se do not list out acts, such as not wearing a seat belt, that could impact payment of compensation in case of death of occupants other than the driver, they said. However, most policies mention ""any accidental loss or damage suffered whilst the insured or any person driving the vehicle with the knowledge and consent of the insured is under the influence of intoxicating liquor or drugs"", the compensation amount may be limited and would vary from car make and the kind of policy taken. It is to be noted that the former Tata Sons Chairman and a friend of his died in a tragic road accident on Sunday afternoon while driving back to Mumbai from Ahmedabad along with two other persons, who have sustained injuries. As per the preliminary investigations by the state police, the deceased were not wearing seat belts and termed over-speeding and an ""error of judgement"" by the driver to have led to the accident. ""Majority of the accidents happen because of human negligence. We are here because such human errors happen, if such human errors didn't happen, then very less number of accidents will happen. One buys a policy which actually covers hishiding the truth, fraudulent claims, delay in intimation, policy lapse, car modification without informing the insurer, among others. However, negligence such as driving a car in a flooded area despite the manufacturer's manual stating the car will break down if driven in such condition, an insurer has a full right to reject the claim. Even violation of conditions, such as driving a personal car for commercial purposes, can also lead to the rejection of the claim. Also Read:"
"Opinion: How telematics will impact future development of automotive industry in India By Vikas Marwah is gaining strong traction in the . In the coming years there will be an of 30% CAGR till FY2030. The Union government focus on favourable policies and the shift in the regulatory framework will act as potential growth drivers. The Indian OEMs are trying to localize and this will further enhance the market size. The automotive Industry is going through a transition, and its future will depend on the telematics solutions. Penetration of their applications will be significantly higher in the upcoming electric and connected vehicles. India saw a rapid shift in the regulatory framework by adapting new norms which are equivalent EU standards. The implementation of new policies on safety also has to be supported by telematics applications in the , and . Telematics ecosystem in India is at a nascent stage. To be a “Full System Supplier” it is important to develop local capabilities of design & development, software including cyber security features and of manufacturing footprint. The has taken cognizance of the importance of developing local capabilities. The PLI scheme is giving an opportunity for the Indian suppliers to be leaders in this space and to represent India at the global level. The PLI scheme will enable the Indian manufacturers to supply telematics solutions at the global level. New business avenues will open up with the extensive use of telematics applications in the . New ways are getting introduced to enhance business efficiency. The data collected in telematics will change the future of insurance and accurately reflect the assets insured and provide additional layers of protection. Telematics technology for automakers will be quickly converted into a huge global market. In essence, telematics enables transportation companies to monitor their assets by using GP. Onboard diagnostics will help them record data, such as driving habits, geographic footprint, abnormalities resulting in collisions and so on. Companies like Lumax Auto Technologies which has government-approved AIS140 and other telematics devices are at the forefront of the development of these telematics and connected vehicle devices amplifying growing technological prowess of the Indian auto component sector. (Disclaimer: Vikas Marwah is CEO of the Lumax Group. Views are personal.)"
"SBI vs ICICI Bank vs HDFC Bank vs Bank of Baroda: Top banks’ car loan interest rates For many owning a car is no longer a luxury, rather it has become a necessity. And buying a car would probably be the second most expensive purchase a person will make in their life right after buying a house. Many funds this by taking a loan. Among the financial institutions that offer car, loans are banks. Like with any other loan, a key factor to consider while taking a is the interest rate offered on the loan Those looking to take a car loan must shop around for the lender who is ready to give you the right amount of loan at the lowest interest rate. Here are the car loan of State Bank of India (SBI), ICICI Bank, HDFC Bank and Bank of Baroda. SBI car loan According to the SBI website, to avail an SBI Car Loan, you should be an individual aged 21 to 67 years. For regular employees, the maximum amount sanctioned will be 48 times of the Net Monthly Income. Minimum Net Annual Income of applicant or co-applicant if any, together with should be a minimum of Rs 3,00,000, as per SBI website. For professionals, self-employed and businessmen the maximum amount sanctioned will be 4 times Net Profit or Gross Taxable income as per ITR after adding back depreciation and repayment of all existing loans. For persons engaged in agriculture and allied activities, the maximum amount will be 3 times of Net Annual Income. ICICI Bank New car loans with a fixed interest rate are available from ICICI Bank. The interest rate on a car loan with a fixed interest rate will remain constant during the loan's term. The interest rate varies between 7.50-9% depending on tenure and other factors. Interest rates on new cars are determined by factors such as automobile segment, CIBIL score, customer relationship, loan tenure, and so on, according to ICICI bank website. Bank of Baroda Bank of Baroda provides financing of up to 90%, according to its website. The interest rate varies between 7% and 9.75%. Customers who do not purchase credit insurance coverage will be charged a risk premium of 0.05 percent, as per current norms. HDFC Bank Within six months of receiving the car loan, no foreclosure is permitted for HDFC Bank Car loan customers. According to the HDFC Bank website, preclosures within one year of the 7th EMI would be charged 6% of the Principal Outstanding. Preclosure within 13-24 months of the first EMI, 5% of the principal outstanding and 3% of outstanding principal for preclosures after 24 months from the first EMI. Eligibility Your car loan eligibility is determined by your current income, the value of thecar, and an assessment of your repayment capacity based on your current expenses. The loan amount and interest rate may vary from bank to bank. In most situations, financial institutions like banks lend up to 80% of the car's on-road price. Some lenders claim to lend up to 100% of the car's cost. EMI payments When availing car loan, it is critical that you select equated monthly"
"like banks lend up to 80% of the car's on-road price. Some lenders claim to lend up to 100% of the car's cost. EMI payments When availing car loan, it is critical that you select equated monthly instalments (EMIs) that are appropriate for your repayment ability. Do not choose a lower EMI and a longer loan term simply because you have the option; do so only if it is something you can afford. This is because a lower EMI and a longer loan term will result in unnecessarily higher interest outgo. Regardless of the amount borrowed, make sure your EMIs are manageable and do not put a strain on your resources. On the other hand, you should avoid opting for higher EMIs at the cost of sacrificing monthly contributions towards crucial financial goals. Regardless of the amount borrowed, you must first ensure that your EMIs are easily payable and not a strain on your finances. Tenure Loan providers typically provide new car loans with terms ranging from one to seven years. You have the option of selecting the loan term that best suits your needs. Processing Fee When applying for a car loan, many banks impose a processing fee. Before choosing a loan, make sure to evaluate the processing fees. Some banks offer to waive processing costs or even lower their present rates over the festive season. Also Read:"
"India wants Russia to discount its oil to less than USD 70 a barrel is trying to get deeper discounts on Russian oil to compensate for the risk of dealing with the OPEC+ producer as other buyers turn away, according to people with knowledge of the matter. The South Asian nation is seeking Russian cargoes at less than USD 70 a barrel on a delivered basis to compensate for additional hurdles such as securing financing for purchases in high level talks between the two countries, said the people, asking not to be identified as discussions are confidential. Global benchmark Brent is currently trading near USD 105 a barrel. Both state and private refiners in the world’s third-biggest oil importer have bought more than 40 million barrels of Russian crude since the invasion of Ukraine in late February, the people said. That’s 20% more than Russia-to-India flows for the whole of 2021, according to Bloomberg calculations based on trade ministry data. India -- which imports more than 85% of its oil -- is among the few remaining buyers of n crude, a key source of revenue for Vladimir Putin’s regime. Evaporating European demand is putting severe pressure on Russia’s oil industry, with the government forecasting output could drop by as much as 17% this year. Flows of Russian oil to India aren’t sanctioned, but tightening international restrictions in areas such as marine insurance and pressure on New Delhi from the U.S. are making the trade more difficult. Prime Minister Narendra Modi has so far resisted Western encouragement to scale back its relationship with Moscow because of the opportunity to get heavily discounted oil. India is also highly dependent on imports of Russian weapons. India’s state-run refiners can take about 15 million barrels a month -- about a tenth of overall imports -- if Russia agrees to the price demands and delivers the oil to India, the people said. Government-affiliated processors will stand to benefit from any potential agreement, they said. Private refiners such as Reliance Industries and Nayara Energy typically procure their feedstock individually. The Indian government didn’t immediately respond to an email seeking comment. Moscow is looking at ways to keep supplies flowing to India -- both from the west via the Baltic Sea and on routes from the Russian Far East that become more accessible during the summer, the people said. The two countries have even been exploring re-routing some crude through Vladivostok in the Far East. While the sea trip from there to India would be quicker there would likely be major costs and logistical hurdles with this. Also Read:"
"India's new EV policy to help launch many eco-friendly premium-quality SUVs: VinFast Auto Vietnam's electric car maker on Monday said 's new policy that provides for companies setting up units in the country with a minimum investment of USD 500 million will allow it to introduce a wide variety of eco-friendly premium-quality at inclusive prices. The 's new electric vehicle (EV) scheme aims to drive large investments in manufacturing, create competencies and upskilling, set up a robust supply chain and offer consumers world-class, zero-tailpipe emission vehicles, CEO Pham Sanh Chau said in a statement. ""This forward-looking policy helps us introduce a wide variety of smart, green, premium-quality SUVs, at inclusive prices, along with outstanding aftersales policies,"" he added. Chau further said, ""With a long-term growth commitment in India, we have pledged an expenditure of USD 500 million, which includes the electric vehicle manufacturing facility in Tamil Nadu."" In February this year, -- a major competitor to American EV had stated that it would invest INR 4,000 crore over the next five years in the initial phase, which will generate 3,500 jobs in the Tuticorin region. The plant will have a capacity to produce 1.50 lakh vehicles once it becomes operational. Ola Electric Founder and CEO Bhavish Aggarwal in a post on X, also lauded the new , saying it is a win for the Make in India initiative. ""Great to see the Indian government's progressive decision to lower import duties on EVs for companies investing in India. This is a win for the #MakeInIndia initiative & strengthens our manufacturing ecosystem, propelling India towards a greener future. India will become the global EV hub of manufacturing and technology!,"" he wrote. Commenting on the policy, Society of Indian Automobile Manufacturers (Siam) President Vinod Aggarwal said a holistic view has been taken by the government of India in the best interests of the country. ""The Indian automobile industry and members of Siam will adapt to this new policy and remain committed to bring new, innovative, and aspirational products and work towards developing a robust EV ecosystem in the country,"" he added. Last week, the government approved an EV policy, under which import duty concessions will be given to companies setting up manufacturing units in the country with a minimum investment of USD 500 million, a move aimed at attracting major global players like US-based Tesla. The companies that would set up manufacturing facilities for EV passenger cars will be allowed to import a limited number of cars at lower customs/import duty of 15 per cent on vehicles costing USD 35,000 and above for five years from the date of issuance of the approval letter by the government. At present, cars imported as completely built units attract customs duty ranging from 70-100 per cent, depending on the engine size and cost, insurance and freight value less or above USD 40,000. The policy seeks to promote India as a"
"built units attract customs duty ranging from 70-100 per cent, depending on the engine size and cost, insurance and freight value less or above USD 40,000. The policy seeks to promote India as a manufacturing destination for EVs and attract investment from reputed global EV manufacturers."
"Adoption of Electric Vehicles in India: The way forward New Delhi: India has been working towards reducing the carbon footprint and (GHG) emissions in line with its commitment to achieve net-zero emissions by 2070, which was announced at the 26th United Nations Climate Change Conference of the Parties (COP26). India is one of the many countries which committed to the (ZEV) Pledge by 2040. Although there are multiple pathways to achieve these commitments, the immediate solution to contribute to India’s net-zero targets is the uptake of (EV). There are, however, multiple challenges like high adoption cost, lack of charging infrastructure, as also negative consumer perceptions, that impede . The government and the industry are trying to accelerate EV adoption by reducing cost of acquisition, creating a network of charging infrastructure, improving the distance which can be covered between recharges, strengthening the overall electric mobility ecosystem etc. Among all these challenges, creating awareness and sensitizing all the relevant stakeholders is critical to make them understand their responsibility as a citizen, organization, government agency, OEMs towards contributing to the EV adoption. The level of sensitization should bring a feeling of pride and belonging, as catalyzing the EV adoption contributes to the overall economy and helps the nation by contributing to the commitments for curbing GHG emission. Building a cultural movement of Electric Vehicle enthusiasts in India In line with the above, the government recently announced a number of initiatives to build awareness among the EV ecosystem actors. Initiatives like ‘Go Electric’ for creating awareness on the benefits of EVs and EV charging infrastructure have been launched to boost EV adoption. Another campaign is ‘Shoonya’, aimed to promote the adoption of zero emission electric vehicles for last mile delivery. In order to create an integrated platform for EV ecosystem actors, the government has also launched the ‘e-Amrit’ portal on EVs, which is a one-stop shop for all the information related to EVs to encourage the consumers to consider well-informed shift towards electric. OEMs have also been supplementing the integrated platform for encouraging positive consumer perceptions. The paradigm shift in end consumer’s mobility perspective The EV consumers across the nation may form a strong community to exchange their experience and knowledge in EV adoption with a sense of contribution to India’s e-mobility ecosystem. There should be also a sense of exclusivity in terms of how these electric vehicles stand out vis-à-vis gas-guzzling vehicles. Some countries like France and USA are also implementing preferential parking and lanes for the electric vehicles to further this exclusivity narrative. There are mentions of Low Emission Zones in many policies, which are significant to discourage the prolonged use of ICE (Internal Combustion Engine) vehicles and encourage the adoption of EVs. Indian"
"There are mentions of Low Emission Zones in many policies, which are significant to discourage the prolonged use of ICE (Internal Combustion Engine) vehicles and encourage the adoption of EVs. Indian campaigns like ‘Switch Delhi’ are likely to play a vital role for sensitization of the general public towards EVs. The USA has a National Drive Electric Week which facilitates hundreds of EV test drive events across the nation to boost public sensitization on EV. China has released a along with ban on the ICE version of two and three wheelers in a few cities. A vision to bridge the existing gaps in electric mobility There is a necessity of long-term strategies to fulfill the international commitments, coupled with strong implementation roadmaps for the EV policies, both at the national and the sub-national levels. There could be added advantages to purchase of EVs like tax rebates as an incentive towards contribution of GHG emission reduction, preference in parking and lanes, lower toll charges and zero surcharge on vehicle insurance. There could be other benefits of owning EVs which could be introduced by OEMs like discounted charging infrastructure costs, roadside assistance, etc. A carbon credit system already exists in India which enables ownership of the equivalent of one metric ton of carbon dioxide that can be traded, sold or retired. Carbon, like any other commodity, has begun to be traded on India's Multi Commodity Exchange. Although this credit system exists for large companies in India, the same is not existent at an individual level anywhere in the globe. There are GHG trackers for individuals now available with the air-tickets that quantify the carbon footprint of the journey before the ticket is booked. Using IoT and digital platforms, the credit system can be automated. Greater score can result in greater incentives for the consumer. GHG emissions tracking can be enabled for transit systems on the ground and each person’s GHG emissions could be tracked through a unified carbon credit system which could be implemented for every consumer and as in case of a credit rating, benefits linked to a higher carbon credit score could be provided to the customers which can enhance the EV adoption rate and also help the general public to participate in the government’s plans to enable the EV transition. Also Read:"
"US employment boom leaves factory workers behind Dan Ariens laid off workers, cut shifts, and halted nearly all hiring last summer after sales slumped at his company, best known for making bright orange snow blowers and lawnmowers sold around the world. Headcount fell 20% to 1,600 people, and he doesn't see business improving until 2025. The experience of the , a fourth-generation family-owned firm in Brillion, Wisconsin, shows the stark contrast between U.S. factory employment - essentially flat-lining for more than a year - and the four-year boom in the wider job market. President , headlined by legislation passed in 2022 that sparked a surge of factory construction, is aimed at boosting semiconductors, electric vehicles and green technologies, as well as other sectors. As the presidential campaign shifts into higher gear ahead of November's election, Biden is touring factories to tout his accomplishments, especially to voters in battleground states. Even as construction is booming and some segments of heavy industry continue to hum, such as those that supply goods for government-funded infrastructure projects, the larger outlook for jobs in manufacturing is weak. Economists mostly attribute that to a combination of high interest rates, a slowing economy, and the end of the COVID-19 demand surge for many kinds of manufactured goods. The contends it's too soon to see the full fruits of its efforts. It takes about six to eight quarters for manufacturing investments to translate into factory jobs, a member of the White House Council of Economic Advisors told Reuters in an interview. And as the Federal Reserve moves to cut interest rates, which is expected later this year, more jobs will follow. ""If you look in different pockets of the country - in North Carolina or Georgia - companies are already hiring before they're breaking ground,"" said Elisabeth Reynolds, a Massachusetts Institute of Technology manufacturing and economic development researcher, who previously served on Biden's National Economic Council. ""That's a sign of things to come."" For now, Deere & Co, Whirlpool Corp, 3M Co and other large producers have announced layoffs, though for the most part the reductions have been targeted rather than the recent mass cutbacks in technology. Many factories have opted to curb or eliminate hiring. Kondex Corp., a 280-employee producer of blades used mostly on farm machinery, not long ago was paying three times its normal pay rate to bring in workers from as far away as Georgia, putting them up in hotels near its Lomira, Wisconsin, plant. That's long over. Kondex's President Keith Johnson said he expects attrition to cut headcount by about 5% this year without layoffs. COMPOUNDED IMPACT The impact of hiring freezes and targeted cuts is compounded when they occur at multiple locations in rural areas and small towns. Deere last month said it would cut 150 workers at its sprawling campus in Ankeny, Iowa - a relatively small hit in a factory that"
"when they occur at multiple locations in rural areas and small towns. Deere last month said it would cut 150 workers at its sprawling campus in Ankeny, Iowa - a relatively small hit in a factory that employs about 1,700 people. Just days later Tyson Foods Inc said it would close a nearby pork-packing plant, leaving 1,200 workers jobless. Manufacturing's share of U.S. employment accounted for roughly a third of all jobs after World War Two. It has been in steady decline for decades as the economy re-oriented around services and as efficiency improvements and automation meant fewer bodies were needed on production lines. More recently, U.S. manufacturers faced increased competition from China and other cheaper sources of production. The erosion in factory jobs had leveled off in the run-up to the COVID-19 pandemic but resumed in late 2022 after the binge in goods consumption faded. Since late 2022, factories have accounted on average for just over 2,000 of the nearly 250,000 jobs of all types added monthly. In February, factory work fell to a record low 8.2% of U.S. employment, a 13.8 point drop from the 1979 peak of 22%. Data from the Institute for Supply Management this week showed manufacturing employment contracted for a sixth straight month in March, an unusually long run outside of a recession. To be sure, manufacturing jobs and output can grow with the aid of new technologies while also becoming a smaller share of the total economy - because other parts of the economy have grown even faster. For Jason Andringa, the chief executive of Vermeer, a Pella, Iowa, machinery maker with 4,500 employees which is still hiring, the job market comes as a relief. ""We can be more selective now,"" he said. JOBS ON THE HORIZON Scott Paul, president of the Alliance for American Manufacturing, a group that promotes domestic producers, said the boom in factory construction is creating jobs for builders and those producing materials they need, including cement and steel. ""The actual factory jobs that will come from all of this are still down the road,"" he said, ""A lot of it will be in 2025 and out."" Paul said the job picture could be worse. After the extreme labor shortages during the pandemic, many employers have been hesitant to shed workers. ""There's a different philosophy in the sector compared to what they did years ago,"" he said. Ariens Company, the lawnmower maker, is an example. While shrinking its headcount, for three months last year the company required workers to take one week off for every week they worked. The company's CEO said this helped avoid further layoffs. Workers earned roughly the same as they would have gotten from unemployment insurance during this time and kept their health insurance. Office workers and those in distribution jobs continued working full time. As a privately owned business, Ariens Company doesn't face the same pressures to cut costs to get through a slump. The CEO acknowledged these efforts hurt profits. Then there's the"
"working full time. As a privately owned business, Ariens Company doesn't face the same pressures to cut costs to get through a slump. The CEO acknowledged these efforts hurt profits. Then there's the weather. Ariens said two winters of light snow in the Eastern U.S. and summer droughts added to the sales slump. ""We're different in that weather affects as much, if not more than the economy,"" he said."
"Musk shares update on Tesla launch in India, says facing challenges Tesla CEO on Thursday informed that the EV-maker is facing a ""lot of challenges"" for its car launch in India. ""Still working through a lot of challenges with the government,"" Musk tweeted. Musk was replying to a Twitter user, who asked: ""Yo @elonmusk any further update as to when Tesla's will launch in India? They're pretty awesome and deserve to be in every corner of the world!"" Tesla wants to begin selling imported cars in India this year but says taxes in the country are among the highest in the world. With a $39,990 global price tag, Tesla Model 3 may remain as an affordable model in the US but with import duties, it would become unaffordable in the Indian market with an expected price tag of around Rs 60 lakh. Currently, India levies 100 per cent tax on the imported cars of price more than $40,000 (Rs 30 lakh) inclusive of insurance and shipping expenses, and cars less than $40,000 are subject to 60 per cent import tax. The government may consider lowering import duty along with offering other sops to Tesla but for that, the EV major would have to invest in setting up a manufacturing facility in the country. Earlier, Union Minister for Road Transport and Highways, Nitin Gadkari, informed that Tesla car would cost about Rs 35 lakh in India. Also Read:"
"Russia is China's top crude supplier for Jan-Feb; volumes up 23.8% yoy Russia overtook Saudi Arabia to be China's top oil supplier in the first two months of 2023, Chinese government data showed on Monday, as buyers snapped up sanctioned at steep discounts. Arrivals from Russia totalled 15.68 million tonnes in January-February, or 1.94 million barrels per day (bpd), up 23.8% from 1.57 million bpd in the corresponding 2022 period, according to data from the General Administration of Customs. Russia was China's second-largest last year, shipping 86.2 million tonnes. Imports of Saudi crude totalled 13.92 million tonnes in the two-month period, equivalent to 1.72 million bpd, down from 1.81 million bpd a year earlier. Saudi Arabia was China's top supplier in 2022, selling 87.49 million tonnes of crude during the year, equivalent to 1.75 million bpd. Western sanctions and a price cap on seaborne Russian crude following Moscow's invasion of Ukraine have limited the buyer pool for Russian supply, leading it to trade at deep discounts to international benchmarks. Independent Chinese refiners, many of them based in Shandong province, have been among the main beneficiaries of this shift in pricing power. February-arriving Russian ESPO crude at Shandong ports was bought in January at a discount of about $8 relative to the ICE Brent benchmark, though the pricing advantage has been somewhat eroded by the entry of private Indian refiners into the ESPO market. However, with domestic fuel demand rising following the lifting of COVID-19 restrictions, state-owned and resumed their purchases of grade cargoes in February after a brief pause in late 2022, just before the embargo on Russian oil started. Chinese refiners use intermediary traders to handle shipping and insurance of Russian crude to avoid violating Western sanctions. Customs data also showed that imports from Malaysia were 0.65 million bpd over the period, up 144.2% from the same period last year. Malaysia is often used as an intermediary point for sanctioned cargoes from Iran and Venezuela."
"Reserve Bank has taken steps to promote rupee as preferred currency for global trade: FM Nirmala Sitharaman Finance Minister on Monday said the ( ) has taken steps to promote rupee as the preferred currency for global trade in order to promote exports. Last month, RBI asked banks to put in place additional arrangements for export and import transactions in Indian rupees in view of increasing interest of the global trading community in the domestic currency. ""RBI has put in place the arrangement for invoicing, payment, and settlement of exports/imports in INR in order to promote growth of global trade with emphasis on exports from and to support the increasing interest of global trading community in INR,"" she said in a written reply to the . According to the minister, the central bank has put in place the arrangement in order to promote growth of global trade by reducing the dependence on hard currency, with emphasis on exports from India and to support the increasing interest of global trading community in INR. She also noted that an increase in exports may help reduce the . The framework allowing invoicing and payments for international trade in INR is applicable for any partner country seeking to undertake trade with India in INR in terms of RBI circular. As per the RBI circular, the approval process is that for opening of Special INR Vostro accounts, banks of partner countries may approach Authorised Dealer (AD) banks in India which may seek approval from RBI with details of the arrangement. In another reply, Sitharaman said the Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a one-year personal accident insurance scheme, renewable from year to year and is available on pan-India basis to bank or post office account holders in the age group 18 to 70 years who give their consent to join and enable auto-debit. The scheme offers coverage for Rs 2 lakh in case of accidental death or total permanent disability and Rs 1 lakh for partial permanent disability due to an accident, she said. The minister said the Jyoti Bima Yojana (PMJJBY) is a one-year life insurance scheme, renewable from year to year and is available on pan India basis to bank or post office account holders in the age group 18 to 50 years who give their consent to join and enable auto-debit. The scheme offers coverage for Rs 2 lakh in case of death due to any reason."
"Global Road Safety Week: How technology and regulations serve as key pillars for safer road mobility New Delhi: Unfortunately, the number of road deaths in India is still the highest in the world. While the efforts have to be stepped up by all the stakeholders, the two key pillars for are and regulations. Prashant Banerjee, Executive Director, said that the industry body is not only prioritizing vehicle safety in the country, but spreading awareness and discipline on road safety as a curriculum for young minds in schools as well. He was speaking at the ETAuto’s webinar titled ‘Towards Safer Mobility -- Technologies and Regulations' on the occasion of the 7th . Stressing on the need for active and passive safety systems in vehicles, AV Manniker, Head Consultant, , talked about the implementations of the new regulatory standards in the country. He noted that Bharat NCAP is working on a four-point strategy. First, to prevent accidents with active safety technologies. Second, using a driver assistance system to assist the driver to avoid that accident. Third, passive safety measures to mitigate the injuries. Fourth, use of infrastructure and vehicles for emergency evacuation to be done, and e-call systems to be equipped. Bharat NCAP will recommend star rating for ‘popular vehicles’ with sales over 30,000 units in the country. There will be a need for mandatory rating for the base variant and optional rating for the additional variant. Pedestrian safety, seat belt reminders will be required to be adhered by even single star rated products. Some of the new initiatives by the Ministry include three point seatbelt for rear seat and the upcoming six airbag regulation to be mandated from Oct 1, 2023. Another regulation in the pipeline is the rear crash for multi-fuel vehicles and the child seat ISOFIX which will have to comply with regulation 182 which is in line with 145. Further, optimisation of the restraint system, full frontal collision under AIS 201 is under discussion. The government is working on enhancing the scope of offset frontal crash AIS 98 for up to 3.5 tonne CV and enhancing scope of side impact crash tests AIS 99, so the exemption granted for high-end vehicles will go away. “Overall there is a shift from passive safety to active safety. Other ongoing discussions are about the ABS for other than M1 category, AIS 184 driver drowsiness warning, blind spot Information System, the moving object information system, lane departure warning, cyber security, software update, automated lane keeping systems, event data recorder, automatically commanded steering control, all these standards are on the anvil and under high priority,” he said. Manniker added that the intervention of six airbags is a welcome move, provided all the passengers follow the prerequisite culture of wearing seat belts. ""Even though there may be teething problems, supply chain issues and it may be challenging for small cars, it is not insurmountable. The change may not be as"
"culture of wearing seat belts. ""Even though there may be teething problems, supply chain issues and it may be challenging for small cars, it is not insurmountable. The change may not be as smooth, but over the years it will prove to be a substantial move. For such changes, collaborative work is required. MAGIC will happen when everyone comes together- Media, Agencies, Government, Industry, Consumer."" Technology as a driver of road safety Girkumar Kumaresh, Principal Advisor, Road Safety, Future Mobility & Expert Accident Research, Bosch India, noted that India loses 150,000 people every day and almost USD 3200 billion of the GDP every year including towards the loss of person, infrastructure, goods, insurance, medical, legal cost etc. The loss per accident per vehicle category per injury category turns out to be around USD 150,000 in case of a fatal accident and USD 41,000 if the accident is serious. In case of a minor injury, it amounts to USD 24,000 and in case of no injury it could be a little bit higher. As the technology is playing a key role in vehicle manufacturing, so is its need for road safety. Alejandro Furas, Secretary General, stressed on the need for the popular cars which are more economical as the first choice of a new car buyer to be equipped with safety features first. “With the upcoming changes in regulation, Maruti Suzuki will also be able to lead the market not just by sales, but also by offering the more affordable cars in the market with safety ratings as well.” GNCAP started testing vehicles in India in 2014. Furas said they noticed that at that time the popular models by price added front airbags as optional, while the side airbags and ESC were an exemption. “For safety, 2016 was a turning point for us as we have seen that just a single safety feature in a model triggered a larger demand from the consumer for cars with better safety equipment. The recent announcements about BNCAP have made tremendous shifts in the market with the OEMs,” he said. In July 2022, GNCAP updated its protocols for emerging markets including India. This is divided into 2 timelines- starting 2022-23, followed another in 2024-25. Furas stated that government regulations in a country should be seen as complementary to GNCAP safety ratings and not otherwise. The global agency said it is testing EVs under the same protocols as ICE. However, specific aspects like electric shock risks, monitoring the batteries at high temperature points are being evaluated for future. He added that the GNCAP will soon follow Latin NCAP in order to make the side impact protection even more challenging. ""We are going to have heavier barriers with higher speed; the poll impact will become oblique."" Durgadutt Nedungadi, SVP India and International Business, Netradyne, pointed out three key reasons for road accidents- high vehicle speed, distracted driver and not using restraints. According to him, technology is required to aid the drivers as a positive driver behavior can"
"out three key reasons for road accidents- high vehicle speed, distracted driver and not using restraints. According to him, technology is required to aid the drivers as a positive driver behavior can lead to driver safety. “We use vision based AI technologies to actually recognize events before they occur, and give real time warnings in the cabin to drivers. So that they can actually take corrective action.” Using artificial intelligence and machine learning, Netradyne analyzes G-force events, almost everything which is happening both inside as well as outside the vehicle. In commercial fleets, technology can provide support in rank the drivers in terms of their merit. Driver assistance also provides the ability to tell the driver that there is an impending event which is very critical. The government in India has already notified the AIS 197 and implementation date is awaited. It covers the vehicle selection guidelines, testing, protocols, star rating calculator. Furas urged the vehicle manufacturers to use seat belt reminders in cars which cannot be tricked by the users. ""Or maybe induce the technology in such a way that if the passenger is not belted up, the car will not move over 20 kmph."""
"US inflation slowed sharply to 7.1% over past 12 months in the United States slowed again last month in the latest sign that are cooling despite the pressures they continue to inflict on American households. 7.1% in November from a year ago, the government said Tuesday. That was down sharply from and a recent peak of 9.1% in June. It was the fifth straight slowdown. Measured from month to month, which gives a more up-to-date snapshot, the inched up just 0.1%. And so-called core inflation, which excludes volatile food and energy costs and which the closely, slowed to 6% compared with a year earlier. From October to November, core prices rose 0.2% - the mildest increase since August 2021. All told, the latest figures provided the strongest evidence to date that inflation in the United States is steadily slowing from the price acceleration that first struck about 18 months ago and reached a four-decade high earlier this year. Gas prices have tumbled from their summer peak. The costs of used cars, health care, airline fares and hotel rooms also dropped in November. So did furniture and electricity prices. Grocery prices, though, remained a trouble spot last month, rising 0.5% from October to November and 12% compared with a year ago. Housing costs also jumped, though much of that data doesn't yet reflect real-time measures that show declines in home prices and apartment rents. immediately welcomed Tuesday's better-than-expected inflation data as providing further support for the Federal Reserve to slow and potentially pause its rate hikes by early next year. Dow Jones Industrial Average futures pointed to a jump of more than 700 points when trading begins. Even with last month's further easing of inflation, the Fed plans to keep raising interest rates. On Wednesday, the central bank is set to boost its benchmark rate for a seventh time this year, a move that will further raise borrowing costs for consumers and businesses. Economists have warned that in continuing to tighten credit to fight inflation, the Fed is likely to cause a recession next year. Several trends have started to reduce price pressures, though they won't likely be enough to bring overall inflation back down to levels that Americans were used to anytime soon. has sunk from $5 a gallon in June to $3.26 as of Monday. Many supply chains have also unsnarled, helping reduce the costs of imported goods and parts. Prices for lumber, copper, wheat and other commodities have fallen steadily, which tends to lead to lower construction and food costs. To some economists and Fed officials, such figures are a sign of improvement, even though inflation remains far above the central bank's annual 2% target and might not reach it until 2024. Fed Chair Jerome Powell in three different categories to best understand the likely path of inflation: Goods, excluding volatile food and energy costs; housing, which includes rents and the cost of homeownership; and services excluding housing, such as auto"
"understand the likely path of inflation: Goods, excluding volatile food and energy costs; housing, which includes rents and the cost of homeownership; and services excluding housing, such as auto insurance, and education. , Powell noted that there had been some progress in easing inflation in goods and housing but not so in most services. Physical goods like used cars, furniture, clothing and appliances have become steadily less expensive since the summer. Used car prices, which had skyrocketed 45% in June 2021 compared with a year earlier, have fallen for most of this year. Housing costs, which make up nearly a third of the consumer price index, are still rising. But real-time measures of apartment rents and home prices are starting to drop after having posted sizzling price acceleration at the height of the pandemic. Powell said those declines will likely emerge in government data next year and should help reduce overall inflation. Still, services costs are likely to stay persistently high, Powell suggested. In part, that's because sharp increases in . Services companies, like hotels and restaurants, are particularly labor-intensive. And with average wages growing at a brisk 5%-6% a year, price pressures keep building in that sector of the economy. Services businesses tend to pass on some of their higher labor costs to their customers by charging more, thereby perpetuating inflation. Higher pay also fuels more consumer spending, which allows companies to raise prices. ""We want wages to go up strongly,"" Powell said, ""but they've got to go up at a level that is consistent with 2% inflation over time."" On Wednesday, the Fed is expected to raise its key short-term rate by a half-point, after four straight three-quarter-point increases. That would leave its benchmark rate in a range of 3.75% to 4%, its highest level in 15 years. Economists expect the Fed to further slow its rate hikes next year, with quarter-point increases in February and March if inflation remains relatively subdued. Also Read:"
"ETAutoEVC: EV maker VinFast to enter India ‘shortly’, plans to bring scooters, buses along with SUVs New Delhi: Vietnamese electric vehicle (EV) maker which is expected to make a foray into the Indian market by next year, is also looking to mark its presence in the bus and scooter segments, along with SUVs, to cater to a broader customer base. “We are in serious discussions, and plan to enter the Indian market shortly. In India, SUV is the only segment that is growing, and also where we will be present,” Ashwin Patil, Vice President & Director of Sales for VinFast in India, told ETAuto in an interview on the sidelines of the EV Conclave. While the share of hatchback and sedans has significantly dropped over the last few years, sports utility vehicles (SUVs) have doubled their market share in five years and now make up almost half of all passenger vehicle sales in India. “Apart from SUVs, electric scooters and electric buses will be a part of India's product portfolio. We have the capability and technology to produce them, but when they will be introduced is still under planning,” Patil added. Beginning operations in 2017 in Vietnam, the company introduced 3 ICE models (VinFast Lux SA2.0, VinFast Lux A2.0 and VinFast Fadil) by 2019. The carmaker partnered with German automaker BMW, Italian design house Pininfarina, and suppliers Bosch and Siemens, to produce its two planned car models. This helped the company to stand its business in the domestic market. By 2021, VinFast moved completely to EVs by launching VF e34, VF 8, VF 9, and delivering the first batch of vehicles to customers in Vietnam. In the same year, VinFast also launched two e-scooters (Theon & Feliz) and an e-bus. ""Now it manufactures 7 electric SUVs catering to different segments along with electric scooter models and an e-bus,"" Patil stated. In March this year, the Vietnam-based automaker delivered its first set of EVs in the US. In August, VinFast debuted on Nasdaq. In the third quarter ended September 2023, the company reported a wider loss. Revenue increased to USD 342.7 million during the period, while net loss widened to USD 622.9 million, the automaker said in an exchange filing. This compares with sales of about USD 334.1 million and a loss of USD 526.7 million it reported in the second quarter. As per the filing, it also announced plans to set up a facility in India with an investment of USD 150 million to USD 200 million in the first phase. In India, VinFast is currently in the process of vehicle testing and establishing its plant location. “We are in the advanced stage of finalising a location for the plant,” Patil said. The company has set up its corporate office in Gurugram and is now hiring for various roles including sales, aftersales, network development etc. Initially, the models are expected to be imported, followed by local manufacturing to obtain government incentives and offer competitive prices in the market. Patil said the EV maker is “looking for support from"
"models are expected to be imported, followed by local manufacturing to obtain government incentives and offer competitive prices in the market. Patil said the EV maker is “looking for support from the government for the reduction of import duty to develop domestic technical capability.” VinFast is moving ahead with its India plans at a point when EV maker , whose tryst with India has been on and off for over two years, is also close to making its foray into the country. Amid a push from the American EV maker for special sops to set up its factory in the country, there were reports about customs duty concession for the global automakers in India. However, as per a recent PTI report, a top government official has said that India will never provide company or enterprise-specific incentives in the EV sector. At present, cars imported as completely built units (CBUs) attract customs duty ranging from 60% to 100%, depending on engine size and cost, insurance and freight (CIF) value less or above USD 40,000. Interestingly, several domestic vehicle manufacturers have lined up significant investments to develop the local supply chains. For the period of January to November 2023, India’s total EV industry sales across the segments (two wheelers, three wheelers, passenger vehicles, light commercial vehicle and buses) reported about 50% year-on-year growth at 13.87 lakh units, when compared with 9.24 lakh units of last year, according to the retail data sourced from VAHAN. However, the EV megatrend in India is being led by the two and three-wheeler segments."
"Oil shock risks becoming 'nightmare' for Reserve Bank of India The ’s impact on global supply chains could force India’s central bank to raise its inflation forecast, but may leave little scope for it to tighten amid a deteriorating global growth outlook, according to economists. The surge in edible and are bound to feed into headline inflation, which has already breached the upper tolerance limit of the Reserve Bank of India’s 2%-6% target range. While the has blamed supply side shocks for the spike, higher prices will nevertheless eat into disposable incomes of consumers, the backbone of the economy that has yet to fully start spending after the pandemic. “This is the policy maker’s nightmare -- risk of persistent inflation, alongside a very uneven and unsatisfactory growth,” said Ananth Narayan, senior India analyst at Observatory Group, an economic and political advisory firm. With crude prices over $100 a barrel and amid geopolitical uncertainty, Narayan sees it possible for retail inflation to average 6% next fiscal year beginning April -- instead of the 4.5% forecast by the RBI. India, which relies on imports to meet about 85% of its needs, is expected to let pump prices rise once key state elections wrap up this month. “Inflation numbers purely based on could head higher if the government decides to pass on even half of the impact,” said Soumya Kanti Ghosh, an economist at State Bank of India. A 10% increase in retail prices of gasoline, diesel and liquefied petroleum gas could result in a 50 to 55 basis point rise in headline consumer prices over the course of a year, according to estimates by Saugata Bhattacharya, chief economist at Axis Bank Ltd. Still, the central bank may stay away from raising interest rates as it reconciles its roles of fighting inflation, supporting growth and managing the government’s debt issuance. The global market volatility following Russia’s invasion of Ukraine is already upsetting India’s budget math, stoking concerns the administration may need to rely on additional borrowings to make up for any shortfall. Prime Minister Narendra Modi’s government is rethinking the timing of its proposed share sale in Life Insurance Corp., which could deprive it of revenue and enlarge a budget deficit that’s already one of the widest in the world. Although India has, for now, ruled out borrowing more this fiscal year to bridge the gap, its debt plan for the year beginning April 1 is at a record, making cheaper interest rate an imperative. “Sharp rise in energy prices and pass through impact of other commodity prices will create more challenges for growth-inflation dynamics,” said Soumyajit Niyogi, associate director at India Ratings and Research. “Though the global central banks could still go for monetary tightening, domestically RBI is expected to continue with wait and watch policy.” More Risks Crude is not the only problem. Record cooking oil prices in global markets are complicating the job of policy makers. The sharp"
"RBI is expected to continue with wait and watch policy.” More Risks Crude is not the only problem. Record cooking oil prices in global markets are complicating the job of policy makers. The sharp rise in prices of commodities has started seeping into domestic prices, with cooking oil prices, particularly that of sunflower oil, rising by as much as 25 rupees (33 cents) a liter. Ukraine and Russia account for about 80% of world sunflower oil cargoes. Prices of commercial liquefied petroleum gas were revised up by 105 rupees at the start of this month, while cooking gas prices are expected to witness a sharp revision in April. India’s most popular dairy brand Amul hiked milk prices by 2 rupees a liter this month, citing higher costs for energy, packaging, logistics and cattle feed. Meanwhile, home appliances companies are citing intensive supply chain disruptions to raise prices. The crude oil price shock can shave off as much as 60 basis points of economic growth in India, according to Anubhuti Sahay, Mumbai-based South Asia chief economist at Standard Chartered Plc. Despite price pressures, the RBI has maintained an accommodative stance to support growth, drawing criticism from some quarters that it could fall behind the curve. Jayanth Rama Varma, the lone dissenter among India’s monetary policy setters, has said the central bank’s inflation-targeting credibility is at risk if it keeps policy loose for too long. Governor Shaktikanta Das, however, said in a speech Friday that the RBI has acted in line with its domestic growth-inflation dynamics. Also Read:"
"Almost 50% of Indian car buyers prefer to quit ICE tech; 24% to opt for HEVs: Deloitte study New Delhi: Almost 50% of Indian consumers intend to move away from Internal Combustion Engine (ICE) technology, which is proving to be a near-term challenge, and 24% of Indian consumers are inclined to purchasing ( ) as their preferred engine in their next vehicle, according to ’s 2024 Global Automotive Consumer Study (GACS) India findings. The study which reveals the dynamic shift in consumer preferences in the Indian automotive sector was conducted during 5-12, October 2023. Deloitte surveyed a sample of 1,000 consumers in India, a press release issued by Deloitte Touche Tohmatsu India LLP, said. .Affordability is a critical factor influencing purchasing decisions, with 80%t of the consumers choosing a vehicle within INR 5–25 lakh price range. Preferences for ICE and under INR 10– 25 lakh stand at 59–58%, respectively. Furthermore, the consumer preference for ICE and EVs in the price range of INR 10 lakh and below was 23% and 22%, respectively. About 68% of respondents cited environmental consciousness and 63% expressed concerns about the reduced fuel expenses. Charging infrastructure plays a pivotal role, with 66% intending to charge their vehicles at home and 22% at public charging stations. Fast charging is crucial, and most consumers prefer simple traditional creditfeatures, trying something different and upgrading to a premium brand. Other key emerging trends 1. OEMs are looking to offer in-house insurance products, signalling a significant disruption for the traditional value chain. About 83% consumers were interested in purchasing insurance directly from the manufacturer, citing “convenience” and “cost saving” over the current provider. 2. Connected vehicles: Safety is a key priority for India. Consumers are willing to share data andPersonally Identifiable Information (PII) data with the car manufacturer to receive the necessary updates for a better and safer driving experience. Indian consumers prioritise safety when it comes to connected vehicles. About 71%t consumers were willing to pay extra for connectivity features, with 88% desiring updates for road safety and collision prevention, and another 88% seeking maintenance updates and vehicle health reporting/alerts. 3. New vehicle versus used car trend: Despite consumers’ interest in new and used cars, most prefer buying a new car for the next vehicle. About 77% consumers are willing to switch brands, citing technology features (64%) and a desire for something new (50%) as primary reasons. 4. OEM commitment to sustainability: Most consumers (98%) believe that vehicle brands must commit to sustainable practices, such as using environmentally friendly materials and a low carbon manufacturing footprint. 5. Younger consumers opt for vehicle subscriptions: Younger consumers are driving overall interest in vehicle subscriptions. About 6 in 10 consumers want to give up vehicle ownership for a"
"footprint. 5. Younger consumers opt for vehicle subscriptions: Younger consumers are driving overall interest in vehicle subscriptions. About 6 in 10 consumers want to give up vehicle ownership for a subscription service. Cost control, convenience, availability of vehicles, and increased flexibility are the most important factors for these consumers. Nearly 67% of consumers in the age group of 18–34 preferred vehicle subscriptions. However, vehicle availability, higher monthly fees, and total ownership costs are the main concerns consumers have regarding vehicle subscription services."
"Failure of car manufacturer to provide airbag system should be subject to punitive damages: SC Failure of a car manufacturer to provide an should be subject to punitive damages which can have a deterrent effect, the Supreme Court has said. ""The failure to provide an airbag system which would meet the safety standards as perceived by a car-buyer of reasonable prudence, in our view, should be subject to punitive damages which can have a deterrent effect. ""And in computing such punitive damages, the capacity of the manufacturing enterprise should also be a factor,"" said a bench of Justices Vineet Saran and Aniruddha Bose. The bench said that a consumer while buying a car would assume that the airbag would open automatically in case of collision. Further, a consumer is not meant to be an expert in physics calculating the impact of a collision on the theories based on velocity and force, the top court said. The observation came while hearing an appeal filed by against an order of the (NCDRC) which dismissed the appeal sustaining the compensation awarded by the . The appellant is a vehicle manufacturer and the appeal arises out of a complaint made by a car buyer concerning a defect in a vehicle, particularly concerning its safety features originating from its vehicle model Creta 1.6 VTVT SX+. The vehicle, purchased on August 21, 2015, came with two front airbags and met with an accident on the Delhi--Panipat highway on November 16, 2017, resulting in substantial damage to the car. The complainant suffered head, chest as also dental injuries which he attributed to non- deployment of airbags at the time of the accident. The state commission awarded a compensation of Rs two lakh for medical expenses and loss of income, Rs.50,000 for mental agony, and Rs 50,000 as the cost of litigation. The state commission also said that failure in replacing the vehicle of the appellant will also attract an interest of seven per cent per annum of the value of the vehicle from the date of default. The top court in its order said that the fact that the consumer has got the car repaired on insurance money would not impact the quantum of damages, which is partly punitive in nature in this case. ""We accordingly do not want to interfere with the decision of the . We do not find the reasoning of the Commission or the operative part of the order awarding damages to be perverse,"" the bench said. Also Read:"
"Safeguarding Lives on Indian Roads: The Crucial Role of Personal Accident Cover In India, the escalating toll of fatalities and injuries from road accidents has emerged as a pressing concern for road safety. According to the , India accounts for 11% of the global deaths in road accidents, with just 1% of the world's vehicles. A total of 4,61,312 road accidents took place in India in the year 2022, claiming 1,68,491 lives and causing injuries to 4,43,366 people. This marks an increase of 11.9% in accidents, 9.4% in fatalities, and 15.3% in injuries compared to the previous year. The government has taken various initiatives to improve road safety, such as implementing the , identifying, and rectifying black spots on national highways, and collecting and analysing data on road accidents. However, these measures alone are not sufficient to prevent road accidents and save lives. The responsibility also lies with the vehicle owners, drivers, and passengers to follow the traffic rules, wear seat belts and helmets, avoid drunk driving and over speeding, and maintaining their vehicles properly. Global statistics emphasise the severity of the issue, underlining the need for personal responsibility. To fortify defence against road mishaps, it's crucial to choose vehicles equipped with safety features like airbags, seat belt alarms, helmets, and biking gears in addition to the safe driving behaviour. However, even with the best precautions, unfortunate accident can happen. This is where becomes a paramount. Personal accident cover, a type of insurance that offers financial aid to the owner-driver in cases of bodily injuries, death, or permanent disability resulting from a road accident. An important aspect of personal accident cover is that it also provides various assistance services, such as towing, ambulance, roadside assistance, and legal advice, in case of an emergency. These services can help the owner-driver to deal with the situation more effectively and reduce the stress and hassle involved. A personal accident cover is different from a comprehensive motor insurance, which covers the damage to the vehicle and the third-party liability arising from the accident. A personal accident cover is specifically meant for the owner-driver of the vehicle and does not cover the passengers, or the pedestrians involved in the accident. Therefore, it is advisable to have both a personal accident cover and a comprehensive motor insurance to ensure complete protection in case of a road mishap. The advantages of having a personal accident cover along with motor insurance are as follows: : It provides financial assistance for medical expenses, covering hospitalization charges, treatment costs, and medical bills incurred during the owner-driver's treatment. Compensation for Permanent Disability: In cases of permanent total disability, such as loss of limbs, eyesight, or hearing due to an accident, the policy ensures monetary compensation. The compensation amount is"
"for Permanent Disability: In cases of permanent total disability, such as loss of limbs, eyesight, or hearing due to an accident, the policy ensures monetary compensation. The compensation amount is usually equal to the sum insured of the policy, which can be up to Rs. 15 lakhs. Support for Nominee or Legal Heir: In the unfortunate event of the owner-driver's death resulting from an accident, the nominee or legal heir receives compensation. This helps the family cope with the financial repercussions, offering support for the loss of income and livelihood. The compensation amount is usually equal to the sum insured of the policy, which can be up to Rs. 15 lakhs. However, the policy may have certain exclusions, such as suicide, intentional self-injury, or driving under the influence of alcohol or drugs, which can affect the claim settlement. Peace of Mind: Beyond financial aid, personal accident cover provides a sense of security and peace of mind to the owner-driver. Knowing that unforeseen consequences of road accidents are covered fosters a proactive approach to road safety. In conclusion, personal accident cover is not just a financial tool but a crucial lifeline on India's perilous roads. Taking responsibility for one's safety and ensuring comprehensive insurance coverage can make a difference between life and death. Therefore, it is wise to invest in a personal accident cover and drive with confidence and care. This article is authored by , CEO, . All views expressed are personal."
"India’s small towns turn boomtowns for auto financing Growing aspiration for is fuelling a surge in in India, extending beyond the metros to smaller cities. Consumers are also opting for longer-tenure loans to afford higher car prices, say executives. Top carmakers such as , , , Tata Motors, Honda, and Toyota expect finance penetration to rise to 75-84% in 2024 from 64-75% in the pre-pandemic period, according to data collated by Jato Dynamics. About 79.1% of in India are financed through bank loans or non-banking financial companies ( ), underscoring the car’s enduring role as a symbol of social progress in the world’s most populous nation. The preference for is more pronounced in tier II and III cities, where 75% opt for loans, indicating that the aspirational drive for car ownership is no longer limited to metros, said a senior official at a South India-based NBFC. While traditional financing dominates, alternative models such as leasing, and subscription are struggling to gain traction in the Indian market. Leasing penetration stands at a mere 1.5% and subscription at 0.1% of the market. The tepid demand is attributed to regulatory hurdles, complex logistics around insurance and maintenance, and a cultural preference for outright ownership, say experts. “We don’t get any GST benefits in leasing. Therefore, we are reluctant to offer it to the consumer,” said a senior official at a leading south India-based NBFC, who feels it works better only for dedicated leasing companies. Unlike India, leasing comprises about half of new car sales in developed auto markets such as Europe. The figure is projected to grow by 4.5% compounded annually to USD 12.17 billion during 2023 to 2028. Cash purchases still make up 19.3% of total car deals, representing both affluent buyers and those unable to secure loans, say experts. Finance penetration is growing exponentially, according to auto dealers. “Even though prices of vehicles have gone up, the consumer is now open to taking longer tenure loans, with limited margin money,” said Nikunj Sanghi, a leading automotive dealer. “The loan-to-vehicle ratio has also significantly gone up, to more than 85% against 30-35% earlier,” he said. According to Ravi Bhatia, president, Jato Dynamics, the willingness to take on long-term debt for depreciating assets like cars suggests confidence in future earning potential and economic stability among Indian consumers. Financiers, too, see a huge potential for auto loans in upcoming festive period, the most crucial period of a year for consumer goods purchases. Banks and NBFCs are getting aggressive by offering competitive interest rates and faster documentation while the self-employed preferring loans. “They prefer to deploy funds into their business as the return on investment is more than the interest cost,” said an official of a Mumbai-based bank, a leading auto financier, highlighting the factors behind the loan demand. With the calendar second half expected to outperform the"
"than the interest cost,” said an official of a Mumbai-based bank, a leading auto financier, highlighting the factors behind the loan demand. With the calendar second half expected to outperform the first half for vehicle financiers, “we expect to report 1.9% RoA (Return on Assets) for FY25,” Axis Capital said in a recent report."
"RattanIndia Enterprises looks to tie up with all banks by March 2023 for fintech platform , which recently made a foray into the business, looks to have tie-ups with all the by the end of the next financial year. The fintech platform of the company, BankSe, has an arrangement with 21 banks and financial firms to offer loan products, at present. ""Plan is to cover all the banks by the end of next financial year. So we will have all the banks offering their products on the platform,"" Enterprises chairperson told PTI. The two-wheeler and get approved in about two minutes, he said, more products would be onboarded going forward because the idea is to make it a full market place for all financial products. Besides, he said, the platform provides an opportunity to compare the best offer to customers. ""This is something where our capital is not at risk and credit score check and lending to be done by the financial institution. Lending is done by banks or financial institutions as per the guidelines,"" he said. Customers can have the convenience of logging onto the app or website and uploading requisite documentation digitally to experience outcomes in real, quick time. As an additional feature any customer using BankSe will be able to get a personalized credit score, entirely free of cost. BankSe, an all-digital, financial aggregator platform can be accessed through android mobile web portal. It has developed a platform which connects with the defined processes of the lenders, thereby offering them instant visibility of customer's background and their historical financial records. He also said that bundled insurance with the loan product would be made available. Also Read:"
"Maruti Suzuki True Value sells 50 lakh pre-owned cars since 2001 New Delhi: Pre-owned car brand has sold 50 lakh pre-owned cars. Introduced in 2001, it has been a one-stop destination to buy and sell quality pre-owned cars. The hassle-free purchase and sale experience for customers along with cars that are safe and reliable have continuously ensured the success of True Value, the company said. , Senior Executive Officer, Marketing & Sales, , said, “True Value was launched to provide customers the opportunity of owning a pre-owned car in the most secure and hassle-free manner. With the successful completion of 22 years in the industry, Maruti Suzuki True Value has established itself as the preferred choice of 50 lakh happy customers. We are confident that we will continue to offer customers our industry-best services including professionally trained relationship officers, an intelligent & tech-driven digital interface to evaluate and certify cars, amongst a host of other services.” Maruti Suzuki True Value (MSTV) offers a systematic integration of technology and industry experience to our customers that make the whole process of buying and selling cars transparent and convenient. Complete peace-of-mind is ensured, thanks to services such as reliable RC transfer, hassle-free documentation, on-time payment, and AI-based pricing engine. Convenience factors from True Value include services such as free home evaluation for their car, online preview of cars with detailed information, to name a few, the company said in a media release. With over two decades of simplicity and transparency, True Value is currently present in more than 281 cities and operates from over 560 outlets pan-India. With a rigorous 376 checkpoint evaluation, refurbishment with Maruti Suzuki Genuine Parts, and a consequent certification process, cars come with up to 1-year warranty and 3 free services. Along with a wide selection of pre-owned cars and services including car insurance, finance, and accessories, True Value also ensures a comprehensive experience for all car-buying and selling services under one roof, the release added."
"Auto retail sales far from growth trends; FADA sceptical about any immediate recovery New Delhi: Passenger vehicle registrations saw year-on-year growth to 2,63,152 units in May 2022, owing to healthy demand and single digit cancellations due to waiting periods, says the data shared by Federation of Automobile Dealers Associations ( ) based on VAHAN. Retail sales of two wheelers also increased to 12,22,994 units in May this year from just 4,10,871 units in May last year. According to the dealers’ lobby body report, total vehicle registrations at regional transport offices (RTOs), which are proxy for sales, stood at 16,46,773 units in May this year, over 5,36,795 units in May 2021. On a year-on-year comparison, all the segments were in green and witnessed multi-fold growth. , President, FADA, said, “Indian auto industry during May’22 continued its flat run for the 3rd consecutive month. While YoY comparison with May’21 shows exceptionally healthy growth rate across all categories, it is important to note that both May’21 and May’20 were affected by nation-wide lockdown due to Covid. Hence a better comparison will be with May’19 which was a normal pre-Covid month.” “Similar to last month, May’22 when compared to May’19 reveals that Auto retail is still not on a growth trajectory as overall retails were down by -10%. While PV and Tractors continued its positive run by growing 11% and 33%, 2W, 3W and CV are yet to show any signs of healthy run-rate (compared to pre-covid months) as they de-grew by -14%, -19% and 11% respectively,” he said. “The Government made a bold decision to cut excise duty on fuel prices thus reducing and economic distress. While this will have a positive rub-off on sale of vehicles especially 2W, the increase in 3rd party insurance premium will act as a deterrer for some,” Gulati added. According to the FADA President, “The 2W segment has seen slight improvement in overall sales when compared with April’22. While 2W EV sales were growing rapidly though on a low base, various fire incidents across almost all EV brands has created a fear in the mind of the customer. This coupled with supply chain issues, has decreased 2W EV sales drastically from last month.” “The PV segment which has already surpassed May’19 numbers is witnessing huge demand. Dealers are not able to fulfil the same due to supply side issues. This has not only led to an increase in waiting period (ranging from 3 months to 2 years) but is also keeping the customers frustrated. Healthy booking and single digit cancellation shows that demand may stay put even when normal supply resumes in months to come. The CV segment especially buses are showing good demand due to re-opening of educational institutions,” he said. The auto dealers’ body informed that “with its persistent follow- up with the Andhra Pradesh Transport Ministry, the state has now migrated vehicle registration to Vahan. While this has happened towards the end of May, full month numbers will only come"
"follow- up with the Andhra Pradesh Transport Ministry, the state has now migrated vehicle registration to Vahan. While this has happened towards the end of May, full month numbers will only come later. The only states remaining are Telangana, Madhya Pradesh and Lakshadweep. With this Vahan now covers 91.6% RTOs across the country.” About the near term outlook, FADA said that while the Russia – Ukraine war continues to create demand supply mis-match thus delaying the availability of PVs, RBI has warned of more inflation as the increase in wholesale prices will get passed on to the end consumers. This will result in a lower disposable income which will ultimately hamper Auto Sales. RBI’s observation has come at a time when WPI Index rose by record 15.1% in the wake of high commodity prices and the impact of the breakdown in supply chains due to the War and the strict lockdown by China. “FADA hence continues to remain cautious for any further recovery in auto sales in the near term,” it said."
"China uses vulnerability of sanction-hit Russia to buy cheap oil After several governments in the West imposed economic sanctions on Russia after it invaded Ukraine, Russian offered discounts on its oil and China grabbed the offer. When some foreign governments and companies imposed sanctions, Russia was left with fewer buyers. So to counter that, it started offering discounts on oil to countries. China has been most active in grabbing the offer. China was one of the largest buyers of even before the Ukraine war. But, once the Russian attack on Ukraine started, Beijing's purchases of oil from Moscow only increased. Although China chose not to condemn Russia's attacks on Ukraine for economic interests publicly, it has called for an early end to the war trying to act as a friend to both Ukraine and Russia. Observers are expecting China to continue with the present course, reported Portal Plus. China has defended the purchase of oil from Russia, saying it must source crude oil from wherever it is available at a cheap rate. China also continues to buy oil from the Middle East as well as Angola and Brazil, although in July, Russia remained its top supplier for the third month in a row. From March to May, China bought 14.5 million barrels of oil, which marks a three-fold increase from the same period last year. Portal Plus reported quoting Asia Times that prices for global oil had collapsed by more than 60 per cent since the start of 2020 due to the one-month-long oil price war between Russia and Saudi Arabia, the world's second and third largest oil producers. The adverse impact of the Covid-19 pandemic on the had knocked oil prices and futures contracts down to levels not seen in decades. Under the current scenario, diplomatic relations between Russia and China are getting stronger by the day as Russia has been becoming totally dependent on China. The reason why China has become so crucial for Russia is the fact that the bulk of Western sanctions has left Moscow with no other option than allow China in becoming its largest market, Portal Plus said quoting Ukrainian analysts. China's imports from Russia have jumped a record 80 per cent in May last year, Portal Plus quoted Oksana Lesnyak, Head of the Asia-Pacific Bureau of the Kyiv-based Center for Global Studies Strategy XXI However, China too is experiencing financial difficulties due to its COVID-19 lockdowns and property crisis. So, if it gets an opportunity to fill in its soil reserves by purchasing cheaper oil, it will definitely use that opportunity. ""Lots of these things can be done more constructively behind the scenes than in the limelight"", Portal plus quoted China expert Victor Gao, a professor at China's Soochow University and vice president of the Center for China and Globalization as saying. ""As this relationship develops, Russia's position will become weaker, hence China will be pushing for higher discounts on Russian oil and gas exports"", he added. The is expected to impose further"
"""As this relationship develops, Russia's position will become weaker, hence China will be pushing for higher discounts on Russian oil and gas exports"", he added. The is expected to impose further sanctions on Russia in the coming December. It is expected to include a ban on insurance for tankers transporting Russian oil. A price cap on Russian oil is also expected later, reported Portal Plus. So, the situation provides China with an upper hand while negotiating oil prices with Russia and demand more discount on oil and it will ensure grabbing the opportunity with both hands. Read More:"
"Red Sea Crisis: No disruption in oil flows to India, only freight up: HPCL head The ongoing attacks on shipping vessels by militants in the Red Sea have not impacted the flow of crude oil to India but freight has gone up due to rerouting via the , (HPCL) chairman said. India, the world's third-biggest oil importer, gets a bulk of its Russian supplies through the Red Sea. Russian supplies made up for over 35% of India's total crude imports in 2023, amounting to 1.7 million barrels per day. Russian ships and cargoes are not being prime targets of the attacks at this stage however rerouting of ships around the southern tip of Africa instead of transiting through the and Red Sea has led to ships taking longer voyages, resulting in the shortage of ships and rise in freight charges. In a post-third quarter earnings call with investors, Joshi said HPCL has tied up crude oil supplies till mid-April and it does not see any supply disruptions. HPCL meets 44-45% of its crude oil needs on term contracts with national oil companies such as those in Saudi Arabia and Iraq. The remaining is on the spot or from the current market, he said. ""Term crude has not been impacted (due to the ),"" he said, adding the spot imports are on DES basis where the shipping is arranged by the supplier. ""The spot supplies too are not impacted."" HPCL, he said, has ""already tied up crude requirements till fiscal year end (in March) and the first couple of weeks of April."" ""Crude oil supplies have not seen any disruption as of now. This has definitely impacted the freight rates and freight rates have travelled northward."" Spot imports include opportunity crude such as Russian oil which is sold at a discount because some western nations have shunned it due to Moscow's February 2022 invasion of Ukraine. ""So far as supply is concerned, I am quite confident that supply requirements are being met. We also have to see how this situation unfolds in the next few weeks, basis that we will have to take a call but as far as the procurement side is concerned, I am already in a comfortable situation till March 31 and two weeks of April,"" he said. Joshi said HPCL has tied up both term and spot supplies including opportunity crude till mid-April. ""We are not experiencing any disruption there."". On Russian imports, he said Russian oil made up for 30% of all crude oil imported by HPCL in 2023. While the supplies are not being impacted, the rerouting of ships could inflate insurance costs and crimp refining margins. Shippers are avoiding the Red Sea and Bab al-Mandab Strait after a US-led coalition struck Iran-backed Houthi militants in northern Yemen. This however has impacted diesel exports to Europe. Longer voyages have hit diesel cargo cost, which has increased by USD 850,000-1 million. Due to the rerouting of a voyage through the Cape of Good Hope instead of going through the Suez Canal, shipments from India to the US will take an additional 10-14 days, while shipments from Europe/the"
"to the rerouting of a voyage through the Cape of Good Hope instead of going through the Suez Canal, shipments from India to the US will take an additional 10-14 days, while shipments from Europe/the Mediterranean will take 20-25 days."
"Second-hand markets in adjoining states, lack of parking spaces behind Delhi vehicle thefts: Police Non-availability of , casual attitude of owners towards anti-theft precautions and accessibility of second-hand markets in neighbouring states are among the major factors responsible for motor vehicle thefts in the capital, according to police. data showed that during the year 2021, a total of 36,177 were reported as against 33,128 in 2020. The decrease in motor vehicle theft cases in 2020 can be attributed to the coronavirus pandemic. According to police, a majority of the vehicles stolen are two-wheelers since they easy to break while cars have more high-tech security systems that are difficult to crack. Among the , 26,432 were two-wheelers, 6,441 cars and 3,304 others. A total of 4,431 stolen vehicles were recovered and 5,717 auto-lifters arrested in 2021 as against 3,922 vehicles recovered and 4,888 auto-lifters arrested in 2020, the data cited. The police officials said non-availability of parking places in residential and commercial areas of the national capital is among major factors responsible for motor vehicle thefts. Among other factors, the police said, there is a casual attitude of owners towards anti-theft precautions and parking safety. Even lagging behind in full implementation of High Security Registration Plates (HSRPs) that facilitates quick changeover to fake number plates is also an important factor contributing towards motor vehicle thefts, the police officials cited. They said second-hand markets in other states and cities play a major role in sale and salvaging of stolen vehicles and their expensive parts. The senior police officials cited that these vehicles, stolen from , are found disposed of in Uttar Pradesh, Bihar, West Bengal, Jammu and Kashmir, northeastern states and neighbouring countries of Nepal and Bangladesh. To check the rise in motor vehicle theft cases, the police started identifying the affected places and vulnerable time zones for proper deployment of staff in these areas. ""We also deployed barriers and nakas in affected and vulnerable areas to prevent motor vehicle thefts. Manufacturers were impressed upon for installing anti-theft devices at the factory and showroom stage,"" said the traffic police officials. The police said they have also kept computerized record of stolen vehicles, parking attendants are regularly sensitized, coordination with insurance agencies. To create awareness among public through educational literature on preventive measures and educational advertisements in newspapers and FM channels, police said. Also Read:"
"Tesla steps to revive India plans for projected capacity expansion A senior delegation, mostly from its supply chain function, met the Union officials in New Delhi, and, it is believed, executives of a Mumbai-based EV manufacturer, over a two-day visit last fortnight, according to a business daily. Tesla's tryst with has been on and off for over two years. In May last year, the Elon Musk-founded company decided following rounds of talks, letter exchanges with the government, and a plethora of tweets from Musk to shelve its India plans after it failed to convince the government to reduce high import duties so that it could test the waters by importing completely built units (CBU) cars. Faced with tough opposition from Indian car makers, who contended that such a reduction would be unfair when there is a high localisation threshold for domestic competitors, the government asked Tesla to assemble the cars (completely knocked down or CKD operations) in India rather than import them from China as other global car companies such as Hyundai and Mercedes Benz were doing. The EV maker also failed to extract concessions for single-brand Tesla showrooms. This time, multiple sources aware of the discussions said rather than CBU duty reductions, the Austin, Texas-headquartered multinational is looking for long term stability and clarity in the tax regime before investing in a CKD assembly plant. A CKD assembly makes the car far more affordable, since the duty is only 10% against 70% on the cost, insurance, and freight (cif) value of an imported car t of less than USD 40,000 and 100% on imported cars above USD 40,000. It is also looking at expanding its component supply chain from India and a possible lithium-ion battery unit. The India rethink is the result of Tesla's plans to make 20 million electric cars a year by 2030, an exponential jump from 1.3 million sold last year. Musk has also stated that to reach this goal it will require ten to a dozen-odd gigafactories around the world- from just five located in the US, China, and Germany. Tesla is also, like other multinationals, looking to hedge its heavy dependence on China both for production and sales. Last year, half of its cars were made in its Shanghai plant, and China accounted for one third of those sales. In a recent interview, Musk said the decision on new locations would be taken by the end of the year and when queried specifically on whether Tesla was interested in India for the new factory he quipped ""definitely."" The same report mentioned that Tesla's search for new assembly destinations is also driven by the fact that it is planning a compact EV, priced at half its best-selling Model 3, or around USD 25,000 (with CKD duty that would be less than 25 lakh). The market for this car would be in Asia and Latin America, 3 where governments are pushing for aggressive electrification. Tesla has to do cost engineering, not feature engineering, which is what it is used to doing. Global manufacturers such"
"Latin America, 3 where governments are pushing for aggressive electrification. Tesla has to do cost engineering, not feature engineering, which is what it is used to doing. Global manufacturers such as Daimler and even others have tried to do it but failed,"" a senior executive of a leading automaker with EV plans, said, adding, ""But if it does, competition in India will be more interesting."" Tesla can leverage India's attractive large component base in the country to localise and pare prices further. A veteran in the car business who has run South Korean auto giants estimates that building an assembly plant would not require more than USD 100 million and they can easily buy global supply chain tyres, seats and other components from India where it is already a global player. The company already sources differential gears from Sona for the globe and other components from Sandhaar's Mexico unit. But India has competition, South Korea being a front-runner. It has a large domestic market, is accelerating towards EVs, has an FTA with the US and access to fast growing East Asian markets. In April, South Korean president Yoon Suk Yeol met Musk in Washington at the latter's request to set up a gigafactory in the country, and the Korean government is on record on its intention to offer Tesla major concessions. Then there is Indonesia, where Tesla has been looking at setting up a battery and EV plant leveraging the huge availability of local nickel mines, a key raw material for batteries that it wants to secure. In Mexico it has already announced its sixth gigafactory. So what does India offer? The Indian luxury car market is very small at around 37,000-38000 ICE (internal combustion H engine) cars, which grew at over 50 per cent in 2022 over the previous year, much quicker than the overall market. But in 2022, only 40,000 electric cars were sold, mostly by Tata Motors. But analysts suggest that the nature of this market could change dramatically in three or four years with car makers from Hyundai, M G Motors, Volkswagen, Tatas, Ola Electric, BYD, and Volvo lining up launches. Some 10% to 15% of the 3.8 million car market would be electric, still less than the government's target of 30 per cent, but reasonable enough to attract new investment. Tesla could also negotiate with the government for the production linked incentive (PLI) scheme for electric vehicles and components by tying up with component makers and making India a hub for its global supply chain. Ahead of that, however, the government has requested the Tesla team to talk to successful global players who are making India into a manufacturing base. It will also have to rebuild its India team since most of those involved in the earlier proj- ect earlier have left or moved to the US. Starting from scratch, Tesla could learn from the experience of Apple, which was initially snubbed by the government for its proposal to sell second-hand refurbished mobiles in India. Since then, after months of tough"
"Tesla could learn from the experience of Apple, which was initially snubbed by the government for its proposal to sell second-hand refurbished mobiles in India. Since then, after months of tough negotiations, it has become a model of the PLI scheme. Source: Business Standard"
"Tesla blamed drivers for failures of parts it long knew were defective Shreyansh Jain was ecstatic in March when he picked up his first , a brand-new 2023 . He used a sizable chunk of family savings to buy it with cash. ""We were over the moon!"" said Jain, an electronics engineer in Cambridge, England. His exuberance came to a ""grinding halt"" one day later, with 115 miles on the odometer, Jain told Reuters. As he drove with his wife and three-year-old daughter, he suddenly lost steering control as he made a slow turn into their neighborhood. The vehicle's front-right suspension had collapsed, and parts of the car loudly scraped the road as it came to a stop. ""They were absolutely petrified,"" Jain said of his wife and daughter. ""If we were on a 70-mile-per-hour highway, and this would have happened, that would have been catastrophic."" The complex repair required nearly 40 hours of labor to rebuild the suspension and replace the steering column, among other fixes, according to a detailed repair estimate. The cost: more than USD 14,000. refused to cover the repairs, blaming the accident on ""prior"" suspension damage. Jain is one of tens of thousands of Tesla owners who have experienced premature failures of suspension or steering parts, according to a Reuters review of thousands of Tesla documents. The chronic failures, many in relatively new vehicles, date back at least seven years and stretch across Tesla's model lineup and across the globe, from China to the United States to Europe, according to the records and interviews with more than 20 customers and nine former Tesla managers or service technicians. Individual suspension or steering issues with Teslas have been discussed online and in news accounts for years. But the documents, which have not been previously reported, offer the most comprehensive view to date into the scope of the problems and how Tesla handled what its engineers have internally called part ""flaws"" and ""failures."" The records and interviews reveal for the first time that the automaker has long known far more about the frequency and extent of the defects than it has disclosed to consumers and safety regulators. The documents, dated between 2016 and 2022, include repair reports from Tesla service centers globally; analyses and data reviews by engineers on parts with high failure rates; and memos sent to technicians globally, instructing them to tell consumers that broken parts on their cars were not faulty. Neither Tesla nor top executive responded to detailed questions for this article. Musk has acknowledged some build-quality problems with Teslas in the past, particularly the entry-level Model 3. But he also says his cars have no peer. ""We make the best cars,"" he said of Tesla at a New York Times event last month. ""Whether you hate me, like me or are indifferent, do you want the best car, or do you not want the best car?"" Tesla's handling of suspension and steering complaints reflects a pattern across Musk's corporate empire of"
"me, like me or are indifferent, do you want the best car, or do you not want the best car?"" Tesla's handling of suspension and steering complaints reflects a pattern across Musk's corporate empire of dismissing concerns about safety or other harms raised by customers, workers and others as he rushes to roll out new products or expand sales, Reuters has found. A Reuters investigation in November documented at least 600 injuries at rocket-builder SpaceX, where employees described a culture of rushing dangerous projects with little regard for workers' safety worries. In July, the news agency revealed how Tesla had created a secret team to suppress thousands of customer complaints about poor driving range. The report, which found that Tesla rigged an algorithm to inflate its cars' in-dash range estimates, sparked a federal investigation. Late last year, Reuters exposed how hurried experiments at Musk's brain-chip startup, Neuralink, resulted in the unnecessary suffering and deaths of laboratory animals, despite objections from workers seeking to protect them. Neither Musk nor any of his companies commented for these reports. But he recently lashed out at critics of his social-media company, X, formerly Twitter, which has seen its revenue and market value plummet since Musk bought the firm for USD 44 billion about a year ago. At the live Times event, he went after advertisers who boycotted X over Musk's endorsement of an antisemitic post on the social-media site. ""Go fuck yourself,"" the billionaire told companies who pulled their business. Unlike traditional automakers, which use independent dealers to sell and repair vehicles, Tesla sells directly to customers and owns and operates a large portion of its service centers. That gives the automaker extraordinarily detailed real-time visibility into parts failures, repairs and warranty claims, which Tesla engineers meticulously tracked and analyzed for years, the company records show. Yet the company has denied some of the suspension and steering problems in statements to U.S. regulators and the public - and, according to Tesla records, sought to shift some of the resulting repair costs to customers. Tesla has blamed frequent failures of several parts on Tesla owners, alleging they abused the cars, according to interviews with former service managers, company records and a 2020 Tesla letter to the U.S. National Highway Traffic Safety Administration (NHTSA). In other cases, the automaker charged customers with out-of-warranty cars to replace parts that Tesla engineers internally called flawed or that they knew had high failure rates. Engineers ordered repeated redesigns for several parts and discussed seeking money back from suppliers because of the defects. The records reveal persistent problems with low-tech suspension connections, such as upper and lower control arms, and fore and aft links. These parts are relatively inexpensive for Tesla and largely invisible to most consumers. But they play a"
"suspension connections, such as upper and lower control arms, and fore and aft links. These parts are relatively inexpensive for Tesla and largely invisible to most consumers. But they play a critical role in safely connecting a car's axle and wheels to its body and steering apparatus. Two more complex and expensive parts also frequently failed: half shafts - the left and right drive axles - and steering racks, which often needed replacing after sudden power-steering outages that some Tesla owners said nearly caused accidents. One driver said in an interview that his brand-new 2023 Model Y jerked to the right when the power-steering suddenly failed at speed, nearly putting the vehicle into a ditch. At least 11 drivers told Tesla a crash was caused by a failure in the suspension, steering or wheel assembly, company records show. Those accident claims, which have not been previously reported by the media, were recorded by Tesla staff between 2018 and 2021 and assigned to engineers or technicians for review. In April 2021, the owner of a 2020 Model 3 with less than 15,000 miles on the odometer, went to a Tesla repair center in Brooklyn, New York, after an accident. The technician's summary: ""Front wheel fell off while driving on Autopilot at 60 mph,"" referring to Tesla's automated driving system. The wrecked car was sold, without the front wheel, in November 2021, auction records show. The following month, another owner of a 2020 Model X in Madrid reported a wheel falling off while driving, the records show. Neither driver is identified in the records, which also do not detail how Tesla responded. The suspension collapse in Jain's car fortunately occurred at low speed. It was nonetheless shocking in a car he had owned for less than 24 hours. The automaker told him the suspension collapse was caused by the separation of a lower control arm from the steering knuckle, which connects to the wheel assembly. Jain expected Tesla to cover the damage. A Tesla Service representative had texted Jain that an initial inspection found ""no evidence of any external damage"" that caused the incident and implied Tesla would pay for the repairs, according to a copy of the text Jain provided to Reuters. About a week later, Tesla sent Jain a letter denying responsibility, saying it had inspected the vehicle and determined that the cause was ""a prior external influenced damage to the front-right suspension."" Jain said he was the only driver of the car during the one day he owned it and hadn't had an accident before the suspension failure. ""I was like, 'Bloody hell, how can metal just snap like that when I know for sure the car has not hit anything?'"" he said. The repair took about three months. Jain paid a deductible of about USD 1,250 to have the work covered by his insurance company, which after the claim hiked his rates sharply on another car he owned, he said. Fed up with the ordeal, Jain sold the repaired Tesla - for about USD 10,000 less than the USD 55,000 he paid"
"company, which after the claim hiked his rates sharply on another car he owned, he said. Fed up with the ordeal, Jain sold the repaired Tesla - for about USD 10,000 less than the USD 55,000 he paid for it. ""I lost complete confidence in the car,"" he said. RECALLING PARTS IN CHINA - BUT NOT IN THE U.S. The Tesla records reveal the company's extensive knowledge of systemic suspension and steering problems, even as the company denied some of the same problems to regulators and customers who expected the company to pay for repairs. One especially problematic part was the aft link. A series of 2016 suspension failures in China bears striking similarities to the incident with Jain's car seven years later. Some of Tesla's earliest China customers told the automaker that a front wheel had collapsed while turning at low speeds on its Model S luxury sports car, Tesla's first mass-produced vehicle. The front aft link, an aluminum-alloy suspension arm, had snapped, Tesla engineers found, according to company records that documented half a dozen such incidents. Between 2016 and 2020, Tesla resolved about 400 complaints involving aft-link failures in China, according to a former Tesla employee with direct knowledge of the matter. The company fixed cars under warranty or by making so-called goodwill repairs for out-of-warranty vehicles, the former employee said. Tesla redesigned the part four times because the initial revisions did not fully fix the problem, the automaker's records show. ""The collapse of the suspension is terrifying to the customer,"" Riccardo Dong, a Tesla engineer then based in China, wrote in 2016 on the company's troubleshooting platform. ""Many owners are asking for a recall."" Dong did not respond to a request for comment. Tesla delayed a recall for four more years, until Chinese regulators pushed for one. China's State Administration for Market Regulation, in a statement, cited a ""risk of accidents"" in extreme cases of the aft-link part failure. Yet the automaker never recalled the part in the United States and Europe despite reports of frequent failures globally. Tesla told U.S. regulators the failures were caused by ""driver abuse."" The company also instructed service centers, in a February 2019 ""talking points"" memo, to use the same explanation with customers experiencing aft-link failures. They were told to blame ""vehicle misuse,"" such as ""hitting a curb or other excessive strong impact."" Tesla uses the terms ""abuse"" and ""misuse"" in the conditions of its warranty contract language that allow the automaker to decline claims for repairs or damage. Tesla employed this deny-and-delay strategy as its ballooning costs of warranty repairs threatened the company's profitability at a critical juncture - when investors were scrutinizing its long-term prospects. During the fourth quarter of 2018, Tesla paid nearly USD 500 for repairs, on average, for every Tesla in operation at the time, service engineers were told in a series of memos. In total,"
"prospects. During the fourth quarter of 2018, Tesla paid nearly USD 500 for repairs, on average, for every Tesla in operation at the time, service engineers were told in a series of memos. In total, an April 2019 memo noted, Tesla's repair business lost USD 263 million in the quarter because of the high volume of warranty and goodwill repairs. For comparison, that was nearly double Tesla's quarterly profit of USD 139 million. Some U.S. customers with out-of-warranty cars paid more than USD 1,000 to repair aft links, and Tesla records show many European customers were frustrated at paying for replacements. Tesla's basic U.S. warranty lasts four years or 50,000 miles, and coverage is similar in most other markets. Tesla has also fought in court to avoid making repairs to suspension parts, including control arm assembly components. The automaker scored a recent victory in a prospective class-action lawsuit alleging Tesla was aware that Model S and X cars made from 2013 to 2018 had a ""suspension defect,"" yet refused to cover repair costs, even for vehicles still under warranty. A federal judge in California dismissed claims from one plaintiff in January 2023, ruling he had failed to show Tesla ""knew or should have known"" of an alleged defect in his car. The class-action lawsuit, however, didn't cite the Tesla records Reuters reviewed for this article. The other two plaintiffs voluntarily dismissed their claims without prejudice, which could allow them to refile a similar case later. Tesla has had nine recalls in the United States for steering and suspension issues since 2018, NHTSA records show. Most affected a relatively small number of vehicles. The largest was in 2018, to replace steering-rack bolts on more than 70,000 Model S vehicles because of the risk that corrosion could cause a loss of power steering. Tesla engineers were still examining the aft-link failures as recently as 2022, company records show. In February of that year, one company data review noted that the multiple revisions to the part, over several years, had finally fixed all ""major flaws."" Earlier, in April 2019, Netherlands-based Tesla Product Support Engineer Ralf van Gestel presented findings on the aft-link issue in an analysis. He found Tesla had spent nearly USD 4 million on suspension warranty repairs globally for models S and X over the previous 12 months. Aft-link failures, often on cars less than two years old, accounted for the largest portion, USD 1.3 million. In the 12 months before van Gestel's analysis, Tesla had replaced about 11,000 of the parts, about two-thirds of them under warranty, the data collected by van Gestel showed. In September 2020, Tesla engineers in Europe examined the long history of aft-link failures. Valentin Oetliker, an engineer and company intern based in France, expressed alarm that the part had a ""high failure rate"" despite a redesign. In an analysis written for other engineers, he noted that many customers were dissatisfied at paying for"
"based in France, expressed alarm that the part had a ""high failure rate"" despite a redesign. In an analysis written for other engineers, he noted that many customers were dissatisfied at paying for the repairs in newer vehicles. At the time, about 5% of the 12,858 Model S and Model X vehicles on the road in Tesla's southern Europe and Middle East markets had needed repairs because of aft-link failures, according to a Reuters calculation of the data reported by Oetliker. Oetliker did not comment. That same month, in a September 3, 2020, letter to U.S. regulators, Tesla denied there were any defects with the same aft links that its engineers had determined were flawed. It told NHTSA it would not recall the part for U.S. customers, despite its recall of the same part the month before in China. The company told NHTSA it had voluntarily recalled the aft link and another suspension part under pressure from China regulators, even though it disagreed with their assessment, because fighting them presented a ""heavy burden."" At the time, Tesla was looking to ramp up production at its newly built Shanghai Gigafactory, which would become the world's most productive and profitable electric-vehicle plant. By contrast, Tesla took a firm stance with U.S. regulators. ""There is no defect in the subject components and no associated safety risk,"" a senior Tesla lawyer wrote to NHTSA, again blaming owners: ""The root cause of the issue is driver abuse."" The letter cited a drastically lower failure frequency than the 5% failure rate for the aft link in the markets that Oetliker analyzed. Addressing both aft links and the other part it recalled in China, a rear suspension upper link, Tesla told NHTSA: ""The occurrence of such failures in China (approx. 0.1%) and elsewhere (less than 0.05%) remains exceedingly rare."" NHTSA has not ordered Tesla to take any action on the parts the company recalled in China. The agency has not explained why. The U.S. safety regulator, however, has since 2020 been investigating a similar front suspension part known as a fore link, and its risk of breaking, in models S and X. The agency has said it received dozens of complaints about the part breaking, including several about failures happening at highway speeds. NHTSA confirmed to Reuters it was investigating the fore link. The agency also launched a probe into power-steering outages in July. NHTSA declined further comment on both inquiries. In July 2021, Henrietta Wooten, a retiree outside St. Louis, was backing her 2015 Model S out of the driveway when she heard a ""screeching noise"" and a ""big old thump,"" she said in an interview. The wheel had collapsed after a break in the fore link that NHTSA is investigating. The repair cost her about USD 980. In March, the agency asked Tesla for more information on fore-link failures, including any reports of fires related to the part breaking. Such a part failure could cause a fire if the battery, which is embedded in the floor of Tesla vehicles,"
"on fore-link failures, including any reports of fires related to the part breaking. Such a part failure could cause a fire if the battery, which is embedded in the floor of Tesla vehicles, scrapes the ground, said Michael Brooks, executive director at the Center for Auto Safety, a consumer advocacy group. Suspension parts are critical for safety because a failure ""pretty much means that your car is going to have some sort of loss of control and a much higher chance of a crash,"" Brooks said in an interview. Tesla owners have filed about 260 complaints with NHTSA over suspension and steering problems this year, compared to about 750 for General Motors and 230 for Toyota. That makes Tesla's complaint rate far higher when considering the number of GM and Toyota vehicles on the road. GM has a 21% share of U.S. cars in operation; Toyota, 15%. Tesla's share: less than 1%, according to data analytics firm Experian. TROUBLE IN NORWAY When Tesla engineer van Gestel examined common suspension problems, he found control-arm failure failures had been the second-most expensive failure for the automaker in the 12 months preceding April 2019. Control arms on the Model X had failed more than 3,000 times during that period, despite a redesign of the part. The engineer found that front upper control arms in models S and X were prone to early failure, with most replacements happening within 2-1/2 years of ownership, he said in a report for Tesla engineers. Van Gestel recommended ""next steps,"" including ""improve quality"" of the part and ""charge back supplier"" for the failures. The records do not make clear whether Tesla ever received any money back from suppliers. Van Gestel did not respond to a request for comment. The control-arm problem continued for years, across Tesla's model lineup. The automaker replaced front upper control arms on about 120,000 cars globally from January 2021 through March 2022, according to a Reuters analysis of repair records included in the Tesla documents. Most of the replacements came on the Model 3, Tesla's least expensive vehicle. Many of the customer complaints were for noise. Tesla paid for most of the 120,000 vehicles repaired under warranty, but owners with older cars also paid for 31,000 repairs, the Reuters analysis showed. An upper control arm can cost about USD 90 on a Model 3 and more than USD 280 for a Model X, according to invoices provided by customers. That doesn't include labor, which can run USD 200 an hour or more for a Tesla technician. Such suspension defects are rare on relatively new cars, said David Friedman, former acting NHTSA administrator under the Obama administration. ""You certainly shouldn't be expecting suspensions to fail within the first few years of owning a vehicle,"" Friedman said in an interview. Former service managers and technicians in Norway, the country with the most Teslas per capita, said in interviews that they were inundated with angry customers complaining of early control-arm failures. They"
"managers and technicians in Norway, the country with the most Teslas per capita, said in interviews that they were inundated with angry customers complaining of early control-arm failures. They said that tension increased as the automaker, starting in 2017, told service employees to push the cost of the frequent and repeated failures onto customers to cut warranty and goodwill repair costs. One manager said he was forced out after resisting the company's push to blame customers for the failures of faulty control arms. ""I said: 'Now, we have to quit talking bullshit,'"" he recalled. A service technician said he started in 2018 and quit a year later over the issue. ""I wasn't doing anything else than just constantly changing those control arms,"" he said. One senior manager defended the company's push to cut costs, saying some service managers were giving away repairs in Norway at a rate that would ""bankrupt any company."" 'WOMP-WOMP-WOMP' The problematic control arms and links were cheap and simple parts. But two more complex and expensive Tesla components - steering racks and axle half shafts - also frequently failed on newer vehicles. Trace Curry had a slew of problems with his 2016 Model X. After paying about USD 110,000 for the vehicle, the Cincinnati surgeon had to replace the control arms twice, once under warranty and once at his own expense. Later, after the four-year warranty ran out, he paid about USD 10,000 more out of pocket for suspension and drive-axle parts that failed, according to invoices Curry provided to Reuters. In 2018, Curry had to replace both front half shafts, the left and right drive axles that connect to the wheels, under warranty. Then he had to pay about USD 1,500 last year to replace both of them again. When suspension parts rust or wear out, the first symptom can be an annoying squeak, frustrating some Tesla drivers who paid six-figure sums for a luxury vehicle that promised whisper-quiet, breakneck acceleration. ""It sounds like you're driving a jalopy from the 1970s,"" Curry said. ""It defeats the purpose of the high speed if you're afraid that your front wheels are going to fall off if you accelerate quickly."" Tesla tracked noise complaints on the new Model 3 in 2018 and 2019, company records show. Repair centers handled about 300 cases where owners who had half shafts or wheel hubs replaced reported a wide array of strange noises alerting them to the problem. The complaints included descriptions of ""clicking,"" ""clunking,"" a ""whir,"" a ""loud bang"" or a ""womp-womp-womp"" noise increasing with speed. In those 300 cases, Tesla tracked ""days to failure,"" the total number of days between the start of a vehicle's new-car warranty and a repair. The average was about eight months. When the half shafts failed in Curry's Model X, the SUV vibrated severely, especially under acceleration. He called the multiple replacements ""insane"" in a car that new: ""Have you ever heard of anybody having to replace the axles when you didn't have"
"SUV vibrated severely, especially under acceleration. He called the multiple replacements ""insane"" in a car that new: ""Have you ever heard of anybody having to replace the axles when you didn't have an accident?"" Tesla engineers heard about it quite a lot, company records show. One repair analysis showed the company replaced nearly 66,000 half shafts between January 2021 and March 2022. Customers paid for about 10% of those repairs. Lars Heykers, a senior technician in Belgium, wrote on a company messaging system in September 2021: ""We have a car which already had the newest revision of the half shafts 6 weeks ago, and the same issue has returned. Is there another fix for this or just replace them again?"" More than one engineer made a point of saying the issue had nothing to do with damage caused by customers. Engineer Anastasia Skolariki, who was troubleshooting repair problems and customer complaints for Tesla in Europe, wrote in May 2020 to other engineers and technicians that the problem was a design issue ""and not abusive behavior from the customer side."" The company needed to cover repairs for cars under warranty, she said, ""no matter how many times the vehicle comes to Service with the same issue."" Neither Heykers nor Skolariki responded to requests for comment. In 2019, a Tesla engineer in Shanghai flagged a failure on a brand-new Model S with 160 kilometers (99 miles) on it. The car's rear left half shaft had broken into three pieces when the owner stepped on the accelerator; one of the pieces pierced the electric-drive unit that powers the car. Another problem seen in brand-new Teslas: sudden power-steering outages. In May, less than two months after buying his 2023 Model Y, Jamie Minshall felt it jerk suddenly to the right while driving outside Portland, Oregon. A dashboard error message popped up: ""Steering assist reduced,"" indicating a loss of power-steering. Losing the power function makes the steering wheel suddenly more difficult to turn. ""Fortunately, I was able to hit the brakes quick enough and not go into the ditch, but, yeah, it was pretty terrifying,"" said Minshall, who has raced cars as a hobby. ""It tried to kill me."" In July, NHTSA began investigating power-steering outages in 2023 Model 3 and Model Y vehicles. Between late 2017 and early 2022, more than 400 Model 3 or Model Y owners told the automaker about power-steering failures, according to a Reuters review of customer messages sent through Tesla's service app. Some reported outages of other safety systems at the same time. The steering complaints accelerated in late 2021 and early 2022. One Tesla owner from Charlotte, North Carolina, who is not named in the Tesla records, reported to the automaker on Dec. 27, 2021: ""Our Model Y started to buck"" before power steering and stability control stopped working. Two weeks later, a Model Y driver near White Plains, New York, told service technicians: ""I cannot drive the car. None of the power functions work."" When NHTSA"
"and stability control stopped working. Two weeks later, a Model Y driver near White Plains, New York, told service technicians: ""I cannot drive the car. None of the power functions work."" When NHTSA started its investigation into power steering in late July, it did so on the basis of complaints from 12 drivers. Tesla had known of more than 30 times that number of complaints since 2017 on models 3 and Y, its records show. NHTSA declined to comment on whether Tesla had disclosed consumer complaints about power steering or safety incidents to the agency. Andrew Lundeen, of Santa Rosa, California, was driving his wife's 2018 Model 3 in August when he rode over a speed bump and lost power steering. Lundeen said in an interview that a Tesla service manager told him that a power-steering connector had corroded. The manager said the likely cause was a car wash, which he described as a known problem. Lundeen paid USD 4,400 to replace the steering rack and a wiring harness. ""This is the only car that I've ever heard of where a car wash can damage the wiring,"" Lundeen recalled telling the manager. Lundeen said he was so shocked by the manager's frank explanation of Tesla's part failures that he wrote it down: ""All I can tell you,"" the Tesla manager said, ""is we're not a 100-year-old company like GM and Ford. We haven't worked all the bugs out yet."""
"ElectricPe opens mobility centres in Bengaluru to ease EV ownership , a leading electric vehicle (EV) solutions player, has opened virtual and physical mobility centres to simplify . At these stores or via the ElectricPe App, customers can identify and test drive electric two-wheelers (E2Ws) from a wide variety of OEM brands before purchase, as well as choose charging solutions for their home or work. Customers can also take advantage of attractive subscriptions, financing options, and assistance with vehicle exchange, insurance, and registration at the mobility centres, the company said. The stores are now in Bengaluru, with more outlets planned for 2024. Additionally, with an EV purchase, customers will gain access to ElectricPe’s complete suite of services, including the setup of a charging point and access to ElectricPe’s dense across India, the company said in a media release. “Mass EV adoption still has two major problems – range anxiety, which we have solved with our dense charging network, and 200+ EV two-wheeler brands to choose from, which creates a lot of confusion. To alleviate consumer confusion, our mobility centres and online apps serve as educational hubs, empowering buyers to make informed decisions aligned with their specific needs,” Avinash Sharma, Co-Founder, and CEO of ElectricPe, said. “Our holistic approach, encompassing test rides, seamless vehicle exchange, access to the comprehensive ElectricPe bundle covering charging, battery ownership, insurance, and more, all under one roof, will be the differentiator,” he added. Co-Founder and CPO of ElectricPe, Raghav Rohila, said, “Our latest initiative will create the accessibility needed to make EV ownership easier, helping further the sector's growth. Additionally, all the offerings and services available in our stores are seamlessly accessible through the ElectricPe App and conveniently delivered to our customer's doorsteps. In just October, our mobility stores facilitated the sale of 6% of Bengaluru’s E2Ws, showcasing the positive impact of our efforts within the city.” In alignment with its commitment to drive widespread EV adoption in India, ElectricPe has established a holistic ecosystem dedicated to and customer support. With ‘The ElectricPe Mobility Center,’ the company aims to address and resolve buyers’ anxiety surrounding EV ownership. More details about the stores can be found at ElectricPe Shop, the release added."
"Uniform tax on small, big cars will not augur well for auto industry growth: Maruti Suzuki Chairman New Delhi: The regulatory burden is the highest on , a key segment of the Indian and having a uniform tax structure across all segments of vehicles will not augur well for the sector growth, according to India Chairman RC Bhargava. He also said India's economic growth rate could be higher if the manufacturing sector grows fast, which 'unfortunately' has remained a laggard despite the best efforts of the Narendra Modi-led government at the Centre due to implementation gaps at the ground level. ""The burden of regulatory changes on the small cars is far higher than the regulatory burden on big cars and that is changing the whole market behaviour. People who are buying small cars are not buying small cars in near the same numbers. Personally, I think it's not a good thing, either for the car industry or the country,"" Bhargava said in an interaction on Monday evening. For the healthy growth of the automobile industry, there must be a steady increase in the number of new customers in the car parc. The base of ownership of cars must be increasing every year. Only then when the whole pyramid becomes a larger one, which is able to balance itself, he added. ""I don't see that as becoming an inverted pyramid and the car industry becomes an industry where in India there is hardly any growth in the small segment and all the growth takes place in the higher segments. So, that factor has to be kept in mind, the regulatory effect on the car, and that's one argument for not having a uniform rate of tax on all small and big cars,"" Bhargava asserted. He was responding to a query on his views about having a uniform tax rate across all segments of automobiles. At present, automobiles are taxed at 28 per cent with additional cess ranging from 1 per cent to 22 per cent depending on the type of vehicle. Cars imported as completely built units (CBU) attract customs duty ranging between 60 per cent and 100 per cent, depending on engine size and cost, insurance and freight (CIF) value being less or above USD 40,000. Bhargava, however, said for electric cars, GST has been kept at 5 per cent ""whether it's a small electric car or big electric car. There's no differential tax rate there. So, there is already that uniform taxation happening"". He also lamented that the auto sector continues to be heavily taxed, which in a way has affected the growth of the industry. ""Throughout our history,"" he said all motor vehicles ""have been in the highest tax brackets"". In response to a query on the impact of clarification on the definition of SUVs for taxation purposes, he said it ""confirms that they should charge 22 per cent (cess) when four conditions are met, which puts it into the 50 per cent kind of tax bracket"". ""You can't grow an automobile industry with 50 per cent taxation. Where in the world has an industry like automobiles grown with 50 per cent taxation, but it's the wisdom of the"
"kind of tax bracket"". ""You can't grow an automobile industry with 50 per cent taxation. Where in the world has an industry like automobiles grown with 50 per cent taxation, but it's the wisdom of the policymakers and the political leadership,"" Bhargava noted. He said that compared to developed markets like and Japan, where per capita income is far higher, taxes on cars in India are much higher. ""Now, somebody needs to think about that, should cars be charged more than the average rate of taxation...? If it is, then we are, in some way, accepting the thing that cars or luxury products should be taxed more than non-luxury products, which is the old socialist way of thinking and taxation,"" he said. On the overall growth of the , he said India is doing well with ""a growth rate of nearly 7 per cent"" although next year it looks difficult to achieve that rate ""because there are too many international events, which are in the sense of negative headwinds for us or in the rest of the world"". ""The growth rate could be higher if manufacturing in India could grow fast. Unfortunately, manufacturing in India has still remained a laggard. Mr Modi has given great emphasis to a whole lot of reforms and changes have happened but for some reason, we are not able to make the sort of progress we should be making, something that we need to look at,"" Bhargava said. He pointed out that one of the main reasons for not achieving the desired growth in the manufacturing sector is due to the gaps in implementation at the ground levels despite the Centre pushing with policy reforms. At a time when India is looking to improve its economic growth, GDP and employment creation, manufacturing is a key input for that, Bhargava said. Also Read:"
"Maruti Suzuki Subscribe has over 10,000 customers New Delhi: has crossed the milestone of 10,000 new car Subscription sales since its inception in July 2020, signalling a growing demand for tailor-made car buying options. , Senior Executive Officer, Marketing and Sales, India Limited, said, “Since its introduction, the Maruti program has steadily been gaining acceptance among Indian buyers who prefer flexible buying and ownership experience. The model is gradually gaining momentum in the country, and most of the customers for us are based out of Delhi-NCR, Mumbai, Hyderabad, Chennai, and Bangalore. Interestingly, over 50% of the total Maruti Suzuki Subscribe customers have been added in the current financial year. This speaks volumes about the growing inclination of modern customers towards such ownership options. Additionally, Brezza, Baleno, Grand Vitara, and Ertiga are among the most popular subscribed models, accounting for over 53% of the overall subscriptions.” Introduced with the vision of providing flexible and hassle-free vehicle access to customers, Maruti Suzuki Subscribe has quickly gained traction in the Indian market. The service offers customers the convenience of driving a brand-new Maruti Suzuki car without the burden of ownership, including insurance, maintenance, and other associated costs, the company said. Currently offered through 5 partners, Maruti Suzuki Subscribe added 5,000 new customers in the current financial year and registered a growth of 44% in FY24 YTD over FY22-23 YTD. Notably, more than 65% of the subscriptions were from users opting for 3-4 years of tenure period. This further reinforces a growing acceptance of the subscription model among new-age customers who prefer flexible ownership options, the company said in a media release. Maruti Suzuki Subscribe is now available across 25 major cities including Delhi, Gurgaon, Noida, Ghaziabad, Faridabad, Bengaluru, Hyderabad, Pune, Mumbai, Navi Mumbai, Thane, Chennai, Ahmedabad, Gandhinagar, Jaipur, Indore, Mangalore, Mysore, Kochi, Kolkata, Chandigarh, Ludhiana, Lucknow, Nagpur and Visakhapatnam, in partnership with five subscription partners, the release said."
"Safeguarding connected cars from cybersecurity threats In an age where technology seamlessly integrates into various aspects of our lives, the concept of has become increasingly prevalent. These modern vehicles boast an array of features aimed at enhancing convenience, safety, and connectivity. However, along with these advancements comes the looming threat of cybersecurity breaches, which can compromise the safety and privacy of both the vehicle and its occupants. ""The automotive industry is witnessing a paradigm shift as vehicles become increasingly integrated with digital systems. With this evolution comes the pressing need for robust cybersecurity measures to safeguard against potential cyber threats. As vehicles evolve into sophisticated digital platforms, it’s imperative to stay ahead of emerging cyber threats,"" cybersecurity firm HackersEra's CEO Vikash Chaudhary said. Here are some essential strategies to fortify the security of your smart vehicle: Stay Updated with Software Patches and Updates: Just like any other connected device, smart cars require regular software updates to address vulnerabilities and patch potential loopholes. Manufacturers often release updates to mitigate newly discovered cybersecurity risks. Hence, it is crucial to stay vigilant and install these updates promptly. Implement Strong Passwords and Multi-factor Authentication: Many smart car features, such as remote unlocking and engine ignition, are accessible through mobile apps or web portals. To prevent unauthorized access, users should set robust passwords and enable multi-factor authentication wherever possible. This adds an extra layer of security by requiring additional verification steps beyond just entering a password. Utilize Secure Wi-Fi Networks: Smart cars often rely on Wi-Fi connectivity for various functions, including software updates and data transmission. However, connecting to unsecured Wi-Fi networks can expose the vehicle to potential cyber threats. To mitigate this risk, prioritize connecting to secure and trusted networks, such as those at home or reputable public hotspots. Disable Unnecessary Connectivity Features: While smart car features offer convenience and connectivity, not all of them may be essential for your needs. Evaluate the necessity of each feature and consider disabling any that you do not frequently use. By reducing the number of entry points for potential hackers, you can minimize the risk of cyber intrusions. Be Cautious of Third-party Devices and Apps: Accessories and applications designed to enhance the functionality of smart cars may inadvertently introduce security vulnerabilities. Before integrating any third-party devices or apps into your vehicle's ecosystem, conduct thorough research to ensure their legitimacy and security measures. Invest in a Comprehensive Cyber Insurance Policy: Despite best efforts, cybersecurity incidents can still occur. To mitigate the financial repercussions of potential cyber attacks or data"
"measures. Invest in a Comprehensive Cyber Insurance Policy: Despite best efforts, cybersecurity incidents can still occur. To mitigate the financial repercussions of potential cyber attacks or data breaches, consider investing in a robust cyber insurance policy specifically tailored for smart cars. Such policies can provide coverage for damages, liability claims, and recovery costs in the event of a security incident. Stay Informed and Educated: Cyber threats are constantly evolving, making it essential for smart car owners to stay informed about the latest trends and best practices in cybersecurity. Regularly educate yourself about potential risks and mitigation strategies through reliable sources such as manufacturer updates, cybersecurity forums, and industry publications. ""Car users can also opt for customised services like real-time monitoring and incident response, vulnerability assessments and cybersecurity consulting from specialised cybersecurity firms. These firms provide round-the-clock surveillance of automotive systems, enabling prompt detection and neutralization of cyber threats. They also conduct continuous assessments to identify potential security weaknesses in vehicle systems, followed by penetration testing to fortify defenses against cyber-attacks,"" HackersEra's CEO Vikash Chaudhary said. Enable Firewall and Intrusion Detection Systems: Utilize advanced cybersecurity tools such as firewalls and intrusion detection systems to monitor and filter network traffic entering and leaving the smart car. These systems can detect and block suspicious activities, thereby reducing the risk of unauthorized access and data breaches. Encrypt Data Transmission: Ensure that all data transmitted between the smart car and external devices or networks is encrypted using robust encryption protocols. Encryption scrambles the data, making it unreadable to unauthorized parties, thus safeguarding sensitive information from interception or tampering. Regularly Audit Connected Devices: Periodically audit and review the list of devices connected to your smart car's network. Remove any unauthorized or unrecognized devices to prevent potential security breaches. Additionally, consider implementing network segmentation to isolate critical systems from non-essential devices. Implement Physical Security Measures: In addition to cybersecurity measures, physical security also plays a vital role in protecting smart cars from unauthorized access. Store car keys and access devices securely, and avoid leaving them in easily accessible locations. Consider using physical locks or steering wheel locks to deter theft and unauthorized access. Monitor and Limit Data Collection: Be cautious of the data collected by your smart car's onboard systems and connected services. Review privacy policies and settings to understand what data is being collected, how it is used, and with whom it is shared. Opt-out of data collection practices that are unnecessary or intrusive to"
"Review privacy policies and settings to understand what data is being collected, how it is used, and with whom it is shared. Opt-out of data collection practices that are unnecessary or intrusive to maintain control over your personal information. Practice Safe Driving Habits: Encourage safe driving habits to mitigate the risk of cyber attacks targeting vehicle control systems. Avoid tailgating or aggressive driving, as these behaviors can potentially expose the vehicle to remote attempts. Additionally, remain attentive while driving and be mindful of any unusual behavior or malfunctions in the vehicle's systems. Report Suspicious Activity: If you notice any suspicious behavior or experience unusual system malfunctions in your smart car, report them to the manufacturer or authorized service center immediately. Prompt reporting can help identify and address potential cybersecurity threats before they escalate into more significant issues. While the integration of technology into automobiles offers unparalleled convenience and connectivity, it also exposes vehicles to cybersecurity threats. By implementing proactive security measures and staying vigilant, smart car owners can effectively safeguard their vehicles and personal data from potential cyber intrusions. Remember, the key to a secure smart car lies in staying informed, cautious, and proactive in addressing cybersecurity risks."
"UK seeks customs duty concessions on EVs in FTA with India The UK has sought customs duty concessions on exports of electric vehicles to India under the proposed free trade agreement ( ), which is under negotiations, an official said. However, the official said, no decision has been taken so far on the issue. There is a demand to provide concessions on a specified number of vehicles per year, the official added. The fast-growing is catching the eyes of global players. The UK is also looking at phasing out ICE (internal combustion engine) vehicles by 2035, and the British auto market is export-driven. According to experts, the UK's major export destination for vehicles is Europe, and they are looking to diversify their exports. ""The UK has sought concessions on electric vehicles from India as part of the ongoing free trade agreement negotiations,"" the official, who did not wish to be named, said. India's electric vehicles market is expected to grow to one crore units in annual sales by 2030 and create five crore direct and indirect jobs, according to the Economic Survey 2022-23. As per industry estimates, the total EV sales in India stood at around 10 lakh units in 2022. On the back of increasing EV demand, the Indian government is providing fiscal incentives to promote domestic manufacturing of these cars. It is also attracting US major Tesla to set up a plant in India. The government has rolled out production-linked incentives (PLI) schemes for advanced chemistry cell (ACC) battery storage with an outlay of INR 18,100 crore and INR 26,058 crore PLI scheme for auto, auto-components and drone industries. In India, is the leading player in passenger electric vehicles. The company's current EV portfolio comprises Nexon EV range, Tiago EV and Tigor EV. The negotiations for the FTA are underway, and both sides are discussing issues that are slightly complex in nature. So far, 13 rounds of talks have been completed. Issues under negotiation include social security pact, automobiles, medical devices, movement of professionals; rules of origin; intellectual property rights (IPINR ); duty concessions on electric vehicles, scotch whiskey, lamb meat, and chocolates; and liberalisation of norms in services sectors like banking and insurance. India and the UK launched the talks for a free-trade agreement (FTA) in January 2022, with an aim to conclude talks by Diwali (October 24, 2022), but the deadline was missed due to political developments in the UK. There are 26 chapters in the agreement, which include goods, services, investments and intellectual property rights."
"Complaints about car financing, insurance race up UK ombudsman's in-tray Britain's Financial Ombudsman Service ( ) said on Thursday that complaints about financing and insuring cars have spiked as claims management firms pile in with ""speculative"" claims that are mostly rejected. FOS, which handles complaints that people are unable to settle directly with a financial firm, said that in the second quarter of this year vehicle-related complaints shot up to become 25% of all cases, reaching a five-year high. There were 4,622 complaints about car hire purchase agreements, 1,569 about conditional sales, or where a customer owns the car after all payments are made, and 4,036 complaints about motor . ""Buying a vehicle can be costly and stressful, and we're now also increasingly hearing from people worried about whether they can pay their finance deals,"" Abby Thomas, chief executive and chief ombudsman at FOS, said in a statement. The vast majority of complaints about car finance agreements are being submitted by claims management firms, but the ""uphold"" rate for complaints from such firms is just 8%, compared with a 42% uphold rate when cases are brought directly by consumers, FOS said. ""While professional representatives can play an important role in resolving financial disputes, we're seeing too many speculative and poorly evidenced complaints,"" James Dipple-Johnstone, deputy chief ombudsman, said. The two other categories in the top five complaints were current accounts at banks - the most complained about product overall - and credit cards. FOS does not charge for handling complaints, but last week it launched a public consultation on new powers to charge claims management firms and other professional representatives."
"A second life for EV batteries? Depends how long the first is Global automakers have touted plans to re-use electric vehicle (EV) batteries when they lose power, but competition for battery packs and cell materials, and the appetite for affordable cars cast doubt on this part of the circular economy. An array of startups offers second-life energy storage using old EV batteries. But creating the viable industry envisioned by carmakers such as Nissan would mean fighting off competition from recyclers, refurbishers and the needs of drivers squeezed by the cost-of-living crisis. ""The assumption that EV batteries are only going to last eight-to-10 years and then owners will swap them out is just not true,"" , founder of consultancy Circular Energy Storage (CES), which tracks battery volumes and prices, said. ""It's going to be tricky to make second-life work."" While a possible solution for buses, trucks and other commercial vehicles, it will take longer for batteries from passenger cars to be re-used at scale. The second-life energy storage idea is in theory simple. As EV batteries' capacity falls below 80%-85% after eight-to-10 years of use, the theory goes, they will be repurposed to power buildings or even balance local and national energy grids. Investors believing in the circular economy, where products and materials are repaired and re-used, have provided around USD 1 billion in funding to nearly 50 startups globally, according to Reuters calculations. In addition, carmakers from Mercedes to Nissan have set up their own second-life operations. The problem is a lack of old EV batteries that shows no sign of easing. The rising average age of fossil-fuel cars on the road - now a record 12.5 years in the U.S. according to S&P Global Mobility - suggests many EVs will stay on the road for years to come even if their batteries are depleted. ""The 80% threshold is an arbitrary number that does not reflect the real-life usage of EVs,"" CES' Melin said. As EVs built a decade ago remain in use, , business development manager for automotive at German second-life battery startup Fenecon, said there was ""as good as no market for second-life batteries"" at present, although he predicts a ""tsunami"" of batteries within the next five years. TWICE THE PRICE OF NEW Competition from outfits using EV batteries to power anything from fossil-fuel classic cars to boats pushed prices to USD 235 per kilowatt hour in late 2022, according to CES - around double the price major carmakers pay for new batteries. The long-range Tesla Model 3 has a 75KWh battery pack. At that rate, it would cost USD 17,625 on the used market. Car and battery-makers increasingly offer energy storage systems using new batteries - from Tesla to the UK's AMTE Power and even Croatian electric sports car maker Rimac. Although more energy- and therefore carbon-intensive, recycling also presents another form of competition to re-use as demand for cell materials makes it economically compelling. ""The big"
"Rimac. Although more energy- and therefore carbon-intensive, recycling also presents another form of competition to re-use as demand for cell materials makes it economically compelling. ""The big question is, if you have pretty valuable raw materials in a battery and you ask 'how can I get the most out of it?' the answer is recycling might be better,"" said , head of sustainability at BMW, which has a second-life battery storage facility at its Leipzig plant. DEMAND SURGE Demand for used batteries for storage is likely to soar as intermittent renewable energy takes on a bigger role. By 2030 global battery capacity for grid storage could grow to 680 gigawatt-hours, from 16GWh at the end of 2021, the Paris-based International Energy Agency estimates. Britain alone pays around 1 billion pounds (USD 1.27 billion) annually to switch off wind farms when the grid does not need the power - there is no way yet to store it because of the battery shortage. It also often has to buy electricity from Europe when it has a shortfall. U.S. startup Smartville has found a solution in buying packs from EVs written off by insurers. Because they cannot assess the extent and cost of even minor damage to EVs batteries, entire cars, often with almost 100% battery capacity, have been scrapped. CEO Antoni Tong estimates over 1 GWh of salvaged batteries will hit that U.S. market annually by 2026. He said the company was trying to negotiate directly with insurers because refurbishers and overseas buyers often outbid it at salvage auctions for Tesla batteries. DISAPPEARING INTO THE WILD The biggest issue is people keeping their vehicles longer. , a resident of Coeur d'Alene, Idaho, illustrates the challenge. Last September, he became the third owner of a used 2011 Nissan Leaf he bought for USD 3,750. After 12 years' use, the electric car's driving range had fallen to 40 miles (64 km) from 120 miles. That was no problem for Rivera, who used it to commute 18 miles to work, forgoing the heater in the winter because it drained the battery. He has just sold the car for USD 3,000 to pay down credit card debt, but wants another used EV. ""That car handled 90% of my driving needs,"" Rivera said. ""If treated right, it should last another five, six years."" Even when their owners part with them, many cars simply disappear - in the UK, for instance, the figure is around 20% - and are often sold overseas. ""A Nissan Leaf that's been in the wild for 10 years - there's very limited visibility into where even is that battery?"" said Asad Hussain, a partner at Mobility Impact Partners, a private equity firm focused on transportation. ""How do you get it back?"" Commercial vehicles provide the best hope thus far for second-life batteries, industry officials said. London-based startup , for instance, teams up with bus companies wanting to go electric. They buy the buses, but Zenobe buys and manages the battery, then takes it for second-life energy storage. Since 2017, Zenobe has raised around USD 1.2"
"up with bus companies wanting to go electric. They buy the buses, but Zenobe buys and manages the battery, then takes it for second-life energy storage. Since 2017, Zenobe has raised around USD 1.2 billion in debt and equity funding. It owns 435 megawatt-hours of batteries in around 1,000 electric buses in the UK, Australia and New Zealand, which should grow to 3,000 buses by 2025. Founder Director said once Britain's 40,000 buses all go electric, they will have 16 gigawatt-hours of batteries on board - about one third of Britain's peak demand in 2022. ""That's a gigafactory on wheels waiting to happen,"" he said. (USD 1 = 0.7851 pounds) (Reporting by in London, Paul Lienert in Detroit and in Berlin, additional reporting by Daniel Leussink in Tokyo; editing by Ben Klayman and Barbara Lewis)"
"Indian refiners pay traders in dirhams for Russian oil NEW DELHI: have begun paying for most of their purchased via Dubai-based traders in United Arab Emirates instead of US dollars, four sources with knowledge of the matter said. While Western sanctions against Moscow are not recognized by , and purchases of Russian oil may in any case not violate them, banks and financial institutions are cautious about clearing payments so as not to unwittingly fall foul of the many measures imposed against Russia following its invasion of Ukraine. Indian refiners and traders are concerned they may not be able to continue to settle trades in dollars, especially if the price of Russian crude rises above a cap imposed by the Group of Seven nations and Australia in December. That has led traders to seek alternative methods of payment, which could also aid Russia's efforts to de-dollarise its economy in response to the Western sanctions. Previous attempts by Indian refiners to pay traders for Russian crude in dirhams through Dubai banks failed, forcing them to switch back to the US currency. But India's top bank, the (SBI), is now clearing these dirham payments, the sources told Reuters, providing details of transactions that have not previously been reported. The SBI, which has overseas branches including in the United States, did not respond to requests for comment. The prohibits any Western company, such as the insurance and shipping service providers that underpin much of global trade, from involvement in trading Russian crude if the purchase price is above $60 a barrel at the loading point in Russia. That remains the case even if the oil is bound for countries such as China and India which do not recognize the cap. The shift to dirham payments was also triggered by the SBI asking refiners looking to make dollar payments for Russian crude to provide a breakdown of the costs of the oil, freight and insurance, allowing it to vet trade and avoid violating the cap. ""The SBI is very conservative in its approach,"" one of the sources said, even though India does not follow the price cap mechanism and Western insurance and shipping are not used for delivery. Indian refiners typically buy Russian crude from traders at a price that includes delivery to India. An invoice for such a deal seen by Reuters showed traders asking for an average crude price including freight for Urals crude. The document calculated the price of the cargo in dollars and dirhams. The four sources said Indian refiners are buying Russian oil on a delivered basis to mitigate any risks arising during shipping, and so far the calculated cost at the point of loading has been below the price cap. Indian refiners mostly buy Russian crude from Dubai-based traders including Everest Energy and Litasco, a unit of Russian oil major Lukoil. Everest Energy and Litasco did not respond to requests for comment. India's oil secretary last month said Indian companies were not facing any problems in paying for"
unit of Russian oil major Lukoil. Everest Energy and Litasco did not respond to requests for comment. India's oil secretary last month said Indian companies were not facing any problems in paying for Russian oil as the latest actions by the West do not impact the trade settlement mechanism. Also Read:
"EV insurance market is expected to grow at a CAGR of over 40% New Delhi: The tectonic shift towards non-ICE (Internal Combustion Engine) vehicles in the market escalated the demand for electric vehicles (EVs) in India. Automobile manufacturers have accepted the transition (ICE to EV) with the launch of several models like Tata Punch.ev, Tata Tiago.ev, Volvo XC40, Mahindra XUV 400, MG Comet, and others. From approximately 2 lakh units sold in 2019 to 13 lakhs in 2023, the auto industry witnessed a commendable growth in EV sales. Generally, EVs consist of several components like electric motors, batteries, charging socket(s), and others, thus demanding more care and protection. In light of this many moving parts EV owners or potential owners should consider buying at least comprehensive EV insurance to keep their vehicles protected. However, one challenge is that for buying an EV insurance, owners need to shell out more money from their pockets than their counterpart conventional fuel vehicle owners. There are several Insurance companies providing insurance on EVs like , , , , and many more. As the world moves towards an eco-friendly mode of transportation, insurance on EVs can aid the owners in getting better coverage of their vehicles if any mishap occurs. The insurance coverage covers all the components of an EV during accidental damage. Non-accidental risks, such as damage due to electric surge or water ingress, which are traditionally excluded, can be included through optional add-ons. Insuring an EV differs from an ICE vehicle due to different mileage patterns and customer segments for EVs. Hence experts say that insuring an EV is costlier than similar ICE vehicles. “Variations in vehicle components, such as the heavier battery and the use of more plastics, along with differing manufacturing costs, directly impact the average size of insurance claims following an accident,” said Neel Chheda, Senior Executive Vice President & Head - Auto & Actuarial Analytics, TATA AIG General Insurance. Cost of EV insurance EV insurance coverage consists of several EV vehicle specific components like batteries, charging set-up, electric motors and others. Experts cite that insuring all of these EV specific components is riskier hence they charge a higher insurance premium than ICE vehicles. The cost of EV batteries accounts for nearly 60% of the total vehicle cost while the cost of the motor would vary based on the model of the vehicle. It may range from INR 20,000 (roughly for two wheelers) to INR 1,00,000 (roughly for four-wheelers). The service cost difference depends on various factors like periodic maintenance. For example, typical maintenance seen in internal combustion engine (ICE) vehicles like oil replacement etc. will not be applicable to EV vehicles. Hence, the normal service cost is nil in electric vehicles when compared to traditional ICE vehicles. However, as infrastructure for EVs expands, these costs are expected to decrease over time, says ,"
"the normal service cost is nil in electric vehicles when compared to traditional ICE vehicles. However, as infrastructure for EVs expands, these costs are expected to decrease over time, says , Head – Motor Product, Digit General Insurance. However, in the event of damage or flooding, it's important to note that most of the parts in an electric vehicle may not be repairable, requiring complete replacement. Expensive components and the need for specialized mechanical expertise in electric vehicles (EVs) generally lead to higher maintenance costs compared to internal combustion (IC) vehicles. IRDAI has stipulated a 15% discount on third-party premium for EVs and a 7.5% discount for hybrid vehicles, which makes it affordable to buy EV insurance. Before buying an insurance for EVs few key components should be noted such as coverage for EV components, repair cost, incentives, discounts, range of coverage, emergency services, and policy flexibility, , President Retail Business, HDFC ERGO General Insurance, told ETAuto. However, the higher purchase cost, increased probability of filing claims, and larger average claim size for EVs, compared to ICE vehicles within a similar segment, contribute to the elevated insurance costs associated with electric vehicles. It has to be noted that every insurance company would offer EV insurance at different costs due to their different add-on cover packages. Though they will cover similar risks and mishaps but the prices may vary across the insurance industry. Apart from taking a look at the insurance coverage, one should also evaluate the insurer based on various parameters like claim settlement ratio, customer complaints, online customer ratings, etc, before zeroing in on an insurer said, Mayur Kacholiya. Mayur Kacholiya further told ETAuto through a table how EV insurance is different from an ICE. Where he says EVs total premium to IDV cost (cost of premium as a percentage of total vehicle cost) also typically tends to be better in comparison to ICE vehicles. The same is illustrated in the illustration below: EV Insurance market growth The Indian EV insurance market in 2023 was around INR 1,000 crores when we talk about insurance premiums, according to industry sources. This figure reflects a substantial growth compared to the preceding years, indicating a positive trend in the EV insurance sector. “The is expected to experience significant growth in the coming years, as more people are switching to electric vehicles due to their lower carbon footprint and potential cost savings on fuel. With this shift, the EV insurance market is expected to evolve to meet the unique needs of electric vehicle drivers, and the market is likely to see continued growth in the coming years”, said Parthanil Ghosh. Talking about the growth of the EV insurance market in India, Chheda from TATA AIG said, it is expected to grow at a CAGR (Compound Annual Growth Rate) of over 40% in the future. However, it's crucial to note that this"
"of the EV insurance market in India, Chheda from TATA AIG said, it is expected to grow at a CAGR (Compound Annual Growth Rate) of over 40% in the future. However, it's crucial to note that this projection is contingent on the rate of EV adoption, as the growth rate is sensitive to the prevailing trends in electric vehicle usage in the country. Tata AIG aims to maintain a market share of around 8%-9% for EVs in 2024, aligning with their current market share in ICE vehicles. “As part of our strategic focus, we plan to prioritize and overweight our portfolio in favor of electric vehicles throughout 2024,” he added."
"Vision 2047: Mega plan for building highways soon India could soon roll out a new mega construction programme, in line with Narendra Modi-led NDA government , replacing Pariyojana to enhance connectivity in the country. The proposed programme will clearly spell out parameters for eligibility criterion of roads to be identified as a national priority coupled with changes in Model Concession Agreement for expeditious infrastructure creation and minimising contract disputes and litigation. ""Future projects will be awarded under a new scheme. It will be different from Bharatmala,"" a senior government official told ET. Contract changes in the works Besides the change in approach, tweaks in Model Concession Agreement (MCA) for all road building contracts are being readied to minimise contract disputes and litigation. ""We have studied court cases where government lost out to contractors. Provisions that were found to be unfavourable for government and driving unnecessary litigation will be plugged. The law will be tightened for better project implementation and ensuring better quality roads,"" a third official said. According to a proposal under consideration, there shall be no arbitration for a dispute involving a claim value up to INR50 lakh. Further, for cases involving higher amounts, neither government nor concessionaire shall be entitled for any pre-reference or pendentelite interest. In addition to this, it has also been suggested that insurance during the concession period (to compensate in cases of project failure) should also include the government arms as joint beneficiaries. Bharatmala progress According to official data, the country has been annually constructing over 10,000 kilometres of (NH) since the launch of Bharatmala in October 2017. The goal of the scheme was to build 74,942 kilometres (km) of NH, of which 34,800 km was approved as the first phase for development (till September 2022) against INR5.35 lakh crore investment. Further, contracts for 27,384 km of highways have been awarded under Bharatmala and the constructed length stands at 15,045 km. While the scheme successfully drove the country into a faster pace of highway construction, there have been concerns around escalated expenditure. BOT approach It is now expected that any remaining NH contracts awarded this fiscal will be under the Build Operate Transfer (BOT) model which entail negligible financial outgo from the exchequer. ""The Centre is giving an impetus to BOT projects about 11 stretches aggregating to INR22,000 crore have been put up for bids,"" said Jagannarayan Padmanabhan, Senior Director - Transport logistics and Mobility - CRISIL Ltd. Sector watchers say these BOT projects will help achieve the goal of awarding 10,000 kms of NH in the current fiscal."
"Red Sea disruptions ring India alarm bells The targeted strikes by the and the on militia have increased the worry for policymakers as the disruption around has now begun to impact supply chains apart from making shipping schedules erratic. While the commerce department is working on an inter-ministerial consultation next week to address some of the concerns and ensure that supplies are not affected, exporters said fears of an intensification of the tension in the area will increase costs. Oil prices went up by 2% on Friday with Brent crude futures edging past USD 79 barrel around 9.15pm India time, while US West Texas Intermediate crude futures rose to USD 73.53. Container rates have already soared with the benchmark Shanghai Containerised Freight Index rising 16% week-on-week to 2,206 points. The spot rates for a 20-feet container from Shanghai to Europe saw an 8% increase in a week to top USD 3,103. In India too, prices have gone up but there are other disruptions. For instance, a leading insurance company has stopped providing marine insurance. ""The government should impress upon companies to provide insurance as exporters can pay a higher premium. In the absence of a cover, they will have to send the goods uninsured,"" said Fieo director general Ajay Sahai. On the Amsterdam-Asia route, war risk premiums have increased, from 0.1% in early December to the current range of 0.5 to 0.7% and may go up further in case the tension escalates. A key problem that businesses are now facing is delays as ships are going around the Cape of Good Hope, which is taking longer and they have to sail for an additional 14 days or so. Sources added that the impact is likely to be more for the shipping lines that provide weekly container shipping service. They added that as only the detour of ships is taking around two extra weeks, it's natural that the services will be impacted and the less availability of containers will also be felt soon. Sahai said some of the shipping lines are not sticking to the schedule and are even unwilling to get a new date on when they intend to set sail. A longer sail time will also impact container availability in the market. Commerce department officials, who are keeping a close tab, said supplies haven't been impacted so far but there may be issues in case the problem persists. On Friday, Tesla announced a shut down of its Berlin plant from January 29 to February 11 due to delays in supply chains. According to estimates, around 10-15% of global shipping passes through the Red Sea and its vital link for commercial goods, including seaborne oil and LNG. Around 40% of Asia-Europe trade passes through this route."
"Russian insurance shores up oil exports to top buyer India are playing a growing role facilitating the country's shipments to India, its biggest buyer, data obtained from trade and shipping sources shows, helping to protect Moscow's export revenue despite western sanctions. Russian firms provided insurance cover for 60% of Moscow's oil cargoes to India in July, up from 40% in December last year, according to Reuters calculations based on the vessels' documents. By using n insurers, Moscow can sell the oil above a USD 60 per barrel price cap that the Group of Seven (G7), the European Union and Australia imposed aiming to limit Russia's oil revenue following its invasion of Ukraine. Over 60% of Russia's seaborne oil exports go to India. Western services such as shipping and insurance can only be used for Russian cargoes sold at or below the price cap. Russian companies providing the insurance for exports to India in July included , Rosgosstrakh, Alfastrakhovanie and VSK Insurance. Prior to the Ukraine war, shippers mainly used large western insurers for protection and indemnity (P&I) cover. Earlier this year, India extended approval to several Russian insurers for providing marine cover to tankers after state-run Russian National Reinsurance Company provided a financial guarantee. In July, India overtook China to become the top buyer of Russian oil, even with China receiving pipeline and seaborne deliveries. For seaborne cargoes alone, India has been the largest market for Russian oil since an EU embargo on Moscow's oil took effect in 2022. Russia's leading insurer Ingosstrakh was the largest insurance provider for tankers carrying Russian oil to India in July, the data showed. Ingosstrakh said in an email response to Reuters that its ""relations with India are long-term - the company has been present on this market since 1967"", adding that it was not able to assess its share or a share of Russian insurance of oil tankers supplying to India. Ingosstrakh also said that its entire shipping P&I portfolio accounts for less than 1% of its total premiums. Rosgosstrakh declined to comment. Alfastrakhovanie and VSK Insurance did not reply to Reuters' requests for comments. Insurance cover for the remaining 40% of tankers that shipped oil to India in July was provided by western companies. Russian insurance companies are mostly used by oil shippers with strong links to Russia, such as Russian shipping company . Shipping firms based in countries such as Greece, the United Arab Emirates and China more often use western insurance when transporting Russian oil, the data shows. While many western insurers withdrew from covering Russian oil shipments for fear of breaching the , some still provide cover."
"Global automakers such as General Motors, Volkswagen face electric shock in China If global automakers think they can extend their dominance in China into the electric era, they may be in for a shock. Kings of the combustion age such as and are falling behind local players in the booming electric vehicle (EV) market in China, a country that's key to funding and developing their electric and autonomous ambitions. For Beijing office worker Tianna Cheng, the main dilemma when she was buying a 180,000-yuan ($27,000) crossover was whether she should go for a car instead, or a Nio; she did not seriously consider overseas marques. ""If I was buying a gasoline car, I may have considered foreign brands,"" the 29-year-old said as she drove home from work. ""But I wanted an EV, and other than , I saw few foreign brands applying advanced smart technology properly."" Buoyed by demand from consumers like Cheng, are rocketing in China's roughly $500 billion auto market, the world's biggest. In the first four months of 2022, the number of new energy passenger cars - pure EVs and plug-in hybrids - more than doubled from a year earlier to 1.49 million cars, according to data from the China Association of Automobile Manufacturers. The cleaner technologies accounted for 23% of China's passenger car market, where overall vehicle sales fell 12%, reflecting a steep decline in demand for gasoline cars. There are no foreign brands among the top 10 automakers in the new energy vehicle (NEV) segment this year, with the notable exception of U.S. electric pioneer Tesla in third place, according to China Passenger Car Association data. All the rest are Chinese brands, from BYD and Wuling to Chery and Xpeng. China leader BYD has sold about 390,000 EVs in the country this year, more than three times as many as global leader Tesla sold there. The top-ranked traditional carmaker is Volkswagen's venture with FAW Group, in 15th place for EV sales. Cheng said that overseas marques, whether the Buick Velite 7 or Volkswagen's ID. series, failed to provide what she was looking for: an EV capable of giving her the ""comfort"" of having a smartphone-like experience in her vehicle. ""Foreign brands are so far from my life and lifestyle,"" said Cheng, whose digital assistant handles connections to apps like Alipay and Taobao and ""does everything for me from opening the windows to turning on music"", while her car software provides over-the-air updates. It's quite a reversal. Global brands have dominated in China since the 1990s, typically winning a collective 60-70% share of passenger car sales in recent years. In the first four months of 2022 they captured 52%, with their April monthly share at 43%. Signalling the scale of the challenge facing traditional automakers, Nissan CEO Makoto Uchida told Reuters that some brands ""could disappear in three to five years"" in China. ""Local brands are becoming stronger,"" said Uchida, who was formerly Nissan's China chief, adding that the quality of EVs from"
"that some brands ""could disappear in three to five years"" in China. ""Local brands are becoming stronger,"" said Uchida, who was formerly Nissan's China chief, adding that the quality of EVs from Chinese makers had improved rapidly, with advances being made in the space of months. ""There will be a lot of transformation in China and we need to carefully watch the situation,"" said the CEO, adding that carmakers had to be nimble in the design, development and launch of new models. ""In those aspects, if we were slow, we would be left behind."" 'HI-TECH NATIVES' Bill Russo, a former Chrysler executive who now heads Shanghai-based consultancy Automobility, said global brands need to turn the situation around quickly because they controlled less than 20% of China's only growth auto market. ""Chinese brands are wining the race to EV,"" said Russo, adding that consumers' shift to cars that are essentially smartphones on four wheels appeared irreversible and that traditional carmakers were having trouble keeping up. ""I think it's a secular shift toward hi-tech,"" he said of the consumer demand for a ""user-centric digital services experience"" with a focus on interface, connectivity and apps. ""Traditional companies are not hi-tech natives."" Volkswagen Group brands, including Volkswagen, Audi, Bentley, Lamborghini, Porsche and Skoda, have led the market for much of the past two decades, alongside General Motors marques such as Buick, Chevrolet and Cadillac. The two global groups had overall auto market shares of almost 13% and 12% respectively in China last year, according to LMC Automotive. Detroit giant GM also has a 44% stake in the locally controlled SAIC-GM-Wuling Auto (SGMW) venture, and includes its sales in group numbers, though SGMW does not make American brands, only Wuling and Baojun cars. GM is now focused on winning over younger buyers in big cities that have hitherto largely snubbed its models according to two people familiar with the automaker's business in China. The group has announced electrification plans to spend more than $35 billion globally by 2025, including more than 30 new EVs, over 20 of them in China, starting this year with the launch of the all-electric Cadillac Lyriq crossover SUV. The two sources said the Lyriq launch would be followed by an electric Buick SUV and a smaller, sportier electric crossover, both also planned for as early as this year. Sales of Buicks have declined 32% over the last five years to 828,600 vehicles in 2021, while Chevrolet has shrunk more than half to 269,000 vehicles, according to LMC Automotive. GM told Reuters it was aiming to install capacity to produce 1 million EVs a year by 2025 in China, adding that demand for the Buick Velite NEV family and Chevrolet Menlo EV ""both grew significantly"" in 2021 and the first three months of this year. It said it was deploying smart technologies including hands-free driver assistance on highways, ""aviation-grade"" cyber security and over-the-air software updates."
"the first three months of this year. It said it was deploying smart technologies including hands-free driver assistance on highways, ""aviation-grade"" cyber security and over-the-air software updates. AUTOBAHN SPEED? Volkswagen, which is spending around $55 billion globally on EVs by 2026, launched its new-generation of ID. series in China early last year but missed its goal of selling 80,000 to 100,000 cars last year. It aims to sell 160,000 to 200,000 ID. cars this year, though it has sold only 33,300 through April. A key concern for foreign brands, according to one of the people close to GM plus a Volkswagen insider, is that their new EVs are being designed more for American and European markets in mind, with a heavier focus on performance and durability. ""Autobahn speeds? In most big cities in China traffic is so congested people can't even drive above 60 km/h on most days,"" said the source close to GM, who is familiar with the automaker's product plans and product-development processes. Volkswagen said NEV demand in China was strongly linked to the ""smart car"" theme, adding that it was investing in local R&D, especially in software. ""Our strategy will enable us to achieve our ambitious targets in China. By 2030, we also want to be the market leader in e-vehicles and thus ensure that Volkswagen remains the number one in China in the future,"" it added. The challenge for global brands is to find the formula to win over consumers in big cities with disposable incomes, like Cheng in Beijing and Li Huayuan, a civil engineer from Shanghai. Li only half-heartedly considered Japanese and German brands when he bought his BYD electric sedan last year for 290,000 yuan including insurance. ""Seems to me only Tesla stands out when it comes to American brands,"" he said from his parked BYD car in the Sichuan provincial city of Mianyang where he's working on a project. ""The other brands don't even look competitive to me."""
"Next leg of ‘Name Your Skoda’ campaign for new compact SUV begins New Delhi: Skoda Auto India has ushered in the New Era with the announcement of the all-new compact SUV. Taking a stride further into the New Era with user engagement and involvement, the company has also announced ‘ ’, a campaign where participants contribute to what the name of will be. , Brand Director, Skoda Auto India, said, “India is driving growth for Skoda Auto globally. The key enablers of this so far have been the first products specifically developed for India – the Kushaq and the Slavia. These cars, apart from being built on an India-specific platform, have also been named keeping legacy, heritage and culture in mind. Kushaq, for instance, is from the Sanskrit word for an emperor. Slavia is the name of Skoda’s first ever product, a bicycle. The naming process of a car is important for us. With ‘Name Your Skoda’ we want to extend this tradition to our upcoming all-new SUV and want the people, customers and fans to be involved in the naming process of their new car. We look forward to people across India embracing our new family member, which is locally developed, locally engineered and locally manufactured.” The initiative: Name Your Skoda’ is a campaign that enables the involvement and engagement of users, customers and the Fans of Skoda in picking the name for a car that will hit the roads in 2025. This is a step further in Skoda Auto India’s endeavour for listening to people, fans and customers. An endeavour that began with the MQB-A0-IN platform – that is developed with a focus on safety (developed with a 5 star Global NCAP rating in mind), on reasonable cost of ownership (including insurance) while retaining the Skoda DNA of design, agility and dynamics --and Skoda Auto India’s customer touchpoint expansion to be closer and more accessible to customers. The naming tradition: It is a tradition going back to the company’s first ever full-fledged 7-seater luxury 4x4, the Kodiaq, in 2017. The name reflects the qualities of both, the Kodiak bear and the Kodiak Archipelago to the south of Alaska, USA that it inhabits. The nomenclature is a reflection of the beauty, grandeur and toughness of both the bear and the terrain it calls home. The Skoda Kushaq takes this legacy forward and the all-new compact SUV, that will make its world debut in India in March 2025, will also follow Skoda’s SUV family naming tradition. The next leg - Polling contest: Through ‘Name Your Skoda’, participants have suggested names for the compact SUV that begins with the letter ‘K’ and ends with the letter ‘Q’ with one or two syllables. The campaign resulted in over 1,30,000 names with close to 20,000 unique names. In the next leg, participants can visit the campaign microsite, nameyourskoda.com and cast votes for the shortlisted names and also suggest new ones if not done already. Participants can also share their favourite name with #NameYourSkoda on Facebook, Instagram or X (formerly Twitter)"
"cast votes for the shortlisted names and also suggest new ones if not done already. Participants can also share their favourite name with #NameYourSkoda on Facebook, Instagram or X (formerly Twitter) channels. The winner of this naming contest stands the opportunity of owning this all-new Skoda compact SUV - being one of the first owners when it hits roads in the first half of 2025. Another 10 winners will get to visit Skoda Auto in Mlada Boleslav including the very impressive Skoda Museum, and also a tour of Prague, one of the most attractive cities in Europe. The next leg of the campaign starts from March 28, 2024 and runs till April 12, 2024. The ‘Name Your Skoda’ aims at inculcating a sense of pride and belonging among participants whenever they see this all-new SUV on the roads after its world debut in India. The Jury: The jury for this campaign comprises of Martin Jahn - Member of the Board of Management for Sales & Marketing, Skoda Auto; Piyush Arora - Managing Director and CEO, Skoda Auto Volkswagen India; Jan Bures – Executive Director, Sales, Marketing and Digital, Skoda Auto Volkswagen India; and Petr Janeba - Brand Director, Skoda Auto India. The car: The all-new compact SUV is Skoda Auto India’s first ever foray into the compact SUV segment. This SUV is based on the MQB-A0-IN platform, the same as the one of the Kushaq SUV and the Slavia sedan. The MQB-A0-IN was specifically developed for India by teams in India and the Czech Republic with an eye on versatility, safety, dynamics while focussing on localisation, low maintenance costs and a hassle-free ownership experience. The Kushaq SUV debuted in India and the world in July 2021 and the Slavia sedan in March 2022. Since then, these two India-developed cars have taken Skoda Auto India to witness its biggest year in sales and take the shortest time to achieve the landmark of over 100,000 cars sold. The all-new compact SUV will be the third all-new, India-specific product developed by Skoda Auto India."
"Kia presents global EV strategy, 3 new models at ‘EV Day’ in Korea, set to be held annually Kia Corporation Thursday unveiled three new small- to medium-sized electric models at the brand’s annual Day in Korea, reaffirming its ambitious global strategy to lead and accelerate the ‘EV revolution’. During the event, the brand presented its vision of ‘EVs for all’ and strategy to expand its EV model line-up significantly and rapidly. Having successfully established itself as an electric vehicle brand with the launch of the EV6 and EV9, it has illustrated how it is now broadening its model line-up further with three new small- to medium-sized electric models that offer more people greater options and access to EVs . The presentation featured the debut of the EV5, a compact electric SUV for millennial families, as well as the introduction of two concept models. The EV3 aims to deliver the Kia EV9's benefits in a compact SUV, while the Kia Concept EV4 reimagines electric sedans with a striking design. In addition to unveiling the lineup, the event showcased Kia's EV strategy, aimed at improving customer convenience, reliability, and addressing common concerns, including charging infrastructure. “Kia is keenly focused on providing solutions to the concerns that continue to cause hesitation when it comes to making an EV purchase. We will meet customer expectations by offering a full line-up of EVs at various price points and improve charging infrastructure availability,” Ho Sung Song, President and CEO, said. “As a sustainable mobility solutions provider, Kia’s transition to electric vehicles is a must, not an option. By developing advanced EV technology, bold design, and intuitive services, and applying them to our entire EV line-up, our ultimate aim is to provide Kia’s unique value to as many people as possible. The acceleration towards electrification begins now,” he added. The brand has also unveiled plans to improve various customer experience offerings. This includes streamlining different functions into a user-friendly smartphone application, introducing new services at their physical locations, and providing customers with in-vehicle artificial intelligence (AI) services. “Kia aims to provide sustainable mobility solutions and fulfill the needs of our customers by eliminating perceived difficulties. We want to make the entire customer journey, from digital to offline to in-vehicle interactions, as effortless and enjoyable as possible. This includes the stages of pre-purchase, purchase and post-purchase,” Charles Ryu, Head of Brand and Customer Experience Division, said. “We will continue to fulfill the needs of our customers through new digital platforms and technologies so that we can keep finding better ways to move forward. Because at the core of Kia’s DNA lies our promise to offer more advanced sustainable mobility solutions that improve people’s lives,” he said. The brand’s goal is to achieve an annual sales target of one million electric"
"Kia’s DNA lies our promise to offer more advanced sustainable mobility solutions that improve people’s lives,” he said. The brand’s goal is to achieve an annual sales target of one million electric vehicles by 2026 and increase it to 1.6 million units per year by 2030, driven by the products and initiatives revealed today. Making EVs more accessible to customers: Kia announced its plan to develop a wide-ranging EV line-up priced from USD 30,000 to USD 80,000, featuring existing models such as the EV6 and EV9, as well as future offerings tailored for the popular B- and C-segments. The brand aims to introduce smaller EVs like the EV5, EV4, and EV3, with prices ranging from USD 35,000 to USD 50,000, to accelerate the widespread adoption of EVs. In emerging markets with slower EV adoption rates, the initial launch will focus on the EV6 and EV9, with subsequent releases of strategic models including the EV5, EV4, and EV3. This approach aims to diversify product offerings and cater to various customer preferences. Efforts are underway to establish a reliable system for EV production and battery supply, with the brand’s goal of expanding its global EV production facilities to a total of eight by 2025. These facilities will encompass research, development, production, and supply, with Korea serving as the central hub. In Europe, it will focus on the production of small and medium-sized EVs, while in China, the emphasis will be on mid to large-sized EVs. Strategically designed EV models tailored for emerging markets will be produced in India. Kia also plans to introduce a diverse range of EV models in North America, in response to the Inflation Reduction Act (IRA). Furthermore, the brand is actively establishing battery joint ventures to ensure a stable global battery supply system in sync with its global EV production network. Kia EV model line-up: Each EV model plays a key strategic role in accelerating the EV transition by expanding the appeal and democratization of EV models to an ever-broadening customer demographic. While each model is created uniquely to meet specific and diverse customer needs, they share common elements such as the brand’s cutting-edge electric platform technology, the innovative ‘Opposites United’ design philosophy, and the brand’s sustainable color, material, and finish (CMF) strategy. The latter entails incorporating sustainability at scale through action, such as using ten must-have sustainable items in the construction of each model, including bio plastic, bio paint and recycled PET or fishing net carpet. Kia EV5 SUV: he Kia EV5, the third dedicated BEV in its line-up, is built on the brand’s dedicated EV platform, E-GMP. It introduces a new era of electric mobility and distinctive SUV design. Featuring a form shaped by the brand’s unique design philosophy ‘Opposites United’, it combines exceptional versatility and outstanding comfort with advanced technology, dynamic performance, and pioneering safety to deliver a"
"the brand’s unique design philosophy ‘Opposites United’, it combines exceptional versatility and outstanding comfort with advanced technology, dynamic performance, and pioneering safety to deliver a harmoniously balanced vehicle. The EV5 features an interior that completely reimagines the vehicle’s interior space. Drawing additional inspiration from the recently launched larger EV9 SUV, it offers an extensive interior space that is closer in concept and execution to a home lounge than a traditional car cabin. Electric Powertrain and driving experience: The EV5 will be offered the company’s dedicated EV platform, E-GMP, providing a solid foundation for the vehicle's performance and contributing to its excellent overall driving dynamics. Production of the EV5 will take place in both China and Korea, and the Chinese market will have access to three variations: standard, long-range, and long-range AWD. The standard model, equipped with a 64kWh battery pack and a 160kW motor, is expected to have a driving range of 530km per charge according to the Combined Charging and Load Cycle (CLTC) standards. The long-range model, featuring an 88kWh battery and the same 160kW motor, aims to achieve a range of 720km per charge. The long-range AWD model will feature an 88kWh battery pack and a combined output of 230kW, with a front-wheel 160kW motor and a rear-wheel 70kW motor. With AWD model, Kia is targeting a driving range of 650km based on the CLTC standards. Additionally, the model offers fast-charging capability, allowing the battery to be charged from 30% to 80% capacity in just 27 minutes. For Korea, all variants of the EV5 models, including standard, long-range, and long-range AWD versions, are in development, with potential adjustments being considered. The standard model will have a 58kWh battery and a 160kW front motor. The long-range model will feature an 81kWh battery and the same 160kW front motor. The long-range AWD model will include an extra 70kW rear motor, resulting in a combined power output of up to 225kW. The driving range of each model will be tailored to meet market demands. The EV5 battery has been engineered to function effectively throughout all four seasons, even in extreme hot and cold weather. An advanced heat pump system, an already popular feature of the EV6, has been incorporated into the EV5 to manage the battery’s temperature, ensuring consistent performance regardless of external conditions. It will offer regenerative braking system and an i-Pedal system that allows drivers to both slow down and accelerate using a single pedal, thereby minimizing fatigue, and enhancing the comfort of driving. “The EV market is expanding from one catering to the smaller early-adopter group to a more broader mass majority of customers. As a leader in the great EV transition, we have quickly expanded our EV line-up beyond the EV6 and EV9 to include a variety of small- and medium-sized models such as the EV5. Our competitive, growing EV line-up"
"in the great EV transition, we have quickly expanded our EV line-up beyond the EV6 and EV9 to include a variety of small- and medium-sized models such as the EV5. Our competitive, growing EV line-up will accelerate the popularization of electric vehicles and provide consumers with more options from which to choose,” Spencer Cho, Head of Global Business Planning Sub-Division, said. “The Kia EV5 is not just the next addition to our rapidly expanding EV line-up, but also the embodiment of how we will accelerate the EV revolution. For us, it is the perfect representation of both our future EV strategy and our commitment to accelerating the worldwide transition to EVs,” he added. The EV5 will also be available in a GT, offer further performance features and engaged driving experience. More information regarding the EV5 GT trim will be revealed later. Infotainment and connectivity: The EV5’s spacious, light, well-ventilated cabin is equipped with cutting-edge infotainment and connectivity technology that enhances efficiency and convenience on every journey while enabling occupants to remain safely engaged with the digital world as they travel. It is equipped with the connected car Navigation Cockpit (ccNC) infotainment system and supports over-the-air software updates. It incorporates a Panoramic Wide Display, which combines a 12.3-inch cluster and 12.3-inch infotainment system, along with a 5-inch climate control display. These features provide the driver with comprehensive information and content for a convenient and immersive driving experience. The brand’s new Unified Graphical User Interface (GUI) is applied between the audio-visual, navigation, and telematics (AVNT) screens, and the CDU ensures enhanced information display consistency. Simple-to-navigate menus provide improved usability of EV-specific functions and enable drivers to monitor aspects such as range and EV charging at a glance. The seamless flow of information is further augmented by an optional windshield HUD (Head Up Display). Throughout the cabin, physical buttons are kept to a minimum. Beneath the central AVNT screen, four hidden hard keys provide a startwarmer. The unit provides food warming and beverage cooling functions with a temperature range of 5 to 55 degrees Celsius and a 4.0-liter capacity. It can be used in numerous ways, such as keeping takeout breakfast warm during commutes, heating beverages like tea and coffee, and storing ice-cold drinks and water during summer camping trips. Naturally, the EV5’s interior designers have also thought of a feature to enable occupants to enjoy their food, whether they choose to dine alfresco or in-cabin. It takes the form of the highly versatile Multi Table luggage board, which can instantly be transformed into a table. The Kia Concept EV3: The Concept EV3 represents the brand’s vision for an electric compact CUV that effortlessly blends practicality with the sheer joy of driving. It offers users the technology, practicality and"
"EV3: The Concept EV3 represents the brand’s vision for an electric compact CUV that effortlessly blends practicality with the sheer joy of driving. It offers users the technology, practicality and design of Kia’s flagship SUV, the EV9, in a compact and accessible form. While those qualities might seem incompatible to some, delivering creative, groundbreaking design solutions by fusing seemingly contrasting sources lies at the heart of Kia’s ‘Opposites United’ design philosophy. And in the case of the Concept EV3, Kia’s designers have drawn a high degree of inspiration from the ‘Joy for Reason’ pillar of the design philosophy. “Joy can be seen as the antithesis of reason. One is a positive, emotional response, and the other is derived from logic. When the two are combined, though, their contrasting qualities merge into a powerful and highly impactful design,” Karim Habib, Executive Vice President, and Head of Kia Global Design Center, said. “With the Concept EV3, the ‘Joy for Reason’ influence is evident in the contrasting qualities of a robust body combined with a dynamic silhouette. In addition, the unexpected treatment of volumes and graphics simultaneously interlock with each other, creating a logical yet emotional design.” The design treatment of the cabin, with the windscreen pushed forward and the long sloping roofline, creates a unique silhouette. The robust architecture of the squared wheel arches, cut with asymmetrical angles, results in an unexpected logic and a strong impression. This, in turn, is contrasted by the wrap-around windscreen and disconnected C pillar, which link the glasshouse surfaces and give the roof a floating effect. Inside, the Concept EV3 blends exceptional practicality with transformative cabin ambience and design. As with the vehicles’ exterior, the ‘Joy for Reason’ pillar plays a fundamental influencing role, merging seemingly opposing values to execute a precise product design language, resulting in a cabin that feels joyful to travel in, while providing ample space to support an active lifestyle once occupants reach their destination. Its cabin also provides an environment that promotes emotional wellbeing. Enhanced by soft mood lighting, the compelling, ultra-clean shape and surface of the dashboard, crafted through exquisitely refined character lines, creates an expansive visual sense to offer up the possibility of boundless opportunities on every journey. Advanced ergonomic seat design and environmentally friendly materials, in keeping with the brand’s ethos of achieving sustainability at scale, combine with mini tables that rotate in length, position, and angle. In conjunction with the movement of the seats, the tables support four customer experience-enhancing modes – Focus, Social, Refreshing and Storage. The folding bench-type rear seat is equally flexible and can be effortlessly folded upward, allowing for storing bulky luggage such as electric scooters and bicycles. The Kia Concept EV4: Redefining the"
"folding bench-type rear seat is equally flexible and can be effortlessly folded upward, allowing for storing bulky luggage such as electric scooters and bicycles. The Kia Concept EV4: Redefining the essence of the EV sedan The Concept EV4 represents the purity of the ‘Power to Progress’ pillar of the ‘Opposites Untied’ design philosophy. ‘Power to Progress’ focuses on the skills, expertise and creativity developed during Kia’s recent era of design-led transformation. This approach fuels the creation of innovative products that transcend the establishment of new standards for individual vehicle design to redefine entire sectors. Such is the case with the Concept EV4. Its four-door format might suggest it should be categorized as a sedan. However, the model's potent and impactful lines represent not just another sedan, but an entirely new type of EV sedan that stands as a symbol of innovation. Inspired by the ‘Power of Progress’ and manifested through a harmonious fusion of confident, geometric diagonal character lines and rich yet technical surfaces, the Concept EV4 represents a new value, approach, customer experience, and typology. Aspects such as the evocative sleek low nose, the elongated, dynamic long-tail silhouette, and the technical roof spoiler, all attributes reminiscent of sports and racing cars, affirm the EV4’s status as an entirely new type of EV sedan. An aggressive facial impression complements the Concept EV4’s progressive, technological silhouette. Featuring a wide, imposing stance, with headlamps located vertically at the extreme outer edges of the hood and front bumper, the model further symbolizes the brand’s determination to push boundaries and accelerate the EV Revolution. The interior features a sleek and spacious horizontal layout, incorporating stylish design elements that prioritize the driver's experience without obstructing their view. To achieve this, Kia designers have placed an air conditioning control panel that can be neatly stored in the center console when not in use and applied pin-style air vents that offer the flexibility to change patterns, among other refinements to the interior design. The cocoon-like ambience of the cabin enables the driver to engage with the vehicle in a new and unobtrusive way. Presented via twin digital screens, a slimmed-down instrument panel delivers subtle levels of driver orientation, helping clear the mind from distractions and prepare for upcoming tasks. The Concept EV4 comes with a new 'Mind Modes' feature that adjusts ambient lighting and animated ventilation patterns. In ‘Perform’ mode, the driver is presented with all the information they require to perform at their optimum and get the most out of their day. In contrast, ‘Serenity’ mode offers a range of digital graphics to create a more relaxed ambience for reflection and restoration. Expanding charging infrastructure Looking to help address the ongoing challenge of reliable and available charging infrastructure, the brand"
"a more relaxed ambience for reflection and restoration. Expanding charging infrastructure Looking to help address the ongoing challenge of reliable and available charging infrastructure, the brand is actively expanding global charging networks. In North America, Kia has announced its decision to adopt the North American Charging Standard (NACS) for their EVs starting from the fourth quarter of 2024. This move will grant Kia customers access to approximately 12,000 Tesla Superchargers. As part of a coalition of six OEM groups, Kia is working to build 30,000 fast-charging stations across North America by 2030 to address charging accessibility concerns. In Europe, it has collaborated with four OEM groups to create IONITY, installing 2,800 fast-charging stations along key highways. The aim is to have a total of 7,000 operational stations by 2025, providing efficient charging options for the brand’s EV owners. Kia’s new EV experience: To accelerate the EV revolution and provide a diverse and comprehensive offer to all its customers, the brand will leverage all aspects of the customer journey, thus ensuring the adoption of EVs is as convenient and effortless as possible. This strategy involves optimizing every single customer touchpoint, from pre-purchase to ownership experience. In the first half of 2024, the 'Kia App' is scheduled for release, with the aim of offering customers with a comprehensive and hassle-free experience, from vehicle research and test drives to contract finalization. The app will include an AI chatbot to help customers with their questions and provide quick responses. It will also offer insurance premium discounts linked to insurance products. The standout feature of the app is the ‘E-routing’ function, which uses the current battery status of the vehicle to suggest the best route, considering charging stations. The app's home screen will display location-based information, like nearby restaurants, to improve the user experience. Customers can conveniently manage the charging port and monitor real-time charging status on the home screen using the 'Handle Layer' feature in the app. Kia also aims to enhance offline customer experiences to highlight the advantages of EV models, with existing efforts like the 'Digital City Store' and 'EV Unplugged Ground' in Korea, as well as the 'City Store' located outside Korea. Future plans to establish exclusive EV stores in the United States, Europe, China, and India. Harnessing virtual reality (VR) and mixed reality (MR) technologies, the aim is to provide immersive experiences that motivate customers to engage more deeply with the products. Efforts will also focus on improving the customer service capabilities of global sales representatives in the EV sector and introducing product specialists tailored to specific regions, enabling personalized consultations and test drives aligned with each area's unique characteristics. Kia is set to embrace generative AI technology to revolutionize the"
"tailored to specific regions, enabling personalized consultations and test drives aligned with each area's unique characteristics. Kia is set to embrace generative AI technology to revolutionize the in-vehicle experience, including partnering with top generative AI model providers to roll out innovative services. This will allow customers to access a wide range of services like schedule management, electric vehicle route optimization, travel planning, entertainment, and emergency support by simply engaging in conversations with the generative AI assistant. Generative AI technology will debut in the 2024 EV3 model, with subsequent integration into the EV4 and EV5, and continuous enhancements via over-the-air updates. Future EV Days Going forward, Kia will continue to showcase new electric models, concepts, and groundbreaking technologies at EV Day each year and leverage the event as a platform for the brand to present its progressive EV strategy and vision for future mobility, the company said."
"Oil falls on China growth concerns even as EU weighs Russia import ban MELBOURNE- fell on Monday in holiday-sapped trade in Asia as concerns about slowing economic growth in China, the world's top oil importer, outweighed fears of potential supply disruptions from a looming European Union ban on Russian crude. fell $1.21, or 1.1%, to $105.93 a barrel at 0205 GMT, while (WTI) crude futures fell 99 cents, or 1%, to $103.70 a barrel. Markets in Japan, India and across Southeast Asia were closed for public holidays on Monday. Prices fell after China released data on Saturday showing that factory activity in the world's second-largest economy contracted for a second month to its lowest since February 2020 because of COVID lockdowns. ""A slowing to that extent, when China is already suffering from a property bust and worries about its (until recently) increased regulation, is potentially a major issue for commodity markets and the world economy,"" said Tobin Gorey, a Commonwealth Bank commodities analyst, in a note. On the supply side, Libya's National Oil Corp (NOC) said on Sunday it would temporarily resume operations at the Zueitina oil terminal to reduce stockpiles in storage tanks to avert an ""imminent environmental disaster"" at the port. NOC in late April declared force majeure on some shipments at Zueitina as political protesters forced a number of oil facilities to suspend operations. Limiting the down side for oil prices is a possible dent in supply with the European Union leaning towards banning imports of Russian oil by the end of the year, two EU diplomats said after talks between the European Commission and EU member states on the weekend. Around half of Russia's 4.7 million barrels per day (bpd) of crude exports go to the EU, supplying about one-fourth of the EU's oil imports in 2020. While Western countries have curbed buying Russian oil as sanctions have hit shipping and insurance for the country's exports, the impact on global supply has been cushioned as India has been picking up lower priced Russian cargoes. Royal Bank of Canada analysts estimated India's crude imports from Russia have grown from less than 100,000 bpd in 2021 to 800,000 bpd in April and expect India to continue ramping up imports as long as Washington does not impose secondary sanctions. Reuters reported on Friday that Indian refiners are negotiating a six-month oil deal with Russia to import millions of barrels per month."
"Japan may buy Russian oil from Sakhalin-2 to secure LNG supply: PAJ head may buy Russian crude from the Sakhalin-2 oil and gas project, if needed, to secure a stable supply of liquefied natural gas ( ), the president of the (PAJ) said on Wednesday. But , in general, is not necessary for a stable supply to and Japanese refiners should instead look for sources in other countries where risks are lower, PAJ President Shunichi Kito said, pointing to the hurdles of securing payment, ships and insurance for Russian crude. ""At least, as an individual company, we don't intend to stick to Russian crude,"" Kito, who is also the president of Idemitsu Kosan Co Ltd, told a news conference. Still, LNG from the Sakhalin-2 project in Russia's far east is important as a power generation fuel in Japan, and associated with securing stable LNG from the project may emerge, he said. Japan is sounding out major oil refiners about buying Russian ultra-light crude from Sakhalin-2 to ensure that the plant can continue to operate smoothly, two sources with direct knowledge of the talks told Reuters late last year. Refiners in the world's third-largest economy, which is heavily reliant on energy imports, have suspended Russian oil purchases since mid-2022 after Tokyo agreed to phase them out with other G7 countries in response to Moscow's invasion of Ukraine. They have sought alternatives from the Middle East, such as Saudi Arabia, which boosted Japan's oil dependence on the region to 94 percent. Asked how Japan can lower its reliance to the Middle East, Kito said: ""We'd like to diversify our suppliers, but it is difficult to find stable partners or countries."" ""So it's important to further strengthen the connections with the Middle East in terms of energy security for the time being,"" he said. Also Read:"
"Japan's Nikkei pressured by drop in chip stocks, China worries Japanese stocks on Wednesday retreated from the one-week highs hit in the previous session, weighed down by an overnight drop in and lingering worries over China's COVID-19 situation. By mid-day, in thin year-end trading, the Nikkei Average was down 156.91 points, or 0.6%, at 26,290.96. Losses for the year so far are around 8.7%. Traders said there was early selling of stocks after the Nasdaq Composite and the Philadelphia (SOX), which have a high proportion of high-tech stocks, fell on Tuesday. Of the 33 industries on the , six sectors rose, including electricity and gas as well as insurance, while prices fell in 26 industries, including real estate and air transportation. The declines in stocks of Fast Retailing and weighed the most on the Nikkei. Softbank shares hit their lowest in five days. Earlier in the day, the Bank of Japan released the minutes of its December 19-20 monetary policy meeting, in which the central bank kept its ultra-easy policy but shocked markets with a surprise tweak to its bond yield control, so that long-term interest rates can rise more. Norihiro Fujito, chief strategist at Mitsubishi UFJ Morgan Stanley Securities, said those minutes, showing BOJ board members discussed growing prospects that higher wages could finally eradicate the risk of a return to deflation, was ""not being considered as a factor in the market so far"". The policy tweak has pushed yields higher, stoked expectations of wage rises and and also pushed the yen up, creating a conflicting mix of drivers for stocks. The dollar traded at 134.04 yen, up 0.42% during the session. Naka Matsuzawa, chief Japan macro strategist at Nomura, said this week could see the after-effects of the BOJ's policy surprise linger, ""with this primarily appearing as speculation that the Bank will raise short-term policy rates (lift negative rates)."" ""...this speculation is the main driver behind unexpected JPY appreciation and weakening in the stock market."" The largest percentage gainers on Wednesday were Hitachi Zosen Corp, up 2.09%, followed by IHI Corp. The volume of shares traded on the Tokyo Stock Exchange's main board was 0.56 billion, compared to the average of 1.2 billion in the past 30 days. The broader Topix was down 0.28 %, while the Mothers Index of start-up firm shares lost 1.07% . Also Read:"
"Truckers and subsidies rev up interest in fuel cell vehicles Interest in using hydrogen fuel cells to power and vans is getting a boost from fleet operators looking for a more practical alternative to electric vehicles and rising government aid, particularly the U.S. Inflation Reduction Act ( ). While most of the world's combustion engine cars and short-distance vans and lorries should be replaced by (BEVs) over the next two decades, fuel-cell proponents and some long-haul fleet operators say batteries are too heavy, take too long to charge and could overload power grids. Vehicles with hydrogen fuel cells, in which hydrogen mixes with oxygen to produce water and energy to power a battery, can refuel in minutes and have a much longer range than BEVs. ""The fact is we need both BEVs and hydrogen,"" Daimler Truck Chief Executive Martin Daum told Reuters. ""The amount of energy BEVs need is so enormous that I see a strain on our grid that ultimately it can't fulfill."" Daimler Truck will invest up to 15 billion euros ($16 billion) on fuel cells over the next decade, Daum said. British supermarket chain Asda, with 1,000 large diesel vehicles hauling goods around the clock between hubs and stores, would be forced to add to its fleet if it turned to BEVs, and so is looking closely at fuel cells. ""I'm not closing the door on batteries, but the benefit of hydrogen is it doesn't need that dwell time (for charging) and has better range,"" Asda fleet manager Sean Clifton said. Like BEVs, hydrogen's main challenge is infrastructure, which is too scant to support fleets today. But more governments are offering subsidies, including for producing more hydrogen from renewable power or rolling out fuelling stations. Asda, for instance, is part of a consortium including British fuel cell startup HVS that has received a UK government grant to develop a self-driving hydrogen heavy goods vehicle. In the United States, the IRA provides subsidies for cheap hydrogen and fuelling infrastructure that industry executives say will speed development of hydrogen semi-trucks and heavy-duty pickup trucks. The European Union is negotiating renewable energy targets, including hydrogen. ""Thanks to the IRA, things will move faster in the U.S.,"" said Philippe Rosier, CEO of French fuel cell maker Symbio, a joint venture between Faurecia and Michelin. Carmaker Stellantis is buying a stake in Symbio. Rosier said that will accelerate plans, particularly in North America where it aims to be ready for hydrogen pickup trucks by 2026. Symbio, which supplies fuel cells for Stellantis vans, expects global fuel cell vehicle sales to reach 2 million units annually by 2030 and wants a 10 percent share. 'NOT SUSTAINABLE' Vittore Fulvi, owner of a trucking company based in Perugia, central Italy, runs a fleet of 60 diesel semi-trucks that manage 2,000 km (1,243 miles) - four days driving - on one tank. Fulvi Trasporti is considering hydrogen because heavy BEV alternatives would cut its load capacity 15"
"of 60 diesel semi-trucks that manage 2,000 km (1,243 miles) - four days driving - on one tank. Fulvi Trasporti is considering hydrogen because heavy BEV alternatives would cut its load capacity 15 percent and require daily charging. ""We would need to buy more lorries, more than one for every 10 we own,"" Fulvi said. ""That is not sustainable."" Ford fleet customers run large diesel vans up to 600 miles (966 km) daily, often carrying refrigerated goods requiring extra energy that would overwhelm a BEV. ""We need a plan B for those customers,"" Ford's UK head Tim Slatter said. Heavy-duty pickup trucks used for everything from delivery trucks to ambulances in the United States could also switch to hydrogen. With the notable exception of Tesla, whose CEO Elon Musk derides fuel cells as ""fool cells,"" almost all automakers have invested in hydrogen technology. Both General Motors (GM) and Toyota are testing fuel cells for larger vehicles including semi-trucks and trains to build scale and lower costs. Toyota recently received UK government funding in partnership with insurance industry research group Thatcham Research to develop a hydrogen version of its Hilux pickup, with prototypes due this summer. GM has received a U.S. government grant to develop four heavy-duty hydrogen fuel cell pickups, which should become a ""sweet spot"" for the technology, said Charlie Freese, executive director of GM's Hydrotec business. Volkswagen truck unit Traton is not currently investing in hydrogen, because it is so saddled with debt from its acquisition of U.S. truckmaker Navistar it can only afford BEV investments, CEO Christian Levin said. Traton will rely on others for hydrogen if needed, he said. While Volkswagen is not currently investing in fuel cells, it has hundreds of patents around the technology. Also Read:"
"Tesla workers strike in Sweden over union demands mechanics in Sweden walked off the job on Friday to protest against the electric carmaker's refusal to sign a collective wage agreement, the metalworkers union said. The strike affects around Tesla's 130 mechanics at seven workshops across Sweden, spokesman Jesper Pettersson told AFP. Pettersson said Tesla employees had ""lower wages, don't have the same insurances, and have lower pensions"" than other industry workers. Negotiated sector-by-sector, collective agreements are the basis of the Swedish labour market model, covering almost 90 percent of all Swedish employees and guaranteeing standard wages and working conditions. IF Metall which has some 300,000 members said the agreements also allow for companies ""to operate on a level playing field"". ""Many"" of Tesla's workers in Sweden are members of IF Metall, Pettersson said, but would not disclose an exact number. Despite being union members, they cannot benefit from industry-wide collective bargaining agreements. Pettersson said Tesla informed them Tuesday it would not sign a collective bargaining agreement, adding that the carmaker told the union they ""don't do that anywhere in the world."" Tesla has not responded to AFP's request for comment. Tesla founder and chief Elon Musk has consistently rejected calls to allow the company's 127,000 employees worldwide to unionise. Tesla strikers in Sweden were being paid compensation by the union equivalent to their wages, Pettersson said. He said that unless Tesla changed its position, IF Metall would widen its strike on November 3 to cover all workshop repairs on Tesla cars across Sweden, not just those done by Tesla employees."
"Fret not, flight of FPI capital could slow ( ) outflows from the have reached $39 billion in the past nine months, including June, as the differential with advanced economies narrowed and investors switched attention to commodity-producing nations during an upcycle. The exposure of FPIs is affected both by its speed in raising interest rates as well as its dependence on imported energy. The has increased its policy interest rate by 1.5 percentage points since the beginning of its monetary contraction earlier this year. In comparison, the ( ) has raised rates by 0.9 percentage points. India also imports 85% of its crude oil and 45% of its natural gas. The oil and gas import bill, netted for exports of refined petroleum, climbed to $113 billion in 2021-22, from $63.5 billion in 2020-21 and $92.7 billion in 2019-20. Brent crude averaged $71 a barrel in 2021; RBI's latest projection for the Indian basket is $105 a barrel in 2022-23. The net FPI outflow of $32 billion in the last nine months exceeds by a wide margin the cumulative net outflows over the decade to 2019-20. The Indian equity market has managed this degree of reversal mainly because of the rise of a new segment of retail investors that is channelling a bigger chunk of household savings into stocks. The number of demat accounts in the country grew 63% in 2021-22 to 89.7 million. Net inflows by retail investors in the National Stock Exchange (NSE) cash market segment have reduced the dominance of FPIs in trading turnover. Their holdings, too, are now matched by local mutual funds and insurance companies. Surging domestic retail investments have stretched valuations of Indian stocks, and a correction due to FPI outflows would, at some point, draw in value investors. The flight of capital could slow as the Fed's rate hiking trajectory eases, by which time the demand contraction in the US may make commodity producers less attractive to investors."
"BMW India launches 5 Series Long Wheelbase at INR 72.9 Lakh New Delhi: has launched the all-new , available exclusively as a petrol variant, with bookings open at and online. Deliveries for the vehicle are set to start in September 2024. The introductory ex-showroom price for the BMW 530Li M Sport variant is INR 72,90,000. The new BMW 5 Series Long Wheelbase is locally produced at the BMW Group Plant Chennai. Customers are advised that the ex-showroom price includes GST and compensation cess but excludes Road Tax, Tax Collected at Source (TCS), RTO statutory taxes Atlas Grey and Maritime 40,000 km and extendable up to 10 years19-inch M alloy wheels with tubeless tires, adaptive LED headlights with vertical strips, and slim LED taillights with L-shaped twin light design, emphasizing the car’s width. Inside, the BMW 5 Series Long Wheelbase offers a spacious and comfortable environment. It comes with comfort seats covered in perforated vegan leather upholstery with active seat ventilation in the front and increased knee room in the rear. Four-zone air conditioning allows individual cabin temperature adjustments. The Bowers & Wilkins Surround Sound System provides a high-level audio experience. The first 500 customers will receive individually customized headrest cushions in the rear. The BMW Curved Display includes a 12.3-inch Information Display behind the steering wheel and a 14.9-inch Control Display, merging into a single digital unit. The BMW Intelligent Personal Assistant adopts the driver’s individual habits and offers useful driving tips. Regular Remote Software Upgrades ensure the car remains up to date. MyBMW App functions allow users to monitor the vehicle's status at all times. The digital key services enable any smartphone to become a car key, transferrable to up to four additional users, along with personal vehicle settings. The new control panel on the center console includes the iDrive Controller, a new gear selector switch, the start 258 hp and a maximum torque of 400 Nm at 1,500 – 2,500 rpm. The engine also includes a 48V Electrical Motor, optimizing efficiency and dynamics. The car accelerates from 0 to 100 kmh. The 8-speed Steptronic transmission ensures smooth gearshifts and works closely with the engine for optimal power and efficiency. The Comfort Suspension offers a luxurious ride with minimal body roll and high stability. The M Steering wheel, with a flattened bottom, includes paddle shift functions. BMW My Modes allow users to customize their driving experience with options like Personal, Efficient, Sport, Expressive, Relax, and Digital Art, combining sound, light, temperature, and seat functions. The range of Connected Drive and Driver Assistance Systems supports comfort and safety extensively. Standard systems include Cruise Control, Attentiveness Assistant, Parking Assistant Professional, Comfort Access, Remote Parking via smartphone, Manoeuvring Assistant, Reverse Assistant, Lane Change Warning, Cross Traffic Warning,"
"Control, Attentiveness Assistant, Parking Assistant Professional, Comfort Access, Remote Parking via smartphone, Manoeuvring Assistant, Reverse Assistant, Lane Change Warning, Cross Traffic Warning, Front & Rear Collision Warning, Exit Warning, and Active Pedestrian Protection. BMW EfficientDynamics features in the car include the 8-speed Steptronic Automatic Transmission, Auto Start-Stop, ECO PRO mode, Brake-Energy Regeneration, Electronic Power Steering, and 50:50 Weight Distribution, among other innovations. BMW Safety features include eight airbags, Attentiveness Assistance, Dynamic Stability Control (DSC) with Cornering Brake Control (CBC), an electric parking brake with auto hold, side-impact protection, an electronic vehicle immobilizer with crash sensor, and child seat mounting."
"Insurance companies are now a part of RBI's Account Aggregator In a recent move, the of India (IRDAI) has given its go-ahead to insurance companies to become a part of the 's (RBI) (AA) system. The circular includes a guideline on how Insurers- life, non-life and health can share data with the , who are NBFCs that retrieve financial information from entities to provide all savings and data at one place. Once fully functional, investors can register on any of the above platforms and get their bank account, mutual fund, insurance, PF investment, PPF and other financial data at one place. ""Insurers can share information with AAs only after taking the due consent of policyholders,"" the circular stated. Account aggregation sometimes also known as financial data aggregation is a method that involves compiling information from different accounts, which may include bank accounts, credit card accounts, investment accounts, and other consumer or business accounts, into a single place. The regulator has said that insurers will have to enter into a contractual agreement with AAs with defined rights & obligations of each party and modalities of dispute resolution mechanism before sharing any information. ""There shall be adequate safeguards built in IT systems of (FIPs) in the insurance sector to ensure that it is protected against unauthorized access, alteration, destruction, disclosure or dissemination of records and data,” said the insurance watchdog added. IRDAI has also asked the companies to build a required interface based on RBI specification for receiving the consent, authentication and safely sharing the information with AAs. The guidelines state that the Insurers will have to prominently display the names of the aggregators with whom they share data. Besides this they will have to abide by code of conduct applicable to them including redressal of grievance of the customer before sharing any data with AA, clarified IRDAI. The inclusion of insurance along with banking and capital markets in the AA ecosystem can impact the way MFDs service their clients as they will have access to a lot more information. Also Read:"
"Automotive sector growth to be moderate in near-to-medium term: ICRA New Delhi: The saw a healthy revival in FY2023, aided by a recovery in economic activities and increased mobility. The demand sentiments for a majority of the , the , and tractors remained healthy, aiding in improved offtake for the industry participants. However, the two-wheeler industry continues to struggle with industry volumes still below the pre-covid peak levels; even as improved offtake in the recent festive and marriage season provided optimism, a sustained recovery in demand sentiments is yet to be seen. A similar trend of relatively weak offtake was seen for the entry-level car segment, implying that the purchasing power of the consumers at the bottom end of the pyramid was eroded to an extent over the past few years by the significant rise in (a result of price hikes to combat inflationary pressures and meet stringent regulatory requirements) and disruptions caused by the pandemic. Shamsher Dewan, Senior Vice President and Group Head - Corporate Ratings, ICRA, said, “We expect growth across automotive industry segments to remain at high single-digit levels in FY2024. While the passenger vehicle, commercial vehicle, and tractor segment volumes would continue to trend upwards, aided by favourable demand drivers, the two-wheeler industry is also expected to record moderate growth in volumes aided by a low base. The Union Budget 2023-24 is expected to include enhanced budgetary outlays towards rural employment under MGNREGA, rural infrastructure development, enhancement of irrigation facilities, crop insurance scheme, as well as an increase in targets for agricultural credit. With measures to help rural communities expected to be at the heart of its policies, the budget is expected to aid in boosting the rural led demand across segments”. EV segment Spurred by Government support in the form of subsidies (under the FAME-II policy), enhanced awareness, and increasing product launches, the has seen a significant upturn in prospects over the past 18 months. Even as e-2W’s have accounted for approximately 85%-90% of the total EV sales (excluding the e-rickshaw segment) aided by subsidies offered by the Government, electric vehicle penetration across segments is increasing at an exponential rate. Amid the ongoing electrification transition, OEMs are expected to incur significant in the development of ground-up electric vehicle platforms and enhance manufacturing capacities. In the past few years, the government has rolled out several schemes, such as the FAME II scheme and production-linked incentive schemes, to help the local manufacturing ecosystem grow; the government is likely to make more announcements in this area, such as better financing terms for electric vehicles, as it continues to work towards its “Make in India’ goals.” Exhibit: Segment-wise growth outlook Source: ICRA Research Over the near term, domestic industry volumes will continue to drive growth, with"
"it continues to work towards its “Make in India’ goals.” Exhibit: Segment-wise growth outlook Source: ICRA Research Over the near term, domestic industry volumes will continue to drive growth, with export prospects remaining weak amid a shortage of dollar availability in some key markets and inflationary pressures. Many nations have put restrictions on imports to conserve forex, which is expected to curtail export volumes in the near term. Over the medium term, however, competitive manufacturing capabilities and ongoing efforts by OEMs to enhance the distribution network are likely to aid export volumes. ICRA has a forecast of a CAGR of ~6%-9% across automotive segments over the medium to long term. Supporting underlying factors such as rising per capita incomes, demographic profile, low vehicle penetration, favourable policy environment including infrastructure development etc. are expected to help grow the industry demand at a steady pace. Also Read:"
"Formal job creation under ESIC fell by 17.1% to 1.02 million in November 2021 under the Employees State Insurance Corporation fell by 17.1% to 1.02 million in November 2021 against 1.23 million in the previous month, official data showed on Tuesday. Even subscribers under the fell by 5.8% to 64,870 as against 68,870 in October. The formal employee addition under the , however, went up in November 2021 by 25.6% to 1.39 million compared to 1.11 million net new subscribers added in October 2021. As per the report, 0.83 million male subscribers were added to ESIC while 0.19 female subscribers were added to ESIC. Of the total 1.39 million net subscribers added to EPFO during the month, 0.82 million new members have come under the social security cover of EPFO for the first time and 0.56 million net subscribers exited but rejoined EPFO by changing within the establishments covered under the purview of EPF & MP Act, 1952. Highest number of net enrolments were registered in the 22-25 years age group with 0.36 million net new additions during November while the 18-21 years age group saw an addition of 0.28 million net enrolments. The latest data is part of a report released by the (NSO). As part of the report, 41,053 state government employees were added to NPS, 13,748 central government subscribers were added to NPS and 10,069 were corporate sector employees. The NSO report is based on the payroll data of new subscribers of various social security schemes run by ESIC, the Employees' Provident Fund Organisation (EPFO) and Pension Fund Regulatory and Development Authority (PFRDA). It has been releasing such data of these bodies since April 2018, covering the period starting from September 2017. The report, titled 'Payroll Reporting in India: An Employment Perspective - November 2021', said since the number of subscribers is from various sources, there are elements of overlap, and the estimates are not additive. NSO also said the report gives different perspectives on the levels of employment in the formal sector and does not measure employment at a holistic level. Also Read:"
"Audi India opens Audi Approved: plus facility in Noida New Delhi: Audi, the German luxury car manufacturer, has opened a new pre-owned car facility, , in Noida, Uttar Pradesh. It is the 24th Audi Approved: plus facility in India. , Head of , said, “The first half of 2023 has seen a 53% growth in Audi Approved: plus, reflecting the rising demand for pre-owned cars. With this encouraging trend, we remain committed to investing in this segment. The inauguration of Audi Approved: plus Noida is a testament to our dedication, and we are on track to introduce two more such facilities this year.” Every pre-owned vehicle showcased and sold at Audi Approved: plus showrooms undergoes an exhaustive evaluation process, including over 300 multi-point checks covering mechanical, bodywork, interior, and electrical aspects. Multiple-level quality assessments are conducted, and each car undergoes a comprehensive on-road test, ensuring customers' confidence in their purchase. The Audi Approved: plus program includes 24x7 Roadside Assistance and a detailed vehicle history report, further enhancing the buying experience. Additionally, customers have access to convenient financing and insurance options through the program. , Chairman of , said, “Today, we are pleased to announce the inauguration of our latest pre-owned car facility in Noida, representing another milestone in our ongoing journey with Audi India. This expansion reinforces our commitment to delivering exceptional service and experiences to dealership customers. Adventure Auto Car India, in collaboration with Audi India, now serves customers in three major Indian cities – Delhi, Kolkata, and Noida.”"
"States can't regulate NBFCs registered with RBI, says Supreme Court NEW DELHI: In an important judgment, the on Wednesday ruled that state laws cannot apply to over 9,500 non-banking financial companies (NBFCs) registered with the ( ). Sawing off attempts by the Kerala and Gujarat governments to bring the NBFCs under the purview of their legislations regulating money lending business, a bench of Justices Hemant Gupta and V Ramasubramanian said, ""We are of the considered opinion that the Kerala Act and the Gujarat Act will have no application to NBFCs registered under the and regulated by the RBI."" Writing the judgment, Justice Ramasubramanian said that no can carry on business without being registered under the RBI Act. ""A NBFC which takes birth with the registration under the Act is liable to be wound up at the instance of the RBI. The entire life of a NBFC from the womb to the tomb is also regulated and monitored by RBI under the Reserve Bank of India (Amendment) Act, 1997."" ""Once it is found that Chapter III­B of the RBI Act provides a supervisory role for the RBI to oversee the functioning of NBFCs, from the time of their birth (by way of registration) till the time of their commercial death (by way of winding up), all activities of NBFCs automatically come under the scanner of RBI. As a consequence, the single aspect of taking care of the interest of the borrowers which is sought to be achieved by the state enactments gets subsumed in the provisions of Chapter III­B,"" the bench ruled. However, it said that some of the NBFCs, exempted from RBI supervision, are regulated by other regulatory bodies. ""For instance, are regulated by the National Housing Bank; Merchant Banking companies, Venture Capital Fund Companies and the like are regulated by SEBI; Nidhi companies and mutual benefit companies are regulated by the Ministry of Corporate affairs; Chit Fund companies are regulated by state governments; and Insurance Companies are regulated by IRDA,"" it said. The bench said though it is true that many times RBI might not be controlling the rate of interest charged by the NBFCs on the loans advanced by them, but it did not mean that they have no power to step in. It said, ""The moment Parliament stepped in to codify the law relating to registration and regulation of NBFCs, by inserting certain provisions in Chapter III­B of the RBI Act, the same would cast a shadow on the applicability (even assuming it is applicable) of the provisions of the Kerala Act to NBFCs registered under the RBI Act and regulated by RBI."" It drew a similar conclusion with regard to the applicability of Gujarat legislation to NBFCs."
"Aggregator policy mandating EVs approved by Delhi CM Arvind Kejriwal New Delhi: Enhanced security features for passengers that include a 24x7 control room to track and monitor the movement of drivers, integration of panic buttons with enforcement agencies and corrective measures against drivers being awarded a rating less than three stars in more than 25% of the rides undertaken in a month are the highlights of the approved by on Tuesday. The file on and has now been sent to the LG's office and will be notified after his approval. The entire fleet of aggregators, old and new, have to complete the shift to EVs by April 1, 2030. The policy also paves the way for giving legal status to bike taxis in Delhi with a set of guidelines. Operators will need licence in 90 days Significantly, only electric bike taxis shall be registered as a motorcycle for taxis, will need an insurance cover for passengers and drivers, and the driver will need to have a passenger service vehicle badge issued by the transport department. In a fleet of four-wheelers, 5% should be (EVs) in six months, 50% in three years and 100% in five years. In fact, the of all aggregators, delivery service providers and e-commerce entities will have to undergo a phased conversion to electric mobility by 2030. ""With this, Delhi has become the first state in India, and among very few cities globally, to mandate a time-bound transition of commercial vehicle fleets of aggregators, delivery service providers and e-commerce entities to zero-emission electric vehicles,"" said Kejriwal. ""We firmly believe that this scheme holds the potential of not only safeguarding our environment but, more significantly, enhancing the well-being of the citizens of Delhi,"" said Delhi's transport minister, Kailash Gahlot. The scheme will cover those with 25 or more motor vehicles (two-wheelers, three-wheelers and four-wheelers, excluding buses) in their fleet and those who use a digital intermediary, such as an app or web portal to connect with consumers for their services. All existing and new operators must obtain a licence within 90 days of the scheme being notified or before commencing operations. The licence will be valid for five years with an annual fee to be paid but electric vehicles will be exempted. A 50% rebate will be given to vehicles that are less than two years old. The scheme has some stringent provisions for enforcing compliance with violations attracting monetary penalties, ranging from Rs 5,000 to Rs 100,000 in each instance. The policy also lays down that aggregators should provide sufficient accessible cars for persons with disabilities. It also calls for inclusion of a feature enabling the rider to share the live location and status of his/her ride. The aggregator is required to have an emergency number on the app to report any concern or harassment during a ride to the enforcement authorities."
"EV maker One Moto India ties up with Royal Sundaram General Insurance New Delhi: British Automobile Brand One-Moto India on Tuesday entered into a partnership with Co. Limited (Royal Sundaram) for the issuance of insurance policies to its customers for EVs at the point of dealerships. The brand’s tie-up with Royal Sundaram General Insurance comes as another step toward offering more convenience to the users and as a “one-stop-shop” for all customer requirements including insurance at the point of sale, said a media release. According to the company, the customers will be able to avail of an add-on Cover- Depreciation Waiver, to their motor policies issued by the brand. Apart from this, the customers will also be offered competitive pricing, and a cashless facility for claims at One Moto centres, it added. “It is our ambition to offer the customers the best of the services. In order to achieve the same, we are trying to create a bouquet of services in addition to the world-class array of EV products. Understanding that the majority of the customer base is experiencing EVs for the first time, they seek more support to enable the transition from ICE to EV,” Aditya Reddy, VP, Sales & Marketing, One Moto India, said. Currently, the brand has three different : Byka, Electa, and Commute. The EV startup recently announced its association with Global Assure to provide easy Roadside Assistance Services across India. One Moto India is one of the three companies that the Government of India has approved for e-AMRIT (accelerated e-Mobility Revolution for India’s Transportation)."
"Duty cut benefit in EV policy not to impact domestic players; to expand mkt New Delhi: Import duty concessions announced in the on Friday will not impact domestic players and on the contrary, expand the Indian electric vehicles market, a top government official said. Department for Promotion of Industry and Internal Trade ( ) Secretary Rajesh Kumar Singh said that the government has taken the view of all the concerned stakeholders on the policy, which was balanced to the public interest. ""We are not trying to, you know, tailor a package for anybody. This is open to everybody. The idea is to kickstart the four- wheeler e-car manufacturing in India, with very stringent kind of value-addition norms, while also ensuring that we allow imports in a very limited quantity. we will be allowing only 8,000 for a company in a year and a maximum cap of 40,000. It's not zero (duty,"" he told reporters here. The government on Friday approved an electric-vehicle policy, under which import duty concessions will be given to companies setting up manufacturing units in the country with a minimum investment of USD 500 million, a move aimed at attracting major global players like US-based . The companies that would set up manufacturing facilities for EV passenger cars will be allowed to import a limited number of cars at lower customs/import duty of 15 % on vehicles costing USD 35,000 and above for a period of five years. At present, cars imported as completely built units (CBUs) attract customs duty ranging from 70 % to 100 %, depending on engine size and cost, insurance and freight (CIF) value less or above USD 40,000. ""Our intention therefore is really not to cannibalize their (domestic players) market but to expand the EV market by bringing in new players, give the consumers the latest technology, kickstart the transition to EVs by bringing in you know proven technology and while at the same time creating a competitive framework where the domestic manufacturers can also grow in that same space,"" Singh said. Citing an example, he said when these EV manufacturers come in, the ecosystem also comes including vendors and the market is expanded. ""It's not that the market cannibalizes on anybody's existing share...,"" he said, adding that few cars are being sold in the domestic market in the price range of USD 35,000. In the USD 35,000 plus price range, in India, the total number of vehicles being sold is about less than a lakh. ""So it's not where people are present, domestic manufacturers are operating,"" Singh said adding there is no concessions other than the import duty thing. When asked about discussions with US EV major Tesla, he said discussions happen with everyone but that doesn't influence the government's decision. ""The final call we take is based on what is good for the country and what is good in the public interest. The policy again is not tailored for any company,"" he said. ""It is a very limited concession for a very limited number of imports and it is"
"for the country and what is good in the public interest. The policy again is not tailored for any company,"" he said. ""It is a very limited concession for a very limited number of imports and it is underwritten by very stringent performance criteria guarantee from him,"" he said. For up to USD 35,000 import price, the customs duty is 70 % and above that, it is 100 % and it is one of the highest in the world, Singh said. When asked except for Tesla, any other car companies interested in setting up plants here, without taking the name of any firm he said: ""Yes there are. I would just say that there are multiple such expressions of interest in it. At least two are there.. But there could be more""."
"LMV licence enables one to drive transport vehicle too: Himachal HC The Himachal Pradesh High Court has ruled that a light motor vehicle ( ) licence enabled the holder to drive a too. Observing that there is only licence category i.e. LMV, Justice Vivek Singh Thakur dismissed an appeal filed by Oriental Insurance Company against the Workmen Compensation Commissioner's order who held it liable to indemnify the claimants. As per the case, Raj Paul was engaged as a driver of a pickup jeep. He met with an accident on December 3, 2003, and died. His licence was valid for driving motorcycle and scooter as well as LMV non-transport only. The vehicle involved in the accident was a goods carrying , but undoubtedly falls in the category of LMV in terms of the , 1988. Counsel for the insurance company pleaded that being holder of the licence valid for LMV (non-transport), Paul was not authorised to drive a transport vehicle. The court held that there was no provision in the Motor Vehicle Act to make endorsement of LMV non-transport."
"Russian oil shaves India's import costs by about USD 2.7 bln India saved roughly USD 2.7 billion by importing discounted Russian oil in the first nine months of this year, according to calculations based on government data, helping it support economic growth and easing pressure on its trade deficit. accounts for about a third of India's overall imports by value. The world's third-biggest oil importer and consumer replaced Europe as the largest buyer of seaborne Russian crude this year after the West imposed sanctions on Moscow over its invasion of Ukraine last year. Access to cheap Russian oil enabled India to cut imports from the , where prices strengthened following 's voluntary additional supply cuts since July. India imported 69.06 million metric tons of Russian oil, equivalent to 1.85 million barrels per day (bpd), between January and September, commerce ministry data showed, including Russian oil imported from South Korea, Greece and Spain through transshipments. The average price for Russian oil delivered to Indian refiners was USD 525.60 per ton during that period, including shipping and insurance costs, Reuters calculations based on ministry data showed. By comparison, the average landed cost of Iraqi oil, which is of similar quality to the medium-sour Russian Urals crude that accounts for the bulk of India's purchases from Russia, was USD 564.46 per ton during the same period. That equates to savings of USD 2.7 billion for India compared with what it would have paid if it had bought Iraqi oil instead, the calculations showed. Russia has surpassed Iraq as top oil supplier to India, with Saudi Arabia relegated to third place. Other Russian grades purchased by India include light sweet ESPO and Sokol. China, the world's top oil importer, has reaped savings this year of nearly USD 10 billion through record purchases of oil from countries under Western sanctions including Russia, based on Reuters calculations. Unlike China, India doesn't buy Venezuelan and Iranian oil. By importing Russian oil, Indian refiners benefit from lower feedstock costs, which have buoyed gross refining margins and curtailed revenue loss from subsidised retail fuel sales. State refiners have not revised pump prices for more than a year, aiding government efforts to rein in inflation, while refined products demand has grown about 14% this year."
"Oil down $1 on China growth worries, while EU weighs Russian crude ban By Sonali Paul MELBOURNE: fell on Monday in holiday-sapped trade in Asia as concerns about weak economic growth in China, the world's top , outweighed fears of potential supply stress from a looming Brent crude futures fell $1.13, or 1.1%, to $106.01 a barrel at 0511 GMT, while U.S. crude futures fell $1, or 1%, to $103.69 a barrel. Markets in Japan, India and across Southeast Asia were closed for public holidays on Monday. Prices fell after China released data on Saturday showing that factory activity in the world's second-largest economy contracted for a second month to its lowest since February 2020 because of COVID lockdowns. ""A slowing to that extent, when China is already suffering from a property bust and worries about its (until recently) increased regulation, is potentially a major issue for commodity markets and the world economy,"" said Tobin Gorey, a Commonwealth Bank commodities analyst, in a note. On the supply side, Libya's said on Sunday it would temporarily resume operations at the Zueitina oil terminal to reduce stockpiles in storage tanks to avert an ""imminent environmental disaster"" at the port. NOC in late April declared force majeure on some shipments at Zueitina as political protesters forced a number of oil facilities to suspend operations. Limiting the down side for oil prices is a possible dent in supply with the European Union leaning towards banning imports of by the end of the year, two EU diplomats said after talks between the European Commission and EU member states on the weekend. Around half of Russia's 4.7 million barrels per day (bpd) of crude exports go to the EU, supplying about one-fourth of the EU's oil imports in 2020. ""In the absence of an immediate EU total oil embargo, eliminating mobility restrictions in China is necessary to drive oil out of its current range,"" said SPI Asset Management Managing Partner Stephen Innes. While Western countries have curbed buying Russian oil as sanctions have hit shipping and insurance for the country's exports, the impact on global supply has been cushioned as India has been picking up heavily discounted Russian cargoes. Royal Bank of Canada analysts estimated India's crude imports from Russia have grown from less than 100,000 bpd in 2021 to 800,000 bpd in April and expect India to continue ramping up imports as long as Washington does not impose secondary sanctions. Reuters reported on Friday that Indian refiners are negotiating a six-month oil deal with Russia to import millions of barrels per month. Also Read:"
"Crack down on EV sellers that claim low top speeds to evade regulation: Centre to states The , has cautioned state governments about higher battery capacity (EV) that are evading checks under the garb of low speed ones. An advisory to state governments said that many dealer showrooms have mushroomed across the country that have indulged in sale of battery operated two-wheelers in contravention to the provisions under the (CMVR), 1989. The state governments have been asked to take action against such errant operators. “These manufacturers and dealers are supplying higher battery capacity models which are plying with top speed 40-50 kilometres per hour (kmph) without type approval, insurance and vehicle identification as per norms. These vehicles are tampering with the verification undertaken by the ,” the advisory said. Under the existing rules, the maximum speed of EVs that can be sold without type approvals must not cross 25 kmph. The further specified that a two-wheeled battery operated vehicle shall not be deemed to be a motor vehicle if it is equipped with an electric motor having 30 minute power of less than 0.25 kW. Unladed weight (excluding battery weight) of these vehicles is not supposed to cross 60 kilogrammes. They also need to be fitted with suitable brakes and retro-reflective devices such as a white reflector in the front and a red one in the rear. Read More:"
"China auto sales rise at slowest pace in five months in Oct China's at their slowest pace in five months in October, from a weak base a year ago, as zero-COVID policies kept consumers away from showrooms and weighed on sentiment, while the effect of incentives for buyers also waned. The world's biggest posted sales of 2.51 million units in October, a 6.9% rise from the same month a year ago, according to data from the (CAAM) on Thursday. That represented a sharp slowdown from the 25.7% increase in September. from manufacturers to dealers, including passenger vehicles, buses and trucks. Total auto sales rose 4.6% from the same period last year, CAAM data showed, up slightly from 4.4% in the first nine months of the year. This time of year, known as ""Golden September, Silver October"", is usually a high point in sales for the industry, with consumers making purchases after staying away from showrooms during the stifling summer months. But automakers and investors are bracing for a downturn in the world's due to a sputtering economy, despite government incentives in recent months to boost sales, such as tax cuts and subsidies. In July, CAAM lowered its auto growth projection for 2022 to 3% from 5.4% previously. INVENTORY RISES Automakers in China delivered a record number of cars to dealers in the first nine months of the year even as retail demand slowed, setting up the market for a slowdown in 2023, analysts at (CMBI) said last month. ""Although the trend is good with production and wholesales in the auto industry, the is weak and inventory level has improved,"" said Chen Shihua, CAAM's deputy secretary general, at an online conference. The average daily retail sales of locally produced cars in China fell 2.4% in the first three weeks of October from a year ago, with Chinese brands outperforming their foreign counterparts, according to a CMBI report based on auto insurance data. Sales of new energy vehicles -- which include pure (EV), plug-in hybrids and hydrogen fuel-cell vehicles --increased 81.7% in the month, the slowest pace in six months. Tesla added to its electric vehicle inventory in Shanghai at its fastest pace ever in October, brokerage data showed recently. BYD's sales more than tripled thanks to a wider range of EV and hybrid offerings, while Nio also saw sales increase 174.3% in October due to the introduction of new models such as ET5. Also Read:"
"Greaves Finance partners with ACKO to promote EV ownership in India Limited, a subsidiary of Greaves Cotton Ltd., has partnered with tech-first insurer to promote seamless electric vehicle (EV) ownership in India. Announced on July 10, 2024, the collaboration aims to encourage through Greaves' 100% EV-focused lending platform , which will now offer ACKO's insurance policies alongside financing options. This strategic partnership aims to provide consumers with optimal insurance and financing solutions conveniently. Customers will benefit from specialised financing support and tailored solutions from evfin that cater to their preferences and requirements. Additionally, the partnership will simplify the insurance procurement process by offering affordable policies designed to meet user needs. The collaboration between evfin and ACKO aims to alleviate the financial burden on EV owners in the event of accidents and hospitalisations, while also driving the development of new EV-centric products. This initiative is expected to accelerate the adoption of solutions across India. PB Sunil Kumar, Executive Director and CEO of Greaves Finance Limited, highlighted the growth of the , stating, ""In FY24, the Electric 2W segment has witnessed a Y-o-Y growth of 30%, and we believe that accessible financing and insurance models will push this further, helping accelerate India’s potential to lead the charge in sustainable mobility. We are delighted to partner with Acko on this exciting venture to offer affordable and tailored solutions to our consumers. We share a mutual vision of leveraging technology to increase the accessibility of financial services to customers across India."" Brijesh Unnithan, SVP - Internet Partnerships at ACKO, emphasised the importance of tailored insurance solutions for EVs, saying, ""We understand the importance of tailored insurance solutions for EVs to accelerate EV adoption in India. Given the barriers to EV adoption, where the primary factors are cost and battery degradation, it is important to foster an ecosystem that facilitates affordable financing and insurance solutions to encourage individuals to consider EVs. ACKO’s collaboration with Greaves Finance Limited is a step in the right direction to enable this."" Earlier this month, evfin celebrated its first anniversary. Its offerings are now available in leading EV 2-wheeler OEM dealerships, including Ather Energy, Ampere from Greaves, Vida from Hero Motocorp, OLA Electric, Bajaj Chetak, and TVS iQube across 31 cities in India."
"FM likely to focus on growth, may announce steps for sovereign bond inclusion in global indices Finance Minister Nirmala Sitharaman will present the highly-awaited for FY2023 next week. The industry and market are eager to see how the government charts its course to come out of the Covid scenario and return the country to the desired growth rate on a sustained basis. One of the positive aspects of 2021 was the clean-up of off-balance sheet finances and the government is expected to continue the same path while showing fiscal consolidation given elevated debt levels. Previous two years’ stringent lockdowns had forced the government to alter its spending pattern somewhat and increase the focus on the social sector to alleviate the impact of the disruptions. During FY2022 and FY2023, the government spent substantial sums on subsidies and sops to support the economy. While the nationwide lockdown is behind us and the economy is on a growth path, the government is expected to turn its attention back to its key areas of infrastructure development and promoting the manufacturing sector for job creation. The PLI Scheme, having an outlay of Rs 2.5 trillion across various sectors and spread over a tenor of 3-6 years has seen initial success. The government is likely to increase the allocation for the scheme and might add a few sectors to this list in order to further boost the domestic manufacturing sector. Developing a strong renewable energy and EV (including charging infrastructure) sector has become important for India to meet its carbon emission targets and hence could be a special focus area. The earlier initiatives on digital and startup economy driven by the Prime Minister have also seen good success with the creation of several unicorns in India, and the impetus on the same is likely to continue in this budget as well. As a result of these initiatives India has been successful in attracting sizable FDI from global investors in the digital economy every year. The markets are also keenly watching for fiscal balance that the government is able to achieve between the need to spend more and to reduce deficit. Tax collections, both direct and indirect, have been strong this year on the back of healthy corporate taxes and GST collections, and are further expected to increase at about the nominal GDP growth of 12-14 per cent for FY2023. Even though the government has missed the divestment targets, the overall deficit is expected to be within the budgeted target due to strong tax revenues. On the expenditure side capex was a focus area in the previous budgets given the higher multiplier effect on the economy, and we expect the similar trend to continue in this budget as well with higher growth in capex spending as compared to revenue expenditure. From a fiscal deficit of 4.6 per cent in the pre-pandemic year of FY2020, the deficit increased to 9.2 per cent and 6.8 per cent in FY2021 and FY2022, respectively. The government is likely to gradually"
"a fiscal deficit of 4.6 per cent in the pre-pandemic year of FY2020, the deficit increased to 9.2 per cent and 6.8 per cent in FY2021 and FY2022, respectively. The government is likely to gradually consolidate its fiscal position and reduce the deficit to 6 per cent in FY2023 and provide a further path for faster consolidation in coming years. The gross central government borrowings would cross Rs 12 trillion for the third year in a row due to the large deficits. The market appetite for such large borrowings is limited and the government may explore alternative sources of finances such as borrowings from overseas investors. The Finance Minister is expected to announce steps that would enable the inclusion of Indian sovereign bonds in global bond indices which would help in attracting a good amount of foreign capital. The government is taking various reform measures outside of the budget to take India to a USD 5 trillion economy and this budget is expected to lay down the path to accelerate the pace of economic growth. (The author is Chief Investment Officer at Bajaj Allianz Life Insurance. The views expressed in this article/note are not to be construed as investment advice and readers are suggested to seek independent financial advice before making any investment decisions) Also Read:"
"Verkor gets over 1.3 bn euros in financing for Dunkirk EV battery gigafactory French battery start-up said on Friday it had secured more than 1.3 billion euros (USD 1.41 billion) in green financing for its first in , finalising its funding. Europe is seeking to attract (EV) battery makers, as it tries to cut dependency on Asia and win a green subsidies race with the United States. The financing allows Verkor to fund construction of the plant, which will supply Renault's premium and Alpine electric models among others. The Grenoble-based startup's gigafactory is one of four electric vehicle battery factories planned in northern France. ""This debt financing will enable us to finalize the construction of our gigafactory, which will produce its first low-carbon battery cells in 2025,"" said Benoit Lemaignan, CEO of Verkor. The gigafactory will have an initial production capacity of 16 GWh/year and create about 1,200 direct jobs and 3,000 indirect jobs within two years, Verkor says. This development follows Verkor's recent capital increase from investors, which included infrastructure funds and insurers. To date, and following Friday's announcement, the company has secured more than 3 billion euros in funding."
"Will you gain from pay-as-you-drive motor insurance? Your car insurance premium could soon be decided by how much and how well you drive. The Insurance Regulatory and Development Authority of India (Irdai) has permitted insurers to launch pay-as-you-drive policies with premiums linked to mileage and quality of . The pay-as-you-drive policies allow buyers to set a mileage limit for their cars and offer discounts over the normal premium. The lower the limit, the bigger is the discount over the normal premium. The insurance is valid only up to the limit chosen by the buyer. One insurance company offers three slabs of 7,500 km, 5,000 km and 2,500 km. The insurance regulator has also proposed for vehicles. Just like floater health policies cover all members of a family, vehicle owners can get several vehicles covered under a single policy. In , floater policies are very popular, but whether they will become the preferred option in motor insurance is debatable. Vehicles owned by a family are usually registered in different names, which could be a hurdle in such floater covers. Irdai has also allowed insurance companies to offer discounts based on the quality of driving. A telematics device is fitted in the car to monitor the condition of vehicle and driving habits of the user. This data is then interpreted to give discounts to careful drivers. It can also penalise rash and negligent drivers. These developments appear to be good news for those who own multiple vehicles or have not been driving too much due to Covid restrictions. They won’t have to shell out the full premium if their vehicles are not being used too much. “The introduction of these options will help in giving the much needed fillip to motor own damage cover in the country and increase its penetration,” Irdai said in a statement. Expectedly, the insurance industry has lauded the move. “This is a transformational development in the motor insurance category. It will boost utility-based insurance purchases and also encourage safe driving habits,” says Sanjay Datta, Chief Underwriting and Claims, . “Irdai has created a win-win situation. Own damage coverage can now be tailored based on a customer’s driving behaviour. It will benefit customers who have low vehicle usage, take care of their vehicles and follow traffic rules,” says Rakesh Jain, CEO of . However, a closer examination shows that such policies can offer only limited benefits. The discounts offered on the premium are not too exciting (see table). If you choose the 7,500 km slab, you get only a small 10% off on the regular premium. Mind you, the discount only applies to the own damage premium, and the mandatory third-party premium and other add-on covers are not affected. The discount gets a little more attractive for a lower limit of 2,500 km, but that works out to an average commute of less than 7 km in a day. Consider that before you opt for a policy with a low slab. The good news is that buyers can switch to a higher slab or even"
"km, but that works out to an average commute of less than 7 km in a day. Consider that before you opt for a policy with a low slab. The good news is that buyers can switch to a higher slab or even to a regular unlimited policy if they end up driving more than the slab limit. But this upgradation should be done well before the threshold limit is exceeded. It is not possible to upgrade after a mishap or claim incident. “Insurers would have to clarify the process of settling a claim if a customer exceeds the declared usage,” points out Supriya Rathi, Whole Time Director, Anand Rathi Insurance Brokers. The installation of telematics devices is another ticklish issue because it raises privacy concerns for the car owner. No doubt it will reduce the insurance premium, but this discount comes at a cost. Go for it only if you are comfortable with the thought that the insurer will have 24x7 data on your car’s movement."
"India needs policy push to harvest benefits of e-tractors New Delhi: Even though a record 1.66 million (EVs) were sold in India in FY24, according to the Ministry of Road Transport and Highways, only four were classified as agricultural tractors. Two-wheelers and three-wheelers made up for 94% of all EVs sold in FY24, though sales of electric cars and buses increased approximately 90% and 75%, respectively, over FY23. The e-tractor is a multifaceted opportunity to support India’s green growth by expanding exports and decarbonizing transport. Let’s dig into this and see how policy can help accelerate the market. It has been more than three years since the launch of the first e-tractor in India. While there are several more e-tractor models on offer for Indian consumers today, adoption is still negligible despite sales of close to 1 million tractors annually. Tractor sales are an indicator of rural economic growth and one of its key drivers. According to PPAC data, tractors recently consumed an average of 4.8% of India’s highspeed diesel, close to the amount consumed by buses (5.9%) and four times the amount consumed by three-wheelers (1.2%). Tractors are subject to Bharat Stage (CEVTrem) IV tailpipe emission standards apply to agricultural tractors with engine power of more than 37 kW. However, about 78% of tractors sold in 2021 had engines with less than 37 kW of power. While these will be regulated by upcoming BS (CEVTrem) IV standards. Tractors with engines less than 37 kW could be included in the BS IV regulation without waiting for the BS V standard in 2026. It’s technologically feasible, as Indian manufacturers are already meeting these standards in the tractors they manufacture for export to the United States, where similar standards are in place. There are still data gaps that hinder a full understanding of tractor applications and their usage patterns in India. For one, data to differentiate between the energy consumed by tractors for agricultural operations and for moving people and goods is lacking. Primary surveys are needed to better understand both the agricultural and social operations of tractors and their ownership models (purchase versus renting). Having this information would enable strategic policy interventions to accelerate e-tractor adoption in India. With a concerted policy push that starts soon, the central and state policymakers can leverage the descendants of the green revolution to support e-tractors and India’s green growth. (Disclaimer: Aravind Harikumar is a researcher with ICCT in India. Views are personal.)"
"California, other states seek recall of Hyundai, Kia vehicles over theft The California attorney general and the attorneys general of 17 other states on Thursday asked a federal regulator to recall and vehicles, saying they are more likely to be stolen because they lack safety features that are standard in other . Hyundai Motor Co and Kia Corp vehicles represent a large share of stolen cars in multiple U.S. cities, according to data from police and state officials. While most cars in recent years have been installed with industry standard , the Korean have no push-button ignitions and immobilizing anti-theft devices. Hyundai Motor is the biggest shareholder of Kia. ""Kia's and Hyundai's failure to install standard safety features on many of their vehicles have put vehicle owners and the public at risk,"" California Attorney General Rob Bonta, who is spearheading the push by the states for a recall, said in a statement. The states have written to the with their concerns. Hyundai said its vehicles have engine immobilizers that prevent a vehicle from starting unless the correct key or fob is used, making it compliant with federal anti-theft requirements. ""These specific models comply fully with all applicable federal standards, a recall is neither appropriate nor necessary under federal law,"" said Kia in a statement. U.S. theft claims were nearly twice as common for Hyundai and Kia vehicles compared with all other manufacturers among 2015-2019 model-year vehicles, the Insurance Institute for Highway Safety's Highway Loss Data Institute said last year. TikTok videos that show how to steal Kia and Hyundai cars without push-button ignitions and immobilizing anti-theft devices have spread nationwide, leading to a raft of car thefts. Bonta said the carmakers included the industry standard immobilizer in the same models in Canada and Europe but chose to ""carve out"" the United States. ""Instead of taking responsibility with appropriate corrective action, these carmakers have chosen instead to pass this risk onto consumers and our communities,"" Bonta said. The automakers in February said they would offer software upgrades to 8.3 million U.S. vehicles to help curb thefts. However, upgrades will not be available for many affected vehicles until June and cannot be installed on some 2011-2022 models, Bonta's statement said."
"Ferrari fever? Classic cars roar into investment funds In 1977, a owner offloaded his 1962 250 GTO because his wife complained it was too noisy, recounts Andrea Modena, head of Ferrari's classic car division. It was either her or the car. ""Nowadays, I'm not sure the wife would have won out."" Times have indeed changed. In 2018, the same Ferrari model became the most expensive car ever sold when it fetched USD 48 million at auction. Last year, that record was flattened by a 1955 Uhlenhaut Coupe that raced to 135 million euros (USD 149 million). These kind of megadeals are at the vanguard of billions of dollars of annual spending on globally in a wave of in this alternative asset. Vintage cars have risen 185% in value over the past decade, outstripping the growth of luxury rivals wine, watches and art, and ranking second only to rare whiskies, according to Knight Frank's 2023 wealth report. The market has expanded beyond a comparatively small community of collectors to include investors drawn by the prospect of high returns plus a lack of correlation with mainstream portfolio assets such as stocks and bonds. ""We've been monitoring the market for a long time,"" said Giorgio Medda, CEO and global head of asset management at Italy's Azimut. ""The track record of the past 30 years tells us classic cars have become a financial asset class we want our clients to have in their portfolios."" This year, the asset manager is launching what it describes as the world's first ""evergreen"" fund to invest in vintage vehicles, and says it'll only bet on cars worth more than 1 million euros each. Advised by Alberto Schon, head of Ferrari and Maserati dealer Rossocorsa, the fund says it will pick vehicles with a unique history. While Azimut's fund will have no end date and can receive new money indefinitely, small Swiss asset manager Hetica Capital launched a 50 million euro 'closed-end' fund in 2021, which it also said was the first of its kind. The Hetica fund, which is targeting returns of 9%-15% after seven years, has bought a dozen cars so far and aims to get to 30-35 cars by the fifth year, leaving the last two years to sell the vehicles and pay investors. The plans are bold. ""We've seen more than 100 attempts at setting up funds in the past. Nobody managed to build both a diversified investor base and a diversified car portfolio,"" said Dietrich Hatlapa, founder of classic car research house HAGI, which supplies the sector data used by Knight Frank. It's also not a sector for the financially faint-hearted. Registered in Luxembourg, both the Azimut and Hetica funds have a minimum entry investment bar of 125,000 euros. ""We get loads of calls from people who're looking to invest 1,000-2,000 euros and we have to turn them down,"" said Walter Panzeri who runs Hetica's Klassik Fund. Moreover, a small scratch or dent, or a replacement part, can deal a heavy financial blow. For example, replacing just the bumper of a rare can cost USD 15,000, said Modena. KEEPING THE CARS"
"Fund. Moreover, a small scratch or dent, or a replacement part, can deal a heavy financial blow. For example, replacing just the bumper of a rare can cost USD 15,000, said Modena. KEEPING THE CARS ALIVE Running costs for car collections, including hefty storage and insurance fees, could easily amount annually to 5-6% of the portfolio's value, according to Florian Zimmermann, who started buying vintage cars when he worked at Mercedes-Benz and has since built a collection of 300 vehicles with a partner. ""It's getting harder and harder to find the proper mechanics to keep these cars alive. And you have to spend quite an amount of money to keep all these cars in running condition,"" he said. Indeed investment funds managing car portfolios can be a money-spinner for the classic car divisions of , which not only provide repairs and parts, but also certify the authenticity of vehicles to take part in shows and competitions. The certification process alone can cost around 20,000 euros, according to Peter Becker of Mercedes-Benz Classic who said only the carmaker's experts, with access to its archives, could confirm the originality of a classic model. Nonetheless, the classic car market is expanding as the number of wealthy people also rises; the value of vintage cars grew 25% in 2022, their strongest performance in nine years and second only to art's 29% increase, according to Knight Frank. Classic vehicle insurer Hagerty estimates there are about USD 80 billion collector vehicle transactions a year globally, including all auctions and private sales. While North America remains the largest market for auctions, with Hagerty recording USD 3.4 billion in auction sales in 2022 versus USD 774 million in 2007, Zimmermann said a growing number of buyers had emerged in recent years in the Middle East, India and China. 'THEY'LL BE CULT OBJECTS' The global race to renounce will only serve to heighten interest in these relics of a vanishing era, say some market players. ""Electrification will favour classic cars,"" said Cristiano Bolzoni, head of Maserati's vintage car unit Maserati Classiche. ""Over time they will become cult objects."" Ferraris are the most prized vintage autos, according to Adolfo Orsi, founder of the Classic Car Auction Yearbook which has been tracking auction sales data since 1990, who described them as ""absolutely the blue-chips of this sector"". Ferraris commanded an average value at auction of USD 589,000 in 2021-22, followed by Mercedes-Benz cars on USD 378,000 and Porsches with USD 348,000. ""The classic car community has changed tremendously over the past five to 10 years,"" Zimmermann said. ""Once it was only people who knew the cars inside out. But over time others simply thought: I like these cars, I can afford one and I don't lose money by buying it."""
"A mini industry spawns under the hood of a booming car market Fuelled by rising disposable incomes, an influx of new sport-utility vehicles, and attractive loan rates, India's is racing ahead. India's passenger vehicle sales surged past 4 million units for the first-time ever in calendar year 2023. As per industry estimates, about 4.1 million passenger vehicles were sold in the last calendar year, an increase of around 8.2% compared with sales of 3.79 million units in 2022. Under the auto boom, a smaller industry is also growing: the used or pre-owned car market, where for every two new cars, three are sold. In a recent media interaction, CARS24 Co-Founder and CEO, Vikram Chopra, noted that the Indian is expected to touch the USD 100 billion-mark in 2034 as against USD 25-billion in 2023, owing to the rising disposable incomes and a growing middle class. As per the company’s internal report, the market is poised to grow at a 15% CAGR in the said period. With the used-car market still largely untapped, even the luxury carmakers are driving in. From Porsche to Mercedes-Benz in the luxury segment and from Maruti to Mahindra and numerous startups, all want a share of this growing market. Accelerate, clutch and boom It would only be fair to say that the is booming, so much that till FY27, it is expected to grow at a rate of 19.5% and an astonishing 30% in smaller towns or non-metro cities, as per a pre-owned car industry report. Notably, metropolitan cities accounted for 65% of used car supply in FY22. In FY23, the used rose 27% to 5.45 million units, ET had reported. Furthermore, the demand is only going to rise with the building of trust in this new market as it gets more organised over the years. In the second quarter of 2023, 57% of customers in the pre-owned segment were first-time buyers, but this number rose to 63% in the third quarter of the same year, as per data gathered by Spinny, a used car marketplace. Back in 2001, Maruti Suzuki was one of the first players in this segment with its True Value channel, enabling trust and breaking stereotypes attached to the purchase of ‘second-hand’ vehicles. Since then, the industry has evolved in more than one way and technology has been pivotal in its growth. Startups like CarDekho, SoftBank-backed CARS24 and Tiger Global-financed Spinny have carved a niche of their own with certifications, hassle-free payment system, refurbishing, quality checks and even financing, giving exactly what a young customer wants. Luxury brands such as Jeep, BMW, and Mercedes-Benz have also seen consistent growth. While Chopra of CARS24 says there’s a long way to go, the industry has come a long way too. The automobile industry’s own hiccups, including the semiconductor crisis, supply chain disruptions and geopolitical tensions gave a sudden big boost to the pre-owned cars market. Why is the Indian consumer shifting gears? As established, shortage of semiconductors, critical for advanced and new-age cars, had disrupted"
"gave a sudden big boost to the pre-owned cars market. Why is the Indian consumer shifting gears? As established, shortage of semiconductors, critical for advanced and new-age cars, had disrupted supply-chains and had a huge impact on sales of leaders of this sector. Due to this, customers had to face long waiting periods, as long as six to eight months, and this affected the whole idea of ‘buying a new car’ during the pandemic. Thus, opting for used cars became the immediate option for the buyers. In tandem with this market’s startling growth, loans for used cars, which have primarily carried higher interest rates, have also seen a key shift with narrowing of the interest rate from 400 to 250 basis points. High demand for popular utility vehicles, which make up half of all passenger vehicle sales in India, has further created a severe demand-supply mismatch in the used car market, raising the average selling price as well as margins of organised players and contributing to this particular segment. Growing disposable income levels and a rising number of young professionals seeking to commute in the city also contributed to the pre-owned car wave, alongwith rising costs of new cars equipped with high-end technology. The growth was also fuelled by digitisation of used-car business which has made the process a lot easier, accessible and trustable. Also, the new-age used-car purchase comes with perks like after-sales warranties, certifications, multiple checks, multiple payment options and easy delivery too. For instance, with a complete ‘consumer first’ approach, German sports luxury car manufacturer Porsche forayed into the pre-owned car segment in India in 2022. The Porsche Approved programme comes with a comprehensive warranty on pre-owned cars for a minimum of 12 months, including access to the 24-hour roadside service after passing a rigorous 111-point inspection. The age of cars is going down, causing more cars to land in the used car market. An Indian customer gets rid of a car after covering a distance of 70,000 kilometers on average. While the ideal age for a pre-used car is between 2 to 5 years old, it was about 4 years in FY22, compared to 4.4 years in FY21. Alert: Speed bump The used car segment must be catching pace but it is also marred by speed bumps. While the pandemic fuelled the sector’s growth when new car supply was squeezed, its waning slowed the market down as new car supply gathered pace. While for the used-cars segment, the increase in sale of new cars bodes well in terms of fresh supply of older cars coming to the market, it also takes away from the growth seen when customers with an appetite for four-wheelers had to turn to used cars given the long waiting periods for new vehicles. While capital drove business for startups initially, profitability has remained an issue. The topline growth was fuelled by heavy spending (which is not the case anymore) into marketing, advertising as well as expansion into newer markets,"
"initially, profitability has remained an issue. The topline growth was fuelled by heavy spending (which is not the case anymore) into marketing, advertising as well as expansion into newer markets, analysts have said. “For venture-backed companies, like Spinny and Cars24, they have raised a lot of capital that they were burning indiscriminately to gain market share from non-branded dealers,"" a mobility focussed venture investor had told ET in May last year. ""They were offering prices 5-10% more than what one would normally get, just to get top line growth. They were losing around INR 40,000-INR 50,000 on every car. Now they’ve started giving reasonable pricing with a focus on the bottom line”. Startups have been compelled to explore new routes in order to sustain, if not get profitable too. According to an ET report, these firms faced the slowdown as the “growth-at-all-costs” push by venture-backed companies took a backseat and improving unit economics took all the light. Apart from tweaking their business models, these tech-driven startups moved towards auto financing, insurance and classifieds. While Spinny shut down its standalone portals for premium car sales and budget vehicles, CarDekho also closed its retail used-car sales and customer-to-business (C2B) segments citing “inviable unit economics”. Speaking to ET three months ago, the founder of a unicorn used-car startup said the overall market was buoyant but a change in the investment scenario for startups meant that priorities for them changed. “I would not say the market has shrunk…it has been doing decently well. But there was a sudden change for all of us in the business and how we approached things. Everybody had to take the tough call that there is a need to prioritise controlling costs in order to maximise the runway and delay a next round of funding. At least for the first six months of FY23 that was the case,” the founder said, asking not to be named. “It is difficult to fight that battle along with recording high growth levels. Sometimes you need to slow down a bit in order to grow faster later,” he added. The prospects for the used car market are bright despite the setbacks it has suffered as it is still maturing and organising. The more new cars are sold and the pricier the new cars get, the more the used car market will grow."
"BLive and Awign partner to onboard 1ok riders for EV Rental Programme in India , an e-mobility platform in India, has formed a strategic partnership with , the country's largest work-as-a-service platform, to onboard 10,000 riders for BLive’s over the next 12 months, aiming to revolutionize last-mile delivery with affordable, sustainable electric vehicles (EVs). Awign, recognized for its work fulfillment solutions, focuses on streamlining work processes and managing costs for large organizations across various sectors, including Automotive, Retail, FMCG, Education, Manufacturing, Construction, and Pharmaceuticals. The platform boasts a community of over 1.5 million gig workers, making it a key player in the industry. This partnership with BLive provides gig workers access to electric vehicles, thereby transforming the last-mile delivery ecosystem. BLive’s EZY EV Rental Programme offers flexible rental terms and weekly rates as low as INR 1,500. Additionally, the programme includes a ""Rent to Own"" model that allows riders to own their EVs after 36 months, promoting both sustainability and economic independence. According to industry surveys, 77% of last-mile delivery riders prefer EVs for their environmental benefits, though financial barriers persist. BLive’s initiative tackles these issues by offering competitive rates to encourage wider EV adoption. By partnering with brands like TVS, Ather, Bounce, and Revolt, BLive ensures its fleet comprises top-tier electric vehicles that offer significant savings on fuel expenses, insurance, and maintenance. Through the BLive EZY platform, riders can acquire an EV with minimal deposits without needing a CIBIL check. The program includes comprehensive insurance, roadside assistance, and extended warranties, ensuring the reliability of service. Moreover, gig workers stand to benefit from substantial fuel cost savings and the opportunity to contribute to a more sustainable future. , CEO and Co-Founder of BLive, expressed his optimism about the partnership: “This collaboration with Awign marks a significant milestone for BLive. Our EZY EV Rental Programme has been instrumental in reducing the financial barriers for delivery workers, and this partnership will further accelerate the adoption of electric mobility in India. Together with Awign, we are committed to transforming last-mile delivery and promoting sustainable practices.” , Co-founder and CBO of Awign, commented on the partnership: ""At Awign, we have been actively working in the space of sustainable mobility and related technologies for a while now. From deploying charger installation infrastructure across India to now onboarding 10,000 riders for BLive's EZY EV Rental Programme, we continue to work towards operational excellence as well as sustainability."" Sustanability via collaboration The collaboration aims to accelerate electric mobility adoption among gig workers, enhancing operational efficiency and reducing environmental impact. Deploying 10,000"
"Sustanability via collaboration The collaboration aims to accelerate electric mobility adoption among gig workers, enhancing operational efficiency and reducing environmental impact. Deploying 10,000 electric bikes within the next 12 months, aim to set a new standard for sustainability and economic empowerment in the gig economy. The Indian EV industry is experiencing rapid growth, with the market for electric two-wheelers projected to reach 1.6 million units by 2025. The gig economy, especially last-mile delivery services, significantly contributes to this growth. This collaboration leverages the trend, making the transition to electric both accessible and advantageous for gig workers across India."
"Car sharing platform Zoomcar elevates Nirmal NR as India CEO Domestic marketplace on Friday announced to elevate as the CEO for India market. Working as President for Growth and Marketplace at Zoomcar, Nirmal will now be responsible for all aspects of growth, operations and customer experience for the company in the country. ""His diverse skillsets and seasoned leadership will play an instrumental role in continuing to scale the India business,"" said Greg Moran, CEO and Co-Founder, Zoomcar. With more than 10,000 cars already on the platform across several cities, the company expects to grow the platform to over 50,000 cars and 100 cities this year. At present, Zoomcar offers individual vehicle owners a joining bonus of Rs 10,000 along with additional incentives tied to high quality host ratings on the platform. A Zoomcar also offers enhanced incentives for the host's initial time on the marketplace. ""At Zoomcar, we're currently sitting on the cusp of a dramatic transformation within personal mobility,"" said Nirmal. Headquartered in Bengaluru, Zoomcar employs over 300 people and operates in 50 cities pan-India and four countries globally. In 2020, it launched , the Company's enterprise SaaS based mobility solution to vehicle OEMs and insurance companies. In November last year, Zoomcar completed a $92 million private placement led by New York City-based SternAegis Ventures, along with participation from other investors. Also Read:"
"Over 11,000 vehicles scrapped till March 31 this year New Delhi: A total of 11,025 vehicles (7,750 private and 3,275 government vehicles) have been scrapped till March 31 this year by the registered vehicle scrapping facilities, Parliament was informed on Wednesday. In a written reply to the , Road Transport and Highways Minister further said 24 statescyclist. The proposed scheme is to take care of the immediate needs of the hospitalisation of the victims for the first 48 hours from the time of hospitalisation or provide necessary treatment up to a cost of INR 30,000, whichever occurs earlier. ""For this scheme, NHAI has invited bids and technical bids of the tender are under evaluation,"" Gadkari said. The ambulance projects were sanctioned for the entire country, and state-wise separate funds were not allocated, the minister added. ""In this regard, NHAI has sanctioned funds of INR 395.89 crore in the last 5 years for the deployment of ambulances through centralised agencies,"" he said."
"Audi India opens Audi Approved: plus facility in Kozhikode, Kerala : , the German manufacturer, inaugurated on Friday a new facility, in Kozhikode, Kerala. The Sales and service facility is located at NH-17, Calicut-Kannur Road, Pavangad, Puthiyangadi. Spanning 6200sq. ft., the state-of-the-art 3S facility has the capacity to display 9 cars. The inauguration marks the opening of Audi India’s 22nd Audi Approved: plus facility in India. Balbir Singh Dhillon, Head of Audi India, said, “With the inauguration of our 22nd Audi Approved: plus showroom in Kozhikode, Audi India comes a step closer to the people of Kerala. The growing demand for pre-owned Audi cars in the region presents an exciting prospect for the brand and provides an opportunity for us to reach out to those with aspirations of luxury, and we enthusiastically look forward to customers and welcome them to the Audi family.” Every pre-owned vehicle displayed and sold at Audi Approved: plus showrooms undergo mechanical, bodywork, interior and electrical inspections at 300+ multi-point checks, thorough multiple-level quality checks, and a full on-road test to ensure customers’ peace of mind while buying the car. Under the Audi Approved: plus programme, Audi India offers and complete vehicle history before purchase. Additionally, customers can also avail easy financing and insurance benefits through the programme. Rajiv Sanghvi, Dealer Principal, Audi Kozhikode, said, “We are delighted to announce the inauguration of Kozhikode’s very own Audi Approved: plus. There has been ample demand for pre-owned luxury cars in the region, and we look forward to servicing our customers at our state-of-the-art facility.” Also Read:"
"India has found a way towards mass electrification: swap batteries It may not have enough electric vehicles, powerpacks or the capital, but India has found a way towards : swap batteries. The solution, where empty batteries can be exchanged for charged-up ones, is still in nascent stages in China, the world’s largest EV market, where it is anchored in strong government policy. Elsewhere, it hasn’t quite taken off. But for India, it could help leap-frog the nation’s bid to reduce transport emissions and boost its electric footprint. Across the Indian capital’s dense localities, battery swapping stations are becoming a frequent site at local provision stores and small retail outlets. Meanwhile, the government has pushed out an policy draft in recent months to bolster adoption and supply. It’s also scouting sites along India’s emission-heavy highways for new stations for swapping and charging. For the most part, ambitious Indian startups have pushed their way forward. Sheru, a technology platform, allows electric autorickshaw drivers to swap batteries at retail stores or pay as they use them. It’s working with stakeholders across the energy storage value chain. Meanwhile, Battery Smart, which just raised $25 million in a funding round led by Tiger Global, is focused on quickly building a swapping network and is working with domestic battery manufacturers. Sun Mobility is partnering with Amazon India in the state of Maharashtra — home to the financial capital, Mumbai — to put swapping stations at its warehouses. For now, it’s showing promise because the Indian vehicle market is dominated by two and three wheelers, making it simpler to charge and swap out the smaller powerpacks. It brings down the costs of commute sharply for users while increasing energy efficiency. These smaller vehicles are also responsible for a significant share of the emissions. This way could prove to be a model for other emerging markets across the world struggling to meet their green promises. The policy draft, while a progressive step, will need to be backed by state governments and big bucks to be adopted in smaller, denser and more polluted second and third tier cities. It’ll also need to get meatier on details on the types of batteries to maintain quality, insurance for the safety of drivers and manufacturers, and providing better tax incentives for increasingly pricey powerpacks. In addition, state enterprises need to get involved, as they have in China. The longer-term challenge for India will be whether it can use battery swapping for cars effectively when mass adoption reaches the four wheeler category. Even the likes of Tesla Inc. have tried battery swapping. But Musk’s company abandoned the project after setting up just one battery station. Other attempts include a Renault-Nissan alliance that had agreed to manufacture 100,000 EVs to the specifications of Better Place, the now defunct venture capital-backed firm that developed and sold battery charging and switching"
"alliance that had agreed to manufacture 100,000 EVs to the specifications of Better Place, the now defunct venture capital-backed firm that developed and sold battery charging and switching stations. The firm launched its first station in Israel in 2011 and eventually filed for bankruptcy two years later because it was expensive and batteries needed to be common to drive utility. In China, Nio Inc. has had to make significant capital investments. As of the first quarter, the firm had installed over 960 battery swapping stations in 197 cities across the country . But it’s still running operating losses because of the rising depreciation and expenses. Nio expects losses associated with swap stations to increase for now, executives noted on the latest earnings call. That stands as a question — and a warning — for India when it eventually transitions battery swapping to four-wheel vehicles. Battery swapping is effectively buying New Delhi time to get its act together on broader decarbonization and clean power generation. In addition, as batteries get better or the variety of chemistries in use change, charging times will fall and range will increase. Over time, this could slow growth for swapping. Still, lithium ion batteries are proving to be in short supply, and expensive. Policymakers are already looking to move on from the widespread but costly lithium ion variety, towards those that are made from more abundantly available materials. For now though, there is enough to supply two and three-wheelers. If policymakers can drive investment and capital towards the startups pushing through swapping, the rising awareness and utilization will ensure consumers are prepped for more electric vehicles in the future and hooked to the longer-term cost efficiencies. Without that, India could lose a prime opportunity to go electric and get cleaner."
"TN govt unveils logistics policy, aims at reducing cost; proposes incentives Chennai: The Tamil Nadu government on Saturday unveiled its ' 2023', featuring objectives including enabling a robust logistics infrastructure development. The targeted outcomes include a reduction in cost of logistics and leveraging private participation aided by initiatives like fiscal incentives for , , , , start-ups and technology service providers among other related enterprises. The government ""intends to offer various fiscal incentives to market participants, operators and developers towards improvement in efficiency and visibility of trade and encourage business opportunities through private participation in the ,"" the policy said. The vision of the policy, released by Chief Minister in the Secretariat, is to promote an integrated, reliable, cost-efficient and sustainable logistics system in Tamil Nadu for enhanced competitiveness and fast-tracked economic development. The government of Tamil Nadu would, in coordination with the and through private participation, on pilot basis encourage commencement of container rail services and kisan rail services on strategic routes under market development approach. 'Strategic coastal shipping routes' would be assessed and identified to encourage and promote inter-modal transport that would result in cost effective services. Coordination with relevant agencies to improve quality of air cargo related services, working with Central Bureau of Indirect Taxes and Customs and other authorities and operators to take steps for reducing dwell time at air cargo complexes and seaports. The government would extend the existing single window clearance setup under the aegis of Guidance Tamil Nadu and FaMe TN department to logistics activities for enhancement of ease of doing business. Identification of skill gaps vis-a-vis logistics job roles and preparation of 'logistics sector skill plan' is one of the initiatives to skill the workforce. Also providing medical and health insurance to heavy vehicle drivers registered in the State at a nominal price would be explored. All such proposed initiatives form part of strategic interventions for cost-effective logistic services by supporting market development. Enabling integrated and robust logistics infrastructure development, promoting availability of cost-effective and high-quality services are among the strategic objectives. Adopting new age technologies, enabling skill development, and building resilience and sustainability in logistics eco-system form part of key objectives. The outcomes targeted are reduction of cost of logistics for export-import as well as domestic freight, leveraging private participation for development of logistics infrastructure and formulating an effective coordination mechanism between State and Central agencies for facilitation and execution of initiatives in logistics sector. Consistent high ranking of Tamil Nadu in the LEADS (Logistics Ease Across Different"
"mechanism between State and Central agencies for facilitation and execution of initiatives in logistics sector. Consistent high ranking of Tamil Nadu in the LEADS (Logistics Ease Across Different States) index of the Union government and enhanced economic growth and employment generation are among the other outcomes outlined in the policy. The interventions to achieve the objectives include leveraging the GIS (Geographic Information System) layers of the State Master Plan being prepared under the PM Gati Shakti National Master Plan for enabling integrated planning and connectivity enhancement. Identifying and resolving existing connectivity bottlenecks and development of new infrastructure is another area of intervention. Earmarking land parcels in upcoming industrial parks, clusters for the development of truck terminalestates/clusters in the State and make them available for logistics activities, wherever feasible."" The government would identify and earmark land parcels, 'minimum 50 acres,' at strategic locations for development of Multimodal Logistics Parks, Logistics Park, Warehousing Clusters and Private Freight Terminal (PFT). The fiscal incentives would be applicable for 5 years from the date of 'promulgation of the policy' and further extension could be considered based on effectiveness and emerging requirements. Proposed incentives include providing one-time reimbursement of 100 per cent of the patent registration fee in India to technology providers, start-ups and other business units developing technology enabled solutions for logistics efficiency improvement subject to a cap of INR 25,000 per patent. One-time reimbursement of 100 per cent of vehicle registration charges and road tax for 1 year for reefer trucks including retrofitting of capacity more than 15 MT by logistics trucking companies in Tamil Nadu. The fiscal incentive will be provided to registration of first 500 reefer trucks in the State during the policy period."
"Irdai to set up hubs on motor insurances The regulator on Thursday decided to set up two hubs on and property insurance and also an advisory committee with the overall objective to promote loss prevention measures in the general insurance industry. ""It has been decided to form a hub on property insurance at 'National Insurance Academy (NIA)' and one on motor insurance at 'Institute of Insurance and Risk Management (IIRM),"" the Insurance Regulatory and Development Authority of India (IRDAI) said in a statement. The decision to set up these hubs was based on the recommendations of a working group on loss prevention and minimisation in the general insurance industry. In addition, there will be an advisory committee under the chairmanship of the NIA director, which among other things will create a repository of past risk inspection reports and developing standard surveyinspection report formats. The advisory committee, which has a term of two years, has been asked to work progress report to the Irdai on monthly basis."
"EV startup Vidyut raises USD 10 mn to build full-stack ecosystem New Delhi: EV startup Vidyut on Tuesday said it has raised USD 10 million in its Series A fundraise (a mix of equity and debt funding) led by 3one4 Capital, and will deploy new funds to scale its new offerings that include EV insurance, lifecycle management and EV resale. The round also witnessed participation from new and existing investors namely, Saison Capital, , Force Ventures, a venture debt fund Alteria Capital and CEO of Udaan, . Founded in 2021, the startup said it aims to expand its presence to 40 cities and will double its team size by the end of FY25 as it prepares to build a full stack EV ecosystem. ""Our focus is not just on financing but on elevating the entire EV ownership journey for India's SMBs, who are the backbone of our economy,"" said , co-founder of Vidyut. The company already offers ownership solutions for Mahindra, Piaggio, Altigreen, Murugappa Group's Montra Electric, Euler Motors and OSM vehicles. ""Vidyut's model removes EV adoption barriers, especially in the large but price sensitive driver cum owner segment. At 3one4 Capital, we are excited to back the Vidyut team in their mission to simplify EV ownership,"" said , Vice President, Investments, 3one4 Capital. ""After hitting an inflection point, customised financing and lifecycle management solutions will play a central role in large scale EV adoption, requiring lenders to evaluate asset risk alongside borrower risk,"" added , Vice President, Alteria capital."
"Payment woes delay supply of Russian Sokol oil to India -sources Shipments of Russian Sokol to have been delayed by payment problems, forcing India's biggest refiner to draw from its inventories and buy more from the Middle East, two sources familiar with the matter said. IOC is the only state refiner that has an annual deal to buy a variety of Russian grades, including Sokol, from major Rosneft. Sokol oil is supplied to IOC by Sakhalin-1 LLC, a unit of Rosneft, sources said. Indian state refiners settle oil trade with Russia in United Arab Emirates dirhams after the government advised them against use of the Chinese yuan, though private refiners are still paying in yuan owing to a lack of alternatives. IOC's payments for Sokol oil have been hampered because Sakhalin-1 LLC has been unable to open an account with a bank in the UAE to accept dirham payments, said the sources, who declined to be identified because they are not authorised to speak to the media. Representatives of IOC and Rosneft did not immediately respond to requests for comment. IOC was supposed to receive six Sokol cargoes from late November to December, shipping data showed. This included NS Century, which was placed under U.S. sanctions last month. These cargoes are now mostly floating around India and Sri Lanka while NS Century is heading towards Singapore, the data shows. ""The supplier has an intent to deliver crude oil. Hopefully a solution will be found soon,"" one of the sources said. India has emerged as the biggest buyer of sea-borne Russian oil since the retreat by European customers after Russia's invasion of Ukraine last year. India's oil ministry has told a parliamentary panel that state oil companies face challenges in paying for Russian oil because not all Indian banks can process payments in U.S. dollars for Russian oil, according to a report tabled in parliament last week. Indian refiners buy Russian oil on a delivered basis because western sanctions pose challenges in arranging ships, insurance and payments. Last year India set up a mechanism to pay in rupees for imports including crude. However, suppliers have expressed concern about the repatriation of funds and high costs associated with conversion of funds along with exchange fluctuation risks, the ministry told the parliamentary panel. It added that suppliers had asked IOC to bear additional transactional costs for accepting payments in rupees. The ministry also told the panel that Indian refiners are abiding by the $60 per barrel price cap imposed by G7 nations on oil at Russian ports."
"Should Tata, Mahindra, and other Indian automakers worry about Tesla & co. The recent announcement of import duty concessions in the (EV) policy is set to boost the Indian electric vehicles market without negatively impacting local players, according to a senior government official. Rajesh Kumar Singh, Secretary of the Department for Promotion of Industry and Internal Trade ( ), told PTI that the policy is designed to benefit the public interest as a whole. ""We are not trying to, you know, tailor a package for anybody. This is open to everybody. The idea is to kickstart the four- wheeler e-car manufacturing in India, with very stringent kind of value-addition norms, while also ensuring that we allow imports in a very limited quantity. we will be allowing only 8,000 for a company in a year and a maximum cap of 40,000. It's not zero (duty),"" he told reporters. In the past, M&M and Tata Motors had advised govt not to lower import duty on electric vehicles and protect domestic firms and their foreign investors. ""It should be a level playing field and investing in India is important,"" Mahindra Managing Director Anish Shah told Reuters in January this year. ""Our approach is essentially to create a stronger industry in India, and not to be in a situation where manufacturing is done outside India, and India just becomes an importer of products,"" he added. Reuters had in December claimed that Tata Motors argued against lowering importduties on EVs during a meeting with Prime Minister Narendra Modi. The government on March 15 approved an electric-vehicle policy, under which import duty concessions will be given to companies setting up manufacturing units in the country with a minimum investment of USD 500 million, a move aimed at attracting major global players like US-based . The companies that would set up manufacturing facilities for EV passenger cars will be allowed to import a limited number of cars at lower customs/import duty of 15% on vehicles costing USD 35,000 and above for a period of five years. At present, cars imported as completely built units (CBUs) attract customs duty ranging from 70% to 100%, depending on engine size and cost, insurance and freight (CIF) value less or above USD 40,000. Meanwhile, DPIIT Secretary Rajesh Kumar Singh reiterated that the government's intention is not to undermine the market share of domestic players but to expand the EV market by introducing new players and advanced technology to consumers. ""Our intention therefore is really not to cannibalize their (domestic players) market but to expand the EV market by bringing in new players, give the consumers the latest technology, kickstart the transition to EVs by bringing in you know proven technology and while at the same time creating a competitive framework where the domestic manufacturers can also grow in that same space,"" Singh said. Citing an example, he said when these EV manufacturers come in, the ecosystem also comes including vendors and the market is"
"the domestic manufacturers can also grow in that same space,"" Singh said. Citing an example, he said when these EV manufacturers come in, the ecosystem also comes including vendors and the market is expanded. ""It's not that the market cannibalizes on anybody's existing share...,"" he said, adding that few cars are being sold in the domestic market in the price range of USD 35,000. In the USD 35,000 plus price range, in India, the total number of vehicles being sold is about less than a lakh. ""So it's not where people are present, domestic manufacturers are operating,"" Singh said adding there is no concessions other than the import duty thing. When questioned about discussions with Tesla and other potential investors, he said discussions happen with everyone but that doesn't influence the government's decision. ""The final call we take is based on what is good for the country and what is good in the public interest. The policy again is not tailored for any company,"" he said. ""It is a very limited concession for a very limited number of imports and it is underwritten by very stringent performance criteria guarantee from him,"" he said. For up to USD 35,000 import price, the customs duty is 70% and above that, it is 100% and it is one of the highest in the world, Singh said. When asked except for Tesla, any other car companies interested in setting up plants here, without taking the name of any firm he said: ""Yes there are. I would just say that there are multiple such expressions of interest in it. At least two are there.. But there could be more""."
"India's ONGC willing to wait to regain oil from Russian project By Rod Nickel India's state-run Oil and Natural Gas Corp wants to eventually receive a share of crude from a Russian project it partly owns, but is willing to wait because Russian oil is hard to ship right now, the head of 's overseas investment arm, , said on Tuesday. Russian President last year removed an Exxon Mobil subsidiary as operator of the in Russia's Far East and transferred it to a new operator. ONGC Videsh has since regained its 20% stake in the project and is in talks with Russian government officials and company shareholders to resume taking oil under a production-sharing arrangement, said Rajarshi Gupta, CEO of ONGC Videsh. ""If we can be in a position to lift our oil and market our oil, that would be better,"" Gupta said in an interview at the World Petroleum Congress in Calgary, Canada. ""As of now, there are so many restrictions on that oil, so if someone else is dealing with that, I'm OK with it for the time being."" Western governments have slapped sanctions on Russian oil over the war in Ukraine, which Russia calls a special military operation. It is difficult to secure insurance and shipping to transport Russian oil, Gupta said, and such shipments must abide by an international price cap. The cap allows third countries to buy Russian fuel using Western ship insurance if there is proof the purchase does not exceed price limits of $60 per barrel for crude. The talks with Russia and other project shareholders may take six months to conclude, Gupta said. Sakhalin-1 produces about 200,000 barrels of oil per day. Other shareholders include Japan's Sodeco and Russia's Rosneft. ONGC, India's top explorer, has investments in three Russian projects in total but the company is not actively looking to invest further in Russia for now, he said. ""There are not enough sellers, not enough buyers,"" Gupta said. ""People are waiting for things to evolve (with the Russia-Ukraine war)."" ONGC accounts for about two-thirds of India's oil production and about 58% of its gas output. The country relies on imports for most of its oil and gas. India's crude oil imports fell for a third month in a row in August, government data showed on Tuesday, as refiners in the world's third biggest importer carried out maintenance and reduced shipments from Russia."
"Hopes for India-UK FTA talks impetus with new PM Rishi Sunak As takes over as Britain's first Indian-origin Prime Minister on Tuesday, there is renewed hope that the (FTA) will get a much-needed impetus after the Diwali deadline for draft completion was missed amid political turmoil in the UK. While the October timeline was set by former prime minister Boris Johnson during his India visit in April, Sunak is on the record expressing his commitment to an FTA with India while Chancellor of the Exchequer at No. 11 Downing Street. He has flagged financial services as a particularly ""exciting"" aspect of the and pointed to enormous opportunity for both countries in fintech and the insurance sector. ""I'm very supportive of India playing an increasingly influential role in the region, and indeed, in the world as a massive economy and the world's largest democracy and an FTA would prove a greater champion of that cause,"" Sunak told reporters back in July. ""Financial service is an area where there's enormous opportunity for both of our countries. India's goal is to spread insurance across the entire economy, because insurance is a great thing for enabling protection for individuals and growth. We can help with that in the UK, because we have a fantastic insurance industry,"" he said. The City of London Corporation, the financial hub of the UK capital, expressed the hope that Sunak's focus on services would take the FTA in the right direction. ""An India trade deal could be one of the most ambitious and commercially meaningful deals to the UK,"" said Chris Hayward, Policy Chairman at the City of London Corporation. ""With negotiations going beyond Diwali, this presents us with an opportunity to prioritise the content of the deal. And we hope the new Prime Minister will provide a fresh impetus in securing a deal,"" he said. ""Services make up around 70 per cent of annual trade between our countries. So, a deal that doesn't deliver for this sector would be a missed opportunity. Firms will be keen to see the agreement focus on enabling smoother digital trade, free flow of data and make it easier for people to work and live in each other's countries. This will ultimately bring significant benefits to both consumers and businesses across the UK and India,"" he added. Other strategic experts point out that he is yet to visit India during his tenure as Chancellor of the Exchequer and takes over at 10 Downing Street at a particularly tumultuous period to be able to focus on ties on India. ""Rishi Sunak is yet to be tested on foreign policy and defence issues,"" says Rahul Roy-Chaudhury, Senior Fellow for South Asia at the International Institute for Strategic Studies (IISS) think tank in London. ""Having been born in the UK with parents originating from East Africa, Rishi Sunak has not been a public advocate of strong ties with India during his parliamentary and ministerial stints. Indeed, as Chancellor of the Exchequer for over two years, he did not visit India even once."
"has not been a public advocate of strong ties with India during his parliamentary and ministerial stints. Indeed, as Chancellor of the Exchequer for over two years, he did not visit India even once. There is no indication that this outlook is likely to change as Prime Minister when he needs to focus on a much larger foreign and security canvas,"" he said. Meanwhile, Sunak's commitment to achieving a partnership of equals between India and the UK with two-way flows of talent is expected to distance the government from former home secretary Suella Braverman's recent controversial statements on Indians as the largest group of visa overstayers - which pushed the FTA negotiations further off track. ""The UK doesn't have a monopoly on opportunity. There's an enormous amount of opportunity in India, we also want to make sure that if this living bridge is going to be a real thing, we have got to make it easier for people in the UK to go to India, to study at world class institutions to go work in all these amazing start-ups,"" Sunak had said while he was the finance minister. The National Indian Students and Alumni Union (NISAU) UK has called upon him to be the Prime Minister who addresses a long-standing issue and removes international students from being counted as part of the country's migration figures. ""I hope that Rishi as PM will champion the skills and knowledge exchange critical to the growth of both our countries and not bow down to noise on immigration from the far right,"" said NISAU UK chair Sanam Arora. ""I sincerely hope Rishi also recognises the bizarre situation of counting international students as migrants and we call on him to be the PM who changes this, a move that can be transformative for the British economy and higher education sector,"" she said."
"Chinese EV-makers rush in and upend a country's entire auto market Ma Haiyang and eight of his colleagues arrived in Thailand a year ago to establish the first overseas operation for , an electric vehicle maker from China. They had no office, no factory, no local employees, and, basically, no clue. The team set up a shop in a Bangkok hotel, commandeered conference rooms, and held meetings in the lobby. They had a long list of things to do: Find office space, recruit dealers, and devise a business strategy. The team worked around the clock and, 74 days after arriving in Thailand, sold its first electric vehicle. ""The window of opportunity for Chinese new energy vehicles going overseas will be relatively short,"" said Ma, general manager at Aion for Southeast Asia, using China's preferred phrase for fully electric and gas-electric hybrid vehicles. ""This is why we wanted to hurry up,"" he added. Chinese electric vehicle manufacturers such as Aion are stampeding into overseas markets. Thailand is one of the first countries to experience the sudden influx of China's automobile brands, and is confronting how their ambition and competitiveness are reshaping its car industry. The arrival of China EV Inc. is evident everywhere in Thailand. Billboards are blanketed with advertisements for Chinese cars. Land prices are soaring because so many Chinese firms are building car factories. The fast changes in the Thai auto market also show how Chinese companies are leaping ahead of their global rivals in Japan, which has shunned EVs, and the United States, where Tesla dominates the sector. Last year, sales of popular Japanese brands such as Nissan, and Mitsubishi plummeted as consumers bought new electric cars from Chinese manufacturers instead. Dealers that had worked with Japanese and American automakers for decades were now turning over showrooms to make way for Chinese vehicles. Amid an increasingly crowded field, Chinese brands are slashing prices on . The overseas push is the next phase in Beijing's long-term strategy to focus on new energy vehicles and upend the balance of power in the automobile industry. After years of government support for the sector, Chinese manufacturers are adept at mass-producing electric vehicles. They have established dependable supply chains, while working out the kinks to reduce prices. That international push has been met with tariffs in two major auto markets to prevent a glut of Chinese vehicles from crushing homegrown competitors. Last month, the European Union said it would impose tariffs of up to 38% on electric vehicles imported from China into the bloc. A month earlier, the United States quadrupled tariffs on EVs built in China. Thailand is small by comparison, but it is the biggest market in Southeast Asia. Known as the ""Detroit of Asia,"" it serves as a regional manufacturing hub. Its proximity and strong trade ties to China also allow Chinese cars to be imported quickly and inexpensively. ""It's a beachhead market,"" said"
"of Asia,"" it serves as a regional manufacturing hub. Its proximity and strong trade ties to China also allow Chinese cars to be imported quickly and inexpensively. ""It's a beachhead market,"" said Tu Le, a managing director of the consultancy Sino Auto Insights. ""It suits a lot of Chinese brands because of the lower price point."" In a market once considered a Japanese stronghold, a changing of the guard is already happening. Japanese automobile brands accounted for 86% of new car sales in 2022. That figure dropped to 75% last year, with China's , Great Wall Motor and SAIC Motor grabbing significant market share. In 2021, Thailand said it wanted electric vehicles to account for 30% of its automobile production by the end of the decade, an ambitious goal that seems unattainable without Chinese companies. Its government also put in place subsidies and tax breaks to spur demand. A weak Thai economy has contributed to a significant decline in overall car sales this year. Electric vehicle sales have slowed a lot but are still up 50% over last year. Chinese automakers have responded by cutting prices, leaving some competitors worried about a race to the bottom. Chong Baoyu, general manager of Great Wall Motor in the Thailand unit, said an all-out price war would ""kill the industry"" because customers would hold off on buying a vehicle, expecting prices to fall further. ""The price cut is a short-term solution but not long-term,"" he said. Four years ago, Great Wall Motor acquired General Motors' factories as part of a retreat by the American carmaker. In May, with the EU tariffs on China looming, Great Wall Motor announced that it would close its regional headquarters in Munich, citing an ""increasingly challenging European electric vehicle market."" The company plans to continue operating in Europe, Chong said, but the prospect of tariffs makes Thailand an even more important market for Chinese brands. Six Chinese electric vehicle companies are already selling cars in Thailand, and three more entrants are coming this year. BYD, Aion, Great Wall, Hozon Auto's Neta and Chery are among those that have opened or are building factories in Thailand. ""When the Chinese see an opportunity, they just go,"" Wirat Tatsaringkansakul, deputy secretary-general of the Thailand Board of Investment, said at an automotive conference for Chinese suppliers last month. Japan's dominance over Thailand's automotive industry dates to the 1960s when Nissan Motor and its local partner, Siam Motors, opened the country's first car factory. Japan's support helped establish the Phornprapha family, which owns the privately held Siam Motors, as the first family of Thailand's car industry. But even within the Phornprapha family, alliances are shifting. Pratarnwong Phornprapha and Pratarnporn Phornprapha, the grandchildren of Siam Motors' founder, control Rever Automotive, which is the exclusive distributor for BYD cars in Thailand. BYD, China's leading EV company, competes directly with Siam"
"the grandchildren of Siam Motors' founder, control Rever Automotive, which is the exclusive distributor for BYD cars in Thailand. BYD, China's leading EV company, competes directly with Siam Motors' longtime partner, Nissan. BYD sold more cars in Thailand than Nissan did last year, even though the Chinese automaker had only three models available. Pratarnwong Phornprapha, who is Rever's chief executive, and Pratarnporn Phornprapha, his sister and vice chief executive, said their company was completely separate from Siam Motors, which is run by their uncle and cousin. This month, BYD said it had acquired a 20% stake in Rever for an undisclosed sum. In less than two years, Rever has opened 110 showrooms across the country, with the goal of another 50 by the end of 2024. Pratarnwong Phornprapha said there had been no tension within the family, because Rever was focused on electric vehicles and Siam Motors made traditional cars. ""For now, I don't think there is any conflict,"" he said. The Phornprapha siblings said one of the biggest challenges they faced was to assuage concerns about the reliability of Chinese automobiles -- especially because Japanese brands are held in high regard. ""I'd be lying if I said it wasn't a hurdle when we started,"" Phornprapha said. ""Chinese products, 10 years ago, aren't what we see today."" V Group Cars, a dealer network with 44 showrooms, said a majority of its locations sold only Chinese brands. The dealer network stopped working with Suzuki. It converted Mazda, Mitsubishi and Ford Motor showrooms into sales locations for Aion, Neta, Chery's Omoda and Jaecoo brands, and Zeekr. Aion, in its first year in Thailand, has opened 41 showrooms and started production at a new factory this month. It has announced plans to open a plant in Indonesia and start selling its cars in nine countries across Southeast Asia. Last month, Phanthakan Wongsa and his wife bought an Aion Y Plus sport utility vehicle at a showroom in Bangkok. They own a gasoline-powered Suzuki but wanted an energy-efficient car. Wongsa, 35, an engineer, paid around $25,000 after a government subsidy and a 20% price cut. On a recent afternoon at an Aion showroom in the eastern part of Bangkok, the company was offering a $25,000 package for the Y Plus that included an eight-year warranty, installation of a home charger and 12 months of insurance. V Group, the dealer network, had converted the showroom from a Mazda dealership last year. Mazda sales ""plummeted in recent years,"" said Pananya Jira-alongkorn, vice president of V Group. Thai consumers were more interested in electric vehicles, she said, and Mazda had ""none to offer."" Aion adapted its Chinese cars for the local market, turning up the power of the air conditioning and strengthening the chassis for poor road conditions. On his desk at Aion's offices in a Bangkok high-rise, Ma displayed a miniature model ship that captures the spirit of Chinese automakers prospecting for customers. Written on the ship's"
"conditions. On his desk at Aion's offices in a Bangkok high-rise, Ma displayed a miniature model ship that captures the spirit of Chinese automakers prospecting for customers. Written on the ship's sails is a Chinese phrase: ""Ride the wind, cleave the waves and return with a full load."""
"Apollo Global set to invest $125 mn in Hero FinCorp Management has agreed to invest around INR 940 crore ($125 million) of growth capital to buy into , the lending arm of the , said people aware of the development. This is part of a larger INR 2,000-crore capital raising exercise from existing and new investors. The country's largest two-wheeler maker Hero MotoCorp last month said its board has approved investing up to INR 700 crore in the . Apollo’s investment is linked to certain financial parameters and values the lender at around INR 12,000 crore ($1.6 billion), post money. The board approval came earlier in the week, the officials mentioned above added. The company last raised equity funding in the financial year 2019-20 when existing investors invested over INR 1,074 crore. That round valued the company at around $1.3 billion. Apollo will end up owning a 9%-11% stake in the NBFC on a fully diluted basis and have a board seat. Other than flagship Hero MotoCorp that owns 40% of the company, the Munjal family, the promoters of Hero MotoCorp also have substantial shareholding in Hero Fincorp of 30-35%. The other shareholders including ChrysCapital, Credit Suisse and Apis Partners as well as dealers of Hero MotoCorp, continue. Apollo declined to comment. Mails sent to Abhimanyu Munjal, CEO, HeroFinCorp did not generate a response. ET in its June 25 edition reported the company is planning a fund raise and is in talks with PE investors like Apollo. Hero Fincorp was originally known as Hero Finlease. The company has been in existence for almost three decades. It was initially engaged in suppliers of Hero Honda. The company assumed its current form after the restructuring of Hero Honda Motors in 2011 which led to the exit of Honda as the company’s joint venture partner. After 2013, Hero Fincorp forayed into financing of two wheelers and expanded in the SME and corporate financing segment. It also obtained a housing finance business licence in 2017. The company has a current loan book of around INR 28,000 crore which is between the retail (50%) and SME (30%) corporate loan (20%) segments. It had a capital adequacy ratio of 19%, well above prescribed regulatory limits, for the financial year ended 2020-21 and this fundraise will strengthen their balance sheet further. Hero Fincorp posted consolidated revenue of INR. 4330 crore in the financial year ended 2020-21. It reported net profit of Rs 52 crore in FY21. The company’s housing finance arm is a 100% subsidiary, with revenues over INR 2400 crore and break-even profitability. The networth of Hero Fincorp was last reported at INR 4750 crore and the company is rated AA+. The company rides on a network of 858 Hero Motocorp dealerships where it offers two wheeler loans. The company’s financial services are available at over 4000 touch points across 1900 cities, towns and villages, according to details in its annual report. It has 3.1 million retail customers. The non-retail business is present in 50"
"available at over 4000 touch points across 1900 cities, towns and villages, according to details in its annual report. It has 3.1 million retail customers. The non-retail business is present in 50 locations. This will be the third investment from Apollo in India in recent times. In 2021, they invested $100 million into JSW Cement and $500 million into Piramal Finance’s AIF. Apollo’s team is led by Utsav Baijal who oversees their private equity and credit businesses and Nipun Sahni who leads their real estate practice. Apollo recently announced its merger with insurer Athene and has become more active in Asia. Also Read:"
"Popular pickups fail the IIHS seat belt reminder test New Delhi: are falling short when it comes to effective seat belt reminders. Out of 10 recently evaluated by the Insurance Institute for Highway Safety, only one — the crew cab — earns a good rating, while five are rated poor. “National belt use observations show that people driving or riding in pickups are less likely to buckle up than occupants of other vehicles, so effective reminders are especially important for these vehicles,” said President David Harkey. Nearly a third of pickup occupant deaths in 2020 occurred in rollover crashes, in which seat belt use plays a key role because of the risk of an ejection, reports IIHS. IIHS launched a new rating program in March to encourage manufacturers to improve their seat belt reminders. Federal standards specify that seat belt reminders must include an audible signal that lasts for 4-8 seconds total and a visual alert that lasts at least 60 seconds when the driver’s seat belt is unbuckled at ignition. However, previous IIHS research has shown that more noticeable and persistent alerts could increase belt use among those who do not routinely buckle up by as much as 34 percent, preventing around 1,500 fatalities a year. “This is a solvable problem,” Harkey added. According to IIHS, to earn a good rating from IIHS, a seat belt reminder system must generate an audible signal and visual alert on the dashboard display, overhead panel, or center console when the vehicle is moving at least 6 mph and the system detects an unbelted occupant in the driver or passenger seat or the unfastening of a second-row belt that was previously buckled. Along with other specifications, the audible alert must be loud enough to be heard over the background noise in the vehicle cabin and last at least 90 seconds. A visual indicator must show second-row belt use when the driver starts the vehicle, and an audible and visual reminder lasting at least 30 seconds is required when a fastened second-row belt is unbuckled. Of the pickups evaluated — all crew cab versions — only the Tundra meets all those requirements, IIHS stated. Two small pickups, the Hyundai Santa Cruz and Nissan Frontier satisfy the requirements for the front row but only earn an acceptable rating because neither vehicle features a second-row reminder. Five of the 10 vehicles tested are rated poor: the , , , and . Most of these pickups have front-row reminders that are loud enough, but all are shorter than 8 seconds in duration — the minimum length needed for a marginal rating added IIHS. The Ram 1500 and Toyota Tacoma each earn marginal ratings. Both vehicles meet the volume and frequency requirements for the front-row belt reminder. However, at only 30 seconds in duration, Tacoma’s reminder is too short. The Ram 1500’s reminder does not begin soon enough when a front occupant is unbuckled at the 25 mph test speed."
"Tata Motors bags order for 1,300 CVs from VRL Logistics New Delhi: , , on Thursday bagged an order for 1,300 commercial vehicles from Limited. The order comprises vehicles from Tata Motors’ Medium & Heavy Commercial Vehicle and Intermediate & Light Commercial Vehicle range, suited for logistics operations of the company, across India, the automaker said in a release. The vehicles were selected based on the superior drivability, high fuel efficiency and low total cost of ownership, which will enable VRL Logistics to increase its fleet efficiency. Rajesh Kaul, vice president, Sales & Marketing, Commercial Vehicle Business Unit, Tata Motors, said, “We are delighted to secure the prestigious order for 1300 vehicles from VRL Logistics ltd. I’m confident that our vehicles will bring great value to their operations. We, at Tata Motors, endeavour to engineer our vehicles to offer the lowest total cost of ownership and our widest service network will ensure best-in-the-industry service support in all corners of the country. We look forward to a fruitful partnership with VRL Logistics ltd. and will offer the best support for their seamless operations.” According to the company, are designed and engineered on the ‘Power of 6’ philosophy, which delivers best-in-class driveability, total cost of operations, comfort and convenience, and connectivity. The range comes with the standard fitment of Fleet Edge – Tata Motors’ next-gen digital solution for optimal fleet management, to further increase the uptime and reduce the total cost of ownership. Tata Motors also offers its flagship initiative, Sampoorna Seva, a bouquet of service offerings including Repair Time Assurance, Breakdown Assistance, Insurance and Accidental Repair Time, Extended Warranty, and other add-on services for vehicle maintenance and upkeep. Also Read:"
"ONGC weighs raising stakes in Russian oil despite Shell snub is weighing the options of placing more bids for Western companies' stakes in multiple Russian oil and gas fields even as its first bid for 's 50% stake in in has not been accepted, people familiar with the matter said. ""The war will not last forever, nor will the sanctions. We must move to secure our energy supplies,"" said one of these persons. ""We understand the risk and we are willing to take the risk."" The company is evaluating the option to bid for Shell's 27.5% interest in the Sakhalin-II oil and gas project and ExxonMobil's 30% stake in the Sakhalin-I project, looking to acquire energy assets cheap as western oil companies exit Russia in the wake of the Ukraine invasion, they said. These bids are still being discussed and have not yet been considered by the board of the company. ONGC, Bharat Petroleum, , and have also held preliminary discussions among themselves to evaluate buying BP's 20% stake in Russian energy giant Rosneft, they said. ONGC had Proposed Future Oil Revenues to Shell ONGC is learnt to have made an offer to purchase Shell's stake in Salym, a joint venture with Russia's Gazprom Neft, which is developing the Salym fields in western Siberia. But Shell is said to have conveyed to ONGC that it can't accept the latter's offer. ONGC's offer didn't involve any immediate cash payment to Shell. Instead, ONGC had proposed future oil revenues to Shell from the Salym fields, sources said. Salym produces 17,000 barrels of oil per day and 274 million cubic meters of associated gas in a year. It couldn't be ascertained if ONGC is willing to make an improved offer for the Salym stake. In their bids for Russian assets, Indian companies are likely to face competition from China and firms based elsewhere. ONGC, , Indian Oil, and Oil India didn't respond to queries. Shell said it doesn't comment on acquisitions or divestment. Western oil companies BP, Shell, and ExxonMobil announced their intention to exit the Russian oil and gas sector soon after its forces invaded Ukraine. The West has sought to isolate Moscow and stop countries, including India, from buying Russian oil. India continues to buy oil from Russia and hopes to lock in some good upstream assets there at a cheaper rate as Western majors offload investments. ONGC has a 20% stake in Sakhalin-I, where Exxon, the operator, declared force majeure recently following shipping insurance troubles that have led to production cuts. India has traditionally shared close ties with Russia and has invested billions of dollars in various Russian oil and gas fields that until a few months ago were seen as much less risky than other investment destinations such as Africa or Latin America. The Russian energy sector hasn't been sanctioned by the West thus far and some Russian lenders are still part of the SWIFT payment system, enabling buyers to source crude and pay for it through regular banking channels. ""Buying Russian crude is one thing."
"West thus far and some Russian lenders are still part of the SWIFT payment system, enabling buyers to source crude and pay for it through regular banking channels. ""Buying Russian crude is one thing. In case of sanctions intensifying, you could wind it back in just a couple of months. But investing in upstream could have deeper repercussions, including tougher reactions from the West,"" said another source, highlighting the risks involved in buying Russian assets now. Indian investments have suffered in Iran and Venezuela due to US sanctions. Sanctions have primarily prevented ONGC from developing a prolific discovery it made in Iran more than a decade ago. The company has also been unable to repatriate dividends from its oilfields in Venezuela due to sanctions. The departure of oil majors also means an erosion in capabilities for Russian projects. ""Western companies brought in a lot of technical competence to Russian projects and their departure might impact the progress of projects,"" said another person. ""Without them, it might be challenging to maintain efficiency in some of the projects located in harsh geographical conditions."""
"Tesla shares suffer New Year's hangover on demand worries, delivery issues shares kicked off 2023 with a thud, plunging more than 12% on Tuesday on growing worries about weakening demand and logistical problems that have hampered deliveries for the world's most valuable automaker. Once worth more than $1 trillion, lost more than 65% in market value in a tumultuous 2022 that saw it increasingly challenged by other automakers and face production issues stemming from COVID lockdowns in China. Tuesday's slide knocked off nearly $50 billion in market value, roughly equal to the valuation of rival , which last year sold three times as many cars as Tesla. The sell-off came after Tesla missed market expectations for fourth-quarter deliveries despite shipping a record number of vehicles. ""Tesla, as it has grown is now entering a phase of still solid but slower growth,"" Morningstar analyst Seth Goldstein said. Being a major auto producer, it ""is likely to feel more of an impact from an economic slowdown"", he added. Several Wall Street analysts said they expected more pressure on the stock in the coming months from increasing competition and weaker global demand. Global automakers have in the past few months battled a demand downturn in China, the world's top auto market where the spread of COVID-19 has hit economic growth and consumer spending. Tesla is offering hefty discounts there and a subsidy for insurance costs. At least four brokerages cut their price targets and earnings estimates on Tuesday, pointing to the deliveries miss and Tesla's decision to offer more incentives to boost demand in China and the United States, the two largest global auto markets. The company's stock was the worst performer on the benchmark S&P 500 index on Tuesday as it fell as low as $104.64 a share - the lowest since August 2020. More than 220 million shares exchanged hands during regular trading hours. The electric-vehicle maker's performance in 2022 was among the worst on the S&P 500 index. ""You have so many things working against the stock. One obviously is 's involvement in Twitter,"" said Dennis Dick, market structure analyst and trader at Triple D Trading. Tesla's market value has declined by about $370 billion since Chief Executive closed the deal to buy social media firm Twitter. Some of that drop has come from his share sale to fund the $44 billion deal, while the stock also declined due to worries among investors that Musk has been distracted by the social media company. At a value of about $341 billion, Tesla is still the world's most valuable automaker, even though its production is a fraction of rivals such as Toyota Motor Corp. Tesla delivered 405,278 vehicles in the fourth quarter, short of analysts' estimates of 431,117. For all of 2022, its deliveries rose by 40%, missing Musk's 50% annual target. The result ""came at the cost of higher incentives, suggesting lower pricing and margin,"" brokerage J.P.Morgan said in a note, lowering its price target by $25 to"
"missing Musk's 50% annual target. The result ""came at the cost of higher incentives, suggesting lower pricing and margin,"" brokerage J.P.Morgan said in a note, lowering its price target by $25 to $125. The median price target of 41 analysts on the stock was $250, more than double the current price, according to Refinitiv data. The lowest price is $85, from Roth Capital Partners. The shortfall highlighted the logistics hurdles facing the company which is known for its end-of-quarter delivery rush. The gap between production and deliveries has widened to 34,000 vehicles as more cars got stuck in transit. The automaker plans to run a reduced production schedule in January at its Shanghai plant, extending the lowered output it began in December into 2023, Reuters reported. Also Read:"
"Hardeep Puri hails ONGC's highest-ever share surge New Delhi: Union Minister for Petroleum and Gas, Hardeep Singh Puri, on Tuesday hailed the new achievement by the public sector upstream giant Oil and Natural Gas Corporation ( ) as its shares touched a record new high. ONGC's share price surged past INR 323 apiece with a 5.18 per cent intraday gain on Monday, propelling its market capitalisation to INR 4.06 lakh crore. ""Congratulations to ONGC for this milestone achievement. The surge in the share prices -- the highest ever in ONGC's history -- is similar to share price performance across ,"" Minister Puri posted on X social media platform. On Tuesday, the ONGC stock was trading at INR 325 apiece, even higher than Monday's close. ONGC is now the 15th most valuable listed company in the country and the third most valued PSU after the State Bank of India and the Life Insurance Corporation of India. The Union Minister said that Prime Minister 's guidance, leadership and timely decisions ""have transformed our PSUs into confident and professional global energy leaders"". ONGC to start gas production soon from the eastern offshore : Last month, Minister Puri said that ONGC will start gas production from its eastern offshore deep-water field in the Krishna-Godavari block 'KG-DWN-98/2' soon. ONGC has floated a tender to get an international tech partner, said the minister, adding that oil production will increase to 45,000 barrels per day very soon. The combined profit of the public sector oil marketing companies for FY 2023-24 stood at INR 86,000 crore, over 25 times higher than the extraordinarily difficult previous fiscal year. The government last month reduced the windfall tax on petroleum crude to INR 3,250 per metric tonne from INR 5,200, as prices of crude oil have declined in the international market compared to the previous fortnight. Upstream oil exploration and production companies ONGC and Oil India Ltd will benefit from the announcement as they have to pay the windfall tax on their crude oil output."
"Electric vehicles offer INR 3 lakh crore opportunity for India: CRISIL Electric vehicles (EVs) present an opportunity of almost INR 3 lakh crore for various stakeholders in India in the five years through fiscal 2026, says an analysis by CRISIL. The opportunity includes potential revenue of about INR 1.5 lakh crore across vehicle segments for original equipment manufacturers (OEMs) and component manufacturers, and INR 90,000 crore in the form of disbursements for vehicle financiers. Shared mobility and insurance account for the balance, the agency said in a press release. The rating agency said that EV adoption continues to surge as more people shift from internal combustion engine (ICE) vehicles. Data on the Vahan portal shows that the share of electric three-wheelers (3Ws) increased to almost 5% of 3Ws registered in fiscal 2022 from less than 1% in fiscal 2018. For electric two-wheelers (2Ws) and buses, the percentages rose to almost 2% and 4%, respectively. The shift is not limited to large cities either. Smaller towns are also entering the fray, driven by the government’s fiscal and non-fiscal measures. As per Vahan statistics, the contribution of the top 10 districts in nationwide sales of electric cars and 3Ws dropped from 55%-60% in fiscal 2021 to 25%-30% in fiscal 2022. For 2Ws, the percentage declined from 40%-45% to 15%-20%, CRISIL said. Drivers of EV adoption The drivers of EV adoption are the rising fuel prices and higher cost of ICE vehicles that impact their affordability. Government support for EVs is also playing a big role. Central schemes such as Faster Adoption and Manufacturing of Hybrid and Electric Vehicles in India (FAME-India), Phased Manufacturing Plan, and Production Linked Incentive have jump-started the country’s EV journey. Startups with new-age business models as well as OEMs with an established business have evinced interest in manufacturing EVs. Many state governments have also provided demand incentives, and capital assistance for setting up greenfield manufacturing plants, CRISIL added. In addition, CRISIL’s analysis of the total cost of ownership suggests electric 2Ws and 3Ws attained parity with ICE vehicles last fiscal even when running a mere 6,000 km and 20,000 km, respectively, annually. By 2026, the analysis indicates, adoption of 2Ws and 3Ws will rise even without subsidy, due to parity of ownership cost with ICE vehicles. Hemal Thakkar, director, CRISIL Limited, said, “Considering the improving cost parity and the government’s focus on electrification of vehicles, we should not be surprised if EV penetration reaches 15% in 2Ws, 25%-30% in 3Ws, and 5% in cars and buses by fiscal 2026 in terms of vehicle sales.” New trends Several new trends and business models are expected to emerge as all that growth materialises. Battery-as-a-service and public charging stations, for one, typically has a pay-per-use model and aims to reduce the initial outgo of the customer, improve viability, address range anxiety and,"
"Battery-as-a-service and public charging stations, for one, typically has a pay-per-use model and aims to reduce the initial outgo of the customer, improve viability, address range anxiety and, in turn, increase asset utilisation. Mobility-as-a-service is yet another new trend. It focuses on shared mobility by linking operations with charging infrastructure. Here, too, the vehicle and charging infrastructure are deployed on a pay-per-use model. Then there is micro-mobility, which provides last-mile distribution of cargo by way of micro-rental of electric 2Ws and 3Ws, operating on a self-drive rental model. The model is asset-light and based on open-source operations, where the user can hire and deploy vehicles. Jagannarayan Padmanabhan, director, CRISIL Limited, said, “In sum, the emergence of EVs is an opportunity for both the present and new industry participants to innovate and capitalise on the quickly evolving passenger and cargo mobility. To address the ecosystem challenges of the EV industry, the government is considering rolling out a structured battery swapping policy. Such facilitations will go a long way in realising the EV potential. In addition, improvement in availability of finance will push EV adoption.”"
"Zuno General Insurance introduces EV add-on cover New Delhi: Wednesday announced the launch of an innovative Electric Vehicle (EV) add-on cover, said to be a first-of-its-kind in the insurance industry. This offering is specially designed to provide comprehensive protection for electric vehicles and cater to their unique needs. The future of mobility is electric, and Zuno is committed to providing innovative insurance solutions that empower EV owners with peace of mind and comprehensive protection. Recognizing the distinctive characteristics of electric vehicles, Zuno has developed a range of industry-first that will help reimagine the landscape of motor insurance, the company said in a press release. Zuno General Insurance’s EV add-on covers are designed to complement its standard private car policies and cater specifically to the unique needs of electric and hybrid vehicles. With various first of its kind policy features, the EV Add-On Cover includes three essential components to ensure EV owners have a robust and tailored insurance coverage: : Extending coverage to include charging cables, connectors, adapters, and all standard charging accessories for protection against accidental damage and theft. Comprehensive coverage for privately-owned charging stations solely used for charging insured vehicles, safeguarding them against fire, theft, and accidental damage – another industry-first. Personal accident cover: Customers will have the choice to add personal accident coverage for cases of injury or death resulting from a fire, blast, or short circuit at their private charging station while charging the insured vehicle. Battery coverage: Provide coverage for loss or damage to your insured vehicle caused by fire, self-ignition, or short circuit while it's either charging its battery or parked at a charging station. Battery Protection in case of consequential loss to battery or parts of battery due to water ingression due to insured peril/Short circuit. , MD & CEO, Zuno General Insurance, said, ""The introduction of the EV Add-On cover is in line with our strategic objective to build an EV based motor insurance portfolio. Our Electric Vehicle Add-On Insurance Cover marks a significant step in this direction, introducing industry-first features designed to cater to the unique requirements of electric vehicle owners.” ""With customers increasingly interested in purchasing electric vehicles, this shift in mindset will bring about a dramatic change in the industry. Our goal is to support this transition by offering innovative, industry-first add-ons. These offerings will not only encourage more people to confidently embrace electric vehicles but will also contribute to widespread EV adoption, redefine insurance practices, and simplify our customers' experiences,” she added."
"Mazda North America launches 2023 CX-5 SUVs in 8 packages Delhi: North American Operations recently announced pricing and packaging for the 2023 CX-5 – the brand's best-selling vehicle in the US. According to the automaker, the 2023 will be available in eight packages. For 2023, the CX-5 is available with an all-new Rhodium White exterior premium paint color, complementing Mazda's Kodo design. As with all of Mazda's , all 2023 CX-5 models will retain standard i-Activ all-wheel drive in the U.S. when they arrive in dealerships nationwide this fall. Mazda believes that colour is a critical part of vehicle design. It accentuates the vehicle's dynamic and delicate expression while complimenting the Kodo - Soul of Motion – design theme, something Mazda takes great pride in offering its customers. The critically acclaimed CX-5 has received several safety awards including the Insurance Institute for Highway Safety (IIHS) TOP SAFETY PICK+. The CX-5 was the first vehicle to earn a Good rating in IIHS's new, tougher side impact test. CX-5 2.5 S: T he CX-5 2.5 S features Mazda's Skyactiv-G 2.5-liter, four-cylinder naturally aspirated engine with cylinder deactivation. This efficient powertrain delivers up to 187 horsepower and 186 lb-ft of torque with either regular 87 octanes or premium 93 octane fuel and is paired with a quick-shifting six-speed automatic transmission with manual mode and sport mode. All CX-5 models will continue to be equipped with G-Vectoring Control Plus and the i-Activ AWD system as standard. Additional features include automatic on/off LED headlights with High Beam Control, rear roof spoiler, roof-mounted shark fin antenna, and automatic rain-sensing windshield wipers. CX-5 2.5 S Select: Moving up to the CX-5 2.5 S Select package adds more conveniences for the owner such as auto-leveling headlights, rear privacy glass, dual-zone automatic climate control, black or silk beige leatherette seats, and Mazda Advanced Keyless Entry. The front seats are upgraded with three-level heating, while the driver's seat has six-way power adjustability, and the passenger has six-way manual adjustability. All occupants will enjoy the six-speaker sound system with rear passengers benefiting from rear air conditioning vents, rear seat center armrest, and two easily accessible USB ports. CX-5 2.5 S Preferred: The CX-5 2.5 S Preferred package adds a power moonroof and inside are black or silk beige leather seats with both driver and passenger power adjustability in eight-way and six-way, respectively. The driver's seat also includes two-position memory. Auto-dimming rearview mirrors with Homelink are also added to this package. CX-5 2.5 S Carbon edition: The 2023 CX-5 2.5 S Carbon Edition continues to offer exclusive styling with Polymetal Gray exterior paint colour and an option between black leather with red stitching or red leather interior. Carbon Edition also features black metallic 19-inch aluminium alloy wheels with matching gloss black side"
"paint colour and an option between black leather with red stitching or red leather interior. Carbon Edition also features black metallic 19-inch aluminium alloy wheels with matching gloss black side mirrors and front signature wing. The leather-wrapped steering wheel and shifter have red stitching that is complemented with gloss black instrument panel and door trim styling. CX-5 2.5 S Premium: For the CX-5 2.5 S Premium package, Mazda Intelligent Drive Select (Mi-Drive) is added. Mi-Drive enables drivers to select the most appropriate drive mode with a simple switch, offering greater control over the driving experience in a wide variety of conditions. The CX-5 features Normal, Off-Road, and Sport Modes. This model also adds LED daytime running lights and combination tail lights along with a black metallic finish with machine-cut 19-inch aluminium alloy wheels, an Adaptive Front-lighting System, dual heated door mirrors, and a seven-inch LCD multi-information meter display and paddle shifters. CX-5 2.5 S Premium plus: The CX-5 2.5 S Premium Plus package adds a full-color windshield-projected Active Driving Display with available Traffic Sign Recognition with the optional Mazda Navigation System accessory installed, ventilated front seats, heated steering wheel, three-level heated rear seats, windshield wiper de-icer, and automatic power-folding door mirrors. Building off the CX-5 2.5 S Premium package, this model also adds a Bose 10-speaker premium audio system with SiriusXM satellite radio complete with a three-month trial. Additionally, this package includes a power rear liftgate with programable height adjustment based on customer needs. CX-5 2.5 Turbo: The CX-5 2.5 Turbo provides performance-minded customers with a powerful, sporty crossover option. The Skyactiv-G 2.5 Turbo engine delivers 256 horsepower and 320 lb-ft of torque with premium 93 octane fuel. On regular, 87 octane fuel, the engine will provide 227 horsepower and 310 lb-ft of torque, enough to put a smile on any enthusiast's face. The exterior features sleek finishes throughout to support an athletic look with a gloss black front grille, signature wing, door mirrors, lower bumper, wheel arches, and rocker molding. Completing the theme are black metallic finish 19-inch aluminum alloy wheels. The interior features black or parchment leather seats that feature red accents and stitching on the instrument panel, door trim, leather-wrapped steering wheel, and shifter that supports a sporty atmosphere through the cabin. All CX-5 Turbo models include a wireless phone charger. CX-5 2.5 Turbo signature: Elevating to the CX-5 2.5 Turbo Signature perfectly blends premium style and sporty performance. The cladding on the exterior of this model adopts the same unified color scheme as the rest of the body and is contrasted by bright silver finish 19-inch aluminum alloy wheels with a matching front grille and signature wing. The interior is appointed with premium quality materials such as"
"of the body and is contrasted by bright silver finish 19-inch aluminum alloy wheels with a matching front grille and signature wing. The interior is appointed with premium quality materials such as Caturra Brown Nappa leather and genuine woodgrain. The bright silver finish is also found throughout, which is highlighted by LED interior lighting and ambient foot illumination. The black headliner and unique steering wheel are among other sophisticated styling found in the cabin of the CX-5 2.5 Turbo Signature. The Mazda Navigation System is installed in this model, allowing the Active Driving Display to include Traffic Sign Recognition. Owners can also benefit from the complementary three-year SiriusXM Traffic & Travel Link subscription that provides current information on traffic, weather, sports scores, fuel prices, and nearby parking, which are all very useful features to use in the city. Finally, this model is fully equipped with Mazda's latest i-Activsense safety features which add the 360° View Monitor with front and rear parking sensors, Rear Smart City Brake Support, Traffic Jam Assist, and Driver Attention Alert. Also Read:"
"RBI bond auction of about Rs 23,000 crore finally sails through MUMBAI: About Rs 23,000 crore of scheduled federal borrowing through was garnered without any hiccups this week on investor optimism that New Delhi will raise more than Rs 50,000 crore by selling a minuscule portion of its stock in the initial public offering ( ) of India’s biggest insurer. “The central bank’s auction cancellation earlier had surprised market participants,” said Madan Sabnavis, chief economist at Bank of Baroda. “This time around, the auction went unhindered, reflecting the need for funds. Amid the ongoing geopolitical crisis, the government may be looking to be better equipped financially ahead of the targeted disinvestments.” Earlier this month, the ( ) cancelled two auctions, due on February 11 and February 18, respectively, for up to Rs 48,000 crore of bonds, citing the government’s (favourable) cash balance. North Block is aiming to divest about 5 percent in the Life Insurance Corporation, which is expected to launch its IPO by March end. Mint Road Friday accepted all bids for three sets of sovereign papers. The benchmark bond formed more than half of the total auction size. The central bank received more than double the bids for the series at Rs 13,000 crore. The cut-off yield above which none can be allotted securities was 6.776 percent, about three basis points higher than the secondary market level that yielded 6.75 percent Friday. One basis point is 0.01%. “The rise in yields is no more exclusive to India but a global phenomenon,” Gurumurthy R K, head – treasury at Dhanlaxmi Bank. “We won’t be surprised if the government announces one or two more auctions before the financial year ends. With Russia-Ukraine war clouding prospects of the equity market, the government will likely drive efforts to tighten its financial strength.” Better finances should also boost the prospects of the LIC IPO, billed as India’s biggest to date. “This in turn would be helpful to sell the prestigious IPO for the country’s insurance behemoth,” he said. Two other sets of papers were included in the auction. While the bonds maturing in 2061 obtained bids three times higher than the actual size at Rs 6,000 crore, a floating rate series maturing in 2028 fetched nearly three times higher subscription bids than the slated size of Rs 4,000 crore. In between, RBI Friday revised Treasury Bill auction target. It will now aim to sell Rs 1.86 lakh crore worth of shorter duration sovereign papers between March 2 - 30 this fiscal, which is higher by Rs 60,000 crore from its December estimate. “The likelihood of higher yields may have prompted the RBI to cancel auctions earlier,” said a fund manager from an insurance company. “The government wants to ensure a smooth sailing for the LIC IPO, for which it decided to retain the auction even at relatively higher yields,” the person said. On Friday, the BSE Sensex recouped nearly half its losses logged a day earlier, when Russia began its military"
"it decided to retain the auction even at relatively higher yields,” the person said. On Friday, the BSE Sensex recouped nearly half its losses logged a day earlier, when Russia began its military operations across the Ukraine frontier. Also Read:"
"RBI Governor-headed FSDC sub-committee reviews economic situation Mumbai: The sub-committee headed by Reserve Bank Governor on Thursday reviewed the economic situation in the backdrop of the COVID-19 pandemic and resolved to keep a close watch on the unfolding developments with a view to ensure financial stability. The meeting of the Financial Stability and Development Council (FSDC) Sub-Committee (FSDC-SC) was held via video conferencing and attended by all financial sector regulators including SEBI, IRDAI, PFRDA and IBBI. ""The members resolved to maintain a close watch on the unfolding developments and act proactively to ensure that financial institutions and financial markets remain resilient amidst the challenges posed by the resurgence of the pandemic,"" the RBI said in a release. The sub-committee reviewed the major developments in the global and domestic economy as well as in various segments of the financial system and discussed the assessments of members about the scenario emerging from the third wave of the pandemic. Among others, it discussed various inter-regulatory issues and matters relating to the use of Aadhaar-based e-KYC and Aadhaar Enabled Payment System by regulated entities. It also reviewed the activities of various technical groups under its purview and the functioning of State Level Coordination Committees (SLCCs) in various states and Union Territories. The meeting was attended T V Somanathan, Finance Secretary and Secretary, Department of Expenditure; Ajay Seth, Secretary, Department of Economic Affairs; Tarun Bajaj, Secretary, Department of Revenue; Rajesh Verma, Secretary, Ministry of Corporate Affairs; Ajay Prakash Sawhney, Secretary, Ministry of Electronics and Information Technology; and Shashank Saksena, Secretary, Financial Stability and Development Council. Other members of the Sub-Committee, including Ajay Tyagi, Chairman, Securities and Exchange Board of India (SEBI) and Supratim Bandyopadhyay, Chairman, Pension Fund Regulatory and Development Authority (PFRDA), also attended the meeting. Besides, RBI deputy governors Michael Debabrata Patra and T Rabi Sankar; and executive directors O P Mall, J K Dash and Rohit Jain participated in the meeting. Vandita Kaul, Additional Secretary represented the Department of Financial Services; T Alamelu, Whole Time Member, Insurance Regulatory and Development Authority of India (IRDAI) and Navrang Saini, Chairman (Additional Charge), Insolvency and Bankruptcy Board of India (IBBI) attended the meeting on behalf of their respective institutions. Also Read:"
"Maharashtra govt to form corporation for auto, taxi drivers and owners Maharashtra Chief Minister Eknath Shinde on Tuesday announced a corporation for the welfare of autorickshaw and and owners, which will offer them insurance and gratuity benefits. Addressing a gathering, Shinde said the state government will form the Maharashtra Autorickshaw and Taxi Drivers Owners Welfare Corporation. ""The corporation will focus on all autorickshaw and taxi drivers in the state to provide them financial assistance and gratuity benefits,"" he said. Registered members will receive INR 50,000 in case of accidents, he said, adding that a detailed policy will be formulated soon. The corporation will also provide scholarships to children of registered members and assistance for those who wish to pursue higher education. The state government will also offer support through the skill development department, he said. ""Additionally, retired taxi and drivers above 60 will receive gratuity. A corpus fund will be created, with contributions from the departments of industries and transport and the government,"" Shinde said. To avail of the gratuity benefits, drivers will have to contribute INR 300 annually till the age of 60, he said. Shinde said the decision sets a new precedent, as no previous government has undertaken it. The chief minister also spoke about the self-employment scheme by the state Industries department, which offers a 35% subsidy. Chief Minister Shinde also highlighted job opportunities in Germany, citing four lakh vacancies for drivers with a monthly salary of INR 3 lakh. He said eligible candidates for heavy and passenger vehicles can apply for these positions, as the state has signed a memorandum of understanding with the German government."
"Ships get older and slower as emissions rules bite LONDON: If is the beating heart of , its pulse is about to get slower. Faced with uncertainty about which fuels to use in the long term to cut greenhouse gas emissions, many shipping firms are sticking with ageing fleets, but older vessels may soon have to start sailing slower to comply with new environmental rules. From next year, the (IMO) requires all to calculate their annual carbon intensity based on a vessel's emissions for the it carries - and show that it is progressively coming down. While older ships can be retrofitted with devices to lower emissions, analysts say the quickest fix is just to go slower, with a 10% drop in cruising speeds slashing fuel usage by almost 30%, according to marine sector lender Danish Ship Finance. ""They're basically being told to either improve the ship or slow down,"" said Jan Dieleman, president of , the freight division of commodities trading house Cargill, which leases more than 600 vessels to ferry mainly food and energy products around the world. Supply chains are already strained due to a surge in demand as economies rebound from lockdowns, pandemic disruptions at ports and a lack of new ships. If older vessels move into the slow lane as well, shipping capacity could take another hit at a time when record freight rates are driving up inflation. At the moment, only about 5% of the world's fleet can run on less-polluting alternatives to fuel oil, even though more than 40% of new ship orders will have that option, according to data from shipping analytics firm . But the new orders are not coming in fast enough to halt the trend of an ageing fleet across all three main types of cargo vessels: tankers, container ships and bulk carriers, the data provided to Reuters by Clarksons Research shows. The average age of bulk carriers, which carry loose cargo such as grain and coal, had jumped to 11.4 years by June 2022 from 8.7 five years ago. Container ships now average 14.1 years, up from 11.6, while for tankers the average age was 12 years, up from 10.3 in 2017, according to the data. ""Some ship owners have preferred to buy second-hand vessels because of the uncertainties around future fuels,"" said Stephen Gordon, managing director at Clarksons Research. TALL ORDER Orders for new container ships surged to a record high in 2021 and are still coming in at healthy clip this year, but as the appetite for new tankers and bulk carriers is much lower, the current order book across all three types of vessel only stands at about 10% of the fleet, down from over 50% in 2008. Shipping companies are responsible for about 2.5% of the world's carbon emissions and they are coming under increasing pressure to reduce both air and marine pollution. The industry's emissions rose last year, underlining the scale of the challenge in meeting the IMO's target of halving emissions by 2050 from 2008 levels. The organization is now facing calls to go further and commit to net zero by"
"year, underlining the scale of the challenge in meeting the IMO's target of halving emissions by 2050 from 2008 levels. The organization is now facing calls to go further and commit to net zero by 2050. Some companies are testing and ordering vessels using alternative fuels such as methanol. Others are developing ships that can be retrofitted for fuels beyond oil, such as hydrogen or ammonia. There's even a return to wind with vast, high-tech sails being tested by companies such as Cargill and Berge Bulk. But many of the potential low-carbon are in the early stages of development with limited commercial application, meaning the majority of new orders are still for vessels powered by fuel oil and other fossil fuels. Of the vessels on order, more than a third, or 741, are set to use liquefied natural gas (LNG), 24 can be driven by methanol and six by hydrogen. Another 180 have some form of hybrid propulsion using batteries, Clarksons data shows. Many shipping firms are hedging their bets mainly because prolonging the life span of vessels is cheaper and lower risk than new builds. They also gain breathing space while waiting for the winning new technologies to become mainstream. ""We have a clash between an industry that is very long-term investment oriented and a very fast pace of change,"" said John Hatley, general manager of market innovation in North America at Finnish marine technology company . Cargill says that as of now it doesn't expect to have many new-build ships in its fleet, instead fitting energy saving devices to older vessels and prolonging their use, while there's still uncertainty about future technology. They're not alone, with more than a fifth of global shipping capacity fitted with such devices, according to Clarksons. Devices include Flettner rotors, tail spinning cylinders that act like a and let ships throttle back when it's windy, or air lubrication systems that save fuel by covering the hull with small bubbles to reduce friction with seawater. While energy saving devices go a long way to tackling emissions, ultimately, newer vessels are a better bet, said Peter Sand, analyst at shipping and air cargo data firm Xeneta. ""The next generation of fuel oil ships will be much more carbon efficient, they will be able to transport the same amount of cargo emitting only half of the emissions that they did over a decade ago,"" he said. THE POSEIDON PRINCIPLES Shipping firms are set to come under growing pressure to comply with targets set by the IMO, which will rate the energy efficiency of ships on a scale of A to E, as the ratings will have a knock-on effect when it comes to finance and insurance. In 2019, a group of banks agreed to consider efforts to cut carbon emissions when lending to shipping companies and established a global framework known as the Poseidon Principles. The Poseidon Principles website shows that 28 banks, which include , Citi, Danske Bank , Societe Generale and Standard Chartered , have committed to being"
"framework known as the Poseidon Principles. The Poseidon Principles website shows that 28 banks, which include , Citi, Danske Bank , Societe Generale and Standard Chartered , have committed to being consistent with IMO policies when assessing shipping portfolios on environmental grounds. ""Lending decisions on second-hand ships are going to become an issue on older tonnage,"" said Michael Parker, chairman of Citigroup's global shipping, logistics and offshore business, adding that environmental factors would be taken into account when lenders decided whether to refinance vessels. ""Second-hand ships will continue to get financing, provided that the owner is doing the right things about keeping that vessel as environmentally efficient as possible,"" he said. One early adopter of new technology is shipping giant A.P. Moller-Maersk. It has ordered 12 vessels which can run on green methanol produced from sources such as biomass, as well as fuel oil as there is not yet enough low carbon fuel available. The Danish company doesn't intend to use LNG because it is still a fossil fuel and it would prefer to shift directly to a lower carbon alternative. Wartsila, meanwhile, is launching an ammonia-fueled engine next year, which it says is generating a lot of interest from customers, as well as a hydrogen engine in 2025. Ship owners are facing a lot of uncertainty over how to ""future proof"" their fleets and avoid regretting investment decisions now within a couple of years, said Wartsila's Hatley. ""They would rather wait for maybe the whole life of the ship of 20 years, but that's even more uncertain now because of the pace of change."""
"Ford taps masses of vehicle data to stay ahead in commercial van market 's push to use reams of data generated by its vans and trucks - from engines to oil filters or brake pads - to attract more customers in the European and U.S. plays out on a 9-metre-long (30 ft) screen at its UK headquarters in Dunton east of London. During a recent visit by Reuters, that screen showed real-time data from 114,000 vans in Britain so far covered by Ford's monthly subscription service. Ford employees were focused on the 98.3% of the vans that were in service - and of those, roughly 8% in need of repairs fairly soon or urgently - but concentrated even more so on the 1.7% vehicles out of action. The tracks 4,000 data points via modems it has installed in all since 2019 - and can warn paying customers of engine problems and basics such as brake pad wear, low oil or diesel additives that are cheap to maintain proactively but expensive to fix if not addressed. The automaker has connected all of its UK dealers to its system, so it can arrange repairs and have parts ready for vans before they arrive at a dealership. Ford, which leads the commercial vehicle market in both Europe and the United States, launched the system in 2021. Hans Schep, European head of Ford Pro, the company's commercial vehicle business, said it is already close to hitting long-term targets of increasing vehicle ""up time"" by up to 60%. Ford estimates that downtime, when a van is out of action, costs an average of 600 pounds (USD 724) daily per van. ""This has already been a major game-changer,"" Schep said. After a successful test run in Britain, Ford is also rolling out the FORDLiive service in mainland Europe and the United States. The automaker has focused more on its profitable Ford Pro business in Europe than lower-margin mass-market . Ford recently announced engineering job cuts in Europe, but is still hiring software experts for its data services. Data is a huge battleground for commercial vehicle makers and competition will only intensify with electric models, which are essentially computers on wheels. Using data to show where vans are, how they consume fuel, how drivers use or misuse them, whether they can skip an oil change, but above all avoiding downtime is becoming as important as the vehicles themselves. There is also an ongoing fight pitting insurers, leasing companies and car repair shops against carmakers in the European Union over access to data and the vast potential revenue it could generate. ""We plan to grow our leadership position,"" said Ted Cannis, chief executive of Ford Pro. ""We are going to have many, many more markets that we were not even previously in."" EASING THE ELECTRIC JOURNEY Electric vans provide far more data points for Ford and its rivals to work with - including tracking how much range they have left and providing easy, comprehensive charging solutions. Ford's Schep said providing that data is crucial for van fleets because according to the automaker's research,"
"how much range they have left and providing easy, comprehensive charging solutions. Ford's Schep said providing that data is crucial for van fleets because according to the automaker's research, 60% of its corporate customers ""are really worried about the journey to electric."" The UK operations of DHL Express, part of the Deutsche Post DHL Group, has 270 electric with firm orders for 120 more, and is signing up for FORDLiive. Fleet director Richard Crook said aside from monitoring those vans' batteries, he wants to tap Ford's predictive maintenance capabilities. ""We need to get ahead of things and plan maintenance schedules because the vehicle is actually telling you 'I have a problem,'"" Crook said. Ford rival General Motors Co has also rolled out telematics services including ""in-vehicle coaching,"" where a voice nicknamed ""Karen in the vehicle"" coaches drivers against excessive braking, speeding or other bad habits. Michelle Calloway, director of OnStar Business Solutions at GM, said ""Karen"" cut fuel use by 30% in 30 days in one customer's fleet. ""Those are impactful savings scaled across a large fleet,"" Calloway said. Starting with 2024 models, GM will provide a range of OnStar data services free for fleet vehicles. Ed Peper, who heads GM's fleet sales, said once customers try those services, they are likely to pay for more. Italian truck, van and bus maker Iveco Group NV has around 150,000 connected vehicles using telematics services and has seen a 30% increase in uptime, plus a ""single-digit percent"" drop in warranty costs so far, said chief technology officer Marco Liccardo. Liccardo estimates subscription services will generate 40% to 50% of commercial vehicle makers' profits by 2030 and help franchise dealers survive the shift to electric with fewer parts to service. ""Data will be the oxygen to do that,"" Liccardo said."
"Citroën India launches E-C3 all-electric at an introductory price of INR 11.5 lakh New Delhi: has launched the All-Electric in four variants: Live at a special introductory price of INR 11.5 lakh, Feel (INR 12.13 lakh), Feel vibe pack(INR 12. 28 lakh), and Feel dual tone vibe pack (INR 12.43 lakh). (Prices, ex-showroom Delhi). This full is from the C-Cubed family of vehicles and is built at its manufacturing facility in Thiruvallur, Tamil Nadu, the company said. Deliveries of the new Citroën E-C3 to the will begin from this month-end through the La Maison Citroën phygital showrooms in 25 cities across the country. They are: New Delhi, Gurgaon, Mumbai, Pune, Ahmedabad, Kolkata, Bangalore, Hyderabad, Kochi, Chennai, Chandigarh, Jaipur, Lucknow, Bhubaneswar, Surat, Nagpur, Vizag, Calicut, Guwahati, Bhopal, Karnal, Dehradun, Rajkot, Mangalore and Coimbatore. All showrooms will be equipped with provided by Jio-bp and will cater to all electric vehicle owners, the company said in a media release Major Indian cities will be covered by its 100% direct online buying – Buy online. Through this direct online initiative customers can order directly from the factory and get doorstep delivery of the new Citroën , the release said. Citroën will also launch connectivity apps like MY CITROËN CONNECT and C-BUDDY on the New E-C3 All-Electric. Available on both iOS and Android, My Citroën Connect hosts 35 smart features including Driving behaviour analysis, Vehicle tracking, Emergency services call, auto crash notification, over-the-air software updates, Usage-based insurance parameters and first in segment 7-year subscription, the release said. For the aftersales network named the L’Atelier Citroën, the company will offer unique services like remote diagnostics and 100% parts availability to assure New Citroën E-C3 All-Electric customers of a stress-free ownership experience. Citroën Service on Wheels will enhance reach and availability for customers covering most common repairs at customer’s doorstep. This represents the Citroën Service Promise that extends “Comfort at Your Fingertips” for customers. Roland Bouchara, CEO & Managing Director, Stellantis India, said, “The launch of the New Citroën E-C3 All-Electric is a key milestone for Stellantis in India. With this launch, Citroën moves from being a newcomer in the ICE passenger vehicle segment to a key player in the electric vehicle segment. Thanks to the engineering and development by our teams and local suppliers on the , we have been able to bring this affordable full BEV within 6 months of the launch of the ICE variant of the New C3 and that is a commendable achievement.” Saurabh Vatsa, Brand Head, Citroën India, said, “We are excited to launch the New Citroën E-C3 All-Electric for the young and progressive customers who will enjoy the Clever, comfort & cool product propositions. The vehicle was developed keeping in mind the Indian audience and their unique needs and preferences. E-C3 delivers a certified"
"who will enjoy the Clever, comfort & cool product propositions. The vehicle was developed keeping in mind the Indian audience and their unique needs and preferences. E-C3 delivers a certified driving range of 320 km per charge (MIDC cycle), 100% DC fast charging capability, and a plethora of intuitive technology-driven features. With the famed Citroën Advanced Comfort on board combined with an efficient e-powertrain, we are certain that the New Citroën E-C3 All-Electric will meet the expectations of both the private customers’ and the fleet operators."" Also Read:"
"Sumithasri Eranti is the new Chairperson of Schaeffler India board of directors Pune: Leading automotive and industrial supplier has appointed as the new Chairperson of its board of directors. With over 25 years of experience in business leadership, technology, consulting and financial services industry, Ms Eranti brings a wealth of knowledge and experience to her new role, the company said. She has held various roles in technology companies - global service portfolio leadership, , , large account management, business consulting and product development. She possesses multi-cultural experience of living/working in 11 countries including Germany, India, the US, the UK and The Netherlands. Ms Eranti has been an independent director of Schaeffler India Limited Board since 2020. She is also the chairperson of board of directors at Aviva Life Insurance company India limited and has been associated with other companies as a board member. Ms Eranti takes over as the Chairperson from Avinash Gandhi who retired after leading the company for over 20 years. She will lead the board in its mission to drive Schaeffler India's growth and success. Under her guidance, it aims to continue its focus on innovation and commitment to excellence, the company said in a media release. ""I am honoured to have been chosen as the new Chairperson of the Board. I thank the board of directors for their trust and support. I am excited to work with the talented members of the board and the management team of Schaeffler India,"" Ms Eranti said. Also Read:"
"Citroen opens new showroom in Puducherry , the French automaker, Thursday opened ‘La Maison Citroen’ phygital showroom in Puducherry. The new dealership was inaugurated by N Rangasamy, Chief Minister, and N. Namassivayam, Home Minister, of Puducherry . The conveniently located new dealership will make Citroen’s offerings easily accessible for the city’s residents who are planning to buy a new car. The entire Citroen India range, which currently includes , , and ë-C3, will be available for retail at the phygital showroom, the company said in a media release. In addition to customer-focused, digital-driven sales services, the dealership will also house L’Atelier Citroen to ensure customers have seamless access to a robust range of after-sales services as well. B Gnanaprakash, Dealer Principal, La Maison Citroen Puducherry, said, “We are delighted to bring La Maison Citroen phygital showroom experience to Puducherry. With the entire Citroen product range and a team of passionate experts, we are poised to deliver an experience that goes beyond expectations. Our team is driven by a passion for excellence, and we pledge to go the extra mile to make the car-buying experience seamless and enjoyable for the people of Puducherry .” L’Atelier Citroen, the brand’s after-sales workshop, offers innovative care and maintenance services for Citroen cars in India at customers’ doorsteps. Among other things, Citroen car owners in Puducherry will have access to services such as Virtual Remote Diagnostics, Genuine Spare Parts availability within 24 hours, 180 minutes-RSA Guarantee, etc. L’Atelier Citroen also offers ‘anytime, anywhere’ access and pickup and drop services to further ease the ownership experience. Citroen is present across India through 51 La Maison Citroen Phygital showrooms across 46 cities. As part of the 360° Comfort strategy for India, Citroen also offers a range of services to build trust with consumers with unmatched comfort, never experienced before. These services include attractive finance and leasing services through Citroen Finance and Insurance and 30 30-minute Guaranteed Trade-In facility, the release said."
"Southeast Asian car marketplace Carro takes 50% stake in Indonesian rental firm SINGAPORE - Singapore-headquartered Carro, a Southeast Asian , has acquired a 50% stake in the rental unit of Indonesian automotive group for nearly $54 million, both companies said in a joint statement on Monday. PT Mitra Pinasthika Mustika Rent (MPMRent) is one of Indonesia's leading car rental firms with a fleet of more than 13,000 cars and provides financing services. Carro counts 's Vision Fund investment arm, Singapore sovereign fund GIC and state investor Temasek among its biggest investors. Since being founded in 2015, Carro has raised more than $600 million in equity and nearly $300 million in debt. Carro's platform allows consumers and wholesale businesses to buy and sell used vehicles and also offers insurance and financing services. ($1 = 1.3753 Singapore dollars)"
"PNB stops 0.75% incentive on fuel purchases via digital modes With the oil marketing companies discontinuing to pay the incentive of 0.75% while buying fuel via any mode at petrol pumps, state-owned has stopped passing on the benefit to its customers. The city-headquartered Punjab National Bank ( ) discontinued to pass on the benefit from last month, citing that the facility has been withdrawn by the OMCs (Oil Marketing Companies). Bharat Petroleum Corporation has informed that the OMCs (IOCLHPCL) have decided to discontinue 0.75% incentive on fuel purchases across all digital modes of payments, according to a PNB notification on its website. The lender said it has discontinued to pass on the 0.75% incentives from May this year. ""Punjab National Bank has implemented the said changes with effect from May 10, 2022 and as such no incentive be passed on to the cardholders for their transactions on PNB PoS (Point of Sale) terminal at any fuel outlet henceforth,"" PNB said. The government had asked ( ), Bharat Petroleum Corp Ltd ( ) and ( ) to give a 0.75% discount on card payments for fuel purchases after a widespread cash crunch in late 2016 following demonetisation of 86% of currency notes in circulation. Digital payments include making payments through credit cards, debit cards, online payment and other modes such as (Unified Payments Interface) applications of , Google Pay and . Initially, the 0.75% petro incentive was removed while making payments through credit cards following withdrawal of such facilities on debit card payments. The OMCs have now withdrawn the petro incentive facility on all other digital payments as well. From December 13, 2016, a discount of 0.75% was offered to those using plastic money to buy petrol and diesel. This discount was given by way of cashback, which was credited to the buyer's account within three days of transaction. This was in the aftermath of demonetisation of old 500 and 1,000 rupee notes on November 8, 2016. A month later on December 8, 2016, the government announced a raft of measures, including discounts on online payments for insurance policies, rail tickets and highway toll charges as it looked to promote digital cash post note ban."
"Lyft says lower prices to hit profit, shares drop 30% on Thursday forecast current-quarter profit far below targets as the ride-hailing service lowered prices, triggering a 30% drop in shares on concerns it was falling behind bigger rival . Lyft also forecast revenue below analyst expectations for the current quarter. Investors are watching how the two companies rebound from the global pandemic and whether they can grow profits, which is often seen as a matter of pricing power. President said in an interview with Reuters that the company planned ""lower prices"" and fewer hours of peak pricing, which he called ""less prime time."" Lyft had room to lower prices because the market was strong, he added. ""Given the healthy marketplace, which hasn't been the case coming off of the pandemic, it's important for us to take advantage of that opportunity,"" he said. The plunge in Lyft's share price translated into a nearly $2 billion loss in market cap; its shares were the most traded on the in after-hours trade. Uber shares were down 2.5%, a day after Uber reported a surprise fourth-quarter profit and forecast a current-quarter profit well above the average analyst estimate. ""They are clearly struggling here"" compared to Uber, said Tejas Dessai, an analyst at Global X ETFs. ""They need to evaluate their operations."" Lyft forecast first-quarter revenue of about $975 million, below analyst estimates of $1.09 billion, according to Refinitiv data. Lyft forecast first-quarter adjusted earnings before interest, taxes, depreciation and amortization ( ), a key measure of profitability that strips out some costs, of between $5 million and $15 million. The average analyst target was $81.1 million. Chief Financial Officer Elaine Paul blamed the forecast on seasonality and lower prices, including fewer Prime Time hours. Changes in insurance renewal timing also pressured profits. ""The guidance was a disaster and Lyft continues to be the little brother of Uber,"" Wedbush analyst Dan Ives said. Lyft's bigger presence on the U.S. West Coast, a region that analysts have said is trailing the rest of the in its return to pre-COVID demand and where rideshare drivers are in short supply, could be hurting its recovery compared with Uber. Zimmer said the West Coast had ""not fully"" recovered, but he noted a ""material improvement."" For the fourth quarter, Lyft reported adjusted EBITDA of $126.7 million, excluding $375 million it had set aside for increasing insurance reserves. Analysts had forecast $91.01 million. ""We wanted to ensure we strengthened our insurance reserve. ... The purpose of doing that is to ensure we don't have that type of volatility going forward,"" Zimmer said in an interview. Active riders rose 8.7% to 20.36 million for the fourth quarter, Lyft said, above the FactSet estimate of 20.30 million. Also Read:"
"Budget 2022 – Striking a balance between Nature & Nurture 2022 Indian budget was a tough balancing act between the need to nurture and support the economy with fiscal stimulus in view of slow emergence out of pandemic vs. concerns around high inflation and liquidity tightening both globally and India prompting expectations around rise in interest rates and fiscal prudence. Government has done a good job by keeping FY 22 deficit in line with budget at 6.8% - 6.9% and budgeting fiscal deficit at 6.4% of . Around 35% higher budgeted capex from FY22 is a step in right direction to support the recovering economy by focusing on revival and supporting demand through government capex. Focus on infrastructure businesses. This will also broad base economic growth to manufacturing and industries along with consumption and services which were the main drivers in the last few years. Weaker or ailing have been provided added support through extension of emergency credit linked scheme to March 2023 and an additional outlay of INR 50k. This will ease some pressure on defaultsunderpenetrated part of India is the initiative to introduce core banking system in 1.5 lakh post offices. This will help not only in operating accounts seamlessly across the country but will also pave way for smooth investments and insurance penetration in this segment going forward. Personal Income tax slab rate and standard deduction limits has been left unchanged however state government employees have been brought at par with Central government employee by bringing tax deduction limit for NPS contribution to 14%. Contrary to certain rumors around increase in LTCG from 10% to 15% andSTT around investments. No reference on re-introduction of Wealth or inheritance tax is good, especially in times when country is witnessing one of the highest personal tax-slab rate in the world. A welcome move for individuals earning more than INR 2 cr annual income comes from capping of surcharge rates on LT capital gains on all assets to 15% (this was earlier capped for listed Equities digitization (e-passports) and blockchain (digital currency). The trick now is in efficient execution on a well-intended and carefully planned strategy to cave way of a golden decade ahead. Also Read:"
"State seeks Centre’s help to make repeat traffic violators pay higher MV insurance Bhubaneswar: frequently violating traffic rules may be forced to shell out a higher with the state government seeking the Centre’s intervention to introduce the penal provision. Commerce and transport secretary Usha Padhee on Tuesday wrote to the secretary of ministry of (MoRTH) Anurag Jain and said an enhanced insurance premium will serve as a deterrent for rash drivers and improve the road safety scenario in the state. Padhee wrote that the state government is committed to discourage repeat offenders from flouting road safety norms. She said in a review meeting held under the chairmanship of chief secretary Pradeep Kumar Jena, it was decided to take steps for charging higher insurance premium for vehicle owners who have been violating traffic rules repeatedly. A meeting with general insurance companies was held on March 30 where their officials agreed to extend all possible cooperation to the state government. “E-challan system has been introduced in Odisha as well as many other states. The e-challan details, including the offenders can be accessed through the Vahan portal. By integrating the Vahan database with that of the Insurance Regulatory and Development Authority of India (IRDAI), the repeat offending vehicles can be detected. Accordingly higher insurance premium can be charged from them at the time of renewal,” Padhee’s letter read. The state government has proposed that the higher premium should be treated as traffic violation premium, and it should be charged in addition to the existing own damage, third-party and personal premiums offered by the motor insurance companies. The government has also proposed that the additional premium collected from the vehicle owners should be shared with the state for taking up various road safety and awareness activities. “The detailed modalities of revenue sharing may be finalised later. As the premium issues are dealt by the IRDAI, the issue may kindly be taken up at the appropriate forum,” the letter said. Police said a system should be in place to maintain a database of by monitoring their compliance and violations of traffic rules. The nature of traffic violations of each driver should be linked to the driving licence."
"Russia poised to largely skirt new G7 oil price cap By Noah Browning, Dmitry Zhdannikov and Jonathan Saul Russia can access enough tankers to ship most of its oil beyond the reach of a , industry players and a U.S. official told Reuters, underscoring the limits of the most ambitious plan yet to curb Moscow's wartime revenue. The Group of Seven countries agreed last month to cap sales at an enforced low price by Dec. 5 but faced consternation from main players in the global oil industry who feared the move could paralyse the trade worldwide. Months of discussions between the United States and those insurance, trading and shipping firms have mollified concerns on their exposure to sanctions but all parties now realize Russia can largely skirt the plan with their own ships and services. The forecasts on the resilience of the and details of the discussions between Washington and the global oil and services industry have not previously been published. Estimates that 80-90% of Russian oil will continue to flow outside the cap mechanism are not unreasonable, a U.S. Treasury official told Reuters. As a result, only between 1 and 2 million barrels per day (bpd) of Russian crude and refined products exports could be shut in if the country refuses to abide by the cap, said the official, who declined to be named due to the sensitivity of the situation. Russia exported over 7 million bpd in September. That could pose financial and technical difficulties for Russia but would also deprive the world of 1-2% of its global supply just as inflation is on the rise and a recession looms. The United States is aware of some ships changing their countries of origin and trading entities being moved beyond the G7 to order to evade the plan, the official added. Russia would incur costs from having to conduct longer voyages and being relegated to subpar insurance and financing, the official said, making the United States optimistic Russia will be compelled to sell within the price cap over time. SHADOW FLEET Industry and policy veterans have seen the limits of a plan which at first appeared to have the entire Russian oil trade in its crosshairs but whose scope could now be greatly diminished. ""In theory there is a big enough shadow fleet to continue Russian crude flows after Dec. 5,"" Andrea Olivi, global head of wet freight at commodities trading giant Trafigura told Reuters. ""A lot of these shadow vessels will be able to self-insure or they will be able to be insured by Russian P&I"", he added, referring to protection and indemnity insurance. Bank JP Morgan sees the impact of the price cap as muted, with Russia almost completely skirting the ban by marshalling Chinese, Indian and its own ships - whose average age is nearly two decades old - relatively ancient by shipping standards. That could leave Russian exports in December reduced by just 600,000 bpd compared with September, the bank added. Not just ships but the services needed to keep them and their oil cargoes flowing"
"That could leave Russian exports in December reduced by just 600,000 bpd compared with September, the bank added. Not just ships but the services needed to keep them and their oil cargoes flowing are on the move, according to Norbert Rucker, head of economics at Swiss asset manager Julius Baer. ""Oil traders dealing in Russian oil are no longer in Switzerland, Geneva or London. They are more coming out of the Middle East,"" Rucker told Reuters. ""If you look at the Asian buyers of the oil, the ships, the insurance - this seems to be increasingly done out of Asia."" SHOT IN THE FOOT? The G7 price cap plan agreed in September was shopped by the United States to industry players as a safety valve to total EU bans on Russian shipments ratified in June. P&I services heeding EU law insure 95% of the world's shipborne oil trade, meaning the EU move could have halted most of Russia's exports. That may have boomeranged back on the sanctioning countries by sending energy prices soaring amid an already deep cost of living crisis as a potential global recession looms. Insurance and shipping industry figures still saw themselves at risk of sanctions which could upend the trade even in the G7 price cap workaround. The EU ratified the price cap this month but details on implementing it remain forthcoming. The U.S. official said the policy has been tailor-made so that it is easy for firms to verify, or attest, that prices were sold below the cap. The cap, the official added, aims not be punitive toward the industry and will allow them to keep the attestations and not force them to submit it to a central registry. This would be lax enough to allow insurers to ask buyers of Russian oil to pledge in writing that sales would occur at, or below the price cap for the duration of their policy period. One industry official familiar with the matter viewed this attestation policy as ""positive"" and believes Washington now understands that insurers cannot enforce the policy themselves. Another said that with six weeks to go before the sanctions take effect, the insurance industry still wants more details on how the attestations would work and is concerned that EU regulations still do not mention the process or set out their obligations. Daniel Ahn, a former chief economist at the U.S. State Department, says the countries sanctioning Russia overestimated their control of the global oil trade and that changes and clarifications to their policy aimed at reducing self-harm. ""All it's going to do is reroute oil ... and make life difficult for everyone else, which is what is happening right now anyway,"" said Ahn, a global fellow at the . ""It's going to be less damaging than a complete seaborne import ban. They shot themselves in the foot, but they're now kind of trying to bandage it a bit."" Read More:"
"More people believe that EVs will overtake diesel, petrol vehicles by 2030: Report New Delhi : The future of in India seems to be bright. A majority of - 57% - who participated in a survey of over 1000 people, want to invest in electric vehicles (EVs) because of their practical advantages, while 56% want to purchase EVs because they are good for the . These are some of the prominent findings of the latest report launched by Acko, a tech-first insurance company, and , a survey company. The report surveyed 1018 respondents from (NCCS) A & B households between the age groups of 28 and 40 who were either owners of an electric vehicle or were intending to buy one in the next 12 months. Consumers believe the future is electric While the majority of respondents - 60% - believe that India's current public is not equipped to support electric vehicles and feel the need for drastic improvement, there is a great deal of optimism bout the future. The survey revealed that 89% of the respondents think India will be infrastructurally ready for EVs by 2030. In fact, 66% of respondents believe that EVs will surpass petrol and diesel cars and will be able to save money in the long run. Why EV? 44% of intenders want to invest in an EV because they like the flexibility it offers. In addition, they believe that the availability of both the hybrid or full electric options, will give them the best of both worlds. 47% of intenders believe that EVs offer a significant reduction in cost per mile compared to traditional options. 56% of intenders said that they want to be part of the responsible change in approach towards the environment and are interested in new technology. What's very interesting to note is that when it comes to , the need to do good for the environment trumps the practicalities that the intenders prefer. For example, 63% of EV owners stated that their choice to go for an EV is a part of their effort to reduce their carbon footprint. Among the intenders, 62% are concerned about rising fuel prices, and 57% of them are interested in the latest technology. 51% said that using an EV has lower running costs compared to petrol and diesel cars. In fact, 48% of the owners said EVs are more cost-efficient per mile than traditional cars. The hurdles So what's stopping people from investing in EVs? The report has all the answers. The lack of availability of charging provisions is the biggest concern, followed by the safety issues which keep making headlines. 40% of intenders are concerned about the lack of charging facilities in and around residential spaces. They also expressed a need for more clarity regarding the time taken to charge a vehicle fully. In addition, 40% of intenders have also expressed worry about EV fire-catching incidents that have been all over the news. Among other reasons of concern are the cost of battery replacement and how frequently it would be needed, as it is one of the primary costs of an EV. They are also concerned about the plausibility"
"Among other reasons of concern are the cost of battery replacement and how frequently it would be needed, as it is one of the primary costs of an EV. They are also concerned about the plausibility of long-distance travel in an EV. Moreover, 41% of EV owners believe that EV takes a lot of time to charge, and 40% of owners are worried about the lack of charging provisions in residential complexes. 49% of EV car owners also believe that battery replacement cost forms a substantial part of EV ownership. One glaring concern is that 43% of EV owners believe that their vehicles' driving experience and performance are not up to the mark compared to traditional vehicles. ""India is the world's fourth largest car market. We worked with YouGov India and spoke to respondents who are either current owners or people who intend to buy EVs in the upcoming year, to better understand consumer opinions about EVs. As a result, we have been able to identify the key concerns and barriers towards adoption of electric vehicles in India, what EV owners would like manufacturers and intenders to know, the need for EV-specific insurance policies, and safety concerns around EVs,"" said Animesh Das, Senior Director- Motor Underwriting, ACKO. Knowledge gap The report also highlights a lot of knowledge gaps that need to be filled related to EVs. For example, 63% of respondents don't know that sand is the most convenient solution for putting out an EV fire. There are also knowledge gaps regarding the life of the battery. For example, 66% assume that battery life only lasts between 2 to 5 years. The good news is that 8 in 10 correctly recognize that charging behaviour has a role in the EV's battery life. Another important aspect of owning an EV is insurance, and with the growing popularity of EVs, the demand for customized insurance products has also gathered steam. 79% of respondents said they want a customized insurance solution for their EVs and 67% are ready to pay a premium for that. However, 53% said that there is a lack of trusted partners who provide EV specific insurance products. When it comes to buying a policy, EV intenders and owners have opted for online insurance providers. 59% of intenders want to buy a policy from online players like ACKO. A key takeaway from the report is that there is an urgent need to create awareness around EVs and different aspects related to EVs. It's evident that Indians are excited about EVs and acknowledge them to be the future of mobility - but the lack of information in the market combined with the communication gaps is holding them back. Also Read:"
"Putin bans Russian oil exports to countries that implement price cap President Vladimir on Tuesday delivered 's long-awaited response to a Western price cap, signing a decree that bans the supply of crude oil and oil products from Feb. 1 for five months to nations that abide by the cap. The Group of Seven major powers, the European Union and Australia agreed this month to a $60-per-barrel price cap on Russian seaborne crude oil effective from Dec. 5 over Moscow's ""special military operation"" in Ukraine. The cap is close to the current price for , but well beneath the windfall price Russia was able to sell for this year and that helped offset the impact of financial sanctions on Moscow. Russia is the world's second largest oil exporter after Saudi Arabia, and a major disruption to its sales would have far reaching consequences for global energy supplies. The decree, published on a government portal and the website, was presented as a direct response to ""actions that are unfriendly and contradictory to international law by the United States and foreign states and international organisations joining them"". ""Deliveries of Russian oil and oil products to foreign entities and individuals are banned, on the condition that in the contracts for these supplies, the use of a maximum price fixing mechanism is directly or indirectly envisaged,"" the decree stated, referring specifically to the United States and other foreign states that have imposed the price cap. ""The established ban applies to all stages of supply up to the end buyer."" The decree, which includes a clause that allows for Putin to overrule the ban in special cases, stated: ""This...comes into force on Feb. 1, 2023, and applies until July 1, 2023."" Crude will be banned from Feb. 1, but the date for the oil products ban will be determined by the Russian government and could be after Feb. 1. WIDER DEFICIT The price cap, unseen even in the times of the Cold War between the West and the Soviet Union, is aimed at crippling Russian state coffers and Moscow's military efforts in Ukraine. Some analysts have said that the cap will have little immediate impact on the oil revenues that Moscow is currently earning. However, Finance Minister Anton Siluanov said on Tuesday that Russia's budget deficit could be wider than the planned 2% of GDP in 2023, with the oil price cap squeezing export income, an extra fiscal hurdle for Moscow as it spends heavily on its military campaign in Ukraine. Russia has been promising to respond officially for weeks, and the eventual decree largely established what officials had already said publicly. The G7 price cap allows non-EU countries to continue importing seaborne Russian crude oil, but it will prohibit shipping, insurance and re-insurance companies from handling cargoes of Russian crude around the globe, unless it is being sold for less than the price cap. EU countries have separately implemented an embargo that prohibits them from purchasing seaborne Russian oil."
"of Russian crude around the globe, unless it is being sold for less than the price cap. EU countries have separately implemented an embargo that prohibits them from purchasing seaborne Russian oil. Russian Urals oil traded above $56 per barrel on Tuesday, below the price cap level. Brent crude oil moved a little higher on the news and was up 1.4% at $85.1 by 1743 GMT. Also Read:"
"Vehicles without valid docus to get e-challans in Chhattisgarh Raipur: The Chhattisgarh government, in its crack down on vehicles without a fitness certificate, tax payment and valid documents, will launch the e-detection system of the transport department at all the highway toll gates from Thursday. Chhattisgarh is the second state after Odisha to introduce this system. As per sample data collected from toll gates on the national highways, it was observed that a substantial number of vehicles are plying without valid documents. In order to detect such vehicles plying through national highways in Chhattisgarh, the transport department has developed the e-detection portal in collaboration with the NIC, said Dipanshu Kabra. The main objective of the e-detection portal is to collect data from various toll gates on national highways and find out the validity of the vehicles using the e-portal. In the first phase, toll gates on national highways have been integrated with the e-detection portal. The service will be extended to mining and industrial areas of the state, said the transport commissioner. The data will be collected in accordance with the data fetched through the and images captured when a vehicle passes through a toll gate. The e-detection portal will automatically E-challan any vehicle that is plying without valid legally required documents. Kabra has urged vehicle owners to keep their vehicle documents up-to-date to avoid penalties for fitness, tax, insurance, and PUC. Meanwhile, the state government is contemplating over developing a policy guideline following the recommendation of the Supreme Court Committee on Road Safety (SCCoRS). Recently, the secretary of the Committee, Sanjay Mital, visited some districts and reviewed corrective measures initiated to reduce road fatalities in the state, which has been a priority of the state government, he said. Assistant transport commissioner Shailabh Sahu, while stating one of the salient features of this e-detection system, said, “We can find out stolen vehicles in certain cases through this system. If a stolen four-wheeler is bearing the registration number of a truck or bogus number, it will be detected by our system. We will put such vehicles in the suspicious category and take necessary action.”"
"Know all about bike insurance risk cover and claims What is a ? A plan is a type of insurance cover that protects bikes and scooters. There are two main types of two-wheeler insurance covers: 1. : As the name suggests, a third-party plan provides coverage against all third-party liabilities. If you happen to get involved in an accident and damage another vehicle, you will be liable to pay for the repairs. Also, if a third party or their property is harmed, you will have to compensate them. A third-party plan comes in handy then because the pays the third party on your behalf. 2. : Under the comprehensive bike insurance coverage, you get all the third party covers, and also get coverage for your own vehicle. A comprehensive plan is more expensive, but it has a greater umbrella of coverage. You can keep your vehicle safe and secure at all times with the help of a good and wholesome comprehensive two-wheeler insurance plan that is easily available. Choose the type of plan that you think would be best suited for your two-wheeler, and when there is a need, make a claim on the cover. How to make a third-party bike insurance claim? It is very simple to make a claim. All you have to do is: File an FIR at the closest police station and as early as possible. Get the third-party bike insurance details from the owner of the other vehicle involved in the accident. Obtain a copy of the chargesheet filed by the police. Submit all the documents, along with a duly filled claim form, to the insurance provider. Once you follow these steps, you can get the claim amount smoothly. How to make a comprehensive bike insurance claim? If you are filing a claim under a comprehensive bike insurance plan, you have to follow these steps: Inform the insurance provider : The first and most important thing for you to do is inform the insurance provider. You should ideally inform the insurer at the earliest as any delay in this step can hamper the entire process of getting the claim. You can call your insurance provider and tell them about the accident, theft or any other type of mishap. You can also inform them via email. File an FIR : As soon as you are done informing the insurance provider, rush to the nearest police station and file an FIR. If there is an accident or theft, you will need to get hold of the charge sheet copy and submit it along with the claim form to your motor insurance company. Get the damage evaluation done : In the case of serious and severe damage, the insurance provider will send a surveyor to evaluate the damage. After that is done, the surveyor will submit a report to the insurance provider, and your final claim amount will depend on the report. Get the evaluation done at the earliest so that there is no delay in getting the claim. Wait for the claim : After you follow the steps and submit the claim, you will simply have to wait for the insurance provider to pay the claim out to you. You can get the claim quite quickly, provided it is a valid claim, and"
"you follow the steps and submit the claim, you will simply have to wait for the insurance provider to pay the claim out to you. You can get the claim quite quickly, provided it is a valid claim, and all the documents are in place. Cashless settlement in bike insurance claims There are two types of claims in bike insurance. The first one is the cashless claim, and it is, by far, the most popular form of claim. Your motor insurance company has tie-ups with several motor garages. These are called network garages and are spread all over the country. As a policyholder of the insurance company, you can take your vehicle to any of the network garages after an accident and get it repaired. You don't have to make any payment. Just inform the insurer and they will pay the garage directly on your behalf. You just have to pay the copay amount as per the clauses of the policy. Reimbursement claims in bike insurance The other form of claim in bike insurance is a reimbursement claim. Here, you pay the bill amount to the garage. You keep all the bills with you and later file a claim with the bike insurance company, along with all the required documents. A reimbursement claim is usually made when the vehicle is taken to a non-network garage or when the claim is for theft or fire damage. Check the exclusions Every two-wheeler insurance policy has a set list of exclusions. This is applicable to comprehensive as well as third-party bike insurance plans. You must read the exclusions very carefully and understand the scope of coverage. For example, if an accident happens due to drunk driving, you cannot make any claim. Once you know what you can make a claim for, the process becomes quicker and easier. Conclusion As you might have already realised, you need to follow some very simple steps to get a two-wheeler insurance claim. You need to file a claim based on the type of plan you have. You should go through the policy document very carefully to ensure your claim is legitimate and valid. Then, submit the documents with care, and your claim will be processed. Also, remember to renew your bike insurance policy on time. Unless you have a valid two-wheeler insurance cover, you cannot even make a claim. So, don't allow your plan to get delayed for even a day, for you never know when the need for a claim may arise. (This article is generated and published by the ET Spotlight team. You can get in touch with them on etspotlight@timesinternet.in )"
"What the fresh march higher in oil means for world markets Oil prices are up around 16% so far this year near USD 90 a barrel, with supply worries high given escalating Middle East tensions and tit-for-tat attacks on energy infrastructure between Ukraine and Russia. Investors are paying attention. After all, it was an energy price surge two years ago that helped drive inflation and interest rates higher on a scale not seen in decades. The on Tuesday described an ""adverse scenario"" in which an escalation of conflict in the Middle East would lead to a 15% jump in oil prices and higher shipping costs that would hike global inflation by about 0.7 percentage points. The tightness in oil supplies, and higher prices, has been underpinned by oil producing group and other big oil producers curbing their output. has lifted its third quarter Brent crude oil forecast by USD 4 per barrel to USD 94. With oil prices expected to stay high, we look at the fallout for world markets. INFLATION WATCH After U.S. inflation came in higher than expected for a third straight month in March, the spectre of inflation staying higher has returned with bets on interest rate cuts scaled back sharply. Softening energy prices have been a principal driver of lower inflation expectations recently. Higher oil prices are seen as a threat to this trend. A key market gauge of long-term euro zone inflation expectations, which generally track oil, on Tuesday hit its highest since December at 2.39%. The European Central Bank has a 2% inflation target. ECB chief Christine Lagarde said on Tuesday fresh turbulence in the Middle East had so far had little impact on commodity prices. Oil, while near recent highs, has eased a little this week. Still, the ECB has said it is ""very attentive"" to the impact of oil, which can hurt economic growth and boost inflation. Zurich Insurance Group chief markets strategist Guy Miller said economies can survive, and producers are reasonably happy, when oil is around USD 75-USD 95 a barrel. ""But were we to see this to break higher then, yes, that would be a concern both from a growth and inflation perspective,"" he said. GO ENERGY STOCKS Energy stocks are a clear winner from higher oil prices. The S&P 500 oil index and European oil and gas stocks remain close to record highs. U.S. oil stocks have jumped almost 13% so far this year, outperforming the broader S&P 500's 6% gain. Ed Yardeni, founder of , said a rise in Brent crude to USD 100 in coming weeks was a possibility, recommending an ""overweight"" position on energy stocks. Oil was last above USD 100 in 2022. It briefly spiked to around USD 139 after Russia invaded Ukraine, its highest since 2008. ""I believe you have to overweight energy as at least a shock absorber in your portfolio in the event that oil prices continue to go higher,"" said Yardeni. Barclays head of European equity strategy Emmanuel Cau has had an overweight position on Europe's energy stocks since October, saying the sector tends to"
"prices continue to go higher,"" said Yardeni. Barclays head of European equity strategy Emmanuel Cau has had an overweight position on Europe's energy stocks since October, saying the sector tends to perform well in inflationary and stagflationary environments. In contrast, Nordea CIO Kasper Elmgreen said he was negative on energy stocks because the costs associated with an energy transition were not correctly priced yet. ""They (energy firms) are going to have to carry a much higher burden for the drive to net zero, and that's not being reflected in the share price,"" said Elmgreen. ROBUST DOLLAR 2024 kicked off with expectations the dollar would decline as inflation weakens and allows the Federal Reserve to start cutting rates. Instead, the greenback is up 4.7% this year as rate-cut bets are slashed. Higher oil prices could feed dollar strength. Bank of America said that while it remained negative on the dollar over the medium term, elevated oil prices meant the U.S. currency had ""upside risks"". That exacerbates pressure on economies such as Japan battling currency weakness, keeping traders nervy over possible intervention to support a yen languishing at 34-year lows. ""The yen and the euro will see their terms of trade worsen as energy prices rise. This implies they will be weaker if energy prices rise,"" said Mizuho Corporate Bank senior economist Colin Asher. FRESH EM PAIN Higher for longer oil prices will also sting many emerging market economies, such as India and Turkey, that are net oil importers. India's rupee hit record lows against the dollar this week . With oil priced in dollars, many importers are also exposed to higher prices caused by currency fluctuations. Even in Nigeria, typically Africa's largest oil exporter, a plunging naira currency has hit government coffers due to capped gasoline pump prices and a lack of local oil refining."
"Audi Approved: plus facility on stream in Lucknow New Delhi: Audi, the , today inaugurated a pre-owned car facility, Audi Approved: plus, in Lucknow.. This is ’s 19th such facility in the country. Balbir Singh Dhillon, Head of Audi India, said, “Today, we have inaugurated our 19 th Audi Approved: plus facility. Lucknow continues to be an important market for Audi India and we are confident that customers in the city will benefit from this pre-owned car facility. Our Audi Approved: plus business has grown by 73% in the January – September 2022 period and we are confident that our expansion to other cities will further aid growth. By the end of this year, we will have twenty-two Audi Approved: plus facilities in India.” Every pre-owned vehicle displayed and sold at Audi Approved: plus showrooms undergo mechanical, bodywork, interior and electrical inspections at 300+ multi-point checks and thorough multiple-level quality checks along with a full on-road test to ensure customers’ peace of mind while buying the car. Under the Audi Approved: plus programme, 24x7 Roadside Assistance and complete vehicle history before purchase. Additionally, customers can also avail easy financing and insurance benefits through the programme Gautam Garg, Dealer Principal, Audi Lucknow, said, “Today, we are very happy to inaugurate our – Audi Approved: plus in Lucknow. There is an increased demand for pre-owned cars in Lucknow and the nearby areas and we are confident that this new facility will make pre-owned cars more accessible for our customers in this region. We look forward to welcoming our customers.” Read More:"
"ACKO partners with Hero MotoCorp for removable EV battery warranty plan New Delhi: , a private sector general insurance company in India, has introduced an extended battery warranty plan tailored for removable batteries of electric vehicles (EVs). The plan is available with the , the first EV launched under the emerging mobility brand, from the house of . The plan covers the vehicle for the fourth and fifth year and up to 60,000 km. The plan helps eliminate customer concerns around the battery life and performance, paving the path toward better EV acceptance, the release said. As per ACKO’s EV report, 49% of EV owners believe battery replacement costs are a significant part of EV ownership, and to provide a solution to this, the extended coverage safeguards the vehicle owner against unforeseen repair costs thereby instilling confidence in customers for owning an electric vehicle. The association also aligns with the (BWMR), ensuring responsible disposal of used batteries. Animesh Das, Chief Underwriting Officer, ACKO, said, “In alignment with the Government’s vision for a 100% electric vehicle nation by 2030, encouraging electric mobility among masses is our priority. Our battery warranty plan is poised to bring access to high-quality EVs in India by boosting confidence toward battery-damage and skepticism amongst customers. We’re confident that Hero’s cutting-edge technology and our extended warranty solutions will make premium electric scooters accessible to a broader audience by augmenting the avenues for financing.” The plan seeks to bring in a synergy that reshapes the narrative of EV ownership, making it inclusive, financially viable, and environmentally responsible, the company said in a media release."
"Russian oil prices soar amid falling freight rates, strong demand export revenues are set to rise in March as falling freight rates and strong demand pushes Russian towards a USd 60 per barrel Western price cap, based on traders' and Reuters' calculations, challenging the view that the mechanism was increasing pressure on Moscow. The European Union, G7 countries and Australia introduced a USD 60 per barrel price cap on Russian oil from Dec. 5, aiming to curb Russia's ability to finance the war in Ukraine. US Treasury Secretary Janet Yellen said on Thursday the caps helped to cut Moscow's oil revenues. ""Last month, the Kremlin's was nearly 60 per cent lower than in the immediate aftermath of the invasion,"" she said. However, the latest Russian oil pricing figures, as assessed by traders, suggest Russian exporters are collecting only 20-25 per cent less for their crude than US exporters for similar types of oil. Reuters calculations based on market data show Urals prices for loading in early March rose to around USD 55 per barrel at Baltic ports versus USD 39-USD 45 in January, excluding the cost of shipping and insurance. In comparison, a similar type of crude sold in a US port on similar conditions would generate around USD 65-69 per barrel. The EU, G7 nations and Australia introduced the USD 60 per barrel price cap on Russian oil in addition to the EU's embargo on imports of by sea and similar pledges by the United States, Canada, Japan and Britain. The price cap allows non-EU countries to import seaborne Russian crude oil, but prohibits shipping, insurance and re-insurance companies from handling cargoes of Russian crude unless it is sold for under USD 60. Moscow's oil export revenues fell by 40 per cent year-on-year in January, Russia's finance ministry has said, as Russian crude was sold at discounts of USD 15-USD 20 per barrel to China, India and Turkey, while shipping it also cost USD 15-USD 20 per barrel. But freight rates for Russian oil eased in February from December-January levels as more shipowners entered the market, raising tanker availability for Russian barrels, traders said. ""Freight cost to travel from the Baltic to India has fallen sharply, supporting the prices (for Urals),"" a trader for the Russian crude oil grade said. Traders estimated and Reuters calculations showed the cost of shipping a 100,000 tonne cargo from a Baltic port to India amounted to USD 8.5 million-USD 9 million in March or USD 11.8-USD 12.5 per barrel compared with USD 16.6 per barrel in February. Indian buyers, which have in recent months taken more than half of Urals seaborne exports, are offering higher prices because of rising competition from China, which is also keen to take on more Russian oil as demand rebounds, another trader said. Two traders familiar with Russian oil exports estimated the discounts on Urals have narrowed to USD 12-16 per barrel currently from USD 15-USD 20 per barrel in recent months. Also helping to strengthen the value of Urals"
"with Russian oil exports estimated the discounts on Urals have narrowed to USD 12-16 per barrel currently from USD 15-USD 20 per barrel in recent months. Also helping to strengthen the value of Urals was news about Russian output and export cuts. Russia had already announced plans to cut its oil production by 500,000 barrels per day in March, amounting to 5 per cent of its output or 0.5 percent of global production. On Wednesday, sources said Russia plans to cut oil exports from its western ports by up to 25 percent in March versus February. Also Read:"
"Hyundai, Kia cars easier to steal, claims study for US market The latest study conducted by the Insurance Institute for Highway Safety, US, suggests that and cars can be 'easy targets' and more susceptible to car theft. A spike in car theft was also reported during the pandemic. Bargain-priced vehicles of Kia and Hyundai are now top targets like muscle cars and luxury SUVs, according to a Highway Loss Data Institute analysis. A lot of these cars being targetted in the US are not equipped with an electronic immobiliser that prevents thieves from bypassing the ignition system. ""Our earlier studies show that vehicle theft losses plunged after immobilizers were introduced. Unfortunately, Hyundai and Kia have lagged behind other automakers in making them standard equipment,"" explains Highway Loss Data Institute senior vice president Matt Moore. There have been viral videos on social media platform showing teenagers stealing and driving Kia and Hyundai vehicles using a cord, according to a CNBC report. This , which uses the hashtag "" ,"" reportedly has over 33 million views. In Los Angeles, officials say the viral trend targeting these easy-to-steal vehicles has resulted in an 85% increase in thefts of Kia and Hyundai vehicles compared with last year. Among newer models, whole vehicle theft claims were highest for the Dodge Charger SRT Hellcat, relative to its numbers on the road over 2018-22. But among 2015-19 model-year vehicles, theft claims were nearly twice as common for Hyundai and Kia vehicles as a group as for all other manufacturers, according to a recent HLDI report. “Car theft spiked during the pandemic,” said HLDI Senior Vice President Matt Moore. “These numbers tell us that some vehicles may be targeted because they’re fast or worth a lot of money and others because they’re easy to steal.” “Our earlier studies show that vehicle theft losses plunged after immobilizers were introduced,” said Moore. “Unfortunately, Hyundai and Kia have lagged behind other automakers in making them standard equipment.” Immobilisers were already standard on 62 percent of models from other manufacturers in the model year 2000. But even in the model year 2015, when immobilizers were standard on 96 percent of other manufacturers’ vehicles, they were standard on only 26 percent of Hyundai and Kia vehicle models. “If it doesn’t have an immobiliser, it does make it somewhat easier to steal,” said Darrell Russell, a former auto theft investigator who is now director of operations, vehicles, at the National Insurance Crime Bureau (NICB). “Hyundai Motor America is concerned about the recent rise in auto thefts of certain Hyundai model vehicles,” the company said in a statement. “While all of our vehicles meet or exceed Federal Motor Vehicle Safety Standards, unfortunately, our vehicles have been targeted in a coordinated effort on social media.” Also Read:"
"Russian oil logistics in chaos with weeks until sanctions bite , and the world’s most powerful governments are becoming increasingly fixated upon one question in the oil market: can the petroleum industry’s supply chain handle the harshest sanctions on Russian exports in history? A vast shadow fleet of tankers with unknown owners is being amassed to service Moscow’s interests. Intense US-led diplomatic wrangling to soften aggressive sanctions has been going on for months but time is ticking. Will it be enough? With about six weeks until the bloc’s measures enter into force, little clarity exists on whether these steps will really suffice to help the world’s third-biggest oil producer to get much of its output to buyers to fend off a supply shock. The US has been sounding the alarm for months that Europe’s sanctions on Russia could trigger such a shock. It’s pushing for companies to be allowed to access EU services -- especially insurance -- to avoid a price spike before the mid-term elections in November. To do that, buyers would have to sign up to a controversial oil price cap. “If you look at how many ships have been sold over the past six months to undisclosed buyers, it’s very clear that a fleet is being built up in order to transport this,” said Christian Ingerslev, chief executive officer of Maersk Tankers A/S in Copenhagen, which runs a fleet of 170 ships -- none of them serving Russia. In the run-up to Dec. 5, when the EU is due to ban Russian crude imports and halt the provision of shipping, financing and insurance cover to related trades, the most important question is whether there will be enough vessels. Shipbroker Braemar estimates that to support four million barrels a day of Russian exports to the far east, many of the recently-transacted vessels will need to be added to the 240 ships -- 102 Aframaxes, 58 Suezmaxes and 80 very-large crude carriers -- that have carried Iranian and Venezuelan crude in the past year to form a large shadow fleet that will support Moscow. “There’s been a sharp rise in the tanker trading since the war and in the run-up to the Dec. 5 deadline by undisclosed entities based in countries such as Dubai, Hong Kong, Singapore and Cyprus,” said Anoop Singh, head of tanker research at Braemar. Many are older ships and will find their way to the shadow fleet, with Russian shipowner Sovcomflot PJSC supplying some tankers as well. Beyond that, there will also almost certainly be a surge in ship-to-ship transfers -- cargoes being switched from one tanker to another at sea. That’s a result of both the sanctions risk from handling exports directly from Russian ports and the need to collate a few small cargoes onto larger tankers for long-haul voyages. That, though, is a logistical challenge in itself, especially from the Baltic Sea, Russia’s top export region. Ship-to-ship transfers involve one vessel maneuvering itself alongside another, attaching a pipe to allow the cargo to be pumped between the two carriers. It can"
"Sea, Russia’s top export region. Ship-to-ship transfers involve one vessel maneuvering itself alongside another, attaching a pipe to allow the cargo to be pumped between the two carriers. It can take up to two days and is best done in the calmest waters possible with good weather. Some can involve a multi-stage process of transferring oil from an initial tanker to a floating storage facility, before another step to move the cargo to another ship. While vessels often used to straight to European buyers, Asia -- notably China and India -- seem certain to become the top destinations after Dec. 5. Once the sanctions kick in, European seas will almost certainly be off limits for these so-called STS transfers, and it’s won’t be very helpful for Russia or its buyers to do them inside the Baltic Sea. That’s because, ideally, Asia-bound oil will be transfered onto giant supertankers that are too big to get out of the Baltic with cargoes on board. The initial vessel would turn around after discharging its cargo to that supertanker and return for more , creating a shuttling effect. These STS locations can take the form of safe harbors or relatively calm out-at-sea waters that don’t fall into jurisdictions that have sanctions or curbs against Kremlin. While some shipbrokers floated possible suggested locations like Gibraltar and Ceuta, others had doubts citing their links to UK and Spain, which that restrict trade with Russia. Another STS transfer option could be out on the high seas, even in the middle of the Atlantic Ocean where waters fall outside maritime jurisdictions controlled by European nations. Shippers zeroed in on an area in the mid-North Atlantic near a cluster of islands known as Azores, an autonomous region of Portugal, as a possibility. While STS operations tend to be costly with an element of risk, this practice will be paramount in ensuring the continued flow of Russian crude -- both logistically and to help some buyers to keep their activities private. While it’s not uncommon for shipments from sanctioned regimes to undergo one STS, shippers are not ruling out the possibility of two transfers -- one inside the Baltic, a second one outside -- to help bring the barrels to market. Over the past months, there’s been a frenzy of buying activity in the used tanker market, specifically concentrated on the type and class of ships that will be heavily used to move Urals and ESPO from their export terminals. One such tanker type is Aframaxes, the smallest mainstream international tanker that can carry about 650,000 to 750,000 barrels of oil through shallower waters and from shallower ports. Aframaxes with ice-breaking capabilities have been in the spotlight as they’ll be essential for exports of Urals from the Baltic this winter. Ice-class Aframaxes are fetching double the price from a year ago with buyers preferring to keep their identities a secret. Shipbrokers also observed a rise in trading activities for non-ice class aframaxes aged 15 years"
"fetching double the price from a year ago with buyers preferring to keep their identities a secret. Shipbrokers also observed a rise in trading activities for non-ice class aframaxes aged 15 years or older. Some of these tankers are expected to turn up in east Siberia, where they’ll help to transport Russian ESPO crude to buyers including Chinese and Indian refiners. If all those things aren’t challenging enough, many of these issues will be compounded by difficulties finding industry standard insurance. Most tankers are covered against risks including oil spills by 13 member organizations within the International Group of P&I Clubs, many of which are in Europe. The EU’s sanctions mean the bloc’s firms would have to stop providing cover while the IG itself couldn’t count on reinsurance from EU companies. The UK has yet to fully follow the EU, meaning that some cover could still be available. The IG itself is in London. The price cap would make European services and insurance available to companies who pay adhere to a price ceiling for Russian oil. Not withstanding whether Russia would cooperate with the cap program, the EU’s participation is far from straightforward. In signing up, the bloc had two important stipulations. First, that shipping companies -- including the giant Greek fleet -- would be included. In other words, a trader could theoretically only hire a Greek tanker if that trader paid a capped price for oil. Second, the EU’s rules as currently written state that a tanker anywhere in the world will not be allowed to access the bloc’s insurers and reinsurers -- for any future cargo, including non-Russian -- if they purchase if they transport a oil that wasn’t bought under the cap. Europe is a center for insurance and reinsurance and without it, owners risk being under covered against risks including oil spills. That makes adhering to EU sanctions -- and the cap -- a very polarizing and uncertain issue for tanker owners. The EU’s implementation of a cap has yet to be formalized and also depends on other G-7 nations taking similar actions. Read More:"
"How 21North is Fuelling Auto Commerce in the New Normal The striking growth of over the past few years has transformed how consumers shop and interact with businesses. In fact, according to a report by Statista, the eCommerce sector is expected to generate around $5.42 trillion in annual sales by 2022. By the end of 2040, as per an estimation by Nasdaq, nearly 95% of all sales will be occurring through eCommerce. Adopting a digital-first strategy and leveraging the eCommerce opportunities have become a necessity for modern global businesses. But while eCommerce has made its way to sectors like retail, FMCG, services, electronics and even pharmaceutical sectors, the auto sector still lags behind. There are, however, some enterprises trying to fill these gaps by driving a distinct eCommerce trend in the auto industry. This ' ' is the new backbone of the auto sector's new normal. Businesses around the globe are exploring the potential of VR showrooms and experiences alongside using AI for predictive maintenance. To pave the way for such technologies, is solving the vehicle mobility problem for auto businesses. With an aim to enable a store to door experience to end-users, 21North is providing a sustainable well-trained supply of drivers to businesses and a seamless, transparent and digital experience to end-users who have now become exceedingly comfortable in managing their requirements through apps like Zomato, Swiggy, UrbanCompany, etc. Let’s take a look at why this service is not only a value-add but at a necessity in the new normal: Erratic consumer behaviour and supply The COVID-19 pandemic brought about a massive bedlam not only in global industrial production but also in the marketplace. As the pandemic reached its peak in 2020, the auto businesses were facing newer issues like slumping car sales and changing customer behaviour, alongside the already existing ones like global chip shortage and environmental issues. Amidst nationwide lockdown and restrictions, buying cars did not seem like a good financial decision. Those who did not wish to rely on cabs and wished to make a purchase for safety and convenience were unable to or unwilling to make offline trips to showrooms. To combat these limitations, many auto businesses attempted to provide doorstep services but were unable to reach their customers at the right time due to an erratic supply of manpower. Omnichannel - A necessity The aftermath of the pandemic is replete with new opportunities. The devastations wrought by the COVID-19 in the auto industry have left doors open to new interventions and initiatives. It is high time that auto businesses start leveraging these new scopes to expand their horizon and revitalize their business strategy by adopting a digital-first approach. Taking the auto business on a digital platform will overcome the issue of low customer footfall to physical stores and dealerships, while simultaneously enabling a consistent effortless doorstep experience. This"
"business on a digital platform will overcome the issue of low customer footfall to physical stores and dealerships, while simultaneously enabling a consistent effortless doorstep experience. This will also allow businesses to achieve higher volumes at lower fixed costs. And this is where 'auto commerce' comes in! How is 21North unlocking digital opportunities? The new normal demands a continuous and customer-oriented digital solution that brings together auto businesses and their customers. 21North is bridging the gap between auto by harnessing its fleet potential with technology. 21North’s drivers, better known as Ambassadors, are selected cautiously, trained thoroughly and monitored continuously. Auto Businesses can leverage 21North’s white-labelled technology platform and services to provide doorstep Test Drives, Deliveries, Pickup & Drop for Servicing, Insurance, Rentals and more. The instant fulfilment of demand combined with trust and transparency through live tracking, estimated invoice updates, cashless payments, etc. are instilling consumers’ faith in-store to door experience. Auto businesses too can focus on their core responsibilities and leave the hassle of booking and fleet management to a trusted partner. As a preferred Pickup & Drop partner of eminent OEMs, Retailers, Resellers, Insurance Providers and Car Rentals in India and across the globe, 21North is actively exploring new solutions to make vehicle mobility in the Indian automotive space simpler, digitally abled and transparent. With the rapid growth in Southeast Asian countries like Indonesia and Malaysia along with confident strides in Europe with launches in Italy, Greece and Belgium, 21North is geared up to make the automotive space effortless, digitally abled and consumer centric. To know more, please visit:"
"Dumped and forgotten, they need quick disposal New Delhi : Hundreds of dust-covered, damaged vehicles are a usual sight outside the city’s police stations or at . Often dumped in a brand new condition, these vehicles rot there till the time they can be turned into scraps. Sometimes, mysterious fires, or even thefts, pave the way for their disposal. Monday’s blaze, which destroyed vehicles worth crores, has yet again brought the spotlight back on this issue. Many police officers blame the centuryold under which a vehicle connected with an offence becomes a “case property” and is kept under police protection until the case is settled. The number of vehicles were few when the law was made, but “today, hundreds of vehicles are involved in accidents or used in crime every month in a city like Delhi, requiring quick disposal of such vehicles”, said a senior cop. The slow legal process adds to the woes. “The vehicles keep rotting till the case is settled after years. A miniscule number of vehicles are released on superdari (returning seized goods). With cramped spaces in and around police stations, vehicles are doomed once they reach the yard. The red tape is such that many interested owners also give up to avoid running around,” a retired officer said. The case properties not only crowd the police station areas but also the centralised malkhana in Wazirabad. Monday’s fire happened at the vacant land behind the malkhana, which was being used as a vehicle pit. A few years ago, Delhi Police had in2 its custody around 31,000 vehicles, worth over 100 crores, despite a large number of vehicles being disposed of, said an officer. “In a year, we seize over one lakh vehicles and a major chunk is disposed of. In a span of five years, we had seized around 7.6 lakh vehicles and disposed of around 7.3 lakhs,” recalled a cop, citing the data from a few years ago. According to Delhi Police, in many accident cases when vehicles are badly damaged, neither the owners nor the insurance companies come to claim them. “If avehicle is insured, the owner might collect compensation from the insurance company and abandon the car at the poli ce station. Insurance agents typically only recover the vehicles they can sell after minor repairs. Otherwise, they don’t bother due to the added costs of towing and storage.” Officers added that many were linked to drug trafficking or arms dealing cases. “If the owner is involved in such activities, the vehicle release is unlikely,” said an officer, adding that even if it’s registered under someone else’s name, nobody usually comes to claim avehicle associated with a criminal activity. “These abandoned vehicles, often left in malkhanas or pits, take up significant space and resources.” So, what is the way out? Auctioning is one option. Recently, the deputy commissioners of police were empowered to initiate e-auctioning and dispose of the vehicles seized under 66 Delhi Police Act. However, its impact is yet to be analysed. Many officers also"
"the deputy commissioners of police were empowered to initiate e-auctioning and dispose of the vehicles seized under 66 Delhi Police Act. However, its impact is yet to be analysed. Many officers also suggest options like recycling, loaning to institutions for training and experiments, besides giving to art colleges for model sculptures etc."
"Irdai permits general insurers to issue sophisticated add-ons for motor insurance Insurance sector regulator on Wednesday permitted general insurers to issue sophisticated add-ons for policy. These are telematics-based motor insurance plans for which the premium depends on usage of vehicle or driving behaviour. ""The is constantly evolving. The advent of technology has created a relentless pace for the insurance fraternity to rise up to interesting yet challenging demands of the millennials. The general insurance sector needs to keep pace with and adapt to the changing needs of the policyholders,"" Irdai said in a statement. In its perpetual endeavour to protect the interest of the policyholders and increase the insurance penetration in India, India (Irdai) has been seeking to facilitate the industry to move with the times, it said. As a step towards facilitating technology enabled covers, Irdai has permitted general insurance companies to introduce tech-enabled concepts for the Motor Own Damage (OD) cover including Pay as You Drive and Pay How You Drive. Pay as You Drive is a comprehensive motor plan where premium would depend on usage of vehicle while Pay How You Drive premium would be linked to driving behaviour. The regulator has also allowed floater policy for vehicles belonging to the same individual owner for two wheelers and private cars These covers will be provided as add-ons to the basic policy of Motor Own Damage and introduction of these will aid in giving the much needed fillip to Motor OD Insurance in the country and increase its penetration, it said."
"Exponent Energy and Alt Mobility introduce 5-year financing with 30% lower EMI New Delhi: , an energy-tech startup that has unlocked a 15-minute full charge for EVs, has formed a partnership with , a commercial fleet leasing and lifecycle management platform, to lease 1000 neEV Tez electric 3-wheelers, powered by Exponent. The Alt Mobility platform offers full-stack integrated including leasing, insurance, service management to maximise fleet uptime and lower operating costs to provide the lowest total cost of ownership for fleet partners. To enable rapid adoption of s, Exponent has effectively tackled significant obstacles of financier confidence arising from poor battery health data availability and earning potential stemming from low productivity of EVs due to long charging time. This accomplishment not only instils confidence among financiers but also results in a remarkable 5-year financing (from the industry standard of 3 years) aiding in a 30% reduction in monthly EMIs thereby enhancing accessibility and affordability in the EV market. In the past, the EV industry encountered numerous challenges, such as elevated vehicle costs due to large battery packs, and apprehensions regarding battery dependability and transparency in EV battery health data resulting in limited financing options. As a result, financiers lacked the confidence to offer competitive interest rates for EV financing. By introducing smaller battery packs that reduced the price of the vehicle and providing complete transparency on battery life degradation for over 3000 cycles, Exponent Energy has instilled confidence in financers and potential EV owners alike. Furthermore, the ground-breaking advancement of 15-minute full charging for EVs has significantly increased EV owners’ earning potential which helps mitigate the risk associated with lending for EVs, making it more attractive for financiers to offer competitive financing terms. Dev Arora, CEO and co-founder, Alt Mobility, said, “We are thrilled to partner with Arun, Sanjay and the Exponent team to join our mission of EVs affordable, reliable and seamless. Alt has been at the forefront of underwriting EV technology and partnering with exceptional technology providers to co-create comprehensive leasing offering with longer tenures and lowest monthly lease. Our data driven asset underwriting, continuous fleet monitoring and management, is driven towards improving asset bankability, prolonging asset life with the ultimate objective to reduce the cost of financing and maximising asset resale value.” Arun Vinayak, CEO and co-founder, Exponent Energy, said, “We are excited to join forces with Alt Mobility to bridge the gap between technology and financing. Their exceptional full-stack leasing and lifecycle management platform is helping break down barriers hindering the rapid adoption of EVs. With competitive financing rates, and extended EMI tenures, we are making electric mobility accessible, financially viable, and"
"is helping break down barriers hindering the rapid adoption of EVs. With competitive financing rates, and extended EMI tenures, we are making electric mobility accessible, financially viable, and convenient. Combining this with our breakthrough advancements in 15-minute EV charging, we are empowering individuals & businesses to unlock more revenue than ever before.” The partnership between Exponent Energy and Alt Mobility is set to redefine the future of the EV industry and foster widespread adoption. Earlier this year, Exponent Energy and Altigreen launched the world's fastest charging electric 3-wheeler cargo vehicle - Altigreen neEV Tez at a starting price of INR 3,55,000."
"Maruti Suzuki partners with SMAS Auto Leasing for vehicle subscription program New Delhi: is partnering with . It becomes the 5th partner with Maruti Suzuki Subscribe to offer a range of Maruti Suzuki vehicles on white plate subscription. Maruti Suzuki Subscribe with SMAS is now available across the cities of Delhi, Gurgaon, Noida, Mumbai, Pune, Bengaluru, Hyderabad, Chennai and more, the company said on Wednesday. Maruti Suzuki Subscribe has witnessed strong customer acceptance with over 386 percent growth in volumes in the current fiscal year. The programme provides convenience and flexibility for a experience. Customers can drive their dream car without having to make a down payment upfront and can choose from multiple tenure options at an all-inclusive fixed monthly rental, the company said in a media release. Shashank Srivastava, Senior Executive Officer, Marketing and Sales, Maruti Suzuki India Limited, said, “Since its introduction two years ago, the Maruti Suzuki Subscribe program has proven to be well suited for today’s asset-light generation who prefer flexible buying decisions. We have received a phenomenal customer response for the Maruti Suzuki Subscribe program, which is reflective of its incremental volume growth. This has boosted our confidence tremendously and helped us expand with more subscription partners and in more locations. I am thrilled to announce the latest addition of SMAS as a partner under the Maruti Suzuki Subscribe programme. Through new partnerships and city expansions, we wish to expand our reach even more and serve our customers with more ease and convenience.” Meherban Singh, General Manager & Head: Strategic Sales & Business Planning, SMAS Auto Leasing, said, “Car Subscription is gaining popularity among Indian customers across all major segments be it individual buyers, professionals, business owners or corporates. New Age Car buyers prefer a convenient, hassle-free and flexible vehicle ownership experience, and Car Subscription provides a one-stop solution for all their needs. SMAS India and Maruti Suzuki are committed to offer the finest Car Subscription experience to our customers for the entire range of cars in Maruti Suzuki’s portfolio.” Maruti Suzuki Subscribe partners are: Orix, ALD Automotive, Quiklyz by , Myles and SMAS. They are present across 25 cities pan-India and offer vehicle price, registration and expenses, insurance (new and renewals), service and maintenance, along with roadside assistance Maruti Suzuki offers car ownership options with monthly rentals starting from INR 12999 and the subscription tenures are available for up to 5 years, in addition to the existing tenures of 1, 2, 3 and 4-year options, the company said. Also Read:"
"Tesla changes insurance incentive scheme in China to urge purchases SHANGHAI/BEIJING - said it has raised insurance incentives for car orders in China placed before Nov. 30, but reduced them for orders made next month, a move to urge consumers to place orders earlier. The U.S. automaker previously offered an insurance incentive of 7,000 yuan ($970) for orders between Oct. 1 and Dec. 30. But on Tuesday Tesla said the incentive for November was raised to 8,000 yuan and reduced for December orders to 4,000 yuan. ""As long as you like it enough, pick up Tesla immediately!"" Tesla said in its official Weibo account when announcing the policy change. The insurance incentive is a cash rebate offered to buyers to buy insurance from Tesla's partner insurers. Tesla delivered 71,704 China-made electric vehicles (EVs) in October, down 14% from a record high in September, according to the China Passenger Car Association last week. Tesla also slashed starter prices in China for Model 3 and Model Y cars and closed what had been its flagship showroom in the country last month. ($1 = 7.2403 yuan)"
"Car more than 15 years old? State govts announce discounts for scrapping; 5 things to know about how to scrap an old car Do you own a car that is more than 15 years old? Then you should know that 21 states and union territories (UTs) are offering up to 25% discount on personal vehicle price or for customers who scrap their old vehicles and buy a new one, stated a Times of India news report. For commercial vehicles, the discount is 15%. The Voluntary Vehicle Fleet Modernization Program aims to eliminate old and unfit vehicles that cause pollution and harm the environment. The policy will start after the car registration is completed, and the vehicle will undergo a fitness test after a certain period. According to the Motor Vehicle Laws, a vehicle is considered fit for only 15 years. After 15 years, the vehicle pollutes the environment more than any new vehicle. In 2022, automated testing was used to inspect commercial vehicles. Starting June 1, 2024, all passenger vehicles over 15 years old will also be subject to this same rigorous testing. Concessions offered by states Several states, including Bihar, Madhya Pradesh, Uttar Pradesh, Haryana, Karnataka, Maharashtra, Gujarat, Punjab, and Kerala, have announced concessions to promote the scrapping of old and unfit vehicles. The central government has made it mandatory for states to promote this initiative. Dipak K Dash of Times of India reported that discounts range from 10% to 25% and are based on different criteria, such as the scrap value or price of the new vehicle. For instance, Haryana offers a discount of 10% or lower than 50% of the scrap value, while Uttarakhand provides a 25% discount or a maximum of INR 50,000, whichever is less. Karnataka, on the other hand, is offering a fixed discount on road tax based on the price of the new private vehicle. For example, vehicles priced above INR 20 lakh are eligible for a discount of INR 50,000. Lastly, Puducherry is giving a generous 25% discount or a maximum of INR 11,000, whichever is less. These discounts are expected to provide relief to private vehicle owners who are struggling amidst the ongoing pandemic. If you own a vehicle that is more than 15 years old, here is all you need to know about scrapping your car. What is the age of your car Different age criteria apply to commercial and private vehicles. Under the , personal vehicles purchased with petrol or diesel fuel require re-registration after 15 years. The approval is valid for only 5 years. If you wish to continue driving your vehicle after 20 years, it must undergo fitness tests every 5 years. However, Delhi-NCR has different rules. Petrol vehicles have a maximum age limit of 15 years, while diesel vehicles have a maximum age limit of 10 years. If a car older than the limit is found on Delhi's roads, there will be a fine of INR . 10,000, and it will be sent directly for scrapping. Old vehicle problems If your car or bike is older than 15 years, you may have to pay a green tax on"
"on Delhi's roads, there will be a fine of INR . 10,000, and it will be sent directly for scrapping. Old vehicle problems If your car or bike is older than 15 years, you may have to pay a green tax on re-registration. The tax can be up to 50% of your road tax and is based on the pollution level in your state. Electricsuccession certificate in case the registered owner has passed away. The cost of scrapping a vehicle is determined by its weight. You can expect to pay roughly INR 15 for every kilogram of metal parts that need to be scrapped. If the vehicle is in good condition and its parts can be sold, you may receive a higher price for it."
"Used car loan interest rate: SBI vs ICICI vs PNB Many banks in India offer loans for used cars or pre-owned cars. During the loan term, you can pay back the loan in ( ). However, one should be careful and check other details such as registration documents, car insurance, etc. The eligibility to avail this loan differs depending on the bank and type of vehicle. Here is a look at the interest rates offered by , and for user cars. SBI The eligibility range for SBI pre-owned vehicles is 16 to 67 years old. Keep in mind that the loan must be fully returned before the borrower turns 70. A loan can be obtained for as little as Rs. 3 lakhs or as much as Rs 100 lakhs. Interest rates will range from 9.75% to 13.25%. Credit score-based rates will be applicable. PNB used PNB finances old carjeepSUV, which are not older than three years and unencumbered (i.e., not financed by other Bank/Financial institutions on the date of the loan). auto loans are linked to the repo linked lending rate (RLLR) (RLLR+BSP). Note that BSP is the risk premium added based on the customer risk. For used car loans, the rates will be RLLR+BSP+1.00 for credit scores of 750 & above. Interest rates will be RLLR+BSP+ 0.30% for CIC Scores 700 and up, and RLLR+BSP+ 0.65% for credit scores below 650 to less than 700. ICICI Bank auto loan interest rate Pre-owned car loans from ICICI Bank have attractive interest rates and a repayment period of up to 7 years. For used car loan, interest rates are based on customer relationship, age and segment of car, product variant like purchase, top up, refinance, etc, as per the ICICI Bank website. The interest rate on an ICICI used car loan ranges from 11% to 15.50% depending on the car segment. According to the ICICI Bank website blog, here is a look at who can apply for a pre-owned car loan. Both self-employed and salaried individuals can apply for a Pre-owned Car Loan. The loan is available only to resident Indians. Let’s go through some of the other Pre-owned Car Loan eligibility criteria:"
"Automakers targeting average households with new crop of EVs WARREN: In their first rollouts of , America's automakers targeted people who value short-range cars. Then came EVs for luxury buyers and drivers of pickups and delivery vans. Now, the companies are zeroing in at the heart of the U.S. auto market: The compact SUV. In their drive to have EVs dominate vehicle sales in coming years, the automakers are promoting their new models as having the range, price and features to rival their gas-powered competitors. Some are so far proving quite popular. Ford's $45,000-plus Mustang Mach E is sold out for the model year. On Monday night, General Motors' Chevrolet brand introduced an electric version of its Blazer, also starting around $45,000, when it goes on sale next summer. Also coming next year: An electric Chevy Equinox, with a base price of about $30,000, whose price could give it particular appeal with modest-income households. There's also the Hyundai Ioniq 5 and Volkswagen's ID.4 in the $40,000s and Nissan's upcoming Ariya around $47,000 with a lower-priced version coming. All start off considerably less expensive than Tesla's Model Y small SUV, the current top EV seller, with a starting price well into the $60,000s. The new models, which can get about 300 miles per electric charge, are aimed at the largest segment of the U.S. market: Modest-size SUVs, representing about 20% of new-vehicle sales. Industry experts say entering the smaller SUV segment, with its reach into a broader demographic of buyers, is sure to boost electric vehicle sales nationally. ""Going to the smaller utility segment gives you the opportunity to access the most customers in one (market) segment,"" said Stephanie Brinley, principal analyst for S&P Global Mobility. ""To make a transition from (internal combustion engines) to electric, you have to be in more space. You have to be in more price points. You have to be in more sizes."" Brinley noted that the small and midsize SUV segments meet many people's needs, something that previous electric vehicles did not. ""If it's a price you can reach but it's a product that you can't put your kids and your dog in, you're not going to buy it,"" she said. Chevrolet says the Blazer will get a minimum of 247 miles (398 kilometers) per charge. Pricier high-end versions could go up to 320 miles (515 kilometers). The Blazer will be available with Chevrolet's SS performance package with a zero-to-60 mph (97 kilometers per hour) time of under four seconds. There will be a police version, too. ""Early on, the demographic composition of an EV buyer was certainly someone that perhaps had higher education, higher household income,"" said Steve Majoros, Chevrolet's marketing director. ""That's very indicative of early adopters. But as we move up that curve, the intention and where we're pricing this product is to certainly make it more available for more mainstream buyers."" To attract buyers of modest means, EVs need to be priced even lower, in the"
"the intention and where we're pricing this product is to certainly make it more available for more mainstream buyers."" To attract buyers of modest means, EVs need to be priced even lower, in the $30,000-to-$35,000 range, GM CEO said in an interview this week with The Associated Press. Electric vehicles, she said, also have to have the range and charging network so they can be the sole vehicle that some people own. ""Most electric vehicle owners today own multiple vehicles, so they have an internal combustion vehicle to jump into depending on their needs,"" Barra said. Automakers have been pushing to fully restore a $7,500 tax credit for people who buy EVs to jump-start sales. But the measure is stalled in Congress. It's especially important for GM, Tesla and Toyota, which have maxxed out the number of credits they are allowed and can no longer offer them to buyers. Other automakers are approaching the limit, too. Money for the credits, as well as funding for additional EV charging stations, was in President Joe Biden's $1.8 trillion ""Build Back Better"" social and environment bill, which is all but dead because of the objections of Sen. Joe Manchin, a West Virginia Democrat. Last week, Manchin also rejected a slimmed-down version that included provisions to combat climate change. He indicated his support for just two items from Biden's broader agenda: Reducing prescription drug costs and bolstering subsidies for families to buy health insurance. His vote in an evenly split Senate would be needed for anything to pass. Even without the tax credit, the industry's march toward electric vehicles is moving apace. Edmunds.com says electric vehicles now account for about 5% of U.S. new vehicle sales with 46 models on sale. S&P's Brinley foresees the market share rising to 8% next year, 15% by 2025 and 37% by 2030. ""It seems like the number of choices are growing exponentially for electric vehicles as we move forward,"" said Erich Merkle, Ford's top U.S. sales analyst. Demand for battery-powered vehicles and gas-electric hybrids has grown as gasoline prices skyrocketed this year. Dealers report that every vehicle delivered is typically already sold or gone soon after it arrives. Jonathan Chariff, CEO of South Motors, an 11-dealer group in South Florida, said it's impossible to assess just how big the demand for electric vehicles is. There's huge interest, especially in electric SUVs, and vehicles are selling fast. But the supply is constrained because automakers don't have enough computer chips to build as many vehicles as they want. Given the enormous consumer interest in EVs, Chariff said he expects the vehicles to continue to sell even if their prices don't fall. ""The real question,"" he said, ""is if and when the supply chain can meet the market demand, what is the true price point?"""
"Steel, iron ore tread narrow path between China and Russia: Russell By LAUNCESTON, Australia: are trying to thread the needle between China's coronavirus lockdowns and the likely loss of . The first factor is bearish for prices, as China's steel output may fall on lockdowns in some producing areas, such as Tangshan, as well as the potential hit to economic growth. The second could be both bearish and bullish, depending on how the conflict between Russia and Ukraine plays out. Both are major steel exporters, with Russia shipping about 28 million tonnes in recent years, to rank just behind Japan, but some distance behind number one China, which exported 52.63 million tonnes of steel products in 2021, official data show. Ukraine exports about 15 million tonnes of steel a year, ranking it eighth, and it is also the world's fifth-biggest shipper of iron ore, although its volumes are small compared to the top exporters, Australia and Brazil. Ukraine exported 21.26 million tonnes of iron ore in 2021, according to Refinitiv research, or about 2.5% of the 884 million tonnes that Australia shipped. Since Russia's invasion of neighbouring Ukraine on Feb. 24, international buyers have been pulling back from purchases of its steel, although it is likely to take several months before the full impact of the self-sanctioning becomes apparent. are also affected, given the proximity of fighting to some major ports, meaning ship owners, insurers and traders will be reluctant to lift cargoes. This would appear bullish for prices of both iron ore and steel, given the likely tightening of supply, especially in Europe, which bought most of the supplies from Russia and Ukraine. But it may also result in more Russian steel being diverted to Asia, as exporters seek new markets for products no longer being purchased by Europeans. This may roil Asia's steel markets, especially if Russian products are offered at steep discounts to those from the region's more usual suppliers, China, India, Japan and South Korea. Conversely, Asian exporters may find new opportunities to ship to Europe, especially if European steel mills are constrained by rising energy costs from boosting their own output. Overall, the impact of Russia's likely exclusion from much of Europe's steel market will be felt in Asia as well, and a re-aligning of trade flows is expected. Much will also depend on China's future steel demand, which in turn will be determined by how long the current lockdowns last, and whether higher stimulus spending follows, as Beijing seeks to rebuild economic momentum. CHINA STEEL TO REBOUND? China's crude steel output dropped 10% in the first two months of the year to 157.96 million tonnes from 174.99 million in the corresponding 2021 period, official data show. Production curbs to lower pollution ahead of the Beijing Winter Olympics are part of the reason for lower output, but high prices for iron ore and coking coal would also have limited mills' efforts to run at high capacity."
"pollution ahead of the Beijing Winter Olympics are part of the reason for lower output, but high prices for iron ore and coking coal would also have limited mills' efforts to run at high capacity. China's exports of steel products also slipped in the first two months, coming in at 8.23 million tonnes, down 18.8% from the same period in 2021, according to customs data. But a soft start to the year for China's steel sector doesn't mean the rest of the year will follow the same pattern, and there are already some signs of rising output. The China Iron and Steel Association has said crude steel production rose 4.61% in the 10 days to March 20 from the preceding 10-day period. Amid the uncertain outlook for both China's steel sector and the impact of Russia's invasion of Ukraine, iron ore and steel markets have traded cautiously, with few of the wild price swings seen in crude and natural gas markets. Benchmark 62% iron ore for delivery to north China , as assessed by commodity price reporting agency Argus, ended at $146.40 a tonne on Thursday, up slightly from its $137.20 close on Feb. 23, the day before Russia's attack. Steel rebar futures in Shanghai closed at 4,976 yuan ($782) a tonne on Thursday, up from 4,775 yuan on Feb. 23. The modest price gains for iron ore and steel in Asia reflect a probable market bias that the bullish factors of China stimulus and the loss of Russian and Ukrainian exports will eventually win out. Also Read:"
"UK set to reap GBP 66 bn annual economic windfall by 2040 from connected and automated mobility: Report The UK stands to gain a significant economic boost of GBP 66 billion annually by 2040, thanks to the adoption of connected and (CAM) technology, as outlined in a new report by the ( ). CAM technology enables vehicles to operate autonomously and communicate with each other and infrastructure. Wider implementation of this technology could solidify the UK's position as a global leader in the field and create 342,000 new jobs across various sectors, with 12,250 of them in automotive manufacturing. Moreover, the report suggests that by 2040, CAM technology could save 3,900 lives and prevent 60,000 serious accidents. It could also lead to reduced insurance premiums, less stressful commutes, and increased mobility for individuals with disabilities, while businesses would benefit from more efficient transportation and industrial processes. Since 2015, there has been a significant investment of over GBP 600 million in CAM testing, both from the public and private sectors. To fully capitalize on these opportunities, the government and industry need to create conditions for the safe deployment of CAM technology in passenger cars, services, and commercial vehicles. While the UK is already well-positioned for CAM implementation in passenger cars, the report identifies significant growth opportunities in eight other markets. The report, which is based on a study by KPMG and funded by Innovate UK with support from the and Zenzic, highlights that on-road logistics holds the potential to be the most substantial market, with an annual revenue of GBP 15.2 billion by 2040, emphasizing the importance of implementing CAM technology in commercial HGVs and vans. Other markets with substantial potential include on-road passenger services (such as buses, taxis, and ride-hailing) and off-road logistics (vehicles used in warehouses, ports, and airports), which could yield annual revenues of GBP 3.7 billion and GBP 2.3 billion by 2040, respectively. Early deployment opportunities may also arise in the mining and agricultural sectors due to their relatively controlled environments. The success of CAM technology adoption largely depends on government action, including the implementation of regulatory and legislative reforms, with a particular focus on self-driving vehicles. Removing barriers to regulatory reform and supporting private sector investment, innovation-driven growth, workforce digital upskilling, and public engagement through educational initiatives are essential steps to realize the potential of CAM technology. In the words of Mike Hawes, SMMT Chief Executive, ""Government must work with all stakeholders to implement the necessary framework needed to deliver this exciting revolution swiftly and effectively, ensuring that consumers can reap the lifesaving and cost-saving benefits. Failing to do so risks leaving the UK in the slow lane, jeopardizing our"
"this exciting revolution swiftly and effectively, ensuring that consumers can reap the lifesaving and cost-saving benefits. Failing to do so risks leaving the UK in the slow lane, jeopardizing our competitiveness and impeding growth and job creation."" The report has received endorsements from various industry leaders, who recognize the enormous opportunities presented by the adoption of CAM technology in the UK. They emphasize the potential for economic, societal, and environmental benefits, along with the transformative impact on road safety and accessible transportation. The future of connected and automated mobility in the UK is promising, but it requires decisive action and collaboration between public and private sectors to become a reality."
"Russian oil slashes OPEC's share of Indian market to 22-year low New Delhi - 's share of India's oil imports fell at the fastest pace in 202222, a Reuters analysis of the data that dates back to 200123, the data showed, about 23% of its overall 4.65 million bpd imports. The decision by OPEC and their allies, a group known as OPEC+ to cut production in May could further squeeze OPEC's share in India, the world's third largest oil importer, later this year if Russian supplies stay elevated. ""Russian crude is already cheaper than the similar Middle Eastern grades and it seems OPEC is harming itself by a reduction in output,"" said analyst Ehsan Ul Haq. ""It will further erode its market share in Asia."" Higher intake of Russian oil boosted the share of Commonwealth of Independent States (C.I.S.) countries to a record 26.3%, and reduced that of Middle Eastern and African nations to a 22-year low of 55% and 7.6%, respectively. In 202123. India's oil imports in 202223 at about 5.13 million bpd, government data show. In March, India shipped in nearly 5 million bpd of oil, marginally higher than the previous month, with Russian oil accounting for about 36% of overall imports, the data showed. ""OPEC's output cut decision is helping Russia as well,"" said Haq, adding the planned supply cut has lifted global oil prices and at the same time narrowed the discounts for Russian oil against Brent and Dubai benchmarks. Some Russian cargoes are being priced above $60 a barrel - a cap imposed by the Group of Seven nations, and Australia to curb Moscow's revenues while allowing traders to access western ships and insurance."
"Karnataka: No permit required for green vehicles BENGALURU: (EVs) and vehicles that run on alternative fuel such as methanol and ethanol will not require permits to ply in the state. On Friday, the transport department issued a notification stating that transport vehicles operated by battery, ethanol and methanol will be exempted from needing permits. However, department-fixed fare will be applicable for transportation of passengers and goods. In October 2018, the Union ministry of road transport and highways issued a notification to exempt EVs and vehicles run on from needing permits. However, Karnataka is implementing this only now. At present, permits are required by commercial vehicles, including contract and stage carriage buses, goods carriers, and cabs. The move to end the permit era for environment-friendly vehicles is expected to encourage more fleet owners to induct such vehicles. This is also expected to reduce corruption in the issuance of permits. However, these vehicles will have to comply with other rules such as fitness certificate and passenger insurance cover. Officials said they are hoping for an increase in the number of electric buses and battery-run auto rickshaws now. Also Read:"
"The hustle is on : EVs corner 46% of 3Ws; over 2.5% of all automobile sales in India in FY22 New Delhi: Electric three wheelers registered a blistering 101.74% growth in sales in fiscal 2022 in India notching up a record 45.83% share in the overall segment during the year as per data collated from government's Vahan dashboard by (FADA). Electric three wheelers recorded sales of 1,77,874 units over 88,391 units in the previous fiscal propelling the overall three wheeler segment to a 50.32% growth at 3,88,093 units. ""Growth in EVs in intra city logistics, has been aided by the ecommerce growth in the last two years. Three wheelers dominate the EV market and are the most promising in terms of market opportunity and growth,"" said Saurav Kumar, founder and CEO, . ""The enablers of this fast adoption is the expansion in the supply chain infrastructure by ecommerce, and 3PL, coupled with digitalization and growth in retail market, as well as a shift towards sustainable mobility amidst the rising fuel prices."" ""In the coming years, EV deployments will mount in the first and last mile, with an expected market size of around 600,000 units in 2022-23 in the three wheeler segment. There is now enough awareness on the benefits EVs offer with higher TCOs and lesser operating costs,"" he added. In two wheelers as well, EVs have started to make their presence felt, especially in the scooter segment. As per Vahan data, electric two wheelers sales galloped over five fold at 231,338 units against just 41,046 units in fiscal 2021, garnering a share of 1.9% in the process. In fiscal 2021, the share was just 0.3%. As a result, the share of EVs in overall automobile sales in the country has breached the psychological 1 percent barrier at 2.6 percent in FY 2022 from 0.88% in fiscal 2021. Further, the Vahan dashboard only captures data for high speed scooters and mobikes with speeds of above 25kph and need to be registered and insured. A significant share of electric two wheeler sales are also in the low speed category that does not get captured in the data. ""The only problem in two wheelers is the lack of adequate capacities in the electric segment to meet the demand today and the presence of some non serious players that may hamper consumer sentiment in the short term. If not for that, the share in the next few years would be higher,"" said Vinkesh Gulati, president, FADA. ""In petrol two wheelers, I believe the demand is at its lowest point right now and will start to grow henceforth. The impact of electric two wheelers will only be felt 2025 onwards."" Sales went up in the other two segments--passenger and commercial vehicles, as well but not to the same extent. Around 17,802 electric passenger vehicles were sold in the fiscal against 4,984 units in the previous year while 2,203 electric commercial vehicles were sold over just 400 in 2020-21. They had a share of 0.6 and 0.3% respectively."
"No accident insurance claim if driver is drunk: Consumer commission The district consumer disputes redressal commission of Bageshwar, in a case of a resident of Bageshwar, whose met with an accident, ruled in favour of United India Insurance Company, and ordered that there was no deficiency in services by rejecting the for the damaged vehicle as the driver was in an inebriated state at the time of the accident. A resident of Bageshwar, Subodh Lal Sah approached the commission seeking compensation of around Rs 2.5 lakh for the damage caused by his mini truck ramming into a shop in 2014. During the survey, the insurance company received the driver's medical report, which stated that he had consumed alcohol. Based on the medical report, the company rejected the . In his petition, Sah said that his car met with an accident on the last day of 2014 and he informed the insurance company on January 1, 2015, after registering an FIR at the Bageshwar Kotwali police station. Sah said that the surveyor of the insurance company has assessed the loss of Rs 2,48,383. He said that after getting the vehicle repaired, he handed over all the documents to the company, but he was not given any compensation. The insurance company told the court that in the second survey it was revealed that the driver Ganesh Singh was in an inebriated state, who was admitted to the government hospital after the accident. Driver Singh's medical report mentioned that ""he had consumed alcohol-like substance,"" which was a clear violation of the policy. After going through the evidence, the commission was satisfied that there was indeed a violation of the policy as the driver of the vehicle was intoxicated when the accident occurred and dismissed the petition, giving relief to the insurance company."
"Consumers want safeguards with partial automation: IIHS New Delhi: A recent (Insurance Institute for Highway Safety) survey showed that consumer interest in automated technologies is strong, but drivers appear to prefer partially automated features that require them to stay engaged in driving. “Automakers often assume that drivers want as much technology as they can get in their vehicles,” said , the survey’s primary designer. “But few studies have examined actual consumer opinions about partial driving automation.” To help fill that gap, IIHS researchers conducted a nationwide survey of more than 1,000 drivers that focused on three common features: , , and Most systems are designed to assist with highway driving. Lane centering continuously adjusts the steering to keep the vehicle in the middle of the travel lane, while adaptive cruise control manages the vehicle’s speed and distance from vehicles ahead. Some systems also have an automated lane-changing feature, which enables the vehicle to change lanes without the driver needing to steer. Partial automation still can’t handle many relatively common situations. Thus, systems need to monitor the driver to help ensure they remain ready to intervene if something goes wrong. Most use sensors in the steering wheel or driver-facing cameras for this purpose. The survey showed a high level of acceptance of several types of driver monitoring, a fundamental component of the safeguard ratings that IIHS is developing for partial automation systems. Regardless of whether the feature in question allowed hands-free operation or required the driver’s hands to remain on the wheel, a majority of drivers said they would be comfortable with all three driver-monitoring strategies covered in the survey — sensors on the steering wheel, a camera tracking what the driver is doing with their hands, or a camera aimed at their face tracking where they are looking. “The drivers who were the most comfortable with all types of driver monitoring tended to say they would feel safer knowing that the vehicle was monitoring them to ensure they were using the feature properly,” said Mueller. “That suggests that communicating the safety rationale for monitoring may help to ease consumers’ concerns about privacy or other objections.” “It may come as a surprise to some people, but it appears that partially automated features that require the driver’s hands to be on the wheel are actually closer to one-size-fits-all than hands-free designs,” Mueller added. Also Read:"
"OPEC+ output cut may lead to higher oil prices, push up India's import bill The ( ) on Tuesday termed the decision of to cut production as ""risky for the global economy"", saying it may push up already high prices, leading to higher import bills for nations like India. were already set to tighten in the second half of 2023, with the potential for a substantial supply deficit to emerge, said Fatih Birol, head of the Paris-based energy watchdog. Talking to reporters after a bilateral meeting with India's Commerce and Industry Minister here, he said, ""The cut of the additional production would mean that we have all the reasons to believe that there could be an upward pressure on the prices"". ""At this juncture of time when the global economy is still very fragile and many emerging countries have difficulties with economic performance, I found this decision risky for the global economy,"" he noted. Asked if oil prices could go past USD 100 per barrel again, he said, ""I think we are all the day but USD 85 now, and looking at the second half of this year, I have reasons to believe that it can go even higher at current levels"". Higher oil prices will not just translate into inflationary pressure on other commodities but will also lead to a larger import bill for nations like India, which are dependent on overseas supplies to meet their requirements. ""India is an energy important country, oil important country, a majority of the oil consumed in India is important, such a move could increase India's oil import bill and as such a burden on the Indian economy and Indian consumers,"" Birol said. Goyal is here to meet his counterpart and French CEOs to promote trade and investments between the two countries. India is the world's third-largest oil-importing and consuming nation. It meets 85 per cent of oil needs through imports. It spent USD 118 billion on oil imports in the first 11 months of the 2022-23 fiscal. Birol said India's economy is strong and continues to be stronger. ""We expect the Indian economy will soon be the third largest economy of the world and the growing economy needs... we do revise our numbers all the time but I expect that the Indian economy will still be strong this year, one of the strongest in the world. And as such, we require strong oil and electricity demand,"" he said. On Russia's invasion of Ukraine, he said the war has led to a big push for clean energy solutions. ""In addition to that, we also see that as a result of this war, Russia was a major world's number one natural gas exporter. More and more countries are producing and exporting gas and we expect in the next two to three years... there will be a float of LNG coming to markets and as such, would put downward pressure on the prices and ease gas supply security concerns."" Asked about the impact of sanctions on Russia, he said the objective of reducing Russian oil revenue has been achieved. ""Our numbers show that in one year of time since the 24th of February, when the war"
"about the impact of sanctions on Russia, he said the objective of reducing Russian oil revenue has been achieved. ""Our numbers show that in one year of time since the 24th of February, when the war started, the Russian oil and gas export revenues declined, dropping by 60 per cent. If we consider that the oil and gas export revenues are a very important input for the Russian budget, it is a major challenge for the Russian economy."" Russian oil is being sold at a discount to international benchmarks because some Western nations have stopped buying it and their insurance companies are no longer providing cover for ships carrying such oil. India is one of the countries, which utilised the opportunity to buy discount oil to cut its import bill. The IEA head said India was doing this in a transparent way and within the international rules and regulations. ""And India is profiting by...importing of crude at a lower discounted price than the others. This is definitely a legitimate step."""
"Aluminium jumps on Russian supply worries, nickel goes limit down again By Pratima Desai jumped more than 5% on Monday after Australia banned the export of materials used to make the metal to Russia as part of its sanctions against Moscow for its invasion of Ukraine. Meanwhile, the London Metal Exchange's benchmark nickel contract fell to $31,380 a tonne, hitting its lower trading limit, now set at 15%, for a fourth session in a row, on selling triggered by expectations of falling prices for the metal. The LME suspended nickel trading on March 8 after prices spiked by more than 50% to over $100,000 a tonne. It resumed trading on March 16 but has adjusted the trading limit down each day since then. Benchmark aluminium traded up 4.2% at $3,524 a tonne in official rings after earlier touching $3,554, its highest level since March 10. Australia imposed an immediate ban on exports of alumina and aluminium ores, including bauxite, to Russia. ""Taken together with disrupted exports from Ukraine, Russia's smelters are facing a significant supply shortfall of ,"" said Julius Baer analyst Carsten Menke. Russia's Rusal, the world's largest aluminium producer outside China, accounts for about 6% of global supplies estimated at around 70 million tonnes this year. NICKEL: Expectations are for to fall until they reach the levels on the Shanghai Futures Exchange (ShFE) after an adjustment for costs such as transport, insurance, import duty and other fees. Nickel on ShFE was trading around 205,670 yuan or $32,390 a tonne. CUTS: Germany-based TRIMET will over coming weeks cut aluminium production at its Essen facility by 50% because of higher energy prices after Russia invaded Ukraine. ""The amounts aren't large, but it does raise the prospect of further aluminium production cuts in Europe,"" a trader said. INVENTORIES: Stocks of aluminium in LME registered warehouses at 704,850 tonnes, down from near 2 million tonnes a year ago, have also fuelled bullish sentiment. Cancelled warrants -- metal earmarked for delivery -- at 34% suggest more aluminium is due to leave the LME system over coming days. OTHER METALS: Copper was down 1.4% at $10,189 a tonne, zinc gained 1.9% to $3,900, lead added 0.3% to $2,259 and tin lost 1.7% to $41,600. Also Read:"
"Group Landmark owned Volkswagen dealerships in Gujarat and Delhi NCR delivered 100+ cars on March 30, 2023 More than 100 Volkswagens were delivered by Group Landmark's in Gujarat and Delhi NCR on March 30, 2023, setting an incredible milestone. The record-breaking number of delivered in a single day was made possible with the help of the dealership's dedicated team. This achievement also solidified Group Landmark's reputation as Volkswagen India's No.1 Dealer Partner. Group Landmark has been in a partnership with Volkswagen since 2008. The company believes excellent is essential to build relationships and fostering loyalty. Therefore, the team strives to exceed customer expectations in every interaction. The launch of Taigun & Virtus saw an immense jump in brand's popularity. These cars came loaded with some of the much-anticipated features. Safety comes standard when you buy any Volkswagen. The New Taigun had achieved 5 Stars in both in adult and child safety. The new Virtus stole the show with more than 11 awards while the Taigun brought home more than 20+ awards. The high-end cars by Volkswagen include the Tiguan which comes equipped with 2 ltr. engine. With their German-engineered engines, Volkswagen cars are renowned for their build quality, safety, and fun to drive, attributes that can be attributed to their quality construction. Designed for safety, efficiency, and longevity, the engines are configured to deliver long, smooth and enjoyable rides to drivers while providing them with a smooth, enjoyable experience. It has been an exciting few months for Volkswagen as it has seen a tremendous response from corporate clients, entrepreneurs, women professionals, the MSME sector, as well as other segments of the market that make up its client base. Customers have highly regarded their cars' reliability, performance, and cost-effectiveness over the years, making them a popular choice. Aryaman Thakker, Executive Director of Group Landmark, expressed his thoughts on the achievement: ""After 25 years of focusing on quality, Group Landmark has built a strong reputation for excellence in every aspect of the business. By leveraging our partnerships, we provide customers with the finest cars and services, cementing our position as India's premier provider of luxury and premium cars. As a testament to Group Landmark's expansive network and delightful customer experiences, the new milestone of Volkswagen's 100+ car deliveries in a single day exemplifies the brand's success. He added, ""Volkswagen's new brand design is a huge hit with our customers, who appreciate the vibrancy, product range & services. As a result, we are seeing increased sales and customer satisfaction levels. Furthermore, as we celebrate Group Landmark's 25th anniversary, we offer special opportunities so our customers can have the best car-buying experience, which is our top priority."" With the expertise of the staff at Group Landmark's Volkswagen Dealership and the customer-centric"
"opportunities so our customers can have the best car-buying experience, which is our top priority."" With the expertise of the staff at Group Landmark's Volkswagen Dealership and the customer-centric approach they adopt, Group Landmark has achieved significant success. VW customers enjoy the benefit of excellent after-sales services. The company has received numerous accolades for its excellent customer experience. Group Landmark Volkswagen has a well-trained team of customer service representatives who are always willing to help customers. They have consistently exceeded their targets by focusing on providing quality service and ensuring that their customers are satisfied with the service they receive. It has resulted in more than 5 lacs of satisfied customer services being provided. The Group Landmark owned Volkswagen dealerships in Gujarat have been accredited with a place in the (ABR) and India Book of Records (IBR) for 'maximum single model Volkswagen vehicles sold by a dealer in a single day'. The Automark Group has a significant footprint in Gujarat and Delhi NCR, allowing them to cater to the needs of their customers. At present, they operate at Ahmedabad S G Highway, Ashram Road, Naroda, Narol, Rajkot, Vadodara, Vapi, Surat, and Navsari as well as Okhla, and Faridabad. However, to make Volkswagen network more accessible to a significant number of customers, the company is soon expanding its footprint to Gandhinagar, Nikol-Valastral Road (Ahmedabad), Jamnagar, Anand, Bharuch, Bardoli and Morbi. Group Landmark, the largest network in India, opened its first dealership in 1998 and has, since then, expanded its network to include 115 outlets across eight states, operating showrooms for top-tier brands such as Mercedes-Benz, Volkswagen, Honda, Jeep, Renault, and BYD. The company treads beyond your run-of-the-mill automotive dealership to offer customers unparalleled buying experiences from start to finish. The promise of such novel experiences is backed by Group Landmark's robust presence across the automotive retail value chain. This includes myriad services besides sales of new vehicles, such as after-sales service sales of pre-owned passenger vehicles and third-party financial and insurance products. This story is provided by PNN. will not be responsible in any way for the content of this article. (ANI/PNN)"
"Insurance claims for EVs shoot up Insurance companies are witnessing an increase in the frequency and for (EV) as even minor damages leads to replacement of in the . HDFC ERGO General Insurance says the overall frequency of EV claims has increased by 15% during the current year, when compared with last year. “As the child parts are not available for battery & powertrain in EV vehicles, minor damages also lead to replacement. The cost of replacement of EV parts have increased around 15% as compared with Internal Combustion (IC) vehicles for similar segments,” Parthanil Ghosh, president, retail business, HDFC ERGO General Insurance said. According to the automobile experts, unlike the IC vehicles, EV powertrains have fewer mechanical parts, and batteries, motor, controller and transmission constitute more than 50% of the overall EV cost. Incidents involving battery or powertrain damage results in higher claim sizes than in ICE powertrains. Bajaj Allianz General Insurance says the four-wheeler EV claim size is 60% higher than the IC engine vehicles during Jan-Oct 2023 when compared with the same period (Jan-Oct) 2022. TA Ramalingam, chief technical officer, Bajaj Allianz General Insurance said, it is challenging to get the spare parts required for repair because each company might have unique parts, which are only sometimes readily available. “One of the biggest challenges with electric cars is the availability of child parts & repairability, which are significant concerns in EV four-wheelers,” he said. Neel Chheda, senior executive vice president-Auto, TATA AIG General Insurance said, the claim size for EVs has seen an increase due to the unique composition of EV powertrains. When contacted, Sohinder Gill, director general, Society of Manufacturers of Electric Vehicles said, the issue over the child parts in the EV industry is primarily attributed to the challenges in supply chain management within the EV industry in India. Noting that the decision to import parts from abroad arises from the early stages of domestic manufacturing for EV components in our country, he said. “Furthermore, the industry grapples with significant challenges related to the availability of essential components and raw materials. The low volumes in sales discourage local component manufacturers to produce these parts in bulk thus making them costlier,” he said. Queried about the steps taken by the EV manufacturers to address this issue, he said, India has faced this issue since the entry into the EV domain, prompting the government to come up with initiatives such as the Production Linked Incentive (PLI) scheme. “The primary objective of these measures is to nurture the domestic manufacturing of EV parts within the country. This scheme motivates EV manufacturers to rely more on domestic components and products,” Gill further said."
"Being FutuReady: Re-imagining automotive supply chains in post-Covid world The impact of the Covid-19 pandemic on supply chains world-over has been profoundly disruptive, to say the least. Reeling under sudden lockdowns, fluctuations in demand and supply, logistics disruptions and shortages, the automotive industry was left in the deep end for over a year and is still recovering from the shock. Global semiconductor shortages continue to haunt the automotive industry even today. What the pandemic has taught us, above all else, is the need to entirely rethink our strategic objectives when it comes to supply chains. Prior to the pandemic, most supply chains were focused on cost-optimization and throughput— the priority was to source parts at the lowest cost as quickly as possible. We weren’t really thinking about flexibility or business continuity plans, or wondering, what if customer demands shift dramatically overnight? But post Covid-19, these questions have become central to supply chain management. As we venture into the future and plan for 2022 and beyond, it is time to reimagine our supply chain strategies to be FutuReady. Covering bases— On a primary level, it is critical to ensure the supply chains we build function well according to some basic parameters. It is necessary, for instance, that we have complete visibility of our overall supply chain. We must view it across tiers, keeping in mind customer demands, technicalities of the procurement of raw materials, semi-finished goods, or components that go into our finished goods. The further we can go down and into the supply chain, the more effective we’re going to be at planning our supply chain. Closely understanding manufacturing and warehouse processes, logistics, shipping, and third-party logistics can also present optimization opportunities. Further, a solid understanding of the cost structure at a unit level is very important to prevent sudden supplier breakdowns and can help organizations keep costs under check while maintaining steady margins, even allowing them to leverage supplier clusters to minimize cost. Besides this, it is also necessary to diversify the supplier base. It is important that you ensure you have a plan B, a plan C, and backup vendors in case one vendor cannot meet your needs. This may reduce purchasing power with any one given supplier, but that might be a worthy trade-off while gaining flexibility, dependency, and reliability within your supply chain. Your existing suppliers must also be reliable. When determining supplier reliability, make sure you consider some questions like: Is it likely our suppliers will have to shut down or not run-in full capacity during a tumultuous time? Are they proactively collaborating with their supply chain on changes in demand, capacity requirements and other critical factors? Are they adequately staffed? Ensuring business continuity with Once we have addressed our basics, we can optimize the supply chain in several ways."
"capacity requirements and other critical factors? Are they adequately staffed? Ensuring business continuity with Once we have addressed our basics, we can optimize the supply chain in several ways. Consider for instance, ways in which you can simplify products and standardize parts. Overly complex products involving a large variety of materials makes the supply chain complex and prone to disruptions. Instead, procuring standard catalogue rather than product-specific parts can help maintain a lean supplier base— case in point: an application specific integrated circuit in the semiconductor industry. Another way to have a minimum disruption supply chain is optimizing logistics. Procuring parts locally instead of obtaining them across the globe can help mitigate geo-political risks. Demand and supply planning can also be critical in enhancing efficiency in the supply chain. Companies that can align demand with supply gain an edge when compared with the rest. Since this delicate balance starts with the proactive management of demand, demand planning and forecasting acquires critical priority. Aligning with your customers’ needs improves the customer experience, accelerates cash flow and brings profit to the bottom line. To understand demand fluctuations, keeping an ear to the ground and getting in touch with stakeholders (customers, sales staff and customer service representatives) can be fruitful. On the supply front, it is important to ensure capacity readiness, and retain agility and flexibility while delivering consistently as per demand. On a broader level, it is also important that we learn to manage risks proactively, rather than reactively. While it is certainly impossible to predict black swan events like the pandemic, one can remain acutely aware of one’s own vulnerabilities, especially vis-à-vis pressure areas in the supply chain. Instituting a comprehensive business continuity plan can prove invaluable in this regard, giving companies a systematic framework to anticipate risks and work towards mitigation. The moment risk is sensed from any sector, this BCP must be set in motion. This can play a crucial role in allowing the OEM to insure itself against long-term damage. A vision for future— Digital, sustainable, productive Ultimately, the supply chain networks of the future must incorporate the larger values of our transforming world. Advancement in online connectivity and digital technology has made itself apparent and has promising potential to revolutionize the functioning of supply chains. Digital tools (a supply chain control tower) can provide real-time data, predict trends, provide early warning signals, and closely track supply performance. At the same time, we must also remain in alignment with the global move towards sustainability. Supply chains must build roadmaps for achieving net zero emissions, water neutrality and full recyclability of materials in the next few decades. Going forward, we must strive to build an agile,"
"Supply chains must build roadmaps for achieving net zero emissions, water neutrality and full recyclability of materials in the next few decades. Going forward, we must strive to build an agile, productive, resilient, digital and sustainable supply chain, driven by strategic business continuity plans and proactive risk management at the core. Disclaimer: Views and opinions expressed in this article are solely those of the original author and do not represent any of The Times Group or its employees. This article is authored by , Vice President, Passenger Vehicle Business Unit,"
"Indian job market shows highest growth of 6% y-o-y in March: Monster Employment Index Hiring demand in India witnessed a 6% year-on-year growth in March amid removal of Covid induced restrictions and pick-up in economic activity, shows the ( ). Even as a marginal dip of 2.4% was witnessed in month-on-month hiring activity, owing to appraisal season, the index remained positive from an annual perspective as activity continued across a broad range of sectors. In March, online recruitment activity exceeded the year-ago level in 11 out of the 13 cities monitored by the index. All metros registered a double-digit growth on an annual basis. “Two years into the , it is heartening to see that the Indian economy has overcome setbacks and challenges with hiring momentum exceeding pre-Covid levels by 6% this year compared to 2020,” said Sekhar Garisa, CEO - Monster.com, a Quess company. “As India Inc continues to adopt the hybrid and back-to-office work models, we hope to see a continued recovery and a step forward to normalcy in the coming months,” he said. Mumbai (up 21%) led all the monitored cities for the first time on a yearly basis followed by Coimbatore (up 20%), Chennai and Hyderabad (up 16% each). E-recruitment activity in Bengaluru (up 15%) charted a positive trend but weakened from previous months. While Pune recorded 12% growth, Kolkata and Delhi-NCR registered a growth of 13% each. Bengaluru and Pune are emerging as the secondary hubs for fintech start-ups with several entrepreneurs wanting to tap into the latent tech talent available in the markets. Hiring demand in March was driven by banking steel (down 20%) continued to witness a year-on-year decline in the series since April 2020, registering the sharpest deceleration among sectors. The pace of the growth moderated further for media & entertainment (down 16%) and FMCG, food & packaged food (down 13%) industry and slid in March 2022 annually, according to MEI data. In terms of functions, IT-hardware and software, human resource along with finance and accounts job roles marked a double-digit growth in all metros. More and more organisations have hired top management level employees (up 34%) followed by mid-senior level (up 22%), intermediate level (up 20%) and senior-level (up 13%). Entry-level jobs witnessed a growth of 8% on the back of campus hiring steeping in the Jan-Mar quarter, showed the survey. In BFSI, roles in financial statement, wealth management, investment banking and cyber-security have seen increased job openings. In terms of tech jobs, the emergence of Metaverse and its potential applications has created a lot of career opportunities in new skill areas. While brands and enterprises continue to value creativity and human-centered design with tech-enabled applications, job roles such as design architects, software designers, system validation engineers, 3D Artists, ARgraphics Engineer are expected to be in high demand in the coming months. Also Read:"
"Mercedes-Benz makes 10 million vehicles with pedestrian emergency braking system in 10 years With more than 40 active assistance systems currently available, is making a decisive contribution to increasing the safety of all road users. In particular, has been helping reduce accidents involving pedestrians and cyclists for many years. This applies to typical driving speeds both in and out of town. The system can give visual and acoustic warnings of an impending collision in front of the vehicle, either from intersecting or oncoming vehicles. If the driver brakes too lightly, the system can provide assistance and increase the braking force to suit the situation. If the driver fails to react at all, initiates emergency braking. In the current generation of vehicles, Active Brake Assist uses camera and/or radar-based sensor technology to detect pedestrians and cyclists in front of the vehicle in the direction of travel. If an imminent risk of collision with these so-called vulnerable road users is detected, the required braking force is calculated in order to avoid a possible collision or to minimize its severity. Now, Mercedes-Benz has achieved another active safety milestone: Since 2012, more than 10 million of all Mercedes-Benz passenger cars sold worldwide have been equipped with the pedestrian . Pedestrians are considered unprotected road users as they are not equipped with airbags, seat belts or protective clothing. Their particular risk is also reflected in accident statistics: according to an analysis by the European Commission, pedestrians made up almost one-fifth of all road fatalities in the European Union in 2020. In the USA, their share of the total number of traffic fatalities in 2021 was 17% according to the National Highway Traffic Safety Administration. Meanwhile, a 2022 study by the American Insurance Institute for Highway Safety concluded that vehicles equipped with a pedestrian emergency braking system have a 27% lower rate of accidents involving pedestrians than vehicles without such technology. Warning and support in the event of acute accident risk Mercedes-Benz introduced the first back in 1996. In 2005, radar technology was used to enhance the brake assist system by making it anticipatory. Just one year later, experts combined the further developed DISTRONIC PLUS distance control system and BAS PLUS Brake Assist to create PRE-SAFE Brake with autonomous partial braking. The important pedestrian detection feature was added in 2013, and first introduced in the E-Class (W212). In 2016, the pedestrian emergency braking system was then installed as standard equipment for the first time as part of the launch of the new E-Class (W213). Since 2021, Active Brake Assist has been standard equipment on all new Mercedes-Benz car models. This means high internal safety demands exceeded legal requirements: so-called city emergency brake assist systems for low-speed driving have only been mandatory for all types of newly approved passenger"
"means high internal safety demands exceeded legal requirements: so-called city emergency brake assist systems for low-speed driving have only been mandatory for all types of newly approved passenger cars in the EU since July 2022. From 2024, these will be mandatory for every newly registered car. Future assistance systems will be even more powerful thanks to increasingly advanced sensors and help from artificial intelligence. It is already apparent today that active assistance systems make an important contribution to protecting pedestrians and cyclists in particular – so-called vulnerable road users. The real-life safety philosophy: Real-Life Safety"" is the safety philosophy of the . The company has been conducting systematic accident research for more than 50 years: its aim is to build vehicles that are not only convincing in defined crash-test scenarios, but also in real-life road accidents. In addition to protecting vehicle occupants, the focus is also on the safety of all road users outside the vehicle. The goal is clear: Vision Zero. This means that there should be no more accidents involving Mercedes-Benz vehicles by 2050."
"CerebrumX and BlackBerry join to scale up connected vehicle data offerings has made a strategic in to help it expand its line of . Its (ADLP), which is powered by (AI), collects connected car data regarding vehicle and driver performance, offers it to manufacturers, and assists them in developing goods and services, CerebrumX said in a media release. “CerebrumX has an ambitious vision, together with our partners, customers and stakeholders, to deliver intelligent real-time data insights at scale, and we are excited to have BlackBerry onboard as an investor, who share the same long-term commitment to the global industry,” CerebrumX CEO Sandip Ranjhan said. According to PYMNTS research, developers are creating products that cater to a range of use cases for consumers, professional drivers, and fleet management as the number of connected vehicles on the road rises. According to ""Reshaping Global Business With Connected Vehicles,"" a PYMNTS and American Express collaboration, about four out of ten connected fleet operators who operate commercial fleets reported receiving a return on investment (ROI) within six months, and nine out of ten said they received their ROI within a year. A flurry of alliances and announcements in only the first few weeks of 2023 demonstrated the value businesses have on connected automobiles. Enabling automobiles to link with all aspects of daily commerce and social contact is valuable in the eyes of payments , software developers, dealers, and manufacturers. CerebrumX will increase its capabilities in data collection, data processing, and aiding in the development of new use cases with the increased investment and integration with BlackBerry's cloud-connected automotive AI platform, IVY, the release said. Among the potential use cases for the company's connected car data and insights include fleets monitoring their operations in real time, insurance companies offering plans based on driver behavior, and suppliers of smart mobility solutions optimizing their services. The CerebrumX platform may allow data-driven choices by sorting through millions of linked cars, Vito Giallorenzo, general manager of IVY and BlackBerry's head of corporate development, said. “By integrating with BlackBerry IVY, we’ll be able to take that offering to the next level and enable CerebrumX to perform intensive amounts of data processing at the vehicle edge to deliver real-time insights to automakers and other ecosystem providers, something which would otherwise involve cumbersome and costly cloud computing resources,” Giallorenzo said."
"Bajaj Group commits INR 5,000 cr for CSR programs in 5 years New Delhi: Bajaj Group Friday committed INR 5,000 crore to social impact initiatives over 5 years, with a focus on skill development, under ‘Bajaj Beyond’—the Group’s new identity for all its Corporate Social Responsibility (CSR) and charitable programs. This will benefit over 2 crore of tomorrow's youth and enable them to take advantage of the employment and entrepreneurial opportunities offered by India’s growing economy, the company stated in a media release. Social responsibility is deeply entwined in the Bajaj Family’s businesses and its philanthropic endeavours through generations. In the last 10 years alone, the Bajaj Group has contributed close to INR 4,000 crore towards CSR initiatives largely focused on skilling and education, health, livelihood, water conservation, and several other areas of development, the release said. The , Jankidevi Bajaj Gram Vikas Sanstha, and the Kamalnayan Bajaj Hospital, among others, have worked unceasingly to uplift and empower communities. The Group stays firmly committed to co-creating a thriving and inclusive future for all Indians, it added. (BEST) program, launched in 2023, aims to enhance the skills of engineering and diploma graduates in the latest technologies relevant to Industry 4.0. The program has successfully inaugurated its flagship centre in Pune, enrolling 120 students. It is now scaling up with a plan to establish 15 centres across India. Bajaj Finserv Ltd’s Certificate Program in Banking, Finance and Insurance (CPBFI), works to bridge the skilling gap, by linking industry with academia, enabling young first-generation students from tier 2 & 3 towns to take advantage of employment opportunities in the financial services sector. With a presence in 140 towns, the CPBFI program has trained and benefited over 53,000 fresh graduates across India. Bajaj Water Conservation Project, which empowers communities to manage water resources, was launched in 2015, across 161 villages in the Aurangabad district. Over INR 140 crore was dedicated to communities for preventive healthcare, water, and sanitation in the water-scarce regions of Vidharbha. Hamaara Sapna, a Jamnalal Bajaj Trust initiative launched in 2012, endeavours to transform the lives of marginalised women residing in Mumbai's slums through education and entrepreneurship. Regular development activities encompass communication, computer skills, legal and social knowledge, finance management, personality enhancement, health, hygiene, and yoga. Shekhar Bajaj, Chairman and Managing Director, Bajaj Electricals Ltd., said, “Our initiatives have demonstrated the transformative impact of empowering India's youth. Today, we unveil Bajaj Beyond, continuing our mission to equip future generations with the tools they need for success.” Niraj Bajaj, Chairman, Ltd., said, “As stewards of the Bajaj legacy, we recognize our responsibility of giving back to society. Our new initiative, Bajaj Beyond,"
"the tools they need for success.” Niraj Bajaj, Chairman, Ltd., said, “As stewards of the Bajaj legacy, we recognize our responsibility of giving back to society. Our new initiative, Bajaj Beyond, truly goes beyond mere training programs. What we have launched is a holistic approach that trains and prepares first-generation graduates from smaller towns and cities to realize their full potential."" ""By addressing all aspects of employability—attitude, skills, and knowledge—Bajaj Beyond equips them to build successful careers. We are not just closing the skill gap; we are creating a versatile pool of skilled resources that will drive India’s growth story in a comprehensive manner and strengthen the economy to compete in the global arena.” At the launch of the initiative, Rajiv Bajaj, Managing Director, Bajaj Auto Ltd., said, ""Launching the Bajaj Engineering Skills Training (BEST) last year has been a valuable learning experience for us. It gave us a very clear picture of the critical gap between theoretical education and practical skills needed in the manufacturing industry."" ""The insights gained through BEST acted as a cornerstone in laying down the groundwork. With Bajaj Beyond, we will expand our skilling efforts across the group. Together, we will design future-proof curriculums, provide real-world, hands-on experiences, and equip our youth with the adaptability and innovation required to thrive in the ever-evolving mobility landscape."" Sanjiv Bajaj, Chairman & Managing Director, Bajaj Finserv Ltd, said, “Inspired by our founder, Jamnalal Bajaj, the Bajaj Group has a legacy of working for the ‘common good’ of society and of serving the nation. Skilling has been at the heart of our social impact initiatives and we have seen the positive multiplier effect it has on the well-being of youth and their families."" ""Our Certificate Programme in Banking, Finance and Insurance (CPBFI) prepares youth for employment in the fast-expanding financial services sector which is currently seeing a shortage of talent. With Bajaj Beyond, we commit to strengthening India’s skilling ecosystem, especially in the hinterland, enabling greater access to economic prosperity,” he added."
"Time to forget RPA? Why Intelligent Automation companies can be real blue-chip investments This has now become an important topic of debate. Which one is true? Let me attempt with a point of view. A digital revolution led by ( ) has been underway and is very subtly but quickly changing the way work gets done. In my view, this is a good thing - with an aging population in several developed and nearly developed economies, we are in dire need to find alternate ways to get the work done, either through automation or . Globally, RPA has been the go-to tactical lever to reduce operating costs by automating rules-driven, error-prone manual processes. The benefits of RPA extend beyond cost reduction due to headcount release. People thus released can be retrained and deployed to perform important strategic roles or those that require human intelligence based on subjective knowledge. Results have shown that RPA can manage nearly 60% of the processes across most organisations that are either manual, straight through, or error prone. However, this does represent the true picture, because this 60% of processes are not end-to-end enterprise-wide processes. In terms of end-to-end enterprise-wide processes, RPA can address about 25-35% of the enterprise-wide processes. You may automate a large part of Procure to Pay (standard) using RPA and pieces of order to cash, but touchless end-to-end procure to pay or order to cash using RPA is mostly a pipe dream. Another point to note is that most of the processes being automated are primarily in Finance, HR, IT, and reporting and not really on the operations side like manufacturing, inventory management, supply chain, logistics, research & development. Besides industries have not yet consistently adopted RPA e.g., banking, financial services, and shared services are the furthest ahead with consumer products, retail, and manufacturing following close behind. Engineering, metals, mining, hospitality, healthcare, insurance, etc have some catching up to do. Thus far, RPA was at best a tactical initiative barely visible to the CEO and the Board. But the disruption driven by the pandemic has forced the businesses to leverage emerging technology in a far more strategic manner to truly complement the human worker e.g., automate processes end to end in a lights out mode and not just in finance, HR, and IT but enterprise-wide. Now the next question is how does one automate processes end to end and enterprise-wide? These can be addressed through a combination of such as RPA, , and generation, , , etc. As an example, let us look at the process of invoice processing with varied invoice inputs (structured and unstructured inputs), invoice classification of goods vs services, and correct tax verification. This can be solved using NLP for reading varied invoice input formats with structured and unstructured inputs, invoice classification and tax validation can be done by a machine learning algorithm and the approval and posting can be"
"reading varied invoice input formats with structured and unstructured inputs, invoice classification and tax validation can be done by a machine learning algorithm and the approval and posting can be done by RPA. is now a strategic lever to help organisations operate in a lights out mode – it is the intelligent digital worker – that can not only automate key processes end to end, but also help organisations to create new products and services e.g., the ability of the pharma companies to conduct large scale research and create vaccines and drugs to fight the pandemic in record time, efficiently scale the supply chain and helping humanity. Needless to add they improved their revenue and profitability. Finally, let’s look at some numbers. Per a Forrester report, the RPA market is set to be around $2.9 billion in 2021 up from $125 million in 2016. This is dwarfed by the enterprise application market pegged at around $215 billion (by several analysts such as Allied Market Research, IDC, etc). Interestingly as per a Gartner report from FY20, the process agnostic software that powers hyper-automation (e.g. RPA, Low Code application platforms, , virtual assistants) is likely to be around $25 billion in 2021 and $30 billion in 2022. So, is RPA the darling of PEs vs PEs that need to look beyond? The simple answer is that traditional RPA has matured and is now being replaced by Intelligent Automation, which is a combination of RPA, ML, NLP, NLG, intelligent chatbots, and intelligent workflow. A pure-play RPA product company (most barring a few are despite whatever they claim) looks exciting in the short term (2-3 years at best) and may not be a great investment option. On the other hand, product companies that are focussed on Intelligent Automation can be the real blue-chip and investment multipliers both in the short and long term as not only can Intelligent Automation be leveraged to automate routine and mundane error-prone manual processes, but also automate complex processes that need subjective knowledge and can help organisations create new products, new services, new experiences, improve revenue, improve margins and EPS – in short, improve tangible stakeholder and shareholder value in the long term. The writer is Partner - Intelligent Automation at EY India."
"Tesla's China sales slow as price-cut boost wanes 's electric vehicle (EV) sales in China rose last week but were still running short of the pace seen in the fourth quarter, indicating the bump from discounted prices in its biggest overseas market is waning. The U.S. automaker nearly doubled weekly retail sales in the week of Feb. 20 to 10,703 vehicles versus a week prior, showed data from China Merchants Bank International (CMBI) on Tuesday, which tracks weekly retail sales based on car insurance registrations. The tally was the highest after that of the week of Jan. 9 when sold 12,654 Model 3 and Model Y cars after lowering prices by as much as 14% on Jan. 6. However, year-to-date average daily sales was 1,016 cars, whereas in October and November the figure was 1,317, indicating that price cuts may not be enough to accelerate sales in the first quarter compared with the fourth. Tesla didn't immediately response to a request for comment on Tuesday. Sales are slowing in part due to an ageing product line, said Yale Zhang, managing director at Shanghai-based consultancy Automotive Foresight. Consumers are also delaying purchases while waiting to see if other EV makers cut prices, Zhang said. The U.S. automaker has lagged competitors in China in introducing new models, improving navigation systems and adding luxury interior touches or white-glove customer service to meet a developing range of consumer tastes, analysts and fans said. Chief Executive will announce the third part of Tesla's ""Master Plan"" on its March 1 Investor Day, when the firm has to convince investors that even though rivals are catching up, Tesla can widen its lead with another leap forward. While competition intensifies, Tesla aims to grow exports and expand into new markets to digest output from its factory in Shanghai. It has started delivering cars to Thailand and set up its first Supercharger station in the Southeast Asian country earlier in February. Tesla had planned to keep Shanghai's average weekly output at 20,000 vehicles in February and March, while its plant in German capital Berlin increased Model Y production to a third of that in Shanghai. Tesla's performance is in line with China's overall EV sector, which has suffered from the end of a more than decade-long government subsidy. Its share of the country's fragmented new energy vehicle market including both all-electric and plug-in hybrid cars slightly declined to 9% from 10% a year earlier, according to CMBI data. Meanwhile, the market share of BYD Co Ltd surged to 37% from 27%, CMBI data showed. Smaller EV players such as Leap Motor and 's Ora are among those whose market share shrank. Also Read:"
"Mercedes-Benz, BMW and Audi may steer clear of India's new EV policy New Delhi: The of such as Mercedes-Benz, BMW and Audi may steer clear of the government’s new electric vehicle (EV) policy, which stipulates a sharp cut in on condition that a USD 500 million investment is made in local manufacturing. The luxury car makers that have already been present in India for decades would rather accelerate local assembly of in the country as the money will need to be ploughed in within three years of receiving approval under the scheme, said auto executives. The aforementioned companies didn’t officially comment on investments under the new policy. Given that luxury car manufacturers have already invested in India through plants and operations, they don’t see much benefit in another large investment for a segment that’s currently less than 2% of the broader car market. Besides, assembling kits in India already allows for a lower duty structure. “Anybody can assemble any car in India. The duty on CKD (completely knocked down) kits is 15% and this can be done without any commitment of further investments for manufacturers who already have plants for internal combustion engine vehicles,” a senior industry executive said on condition of anonymity. “The new has been designed to help new companies such as Tesla and to set up operations in the first few years before they can start local assembly.” Under the announced March 15, the government will allow the import of completely built-up (CBU) electric cars that have a minimum cost, insurance and freight value of USD 35,000 (INR 29.2 lakh) at 15% import duty for a period of five years in exchange for a minimum investment of USD 500 million to start local manufacturing. India levies import duty of up to 100% on completely built-up cars. Vietnamese EV maker VinFast is signing up for the policy. “With a long-term growth commitment in India, we have pledged an expenditure of USD 500 million, which includes the electric vehicle manufacturing facility in Tamil Nadu,” VinFast India CEO Pham Sanh Chau had said in a statement on March 18. “This forward-looking policy will help us introduce a wide variety of smart, green, premium-quality SUVs at inclusive prices, along with outstanding after-sales policies.” The Volkswagen Group, which sells vehicles under the VW, Skoda, Audi, Porsche and Lamborghini brands in the country, is studying the new EV policy. “We are examining the implications of the policy at the group,” said Balbir Singh Dhillon, head, Audi India. “There are commitments required related to investments and localisation.” Dhillon didn’t elaborate on future investments. A Mercedes-Benz India spokesperson didn’t specify the company's plans with regards to EV policy. ""We are invested in the market, having an aggressive product strategy with more than 12 new products planned for debut in 2024, of which 3 will be new BEVs."" A BMW India spokesperson declined to comment. Elon Musk-founded EV maker Tesla, which had"
"product strategy with more than 12 new products planned for debut in 2024, of which 3 will be new BEVs."" A BMW India spokesperson declined to comment. Elon Musk-founded EV maker Tesla, which had lobbied for duty reliefs, didn’t respond to queries. Currently, 100% duty applies to CBUs priced at USD 40,000 (INR 33.5 lakh) and more, while those below that are subject to 70% tax. The companies that join the EV scheme will have to comply with additional conditions such as increasing the rate of localisation to 25% within three years and to 50% in five years. “Today, everything is being looked at from the regulatory or greenhouse reduction point of view,” said VG Ramakrishnan, managing partner at Avanteum Advisors, a boutique management consulting and advisory firm. “What’s unknown with regards to the switch to EVs is whether the consumer — the biggest stakeholder in the entire ecosystem--will move at the pace at which the governments of various countries would want them to move.” It will take six-eight months for benefits under the new EV scheme to start being felt in the market, said an auto industry executive, “By the time they apply and get approvals… There could be some impact (on account of the policy) starting the end of this year or beginning of next year.”"
"How Bajaj Finance and Shriram Group's super apps are shaping up As the financial super app race gets hotter, companies are upping their efforts to stay ahead. has lined up a series of steps to grow its presence in the super app space. In the first phase which has gone live, the company is offering 30 services across financial services, travel, entertainment, food, utility, and shopping among others in its super app. In the upgraded app, customers can secure loans, repay, get EMI cards, track fixed deposits and houses insurance, investment and no-cost EMI marketplaces. They can also avail rewards in the form of cashback, vouchers and . Also, the insurance marketplace on the app has nine players offering around 800 products. The Phase I features will be made available to all customers by this month-end, but will depend on how many upgrade their apps. Second phase The company will give the first update on Phase II in the second quarter of FY23 and the implementation will happen in three to four parts. In the second phase, Bajaj Finance will increase the app features from 52 to 72. Among the new features, the app will provide context and geographical-based searches, have personalised app features, etc. It will also host a two-wheeler marketplace, loans against fixed deposits, , short-term wallet loans, and merchant sponsored vouchers, among others. The number of merchants on the app offering no-cost EMI will also increase from 24,000 to 27,000. While old customers will be able to access the new features when they update the app, new customers will all be onboarded onto the new app. Any new customer choosing to secure an EMI card or loan through online or physical channels will have to use the app to access the loan agreement. All customer journey will be through the app with all information and updates provided through it. After the completion of the merger process of its companies by October, the Shriram Group will launch a super app for its financial products as well as for selling products of its partners. The super app will be a comprehensive platform for purchasing all types of automobiles at discounts, besides accessing financial products, including loans, mutual funds and insurances. The group wants to leverage its 20 million customer base and cross-sell the products post the merger. The group is in the process of merging (SCUFL) and with STFCL to create one of the largest non-banking finance companies (NBFCs) in the country, with Rs 1.5 lakh crore worth of assets under management. The super app developments come when India's top conglomerate the , and Adani Group are building their super apps to take on the super apps of Amazon and . SBI, and others are also in the race to offer a host of services under one umbrella. Also Read:"
"MSME revival panel submits report to govt Coimbatore: Seven months after its formation, the expert committee for the revival of micro, small and medium enterprises ( ) submitted its report to chief minister M K Stalin on Wednesday in the presence of minister , chief secretary , secretary and industries commissioner . According to a top secretariat official, the report contains short-term, medium-term and long-term recommendations for the revitalization of MSMEs. The official said the committee, headed by retired IAS officer Dr N , had suggested cluster-based development for MSMEs and identified a few sectors in the manufacturing and services industries that required the state government’s special focus. “The panel has proposed ease of doing business, ways to improve the single-window system and recommendations on implementing the credit-guarantee scheme. Some of the recommendations might find a place in the upcoming state financial budget,” the official said. He said they wouldn’t be publishing the report now. “The government will study it first. There will not be any problem in accepting the recommendations, but it depends on the time frame of implementation. It might take two months to plan the implementation.” The official said while some of the recommendations sounded innovative, it was uncertain whether any private sector partner could implement them on behalf of the government. “There is a suggestion to provide insurance for MSMEs affected by natural calamity. We have to check with the Insurance Regulatory and Development Authority to know if any company is offering such a product.” When contacted, the committee chairman said it was now up to the government to accept or reject some of the recommendations. Since the report is under consideration by the state government, Sunderadevan said he could not disclose their suggestions in the report. Constituted on July 28, 2021, the committee had held more than 60 meetings to ready the report. Also Read:"
"'Remarkable' surge in auto insurance costs fans US inflation Even as U.S. inflation has eased in the last year, an unusual culprit has emerged in recent months as a surprise force in preventing consumer prices from falling even further: . Consumer prices in December overall rose 3.4% from a year earlier, the said on Thursday in the release of the monthly Consumer Price Index, more than the 3.2% economists polled by Reuters had expected and up from 3.1% in November. Several familiar categories accounted for much of the overshoot, with stubbornly high shelter costs in particular accounting for close to two-thirds of the increase. But the highest annual increase for car insurance in nearly half a century made a notable upward contribution that may not be fading soon. ""The behavior of the MVI ( ) component of the CPI has truly been remarkable, and I don't see any evidence of near-term relief,"" Tom Simons, U.S. economist at Jefferies, said in an email. Motor vehicle insurance premiums skyrocketed by 20.3% in December from a year earlier, the largest increase since the mid-1970s, the government data showed. Premiums have risen persistently all year on a monthly basis, too, climbing 1.5% last month. That is roughly on par with the average monthly increase over the last year, a rate that exceeds all monthly increases prior to the pandemic. What's more, auto insurance - an expense category that has rarely registered as a hefty influence in overall inflation - accounted for 15% of headline price increases over the final quarter of 2023. 'STICKY STUFF' Simons said several factors are adding to the rising premiums, such as increasing costs for the labor and parts to repair damaged vehicles, and the overall rise in vehicle prices over the last several years, which lifts the underlying collateral being insured. Declining demand from reinsurers is also a factor, he said, and ""natural disaster risk is probably contributing on the margin."" Auto insurance is typically regulated on a state-by-state basis, and costs are subject to major regional differences. ""We may have some authorities there as well but those sit with independent agencies,"" White House National Economic Council Director Lael Brainard said when asked about the outsized jump in insurance costs. There is also a ""call to big business to bring down those prices that they increased so much when supply chains were snarled."" All of the U.S. government's independent agencies have ""a real focus on tackling unfair and deceptive price practices,"" Brainard said. Still unclear is the degree to which insurance costs alone can impede further progress on inflation and disrupt the outlook for Federal Reserve interest rate cuts later this year. ""It's hard for me to see how this might increase so much more from here that it would have an influence on monetary policy,"" Simons said. ""I don't think we're looking at another 10-20% increase from here for the next 12 months, but again, I'm no expert on insurance."" ""This is"
"it would have an influence on monetary policy,"" Simons said. ""I don't think we're looking at another 10-20% increase from here for the next 12 months, but again, I'm no expert on insurance."" ""This is a great example of the 'sticky stuff' in the inflation data ... prices for services that are largely non-discretionary and have no substitute."""
"Park+ to organise drive-through Covid vaccination camp in Gurugram Gurugram: The health department of Gurugram district, in association with and , is organising a drive-in vaccination camp for eligible 15-18 and 60+ age groups at Cyber Hub, Gurugram, on Sunday. With the third wave of Covid-19, the government of India has opened up vaccination for the 15-18 age group and a booster dose for the 60+ age group. Park+ organised 60+ drive-through vaccination camps in 2021 in Haryana and Uttar Pradesh and over 25,000 people benefitted from the same. Park+ is India's highest rated car app with close to 2 million downloads and is building an entire ecosystem for car owners. Amit Lakhotia, Founder & CEO, Park+, said, ""With an increase in the number of cases, we felt it was our duty to do everything possible in order to help the community against COVID-19. Park+ is exploring possibilities to organize similar drive-through vaccination camps across the country."" Virender Yadav, CMO, Gurugram district, said, ""This initiative is aimed at benefiting teenagers (1st dose) and adults with comorbidities (booster dose) since they are the most vulnerable in the current situation. Drive through, in association with Park+ and DLF cyber hub will help maximise convenience as these people can get vaccinated in the comfort of their own car. We plan to have many more similar camps in Gurugram in the coming weeks."" This vaccination camp is scheduled on Sunday at Cyber Hub, Gurugram. One needs to be registered on CoWin to get vaccinated at this drive-through vaccination camp. Eligible people can use the Park+ app to check the real-time availability of vaccination slots, drive to the camp and get the jab while sitting in the safety of their vehicle. As many as 300 doses of Covishield and 300 doses of Covaxin will be available at the drive-through vaccination drive. The timings for the drive-through vaccination camp are 10am- 5pm and the entire camp will be organised in accordance with ICMR rules. Founded by Amit Lakhotia, Park+ is a building an entire ecosystem that solves the daily challenges faced by car owners ranging from parking, FASTag management, car insurance, to advanced and automated vehicle access control systems in malls, corporate parks & residential apartments. Park+ is the market leader in through FASTag and the majority of parking FASTag transactions in India are currently being processed through . The entire parking process is 100% contactless, ensuring extra safety during the pandemic. Park+ access control and parking automation solutions are deployed at prime locations including airports, malls and 3000+ residential apartment gates. Installations include prominent properties of Blackstone, Brookfield and Mindspace real estate investment trusts, as well as Airtel head-office (Gurgaon), One BKC (Mumbai), Select City Walk Saket (Delhi), Pacific Malls (multiple locations) among others. Park+ enabled MG to launch Astor as the world's first car where users can book"
"(Gurgaon), One BKC (Mumbai), Select City Walk Saket (Delhi), Pacific Malls (multiple locations) among others. Park+ enabled MG to launch Astor as the world's first car where users can book and pay for parking via the car's head unit infotainment system. As more OEMs shift towards Electric and Connected Vehicles, Park+'s solutions will set the default industry standard. Also Read:"
"How car, bike insurance premiums will get cheaper with IRDAI's 'Pay as You Drive, How You Drive' Insurance companies will soon offer vehicle owners analytics-based insurance that include policies like ' ', and ' ' wherein the premium varies according to driving behaviour of an individual. Apart from that, insurance companies have also been allowed to issue ' ' for multiple vehicles belonging to the same owner. ""As a step towards facilitating technology-enabled covers, has permitted general insurance companies to introduce tech-enabled concepts for the motor own damage (OD) cover,"" the Insurance Regulatory and Development Authority of India (IRDAI) said in a statement. According to the regulator, the advent of technology has created a relentless pace for the insurance fraternity to rise up to interesting yet challenging demands of millennials. The insurance regulator has introduced these add-ons in a bid to increase the penetration of own damage (OD) insurance cover in the country. As of now, a majority of customers are inclined to opt for only third-party covers that are mandatory, and overlook the benefits of OD covers. How does it work, and how will it impact buyers? 'Pay as you drive' add-on will allow customers to pay a premium based on their usage. Vehicles spending more time on the road may attract a higher premium compared to the ones used less. This will be beneficial for car owners that commute by public transport and use own vehicles on weekends. If you drive less, your premium would be lesser. 'Pay how you drive' add-on will depend on the driving behaviour of the owner. Vehicles with more fines and accidents will have to pay a higher premium. Your driving telematics could be collected through vehicle's GPS system, and you will be billed accordingly. If a buyer drives their vehicle in a rash manner, they would have to pay a higher premium since the risk associated would be greater. A 'floater policy' will allow the vehicle owners to get a single policy for multiple vehicles including two-wheelers, instead of buying separate policies. Hence, this would benefit people who, for example, have both a car as well as a two-wheeler at home. Insurance companies welcome the move ""With the new add-ons permit, own damage policy coverage can now be tailored based on a customer's driving behaviour pattern, general upkeep, mileage and vehicle usage pattern to offer the best features they need. This will do away with 'standard premium for all' practice,"" said Rakesh Jain, chief executive of Reliance General Insurance. With regards "" Pay as you Drive"" and ""Pay How You Drive"", introduction of such covers will nudge customers towards a utility based ""Pay as you Use"" model, lending greater flexibility and convenience in customer choice. Currently, there is price equity due to lack of user behavior based pricing of insurance Premium, which will change. This will make it cost effective for low usage customers esp. ones who drive less than 10,000 kms a year."
"equity due to lack of user behavior based pricing of insurance Premium, which will change. This will make it cost effective for low usage customers esp. ones who drive less than 10,000 kms a year. On the flip side, such a move will eliminate the cross subsidy currently enjoyed by high usage customers, possibly resulting in slightly higher premiums for this set, said Susheel Tejuja, Principal Officer, Founder & Managing Director – PolicyBoss.com (Landmark Insurance Brokers). Meanwhile Edelweiss General Insurance recently introduced the country's first telematics-based called 'SWITCH'. This on-demand policy generates a real-time driving score and dynamically rates the premium. Moreover, it also detects motion and automatically activates insurance when the vehicle is driven, making it convenient and hassle-free for users."
"Mahindra rolls out 50,000th e-Alfa from Haridwar plant Mumbai: (LMM), a division of , has rolled out its 50,000th e-Alfa from the Haridwar Plant. LMM sells as well as . The milestone vehicle was a red e-Alfa Mini. e-Alfa Mini is one of the highest selling Mahindra electric 3-wheelers and was launched in 2017. Mahindra launched the cargo version in 2021, the company said. The Mahindra e-Alfa has a sturdy full metal body construction paired with a lead acid battery pack. While both the e-Alfas produce 1.5 kW of peak power, the Cargo variant is equipped with an optional High Torque Gear for improved performance. Both the vehicles have a real-world range of 80 km/charge. Mahindra is the only OEM to offer driver accidental insurance of INR 10 Lakh, 24x7 roadside assistance and downtime guarantee. A best-in-class vehicle warranty of 2 years (1 year standard + 1 year extended) makes this electric 3-wheeler a compelling proposition, the company said in a media release. On this occasion, Mahindra dealers are helping customers to upgrade to the superior e-Alfa Mini with an INR 7500 exchange bonus scheme. Along with every e-Alfa Mini sold, customers also stand to get an assured gift. Both the offers are valid till stocks last, the release said. Suman Mishra, CEO, Mahindra LMM, said, “The is seeing tremendous growth and I’m happy to announce that we’ve rolled out 50000 e-Alfas. The immense earning potential, trust of Mahindra and solid reliability of our EVs make them a preferred sustainable option for our customers.”"
"EVs can’t fix a global epidemic of ‘car harm,’ study finds promise cleaner air and less climate pollution. But a new analysis suggests that even a global all-EV fleet would perpetuate some of the most devastating impacts of cars and auto infrastructure. The modern world moves itself around in roughly 2 billion motor vehicles, 65% of which are cars. That’s 16 automobiles for every 100 people, but the rate of car ownership is much higher in richer industrialized countries, where cars give shape to cities and set the patterns of daily life. This fleet requires substantial, ongoing investment in , car storage (or “parking,” in the jargon), oil exploration and fuel production, metals mining and manufacturing, insurance and much more. All of these activities levy regular costs in the form of fatalities and injuries as well as that cause climate change. A comprehensive review published last month provides a litany of what the authors call “ ,” in estimated global totals of death, injury, disease and other miseries, over the course of automotive history. In part because the system “prioritises speed over safety,” as the authors put it, motor vehicles are responsible for one out of 34 deaths, or 1.7 million people every year, either directly or through pollution. “It’s quite a grim paper,” acknowledged lead author Patrick Miner, a PhD candidate at the University of Edinburgh, whose dissertation focuses on how car culture influences urban land use. It took Miner two-and-a-half years to survey roughly 400 papers covering everything from noise pollution, to cumulative deaths (60 million to 80 million), to injuries (2 billion), to oil’s 35% contribution to historic fossil-fuel and cement emissions. These are conservative estimates, he and his co-authors write. The motivation for the study came out of a simple need, Miner said. When speaking with peers or policymakers about the violence built into the transportation system, “it’s helpful to have one document that you can point people to,” instead of dozens across many disciplines. “That was the impetus for this paper.” The report concludes: In 2019, 43% of people killed by motor vehicles were walking, using a wheelchair or riding a bike. Motor vehicles kill more than 700 children a day. Traffic deaths occur at the highest rates in Africa and Southeast Asia, and, in the US and Brazil, crashes disproportionately kill Black and Indigenous people. SUVs, which make up nearly half of car sales globally, are eight times more likely than traditional cars to kill children. Traffic-related air pollution is linked to circulatory and heart disease, lung cancer, asthma and, according to a cited study, “acute lower respiratory infections in children.” Other car harms include drunk driving, drive-by shootings, carbon monoxide poisoning and, in the US, traffic stops that “are a setting for police violence against Black, Latine/x, and Indigenous people,” they write. Access to oil has played a role in a quarter to half of wars"
"and, in the US, traffic stops that “are a setting for police violence against Black, Latine/x, and Indigenous people,” they write. Access to oil has played a role in a quarter to half of wars between countries since 1973. The electric car, a juggernaut of the energy transition, “fails to address a majority of the harms,” they write, including crashes, sedentary travel, inequality and cities designed more for cars than people. EVs cause less greenhouse gas pollution than combustion cars — their headline benefit — but also promise inertia when it comes to aggregated small-scale dangers. Swapping engines for batteries isn’t changing how much cities pave themselves to accommodate cars, and or how cars kill people, the authors write. Although their tailpipes don’t spew carbon monoxide, they are often heavier than their internal-combustion counterparts, which means more fine-particle pollution from tires on highways. The analysis builds on a framework for thinking about mobility justice put forward years ago by Mimi Sheller, a sociology professor who’s dean of the Global School at Worcester Polytechnic Institute, and her late colleague John Urry. Violent deaths, illness, inaccessibility and the other harms affect communities to wildly varying degrees, and spotlighting these inequalities should be central to policymaking, she has written. Sheller, who wasn’t involved in the new research, said that the authors developed a way to incorporate voluminous data into her framework. The review ends with a nod toward “existing interventions that are already reducing .” The authors list nine practices that would address many of the local consequences; many are already in effect or on their way in various cities. In the US, Sheller’s city Worcester, Massachusetts, launched a Vision Zero campaign to reduce car-related deaths and major injuries to zero. It’s part of a national network that also includes New York City (launched in 2014); Tampa, Florida; Albuquerque, New Mexico; Columbia, Missouri; and Eugene, Oregon. Bike-sharing services are common in hundreds of places. New York is the first US city to begin an experiment with congestion pricing. Yet despite these efforts, there’s still a very long way to go: Pedestrian deaths in the US reached a 41-year high in 2022. And more than half of spending from the 2021 US Infrastructure Investment and Jobs Act is going toward expanding and resurfacing highways, with only 20% for public transit and rail, according to a recent analysis by Transportation for America, an advocacy group. To increase awareness that car harms are “systematically built in and statistically expected to happen” in car-centric modern environments, even our language matters, Sheller said. Safe-streets advocates have called to retire the phrase “car accident” and use “car crash” instead, and to avoid the passive voice when describing crashes. “You don’t say, ‘A person was hit by a car’,” said Sheller. “You say, ‘A driver crashed into a bicyclist,"
"and use “car crash” instead, and to avoid the passive voice when describing crashes. “You don’t say, ‘A person was hit by a car’,” said Sheller. “You say, ‘A driver crashed into a bicyclist, killing them.’ Make it the active voice. Identify the subject — who’s doing it.”"
"Nissan India reports domestic sales of 3,010 units in December New Delhi: on Saturday reported a sales growth of 159% to 3,010 vehicles for Nissan and Datsun brands in December 2021. The company had wholesales of 1,159 units in the same month of 2020. Nissan said it has recorded domestic sales of 27,965 units in April-December 2021 as against 6,609 units in the corresponding period in 2020, registering 323% growth. Export sales of 28,582 vehicles in April-December 2021 against 17,785 vehicles in April-December 2020, with a 61% growth. Rakesh Srivastava, managing director, Nissan Motor India Ltd, said that Nissan has recorded cumulative growth of 323% in spite of the challenges of Covid-19 and semiconductor shortages affecting supplies. The company has delivered 35,000 units of the Magnite. The SUV’s 31% of the 77,000 bookings were digital, he said. The company said it offers a subscription plan that enables customers to own a vehicle with a ‘White Plate’ and a “Buy Back Option” in Delhi NCR, Mumbai, Pune, Bengaluru, Hyderabad and Chennai. The plan comes with Zero Down Payment, Zero Insurance Cost, Zero Maintenance Cost, share back and save and an option to own. Also Read:"
"In ten years 95% of new vehicles will be connected - Shivalik Prasad, Vice President - Strategic Alliances and Sales, Sibros Q: What is the role of Sibros in the ? Everybody is talking about the software-defined vehicle these days. A revolution is underway in the manner in which the entire automotive sector operates and monetizes and also in the way the drivers choose and use vehicles. We are powering the rapidly developing connected vehicle ecosystem with a full platform for the pillars it rests on: data logging and updates as well as remote commands and diagnostics. This encompasses every vehicle and propulsion out there, from a tractor-trailer to a sailboat. The connected vehicle will only be as good as its data in transit and at rest, and Sibros delivers building blocks for the path towards the transportation of the future. Our products are not only agnostic of the in-vehicle hardware, but also of the powertrain. We are working with OEMs of all kinds, be it an electric or , a high-mileage tractor-trailer with a hydrogen fuel cell, a heavy construction vehicle powered by a hydrogen ICE, or a boat with any given propulsion. All these will soon be connected vehicles with numerous electronic units in them. Q: In the era of the software-defined vehicle, how do you help OEMs simplify the complex technology and architecture? Let us have a look at the big picture first: OEMs are organizations that for more than 100 years have produced and sold hardware. Now, within a decade, they have to switch to a software mindset, including new development cycles, life cycle monetization, and selling services and experiences. This is a profound change and task and we support it in more than one way. First, Sibros delivers a product that provides 95% functionality out of the box, with only 5% integration effort necessary. It can be deployed in Second, our solution is , with embedded firmware validated to run on all major telematics control units and gateway platforms and combinations. Data from vehicles can be logged with complex conditions, and based on triggers and events, subsequently uploaded to the cloud, displayed and analysed. To update and control a fleet of any scale, an OEM will simply define what we call a Device Model, which specifies the topology of the vehicle architectures involved. This is a process done once and it enables full control of these vehicles and provides exact insights into the update status of every individual vehicle and control unit including full traceability of the updates. This is something the customers will have at their fingertips, but may never need, because their fleet is entirely, granularly managed. Third, our customers receive all the tools they need as a one-stop-shop, including a Web Portal and full API access. Q: What changes do you think that the OEMs should make in their engineering departments to adopt this technology? The engineering departments to a certain extent will have to get used to the fact that their"
"changes do you think that the OEMs should make in their engineering departments to adopt this technology? The engineering departments to a certain extent will have to get used to the fact that their organization is not a core hardware shop anymore. This means that the development cycles and other work habits are changing, and it is a profound shift that does not come easily. The engineering departments will have a whole different data foundation to develop future features. Simulation, for example, with all its problems and pitfalls, can be replaced by billions of data points from real-world use. This enables accomplishments like the reductive design of features that may have been unused, misused, or abused before. It may enable the redefinition of battery size for a certain market and more importantly it will boost ADAS and related functions. Q: How is the adoption of this by the OEMs? OEMs are in arguably the most difficult transition of the 120 years of automobile mass production - a genuine revolution. There is a clear awareness that this is a bus that nobody can afford to miss, but there is great insecurity about how to navigate many aspects. What we see is that startups that have software in their DNA move more swiftly. However, the big industry players are making extraordinary efforts to get into the game. But software is a field they are not quite familiar with. One of our tasks is to help OEMs navigate this, as well as to build long-term, in-depth partnerships. There will be an entirely new ecosystem of OEMs and software companies working together to deliver the transportation modes of the future and this ecosystem is coming into existence within this decade. Q: Which vehicle segment will adopt this technology faster? We see the moving faster in this space. To make this clear, our solution is propulsion agnostic and will function on a sailboat just as well as in a heavy construction machine with a hydrogen fuel cell, but startups with new propulsion principles do have software and the connected vehicle baked into their DNA. However, it is not a question of vehicle segment, propulsion, or usage, it is a question of openness to and awareness about change. From the end-user’s perspective, the acceptance of connected vehicle services will grow exponentially, with increased demand for infotainment and navigation features leading the acceleration. Drivers and end-users will begin to see these products and services in action, which will spark interest and in turn stoke up production. Q: What are the benefits of this technology for OEMs and their customers? With its Deep Connected Platform, Sibros provides massive and essential value for the software-defined vehicle by paving the path to real-time, real-world data, thereby creating a digital twin of the vehicle. In high-level terms, the benefits come in all the classical categories - reduced cost, value-added options, increased margins for the OEM, and new services and options for the drivers."
"the vehicle. In high-level terms, the benefits come in all the classical categories - reduced cost, value-added options, increased margins for the OEM, and new services and options for the drivers. The range of benefits is from usage-based insurance to true predictive maintenance to faster prototyping to vehicle customization and personalization functions. We will see safer roads through better ADAS and related features and new services and mobility modes, for example by sharing. Paid feature upgrades will be an option that both the OEMs and drivers will be aware of. Q: The OEM legacy system vs. new connected vehicle technology from Sibros, what are the key added advantages? As a company, we provide a product that is highly modular and flexible, comprehensive, integrated, and apt for any vehicle architecture. The Deep Connected Platform is a (SaaS) solution for fast integration that does not only reduce program risk, but allows every customer to profit from the experiences and improvements that are derived from the work with all customers. Furthermore, there are no surprise elements of cost. All our customers know upfront exactly what they are getting and what they are paying for it. The risks of software development, of which there are plenty and which OEMs are not accustomed to deal with, have been borne by the Sibros’ highly experienced team. Q: In terms of ROI, what timeline should OEMs look at after adopting this technology? This depends on how an OEM monetizes the options that our solution opens up for it. In one of our classic examples, we calculate that by using our Deep Logger, instead of an in-house developed solution, an OEM can be cash flow positive five years earlier. And this is only the cash flow, assuming standard timelines. The adoption of a ready-to-be-deployed solution like ours considerably reduces, as said, risks for the OEM as well. OEMs simply outsource all this to us, reap the early cash flow and profit, and take advantage of an ever-developing product. Q: How fleets and commercial operators can benefit from a deeply connected platform? To give an example, Sibros enables a unique Truck-as-a-Service business model for a European with an ambitious goal of zero downtime for production vehicles. Data Logging will, for the first time, enable true predictive maintenance which can be a major cost saver. Advanced driving assistance functions will support drivers and reduce accidents. There will be options for usage-based insurance, advanced theft protection, remote diagnostic commands, and more. Q: What is the future roadmap for Sibros business in India? Sibros was founded in 2018 by cousins Hemant and Mayank Sikaria in the belief that automotive Over-the-air (OTA) programming will redefine the future of transportation. With headquarters in San Jose, the heart of Silicon Valley, and a main office in Pune, a hub of the Indian automotive industry, the rapidly growing startup has a headcount of 100-plus and additional offices in"
"in San Jose, the heart of Silicon Valley, and a main office in Pune, a hub of the Indian automotive industry, the rapidly growing startup has a headcount of 100-plus and additional offices in Detroit, Atlanta, and Munich. The company recently concluded series B funding of USD 70 million. From the beginning, the company has prided itself on hiring the best talent from around the world to develop viable, reliable, and practical connected vehicle products. Sibros’ leadership brings in decades of combined experience from companies like Tesla, Waymo, Faraday Future, and Uber. Sibros’ target is to further the software defined vehicle and enable transportation 2.0 and in the future 3.0 Also Read:"
"Vehicle theft increases by 2.5x in India in 2023; Delhi tops the list: ACKO report New Delhi: ACKO brings out its second edition of Theft Report ‘Theft & the City 2024’ that reveals a 2X spike in vehicle thefts in India between 2022 and 2023, with Delhi continuing to top the charts. The report reveals that Delhi is followed by Chennai and Bengaluru. These two cities witnessed a sharp spike in rising from 5% in 2022 to 10.5% in 2023 and 9% in 2022 to 10.2% in 2023 respectively. Meanwhile, Hyderabad, Mumbai, and Kolkata have emerged as cities with the least number of vehicle thefts in the country. The first edition of the report was launched in 2022 that analyzed data from the company to discover the most theft-prone areas in India during the year. Diving deep into the vehicle theft scenario of New Delhi, its overall share of vehicle thefts in comparison to other cities in India came down from 56% in 2022 to 37% in 2023. While Bhajanpura and Uttam Nagar continue being the most theft-prone areas from 2022, the report reveals three new locations in the northern part of the geography appeared as the most theft-prone areas namely, Shahdara, Patparganj, and Badarpur. To put this in perspective, one vehicle is stolen every 14 minutes in the national capital region as per a media report, with 105 cases of vehicle theft being reported, on average, every day in 2023. To be more precise, in 2023, the most vehicle thefts occurred on three days – Tuesday, Sunday, and Thursday. While one would need to be cautious, especially on the three days, it is important to note that thefts were distributed evenly across the seven days of the week. Further the report highlights that 47% of all stolen cars are Maruti Suzuki. Cars with the greatest demand and consequently, longer delivery timelines are most susceptible to thefts. Therefore, India’s most popular hatchbacks - the Maruti Wagon R and Maruti Swift are the most frequently stolen cars in Delhi NCR. They are closely followed by the Hyundai Creta, Hyundai Grand i10, and Maruti Swift Dzire in third, fourth, and fifth place respectively. There is more to these robbers' skills than we know. As cars get more technology-heavy, so do the thieves. The new-age cars come with advanced safety features such as keyless entry which operates on barcodes that are embedded in windshields. Thieves scan these barcodes and share the codes offshore to unlock cars and even gain remote access. Interestingly, 2023 was a year for bike thefts. India witnessed a 9.25x increase in bike thefts as compared to cars. India’s top-selling bike Hero Splendor took the first place for the most stolen bikes, followed by Honda Activa. The Royal Enfield Classic 350 made a repeat appearance in 2023 as a favourite amongst robbers. Honda Dio and Hero Passion were the new entrants on the thieves list. As per the Gurugram Police, Hero Splendor, Splendor Plus, Hero CD Deluxe, and Hero HF Deluxe constitute over 60% of the total two-wheelers stolen in Gurugram."
"the new entrants on the thieves list. As per the Gurugram Police, Hero Splendor, Splendor Plus, Hero CD Deluxe, and Hero HF Deluxe constitute over 60% of the total two-wheelers stolen in Gurugram. This interest in Hero bikes, according to the police, is attributed to higher resale value and the demand for spare parts of Hero bikes spare parts. There are several reasons which make Delhi NCR the vehicle theft capital of India but some of the most pertinent ones are the lack of parking space in buildings and colonies, leading to vehicles being parked on the roads. As per The Hindu, in 2023, Delhi Police official data says they received 7,328 calls reporting violent disputes over parking on neighborhood roads which is more than the number of calls received in 2022 and 2021. In the case of vehicle theft, customers should immediately inform the police and the insurance company. Submit the FIR copy with vehicle registration certification, driver’s license etc., to the insurer and customers might also have to submit the original car keys. The police will issue a non-traceable certificate if they fail to locate the vehicle in the stipulated time frame. Based on the certificate, the insurer will settle the claim as per the terms and conditions specified in the insurance policy. Animesh Das, Chief Executive Officer, (subject to regulatory approval) at ACKO, said, “The surge in vehicle ownership brings with it rise in vehicle theft cases. Our second edition of the vehicle theft report brings insights and perspective into the issue after delving deep into 2000 claims received in 2023. By understanding the underlying factors, our aim is to empower individuals with knowledge and promote heightened awareness on the importance of opting for the right insurance policy to safeguard themselves from unexpected situations.”"
"German insurers renew cover for blast-damaged Nord Stream gas link German insurers Allianz and Munich Re have renewed cover for the damaged Russia-controlled 1 gas , five sources with knowledge of the matter said, indicating that its revival has not been ruled out after an alleged sabotage attack. Insurance by two of Germany's biggest companies is critical for any long-term future of the pipeline, which was the main route for to Europe for a decade before the blast last September. The insurance stands in contrast to Germany's public stance of severing ties with Moscow, but one of the five sources said the German government had not opposed the cover. Most Western investors have written off their stakes in the pipeline. Munich Re, Allianz and Germany's chancellery declined to comment, while the economy ministry said insurance was not part of the support the government had in the past provided for the pipeline. Russia has a 51% stake in Nord Stream 1 through a subsidiary of state-owned energy group . Some of Nord Stream's German shareholders favour at least preserving the damaged pipeline in case relations with Moscow improve, two people familiar with the matter said separately. One of the people said that Berlin tolerated such an approach to the infrastructure, even though it has said that energy ties with Russia are severed. All of the insurance industry and trade sources declined to be named because of the sensitivity of the issue. The insurance policy covers damage to the pipeline and business interruption issues, one of the sources said. Having insurance would also facilitate any repair work needed to resume gas supplies under the Baltic Sea to Europe. While the import of Russian crude oil and oil products is banned under European Union (EU) sanctions, Russian gas imports are allowed. The West, however, is trying to find alternatives. 'OLD LOGIC' Europe's imports of Russian gas have fallen from around 40% of EU gas supply to less than 10% since Russia's invasion of Ukraine began in February last year. The economy ministry spokesperson said the aim was to stop using gas from Russia and elsewhere. ""Russia showed everyone last year that it is not a reliable partner,"" said the spokesperson. ""We need more renewable energies and must become independent of fossil imports."" The stance represents a major shift from Germany's previous whole-hearted support for Russian gas, in defiance of warnings from other EU countries and the United States. Some German officials, politicians and others familiar with German government thinking told Reuters a minority still hoped Nord Stream 1 can be revived, even if few saw any prospect of that happening in the near future. Michael Kretschmer, conservative leader of the eastern Saxony region, told the Berliner Zeitung newspaper in January the pipeline should be repaired and Germany should retain the option of importing through it again. Veronika Grimm, one of the government's chief economic experts who advises the"
"newspaper in January the pipeline should be repaired and Germany should retain the option of importing through it again. Veronika Grimm, one of the government's chief economic experts who advises the chancellery, said Germany's previous policy of relying on cheap Russian gas to support its economy and build political ties was no longer viable. ""There are still some who follow an old logic with regards to rebuilding energy ties to Russia after the (Ukraine) war,"" Grimm told Reuters. The economy ministry spokesperson said the Federal government in 2010 supported the construction of Nord Stream 1 with export credit guarantees and a separate financial credit guarantee, adding that there was no further federal support. In September 2022, several unexplained underwater explosions ruptured the Nord Stream 1 and newly-built Nord Stream 2 pipelines, each more than 1,200-km-long, that link Russia and Germany across the Baltic Sea. Last month, sources told Reuters Nord Stream's undersea gas pipelines were to be sealed and there were no immediate plans to repair or reactivate them. Other sources described this process as keeping the pipeline dormant. OTHER INSURERS Prior to Russia's invasion of Ukraine last February, Nord Stream 1 was insured by multiple European underwriters including some from the Lloyd's of London market, sources told Reuters. Industry sources with knowledge of the situation said some Lloyd's underwriters were believed to have cut insurance arrangements that came up for renewal in late 2022 in part because of UK sanctions imposed on an entity connected to Gazprom. Three of the Lloyd's syndicates previously involved in insurance cover were unlikely to have renewed their exposure, three of the insurance industry sources said. However, a fourth source said its underwriting syndicate from the Lloyd's market continued to provide insurance for the project. They all declined to provide further details. Lloyd's of London declined to comment. Customers often renew insurance contracts when their property is damaged and this is taken into account when agreeing the contract terms, industry sources said. Nord Stream 1's policy was a two-year contract which renewed after the first year, two of the sources said. However, policy-holders and insurers can often break such a contract after the first year, depending on the terms, two insurance industry sources said. It was unclear if insurer Zurich was part of the new arrangements. Zurich, which one of the five sources said was among the pipeline's insurers when the damage occurred, declined to comment. Gazprom is subject to sanctions by Britain, Canada and the United States, as well as some EU restrictions. Gazprom and Swiss-based Nord Stream AG did not immediately respond to requests for comment."
"India's unwavering appetite for Russian crude lifts January inflows to record high BENGALURU: 's appetite for in January rose to unseen levels, continuing to remain above traditional middle eastern suppliers for the fourth month in a row, as refiners rushed to snap up plentiful cargoes available at a discount to other grades. From a market share of less than 1 per cent in India's import basket before the start of the Russia-Ukraine conflict, Russia's share of India's imports rose to 1.27 million barrels per day in January, taking a 28 per cent share, according to energy cargo tracker Vortexa. India, the world's third-largest crude importer after China and the United States, has been snapping Russian oil that was available at a discount after some in the West shunned it as a means of punishing Moscow for its invasion of Ukraine. From a market share of just 0.2 per cent in India's import basket before the start of the Russia-Ukraine conflict, Russia's share of India's imports rose to 28 per cent in January 2023. Officials attending (IEW) 2023 here said India will continue to buy crude oil from anywhere in the world, including Russia, to meet its energy needs. The executive body of the has asked its 27 member countries to cap the price of Russian oil at $60 as part of the West's attempt to squeeze Moscow's oil revenues and limit its ability to wage war in Ukraine while keeping global prices and supplies steady. ""Unlike Iran and Venezuela, there are no sanctions on buying oil from Russia. So, anyone who can arrange for shipping, insurance and financing outside of the EU can buy oil,"" an official said. The price caps are part of the EU's plan to use its clout in insurance and shipping industries to crimp Moscow. ""We will continue to buy oil from anywhere in the world, including Russia,"" he said. Under the price-cap system that kicked in on December 5, companies shipping Russian oil outside of Europe would only be able to access EU insurance and brokerage services if they sell the oil at or under $60. Industry sources said crude shipments being purchased by Indian companies were below the G7's price cap of $60 per barrel. ""So for all practical purposes, if I can send a ship, cover insurance and device a mode of payment, I can continue to buy oil from Russia,"" an official said, explaining how the mechanism works. ""All options are on the table."" For R sia to keep oil sales going, it and its buyers need to use ships, insurance and financing outside the jurisdiction of the G-7. The US is comfortable with Russia selling its oil outside the cap but using non-Western shipping, insurance and banking services, which will likely be more costly. Russia's market share in January was an improvement over 26 per cent in December. Iraq, which was relegated to the second spot in October 2022, supplied some 20 per cent of all the oil India imported. Saudi Arabia shipped 17 per cent while the US improved its share to 9 per cent from 7 per cent in December. supplied 8 per"
"in October 2022, supplied some 20 per cent of all the oil India imported. Saudi Arabia shipped 17 per cent while the US improved its share to 9 per cent from 7 per cent in December. supplied 8 per cent crude. All three middle-east suppliers improved their market share by one percentage point each, which came at the expense of Africa, whose share fell from 9 per cent to 6 per cent in January. The rising share of Russian crude sales to India has also taken a toll on the country's appetite for African crude. This, combined with a tighter market structure, as well as increased volatility in freight markets has led to the share of West African crude dropping from 12.5 per cent in 2021. Russian crude traded at a record discount of up to $40 per barrel in the aftermath of Russia's invasion of Ukraine as key buyers in Europe shunned Moscow's oil. The bulk of Russia's crude exports flowed to refiners in Asia, with China and India being its key customers. Also Read:"
"Hyundai expands free anti-theft software installation mobile clinics in US New Delhi: As part of its ongoing efforts to assist customers and communities affected by the social-media driven thefts of certain vehicles not equipped with push-button ignitions and engine immobilizers, Hyundai has announced five national multi-day anti-theft mobile clinics to occur before year-end. Following the successful pilot mobile service centers in Washington D.C. and St. Louis County, Missouri, as well as regional events operated by Hyundai dealers in Phoenix and Baltimore, these clinics will provide customers in the following metro areas free software installations to prevent a method of theft popularized on social media: New York City, NY: Saturday, October 28 – Sunday, October 29 Chicago, IL: Friday, November 3 – Sunday, November 5 Minneapolis, MN: Friday, November 10 – Saturday, November 11 Saint Paul, MN: Sunday, November 12 – Monday, November 13 Rochester, NY: Friday, November 17 – Saturday, November 18 In addition to these events, Hyundai is supporting several single-day, regional clinic locations before year-end that will be operated by Hyundai dealers. Hyundai and its extensive dealer network have partnered with local law enforcement, as well as government officials and other community organizations to support ongoing efforts to combat increases in vehicle thefts within their communities and to raise awareness of the free software upgrade to eligible residents. The software upgrade has been installed on nearly one million eligible Hyundai vehicles and is working as designed to prevent the method of theft that has spread on social media. “Our customers are the top priority and we encourage all eligible Hyundai owners and lessees to take advantage of the free software upgrade to help protect their vehicle,” said David VandeLinde, vice president of after-sales, Hyundai Motor America. “We are committed to ensuring the quality and integrity of our products, all of which are fully compliant with federal anti-theft requirements.” The software upgrade, which takes less than 30 minutes for installation, is part of a broader service campaign launched earlier this year that also provides free steering wheel locks to law enforcement agencies for distribution to local residents who own or lease an affected vehicle. Hyundai has also collaborated with AAA to offer insurance options for affected owners and lessees. All Hyundai vehicles produced since November 2021 are equipped with an engine immobilizer. Software Upgrade Details: The software upgrade modifies certain vehicle control modules on Hyundai vehicles equipped with standard “turn-key-to-start” ignition systems. As a result, locking the doors with the key fob will set the factory alarm and activate an “ignition kill” feature so the vehicles cannot be started when subjected to the popularized theft mode. Customers must use the key fob to unlock their vehicles to deactivate the “ignition kill” feature. Hyundai is"
"feature so the vehicles cannot be started when subjected to the popularized theft mode. Customers must use the key fob to unlock their vehicles to deactivate the “ignition kill” feature. Hyundai is notifying customers about the anti-theft service campaign through multiple points of contact (e.g., mail, email, outbound phone contact, paid media and a dedicated website) with instructions to bring their vehicle to a mobile clinic or the nearest Hyundai dealership to have the free software installed. Some 2011-2022 model year vehicles without engine immobilizers cannot accommodate the software upgrade. For these customers, Hyundai is reimbursing them for their purchase of steering wheel locks. Eligible Affected Vehicles"
"Delhi HC notice on plea for mandatory insurance for electric two-wheelers New Delhi: The Delhi High Court on Wednesday issued notice to the Centre and the Delhi government on a plea seeking directions for mandatory insurance for electric two-wheelers. Seeking response from the and the city government, the division bench of Acting Chief Justice Vipin Sanghi and Justice Navin Chawla slated the matter for October 20. The Public Interest Litigation (PIL), filed by Rajat Kapoor through advocate R.K. Kapoor. sought the respondents to ensure insurance cover for two-wheeler under Section 146 of the . ""The demand for Electric Vehicles (EVS) is slowly gathering pace in India. Apart from being a green alternative to petrol and diesel vehicles, they can also be cheaper to run in the long term. As the EV market is still developing in India, prospective buyers may have concerns about where they can find suitable Electric Vehicle Insurance,"" read the plea. Apart from insurance coverage, it also sought to ensure reliable and long-lasting batteries in the vehicle by the manufacturers in a way to avoid overheating and fire accidents. The plea also sought safety guidelines to be ensured such as wearing helmets irrespective of the capacity of the vehicle. In recent times, electric two-wheelers going up in smoke have become frequent. Electric two-wheeler makers like Okinawa, and Ola have recalled several of their vehicles."
"Vehicle dealers in Odisha must display price chart in showrooms Bhubaneswar: The (STA) in has asked all the automobile dealers to mandatorily display details of payment to be made by the purchaser for each category of vehicle in their showrooms, officials said. In an order, the STA has directed that it is mandatory for all the dealers to display details of payment to be made by the purchaser for each category of vehicle on a notice board on a conspicuous place in their showrooms that is clearly visible to the customers. The dealers have to mention on the notice board that no extra payment will be charged other than the ones mentioned on the display board, the order said. All the charges, whether essential or optional, must be clearly mentioned on the display board. For all charges so taken, the dealer must issue a receipt, said the order. The RTOs have been asked to inspect the automobile showrooms to ensure that they have complied with the above instructions. As per the order, automobile dealers cannot charge any amount from a customer without giving a proper receipt. Also, the dealers cannot force the buyer to get the vehicle insured with them. The STA has informed that starting January 1, 2022, the transport department is issuing driving licence and registration certificate of vehicles in digital mode. Resultantly, the fee of registration of vehicles payable by the purchaser has been reduced from INR 282 to INR 140. However, it has been learnt that some dealers are not passing on this benefit to the customers and are continuing to charge the earlier fees. Therefore, this order has been issued, an official said. It has been alleged that some vehicle dealers are charging extra amount from the customers who are buying two or four-wheelers. The government charges only registration and tax amount for new vehicles and hence, distributors should charge only that and not take any extra amount in the name of handling charges etc., the order said. If any dealer is found violating the order, action will be taken for suspension or cancellation of the trade certificate of such errant dealer, warned the transport authority. Also Read:"
"Five essential commodities that will be hit by war in Ukraine The war in Ukraine is threatening further disruption to already stretched supply chains. Ukraine and Russia may only account for a small proportion of the imports of major manufacturing nations like Germany and the US, but they are essential suppliers of raw materials and energy for many crucial supply chains. Though the economic consequences of a war that threatens the lives and livelihoods of many Ukrainians will always be secondary to the looming humanitarian crisis, here are five areas likely to see trouble ahead: 1. Energy Many European countries are heavily dependent on Russian energy, particularly gas through several vital pipelines, and this may have coloured their approach to the crisis. Russian gas reliance has been suggested as the reason Europe has been reluctant to remove Russia from the international payments system SWIFT, for example, though it's worth pointing out that the Germans have indefinitely suspended new Baltic gas pipeline Nord Stream 2. While a complete suspension of Russian gas flows is unlikely at the moment, even small disruptions will have a significant impact. Global gas reserves are low due to the pandemic and energy prices are already rising sharply, impacting consumers and industry. With gas an essential input to many supply chains, disruptions to such a fundamental supply will have widespread economic consequences. When gas prices first surged in autumn of 2021, for instance, fertiliser plants in the UK shut down as high energy cost made production untenable. This led to shortages of carbon dioxide, which is essential for everything from medical procedures to keeping food fresh. Such consequences are likely to magnify with rising oil and gas prices. 2. Food Global food prices already rose sharply during 2021 due to everything from higher energy prices to climate change. Food producers are likely to come under further pressure as prices of key inputs rise now. Russia and Ukraine together account for more than a quarter of global wheat exports, while Ukraine alone makes up almost half of exports of sunflower oil. Both are key commodities used in many food products. If harvesting and processing is hindered in a war-torn Ukraine, or exports are blocked, importers will struggle to replace supplies. Some countries are particularly dependent on grain from Russia and Ukraine. For example, Turkey and Egypt rely on them for almost 70% of their wheat imports. Ukraine is also the top supplier of corn to China. Stepping up production in other parts of the world could help to reduce the impact of interruptions to food supplies. However, Russia is also a main supplier of key ingredients for fertilisers, so trade sanctions could affect production elsewhere. Meanwhile, we can also expect diversions to trade flows: China has already said it will begin importing Russian wheat, for instance. 3. Transport With global transport already severely disrupted in the aftermath"
"can also expect diversions to trade flows: China has already said it will begin importing Russian wheat, for instance. 3. Transport With global transport already severely disrupted in the aftermath of the pandemic, a war could create further problems. The transport modes likely to be affected are ocean shipping and rail freight. Since 2011, regular rail freight links between China and Europe have been established. Recently, the 50,000th train made the journey. While rail carries only a small proportion of the total freight between Asia and Europe, it has played a vital role during recent transport disruptions and is growing steadily. Trains are now being rerouted away from Ukraine, and rail freight experts are currently optimistic that disruptions will be kept to a minimum. However, countries like Lithuania are expecting to see their rail traffic severely affected by sanctions against Russia. Even prior to the invasion, ship owners started to avoid Black Sea shipping routes, and insurance providers demanded notification of any such voyages. Although container shipping in the Black Sea is a relatively niche market on the global scale, one of the largest container terminals is Odessa. If this is cut off by Russian forces, the effects on Ukrainian imports and exports could be considerable, with potentially drastic humanitarian consequences. Rising oil prices due to the war are a worry to shipping more generally. Freight rates are already extremely high and could rise even further. There is also a worry that cyber attacks could target global supply chains. As trade is highly dependent on online information exchange, this could have far-reaching consequences if key shipping lines or infrastructure are targeted. The ripple effects from a supply chain cyber attack can be enormous. 4. Metals Russia and Ukraine lead the global production of metals such as nickel, copper and iron. They are also largely involved in the export and manufacture of other essential raw materials like neon, palladium and platinum. Fears of sanctions on Russia have increased the price of these metals. With palladium, for example, the current trading price of almost US$2,700 per ounce, up over 80% since mid-December. Palladium is used for everything from automotive exhaust systems and mobile phones to dental fillings. The prices of nickel and copper, which are used in manufacturing and building respectively, have also also been soaring. The aerospace industries of the US, Europe and Britain also depend on supplies of titanium from Russia. Boeing and Airbus have already approached alternative suppliers. However, the market share and product base of leading Russian supplier VSMPO-AVISMA make it impossible to fully diversify away from it, with some of the aerospace manufacturers having signed long-term supply contracts up to 2028. For all these materials, we can expect disruptions and potential shortages, threatening to lead to increased prices for many products and services. 5."
"signed long-term supply contracts up to 2028. For all these materials, we can expect disruptions and potential shortages, threatening to lead to increased prices for many products and services. 5. Microchips Shortages of microchips were a major problem throughout 2021. Some analysts had been predicting that this problem would ease in 2022, but recent developments might dampen such optimism. As part of the sanctions towards Russia, the US has been threatening to cut off Russia's supply of microchips. But this rings hollow when Russia and Ukraine are such key exporters of neon, palladium and platinum, all of which are critical for microchip production. About 90% of neon, which is used for chip lithography, originates from Russia, and 60% of this is purified by one company in Odessa. Alternative sources will require long term investments prior to being able to supply the global market. Chip manufacturers currently hold an excess of two to four weeks' additional inventory, but any prolonged supply disruption caused by military action in Ukraine will severely impact the production of semiconductors and products dependent on them, including cars. (Sarah Schiffling is Senior Lecturer in Supply Chain Management, Liverpool John Moores University; and Nikolaos Valantasis Kanellos is Lecturer in Logistics, Technological University Dublin) (This article is syndicated by PTI from The Conversation) Also Read:"
"Russian crude oil imports to India fall 4% in November India's of Russian fell 4% sequentially in November to 1.49 million barrels a day amid a broader decline in crude imports by New Delhi, according to energy cargo tracker . Imports of is expected to fall further in December. Despite the drop in November shipments, Russia remained the top supplier with a 33% share in India's total crude imports last month, falling from 34% in October and 39% in September. Iraq (23%) and Saudi Arabia (15%) were the second- and the third-largest suppliers. Iraq and the (7%) gained in crude exports to India while Saudi Arabia, the US (3%) and Africa (5.5%) lost some share in November over the previous month. ""There has been an increase in Russian crude being discharged into Turkey (up nearly 130,000 barrels per day (bpd) in November, presenting competition for Indian refiners. Russian crude has likely remained attractively priced to Indian refiners, so it is just a matter of availability,"" said Serena , an analyst at Vortexa. Russian crude arrivals into Turkey in November was one of the highest historically, and there could be limited upsides for Turkey to take more Russian crude, she added. ""Russian crude exports in November are down over 15% month-on-month, which would likely see lower arrivals into India in December,"" Huang said. Ships take about a month after loading at Russian ports to reach India. On Thursday, Russia said it would deepen its voluntary oil supply cut to 500,000 barrels per day from the previously pledged 300,000 bpd, which could further constrain Russian exports. This is part of the additional voluntary supply curbs various members of the producer club OPEC+ have announced. Poor weather conditions in the Black Sea have also contributed to lower Russian crude exports in November. The G7 price cap of $60 per barrel hasn't been a deterrent for Russian oil trade. For months, ships have been able to deliver Russian oil purchased above the cap although the US has acted against some ships recently. ""The US sanctions on the three shipping companies and their three vessels are likely to have limited impact on India's from Russia,"" Huang said. ""Unless there is strict policing and large-scale clamp down on violators of the price cap, I doubt that the recent US sanctioning will be much of a deterrence."" The G7 sanctions bar the use of Western shipping, finance, and insurance for Russian oil sold above the cap. India's overall crude imports fell 1% sequentially in November to 4.51 million barrels a day."
"Imported long-range Tesla Model Y spotted in India Bengaluru: While has announced not to bring Tesla cars to India unless his demands are met, the rich and the famous are not deterred from importing a Tesla vehicle to the country. A privately imported long-range model of Tesla Model Y on the street of Bengaluru has now surfaced online. In the posts shared on social media by carcrazy.india, the car is shown at a wash shop, where the tailgate and the left side door of the car are shown open. Model Y is a crossover version of Model 3 and is slightly more expensive than that of Model 3, which is the entry-level Tesla vehicle and was supposed to enter India last year. The dual motor long-range Model Y starts at a base price of $62,990 and can reach $83,990 with all the available features. According to Tesla, long-range Model Y is able to carry 7 passengers and their cargo. Each second row seat folds flat independently, creating flexible storage for skis, furniture, luggage and more. The liftgate opens to a low trunk floor that makes loading and unloading easy and quick. The long-range variant offers a driving range of 524 kms and has a top speed of 217 kmph. It can do a 0-100 kmph sprint in just 4.8 seconds. Musk last month said that Tesla will not manufacture cars in India unless it is allowed to sell and provide service to its electric vehicles. ""Tesla will not put a manufacturing plant in any location where we are not allowed first to sell & service cars,"" Musk tweeted. The team Musk hired in India last year has now been diverted to focus on the Middle-East and the larger Asia-Pacific markets. Currently, India levies 100 per cent tax on the imported cars of price more than $40,000 (Rs 30 lakhs), inclusive of insurance and shipping expenses, and cars less than $40,000 are subject to 60 per cent import tax. Musk has said that he wants to launch cars in India but the country's import duties on EVs are ""highest in the world by far""."
"Hyundai, Kia must face insurers' lawsuits over vehicle thefts A U.S. judge rejected bids by and to dismiss litigation by several hundred insurers seeking to recoup more than USD 1 billion they claim to owe drivers whose vehicles were stolen or damaged in a social media-inspired theft spree. In a decision on Wednesday, U.S. District Judge in Santa Ana, California, rejected arguments that it was unfair to let insurers recover because they had collected premiums and assumed theft risks, and did not specifically identify which drivers were victims. Selna also found sufficient arguments that the lack of on 14.3 million Hyundais and Kias made from 2011 to 2022 made thefts foreseeable, despite the South Korean automakers' assurances that their cars were safe. The complaint, he said, supports the idea that thefts were a ""predictable consequence"" of Hyundai's and Kia's actions. ""Though (the insurers) have received premiums, defendants allegedly failed to include any anti-theft device as required under federal regulations,"" Selna wrote. ""Thus, the level of fault is almost entirely on the defendants."" Hyundai said on Thursday it was disappointed with the decision and looked forward to an eventual dismissal. It also said its dealers have installed anti-theft software on more than 1 million vehicles. Kia said it remained confident that the plaintiffs' legal claims had no merit, and said its vehicles complied with federal safety and theft-protection standards. Both companies also said they are working with law enforcement on matters related to the thefts. Lawyers for the insurers did not respond to requests for comment. Hyundai and Kia generated much criticism and a slew of litigation over their failure to install anti-theft devices known as immobilizers on most of their vehicles. Thefts began to increase in 2021, exacerbated by TikTok videos showing how to steal cars that lack push-button ignitions and immobilizers in a matter of seconds. On Oct. 31, Selna granted preliminary approval to a class action settlement with Hyundai and Kia covering more than 9 million vehicles. That settlement has been valued at $200 million, with up to $145 million of the payments going to drivers. Selna also oversees litigation by municipalities seeking to recoup public safety and other costs tied to vehicle thefts. The case is In re Kia Hyundai Marketing, Sales, Practices, and Products Liability Litigation, U.S. District Court, Central District of California, No. 22-ml-03052."
"More of young India aspires for luxury cars, reports Spinny Max New Delhi: The substantial increase in disposable income is inspiring the younger generation to explore the in a big way. In its analysis of the discernible trends in 2022, , the used luxury car segment of Spinny, attribute the rising aspirations of the young customers for luxury cars to the frequent launches of new products, increased options and transparency for the buyers, easier availability of finance, insurance, servicing, warranty options, and better awareness. Spinny Max provides pan-India delivery home service across 250 cities and has physical hubs in Delhi NCR, Bangalore & Mumbai. According to the year-end report 2022 by Spinny Max, BMW, Audi, and Mercedes-Benz were the most preferred brands of the consumers. Audi Q3, Mercedes-Benz C-Class, and BMW 3 series were the hot favourites. JLR and Volvo also were in demand. White, grey, and black, specifically in that order, were the favourite colours of the Spinny Max buyers. Gurugram, Delhi, Bengaluru, and Mumbai had the maximum number of buyers for luxury car brands, the report said. Niraj Singh, founder and CEO of Spinny, said,“ Used luxury cars saw a massive uptick in 2022. The market emerged as great value for money as it allows accessible luxury. In addition, used in the tend to have a lower average age compared to non luxury brands, making them an attractive option. Each car is thoroughly vetted and test drives and ownership, with an option of extended warranty are designed with highest levels of quality and support keeping customer delight and simplicity at the forefront.” “We realized that with the rise in disposable incomes, professionals in the age group of 30-40 are increasingly aspiring to own luxury cars. As a result, there is a surge in demand for used luxury cars in metros as well as tier-1 cities. Interestingly, even tier 2 and 3 cities are now experiencing substantial traction in this segment, thanks to organized retail platforms that offer premium experience and services.”, he added. Approx 5000 people with a C-Sat score of 93% & 70% were first-time luxury buyers, the report said. Besides its core markets, Spinny Max shipped more than 50 cars across India to such places as Nanded (Maharashtra), Patna, Nasik, Shimla, Kozhikode. The report said that to ensure the optimum quality of products, Spinny MAX sources its stocks largely from individuals. Also Read:"
"CESL places rate contract for five-year lease of 1,000 E-cars nationwide : Convergence Energy Services Limited ( ), a wholly-owned subsidiary of (EESL) under the , has placed a rate contract for the 5-year lease of 1,000 electric cars (E-cars) on a basis. The deployment, which is part of the first phase under CESL's 'EV as a Service' model, aims to include fleet management services that cover maintenance, insurance, and optional driver provisions. CESL's Managing Director and CEO, , said, ""EV as a Service has followed a unique procurement model that enables CESL to deploy E-Cars of any make/model available in India, which are eligible as per Make in India guidelines."" He emphasized the compliance with statutory rules to ensure seamless lease and rental of these vehicles. The initiative is poised to promote wider acceptance of electric vehicles in the lease and rental market, contributing to the country's clean and green mobility goals."
"Energy sector leaders map growth path for renewables New Delhi: ETEnergyworld successfully concluded its mega initiative, the 2023, on Friday with the leaders of the global and the domestic energy sector mapping the growth path for the larger industry. The annual event is a major platform for the energy sector professionals - including both policy makers and CEOs - to discuss and debate upon some of the most crucial aspects of the solar industry. This year's version was executed by ETEnergyworld in partnership with Sunsure, Climate Trends, Hero Future Energies, Jinko Solar, Vibrant Energy, , Sterling and Wilson, O2 Power, Jakson Green, , Trina Solar, Gautam Solar, and NSEFI. Lok Sabha MP Jagdambika Pal, who is also the Chairperson for the Parliamentary Standing Committee on Energy, graced the occasion as Guest of Honour and said Ultra Mega Solar parks of 40 GW capacity will be set up by March 2024, and Prime Minister has set a clear roadmap for renewable energy adoption. Speaking at the inaugural session of the event, Nina Fenton, South Asia Head of European Investment Bank, said the EU-owned bank wants India to play a more important role in the global supply chain. She said EIB is keen to work with the Indian private sector for undertaking corporate finance as it is committed to finance at least USD 1 billion for India's Green Hydrogen Mission. Fenton said India has played a key role globally for solar power generation. , MD, Solar Energy Corporation of India (SECI) delivered the keynote address at the event and said the company has established itself as the biggest renewable energy trader in the country and it will soon launch battery storage and green hydrogen aggregation. , Director General, The Energy and Resources Institute said that it is important for India to become a hub for solar energy manufacturing. ""Rural India can only grow if there is abundant energy. Renewable energy powered cold chambers are needed in rural areas for storing perishable items,"" she said. The partner address at the event was delivered by , Founder, Chairman & CEO, Sunsure Energy, who said that energy access to people is an important aspect of development and building digital infrastructure, and financial inclusion are important aspects of a country's development. Speaking at the first panel discussion on ""Scaling up Solar Energy - Leveraging Policy, Capital Transition, and Business Innovation for AChieving 2030 targets"", Ajay Mathur, Director General of the International Solar Alliance said India is among the best in operating large solar farms and the need of the hour is to reduce the risks associated with them. On the issue of pooling wind, solar energy, Sushanta K Chatterjee, Chief (Regulatory Affairs), Central Electricity Regulatory Commission said it is a positive step. ""Transmission cost is 4-5 times higher if capacity utilisation is 19-20 per cent,"" Chatterjee said. Participating in the discussion, SunSure's Shashank Sharma said rooftop solar remains an"
"step. ""Transmission cost is 4-5 times higher if capacity utilisation is 19-20 per cent,"" Chatterjee said. Participating in the discussion, SunSure's Shashank Sharma said rooftop solar remains an important segment of renewable energy generation but standardization of policy framework is needed. According to , CEO & MD, Vibrant Energy, who was also a part of the discussion, India has a strong transmission network but yet to tap the huge opportunity it presents, and the government is serious about the electricity sector being market based. Srivatsan Iyer, Global CEO, Hero Future Energies said recent developments like the launch of battery storage tenders in India is a very positive development and his company is very bullish on the renewable energy sector given the large size of the market. The event hosted an exclusive panel discussion on ""Steps to Catapult India into Leadership Position in Solar Manufacturing"". Manish Narula, Executive VP, South Asia, Jinko Solar, who was among the participants, said exports from India should be incentivised under the solar module PLI scheme. “India needs to look decades ahead for it to be able to lead in the development of new technologies and investment should be undertaken in R&D for developing technology,"" he said. Speaking at another special Panel Discussion on Green Hydrogen, Vish Iyer, Global Chief Commercial Officer of Jakson Green, said the Indian industry should look at the US and European way of executing green hydrogen projects. In another panel discussion on Utility Scale Solar projects, Parag Sharma, Founder & CEO, O2 Power said all the incremental demand for energy has to be met from renewable sources, and the country's solution of mixing solar and wind energy for supply is an innovative move. Rahul Morde, General Manager - Business Development, LONGi India, who was speaking at the same session, said the Indian market has huge potential but independent power producers need to have policy support, even as technological evolution is set to lower cost and enhance longevity of solar power plants. The event concluded with a panel discussion on the role of policy measures and financial institutions towards India's Energy Transition Goals, where Praveen Gupta, Former MD & CEO, Raheja QBE General Insurance Co, said LIC needs to focus on renewable energy projects and that the involvement of women is important for addressing challenges associated with energy. Debal Mitra, Senior Program Manager, Climate Policy Initiative said India is able to generate financial savings and needs to make this capital available to the clean energy sector. “Insurance is one of the risk mitigation measures in the Indian energy sector but needs the right policy framework,” added Mitra. He said that off-grid solar has capital requirements and there is a need for blended finance in the renewable energy sector."
"Tesla officially enters Turkish market San Francisco: Elon Musk-owned company Tesla has officially entered Turkish market. According to GizmoChina, Emir Tuncyurek, a former consultant of and co-founder of E-Garaj, will be managing Tesla Turkey's operations. In 2021, nearly 4,000 electric cars were sold in total in Turkey. The EV maker is also currently working on developing a Supercharger network in the country. Tesla's website lists that it is coming up with Superchargers in Ankara, Antalya, Aydin, Bursa, Edirne, Istanbul and Konya, to name a few regions of the country. Recently, Musk informed that the EV-maker is facing a ""lot of challenges"" for its car launch in India. ""Still working through a lot of challenges with the government,"" Musk tweeted. Musk was replying to a Twitter user, who asked: ""Yo @elonmusk any further update as to when Tesla's will launch in India? They're pretty awesome and deserve to be in every corner of the world!"" Tesla wants to begin selling imported cars in India this year but says taxes in the country are among the highest in the world. Currently, India levies 100 % tax on the imported cars of price more than $40,000 (INR 30 lakh) inclusive of insurance and shipping expenses, and cars less than $40,000 are subject to 60 per cent import tax. Also Read:"
"ASDC upskills 300 two, three-wheeler mechanics as EV service techies New Delhi : In a bid to provide an upgraded workforce to the electric vehicle (EV) industry, ( ) has undertaken a new initiative in collaboration with Private Limited. The project was to upskill two and three-wheeler mechanics as EV service technicians to provide a skilled workforce to the EV industry. The pilot project, which began on December 1, 2022, has now successfully concluded. The program implemented a (RPL) approach, conducting a10-day training in Agra and , Uttar Pradesh. The training focused on enhancing the skills, understanding of new technology, and repair techniques of 300 two and three-wheeler mechanics in the EV industry. , CEO, ASDC, emphasized the immense potential of India's youth and the importance of tapping into their talents through skill training programs. As the world's largest motorcycle market, India faces a significant shortage of skilled manpower in the motorcycle industry. By providing training opportunities, the country can bridge this skills gap and meet the industry's demands. “Upon completion of the training, participants were awarded an NSQF certificate, wage-based incentives, a tool kit, and one year of accident insurance coverage. These certifications, tool kits, and incentives provide participants with opportunities to secure employment in the industry or pursue entrepreneurship with the help of bank loans,” he added. “ , MD and CEO, Livguard Batteries, said, ”The primary objective of the training program was to protect and enhance the livelihoods of 300 mechanics, enabling them to work in the growing EV market. Additionally, participants also benefited from soft skills and communication training alongside EV training based on ASDC standards. By equipping service technicians with the necessary skills and expertise, this initiative contributes to the growth and advancement of the EV industry in India while also improving the livelihoods of mechanics in the sector.”"
"Volvo Car India appoints Jyotsana Singh Kaushik as Director - Marketing and PR New Delhi: Volvo Car India has appointed as Director - . With two decades of experience in the fields of brand management, performance marketing, PR and communication, product strategy, and customer experience (CX), Jyotsana brings a wealth of expertise to her new role, the company said in a press release. She has previously held Marketing roles in GE Money, Tetra Pak, Aviva, Roca and Canara HSBC Life Insurance. Jyotsana is a Post-Graduate in Marketing & Communications, known for her innovative and strategic approach to marketing and public relations. She has successfully navigated the intricacies of both B2C and B2B environments and will now be a valuable addition to the Volvo Car India team. In her new role as Director - Marketing and PR at Volvo Car India, Jyotsana will play a pivotal role in strengthening the brand's presence in the Indian market, crafting innovative marketing strategies, enhancing public relations initiatives, and driving customer engagement through creative campaigns, the company said. Jyoti Malhotra, Managing Director, Volvo Car India, said, “We are thrilled to welcome Jyotsana Singh Kaushik to Volvo Car India. Her extensive experience and remarkable track record in marketing and public relations will be invaluable to our team as we continue to strengthen our brand presence in the Indian market. We look forward to the innovative strategies and fresh perspectives she will bring to our organization."" Jyotsana Singh Kaushik said, “I am truly delighted to join the Volvo Car India family. Volvo is synonymous with innovation, safety, and sustainability, and I am excited to be a part of a brand that embodies these values. I look forward to working with the talented team at Volvo Car India and contributing to the continued success and growth of this renowned brand in the Indian market. Together, we will create new milestones and deliver exceptional experiences to our customers.” Swedish luxury car Company Volvo established its presence in India in 2007. The company currently markets products through 24 dealerships in Ahmedabad, Bengaluru, Chandigarh, Chennai, Coimbatore, Delhi NCR – South Delhi, West Delhi, Gurgaon, Hyderabad, Indore, Raipur, Jaipur, Kochi, Kozhikode, Kolkata, Lucknow, Ludhiana, West Mumbai, South Mumbai, Pune, Raipur, Rajkot, Surat, Visakhapatnam and Vijayawada."
"Chennai: myTVS launches Super App ‘Life360’ CHENNAI: , ’s leading independent integrated multi-brand car service provider, on Wednesday announced the launch of a connected car platform ‘ app’ - ‘myTVS Life360’ for all the post-warranty passenger cars. This is the first time an aftermarket player is offering a ‘Super app’ to passenger car customers in India and it will provide an entire range of services for cars and SUVs of four metre and above. The Super app will provide vehicle service, emergency assistance, parts, insurance, payment platform and accessories among others and it will go live from July 15 this year. Connected to a personalized device provided by myTVS, it enables safe and personalized experiences to car owners and includes driving behaviour, geo-fencing, engine performance and safety alarm, besides a personalized travel map to give access to , fuel stations as well as nearest police stations and hospitals, a company release said. “It is a first of its kind pan-India product that connects the customers with the aftermarket ecosystem across 1,000 plus in real-time for all their car care, emergency and repair needs. It is also for the first time that car service has become a lifestyle product that integrates telematics of the car with a host of travel needs like post and pre travel check-ups for long and weekend travel,” said G Srinivasa Raghavan, managing director, Ki Mobility Solutions, which offers a gamut of services through myTVS. Going forward, customers of the Super app can avail multiple other solutions including used car sales and leasing options, besides travel insurance among others. Customers could opt for this subscription-based service model priced at Rs 4,999 for a three-year period. “We hope to acquire about 50,000 connect customers by March, 2023,” said Raghavan. Ki Mobility had achieved a turnover of around Rs 1,200 crore last fiscal and the company has been doubling its turnover every two years."
"Ashok Leyland distributor Deluxe Trucks & Buses inks pact with Kenya Commercial Bank for vehicle financing New Delhi: ’s authorized distributors, Deluxe Trucks, and Buses in on Wednesday signed a partnership with to jointly promote the Ashok Leyland Brand of Vehicles. Kenya Commercial Bank (KCB) is the largest financial institution in the region offering an array of services. With this partnership, Ashok Leyland customers will now be able to access flexible financing options in a deal from Kenya Commercial Bank. The partnership will see customers enjoy up to 95% financing with an extended repayment period of 72 months as well as a comfortable 60-day payment holiday. In addition, customers will have the privilege to access an embedded tracking and insurance package and access to unsecured working capital of up to KES 3 million among other bank products available at the bank. Also catered for are KCB SAHL Banking customers who under the Shariah-compliant banking model, will be able to purchase trucks from at affordable rates. Amandeep Singh, Head of International Operations, Ashok Leyland said, “Ashok Leyland Trucks and Buses has a wide future-ready portfolio in commercial vehicle categories ranging from 2.55 Ton GVW to 55 Ton GVW and buses suited for all applications. The Ashok Leyland range of vehicles offers the best-in-class mileage in all these categories. This partnership with KCB will enable customers to avail financing options to purchase at industry best terms and conditions.” Speaking during the event, KCB Bank Director of Corporate Banking, Esther Waititu added, “We are delighted to partner with Deluxe Trucks & Buses, for financing Ashok Leyland products. It is a reflection of our commitment to supporting key customers to derive value from their long-standing loyalty.” On his part, Ameet Shroff, Managing Director, Deluxe Trucks & Buses E.A. said, “The partnership targets individuals, Small Medium Size companies, and large commercial businesses for flexible financing of up to 95% of the vehicle cost. Delivering uptime to customers is our key objective and we will ensure that our customers are continuously served with complete satisfaction.” , which is wholly owned by Simba Corp, was appointed the sole authorized distributor of the full range of Ashok Leyland brand of trucks and buses. The vehicles are locally assembled at Associated Vehicle Assemblers (AVA) which is also owned by Simba Corp. The firm recently opened a modern sale, and service equipment center at Xylon Complex, located along ICD Road, Off Mombasa Road, Nairobi, in a move that will ensure that customers get access to specialized services post-purchase, given the rising demand for vehicles used by SMEs and MSMEs, it said. Deluxe Trucks and Buses current network includes dealerships in Nairobi, Nakuru, Mombasa and Thika, and plans to appoint dealers in other major towns countrywide. Also Read:"
"Oil traders to cut Russian oil purchases from May 15 - sources By Julia Payne LONDON: Major global trading houses are planning to reduce crude and fuel purchases from Russia's state-controlled oil companies as early as May 15, sources said, to avoid falling foul of . The EU has not imposed a ban on imports of in response to , because some countries such as Germany are heavily dependent on Russian oil and do not have the infrastructure in place to swap to alternatives. Trading companies are, however, winding down purchases from Russian energy group Rosneft as they seek to comply with language in existing EU sanctions that were intended to limit Russia's access to the international financial system, the sources said. The wording of EU sanctions exempts oil purchases from Rosneft or Gazpromneft, which are listed in the legislation, deemed as ""strictly necessary"" to ensure Europe's energy security. Traders are wrestling with what ""strictly necessary"" means, the sources said. It may cover an oil refinery receiving Russian oil through a captive pipeline, but it may not cover the buying and selling of Russian oil by intermediaries. They are cutting purchases to ensure they comply by May 15, when EU restrictions take effect. The inclusion of Russia's state infrastructure firm Transneft that owns the key ports and pipelines will add a further layer of complexity for any future sales. Trafigura, a major Russian oil buyer, told Reuters it ""will comply in full with all applicable sanctions. We anticipate our traded volumes will be further reduced from 15 May."" Vitol, another big buyer, declined to comment on the May 15 deadline. Vitol has previously said traded volumes of Russian oil ""will diminish significantly in the second quarter as current term contractual obligations decline,"" and it will cease trading Russian oil by the end of 2022. The war and sanctions on Russia have already led many western buyers of Russian crude such as Shell to stop new spot purchases. Refiners in Europe are becoming increasingly reluctant to process Russian crude. That has already disrupted Russian exports, although purchases by India and Turkey have made up for some of the slack. Sales to China also continue unabated. Rosneft and Gazpromneft volumes accounted for 29 million barrels, or nearly 1 million barrels per day (bpd) in April, which is over 40% of overall Urals crude oil exports from Russia's western ports in April, according to the loading plan. The International Energy Agency said on Wednesday Russian oil supply could be down 3 million bpd from May. Rosneft declined to comment. Gazpromneft did not immediately respond to Reuters' requests for comment. Other Russian oil buyers, Gunvor and Glencore, declined to comment on the impact of the deadline. Energy trading firms face compliance and reputational risks from the current raft of Western sanctions. They have to examine closely which entities they can pay as well as their employees' nationalities. Also, the lack of an"
"compliance and reputational risks from the current raft of Western sanctions. They have to examine closely which entities they can pay as well as their employees' nationalities. Also, the lack of an outright ban complicates ending existing contracts. ""All companies are sitting down with their lawyers to figure out what they can and cannot do,"" a senior trading source said. ""It's unclear what this means for the whole supply chain, for shippers, insurers,"" adding that his firm was looking at implications for non-state owned oil sales. ""Lawyers are having a feast on this. Where there is uncertainty, companies will step back. Russian oil flows will be greatly reduced going forward."" Also Read:"
"Europe rushes to stock up on diesel ahead of Russian ban is set to ban imports of products on February 5 in a move that is already causing massive shifts in global trading. Buyers are rushing to fill European storage tanks with Russian diesel, with flows this month on track to hit a one-year high. The banned seaborne Russian crude imports from December 5 and will ban Russian oil products from Februaray 5, in a move aimed at depriving Moscow of revenue. The Group of Seven nations (G7), Australia and the 27 European Union countries also implemented on December 5 a price cap on Russian crude. This allowed non-EU countries to continue importing seaborne Russian crude oil, but it will prohibit shipping, insurance and re-insurance companies from handling cargoes of Russian crude around the globe, unless it is sold for less than $60. Russian Urals crude prices fell in December. Russian crude was sold to countries such as India well below the $60 per barrel price cap, according to trading sources, despite Russia saying it would not abide by the cap even if it has to cut production. Vessels carrying Russian crude loaded before December 5 and unloaded at their destination before Jan. 19 will not be subject to the price cap, according to the U.S. Treasury Department. The G7 including the United States, Australia and the EU, are designing a similar price cap mechanism for Russia's refined fuels such as diesel, kerosene and fuel oil, from Feb. 5. There will be on products trading at a premium to crude oil as well as those trading at a discount, according to a G7 official. But experts have struggled to see how the price cap will work for refined fuels. Capping oil product prices is more complicated than setting a price limit on crude, because there are many oil products and their price often depends on where they are bought, rather than where they are produced. Since Europe is heavily reliant on Russian diesel imports, the Feb. 5 ban is expected to support profit margins for the fuel, analysts say. WoodMac expects European diesel margins, the profit that a refiner theoretically makes from refining crude into diesel, to average $38 a barrel in the first half of the year, more than double the 2018-22 average based on Reuters calculations. European diesel imports have averaged 700,000 barrels per day (bpd) so far this year, their highest since March 2021, according to oil analytics firm Vortexa, as traders rush to fill tanks ahead of the ban. At the same time, Europe has been raising its diesel imports from Asia and the Middle East, the two regions expected to shoulder most of its exports after the ban comes into place. The longer voyages, however, and higher demand for tankers shipping the fuel into Europe, has meant that freight rates are rising, adding to the cost for consumers. New refinery projects are expected to raise global diesel production, boosting flows to Europe later in the year and helping to ease the crunch, analysts say. New additions include"
"for consumers. New refinery projects are expected to raise global diesel production, boosting flows to Europe later in the year and helping to ease the crunch, analysts say. New additions include expansion of the 400,000 bpd Jizan refinery in , Dangote's 650,000 bpd oil refinery in Nigeria which is expected to come on stream in the first quarter, the new 615,000 bpd al-Zour refinery in Kuwait and a number of sites in . Also Read:"
"Popular Vehicles and Services to float IPO on Mar 12 New Delhi: Ltd, which is engaged in automotive dealerships, is set to launch its Initial Public Offering (IPO) on March 12. The initial share sale will conclude on March 14 and the bidding for anchor investors will open for a day on March 11, according to the Red Herring Prospectus (RHP). The IPO comprises a fresh issuance of equity shares worth INR 250 crore and an Offer For Sale (OFS) of 1.19 crore equity shares by II, LLC. At present, promoters hold a 69.45% stake in Popular Vehicles and Services and owns over 30 % stake in the company. Proceeds of the fresh issue will be used for payment of debt and general corporate purposes. The Kerala-based company is a leading diversified automotive dealership in the country with a presence across the automotive retail value chain, including the sale of new passenger and commercial vehicles, services and repairs, spare parts distribution, sale of pre-owned passenger vehicles, and facilitation of the sale of third-party financial and insurance products. It operates passenger vehicle dealerships of Maruti Suzuki, Honda, and JLR and the commercial vehicle dealership of Tata Motors. ICICI Securities, Nuvama Wealth Management and Centrum Capital are the book-running lead managers for advising the company on the IPO. The equity shares of the company will be listed on the BSE and NSE."
"Tesla gets USD 330 million tax deal for Nevada expansion, truck plant won more than $330 million in tax breaks from Nevada on Thursday for the company's commitment to a massive expansion of its sprawling east of Reno, including construction of a new factory. Approval from the Governor's Office of Economic Development came as Gov. Joe Lombardo cited the benefit of good-paying jobs and a nearly decade-long boost to the local economy around Tesla's huge Gigafactory. ""Tesla has far exceeded every promise they made going back to 2014,"" said Lombardo, a Republican who chairs the board made up of top state elected, education and business officials. The deal is the latest to mark Northern Nevada as a focal point in the U.S. transition to green energy, as Democratic President 's administration seeks to move away from gas-powered vehicles in the larger fight against climate change. Lombardo took office in January and has proposed a two-year state budget of $11 billion. He tweeted a photo of himself Jan. 24 with Tesla CEO at the industrial park east of Reno-Sparks and called the pending agreement ""an incredible investment in our state."" Musk also owns Twitter and the rocket company SpaceX. However, the $330 million figure remained secret until Monday due to a nondisclosure agreement between Tesla and state officials. That drew complaints from some lawmakers in the Democratic-controlled state Legislature about having only three days to review a 20-year tax abatement. ""There is little to no opportunity to explore how this deal may affect housing supply, public schools, public safety, and other vital government services in the region,"" Sen. Dina Neal said in a statement. The Democrat from North Las Vegas is chair of the chamber's Revenue and Economic Development Committee. Neal did not immediately respond Thursday to messages seeking further comment. Lombardo's statement said Tesla has spent $6.2 billion on its existing 5.4 million square foot (501,676-square-meter) Gigafactory, which the governor said provided 17,000 construction jobs and more than 11,000 ""highly paid permanent jobs."" Tesla projects it will make another $3.6 billion capital investment, creating 3,000 new jobs at an average hourly rate of $33.49 with health insurance for 91% of its employees. The company plans to add 4 million square feet (371,612 square meters) of production space at two new factories at the Truckee-Reno Industrial Center, about 20 miles (32 kilometers) east of Reno-Sparks along Interstate 80. One plant will have capacity to produce batteries for 1.5 million light-duty vehicles a year, the company said. The other will have Tesla's first production line for electric combination trucks. Musk has said the goal is a battery range of 500 miles (805 kilometers) when pulling an 82,000-pound (37,000-kilogram) load. Public support for the deal came from the White House and Mitch Landrieu, Biden's infrastructure chief; from University of Nevada, Reno President Brian Sandoval, a"
"(37,000-kilogram) load. Public support for the deal came from the White House and Mitch Landrieu, Biden's infrastructure chief; from University of Nevada, Reno President Brian Sandoval, a Republican who as Nevada governor approved an initial $1.3 billion Tesla abatement deal in 2014; and a preschool at the factory site that said it will expand its hours to accommodate workers. Three elected lawmakers in rural Storey County, where the Tesla factory is located, lauded the economic benefit to the region. But they said the county of just 4,100 permanent residents deserves more tax revenue to support infrastructure and services including police, fire and EMS. Tom Burns, executive director of the Governor's Office of Economic Development, said in a statement that Tesla's Gigafactory has propelled the state manufacturing industry and established lithium-ion batteries as the state's eighth-largest export. A Nevada-based recycling plant for electric vehicle batteries won a $2 billion green energy loan from the Biden administration in February. On Wednesday, a federal appeals court refused to block construction of the largest lithium mine in the U.S., which is set to be dug in Northern Nevada, while the court considers claims by conservationists and tribes that the government illegally approved it in a rush to produce raw materials for electric vehicle batteries."
"RBI proposes to expand scope of TReDS to improve cash flows for MSMEs Delivering the Monetary Policy Committee report on Wednesday, the Reserve Bank of India ( ) Governor said the central bank would expand the scope of the Trade Receivables Discounting System ( ) to improve the cash flows for MSMEs. ""It is now proposed to expand the scope of TReDS by providing insurance facility for invoice financing, permitting all entities and institutions to undertaking factoring business to participate as financiers in TReDS and permitting rediscounting of invoices,"" Das said. Because MSMEs don’t have deep pockets, they often face a cash crunch. A delay in payment for goods or services provided to a client — government or private — can sometimes land a heavy blow on small businesses. The fear of such a situation forces many to stay away from undertaking projects that are lucrative but may have a delayed payment cycle. MSMEs became even more hard-pressed for funds after the Covid pandemic began. Units that were not able to manage the acute resource crunch had to cease operations. The insurance facility proposed by the RBI is likely to encourage discounting of payables of buyers irrespective of their credit ratings. Accordingly, insurance companies will be permitted to participate as a “fourth participant” on TReDS, apart from the sellers, buyers and financiers, according to the report. It also said that the secondary market would allow financiers to offload their existing portfolio to other financiers within the same TReDS platform. All entities that can undertake factoring business under the Factoring Regulation Act would be allowed to participate as financiers in TReDS, said the statement. These decisions are aimed to put more money in the hands of MSMEs involved in executing a project. These would help small businesses get cash more easily to keep its engines running while a client is yet to make payment for the goods or services. Prakash Sankaran, MD & CEO of TReDS platform Invoicemart, says the three steps announced by the RBI governor will bridge the credit gap of a much larger set of MSMEs and help in increased formalisation in the sector. ""TReDS volumes have doubled in the last 2 years and an increase in liquidity on the platforms is critical for it to scale up. With insurance companies being allowed to participate as 'fourth participant' on TReDS, we expect the appetite for a large segment of moderately rated corporates to increase. The secondary market for financiers to sell their TReDS portfolio will free up capital to finance fresh transactions on the platform. With more entities now being allowed to undertake factoring business, we expect an increase in NBFC registrations on TREDs platforms resulting in access of funds to a more broad-based range of MSMEs,” he adds. After TReDS was introduced in 2014, three entities got permission to operate TReDS platforms, and two more have been granted in-principle authorisation. ""These entities process about"
"MSMEs,” he adds. After TReDS was introduced in 2014, three entities got permission to operate TReDS platforms, and two more have been granted in-principle authorisation. ""These entities process about Rs 60,000 crore worth of transactions annually,"" added the MPC report. The objective of the TReDS is to enable financing of invoices/bills of MSMEs, drawn on corporate and other buyers, including PSUs and the government departments, by way of discounting by financiers. The aim behind this was to cut down time taken for sellers to receive payments. Sundeep Mohindru, MD and CEO, M1xchange, says the announcements aim to fulfill the requirement of a lot of SMEs doing business with medium-sized companies but don’t have a good credit rating. So they do not get finances easily and their invoices don’t get a discount. “Now, this insurance will act as a support to guarantee the low-risk profile buyer so that MSMEs can get the discounting done. If there is any payment default by the buyer, the bank can recover his juice through the insurance cover. So this is a big progressive step that will help thousands of MSME and get the invoices discounted,"" he says. The discounting plan will lead to more liquidity flow into the platform. “As a result, the MSMEs’ financing will increase,"" he adds. Also Read:"
"Xiaomi's SU7 bedazzles at India showcasing, may take some time to hit the road Chinese technology company Xiaomi on Tuesday showcased its electric vehicle even as it remained tight-lipped about launching it in India. Alongside, a host of other electronic products including the Star-Redmi 13 5G were launched. The company also launched Redmi Buds 5C, the Xiaomi Robot Vacuum Cleaner X10, the Xiaomi Pocket Power Bank 10000mAh, and the Xiaomi Power Bank 4i 10000mAh. Xiaomi's Chinese peers like and have already ventured into India as they look to tap into the nascent electric vehicle market. The SU7 may rival BYD's Seal, Hyundai's Ioniq 5, and Kia's EV6. Xiaomi's EV display move comes at a time when US electric carmaker is still to make any firm commitment on its India entry. ""The SU7 was brought to India solely for showcase purposes. It is not for sale in the Indian market,"" a Xiaomi official said at the event. The SU7, a sports sedan, is Xiaomi's first electric car. The car created a buzz at the international level and witnessed a flying start in China. The model SU7 is a pet project of Xiaomi CEO Lei Jun and carries a price under USD 30,000 (around INR 25 lakh) for the base model, which is nearly USD 4,000 (INR 3.3 lakh) cheaper than the base model of Tesla's Model 3 in China. The SU7 closely resembles the Porsche Taycan electric car but costs less than one-fifth of the Taycan's price, which ranges from USD 140,000 to USD 275,000 in China. The Xiaomi SU7 is 4,997mm long, 1,963 mm wide, and 1,455 mm tall, with a wheelbase of 3,000 mm. As an electric vehicle, it features a 105-liter front trunk (""Frunk"") and a 517-liter traditional boot storage. The SU7 comes in two versions - one with a driving range of up to 668 km with a single charge and another with a range of up to 800 km. The top-tier Xiaomi SU7 Max Performance variant includes a 101 kWh battery with an estimated range of 800 km (CLTC). This model boasts a dual-motor system producing 663 bhp and 838 Nm, with a top speed of 265 kmh in just 10.67 seconds. Xiaomi SU7 Max lets you get back on the road with an incredible 510 kilometres of range after just 15 minutes of charging. Even the standard Xiaomi SU7 offers a 350-kilometer range boost in the same timeframe. Not an easy road Earlier, ET reported that India may make changes to its new EV policy in order to incentivise automakers that have already made investments in the country. The policy, which aims to accelerate the local manufacturing of high-end electric cars, currently supports only fresh investments. The government is contemplating including investments in facilities that manufacture both internal combustion engines and electric vehicles in its incentive program. This move aims to enhance scalability and ensure significant investments are feasible for automakers Several car manufacturers, including Volkswagen-Skoda, Hyundai-Kia, and VinFast, have shown interest in the new policy, known as the (SMEC). Under the SMEC, the government will"
"for automakers Several car manufacturers, including Volkswagen-Skoda, Hyundai-Kia, and VinFast, have shown interest in the new policy, known as the (SMEC). Under the SMEC, the government will permit imports of fully assembled electric vehicles (EVs) with a minimum cost, insurance, and freight value of USD 35,000 at a 15% import duty rate for up to five years, provided that companies invest a minimum of USD 500 million in establishing new manufacturing facilities. Currently, Xiaomi’s biggest consumer product business in India is focused on smartphones. However, the company has launched many new products that will be sold in different categories. Consumer electronics still a focus The company has also launched 5G Star-Redmi 13 5G, the Redmi Buds 5C, the Xiaomi Robot Vacuum Cleaner X10, the Xiaomi Pocket Power Bank 10000mAh, and the Xiaomi Power Bank 4i 10000mAh. Xiaomi said that it's aiming to ship 70 crore devices across devices over the next decade, having achieved 25 crore sales over its 10-year presence in the India market. Beyond smartphones Xiaomi left a significant mark as it quickly gained a foothold in India's smartphone market after entering the scene in 2014. Within just three years after India entry, it captured a 24% market share, surpassing the long-time leader, Samsung. At one point, half of all smartphones sold online in India were Xiaomi products, according to a report by Ken. According to an IDC report, three major smartphone brands—Vivo, Xiaomi, and Samsung—dominated the Indian market by focusing on mass-budget smartphones. These three companies collectively held a 53% share in this segment. Conversely, shipments of entry-level smartphones saw a decline. Xiaomi was particularly successful in the under USD 100 category, followed by Poco and Itel. The company also packaged itself in 'Make in India' wraps after the escalation of the India-China border row. Beijing has regularly raised objections to India's increased scrutiny of Chinese businesses since 2020. This year, Chinese smartphone giant Xiaomi communicated to India's government that ""confidence building"" measures were necessary. The company noted that component suppliers were hesitant to set up operations in India due to compliance and visa issues."
"Russia's oil export ban may bolster India crude imports 's decision to ban oil exports to potential Western buyers supporting a price will likely boost Indian imports of Russian crude, industry executives told ET. The , which insists on a strict price cap on supplies from Moscow, has already imposed a ban on the bulk of n crude exports. Some residual volumes still being imported into via pipelines could now be affected by the latest move. This could leave Russia with surplus crude oil volumes, something Moscow may want and China to absorb. However, since China is struggling with Covid infections, it may not have the demand for incremental Russian supplies, an Indian refinery executive said. ""This would leave India with an opportunity to import more from Russia,"" said this executive, who didn't want to be named. This would also give India a greater bargaining power with prices, said the executive. The US and its allies have barred their shippers, financiers, and insurers from backing any trade in at prices exceeding $60 per barrel. Some Russian grades trading below price cap This has prompted Russia to ban the sale of its oil from February 1 to ""foreign companies and individuals if the contracts on these sales include the use of this mechanism, directly or indirectly"". The ban ""applies to all stages of sales up to and including the final buyer,"" the Russian government said in a statement. To be sure, the prices of certain crude-oil grades might not breach the price ceiling. ""It's clear that the oil purchase contracts can't have any reference to the price cap,"" said another industry executive, unwilling to be named. ""But that doesn't mean the contract prices will necessarily be above the price cap since some Russian grades are already trading below the cap."" Russia's flagship crude Urals is currently trading around $54 per barrel, lower than the cap of $60, and at a deep discount to the international benchmark Brent, which is around $82. ESPO and , Russia's other crude grades, are selling for $71 and $76 per barrel, respectively. ""It's unclear how Russia will implement its plan going up to the final buyer,"" said the second executive cited above. Russia relies heavily on traders to sell its crude and it will be hard to track every cargo, especially at a time when shipments are changing destinations and customers midway. Russia has also amassed a large number of ships to deal with any shortage that might arise due to the price cap. Executives believe the Russian fleet will be helpful in transporting such grades of oil that are trading above the price cap. For the flagship Urals crude, which is trading below the cap, services from the West will anyway be available. In November, Urals comprised about 80% of India's Russian crude-oil imports. Also Read:"
"Aureus Investment to sell 3.2% stake in Sona BLW via block deal on Wednesday: Report Promoter Pvt Ltd plans to sell 3.25% stake in through a block deal on Wednesday, according to reports. Aureus Investment is offering up to 19 million shares, with the base size being 12 million shares. The floor price for the sale is INR 500 a share, a discount of 7% to Tuesday’s closing price of INR 535.50. Aureus Investment aims to raise INR 950 crore (USD 115 million) from the sale of stake. As of March end, Aureus Investment held a 33% stake in the . is the sole broker for the block deal. In March, private equity major sold the balance 20.5% stake in . Before the sale, Aureus Investment and Blackstone held 33.0% and 20.5% stake, respectively, in Sona Comstar as the 's co-promoters. The sale by Blackstone saw strong demand from foreign institutional investors, sovereign wealth funds, domestic mutual funds and insurance companies. Marquee investors like the Government of Singapore, Fidelity, FMR, ICICI Prudential Life Insurance and MF bought shares from Blackstone in the block deal. In 1 month, shares of Sona BLW have given over 11% returns, and 19% returns in a quarter. For FY23, the company reported 26% growth in revenue to INR 2,676 crore. Net profit rose 28% to INR 395 crore. Sona BLW stock has an average target of INR 574.33, which represents an upside potential of nearly 8% from the current levels. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)"
"Assam transport dept to enable Aadhar-based contactless services through CSC network now of Assam inked an with under for facilitating the people at panchayat level to avail Aadhar-based contactless services at 13,568 CSCs. Assam Chief Minister Himanta Biswa Sarma launched 10 Aadhar-based contactless services of the Transport Department at . The Transport Department had launched and successfully implemented three online Aadhar-based services last year, applying learner’s driving license from home, renewal of driving license and issue of duplicate driving license. The 10 services launched by the department on Saturday are 6 Nos of Vahan Software-based services relating to vehicles which are Transfer of Ownership related (of vehicle on sale or death of the owner), hypothecation Cancellation, Hypothecation Endorsement, No Objection Certificate (NOC for inter-district & inter-state transfer of vehicle from one DTO office to another), Change of Address (of vehicle owners after taking NOC from one DTO office to another), Duplicate Registration Certificate (in case of Loss, torn, mutilated etc.) Four Sarathi-software based services relating to Driving License International Driving Permit (to authorize one Indian Driving License holder to drive in another country), Replacement of Driving License (in case of torn or mutilated Driving License), Surrender of Class of Vehicle & Driving Licence Extract (in case required by any agencies like the insurance investigators). All these 10 services are expected to reduce footfalls at DTO offices by about 4 lakh people annually. A total of 4,52,000 people have been able to obtain learner’s license through online mode till now after launch of the service. Asserting that the Government of Assam is setting new benchmarks in efficient and hassle free public service delivery, the Chief Minister said that all efforts are being made to minimise compliance burden for common people in obtaining government services in pursuance of Prime Minister Narendra Modi’s vision. These online services are a step in that direction, he said. The Chief opined that DTOs should have less burden so that they can focus solely on enforcement of rules and regulations. By gradually phasing out offline application and service delivery in Transport Department DTOs would be made free to work in enforcement, he added. Sarma said that it is one of the top performing Departments of the State Government in the last nine months and similar growth is expected from the Department in the future as well. In addition to the ten services, the Chief Minister also launched a night navigation facility for Guwahati based ferry services and e-ticketing system for Dhubri and Silchar ferry services at today’s programme. An MoU was also signed today between Common Service Centres (CSCs) under Ministry of Information Technology and Transport Dept for facilitating the people at panchayat level to avail the above mentioned online services. 13,568 CSCs in Assam will enable"
"(CSCs) under Ministry of Information Technology and Transport Dept for facilitating the people at panchayat level to avail the above mentioned online services. 13,568 CSCs in Assam will enable people to obtain online services of the department. Also Read:"
"Savings, green concerns main reasons to opt for EVs: Survey NEW DELHI: Reduction in running cost and environmental concerns are the two main triggers for people to choose electric vehicles (EVs), a survey conducted across 10 cities has found. While nearly 56% of the respondents who intend to buy EVs said “desire to do good for environment” is the main reason, nearly 63% of the EV owners cited the same reason for buying vehicles that run on clean fuel. The study conducted by general insurance provider Acko, which covered both existing EV owners and those intending to buy them, found that the current infrastructure is not fully equipped for EVs, but 89% of them also felt will be ready for required infrastructure for EVs by 2030. Nearly 66% of the respondents felt EVs will surpass petrol and diesel vehicles by 2030. “There is a clear shift from practicality among EV intenders to being seen as consumers who care about the environment and are making an effort to reduce their own carbon footprints,” the report said. According to the survey, which covered respondents from cities including , , , Bengaluru and , shared concerns over the safety, charging infrastructure and performance of these vehicles. It has also highlighted that time taken for a full charge of the battery and availability of fast charging options are major barriers for people to go for EVs. The report found that nearly 42% of those who intend to buy electric cars had apprehensions of charging provisions at houses or buildings. Nearly 40% of such respondents were worried about the safety of electric cars due to incidents of fire. About 37% of respondents who want to go for EV two-wheelers were worried about the same. One in every three EVs owners felt that these cars are not as safe as conventional cars, an issue that needs immediate attention of vehicle manufacturers. Interestingly, the survey has also revealed how both EV owners and the potential buyers want EV specific insurance products and nearly 70% respondents said they would pay a premium for this. Also Read:"
"China's Xpeng to acquire Didi's smart EV unit in deal worth up to USD 744 mln Chinese electric car company said it will acquire ride-hailing giant 's smart electric vehicle (EV) unit in a deal worth as much as USD 744 million and the two companies will form a strategic partnership. Xpeng's shares surged around 13% in Monday trade. As part of the deal, Xpeng will launch an A-class model next year under a new brand, currently called MONA, aiming to expand in the mass-market segment with the car to be priced in the USD 20,000 price tier. ""Project 'MONA' will accelerate the Company's production and sales growth and help achieve greater economies of scale,"" Xpeng said in a statement. The deal comes amid slowing demand and excess manufacturing capacity in China's EV industry that has made it hard for relative newcomers such as Didi to enter the market. Smartphone maker Xiaomi only recently won a regulatory nod to manufacture EVs - two years after first announcing such plans, sources have said. Didi said it will support the launch by ""providing access to its mobility market"" and the two companies will explore strategic cooperation in a number of areas, including marketing, financial and insurance services. Other possible areas of cooperation include charging, robotaxis and jointly developing an international market. Didi has been working with Chinese carmakers to develop robotaxis which it aims to put in service by 2025. Didi will acquire around 3.25% of Xpeng shares under the deal, which could increase depending on whether production and sales targets are fulfilled. The likely maximum deal value of USD 744 million includes potential milestone payments."
"FPI holdings in domestic equities down 6% at USD 612 bn in March quarter: Report New Delhi: The value of ' (FPI) holdings in domestic equities reached USD 612 billion in the March quarter, down 6 per cent from the preceding quarter, according to a Morningstar report. This was largely on the back of a massive sell-off by foreign investors and correction in the Indian equity markets. At the end of March quarter, the value of in fell to USD 612 billion, which was lower than USD 654 billion recorded in the previous quarter, a fall of around 6 per cent, the report noted. In March 2021, the value of FPI in Indian equities was at USD 552 billion. Consequently, FPIs' contribution to Indian equity market capitalisation also fell during the quarter under review from 18.3 per cent to 17.8 per cent. Offshore mutual funds form an important component of total foreign portfolio investment, apart from other large FPIs such as offshore insurance companies, hedge funds and sovereign wealth funds. During the March quarter, FPIs were net sellers in Indian equities to the tune of USD 14.59 billion as compared to the net inflow of USD 5.12 billion in the previous quarter. On a month-on-month basis, foreign investors offloaded old net assets worth USD 4.46 billion in January, USD 4.74 billion in February and USD 5.38 billion in March. There was an exodus of foreign funds from Indian equity markets of epic proportion during the quarter ended March. The caution displayed among foreign investors was evident from the start of the quarter, which intensified as it progressed under the influence of worrying trends in both global and domestic markets. Explaining the sell-off, the report mentioned that weakness in the global markets triggered a risk-off approach in equities. The sentiments were dented from the start of the quarter with the US Fed signaling that it would start hiking interest rates soon and shrink its bond holdings. With that information, FPIs chose to move out of the markets that had rich valuations to invest in the ones offering relatively attractive valuation and better risk/reward. On the domestic front, the pro-growth budget and normalisation in the third wave of the pandemic in India did offer some relief and managed to check the exodus of funds to some extent in the interim. However, the scenario started to turn grim as tension started to escalate between Russia and Ukraine, the report noted. Rising crude prices and surging inflation in the US also continued to worry foreign investors as it was paving the way for the rate hike by the US Fed. These concerns ensured that foreign investors continue to offload their investments in the Indian equity markets on a rather regular basis, it added. However, FPIs went on a selling spree after Russia declared war on Ukraine and in March, the US Fed hiked rates for the first time since 2018 by a quarter percentage point and at the same time it indicated a series of more rate hikes this year. This opened the floodgates"
"and in March, the US Fed hiked rates for the first time since 2018 by a quarter percentage point and at the same time it indicated a series of more rate hikes this year. This opened the floodgates of outflows of foreign money from the Indian equity markets. So far this calendar year, FPIs have sold net assets to the tune of over USD 18 billion from Indian equity markets. Going ahead, foreign flows into Indian equities could continue to be under stress as there is nothing much to cheer up foreign investors and coax them to invest in Indian equities as of now. The ground reality remains grim, the report pointed out. ""Besides the rate hikes by both RBI (Reserve Bank of India) and the US Fed, uncertainty surrounding the Russia-Ukraine war, high domestic inflation numbers, volatile crude prices, and weak quarterly results does not paint an incredibly positive picture. The recent rate hikes could also slow the pace of economic growth, which is also a concern,"" it noted. Adding to the worry is the resurgence of COVID-19 cases in China and in some other parts of the world. In such a scenario, FPIs typically turn risk-averse and adopt a wait-and-see approach until greater clarity emerges, it added."
"Government should cut holding in public sector banks to under 50% The timing is impeccable. A day after the exit polls set the market on fire, a ( ) panel report has recommended that the government should divest its stake in state-owned banks to less than 50%, allow private equity houses to own 40% in distressed banks, and strip managers of private sector banks of their bonuses and Esops if they are caught ever-greening sticky loans. It has also said that RBI — and not the finance ministry — should have the last word on regulation of public sector banks which command 70% of the market share. “Boards (of PSU banks) are disempowered, and the selection process for directors is increasingly compromised,” said the report. The recommendations have the potential to transform Indian banks. The RBI-constituted committee is headed by PJ Nayak, the bureaucrat-turnedbanker who led Axis Bank for a decade. The panel has proposed an age limit of 65 years for CEOs and wholetime directors of private sector banks. Once implemented, lenders like IndusInd Bank and would have to identify successors for Romesh Sobti and Aditya Puri in the next two years. “Executive responsibility and corporate governance have not grown in tandem which is required for creating a healthy banking system and the report has tried to address it,” said Shinjini Kumar, director, PricewaterhouseCoopers. The Nayak committee has suggested certain checks and balances for banks where the promoter is also the CEO. “Where the principal shareholder in an entrepreneur-led bank is also the bank's CEO, RBI should satisfy itself that the board is adequately diversified and independent with professionals of high standing. Where RBI lacks confidence of such independence, the controlling shareholder should be asked to step down as CEO,’’ said the committee. Private lenders like YES and Kotak are led by promoter CEOs. However, the committee is in favour of promoters retaining up to 25% equity stake in banks as against RBI’s earlier policy under which they were directed to lower it to 15% in phases. In this connection, it has asked RBI to issue guidelines to allow shareholders to enjoy voting up to 26% and eventually aligning it with actual shareholding. The voting right continues to be capped at 10% (irrespective of shareholding) currently, despite a change in law. The most dramatic suggestion by the panel relates to ever-greening — an accounting trick to hide bad loans on banks’ books. It has proposed “cancellation of part or full, of unvested stock options of officers and whole-time directors, and the claw-back of monetary benefits like bonuses by the bank, in part or full.” Under such circumstances, the chairman of the audit committee would also have to step down from a bank’s board. In order to salvage sick banks in dire need of fresh capital, the committee believes India, like some of the other Asian countries, should permit private equity funds and sovereign wealth funds to acquire up to 40% equity in"
"banks in dire need of fresh capital, the committee believes India, like some of the other Asian countries, should permit private equity funds and sovereign wealth funds to acquire up to 40% equity in such banks. In order to weed out ‘unfit’ shareholders in a bank, the RBI, according to the panel, should have the right to freeze the investor’s voting rights and seek disinvestment of the shares within a time frame. The regulator should spell out a list of' ‘fit and proper’ investors like pension funds, provident funds, long-only mutual funds, long-short hedge funds, exchangetraded funds and private equity funds that would be permitted to hold 20% in a bank with no rights to appoint directors on the bank board. However, insurance companies and non-banking finance companies should not be included this list. With board representation, they would hold up to 15% stake in the bank. In case of PSU banks, the government, as per the report, should transfer its shareholding to a proposed Banks Investment Company (BIC) that would be empowered with the governance at the banks’ board. Also Read:"
"Goldstone Tech and Quantron AG float JV ROQIT for zero-emission solutions Goldstone Technologies (GTL), a leading Indian company for business intelligence, data and analytics, and , Germany, a specialist in sustainable passenger and goods transport, have entered into a joint venture, named ‘ ’. The name ‘ROQIT’ has been derived from ‘Rocks’ signifying durability and sustainability, with the letter ‘Q’ symbolizing Quality, eventually shored up by ‘IT’ as the last part of the name. The aim of the joint venture is to develop a digital transaction platform that will serve as the digital backbone of Quantron-as-a-Service (QaaS) in the future. In addition, AI-driven software solutions will be developed for the rapidly ramping up zero-emission fleet management market, that can be used independently of the manufacturer. The joint venture will operate from Augsburg in Germany and Hyderabad in India. A US facility is to follow by the third quarter of 2023 in order to address the global market for zero-emission solutions. Minister of State Florian Herrmann, Head of the Bavarian State Chancellery, sees great opportunities with AI in the mobility sector: ""Mobility of the future will only become reality through the broad application of AI. It is only through AI-based efficiency and optimization solutions that we will be able to implement zero-emissions solutions globally. With the High-Tech Agenda, the Free State of Bavaria is investing a total of 5.5 billion euros in future fields such as AI, quantum technology or CleanTech. In this way, we are creating a unique ecosystem; the best conditions for the forward-looking joint venture between and Goldstone Technologies and for the broad roll-out of AI in the mobility sector."" Jayesh Ranjan, Principal Secretary of the Industries & Commerce and Information Technology Departments of the Telangana Government, said, ""This joint venture between Goldstone Technologies and Quantron AG is a testament to the global potential of Hyderabad's IT industry and the state's commitment to sustainable growth. We are confident that this collaboration will lead to the development of innovative zero-emission solutions that will address the growing demand for clean and efficient transportation in India and around the world. The collaboration between GTL and Quantron AG is an excellent example of how international cooperation can lead to innovative solutions that address global challenges."" The integrated platform will consist of five digital pillars, namely fleet management, insurance-as-a-service, hydrogen economy, greenhouse gas accounting (GHG quotas) and data insights. The software offers a fleet overview dashboard, driver management, journey information, geo-fencing, charging or refuelling infrastructure management, smart navigator, carbon credit tracking, roadside assistance, reporting module and a mobile driver app. No other active digital solution offers a greater range of services and transparency. “The factors that distinguish"
"credit tracking, roadside assistance, reporting module and a mobile driver app. No other active digital solution offers a greater range of services and transparency. “The factors that distinguish this Digital Platform are that it is Partner Agnostic, Modular and OEM Independent. Data Insights, which is a crucial pillar, is estimated to reach a global market value of USD 71 Bn (INR 5.9 Lakh Crores) by 2032. Our contribution to this partnership will be to help customers drive impactful change through data-backed analytics to enhance their business through BI and Analytics Full Stack capabilities and Service Offerings”, according to Pavan Chavali, Managing Director of GTL. The joint venture of GTL and QUANTRON can already offer AI-supported solutions for fleet management for ensuring vehicle fleets can be operated more sustainably and efficiently. The demand for software-based efficiency and optimization solutions is particularly noticeable in Europe, USA, India and the Middle East. The first customers of the joint venture are QUANTRON AG and ETO Motors from Hyderabad. Michael Perschke, CEO of Quantron AGsaid , “We are looking forward to this Partnership with GTL in a bid to address the Fleet Management markets which is projected to exceed USD 70 Billion by 2032, combined with the Hydrogen Economy markets that anticipates over USD 320 Billion in global investments by 2030. The Indian ecosystem also presents a huge opportunity in this area, which would provide us the necessary expertise to make inroads into the global marketplace.”"
"Shriram Transport plans to raise USD 500 mn offshore MUMBAI: (STFC) plans to raise about USD 500 million from international investors in what will be the year's first offshore bond sale by a non-bank lender, three people with direct knowledge of the matter told ET. The financier of second-hand trucks is readying resources as it sees credit demand accelerating this year. The bonds are likely to have a tenor of five years. The proposed bond sale may be launched in the next two-four weeks. Citi, Deutsche, JPMorgan, HSBC and MUFG are among others helping the company raise overseas money. did not respond to ET’s query. Individual banks could not be contacted immediately for comments. Earlier in December, the Shriram Group announced that Shriram Capital (SCL) and Shriram City Union Finance (SCUF) would merge with STFC as part of the group’s corporate restructuring plan. The proposal involved the flattening of the holding company structure by demerging insurance and other non-lending businesses. Due to this, the last-mile-lender has become the largest retail non-banking finance company in the country with Rs 1.5 lakh crore worth of assets under management. “The merger announcement reduces the overhang that has existed over the company,” Emkay Research said in a note last month. “While the management expects Rs 200 crore in one-time integration costs, the benefits from the merger in terms of better cross-selling prospects improve the growth outlook for the firm over the medium term,” it said. The Shriram management expects a 10% merger benefit to the bottom-line over FY22-FY24 from a faster AUM growth via higher cross-sell possibilities across customers, and lower cost of fund advantage with SCUF currently being rated a notch lower than SHTF. About a year ago, the company raised $500 million through offshore bonds. Around that time, it carried a coupon of 5.375 percent. The 10-year US Treasury, a global rate gauge, was then yielding around 1.15 percent. However, those bonds were of three-and-a-half-year maturity. This time around, the company intends to raise five-year papers. “The company may cancel the fundraising if it does not obtain the long-term money,” said one of the persons cited above. Although the benchmark yield has shot up in the past year, the spread of Omicron virus has fanned doubts over faster economic recovery. The yield hovered around 1.50 percent in the last week of December after touching a year’s high of 1.74 percent on March 19. “This would be the right opportunity for Shriram to tap a global pool of investors before rates start rising in line with the increasing pace of economic recovery,” said another senior executive. Reliance Industries is set to hit the international market with a mega fundraising plan within two weeks, ET reported earlier. Also Read:"
"Motor insurance claims higher for EVs due to parts Mumbai: Insurance claims from damage to electric vehicles two-wheelers are turning out to be up to 20% higher in value than conventional vehicles, while they are 50% higher for four-wheelers. Also, the frequency of claims is higher in electric vehicles compared to internal combustion engines. The higher value of claims is because of the need to replace an entire assembly rather than repair it due to the non-availability of child parts. Also, there is a higher usage of plastic and fibre to keep the vehicle weight low which increases the damage. “The frequency of claims largely because many first-time users are not familiar with the high acceleration which leads to minor accidents,” said T A Ramalingam, Chief Technical Officer, (BAGIC). According to Ramalingam, the share of EV has quadrupled from less than one per cent of total vehicles insured before the pandemic to around 4% now. In both two-wheelers and four-wheelers, 98% of claims are due to loss claims caused due to accidents. However, fire loss, improper charging leading to fire, damages to charging unit, and flood losses were other common causes for claims as well. Ramalingam said that insurers are in talks with top EV manufacturers to introduce child parts and reduce the cost of replacements. They are also speaking to the manufacturers to educate customers on the proper use of the vehicle to bring down the damages. Bajaj Allianz is in talks with its foreign parent Allianz group companies to get the experience from underwriting in Hong Kong and China. This will help the company to come out will new innovations including a cover for the battery and a cover for cyber risks faced by EVs. If insurers are not able to control the claim costs in EVs the premium of these vehicles might need to be revised up wards."
"Sept sets tempo for vehicle sales in festive season Fast growing rural demand along with urban demand for cars has propelled a rise in in September, setting the momentum for and Diwali sales. According to data by the Union ministry of road transport and highways, two-wheeler sales clocked a 66% rise in September whereas car sales went up by 8% compared to the corresponding period last year. ""The overall demand for cars is certainly good as the supplies have streamlined from manufacturers and deliveries are taking place in time. Since car inventory levels are at an optimum, the deliveries are good as well,"" said Jigar Vyas, CEO of an Ahmedabad-based car dealership. The premium segment cars and SUVs and MUVs are primarily driving the demand for cars. The demand in the coming couple of months is expected to remain high on account of the festive season and muhurat purchases, coupled with discounts offered by dealers which include free insurance, cash discounts and exchange bonuses, among others. Dealers, however, have raised their concerns about the rise in the turnaround time for delivering cars after affixing number plates, especially after the regional transport office notified the new rules. ""This will give rise to bottlenecks in the festive season. Dealers will not be able to make spot bookings for cars in the inventory. Spot bookings are often done on auspicious muhurats like Navratri, Dussehra and Dhanteras. This time, we will have to close the bookings about five days to a week in advance for deliveries scheduled on muhurat days,"" said an Ahmedabad-based car dealer. According to vehicle dealers, the growth rate of car and two-wheeler sales is much higher in the rural areas, thanks to good monsoon and improved agriculture earnings, compared to urban areas. The vehicle registration data with the RTO reveals that the January 1-September 31 period recorded the highest four-wheeler sales in the past five years. In the first nine months this year, 2.42 lakh vehicles were sold in the state against 2.40 lakh in the nine months of 2022 and 1.92 lakh and 1.30 lakh vehicles in the corresponding periods in 2021 and 2020 respectively. Explaining the trend, Pranav Shah, ex-chairman, Gujarat, Federation of Automobile Dealers' Association (FADA), said, ""Two-wheeler sales was driven by the rural market this time instead of the urban market. Demand for gearless two-wheelers is particularly high in addition to high-end motorcycles here. Even electric vehicle sales is picking up well."""
"We are positive on financial, pharma & auto; cautious on FMCG: Mukul Kochhar , Head, Institutional Equities, , says , even though the probability of a negative or a disappointment in the election for the is very, very low, the outcome or the impact is going to be so severe that everybody today has stood up and started paying attention to what is happening to election related news flow. So, there is a definite change versus three weeks back to our conversation around this. You have put out a high frequency data story in charts but just anecdotally you must be interacting with a lot of clients and top of the mind is . What are the range of outcomes, what are the kinds of hypotheses you are building in? It may not be a very large issue for a long term, but for the medium term clearly it is something to watch out for as a monitorable. Mukul Kochhar: What makes this election more interesting than some of the others in the past is the level of complacency that we went into the elections with. Let me elaborate on that a little bit. The multiples were quite punchy. Honestly, it reflects the business momentum in the economy. The business momentum in the economy is very, very strong. But there was pre-elections hardly any debate about what is going to happen in the election outcome. So, there was this general sense that, okay, elections are a done deal. Now, that conversation has changed a bit. I am not saying that the outcome is any different or we expect the outcome to be any different versus what we thought three or four weeks back. Having said that, the range of outcomes, if the election does give you a surprise, is so steep. At one end, we are looking at maybe 10% to 20% downside depending on who you speak to and on the other hand upside is going to be fairly muted or this is going to be somewhat there if outcome is as expected, because that is largely priced in. So, even though the probability of a negative or a disappointment in the election for the markets is very, very low, the outcome or the impact is going to be so severe that everybody today has stood up and started paying attention to what is happening to election related news flow. So, there is a definite change versus three weeks back to our conversation around this. There is a view that this earning season, the top line growth is not very healthy across sectors; only certain sectors are showing top line growth and the margin expansion was showing because lower commodity prices may be also at risk in the coming quarters. What have you made of the earnings? How will this business momentum which you are referring to, translate to earnings in the next few quarters? Mukul Kochhar: Let me first talk about the business momentum and then I will address the earnings question, both are good questions. When we speak about the economy today, you cannot isolate a very major global economic event that happened two years ago, which is COVID. So, COVID created substantial stress in household savings across"
"we speak about the economy today, you cannot isolate a very major global economic event that happened two years ago, which is COVID. So, COVID created substantial stress in household savings across the world, globally. In the US, the federal government ran massive deficits to supplement those savings, so the consumer is very strong. In India, we did nothing like that, so the consumer obviously is still feeling the brunt of what happened during COVID. However, our forward looking outlook is exceptionally sort of good here. So, the consumer is recovering, then the pockets of consumers are good. Two-wheeler sales have been exceptional even though they are off pre-COVID. Where we derive our optimism from is the nascent shoots in the private capex cycle. I remember I spoke about this in your last show as well. We expect the private capex cycle to be exceptionally strong over the next three to five years if the current dispensation continue and there is stability and we expect the private capex momentum to be exceptionally strong and that is predicated on the fact that BSE 500 earnings have been very, very strong over the last three to five years. So, post-COVID, pre-COVID earnings of the BSE 500 were four to five trillion. In FY25, we expect that same earning for BSE 500 to be fourteen-and-a-half trillion rupees. Our analysis also reveals that the private companies have a tendency to invest whatever PAT they make or whatever profit they make back into capex. So, we expect almost INR 7 to INR 8 trillion of incremental private capex to come into the economy which is not a small number. This is $100 billion. It is also roughly 70% to 80% of the base central government capex that we do every year. We expect private capex to be strong, which is going to drive GDP growth, employment and more healthy consumption going forward, that is the reason why I am saying business momentum is strong. Earnings for the last two years have been fourteen-and-a-half trillion rupees. This is based on substantial year-on-year earning growth. So, up till FY24, earnings have been strong, margins have been expanding, which is what has been driving the market rally too. By the way, the entire market rally where people have made decent money from markets has been driven on the back of earnings growth. Multiple has expanded. We are at five-year average multiples in the market. So, it is a very healthy market which we see today. Going forward also, I expect earnings to be healthy. One small pointer, as you mentioned margin, there is a decent difference between your input cost inflation, which is measured through WPI, that is roughly zero percent today and CPI is at 5%. I do not want to complicate it too much. All I want to say is that companies have more pricing power today or they are able to exert more pricing power than the input cost inflation they are seeing. So, margins going forward are also going to be healthy and we will see reasonable expansion in that. What about"
"are able to exert more pricing power than the input cost inflation they are seeing. So, margins going forward are also going to be healthy and we will see reasonable expansion in that. What about earnings quality momentum from here on? BSE 500 is a very good representative. It covers a breadth of sectors and the larger indices are very narrow in my view. Which sectors in your view will lead the earnings momentum from here next two to three years? Mukul Kochhar: We are very bullish on financials. On a sequential basis, financials across the board, all lending franchises have seen a very, very strong growth. For instance, you would be surprised that on a sequential basis, PSU banks have registered north of 25% as a sequential basis PAT growth. Similarly, there is a double-digit growth in private banks. So, financials across the board given RBI's actions in the sector, will see differentiated advances growth across franchises which will create pricing power in the sector. NIMs or margins in banking sector will stabilise. So, there will be good profit growth going forward as well on the back of reasonable profit. This combined with the fact that the sector itself has not worked too much in the last couple of years, make us quite bullish on the lenders. In the financial space, we also like other plays like life insurance, general insurance, as well as wealth managers. We are very positive and expect good earnings momentum in the financial space. We are also quite positive on pharma. On the basis of more capital discipline in the sector and our analysts had a very good call on the space, counter consensus and he continues to be bullish. So that is another sector we are backing. Automobiles, really, really like automobiles, two wheelers especially, see further upside on earnings despite the fact that the sector has worked very well, we have been backing this call for the last two years, we have written it, but we still like the business momentum there and the multiples are also fairly reasonable. On the negative side, we are sort of cautious on FMCG, both on the multiples as well as earnings there. There was a very synchronous kind of a positive commentary from all consumer companies, Dabur, Britannia, Marico, all of them started talking about second half recovery and green shoots. Are you convinced or would you like to see more evidence before you go positive on that? Mukul Kochhar: Honestly speaking, the economy is going forward and I am all assuming continuity. If the market goes defensive on Tuesday and the nature of consumption in India changes, savings basket changes, etc, it is a different story. But what we see is a premiumising consumer which is able to meet their basic needs. So FMCG consumption in his basket is going to come down, he is going to do more discretionary consumption, premiumised consumption, as well as savings. That is the picture of the consumer we are looking at. So, broadly, volume growth which has come down for FMCG"
"going to do more discretionary consumption, premiumised consumption, as well as savings. That is the picture of the consumer we are looking at. So, broadly, volume growth which has come down for FMCG companies, while they may be talking about a small two quarters sort of bubble here or there. We think that the volume growth that has come down for FMCG companies is quite structural and valuations, as you already know, or anybody involved in the Indian markets they FMCG companies have punchy valuations. So, we are ignoring this small sort of upside that has happened in this quarter, short covering based on positive commentary. We think if the current dispensation continues, the current regime continues, staple consumption especially in India will be weak. Your thoughts on metals, interestingly the space is doing well and at least the largecap metal pocket in India, many of them have some special situations brewing, but what are your thoughts on metals and also steel in particular? Mukul Kochhar: So, nothing very big there. It is a global sector, very-very noisy. We are sort of more positive non-ferrous than ferrous. Broadly, I will leave it at that. I do not really have a very, very strong call on metals at one time. It is easier to call metals when they are at a peak or at a bottom, but they are neither here nor there right now and it is very volatile sector. I reserve my comment there. Your team has been studying the high frequency data. Net-net, what is the forward-looking picture on the economy which you are gathering from there? Mukul Kochhar: As I said, capex shoots are there. Private capex is looking very good. Tax collections are good. So, in one way, it speaks to the consumer as well because income tax collection is good, airline travel is good. We put the quarterly reports of earnings there. The quarterly reports are sort of mixed. As I said, the consumer segment is not out of the woods. Those stocks had a tough couple of years under COVID and they have not completely repaired their balance sheets. But where we are seeing good green shoots is on the investment side, which is going to lead recovery for next five years."
"As EVs catch fire, insurance firms face pricing risk The woes of the electric vehicle owners who have been suffering after their vehicles caught fire may not be over as they may not get claims for it. While a third-party insurance policy does not cover fire damages, the comprehensive policies do cover fire claims but that is not guaranteed. A comprehensive plan includes own damage (OD) cover along with the third-party liability cover. The cover in comprehensive policies depends on the cause of the fire. It does not cover the damage if the fire is caused by the breakdown of any EV part. While the fires are being blamed on hot weather to other things, experts say thermal runway which leads to heating up of the battery may be the reason. In that case, the claim will be rejected as also when modifications are made to the vehicle which may have contributed to the fire. Also, there have been instances of detachable batteries of exploding while being charged and so won’t be covered as well. The bigger issue There are more fundamental problems staring at the insurance companies as EVs become ubiquitous on the roads. These problems exist across the automobile ecosystem, from insurance to financing. In insurance, this includes something as basic as finding a way to price EV risk into mathematical models. This stems primarily from the non-availability of data, as no one has any previous experience in EVs and in determining the risks it entails. Insurance is all about averaging out risks and the premium is fixed on the basis of mathematical models and years of data. At a relatively lower scale, this isn’t as much of a problem, but as the shift to EVs hastens, pricing issues will become more prominent. The pricing conundrum As of now, both own damage and third party insurance covers are calculated on the basis of years of data from the automobile. There is no specialised insurance for EVs, so vehicle owners have to buy the same insurance as for other petrol or diesel cars. This is soon set to change. With the demand for upcoming electric cars in India on the rise, auto-insurance providers want to develop bespoke insurance options that primarily cater to these variants. Such products will have to account for EV specific problems. With fewer moving parts, the cost structure for the maintenance and repair of EVs would be different, something that will massively impact OD premia. There is a high likelihood that even geographical location and the vagaries of climate in that location will affect things like the battery performance, all of which will have to be accounted for in the maths. Till the time they get further clarity on all aspects of EV pricing and insurance guidelines, insurance companies will continue insuring such vehicles with reference to the rates provision under GR 46 of rating of vehicles driven by non-conventional source of power. Traditionally, both premia have been calculated on the basis of the cubic capacity (cc) of the vehicle. But in the"
"under GR 46 of rating of vehicles driven by non-conventional source of power. Traditionally, both premia have been calculated on the basis of the cubic capacity (cc) of the vehicle. But in the case of EVs, that unit is irrelevant. In EVs, the ICE is replaced by the motor, with the power output measured in kilowatt (kW). The power-output measure for ICE engines would be horsepower (hp). Horsepower and kilowatt are directly related and can be converted from one to the other (1hp equals 0.746kW) This obviously leads to a problem. In one case what is measured is volume and in the other, what underpins the calculations is power output. It is impossible to find a similar equivalency between cc and kW. This is because hp, which is the equivalent of kW, is a unit of power and cc is a measure of volume. Power output or hp could differ between engines of similar volume. Thus, while EV premium calculations are currently being benchmarked against historical ICE data, that is clearly a fundamentally flawed formula. Also Read:"
"TVS Supply Chain seeks approval for IPO Ltd. has sought the Indian market regulator’s approval to raise as much as 20 billion rupees ($264 million) selling new shares in an initial public offering. The company’s existing shareholders, including founder TVS Mobility Pvt. and investors Gateway Partners and Ltd., plan to sell as many as 59.48 million shares in the , according to a draft prospectus. The Chennai-based company plans to repay some of its debt, and buy out minority shareholders in its U.K. unit from the proceeds. TVS Supply Chain, which counts Ltd., Daimler India Commercial Vehicles Pvt., Pvt. and Hyundai Motor India Ltd. among its customers in India, has a presence in the U.K., Spain, Germany, Australia and Singapore. Direct spending in the Indian logistics market is estimated to double to $365 billion by the year to March 2026, TVS Supply Chain said in its draft prospectus, citing data from consultant RedSeer. JM Financial Ltd., Axis Capital Ltd., J.P. Morgan India Pvt., BNP Paribas, Edelweiss Financial Services Ltd. and Equirus Capital Pvt. are the banks managing the share sale. Delhivery Ltd., another Indian logistics firm, received the market regulator’s approval last month for an initial share sale to raise as much as 74.6 billion rupees. It has yet to begin the share sale while state-run is due to submit its draft prospectus to the capital market regulator soon for a share sale in what is expected to be the nation’s biggest IPO."
"Govt issues draft Motor Third Party Premium and Liability Rules for FY24 The government on Tuesday proposed new base premium rates for third-party motor insurance for different categories of vehicles, including two-wheelers, passenger cars and commercial vehicles, for 2023-24 fiscal. As per a draft notification issued by the and Highways (MoRTH), the base premium rates for have been proposed at INR 2,094 for private cars below 1,000 cc, INR 3,416 for cars (between 1000-1500 cc) and INR 7,897 for cars exceeding 1500 cc. The draft and for the Financial Year (FY) 2023-24 has been prepared in consultation with Insurance Regulatory and Development Authority of India (IRDAI), the ministry said. For two-wheelers not exceeding 75 cc, the rates have been proposed at INR 538, while for two-wheelers up to 350 cc and above the proposed rates vary in the range of INR 714 and INR 2,804. The proposed rates for (other than 3-wheelers) not exceeding 7500 kg is INR 16,049, while the rates vary in the range of INR 27,186-INR 44,242 for vehicles upto 40,000 kgs and above. For the goods carrying motorized three-wheelers and motorized pedal cycles except e-carts, the proposed rate is INR 4,492. For private e-cars not exceeding 30 KW, the rates have been proposed at INR 1,780 and for 30 KW-65KW proposed rates are INR 2,904, and e-cars exceeding 65 KW (INR 6,712). Proposed rates for e-two wheelers not exceeding 3 KW is INR 457, 3 KW-7 KW (INR 607), 7 KW-16 KW (INR 1161), and for 16 KW and above (INR 2,383). For battery-based goods carrying commercial vehicles (other than three-wheelers) not exceeding 7500 kg, the proposed rate is INR 13,642, 7500-12000 kgs (INR 23,108), 12,000-20,000 kgs (INR 30,016), 20,000-40,000 kg (INR 37,357), and for those exceeding 40,000 kg (INR 37,606). A discount of 15 % has been proposed for educational institution buses, 50 % has been proposed for a private car registered as vintage car, 15-7.5 % discount for electric vehicles and hybrid electric vehicles, respectively. Further, a reduction of about 6.5 % in the base premium rate has been proposed for 3-wheeled passenger carrying vehicles, the ministry said adding it invites comments and suggestions from all stakeholders within a period of thirty days."
"Tesla's quarterly deliveries disappoint ahead of robotaxi unveiling reported a smaller-than-expected rise in third-quarter deliveries on Wednesday as incentives and financing deals failed to lure enough customers for its aging , sending shares down more than 6 %. That puts the - already grappling with rising competition and slowing demand for EVs - at risk of its first-ever decline in annual deliveries after years of rapid growth. Shares of the world's most valuable automaker were on track to erase by the end of Wednesday's session all of the gains made so far this year. The stock had risen in recent weeks on investor hopes for Tesla's Oct. 10 event in Los Angeles where it is expected to unveil its product in a bid to shift focus to AI-powered autonomous technologies. Tesla has been slashing prices and extending incentives, including insurance offers and zero-interest financing, especially in China, which accounts for a third of its sales. That helped boost China sales in July and August, according to data from the . Analysts believe the China strength continued in September but that U.S. and European demand was low. ""We believe China showed relative strength this quarter but was offset by weakness in the US and Europe,"" Dan Ives, an analyst at Wedbush Securities, said in a note. Tesla handed over 462,890 vehicles in the July-September period, up 6.4 % from a year earlier, marking its first quarterly growth after two straight quarters of falling sales. But that fell short of 469,828 deliveries expected on average by 12 analysts polled by LSEG. While CEO has said he expects the company to in 2024 from the record 1.8 million vehicles it handed over last year, Wednesday's numbers make that ""extremely difficult,"" said Sandeep Rao, a senior researcher at Leverage Shares, an investment management company with assets of about USD 1 billion, including in Tesla and other EV makers. Tesla now needs a record-breaking 516,344 vehicle deliveries in the fourth quarter to prevent a drop in 2024 sales. ""There's only so much Tesla can do with price cuts and incentives while offering no fresh vehicles for customers,"" Rao said, adding that rivals, especially in China, have been launching a range of new models. Price cuts and incentives have also squeezed the company's profit margins - fallout that investors and analysts have said could prove detrimental in the long run. Some analysts said that a return to growth marked a positive sign for Tesla and showed that some of the incentives it had rolled out to boost demand were working. ""Taking a step back, deliveries returning to growth were the most important thing to come from today's numbers,"" said Hargreaves Lansdown senior equity analyst Matt Britzman, who holds Tesla shares. The company delivered 439,975 Model 3 and , and 22,915 units of other models, which include the Model S sedan, Cybertruck and Model X premium SUV. It produced 469,796 vehicles during the July-September period. The deliveries were higher than"
", and 22,915 units of other models, which include the Model S sedan, Cybertruck and Model X premium SUV. It produced 469,796 vehicles during the July-September period. The deliveries were higher than those of rival BYD , which handed over 443,426 battery-electric vehicles in the third quarter."
"Refuse fuel to uninsured vehicles, suggest insurers The insurance industry has proposed that should not be allowed to refuel at oil pumps, looking to raise penetration of automobile insurance, industry executives familiar with the development said. The proposal was part of the presentation made during 'Bima Manthan', organised by insurance regulator, the Insurance Regulatory and Development Authority of India, or , earlier this month. Insurers have proposed an app that will be integrated with M-Parivahan and show whether the vehicle is insured or not. ""The idea is to collaborate with oil companies and have such camera scans at pumps, which will instantly display the insurance status of the vehicle,"" said an industry executive aware of the development. Under the existing regulations, third-party motor insurance is mandatory. As per industry estimates, 54% of the vehicles are uninsured. Mostly commercial vehicles, which include tractors and three-wheelers, do not opt for insurance renewal. A similar trend is observed in the case of two-wheelers. Industry believes that denying fuel to uninsured vehicles would also aid government revenues. ""This will also help the government, as our estimates indicate that 54% of uninsured vehicles amount to premia of INR 40,000 crore, which leads to an annual goods and services tax loss of over INR 7,000 crore,"" the executive, quoted above said, adding that the proposal may be taken up with concerned ministries and other stakeholders. Another executive said that if the proposal is accepted by the government, a system may be devised to offer uninsured cover on the spot. ""We have also recommended that no uninsured vehicle should be given a as it will limit their movement,"" he said, adding that the industry council is also in discussion with the ministry of road transport and highways to leverage the FASTAG and VAHAN ecosystems and identify uninsured vehicles. ""Such vehicles can be penalised, and we can build in provisions to purchase insurance via 'Bima-Sugam' architecture,"" he added. IRDAI is working on Bima Sugam, an online insurance marketplace, which will provide a one-stop platform for multiple services including sale of policy, renewal and settlement of claims. According to industry estimates, the current size of the motor segment is over INR 80,000 crore. In the last few years, the industry's loss ratios have consistently remained upwards of 80% except during FY21, when they touched 75.6%, mostly on account of Covid restrictions and low usage of vehicles. Earlier this month, IRDAI held its third Bima Manthan as a part of its aim to achieve universal insurance by 2047. It sought recommendations from the industry to further improve insurance penetration across all sectors."
"Citroen C3 Aircross SUV variant-wise pricelist out New Delhi: French carmaker Citroen’s latest offering, the new C3 Aircross SUV, is now available at an introductory price of INR 9.99 Lakh (ex-showroom New Delhi). This mid-size SUV is over 90% localised and designed in India to cater to the varied needs of Indian consumers. The New SUV Introductory Prices (Ex-showroom New Delhi): Roland Bouchara, CEO & Managing Director, Stellantis India, said, “We are delighted to launch the highly anticipated new C3 Aircross SUV, designed, developed and made in India for the discerning consumers. This mid-size SUV is built featuring key elements of Citroen’s DNA -- Comfort and Innovation. It has received a positive response across the country since the start of bookings in September. We are ramping up our production to cater to the festive season demand. Our expanded and ever-growing network of showrooms and workshops is ready to deliver the new C3 Aircross SUV, with its class-leading features, distinctive eye-catching styling, and matchless versatility."" Ease of ownership: Buy Now Pay in 2024 for all deliveries till 31 st October 2023. Citroen Finance, in association with its finance partner, is providing a unique loan offer wherein customers can buy the car till 31 st October 2023 while the EMIs will start from 2024, giving the customers the joy of experiencing the all-new Citroen C3 Aircross SUV during this festive period.With the launch of the C3 Aircross SUV, Citroen along with its partner insurance companies is introducing two new customer-centric vehicle insurance add-ons: Emergency Medical Expenses Cover, and EMI Protect Cover, the company said. Customers can also avail of Usage Based Insurance (UBI), a one-of-a-kind initiative in the industry. The innovative policy, connected with vehicle usage and driving behaviour, promotes road safety with savings on insurance renewal premiums. Citroen is committed to enhancing the ownership experience through innovative solutions and offers. New C3 Aircross SUV will come with a standard Warranty Programme of 2 years or 40,000 km (whichever is earlier) including 24/7 Roadside Assistance and an accessories warranty for 12 months or 10,000 km (whichever is earlier). Citroen also provides extended warranty and maintenance packages, available across our network. Citroen is offering 100% direct Online Buying through its website. Customers in major Indian cities can order directly from the factory and get doorstep delivery of their vehicle. The New Citroen C3 Aircross SUV is available for retail at 51 La Maison Citroen Phygital showrooms across 46 cities, the company said in a media release."
"Decoding how connected vehicles can catalyse safer, sustainable mobility New Delhi: In today’s increasingly transformative world of mobility, the ( ) has emerged as a cornerstone of innovation, rapidly transforming how fleet owners interact with vehicles and the ecosystem. Initially focused on simple location services, in India today encompass a broad spectrum of advanced functions including real-time vehicle diagnostics, fuel efficiency insights, and driver behavior analytics. This expansion signals a significant leap in operational efficiency and has fundamentally transformed fleet management and stakeholder experience. The impact of CVP in India has been significant, thus far. By enabling real-time monitoring, it has improved fleet management for businesses, reducing fuel consumption and improving asset uptime through predictive maintenance. For drivers, CVP has enhanced safety features, based on driving behaviour, and even has aided in emergency responses through automatic crash notifications. These advancements have not only increased the value proposition of connected vehicles as a solution but are slowly fostering a culture of informed driving practices for the commercial vehicle industry at large. Reflecting this growth, India’s connected truck market is expected to see a rapid uptick in adoption, soaring from an estimated USD 51.6 million in 2022 to USD 205.6 million in 2027. As we navigate a period where technology continues to present new possibilities, the role and application of CVP is set to evolve further. Its potential remains vast, with opportunities ranging from fleet financing to advanced AI-driven insights, promising a future wherein the platform becomes an indispensable tool in our pursuit of a safer, more efficient, and sustainable transportation ecosystem. Emerging Opportunities The road ahead for CVP is to revolutionize not only how we manage vehicles but also how we envision mobility and transportation in the broader context. In fleet financing, it can overhaul traditional models by harnessing detailed vehicle usage and risk assessment data. This will facilitate creation of tailored financing solutions, reducing costs and improving accessibility for fleet operators. Furthermore, CVP can also assist the insurance industry by enabling usage-based insurance models. Insurance companies can leverage connected vehicles data to assess fleet usage more accurately. This could lead to fairer premiums based on actual vehicle utilization and driving behaviour. In emergency response services, the immediacy and accuracy of connected vehicles data can be a game-changer, enabling quicker dispatch of services to incident locations, potentially saving lives and reducing the impact of accidents and emergencies. In the coming years, the integration of sophisticated connected vehicle platform systems can lead to greater efficiency and optimization. While the platform currently provides valuable insights into driver behavior and vehicle"
"of sophisticated connected vehicle platform systems can lead to greater efficiency and optimization. While the platform currently provides valuable insights into driver behavior and vehicle performance, the integration of Artificial Intelligence (AI) and Machine Learning (ML) technologies will elevate these capabilities as AI and ML algorithms excel at recognizing complex patterns and correlations within vast datasets, enabling them to uncover subtle trends. Moreover, these technologies are adept at detecting anomalies and deviations from normal behavior, allowing fleet owners to identify potential issues such as aggressive driving or mechanical problems more effectively. By leveraging historical data and real-time inputs, AI and ML models can also predict future outcomes with greater accuracy, enabling proactive maintenance scheduling and optimized route planning. In fact, Tata Motors already uses ML in its fleet management solution, Fleet Edge, which connects over 600,000 commercial vehicles across the country to analyse real world customer usage and offers solutions to its customers to significantly reduce their fuel consumption. Through smart technologies, Fleet Edge provides in-depth insights and analytics to enhance fleet performance, operational efficiency, and thus customer profitability. The Road Ahead The future of connected vehicles in India is fuelled by technological advancements and the growing demand for connectivity. This emphasizes the importance of seamless integration and real-time data exchange among ecosystem players for wider connected vehicles enabled use cases and adoption. Additionally, government initiatives promoting digitalization and road safety will further accelerate adoption of connected vehicles platforms across sectors. As the industry evolves, the convergence of technology, customer demands, and regulatory frameworks will drive a transformative shift towards highly intelligent and interconnected transportation ecosystems, placing the need for connected vehicles at the forefront. (Disclaimer: Bharat Bhushan is Head, Digital Business, Tata Motors Commercial Vehicles. Views are personal.)"
"US auto insurance shoppers jump 6% in Q1, says TransUnion The number of shopping for in the first quarter was 6% higher than a year earlier, according to credit reporting agency TransUnion , underscoring efforts to cut costs as inflation squeezes consumer wallets. Insurance shopping refers to the practice of evaluating different policies to seek out the one best suited to a customer's needs. Customers shop for insurance more actively during times of financial strain to look for policies with cheaper premiums. Auto insurance costs in April climbed 22.6% from a year earlier, according to the Bureau of Labor Statistics, which is the largest annual increase since the 1970s. The surge was driven by a jump in costs associated with repairing increasingly complicated vehicles. Frequent vehicle damage due to adverse weather has also prompted insurers to charge higher premiums to account for losses incurred when they pay out customers' claims. ""As insurers see improved profitability, it's likely that some will cautiously increase investments in customer acquisition,"" Stothard Deal, vice president of strategic planning for TransUnion's insurance business, said."
"ONGC to get dividends instead of oil from Russia's Sakhalin-1 field ( ) has stopped receiving its share of oil from 's Sakhalin-1 but will get dividends from the field, according to people with knowledge of the matter. Until a little after the beginning of the Ukraine war last year, ONGC, which has a 20% participating interest in Sakhalin-1, used to get a proportionate share of oil from the field, which it could sell to anyone. But now all the oil from Sakhalin-1 is sold by a new company Russia formed last year to operate the field, which had stopped production for several months. It's now producing at near-normal levels of about 200,000 barrels per day, according to the people cited earlier. ONGC has a 20% stake in the new Russian operator, which would give the Indian firm a proportionate share in dividends whenever they are paid out, they said. Change in cash flow This will change ONGC's cash flows with respect to the project, a person familiar with the matter said. The ability to regularly sell Sakhalin-1 oil meant quick cash realisation. Dividends may come only once or twice a year. Since the beginning of the war, it's been hard for Indian state firms to repatriate dividends from a few other Russian oil and gas fields as Western sanctions have restricted cross-border money transfers. Indian state firms, including ONGC, , and , have stakes in a few other Russian fields where they receive only dividends but in Sakhalin-1, ONGC could previously sell its share of oil. Indian state firms have been unable to repatriate $300-400 million of dividends from Russia since the beginning of the war, a petroleum ministry official said last month. This also means that an Indian company finds it hard to send its share of capex and opex for a Russian field, according to people familiar with the matter. The operator uses the oil revenues to provide for much of the capex and opex for the project, instead of issuing cash calls to stakeholders, the person said. The oil from Sakhalin-1, known as the Sokol blend, has mostly traded above the Western price cap of $60 per barrel, which means increased efforts for sellers to find buyers, shippers and insurers."
"Exide Industries misses Q4 profit view on high costs Indian lead-acid Industries Ltd reported a lower-than-expected quarterly profit on Monday, hurt by higher raw material costs. Exide's net profit after tax was at 2.08 billion rupees (USD 25.45 million) for the quarter ended March 31, while analysts on average expected a profit of 2.52 billion rupees, according to IBES data. The company's 41.20 billion rupees net profit after tax from a year earlier had included a one-time gain from the sale of Exide's insurance unit to HDFC Life Insurance Company Ltd. While Exide and other auto ancillaries benefitted from strong demand for vehicles and price hikes in the quarter they also grappled with high costs of lead and other raw materials. Exide's total expenses jumped 3.8%, including a 12% rise in the cost of materials consumed. The earnings before tax, depreciation and amortisation ( ) margin expanded marginally to 10.4% from 10.2% last year. ""However, increase in raw material prices compared to the immediate previous quarter has impacted profitability on a sequential basis,"" said Subir Chakraborty, managing director and chief executive. The company, which has clients in the auto, industrial, telecom and railway sectors, reported a 3.7% rise in revenue from operations to 35.43 billion rupees. Overall volumes in the domestic market for the automotive vertical registered year-on-year growth, while ""demand was strong from original equipment manufacturer, with supply side constraints easing out during the quarter,"" the company said in an exchange filing. The industrial verticals including industrial UPS, solar, traction, telecom and power saw growth amid an increase in capex and economic activity with strong order inquiry during the quarter, the company added. Exide's shares fell 0.5% briefly after the results and were up 3.5% as of 2:16 p.m. IST. The board of directors recommended a final dividend of two rupees per share for the financial year ended March 31, 2023."
"Higher commodity prices dent Corporate India's Q3FY22 margins New Delhi: Higher have dented Corporate India's Q3FY22 margins said HDFC Securities in a research report. According to the report, the ongoing results season is behaving largely on expected lines as far as topline growth is concerned. However, margins across the board have fallen mainly due to higher commodity prices. Lately, Covid triggered supply side issues as well as other global developments have pushed commodity prices higher. Besides, it pointed out that the inability to fully pass higher cost due to ""not so robust demand"" especially from the rural side have added to the trend. ""Some large are yet to report and one will watch as to whether the trend continues or reverses."" ""Q4 also will see some impact of the latest Omicron related disruptions."" Amongst sectors, stocks of have performed well. However, refining, consumer durables, cement sectors stocks have performed below expectations. ""Among sectors, textile, sugar or ethanol, engineering, PSU Banks, footwear, select chemical, steel, media, and IT stocks have done well."" ""Auto, paints, Life Insurance, pharma, refining, consumer durables, cement sectors have disappointed."""
"July-September hiring outlook at 8-year high Job creation is likely to see a strong boost in the upcoming September quarter, with employers reporting the most optimistic outlook in eight years, as companies look to speed up the post-pandemic recovery process and sustain growth, despite rising inflation. According to the Survey, shared exclusively with ET, about 63% of 3,080 employers said they will hire more in the coming quarter, while 12% see decrease in hiring intent and 24% expect to keep workforce levels steady. Only 1% were unsure about hiring intentions. This puts net employment outlook - the difference between companies looking to hire and those expecting a fall in headcount or hiring numbers - at 51%. When compared with the same period last year, hiring sentiment has improved by 46 percentage points. There is a 13-pp growth from the preceding quarter. Hiring markets in are ranked first in the region and third globally. India's on-year increase is ranked first globally, outperforming the 40-country average increase since the third quarter of 2021 by 28 points. ""Overall, there has been an optimistic outlook across sectors and industries,"" said Sandeep Gulati, managing director, ManpowerGroup India. ""As always, the IT-ITeS sector is taking the lead in job market growth. Digitisation and automation are driving the need for IT specialists across the board."" Infra Focus Helping A payroll increase is forecast for all 11 industry sectors in the coming quarter. Companies in the IT, technology, telecom and media sectors report the strongest hiring outlook of 68%, followed by banking, finance, insurance and real estate (60%). Hiring forecast is least optimistic in the primary production and not-for-profit sectors, with a net employment outlook of 25% and 35%, respectively. Employers in all four regions expect payroll expansion in the first quarter of 2022. The net employment outlook for the north, west and south stands at 53% while for the east, it's 41%. Talent Gap Amid the hiring optimism, employers are faced with an unprecedented demand-supply gap, as indicated by the Manpower Talent Shortage Survey. Across sectors, companies are facing a challenge finding the people they need with the right blend of technical skills and human strengths. Global talent shortages have reached a 16-year high as 75% employers report difficulty in finding the talent they need. In India, the problem is worse - 83% of employers surveyed are finding it difficult to fill open positions. The top five soft skills that organisations have difficulty finding include creativity and originality; critical thinking and analysis; reasoning and problem solving; leadership and social influence; and taking initiative."
"Non-life insurers violate law offering premium discount on vehicle third party liability insurance Are vehicle owners are being raped by the non-life insurers by charging more than a just price? It seems so, if one goes by a question that was raised in the by the Congress party member from Kerala, Hibi Eden. And there cannot be a smoke without a fire goes the adage. Eden had asked Finance Minister Nirmala Sitharaman whether the government is aware of the 'cut and pay' system practiced by some private non-life insurers in the case of vehicle third party insurance? The cut and pay system is one where the insurers collect a lower sum than what is stipulated but print the actual premium figure on the policy. In a written reply, Minister of State for Finance Bhagwat Karad told the Lok Sabha: "" (Insurance Regulatory and Development Authority of India) has informed that they have not received any complaint raising the issue of difficulties faced by individual agents of public general insurance due to cut and pay system of some private insurers who offer third party premiums below the tariff but printing the tariff rates in policy."" Industry officials had told IANS that some non-life insurers are adopting this system to gain business. Incidentally rebating premium by anyone is an offence under the Insurance Act. ""General insurers are given a target of selling a certain number of vehicle third party insurance policies. This target they do not want. In order to fulfill the target, the companies come out with a campaign to sell third party liability policies where such premium discounting happens,"" a senior industry official told IANS not wanting to be quoted. The IRDAI has stipulated the target of third party sales to general insurers as they avoid selling the same burden falls on the public sector general insurers. From June 1, the motor third party liability insurance premium has been jacked up by the Central government despite the portfolio being hugely profitable for the insurers. Contrary to the claims made by the general insurers that they are incurring huge losses under the motor portfolio, the actual numbers as per the Insurance Information Bureau of India (IIB) and studies by industry lobby body General Insurance Council show the contrary. As per the Indian Non-Life Industry Year Book 2020-21 published by the General Insurance Council, the total premium earned under the motor insurance was Rs 67,389 crore by the industry. The industry invests the sum and earns income on this as well. The total claims paid during 2020-21 was Rs 28,726 crore towards vehicle damage Rs 17,834 crore, towards third party liability Rs 10,892 crore, netting the industry a whopping surplus of Rs 30,854 crore. The total number of third party claims settled during the year was 257,165. The average settlement per claim was Rs 423,541. During 2019-20, as per the data published by the General Insurance Council, the total motor insurance premium earned by the industry was Rs"
"257,165. The average settlement per claim was Rs 423,541. During 2019-20, as per the data published by the General Insurance Council, the total motor insurance premium earned by the industry was Rs 68,951 crore -- vehicle damage Rs 26,524 crore, third party liability Rs 42,427 crore. The total claims paid for 2019-20 was Rs 38,071 crore -- towards damage to vehicles at Rs 20,552 crore and third party liability at Rs 17,519 crore. The gross surplus was a whopping Rs 30,880 crore. The total number of third party claims settled during 2019-20 was 403,283 with an average pay out of Rs 434,409. In its annual report on motor insurance for the 2018-19 fiscal, the IIB said a sum of Rs 35,519 crore of motor claims -- towards vehicle damage Rs 18,262 crore and third party liability Rs 14,257 crore -- were settled during 2018-19, while the gross underwritten premium was Rs 64,522.35 crore. According to the report, the average settlement amount for death claims during 2018-19 fiscal was Rs 901,207 while for injury claims it was Rs 251,094. The blended average works to Rs 576,150 per claim. From the numbers above, one can note the decreasing average per claim amount from 2018-19 to 2020-21. The industry players also claim that a large number of vehicles run on the roads without third party insurance. However, they do not have any answer when asked how that impacts them as they pay claims only on those policies issued by them and it is for the police to penalise the violators."
"High taxation limiting growth of super luxury car market in India: Lamborghini Chairman New Delhi: High taxation is limiting the of the in India, which otherwise is on a growth path, according to Chairman and CEO Stephan Winkelmann. Lamborghini, which sells a range of super luxury cars with prices starting from Rs 3.16 crore in India, had recorded its best-ever sales in the country in 2021 at 69 units, beating its previous record in 2019 when it sold a total of 52 units. ""India is a market for us which is on a growth path like most of the markets we have around the world,"" Winkelmann said in a virtual interaction. When asked what is limiting the growth of super luxury car sales in the country, he said, ""If we come to the specific of the , it's clear that the Indian market has, like other high taxation markets, a limit in growth. This is something we have to understand, if we look at what is happening in India."" However, Winkelmann said, ""We're very satisfied with (our) performance as we always said we are not running for a certain number. We want to keep momentum also in the future."" At present, automobiles are taxed at 28 per cent GST with additional cess ranging from 1 per cent to 22 per cent depending on the type of vehicle. Cars imported as (CBUs) attract customs duty ranging between 60 per cent and 100 per cent depending on engine size and cost, insurance and freight (CIF) value being less or more than USD 40,000. On the impact of the global economic slowdown, he said while India is a huge market ""in the sense of population"", Lamborghini is selling less than 100 cars a year. ""So it's not really a big change even if the is slowing down in India, we will see what is going to happen but for the time being we are not seeing any negative impact in respect of our brand,"" Winkelmann added. Globally, in the January-September 2022 period, Lamborghini recorded an 8 per cent rise in its deliveries at 7,430 units on a year-on-year basis. ""We have an order portfolio that already covers the first quarter of 2024, and this allows us to work with peace of mind, looking thoughtfully ahead to the challenges facing us in the future, such as the first step towards hybridisation from 2023,"" he said. Read More:"
"Quiklyz to expand presence in the electric mobility leasing space , the new-age vehicle subscription business of Mahindra & Mahindra Financial Services today announced its expansion plans in the electric mobility leasing space. The company will now offer customized leasing and subscription solutions for electric 3W and 4W to its partners. Quiklyz has financed over 1000 electric vehicles over the last 12 months including passenger vehicles and three-wheelers. With the new thrust, the company is aiming to broaden its EV portfolio in India to boost its offerings in the logistics and the last mile mobility space. Quiklyz has partnered with more than 15 electric last mile mobility delivery companies which include MoEVing Urban Technologies, Terrago Logistics, among others. The company has also tied up with several electric mobility providers which include Lithium Urban, and Ambassador Tours & Travels. Raul Rebello, COO, said, “The growing demand and increasing focus on green mobility has opened a new vista for EVs in India. Consumers, businesses, and corporates now prefer cleaner modes of transport. With these partnerships, we will venture into emerging EV financing in India, to tap the increasing opportunities in the e-mobility space, aligning with India’s commitment to become carbon-neutral by 2070”. Quiklyz has leased electric vehicles across tier 1 cities like Bengaluru, Chennai, Delhi, Gurugram, Hyderabad, Mumbai, and Noida, and tier 2 cities like Pune, Indore and Nagpur. It currently has one of the largest portfolios of electric vehicles and has provided Electric 4W across OEMs including Mahindra & Mahindra, , Hyundai, Mercedes-Benz as well as electric 3W load vehicles from , Piaggio, Omega Seiki etc. for e-commerce fleet operators. Mohammad Turra, Senior VP & Head, Quiklyz mentioned, “EV financing ecosystem is currently at a very nascent stage in India. It demands a specific financing approach, a developed understanding of the EV domain, an understanding of the customer’s unique business model and curation of customized solutions. So far, we have funded over 1000 EVs and our deep understanding of the ecosystem will enable us to further strengthen our future commitment to the Indian e-mobility space”. Quiklyz caters to broad product offerings across various customer segments for passenger and commercial vehicles from leading OEMs in India. Leasing and subscription offer hoard of incentives to customers including insurance, maintenance and road-side assistance and flexibility to upgrade. Quiklyz also provides dedicated relationship and account managers that ensures customer management, timely interaction, and issue resolution. Also Read:"
"Chinese carmakers target more European sales with five-star EVs SOLIHULL, England - Chinese electric vehicle (EV) makers have set their sights on winning over European drivers and large corporate customers with more affordable cars that come with top safety ratings and lots of high-tech features. In the last few months, several Chinese EVs have received five-star European New Car Assessment Programme (NCAP) ratings - an achievement that requires loading vehicles with active and passive safety features that go well beyond legal requirements. More are coming. ""All want to achieve Euro NCAP five-star ratings in order to be more competitive in the European market,"" said Brian Gu, president of Chinese EV maker Xpeng. Gu said Xpeng has spent the last three years building stores and service centres in Denmark, the Netherlands, Norway and Sweden - with some initial sales in Norway - before an official launch next year of its electric P7 sedan and G9 sports-utility vehicle (SUV) in the four countries. Chinese EV makers have recognised that safety plays an incredibly important part of the sales process, said Matthew Avery, director at Thatcham Research, a British car research centre funded by insurers and a Euro NCAP board member. Five-star Euro NCAP ratings are seen as key to overcoming residual European concerns over the quality of Chinese-made cars, after awful crash test failures in 2006 and 2007 created an impression that cars from China were unsafe. Perhaps more importantly for sales, high safety ratings also open up the potentially huge corporate car fleet market for Chinese EV makers. Fleet sales make up about half of all car sales in major markets including Germany, France and the United Kingdom, and many corporate buyers put a premium on safety. ""Fleet sales are very important and a lot of fleets have a mandatory five-star rating for buying cars,"" Avery said. CAR RENTAL COMPANIES What's more, many fleets want to switch to EVs fast to meet sustainability goals. But corporate fleets have struggled to get enough EVs in Europe as supply chain issues have pushed waiting times for some models to more than 12 months. High demand for electric cars amid supply chain shortages has allowed European carmakers to raise EV prices and focus more on retail clients, rather than customers such as car rental firms that have traditionally been less profitable for them. That has created a window of opportunity for Chinese EV makers that have already stolen a march on most foreign rivals in China, by far the world's biggest market for EVs. In October, for instance, German car rental company Sixt said it would buy about 100,000 EVs from BYD, starting with its Atto 3 SUV which received the coveted Euro NCAP five-star rating the same month. China's Great Wall Motors (GWM) received five-star ratings in September for its WEY brand Coffee 01 hybrid SUV and its ORA brand Funky Cat electric sedan. European carmakers are also pursuing five-star ratings for their EVs and"
"received five-star ratings in September for its WEY brand Coffee 01 hybrid SUV and its ORA brand Funky Cat electric sedan. European carmakers are also pursuing five-star ratings for their EVs and hybrids, from BMW's iX to Volkswagen's ID.4 and ID.5. In October, Mercedes got the top rating for its EQE sedan and its driver-assistance features received the highest marks to date from Euro NCAP. Chinese EV maker Aiways has yet to put its U6 electric crossover through its NCAP paces but it too is shooting for the highest rating on offer, said Alexander Klose, who heads the carmaker's operations outside China. He said Aiways has invested in extra safety features for the U6 to open up opportunities for sales to European fleets, including rental car firms, when it goes on sale next year. ""There will be a natural demand for vehicles like ours that are fully equipped and come at very competitive prices,"" he said, adding that Aiways hopes to sell 30,000 EVs in Europe in 2023, up from about 5,000 this year. BASIC REQUIREMENT French auto consultancy Inovev said about 155,000 Chinese-made cars were sold in Europe in the first nine months of 2022, or 1.4% of the market. Chinese firms are on track to hit 150,000 cars this year, nearly double the 80,000 sold in 2021. But almost half the Chinese cars sold were EVs, according to Inovev, giving them a 5.8% share of Europe's fully-electric vehicle market. Inovev vice-president Jamel Taganza said all Chinese cars sold in Europe would be EVs within a few years, with more lower-cost models on the way. By 2030, Inovev estimates EVs will make up 40% of Europe's new car sales and that Chinese brands will represent between 12.5% to 20% of that fully-electric market, with sales of between 725,000 and 1.16 million vehicles. ""This is a conservative forecast,"" Taganza said. ""But it could increase more rapidly, especially if European carmakers do not answer the needs in Europe of affordable EVs."" Getting a five-star rating is expensive for automakers because it means investing in additional safety features from extra airbags to collision avoidance, driver-assistance and driver-monitoring systems. Thatcham's Avery said Chinese EV makers have actively engaged with Euro NCAP and were eagerly making the investments necessary to land top ratings. ""Forget what you might think that Chinese means lower quality or lower safety performance,"" he said. ""Their quality is now better than others."" BYD is launching three cars in a handful of European markets and will add more models and markets next year, all of which should have top safety ratings, said Michael Shu, managing director of BYD Europe. ""We think a five-star rating should be a very basic requirement,"" he said. 'LEVERAGING THAT ADVANTAGE' Great Wall Motor's ORA Funky Cat, meanwhile, will launch in Britain, Germany, Ireland and Sweden later this year. Starting around 32,000 pounds ($36,330) in Britain, or about 5,000 pounds cheaper than VW's ID.3, the Funky Cat's features include"
"will launch in Britain, Germany, Ireland and Sweden later this year. Starting around 32,000 pounds ($36,330) in Britain, or about 5,000 pounds cheaper than VW's ID.3, the Funky Cat's features include facial recognition to store seating preferences, driver-assistance systems, reverse camera and wireless phone charging. Toby Marshall, UK sales and marketing director for GWM's ORA brand, said if a car is well made, laden with features, has a high safety rating and is competitively priced, it no longer matters where it was built. ""Those are the key ingredients that matter to car buyers,"" Marshall said, while showing off the Funky Cat at his office in Solihull in England's midlands. Bill Russo, head of consultancy Automobility Ltd in Shanghai, said the problem for many international carmakers with was that they ceded the advantage to Chinese rivals when it comes to building lower-cost EVs. ""The one place on the planet you'll find an affordable EV today is China,"" said Russo. ""And they're leveraging that advantage."" ($1 = 0.8808 pounds)"
"EV ownership process stumbles on poor access to finance; experts call for end-to-end collaboration New Delhi: Poor access to finance is the single largest stumbling block for the potential buyers of (EVs) in India, though all other factors for the EV ecosystem are gathering strength. The demand is growing and many OEMs are shifting their portfolios and getting into EV manufacturing. Anxieties connected with ownership and operation of an EV are getting resolved. Still customers are finding it hard to buy an EV in the country because of this one common bottleneck - access to finance. In order to make the consumer experience of owning an electric vehicle hassle-free, experts of this domain at the underlined the need for an end-to-end collaboration. “Certainly, EV industry in India is having a few teething issues but ultimately, if you're able to build effective ecosystem partnerships, with manufacturers, with fleet operators, with charging providers, with insurance companies, with IoT device companies and with the financiers, I believe we can create an ecosystem that works for everybody where the driver and the vehicle remain roadworthy most of the time,” Sameer Aggarwal, Founder and CEO of a fintech startup, , said. In a panel discussion on ‘ ’ experts acknowledged that knowing the landscape of financing will be helpful for lenders and dealers to understand consumer preferences and make informed decisions as more models continue to be introduced. “Today the private sector financiers are not only focused on products but they are keenly looking to lend for ecosystem development,” Saurav Kumar, founder and CEO, Euler Motors, said. He highlighted that the dire need of financing is felt in the entire supply chain of EVs beginning from battery manufacturing to the finished vehicle purchased by the end user and to infrastructure development With a huge number of startups breaking into India's nascent EV market, panelists think that there are plenty of opportunities for the new-age fintech companies as compared to captive finance companies. According to Aggarwal captives are lagging behind as they have not fully embraced digitalization. “EV does not work like a traditional automobile as there is a lot of data involved. We as an organization integrate specific functionalities of the value chain such as IoT to gain advantage. Captive financing companies on the other hand are still taking a traditional approach and haven't really modernized the process,"" he explained. While governments have played a central role in increasing EV adoption, panelists feel that bringing EVs in the Reserve Bank of India’s (RBI) priority sector lending (PSL) will streamline capital deployment in this sector. In January, Niti Aayog said that the inclusion of EVs under PSL guidelines can complement the USD 300 million facility and encourage the financial sector to mobilize necessary capital. “Everybody is testing the waters at the moment. But I do believe that at some stage the"
"can complement the USD 300 million facility and encourage the financial sector to mobilize necessary capital. “Everybody is testing the waters at the moment. But I do believe that at some stage the government has to provide a big push that incentivizes people to start lending in this space. Otherwise, it will become very challenging as the cost of borrowing is very high that no matter how hard the lenders try, they cannot reduce the interest rate to the end-borrower,” Sumit Chhazed, co-founder, said. The cost of borrowing in this space is high because EVs are perceived as a high-risk product and the absence of that risk assessment makes financing difficult, he added. Also Read:"
"India's imports from OPEC at all-time low as Russian oil buy peaks' New Delhi: Oil producers cartel 's share in 's oil imports fell to an all-time low of 46 per cent in April as purchases of cheaper peaked, industry data showed. Organization of the Petroleum Exporting Countries (OPEC) nations, mainly in the Middle East and Africa, had a 72 per cent share of all India imported in April 2022. This share slid to 46 per cent in April 2023, according to energy cargo tracker Vortexa. OPEC made up for as much as 90 per cent of all crude oil India imported at one point of time but this has been sliding since Russian oil became available at discount in the aftermath of Moscow's invasion of Ukraine in February last year. continued to be the single largest supplier of crude oil, which is converted into petrol and diesel at refineries, for a seventh straight month by supplying more than one-third of all oil India imported. The imports from Russia are now more than combined purchases from Iraq and Saudi Arabia - India's biggest suppliers in the last decade. From a market share of less than 1 per cent in India's import basket before the start of the in February 2022, Russia's share of India's imports rose to 1.67 million barrels per day in April, taking a 36 per cent share. OPEC supplied 2.1 million barrels per day out of 4.6 million bpd oil India imported in April. This gave it a 46 per cent share, according to Vortexa. Indian refiners in the past rarely bought Russian oil due to high freight costs but now they are snapping up plentiful Russian cargo available at a discount to other grades as some Western nations rejected it because of Moscow's invasion of Ukraine. The purchases from Russia in March were double of 0.81 million barrels per day (bpd) of oil bought from Iraq, which had been India's top oil supplier since 2017-18. Saudi Arabia has been pushed down to No.3 spot with 0.67 million bpd supplies. Month-on-month, purchases from Russia rose marginally from 1.64 million bpd of oil imported from the country in March. The UAE, which in March overtook the US to become the fourth largest supplier, sold 185,000 bpd, higher than 119,000 bpd oil sourced from the US. ""India's imports of Russian crude in April have set a new record once again, but the month-on-month increase has slowed and could possibly be peaking this month,"" said Vortexa's head of Asia-Pacific analysis, Serena Huang. Increased competition for Urals from China will likely put a lid on upsides to India's imports of Russian crude. ""OPEC's crude market share in India has fallen to 46 per cent last month, down from 72% a year ago, a multi-year low. OPEC may face an uphill battle in winning back the market share as refiners will ultimately be going for the crude that gives the highest margin, outside of fulfilling their term contracts,"" Huang said. Russia is selling record amounts of crude oil to India to plug the gap in its energy exports after the banned imports in December. In December, the EU"
"of fulfilling their term contracts,"" Huang said. Russia is selling record amounts of crude oil to India to plug the gap in its energy exports after the banned imports in December. In December, the EU banned Russian seaborne oil and imposed a USD 60-per-barrel price cap, which prevents other countries from using EU shipping and insurance services, unless oil is sold below the cap. Industry officials said Indian refiners are using the UAE's dirham to pay for oil that is imported at a price lower than USD 60. According to Vortexa, India imported just 68,600 bpd of oil from Russia in March 2022 and this year the purchases have jumped to 1,678,000 bpd."
"Insurance companies to pay Rs 3 crore in 2016 road accident case : In one of the highest payouts in an accident claims case, a Motor Accident Claims Tribunal ordered two insurance companies to pay a compensation of around Rs 3 crore to the Bhandup-based 65-year-old woman, mother of a Kotak Mahindra Bank Ltd executive who died after a car rammed into his stationary vehicle on Mumbai-Ahmedabad Highway in 2016. The victim, Bhushan Jadhav, had stayed in the car with his father while the rest of his family and friends made a quick stop to visit relatives in a village on the highway. The family was on their way to Palghar. The 38-year-old victim, working as an assistant vice president, was earning a monthly salary of around Rs 2 lakh. He was engaged to be married. Holding that this was a case of composite negligence, the tribunal directed the offending car, 's insurance company, owner and driver to bear 70% of the liability. The insurer, driver and owner of the Innova car in which the victim was travelling is to pay the remaining 30% of the compensation. The tribunal held that the Innova was negligently parked on the side of a National Highway. ""..it is not open to everyone to park the vehicle by the side of National Highway on which the vehicle is being driven at high speed. Therefore, as the driver of Innova vehicle has parked his vehicle by the side of National Highway, to some extent he is also responsible for accident,"" the tribunal said. The tribunal, however, said that the Mahindra Pickup was mainly responsible. ""In the instant case, the accident took place in daylight at about 8:30am...At the relevant time, he was at high speed. In that event, he was unable to control his vehicle and gave dash to the rear portion of Innova car which is obviously visible for him from long distance...Therefore, though some negligence has occurred on part of driver of Innova Car by parking on National Highway, the major negligence and rashness is attributed to the driver of offending vehicle i.e, Mahindra Pickup,"" the tribunal said. The tribunal said it had no hesitation to say that the rash and negligent act of the driver of Mahindra Pickup was responsible for the accident and untimely death of Bhushan Jadhav. Bhushan's mother Rajani Jadhav told the tribunal that her husband, too, was sitting next to her son in the car, but survived with grievous injuries. In 2017, two insurance companies agreed to pay a compensation of around Rs 3 crore to the 68-year-old father of a pilot who died in a car crash on the Western Express Highway in 2015."
"Hyundai reserves 35% shares of IPO for retail investors , in its latest Initial Public Offering (IPO), is set to dilute approximately 17.5% of its stake, the company informed the SEBI in a filing on Tuesday. The IPO includes an Offer for Sale of up to 142,194,700 equity shares, each with a face value of INR 10. The company has allocated shares to various types of investors. According to the filing, the retail investors are set to receive 35 percent of the total shares, amounting to not less than 49,768,145 equity shares with a face value of INR 10 each. This category includes individual investors who invest up to INR 2 lakh. The Qualified Institutional Buyers (QIBs) are slated to receive up to 50% of the equity shares, totalling not more than 71,097,350 shares, each with a face value of INR 10. It includes banks, insurance companies, and mutual funds. These institutional investors possess the expertise and financial capacity to carefully assess and invest in capital markets. The Non-Institutional Bidders (NIBs) will be allocated 15% of the shares. This category includes High Net-worth Individuals (HNIs), Non-Resident Indians (NRIs), trusts, companies, and societies. NIBs, by their nature, have significant financial resources to invest in such offerings. India has also clarified that it does not currently have any employee stock option schemes in place as of the date of this draft IPO offer. On the financial performance of the company, Hyundai India reported that the weighted average return on net worth for the three financial years 2021, 2022, and 2023 stands at 19.53%. Specifically, the return on net worth for the year 2023 was recorded at 23.48%. The performance highlights about the company's financial health. By diluting 17.5% of its equity, Hyundai is opening up ownership to a broader investor base, which includes retail investors, QIBs, and NIBs. It will help the company to enhance its capital structure and provide the necessary funds for future expansion and growth initiatives."
"Audio Interview: The Future of Global Work: Virtual, Hybrid or In-Office Options to Consider GlobalAutoIndustry.com’s latest Audio Interview ""The Future of : Virtual, Hybrid or In-Office Options to Consider"" features Allen C. Koski is President of Insured Nomads, the first insurtech in global benefits. Previously Allen was a Senior Vice President at United Healthcare Global and prior to that instrumental in the growth and development of Cigna Global in roles that ranged across sales and . In the 15-minute Audio Interview, Koski discusses these questions: -What do each of the three work options (virtual, hybrid, in-office) ? -Are companies actually going to work from anywhere? If yes, do they have any restrictions in place? -As it is hard to find workers, how do work options affect hiring? Any generational issues? -What is supporting this work from anywhere office? Are their privacy issues? -How does this affect the global supply chain and the ? Pros and Cons?"
"Texas sues GM for allegedly violating drivers' privacy has been sued by the state of Texas, which accused the automaker of installing technology on more than 14 million vehicles to collect data about drivers, which it then sold to insurers and other companies without drivers' consent. Texas Attorney General said Tuesday's lawsuit arose from a probe announced in June into whether several automakers collected and sold mass amounts of data without drivers' knowledge. Paxton said 's data were used to compile ""Driving Scores"" assessing whether more than 1.8 million Texas drivers had ""bad"" habits such as speeding, braking too fast, steering too sharply into turns, not using seatbelts and driving late at night. Insurers could then use the data when deciding whether to raise premiums, cancel policies or deny coverage, Paxton said. The technology was allegedly installed on most GM vehicles starting with the 2015 model year. Paxton said GM's practice was for dealers to subject unwitting consumers who had just completed the stressful buying and leasing process into believing that enrolling in its OnStar diagnostic products, which collected the data, was mandatory. ""Companies are using invasive technology to violate the rights of our citizens in unthinkable ways,"" Paxton said in a statement. ""Our investigation revealed that General Motors has engaged in egregious business practices that violated Texans' privacy and broke the law. We will hold them accountable."" GM said in a emailed statement: ""We've been in discussions with the Attorney General's office and are reviewing the complaint. We share the desire to protect consumers' privacy."" Texas filed its lawsuit in a state court in Montgomery County, near Houston. It seeks the destruction of improperly collected data, compensation for drivers, civil fines and other remedies for violations of the Texas Deceptive Trade Practices Act."
"FADA to study ways to improve ties with F&I co.s for better customer service New Delhi: The automobile retail is becoming a core business in India with the multiplicity of OEM brands, their variants, different fuel options, and electric vehicles. Dealers have to deal with not only the OEMs but also with the finance and insurance companies for enhanced customer satisfaction, the cornerstone of their business. The annual dealer satisfaction study by the OEMs in association with the ( ), the apex national body of automobile retail in India, has become the benchmark in understanding the dealer-OEM relationships. FADA wants to take a step further to understand the different aspects of relationships with the finance and insurance companies, the key players, after OEMS, in the dealer business. FADA aims to understand the ease of getting finance and insurance policy, the training needed for the dealership staff for loan disbursements, selling insurance products, and making the claims. FADA also wants the finance and insurance companies to design new products, services and processes to help dealers and end-consumers. .In order to meet all these objectives in a scientific manner FADA has initiated a a dealer satisfaction study (DSS) for finance and insurance in association with PremonAsia, a consumer-insight led consulting and advisory firm based in Singapore. The study will cover the relationship of the finance and insurance (F&I) companies with the dealers. The results of the exercise are expected to help the dealers and the F&I sector work on key areas of concern in order to improve services to the end customers, FADA said in a media release. FADA President, Manish Raj Singhania, said, ""With the annual Dealer Satisfaction Study, becoming the benchmark in understanding the dealer-OEM relationships, FADA is happy to take a step further to launch the Dealer Satisfaction Study for Finance & Insurance Companies. The study will focus on key aspects of the relationship between Dealers and Finance & Insurance companies and therefore, provide a platform to understand the nuances of this relationship. I am sure that the study will get overwhelming support from the F&I Sector as this is the first attempt towards understanding the issues faced by auto dealerships with companies in this sector."" The Study will look in to the key factors and attributes impacting the business relationship across areas of retail and wholesale finance and insurance. The DSS for F&I will try to understand the different aspects of relationships starting with the ease of finance and insurance policy, training of dealership personnel selling these products, disbursements and claims. It is expected that the results of the study will help F&i companies to design newer products, services and processes to help dealers and end-consumers, the release said. The study will cover three broad sectors – Retail, Wholesale, and Finance and Insurance. Within each of the sectors Dealer Principals will be"
"to help dealers and end-consumers, the release said. The study will cover three broad sectors – Retail, Wholesale, and Finance and Insurance. Within each of the sectors Dealer Principals will be requested to choose the most preferred partners and rate them on different attributes and factors related to services offered and the processes. Based on the Dealer ratings, the best F & I companies will be listed depending on the score that they get in different segments of the automotive industry-4-Wheeler Mass, 4-Wheeler Luxury, 2 Wheeler Mass, 2 Wheeler Luxury, 3 Wheelers and Commercial Vehicles (CVs), the release said. FADA Treasurer and Director DSS F&I, Amar Jatin Sheth, said, ""In line with FADA's stated objective of helping Dealers with all aspects of running their dealership, the DSS for F&I is the first study to be launched covering the Insurance and Finance company relationships with the dealers. The results of the exercise are expected to help the dealers and the F&I sector work on key areas of concern in order to improve services to the end customers."" The idea of starting a study of this nature was conceived last year and FADA along with its knowledge partner PremonAsia started identifying various requirements and expectations that the Dealers have with different F&I companies. The broad structure of the questionnaire was prepared and discussed with industry professionals for their inputs. With their suggestions incorporated in the questionnaire, it was then tested with key automotive dealers across segments of the industry to include any other area that may have been missed out, FADA said. The Survey is open to all Automotive Dealerships and FADA is sending invites requesting dealers to take this survey and help the study to be successful with large participation. The questionnaire has been hosted on the web and will be open till May end. The results of the study will be announced to the industry at the Annual FADA Insurance and Finance Summit on June 14 in Mumbai. Based on the results of the study, the top players under each segment of the automotive industry will be awarded, the release added."
"An average Indian spent 59 minutes to commute one way to work in 2023: Report Indian employees may be working fewer days from office thanks to hybrid work arrangements, but they are spending more time commuting than in pre-pandemic days as the distance to the workplace and the traffic on road have increased, says a new report. An average Indian spent 59 minutes to travel 20 kms one way to work last year in key metro cities, compared with 51 minutes to cover 17 kms before the pandemic, said the report, '2023 On Wheels: How India Moved In Sync', by office commute platform . Indian employees spent 8% of their time (almost two hours) traveling to and fro on days when they worked from the office. They were on the road for 15% more time than in pre-Covid times. At 64 minutes and 25 kms, the average commute time and distance were the most in the National Capital Region. In Bengaluru, employees travelled an average 17 kms in 54 minutes, compared with 15 kms in 49 minutes before Covid. While the number of vehicles on Indian roads has gone up, increasing the time required to negotiate the traffic, the data also suggest that Indians are gradually moving further away from their offices, resulting in longer travelling distances. In 2023, the average travel distance between the home and the office increased 17.6% from the pre-Covid times, according to the findings of MoveInSync, which it said were based on an analysis of the travel time data of 30 million trips taken by employees of 300 companies using its platform. Meanwhile, employees are using hybrid work to their advantage, resulting in a reduction in the frequency of their travel to offices. The average Indian employee worked only 2.8 days per week from office last year. This number was the highest in the NCR, where they worked 3.4 days per week from office, and the lowest in Kolkata at 2.6 days. ""We are observing a consistent trend of employees traveling for longer hours and longer distances as time progresses,"" said Deepesh Agarwal, cofounder and chief executive of MoveInSync. ""However, the number could have been much worse if corporates in India had not adopted hybrid work models and without the development of like . While these factors have reduced congestion, an increase of 30% vehicular density has led to the increased travel time."" Amid changes to the city landscape and the challenges to commuting, companies are tweaking the arrangements for work and commute for employees. At data management and storage company NetApp India, employees can opt for either the nodal service that refers to pick-up and drop between the closest point from the employee's residence and the office, or a shift-based model that accommodates various time zones, said Krishna Bettan, its director, workplace experience. Commute time from home to office is seen as a big challenge, and perhaps a key cause of resistance to 100% work from office, said Maneesh Menda, head of human resources, international hubs, at UK banking and"
"time from home to office is seen as a big challenge, and perhaps a key cause of resistance to 100% work from office, said Maneesh Menda, head of human resources, international hubs, at UK banking and insurance holding company NatWest Group. ""Most of the Tier 1 cities in India have large-scale infrastructure upgrade projects underway, which have in turn resulted in a significant increase in commute time and cost through these phases of development and change. Those who work from home are able to focus a lot more on work-life balance given the ability to save on logistics and commute time,"" said Menda. Organisations are now open to allowing employees to work out of office locations close to employees' place of residence rather than their home/base office, which is possible for larger organisations that have multiple office locations, said Mansee Singhal, partner and rewards consulting leader at Mercer India. ""However, this has to be considered within the realm of business needs."" As per its report, Wednesdays stood out as the most preferred day to work from the office, while Mondays were the least preferred. MoveInSync is backed by investors including , and Athera."
"AI to use numberplate, detect 19 different violations on road Getting away with breaking laws on the road might become more difficult now. Artificial intelligence-powered cameras capable of checking 19 violations, including helmetless riding, three riders on a two wheeler and not using the seat belt, will soon be installed in various locations in the city. The Delhi Transport Infrastructure Development Corporation has floated a tender for the supply, installation, commissioning and operation of ( ) detection system that employs to spot contraventions of the law. Currently traffic policemen book motorists mostly for speeding, zebra crossing violation and not wearing helmets. This project would, however, increase the number of violations that could be caught by the hi-tech cameras, which are capable of nailing people who drive in the wrong lane or two wheelers being ridden on footpaths, even detect duplicate licence plates. The ANPR cameras will also be able to detect end-of-life vehicles, , and stolen vehicles by matching the data of Vahan or other government agencies with the number plates, claimed a senior transport department official. “The system will help us save resources by making it possible to detect restricted vehicles trying to enter Delhi during the operation of special arrangements such as the odd-even scheme or GRAP restrictions,” the official said. Another official said the system would capture the licence plates and store the information in the system database. A transport department official explained that the ANPR cameras would check with the Parivahan database to determine whether a vehicle was overaged or its pollution certification was pending. ""The cameras are powered by algorithms and so can also tell whenever a vehicle is overloaded,"" the official said. The pre-bid meeting will be held on January 19 and the contract winner will be given six months to install at least 100 cameras on pedestrian bridges, at traffic junctions and entry points into Delhi. “The monitoring will be done by different agencies, but all challans will be issued through government portals,” the official said. For instance, the integrated traffic management system (ITMS), for which the cameras are being acquired, will provide a video-based speed violation notice to cars whose licence plates are captured by the cameras. The system will generate a violation alert and the operator will be able to review the captured event. The challan will be issued through the Intelligent eChallan System, which has the ability to generate e-notices against all vehicles violating the rules detected through video analytics or through integration with multiple databases such as those of Vahan or GST. The ANPR cameras can similarly capture the licence plate of vehicles violating the red light or stop line at intersections. Experts are optimistic these cameras will rein in habitual rule breakers. Professor PK Sarkar, former head, transport planning, School of Planning"
"the red light or stop line at intersections. Experts are optimistic these cameras will rein in habitual rule breakers. Professor PK Sarkar, former head, transport planning, School of Planning Architecture, said, “Artificial Intelligence technologies will be handy for traffic management in Delhi because they have been given a proper trial at the back end and would have identified violations correctly 99% of the time.”"
"Indian stocks top Asian markets, strong economic growth fuels hope By Ankur Banerjee In a year when Indian equities emerged as the best performers in Asia and the country took advantage of a structural shift in supply chains from a pandemic-hit China, forecasts of robust economic growth are set to keep stocks on a firm footing. 's 50 index struck a record high in December and is up 5% this year, joining an exclusive group of markets worldwide that rose in spite of interest rate hikes and slower growth. In contrast, MSCI's broadest index of Asia-Pacific shares outside Japan shed 19%. Next year's optimism for India is driven by strong corporate earnings, a post-pandemic retail boom and an economy set to grow by 6% in the next fiscal year - which will make it the world's fastest-growing major economy in 2023. Amit Khattar, head of 's investment bank unit, said India has benefitted from predictability around large deals and confidence on the reforms agenda. ""Global investors, sovereign funds and other institutions are looking to raise exposure to India in their emerging markets portfolios. Very large private players are looking to buy different businesses,"" Khattar said. The world-beating stocks performance has helped India to double its weight in MSCI's emerging markets index to 16% from 2019, but overseas investors have missed out in the local rally. Foreign portfolio investors sold a net $18 billion this year of Indian assets but turned buyers in November and December. While Asia M&A deals fell to 8-year lows, India stood out with total deal value jumping 33% on the year to $164 billion, mainly boosted by the $40 billion purchase by the country's largest private lender, , of its parent. India recorded its largest with the $2.7 billion issue of Life Insurance Corp of India, making it the fifth-largest valued firm though its shares have shed about 20% since it went public in May. The IPO came after the government offloaded its decades-old, debt-laden flag carrier Air India to for $2.4 billion in enterprise value. ""India is going to be one of the main focuses within Asia for us in developing exposure in 2023,"" said Adam Watson, co-head of Asia Pacific at Partners Capital, which works with endowments, foundations and others globally, and handles $45 billion in assets. Though some analysts point to high domestic valuations, strategists polled by Reuters last month forecast India's stock market will rise another 9% by the end of 2023 despite widespread expectations of a gradual slowdown in the economy. GDP is projected to grow 6.8% to 7% in the current fiscal year. said current market valuations have priced in expectations of superior earnings growth over the next couple of years, noting that foreign flows could remain weak next year. Meanwhile, as Beijing and Washington remain mired in trade tensions and supply chains shift due to production disruptions from China's zero-COVID policy, which has only started to ease recently, India has been winning"
"and Washington remain mired in trade tensions and supply chains shift due to production disruptions from China's zero-COVID policy, which has only started to ease recently, India has been winning business. Apple said it will manufacture iPhone 14 in India, while a key supplier Foxconn plans to quadruple the workforce at its Indian plant, Reuters has reported. Also Read:"
"Tesla to keep output at upgraded Shanghai plant below maximum SHANGHAI: Tesla plans to hold production at its at about 93% of capacity through the end of year, despite a recent upgrade, two people with knowledge of the matter said, in a rare move for the U.S. maker of . Since the plant opened in its second largest market in late 2019, Tesla has sought to run the facility in China's commercial hub at full capacity, and recently upgraded its weekly output by 30%, to a maximum of 22,000 vehicles. The sources, who spoke on condition of anonymity as the matter is not public, did not give a reason for the decision not to run the plant at full tilt, though one said the figure was lower than he had expected. Tesla did not immediately respond to a request for comment on Tuesday. However, the company's move comes at a time of growing competition from of electric vehicles (EV) in a sharply weakening economy, as consumption falls amid strict COVID-19 curbs. The upgraded factory can produce 14,000 Model Ys and 8,000 Model 3s, the sources added. Tesla has sought to keep it running at full capacity, except during the upgrade and a city-wide COVID-19 lockdown for two months this year. Now Tesla plans to turn out 20,500 units a week for the rest of the year, for a total of 13,000 Model Ys and 7,500 Model 3s, the sources said. Tesla's China sales jumped nearly 60% in the first eight months of this year, figures from the showed. But that pace is much weaker than the overall market for new energy vehicles over the same period, which saw sales more than double. Since last month, the company has cut delivery waiting times in China at least four times, to a minimum of a week now, besides offering a rebate of 8,000 yuan ($1,100) to buyers of who take delivery between Sept. 16 and 30. Analysts have said the moves aim to lock in more orders. In the next few months, rising competition is expected to intensify a price war among EV makers, said Shi Ji, an analyst at China Merchants Bank International. Tesla sold 60% of its China-made cars in the domestic market during the first eight months, and exported the rest to overseas markets such as Australia, Europe, Japan and Singapore. ($1=7.1623 Chinese yuan renminbi) Read More:"
"Scratched EV battery? Your insurer may have to junk the whole car For many , there is no way to repair or assess even slightly damaged battery packs after accidents, forcing insurance companies to write off cars with few miles - leading to higher premiums and undercutting gains from going electric. And now those battery packs are piling up in scrapyards in some countries, a previously unreported and expensive gap in what was supposed to be a "" ."" ""We're buying electric cars for sustainability reasons,"" said Matthew Avery, research director at automotive risk intelligence company Thatcham Research. ""But an EV isn't very sustainable if you've got to throw the battery away after a minor collision."" Battery packs can cost tens of thousands of dollars and represent up to 50% of an EV's price tag, often making it uneconomical to replace them. While some automakers like Ford Motor Co and General Motors Co said they have made battery packs easier to repair, Inc has taken the opposite tack with its Texas-built Model Y, whose new structural battery pack has been described by experts as having ""zero repairability."" Tesla did not respond to a request for comment. A Reuters search of in the U.S. and Europe shows a large portion of low-mileage Teslas, but also models from Nissan Motor Co, Hyundai Motor Co, Stellantis, BMW, Renault and others. EVs constitute only a fraction of vehicles on the road, making industry-wide data hard to come by, but the trend of low-mileage zero-emission cars being written off with minor damage is growing. Tesla's decision to make battery packs ""structural"" - part of the car's body - has allowed it to cut production costs but risks pushing those costs back to consumers and insurers. Tesla has not referred to any problems with insurers writing off its vehicles. But in January CEO Elon Musk said premiums from third-party insurance companies ""in some cases were unreasonably high."" Unless Tesla and other carmakers produce more easily repairable battery packs and provide third-party access to , already-high insurance premiums will keep rising as grow and more low-mileage cars get scrapped after collisions, insurers and industry experts said. ""The number of cases is going to increase, so the handling of batteries is a crucial point,"" said Christoph Lauterwasser, managing director of the Allianz Center for Technology, a research institute owned by Allianz. Lauterwasser noted production emits far more CO2 than fossil-fuel models, meaning EVs must be driven for thousands of miles before they offset those extra emissions. ""If you throw away the vehicle at an early stage, you've lost pretty much all advantage in terms of CO2 emissions,"" he said. Most carmakers said their battery packs are repairable, though few seem willing to share access to battery data. Insurers, leasing companies and car repair shops are already fighting with carmakers in the EU over access to lucrative connected-car data. Lauterwasser said access to EV battery data is"
"data. Insurers, leasing companies and car repair shops are already fighting with carmakers in the EU over access to lucrative connected-car data. Lauterwasser said access to EV battery data is part of that fight. Allianz has seen scratched battery packs where the cells inside are likely undamaged, but without diagnostic data it has to write off those vehicles. Ford and GM tout their newer, more repairable packs. But the new, large 4680 cells in the Model Y made at Tesla's Austin, Texas, plant, are glued into a pack that forms part of the car's structure and cannot be easily removed or replaced, experts said. In January, Tesla's Musk said the carmaker has been making design and software changes to its vehicles to lower repair costs and insurance premiums. The company also offers its own insurance product in a dozen U.S. states to Tesla owners at lower rates. Insurers and industry experts also note that EVs, because they are loaded with all the latest safety features, so far have had fewer accidents than traditional cars. 'STRAIGHT TO THE GRINDER' Sandy Munro, head of Michigan-based Munro & Associates, which tears down vehicles and advises automakers on how to improve them, said the Model Y battery pack has ""zero repairability."" ""A Tesla structural battery pack is going straight to the grinder,"" Munro said. EV battery problems also expose a hole in the green ""circular economy"" touted by carmakers. At Synetiq, the UK's largest salvage company, head of operations Michael Hill said over the last 12 months the number of EVs in the isolation bay - where they must be checked to avoid fire risk - at the firm's Doncaster yard has soared, from perhaps a dozen every three days to up to 20 per day. ""We've seen a really big shift and it's across all manufacturers,"" Hill said. The UK currently has no EV battery recycling facilities, so Synetiq has to remove the batteries from written-off cars and store them in containers. Hill estimated at least 95% of the cells in the hundreds of EV battery packs - and thousands of hybrid battery packs - Synetiq has stored at Doncaster are undamaged and should be reused. It already costs more to insure most EVs than traditional cars. According to online brokerage Policygenius, the average U.S. monthly payment in 2023 is $206, 27% more than for a combustion-engine model. According to Bankrate, an online publisher of financial content, U.S. insurers know that ""if even a minor accident results in damage to the battery pack ... the cost to replace this key component may exceed $15,000."" A replacement battery for a Tesla Model 3 can cost up to $20,000, for a vehicle that retails at around $43,000 but depreciates quickly over time. Andy Keane, UK commercial motor product manager at French insurer AXA, said expensive replacement batteries ""may sometimes make replacing a battery unfeasible."" There are a growing number of repair shops specializing in repairing EVs and replacing batteries. In Phoenix, Arizona, Gruber Motor Co has"
"""may sometimes make replacing a battery unfeasible."" There are a growing number of repair shops specializing in repairing EVs and replacing batteries. In Phoenix, Arizona, Gruber Motor Co has mostly focused on replacing batteries in older Tesla models. But insurers cannot access Tesla's battery data, so they have taken a cautious approach, owner Peter Gruber said. ""An insurance company is not going to take that risk because they're facing a lawsuit later on if something happens with that vehicle and they did not total it,"" he said. 'PAIN POINTS' The British government is funding research into EV insurance ""pain points"" led by Thatcham, Synetiq and insurer LV. Recently adopted EU battery regulations do not specifically address battery repairs, but they did ask the European Commission to encourage standards to ""facilitate maintenance, repair and repurposing,"" a commission source said. Insurers said they know how to fix the problem - make batteries in smaller sections, or modules, that are simpler to fix, and open diagnostics data to third parties to determine battery cell health. Individual U.S. insurers declined to comment. But Tony Cotto, director of auto and underwriting policy at the National Association of Mutual Insurance Companies, said ""consumer access to vehicle-generated data will further enhance driver safety and policyholders' satisfaction ... by facilitating the entire repair process."" Lack of access to critical diagnostic data was raised in mid-March in a class action filed against Tesla in U.S. District Court in California. Insurers said failure to act will cost consumers. EV battery damage makes up just a few percent of Allianz's motor insurance claims, but 8% of claims costs in Germany, Lauterwasser said. Germany's insurers pool data on vehicle claims data and adjust premium rates annually. ""If the cost for a certain model gets higher it will raise premium levels because the rating goes up,"" Lauterwasser said."
"Cars, aircraft and trains: Sanctions-hit Russia asks India to send parts for 500 products NEW DELHI: Moscow has sent India a list of more than 500 products for potential delivery including parts for cars, aircraft and trains, four sources familiar with the matter said, as sanctions squeeze Russia's ability to keep vital industries running. The list, a version of which has been seen by Reuters in New Delhi, is provisional and it is unclear how many of the items will eventually be exported and in what quantity, but an Indian government source said the request was unusual in its scope. India is keen to boost trade in this way, said the source, as it tries to narrow a ballooning trade deficit with Russia. Some companies have expressed concern, however, about potentially falling foul of Western sanctions. An industry source in Moscow, who declined to be named because of the sensitivity of the issue, said Russia's Ministry of Industry and Trade asked large companies to supply lists of raw materials and equipment they needed. The source added that further discussion would be needed to agree specifications and volumes and that the outreach was not limited to India. Russia's Ministry of Industry and Trade and the Indian foreign and commerce ministries and the prime minister's office did not immediately respond to requests for comment. Russia's requests were made weeks ahead of Indian Foreign Minister Subrahmanyam Jaishankar's visit to Moscow starting Nov. 7, two of the Indian sources said. It was not immediately clear what was conveyed by New Delhi to Russia during the visit. Prime Minister Narendra Modi's government has not joined Western countries in openly criticising Moscow for the war in Ukraine, and has sharply increased purchases of Russian oil that have cushioned it from some of the impact of sanctions. During the Moscow visit, Jaishankar said India needed to boost exports to Russia to balance bilateral trade that is now tilted towards Russia. He was accompanied on the visit by senior officials in charge of agriculture, petroleum and natural gas, ports and shipping, finance, chemicals and fertiliser, and trade - which he said showed the importance of ties with Russia. RUSSIA'S STRUGGLES Western sanctions have crippled supplies of some crucial products in Russia. Airlines are experiencing an acute shortage of parts because almost all planes are foreign-made. Car parts are also in demand, with global automakers having left the market. A source in Russia's car sales industry said the trade ministry had sent a list of car parts needed to corresponding ministries and state agencies in other countries, including India. The list of items from Russia, which runs to nearly 14 pages, includes car engine parts like , oil pumps and ignition coils. There is also demand for bumpers, seatbelts and infotainment systems. For aircraft and helicopters, Russia requested 41 items including landing gear components, fuel systems, communication systems and fire"
"is also demand for bumpers, seatbelts and infotainment systems. For aircraft and helicopters, Russia requested 41 items including landing gear components, fuel systems, communication systems and fire extinguishing systems, life jackets and aviation tyres. Also on the list were raw materials to produce paper, paper bags and consumer packaging and materials and equipment to produce textiles including yarns and dyes, according to the document reviewed by Reuters. Russian metals producers like nickel and palladium giant Nornickel have said Western sanctions and self-sanctioning by some suppliers have made it difficult for industrial companies to obtain imported equipment, spare parts, materials and technologies in 2022, posing a challenge to their development programmes. The list includes nearly 200 metallurgy items. Russia has been India's largest supplier of military equipment for decades and it is the fourth-biggest market for Indian pharmaceutical products. But with purchases of Russian oil soaring and coal and fertiliser shipments also strong, India is looking for ways to rebalance trade, the first Indian government source said. India's growing trade with Russia Indian imports from Russia have grown nearly five times to $29 billion between Feb. 24 and Nov. 20 compared with $6 billion in the same period a year ago. Exports, meanwhile, have fallen to $1.9 billion from $2.4 billion, the source said. India is hoping to boost its exports to nearly $10 billion over coming months with Russia's list of requests, according to the government source. But some Indian companies are reluctant to export to Russia over fears of being sanctioned by the West, the lack of clarity over payments and challenges to securing insurance. ""There is a hesitancy among exporters ... particularly on sanctioned items,"" said Ajay Sahai, director general of the Federation of Indian Export Organisations (FIEO), a body supported by India's commerce ministry. Sahai, who is aware of Russia's request, said even small- and medium-sized exporters who could meet some of the requests and had previously exported to Iran after Western sanctions, were not enthusiastic. Large Indian lenders are also reluctant to process direct rupee trade transactions with Russia, months after the mechanism was put in place, for fear of being sanctioned."
"No special policy for Tesla; can seek incentives under existing schemes: Govt official The government so far is not looking to frame a separate policy for providing incentives to US-based electric car maker , and the company can apply to avail support measures under existing schemes like for auto and advanced chemistry cells, a government official has said. The government has already rolled out the production-linked incentives schemes (PLI) for advanced chemistry cell (ACC) battery storage with an outlay of INR 18,100 crore and INR 26,058 crore PLI scheme for auto, auto-components and drone industries. ""We have told Tesla that the policies, which are already there for all, they can also apply under that PLI. They are welcome. Generally, the policy will be the same for all. For a single company, the government may not like to make separate policies. So far, there is no plan to give special treatment,"" the official said. Representatives of Tesla's biggest supplier of batteries Panasonic have met ""us and they have stated that they want to make batteries. We have suggested them to apply under PLI ACC batteries"", the official added. The government last week announced the re-bidding of production-linked incentives for 20 GWh advanced chemistry cell manufacturing. The Ministry of Heavy Industries is holding a stakeholder consultation with industry representatives on July 24 for their inputs and suggestions before the start of the re-bidding process of the remaining 20 GWh capacity. The representatives of Tesla visited the country last month to meet officials of various ministries, including the Commerce and Industry Ministry. In 2021, the US-based electric car maker demanded a reduction in import duties on (EVs) in India. At present, cars imported as completely built units (CBUs) attract customs duty ranging from 60% to 100%, depending on engine size and cost, insurance and freight (CIF) value less or above USD 40,000. The world's largest electric car producer Tesla Inc's chief met Prime Minister Narendra Modi last month in New York. , after meeting the Prime Minister, said he plans to visit India in 2024. ""I am confident that Tesla will be in India, and we will do so as soon as humanly possible,"" Musk had said after that meeting. ""We don't want to jump the gun on an announcement, but I think it's quite likely that it will be a significant investment, a relationship with India,"" Musk had said. India, the world's third-largest energy consumer, is pitching as an alternate destination for investment for US companies to capitalise on the growing chill between Beijing and Washington."
"Burnt-out cargo ship with luxury cars sinks off Portugal's Azores LISBON -A burnt-out cargo ship carrying thousands of , including Porsches and Bentleys, sank on Tuesday off the archipelago nearly two weeks after it caught fire, a port official said. Joao Mendes Cabecas, the captain of the nearest port on the island of Faial, told Reuters the Panama-flagged Felicity Ace had sunk as efforts to tow it began due to structural problems caused by the fire and rough seas. ""When the towing started... water started to come in,"" he said. ""The ship lost its stability and sank."" The blaze on the ship carrying around 4,000 vehicles made by Volkswagen Group from Germany to the United States, broke out on Feb. 16. The 22 crew members were evacuated on the same day. Cabecas said no oil leak had been reported so far but there were fears the fuel tanks could be damaged as the vessel lay at the bottom of the Atlantic at a depth of around 3,500 metres (2.17 miles). Volkswagen, which said last week the damage to the vehicles was covered by insurance, confirmed the ship has sunk. Insurance experts said the incident could result in losses of $155 million."
"Nasscom-Deloitte study spots future growth sectors in Digital Engineering Bengaluru: Digital platforms and tools have been reshaping connections among businesses, clients, employees, and employers in recent years. Across sectors, industry leaders observed a consistent increase in in (DE) endeavours. India has established a strong foothold in this space through its booming talent pool, growing ecosystem for collaborations, and encouragement from the government institutions. The National Association of Software and Services Companies ( ) and Deloitte today released a study titled ""The Future Growth Sectors in Digital Engineering"" to track India's growth in Digital Engineering, Research & Development. India has emerged as a leading destination for Digital Engineering. The share of Digital Engineering in the overall ER&D revenue in India continues to be in the range of 28%-30% in the overall engineering research and development revenue as of FY22. In the field of engineering, research, and development, digital engineering (DE) is gradually displacing as the main force (ER&D). India has established a strong presence in this market - thanks to its growing talent pool, developing environment for partnerships, and encouragement from government institutions. India’s rise as a Digital Engineering destination India is becoming very popular as a location for digital engineering mainly owing to the availability of key technologies like AI, cloud, blockchain, automation, and IoT. They have transformed the way how businesses are conducted in India and given rise to digital strategies for sustainable development and smarter ways to operate. Industries such as banking, financial services & insurance, healthcare, (CPG), and retail have witnessed a gradual increase in Digital Engineering. Disruptive technologies are currently delivering on their promise to alter these industries and establish them as pillars of the future. Furthermore, the increasing pool of graduates coupled with a maturing talent ecosystem is helping the growth of the digital talent pool in the country. India offers a large entry-level talent pool of STEM graduates, out of which, there are sizable numbers with AI4 cities and other marginal groups. Debjani Ghosh, President, NASSCOM, said , “India is advancing into the fourth industrial revolution with an optimistic Digital Transformation (DE) revenue amounting to 50-60% in overall ER&D revenues in the coming years. The transitory years that passed are responsible for the noticeable rise in the development of the digital infrastructure of the second-most populous nation and largest democracy. India is well-positioned to adopt emerging technologies - thanks to its third-largest startup environment, one of the world's youngest populations, a big pool of science and engineering talent, and attempts to digitally empower society and enterprises."" About the digital engineering ecosystem in India, Keerthi Kumar, Partner, Deloitte India, said , “India is"
"science and engineering talent, and attempts to digitally empower society and enterprises."" About the digital engineering ecosystem in India, Keerthi Kumar, Partner, Deloitte India, said , “India is well positioned to take the pole position in the Digital Engineering domain. Being home to the biggest market for digital consumers with over 500 million internet users and with innate technology capabilities, India’s contribution in the DE growth story will be significant. DE will play a crucial role in government and industry alike, whether it is for planning or decision-making, discovering latest trends or new product creation. However, to realize this potential, a balance between growing technical capabilities and the need for domain and business depth, enhancing India’s data protection infrastructure and patent regulations can further alleviate India’s position as a DE offshoringreskilling programmes that focus on the DE application in specific industry domains will help create the right balance between growing technical capabilities and industry-specific soft skills. There is also an increasing need to enhance India’s data protection infrastructure to provide increased confidence to Global Capability Centers and Engineering Service Providers to serve global businesses. In addition to the formation of a global standpoint, concerns around patentability criteria and patent maintenance need to be addressed. Lastly, addressing regulatory gaps such as simplifying the requirements for setting up a foreign company centre in India, and refining certain ease of doing business limits and parameters will further help boost India’s position as a DE offshoring/outsourcing location. Read More:"
"Road accident victims to get free cashless treatment: Nitin Gadkari Union Minister for Road Transport and Highways, , said that the govt has implemented a scheme to provide to victims of road accidents. The minister informed the Parliament on Thursday that the has developed a scheme and begun implementing it on a pilot basis in Chandigarh and Assam. This initiative aims to provide cashless treatment to victims of road accidents. The minister explained that the scheme covers treatment for individuals involved in road accidents caused by motor vehicles, regardless of the type of road. The ministry is implementing this program in collaboration with the National Health Authority (NHA). ""Under this scheme, the eligible victims are administered Health Benefits Packages relating to trauma and polytrauma care at empanelled hospitals under Ayushman Bharat Pradhan Mantri-Jan Arogya Yojana (AB PM-JAY), up to a maximum of Rs. 1.5 lakh for a maximum period of 7 days from the date of the accident,"" said the minister in a written reply in the Lok Sabha. The scheme is being administered under the aegis of the Motor Vehicle Accident Fund, established under section 164B of the Motor Vehicles Act, 1988. The sources of income and the utilization of funds are detailed in the Central Motor Vehicles (Motor Vehicle Accident Fund) Rules, 2022. The NHA, under the Ministry of Health & Family Welfare, is responsible for the program's implementation in coordination with local police, empanelled hospitals, State Health Agencies, the National Informatics Centre, and the General Insurance Council. Minister Gadkari stated that, in accordance with the Motor Vehicles Act, of 1988, the pilot program for cashless treatment extends support to victims of road accidents caused by motor vehicles, regardless of where the accident occurs. The scheme will help in reducing deaths in road accidents and will help in providing better treatment to ."
"Tesla set to report record quarterly vehicle deliveries, fueled by incentives is set to report record vehicle deliveries, after the top electric vehicle maker increased discounts and other incentives to boost sales in the face of economic uncertainty and rising competition. Tesla is expected as early as this weekend to report global deliveries of 445,000 vehicles in April to June, according to the average estimates of nine analysts by . That would be an increase of 5% from 422,875 the preceding quarter. Tesla CEO 's plan to sharply increase sales this year faces challenges from aging and limited product line-ups as competition intensifies especially in China, and demand softens. Tesla has cut prices aggressively since January, eroding its first-quarter margins. It has avoided major price cuts in the past couple of months but has increased discounts, another form of sales incentive. It raised discounts in the second quarter for vehicles in its inventory to a USD 1,600-to-USD 7,500 range, and made all of its Model 3s eligible for full federal credits of USD 7,500 starting in June in the United States. Tesla this week sent out an email, ""The Most American-Made Cars Are S3XY,"" offering three months of Supercharging to those who take delivery of a Model 3 by June 30, 2023. In China, its second-biggest market after the United States, Tesla offered an insurance subsidy of 8,000 yuan (USD 1,104) to customers who ordered and completed the delivery of an already-built Model 3 in the inventory from June 16 to June 30. Tesla is set to increase China sales by 13% from the previous quarter to a record number of vehicles, according to an analyst. ""I think China was a little bit better than expected and so there might be room for a little bit of a positive surprise there,"" said , senior portfolio manager at Globalt Investments, which holds Tesla stock. Tesla also offers discounts in Europe and Tesla appears to have tapped the brakes on a production increase at its Berlin factory, hiring fewer temporary workers and refraining from Saturday shifts. MARGINS Lower prices could weigh on its margins, which has prompted some brokerages to downgrade Tesla stock and overshadows a recent stock market rally driven by a flurry of deals by automakers to use Tesla's charging stations. Tesla's share price has more than doubled this year, helped by rivals backing Tesla's charging standard, as well as expanded federal credits for Model 3s and investor excitement over artificial intelligence. Some analysts were cautious about Tesla's deals to open its charging network to rivals. ""The biggest risks of opening the charging network in our opinion are potentially losing Tesla car buyers to other OEMs, and decreasing current Tesla owner satisfaction,"" said in a recent report."
"India notifies overseas investment rules and regulations to boost ease of doing business 's finance ministry today notified rules and regulations for overseas investment by Indian entities in a bid to enhance the ease of doing business, according to a finance ministry statement. by a person resident in India is governed by the (Transfer or Issue of Any Foreign Security) Regulations, 2004 and the Management (Acquisition and Transfer of Immovable Property Outside India) Regulations, 2015. Now, extant regulations pertaining to Overseas Investments and Acquisition and Transfer of Immovable Property Outside India have been subsumed within these rules and regulations. ""In view of the evolving needs of businesses in India, in an increasingly integrated global market, there is need of Indian corporates to be part of global value chain. The revised regulatory framework for overseas investment provides for simplification of the existing framework for overseas investment and has been aligned with the current business and economic dynamics,"" the finance ministry said. New Delhi in consultation with the Reserve Bank of India had last year undertaken a comprehensive exercise to simplify the regulations and the draft rules and regulations were put in the public domain for consultations, it said. The new rules include overseas investment in ( ) by an Indian resident in manner as laid down in the gazette notification. A person resident in India can make contribution to an investment fund or vehicle set up in an IFSC as Overseas Portfolio Investment (OPI), it said. A resident individual may make in a foreign entity, including an entity engaged in financial services activity, (except in banking and insurance), in IFSC if such entity does not have subsidiary or step down subsidiary outside IFSC where the resident individual has control in the foreign entity. A recognised stock exchange in the IFSC shall be treated as a recognised stock exchange outside India for the purpose of these rules, the gazette notification said. An Indian entity may make ODI by way of investment in equity capital for the purpose of undertaking bonafide business activity in the manner and subject to the limits and conditions provided in a schedule in the gazette."
"Acko to use e-history, cell brand to rate non-life plans Mumbai: Digital insurer Acko is looking at dynamic pricing of insurance plans such as motor policies by using a host of customer data, including their credit scores, online behaviour and the brand of phone they use. In , if two vehicles are identical, an insurer tends to charge uniform prices irrespective of the owner’s behaviour. Acko plans to change all that to get claims-to-premium ratios 10-15 basis points (100bps = 1 percentage point) below the industry average. Speaking to TOI, Acko chief business officer Sanjeev Srinivasan said that the company has chosen to position itself as a pure consumer business that is technology and data -led. “We believe this is what the future is all about. We are very keen on term insurance and may even look at floating a life insurance company in future,” said Srinivasan. “This is more of a plan in the long run. We want to stand for protection. We are not a licence-focused company. We are focused on the consumer who wants to cover their car, health and life. Therefore, tomorrow if we have to apply for a life insurance licence to do term insurance, we will do that,” said Srinivasan. Acko processes large quantities of consumer data to get an idea of the correlation between the customer profile and claims. It has been found that better credit scores are better risks, while iPhone users tend to pursue auto claims for even minor dents. “For us, the idea of a wonderful customer is someone who has got four to five products of Acko from the app having the same experience for everything rather than having 10 customers for one product,” said Srinivasan. He said that the goal was to provide the customer with complete protection. “We plan to put all of that in one package. We are looking at putting all of them together and offering it to them for Rs 2,000 a month and cover everything, including all policies,” said Srinivasan. While collecting auto insurance premiums on EMI is not allowed now, Srinivasan is optimistic, given the positive approach of the regulator to innovation. The company is also entering individual health insurance in a calibrated manner. Last year, Acko did about Rs 1,000 crore of gross written premium, of which around 50% was auto and 25% employee benefits. The balance 25% is what Srinivasan defines as contextual products. These include bite-sized insurance covers, such as one for mobile screens, or personal accidents while using Ola, travel policies or warranty products. “We are launching retail health in a meaningful way. Our comprehensive product, where we offer a cover of Rs 1 crore, is very much live, but we are doing it in a restricted environment,” said Srinivasan. He added that the company was not giving up its consumer focus and does not cover fire, marine or crop insurance. Even in the retail segment, its focus is the upwardly mobile customers who are digitally active, believed to be around 10 crore. Founded in 2016 by Varun Dua and"
"cover fire, marine or crop insurance. Even in the retail segment, its focus is the upwardly mobile customers who are digitally active, believed to be around 10 crore. Founded in 2016 by Varun Dua and Ruchi Deepak, is a pure digital cover provider. In October 2021, Acko raised $255 million through its holding company in a new funding round led by General Atlantic and Multiples private equity. Canada’s pension fund CPPIB and Lightspeed Growth and existing investors Intact Ventures and Munich Re Ventures also participated in the funding round. Other earlier investors include Amazon, Accel, Elevation Capital, Ascent Capital and Flipkart’s co-founder Binny Bansal."
"Oil prices spike after Russia announces 5 per cent oil output cut in March will cut oil production by 500,000 barrels per day, or around 5 per cent of output, in March, Deputy Prime Minister Alexander said on Friday, after the West slapped price caps on Russian oil and oil products. The G7, the and Australia agreed to ban the use of Western-supplied maritime insurance, finance and brokering for seaborne Russian oil priced above $60 per barrel from Dec. 5 as part of Western sanctions on Moscow over its actions in . The EU also slapped a ban on purchases of Russian oil products and set price caps from Feb. 5. ""As of today, we are fully selling the entire volume of oil produced, however, as stated earlier, we will not sell oil to those who directly or indirectly adhere to the principles of the 'price cap',"" Novak said in a statement. ""In this regard, Russia will voluntarily reduce production by 500,000 barrels per day in March. This will contribute to the restoration of market relations"". The prices of Brent international benchmark crude rose on the news of the output cuts from Russia, the world's second-largest oil exporter after , increasing by more than 2 per cent on the day to $86.36 per barrel. ""Russia believes that the 'price cap' mechanism in the sale of Russian oil and oil products is an interference in market relations and a continuation of the destructive energy policy of the countries of the collective West,"" Novak said. Russian oil production defied numerous predictions of a decline amid Western sanctions over Ukraine and rose by 2 per cent last year to 535 million tonnes (10.7 million barrels per day) thanks to a jump in sales to Asia, especially, to and China. However, following a raft of new sanctions from the West, Russia is facing more challenges in holding up its production of oil, a key source of revenue for the state budget. Also Read:"
"Some cars' systems designed to keep drivers' eyes on the road fail - AAA study By Tina Bellon Some vehicles equipped with aimed at keeping drivers alert and watching the road fail at that job, an found on Tuesday. The AAA study said monitoring systems that rely only on how drivers' handle the steering wheel were not successful. Those that use cameras to monitor drivers' eye and head position were significantly more effective at keeping drivers focused while vehicle software is engaged. On average, those direct monitoring systems issued an alert to the driver around 50 seconds sooner than those relying on indirect steering wheel input, AAA said. Monitoring systems are becoming widespread as part of (ADAS), which can automate some driving tasks and control a car's braking and acceleration. Automakers are offering them on more vehicle models and the cost of the technology boosts car sales prices. Automakers tout the systems as improving safety and convenience, but insurance groups and safety researchers have repeatedly warned that drivers can mistake them for self-driving systems, leading to overreliance. The AAA study tested two camera-based monitoring systems, a 2021 Cadillac Escalade with General Motors' ""Super Cruise"" system and a 2021 Subaru Forester with ""EyeSight"" technology, and two systems that only rely on steering wheel engagement: a 2021 Hyundai Santa Fe with ""Highway Driving Assist"" and a 2020 Tesla Model 3 with "" ."" The Hyundai system performed worst, followed by the Tesla. Subaru's and GM's systems were much better at keeping drivers engaged, but none of the monitoring systems performed perfectly. ""Driver monitoring systems are a good first step to preventing deadly crashes, but they are not foolproof,"" said Greg Brannon, director of AAA's automotive engineering. Tesla Model 3s and Ys produced in 2021 and later offer cabin cameras to determine driver inattentiveness, the carmaker says. AAA said it got a 2020 Model 3 strictly based on availability. Also Read:"
"Startup Gatik says it will put self-driving trucks on the road in Kansas Autonomous delivery truck on Thursday said it will be putting its box trucks on the road in Kansas after state officials gave it and its partner and customer Walmart Inc the go-ahead. Kansas Governor on Friday signed into law a bill permitting use of driverless vehicles in the state without a human safety driver behind the wheel. 's head of policy, , told Reuters in an interview the company would be ""getting our trucks on the road now"" in Kansas, but declined to comment on whether they would be making deliveries for Walmart or any other customer. He said Gatik and Walmart held many conversations over the last year with Kansas legislators and law enforcement officials. The union, a trial lawyers and a Kansas workers' group had opposed the bill, citing issues such as insurance and liability requirements. The Teamsters in a statement said the bill was rushed through, and that it allowed autonomous vehicles to operate ""recklessly, risking the lives of our friends and neighbors, and upending the workforce as we know it."" Walmart did not immediately respond to a request for comment on the Kansas law, which sets minimal operating requirements, such as insurance limits and the capability to move onto the road's shoulder in case of a vehicle malfunction. Self-driving companies also must test with a human driver for 12 months before going autonomous, the bill says. Walmart already works with Gatik in Arkansas and Louisiana, where Gatik offers short-haul deliveries in box trucks. The companies last year removed safety drivers from a delivery route in Arkansas, running fully autonomous. ""It was really important for us as we look to scale nationally that the states that have been silent on autonomous vehicles are being brought into line with the more progressive states,"" Steiner said. A majority of U.S. states have either enacted autonomous driving bills by law or executive order, but permit varying degrees of automation under different rules."
"Salvage team boards burnt ship with luxury cars off Azores, towing begins LISBON: More than a week after a ship packed with luxury cars caught fire in the middle of the Atlantic Ocean, a managed to board the vessel on Friday and started to tow it to a safe location off the Portuguese Azores archipelago. In a statement, ship manager said the Felicity Ace remained stable, and the smoke that for days billowed from the vessel, adrift around 170 km southwest of the Azores, had stopped. The 22 crew members of the Panama-flagged Felicity Ace, which was carrying around 4,000 Volkswagen vehicles including Porsches, Audis and Bentleys from Germany to the United States, were evacuated last Wednesday, the day the fire broke out. Some of the vehicles are electric and their lithium-ion batteries have made the fire very difficult to extinguish, port officials have said. ""We fear that the fire on the ship has damaged a large number of the nearly 4,000 group-brand vehicles to such an extent that they can no longer be delivered to customers,"" Volkswagen said in a statement on Friday. Previous attempts to board the ship to assess its condition and start preparing it for towing had failed due to the fire and rough seas. On Friday, the team was able to board by helicopter and the salvage boat Bear started towing the vessel to a ""safe area off Azores"", the ship manager said. It was not clear where exactly the vessel was being towed to. It was being escorted by two tug boats and another salvage craft equipped with firefighting gear, MOL said. Volkswagen said the damage to the vehicles was covered by insurance, adding that brands and dealers had already started to inform affected customers and finding ""individual solutions"". Insurance experts said the incident could result in losses of $155 million. Also Read:"
"Rupyy, part of CarDekho Group, appoints Vineet Tripathi as CBO New Delhi : , a leading lending fintech platform in the financing industry, has appointed as its Chief Business Officer (CBO). In his new role, Tripathi will oversee the business growth and expansion plans at Rupyy. Tripathi is a seasoned retail finance professional with over two decades of experience with banks, insurance companies and NBFCs. Prior to joining Rupyy, he served as the Chief Business Officer at Poonawalla, and held leadership positions at Bandhan Bank, Tata Capital, Kotak Mahindra Bank, GE Money and Birla Sun Life Insurance. He has worked across geographies in India and spearheaded the launch of multiple business lines focused on secured and unsecured lending. Tripathi has a proven track record of successfully incubating and diversifying new business verticals in the financial sector. At Bandhan Bank, he established the retail assets unit, broadening the bank's product portfolio. Previously, at Tata Capital, he set up the two-wheeler lending business and forged strategic partnerships with leading auto brands. His expertise lies in conceptualizing and launching innovative retail asset products, including digital finance, two-wheeler/car loans, used car finance, and loan against property offerings across various NBFCs and banks. Namit Jain, CEO and co-founder, Rupyy by said, “We are delighted to welcome Vineet Tripathi to our leadership team. His extensive experience in diverse retail finance products, gained over two decades in esteemed institutions, positions him as a catalyst for our strategic expansion. Vineet's expertise will be pivotal as we aim to diversify our product portfolio horizontally across multiple categories, reinforcing Rupyy’s commitment to providing innovative and accessible financial solutions across India.” Tripathi said, “Rupyy’s stellar growth in such a short span is a testament to its innovative models and calibrated risks. I am excited to be joining the company at such a crucial stage in its growth journey. The vision to drive financial inclusion via technology-enabled lending initiatives is commendable."" ""My values of customer-centricity, innovation and excellence align perfectly with Rupyy's ethos and purpose. I look forward to collaborating with the exemplary leadership team to build on the strong foundations, drive the next phase of growth and deliver a top-notch lending experience to millions of underserved Indians,"" he added."
"Oil climbs on supply jitters as EU plans Russian oil ban LONDON: Oil prices extended gains on Thursday on supply concerns after the laid out plans for new sanctions against Russia, including an embargo on crude in six months, offsetting concerns over weaker Chinese demand. Brent crude was up 36 cents, or 0.3 per cent, at $110.50 a barrel by 1007 GMT. US West Texas Intermediate crude rose 4 cents, or less than 0.1 per cent, to $107.85. Both benchmarks gained more than $5 a barrel on Wednesday. The sanctions proposal, which needs unanimous backing from the 27 EU countries, also includes a phasing out of imports of Russian refined products by the end of 2022 and a ban on all shipping and insurance services for the transportation of Russian oil. ""The oil market has not fully priced in the potential of an EU oil embargo, so higher crude prices are to be expected in the summer months if it's voted into law,"" said 's head of oil markets research, . The French environment and energy minister, Barbara Pompili, said she was confident that European Union member states will reach a consensus on sanctions by the end of this week. ""The planned EU oil embargo represents a massive logistical challenge for oil markets,"" said Investec's head of commodities, . ""Re-routing Russian output from Europe to willing buyers in Asia, in the presence of sanctions, is already so challenging that even Russia has admitted its production will decline significantly."" Japan said it would face difficulties in immediately cutting off Russian oil imports over the invasion of Ukraine. Meanwhile, the OPEC+ producer group comprising the and allies is likely agree to stick to modest oil output increases when it meets on Thursday, arguing that it is not responsible for geopolitics and supply disruptions. Five OPEC+ delegates told Reuters the group is set to agree another monthly increase of 432,000 barrels per day in its production target for June. Secretary General reiterated that it is not possible for other producers to replace Russian supply, but expressed concerns about slowing demand for transportation fuels and petrochemicals in the world's top importer, China, because of prolonged COVID-19 lockdowns. A private-sector survey on Thursday showed China's services sector activity contracted at the second-steepest rate on record in April owing to pandemic measures. In Iran, surging oil prices have given its energy-reliant economy a breather and hence its clerical rulers are in no rush to revive a 2015 nuclear pact with world powers to ease sanctions, said three officials familiar with Tehran's thinking. In the United States, crude stocks were up by 1.2 million barrels last week after more oil was released from strategic reserves, according to the . Also Read:"
"South Africa partners with Dutch, Danish govts on green hydrogen fund and the governments of the and Denmark on Tuesday launched a USD 1 billion green hydrogen fund to help kick-start an industry seen as critical to the country's decarbonisation efforts. South Africa's energy transition plan envisages setting up an ecosystem and export hub for green hydrogen, which is made using renewable energy and without producing greenhouse gas emissions. The nation wants to produce the fuel for use in aviation, , transport and more, as well as for export to the . But President has said this would require 319 billion rand (USD 17.57 billion). The new fund, dubbed SA-H2 and run by Climate Fund Managers, a joint venture between the Dutch development bank, FMO, and South African insurer Sanlam, will look to support South Africa's green hydrogen sector. ""The SA-H2 Fund initiative will aim to secure USUSD 1 billion in funding, to be raised directly in South Africa or indirectly via other channels,"" Climate Fund Managers said in a statement. European nations are eager to help South Africa, the world's 14th biggest emitter of carbon dioxide, transition towards a greener economy to help mitigate climate change. The nation currently relies on a fleet of 15 ageing coal-fired power plants for electricity. A group of rich countries including France, Germany, Britain, the United States and the European Union pledged USD 8.5 billion to South Africa in 2021 for its green transition, including a green hydrogen industry. A similar fund targeting green hydrogen was also set up for Namibia last year. Critics say a key challenge to setting up a green hydrogen industry in South Africa is its slow renewable energy roll-out, an imperative for green hydrogen production. According to Boston Consultancy Group, South Africa would need to set up 6-7 gigawatts (GW) of renewable capacity per year for the next two decades to support a green hydrogen industry, compared with the 6 GW it has managed in total since 2011."
"Awareness boosts helmet use among kids from 28% to 95%, says survey : Even as the have begun a strict crackdown on motorists riding without helmets, a nationwide survey by an insurance firm hsas shown that educating children on safe riding results in a spike in helmet usage not only among them, but among their parents as well. The survey, conducted across seven cities, including Mumbai, in 2020-21, showed that earlier only 28% of the respondents used to strap helmets on their children while riding, but post intervention, the number surged to 95%. Among parents, helmet usage increased from 88% to 99%. More than 200 awareness workshops were carried out in schools as part of the 'Ride to Safety' programme by ICICI Lombard. Child-specific helmets were distributed to beneficiaries, many of whom belonged to low-income groups and marginalised communities. A survey was subsequently carried out where 777 families were interviewed. The survey report stated that children majorly suffer in accidents due to poor road safety behaviour of parents and low usage of affordable and quality helmets. ""Unlike a rider who can spot danger, in the form of a rash driver in front of him, a pillion is completely unaware. When the pillion is a child, it's even more important to strap a helmet on for him. Motorists often plonk kids on the bike's fuel tank with no helmet on. It is only through awareness that mindsets can change,"" said , associated with the NGO, United Way Mumbai. Over 60% of the survey respondents said their most frequent two-wheeler trips with children involved ferrying them to school or coaching class. Before intervention, 31% of the families said they couldn't afford a good quality helmet, while 25% were not aware that helmet usage was directly linked to road safety. Transport activist said merely wearing a helmet is not enough unless it's of good quality. ""An industry standards approved helmet, which is lighter, safeguards your skull and absorbs the impact of a crash is necessary,"" he said. Post intervention, the survey showed that 93% of the children reminded their parents about traffic rules and safety while riding and in 96% instances, children contributed in spreading road safety awareness beyond the family. According to WHO, clasped helmet-wearing can lead to a 42% reduction in fatalities. In 2020, 49% of those who died on Mumbai roads were bikers and pillions. The has made it mandatory for automobile dealers to give two helmets to those purchasing two-wheelers - one for the rider and the other for the pillion."
"UK insurers face crackdown for undervaluing cars in damage claims LONDON - Britain's financial watchdog on Friday warned insurers against undervaluing cars and other items when customers submit a damage claim and said it was taking unspecified action against firms breaking its rules. The said it has evidence that some consumers who had their cars written off after an accident are being offered sums lower than the vehicle's fair market value. Offering a price lower than fair market value is not allowed under the . Increasing business expenses add pressure on insurers to control claims costs and offer cash to settle instead of paying for vehicle repairs - a move that may not be in the best interest of customers, the FCA said. ""Insurance firms should offer settlements at the fair market value,"" said Sheldon Mills, FCA executive director for consumers and competition. ""This is especially important now as people struggling with the cost of living will be hit in the pocket at precisely the time they can ill-afford it."" The Association of British Insurers, an industry body, said insurers have processes in place to determine fair market value for all written-off cars. ""We'll discuss this with our members to understand how processes are kept under review, including the information provided to customers to understand the different settlement options available to them, particularly given fluctuations in second-hand car prices,"" the ABI said in a statement. Separately, insurance firms are also grappling with a rise in auto insurance application frauds. Earlier this week, insurer Aviva said it had seen a 16% rise in such malpractices till October this year compared with the same period last year. Applicants were falsifying information such as their age, how long they have held a licence, how many penalty points they have on their licence and occupation, Aviva said. It warned motorists to think twice about lying to their insurer in an attempt to save a few pounds on cover during the cost-of-living crisis."
"FM exhorts India Inc to open up their purse for sustained growth New Delhi: Finance Minister on Saturday exhorted India Inc to take advantage of announcements made in Budget and ""quickly"" step up so that the virtuous cycle of investment gathers momentum. Addressing members of CII, she said increase in capex in the Budget was done with twin objectives of supporting sustained growth and crowd in private investment. She asserted that this is the right time for investment and industry should not lose this opportunity. ""Post the pandemic with all the reshuffling happening, reset happening in the ways in which you do your business and also with that step of October 2019 in which that one condition was please start reducing by March 2023 is also now extended by one more year,"" she said. The Budget 2022-23 presented on February 1 proposed that the concessional 15 per cent corporate tax rate would be available for one more year till March 2024 for newly incorporated manufacturing units. The government in September 2019 slashed corporate tax rate for companies that do not avail of any tax incentive, to 22 per cent. New manufacturing companies have to pay at an even lower corporate tax rate of 15 per cent. The government slashed corporate tax rate to provide incentive for the private sector to ramp up investment which was muted for last few years. However, this got further aggravated with the outbreak of the COVID-19 pandemic. Stressing that many sectors have been opened up, she said, there are immense opportunities in the sunrise sectors and New Age sectors like bulk drugs vaccines, and genome. ""Do sit back and calmly take a call. India needs all the expansion in capacity and it is that which is going to kick off the virtuous cycle. ""I would just want to green flag those areas before you and call upon the industry to quickly join and help the virtuous cycle to gain traction. The government has not given up its investment in infrastructure and that's going to have a bearing on the core industries directly and soon,"" she said. The government has hiked public investment by as much as 35.4 per cent to Rs 7.5 lakh crore or 2.9 per cent of the GDP in the Budget 2023-24. She urged industry not to lose this opportunity for India to reach a higher level of industrialization and manufacturing in India. The global arena is getting opened up where global value chains are not going to be concentrated in one geography but are relocating to countries with rule of law and English speaking people. ""India fits into that very well and industry should take advantage of this global shift,"" she added. Speaking on the issue of rural distress, she said, that the same was being addressed in multiple ways. The budget has enabled access to tractors and other farm equipment through rentals as well as making credit available. The government has ensured availability of nutrients and fertilisers at affordable prices, despite the increase in global prices, she said, adding, multiple"
"as well as making credit available. The government has ensured availability of nutrients and fertilisers at affordable prices, despite the increase in global prices, she said, adding, multiple welfare schemes have provided support for housing, cooking gas, electricity, healthcare etc. Responding to the lower allocation to MNREGA as compared to the revised estimates of last year, she clarified that the Budget allocation this year has been pegged at the allocation last year, and as the scheme is demand driven, higher allocation would be provided as per the demand. The Finance Minister said there is need to be watchful of the increases in interest rates in developed countries and the high commodity prices. On the privatisation of the two public sector banks and one general insurance company, as suggested in last year's Budget, she said the government is committed to taking forward the announced privatisations. Also Read:"
"Formal job creation jumped by 16.4% in December 2021 in India jumped by 16.4% in December 2021 with 1.46 million net new subscribers added to the Employees Provident Fund Organization compared to 1.25 million added in December 2020, shows the provisional payroll data released on Sunday. Month-on-month, registered a growth of 19.9% in December compared to November 2021 with the revising down the net new additions in November from 1.39 million earlier to 1.21 million now. Of the total 1.46 million net subscribers added in December 2021, 0.91 million new members have been enrolled under , 1952 for the first time. Approximately 0.54 million net subscribers exited but rejoined EPFO by opting to continue their membership with EPFO by transferring their PF accumulations from previous to present PF account instead of opting for final withdrawal. Further, the number of members exiting EPFO has been on a declining trend since July, 2021, the labour ministry said. Highest number of net enrollment have been in the 22-25 years age bracket with net enrolments at 0.38 million additions during December, 2021 while 0.29 million subscribers were added in the 18-21 year age bracket and the age-groups of 18-25 years together contributed around 46.89% of total net subscriber additions in December, 2021. “This indicates that many first-time job seekers are joining the organised sector workforce in large numbers,” it said. Establishments in Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka have added approximately 0.89 million subscribers during the month, which is around 61.44 % of total net payroll addition across all age groups. Gender-wise analysis indicates that net female payroll addition during the month is approximately 0.3 million with share of female enrolment at 20.52% of the total net subscribers addition during the month of December, 2021. Industry-wise payroll data indicate ‘expert services’ category (consisting of manpower agencies, private security agencies and small contractors etc.) constitutes 40.24% of total subscriber addition during the month. The payroll data is provisional since the data generation is a continuous exercise, as updation of employee record is a continuous process. The previous data hence gets updated every month. From the month of May-2018, EPFO has been releasing payroll data covering the period December 2017 onwards. EPFO provides provident fund, pension benefits to the members on their retirement and family pension & insurance benefits to their families in case of untimely death of the member. EPFO is the country’s principal organization responsible for providing social security benefits to the organized/semi-organized sector workforce covered under the statute of EPF & MP Act, 1952. Also Read:"
"From textiles and fashion to EV batteries, this company is making the grand transition They are better known for their textile and garment business but lured by the growth prospects of electric vehicles in India, of Rajasthan is betting big on EV batteries, which it believes will be the driver of growth for the group in the future. The company is in the final stages of setting up a 1 gigawatt hour battery facility in Pune in partnership with and is already looking to expand it to 5 GWh by 2026. ""We have three different businesses, textiles, graphite and the power generation business. We continue to grow in at least the textiles and graphite businesses, but we also realize that the times are changing,"" said Riju Jhunjhunwala, vice chairman, LNJ Bhilwara Group. ""Going forward the next 10-15 years, technology, EVs, artificial intelligence are on the cusp of really growing. We as a group cannot shy away from this and we have to have a presence in some of these areas."" The electric vehicle ecosystem is still in its nascent stages in India but it is already catching the attention of companies like Bhilwara Group that operate in diverse, even unrelated sectors. Lithium ion batteries are primarily used in two segments--electric vehicles and for stationary storage devices like solar lamps or rooftop panels. The country makes around 16 GWh of such batteries with EVs accounting for around 10 GWh of them. By 2030, this is estimated to grow to at least 500 GWh--350 GWh of which will come from EVs. ""As the grid in India cleans itself and moves away from thermal power stations, batteries will be the backbone and the majority of the power generation will come from solar and wind,"" said Hiren Pravin Shah, executive director and CEO of the LNJ-Bhilwara Replus Venture. ""As far as EVs is concerned, in the next 3-4 years the industry will mature, volumes will pick up and the range of the batteries will stabilize at a minimum 300 kilometers in real world conditions. So EVs would account for around 3-3.5 gigawatt hour of the sales for us and stationary storage will account for the rest 1.5 GWh capacity."" All of this would mean big business. According to CRISIL, EVs hold a revenue potential of INR 3 lakh crore by 2025-26 with automotive companies cornering half of the potential with the rest split between financers, insurers and shared mobility platforms. Additionally, as a supplier to the mainstream automotive companies, it will cater not only to all types of electric vehicles--two, three and four wheelers, but also to renewable companies in need of stationary solutions. Jhunjhunwala said this new business should form the fourth pillar of the group and account for at least a fifth of its revenues. ""We would want 20% to come from this particular business in the next 5-7 years, because otherwise it will never be in focus. We have to see this as a serious business,"" he said. ""What we are really trying from our end is to have the most fast moving cutting edge systems"
"years, because otherwise it will never be in focus. We have to see this as a serious business,"" he said. ""What we are really trying from our end is to have the most fast moving cutting edge systems integrator, which any of the big companies will need to build a technology. We will watch the big players and if they have to switch from a technology we should be able to do that extremely fast and at the lowest possible cost."" ""When I talk about cost today, our cost is dependent on the cost of imported cells from China. Tomorrow, when the Indian cell manufacturing starts in two, three years, one really has to see how competitive the Indian cell manufacturers are compared to the Chinese ones,"" he added. There are potential pitfalls though. Already the domestic EV industry is highly cluttered with over 250 startups jostling for space. The pie will get larger with the shift from combustion vehicles gaining momentum, but even then it will not be able to support so many companies. Some are bound to die in a consolidation phase that may begin from 2025. ""Even in a mature market like China or Europe, there are over 50 brands of batteries with the top 10 who control 80% of the market and about 40 players for the balance 20% with each one having a pie for themselves,"" said Shah. ""It will be very similar here--very large players in the top five top 10 controlling the majority of the market. Who those top five top 5 will be, we have to wait and see. There will be large battery companies if they can quickly diversify their focus pumping money and there will be some like us completely riding on the technology wave of innovation and new cell chemistries. That is how the market will evolve."" Further in order to insulate itself from the vagaries of the domestic market, it is also eyeing overseas markets like South East Asia, Middle East and Africa. ""We are not limited or restricting ourselves to the Indian market and will definitely want to be a global multinational company. And by virtue of that, we will explore other geographies. For example there is huge development happening in the Middle East,"" Shah said. ""They have the money and want to work with very strong technologically sound engineering companies. They want people who know you know the worth of the game and whom they can bet on in terms of technology and engineering. And we will be one of those who will do the execution."" Also Read:"
"Centre proposes to keep vehicle insurance premium unchanged for most categories The centre has proposed keeping the rates of motor third party unchanged, across most categories, for the financial year 2023-24. According to a draft notification for the same, slightly lower premium rates have been proposed for three-wheelers in both electric and conventional rickshaws. These rates are referenced by while fixing the premium rates for vehicles. Sops which have been continued include a discounted price of 50% of the premium based on the to a private car registered as vintage car. Another discount of 7.5% on the premium shall be allowed for . A 15% discount has been provided for Educational institution buses, and for Electric vehicles over comparable fossil fuel run ones. Insurance premium for three-wheeled vehicles used for carrying passengers for hire or reward with carrying capacity not exceeding six passengers has been trimmed in the proposal. The basic rate for three-wheelers (rickshaws) has been proposed to be lowered from INR 2,539 to INR 2,371 per annum. Basic premium rate for (e-rickshaws) is to be cut from INR 1,648 to 1,539 per annum. cover for a private car not exceeding 1000 cc engine capacity has been proposed to be continued at INR 2,094. For private four wheelers exceeding 1000 cc but less than 1500 cc, the rate has been proposed at INR 3,416. with engine capacity less than 75 cc have can be insured at INR 538 for a year and for those with a capacity between 75cc and 150cc, the premium has been suggested at INR 714 per annum."
"Landmark Cars shares jump 8% on dealership agreement with M&M Shares of jumped 8% to INR 783 in Friday's intraday trade on BSE after the firm signed a dealership agreement with Mahindra & Mahindra. "" Cars has signed a Letter of Intent with Mahindra and Mahindra for opening a dealership in Howrah in the state of West Bengal,"" the company said in an exchange filing. This dealership will be established in one of the wholly owned subsidiaries of Landmark Cars, namely . This business will include sales and after-sales of Mahindra's Personal, Pickup, and Supro range of vehicles in the areas of Howrah, Hooghly, Kolkata, North 24 Parganas and South 24 Parganas. ""This is consistent with the strategy of the company to partner with premium SUV OEs with a focus on EVs. Landmark is present in the state of West Bengal since 2013 with Mercedes-Benz,"" the company said. At 10.13 a.m., the scrip was trading 6% higher at INR 768 on BSE. On a year-to-date basis, the stock has surged over 60%, while it has gained 40% in the last six months. As per Trendlyne data, the targprice of the stock is INR 801, which shows an upside potential of 4% from the current market prices. The consensus recommendation from 2 analysts for the stock is a 'Buy'. Technically, the stock's day RSI (14) is at 52.3. The RSI below 30 is considered oversold, and above 70 is overbought, Trendlyne data showed. MACD is at -2.3, which is below its Center Line, this is a bearish indicator. Landmark Cars is the leading premium automotive retail business in India with dealerships for Mercedes-Benz, Honda, , , , MG and . The company also caters to the commercial vehicle retail business of Ashok Leyland in India. The company has its presence across the automotive retail value chain, including sales of new vehicles, after-sales service and repairs, sales of pre-owned passenger vehicles and facilitation of the sales of third-party financial and insurance products."
"Here’s why your EV might need a little extra care this monsoon EVs are having a rapid run in India. According to a report by the Federation of Automobile Dealers Association (FADA), the sale of retail electric vehicles (EV) saw a sharp three-fold jump in during 2021-2022. In the fiscal year 2022, over four lakh retail electric vehicles were sold and electric passenger vehicles also saw a 257% growth in sales. These sweeping numbers are a testament to the booming desire of Indians to own an EV. Once you own an EV, the next pertinent step is knowing how to maintain the electric vehicle. Electric vehicles need regular maintenance and checkups in any given season but with the approaching monsoon season bringing with it lashing rains, strong winds, waterlogged roads and in many cases, flood-like situations, it becomes even more vital to know when and how your EV might need a little extra care. Here’s a list of issues your EV may face this monsoon and what you can do to make sure it remains in the best form. Rodent Bites and Corrosion Problem: EVs are equipped with a complex High Tension Wiring system. During monsoon, the risk of rodent bites increases due to wet surroundings which might damage and expose the internal wires. Additionally, the dust particles, moisture in the air and long hours of rain lashing which are very frequent during monsoons may result in corrosion of electrical connectors and wires. Other mechanical parts such as unpainted suspension components and the car's exterior will also be prone to rust. Solution: To prevent corrosion and rusting, ensure that your EV is parked in a dry place whenever possible. A clean and dry parking space will also ensure rodents stay away from your vehicle. In the case of an electric car, keep the windows rolled up and the insides of the car dry. Park your EVs in sheds or garages. You can use waterproof covers but such covers trap condensation between the cover and the vehicle, Water-resistant covers let some rain trickle in but they let your EV breathe. Electrical Short Circuits Problem: The monsoon season is prone to untimely lightning rains and thunderstorms. While the components in your EV are designed to take on water splashings it is imperative to follow certain safe handling practices for EVs especially while charging. While the EV is being charged, the surge in the electrical current due to a wet charging port/plug can cause short-circuit in the charging point and impact the internal circuits of the EV. This could result in damage to the charging point as well as the internal circuits and could also create a potential fire risk. Solution: This can be prevented by ensuring that the EV’s charger is installed in a covered place and the charging plug is kept dry. You should always charge your EV in a dry and covered place away from the rain such as a shed or a garage. Though chargers are methodically tested to meet certain safety standards, always ensure that the charger plug and port are dry and"
"dry and covered place away from the rain such as a shed or a garage. Though chargers are methodically tested to meet certain safety standards, always ensure that the charger plug and port are dry and clean. As an added precaution, avoid charging during extreme weather conditions such as heavy thunderstorms or lightning. Water Ingression Problem: The most common site across India during monsoon is waterlogged roads. Vehicles can often be seen stuck in pools of water or wading through roads with water levels reaching halfway up the body. EV's important components like the battery and drive motors are tested to be waterproof up to a certain level using the Ingress Protection (IP) Rating system. There are different levels of this rating ranging from IP61 to IP68 which specifies the component's water resistance capability. Electric Vehicles are typically rated at IP67 which means your EV can be submerged under water for 30 minutes and up to a depth of 1 meter without any water leakages occurring inside the battery or the motor. Solution: All EV systems, including the battery pack, have multiple layers of protective cut-offs that activate at the first sign of water ingress. The main battery pack also has the ability to electrically isolate itself from the rest of the car. Additionally, driving an electric car into a pool of water will not immediately cause any malfunction or conduct electricity but it is prudent to avoid a completely waterlogged road at all costs as well as take the car for a maintenance check-up after such a situation, to ensure there is no damage. Battery Health Problem: EV batteries are made of Lithium-Ion Cells, which are temperature sensitive and susceptible to overheating. In monsoon, the temperature changes to extremes at the drop of a hat. In such an environment, it is extremely important to keep a check on the battery's health and temperature. Solution: Avoid charging within an hour of use, thus allowing the battery to cool down. Always use an OEM Certified or the original charger that came with your EV. The original chargers are built with proper covering shields and protective layers that prevent any kind of short-circuit, sparks, current loss, etc. Always prefer slow charging over fast charging, because fast charging presses excessive current into the batteries in a short period which strains your EV battery’s cells and raises the temperature. This also affects the battery life over a period of time. Fast charging with an incompatible charger can also lead to extreme fire risk. It is best to take your EV out on regular short trips and maintenance checkups However, for all life’s twists and turns, it is always important to have a backup. Policies such as Reliance General insurance’s comprehensive EV insurance policy not only keep you covered on government-mandated EV norms but also provide you with extra covers that are extremely beneficial in the long run. Here’s how some of these benefits can help you avoid out-of-pocket"
"you covered on government-mandated EV norms but also provide you with extra covers that are extremely beneficial in the long run. Here’s how some of these benefits can help you avoid out-of-pocket expenses. 1. Own-damage cover It is legally mandated to have third-party liability cover for your EV. Currently, EVs also enjoy a 15% discount on third-party premium rates compared to their ICE counterparts. However, third-party insurance only covers damages to a third party caused by the policyholder’s EV batteries catching fire among others. It does not cover any personal damages to own vehicles arising from an unfortunate accident. A comprehensive policy with an Own-Damage cover ensures financial protection against damages to own vehicle caused by fire, road accidents, flooding, riots, thefts etc. 2. NIL depreciation cover Electric vehicles are considerably higher priced than internal combustion engine (ICE) vehicles. It is wise to have a NIL depreciation cover to ensure that the value of the EV is protected from depreciation as it ages and policyholders receive the maximum reimbursement of repair costs irrespective of the car’s age. 3. No Claim Bonus (NCB) Protection cover Insurers offer a No Claim Bonus (NCB) discount of up to 50% on the Own-Damage premium to vehicles with no claim history in the previous years. However, with the rising events of EV fire accidents, having a No Claim Bonus protection cover will ensure that the NCB discount can be availed even after filing just one claim during a policy year. Wrapping up EVs are gaining pace in India. By 2030, almost 30% of all vehicles in India will be EVs. However, they are still a relatively new technology, answerable for their own benefits and flaws. Therefore, it is vital to financially protect yourself with EV insurance from any damage that you may incur in situations beyond your control. Disclaimer: This article has been produced on behalf of RGI by Times Internet’s Spotlight team."
"FADA raises concern over car inventory build-up, seeks to reach out to SIAM New Delhi: The passenger vehicle (PV) segment clocked wholesales of 42 lakh units in the domestic market during the fiscal year to March 2024. Now, two months after the new financial year, the dealers are feeling the heat of the high base of the past two years with an inventory build-up in the dealerships. “We are very cautious about the PV inventory because anything above 30 days starts draining the dealership. If inventory does not come down, we will write to the ( ),” Manish Raj Singhania, President, ( ) said at its third edition of the Finance and Insurance Summit 2024. The industry is carrying an inventory of about 5.5 lakh passenger vehicles. Singhania noted that the dealers follow a repayment cycle where funds taken from the banks are paid back with interest within 60 days. “Now, OEMs are increasing this period from 60 days to 90 days. With that, they would be able to dump more stocks at the dealerships, because they could say you have got three months’ time to rotate the inventory at the dealerships which was initially for two months. So that is a cause of worry to us as the interest can go up,” he said. In May 2024, the marked a modest 2.61% YoY growth. The two-wheeler (2W), three-wheeler (3W) and commercial vehicle (CV) segments grew by 2.5%, 20% and 4% while passenger vehicle (PV) and tractor were in the red by 1% each YoY. Last year, the industry carried an inventory of up to 65 days. Singhania said it was a big cause of worry for the auto dealerships at that time too. However, ""the market supported well last year and we collaborated with SIAM and subsequently were able to bring it down”. Meanwhile, he noted that the situation is different this year. FADA said it is on a wait and watch mode and if the inventory increases further this month, it will approach SIAM. “We are at a very high level already, crossing them will be very difficult. In fact, matching them would itself be an achievement for the auto industry.” The industry saw highest inventory levels in 2018-19. Consequently, FADA found that about 275 dealerships had to wind up the operations, with the PV segment taking the major hit. Talking about the two-wheeler segment, Singhania said sales have been growing month-on-month since September last year. The inventory in the dealerships is 10-15 days. FADA expects a positive rural demand due to expected good monsoon and improved finance availability. He suggested to the finance and insurance companies to work on innovative financial solutions, offer enhanced support for training and upskilling dealership finance, and provide insurance coverage for test drive vehicles. On expectations for the upcoming budget, FADA President said, first, the work on infrastructure push should continue; second, a reduction of GST for entry level vehicles and third; continuity of FAME-3 policy. Sharing his views, Rajan Pental, Executive Director, Yes Bank, also agreed there has"
"push should continue; second, a reduction of GST for entry level vehicles and third; continuity of FAME-3 policy. Sharing his views, Rajan Pental, Executive Director, Yes Bank, also agreed there has been an increase in stock levels in the last few months and the stocks are being maintained with high interest rates. “A 7%-8% growth is expected in the car market, but on the other side, things (at dealerships) need to be done in a judicious manner to control costs.”"
"MEA to take a call on allowing US-sanctioned ships carrying Russian crude India’s will take a call on whether to allow the entry of ships recently sanctioned by the United States (US) , a top government official said. Three vessels - Kazan, Ligovsky Prospect, and NS Century - registered with United Arab Emirates-based (UAE-based) companies are said to be on their way to India. These ships are accused by the US government of engaging in the export of Russian priced above USD 60 per barrel after the crude oil price cap was enforced. This move was in retaliation to Russia’s invasion of Ukraine with the Price Cap Coalition ( , European Union, and Australia) restricting sale of . The goal was to reduce oil revenues that the Russian government has from sale of crude oil. But the surge in global oil prices has resulted in multiple instances of Russian crude being bought about the price cap. The US sanctions target insurers and shipping companies that engage in the Russian crude oil. Responding to questions from journalists in New Delhi, Shyam Jagannathan, Director General of Shipping said the existing port rules do not bar entry of these vessels in the country that are headed for Gujarat’s Vadinar, a non-Major port. This port was taken over by Russian oil giant Rosneft in 2016 when it bought controlling stake in erstwhile Essar Oil for USD 12.9 billion. Domestic ports administered by the central government are labelled as Major ports, the rest are controlled by state governments and termed as non-Major ones. “The Ministry of External Affairs has to take a call on whether to allow the sanctioned ships in the country,” Jagannathan said at the side lines of a Mid Term review meet to prepare for the PM Maritime Amritkaal Vision with an ultimate goal to make India the global maritime leader by 2047. Highlighting the progress made under this massive plan for INR 80 lakh crore investment to modernise Indian ports by 2047, Union Ports, Shipping and Waterways Minister Sarbananda Sonowal said, “We are moving closer towards building Made in India Green Tugs at , opening a new vista of opportunities for export. We have also received encouraging response to set up Green Hydrogen Hubs at Deen Dayal port and VO Chidambaranar ports.” An official statement said 177 projects were completed at Major Ports in fiscal 2022-23, while 162 projects are at various stages of implementation with an investment exceeding INR 1 lakh crore"
"Road ministry issues new rules on road accident reporting for claim settlement The on Thursday said it has issued a notification to mandate the procedure for detailed investigation of road accidents, detailed accident report (DAR) and its reporting along with timelines for different stakeholders for quick settlement of claims by the (MACT). The ministry in a statement further said the incorporation of validated mobile numbers in the certificate of vehicle insurance has also been made mandatory. The new rules will come into force from April 1, 2022. According to the notification, immediately on receipt of the information of a , the investigating officer of police shall inspect the site of accident, take photographs of the scene of the accident and the vehicle(s) involved in the accident and prepare a site plan. In injury cases, the investigating officer (IO) shall also take the photographs of the injured in the hospital, the notification said, adding that the IO shall conduct spot enquiry by examining the eyewitnesseschildren of the victim(s) of the accident, the notification said the IO shall provide blank Form-VIA to the victim(s), who shall fill up the relevant information/attach the relevant documents and submit the same to the investigating officer within 60 days of the accident. Thereafter, the IO shall send the copy of the victim's Form-VI and VIA along with DAR to Child Welfare Committee, within 30 days of receiving the aforesaid Form-VI and VIA from the victim(s), it added. According to the notification, the committee shall ascertain if the child is in need of care and protection as per the provisions of the Juvenile Justice (Care and Protection of Children) Act, 2015. Also Read:"
"Oil prices continue climb on strong crude demand, weaker dollar By Laura Sanicola continued to rise in early Asian trade on Thursday after surging more than 3% in the previous session, driven by record U.S. crude exports and a weaker U.S. dollar. Brent crude futures rose 25 cents, or 0.3%, to $95.94 a barrel by 0015 GMT. U.S. (WTI) crude rose 19 cents, or 0.2%, to $88.10. U.S. 2.6 million barrels last week, according to weekly government data on Wednesday, with crude exports rising to 5.1 million barrels a day, the most ever. Traders attributed the surge in exports to the widened WTI-Brent spread, which, coming into Wednesday's trade, was at more than $8 per barrel. The dollar's weakness also added support, as the greenback's strength of late has been a notable factor inhibiting oil market gains. A weaker dollar makes greenback-denominated for other currency holders. Prices also rose on a Bloomberg news report that the United States and the are likely to settle for a more loosely policed cap at a higher price than once envisioned, with just the Group of Seven (G7) nations and Australia committed to abide by it, the report said, citing people familiar with the matter. Europe is expected next month to ban oil imports from Russia and restrict Russian shippers from the global shipping insurance industry. Read More:"
"Russia's oil export ban may bolster India crude imports Moscow's decision to ban oil exports to potential Western buyers supporting a price cap will likely boost Indian imports of , industry executives told ET. The West, which insists on a strict price cap on supplies from Moscow, has already imposed a ban on the bulk of Russian crude exports. Some residual volumes still being imported into Europe via pipelines could now be affected by the latest Kremlin move. This could leave Russia with surplus crude oil volumes, something Moscow may want India and China to absorb. However, since China is struggling with Covid infections, it may not have the demand for incremental Russian supplies, an Indian refinery executive said. ""This would leave India with an opportunity to import more from Russia,"" said this executive, who didn't want to be named. This would also give India a greater bargaining power with prices, said the executive. The US and its allies have barred their shippers, financiers, and insurers from backing any trade in at prices exceeding $60 per barrel. Some Russian grades trading below price cap This has prompted Russia to ban the sale of its oil from February 1 to ""foreign companies and individuals if the contracts on these sales include the use of this mechanism, directly or indirectly"". The ban ""applies to all stages of sales up to and including the final buyer,"" the Russian government said in a statement. To be sure, the prices of certain crude-oil grades might not breach the price ceiling. ""It's clear that the oil purchase contracts can't have any reference to the price cap,"" said another industry executive, unwilling to be named. ""But that doesn't mean the contract prices will necessarily be above the price cap since some Russian grades are already trading below the cap."" Russia's flagship crude Urals is currently trading around $54 per barrel, lower than the cap of $60, and at a deep discount to the international benchmark Brent, which is around $82. ESPO and Sokol, Russia's other crude grades, are selling for $71 and $76 per barrel, respectively. ""It's unclear how Russia will implement its plan going up to the final buyer,"" said the second executive cited above. Russia relies heavily on traders to sell its crude and it will be hard to track every cargo, especially at a time when shipments are changing destinations and customers midway. Russia has also amassed a large number of ships to deal with any shortage that might arise due to the price cap. Executives believe the Russian fleet will be helpful in transporting such grades of oil that are trading above the price cap. For the flagship Urals crude, which is trading below the cap, services from the West will anyway be available. In November, Urals comprised about 80% of India's Russian crude-oil imports."
"UK car insurance premiums to be volatile after rising in Q4: Survey The cost of a comprehensive policy in Britain is expected to be volatile this year, after rising 5% in the final quarter of 2021 as more drivers took to roads on easing COVID-19 curbs, a survey showed on Wednesday. Motorists now have to pay 539 pounds ($734.06) on average for their comprehensive car insurance premiums, according to the latest index from price comparison site Confused.com in association with insurance broker Willis Towers Watson. Car insurance premiums had fallen for 12 months through to the autumn of 2021 as lockdowns kept motorists off the roads and competition in the industry intensified. Prices are expected to inflate even further over the coming months as the pandemic has heightened issues related to Brexit, Confused.com Chief Executive Louise O'Shea said in a statement. More volatility is expected with insurers competing to maintain margins as they adjust to the new fair pricing rules, said Tim Rourke, the UK Head of P&C Pricing, Product, Claims and Underwriting at Willis Towers Watson. Britain's financial regulator in May had said it would move to protect consumers from so-called loyalty penalties in motor and home insurance, potentially saving an estimated 4.2 billion pounds over 10 years. ""How insurers respond to the new rules through pricing and product strategy will determine just how turbulent the next few months become,"" Rourke said. West Central London remains the most expensive place in the UK to buy car insurance, with an average premium of 1,079 pounds according to the survey, while Llandrindod Wells in Wales offers the cheapest ones at an average of 326 pounds. Motor insurance premiums fell by 6% in 2021, the survey said. Also Read:"
"Private buses to 'merge' with KTC fleet, schemes same PANAJI: Commuters using private buses can soon avail of all the schemes of Kadamba Transport Corporation ( ), including the monthly pass, free travel for disabled passengers, and concessional rates for students and senior citizens. The state government has decided to incorporate the 300-odd private buses in the state into the . The pilot project is expected to take off within a few weeks following which the private buses will operate completely under KTC. ""The amalgamation will help streamline all the bus services in ,"" KTC general manager Sanjay Ghate told TOI. ""For the convenience of the public, all KTC buses in Goa will be linked to an Intelligent Transport Management System (ITMS). So it is imperative to include private buses in the fleet as well,"" he said. With the help of this mechanism, passengers will be able to access bus details, choose the optimal route, track buses, and plan trips from home. ""This will be especially beneficial to tourists to make use of a far more economical transportation medium,"" Ghate said. ""They will be able to track routes from their hotel."" In the amalgamation, private operators will continue to run the buses. However, conductors will be provided by KTC. After the pilot project, private buses will be repainted to follow a uniform colour scheme. However, they may not bear the iconic blue and white colours of KTC. ""We are yet to decide the fare chart for private buses. However, commuters will be able to avail of all the schemes of KTC,"" Ghate said. ""Private buses will start operating under KTC by April-end."" Chief minister Pramod Sawant had announced the integration of private buses with KTC in the budget speech last week. Private bus operators, however, have apprehensions about the integration, fearing the loss of autonomy. Shiva Kambli, a bus owner, said that operators are yet to see a written proposal for the amalgamation and will decide the fate of their buses only after going through the details. ""Our business has been badly hit ever since the pandemic. So, before we fully commit to the amalgamation, we need to ensure that it helps us emerge from the losses,"" he added. The representatives of All Goa Private Bus Owners' Association had met the chief minister prior to the budget and had discussed the matter. ""We do not wish to surrender our bus permits or bring changes in operations,"" said the general secretary of the association, Sudeep Tahmankar. ""There are also apprehensions with respect to the punctuality of salary payments once private bus operators are under KTC."" Tahmankar added, ""For now, we have demanded that the government release the fuel subsidies that have been pending since 2017."" He went on to say, ""This will help operators bring buses on the roads and pay all dues such as insurance premiums and road and passenger taxes."""
"Audi India opens new Audi approved: plus facility in Bengaluru New Delhi: Audi, the German luxury car manufacturer, Friday inaugurated a new pre-owned car facility, : plus, in Bengaluru. The showroom is located at #4E, , Puttappa Industrial Estate, White Field Road, Mahadevapura Bengaluru, Karnataka 560048. This inauguration marks the opening of ’s twenty-fifth Audi Approved: plus facility in India. It is the second Audi Approved: plus for the brand in Bengaluru, the company said. Balbir Singh Dhillon, Head of Audi India said, “Our partnership with continues to grow across regions. Today, we open our 25 th AAP facility in India and I couldn’t be more happy with our retail expansion in this segment. Audi Approved: plus has witnessed 53% growth in the first half of this year and we are confident of continued growth in the next few months.” Every pre-owned vehicle displayed and sold at Audi approved: plus showrooms undergo mechanical, bodywork, interior and electrical inspections at 300+ multi-point checks, through multiple-level quality checks, along with a full on-road test to ensure peace of mind to customers when buying an Audi car. In addition, Audi India offers 24x7 Roadside Assistance and complete vehicle history before purchase. Customers can also avail easy financing and insurance benefits, the company said. Mr. Amit Jain, CEO, Jubilant MotorWorks, said, “We are excited to take our partnership with Audi India a step further with the inauguration of the new Audi Approved: plus facility in Bengaluru. This is our second Audi Approved: plus, facility in Bengaluru and we are confident that we are now well equipped to cater to the growing demand in this region. Bengaluru is seeing continued demand for luxury pre-owned cars as more young customers want to experience luxury early on. Our facility is equipped to cater to all customer needs, and we are committed to providing a seamless customer experience.”"
"Will never give company-specific incentives in EV sector, govt official on Tesla's demand New Delhi: will never provide company or enterprise-specific incentives in the electric vehicle sector, a top government official said on Friday, amid a push from American electric carmaker for special sops to set up its factory in the country. If the government has to consider providing incentives then it will only be for all EV makers and entrants who want to come to India, the official said. The official added that inter-ministerial discussions have happened on the customs duty concession demand of the US-based electric car maker Tesla, but ""we never"" come to any conclusion on those. In 2021, the US-based electric car maker demanded a reduction in import duties on electric vehicles (EVs) in India. It had requested the government to standardize the tariff on electric cars to 40 per cent irrespective of the customs value. At present, cars imported as completely built units (CBUs) attract customs duty ranging from 60 per cent to 100 per cent, depending on engine size and cost, insurance and freight (CIF) value less or above USD 40,000. ""Never. It will never be a company-specific. It will always be for all entities, companies. If any concessions are given, these will always be linked to fairly stringent performance criteria for everybody. It's never going to be an enterprise-specific thing,"" the official said when asked if the government is considering specific concessions for Tesla. The official clarified that the reports on duty concessions and others related to the company are ""mostly in the nature of speculation"". ""They have asked for some concessions but we never come to any conclusion. Nothing has come to any conclusion at all on that,"" the official added. Last month, and Industry Minister visited the manufacturing facility of US-based electric vehicle major Tesla in Fremont, California and said that the company would be doubling its auto components imports from India. The world's largest electric car producer Tesla Inc's chief met Prime Minister in June in New York and after the meeting had said that he planned to visit India in 2024. There are reports that India is looking at giving customs duty concessions to Tesla for setting up a plant in the country. In September, Goyal said the company is looking to source components worth around USD 1.9 billion from India this year against USD 1 billion in 2022. Going forward, demand for electric vehicles will increase and it will help in pushing the growth of the sector. Earlier, the government had stated that it is not looking to frame a separate policy for providing incentives to Tesla, and the company can apply to avail of support measures under existing schemes like PLI for auto and advanced chemistry cells. The government has rolled out production-linked incentives (PLI) schemes (PLI) for advanced chemistry cell (ACC) battery storage with an outlay of Rs 18,100 crore and Rs 26,058 crore PLI scheme for"
"The government has rolled out production-linked incentives (PLI) schemes (PLI) for advanced chemistry cell (ACC) battery storage with an outlay of Rs 18,100 crore and Rs 26,058 crore PLI scheme for auto, auto-components and drone industries. In August 2021, Musk said Tesla might set up a manufacturing unit in India if it first succeeded with imported vehicles in the country. He had said Tesla wanted to launch its vehicles in India ""but import duties are the highest in the world by far of any large country!"". Currently, India imposes 100 per cent import duty on fully imported cars with CIF (Cost, Insurance and Freight) value more than USD 40,000 and 70 per cent on those costing less than the amount. Certain domestic EV makers are also against extending any kind of company-specific incentives."
"Maruti Suzuki Grand Vitara S-CNG now available at NEXA New Delhi: Introduced as ""a new breed of SUVs,"" the Grand Vitara was launched to revolutionize the SUV space in India. Having received an overwhelming response from customers owing to its multi-product offering with Intelligent Electric Hybrid, Progressive Smart Hybrid, and models on offer, the Grand Vitara is now being introduced with S-CNG technology. Powered by the Next-Gen K-series 1.5-litre, Dual Jet, Dual VVT engine, the develops a peak power output of 64.6kW@5500rpm and maximum torque is rated at 121.5 Nm@4200rpm in CNG mode. The Grand Vitara S-CNG, available with a 5-speed manual transmission, has an excellent fuel efficiency of 26.6 km/kg*. Announcing the introduction of the Grand Vitara S-CNG, Shashank Srivastava, Senior Executive Officer, Marketing & Sales, , said, ""Since its launch in September 2022, the Grand Vitara has received a resounding response from Indian consumers, thanks to its SUV appeal complimented by multiple future-ready powertrains. The introduction of the S-CNG option further expands the appeal of the Grand Vitara. The Grand Vitara S-CNG will contribute to our aggressive plan to widen our green powertrain offerings, expanding to 14 models."" The Grand Vitara has revolutionary powertrain options, class-leading features, and offers an immersive driving experience. It is also the only premium CNG SUV to offer a 6-airbag variant for customers. The Grand Vitara will include cutting-edge technologies such as the infotainment system, wireless Apple CarPlay and Android Auto, and an in-built Next Gen Suzuki Connect with over 40 connected features. The Grand Vitara S-CNG can also be owned through Maruti Suzuki Subscribe at an all-inclusive monthly subscription fee starting from Rs. 30,723. Maruti Suzuki Subscribe is a convenient way to bring home a new car. It allows a customer to use a new car without owning it by paying an all-inclusive monthly subscription fee that comprehensively covers the cost of complete registration, service and maintenance, insurance, and roadside assistance. Also Read:"
"RBI focused on growth, seen lagging on inflation fight MUMBAI: Inflation is picking up in India, but the country's central bank is likely to maintain its loose policy even as its global peers raise rates, potentially forcing it to play catch-up aggressively later, economists and analysts say. This view represents a shift in expectations, as market participants say the Reserve Bank of India is concerned that Russia's invasion of Ukraine is damaging the global economy and India's recovery prospects, not just boosting prices. A Reuters poll in early February found just over half of forecasters expecting the to raise rates at its April meeting, but the war launched three weeks later has upended those predictions. RBI watchers now expect the bank to stand pat on April 8, even though inflation has broken above the 6% upper end of the bank's target band for two months. Saugata Bhattacharya, chief economist at Axis Bank, who had earlier expected the RBI to raise its reverse-repurchase rate next week, now says global uncertainties mean that ""it makes sense to remain at a status quo."" Supporting such expectations, RBI governor Shakikanta Das recently warned against a ""premature demand compression through monetary policy"". Deputy governor Michael Patra said India's growth was as weak as in 2013, when a US policy shift sent capital gushing out of emerging markets. ""The recent reverberations of war have in fact, tilted the balance of risks downwards"" for the economy, he said. But economists warn inflation could spin out of control, hurting investors and savers alike - and most market participants say the RBI is already behind the curve on tackling inflation. Stoking risk of overheating Economists expect the RBI to raise its retail-inflation projection for the fiscal year starting on Friday by 50 to 80 basis points from the current 4.5%. Upward price pressure is expected to continue as the war and resulting economic sanctions on Moscow send prices soaring for the grain, energy and other exports that Russia and Ukraine provide. ""In the aftermath of the Russia-Ukraine war, the probability that higher-than-expected inflation will persist has increased. The longer we wait to address that, the faster that we may have to play catch-up with it eventually,"" said Churchil Bhatt, executive vice president of debt investments at Kotak Life Insurance. Rising asset prices could feed through to demand-side inflation, while savers are being hurt as their returns lag behind inflation, said Rupa Rege Nitsure, chief economist at L&T Financial Services. ""By keeping interest rates artificially low, the chances of more aggressive tightening at a later stage have gone up significantly,"" she said. Abhay Gupta, emerging Asia fixed income and forex strategist at BofA Securities, said the RBI must ""be vigilant for broader inflationary pressures."" ""Higher uncertainty would reduce room for error and markets would have to price in higher chances of a policy mistake,"" he said. Risks of"
"RBI must ""be vigilant for broader inflationary pressures."" ""Higher uncertainty would reduce room for error and markets would have to price in higher chances of a policy mistake,"" he said. Risks of eventual economic overheating suggest market interest rates must rise while the rupee should weaken, he said."
"BYD reduces shifts at two electric vehicle plants in China has reduced shifts at two plants in , people with knowledge of the matter told Reuters, in a sign of how weaker demand in the world's largest auto market is affecting its best-selling electric vehicle brand. BYD, which outsells in China, asked some of the workers at its Xian plant, its biggest manufacturing hub, to work only four days a week in a factory running two eight-hour shifts per day, according to three people and an internal memo sent earlier this month and reviewed by Reuters. The Xian plant makes BYD's top-selling Song and Qin sedans. BYD also reduced shifts at its Shenzhen plant, which makes its Han sedans, from three shifts per day to two per day, four people with knowledge of the development said. BYD declined to comment. The sources declined to be identified because the production schedule is private. BYD did not give a reason for the reduced shifts in its planning memo reviewed by Reuters. One of the people said BYD was throttling back on production in the face of weaker industry-wide demand in China since the start of the year. Reuters was not able to determine how long the reduced shifts would last for BYD and if any of its other three assembly plants in China were affected by production schedule changes. It was also not clear how the reduced shifts would translate into production volume changes. BYD has been growing fast and taking market share in China. Last month it outsold Volkswagen-branded cars in the country for the second time. BYD also outsold Tesla by more than five times in the first two months of the year. But BYD has also been slowing output since the start of the year when industry-wide sales began to slow and China ended a national subsidy programme for EVs and plug-in electric vehicles. Analysts have credited aggressive discounts for creating some demand as other automakers have followed Tesla into what has become a price war over market share but industry-wide inventories have been rising. Local Chinese authorities have also been rolling out buyer subsidies to drive demand and some of these programmes have started to extend to automakers to encourage manufacturing. On Tuesday, the Xian government announced that to encourage local EV production, it would give a 2,000 yuan reward per vehicle for every car produced over 2022 levels to a maximum of 10 million yuan ($1.45 million) per automaker. It also announced subsidies for EV purchases. BYD produced 5,749 cars in January and February on average per day, 22% fewer than its average daily output in October and November, according to data from China Association of Automobile Manufacturers. Total sales of BYD including exports and those to dealers increased 89% in the first two months from the same period a year earlier, the company has said. But retail sales, based on insurance registration data, showed slower growth of 66%, data from China Merchants Bank International showed. To spur demand, BYD began"
"year earlier, the company has said. But retail sales, based on insurance registration data, showed slower growth of 66%, data from China Merchants Bank International showed. To spur demand, BYD began offering discounts for its best-selling Yuan Plus and Seal EVs in March. The company also launched refreshed versions of its Han sedan and Tang crossover last week."
"Prices can't dampen EV sales as it steps on leasing pedal Leasing is adding to the momentum in electric vehicle sales, even as vehicle price remains a dampener in , industry executives and experts said. The business has grown substantially over the past 8-12 months, they said. With the base still remaining low, this segment is expected to continue its quick growth. More than a dozen companies are involved in the EV . These include Mahindra Finance-promoted , Ayvens (a part of the merged entity of ALD Automotive and Leaseplan), Yamaha Motor subsidiary Moto Business Service, Alt Mobility and Lithium Urban Technologies. as well as logistics and companies are increasingly taking the leasing route to deploy , instead of purchasing them due to the high upfront cost. Leasing is more economical. For instance, a Tata Nexon EV is priced at INR 14.49 lakh. For a tenure of 48 months, the outflow on an outright purchase, including interest on loan, works out to INR 12.2 lakh after accounting for the resale value. Leasing is cheaper at INR 10.94 lakh, because the cost of maintenance, repairs and insurance are borne by the leasing company, according to estimates by Ayvens. Also, no down payment is required in leasing. As the "" remains compelling, leasing will form an important way to make EV adoption friction-less"", said Vasudha Madhavan, founder and chief executive of Ostara Advisors, an EV-focused investment bank. According to Sanjay Krishnan, founder and CEO of Lithium Urban Technologies, ""Leasing companies are more malleable than a bank."" Leasing allows fleet operators to be and channel the capital to other parts of their business, instead of spending on acquiring vehicles. Often, they get an option to also buy the vehicles after the lease period. As bank financing for electric vehicles is still not easily available, the leasing model is seeing strong demand. While leasing gives flexibility of ownership, it also absolves the user from technology risk, as the EV industry is evolving quickly, said Dev Arora, cofounder and CEO of ALT Mobility, an EV leasing platform which has deployed more than 7,500 electric 3/4 wheelers (cargo) in the last 24 months. Many companies are also using the EV leasing option as an employee retention tool. ""For the employee, it's tax efficient,"" said Suvajit Karmakar, country MD India at Ayvens. In India, Ayvens is the largest automotive leasing company with a fleet of 45,000 vehicles, including those running on fossil fuels. Most of these are leased through corporates to their employees. It expects to add 1,500 EVs to the fleet this year, which will be 8% of its annual fleet addition. ""We see employee transportation moving very rapidly to 100% EV fleets. Our business in 2023 saw five times growth and we expect a further five times growth in 2024,"" said Nakao Hiroshi, managing director of Moto Business Service India. Operating cost for an EV is 15-20% lower than a vehicle running on conventional fuels, Hiroshi said. Quiklyz, the"
"in 2024,"" said Nakao Hiroshi, managing director of Moto Business Service India. Operating cost for an EV is 15-20% lower than a vehicle running on conventional fuels, Hiroshi said. Quiklyz, the vehicle leasing business of Mahindra Finance, offers customised leasing solutions for electric three- and four-wheelers. ""We expect 20% of the leasing business to come from zero emission products like EVs in the next 2-3 years,"" said Raul Rebello, MD designate of Mahindra Finance. The company aims to broaden its EV portfolio in the logistics and last-mile mobility space. Even though the in India is still in an early stage, the leasing industry is looking to capitalise on the potential growth. For leasing companies, individual consumers present unique hurdles, like stringent vehicle registration policies, uncertainty around residual values and a lack of robust charging infrastructure, said Ravi Bhatia, president of automobile consultancy firm Jato Dynamics. Additionally, the risk of customer defaults is heightened, as missed payments do not impact credit scores in the same way as traditional loans, Bhatia added. As the overall Indian EV market continues to evolve, the leasing industry is addressing issues like residual value, battery health standards and expansion of charging networks, said experts."
"Progress of India-UK trade pact talks reviewed at highest level With the negotiations for the proposed India-UK free trade agreement reaching an advanced stage, the Prime Minister's Office reviewed the progress of the talks on February 16, sources said. Commerce and Industry Minister and Commerce Secretary Sunil Barthwal were also present in the meeting, they said. ""The talks for the agreement are at a crucial stage now. About three reviews have happened so far at the highest level,"" they said, adding both countries are working to iron out differences on the remaining issues. The commerce secretary recently stated that the negotiations were taking time because ""we want"" to safeguard India's interest. ""India should commercially gain out of it and we should also be able to safeguard the interest of our farmers, PLI (production linked incentive) scheme goods. So, we are there to see that the deal is a fair deal,"" he said. So far 13 rounds of talks have been completed and the 14th round started on January 10. Some of the key issues involved in the pact include customs duty cut on electric vehicles and whiskey and the movement of professionals. Talks are also progressing on the proposed bilateral investment treaty (BIT). India and the UK launched the talks for a free-trade agreement ( ) in January 2022. There are 26 chapters in the agreement, which include goods, services, investments and intellectual property rights. The Indian industry is demanding greater access for its skilled professionals from sectors like IT, and healthcare in the UK market, besides market access for several goods at nil customs duties. On the other hand, the UK is seeking a significant cut in import duties on goods such as scotch whiskey, automobiles, lamb meat, chocolates and certain confectionary items. Britain is also looking for more opportunities for UK services in Indian markets in segments like telecommunications, legal and financial services (banking and insurance). The bilateral trade between India and the UK increased to USD 20.36 billion in 2022-23 from USD 17.5 billion in 2021-22."
"Hyundai Ioniq 5 earns IIHS's Top Safety Pick+ award New Delhi: The all-new 2022 , an electric small SUV, earned Top Safety Pick+ award from the , reported today. To earn either of the Institute’s two awards in 2022, vehicles must earn good ratings in six IIHS crashworthiness evaluations, including the driver-side small overlap front, passenger-side small overlap front, moderate overlap front, original side, roof strength and head restraint tests. They must also be available with a front crash prevention system that earns advanced or superior ratings in both the vehicle-to-vehicle and vehicle-to-pedestrian evaluations. For the lower-tier Top Safety Pick, at least one good or acceptable headlight system must be available. For the higher-tier Top Safety Pick+, good or acceptable headlights must be standard across all trims. The Ioniq 5 meets all the requirements for the higher-tier award. Its standard front crash prevention system earns superior ratings in vehicle-to-vehicle and vehicle-to-pedestrian evaluations. The SEL and Limited trims come equipped with good-rated LED projector headlights, while the SE trim comes with LED reflectors that earn an acceptable rating. The award applies to vehicles built after December 2021, when Hyundai made changes to the front seats that could affect the head restraint evaluation, IIHS added. Also Read:"
"Share mobility platform FICO Mobility raises seed round from SR Consultancy Services Chandigarh-based announced on Monday of raising an undisclosed amount in from firm . Harjeet Singh, Founder, Fico Mobility, in his statement said that his company plans to utilize these funds in upgradation and expansion. Fico Mobility started in 2021 is a self-drive car-sharing platform. The company offers easy and hassle-free solutions to some of the most common problems faced by urban commuters, by offering them to choose share mobility, a mode of transportation that is more affordable, reliable, clean, and efficient. ""During the last few decades, India has seen an unprecedented boost to its urban infrastructure, particularly its mobility system. Despite that, the urban centers are under tremendous pressure due to our cities witnessing an increase in private vehicles and lesser use of public modes of transportation. At Fico mobility, we are addressing these growing challenges by enabling efficient asset utilization by transitioning from a model of ownership of private assets to users of shared assets."" Harjeet added. At Fico mobility, the rides are cost-efficient and hassle-free. The mobile application can be downloaded from Google Playstore and Apple Store. After a quick signup, the user is ready to share any car of his/her choice without worrying about its maintenance, fuel, or insurance. The company hosts pre-owned cars from all segments on its platform and offers users to share them on a short to long-term basis. The car owner (host) can get on board by following a quick process. Being a part of the FICO ecosystem comes with many perks. It not only helps the host to mitigate the depreciation cost of the car but also creates a second stream of income with it. The company intends to create a cohesive ecosystem where the hosts (car owners) and users can be seamlessly connected through data for an improved user experience. The company also highlighted the untapped potential of India's shared mobility market. The segment was valued at $1,025.8 million in 2019 and is expected to grow at a CAGR of 56.8% during the forecast period (2020-2025). Founder Harjeet Singh looks very optimistic about the future. He said, ""We are moving towards a smart city culture. Apart from these optimistic numbers, the fact that people are slowly moving away from a typically costly, inequitable, and inefficient way of owning a private vehicle that makes this segment so promising."" Also Read:"
"Sour grapes? China thinks Tesla's India biz will be doomed has not liked CEO planning to open an factory in . Musk is set to travel to India later this month and meet Prime Minister Narendra , with plans for a Tesla factory expected to be announced. Musk has negotiated with the Indian government for long. He preferred to import cars into India at a lower duty while India wanted him to manufacture cars locally. He is likely to announce Tesla's India entry after the government announced its new policy last month which is likely to suit him. The government will allow the import of completely built-up electric cars that have a minimum cost, insurance and freight value of $35,000 (Rs. 29.2 lakh) at 15% import duty five years in exchange for a minimum investment of $500 million to start local manufacturing. India levies import duty of up to 100% on completely built-up cars. But China is not liking Tesla's likely India entry. The Global Times, considered a mouthpiece of the Chinese government, has put a hex on India's ambitious step to invite Tesla by predicting it is not going to work because it's too soon for a grossly underprepared and immature Indian market. The doomy commentary ignores that several big Chinese EV makers have earlier shown interest in manufacturing EVs in India but the Indian government did not allow them. India-China ties have deteriorated due to border disputes over which skirmishes had erupted earlier. India has put Chinese investment under deep scrutiny and has probed several Chinese businesses for wrong-doings. Sour grapes? While saying that Tesla's long-awaited investment in an EV facility in India will undoubtedly be good news for India and help boost EV production, the Global Times article goes on to argue why Tesla might not be successful in India. ""As for Tesla, which focuses mainly on the mid- and high-end sectors and mature markets, nobody knows if it will find success in India,"" the article says. ""While India's EV market is growing, its size is small. Some statistics showed EVs accounted for just 2.3 percent of total passenger vehicles sold in India in 2023."" It says a key barrier India faces for large-scale adoption of EVs is the absence of public charging infrastructure, and to make matters worse, consumers face frequent power outages in some regions of India. It says a power shortage is brewing in India and India's expansion of coal mines and power plants to generate more power will make it hard to meet climate goals. It also questions if India's immature market can digest enough Tesla cars and allow it to make profits. Another challenge the article lists is the supply chain. ""One of the biggest issues is the limited domestic production of core components like lithium-ion batteries for EV. India is starting relatively late in trying to create an indigenous EV supply chain,"" it says. It recommends India to follow a more ""realistic"" approach than having Tesla to manufacture EVs in the country. ""Given the complex"
"late in trying to create an indigenous EV supply chain,"" it says. It recommends India to follow a more ""realistic"" approach than having Tesla to manufacture EVs in the country. ""Given the complex economic landscape, India's EV ambitions should, more realistically, be implemented step by step with patience and openness,"" it says. ""In this process, it is advised that India consider strengthening cooperation with neighboring countries and promote manufacturing development with a more pragmatic attitude."" So, it wants India to have Chinese companies build EVs instead of Tesla. While the challenges listed by the Global Times article do persist more or less, they aren't something that will jeopardise the Tesla business. In fact, the Chinese argument is a classic case of sour grapes since many Chinese EV companies have tried to set up manufacturing in India but were denied permission by the government. Last year, the government rejected Chinese automaker BYD's proposal to set up a $1 billion factory in India in partnership with a local company Megha Engineering and Infrastructure Ltd. In 2022, the government blocked efforts by Chinese carmaker Great Wall Motor to buy a manufacturing plant from General Motors in India. MG Motor, owned by SAIC Motor Corporation of China, has entered into a JV with India's JSW Group to manufacture EVs. Clearly, Chinese companies wanting to manufacture EVs in India think nothing of the challenges the Global Times article says might lead to Tesla's failure in India. Tesla's China problem and India promise Tesla runs a factory in China which has started facing challenges. Last month, Tesla shares fell when data showed that deliveries from Tesla's Shanghai Gigafactory slumped. Later in the month, Bloomberg reported Tesla had reduced its car production at its plant in China as the American EV-maker grappled with slow demand and strong competition in the market. The company had told employees at its Shanghai factory to lower output of both the Model Y sport utility vehicle and Model 3 sedan - the two types it makes in China - by working five days a week instead of the usual 6-1/2 days, the report claimed. Also, Tesla delivered 387,000 cars worldwide in the first quarter, down 8.5% from 423,000 in the same period last year. This was the first time Tesla's quarterly sales have fallen on a year-over-year basis since a modest drop at the start of the pandemic in 2020. Tesla faces fierce competition from Chinese EV makers flooding the market with cars priced as low as $10,000. In China, Tesla faces BYD and dozens of other rivals with ambitions to expand worldwide. Tesla rivals have continued to report sales increases. BYD said it sold about 300,000 electric vehicles in the first three months of the year, up 13% from a year earlier. The company also sold 324,000 plug-in hybrid vehicles in the first quarter, up 15%. BYD and other Chinese automakers have introduced new models rapidly, often undercutting Tesla on price. Those companies"
"company also sold 324,000 plug-in hybrid vehicles in the first quarter, up 15%. BYD and other Chinese automakers have introduced new models rapidly, often undercutting Tesla on price. Those companies are also increasingly exporting cars to Europe, Southeast Asia and Latin America. Chinese automakers have raced ahead on affordable EVs, grabbing market share, gaining economies of scale and offering consumers bargain prices that Western automakers are struggling to match. Fierce competition from Chinese EV makers have forced Tesla to cancel the long-promised inexpensive car that investors have been counting on to drive its growth into a mass-market automaker, as per Reuters. However, India offers China a vast, untapped market where EV penetration is still very low. Electric-vehicle sales in India are expected to rise 66% this year after nearly doubling in 2023 as state subsidies help fuel demand and supporting infrastructure comes up in the country, according to research firm Counterpoint. India's EV market, small but growing, is dominated by domestic carmaker Tata Motors. Electric models made up 2% of total car sales in 2023 but the government is targeting 30% by 2030. Another ambitious EV maker, Vietnam's VinFast, is betting big on India's potential. It plans to invest $2 billion in a plant in the country to manufacture electric cars. A spurt in EV manufacturing will spur creation of infrastructure, ecosystems and supply chains. The entry of a global major like Tesla is certainly going to speed up India's EV sector growth. China won't like the prospect of India trying to set up its electric car industry without much Chinese involvement, and one day down the line competing with it in African and Asian markets. (With inputs from Bloomberg and Reuters)"
"Road Ministry proposes to formalise movement of foreign personal vehicles The and Highways ( ) on Thursday proposed to formalise the movement of personal vehicles registered in other countries when entering or plying in Indian territory. In a draft notification, the MoRTH said under , the vehicle operating in Indian territory shall carry a valid registration certificate. The vehicle shall also carry a valid insurance policy and driving licence or international driving permit, whichever is applicable. According to the draft notification, in case the documents are in a language other than English, then an authorised English translation, duly authenticated by the issuing authority, shall be carried along with the original documents. Motor vehicles registered in any country other than India shall not be permitted to transport local passengers and goods within the territory of India, it added. Also Read:"
"Buyers recalibrate oil import plans in wake of surprise OPEC+ supply cut The pain of high global crude prices and tighter supply is the last thing major oil importers in Asia and elsewhere want at a time when many import-dependent economies are witnessing a fragile recovery after years of pandemic-hit growth. But the unexpected production cuts announced by and its allies in early April have brought those fears to the forefront. OPEC and its allies said they plan to make more than 1.6 million bd, a significant reduction for the oil market. While the surprise OPEC+ production quota cuts have propped up oil prices in April, this has heightened concerns that supplies would tighten further in the second half of the year and complicate decisions for central bankers, especially after the recent global banking crisis. It will also mean more competition among refiners in Asia – the biggest importing bloc for crude from OPEC+ -- especially as crude demand is expected to increase after the spring maintenance season. It’s not over yet The surprise cuts may not just alter trade flows but also put fragile diplomatic relations in the spotlight. While the cuts should be sufficient to satisfy OPEC’s objectives but not so dramatic as to trigger a US SPR release, the political drama could intensify ahead of the June 4 OPEC+ meeting, potentially including anti-OPEC and Saudi proposals from the US Congress if the “voluntary” cuts are not reversed before the high-demand driving season in the US. S&P Global Commodity Insights expects near-term Dated Brent crude prices to peak in 2023 at around USD 90b, before easing to average USD 84d in 2023, marginally lower than last’s month forecast, followed by an additional gain of 1.9 million bd in 2023, up sharply from 350,000 b/d in 2022. The region is expected to account for nearly three-quarters of global oil demand growth in 2023, up from as little as 15% in 2022. Whether high prices can temper the region's growth revival story is a factor that policy makers will be watching closely. ."
"Axis Bank extends INR 1 billion loan to Muthoot Capital to accelerate e-mobility in India Private sector lender , has extended an INR 1 billion loan guarantee to non-bank lender , in partnership with , part of the Private Infrastructure Development Group (PIDG). This will empower the NBFC to on-lend customers in rural and non-metro regions in India, for purchasing electric two wheelers. “By promoting the , we are working to reduce emissions, enhance air quality and provide affordable and accessible transport solutions nationwide,”said Rajiv Anand, Deputy Managing Director at Axis Bank. “We have proactively scaled up our partnerships and engagements with EV dealers, manufacturers, and other players and will continue to do so. This collaboration not only supports the development of green infrastructure in India but also aligns with our broader vision of fostering an inclusive future where sustainable practices benefit all segments of society.’’ GuarantCo has provided a 65 % on-demand credit guarantee to Axis Bank for this transaction, which is part of a broader $200 million (EV) framework agreement signed by GuarantCo and Axis Bank. This framework was established to enable mobilisation of funds between USD 300 and 400 million for financing the in India. This collaboration with Muthoot Capital will focus specifically on providing transport solutions to rural and non-metro regions that predominantly consist of lower income populations that have historically been underserved. “Partnering with GuarantCo marks a significant step forward in accelerating the adoption of electric vehicles and advancing sustainable transport solutions in our country especially in the rural and semi-urban markets,” said Mathews Markose, Chief Executive Officer at Muthoot Capital. “This funding will enable MCSL to provide innovative and tailor-made financing options aimed at making electric vehicles more accessible and affordable to a wide range of consumers and businesses. We look forward to enabling the common man to own their own two-wheeler ensuring affordability and convenience. This will lend wings to our slated objective of growing our EV by INR 200 crores during FY25.” The transaction will benefit Indian companies operating within the EV ecosystem and is expected to impact local businesses in the supply chain, such as equipment manufacturers, vehicle dealers and insurers. This is GuarantCo and Axis Bank’s third transaction under the EV framework agreement. In December 2023, it had first enabled an INR 2.5 billion loan to Vivriti Capital for supporting the company’s expansion strategy in the e-mobility ecosystem of India. It had subsequently extended INR 1 billion loan to Everest Fleet for the purchase of electric cars to be deployed as low pollution emitting taxis in India. “This is the third transaction that we have closed under the agreement which after the ones that we closed with Vivriti Capital and Everest Fleet now total INR 4.5 billion,” said Layth Al-Falaki,"
"“This is the third transaction that we have closed under the agreement which after the ones that we closed with Vivriti Capital and Everest Fleet now total INR 4.5 billion,” said Layth Al-Falaki, CEO of GuarantCo. “This is also the first transaction under the framework which will cover the demand side of the EV business through the provision of credit so that customers can purchase electric vehicles. In addition, the transaction is expected to have a market transformation effect that we hope that it will help catalyse deployment of more electric vehicles in India. GuarantCo, through the Private Infrastructure Development Group, will continue to utilise the climate mitigation guarantee with Axis Bank to further the e-mobility ecosystem in India and to deliver against our climate action aims aligned with the PIDG 2030 strategy.”"
"Uber exits Zomato by selling 7.8% stake, two biggies buy stakes on Wednesday sold its entire 7.78 per cent stake in in a bulk deal on the in which two institutional investors - and - bought stakes in the new-age stock. Uber sold 61.22 crore shares of Zomato, that it had earned in 2020 by selling Uber Eats in an all-stock deal, today at a price of Rs 50.44 per share. Fidelity's emerging market fund bought 5.44 crore shares of Zomato today in the bulk deal at an average price of Rs 50.26. Life Insurance bought 4.5 crore shares at Rs 50.25 per share. Zomato's June quarter shareholding pattern shows that Uber owned 7.78 per cent stake in the company by owning 61.22 crore shares. Earlier in the day, Reuters reported that the list of buyers included around 20 global and Indian funds, including Franklin Templeton, in the transaction done through BofA Securities. Zomato shares have lost over 60 per cent of its value this year. The company reported Rs 185.7 crore in consolidated loss for the quarter ending June 30, compared to a loss of Rs 359.7 crore in the previous quarter. The consolidated revenue saw 67 per cent YoY increase at Rs 1,413.9 crore from Rs 844.4 crore in the same quarter last year. Zomato Co-founder and CEO Deepinder Goyal said they were never chasing growth at any cost. ""Spending unnecessarily is a short-term market share gain tactic which does not really last and we do not want to chase that anymore,"" he told ET NOW. The company is now aiming EBITDA breakeven by the second quarter of FY24. Amid the large deals, Zomato shares slipped down by 9.6 per cent to the day's low at Rs 50.25, before closing flat. Uber's exit comes after the mandatory one-year lock-in for promoters, employees and other shareholders of Zomato who bought the stock before the IPO ended on July 23, 2021, ended recently. Earlier on July 26, Zomato's pre-IPO investor Moore Strategic Ventures had exited at a loss by selling 4.25 crore shares at an average price of Rs 44. While founder Deepinder Goyal owns only 4.69 per cent in Zomato, other large investors include Info Edge (15.17 per cent), Alipay (7.10 per cent) and Antfin (7 per cent). Retail investors, as represented by those with investments up to Rs 2 lakh in the stock, own about 4.4 per cent. With the drop in stock price, retail investors have been lapping up the stock. Giving Zomato's example, Zerodha CEO Nithin Kamath had recently said that every time the prices of retail favorite stocks fall, the number of investors who buy the stock goes up dramatically. ""We saw this with Yes bank, Reliance ADAG stocks, and now with Zomato,"" he had said."
"Why India needs a new fintech platform for MSMEs As India embarks on a journey to become truly self-reliant and ensure ‘ ’ becomes a reality, the manufacturing sector, especially the Micro, Small & Medium Enterprises ( ), will be the flag bearers of this movement. But, first, we must iron out the creases in their path and remove the bottlenecks. A jarring bottleneck is the lack of smooth access to credit and liquidity, disrupting the . MSMEs invest in raw materials and labor prior to manufacturing and subsequently have to provide 30-60 days of credit to their customers: delayed payments from customers risks derailing the execution for future orders. According to an article in the Economic Times last year, ‘MSMEs in India account for 99 per cent of all enterprises, comprising 63 million MSMEs across industries and geographical locations.’ The article further stated that a survey by amongst 1000 MSME entrepreneurs found that ‘70 per cent of them were adversely impacted during Covid-19 due to reduced orders, loss in business, availability of raw material and liquidity issues,’ essentially telling us why easier and credible sources of creditsupply chain and how to expand the scope of the financial products for them. Most lending by banksreceivables) and payments? The Trade Receivables Discounting System ( ) platforms have grown significantly over the last couple of years in the current landscape. However, they suffer from multiple issues that have limited their growth and restricted their reach. The Trade Receivables Discounting System (TReDS) platforms have grown significantly over the last couple of years in the current landscape. However, they suffer from multiple issues that have limited their growth and restricted their reach. These include not being a vendor first platform, restrictions on the type of anchors that can be onboarded, limited incentives for anchor to use the platform and allowing only banks to finance. In parallel, many new-age companies in partnership with new-age lendersbuyer’s treasury team and, thus, might see extensive participation from lender partners. In the case, when the anchor/buyer cannot participate, the participant lenders can finance the invoice by bidding for the invoice, making it transparent for the vendor to choose the offer and receive payment against the transaction. The entire point of the new platform with the features mentioned above is to ramp up its usage across vendors & buyers, thereby creating exponential value across the supply chain. (Amrit Acharya & Srinath Ramakrushnan are Co-Founders of Zetwerk Manufacturing Businesses)"
"Hero MotoCorp launches Voluntary Retirement Scheme (VRS) for its staff , world’s largest of , today launched a (VRS) for its staff, the company stated in a press release. ""In keeping with the objective of building a robust organization in a rapidly evolving dynamic environment while retaining employee welfare at its core, Hero MotoCorp Ltd, the world’s largest manufacturer of motorcycles and scooters, today launched a voluntary retirement scheme (VRS) for its staff,"" the press release said. In order to promote empowerment and agility, the release claims that the VRS has been created in accordance with the mission to make the organization flexible and ""future-ready"" by consolidating responsibilities and removing layers. ""We expect this to improve efficiency within the Company through a lean and more productive organization,"" stated the release. All employees are eligible for the VRS, which provides a package of benefits including, among other things, a one-time lump-sum payment, variable salary, gifts, medical insurance, the ability to keep the company car, relocation aid, career support, etc. ""The general consumer sentiment is improving, as reflected in the in the month of March. The constructive policies of the government and the social sector reforms have given a further boost to the demand scenario and the two-wheeler industry expects these factors to contribute towards a double-digit growth in this financial year,"" the release added."
"Insurer liable if driver dies when resting too: HC Bengaluru: If a driver on duty dies following a cardiac arrest while taking rest in his vehicle, the is not absolved of its liability to pay compensation on the grounds that the vehicle was not under usage, the Dharwad bench of the high court has observed. “Usage of the vehicle does not mean that at the time of his death, the driver needs to necessarily be driving. But in casual connection with his employment, he was sleeping in the truck and, while taking rest, suffered a heart attack,” Justice HP Sandesh noted in his order in reference to the death of one Eranna in 2008. A resident of Guledagudda in Badami taluk of Bagalkot district, Eranna was employed as a . He was taking rest near Idya village, Surathkal, by halting in the vehicle, when he suffered a heart attack and died. His wife Shankaramma then moved the commissioner under the . On August 20, 2009, an order was passed, directing payment of Rs 3,03,620 with 12% interest as compensation. The order was challenged by , the . The insurer contended that Eranna’s death was on account of cardiac failure. It said the owner had also lodged a complaint stating that the driver was in the habit of getting drunk and when he was consuming alcohol, there was no liability on the employer to pay compensation. The claimants argued that no material was placed regarding consumption of alcohol. Read More:"
"IRDAI applies brakes on vehicle insurers' misleading advertisements Chennai: Applying brakes on general insurers taking vehicle owners for a ride, insurance regulator on Thursday asked the industry to desist from issuing misleading advertisements. In a circular to the general insures, the Insurance Regulatory and Development Authority of India (IRDAI) has asked the insurers to discontinue the advertisements in respect of the services not related to insurance claims provided by motor garagespremium rates, and stop displaying of discounts/savings in premium applicable only under extreme or exceptional scenarios as examples. According to the IRDAI, general insurers issuing advertisements on free vehicle pick up and drop, body wash, interior cleaning, and others are not related to servicing of claims and should not be done. The regulator also said perusal of some advertisements of general insurers showing discounts and savings in premium can be achieved only in extreme or exceptional scenarios. It said such advertisements make prospective policyholders vulnerable for wrong understanding."
"Tesla shares skid after China sales fell to the lowest level in over a year Shares in Tesla fell more than 7% on Monday after its sales declined in February in China, where it likely faced a slowdown during the Lunar New Year holidays. The fall in sales in its key market dimmed the outlook for Tesla's global deliveries, at a time when the top maker is battling a decline in demand and rising competition, and is weighed down by a lack of entry-level vehicles and the age of its product line-up. Tesla sold 60,365 China-made vehicles in February, down 19% from a year earlier and the lowest volume since December 2022, according to data from the China Passenger Car Association. Tesla's Shanghai factory makes Model Y and Model 3 electric cars for the local market, Europe and other countries, and accounted for over half of Tesla's global deliveries last year. ended down 7.2% on the day at USD 188.14, a slump of about 24% since the start of the year. China's Lunar New Year holidays fell in February, reducing car purchasing activities. Tesla has introduced a series of price cuts and incentives to fend off slowing demand and rising competition from Chinese rivals such as . ""It's been a perfect storm of headwinds for Tesla in China. This was a negative data point that adds fuel to the fire around the stock,"" Wedbush analyst Dan Ives said. Last week, Tesla unveiled new incentives including insurance subsidies to woo consumers in the world's largest auto market. BYD on Monday launched a new version of its best-selling car at a price lower than the final price of its discontinued predecessor, escalating a price war with rivals. BYD also saw its sales fall 37% to 122,311 in February from a year earlier. In the United States, Tesla this month offered 5,000 free Supercharging miles to customers who trade in their older vehicle to get a new Tesla vehicle by March 31. In February, Tesla temporarily cut prices of some of its Model Y cars in the U.S. Analyst Troy Teslike revised down his forecast for Tesla global deliveries for the first quarter of this year, saying weaker-than-expected China sales despite a price cut suggested ""a demand problem."" In January, Tesla warned of ""notably lower"" sales growth this year as it focuses on the production of its cheaper electric vehicle."
"Uber reports record ridership and second straight quarterly profit on Tuesday reported financial results that showed its business was continuing to steadily chug along -- and even turn a profit -- as more riders and drivers used its platform than ever before. The company had USD 9.3 billion in revenue in its most recent quarter, lower than Wall Street investors expected but an 11% increase from a year earlier, and generated USD 221 million in net income. That was Uber's second straight quarterly profit on the strength of its own business operations -- rather than from its investments in other companies -- a milestone for a company that had long faced questions about its profitability. Other technology companies have endured mass layoffs and nagging questions about their businesses during the recent economic downturn, but Uber has generally produced consistent, positive results over the last year. Its worst days came early in the pandemic, when travel ground nearly to a halt and drivers left the platform. The 6.5 million drivers who ferried passengers and food around the world in the past quarter was a record, Uber said. The company said improvements it had made to the driver experience -- such as showing drivers a passenger's destination and how much the driver would earn before accepting a ride -- had buoyed interest in working for Uber. Passengers took 2.4 billion trips on Uber in the quarter, a 25% increase from a year earlier. In October, Uber recorded a record number of monthly trips. ""These results demonstrate that Uber continues to drive profitable growth at scale -- and why we believe we're well positioned for the journey ahead,"" , the company's CEO, said in prepared remarks. The biggest threat to Uber's business are labor disputes it faces around the country. Uber drivers are classified as independent contractors rather than employees, a distinction that saves the company money because drivers must pay their own expenses and are generally not provided health insurance or a minimum wage. Uber says drivers appreciate the flexibility of being independent, rather than having to sign up for shifts. In recent years, labor activists in states like Massachusetts, California and New York have tried to chip away at that business model, contending that it exploits drivers. A challenge to a California law that voters passed in 2020, giving drivers limited benefits but precluding them from being classified as employees, is set to be heard by the state's Supreme Court. If the court overturns the law, that will have significant ramifications for Uber's business. With its core business doing well, Uber is moving into other sectors and regions. said the company was making ""good progress"" in expanding into countries like Spain, Japan and Italy. It took Uber One, its monthly subscription service, to 18 countries last quarter and entered a partnership with Waymo, Google's self-driving car unit, to allow passengers in Phoenix to request Uber rides from"
"One, its monthly subscription service, to 18 countries last quarter and entered a partnership with Waymo, Google's self-driving car unit, to allow passengers in Phoenix to request Uber rides from autonomous vehicles. On a call with investors Tuesday, Khosrowshahi struck an optimistic tone about labor pressures. ""We can operate under any regulatory framework,"" he said, but ""most countries, most states are moving in the direction of flexibility plus benefits and protections."""
"Zoomcar Partners with ACKO Drive to increase car fleet New Delhi: Holdings, Inc., a leading marketplace for self-drive car sharing, has partnered with , a car buying platform by ACKO, to empower local Zoomcar Hosts to expand their car fleet. With this partnership, ACKO Drive is offering Zoomcar Hosts substantial savings of up to INR 85,000 on new car purchases along with attractive offers on car financing with instant loan approval, express car delivery and more. This partnership allows Hosts to expand their business presence and significantly increase their earnings, the company said. Zoomcar Hosts earned approximately USD 4 million according to Zoomcar’s Q3 2023 results, and are focused on making car hosting just as popular as car renting. ACKO Drive is pioneering the realm of online car purchases, helping customers enjoy the convenience of comparing models, selecting financing options, purchasing insurance, and accessing after-sales services, all in one convenient platform, the company said in a media release. Through this collaboration, ACKO Drive will facilitate easier access to Zoomcar Hosts by extending exclusive offers, which will further enable them to increase their earnings potential from car sharing. The partnership presents a significant opportunity for both new and existing Zoomcar Hosts to build and elevate their business operations, which will help cater to evolving consumer preferences with newer car models, the release added. Existing Zoomcar Hosts can seamlessly upgrade their existing fleet to meet the surging demand for diverse vehicle options. By embracing the latest models, Hosts can not only enhance their competitiveness but can also tap into the higher earning potential associated with newer and more attractive vehicles. ""We are focused on providing higher quality experiences to our guests, and one of the biggest unlocks for an unparalleled self-drive experience is providing newer and wider car options,” said Zoomcar CEO and Co-founder Greg Moran. “Zoomcar aims to significantly grow the car-sharing marketplace, encouraging more Hosts to join and grow with the platform, and our partnership with ACKO Drive will play a significant role in providing enhanced affordability and choice.” , SVP, ACKO Drive, said, “Indians are exploring different ways of travel and experience, and Zoomcar Hosts fuels the passion in the individuals by providing a platform best suited for them. ACKO Drive specialises in the online car buying journey and with this partnership, we are confident that Zoomcar will enable the customers in utilising the car better that they own by hosting on the platform. Our association with Zoomcar is another step towards providing car enthusiasts the end-to-end support from ACKO Drive in their car buying journey with flexible financing options and suitable insurance solutions.”"
"Rising prices cap India's thirst for Russian oil Indian purchases of Russian crude in defiance of Western pressure over the Ukraine war have fallen to an 11-month low as the price tag on the discounted rises, figures show. Since the invasion of Ukraine nearly two years ago, India has bought hundreds of millions of barrels of cut-price Russian crude, saving itself billions of dollars while bolstering Moscow's war coffers. The purchases have catapulted it to second place among Russia's customers behind China, and Indian officials have made no secret of their decision to prioritise national interest over international sanctions against Moscow. But the price of Russian crude has risen in the face of OPEC+ production cuts and increased demand from China, analysts say, making it less attractive to Indian customers. Indian refiners bought 1.45 million barrels per day of last month, their lowest amount since last January and down nearly 16 percent from November, according to global energy trade intelligence platform Kpler. The ""interplay between India and China"" was a key driver of the change, Viktor Katona, lead crude analyst at Kpler told AFP, ""as both countries now vie for the same barrels"". The biggest beneficiary of the change is Moscow: Russian crude has been trading above USD 85 per barrel, reports say, even though a coalition of the G7, EU and Australia imposed a USD 60 price cap a year ago. New Delhi's reduced imports will be welcomed by some European policymakers who have raised concerns over how Indian refiners have processed Russian crude into fuel for the European market, effectively bypassing the EU's sanctions. New Delhi and Moscow have ties dating back to the Cold War, and Russia remains by far the biggest arms supplier to the world's most populous country. India has shied away from explicit condemnations of Russia over its invasion of Ukraine, even as it pursues greater security ties with the United States. But instead of following in the West's footsteps, it has doubled down on its historical partnership with Russia to secure cheap energy, to help it boost growth without running up its fiscal deficit. Russia has become India's top oil supplier, overtaking the traditional heavyweight Middle Eastern exporters, and remains so by a distance despite the recent falls. India is the world's third-largest importer and consumer of oil, and imports nearly 80 percent of its needs. In the 10 months after Russia invaded Ukraine, India saved USD 3.6 billion by importing heavily discounted crude from Russia, according to data presented by a ruling party lawmaker in parliament. The country's imports of Russian crude peaked in June 2023 at nearly two million barrels per day, but have steadily shrunk since. Government officials say the change is purely pragmatic and price-driven, rather than political. ""If they don't offer us a discount, why would we buy from them,"" Indian oil minister Hardeep Singh Puri told reporters last week. ""India's leadership has"
"and price-driven, rather than political. ""If they don't offer us a discount, why would we buy from them,"" Indian oil minister Hardeep Singh Puri told reporters last week. ""India's leadership has only one requirement: that the Indian consumer gets the energy at the most economical price, without disruption,"" he added. Indian refineries paid an average USD 85.90 a barrel for Russian crude in November, according to a Bloomberg analysis of government data, just above the USD 85.70 offered by Iraq, and over USD 25 higher than the G7's price cap. Moscow is itself looking to shore up its oil revenues. In May, Russian Finance Minister Anton Siluanov blamed ""all these discounts"" for a 50 percent fall in its energy revenues. Yale professor Jeffrey Sonnenfeld, who has advised the US Treasury on the price caps, told AFP there had been some ""reduction in the efficacy of the price cap"", but said it was still driving up Moscow's shipping and insurance costs. Indian officials admit there have been logistical challenges. New Delhi and other customers of Russian oil prefer to avoid paying for it in US dollars as doing so could open them to secondary sanctions. Last month, state-run Indian Oil Corporation agreed to buy Sokol-grade oil from the Russian Pacific island of Sakhalin in UAE dirhams, an Indian government official told AFP. But the deal ultimately did not go through because the Russian oil supplier was unable to open a UAE bank account to accept the currency, he said. The shipment changed destination on the high seas and now appears to be en route to a Chinese refiner, according to an assessment by energy trade platform Vortexa. China remains Moscow's biggest oil customer and tracking data from Kpler shows that over the last two months, 10 tankers of Sokol cargoes that were headed for Indian destinations either changed course or idled abruptly. But minister Puri insisted payment problems were not driving the import drop, saying: ""It is a pure function of the price at which our refineries will buy."""
"As automobile market gets stronger, the paints industry to ride the boom: Nippon Paint India president Sharad Malhotra NEW DELHI: The market for automotive paints had gone down during the period of Covid lockdowns and restrictions, but has come up strongly as buying picked up as industry opened up and businesses and schools started coming back to pre-pandemic levels. Led by the resurgence, the automotive paints industry sees a healthy growth over the coming years, with a forecast of 30% CAGR between 2021 -2026. TOI speaks to , and president at . The company has also launched a new pan- initiative towards uplifting, rewarding, and recognizing the garage painter community and identify India’s top car painters. Excerpts: How do you see the market for Automotive Paints & Coatings market in India? While the demand had been suppressed over the last few years, the current year can be pivotal for India’s automotive paints market in terms of growth & development. With the Covid situation stabilising, and a build-up of favourable market scenario across the automotive sector, the paints market is also expected to witness a decent growth. In terms of business value, we expect to hit pre-pandemic levels soon. India’s automotive paints market is exhibiting a lot of positive trends due to initiatives such as the scrappage policy and also changing market dynamics. The industry is estimated to grow at a CAGR of over 30% between 2021 -2026. What are your views on India’s automotive after-market? Over the past couple of years, India’s automotive industry has experienced a sharp rise in the sale of second-hand or used vehicles. The market for used vehicles is expected to take over the driver’s seat as we move ahead. As per a recent industry estimate, the used car market in India is expected to reach a volume of 70 lakh units in 2025-26, from 38 lakh units in 2020-21. This sharp growth across the used vehicle segment will further trigger the growth of automotive paints and consumable solutions. What are some of the global trends that have started to make their way into India’s automotive paints and coatings market? If we talk about the Commercial Vehicles segment, the Indian coating industry is quite ahead of many Asian counterparts and is gradually catching up with the European markets as well. The latest technologies that we have observed within the market have largely been dedicated towards higher productivity solutions like the Wet-on-Wet (WoW) systems that are available in some European markets too. The emergence of new technologies and trends is further enabling companies to reduce the processing time, while increasing the overall productivity. On the products side, more focus is coming on Low VOC or Water-base systems which are more environmentally friendly and sustainable for the ecology. Can you share a brief about ’s product portfolio here in India? We have an extensive and wide portfolio, comprising several products and solutions. Our range includes"
"and sustainable for the ecology. Can you share a brief about ’s product portfolio here in India? We have an extensive and wide portfolio, comprising several products and solutions. Our range includes new-age technology-based paint solutions such as WoW primers, direct-to-metal (DTM) coatings, fast drying clears, and the scratch-resistant and self-healing protective finish. Our WoW systems offer higher productivity than conventional systems which in turn saves cost as well improves overall productivity of the finish. Being one of the largest producers of paints and coating solutions for commercial vehicles, what benefits does Nippon offer to the users? Our expertise in being “Paint Process Specialists” has enabled us to provide solution-based resolutions to our customers' coating dilemmas. With the help of technology and core R&D, our products have been able to offer customers paints and coating solutions which are more durable and provide a premium quality finish. We also offer solutions that are beyond paints and have actively assisted to design painting line/ system in production workshop. What are some of the new-age solutions introduced by Nippon in India? R&D plays a pivotal role at Nippon Paints. We have an independent and dedicated R&D team in India and are now well on our way towards achieving “Atma Nirbharta"", or self-reliance, with major solutions being customized and indigenously developed locally. Various paint solutions such as the stain-free solution – that restores the original finish in extreme and diverse Indian climatic conditions -- are some of the few paint innovations that have been indigenously-developed here. What are your views on the PLI scheme and how important has this intervention been from the industry’s point of view? Keeping in mind the ongoing exodus of OEMs from China, the introduction of production-linked incentive (PLI) scheme has been a game changer for India’s automotive industry. The PLI incentives will help attract several OEMs to come and set up their base here, turning India into a hotspot for automotive manufacturing. Owing to the availability of cheap labor, land and investment-friendly policies, the industrial segment in the Indian subcontinent is poised to experience an upswing. We have already witnessed several companies shifting their base from China to India, especially a lot of OEMs and electric vehicle manufacturers. This will have a ripple effect across India's industrial coating market as well. How has the Covid pandemic impacted the automotive refurbishing business in India and what sort of recovery have you observed so far? As public transport stopped during lockdowns, the production of school and luxury buses came to a standstill along with the reduction in consumer demand for passenger vehicles. This had an adverse effect on India’s automotive paints and coatings industry. Owing to the Covid-induced lockdowns and challenges, the industry observed its first revenue de-growth of the decade."
"This had an adverse effect on India’s automotive paints and coatings industry. Owing to the Covid-induced lockdowns and challenges, the industry observed its first revenue de-growth of the decade. As per estimates, the demand for automotive paints and coating solutions went down by almost 50% during this period. However, in the last quarter of 2021, we observed various OEMs and affiliates getting back with orders with encouraging movement along the production line. Various state transport departments are also in a revival mode, as they launch tenders for new buses and maintenance of the existing ones. India’s automotive painters were among those who were the hardest hit during the pandemic. What are your initiatives to help them tide over the difficult period? The pandemic-induced lockdowns were indeed quite harsh for the painter community and especially when it comes to the automotive refurbishing industry. To help them, we have launched a unique, pan-India program called ‘Rangon Ke Badshah’ that aims to uplift, reward, and recognize the garage painter community and identify India’s top car painters. We are connecting over 10,000 car painters across the country through a nationwide outreach programme which includes skills contests, loyalty benefits as well as benefits like accidental insurance, education grants for children and other rewards."
"Tesla customer waiting for Model X refund for over 2 years San Francisco: Taking advantage of Tesla's seven-day, no-questions-asked return policy at the time, a customer who returned his in early 2020, is still making payments on a $116,000 vehicle that he does not possess from past two years. Danny Roman bought a new car and took delivery of the car on February 28, 2020. Three days later, he informed the company he was returning the electric SUV under the seven-day, no-questions-asked policy, which Tesla CEO was touting at that time, CNBC reported on Saturday. And since Tesla took possession of the car, he still does not have his refund or access to the vehicle, the report said. Records indicate that Tesla did pick up his Model X, loading it onto a tow truck on March 8, 2020, after which he expected his refund to arrive promptly. His bank advised him to ask the EV maker to initiate a ""stop sale,"" he recalls, and then his Tesla sales representative informed him that his refund would be processed soon. Instead, several weeks later, he received a service alert from Tesla telling him to come to pick up the electric SUV. The alert explained that it had been repaired and was in a service center in Burbank, California, although he had originally purchased the vehicle in Century City, about a 40-minute drive away. Roman told CNBC he was astounded by the service alert. He said he never asked for nor authorised any repairs and that Tesla has previously acknowledged he was returning the car. Roman stopped making payments on the car for a month because he thought everything was moving along properly, the report said. Then the bank told him that he had missed a payment and that his credit rating had taken a 30-point hit. When he called to ask about it, he was told Tesla had not issued the stop-sale. Roman said he needed to maintain a strong credit rating. So given Tesla's stubborn stance on the Model X, he decided he had no choice but to keep making car payments to his bank and to pay to keep the car insured. As a result, for the last two years, Roman has been making payments on a car that he does not possess. Tesla did not respond to a request for comment on their customer's predicament. Roman said he bought the car because he was a fan of Tesla, read that the Model X had a great safety rating, and believed driving a battery would minimize the environmental footprint of his personal transportation. As the owner of a sustainable outdoor adventure company, he felt that buying a battery-powered electric car was a good way to underscore that commitment. However, he was not satisfied with the performance. Also Read:"
"Castrol, Mahindra Insurance Brokers announce alliance for Castrol Auto Service Workshops New Delhi: India Limited, India’s leading lubricant player, has signed an agreement with (MIBL), a prominent insurance brokerage firm. Castrol Auto Service (CAS) workshops will now have an option to empanel themselves as POSPs ( ) for distribution of eligible insurance policies from India’s leading motor insurance providers through MIBL. The CAS workshops can offer automotive insurance products via a digital platform in addition to repair and maintenance services for their customers’ vehicles. , Managing Director, Castrol India Limited, said, “As the automobile industry sees significant growth, with India being the fourth largest automobile market, vehicle insurance has seen unprecedented growth. This potential gives us confidence in this alliance with Limited to further empower our CAS workshops to reach more customers. It also represents a significant milestone in our service and maintenance strategy, as it will undoubtedly enhance the capabilities of our network workshops and ensure that they are capable of providing exceptional or enhanced value to their customers”. ""Vehicle insurance accounts for a high 34% of the non-life insurance premiums in India (according to market studies), and presents an opportunity in a growth market. This collaboration with Castrol India, helps scale our reach, and assist these workshops in becoming POSPs with leading insurance companies on our panel, thereby empowering them to offer cashless services and generate incremental business through accidental repairs. Together with Castrol, we are committed to establishing the CAS workshops as trusted service providers in the automotive industry,"" , Managing Director and Principal Officer, Brokers, said. This alliance provides CAS workshops an opportunity to expand their customer base and offer value added services, resulting in higher customer satisfaction. Overall, this association aims to support CAS workshops in establishing themselves as trusted service providers in the automotive industry."
"Auto companies donate and launch services to tide over damage caused by Cyclone Michaung Auto giants have donated towards relief funds or are providing customers with services in order to help them after the flooding and damage caused by in Tamil Nadu. said it has donated Rs 3 crore to the Chief Minister’s Relief Fund which will be used to provide necessary flood relief and support for the communities that have been badly affected by the cyclone The two-wheeler company said it is committed to helping the displaced rebuild their lives and to support the immediate relief and rehabilitation work being done by the government. “The floods have unleashed severe hardship on the community, and we would like to do our part to support the community,"" Sudarshan Venu, Managing Director, said in a statetement. “This will augment the tireless efforts of the government and the resilient people of Tamil Nadu to restore normalcy.” It added that it would also offer additional service support for its customers in the flood hit districts of Tamil Nadu. , the flagship commercial vehicle manufacturer of the Hinduja Group also donated Rs 3 crore to the CM's Relief Fund towards relief work and humanitarian aid for the flood-affected areas in the aftermath of cyclone. “We are deeply saddened by the havoc caused by the cyclonic storm and the incessant rains that has affected the life of many people in and adjoining districts,"" Shenu Agarwal, Managing Director & CEO, Ashok Leyland, said. ""Ashok Leyland has always been supporting the initiatives taken by the Government during any such calamity and we stand committed to continue this support this time as well."" Apart from donations, other companies like Suzuki Motorcycle, Motor India and announced service offerings meant to help those in such regions. Nissan Motor India announced a comprehensive package of support services for customers with Nissan cars impacted by Cyclone Michaung in Chennai. The company announced initiatives like a special helpdesk and call centre to assist Chennai flood-affected vehicle customers. It said customers can reach out for support by contacting the call centre at 18002093456 or connect with the nearest Nissan service centre. Further, it said it would provide free towing vehicles support through its Roadside Assistance (RSA) service as well as providing claim filing assistance wherein channel partners will pay the fees for filing an insurance claim, up to Rs 1000/- for their customers. In addition to this, Nissan said Chennai customers can avail a 10% discount on the floor carpet replacement during service for the next two months as well as having all Nissan workshops in Chennai operate with extended working hours, from 8:00am to 8:00pm. The company also said its customers in Chennai can avail a 10% discount on the engine oil and filter replacement service for the next two months. Tata Motors too said the company has implemented a comprehensive service plan which will be available across the Tata"
"on the engine oil and filter replacement service for the next two months. Tata Motors too said the company has implemented a comprehensive service plan which will be available across the Tata Motors passenger vehicles and electric vehicles range. The services include the company extending the Standard warranty period, extended warranty period, annual maintenance contract period, and free service period* for vehicles in the affected region. This extension applies to contracts expiring between 01.12.2023 to 15.12.2023 and will be valid until 31.12.2023. Tata Motors also said a dedicated emergency road assistance team has been established to handle cases, prioritizing them based on customer call dates and area accessibility. It has also activated a 24×7 helpdesk which is reachable at 1800-209-8282 to assist customers in distress. Customers can also avail towing support to the nearest dealership. Tata Motors' support initiatives will remain available until 31.12.2023. Suzuki Motorcycle India, the two-wheeler subsidiary of Suzuki Motor Corporation also announced free service support for its customers in the city. The company said it has activated its Dealer Network in Chennai and other affected towns assist the customers with a free comprehensive checkup of their flood affected vehicles. Furthermore, the company said it will also support in free replacement of specific consumables – engine oil, engine oil filter, air filter, fuel filter, & spark plug in case if they have been impacted by the flood. These services are open to Suzuki Motorcycle customers in Chennai till end of the month. “As a measure to mitigate impact this may have had on some of our customers’ vehicles, we have announced a Special Service Campaign under which we are offering a comprehensive check-up apart from substantial support on labour and spare parts depending upon the severity of the impact each vehicle has had to withstand,” Kenichi Umeda, Managing Director, Suzuki Motorcycle India said."
"Tall trucks, SUVs are 45% deadlier to US pedestrians, study shows and sport utility vehicles with hood heights greater than 40 inches are about 45% more likely to cause fatalities in pedestrian crashes than shorter vehicles with sloped hoods, according to new research from the Insurance Institute for Highway Safety. Prior studies have shown SUVs and pickups are linked to higher fatality risks in pedestrian crashes. But the new study focused on the risks posed by vehicles with hoods taller than 40 inches using data from nearly 18,000 crashes. Tall, squared-up hoods are signatures of some of the best-selling and most profitable vehicles sold in the United States such as the Ford Super Duty pickup, the and other large SUVs. The rise in pedestrian deaths has outpaced the increase in overall US traffic deaths since the easing of pandemic lockdowns. The number of pedestrians killed in 2021 jumped 13% to 7,342, the highest since 1981, while the number of people on bicycles killed rose 5% to 985, the highest since at least 1975, the National Highway Traffic Safety Administration said. Since reaching their lowest point in 2009, pedestrian deaths have increased 80% and account for 17% of all traffic deaths. The Insurance Institute, an arm of the US insurance industry, has no regulatory authority. But its studies are influential in the industry and with regulators at the National Highway Traffic Safety Administration. The IIHS study found that vehicles that are tall and blunt, such as a large pickup truck, are 43.6% more likely to cause death in a collision with a pedestrian. Vehicles with tall and sloped hoods are 45% more likely to cause a pedestrian fatality, while medium-height vehicles with blunt front ends, such as a Mazda CX-9 or a Chevrolet Colorado pickup, are nearly 26% more likely to kill a pedestrian, based on the Institute's analysis of crash data. ""Automakers can make vehicles more pedestrian friendly by designing vehicle front ends that are lower and more sloped. The National Highway Traffic Safety Administration can consider evaluations that account for the growing hood heights and blunt front ends of the vehicle fleet in the New Car Assessment Program or regulation,"" the IIHS study said. US vehicle fuel efficiency standards administered by NHTSA have encouraged automakers to build larger vehicles. The bigger the vehicle, the lower the fuel efficiency target it has to meet. US Transportation Secretary Pete Buttigieg has called the rise in traffic deaths ""a crisis."" The Biden administration this year allocated USD 800 million to infrastructure improvements aimed at improving vehicle and pedestrian safety."
"Bike Bazaar raises Rs 170 crore led by Women’s World Banking Management said it has raised of equity funding led by Women’s World Banking Asset Management (WAM) with participation from existing investors including and Faering Capital. Elevar was the early investor in Bike Bazaar and continues to hold the largest stake in the business. The company intends to use the funds to increase its business in rural India and also scale its marketplace business for the sale and purchase of used two-wheelers. Founded in 2017 by former executive Srinivas Kantheti and former executive Karunakaran Vadakkepat as a used two-wheeler financing business, Bike Bazaar has now several businesses within the two-wheeler segment including new two-wheeler financing, a marketplace for pre-owned two-wheelers, and a new electric vehicle financing business besides additional services like insurance. It will add servicing as well, officials said. The founders have spent decades in automotive and its associated financing space before starting up. “Our strategy is to be present across the whole lifecycle of the two-wheeler,” Vadakkepat said. “For example, someone who is looking to buy a two-wheeler may want to exchange his old two-wheeler. He can avail of both the financing services and the resale service from us. We should be able to sell that old vehicle through our marketplace, or different pre-owned sales channels. We want to add value-added services like RTO transfers, insurance, etc, and over time we want to add services also. Actually, we want every business to feed on the other business so that we can leverage costs.” He said the company is in talks to raise another Rs 80 crore and is also in advanced stages of talks with a global investor to raise a Rs 200-250 crore funding round specifically for its EV business. ET had reported on August 19 that mainstream venture capital investors are turning to the EV startup space even as funding has slowed down in the larger startup ecosystem. Vadakkepat said the company is still figuring out how to structure the company to accommodate the funding specifically for the EV business. Bike Bazaar claims to have a significant presence in smaller towns and operates in more than 140 cities across India with over 1,000 touchpoints. Its financing business has disbursed more than 3,00,000 two-wheeler loans till date and as of July 2022 it had done business with a cumulative gross transaction value of more than Rs 1,500 crore. Since its inception, the company has raised a total of Rs 400 crore in equity funding. Vadakkepat told ET that the company’s customer base includes people who are in professions like plumbing, carpentry, and household work, and these people lack the requisite financial literacy to avail of credit and other facilities. Bike Bazaar has set up multiple cash collection points to ensure repayment of the loans. Bike Bazaar partners with multiple banks and NBFCs through which it issues loans. The startup typically will have 20%"
"has set up multiple cash collection points to ensure repayment of the loans. Bike Bazaar partners with multiple banks and NBFCs through which it issues loans. The startup typically will have 20% exposure to these loans, Vadakkepat said. “Women's World Banking is dedicated to women’s economic empowerment and WAM is investing in Bike Bazaar’s demonstrated potential to provide accessible and affordable two-wheeler finance to financially underserved women in India, simultaneously enabling their mobility and developing their asset bases and credit profiles,” said Christina Juhasz, chief investment officer of Women’s World Banking Asset Management. WAM is funded by the German government’s Federal Ministry of Economic Cooperation and Development and The European Union."
"Auto sales in May 2022: All segments move up from the pandemic-marred low base of May 2021 New Delhi: The good news is that all segments of the automobile industry were in the green in May 2022. This comes after a long time and looks like a real relief. But the not-so-good news is that the manifold sales growth for the OEMs comes from the low base of May 2021, when the country was under the impact of the second wave of Covid-19 pandemic and states were under lockdown. The following is a segment-wise report of vehicle despatches to dealers during May 2022. Passenger vehicles For the passenger vehicle segment in May 2022, there were production constraints owing to the semiconductor shortage. An average vehicle had a waiting period of 6-8 months, for specific variants even of a year. The country’s largest carmaker Maruti Suzuki reported a growth of 278% in its domestic sales to 124,474 units in May 2022. The company had recorded sales of only 32,903 units in May 2021. In the mini cars segment (Alto, S-Presso), the company clocked sales of 17,408 units, followed by compact cars (Baleno, Celerio, Dzire, Ignis, Swift, Tour S, WagonR) to 67,947 units and of 586 units of the mid-size Ciaz. Sales of utility vehicles namely Ertiga, S-Cross, Vitara Brezza and XL6 clocked 28,051 units while the Eeco van reported sales of 10,482 units in May 2022. “The sales figures of May 2022 are not comparable with that of May 2021 as the operations of the company then were badly affected by Covid-related disruptions,” the carmaker said in a statement. Interestingly, auto major Tata Motors moved up to the second spot during the month and Hyundai India stood third. Hyundai informed that the company’s plants in Chennai were shut down for the scheduled biannual maintenance, leading to 6 no-production days from May 16 to 21. This reduced the vehicle availability in the month, thus affecting May 2022 sales numbers (both domestic and exports). However, this was the second time in six months that the maker of Nexon beat Hyundai India by jumping up one step. Tata's ICE vehicle sales stood at 39,887 units and EV sales crossed the 3,000-unit mark to clock 3,454 units. In December 2021, Tata Motors sold 3,000 units more than Hyundai India. In May this year the difference was only 1,000 units. Meanwhile, the volume gap between the third and the fourth carmaker has been widening over time. For May, Mahindra’s wholesales were around 20,000 units behind. Veejay Nakra, President, Automotive Division, M&M Ltd, said, “With sales of 26,632 SUVs in May, we continued the growth momentum with all our brands performing well including XUV700 and Thar.” Kia India continued to maintain its position as the top 5 carmaker for May by selling 7,899 units of Sonet, followed by 5,953 units of Seltos, 4,612 units of Carens and 239 units of the Carnival. The company also dispatched 15 EV6 units last month to dealerships as display cars. Skoda said Slavia and Kushaq models contributed the most to its sales"
"of Carens and 239 units of the Carnival. The company also dispatched 15 EV6 units last month to dealerships as display cars. Skoda said Slavia and Kushaq models contributed the most to its sales growth. Two-wheelers The two-wheeler segment, which has been growing sequentially each month, has shown robust year-on-year growth in wholesales during May 2022. However, it may be noted that the growth comes on low base of last year. During the second wave of COVID-19 in India last year, the rural income was the worst hit which adversely impacted the consumer demand and sentiments for these vehicles in May 2021. Going forward, the motorcycles and scooters segment is expected to see a positive trend due to the opening up of educational institutions and offices, excise duty reduction on fuel and the prediction of a normal monsoon. However, the sales volumes for two wheelers are far from normal and the recent hike in third-party insurance rates may add to this. Rohan Kanwar Gupta, Vice President, Corporate Ratings, ICRA, says, “Domestic 2W industry volumes contracted for a third consecutive year in FY2022, with the consumer sentiments remaining muted. The cost of ownership of a two-wheeler has been steadily increasing over the years, thereby impacting affordability. OEMs have been forced to hike prices on account of multiple factors – raw material hardening, transition to stringent emission norms and changes mandated by regulations, especially with regards to safety standards."" ""In FY2022, even as there was no impact of regulatory notifications on prices, the OEMs had to pass on raw material hardening impact through multiple price hikes. As a result, enhanced cost of acquisition coupled with heightened crude prices have led to a significant increase in the cost of the ownership,"" he said. The country’s largest two-wheeler maker Hero MotoCorp clocked 4,52,246 unit motorcycle sales and 34,458 unit scooter sales in the domestic market during May 2022. The company said it expects to see a positive trend in the coming months, on the back of normal monsoon, decent Rabi harvest and continued government policy support. Vikram Kasbekar, Executive Director, Hero MotoCorp, said, ""We welcome the recent decision of the government to reduce the central excise duty on petrol and diesel, which has substantially brought down the fuel costs, thereby providing a much-needed relief to motorcycle and scooter users in the country. We also welcome the steps taken to cut duties on iron and steel inputs, which should help in softening steel prices in the domestic market.” “The increase in the third-party insurance rates would, however, adversely impact customer sentiments as this will further increase the upfront costs of two-wheelers in India. It is not usual to have insurance paid for 3-5 years instead of annual renewals, as is generally the case in many countries. The industry seeks government intervention and support in this regard,"" he added. Honda Motorcycle & Scooter India"
"3-5 years instead of annual renewals, as is generally the case in many countries. The industry seeks government intervention and support in this regard,"" he added. Honda Motorcycle & Scooter India (HMSI) also said that the sales figures this month remain incomparable with May 2021 as frequent lockdowns in the wake of the second wave of Covid-19 marred the performance during this period last year. ""Growth in domestic as well as international trade continues to complement each other as we approach an early monsoon."" Atsushi Ogata, Managing Director, President & CEO, HMSI, said, “The market is regaining strength as disturbances in terms of supply side are subsiding coupled with rise in physical presence at office and educational institutions.” TVS said its domestic two-wheeler sales included TVS iQube Electric sales of 2,637 units in May 2022. Its motorcycle sales grew from 125,188 units in May 2021 to 148,560 units in May 2022. Scooter sales of the company grew from 19,627 units in May 2021 to 100,665 units in May 2022. “The shortage in the supply of semiconductors has impacted production and sales of premium two-wheelers,” the company said. According to ICRA, the increase in third party insurance premiums is unlikely to materially impact 2W demand as the rates have been hiked for the premium category (15%-21% increase for >150 cc category), while there has been no increase for the entry-level motorcycles and scooters (75 cc-150 cc), the largest segment by volumes in the domestic market (~89%). ""Given the fact that the increase in road price for the premium segment on account of the rate hike is also not significant (<1%); the rate hike is unlikely to have a major impact on consumer sentiments and comes as a relief for the industry, which has been grappling with muted demand,"" it said. Commercial vehicles and three-wheelers The country’s largest commercial vehicle maker Tata Motors reported highest sales for the SCV cargo and pickup segment at 14,899 units in May 2022. The auto major’s M&HCV category clocked sales of 8,409 units, I&LCV category of 4,474 units and passenger carriers of 3,632 units. For Mahindra, LCVs of 2T-3.5T clocked the majority sales of 17289 units in May 2022. This was followed by three-wheeler sales at 3645 units, LCVs less than 2T at 3228 units and LCVs over 3.5T and MHCVs at 632 units. Veejay Nakra, President, Automotive Division, M&M Ltd, said, “Our Commercial Vehicles have also registered strong growth across segments. We are closely monitoring the supply chain related issues, which continue to constraint volumes and are taking appropriate actions to mitigate the impact.” Tractors Hemant Sikka, President, Farm Equipment Sector, Mahindra & Mahindra Ltd,. said, “With the timely arrival of the south-west monsoon and forecast of a normal monsoon, kharif crop is expected to deliver record production. Food prices continue to be high, ensuring better remuneration for farmers for their produce, creating a positive sentiment and"
"a normal monsoon, kharif crop is expected to deliver record production. Food prices continue to be high, ensuring better remuneration for farmers for their produce, creating a positive sentiment and higher demand for tractors and agri implements. In the exports market, we have sold 1569 tractors, a growth of 17% over last year. “We see rural sentiment gradually improving in spite of low crop yields due to extreme heat conditions this harvest season, on account of better crop price realization and forecast of normal rainfall and possible timely sowing this year. With the recent Government actions, inflation may stabilise in the near-term and operating leverage may further possibly help in partially diluting the impact on margins in the coming quarters,” Escorts said. According to Mitul Shah, Head of Research, Reliance Securities, ""Domestic tractor industry grew by 47% YoY(down 8% MoM) to 81.9K units, stronger than our expectation of 40% YoY growth (as against consensus estimate of 15-20% growth) as large player like M&M reported much stronger growth. Overall performance was supported by inventory built up to some extent, while retail was reasonably strong despite wheat export ban."" He said, “We expect a double digit decline in industry volume in Jun 2022 due to high base, elevated inventory level and lag effect of export ban. We would be monitoring the situation closely in terms of upcoming monsoon timing as well as its distribution in coming months to judge full year tractor industry performance, as monsoon has high correlation. At present, we expect flat volumes in FY23E for the tractor industry.” (This is a developing story. We will keep updating the numbers as the OEMs release their sales data.) Also Read:"
"Russian oil influx boost storage fees at Fujairah to record highs Large inflows of oil and refined products have boosted tank storage demand at the United Arab Emirates' , pushing storage fees at the transit and blending hub to all-time highs in the first quarter, industry sources said. The European Union banned imports of Russian crude and oil products in December and February, respectively, forcing shipments to head elsewhere. Restrictions on access to Western insurance and ships have made some traders blend Russian crude with other supplies at storage hubs like Fujairah before re-exporting it. Fees for oil storage tanks at Fujairah jumped to as much as USD 12 per cubic metre in the first quarter, a record high, several people with knowledge of the matter said, though the levels vary depending on the type of cargo. In comparison, the rates in Singapore are at about USD 7 per cubic metre, they added. Storage capacity at terminals in Fujairah has been fully leased out, sources said. Robust storage demand is lifting revenues of operators such as Vopak, Vitol's VTTI, Emirates National Oil Company and Abu Dhabi National Oil Company. ""The hub of Fujairah has become key to Russia's efforts to divert its oil product exports away from traditional U.S. and EU markets towards those in the Middle East and Asia,"" said Roslan Khasawneh, a senior fuel oil analyst at Vortexa. STORAGE ASSETS IN DEMAND Demand for storage space is also attracting buyers for these assets. One of these assets is the terminal owned by Group. Located in the Fujairah Oil Industry Zone adjacent to the port, the terminal can hold about 465,000 cubic metres of refined products including naphtha, gasoline and fuel oil. The company is evaluating expressions of interest from potential buyers received in the fourth quarter last year, said Tyler Baron, the chief executive officer of Minerva Bunkering which operates the terminal. ""We've used the asset in part to support the Minerva business, but also to lease capacity out to third parties. So it's not strategic or requirements for us to own the terminal to support the bunkering business locally in Fujairah,"" he said. GP Global's terminal at Fujairah was recently sold for about USD 124 million, industry sources said. Over the years, Fujairah has expanded as a popular transit point for storage, blending and ship-to-ship transfers, due to its convenient location near the entrance of the Strait of Hormuz. Fujairah's onshore refined product stocks were at 21.34 million barrels (3.36 million tonnes) in the week to March 20, based on data from the Fujairah Oil Industry Zone. The port is also the world's third largest bunkering hub, with 2022 bunker volumes at about 8 million tonnes."
"Tesla 'silent'; yet to communicate its India plans: Official is 'silent' and yet to communicate its plans to the under the new , an official said on Friday. American tech billionaire , who was scheduled to India on April 21-22, had postponed his visit at the last moment citing ""very heavy obligations"". Musk, CEO of , was also slated to meet Prime Minister Narendra Modi during the visit. ""They (Tesla) are just silent.. the (EV) policy was always meant for everybody,"" the official said when asked whether the company has communicated its plans to the government. The commercial decisions are announced by the companies, the official added. An e-mail query sent to Tesla remained unanswered. Earlier in April, he confirmed his visit to India in a post on X saying, ""Looking forward to meeting with Prime Minister @NarendraModi in India"". In June last year, Musk met with Modi during the latter's US visit and stated that he planned to visit India in 2024 while expressing confidence that Tesla would enter the Indian market soon. His proposed visit had raised expectations that he would announce plans for Tesla to set up shop in the country, along with his satcom venture . It was expected that Musk would announce plans for Tesla to set up its in India and investments for the same that could be billions of dollars and the way forward for selling Tesla electric cars in India at the earliest. Not just electric cars, he is also eyeing the Indian market for his satellite internet business Starlink, for which regulatory approvals are awaited. Musk had in the past called for import duty reduction in India to be able to sell Tesla cars in the country. His planned visit to India came weeks after the government announced a new policy under which import duty concessions will be given to companies setting up manufacturing units in the country with a minimum of USD 500 million, a move aimed at attracting major global players like Tesla. Last month, an advisor representing Tesla -- The Asia Group (TAG) attended the first stakeholders' meeting on the new EV policy, along with those from Vietnam's EV maker VinFast and all the major manufacturers in India, including , , , , , Skoda Auto Volkswagen India, Renault, Mercedes-Benz, BMW and Audi. The stakeholder consultation meeting was aimed at seeking inputs for the guidelines to be framed for the new EV manufacturing policy. As per the policy, the companies that would set up manufacturing facilities for EV passenger cars will be allowed to import a limited number of cars at lower customs/import duty of 15 per cent on vehicles costing USD 35,000 and above for five years from the date of issuance of the approval letter by the government. At present, cars imported as completely built units (CBUs) attract customs duty ranging from 70 per cent to 100 per cent, depending on the engine size and cost, insurance and freight (CIF) value. CBUs whose CIF value is more than USD 40,000 attract a 100 per cent import duty (for petrol engines"
"per cent to 100 per cent, depending on the engine size and cost, insurance and freight (CIF) value. CBUs whose CIF value is more than USD 40,000 attract a 100 per cent import duty (for petrol engines size more than 3000 cc and diesel engines of size more than 2500 cc). Whereas those with CIF value under USD 40,000 attract 70 per cent duty (for petrol engine sizes under 3000 cc and diesel engine sizes under 2500 cc). The new EV policy seeks to promote India as a manufacturing destination for EVs and attract investment from reputed global manufacturers. Last year, Tesla approached the Indian government seeking duty cuts to import its vehicles in India."
"Audi Q7 receives 2023 IIHS Top Safety Pick+ award The US-based (IIHS) has reported that the Audi Q7 has earned the 2023 TOP SAFETY PICK+ award, making it the sixth Audi model to achieve this prestigious accolade. To receive this award from IHS, a vehicle must attain acceptable or good ratings for all available headlight options. The Q7 meets this requirement, garnering an acceptable or good headlight rating for all three lighting choices for vehicles produced after February 1, 2023. The models honoured with the IIHS 2023 TOP SAFETY PICK+ award include: 2023 Audi Q7, 2023 Audi Q4 e-tron, 2023 Audi Q4 Sportback e-tron, 2024 Audi Q8 e-tron, 2024 Audi Q8 Sportback e-tron and 023 Audi Q8 Offering the Q7 with the latest HD Matrix-design LED headlights and an available Audi laser light option for the Prestige trim, Audi continues to set the standard higher, the company said. Laser headlights are identifiable by their blue light signature in the headlight housing and activate at speeds of 40 mph and above (when conditions allow), enhancing driver visibility by projecting a low and wide beam of light onto the road ahead. The standard front crash prevention system, available across all trims, achieves a superior rating in the daytime vehicle-to-pedestrian assessment and an advanced rating in the night time evaluation. Audi Q7 models come equipped with a comprehensive array of standard and optional driver assistance features, including: • Audi pre sense® basic, which prepares the vehicle for impact in the event of an impending collision, including closing side windows and the panoramic sunroof and pretensioning front safety belts. • Audi pre sense® front, utilizing a camera to monitor the area ahead of the vehicle, issuing visual and acoustic warnings to alert the driver to potential hazards, applying brakes if necessary, and capable of bringing the vehicle to a full stop within system limits. It can also prevent accidents at speeds below 25 mph and react to pedestrians below 52 mph. • Audi side assist, providing blind spot monitoring via LED indicators on the exterior mirror housings at speeds above 9 mph. • Lane-departure warning, helping to maintain lane discipline through corrective steering intervention and wheel vibration at speeds exceeding 40 mph. • Rear cross-traffic assist, supporting the driver when reversing out of a perpendicular parking space with indicator arrows in the MMI display and potential warning tones and brake assistance in critical situations. • Adaptive cruise assist, available to accelerate, brake, and maintain speed and distance using radar, camera, and ultrasonic sensors for highway driving. • Top view camera system, available to provide a simulated 360-degree view of the vehicle's surroundings for parking and tight spaces. The IIHS ""TOP SAFETY PICK+"" for 2023 relies on ""good"" ratings in various crash tests and an ""acceptable"" rating for standard headlights, as well as an ""advanced"" rating for both vehicle-to-pedestrian front"
"""TOP SAFETY PICK+"" for 2023 relies on ""good"" ratings in various crash tests and an ""acceptable"" rating for standard headlights, as well as an ""advanced"" rating for both vehicle-to-pedestrian front crash prevention tests, the company said."
"Garuda Drone to deliver Swiggy grocery parcels in Bengaluru Chennai: The of startup will soon start delivering grocery packages in Bengaluru for food and grocery player Bundl Technologies Pvt Ltd known by its brand . The city based Garuda Aerospace is a drone-as-a-service provider. ""This is a pilot project started by Swiggy. We plan to start the pilot during the first week of May,"" Agnishwar Jayaprakash, Founder & CEO, Garuda Aerospace, told IANS. According to him, the drones will carry the grocery packs from the seller-run 'dark stores' and from a store to a common middle point - drone port- where the Swiggy delivery person will pick up the packet and deliver to the end customer. The common middle point is the responsibility of Swiggy and it will give the addresses, Jayaprakash said. Swiggy in a blog post 'Swiggy Bytes' had said the pilot will be done in two tranches, the first one in Bengaluru by Garuda Aerospace and in Delhi-NCR by Skyeair Mobility. The second phase will be done soon after studying the learnings from the pilot by ANRA-TechEagle Consortia and Marut Dronetech Pvt Ltd. However, it is not known who will be liable for any public liability case and whether Swiggy has insisted the drone players take out a public liability insurance policy. In February this year, Prime Minister Narendra Modi had virtually inaugurated the drone manufacturing facilities of Garuda Aerospace at Manesar in Gurugram and in Chennai. Also Read:"
"Shashank Srivastava on why Maruti is aiming to boost SUV segment “If the commodity prices remain high, one could expect supply side inflation as well. So there are uncertainties but at the same time, looking at the current industry trends of demand parameters, we expect a secular growth across segments,” says , Executive Director, Maruti sales are expected to be 11% higher year-on-year. Which segments are you expecting most of the growth to come from? There seems to be a move away from hatchback to SUVs. Companies are not going in for the small entry car segment? As far as segments are concerned, whether it is hatchbacks or sedans, MPVs or SUVs, the growth will be fairly secular. That is our estimate because last year the industry had a total volume of about 30.7 lakh and that is same as what we had five years earlier in 2016-17. So we do expect that with the introduction of new models and also the economy bouncing back and hopefully a much better year as far as Covid is concerned, we would see the volumes in the industry going up. However, I must flag a couple of points which bring in a little bit of uncertainty and that is inflation and the corresponding interest rate hikes which we are expecting. If the commodity prices remain high, one could expect supply side inflation as well. So there are uncertainties but at the same time, looking at the current industry trends of demand parameters, we expect a secular growth across segments. You said you are going to focus on high-end cars, that you are looking to move towards luxury from the hatchback variants, this financial year. Against the backdrop of inflation, is that what you are doing? Yes, you are right about the . The reason we mentioned that immediately after we announced the results for the last quarter and for the full year was because ’s overall market share came down by about 3.5% to slightly below 45%. Now, the share of the SUV sector in the auto industry has grown from about 32% of the industry last year to almost 40% while the share of hatchbacks came down from about 45% to about 38-39%. In the non SUV sector, Maruti Suzuki’s market share had climbed to about 66%, which is the highest in fact as far as the record so far available. So it is the SUV sector market share which has brought us down in the overall market share figure. SUVs are a growing segment. It used to be about 26% just two, three years back it is now almost 40% of the industry. We have two models; Brezza and the S-Cross while the number of models in this sector is almost 47 in the industry. It is clear that as far as our portfolio is concerned, this segment probably will require a lot of support and that is what we are planning to do going forward, introducing some SUVs to bolster this fast increasing sector. Suzuki India’s image is that of a small car export house. How do you see the scale of small cars in the overseas market given the entry level demand is under pressure? The definition of small car is different in"
"image is that of a small car export house. How do you see the scale of small cars in the overseas market given the entry level demand is under pressure? The definition of small car is different in different countries. For example, Europe is pretty well developed but quite a large percentage of vehicles sold there are hatches. SUVs, of course, have gone up across the globe and as far as India is concerned, hatches have remained relatively steady in the last four-and-a-half years at around 45% of the market share. However, last year it had come down and the discussion is now hovering about why the small car market in India has not grown as much as it should have and we are clear that it is largely because the acquisition cost has gone up and the price elasticity for this consumer in this segment is actually quite high. That means that the sensitivity to increase in price in response to commodity price hikes or any other input cost increase – whether due to government regulation or taxes or insurance or financing cost – affects this customer most. That is the reason why we see in the last five years, the cost of acquisition of small cars, the entry hatches have gone up almost 40% and that has resulted in a dip in the sales for the hatch segment. This is the central issue which we have been conveying to the media at large and how we are trying to overcome this by focussing our efforts on other segments. You have been getting discount levels lower in order to boost sales. Are you planning to take that lower or we can see some range? The discount levels you are referring to are a function of supply and demand. At the moment, the overall demand seems to be high. Even as we speak, we have almost 311,000 pending bookings. In case of a supply-demand mismatch, the discount will be lower and I am expecting that to continue for some time to come till the situation on the supply side normalises. So whether it is rural or urban today, it is not a question of lowering the cost of acquisition. One can increase the discount levels but even if you have a larger demand, you may not be able to fulfil it as is reflected in the 311,000 pending bookings that we have. In fact, for the industry the estimate is that almost five-and-a-half lakh bookings are pending for delivery. What is happening with chip shortage? Are there further pressures or things are as is? Where do this stand currently? The situation remains roughly the same. Remember the visibility in terms of available for semiconductor component is still limited which means that it is difficult to give a long-term projection of when it will normalise and also to tell whether two months down the line, it will be normal or not. That is why we are updating our consumers and also to all the stakeholders whether it is the media or other stakeholders of the situation, as we see currently. The current situation is that at least for this quarter, the supply side constraint will continue as you saw in the previous"
"is the media or other stakeholders of the situation, as we see currently. The current situation is that at least for this quarter, the supply side constraint will continue as you saw in the previous quarter. In that sense, the situation has not changed but then the visibility still remains limited."
"Road Ministry asks states to look into rule violations by manufacturers, dealers The has asked states to look into violations of (CMVR) by manufacturers and dealers selling low-speed electric two-wheelers. The and Highways ( ) in an advisory to states said that these manufacturers and dealers are supplying higher , which are plying with a top speed of 40-55 kmph without type approval, insurance and vehicle identification as per norms. ""These vehicles are tampering with verification undertaken by the testing agency,"" the advisory said. The advisory said two-wheeled-battery-operated vehicle shall not be deemed to be a motor vehicle -- if it is equipped with an electric motor having thirty-minute power of less than 0.25 KW, maximum speed is less than 25 km/hr and the weight of the vehicle without a battery is not more than 60 kg."
"Hagerty launches commercial valuations service in UK , an lifestyle brand and a leading specialist insurance provider, has launched a new Commercial Valuations service in the UK, especially designed to provide businesses with bespoke Hagerty market data. For over 13 years, Hagerty’s Automotive Intelligence team has produced market data and analysis on the global enthusiast market, specializing in modern , rare as well as classic cars, via its team of 30 dedicated analysts across 4 different countries. Hagerty’s Commercial Valuations service can be adapted to suit individual client needs, offering a pre-agreed number of valuations each month, ranging from simple vehicle valuations to in-depth expert reports. Hagerty International Managing Director Mark Roper said, “Hagerty’s market data has been known as the best in the business for over 10-years and is used to power established features such as our annual Bull Market list as well as providing owners with a realistic valuation via our famous Hagerty Valuation Tool. Now we can offer professionals access to our data and analyst team to help them better understand the enthusiast car market for their own needs, or those of their clients, via our new commercial subscription service. If any businesses could benefit from a better understanding of the global market, Hagerty can now provide valuable insight which was previously unavailable.” To obtain their renowned data, Hagerty evaluates over 2 million classic vehicle insurance valuations, along with eligible trade sales and the results of over 28,000 relevant global auction results every year. In addition, Hagerty representatives are present at all major auctions to report on the condition of the cars sold, as well as the atmosphere in the room, so relevant details can be factored when collating valuation data. The result is market data recognised as the best in the global classic car industry, providing Hagerty with unrivaled knowledge of the enthusiast car sector, whilst also powering its own Hagerty Valuation Tool with accuracy. The continuously updated supply of data also generates unique Hagerty editorial content and ensures Hagerty can provide the very latest market value of client-owned vehicles for insurance purposes. Until now access to Hagerty’s market data, and team of analysts, has only been available to the few, but now Hagerty offers trusted professional partners the chance to obtain subscription-based data to suit individual business needs. This can include bespoke written reports, complex car valuations, physical vehicle inspections and current and residual value forecasts suitable for financial lenders, specialist dealers, auction houses and even other insurance companies. As Hagerty’s data sets are so complex it allows detailed segmentation including specific model detail, total recorded mileage as well as insight Into service history and any notable previous ownership details. In addition, bespoke commentary on a particular market"
"including specific model detail, total recorded mileage as well as insight Into service history and any notable previous ownership details. In addition, bespoke commentary on a particular market sector is also available to subscribers."
"The all-new BMW R 18 Transcontinental Gurugram: has launched the all-new in the country. The all-new BMW R 18 Transcontinental can be ordered as a completely built-up unit (CBU) from today onwards through the BMW Motorrad dealer network. BMW Motorrad India now offers three iconic motorcycles in the cruiser segment: The R 18, The R 18 Classic and The R 18 Transcontinental. The all-new BMW R 18 Transcontinental brings alive a nostalgic touring experience in a luxurious style. Vikram Pawah, President, BMW Group India said, ""BMW Motorrad heralds a new era of luxurious touring with the launch of the all-new BMW R 18 Transcontinental. As a member of the R 18 family, it represents BMW Motorrad's deeply rooted tradition with its unmistakable design, the mighty Big Boxer engine, state-of-the-art technology and riding dynamics. The eye-catching styling of the R 18 Transcontinental adds on to the riding experience and evokes the emotions of a bygone era. It offers the most authentic, unparalleled experience one can enjoy on two wheels promising a comfortable, powerful ride for miles. This motorcycle will have an enormous appeal for motorcyclists who live for unforgettable cruising moments."" The all-new BMW R 18 Transcontinental is available at the following ex-showroom price - The all-new BMW R 18 Transcontinental - INR 31,50,000 Prices prevailing at the time of invoicing will be applicable. Delivery will be made ex-showroom. Ex-showroom price (inclusive of GST and compensation cess) as applicable but excludes Road Tax, statutory taxes cess levies and insurance. Prices and options are subject to change without prior notice. For further information, please contact your local authorized BMW Motorrad Dealer. The all-new BMW R 18 Transcontinental come is five attractive colour options - Black Storm Metallic, Gravity Blue Metallic, Manhattan Metallic Matte, Option 719 Mineral White Metallic and Option 719 Galaxy Dust Metallicoil cooled two-cylinder flat twin engine- the most powerful boxer in series production by BMW. The massive 1,802 cc engine resulting from a 107.1 mm bore and 100 mm stroke. It produces an output of 91 hp at 4,750 rpm. The maximum torque of 158 Nm is already available at 3,000 rpm, with more than 150 Nm always available from 2,000 - 4,000 rpm. This elemental pulling power is combined with a full, resonant sound. A single-disc dry clutch transmits the torque to the transmission. For the first time, it is designed as a self-reinforcing anti-hopping clutch, thereby eliminating unwanted rear wheel hop. The constant mesh 6-speed gearbox is in a dual-section aluminium housing and is designed as a 4-shaft transmission with helical gear pairs. The transmission input shaft with cleat dampers drives the two transmission shafts with the gear wheel pairs via a countershaft. A reverse gear is available as an optional extra. In terms of the suspension, the all-new BMW R 18 Transcontinental sports a double loop steel tube frame and rear swinging arm with"
"a countershaft. A reverse gear is available as an optional extra. In terms of the suspension, the all-new BMW R 18 Transcontinental sports a double loop steel tube frame and rear swinging arm with enclosed axel drive in rigid frame design as on the legendary BMW R 5. The rear swing arm surrounds the rear axle transmission in authentic style. The suspension elements deliberately dispense with electronic adjustment options. Instead, a and a directly mounted cantilever suspension strut with travel-dependent damping and adjustable spring preload ensure superior wheel control and better suspension comfort. The braking system consists of a twin disc brakes at the front and a single disc brake at the rear in conjunction with four- piston fixed callipers. Unusual in its segment, the all-new BMW R 18 Transcontinental Classic offers three standard riding modes - 'Rain', 'Roll' and 'Rock' to suit individual rider preferences. In 'Rain' mode, throttle response is gentler and riding dynamics allow a high safety over slippery road surface. In 'Roll' mode, the engine offers optimum throttle response while riding dynamics achieve ideal performance on all roads. 'Rock' mode allows riders to tap into the full dynamic potential - throttle response is very spontaneous and direct, while Automatic Stability Control allows a little more slip. The all-new BMW R 18 Transcontinental boasts a list of important standard features. Active Cruise Control provides an entirely new relaxed riding experience. The disengageable traction control Automatic Stability Control provides perfect control, whether the road is dry or wet. Dynamic Engine Brake Control electronically prevents the sliding of rear wheel by sudden closure of throttle or back spacing. Hill Start Control makes starting off on a hill particularly easy. Keyless Ride system replaces the conventional ignition steering lock and an offers central locking of the bike and storage cases. The bike also offers Electronic Cruise Control as standard. The new adaptive LED Headlight sets new standards when it comes to vehicle lighting in the cruiser segment - both in terms of design and safety. The all-new BMW R 18 Transcontinental brake system is equipped with the well- established BMW Motorrad Integral ABS (partially integral) that adapts the distribution of brake force between the front and rear brakes to the dynamic wheel load distribution and the load state. In addition, the dynamic brake light signal function warns following traffic in two stages when the brakes are applied sharply and in the event of an emergency brake manoeuvre. Marshall Gold Series Stage 2 sound system the R 18 Transcontinental consist of six loud speakers and a booster that meets the highest demands of sound quality."
"Oil companies to cushion fuel price shock as crude tests $120 NEW DELHI: State-run fuel retailers are expected to cushion the blow on consumers as the government seeks to limit the impact of a surge in oil prices after benchmark Brent crude crossed the $119 a barrel mark. The retailers are losing about Rs 20-22 a litre on petrol and diesel as they have not raised pump prices since November 4, when the Indian Basket – the mix of crude bought by them – was at $83/barrel. On Wednesday, it stood at $111.99, the highest since September 2012, in step with the rally set off by the Russia-Ukraine conflict. Simultaneously, the dollar has appreciated to Rs 75.75 from Rs 74.34 on November 4, contributing to widening the gap between cost and retail prices of petrol and diesel. Fuel prices are linked to their global markers and dollar exchange rate, while crude prices are a key factor in the spread. One way to reduce the burden on consumers could have been tax cuts by the Centre and state governments, just as they had done in November. But given the uncertainty of the situation, it is not on the immediate agenda, sources told TOI. There are various estimates doing the rounds, with some pointing to $150 being a possibility, and the government does not want to use up all the ammunition immediately while being acutely aware of the need to protect households from a massive shock. Besides, oil is a major source of tax collection for the Centre and the states. Given the uncertainty over the mega initial public offer by , the Centre is keen on ensuring revenues are not hit significantly so that it stays within the fiscal deficit target of 6.9% of GDP. There is also an assessment in the government that prices will cool down once the tensions ease, although the current price is something that was not ed for, given the Budget assumption of $70-75 a barrel. Although India’s supplies are not affected, is the largest oil exporter. Its gas exports account for 34% of global supplies. The conflict has given rise to the insecurity of supplies as the western sanctions are forcing consumers to shun Russian oil due to shipping and insurance issues. Some estimates put the loss of Russian supplies at 2.5 million barrels. There is no way this quantity can be replaced in an already tight market, especially after the grouping, which includes Russia, on Wednesday refused to speed up production hikes. The market is looking at a breakthrough in US-Iran nuclear talks that will allow Iranian oil to flow. Speculators are having a field day in the meantime, sending crude to $120 levels on Thursday, the highest in over a decade. Prices softened to around $115 a barrel around 7 pm India time. Also Read:"
"Park+ raises $17 million in Series C funding from Epiq Capital, Sequoia and Matrix owners Park+ has raised $17 million (about Rs 140 crore) in its Series C round, led by existing investors , and Matrix Partners India. The round values the Gurugram-based company at $340 million, up from around $150 million during its Series B funding in November 2021. As part of the latest fundraise, the three lead investors have injected $16 million in the company, while angel investors, including serial entrepreneur and investor Kunal Khattar, invested $1 million. Park+ founder and CEO Amit Lakhotia told ET that the company will use the fresh capital to build new use cases on the app, add partnerships, and expand the team. “We do not want to disrupt the existing market. Where we can, we are partnering with existing players like dealerships, service centres, fuel retailers, malls and even companies like MyGate for our services,” Lakhotia, a former vice president at , said. Launched in July 2019, Park+ initially offered corporate parking solutions but the use case lost traction during the Covid-19 outbreak, pushing the company to pivot into a one-stop solution for car owners through a super app that it launched in 2021. “We acquire users through our use-cases. So, revenue streams are coming in from everywhere. We require capital to build use cases, finalise partnerships, and make users aware of the product,” he added. Park+ offers services such as parking solutions, FASTag management, car insurance, automated vehicle access control systems, daily car wash and EV charging stations. The latest fundraise gives Park+ an additional runway of 35-40 months, Lakhotia said. The company has used less than 50% of the $25 million raised in the Series B round, he added. “We have been very conservative in terms of how we have been spending money. Over the last three years, we have raised roughly $55 million, of which $30 million is still in the bank,” Lakhotia said. The company said it currently has 6 million car owners on its platforms and is present in more than 25 cities. “Park+ has identified and unlocked business opportunities within the auto-tech segment, which no one else was ready or willing to solve,” said Rishi Navani, managing partner at Epiq Capital. “Today, they host the largest community of car owners in India (60 lakh), a testament to the brand's traction and acceptability among its users.” Epiq Capital has backed startups including Lenskart, Dailyhunt, MSwipe and Pristyn Care. The auto-tech category is poised for rapid transformation with cars becoming more digital and every car becoming a payment instrument with FASTag, said Rajinder Balaraman, managing director, Matrix Partners India. “As a dominant market leader in a large and underserved market for access control, FASTag, parking and related auto-services categories, Park+ is well positioned to delight every car user in India through its platform,” he added."
"Cred launches vehicle management platform Cred Garage, makes first move into motor insurance distribution startup has launched a new platform, , through which it will seek to help users renew their and recharge FASTags, among other activities. Through Garage, Cred is looking to offer users a single dashboard that will also allow them to access a round-the-clock service for roadside assistance and documents including their driver’s licence and registration certificate. It will provide insights on performance and spending made on the vehicle, including on fuel. According to two people in the know, Cred’s new offering for vehicle management is aimed at also providing a strong car insurance distribution platform for its financial partners, as the fintech firm looks to open new revenue streams. Collecting information from users on vehicles will allow it to provide a more premium data set to insurance partners. “As expected from Cred, members will also enjoy rewards, offers and deals across transactions. Members can also renew motor insurance (through the platform) and get member-exclusive perks,” the company said in a press statement. Cred currently acts as a credit distribution platform for its lending partners and hinges its differentiation on high credit score customers. With the new platform, the startup will be taking the fight to and Matrix-backed Park+, as it looks to provide granular data on parked cars in an easy-to-read dashboard. Park+ also offers customers the option to renew or buy motor insurance from its platform. Cred has been pushing to ensure stickiness on its platform, diversifying from just offering credit card bill payments, and has launched features such as the Unified Payments Interface on its app in recent months. Garage is another effort to keep users stay with it. Cred did not directly respond to ET’s queries around its car insurance distribution plans. “While cars are an emotional asset for Indians, ownership is complex, time-consuming, and high-friction, with a number of tasks that need to be addressed regularly, such as paying challans, renewing insurance, and getting the car serviced,” the company said in response to ET’s queries. “There is a significant overlap between unique credit card holders and car owners—both belonging to the top 10% of high-spending individuals with higher disposable income.” The Garage platform will have integration, which will allow users to access essential documents such as their driver’s licence, registration certificate and insurance papers. The platform is also expected to provide reminders to users for tasks such as pollution checks and insurance renewals. Cred will roll out Garage to its entire user base starting Thursday. The service will be housed on its main app."
"India receives FDI worth USD 54.1 bn during Apr-Nov New Delhi: Total foreign direct investment ( ) inflows during April-November 2021 stood at USD 54.10 billion, Parliament was informed on Wednesday. Minister of State for Commerce and Industry Som Parkash said the government has put in place a liberal and transparent policy for FDI, wherein most of the sectors are open under the automatic route. To further liberalise and simplify for providing the ease of doing business and attract , reforms have been undertaken recently across sectors such as coal mining, contract manufacturing, digital media, single-brand retail trading, civil aviation, defence, insurance and telecom, he said in a written reply to the Lok Sabha. ""During the current financial year 2021-22 (up to November 2021), FDI inflows worth USD 54.10 billion have been reported in the country,"" he said. According to the data, during April-November 2021 was USD 39.26 billion. It was USD 43.85 billion during April-November 2020. Sectors that attracted maximum inflows during the period include computer software and hardware (USD 9 billion), automobile (USD 5.84 billion), services (USD 4.95 billion), education (USD 2.8 billion), trading (USD 2.79 billion), construction (infrastructure) activities (USD 1.48 billion), metallurgical industries (USD 1.35 billion), and defence industries (USD 2.19 million). Also Read:"
"NIIF looks to sell over USD 1 bn worth of maiden roads portfolio Mumbai: India's sovereign-backed National Investment and Infrastructure Fund ( ) is looking to sell its maiden portfolio of five , worth around INR 10,000 cr (USD 1.2 billion) on an enterprise value basis, sources aware of the development told ET. NIIF has appointed investment bank to run a sale process for the roads portfolio, the sources said. Formal conversations are yet to begin, added the sources mentioned above on the condition of anonymity as these discussions are still in private domain. “This is one of the biggest road portfolios, value wise, to hit the market in recent times.” said one of the sources cited above. These operating road assets are housed under Athaang Infrastructure, a company sponsored by NIIF’s Master Fund. Athaang holds five assets with a total road length of over 230 kilometres spread across north and south India. The key among these are two highways in Jammu and Kashmir acquired separately by the fund in 2022. The 16.3-kilometre was acquired from in July 2022 for USD 380 million (INR 3,163 crore). Meanwhile, the 64.5-kilometre was acquired by Athaang in August 2022 from for USD 290 million (INR 2,414 crore). The two projects are amongst the largest annuity projects awarded by the National Highways Authority of India. The fund operates the 73-kilometre Kashi Tollway in Uttar Pradesh that connects Prayagraj and Varanasi, which it won under the toll-operate-transfer (TOT) monetisation programme of NHAI for a value of INR 3,144 crore in January 2023. Other assets of the fund include the 60-kilometre Dichpally Tollway in Telangana and the 22-kilometre Devanahalli Tollway in Karnataka, which were acquired from the Essel Group in 2020. The former connects Hyderabad to Nagpur while the latter connects Bengaluru city to its airport. The NIIF Master Fund has a corpus of USD 2.34 billion and is backed by marquee investors such as Abu Dhabi Investment Authority, Temasek, Ontario Teachers’ Pension Plan, Australian Super, Canada Pension Plan Investment Board, Public Sector Pension Investment Board, Development Finance Corporation, , HDFC Group, and Kotak Life Insurance Company."
"Hinduja Group entity issues high yield bonds to partly fund Reliance Cap buy , a company, raised 30 billion rupees (USD 357.76 million) through zero-coupon bonds maturing in three years and six months to partly fund acquisition of subsidiaries of , two bankers told Reuters on Monday. The company invited bids from investors earlier in the day and received bids from high-net-worth investors, family offices and domestic private credit funds, the bankers said requesting anonymity as they are not authorised to talk to the media. has likely arranged the issue, multiple bankers said. Hinduja Group and 360 One did not immediately respond to Reuters' requests for comment. Cyqure India, a unit of Hinduja Group offered a yield of 14.5%, according to a term sheet seen be Reuters. The coupon will rise by 100 basis points if the credit rating slips a notch, the term sheet showed. Careedge Ratings has assigned a BBB- provisional rating to these notes. The proceeds of the Cyqure India bond issue will be used to acquire 25.05% stake in and 26% in , Careedge said. These insurance companies, a part of Reliance Capital, are in the process of being acquired by IIHL, a . The Reserve Bank of India took over Reliance Capital in 2021 due to governance concerns at the non-bank lender after it failed to meet its payment obligations to creditors. In February, IIHL, won the bid under the National Company Law Tribunal of India to acquire Reliance Capital. In case IIHL fails to procure a foreign portfolio investor registration within three months from the date of allotment, the coupon will be stepped up by 200 bps. Following the fulfilment of the condition, it will get stepped down by the similar size. Separately, Hinduja Group is also considering a private placement of a second tranche of bond issue to raise around 43 billion rupees in coming weeks, bankers said. The final details of this issue are still getting firmed up."
"Insurance premiums on 2-wheeler EVs may rise Insurance premiums on two-wheeler (EVs) may rise as insurers reassess risk based on recent fires and malfunctions. While deaths and injuries due to accidents will be covered under existing insurance plans, EV makers may have to compensate for damage or loss of life due to manufacturing defects. There have been multiple two-wheeler fires said to involve batteries recently, with some even resulting in loss of life. This prompted roads, transport and highways minister to caution manufacturers, saying the government will order a recall of faulty vehicles and impose penalties on any company found to be negligent in its processes. ""We are monitoring the claims experience for electric vehicles, including the instances of fire that are coming up,"" said Adarsh Agarwal, chief distribution officer at Digit Insurance. If more such events take place, the company could incorporate such risk while pricing premiums, he said. ICICI Lombard is also monitoring the situation. ""A risk-based approach to pricing may be taken as and when the facts of incidents and the probable controls around them are clear,"" said Sanjay Datta, chief, underwriting and claims. EV insurance premiums haven't been affected by the recent incidents, he said. Okinawa announced a recall of 3,215 units of its Praise Pro electric scooter last month ""to fix any issue related to batteries."" Ola said it will recall 1,441 vehicles that will ""go through thorough diagnostics across all battery systems, thermal systems as well as safety systems."" Pure EV is recalling 2,000 units of its ETrance+ and EPluto 7G models. According to insurance professionals, the current plans for insuring electric vehicles don't cover loss or injury due to manufacturing defects. ""If the accident occurs due to a manufacturing defect, then the direct or subrogated liability would fall on the manufacturer for payment of the claim,"" said Datta. Personal Accident Cover Personal accident cover is compulsory for the 'owner-driver' and is mandated by law, he said. ""Cover is provided to the owner-driver whilst driving the vehicle including mounting and dismounting from or travelling in the insured vehicle as a co-driver,"" Datta added. According to Digit's Agarwal, personal accident cover is not included in the standard EV insurance policy. ""If the policyholder wishes, he may opt for a personal accident cover as a rider at a small added cost,"" he said. Further, if the driver dies due to the EV catching fire while they are riding the vehicle, the Compulsory Personal Accident (CPA) cover gets triggered if opted for by the policyholder or rider, he said."
"New Audi Approved: plus facility opened in Guwahati New Delhi: Audi, the German luxury car manufacturer, has inaugurated a new pre- owned car facility, in Guwahati, Assam. Situated at Balughat, Jayanagar Tripura. Road, Guwahati-781028, the inauguration of Audi Approved: plus in Guwahati signifies an addition to Audi India's retail presence, now harbouring a total of 26 such pre-owned car facilities in India. , Head of Audi India, said, ""Audi Approved: plus witnessed a growth of 62% in 2023. We continue to expand our retail business amidst growing demand for luxury cars in the country and are confident of continued growth this year. The inauguration of our twenty-sixth Audi Approved: plus facility reiterates the demand and growth opportunity and the strength of the brand. Over the next nine months, we will add four new pre-owned car showrooms thus, taking the total count to thirty Audi Approved: plus facilities by the end of 2024."" Audi Approved: plus guarantees the highest quality pre-owned Audi vehicles for customers. Every pre- owned vehicle displayed and sold at Audi Approved: plus showrooms undergo mechanical, bodywork, interior and electrical inspections at 300+ multi-point checks, through multiple-level quality checks, along with a full on-road test to ensure peace of mind to customers when buying an Audi car. As part of the program, Audi India offers 24x7 Roadside Assistance and complete vehicle history before purchase. Additionally, customers can also avail easy financing and insurance benefits through the program. Pulak Goswami, Dealer Principal, Audi Guwahati, said, ""We are proud to extend our partnership with Audi India through the inauguration of our second setup in Guwahati which is the Audi Approved: facility here in Guwahati. This new facility is poised to redefine the standards of excellence in the pre- owned luxury car segment, offering unparalleled quality and service to our esteemed customers."""
"Consumer forum directs Ola to pay 50k to Sundargarh man A district consumer disputes redressal commission here has directed to pay a of INR 50,000 to a complainant of Sundargarh district for deficiency in service and causing mental agony. The commission in its order on Aug 22 directed the company to refund the amount paid by the complainant to purchase the or replace with a new defect-free vehicle of the same model and take back back the old two-wheeler. The commission also asked the company to pay INR 10,000 in legal costs within 30 days from the date of the order, failing which the amount will carry an interest of 9% per annum till realisation. According to the complaint, Samir Kumar Naik of Rupidihi had purchased an electric scooter from a dealer at Uditnagar here on June 14, 2023. Naik also paid the registration and insurance charges for the scooter. The dealer also said the battery had a warranty of three years. On Nov 2, 2023, a technician visited Naik’s home and found the e-scooter’s battery was dead and had to be replaced. Despite numerous attempts, the complainant did not receive any satisfactory resolution or further visit from technician to replace the battery. Naik filed the case before the District Consumer Disputes Redressal Commission, Sundargarh-I, on February 22 this year. Go Digit General Insurance Company Ltd, Pune, which insured the vehicle, said that as per the policy conditions and claim of the petitioner, the battery had a problem, which was a manufacturing defect. The commission observed the problem arises in the said scooter due a manufacturing defect, which was not part of the 10 conditions of the insurance policy. So the insurance company had no deficiency in its service. However, Ola Electric did not solve the issue and hence, was deficient in service and committed unfair trade practice, the commison said. Tushar Kumar Sahoo, service manager, Ola Electric Technology Private Ltd, Rourkela, said, “If the customer has any issue, our legal team will discuss with him and will take necessary action.”"
"Oil price cap takes small slice of Russia war chest A price cap and embargo on most Russian oil have cut into Moscow's revenue from , but the Kremlin is still earning substantial cash to fund its war in because the USD 60-per-barrel cap was ""too lenient"", researchers said on Wednesday. The combination of the cap by the Group of Seven major democracies and the EU ban are costing an estimated 160 million euros (USD 171.9 million) per day, the Helsinki-based Centre for Research on Energy and Clean Air said in a study of the first weeks of the sanctions, which took effect December 5. But the group's figures showed that Russia was still taking in 640 million euros a day from fossil fuels, down from 1 billion euros daily from March to May 2022 just after the country invaded Ukraine on February 24. Russia would lose an additional 120 million a day starting February 5, when the EU bars imports of refined oil products such as diesel fuel, for which Russia is a major supplier. That would drop Moscow's earnings to 520 million euros a day by February. The group said Russia still managed to make 3.1 billion euros in revenue shipping oil under the price cap, reaping 2 billion euros in tax income. Lowering the cap to USD 25-USD 35 per barrel would almost completely eliminate the tax income by putting the price much closer to Russia's cost of production. The current price cap is above the market price for Russian oil and remains in the range of what Moscow needs to balance its budget. Western governments have struggled to find a way to cut into the fossil fuel income that is the main funding source for Russia's government budget and its war against Ukraine. Early rounds of sanctions mostly avoided blocking oil and natural gas shipments. That's because the European Union had been heavily dependent on Russian fossil fuels to run its economy and because sharply higher energy prices early in the war helped send inflation through the roof in Europe and the United States. The Group of Seven major democracies came up with the price cap as a solution to keep Russian oil flowing to other parts of the world and avoid sharply higher energy prices while still cutting into the Kremlin's income. The cap is enforced by barring insurers, mostly based in the West, from handling Russian oil shipments priced above the cap. The EU oil embargo blocks the bulk of Russian oil - that coming by tanker. Lowering the cap could have unpredictable effects because President has said Russia will not sell oil to countries obeying the cap, a threat which has not materialized because the cap is above the market price. Oil markets, however, are now less focused on a potential loss of Russian oil than on weak demand from a slowing global economy, and prices have fallen. The research centre compiling the estimates called for restrictions on the sales of old tankers to prevent Russia, its allies and related traders from assembling a replacement fleet to circumvent the oil price cap and to strengthen"
"estimates called for restrictions on the sales of old tankers to prevent Russia, its allies and related traders from assembling a replacement fleet to circumvent the oil price cap and to strengthen penalties for dodging the cap by increasing penalties. Also Read:"
"Longer disruptions at Red Sea trade route may hurt auto, electronics production: GTRI Longer disruptions at the crucial route may hurt manufacturing lines of some sectors like electronics, automobiles, chemicals, consumer goods and machinery, economic think tank said on Sunday. The Global Trade Research Initiative (GTRI) said companies relying on just-in-time manufacturing processes can be particularly vulnerable as they maintain low inventory levels and depend on the timely arrival of components and finished products. Few industries where production will be impacted due to disruptions in global value chains include electronics, automotive, machinery, chemicals, pharmaceuticals, plastics, textiles, and consumer goods, it added. Components and finished products are often shipped through the Suez Canal to reach different markets, and disruptions can lead to delays in manufacturing and increased costs, it said. Due to the attacks by Houthi rebels on commercial ships, the movement of goods from the Red Sea, the world's busiest shipping route, has disrupted the global supply chains as vessels have to take long routes for exports and imports. The immediate ripple effects are seen in increased freight costs, mandatory war risk insurance, and significant delays due to rerouting. ""The adverse impact will multiply if the disruption continues beyond a few more weeks as it will impact not only trade but local productions of many industries, which rely on just-in-time procurement/import of inputs through the global value chains spanning both Europe and Asia,"" GTRI co-founder Ajay Srivastava said. He said that average container spot rates have more than doubled since early December 2023. Basmati rice exporters face freight costs soaring to USD 2,000 per 20-tonne container for destinations around the Red Sea, marking a 233 % increase, Srivastava added. Similarly, he said, the other sectors which have faced issues include life-saving drugs, textiles, diesel, ATF, and steel. Exporters have also expressed apprehensions that if the crisis continues, it will hurt the country's trade. Mumbai-based exporter SK Saraf said the time is right for India to consider building a big domestic shipping company, as, at present, ""we are completely dependent on foreign shippers"". Reports have linked the increased attack by Yemen-based Houthis on commercial ships with the Israel-Hamas war in October last year. Houthi group has been using drones and rockets on ships, which are transporting goods through the strait of Bab al-Mandab, which is a crucial shipping route connecting the Mediterranean Sea to the Indian Ocean. The strait, vital for 30 % of global container traffic, has seen increased tensions with various incidents in 2023, including attacks and military manoeuvres by regional and global powers. India is heavily reliant on this route for trade and energy imports and due to the disruptions, exporters here have to diversify their trade routes. Strikes have been continuing for"
"global powers. India is heavily reliant on this route for trade and energy imports and due to the disruptions, exporters here have to diversify their trade routes. Strikes have been continuing for many years but escalated this year sharply, with militants now using anti-ship ballistic missiles. To avoid attacks, most large shipping firms, since December 15 last year, have stopped using the Bab al-Mandab straits for trade with Europe via the Red Sea and Suez Canal. The closure of this route snaps a critical trade link between Europe and India and all of Asia. Ships going to Europe will now move via a much longer route around the Cape of Good Hope, the bottom tip of Africa. This change increases voyage distances by 40 % and raises transportation time and cost. According to GTRI, the large shipping firms that stopped plying ships include the Danish firm Maersk and Swiss-Italian MSC(Mediterranean Shipping Company), German Hapag-Lloyd, and French CMA CGM (Compagnie Maritime d'Affretement - Compagnie Generale Maritime). The Bab-el-Mandeb Strait, also known as the 'Gate of Tears' in Arabic, is a crucial trade route that connects the Mediterranean Sea and the Indian Ocean via the Red Sea and the Suez Canal. It separates Africa from the Arabian Peninsula. The strait is only about 29 miles wide at its narrowest point, making it easy to block or disrupt shipping. The two main shipping routes from India to Europe are via Bab-el-Mandeb Strait, Suez Canal and Red Sea; and II-Via Cape of Good Hope, encircling Africa. The Red Sea route is shorter and faster, making it the preferred option for most shipping companies. It starts from major Indian ports like Mumbai, JNPT, or Chennai, heads westward through the Arabian Sea, enters the Red Sea, and navigates through the Suez Canal into the Mediterranean Sea. From there, ships can reach various European ports depending on their destination. On the other hand, the Cape of Good Hope route is longer and slower than the Suez Canal route, but it avoids the potential for delays or disruptions. It is used for bulk cargo shipments where time is less critical or when political instability in the Middle East raises concerns about using the Suez Canal. It starts from the Indian ports, heads southward across the Indian Ocean, rounds the Cape of Good Hope at the southern tip of Africa, and then sails northward along the west coast of Africa before entering the Mediterranean Sea and reaching European ports. India is heavily reliant on this strait for its crude oil, LNG imports and trade with the Middle East, Africa, and Europe."
"China and India easing away from Russian crude oil may be temporary: Russell There are signs that China and India are pulling back from buying ahead of the nations' proposed price cap and a ban on imports. However, the more important question for the market is whether any slowing by China and India of purchases from Russia is a temporary factor that will be reversed once participants figure out how to work with, or around, the price cap. China, the world's largest , and India, the third-biggest, have increasingly turned to Russian crude this year, buying cargoes at steep discounts as Moscow sought to keep up export volumes after Western countries shunned its oil. The G7 price cap and the EU ban on imports are aimed at cutting the revenue Russia receives from its exports of crude oil and products and are part of efforts to punish Moscow for its Feb. 24 invasion of Ukraine. Russia calls its actions there ""a special operation"". Chinese refiners have begun slowing their purchases of Russian crude for December arrivals, according to traders and industry players in China. The reduced volumes from Russia for December come after several months of strong imports. China is forecast to bring in 1.80 million barrels per day (bpd) of Russian crude in November, up from October's 1.69 million bpd and in line with September's 1.82 million bpd, according to data compiled by . It is also likely that Russia will overtake Saudi Arabia as China's biggest supplier of crude in November, with the two leading members of the OPEC+ group having swapped the top spot several times so far this year. INDIA'S APPETITE Indian refiners are also wary of buying Russian crude beyond the Dec. 5 date of the EU import ban and the proposed price cap. Leading refiners and state-controlled Bharat Petroleum are pulling back from placing orders, according to two sources familiar with the purchasing plans. The lower volumes for December follow strong imports by India of Russian crude in recent months. Refinitiv estimates November arrivals at 1.0 million bpd, which would make Russia the top supplier for the month, ahead of Iraq's 960,000 bpd. The question is whether China and India will once again turn to Russian oil in the new year, or whether the uncertainty created by the price cap and EU ban will linger. It's likely that both countries will be keen to buy Russian crude, especially if it comes at a steep discount compared to grades from the Middle East and Africa. But there are several issues that refiners in both countries will have to work around. Payment and transportation issues such as insurance may become more complex, though it's likely that refiners and traders are smart enough to work out ways to keep doing business. In fact, the main difficulty may be in sourcing enough vessels to move crude from Russia's western ports through to Asia. Currently, much of the crude China buys from Russia comes from the eastern ports. Refinitiv data shows that of the 3.42 million tonnes of seaborne"
"crude from Russia's western ports through to Asia. Currently, much of the crude China buys from Russia comes from the eastern ports. Refinitiv data shows that of the 3.42 million tonnes of seaborne oil arriving in November, all but 705,000 tonnes came from Pacific and Arctic ports. China is expected to import 705,000 tonnes of , which was the main grade supplied to European refiners from the country's western ports. Prior to the attack on Ukraine, China bought only small volumes of Urals crude, but this started to pick up in May, reaching a peak of 739,860 tonnes in June. The question is whether Russia and China have sufficient tankers in order to increase shipments of Urals crude. These would have to come through the Suez Canal, which limits the size of vessels, or take the long route around the Cape of Good Hope in South Africa. India, which is closer to Russia's western ports than China, had stepped up its purchases of Urals after the start of the war in Ukraine. It's expected to import 3.13 million tonnes of Urals crude in November, down from the record high of 3.54 million in October, but well above the 135,000 tonnes from November last year. If Russia wants to boost shipments to China and India, or other potential buyers in Asia, it will have to secure more vessels, or strike deals with importers to use their tanker fleets. It's this constraint that may limit Russia's exports to Asia, rather than the G7 price cap. Also Read:"
"Shriram Group gets CCI nod for financial services business merger The said on Tuesday it has received Competition Commission of India approval for the of its entities - and Company. MD said in a statement the nod comes after approvals from SEBI, RBI, the stock exchanges, creditors, and the insurance regulator IRDA. ""We now only await the final go-ahead from the National Company Law Tribunal (NCLT). In preparation to commence operations in the merged entity, we have launched the pilot business as a combined entity across 550+ branches in all five geographical units. This endeavour will be scaled up progressively until the merger day,"" he said. The Shriram Group expects business stability to be maintained, even as the teams and systems integration is progressing. The merged entity will be India’s largest with Assets Under Management of Rs 1.65 lakh crore as of June 2022. For the combined entity, would be the Vice-Chairman while 's MD & CEO YS Chakravarti would be the MD and CEO, according to an earlier statement. The combined financial service entity, Shriram Finance Ltd, would benefit from the multiplier effect of the unification of numerous market channels, and leverage data analytics to serve customers better."
"Audi Approved: plus facility opened in Coimbatore New Delhi: German luxury car manufacturer Audi today announced the opening of a new pre-owned luxury car facility – Audi Approved: plus in . Commenting on the inauguration, Balbir Singh Dhillon, Head of , said, “There is a growing demand for luxury cars and pre-owned luxury cars in Coimbatore and the overall region of . We have a strong presence in the region catering to new car buyers and are also growing the footprint of our Audi Approved: plus facilities to welcome buyers to the Audi brand earlier than they would have thought possible.” According to the company, every pre-owned vehicle displayed and sold at Audi Approved: plus showrooms undergo mechanically, bodywork, interior and electrical inspections at 300+ multi-point checks and thorough multiple-level quality checks along with a full on-road test to ensure customers’ peace of mind while buying the car. Under the Audi Approved: plus programme, Audi India offers 24x7 Roadside Assistance and complete vehicle history before purchase. Additionally, customers can avail of easy financing and insurance benefits through the programme. C. R. Anandakrishnan, Dealer Principal, Audi Coimbatore said, “We have a long-standing partnership with Audi in India and are very happy to extend this further with the inauguration of our new facility Audi Approved: plus in Coimbatore. We look forward to welcoming new buyers to the Audi family and establishing a fruitful, long-term relationship.” Also Read:"
"Indian job market sees record 22% Y-O-Y growth in June'22: Report Hiring activity in India has shown an upward growth trajectory with a record 22 per cent year-on-year growth in June 2022 compared to last year, according to a report on Tuesday. The report Naukri JobSpeak Index showed that demand for entry-level talent continues to record the highest yearly growth (+30 per cent) in June'22. Demand for freshers surged specifically in Mumbai (+93 per cent) amongst metros apart from Kochi (+105 per cent) amongst tier-II cities. Sectors leading hiring for freshers include travel and hospitality (+158 per cent), retail (+109 per cent), insurance (+101 per cent), accounting finance (+95 per cent), BFSI (+88 per cent), and education (+70 per cent). Growth in hiring sentiment was also observed for other experience brackets such as 4-7 years (+19 per cent), 8-12 years (+17 per cent), 13-16 years (+21 per cent), and over 16 years (+17 per cent) in June'22 vs June'21 at +125 per cent. This was followed by retail (+75 per cent) and BFSI (+58 per cent). Other key sectors that saw an uptick in trends are insurance (+48 per cent), education (+47 per cent), real estate (+46 per cent), auto (+37 per cent), and oil and gas (+36 per cent) while telecom and pharma/biotech remained flat. ""With the Indian economy growing at a steady pace, the job market is also seeing a consistent uptick in hiring activity across key sectors and cities. This upward trend is a positive indication as a significant proportion of new job opportunities are being created for professionals across sectors and experience bands,"" said Pawan Goyal, Chief Business Officer, Naukri.com, in a statement. Further, Mumbai continues to lead the race in three consecutive months at +43 per cent y-o-y growth, followed by (+29 per cent), Delhi (+29 per cent), (+21 per cent), (+17 per cent), Pune (+15 per cent), and (+11 per cent). In non-metros, showed the maximum y-o-y growth at +60 per cent in June'22, followed by Kochi (+51 per cent) and Jaipur (+19 per cent). The only centers that remained flat are Ahmedabad and Chandigarh."
"Russia boosts Baltic oil exports in January, Asia remains top destination Europe's ban on seaborne Russian oil imports from Dec. 5 has prompted Moscow to divert its crude flows to and failed to curb Russian supplies, according to traders and data from . Supplies of oil from and Kazakhstan from the ports of Ust-Luga and rose in the first half of January to 3.4 million tonnes from 2.5 million tonnes in the same period of December. That includes 3.1 million tonnes of Russian oil, up 35% from 2.3 million tonnes in the corresponding period of December, according to the sources and data. Exports of Russian oil from these ports to Asia Jan. 1-15 increased by 27% to 2.8 million tonnes from 2.2 million Dec. 1-15. Russia has been diverting its trade away from the to other markets, mainly in Asia and , amid a deep political rift with Europe over Ukraine, unseen even in the Cold War era. The main buyers of Russia's flagship oil blend in January have remained India and , according to the market sources. The sources said the emergence of new logistical schemes, including ship-to-ship (STS) transfers and the use of VLCC tankers, is also likely to improve profitability of such exports. At least four Chinese-owned supertankers are shipping Urals crude to China, according to trading sources and tracking data, as Moscow seeks vessels for exports after a G7 oil price cap restricted the use of Western cargo services and insurance. Urals supply to India by Aframax vessels was at least 1.5 million tonnes Jan. 1-15, slightly below the 1.7 million tonnes seen in the same period in December. Direct shipments to China by Aframax vessels are expected at 200,000 tonnes in the first half of January, according to the data, while there was no corresponding data for such supplies in the same period in December. Some 500,000 tonnes of additional Urals from the Baltic Sea that was loaded Jan 1-15 will be shipped towards the , though the final destination has not been established. Oil supplies for STS operations for further deceivers to Asia on Jan. 1-15 rose to 600,000 tonnes from 500,000 tonnes in the corresponding period of the previous month. Also Read:"
"Sheerdrive launches used vehicle auction portal – Sheerdrive Pro , a Mumbai-based Digital AI/ ML pre-owned vehicle platform with a SaaS-based offering, has unveiled a comprehensive - . This innovative platform, to be showcased at the Bharat Mobility Global Expo 2024 in New Delhi, seamlessly brings together an extensive array of options from various sources such as banks, insurance companies, fleet operators, new car dealerships, and individual sellers, the company said. CEO and founder of Sheerdrive, , said “Standing as a singular solution for both individuals and businesses, Sheerdrive Pro offers an unparalleled range of used vehicles tailored to every budget and requirement. Leveraging state-of-the-art technology, the platform redefines the vehicle auction process, making it efficient, transparent, and accessible to a broad audience. Sheerdrive's commitment to revolutionizing the used vehicle market is exemplified through this cutting-edge portal, providing a game-changing platform for both buyers and sellers.” The Sheerdrive Pro will offer access to the largest selection of used vehicles, a fair and transparent auction process, an intuitive UI, complete vehicle information, a vast network of buyers, a secured transaction process and end-to-end customer service, the company said in a media release. New appointments: . Sheerdrive has appointed. Ravi Thakkar as Vice President , and Swarnim Deshpande as Assistant General Manager. They will play a pivotal role in steering the strategic direction of the organization, implementing effective business strategies, and driving growth."
"BikeWo launches ‘BikeWo Shield’, 5-year warranty, to benefit EV customers New Delhi: Hyderabad-headquartered , a multi-brand electric two-wheeler showroom, launched ‘BikeWo Shield’ , a 5-year warranty, to increase the adoption of (EVs) by giving confidence to the customers regarding safety and reliability of the vehicle. The warranty is for the motor, controller, and converter, the company said. Under the BikeWo showroom, customers will be able to avail the best offers, access to the nearest charging stations - in association with Chargenet, and live experience such as test drive, before investing in the model of choice, the company said in a media release. Industry experts assist in buying, financing, and providing insurance through well-known partners and give the customer a seamless, worry-free buying and post-sales experience, the release said. Vidhya Sagar Reddy, COO & Co-founder, BikeWo, said, “It is our confidence in our brands and the quality which we focus on delivering that has assisted us to extend this offer to our customers. BikeWo has been growing while consistently delivering quality products and solid presence in Andhra Pradesh, Telangana, Karnataka, Gujarat, Maharashtra, and other locations which will be coming soon”. “The year 2022 has been a record-setting year for the 2-wheeler EV industry in India as a total of 995,319 EVs were sold. It is a surge of 208% than that to 2021. The sales volume of the two-wheeler EV in India is likely to reach 22 million by 2030. The major barrier is the trust of the customers in EVs and to resolve this issue and give confidence to them, we have launched the BikeWo Shield scheme. This growth comes at a test of perseverance and values but instead of compromising we are now set to address the most common fear of their customers for purchasing your choice of EV by offering this new promise,” Reddy added. The offer came into force on March 1, 2023, and the first 5000 customers will be able to avail of it. To date, around 109 customers have benefitted from this scheme, the release said. Some of the E2W brands that BikeWo has partnered with for display and sales in its showrooms are: Battre, Pure Ev, Gemopai, Jitendra Ev, Evtric, GT force, E-Motorad, and Gear head motors. BikeWo aims to expand by setting up around 150 showrooms in Tamil Nadu, Kerala, and Orissa, by the end of 2023. It is present in Andhra Pradesh, Telangana, Gujarat, Maharashtra, and Karnataka. BikeWo aims to cross 2,000-plus dealerships in over 20 states by 2026, the release added."
"Iron ore outlook is more bullish than lower China growth target suggests 's lowering of its economic growth target for 2022 to 5.5% seems at first glance to be bearish for prices, but there are others factors at play likely to keep upward pressure on the steel raw material. There is little doubt that China, the world's second-biggest economy and biggest importer of commodities, is facing headwinds, both domestic and global. It's not surprising that Premier Li Keqiang lowered the growth target from 2021's 6% (although the economy actually expanded 8.1%) in his report to the annual session of parliament. China's priority for 2022 is ""economic stability,"" Li said, and it's those words that are likely quite bullish for iron ore. Already China is cutting interest rates, local governments are starting to boost spending, and tax cuts are expected - all positive demand drivers for steel. China's iron ore imports have had a steady start to the year, with Refinitiv estimating arrivals at 83.69 million tonnes in February and 86.14 million in January, roughly in line with the 88.4 million from December and the 89.29 million from November. Iron ore imports have held up in the first two months of 2022 despite restrictions on steel output as the authorities in Beijing sought to limit pollution over winter and during the Winter Olympic Games in the city. Now that these restrictions are ending and stimulus measures are starting to flow into China's economy, it's likely that steel demand will rise, thus lifting iron ore imports in coming months. Overall, the domestic backdrop looks constructive for iron ore despite the lower economic growth target, given that the likely composition of China's growth will be steel-intensive. External factors may also be aligning for stronger steel production in China, given the ongoing, and worsening, crisis created by Russia's invasion of Ukraine. Both Russia and Ukraine are significant exporters of iron ore and steel products, a trade likely to disappear in coming months. Ukraine will be unable to export because of the war, and Russia's shipments will likely face difficulties as buyers self-sanction trade with Russia amid outrage at the violence being inflicted on Ukraine, as well as challenges arranging payment, transport and insurance for commodity purchases. Ukraine exported 2.92 million tonnes of iron ore in January and 3.27 million in December, according to commodity consultants Kpler. Monthly shipments range from around 1.8 million tonnes to about 3.7 million in the past two years, the data show. Russia's exports of iron ore are smaller, typically no more than 500,000 tonnes a month, however, its shipments of steel tend to average slightly more than 1 million tonnes per month. The loss of Ukrainian iron ore exports is relatively small, but will force buyers to look elsewhere, with European steel mills likely turning to Atlantic basin shippers such as Brazil, and South Africa, while Asian importers will try to source more"
"small, but will force buyers to look elsewhere, with European steel mills likely turning to Atlantic basin shippers such as Brazil, and South Africa, while Asian importers will try to source more from top exporter Australia, and perhaps second-tier producers such as Iran and India. Ukraine's exports to China were 1.3 million tonnes in January and 1.96 million in December, according to Kpler. Losing that supply will tighten the market somewhat in China, which buys about 70% of global seaborne iron ore. In other words, the absence of Ukrainian cargoes isn't as big a deal for iron ore as is the loss of Russian crude for the oil market, but it does matter and is bullish for the price. The loss of Russian steel exports, and the possibility that European steel producers will find it hard to maintain output amid high energy prices and the possibility of interrupted supplies, will serve to tighten the global steel market. ADVANTAGE CHINA? China is one of the few producers with the capacity to increase steel production, and if the authorities are willing to allow the increased pollution from the coal-intensive process, it's possible that Chinese steel mills will want to boost production and lift exports. With the positive backdrop for iron ore, the spot price for benchmark 62% ore delivered to north China, as assessed by commodity price reporting agency Argus, has climbed in recent weeks, ending at $151.40 a tonne on March 4. This was up from the pre-Ukraine invasion low of $130.75 a tonne on Feb. 17, and just shy of the $153.55 peak, hit on both March 3 and Feb. 10, which was the highest close since August last year. However, iron ore's recent rally is modest compared to other commodities affected by the Ukraine crisis, such as crude oil, natural gas and wheat, and the steel ingredient remains well short of the record $235.55 a tonne from May last year. While a rally back to those levels seems unlikely given the current state of supply and demand fundamentals, there does appear scope for further gains. Also Read:"
"War in Ukraine puts shipping’s recovery in jeopardy ’s ongoing invasion of has the bracing for new shocks to its labor force, which relies on experienced crew from both countries. Ukrainian and Russian seafarers make up nearly 15% of the industry’s 1.9 million seafarers and a high proportion of its officers and ranked crew. Now Ukraine has conscripted men under 60 and forbidden them to leave the country, while some of those who are on board already have asked to go home to fight or reunite with their families. Flight bans have made it hard for Russian seafarers to get to their ships or to return home, and are interfering with crew rotations. Fears over the safety of crews and soaring insurance premiums are discouraging ship owners from sending vessels to Ukraine or Russia, according to the International Chamber of . Trade flows of goods from wheat to are expected to face disruption, it said in an e-mailed statement. Meanwhile, global sanctions against Russia and limited access to hard currency have made it difficult for seafarers to collect the wages they’re owed or to send money home to family. “The combined effect of Covid and the war is a disaster for shipping,” said Columbia Ship management Ltd. chief executive officer Mark O’Neil. “The restrictions on Russian and Ukrainian seafarers caused by the war, combined with Covid disruption, will wreak havoc on supply chains as well as driving seafarer wages ever higher.” Nearly all of the world’s economies have seen a drop in international trade as a result of disruptions triggered by the war, according to the Kiel Institute for the World Economy. The impact on shipping, one of the world’s oldest industries, was almost immediate after the invasion started. At least five commercial vessels have been damaged by explosions off Ukraine’s coast. At least one seafarer died, and the Panamanian-flagged cargo ship Helt sank last week outside the port of Odesa after an explosion. More than 140 ships with more than 1,000 seafarers on board have been trapped in Ukraine waters since the Russian invasion began. The nearby ports are closed, and ships aren’t leaving out of fear they’ll be hit by missiles or underwater mines in the Black Sea. According to the #Ukrainian media, the moment of the explosion from the missile strike on the ship ""BANGLAR SAMRIDDHU"" was caught on video. Some ship managers are advising Ukrainian crew to remain on board, saying it’s dangerous to return, and some workers have asked to extend their contracts rather than return to the conflict zone. Many seafarers live in Kherson or Mariupol, southern cities that are now under heavy Russian attack, said Kuba Szymanski, secretary general of InterManager which represents ship managers. Those who wish to return home are often taken to nearby European countries such as Poland and Romania to reunite with families or wait it out, he said. Most of the crew on board ships for BBC Chartering, a shipper based in Germany, are Russian or Ukrainian. Now the"
"such as Poland and Romania to reunite with families or wait it out, he said. Most of the crew on board ships for BBC Chartering, a shipper based in Germany, are Russian or Ukrainian. Now the company is concerned a high number of its Ukrainian crew want to get home to families, and any potential replacements in Russia can’t fly out of the country. “We carry heavy-lift cargo, so there’s a question of who is going to replace these crew members,” said Denis Bandura, a managing director for the firm’s Mideast unit. “The knowledge of lifting and storage of the cargoes comes from Russian and Ukrainian crews.” The crewing challenges are manageable for now, with some shipping companies sending Russians seafarers to the Middle East where Russian flights can still land. A.P. Moller-Maersk A/S, said it’s stopped crew changes in Ukraine due to security concerns and has set up Ukrainian mariners who were returning home temporary in Poland. There’s also the problem, for workers, of getting paid. Most Ukrainians banks have imposed limits on daily withdrawals of cash to protect from a run on banks, and many of the Russian financial institutions that process seafarers’ pay have been sanctioned. In the meanwhile, seafarers are getting paid in cash or having their salaries transferred to debit cards or credit cards, which will likely be hit with sanctions soon too. And on board vessels, tensions are rising. Columbia’s O’Neil said it’s told crew not discuss the war on board. He’s also sent regular videos to seafarers to encourage solidarity, empathy and respect. “Russian seafarers also feel villainized by many,” said O’Neil, who estimates there are about 600 Russians and 800 Ukrainians aboard its managed vessels at any one time. “Tensions on board vessels with mixed Russian and Ukrainian crews inevitably run high.” Also Read:"
"U.S., Japanese insurers back autonomous vehicle firm May Mobility U.S. auto insurer State Farm and Japanese insurance company Tokio Marine have joined in a $111 million round for autonomous vehicle technology , the Ann Arbor, Mich.-based company said on Tuesday. The funding will allow May Mobility to continue work with on self-driving people movers, May Mobility said in a statement. May said it is aiming to take human drivers out of vehicles in commercial operation by next year. State Farm, one of the largest U.S. auto insurers, invested through its arm, which puts money into startups working on technology that could improve vehicle safety. Insurance industry support for autonomous vehicle technology could be crucial as self-driving vehicle companies work to convince regulators that robot vehicles can be safer than human-driven ones. May said the latest funding around was led by Japanese investment firm 's Mirai Creation Fund II. May's fund raising comes at a challenging time for some autonomous and electric vehicle startups as investors have backed away from riskier ventures. Autonomous vehicle company Argo AI said last week it would cut 150 of its more than 2,000 employees worldwide."
"Many buyers of Lamborghini in Indian Diaspora: CEO Stephan Winkelmann People of Indian origin have emerged as a large and expanding customer set for , though sales of its super-luxury cars are limited in India due to high taxes and lack of adequate infrastructure, said the Italian automaker's chairman and chief executive, . ""There are more (Indian) owners than we sell cars in India. What is a bit of a challenge today for the Indian market, for sure, is the high taxation we have for our type of products, and then, the infrastructure,"" told ET. ""These are the two main points why the market is not growing as it could. But we have a lot of Indians who are buying both (models) - whether it's Southeast Asia, the UK or North America."" sells two models, Huracan and Urus, in India, priced between INR 3.21 crore and INR 4.99 crore (ex-showroom). In 2022, the company sold 92 vehicles in India. India levies a 28% GST rate on automobiles, with an additional cess ranging from 1% to 22%, depending on the type of the vehicle. Fully built imported cars such as the Lamborghini attract customs duty of 60-100% based on the size of the engine and cost, insurance and freight. Winkelmann spoke on a video call with ET after the company announced its half-yearly results. Lamborghini's global sales grew 5% to 5,341 units in the first half of 2023. Revenue and profit rose faster, at 6.7% and 7.2%, respectively, till June 30. To be sure, India is one of the fastest growing markets for Lamborghini, where the company expects to cross the three-digit mark in sales for the first time in the ongoing calendar year. But the contribution of India to its global sales remains negligible at about 1%. Overall, Winkelmann said, despite high inflation and recessionary trends in the major markets of the US and Europe, the company has not seen any impact on demand. ""There was a surprise from the very beginning after Covid - our type of market was recovering very soon and faster than expected. And despite what was happening afterwards, with the chip shortage, with inflation, with the war in Ukraine, with the interest rates going up ... (these), so far, have not weakened our market,"" he said. The luxury carmaker has a strong order bank, with the Huracan and Urus sold out through the end of production till 2024. The new Aventador has pending orders running into three years, till 2026."
"Greaves to launch top of the line model in its quest to 'democratise' electric mobility; taps connected tech to enhance competitiveness New Delhi: will launch a top-of-the-line connected two-wheeler to democratize by offering advanced features at an affordable or no additional cost, a top official of the company said. In a recent interview with ETAuto, , the Chief Technology Officer, Electric Mobility, shared the company's vision to revolutionize electric mobility in India by launching a top-of-the-line connected two-wheeler. The aim is to democratize electric mobility by offering advanced features at an affordable or no additional cost. Rajappa emphasized the symbiotic relationship between EVs and . According to him, electric vehicles are predominantly software-based entities, with software driving every aspect of their functionality, from powertrain management to battery performance. The integration of connected vehicle solutions allows OEMs like Greaves to customize powertrain performance based on regional conditions and user preferences. The connected technology also addresses concerns related to range anxiety, providing users with accurate estimates of their vehicle's true range. This information enables users to plan their charging needs more efficiently, making electric mobility more convenient and accessible. The data generated by the vehicle, sent to the cloud, becomes a valuable resource for users to plan their journeys, taking into account factors such as road temperature, etc. , Senior Partner & Group Head Business Performance Improvement Consulting (Auto, Engg. & Logistics) at , said, ""Just like we saw in cars, even in two wheelers, customers prefer to get all the connected features, especially because many of them are the next generation customers. And they like that connectivity between the smartphone and the vehicle to come in as the first thing, and then more and more services to come in as well. The electric ecosystem also allows it as it's always a good idea to have the connectivity between the vehicle and between the charging stations, as well as because more and more software content is going into the electric vehicles, and even over the air updates and all necessitate that you have connectivity in the vehicle."" Regarding Greaves' specific strategy, Rajappa highlighted its focus on ensuring reliability and dependability of the vehicles. The connected features are utilized for predictive maintenance, giving users advance notifications of potential issues. The system also helps users make informed decisions, offering alerts for aggressive driving patterns that may impact battery life. Greaves Electric Mobility, being an established player in the EV market, has accumulated a substantial amount of data from its fleet, covering millions of kilometers. Rajappa explained that this data has been crucial in gaining insights for the development of the next-generation vehicles. It has also provided valuable information for users,"
"millions of kilometers. Rajappa explained that this data has been crucial in gaining insights for the development of the next-generation vehicles. It has also provided valuable information for users, helping them optimize their usage, route planning, and charge station installations. As a culmination of these efforts, Greaves Electric Mobility is gearing up for a significant product launch in 2024. The company plans to introduce a new two-wheeler with enhanced features and advanced connected technology, reinforcing its commitment to making electric mobility accessible to the masses. The company aims to roll out this ambitious addition to its portfolio in the coming quarter. Sharma mentioned that, ""it's not that you need to get a rupee for everything that you're offering. There is a value to that data that can be utilised later on also, because that's the gold mine that a connected ecosystem or a connected vehicle offers to a large extent. So I think from those perspectives, it certainly could be something which in the long run can be monetized, whether it's for improving the vehicle, or for using that data for players who are coming on board, like usage-based insurance."" “Once we have a completely connected ecosystem interconnected between the infrastructure and the vehicle, it could be used even for condition monitoring of roads, “ he added. Rajappa provided a comprehensive overview of how connected technology is shaping the future of electric mobility, emphasizing the company's commitment to democratizing this transformative technology in India."
"E-rickshaws continue to defy all rules in Delhi New Delhi: Improper parking, plying on prohibited or without insurance, and letting sit next to the driver were some of the major violations by in the city, according to Delhi Traffic Police data from January 1 till May 15. The maximum violations were reported from Najafgarh circle, followed by Tilak Nagar, Dabri, Mayapuri, Kotwali, Shahdara, Sultanpuri, Rajouri Garden, Nangloi and Punjabi Bagh. A total of 25,743 e-rickshaws were prosecuted for improper parking compared to 16,577 in the same period last year, a 55% rise. Plying on prohibited roads saw a slight decline of 4%, i.e., from 14,691 to 14,045. Other offences that saw a rise included driving without insurance/registration and letting passengers travel on the driver's seat. A total of 177 e-rickshaws were impounded this year, compared to 107 last year during this period. While e-rickshaws were introduced to ensure , their increasing numbers, from markets to Metro stations, have turned them into a nuisance, leading to massive congestion on Delhi's roads. Delhi Traffic Police officials said they had sent a proposal to the transport department regarding restraint in the registration of e-rickshaws by formulating a comprehensive policy to control and regulate the numbers. In CR Park, e-rickshaws parked on the side of the road occupy an entire lane, not only affecting the traffic movement, but also risking the lives of other commuters. Similarly, at Rajghat, which is a banned corridor, several e-rickshaws can be seen carrying goods that are often bigger than the vehicle, which can be dangerous for commuters. E-rickshaws seem to be missing, however, from upscale markets, which usually see shoppers using their own cars. Traffic officials said the operations of e-rickshaws were noticed in 2011 after the conclusion of the Commonwealth Games. While the have been operational for over a decade and are a crucial mode of transport for last-mile connectivity, they also occupy road space and hinder or slow down traffic movement. SS Yadav, special commissioner of police, traffic, said, ""They ply mostly near bus stands and Metro stations and do not move until filled with passengers, causing congestion by blocking the road and creating havoc. The passengers are vulnerable as the design of e-rickshaws is faulty and their operation by non-licensed, untrained, underaged drivers makes them extremely dangerous."" E-rickshaw drivers often jump signals and violate crucial traffic laws, endangering the lives of commuters, Yadav added. ""It is pertinent to note that their batteries are also illegally charged overnight, which is another important safety issue and must be looked into,"" he said. According to experts, e-rickshaws are a boon but their rapidly growing numbers are also a cause for concern. Sewa Ram, professor of transport planning, School of Planning and Architecture, said the role of e-rickshaws was to provide last- and first-mile connectivity and, therefore,"
"also a cause for concern. Sewa Ram, professor of transport planning, School of Planning and Architecture, said the role of e-rickshaws was to provide last- and first-mile connectivity and, therefore, they may be suitable on feeder networks. ""If they ply on the main networks, they will cause congestion and lead to unsafe conditions as well. In certain cases, they come to the main corridor to provide direct access to a Metro station or bus stop. It is advisable to define their area. It is equally important to augment public transport, as they complement it in some cases. The other unfortunate part is that they do not meet the standard requirements of safety,"" said Ram."
"Mahindra Automotive ties up with Quiklyz for vehicle leasing on Wednesday said it has tied up with vehicle and leasing subscription platform , which allows customers to lease Mahindra vehicles in a hassle-free manner. Following this collaboration, the platform will now be available live on 's portal and across its , Mahindra Automotive said in a statement. The platform will offer convenience, flexibility and choice to customers across eight cities -- Mumbai, Pune, Delhi, Noida, Gurugram, Bengaluru, Hyderabad and Chennai. ""The 'pay per use' model has been specifically designed keeping in mind the changing customer needs. Offering leasing options to customers through our sales channels will provide customers with flexibility and transparency in a simple and convenient manner,"" Veejay Nakra, chief executive officer (automotive division) of M&M Ltd, said. The customers will also be able to choose their preferred vehicles with the option to return, buy back or upgrade to a newer model at the end of the tenure, he said. ""Quiklyz will help us target and leverage the potential of India's expanding car leasing market, further broadening our consumer portfolio,"" Nakra added. The monthly rentals for vehicles will start at as low as Rs 21,000 per month, which is inclusive of insurance, maintenance and roadside assistance with no additional down payment. The customer availing the service through the platform will have choice of tenure between 24 months and 60 months as well as have the flexibility to select annual kilometer options, starting with 10,000 km per year, according to the statement. Turra Mohammed, senior vice-president and business head at Quiklyz, said: "" and subscription are becoming a new normal and cost-effective means of accessing a vehicle."" The leasing and subscription industry, according to Tura, is expected to grow at a compound annual growth rate (CAGR) of 15-20 per cent in the next 5-10 years making it one of the fast-growing markets in India. ""We are delighted to offer the complete range of SUVs (sports utility vehicles) from Mahindra on leasing through a digital platform. Our aim is to build a strong foothold in this market and further bolster Quiklyz's brand presence,"" he stated. Quiklyz also has the largest portfolio of electric vehicles on its subscription platforms. As part of this partnership, Quiklyz will offer Mahindra's Treo load vehicles for e-commerce fleet operators. ""We are delighted to partner with Mahindra Auto in our Quiklyz journey. ""The leasing and subscription module in India is currently at a nascent stage and coupled with the multi-faceted advantages accruing from Mahindra's auto sector, our spread and reach pan India would be an advantage,"" Raul Rebello, chief operating officer (core business) of Mahindra Finance, was quoted as saying. Also Read:"
"High taxation limiting growth of super luxury cars in India: Lamborghini chairman High taxation is limiting the growth of and the market will remain small although the growth rate will be high, according to Automobili Chairman and CEO . The Italian super sports carmaker, which on Tuesday reported a 4.9 per cent increase in its global deliveries at 5,090 units in the six months ended June 30, 2022, expects to have another record sales in India this year. ""What we are always underlining (is) high taxation which is limiting (sales of) our , and therefore in the foreseeable future the size of the will stay small but the growth rate in terms of percentage is high,"" Winkelmann said in virtual interaction. He was responding to a query on the potential of the Indian market and the challenges that are limiting its growth. At present, fully built imported cars with petrol engines bigger than 3,000 cc or diesel engines larger than 2,500 cc with a CIF (cost, insurance and freight) value of more than USD 40,000 attract 100 per cent import duty. A 60 per cent import duty is levied on completely built imported vehicles with petrol engines smaller than 3,000 CC or diesel engines less than 2,500 CC with a CIF value less than USD 40,000. As per industry estimates, the segment in India comprising cars priced above Rs 2.5 crore clocked 300 units last year. Lamborghini, which sells a range of super luxury cars with prices starting from Rs 3.16 crore in India, recorded its best ever sales in the country in 2021 with 69 units, beating its previous best record in 2019 when it sold a total of 52 units. It had sold 37 units in 2020 in the country. On the company's performance in the Indian market, Winkelmann said Lamborghini has had a good growth rate and if everything goes as planned ""we will have a record year in 2022"". Asked when the company could cross the 100 units annual sales mark in India, he said the number is not important and Lamborghini would rather focus on the quality of its sales and customer care and take a gradual approach to growing the market. Globally, Lamborghini clocked a turnover of 1.33 billion euros in the first six months of 2022, a growth of 30.6 per cent over the corresponding period of 2021. Its operating profit also grew 69.6 per cent to 425 million euros from 251 million euros in the year-ago period."
"'Create separate fund for accident victims of non-insured vehicles' New Delhi: Supreme Court-appointed amicus curiae for Justice J R Midha on Monday pitched for a to compensate involving . According to the International Road Federation (IRF), more than 50% of vehicles in India are not insured. Midha also expressed concern at pathetic in the country as well as poor care of drivers who are made to drive for hours without rest or proper sleep at night ""A separate fund can be created by the government to compensate the non-insured motor vehicle owners or accident victims. ""...a small cess can be added in fuel price or at time of registration of vehicles for such victims,"" he said while speaking at an event organised by the International Road Federation (IRF). As judge of Delhi High Court, Justice Midha framed a special scheme for time-bound settlement of within 90 to 120 days which was implemented in Delhi from April 2010. Expressing concern at the recent spate of drunk driving accidents in various parts of the country Midha said, ""The restaurants should serve liquor to those only who have a vehicle driver or agree to hire a driver provided by the restaurant to drop him home."" According to him, some restaurants in Mumbai started this concept for some time and this should be part of the bar licence of a restaurant service liquor. Also, speaking at the event, IRF President (Emeritus) K K Kapila said road accidents and resulting fatalities in India are an exceedingly serious problem. There is an urgent need to work in a coordinated manner to improve the scenario of road safety by bringing all stakeholders from all levels of governance, he added."
"BMW India Introduces New Diesel Variants of the BMW X3 Gurugram: Powerful TwinPower Turbo engine for agile driving performance. Modern interiors ensure luxury, practicality of space and 'X-ness'. Focused and stress-free driving with BMW Head-up Display, Gesture Control and 360 Camera. Sportier orientation with the M Sport package. has launched two new diesel variants of the - X3 xDrive20d xLine and X3 xDrive20d M Sport. These diesel variants are locally produced and are available across BMW dealerships. With an emphasis on classic X-elements, the BMW X3 has a modern look along with the exhilarating zeal of performance and a powerful presence. Mr. , President, BMW Group India said, ""The BMW X3 has been a trailblazing success in the premium mid-size SAV segment. Now available in xLine and M Sport trims, these versatile BMW X3 diesel models deliver exhilarating performance and efficiency in a rugged utility vehicle. With exquisite feel of the interiors along with innovative technologies, the BMW X3 is ready to serve you an experience that's nothing like you've felt before. The X3 packs in unlimited action wherever you go."" The cars are available at an ex-showroom price of - BMW X3 xDrive20d xLine-INR 67, 50, 000 BMW X3 xDrive20d M Sport- INR 69, 90, 000 *Price prevailing at the time of invoicing will be applicable. Ex-showroom prices inclusive of GST (incl. compensation cess) as applicable but excludes Road Tax, Tax Collected at Source (TCS), GST on Tax collected at source, RTO statutory taxes 40,000 kms to 10 yrs upgrade to a new BMW. The new BMW X3. The design of the BMW X3 lays extreme emphasis on breadth and X typical elements give the front of the BMW X3 an extremely distinctive look. The angular BMW kidney grille with vertical air inlets in the triangular interpretation highlights its exceptional authority. The adaptive LED headlights complete the overall picture of the BMW X3 with a modern and focused expression. The rear features sculptured full LED taillights that further emphasize its presence. The M sport package gives the BMW X3 a sportier orientation. The BMW X3 xDrive20d M Sport exudes the M Sport character with M model inscription on entry sills, M exterior designation on front side panels and tailpipes finished in gloss chrome. The specific front apron features significantly larger air inlets and inserts finished in high-gloss black, as well as more pronounced air curtains. The window graphics, roof rails and BMW kidney frame and bars are available in high-gloss black. The M Sport trim includes the stylish 19-inch Y-spoke style 887 M alloy wheels. The interior boasts an exceptional level of comfort and functionality in an extremely modern ambience. Exclusive functions such as Multi-function Sport Steering Wheel, electrical seat adjustment with memory function, exterior mirror package add to the comfort. Driver and front passenger enjoy the superior sporty flair of a premium SAV. M Sport has an exclusive set interior package like"
"with memory function, exterior mirror package add to the comfort. Driver and front passenger enjoy the superior sporty flair of a premium SAV. M Sport has an exclusive set interior package like Sport seats, Sensatec perforated upholstery, M leather steering wheel with multifunction buttons, M interior trim adding the performance-oriented ambience. Panoramic glass roof and Welcome Light Carpet are few among the long list of features that create the perfect ambience. The electroplated trim elements on the air vents add a touch of elegance while emphasising the horizontal lines in the interior. Ambient Lighting with six dimmable designs creates an atmosphere for every mood. Features such as electroplated controls and 3-zone automatic climate control with extended options add to the overall luxurious feel. The boot has a capacity of 550 litres and can be expanded further to 1600 litres by folding down the 4040 split rear seat backrest. Thanks to the unrivalled BMW TwinPower Turbo technology, the diesel engine melds maximum power with exemplary efficiency and offers spontaneous responsiveness even at low engine speeds. The two-litre four-cylinder diesel engine of the BMW X3 produces an output of 140 kW hr in just 7.9 seconds with a top speed of 213 kmLocks' (ADB-X), extended 'Dynamic Traction Control' (DTC), Hill Start Assist and Hill Descent Control help to conquer every terrain. A host of BMW ConnectedDrive technologies continues to break the innovation barrier in automotive industry - BMW Gesture Control and Wireless Apple CarPlay® ECO PRO/SPORT and many other innovative technologies. BMW Safety technologies includes six airbags, (ABS) with brake assist, Attentiveness Assistance, Dynamic Stability Control (DSC) including Dynamic Traction Control (DTC), Cornering Brake Control (CBC), electric parking brake with auto hold, side-impact protection, electronic vehicle immobilizer and crash sensor, Dynamic braking lights, ISOFIX child seat mounting and integrated emergency spare wheel under the load floor."
"Brent holds above USD80/bbl ahead of OPEC+ meeting Oil prices were little changed on Monday, with Brent holding above USD 80 a barrel, as investors awaited the meeting later this week for an agreement to curb supplies into 2024. Brent crude futures edged up 12 cents, or 0.2%, to USD 80.70 a barrel by 0028 GMT, while U.S. West Texas Intermediate crude futures were at USD 75.64 a barrel, up 10 cents, or 0.1%. Both contracts rose slightly last week, their first weekly gain in five, underpinned by expectations that Saudi Arabia and Russia could roll over voluntary supply cuts into early 2024 and OPEC+ might discuss plans to reduce further. Prices tumbled in the middle of last week after the Organization of the Petroleum Exporting Countries and their allies including Russia, known as OPEC+, postponed a ministerial meeting to Nov. 30 to iron out differences on production targets for African producers. Since then, the group has moved closer to a compromise, four OPEC+ sources told Reuters on Friday. ""We still expect an extension of the unilateral Saudi and Russia cuts through at least 2024Q1, and unchanged group cuts, although a deeper group insurance cut is likely on the table,"" Goldman Sachs analysts said in a note. Ahead of the + meeting, estimated exports by countries have declined to 1.3 million barrels per day below levels in April, they added, in line with the group's supply targets. However, the United Arab Emirates is set to ramp up exports of flagship Murban crude early next year as a new OPEC+ mandate kicks in and barrels are diverted to the international market owing to refinery maintenance, according to traders and Reuters data. The International Energy Agency said it expects a slight surplus in global oil markets in 2024 even if the OPEC+ nations extend their cuts into next year. Commonwealth Bank analyst Vivek Dhar said: ""With the IEA forecasting that global oil demand will only grow 0.9 million bpd next year, down from 2.4 million bpd growth in 2023, OPEC+ will have to show significant supply discipline, or at least jawbone such ability, to alleviate market worries of a deep surplus in oil markets next year."" Oil prices have also stabilised after geopolitical tensions dialled down in the Middle East following a ceasefire in Gaza and an exchange of hostages and prisoners."
"Hybrid vehicles have overtaken pure-play electric cars in India. What is the road ahead for EVs? are being overtaken by hybrids by a mile in India. In sharp contrast to global trends, Indian customers prefer , which have a blend of combustion engine and electric motors, to pure-play that are powered entirely by batteries or BEVs. They like to settle for an intermediate technology and familiarise themselves with alternative fuel before going all out for EVs. Car companies, quick to recognise this trait, have been luring the Indian clientele with 51 new model launches of hybrids compared with just 29 for EVs in 2023. Can things change for EV? Hybrids have become favourites due to their reliability, affordability and lower maintenance cost. Meanwhile, limited range, lack of charging infrastructure and expensive insurance are concerns that the EV ecosystem needs to aggressively address to make its India ride smoother. Hybrids are cheaper, too. The average retail price of a hybrid is INR 16.98 lakh while that of an EV is INR 17.71 lakh, according to market researcher Jato Dynamics. No wonder hybrids accounted for 12.6% of total passenger vehicle (PV) sales in January-November 2023, while the share of EVs was only 2.3%. “Hybrids may continue to play a crucial role as a ‘stepping stone’ or as an intermediate technology towards a full EV adoption, helping to educate and familiarise consumers with alternative fuel technologies before they transition completely to electric mobility,” says Ravi Bhatia, president, Jato Dynamics. Pravin Shah, an IT engineer in Mumbai, is one of those who got swayed by the hybrids. He had initially thought of buying an electric car, the Tata Nexon Fearless Long Range, priced at INR 18.69 lakh (ex-showroom). Instead, the 35-year-old eventually opted for a hybrid, the Maruti Suzuki Grand Vitara Zeta, priced at INR 18.33 lakh. “The challenges of charging infrastructure and lower residual value made me go for a hybrid,” says Shah, who says he will switch to electric in three-four years. While hybrids enjoy an edge in the Indian market, rapid advancements in EV technology could soon bridge the cost gap, say experts. EV has already turned a corner. Despite Shah’s reservations, the Nexon EV outshines a strong hybrid like the Grand Vitara on fuel cost—the difference works out to as much a 80% over two years, according to Jato Dynamics. There is a further 36% reduction of cost in maintenance and repairs. It is, therefore, cheaper to maintain an EV in the long run. The Indian EV market has seen an over 100% growth in demand since 2017. In 2023, EV sales doubled to 89,137 units in JanuaryNovember 2023, from 44,489 in the same period in 2022. However, sales of EVs in India are expected to moderate in 2024 because of a high base, told ET in a report on Friday. The leader in EVs, Tata Motors says annual sales of electric cars will touch 1 million units by 2028, thanks to new launches and expansion of charging infrastructure. EVs, it"
"in a report on Friday. The leader in EVs, Tata Motors says annual sales of electric cars will touch 1 million units by 2028, thanks to new launches and expansion of charging infrastructure. EVs, it estimates, will account for 25% of its sales by 2027 and 50% by the end of the decade. BRAND STRATEGY Automobile majors are adopting various strategies for EVs. Tata Motors, Mahindra and MG Motor have a long-term focus on EVs. Several electric players like US based Tesla and Fisker and Vietnambased VinFast are firming up their plans for India. VW and Skoda are planning EV launches in the next two-three years. Meanwhile, Maruti Suzuki, which is a leader in internal combustion and hybrid cars, and Toyota, which has launched hybrid models as an intermediate step, will eventually launch electric vehicles. Companies like Hyundai say they will introduce products and technologies based on customer and market demands. “We provide various options, such as petrol, CNG, turbo, diesel and electric powertrains, and manual, intelligent, automatic and dual clutch transmission. We are now at the forefront of a transition phase, offering multiple technologies and preparing for future advancements,” says Tarun Garg, COO, Hyundai Motor India. Hyundai launched the fully electric SUV Kona in India in 2019 and the long-range EV SUV, Ioniq 5, with a range of 631 km, in 2023. The Ioniq5 has sold 1,100 units so far. “We are committed to introducing more EVs as our strategy in India is focused on them in line with government policies,” says Garg. The Korean major plans to invest INR 20,000 crore in Tamil Nadu towards capacity expansion, new product development and EV battery pack assembly plant. MG Motor is the second largest electric passenger vehicle seller in India. “Our flagship EV model, MG ZS, and Comet have received positive response, with over 18,000 units sold till date. Around 30% of our sales comes from EV models,” says Gaurav Gupta, deputy MD, MG Motor India. Since an expansion of charging infrastructure is crucial for EVs to become mainstream, MG India partnered with a campaign called Shoonya–Zero Pollution Mobility by NITI Aayog and installed more than 12,000 charging touch points, including public and home chargers, across the country, adds Gupta. Hyundai has over 1,100 functional charging stations, and continues to grow this network. NO SINGLE ANSWER Many car manufacturers swear that EV is the technology of the future as it will help in meeting COP26 goals, and in going carbon-neutral in the long term. However, not everyone in the automotive industry is convinced that EV is the solution, or rather the only solution. “Electricity generation in India is largely through thermal means and hence EVs don’t really help in furthering COP26 objectives. Also, there are functional transportation needs in a growing economy. EVs, with high cost of acquisition and lack of charging infrastructure, have limits in addressing this requirement,” says a senior official of a car"
"transportation needs in a growing economy. EVs, with high cost of acquisition and lack of charging infrastructure, have limits in addressing this requirement,” says a senior official of a car company, who did not wish to be identified. Akio Toyoda, chairman of Toyota Motor Corporation, recently said that the EV industry was coming to realise that there isn’t a single answer to reducing carbon emission. Toyoda could be right. While the auto industry continues to pursue electrification, EVs will account for only 25% of PVs in India by 2030, and will coexist with other technologies such as ICE and plug-in hybrids, says Bhatia. At the annual convention of the Society of Indian Automobile Manufacturers recently, PM Narendra Modi, too, encouraged the auto industry to move towards decarbonisation through a range of powertrain technologies. “India needs alternate fuel technologies,” says Vikram Gulati, country head and executive vice-president, Toyota Kirloskar Motor. “We need to support all sustainable fuel technologies (hybrids/ ethanolblended, hydrogen and CNG) in a proportionate manner so that we are able to displace petrol and diesel.” Regulatory nudges –– such as CAFE or corporate average fuel efficiency that requires companies to lower greenhouse gas emissions and increase fuel efficiency–– are pushing manufacturers to launch more models in different segments. RC Bhargava, chairman of the country’s largest car maker, Maruti Suzuki, says hybrids are much more acceptable to the customer as it is cleaner than EVs. He says, “We need to have multiple technologies at different price points catering to a diverse set of customers to cut down the carbon footprint.” Shashank Srivastava, senior executive director of Maruti Suzuki, says the company will follow customer preferences “even as we meet regulatory requirements”. The future, it seems, will be powered by many powertrains."
"Data centers to enable India’s trillion-dollar digital economy growth; Mumbai, Chennai to lead, report India’s data centre industry is poised for a sustained period of growth and much of this will centre around Mumbai and Chennai due to their business and infrastructure advantages, strategic location, and cable landing stations that are well-positioned to support this growth, said a Nxtra by Airtel and JLL India’s joint study. The expansion of the Indian data centre industry will be supported by the accelerated adoption of digital infrastructure led by the pandemic, rising digital usage, cloud consumption and the national 5G rollout. “India’s digital transformation is expected to create an economic value of USD1 trillion by 2025. Apart from existing sectors, new areas like agriculture, healthcare, logistics, jobs and skills market, e-governance and other areas, coupled with advanced technologies, will lead to significant growth of data storage and computing. The Indian data centre industry will act as the backbone, enabling India to emerge as a global hub,” said Rachit Mohan, Head, Data Centre Advisory, India, JLL. According to him, Mumbai and Chennai are expected to be the largest beneficiaries of potential growth in India’s data centre market in the backdrop of their locations and infrastructure. The analysis highlights that while India’s data centre future will largely depend on coastal cities with ready access to cable landing stations, landlocked cities like Delhi NCR, Hyderabad, Bangalore, Kolkata, and Pune will also be beneficiaries of a growing data centre industry. “The data centre industry is witnessing exponential growth, given India’s strategic location in the region. Chennai with its host of infrastructure advantages like highest internet speeds in the country, availability of submarine cable landing infrastructure, land supply, green energy options, supportive government policies and skilled manpower will emerge as the next data centre hub after Mumbai. As the industry attains infrastructure status, data centre expansion will further accelerate and with it the inherent need for sustainable measures,” said Rajesh Tapadia, CEO, Nxtra by Airtel. Tapadia believes sustainability will be a huge focus for the industry and our efforts to reduce carbon footprint will play a big role in India becoming a preferred data centre hub in Asia Pacific. Bengaluru has a higher proportion of on-premises data centres operated by global in-house centres of global technology firms. Pune has developed as a disaster recovery location for banking, financial services and insurance (BFSI) players due to its proximity to Mumbai. The Delhi NCR region’s data centre industry has been supported by regulatory incentives and has the potential for large demand from government organizations. Kolkata located in the densely populated eastern region of India is expected to have a new cable landing station in the next few years and will emerge as an important location."
"organizations. Kolkata located in the densely populated eastern region of India is expected to have a new cable landing station in the next few years and will emerge as an important location. According to the joint research, India’s digital journey is accelerating rapidly, and cloud, data centre, and telecom players are adopting various strategies to capture a share of this growing market. Nxtra by Airtel, the data centre subsidiary of Bharti Airtel, itself is planning to invest Rs 5,000 crores by 2025 to further scale up its network of 11 large and 120 edge data centres, fully integrated with Airtel’s global submarine cable network and landing stations. The will include new data centre parks in key metro cities and will triple Nxtra by Airtel’s installed capacity to over 400 megawatts (MW). Nxtra by Airtel has commissioned three captive solar power plants to source green energy to power its and is committed to achieving 50% of its power requirements through renewable energy sources in the next 12 months. Also Read:"
"India's Russian oil imports top 1 mn barrels a day in Dec New Delhi: India's from Russia increased further in December 2022, topping 1 million barrels per day for the first time ever as Moscow remained its top oil supper for the third month in a row, according to data from . Russia, which made up for just 0.2 per cent of all crude oil India imported in the year to March 31, 2022, supplied 1.19 million bpd in December. This was higher than 909,403 bpd crude oil India imported from Russia in November and 935,556 bpd in October 2022. The previous record for most from Russia was in June 2022 when India bought 942,694 bpd, according to Vortexa. Russia, which in October 2022 for the first time surpassed traditional sellers Iraq and Saudi Arabia to take the No.1 spot, now makes up for 25 per cent of all oil imported by India. The imports peaked as a price cap was agreed upon by the EU on . Russian oil is available at much lower than USD 60 per barrel cap agreed, industry sources said. India is the world's third-largest oil-consuming and importing nation. It imports 85 per cent of its crude oil needs. Crude oil is converted into fuels like petrol and diesel at refineries. According to Vortexa, an energy intelligence firm, India imported 803,228 bpd of oil from Iraq in December and 718,357 bpd from Saudi Arabia. The United Arab Emirates overtook the US to become India's fourth largest supplier, selling 323,811 bpd oil in December 2022. The United States supplied 322,015 bpd, down from 405,525 bpd in November 2022. India's appetite for Russian oil swelled ever since it started trading on discount as the West shunned it to punish Moscow for its invasion of Ukraine. According to , India is aiming to pursue an oil import policy that will witness robust inflows from both the US and Russia in the foreseeable future, while stepping up efforts to diversify the crude basket even further to cushion the impact of any supply shock going ahead. ""Although the Russia-Ukraine war has given an opportunity to the country's refiners to bring in plentiful volumes of crude at discounted rates from the largest non-OPEC supplier, but that has not led to a fall in of the US, as India looks to bolster its energy ties with Washington,"" it said. Prior to the Russia-Ukraine conflict, more than 60 per cent of the Indian crude basket was made up of Middle Eastern crudes, with the remainder made up of North American crudes at around 14 per cent, West African crudes at around 12 per cent, and Latin American crudes at around 5 per cent, with Russian grades accounting for only about 2 per cent. Since the war began, West African crudes have become more expensive for Indian refiners because they are mostly Brent-linked and are being pulled in by European refineries that are running low on Russian crudes. According to S&P Global data, the share of US crude in the Indian crude basket increased from 5-6 per cent in April to around 10 per cent in November last year. In the last quarter of 2022,"
"crudes. According to S&P Global data, the share of US crude in the Indian crude basket increased from 5-6 per cent in April to around 10 per cent in November last year. In the last quarter of 2022, the US displaced Kuwait to become the fifth-largest oil supplier to India. As per Vortexa, India imported just 36,255 barrels per day of crude oil from Russia in December 2021, compared to 1.05 million bpd from Iraq and 9,52,625 bpd from Saudi Arabia. There were no imports from Russia in the following two months, but they resumed in March 2022, soon after the Ukraine war broke out in late February. India imported 68,600 bpd of Russian oil in March 2022, which increased to 266,617 bpd in the following month and reached the previous peak of 942,694 bpd in June 2022. But in June 2022, Iraq was India's top supplier with 1.04 million bpd of oil. Russia, in that month, became India's second-biggest supplier. Imports dipped marginally in the following two months. They stood at 876,396 bpd in September 2022 before rising to 935,556 bpd in October, according to Vortexa. The Indian government has been vehemently defending its trade with Russia, saying it has to source oil from where it is the cheapest. The government has previously indicated that oil companies will continue to buy oil from Russia outside the price cap. External Affairs Minister S Jaishankar on December 7 told the Rajya Sabha that Indian refiners will continue to look for the best deals in the interest of the country. ""We do not ask our companies to buy Russian oil. We ask our companies to buy oil (based on) what is the best option that they can get. Now, it depends on what the market throws up,"" he had said while replying to clarifications sought by MPs on his suo moto statement on foreign policy. The companies will go after sources that are more competitive, Jaishankar had added. ""Please do understand it's not just we buy oil from one country. We buy oil from multiple sources, but it is a sensible policy to go where we get the best deal in the interests of the Indian people, and that is exactly what we are trying to do,"" he had said. The executive body of the has asked its 27 member countries to cap the price of Russian oil at USD 60 a barrel as part of the West's attempt to squeeze Moscow's oil revenues and limit its ability to wage war in Ukraine while keeping global prices and supplies steady. From December 5, 2022, western shipping and insurance companies are prohibited from handling Russian oil sold above the price cap. However, ships loaded with Russian oil before December 5 and unloaded at their destination before January 19, will not be subject to the price cap. A top government official said India can continue to buy Russian oil if it can send ships, cover insurance and devise a mode of payment. Also Read:"
"Lamborghini to launch its first hybrid car in India next year, fully electric expected in 2028 New Delhi: Italian sports car maker Automobili Lamborghini is in works to launch its first hybrid car for India in 2023 as part of the global strategy towards electrification, said a senior company official. “Whenever a new car is introduced in the global market, we always try to see how soon we can bring it to customers in India. This strategy has been a key pillar for our growth in the country. Globally, Lamborghini will introduce a hybrid car in 2023 and India will also get its first hybrid next year,” Sharad Agarwal, Head, told ETAuto. The super luxury carmaker which has plans to bring its fully electric car in 2028 to the global market also said that it will introduce it to India around the same time. Without specifying the exact timeline, Agarwal said, “The electric car from Lamborghini will be launched in India before 2030. We will not wait 2-3 years to bring a car to the market (post its introduction in the global market).” The company on Thursday launched the Huracan Tecnica model in India with a starting price of INR 4.04 crore (ex-showroom). “Globally, we unveiled the car in April this year and within four months, we are launching it in India."" Lamborghini recorded its best sales in the domestic market in 2019 when it sold 52 units. However, the record was broken in 2021 when it managed to sell 69 cars. In 2020, the company sold only 37 units. The sales volumes are considered healthy given the fact that the on-road price range of its cars starts at INR 4 crore, and these are fully imported thereby attracting heavy taxes in the country. Currently, cars that are fully built and imported with petrol engines larger than 3,000 cc or diesel engines over 2,500 cc with a CIF (cost, insurance and freight) value of more than USD 40,000 attract 100% import duty in India. Cars that are completely built and imported with petrol engines smaller than 3,000 cc or diesel engines less than 2,500 cc with a CIF value less than USD 40,000, levy a 60% import duty. The Italian automaker is part of German auto group Volkswagen and sells cars like the Huracan and Aventador in India, along with the Urus SUV launched in 2018. It has a network of three dealerships across the country in Delhi, Mumbai and Bangalore. Despite the luxury super car segment being a niche market in the country, about 1/4 th of the company's sales comes from Tier-2,3 cities. Even though Lamborghini has delivered its first car in Shillong recently, and is getting a good response from states like Bhubaneshwar, Kolkata, the company is in no hurry to open a showroom in the East. “Getting a dealer partner in the region is rather easy but the current size of market in the East is not yet grown to the potential for opening an exclusive Lamborghini dealership. We would want to ensure the long term sustainability of the partner.” The typical age for a Lamborghini sports car owner in India ranges between"
"for opening an exclusive Lamborghini dealership. We would want to ensure the long term sustainability of the partner.” The typical age for a Lamborghini sports car owner in India ranges between 25 to 45 years but with its best selling model Urus, the company has seen the buyers up to the age of 55 years. Currently, its models have a waiting period of about one year in the country. Talking about the demand in the current year, he said, “We are positive about the growth momentum for this year. However, the segment is not growing to its market potential and the size of the segment does not fully reflect the kind of potential we have in the Indian market."" According to him, there are four key factors hampering the growth in the country- taxation, currency valuation viz-a-viz euro or dollar, infrastructure development and the general perception of luxury cars in the country. “While the infrastructure is fairly developing, devaluation of currency is a major concern as just due to this, the average price of the segment has almost changed by 50% in the last decade.” Early this year, the company recorded cumulative sales of 400 units in India since its full business operations in the country in 2007. Among the global markets, the US remains Lamborghini’s best selling market across the world, with over 2,500 cars sold last year. When asked if India can reach the volume size of the US market for Lamborghini, Agarwal exclaimed, “Why not! India has a huge potential and can definitely reach that spot but we cannot define by when.” India is also one among the top 5 in Asia-Pacific regions for the company “but it is not where it should be.” Other automakers in the super luxury car segment in India include Porsche, Ferrari, Aston Martin, Jaguar, Lexus, Maserati, Mercedes Benz, BMW. Also Read:"
"Changes in the works to make roads surety bonds lucrative: Nitin Gadkari New Delhi: Changes will be made to the surety bond offering in road making contracts to make it more lucrative, said road transport and highways minister . Speaking at a CareEdge Ratings event in Delhi on Tuesday, he said the present surety bond offering has found no takers. ""It took us three years to introduce the product after following up with regulatory authorities. The bond can be offered in place of a bank guarantee. But they have made the product so restrictive that no contractor can avail it,"" Gadkari said. surety bonds can be used as a substitute for bank guarantees in government procurement tenders. The Insurance Regulatory and Development Authority of India ( ) had issued guidelines for these bonds and allowed their issuance from April 1, 2022. The IRDAI's guidelines listed six types of surety contracts. These contracts are considered essential for meeting the infrastructure development goals of the country. In April 2022, the Centre had said that these bonds will be accepted as a substitute for bank guarantee in government procurements. The government's intention was to reduce indirect cost for suppliers and work contractors. It is estimated that banks seek 30-50% of cash money margin (from smaller construction companies), which is then stuck in the bank guarantees."
"Lohum and Vecmocon collaborate on EV Battery lifecycle management , producer of sustainable energy transition materials, and , an Indian EV intelligence company, have announced a partnership focused on enhancing electric vehicle (EV) battery lifecycle management. This collaboration will combine Lohum's battery testing technology and Vecmocon’s battery intelligence and real-time data monitoring to improve battery safety, reliability, and longevity. Vecmocon's real-time data collection, supported by machine learning, will be synchronized with Lohum’s data systems. A key feature is the integration of battery parameters from Vecmocon's i-VEC™ drive offering. The collaboration aims to optimize usage, prolong battery life, encourage second-life battery utilization, and guide effective recycling of Li-ion batteries. Lohum's expertise in assessing battery second life is based on sophisticated algorithms and testing methods that calculate the remaining useful life of batteries. With the aid of Vecmocon's Vehicle Intelligence Platform, Lohumintends to refine its DETX™ platform, which oversees battery buybacks and material price indices. The platform's precision in evaluating battery value is expected to be top-notch due to this collaboration. In a combined effort, the two companies aspire to power more than 100,000 batteries within the upcoming two years through an AI-powered battery management system and a vehicle intelligence module. , Founder & CEO of Vecmocon, commented on the partnership, ""This collaboration will help our clients in improving the performance of their batteries & extending life thus improving vehicle performance. This collaboration will also help the complete EV ecosystem of service, insurance, finance and used vehicle marketplaces."" , Founder & CEO of Lohum, expressed optimism about the collaboration, noting its alignment with the mission of advancing sustainable technologies and contributing to a circular economy for EVs in India. This initiative could significantly cut EV financing and insurance expenses and introduce greater clarity to the used energy transition asset landscape."
"South Korea to offer USD 5.3 billion in financing to EV battery firms will extend 7 trillion won (USD 5.31 billion) in financial support to domestic battery makers over the next five years to help them respond to the United States' Inflation Reduction Act (IRA) and to boost their competitiveness in the sector, the industry ministry said. The government will extend the financing at lower rates and insurance premiums, among other things, to support battery firms' facility investment in . The IRA calls for giving up to $7,500 in tax credits to EV buyers whose vehicles are assembled in North America, according to the Ministry of Trade, Industry and Energy, reports Yonhap news agency. It also requires EV batteries to be made with a certain proportion of minerals mined or processed in the U.S. or countries or regions that have free trade agreements with Washington. ""As the IRA has caused global business circumstances in the battery sector to change fast, the government and the private sector need to work together for solutions. The government will fully support battery makers for their continued achievement in the global market,"" Industry Minister Lee Chang-yang said while presiding over a meeting with battery companies and institutions concerned. South Korea also plans to push for new projects on the development of lithium iron phosphate batteries to help companies make inroads into a new market. Greater tax incentives will be eyed for companies making an investment in battery materials and related fields. In an effort to secure technology prowess, South Korea will seek to establish a ""mother factory"" or a hub of cutting-edge technology development, research, production and other core functions at home, according to the ministry. The country's three major battery makers -- LG Energy Solution, SDI and SK On -- have pledged to make a fresh investment of 1.6 trillion won combined over the next five years."
"Studies find automatic braking can cut crashes over 40% DETROIT - Two new U.S. studies show that automatic emergency braking can cut the number of rear-end automobile crashes in half, and reduce pickup truck crashes by more than 40%. The studies released Tuesday, one by a government-auto industry partnership and the other by the insurance industry, each used crash data to make the calculations. Automatic emergency braking can stop vehicles if a crash is imminent, or slow them to reduce the severity. Some automakers are moving toward a voluntary commitment by 20 companies to make the braking technology standard equipment on 95% of their light-duty models during the current model year that ends next August. A study by The Partnership for Analytics Research in Traffic Safety compared data on auto equipment with 12 million police-reported crashes from 13 states that was collected by the National Highway Traffic Safety Administration, the partnership said in a statement Tuesday. The group studied forward collision warning as well as emergency braking. The group found front-to-rear crashes were cut 49% when the striking vehicle had forward collision alert plus automatic braking, when compared with vehicles that didn't have either system. Rear crashes with injuries were cut by 53%, the study found. Vehicles with forward collision warning systems only reduced rear-end crashes by 16%, and cut rear crashes with injuries by 19%. Automatic emergency braking works well in all conditions, even when roadway, weather or lighting conditions were not ideal, the study showed. The group also looked at lane departure warning systems, and lane-keeping systems, which keep vehicles in their lanes. They reduced crashes from autos leaving the roadway by 8% and road-departure crashes that cause injuries by 7%. ""These emerging technologies can substantially reduce the number of crashes and improve safety outcomes,"" said Tim Czapp, senior manager for safety at European automaker Stellantis, the industry co-chair of the partnership's board. In the other study, the Insurance Institute for Highway Safety found that automatic emergency braking reduces rear crash rates for pickups by 43% and rear-end injury crashes by 42%. Yet pickups are less likely to have automatic braking than cars or SUVs despite posing more danger to other road users, the IIHS found. ""Pickups account for 1 out of 5 passenger vehicles on U.S. roads, and their large size can make them dangerous to people in smaller vehicles or on foot,"" the institute's Vice President of Research Jessica Cicchino said in a statement. Mitsubishi, Ford, Mercedes-Benz, Stellantis (formerly Fiat Chrysler), Volkswagen and Honda have filed documents with the government this year saying they've made emergency braking standard on at least 90% of their models. General Motors reported that only 73% of its models had the technology at the end of the 2022 model year, but a spokesman said GM would hit 98% by the end of the current model"
"90% of their models. General Motors reported that only 73% of its models had the technology at the end of the 2022 model year, but a spokesman said GM would hit 98% by the end of the current model year as long as there aren't supply chain issues. In addition, BMW, Hyundai, Mazda, Subaru, Tesla, Toyota, and Volvo passed 90% last year, according to the IIHS."
"Stellantis Pro One begins delivery of hydrogen vehicles to Hysetco is the best-selling automobile manufacturer in France, Italy and Spain, both in the electric market and in the all-energy market, including Fiat Professional, the best-selling brand in Italy, as well as a first place on the electric vehicle market in France for with the Peugeot e-208. , Stellantis Commercial Vehicles Business Unit, has delivered fleet of Peugeot e-Expert hydrogen to , European leader in hydrogen mobility. The Peugeot Partner and Rifter are the best-selling models in Spain on the all-energy market, gaining a market share of 9.7% for the month of January. Stellantis is the all-electric market leader in the UK with a 33% share and records an increase in its all-energy market share to reach 2nd place (27.17% market share); is also showing great success with growth of one point compared to last year to reach 9.85% market share. Vauxhall has thus become the third largest LCV manufacturer in the United Kingdom. In Germany, Stellantis' performance was particularly remarkable for light commercial vehicles with its Citroën, Fiat Professional, Peugeot and brands: thanks to a clear increase in sales (up to 58%), the market share of the new business unit One grew significantly, reaching 22.6% in January. Nearly one in four new light commercial vehicles registered in Germany was a Stellantis vehicle. By securing 48.6% of the all-energy market, Stellantis unquestionably dominates the sector in Portugal. Stellantis Pro One also continues to stand out as the leader in the electrified vehicle market with a 22.4% increase in sales in January, securing a market share of 46.2%, with Peugeot being the most popular brand. sold. Continuing this excellent start to the year, Stellantis will deliver a fleet of Peugeot e-Expert Hydrogen to the French company Hysetco, European leader in hydrogen mobility, in the coming months. These vehicles will be offered to professionals as part of the Hysetco all-services offer (maintenance and repairs, insurance, replacement vehicles, administrative formalities, training, etc.), specifically designed for professional uses, such as the transport of people (shuttles, taxis accessible to people in wheelchairs, etc.) and logistics. This deployment will constitute the largest fleet of light utility vehicles running on hydrogen dedicated to this type of use. “With a new delivery of and our excellent results at the start of 2024, Stellantis Pro One stands out once again for the diversified offering of its wide range of models to support our professional customers in their transition to a zero-emission mobility. Thus, we are the first manufacturer in the world to market a range of hydrogen electric vehicles covering two market segments to offer our customers a complementary solution to electric vehicles,” , director of the , said."
"United Auto Workers strikes spread as 7,000 more workers at two plants join the picket line The union expanded strikes against Detroit Friday, ordering 7,000 more workers to walk off the job in Illinois and Michigan to put more pressure on the companies to improve their offers. It was the second time the union has widened the walkouts, which started two weeks ago at three assembly plants before the most recent addition of a Ford plant in Chicago and a factory near Lansing. Union President told workers in a video appearance that the strikes were escalated because Ford and GM refused ""to make meaningful progress"" in contract talks. Jeep maker Stellantis was spared from the third round of strikes. Ford and GM shot back as a war of words with the union also intensified. Ford accused the UAW of holding up a deal mainly over union representation at electric vehicle battery plants, most of which are joint ventures with a Korean manufacturer. ""We still have time to reach an agreement and avert a real disaster,"" Ford CEO Jim Farley said. The company said the work stoppages are starting to affect fragile companies that make parts for the factories on strike. GM's manufacturing chief said the union was calling more strikes ""just for the headlines, not real progress."" The GM plant in Delta Township, near Lansing, makes large crossover SUVs such as the Chevrolet Traverse and Buick Enclave. A nearby metal parts stamping plant will remain open, Fain said. The Chicago Ford plant makes the Ford Explorer and Explorer Police Interceptors, as well as the Lincoln Aviator SUV. Fain said union bargainers are still talking to the companies, and he was hopeful they could reach deals. Stellantis, he said, made significant progress Friday by agreeing to unspecified cost-of-living raises, the right not to cross a picket line and the right to strike over plant closures. Raneal Edwards, a longtime GM employee who works at the Lansing-area factory, said she was ""shocked but happy"" to hear that her plant would join the strike. ""I feel like they don't understand that this is about more than wages,"" Edwards said. ""It's about having security at our jobs."" Edwards said the UAW's strategy of slowly adding more plants will work. ""I love it because it keeps us on our toes. No one knows what's next,"" she said. But in a note to workers Friday, Edwards' boss, GM manufacturing chief Gerald Johnson, said the company has yet to receive a counteroffer from union leaders to a Sept. 21 economic proposal. Automakers have long said they are willing to give raises, but they fear that a costly contract will make their vehicles more expensive than those built at nonunion U.S. plants run by foreign corporations. Ford's Farley accused the union of holding an agreement hostage over union representation of battery plant workers. On a conference call with industry analysts, he said high wages at battery plants would raise the price of Ford's electric vehicles above those from Tesla and other"
"of battery plant workers. On a conference call with industry analysts, he said high wages at battery plants would raise the price of Ford's electric vehicles above those from Tesla and other competitors. ""Record contract? No problem. Mortgaging our future? That's a big problem. We will never do it,"" Farley said. Ford's battery plants, Farley said, have not been built. ""They have not been organized by the UAW yet because the workers haven't been hired and won't be for many years to come,"" he said. Fain later accused Farley of lying and said the union gave Ford a counteroffer Monday but has not heard back. He stressed that there is no impasse, although they're far apart on economic issues such as defined-benefit pensions for all workers and health insurance for retirees. ""We've had good discussions. There's times we think we're getting somewhere, and then things just stop. And it's not just Ford, it's all the Big Three, and you can pick an issue,"" he said. Fain also said ""job security in the EV transition"" remains an issue. The union insists that labor expenses are only 4% to 5% of the cost of a vehicle, and that the companies are making billions in profits and can afford big raises. Wedbush analyst Dan Ives said the expanded strikes show both sides are digging in for a potentially long battle. Ives wrote in a note to investors that President Joe Biden's administration is watching union demands collide with his push for cleaner electric vehicles. Biden, who has billed himself as the most union-friendly president in history, traveled Tuesday to the Detroit area to walk picket lines with workers at a GM parts warehouse. Republican front-runner Donald Trump also traveled to the Detroit area this week for a rally at a nonunion parts maker. Offers on the table from the companies will add $3,000 to $5,000 to the cost of an average electric vehicle that would be passed on to consumers, Ives wrote. The electric vehicle battery plants are a huge issue for the union's future. Some industry executives, including Farley, say building EVs will take up to 40% fewer workers because they have fewer parts. So the union is looking to organize battery plants and win top wages so displaced workers have somewhere to go, especially those making combustion engines. Other industry officials, including GM CEO Mary Barra, say there will be enough jobs for all as the industry moves away from gasoline vehicles. The automakers' last known wage offers were around 20% over the life of a four-year contract, a little more than half of what the union has demanded. Other contract improvements, such as cost of living increases, restoration of defined-benefit pensions for newly hired workers and an end to wage tiers within the union are also on the table. The union went on strike Sept. 15, initially targeting one assembly plant from each company. Then last week it added 38 parts-distribution centers run by GM and Stellantis. Ford was spared from that expansion because talks with the"
"initially targeting one assembly plant from each company. Then last week it added 38 parts-distribution centers run by GM and Stellantis. Ford was spared from that expansion because talks with the union were progressing then. The union has structured its walkouts so the companies can keep making big pickup trucks and SUVs, their top-selling and most profitable vehicles. Previously it shut down assembly plants in Missouri, Ohio and Michigan that make midsize pickup, commercial vans and midsize SUVs, which aren't as profitable as larger vehicles. The new strikes against GM and Ford target crossover SUVs that are big money makers for both companies. In the past, the union picked one company as a potential strike target and reached a contract agreement with that company to be the pattern for the others. But this year, Fain introduced a novel strategy of targeting a limited number of facilities at all three automakers. About 25,000, or about 17%, of the union's 146,000 workers at the three automakers are now on strike."
"Goa to implement amended Motor Vehicle Act from midnight: Official Panaji: The Goa government will impose the amended Motor Vehicle Act in the state from midnight, which imposes severe penalties on . State Director of Transport Rajan Satardekar told reporters on Thursday that the Road Transport Authority and police were fully geared up to impose the new regulations, which will witness a steep spike in related to over-speeding, driving without a valid licence, etc. ""The Motor Vehicle act was amended sometime back. We are starting its implementation from April 1. The fines under the new MVA have been increased and power to compound has been given to the police and RTO department. So, the implementation will begin at 12 midnight,"" Satardekar said. The implementation of the MVA Act, which was passed in Parliament in 2019, was delayed amid opposition from civil society as well as politicians, both from ruling and opposition camps, on account of the steep nature of fines. Satardekar, however, said that the Goa government was duty-bound to implement the new rules, because of strictures from a Supreme Court appointed committee which is monitoring the implementation of the amended act. ""It is not possible to keep it on hold. We are already facing flak from the Court. It has already been deferred twice,"" he said. Under provisions of the amended 2019 Motor Vehicle Act, riding triple seat on a two-wheeler will attract a fine of Rs 1,000 plus a three month suspension, driving a vehicle without permit or licence will ensure a fine of Rs 10,000, over-speeding will set you back by a fine ranging between Rs 1,000 and Rs 2,000, while driving an un-insured vehicle can get you a fine of Rs 2,000. Satardekar on Thursday chaired a meeting of RTA and National Informatics Centre officials to ensure that the technological framework for the implementation of the new rules, including updating of PoS machines was in place. ""We had a meeting regarding IT implementation to check updation of PoS machines and the system. We are ready with that. We had a meeting with NIC. We have already sent a letter to the police. It will be smooth from tomorrow onwards,"" the top official said. He also urged vehicle owners to drive carefully in order to avoid fines from April 1. ""We have also started awareness through media and social media. So, I request everyone to follow the law. Do not give an opportunity to impose the fine. Only if there is a violation, that the question of fines arises,"" Satardekar said."
"Russia says it has rerouted all oil exports hit by Western embargo has successfully redirected all its crude oil exports affected by Western sanctions over Ukraine to ""friendly"" countries, Energy Minister Nikolai Shulginov said on Tuesday, while still a decline in output this year. The West imposed wide-ranging sanctions, including an embargo on seaborne , after Moscow sent its armed forces into Ukraine in February 2022. ""I can say today that we have managed to completely redirect the entire volume of exports affected by the embargo. There was no decrease in sales,"" Shulginov told an energy forum. Shulginov reiterated that production was expected to decline in 2023, as Moscow comes under pressure from Western restrictions and a lack of European buyers. Speaking at the same event, Alexander Dyukov, CEO of Russian oil major Gazprom Neft, said that 2023 would be more difficult than 2022 and the pressure from sanctions would grow. INDIA Shulginov said Russia had been working to reroute its oil and oil product exports to Asia, Africa, Latin America and the Middle East from its traditional markets in Europe. India was the biggest buyer of Russia's benchmark Urals grade crude in March. Deliveries to India are set to account for more than 50% of all seaborne Urals exports this month, with China in second place. Deputy Prime Minister Alexander Novak said Russian oil sales to India jumped 22-fold last year, but he did not specify the volume sold. Novak said energy revenues accounted for 42% of Russia's federal budget in 2022, up from 36% in 2021. He said Russia's energy industry was sustainable, despite the challenge of Western sanctions He said Russia needed to focus on boosting energy exports to so-called ""friendly"" countries and would continue developing the insurance tools needed to support this trade."
"OPINION: Oil prices to remain volatile as geopolitical risks persist New Delhi: Crude oil prices have surged since ’s invasion of , and other geopolitical supply risks globally and the latest uncertainty stemming from the EU’s Russian ships insurance ban are set to stoke even more volatility and keep oil prices elevated amid robust demand. Dated Brent is expected to average $100-115 per barrel through the rest of the year and the market to remain in a cycle of two steps forward, one step back. Global in May took one step forward with a sequential growth of 1.7 million bd in 2022, driven primarily by India, and by countries such as Indonesia, Singapore, Malaysia, Thailand, the Philippines and Vietnam as economic activity accelerates. Platts Analytics projects India’s oil demand to grow by 245,000 bd this year. Russia's seaborne crude exports have not tapered significantly despite strict sanctions, reflecting continued purchases by buyers in India and China. Until Russia’s invasion of Ukraine, India very rarely bought Russian oil. However, with Russian crude trading at record lows in recent months, the country's refiners have changed their crude diets. Chinese demand for Russian ESPO crude has also been robust despite the recent lockdowns, with its reliance on Brazilian shipments dwindling and ultimately falling to zero in May for the first time since January 2016. At least nine cargoes of Russian Urals, amounting to 880,000 mt, are set to arrive in Shandong for independent refineries in June, with six cargoes scheduled to head to Qingdao port, two to Yantai and the rest to Rizhao. EU stringent moves set to pinch The EU published details of its sixth sanctions package against Russia June 3, including phasing out Russian crude imports in six months and refined products in eight months. Several insurance companies had already been refraining from providing insurance cover to ships in which Russian entities had financial stakes and non-Russian ships carrying Russian cargoes since the Ukraine war began. The EU’s sixth sanctions package further prohibits EU operators from insuring and financing the seaborne transport of Russian oil to third countries after a wind-down period of six months. With the latest explicit sanctions against insuring Russian ships, those carrying cargoes to and from Russia will do so at their own risk and invite stringent penalties if their voyages are detected. While uncertainty abounds as to how sweeping this ban could be for global oil markets, the new importing and shipping insurance sanctions will likely lead to crude exports gradually declining over the next six months by 2 million bd and compliance at a lofty 182.5 per cent. OPEC+ on June 2 announced it would raise quotas by 648,000 bd for August — about 50 per cent higher than the recent monthly increases. US strategic petroleum reserve releases are ramping up quickly, adding 800,000-1 million bd, which will allow demand to average 103.8 million bd above the average 2019,"
"the recent monthly increases. US strategic petroleum reserve releases are ramping up quickly, adding 800,000-1 million bd, which will allow demand to average 103.8 million bd above the average 2019, pre-pandemic level,” Platts Analytics said, adding that the oil market should brace for continued volatility in the coming months."
"Skoda India launches new range for Kushaq and Slavia starting at INR 10.69 lakh New Delhi: Auto India, announced the Kushaq and Slavia enabling enhanced accessibility to its line-up of cars that are 5-star rated and fully safe for both adults and children. The Kushaq and Slavia – earlier available as active, ambition and style – are now rechristened as classic, signature and prestige. The Kushaq, in addition to these three variants also gets the Onyx on the value end and the Monte Carlo at the premium end of the line-up. The all-new pricing is applicable on all engine and transmission options of the Kushaq and select variants on the Slavia. Both cars are powered by a 1.0 TSI petrol with a six-speed manual and automatic, and a 1.5 TSI petrol with a six-speed manual and seven-speed DSG. Both the Kushaq and Slavia come with six airbags as standard across the range, and have achieved a full 5-stars for adults and children under the Global NCAP tests, reflecting the brand’s uncompromising stand on safety, the company said in a media release. Benefits Customers stand to benefit by upto 10% based on choice of model, variants, engines and transmission. The maximum benefit will be on the Kushaq Monte Carlo, which will now be offered at an outstanding price point, while the Slavia entry point will be extremely accessible. These new prices also enable customers and fans to avail additional reductions in registration and insurance further stretching the value proposition for the entire line-up. Skoda Auto India recently introduced six airbags as standard across all its variants. The new pricing continues making safety as top priority, and offers premium features like ventilated seats, electric seat adjust, wireless Android Auto and Apple Carplay, a 25.4 cm in-car entertainment interface and a sub-woofer embedded in the boot among other comforts. The new value proposition on Kushaq and Slavia will be offered with complete freedom for customers to select what best suits their preferences. This can be clubbed across three large pillars. The first is the unmatched price leverage that customers can enjoy. The second, will be in the form of after-sales offers, maintenance packages and the overall cost of ownership. And thirdly, are the sales levers and value-added services. Customers can select from a choice of exchange & corporate bonus options, special finance & insurance schemes run through the banking partners, extended warranty and a host of service and maintenance packages. In the overall cost of ownership and customer experience, the superior mileage offered on both Kushaq (*upto 19.76 KmL), along with transparency, quicker servicing timelines, and the expanding dealer footprint have taken forward Škoda Auto India’s strong focus on customer delight. “Skoda Auto India is ramping up the network and personnel to get ready for high volume increase with the upcoming launch of the Compact SUV. Our dealers need to be motivated and profitable, with highly trained"
"India is ramping up the network and personnel to get ready for high volume increase with the upcoming launch of the Compact SUV. Our dealers need to be motivated and profitable, with highly trained and experienced sales consultants. And that’s why we have launched the best-ever value proposition on the Kushaq, all across the country, supported with tailor-made, unique customer offers in line with customers’ needs and preferences,” added Mr. Janeba, the release added. More sustainable The company’s 1.0 TSI engine recently got certified as E20 compliant by ARAI (Automotive Research Authority of India) and has already debuted in the new Kushaq Onyx AT with other 1.0 TSI cars to roll out soon. The 1.5 TSI is currently undergoing testing, the results of which will be made available by Q4 2024. This certification makes the 1.0 TSI the first ever powerplant in India to receive certification from a governing authority. It is in line with government policy requiring every car in India to be E20 complaint from April 1, 2025. Engines that are E20 compliant run on 20% ethanol and 80% petrol, reducing the amount of fossil fuel consumed, reducing emissions and increasing sustainability. Skoda Auto India has a fleet that is fully 5-star safe for both adults and children as tested by Global NCAP and Euro NCAP. The company also offers a 4-year150,000kms making it one of the most comprehensive warranty packages in the company’s endeavour to offer a hassle-free ownership and maintenance experience. Petr Janeba, Brand Director, Skoda Auto India, said: “We have been in India for nearly a quarter of a century, and our commitment to this market is absolute. We have always been looking at offering more in product and affiliated actions. Since the announcement of our all-new compact SUV planned for 2025, we have maintained that with this new car, we are targeting new markets, younger customers and more accessibility to the brand. While the new compact SUV will open new markets for us, we have achieved some efficiencies in the Kushaq and the Slavia, which has enabled us to enhance the value in our offerings and pass on the benefits to our customers and fans.”"
"India jostles with China for April ESPO crude from Russia, prices jump Private are jostling with independents in China for Russian loading in April, pushing prices higher after Moscow lowered exports of its flagship grade Urals, industry sources said. China, which is set to import record volumes of Russian crude in March, typically sweeps up all of the ESPO crude exported from the Pacific port of Kozmino due to close proximity while sanctions on have shrunk the pool of buyers. However, for April, Indian refiners Reliance Industries Ltd and have snapped up at least five of the about 33 ESPO crude cargoes due to low prices, four people familiar with the matter said. Reliance and Nayara did not immediately respond to requests for comment. That is up from one cargo for March delivery, its first since buying three for November 2022, shiptracking data compiled by Kpler and Refinitiv showed. One of the sources said prices for April-loading ESPO crude to India were about USD 5 a barrel below Dubai quotes on a delivered ex-ship (DES) basis. Indian refiners mostly buy Russian oil on a delivered basis, with the seller arranging for insurance, freight and ship. While most cargoes are below the price cap imposed by G7 countries and the European Union, prices of Russian low sulphur oil purchased by India have risen above the USD 60 a barrel cap due to rising demand. China has also been buying ESPO at above the price cap level, according to Reuters calculations. Indian companies are using non-dollar currencies to settle payment for certain niche Russian crudes and are avoiding use of Western services and banks to avoid sanctions. Competition from India has narrowed discounts for April-loading ESPO shipments to about USD 6.80 a barrel against June ICE Brent DES basis to northern China from USD 8.50 a barrel last month for March-loading oil, three trading sources said. Similar quality Murban crude from Abu Dhabi was traded at a premium of around USD 3.30 a barrel to Dubai quotes on a free-on-board basis. In comparison, April-loading Murban crude is about USD 9 a barrel more expensive than ESPO delivered to China and India, according to Reuters calculations. Seaborne ESPO crude exports averaged 800,000 barrels per day in 2022, Kpler's data showed, accounting for 17.3% of Russia's total seaborne exports. Exports of flagship Russian grade Urals averaged 1.74 million bpd, although Moscow has cut exports from its western ports by 10% in March from the previous month. Meanwhile, China's buying spree of ESPO continues as the country emerges from its zero-COVID regime, prompting a rebound in fuel demand from industry and the travel sector. China's seaborne imports of Russian oil are set to hit a record of nearly 43 million barrels this month, including at least 20 million barrels of ESPO. The solid demand drove the lumpsum freight rates for tankers carrying crude from Russia's Far East port Kozmino, a major ESPO export hub, to northern China to an all-time high of USD"
"barrels of ESPO. The solid demand drove the lumpsum freight rates for tankers carrying crude from Russia's Far East port Kozmino, a major ESPO export hub, to northern China to an all-time high of USD 2.4 million in February before easing to USD 2.3 million this month, Simpson Spence Young data on Refinitiv Eikon showed."
"Elon Musk confirms India visit, says looking forward to meet PM Modi New Delhi: American electric car maker on Wednesday confirmed his visit to India and his planned meeting with Prime Minister . In a post on X, he wrote, ""Looking forward to meeting with Prime Minister @NarendraModi in India."" Earlier in the day, sources said Musk is expected in India the week of April 22. He is likely to announce the company's investment plans in the country during his visit, the sources said. In June last year, Musk had met Modi during the prime minister's US visit. The Tesla CEO had then said that he planned to visit India in 2024 while expressing confidence that the company would enter the Indian market soon. His planned visit comes weeks after the government announced a new electric vehicle policy under which import duty concessions will be given to companies setting up manufacturing units in the country with a minimum investment of USD 500 million, a move aimed at attracting major global players like US-based Tesla. According to the policy, the companies that would set up manufacturing facilities for EV passenger cars will be allowed to import a limited number of cars at lower customs/import duty of 15 per cent on vehicles costing USD 35,000 and above for a period of five years from the date of issuance of the approval letter by the government. At present, cars imported as completely built units (CBUs) attract customs duty ranging from 70 per cent to 100 per cent, depending on the engine size and cost, insurance and freight (CIF) value. CBUs whose CIF value is more than USD 40,000 attract a 100 per cent import duty (for petrol engine size more than 3000 cc and diesel engine of size more than 2500 cc). Whereas those with CIF value under USD 40,000 attract 70 per cent duty (for petrol engine size under 3000 cc and diesel engine size under 2500 cc). The policy seeks to promote India as a manufacturing destination for EVs and attract investment from reputed global manufacturers. Last year, Tesla had approached the Indian government seeking duty cuts to import its vehicles in India. Previously, Musk had said in 2022 that Tesla, which was earlier seeking reduction in import duties to sell its vehicles in India, would not manufacture its products unless it is allowed to first sell and service its cars in the country. In August 2021, Musk had said that Tesla may set up a manufacturing unit in India if it first succeeds with imported vehicles in the country. He had said Tesla wanted to launch its vehicles in India ""but import duties are the highest in the world by far of any large country!"""
"CFPB sues auto dealer for illegally locking cars, re-possessing vehicles The on Wednesday sued , the financial arm of a chain of auto dealerships found mostly in the South, alleging the company committed a laundry list of illegal practices, like disabling borrowers' cars, double-billing customers, and illegally repossessing cars. The bureau is seeking to get millions of dollars in refunds for thousands of USASF customers, as well as impose fines and penalties against the Georgia-based company. USASF is affiliated with U.S. Auto Sales, a dealership chain that sold used cars mostly to customers with low incomes or bad credit that operated a ""buy here, pay here"" business model at its 31 dealerships. U.S. Auto Sales mostly shut down its dealership operations in April, but USASF is still operating as the loan servicer for the company. The said that, since 2016, USASF illegally disabled borrowers' cars using what are known as ""kill switches,"" which remotely disable a vehicle when a borrower does not keep up with payments. It's a common but controversial practice, as it cuts the financially struggling borrower off from likely their primary mode of transportation to work. roughly 7,500 times when a customer was not in default, and disabled at least another 1,500 vehicles when the company told the customer it would not do so. The company admitted to the bureau that it erroneously transmitted ""warning tones"" - audio signals sent to the vehicle warning their cars might be shut off - more than 71,000 times. These tones would often cause stress or anxiety to customers, making them call USASF, when they may not have been in default. The company also allegedly double charged roughly 34,000 customers for insurance, and misapplied loan payments toward insurance premiums and late fees instead of principal and interest against thousands of other customers. The bureau alleges customers paid more than USD 1 million in interest and fees if USASF had correctly serviced the loans. ""Given the rising cost of cars during the pandemic and jump in auto loan debt across the country, the CFPB is working to root out illegal activity in this market,"" CFPB Director Rohit Chopra said in a statement. U.S. Auto Sales is owned by the Pennsylvania private equity firm . Three Milestone executives did not immediately respond to a request for comment on the bureau's lawsuit."
"How Tesla's India entry will disrupt desi tardy electric car market After a long wait, finally it seems American electric vehicle (EV) maker will enter India next year. India's Prime Minister's Office has told relevant departments to fast-track Tesla's proposed investment in India by January 2024, ET has reported. Tesla's entry will put a stamp of maturity on India's car market, the third biggest in the world after China and the US. Outside the US, Tesla has plants in Germany and China. As the Western countries struggle with slowing economies impacting demand and Tesla faces strong local competition from EV makers in China. selling its electric cars in India is an attractive prospect for the American company. Initially, it will sell fully built-up cars imported into India. The talk of the government lowering India's steep import duties on cars for Tesla and others has created a flutter in the local car industry. Will lower import duties give Tesla an edge over Indian electric car makers which are still struggling to get on to the EV trend? Tesla CEO has been negotiating with the Indian government for long for lower import duties and the permission to sell fully built-up imported cars initially. Paving the way for Earlier in June this year, Musk said Tesla could soon be setting up a manufacturing base in India, after meeting Prime Minister in New York. Musk had said Tesla will be in India “as soon as humanly possible,” changing stance from about a year ago when the carmaker had said that the levies imposed by India on automobiles are the highest among large countries and that it can only consider setting up a factory locally if it succeeds with imported models. India's present customs duty regime does not differentiate between electric cars and those that run on hydrocarbons, and imposes high duties to encourage local manufacturing. Tesla first tried to enter India in 2021 by pushing officials to lower the 100% import tax for . Last year, the talks between Tesla and the Indian government collapsed when officials conveyed the company would have to first commit to local manufacturing. Indian officials weren’t keen on providing duty cuts to Tesla unless commitments were made towards local investment. The company had sought a 40% import duty on fully assembled electric cars against the current rate of 60% applicable on those priced below USD 40,000 and 100% on those retailed above that. An outright cut in import duties, the government has apprehended, will result in the import of electric cars instead of companies setting up manufacturing facilities in India. This, in turn, will have an adverse impact on the kind of investments that lead to employment generation in the country. India imposes 100% import duty on cars with cost, insurance, and freight value of more than USD 40,000, and 60% on cheaper vehicles. In 2021, Tesla had sought 40% import duty on fully assembled electric cars. Musk had argued that the duty structure for cars running on the"
"value of more than USD 40,000, and 60% on cheaper vehicles. In 2021, Tesla had sought 40% import duty on fully assembled electric cars. Musk had argued that the duty structure for cars running on the electric powertrain should not be out of kilter with India’s climate-change objectives. Reuters had reported in August that India was working on an EV policy that would cut import taxes for automakers that committed to some local manufacturing, citing sources with direct knowledge of the matter. ""A new category may be introduced in the import policy to ensure that clean energy driven vehicles are taxed lower,"" an official has told ET, while insisting that this incentive will not be ""just for Tesla but for anyone committing to set up electric vehicle manufacturing units"". It is expected that in lieu of reduced import duty, Tesla will have to pledge to initiate local production, source components domestically, and provide bank guarantees to uphold its commitments. How Tesla will impact local car makers Tesla’s demand for import duty cuts on fully built electric vehicles had divided stakeholders in the local automotive industry. Indian firms such as Tata Motors, TVS Motor Company and Ola Electric had objected to a reduction, contending that this will hurt investments made to scale up localisation. However, foreign firms Hyundai Motor India, BMW India and Audi India had backed a reduction in duties saying it will help the industry generate demand and build volumes with imported electric vehicles before commencing production in the country on a mass scale. Tesla plans to produce a low-cost EV priced at USD 24,000 - about 25% cheaper than its existing entry-level model - for both the Indian market and export, Reuters has reported. Tesla's entry could pose challenges for mass-market car manufacturers in India. Several local companies have already made substantial investments in manufacturing electric vehicles and their components within the country. With the prospect of high-end EVs like Tesla's being available at a lower price due to reduced import taxes, local manufacturers might face increased competition. Tesla has hinted that its EV portfolio in India could start from Rs 20 lakh onwards, making it a compelling choice for consumers. But the government has said it would create a level playing field for electric car makers by offering incentives to local car makers. The government is drawing up a policy to incentivise local manufacturing of electric cars, ET has reported recently. The Department for Promotion of Industry and Internal Trade (DPIIT), which operates under the aegis of the Ministry of Commerce & Industry, has commenced discussions to put in place a scheme for subsidising electric four-wheeler makers linked to investments made by these companies for producing vehicles in the country, senior officials in the know told ET recently. Tesla's entry into India will surely spur local car makers to speed up their EV plans in order not to lose ground"
"for producing vehicles in the country, senior officials in the know told ET recently. Tesla's entry into India will surely spur local car makers to speed up their EV plans in order not to lose ground the Tesla which will promise the best product quality and cutting-edge technology too. The entry of other foreign electric car makers, especially Vinfast of Vietnam which is eyeing India, will help bring prices of electric cars lower and make the market more competitive. Tesla's entry with lower import duties could also lead to a substantial drop in the prices of fully-imported EVs. This reduction would not only benefit Tesla but also pave the way for other luxury car manufacturers to introduce their global EV models in India at a more affordable price point. The EV segment in India has seen a material upturn in prospects over the past two years. According to the VAHAN website, sales of electric four-wheelers in India have seen a big jump recently. From just 999 units in 2019-20, the number has reached nearly 45,000 till November in 2023-24. The number for 2023-24 might double from nearly 40,000 in 2022-23. The government has set a target of 30% EV contribution to sales across vehicle segments by 2030. A 'bridge' to cross? India's EV market is not just an internal combustion engine (ICE)-versus-electric game. Tesla will have a complex terrain to tread in india. Industry experts say the passenger vehicle market is clearly splitting into four sub-segments, with electric, strong hybrids and compressed natural gas (CNG) seeing the most growth, even as expansion in traditional fuel vehicles slows down. This fragmentation has led to different companies emerging as leaders in each segment. Tata Motors, followed by MG Motor, leads in EVs; Toyota Kirloskar and Maruti Suzuki performed best with strong hybrids; and Maruti Suzuki in CNG and ICE vehicles. EVs have been the stars of the automotive market of late, but they may soon face competition from the ‘strong hybrid’ segment, which is fast picking up pace. Strong hybrid vehicles have an electric motor as well as an ICE, which can work together as well as independent of each other. Maruti Suzuki senior executive director Shashank Srivastava expects 15% of the portfolio for the country's largest carmaker to be electric by 2030, with 25% strong hybrids and 60% a mix of petrol, CNG, biofuels and flexi-fuels. At the moment, CNG vehicles account for 26% of Maruti sales, with strong hybrids at 1%. The company doesn’t have any electric models as of now, so the balance comprises ICE models. Maruti Suzuki will launch its first EV next year-- the SUV eVX and plans to launch 6 EVs by 2030. Since the supply chain, battery costs and charging infrastructure have to significantly improve before fully-electric cars can take off, “strong hybrids are an excellent bridge to future and convenient choice with benefits,” Ravi Bhatia, president, Jato Dynamics, told ET recently. The likes of Toyota and Maruti Suzuki are pitching"
"“strong hybrids are an excellent bridge to future and convenient choice with benefits,” Ravi Bhatia, president, Jato Dynamics, told ET recently. The likes of Toyota and Maruti Suzuki are pitching strong hybrids to retail as well as fleet customers, who want more sustainable transportation options but may not be ready to make the shift to fully battery-powered vehicles, Bhatia added. Toyota leads in strong hybrid sales, with a quarter of its Hyryder and Innova Hycross sales being variants."
"Long-term investors buy Blackstone's 20.5% Sona Comstar stake in bulk deal Gurugram: Funds affiliated with have sold their balance 20.5% stake in Sona BLW Precision Forgings Ltd. ( ), one of the leading global providers of automotive technology solutions. Before this transaction, Aureus Private Limited and Blackstone held 33.0% and 20.5% respectively in Sona Comstar as the auto technology company's co-promoters. This stake sale happened via bulk deals in the open market, which saw strong demand from Foreign Institutional Investors, Sovereign Wealth Funds, Domestic Mutual Funds, and Insurance companies. Marquee investors like the Government of Singapore, Fidelity, FMR, ICICI Prudential Life Insurance, and HDFC MF bought shares from Blackstone in the bulk deal. Sona Comstar offers its customers cutting-edge products that enable faster adoption of greener and safer mobility in India and globally. It is the leading global supplier of driveline solutions for Battery Electric Vehicles (BEV), Passenger Vehicles, Commercial Vehicles, and Off-highway Vehicles. Sona Comstar is India's leading traction motor and motor-controllers supplier to electric two-wheelers (e2Ws). Sona Comstar was formed by the merger of Sona BLW and Comstar Automotive in 2019. Since then, the company has invested significantly in technology, software, capex, and people, focused on the Electric Vehicle ( ) segment, completed technological partnerships and strategic acquisitions, and became India's largest EV component supplier. Amit Dixit, Head of Blackstone Private Equity in Asia, said, ""Blackstone is blessed to have been part of the Sona Comstar journey for the past five years. Sunjay Kapur has been a terrific partner to us and minority shareholders. The management team led by Vivek Vikram Singh has done an outstanding job in building one of India's largest electric vehicle component suppliers. The company's strategy is well set with a strong order book and business development function, its focus on innovation and new technology, and building on its excellent engineering capabilities. It will continue to be a leader in its segment and is well-placed to play an important role in the global transition to greener and safer mobility. We will always be a supporter and seek to collaborate and partner with the company going forward as we continue to evaluate investments in the energy transition theme."" Sunjay Kapur, Promoter and Non-Executive Chairman of Sona Comstar, said, ""I am glad to have partnered with Blackstone and very happy that this has been a successful investment for them. They helped recruit global experts to the company’s board and enabled the company to go public last year with their capital markets expertise. Moving forward, our focus remains on providing innovative products and solutions to our customers and creating value for all our stakeholders. We are delighted to welcome new marquee investors who are aligned with our mission and in the prospect of long-term"
"and solutions to our customers and creating value for all our stakeholders. We are delighted to welcome new marquee investors who are aligned with our mission and in the prospect of long-term shareholder wealth creation. I have complete faith in our management team which is dedicated to driving our business forward. We thank Blackstone for their support in our journey so far and look forward to continuing to work with all our investors to achieve our goals."" Vivek Vikram Singh, MD & Group CEO of Sona Comstar, said, ""We thank Blackstone for their support and guidance over the last five years. As we move forward, we remain committed to our strategic priorities and are confident in our ability to continue delivering value for all our stakeholders. With twin megatrends of electrification and automation in the automotive industry, we are well-positioned to capture growth opportunities by remaining focused on our core values. We have a strong team in place, and we will continue to drive our business forward with the same dedication, focus, and energy that has characterized our journey so far."" Ganesh Mani, Managing Director at Blackstone Private Equity, said, ""We wish to thank the management team and Sunjay for the value creation and partnership. The company has strong financial metrics making it the only company in the Indian public large-and-mid-cap universe with 20%+ metrics across revenue growth, EBITDA margin, and RoE consistently in the last five years. We are confident that the company will continue to enjoy success and wish them the very best."""
"Western curbs on Russian oil products redraw global shipping map Global fuel suppliers are turning to longer and costlier routes that produce more carbon emissions to move their diesel and other products as Western restrictions on Russian cargoes have reshuffled global energy shipping patterns. As a result of the ban on Russian fuel that started on Feb. 5, tankers carrying clean oil products such as gasoline, diesel, jet fuel and naphtha are travelling between 16 and 18 days to bring Russian supplies to Brazil or U.S. cargoes to Europe, according to two shipping sources. That is up from the four to six days a ship used to travel from Russia to Europe, said the two sources, a broker at a major shipbroking firm and a charterer involved in the Russian trade of naphtha, which is used to make plastics and petrochemicals. The ban comes on top of a halt late last year on Russian crude sales into the bloc as well as Western price caps. Since the start of the ban, the Clean Tanker Index published by the Baltic Exchange, which measures average freight rates for shipping fuels like gasoline and diesel on some of the most common global routes, has more than doubled. The redrawing of the shipping map underscores the knock-on effects of Western efforts to punish Russia over its invasion of Ukraine last year, adding to fuel supply insecurity and pushing up prices even as policymakers worry about and the risk of a global economic downturn. ""Not only are voyages much longer, but vessel behaviour has also changed, keeping vessels from operating in other CPP (clean petroleum product) markets,"" Dylan Simpson, freight analyst at oil analytics firm Vortexa, wrote in a March 31 note. Russian cargoes of fuel are heading to far-flung buyers in Brazil, Turkey, Nigeria, and Morocco as Moscow compensates for the lost European business, while Europe is importing more fuels such as diesel from Asia and the Middle East, according to shipping data from Refinitiv and Kpler. Asian cargoes, in turn, are being displaced by Russian fuels in Africa and the eastern Mediterranean, and redirected to the blending hub of Singapore for temporary storage, two northeast Asian refinery sources said. European importers whose naphtha cargoes travelled from Russian ports to Antwerp in four days before Russia's invasion of Ukraine now must wait 18 days for alternative supplies from the United States, the shipbroking source said. The U.S. is also emerging as a top supplier of heavy naphtha to Europe amid the EU ban, while the Group of Seven Nations, EU and Australia have capped Russian naphtha prices at USD 45 a barrel and diesel and gasoline at USD 100 a barrel for trades that use Western ships and insurance. Meanwhile, Brazil, traditionally a U.S. naphtha importer, is boosting purchases from Russia at more attractive prices. However, the journey from Russia to Brazil can take 18 days or longer and, at up to USD 7 million per voyage, the costs are nearly double that of a U.S. shipment, the ship"
"at more attractive prices. However, the journey from Russia to Brazil can take 18 days or longer and, at up to USD 7 million per voyage, the costs are nearly double that of a U.S. shipment, the ship charterer involved in the Russian market said. Brazil received around 240,000 tonnes of Russian diesel and gasoil in the first three weeks of March, accounting for a quarter of Brazilian imports, up from Russia's 12% share in February and less than 1% last year, said Benedict George, head of diesel pricing with energy and commodity data provider Argus. ""Until February, Europe had remained Russia's primary market for refined product exports; however, in the space of a month, a major pivot has been observed,"" tanker broker E A Gibson said in a recent report. LONGER DISTANCES, MORE POLLUTION Measured in terms of cargo miles, which multiplies the cargo quantity in metric tonnes by the distance travelled in nautical miles, the amount of product shipments to Brazil in March rose to 3.07 billion metric tonne-nautical miles (MT-NM) from 941 million MT-NM in November, according to data from valuation company VesselsValue. Shipments from Russia to Nigeria rose to 1.88 billion MT-NM in March from zero in November, VesselsValue estimates showed. Clean product cargoes to Saudi Arabia in March jumped to 1.75 billion MT-NM from 31 million MT-NM in November, while shipments to the United Arab Emirates were 4.43 billion MT-NM in March, up from 2.85 billion MT-NM in November, the data showed. Also in March, Russian clean products shipped to Togo reached 973 million MT-NM, up from zero in November. In volume terms, Brazilian imports of oil products from Russia were about 284,000 metric tonnes in February, up from 73,300 tonnes in September, VesselsValue data showed. Conversely, Russian exports to the Netherlands dropped to 238,200 tonnes in February from 1.15 million tonnes in September. Those longer distances are being done at higher costs for Russian products than for typical shipments from Europe. According to market estimates, freight rates for the UK/European continent to West Africa are quoted at USD 55.77 per tonne for a product tanker with a standard 37,000-tonne load. This compares with an indicative rate of USD 174.24 per tonne for shipments from Russia's Baltic ports to Nigeria, USD 103.84 for Morocco and around USD 150 to Egypt. With ships travelling further, that is also likely translating into greater emissions from smokestacks. Based on pre-pandemic data, a 10% increase in mileage for all tankers travelling to and from the European economic area would increase their emissions by around 1.5 million tonnes of carbon dioxide, equal to the emissions of around 750,000 cars per year in Europe, said Valentin Simon, data analyst with the Transport & think tank in Brussels."
"Musk ignores govt calls as India Tesla team moves to other markets New Delhi, While Union Ministers keep on making a beeline to Tesla CEO to come and manufacture electric cars in India, he is more interested in his $44 billion Twitter acquisition rather than paying attention to what the Indian government has been reiterating now for months. His utter disinterest in responding to several requests made by the Indian government, especially by Union Road Transport and Highways Minister , comes in the wake of reports that the team he hired in India last year has now been diverted to focus on the Middle-East and the larger Asia-Pacific markets. Nishant Prasad, in charge of establishing Tesla's supercharger network in India, has updated his LinkedIn profile to Charging Operations Lead-APAC. Manoj Khurana, who was Tesla India's first recruit, responsible for public policy and business development, relocated to California last month to take up a product role. The move by the Musk-led Tesla appears to be a retaliation as the Indian government has not accepted the demand by Musk to reduce import duties on Tesla vehicles. From Telangana Minister for Industries, KT Rama Rao, to Maharashtra Minister and state NCP President Jayant Patil, several Indian leaders have made repeated appeals to Musk to bring Tesla to India but to no avail. During the 'Raisina Dialogue 2022' last month, Gadkari said that if Musk wants to manufacture in China and sell Tesla cars here, ""it cannot be a good proposition for India"". ""Our request to him is to come to India and manufacture here. We have no problems. The vendors are available, we offer all kinds of technology and because of that, Musk can reduce the cost. ""India is a huge market and offers good export opportunities too. Musk can export Tesla cars from India,"" he told the audience. Reiterating his stand on Tesla manufacturing in India, the minister said earlier this month that if Musk comes to the country and makes Tesla cars here, that will also benefit the electric car-maker. Earlier in February, Gadkari had said that Musk has to manufacture in India first in order to roll out Tesla cars on the roads. Asked about Tesla's demand to cut customs duties on electric cars, Gadkari said that the country cannot appease one automobile company. Musk had tweeted that he faced challenges from the government for releasing its products in India. ""Tesla isn't in India yet due to ""Challenges with the government"", he posted. Currently, India levies 100 per cent tax on the imported cars of price more than $40,000 (Rs 30 lakh), inclusive of insurance and shipping expenses, and cars less than $40,000 are subject to 60 per cent import tax. With a $40,000 (over Rs 30 lakh) price tag, Tesla Model 3 may remain as an affordable model in the US but with import duties, it would become unaffordable in the with an expected price tag of around Rs 60 lakh. Musk has said that he wants to launch cars in India but the country's import duties on EVs are"
"with import duties, it would become unaffordable in the with an expected price tag of around Rs 60 lakh. Musk has said that he wants to launch cars in India but the country's import duties on EVs are ""highest in the world by far""."
"Hyundai Motor India appoints Amitabh Lal Das as new chief legal officer and business head ( ) has appointed as the new & Business Head, demonstrating the company's commitment to innovation, operational excellence, and continuous growth as it gears up for its next expansion phase. Unsoo Kim, Managing Director of HMIL, congratulated Amitabh Lal Das stating, ""We are happy to welcome Mr. Amitabh Lal Das to our leadership team as the Chief Legal Officer & Business Head. His expertise, strategic acumen, and track record in navigating complex challenges will add immense value to HMIL. As we continue to grow and evolve, I am confident his contributions will go a long way in supporting our vision and upholding our values."" Experience and educational background Amitabh Lal Das brings significant experience in legal and allied domains. He earned his bachelor’s degree in arts (honours) in 1990 and completed his bachelor’s degree in law from the University of Delhi in 1995. He also holds an international certificate in enterprise risk management from the IRM, UK. In his preceding roles, Amitabh Lal Das served as the senior legal director & general counsel at Yahoo India Private Limited. He was also associated with Max Life Insurance Company Limited. As the Chief Legal Officer & Business Head at HMIL, he will be responsible for overseeing legal, compliance, and secretarial functions. He will report directly to Unsoo Kim, Managing Director of HMIL."
"Geopolitical conflict to keep oil prices up, CAD under stress: Govt to Parliament The government informed Parliament on Wednesday that as the geopolitical conflict persists keeping global commodity prices, including crude elevated, the ( ) of net commodity importers including India, continues to remain under stress. The current account in the Balance of Payments changed from a surplus of 0.9%of GDP in 2020-21 to a deficit of 1.2% in 2021- 22 on the back of rising economic activity in India as the nation completed its economic recovery from the pandemic induced contraction of GDP. The CAD was also a result of rising global commodity prices caused by disruption in supply chains the world over, initially triggered by lockdowns imposed to fight the pandemic and subsequently by the Russia-Ukraine conflict, the commerce and industry ministry said. Auto exit Minister of state for commerce and industry Som Parkash told Lok Sabha that Harley Davidson, Ford India, and General Motors (GM) have, during the past five years, ceased manufacturing of vehicles in India on account of restructuring of their business operations, business planning and decline in domestic sales. “Exit may be related to possible operational reasons and does not in any way reflect the story of the Indian automobile sector or business environment in India,” he said. During their operations in India, the cumulative investment made by these companies is Rs 31,060 crore. India’s automotive growth story is alive and growing both in domestic and export markets, Parkash said, adding that a churn in the market is a natural outcome of healthy competition and reflects relative competitiveness of companies as well as technological evolution to electric vehicles. Chinese product ban Commerce and industry minister Piyush Goyal told Parliament that India has not imposed any country-specific ban on imports. India and China, are both members of the WTO, and any trade restriction imposed must be WTO compliant,” he said in a written reply in the Lok Sabha, adding that India has not imposed any country specific ban on imports. However, as per the import policy of the government, all goods imported into India are subject to domestic laws, rules, orders, regulations, technical specifications, environment and safety norms that are notified from time to time and Government takes appropriate action including ban on goods if these are found to violate these regulations or have implications for national security. Currently, 61 Anti-dumping measures and 4 countervailing duty measures are in force on Chinese products, he said. Loan scheme The Niryat Rin Vikas Yojan (NIRVIK) is being re-examined in view of the changed market situation with the idea of coming up with an improved scheme to provide enhanced cover for small exporters within the existing Whole Turnover - Export Credit Insurance for Banks, Lok Sabha was told. Startups As on June 30, 2022, 14,311 startups have been on-boarded on the Government"
"for small exporters within the existing Whole Turnover - Export Credit Insurance for Banks, Lok Sabha was told. Startups As on June 30, 2022, 14,311 startups have been on-boarded on the Government eMarketplace (GeM) with 1,40,530 orders from public entities, totaling over Rs 8,040 crore. A total of 72,993 startups are recognized by DPIIT, of which 34,473 (48%) recognised startups belong to metropolitan cities of Delhi, Mumbai, Kolkata, Chennai, Hyderabad, Bengaluru, Pune and Ahmedabad. More than 3,300 DPIIT recognised Startups are working in climate action sectors providing solutions through renewable energy and green technology."
"CARS24 may enter the new car business as it looks to become profitable in 12-18 months New Delhi: One of the latest unicorns, , is now thinking of entering the new car business. CARS24 entered the used car market nine years back with the aim of organising the largely unorganised used car market and since then, it has expanded to become a financier for used cars by acquiring an NBFC licence besides also expanding its overall bouquet of services to include many aspects of used car purchase. Now, it is eyeing a foray into brand new cars. , Co-Founder, told ETAuto that a lot of CARS24 customers want to buy new cars and the company has begun some pilot studies before venturing into the new cars business. “That is an interesting question. A lot of customers who are selling cars to us are in need of buying new cars. It is in our interest to get into that business. We are doing some pilots over there….as and when it is ready to be launched we will speak about it…in the new car journey, what is the first thing that you do? You want to know what cars are getting launched, what is the price of the car, what are the reviews about that car…we are providing all this information to customers to select a car of their choice. Idea is that once you come to the CARS24 app, anything to do with the car you will find here.” We should enter the new car business in a few months, he said. The foray into new cars will require tie ups with OEMs but CARS24 is still evaluating whether it will become a dealer in new cars or an intermediary in the sale process of new cars. “We have a customer base, we know the car they are looking for. OEMs already have dealerships for selling cars. We could become a bridge between OEMs and dealers. OEMs have a sales target. Dealers want footfalls. We can tie up with OEMs to promote the car they are looking to sell and give the information to customers for cars they are looking to buy. We will be able to give information and insights…we have large traffic coming to us, we have customer engagement…OEMs do not have all these insights,” Jangid said. Organising the market: The market for used cars is worth about USD 25 billion and has been growing at a cumulative annual growth rate of 15-20%. Jangid said in the next decade, the market will grow four times to reach the USD 100 billion mark. CARS24 has just about 6% share of the market and may have another 10-12%, he said, leaving a large portion of the used car market in the unorganised sector. Reducing burn: Jangid says CARS24 should become profitable in the next 12-18 months and annual revenues are already topping a billion dollars. While the company did not share the financial details for 2023-24, revenue from operations grew by 8% year-on-year in FY23 at INR 5535 crore and EBIDTA margin improved to minus 6% from minus 19%. Profit Before Tax stood at minus INR 468 crore against minus 1093 crore in FY22. Gross margins were up by 11% last fiscal against a growth of 3% in FY22. Jangid said that the"
"minus 6% from minus 19%. Profit Before Tax stood at minus INR 468 crore against minus 1093 crore in FY22. Gross margins were up by 11% last fiscal against a growth of 3% in FY22. Jangid said that the company has been “reducing cash burn year on year” and profitability was a milestone. He said that after the last round of funding, in 2022, the company was valued at USD 3.3 billion and no fresh funding was being sought. “We have enough money for the next five years”. Superb app: CARS24 has launched a new application, which it says is designed to meet every car-related need of customers as well as of those visitors who merely want to use various services without actually buying a used car on the platform. Orbit, a car management feature within this app, provides real time car valuation, helps with payment of e-challans, hire a driver, track PUC (pollution control) status, insurance and servicing history etc. Already, CARS24 has an to finance the used car purchase on its platform and Jangid says 55-60% of the cars bought here are financed against just about 20% penetration of vehicle finance in the overall used car market."
"Passenger vehicle sales may have hit new record in October Automakers are said to have clocked among their best-ever monthly retail sales in October, outpacing dispatches for the first time this year, as consumers drove home their dream vehicles amid festive fervor after muted celebrations in the past two years on account of the pandemic. Senior industry executives and dealers told ET as many as 375,000-385,000 cars, sedans and utility vehicles were sold to customers, which brought down inventory in the channel by 25% this month. Retail sales of passenger vehicles (PV) had peaked at 382,000 units in December 2018, compared with 370,416 and 370,300 units in October 2020 and December 2019, respectively. Automakers saw robust demand for new models, especially SUVs such as the Brezza and Grand , Hyundai Creta, Tata Punch, and Mahindra Scorpio. With the industry sitting on orders of 800,000-850,000 units, retail sales are expected to be robust in the remaining part of the year, with increased component supplies helping automakers to step up production. ""This has been among the best-ever festive months for the industry,"" said Shashank Srivastava, senior executive director, marketing and sales, Maruti Suzuki, India's biggest carmaker. The company saw retail sales go up by 44% to 192,000 units in the 31-day period starting Navratri. Deliveries would have been higher if not for the shortage of semiconductors, which continues to have some impact on production. Maruti Suzuki has pending orders for 412,000 units at the end of September 2022, with nearly a third of these for SUVs Brezza and Grand Vitara. Kia Motor India, which saw a 45% increase in sales in the month, also has pending orders. The South Korean auto major delivered about 25,000 units this festive season, according to sources. Meanwhile, - which has been riding high on the success of SUVs Punch, Nexon and Harrier - registered retail growth of 43% in the festive period from last year. ""We are delighted with the growth this festive season,"" said Shailesh Chandra, managing director of Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility. ""Demand has been well supported this year with a significant ramp up in supply."" Two-wheeler makers, too, saw improved sales across urban, semi-urban and rural markets, especially at the entry level where demand has been depressed for nearly three years due to a rise in acquisition, insurance, and running costs since the transition to BS-VI emission standards. The country's largest two-wheeler maker saw retail sales go up by 20% over the corresponding festive period of FY22, led by high demand across key states such as Maharashtra, Gujarat, Rajasthan, Uttar Pradesh, Bihar, Jharkhand and Karnataka. ""A positive turnaround in customer sentiment in the just concluded 32-day festive period, starting from the first day of Navratras till the day after Bhai Duj, has also enabled the company to register a significant gain in its market share,"" the company"
"concluded 32-day festive period, starting from the first day of Navratras till the day after Bhai Duj, has also enabled the company to register a significant gain in its market share,"" the company said."
"Used car startups seek new routes as revenue tanks New-age used-car platforms such as , , and Tech have increased efforts on generating revenue from ancillary sources such as auto financing, insurance and classifieds, after witnessing a palpable slowdown in growth last fiscal year. According to people tracking the sector, these firms faced the slowdown as the “growth-at-all-costs” push by venture-backed companies took a backseat and they started focusing on improving unit economics by controlling expenses. Tweaking of business models continued into the current fiscal 2024 as well. While SoftBank-backed Cars24 has decided to focus on its existing retail markets by slowing down on B2C expansion, it has increased the attention to value-added services like financing and insurance. The people said the company is also chalking up plans to introduce other services such as car servicing with an aim to build an ecosystem for owners and potential buyers of used vehicles. On Wednesday, the company announced its entry into car scrapping, which it launched initially in the National Capital Region and plans to expand to other cities. Tiger Global-financed Spinny shut down its standalone portals for premium car sales and budget vehicles, laying off around 300 people in the process. CarDekho also closed its retail used-car sales and customer-to-business (C2B) segments, and said it would put more focus on classifieds and insurance verticals. The company said it was able to record 46% growth in revenue during FY23 on the back of strong performance at its insurance unit, InsuranceDekho, and fintech platform for car financing, Rupyy. The company exited the C2B segment citing “inviable unit economics”. Listed used car sales platform CarTrade Tech — which acquired classifieds portal OLX from Prosus earlier this year — also shut down the C2B vertical of the firm, as it planned an increased push on the classifieds business. In the C2B business, a platform facilitates purchase of cars by used-car dealers from individuals selling, while in B2C, the company operates as a marketplace for purchase of cars by end consumers. A senior executive at a used-car sales company said the C2B part in used-car sales is heavily dependent on driving operational efficiencies. “C2B business is a very execution-intensive segment…the margins are very thin and if there are any leakages, it becomes unsustainable. If you’re selling 100 cars of which 80 are at a profit and 20 are at loss…that loss from 20 cars will eat away the margin from the 80 cars,” he said, explaining the rationale behind companies going slow on this segment. “It’s about how efficiently you’re able to run and that’s not something everyone has managed to do,” he said. Startups in slow lane Analysts said the slowdown for the new-age companies in the space was primarily caused by their pulling back on spending, and it happened even as the broader market for used cars continued to expand in India. According to industry sources,"
"companies in the space was primarily caused by their pulling back on spending, and it happened even as the broader market for used cars continued to expand in India. According to industry sources, used-car sales rose 27% in FY23 to 5.45 million units. Sales of new cars also rose 27% last fiscal year, as per data released by the Society of Indian Automobile Manufacturers, but the volume was lower at 3.89 million units. “Following Covid-19, there was a pent-up demand emerging from people wanting to purchase personal vehicles,” said VG Ramakrishnan, managing partner and automotive lead at management consultancy firm Avanteum Advisors. With supply chain issues restricting new car dispatches, this demand was met by the used car market, he added. “The fact that new cars are being sold means that there will be a growing market for used cars going ahead,” he said. Meanwhile, following the cut in spending, the new-age platforms found it difficult to expand into new markets in the used-car sales segment, which is still largely unorganised, one of the people cited earlier said. “In 2020 and 2021, the growth was happening on the back of heavy spending into marketing, advertising as well as expansion into newer markets…and this was largely a function of easily available capital. That is not the case anymore,” another Delhi-based investor in mobility firms said. “But there’s still a large room to grow … that will happen over time as consumer behaviour changes,” this investor added. Priorities change Speaking to ET, the founder of a unicorn used-car startup said the overall market was buoyant but a change in the investment scenario for startups meant that priorities for them changed. “I would not say the market has shrunk…it has been doing decently well. But there was a sudden change for all of us in the business and how we approached things. Everybody had to take the tough call that there is a need to prioritise controlling costs in order to maximise the runway and delay a next round of funding. At least for the first six months of FY23 that was the case,” the founder said, asking not to be named. “It is difficult to fight that battle along with recording high growth levels. Sometimes you need to slow down a bit in order to grow faster later,” he added. During the year ended March 2023, Cars24 saw an on-year increase of 7.7% in its operating revenue to Rs 5,535 crore. In comparison, its FY22 revenue had grown 87%. However, the company’s loss reduced significantly. In FY23, Cars24’s loss came in at Rs 467.8 crore, compared with Rs 1,093.1 crore in FY22, excluding a one-time gain of Rs 850 crore recorded in FY22. At Gurgaon-based Spinny, which started calculating cash-and-carry sales in its revenue accounting instead of only commissions earned on sales through the marketplace, revenue increased to Rs 3,262 crore in FY23 from Rs 109 crore in FY22. CarDekho saw its revenue from operations expand to Rs 2,331 crore against Rs 1,600 crore in FY22. Its loss widened"
"marketplace, revenue increased to Rs 3,262 crore in FY23 from Rs 109 crore in FY22. CarDekho saw its revenue from operations expand to Rs 2,331 crore against Rs 1,600 crore in FY22. Its loss widened to Rs 562 crore from Rs 535 crore."
"FADA joins with Frost & Sullivan for customer experience study, results in Sept 2024 The Federation of Automobile Dealers Associations ( ), the apex body championing the interests of India's Automobile Retail Sector, has teamed up with , a Growth Pipeline Company to spearhead an ambitious Customer Experience Index (CEI) Study. This project aims to analyse various aspects of the customer journey, encompassing sales, aftersales service and product quality across the passenger vehicle spectrum, the organisations said in a media release. In its maiden year, the comprehensive study will target Passenger Vehicle Category, including Hatchbacks, Sedans, SUVs/MPVs, EVs and Luxury vehicles, utilizing a detailed questionnaire to capture insights from 8,000 participants across 26 cities. This includes seven metropolitan areas, sixteen Tier-2 cities and three Tier-3 locations, ensuring a broad and inclusive data set that spans the diverse Indian landscape, the release added. Manish Raj Singhania, President of FADA, said, ""Launching this study marks a significant milestone in our continuous effort to deeply understand and meet the evolving needs of automobile consumers. FADA remains dedicated to deploying its collective expertise for the betterment of the entire Automobile Industry. Over the past three years, we have conducted the Dealer Satisfaction Survey (DSS) and recently launched a specialized DSS focusing on Finance & Insurance."" ""Now, by incorporating this Customer Experience Index survey, we are broadening our analytical scope to encompass all facets of the Indian automobile ecosystem, thereby providing a comprehensive voice and strategic vision for all stakeholders. Partnering with Frost & Sullivan not only enhances this study’s credibility but also amplifies our commitment to advancing the Industry. The insights garnered from this expansive survey will directly inform and refine OEM strategies, facilitating tailored customer experiences that foster brand loyalty and satisfaction"", Singhania added. Aroop Zutshi, Global Managing Partner & Executive Board Member at Frost & Sullivan, said, “Transformation is imminent. Every organization and every industry needs to be agile to adapt to evolving customer needs to survive. India is poised to witness exponential growth in the automotive industry driven by the rising middle-income and youth population, adoption of electric vehicles, increased investment in the Indian automotive industry and Government policy impetus. The Customer Experience Index by FADA in association with Frost & Sullivan will be a powerful tool for all OEMS and the Dealer fraternity to leverage.” The Customer Experience Index by FADA and Frost & Sullivan is set to redefine industry standards for customer satisfaction and service excellence. The results, which will provide invaluable insights for the entire automotive ecosystem, are eagerly awaited in September 2024."
"ADAS for motorcycles: Spark Minda to launch rider assistance system by 2024 Corporation, the flagship company of Spark Minda, announced in April 2021 its partnership with Israel-based Ride Vision, a rider assistance systems solution company. Under this partnership, Minda would bring Ride Vision's AI-enabled Collision Avoidance Technology (CAT) to India. Now, the company has worked upon a version of the system that's been developed to be more suitable and more affordable for the Indian two-wheeler market. We got in conversation with Suresh D, Group CTO, Spark Minda to learn more about the company's Intelligent Rider Assistance System (iRAS) due to launch by 2024. Suresh D begins by explaining that the project finds its roots in the fact that (according to government data) 65 percent of accidents in India involve two-wheelers. The iRAS will be a pre-warning system for two-wheelers which is an industry-first in the country. However, he adds that the system is currently meant more for two-wheelers used for interstate or cross country travels (which would include premium bikes - 200cc and above). A more affordable version can be worked out with lesser features for smaller bikes. This will be the second phase of the tech's development. The system is being developed jointly with the core platform from Ride Vision and applications by Minda. The iRAS uses cameras on the front and rear, sensors on either side, a speed sensor, GPS antenna and an ECU. It can warn the rider with a forward collision alert, distance keeping alert, blind-spot alert, and dangerous overtake alert. Minda's ADAS for two-wheelers is currently under trials with three OEMS on motorcycles in the 300cc segment and above. Suresh D also tells us that installling the iRAS on a motorcycle would increase the vehicle cost by about 3-4 percent. Besides acting as a warning system to avoid accidents, Suresh D continues, Minda's rider assistance system can also be used for insurance premium calculations, thanks to the digital recording of the ride and incidents on the road. Also Read:"
"Manufacturing sector gets USD 21 billion FDI in FY22 The manufacturing sector attracted foreign direct investments worth USD 21.34 billion in 2021-22, an increase of 76 per cent year-on-year, the said on Thursday. It said the government has implemented several reforms under the policy regime across sectors such as insurance, defence, telecom, financial services, pharmaceuticals, retail trading, and e-commerce. Singapore (27.01 per cent) and the US (17.94 per cent) have emerged as the top two investors during 2021-22 in India. These were followed by (15.98 pet cent), the Netherlands (7.86 per cent) and Switzerland (7.31 per cent). ""FDI equity inflows in the manufacturing sectors have increased by 76 per cent in FY 2021-22 (USD 21.34 billion) compared to previous FY 2020-21 (USD 12.09 billion),"" it added. The ministry said that despite the ongoing pandemic and global developments, India received the ""highest"" annual FDI inflows of USD 84.83 billion in 2021-22. Top five sates receiving highest FDI in 2021-22 are Karnataka (37.55 per cent), (26.26 per cent ), Delhi (13.93 per cent ), (5.10 per cent ) and (4.76 per cent )."
"Huge sanctions are looming for the fuel that powers the world An unprecedented chunk of the global market, the workhorse fuel of the , is just weeks away from being subject to aggressive sanctions. From February 5, the , the G-7 and its allies will attempt to impose a cap on the price of ’s fuel exports — the latest punishment for its invasion of . That will coincide with an EU prohibition on almost all imports of Russian oil products. Similar measures are already in place on the country’s crude shipments, but it is the cap and ban on refined fuels — and in particular diesel — that has some oil-market watchers concerned about the potential for price spikes. Prior to its invasion of Ukraine, Russia was Europe’s largest external supplier of the fuel and the continent has continued to buy in big volumes right up to the cutoff. As a result, the sanctions are likely to see a great rerouting of global diesel flows — aided by Russia’s new crude buyers sending fuel back to Europe. In the short-term, there’s a risk of higher prices. “The loss of Russian barrels is huge and replacing them will be a huge logistical challenge,” said Keshav Lohiya, founder of consultant Oilytics. “But the market is pricing in less panic as markets and trade flows have proven resilient. This will be a new rerouting of diesel.” The European Union will have to replace about 600,000 barrels a day of diesel imports, and Russia will need to find new buyers for those supplies, store the fuel on ships, or cut production at its refineries. Shipments into the EU from the and have already been on the rise as they produce more than they consume, allowing them to export their surfeit. China is also expected to send more of the fuel into its nearby markets, indirectly pushing cargoes from other suppliers toward Europe. “Product flows from net-long regions will intensify as the continent’s embargo on Russian products takes effect February 5th, which we see compounding a tight diesel situation,” Bernstein analysts including Oswald Clint wrote in a note to clients. India’s role in supplying Europe is notable because it has become one of the biggest buyers of discounted Russian crude since the war broke out. A big increase in Indian diesel flows would all-but guarantee that Russian crude was being purchased and refined into diesel in India before being sold back to Europe. Such a trade wouldn’t breach the EU’s rules, but it highlights the inefficiency inherent in the sanctions. Essentially, hydrocarbons will be transported thousands of miles further than would normally be the case — and then back again. There’s also the potential for murkier practices, such as redocumenting cargoes, or sending fuel to refined products storage hubs in other regions to for blending with non-Russian products. So far this winter, the worst predictions of oil scarcity have been averted. Diesel, which months ago was the epicenter of oil-market strength, has softened thanks to unseasonably warm weather and an influx"
"this winter, the worst predictions of oil scarcity have been averted. Diesel, which months ago was the epicenter of oil-market strength, has softened thanks to unseasonably warm weather and an influx into Europe. Crude prices slid after sanctions on Russia appeared to reroute exports, rather than cut them. Among Moscow’s new — or bigger — buyers will be traders in Africa, Latin America and possibly Asia. Europe meanwhile will likely turn to the Middle East, where giant new refineries are ramping up operations. Still, consultant Energy Aspects Ltd. said this week that Russia will only be able to find a home for about a third of its diesel exports and that the rest will have to be shut in. “The products embargo is the tricky one because Russia has really struggled to place its diesel anywhere else other than Europe,” Amrita Sen, the consultant’s chief oil analyst at the Global UAE Energy Forum organized online by Dubai-based Gulf Intelligence. Refining Troubles That’s in the context of a European refining industry that’s getting ready for a seasonal round of maintenance work, and also facing disruption. A threat of renewed strikes in France could shut down some of the nation’s fuelmakers a day after the sanctions on Russia come into effect. Two oil refineries in eastern — previously supplied with piped Russian crude — are having to make less fuel than they normally would because those flows have halted. And lying quietly behind all of that, is a host of logistical and technical issues that could flare up at any moment. Markets for war insurance for ships calling at Russia remain in crisis after key reinsurers withdrew some of their cover, while oil tanker costs have already spiked once in the run up to the implementation of crude sanctions. For now, there’s little immediate sign of panic in . The key question in the coming weeks is whether enough heavy lifting can be done to transform the world’s diesel flows. “The market will always solve it,” said Eugene Lindell head of refined products at consultant FGE. “It’s just how much pain is it going to incur?” Also Read:"
"Battle of Affordable Compact SUVs - Nexon’s Price Against Venue Costs The compact segment in India has seen tremendous growth in recent years. With improved infrastructure and gradual urbanisation, many first-time buyers opt for a practical compact SUV over traditional sedan or hatchback models. Within this competitive space, two proven names continuously battle it out for supremacy - the and . Both have carved a niche for themselves by offering compelling value propositions. But which one comes ahead when their attributes are evaluated side-by-side? Let's analyse their key strengths and weaknesses across various factors to find which brand provides better value for money. The competitors: Tata Nexon and Hyundai Venue The Tata Nexon was one of the earliest movers to establish the homegrown compact SUV segment in India. An appealing exterior design, a long list of features, and respectable driving dynamics helped reinvigorate Tata's brand image and performance in the passenger vehicle market. Hyundai entered the scene with Venue, bringing its proven global SUV development expertise. Though not the inventor of this niche, the Venue was targeted at customers valuing Hyundai's quality, refinement, and premium ownership experience. Nexon's Bold New Look vs. Venue's Sophistication Let's first analyse their exterior designs. The Nexon's latest update has injected a liberal dose of dynamism into its looks. Its matrix-style headlamps, L-shaped LED DRLs, and prominent wheel arches endow it with a great road presence. From any angle, there's no missing the heavily masculinised proportions aimed at enthusiasts. In comparison, the takes a subtler approach focussed more on premiumness than aggression. Its wider parametric grille flanked by arrowhead LEDs gives it a sophisticated mien. Sleek character lines along the profile highlight the attention to detail over brash statements. Subjectively, both succeed in their rights. Specifications Showdown Let's check out what's under the metal now. Engine specifications remain familiar - 1.2Ldiesel mills on both. While identical on paper, tune and chassis differences result in the Nexon feeling slightly more eager to rev. Ride quality proves outstanding from both manufacturers. Safety again goes in Tata's favour, with the lone 5-star G-NCAP rating achieved by Nexon early on. However, in-cabin tech sees Hyundai pulling ahead via features like air purifiers and over-the-air updates fitment even on lower Venue variants. Practicality metrics provide an even assessment, too. Boot capacity remains competitive, with occupants up front and rear finding leg, head and shoulder room sufficient. Ground clearance exceeds basic needs on cityrevs, thanks to a well-mannered AMT. Its 1.5L diesel also exhibits great push with linear power delivery up to the redline. On dynamics, the Nexon translates its meatier outputs to offer a greater handling feel via quick and linear direction changes. Body control also impresses. Ride quality"
"delivery up to the redline. On dynamics, the Nexon translates its meatier outputs to offer a greater handling feel via quick and linear direction changes. Body control also impresses. Ride quality remains plush on both. While neither is meant as a driver's toy, the Nexon edges ahead here. Fuel efficiency The mileage figures as per ARAI tests: ●Nexon Petrol AMT - 17.18kml ●Nexon Diesel MT - 22.40kml Real-world results may vary, but numbers put the Nexon diesel and Venue petrol on par. The Nexon's automated gearbox also squeezes out slightly better mileage. Overall, operating costs stay neck-to-neck despite engine differences. Space, Practicality, and Pricing Both the cars prioritise functionality for family use over outright spiritedness. In terms of cabin room, the Nexon's larger boot (382L vs 350L) makes it marginally more accommodative for long trips. However, it's in pricing where the truly flexes its bargaining power over the Venue. Its base petrol variant undercuts Hyundai's by INR 1 lakh, translating to potential long-term savings on maintenance and insurance costs proportionately. (Disclaimer - The above content is non-editorial. TIL hereby disclaims any and all warranties, expressed or implied, relating to it and does not guarantee, vouch for or necessarily endorse any of the content.)"
"How to reduce premiums during car insurance renewal Lowering your car insurance cost is crucial as it may save you a lot of money in the long run, while still giving you the coverage you need. With an increase in car ownership, the accident rate is also rising along, which is forcing insurance companies to increase . Hence, if you are planning to get a car or have a car already, getting an is mandatory. The insurance can be mandatory third-party insurance or comprehensive insurance coverage. Whatever the type may be, there are a few measures you can take to minimize your premiums. Tips for reducing premiums Here are a few of the simplest and most efficient methods for reducing your auto insurance renewal cost. According to the insurance provider, with each renewal, the insured declared value (IDV) of your car will continue to decline by 10%. In essence, the IDV is the amount your insurance will pay if your car is stolen or badly damaged. Most people would want a high IDV, which has an impact on the cost of the car insurance policy. Low IDV results in a smaller insurance payout at the time of claims and a cheaper premium. A higher IDV indicates a higher premium. You must thus exercise caution when choosing the value during renewal since the appropriate IDV for your vehicle can have an impact on the compensation you get in the case of theft or complete loss. No claim bonus (NCB) is a type of discount given on your car insurance premium for not making a single claim in the previous years. This is a kind of incentive for safe driving and not making insurance claims. One significant factor in lowering the total premium is the NCB. Being cautious while filing a claim is advised because a higher NCB will result in a reduced premium. The NCB varies from 20% to 50% for each consecutive year without a claim. Deductibles A deductible is the sum of money that the policyholder must pay when the claim is settled. There are two different kinds of deductions: Voluntary deductible and Compulsory deductible. The compulsory deductible that the insurer has determined is imposed on each claim. A voluntary deductible is the portion of the total claim amount, excluding the mandatory deductible, that the insured chooses to contribute at the time of claim settlement. By choosing a higher voluntary deductible, you can reduce the insurance company's claim liability. This way, the insurer offers a discount on your car insurance premium. Therefore, you can lower the cost of your renewal premium by opting for a higher voluntary deductible. However, this can result in a decrease in the amount receivable in the event of a claim. Compare and buy online To save on your premium, it's essential to compare various insurances online. You can use the auto insurance premium calculator online to get quotations for any vehicle insurance renewal. Online insurance lowers rates by offering a wide range of options. The progress of technology has made insurance easily accessible online these"
"to get quotations for any vehicle insurance renewal. Online insurance lowers rates by offering a wide range of options. The progress of technology has made insurance easily accessible online these days. When compared to traditional brokers, these online platforms provide customers with significant discounts. Therefore, when it comes to vehicle insurance, to reduce the cost of renewal, look for the most and affordable premiums. Make sure to renew your policy on time: Don't wait until the last minute to renew your . Always be aware of when your policy is set to expire. Some insurance providers offer a buffer period of a certain number of days after your expiration date has passed. But if you wait until after the policy has expired to apply to renew it, you may miss out on benefits like an NCB or other advantages that would have come with renewing earlier. This can impact your premium cost. Fitting an anti-theft device in your vehicle will help lower the likelihood that it will be stolen and make it easier to find it. Installing a government-approved anti-theft device, steering locks, and gear locks can lower insurance premium rates by around 4-6% while also protecting the car from theft or break-ins. Membership in the AAI membership entitles an individual to a premium reduction on insurance. To receive the additional discount and lower your total price, all you have to do is provide the insurance company with your AAI number. Benefits from your AAI membership include drivers on call, worldwide driving permits, and round-the-clock roadside support. The allows a 5% reduction on the own damage portion for a genuine and recognised membership with the Automobile Associations. The discount is available to members of automobile groups such as the Automobile Association of Eastern India and the Automobile Association of South India. Add-ons The add-ons or riders are the extra coverage at an additional premium offered to your insurance by the insurance company. These can comprise consumables covers, bumper-to-bumper covers, roadside assistance covers, key protection covers, etc. The premium for these add-ons is calculated as a percentage of the insured declared value. You can reduce your insurance premium by limiting the amount of add-on coverage and choosing only the coverage that you need. Now that you are aware of the different ways to reduce your car insurance premium, be mindful at the time of your insurance renewal. Make sure you are aware of your policy expiry date and do not forget to compare policies online. You can also opt for other ways in which you can reduce the vehicle insurance premium. (Disclaimer: The above information is for illustration only. For more details, please refer to the policy wordings and prospectus before concluding the sales.) (The above content is non-editorial, and ETAuto hereby disclaims any and all warranties, expressed or implied, relating to it, and does not guarantee, vouch for or necessarily endorse any of the"
"(The above content is non-editorial, and ETAuto hereby disclaims any and all warranties, expressed or implied, relating to it, and does not guarantee, vouch for or necessarily endorse any of the content.)"
"South Korea to complete preparations for Level 4 autonomous car by 2024 will set up safety standards and an insurance system for the launch of Level 4 in the country by next year, the said on Sunday. Land, Infrastructure and Transport Minister Won Hee-ryong also said the government will ""dramatically"" ease regulations involving autonomous cars, at this year's 'CES 2023' in Las Vegas, reports Yonhap news agency. Motional is a 50-50 joint venture set up in 2020 between . and U.S. mobility startup to test fully autonomous vehicles for ride-hailing services. In October, Motional signed a 10-year deal to supply Hyundai's IONIQ 5-based autonomous vehicles to U.S. ride-hailing firm Technologies Inc. Under the deal, Motional began to supply the all-electric driverless robo taxis to Uber from late last year. The IONIQ 5-based robo taxis are currently available for the 15-minute drive between Luxor Hotel and Mandalay Bay Hotel in Las Vegas. Uber plans to operate the Level 4 IONIQ 5 robo taxis for car hailing and delivery services in the United States for the next 10 years and explore opportunities to advance to other markets with robo taxis. At Level 4, a vehicle can drive itself under limited conditions and will not operate if all required conditions are not satisfied. At Level 5, a vehicle's automated driving features can drive under any conditions. Also Read:"
"Pre-budget survey: Aspirations and disappointments of Indian middle class consumers In December last year, Finance minister made a statement that Modi govt's approach to reforms was ""sensitive to the needs of the middle class"". She made that statement with reference to the banking sector reforms, which she said were introduced after keeping the middle class in mind. Examples of this approach cited by the FM included the hike in the bank deposit insurance amount and the SWAMIH scheme. While there is no denying the importance of these schemes in making the middle class' lives incrementally better, the question that still remains is what this economy-wise key section of people really wants. A recent ET Online survey tried to find an answer to this question. The survey of around 2,000 people had two questions that concerned this consumer category. One was ""What has disappointed the middle class the most?"", and the other was ""How can the govt help the middle class save more money?"" Here is a look at what the survey found. As many as 33.6% of those polled think that the lack of jobs is the most disappointing aspect. 28.4% respondents are most disappointed with the poor state of public infrastructure in India. Delay in tax reform is the top deal-breaker for 28.2 per cent of participants. That India doesn't have adequate social safety nets finds takers among around 10 per cent of respondents. According to 38 per cent of respondents, a better social security system is the best way to help the middle class save more money. To over 30 per cent of them, allowing more deductions under Section 80(C) — a recurring hot topic in India during every tax filing season — would be the best course of action. 18.2 per cent participants back lower taxes on petrol & diesel, while 13.1 per cent want the government to raise interest rates for bank savings accounts and fixed deposits. Who in India is middle class? While the historical definition of a middle class person meant anyone who, socio-economically, is between the propertied class and the working class, economists now define middle class in terms of income and consumption indicators. Indicators like car ownership, income, access to social safety nets (job guarantee, pension or healthcare) broadly put this segment at 10 per cent of India's population. But their disproportionate spending power makes them a force to reckon with for the . The government, as per its official reckoning, counts around 30 crore people as middle class consumers. After the first two waves of the pandemic, however, economists estimate this number to have fallen by roughly a third. As a huge number among them were forced to fall back on their savings, many who had graduated to the middle class over time eventually fell out of that category. Why this section is crucial The upper segment of the Indian middle class accounts for the majority of demand — both urban and rural — in the country. In a country where consumption constitutes three-fifths of"
"section is crucial The upper segment of the Indian middle class accounts for the majority of demand — both urban and rural — in the country. In a country where consumption constitutes three-fifths of GDP, the economy has historically relied heavily on spending by middle class consumers. Various common estimates define the upper middle class as people living on $6-10 per person per day. Revival of near-term consumption demand in India will majorly depend on the top fifth of the middle class, according to an UBS Securities India report released towards the end of last year. Historically, the uppermost 20 per cent of this segment has been the prime mover behind as much as 59 per cent of the discretionary spending in rural India. In urban India this goes even higher — a whopping 66 per cent. More than half of this important consumer class largely saw income continuity all through the pandemic, data from various sources shows. According to economists, given the rising improvement in demand for vehicles, property, personal care and consumer durables, etc., these consumers are all set to become a critical driver of the economy in the near term. Also Read:"
"No problem in Tesla producing EVs in India but must not import vehicles from China: Gadkari New Delhi, Union minister on Tuesday said if the US-based Tesla is ready to manufacture its in India then there is 'no problem' but the company must not import cars from China. In an interactive session at the Raisina Dialogue, Gadkari further said India is a large market and there is a huge potential for all electric vehicles. ""If (Tesla CEO) is ready to manufacture in India then there is no problem ... Come to India, start manufacturing, India is a large market they can export from India,"" he said. The road transport and highways minister said his request to Musk is to come and manufacture in India. ""But if he wants to manufacture in China and sell in India, then it cannot be a good proposition for India,"" Gadkari said. Last year, the heavy industries ministry had also asked Tesla to first start manufacturing its iconic electric vehicles in India before any tax concessions can be considered. At present, cars imported as completely built units (CBUs) attract customs duty ranging from 60-100 per cent, depending on engine size and cost, insurance and freight (CIF) value less or above USD 40,000. Last year, in a letter to the road ministry, the US firm had stated that the effective import tariff of 110 per cent on vehicles with customs value above USD 40,000 is ""prohibitive"" to zero-emission vehicles. It had requested the government to standardize the tariff on electric cars to 40 per cent irrespective of the customs value, and withdraw the social welfare surcharge of 10 per cent on electric cars. It had stated that these changes would boost the development of the Indian EV ecosystem and the company will make significant direct in sales, service, and charging infrastructure; and significantly increase procurement from India for its global operations. The company had argued that these proposals would not have any negative impact on the Indian automotive market as no Indian OEM currently produces a car (EV or ICE) with ex-factory price above USD 40,000 (around Rs 30.6 lakh) and only 1-2 per cent of cars sold in India (EV or ICE) have ex-factory/customs value above USD 40,000."
"Toyota rolls out first battery electric car in cautious debut as rivals go full-throttle rolls out its first mass-produced battery electric car in Japan on Thursday for lease only, a strategy the automaker says will help ease driver concerns about battery life and resale value but has raised analysts' eyebrows. Gasoline-electric hybrid models remain far more popular in 's home market than (EVs), which accounted for just 1% of the passenger cars sold in Japan last year, according to industry data. Still, the market is growing fast and foreign automakers including Tesla Inc are making visible inroads on the streets of cities such as Tokyo. Bundling insurance, repair costs and a battery warranty into the deal, Toyota will lease the bZ4X sport utility vehicles (SUV) at the equivalent of $39,000 for the first four years. Cancelling in the first 48 months will mean an additional fee. While EV acceptance has been slow in Japan, that will change, and Toyota could risk losing market share by focusing on a model of leasing rather than purchasing, said CLSA analyst Christopher Richter. ""Anything you are doing that's making it harder to buy is maybe not a good thing,"" he said. ""It's a strategy I am not that fond of. It does signal that Toyota is taking the home market a little bit for granted."" Toyota said in December it would commit 8 trillion yen ($62 billion) to electrify its cars by 2030. Toyota aims to lease 5,000 of the SUVs in the current financial year - around the same amount of EVs that analysts estimate Tesla sold in Japan last year. The automaker plans to start selling the bZ4X in other markets later this year, and pre-orders have already started in some European countries. Toyota has not decided when it will start selling the cars in Japan, a spokesperson said. 'DISPEL ANXIETY' EVs became popular in Europe through lease programmes offered by employers and Toyota may be trying a similar tack to popularise electric cars, said Seiji Sugiura, a senior analyst at Tokai Tokyo Research Institute. First-time customers are concerned about battery life and the potential fall in the trade-in value over time, said Shinya Kotera, president of KINTO, the Toyota unit offering the leases. ""It's our role to dispel anxiety"" toward EVs, he said. Imports of battery EVs jumped almost three times to a record 8,610 vehicles in 2021, according to industry data. Analysts estimate roughly 60% of those were Teslas. Still, Japanese automakers remain cautious about switching into the all-electric lane. Toyota pioneered the hybrid more than two decades ago and retains big ambitions for both hybrids and hydrogen-powered vehicles, even as it is investing more to boost its battery EV line-up. Rival Nissan Motor Co pioneered mass-market EVs with the Leaf in 2010 but will launch only its second battery EV model, the Ariya SUV, also on Thursday. The Ariya will be sold for the equivalent of $41,500, not including a government subsidy. Honda Motor Co in April laid out a target to"
"its second battery EV model, the Ariya SUV, also on Thursday. The Ariya will be sold for the equivalent of $41,500, not including a government subsidy. Honda Motor Co in April laid out a target to roll out 30 electric vehicle models globally by 2030."
"Maruti Suzuki Subscribe partners with Quiklyz by Mahindra Finance New Delhi: has partnered with by for its Subscribe programme and extended the programme to the Kolkata market. MSIL has three other partners for the programme: , , and . It also provides the customers with an added option of choosing either white or black registration plates, thus offering further flexibility to the car ownership experience, the company said in a media release on Thursday. Launched in July 2020, is a programme where a customer can own a car without buying it. The programme allows the customer to opt from a range of Maruti vehicles, with multiple tenure options, for an all-inclusive fixed monthly rental, the release said. This monthly rental includes the vehicle usage charges, registration charges, maintenance, insurance, and other common services related to vehicle usage. Once the tenure is over, the customer has an option to switch over to a new car or avail the option of purchasing the subscribed car. The service also offers the customers the option of foreclosing the subscription any time, the release added. Shashank Srivastava, senior executive director, marketing and sales, MSIL, said, “The car subscription is a relatively new concept for the customers in India. In less than two years of its launch, we have received a phenomenal customer response for Maruti Suzuki Subscribe with nearly 1,00,000 enquiries. The Subscription programme allows the customer to select from a bouquet of vehicle options, as per their requirements. We have been constantly upgrading our Subscribe programme services with the learnings and feedback from our customers. This has encouraged us to expand Maruti Suzuki Subscribe to new markets like Kolkata and partner with Quiklyz by Mahindra Finance. Through this new partnership and expansion, we look forward to serving our customers with more ease and convenience.`` Turra Mohammed, SVP and business head, Quiklyz, said, “Car subscription is gaining pace as customers’ ownership preference is changing across all segments, including individual, professional, SME and corporate. Subscription provides super convenience and unmatched flexibility, something that customers expect and want from their car ownership experience. Therefore, we are excited to partner with Maruti Suzuki to provide unmatched subscription service for the entire range of the Maruti Suzuki portfolio.” Also Read:"
"Automovill opens 10,000 sq ft workshop in Kolkata, plans 10 more across India New Delhi: , a Bengaluru-based full-stack mobility solution provider, opened its latest workshop in on Monday to provide an array of value-added services to the customers in the region. As the landscape of online players in the aftersales ecosystem evolves, Automovill recognizes the importance of establishing centralized hubs in every city. Spanning over 10,000 square feet with 8 bays and state-of-the-art equipment, the Kolkata workshop serves as a model for the company’s future expansion plans, with 10 more workshops planned across India. With a focus on electric vehicle ( ) fleet maintenance and insurance claim facilitation/renewal, the workshop offers charging infrastructure to ensure vehicles are charged while repairs are carried out or awaiting insurance approval. Additionally, it provides a centralized claim handling facility, meeting the demands of businesses in the city. The workshop’s launch aligns with Automovill’s goals of brand building, city-based profitability, attracting new business, and catering to the increasing demand for EV fleets. MriduMahendra Das, co-founder and CEO of Automovill, said, “We are elated to introduce our state-of-the-art workshop in Kolkata, a significant step towards strengthening our presence in the East. While we have established workshops before, this endeavour surpasses anything we’ve undertaken in terms of scale and magnitude. It promises not only increased profitability and additional revenue but also the reinforcement of valuable partnerships with B2B enterprises and insurance claim providers. We are confident that our workshop’s advanced infrastructure and skilled technicians will provide unmatched experiences to our valued customers in Kolkata” Automovill has set ambitious targets following the launch of the workshop. In the first month alone, the company aims to serve over 100 B2C retail customers, handle more than 150 commercial EVs, and provide services to 25 insurance vehicles. With a strong commitment to delivering a comprehensive and high-quality experience, Automovill made a significant investment of over 20 lakhs in establishing the workshop in Kolkata. This investment not only covers the workshop facility but also extends to the provision of washing and detailing services, further enhancing the overall customer experience."
"Tough choices – Race to conquer an uncertain future in automotive industry By Volatility, uncertainty, complexity and ambiguity used to be characteristics that many Western managers associated solely with so-called emerging markets such as India. Dealing with such environments was thought to be fundamentally different from running the well-oiled machine of mature markets. Country managers were met with stunned disbelief when they reported local challenges back to remote headquarters. Today, the world has fundamentally and irrevocably changed. Basic assumptions about how we can do business locally and globally are voided as the global order evaporates in the face of protectionism, supply chain disruptions and wars. Rather than becoming a larger and larger playing field enabling peaceful co-operation and improved living conditions for many, the global fabric has started to rupture. Retrenchment in blocks will limit access to innovation and drive inflation even further. Yet, Covid, the war in the Ukraine and semiconductor shortages are not the only things that keep managers up at night. Take the industry as an example. The industry has seen solid growth over the last 20-plus years. Markets like the EU and North America have seen a CAGR of 3.8% during this time frame, emerging markets like India are even more dynamic with growth rates close to 10%. While a well-oiled logistics industry was taken for granted in the past, the COVID crisis and related supply chain constraints have reiterated to all just how important it is to be able to move goods and people from point A to point B. Considering positive fundamentals and a renewed appreciation, the industry should be feeling positive. Yet, a certain nervousness seems to be pervasive, a feeling of uncertainty that is not only driven by pandemic and geopolitical events, but by a fundamental transformation that is enabled and driven by technology. As can be seen in the figure below, the industry and related sectors face numerous challenges. Changing truck ecosystem On the trucking side, a continued push for sustainable freight transport drives large investments in electrified andday and a price of USD 180,000, it will change the composition of the market and further accelerate the speed of change and volatility of the industry. (Disclaimer: Dr Wilfried Aulbur is a Senior Partner at . Views are personal) Also Read:"
"Court orders EV manufacturer to pay INR 30k to customer over flawed e-bike records A ordered and Ola Experience Centre, Rajajinagar, to pay a Bengalurean a compensation of INR 20,000 for the deficient service it provided him when he purchased an Ola electric bike and pay another INR 10,000 as legal cost within 45 days. Lalit Kumar Tiwari, 31, had approached the 3rd Additional Bengaluru Urban District Consumer Disputes Redressal Commission after the Ola electric bike he was delivered bore a registration number that was different from what was earlier confirmed. The vehicle’s insurance policy and mobile application, due to the mismatch, became unusable as they were linked to the particulars of the earlier promised registration number. Tiwari had booked an Ola S1 Pro Midnight Blue Model and paid the entire purchase price of INR 1,54,000 on May 27, 2023. Almost two weeks later, on June 12, he was informed by the relationship manager at the Ola Experience Centre, Rajajinagar store that his booking had been cancelled in the system and he had to re-register his purchase. Tiwari renewed his booking and his e-bike’s registration number was KA 04 KN 5339. Finally, on July 1, a vehicle without a number plate and a registration number different from the one confirmed was delivered to him, causing him “continuous mental suffering and hardship”. The vehicle’s registration number was KA 04 KN 2970. The insurance policy, effective from June 12, had been issued for the earlier number and was thus void for the delivered e-bike. Since the records of the company showed the vehicle bearing registration number KA 04 KN 2970 was delivered to the complainant, he was not able to use the Ola Electric mobile application (that helps with remote locking and unlocking, trunk access, real-time charging updates, etc.) which was linked to the earlier number. He was also not able to get a plastic registration certificate card because of the number mismatch. Tiwari approached the consumer court with a complaint against Ola Electric Mobility Pvt Ltd, Ola Experience Centre and a relationship manager working at the store, seeking compensation of INR 2.5 lakh plus legal charges. Following the proceedings, the court found the relationship manager had failed to fulfil his promise to fix the number plate a week after the delivery. The court also found that the chassis number of the vehicle delivered, as shown in the records, was different from the number of the bike given to him, making it tough for the complainant to use the vehicle on the road. In its January 20 order, the court also directed Ola to affix the vehicle registration number plate, rectify defects in the records about the subject vehicle, delete the insurance policy in the name of the complainant in respect of vehicle registration number ending ‘5339’, delete complainant’s name in respect of the vehicle ‘5339’ in its records and make sure the Ola mobile app is usable by the complainant."
"Vehicle with no FC and permit; insurer still has to pay compensation: Karnataka High Court The on Monday said that an insurer cannot escape the liability of paying compensation even when the fitness certificate (FC) and permit of a vehicle is not renewed but the insurance policy is in force, reported news agency PTI. The HC overruled the judgement of a lower court which had earlier ordered the owner of the school bus to pay compensation to the family of an accident victim because the school bus did not have fitness certificate and permit on the day of accident. The HC has directed the insurance company to indemnify the school bus owner by paying the entire compensation amount. ""In this case though the insurance policy was in force on the date of accident, the permit and the validity of the fitness certificate had expired,"" the court noted, as per the PTI report. The fitness certificate was obtained after the accident. The HC said that the insurance company ""would not have issued the policy unless fitness certificate was in force and it appears that the fitness certificate expired after the issuance of the policy."" As for the permit, the court pointed out that when the permit is applied for after the existing one has expired, ""temporary permit is issued for the interregnum period, and it has nothing to do with renewal."" The HC said that ""it should be deemed that on the day when the accident took place, the permit was in force,"" adding that the ""insurance company cannot disown its responsibility to indemnify the liability of the appellant."" Syed Wali was riding a motorcycle with another person Mohammed Shali on the pillion on September 28, 2015 when the two-wheeler was involved in the accident with the school bus. Wali died instantly. Wali's wife Banu Begum and children Malan Begum and Moula Husen filed claims for compensation. The insurance company, The , claimed that the school bus did not have (a) fitness certificate and its permit was not in force even though the insurance policy was in force. The II Additional District and Sessions Judge in 2015 accepted the contention of the insurance company. It awarded a compensation of Rs 6,18,000 to the family members of Wali and ordered the owner of the school bus, Dr. Narasimulu Nandini Memorial Education Trust, Raichur, to pay for it. The Trust approached the High Court with an appeal challenging it. The appeal filed in 2016 was disposed by the division bench of Justice Sreenivas Harish Kumar and Justice S Rachaiah recently. This amount is now to be indemnified by the insurance company to the Trust as per the HC order. (With inputs from PTI)"
"Indian refiners may buy Russian fuel, export own Some Indian refiners are planning to import n diesel and other refined products for domestic consumption so they can free up locally produced fuels for export to the West, which has nearly stopped taking refined products from Russia, according to people familiar with the matter. The has banned the import of refined petroleum products from Russia, including petrol, diesel and jet fuel, from February 5. The European Union, along with G-7 countries, has also placed price caps on Russian refined products. Russia has already become the top supplier of crude to , accounting for 28% of India's crude imports, up from less than 1% in 2021. India's imports of Russian refined products have also risen to record levels in recent months, though mostly limited to fuel oil. They may soon expand to petrol and diesel. ""Our people are exploring if we can source cheaper products from Russia,"" said a top executive at an Indian refiner. ""If India can import so much crude, it can, of course, import products as well. But imports of products must make commercial sense. We are in the business to make money."" The executive added that the decision would be based on the discount, as well as the cost of insurance and freight. ""Actual prices being quoted in the market are sometimes very different from the published information on prices and cracks. So, we will have to take a call based on what is being offered in the market,"" he said. India also taxes exports of diesel, petrol, and jet fuel but still leaves refiners with decent margins. Imports of Russian refined products could help meet rising domestic demand while allowing Indian refiners to export some of their own output, mainly to Europe, which has blocked imports from its biggest supplier, Russia. The Russian imports could also help build a domestic inventory of petrol and diesel, which could be drawn down during the planned maintenance shutdowns of domestic refineries later this year. ""There is a possibility that India could look to import the discounted Russian diesel barrels. But Africa, the Middle East and to a certain extent South America, could also be potential markets vying for these discounted barrels as well,"" said Serena Huang, analyst at energy cargo tracker . India has been a net exporter of refined products for years and has shifted its exports away from Southeast Asia since the middle of last year towards the western markets, where realisations were better. Russian oil makes up nearly a quarter of crude processed in India now. This has triggered criticism in the western press that Indian refiners were defeating the purpose of sanctions by supplying products processed from Russian crude to the US and Europe. The criticism will likely get harsher if Indian refiners choose to bring Russian products for domestic consumption and increase the export of domestic output to the West. Also Read:"
"CarTrade Tech launches CarTrade Ventures for strategic acquisitions and investments Ltd., a leading , has launched CarTrade Ventures to invest up to INR 750 crore in 5 to 7 years to strategically acquire and invest in companies in the automotive space. The objective is to enter a new market or segment, or bring new products and technologies to the existing customers, the company said. The group is looking at innovative companies in the auto finance, leasing, insurance, servicing, car ownership, electric vehicles, , and new-age technologies such as augmented reality, artificial intelligence, and visualization to digitalize the auto buying journey. Besides capital, CarTrade Ventures will bring unique value to the companies through synergies with group companies and access to customers and technology and help them scale rapidly. Over the past few years, CarTrade Tech has acquired and integrated , a leader in the online new and used car space, Shriram Automall (SAMIL), a leader in the space, , a leader in the 2-wheeler online space; and Adroit Auto, a leader in auto inspections and valuations. Vinay Sanghi, founder and chairman, CarTrade Tech Group, said, “We have launched CarTrade Ventures to invest in new-age technologies and to digitalize the buying, selling, and ownership of vehicles, and to be a key enabler in the growth of the auto ecosystem. To facilitate this, we are looking to deploy up to INR 750 crores for acquiring and investing in companies that are driving innovation in the global auto ecosystem, so that we can offer the consumer a great online auto shopping and ownership experience. We have been very successful in growing our business organically and inorganically and are very excited about partnering with entrepreneurs who share the same vision and passion."" Also Read:"
"EV broken? Finding a technician to fix it may take a while A global shortage of technicians and independent repair shops qualified to fix electric vehicles (EV) threatens to increase repair and warranty costs for drivers, potentially undermining upcoming deadlines to cut vehicle carbon emissions. From Milan to Melbourne to Malibu, technician training organizations, warranty providers and repairers say that independent repair shops will be vital for making EVs affordable because they are far cheaper than franchise dealers. Many garage owners balk at training and equipment costs for fixing high-voltage EVs - with 400- and 800-volt systems that could electrocute and kill unwary or untrained technicians in seconds - especially with relatively few EVs on the road. Along with electrocution risks, the risk of EV fires - which are notoriously hard to put out - also has to be taken seriously. Roberto , 60, who owns an independent repair shop in Milan, is reluctant to spend 30,000 euros (USD 32,600) on the needed equipment when EV sales in Italy are still low and the charging network is tiny. ""I am seven years away from retirement and I think it is not worth it,"" said Petrilli. The auto repair industry has already been short of workers since the pandemic. The Institute of the Motor Industry ( ) based in Hertford, England, develops automotive training courses and is currently rolling out EV courses across China and aims to do so in India and across Europe. It forecasts that Britain, with a 2030 fossil-fuel car sale ban, could be short 25,000 EV technicians by 2032. In the United States, the world's No. 2 auto market after China, EV sales growth has trailed Europe's, but the Bureau of Labor Statistics predicts around 80,000 electrician jobs will be needed annually through 2031, which includes technicians to fix EVs or install EV chargers. And Australia could be 9,000 EV technicians short by 2030, the Victorian Automotive Chamber of Commerce predicts. Auto experts fear mechanics like Petrilli in Milan will simply avoid EVs - leaving consumers with higher bills and longer repair times. Data shared with Reuters by UK used car warranty provider Warrantywise shows costs are already rising - with a one-year warranty for a Model 3 costing more than triple the average for comparably-priced fossil-fuel models. CEO Lawrence Whittaker said Warrantywise must use expensive franchise dealers to fix EVs because they more often have qualified technicians than independent shops. Whittaker's concern is that higher insurance and warranty costs mean EVs will remain too expensive for many consumers. ""How are people going to afford the higher repair costs?"" he said. 'Fear of the unknown' Mark Darvill, managing director at Hillclimb Garage in High Wycombe, about 30 miles (48.3 km) northwest of London, has embraced EVs and hybrids, which he says make up around 15% of repairs. Darvill says Hillclimb's planned investment of 25,000 pounds (USD 31,400) in training and equipment will"
"of London, has embraced EVs and hybrids, which he says make up around 15% of repairs. Darvill says Hillclimb's planned investment of 25,000 pounds (USD 31,400) in training and equipment will pay for itself in late 2024 when EVs and hybrids should make up 35% of repairs. Customers lacking EV repair options already come from far afield. ""What's holding a lot of independents back is fear of the unknown,"" Darvill said. The IMI estimates 20% of UK automotive technicians have received some EV training, but only 1% are qualified to do more than routine maintenance. EV sales jumped 33% in Britain in the first half of 2023, but the IMI said take-up of EV qualifications fell 10% in the first quarter and an estimated 31% in the second quarter compared to the number of people taking those courses in the same period in 2022. London-based premium car service company Addison Lee operates hundreds of EVs and sustainability director Andrew Wescott said ""it already takes a lot longer"" to repair them than its diesel vehicles. Carmakers are scrambling to train technicians. Market leader Tesla has launched courses at U.S. community colleges to train prospective technicians. Tesla also provides EV training for independent U.S. repair shops. Daniel Brown, head of automotive product development at Germany's Lucas-Nuelle, which produces EV training course equipment, worries unqualified technicians could be pressured to fix high-voltage EVs, adding ""it's just a matter of time until someone gets hurt."" Some groups are trying to fix the shortage. The Siemens Foundation has unveiled a USD 30 million program to train U.S. technicians to install and maintain EV chargers. A lack of trained workers will ""slow the progression"" of shifting to electric, foundation CEO David Etzwiler said. The foundation, which focuses on workforce training and education, has announced the funding to address the ""tremendous and immediate"" need to train technicians, Etzwiler said. The Motor Traders' Association of New South Wales (MTA NSW) - where EVs should make up 50% of new car sales by 2030 - estimates basic EV training will cost 100 million Australian dollars (USD 64.7 million) for the state's nearly 50,000 licensed automotive technicians. MTA NSW head of government affairs Collin Jennings said small repair shops will need subsidized EV training or many will likely stick to fossil-fuel models. The distances between many smaller Australian towns makes that a problem in the making. ""Who's going to fix your Tesla if it breaks down there?"" Jennings said. The IMI is seeking 15 million pounds from the UK government to help independent repairers afford training, said CEO Steve Nash. But Nicholas Wyman, executive director of the U.S. Institute For Workplace Skills and Innovation, said most repairers are on their own. ""If you're waiting for the (U.S.) government to take action, you'll be waiting a freaking long time,"" he said."
"Union govt not looking at any tailored incentives as of now for Tesla; states can offer: Sources The union government is not looking at extending any tailor-made incentives to US-based electric car maker as of now, though states are free to offer concessions to the company, sources said. They also said that the company is talking about building a complete supply chain in the long run as they are showing keen interest in . The representatives of the firms visited the country last month and held meeting with various parts of the government, including the . ""We have made it very clear that imports are not the preferred thing from our side...The company is talking big in terms of complete ,"" one of the official sources said. When asked about extending incentives to the firms, they added that ""the government is not looking at any tailored incentives as of now. States are a different matter. States might compete with each other and someone might give them (concessions)"". In 2021, the US-based electric car maker demanded a reduction in import duties on (EVs) in India. At present, cars imported as (CBUs) attract customs duty ranging from 60 per cent to 100 per cent, depending on engine size and cost, insurance and freight (CIF) value less or above USD 40,000."
"More than 50% vehicles not insured: Govt Mumbai: More than 50% of vehicles on Indian roads are operating without the mandatory third-party . This was disclosed by the government in response to a Parliament query. Minister of state for finance Bhagwat Karad, replying to a query from Lavu Sri Krishna Devarayalu, said that there are 30.5 crore vehicles on Indian roads. This is, according to data from the road transport and highways ministry and does not include MP, AP and Lakshadeep. Of these vehicles, 16.5 crore are uninsured. The minister also said there is no proposal to provide on-the-spot third-party insurance cover for motor vehicles, and there is no deadline for covering . Third-party insurance is designed to provide compensation for victims of road accidents. There are many uninsured vehicles as there is no mechanism to ensure compliance. “Third-party is mandatory in India. However, many vehicles remain uninsured. Often accident victims are unable to get adequate compensation because of the , and each year this pushes thousands of families below the poverty line,” said Tapan Singhel, MD & CEO of and chairman of the . The insurance regulator has been discussing several measures to insure vehicles operating without cover. Sector regulator had suggested that insurance companies could engage with state governments and compare data from the regional transport offices with insured vehicle data to ensure complete coverage."
"InsuranceDekho bags USD 60 mn, value pegged at USD 700-750 mn marketplace has raised USD 60 mn in its ongoing Series B funding round from Japanese financial services major Mitsubishi UFJ Financial Group, BNP Paribas Cardif, which put money through its insurtech fund, and Beams Fintech. The family office of Yogesh Mahansaria, managing director of , a major , also participated in the round. Along with the new investors, funds also came from existing investors TVS Capital, Goldman Sachs Asset Management and Avataar Ventures. Overall, the company saw a 50% jump in valuation, post the round. While InsuranceDekho did not comment on the exact valuation, sources said the round valued the company at around USD 700 mn to USD 750 mn. The company claims to be profitable in its core distribution business, but given its ongoing investments in new business lines, overall it is still in losses. In FY22, the last reported financials, InsuranceDekho recorded a net loss of INR 234 crore on a revenue of INR 1,650 crore. Interestingly, at a time when venture money has been hard to come by, especially in growth rounds, InsuranceDekho has managed to raise two back-to-back funding rounds this year. In January, it had closed USD 150 mn in funding, taking its overall raise to more than USD 200 mn. “We will use the fresh funds for some inorganic growth opportunities. We are scouting some acquisition targets which we hope to close soon,” said Ankit Agrawal, chief executive officer, InsuranceDekho. “There are conversations happening around enhancing our technology and distribution capabilities but those conversations are private as of now,” he added. Agrawal also wants to strengthen the company’s tech capabilities and invest in marketing and brand-building with the new round. “We are also looking to enter into reinsurance. We are in the process of applying for a composite brokerage licence from the IRDAI, which will allow us to become a broker for reinsurance policies too,” he said. InsuranceDekho is an online marketplace of insurance products but has a strong physical presence as well. In industrial parlance, it is called POSP (point-of-sales person) business. Currently, the company has around 1.1 lakh agents in the field, and the aim is to increase it to 2 lakh by the financial year-end. It is already processing an annual premium run rate of Rs 3,000 crore and aims to double it by the end of the current fiscal. The Gurugram-headquartered firm has designed its business in a way that enables its agents to sell insurance products in the country’s tier 2 and tier 3 cities. Almost like the ( ), which built its distribution through part-time agent networks, InsuranceDekho is building its own network to physically distribute insurance products. It sells vehicle insurance, term insurance, life insurance and some other general insurance products. It currently has around 1,900 employees. It competes with the likes of listed company and venture-funded . Currently, Policybazaar is"
"life insurance and some other general insurance products. It currently has around 1,900 employees. It competes with the likes of listed company and venture-funded . Currently, Policybazaar is focused on expanding its own POSP business too. ET wrote on June 12 that Policybazaar currently gets 42% of its overall revenue from its new business lines which includes the physical agent business. Agrawal said he intends to take the company public by 2026-27. InsuranceDekho was launched by online aggregator of used and new four-wheelers CarDekho in 2017. The company, however, came out of its incubator and now operates independently."
"Over 10 lakh motor accident claims pending in India, worth INR 80,000 crore: RTI data There are a total of 10,46,163 in the country, amounting to INR 80,455 crore. The number of these claims has been consistently increasing from 2018-19 to 2022-23, as revealed through information obtained via the Act. These details were shared by the ( ) in response to a query submitted by advocate in April. Jain submitted a query to the (MoRTH) to inquire about the total number of pending motor accident claims in the country, including state- and district-wise details. He also wanted to understand the yearly distribution of claims filed, resolved, and pending over the past five years. Additionally, he inquired about any steps taken by the Centre to expedite the resolution of motor accident claims. According to the information provided by IRDAI, the number of pending motor accident claims at the end of the financial years 2018-19, 2019-20, 2020-21, 2021-22, and 2022-23 were 9,09,166, 9,39,160, 10,08,332, 10,39,323, and 10,46,163, respectively. The corresponding claim amounts were INR 52,713 crore, INR 61,051 crore, INR 70,722 crore, INR 74,718 crore, and INR 80,455 crore. On regional-level breakup of information, the IRDAI stated, ""District-wise and state-wise details of motor third party claims are not available with IRDAI, as IRDAI does not collect or maintain such granular information."" The Agra-based lawyer cited the data and mentioned that the number of pending claims has been increasing every year. Additionally, there is a delay in processing claims for the dependents of deceased and injured individuals in . The road safety activist also raised concerns over the ""snail pace' of claim settlements, estimating that it takes an average four years for a victim to get financial relief. ""If we look at the pace of claim settlements, the number of pending cases at the beginning of the financial year 2022-23 was 10,39,323, and the number of new claims received this year was 4,54,944. Consequently, the overall count of pending claims reached 14,94,267, with only 4,48,104 cases being resolved, accounting for just 29% of the total cases. Therefore, on average, it is estimated that it takes four years to decide a claim,"" he said."" Jain has filed an interlocutory application in the Supreme Court under a civil writ petition due to the excessive delays in resolving motor accident claims. He is demanding the formulation of an interim payment scheme by the central government under Section 164A of the Motor Vehicles Act to provide relief to victims of road accidents. ""It is suggested that this amount be at least INR 5,00,000 for fatal cases and INR 2,50,000 for injury cases, as per the no-fault liability under Section 164 of the MV Act,"" he added. (Source- PTI)"
"Stellantis considering India manufacturing of affordable EVs New Delhi: ’s electric vehicle was something that was negotiated by but it “certainly helps”, said Carlos , the chief executive of the world’s third largest carmaker, . The group, which owns several brands including Chrysler, , and , is considering locally affordable from its Chinese joint venture partner at its facility in , Tamil Nadu. “This (the EV policy) is an opportunity that we did not study yet, but I understand the intention and I understand why you can be able to win (investments) for the country and from the carmaker that will come with ,” Tavares told ET on a video call. India announced a new policy on March 15 to encourage investment in of high-end electric cars. The government said it will allow the import of completely built-up electric cars that have a minimum cost, insurance and freight value of USD 35,000 (INR 29.2 lakh) at 15% import duty for a period of five years if companies make a minimum investment of USD 500 million to start local manufacturing. Leapmotor for now is looking at selling affordable electric cars in India, which will mostly be priced under the cap specified in the policy. Tavares said Stellantis is already manufacturing EVs in Thiruvallur under the Citroën badge and has sold fleets of the eC3 car to several companies in India. “So far it's moving quite well, and I know that the local team is quite happy with those B2B sales,” he said. Tavares said Leapmotor vehicles will make their way to India in the second wave of global expansion of the newly formed JV, Leapmotor International, in the last quarter of 2024. “Any manufacturing facility that we have around the world can be used to support the profitable growth of Leapmotor overseas. We have a (production) capacity of 90,000 units at Thiruvallur, and so far it’s not saturated,” he said. “While it is too soon to say, but as we both know the tariffs to import CBUs in India are very high. Most probably, if we are to bring Leapmotor to India, it would have to be through local manufacturing as it is for all the other brands we have.” He did not specify details of additional investments required to commence local manufacturing of EVs from Leapmotor in India. The company is looking at introducing a small A-segment car, T03, and a D-segment vehicle, C10, to begin with. Stellantis currently sells vehicles from Jeep and Citroën brands in the country. Citroën-badged vehicles are made in Thiruvallur. In addition to local sales, Tavares said Stellantis is looking at leveraging India as an export hub to ship out more vehicles, particularly to markets in Southeast Asia. In response to a question on whether Stellantis is looking at exporting electric vehicles under the Leapmotor badge from India, he said: “We are already exporting vehicles – C3 and eC3 - out of India to Southeast Asia. So that's something that we are eager to do. We will try to continue to expand the exports out of India to Southeast Asia at this"
"exporting vehicles – C3 and eC3 - out of India to Southeast Asia. So that's something that we are eager to do. We will try to continue to expand the exports out of India to Southeast Asia at this stage.” Citroën, a relatively new entrant in the country, exported 3,278 vehicles last fiscal year compared with 204 units in FY23. Citroën recently announced fresh investments of INR 2,000 crore in India for various initiatives including introducing new vehicles with petrol as well as electric powertrains. Amsterdam-based Stellantis Tuesday signed a binding agreement with China’s Leapmotor to form Leapmotor International, after they received regulatory approvals for the joint-venture deal. Stellantis controls a majority stake of 51% in the JV. Stellantis had acquired an about 21% stake in Leapmotor for 1.5 billion euros in October 2023, paving the way for the formation of the JV company. The JV has exclusive rights to manufacture, sell and export Leapmotor vehicles outside of China. “We are now in the planning phase to go to the markets and start exporting vehicles out of China to the rest of the world,” Tavares said. Leapmotor will enter nine European countries in the first phase starting September: Belgium, France, Italy, Germany, Greece, the Netherlands, Romania, Spain and Portugal. The brand will be sold across 200 dealerships in the region. In the second phase, Leapmotor International will enter South America, the Middle East, Africa, India and the Asia Pacific regions. The JV plans to bring in a portfolio of six models to international markets by 2027. Affordability is right now the number one problem with EV expansion worldwide. “With Leapmotor, we are going to be able to bring faster to our markets affordable EVs that will not only contribute to the profitable growth of Stellantis, but of course, they will also contribute faster and in a more efficient way to fixing the global warming issue that we have to fix as humanity,” said Tavares."
"Delhi LG seeks to link vehicle's insurance premium to traffic violations, writes to FM Sitharaman New Delhi: has written to Union Finance Minister , proposing a stringent plan that seeks higher insurance premiums for vehicles with a history of . Saxena said that a vehicle, which has been frequently challaned for traffic offences such as over-speeding, red light jumping and dangerous driving should be obligated to pay higher insurance premium. In his letter last week, the lieutenant governor said this financial deterrent would encourage a better driving behaviour as there is an obvious co-relation between repeat traffic offences and the risk of accidents. ""I would, therefore, suggest that a layered insurance premium system based on the frequency and severity of traffic violations as recorded in 's VAHAN database may be introduced,"" reads the letter. Insurance premium should be index-linked with the number of traffic violations recorded against a vehicle, which would have a salutary impact on road safety and traffic discipline, he said. Citing a 2023 report of the Delhi Traffic Police, Saxena said that 60% of fatal road accidents involved vehicles that had previously been fined for traffic violations, primarily over-speeding and red-light jumping. The vehicles with more than three traffic challans in a given year were found to have a disproportionately high involvement in severe accidents, he said. Saxena also said that according to the Ministry of Road Transport and Highways (MoRTH), India recorded over 4.37 lakh road accidents in 2022, resulting in approximately 1.55 lakh fatalities. Notably, over-speeding accounted for nearly 70% of these accidents, while violations such as red-light jumping contributed significantly to fatal accidents. Analysis of accident data by the World Bank indicates that vehicles with multiple traffic violations have a 40% higher risk of being involved in fatal crashes compared to those with a clean driving record, he said. Saxena has also urged the Union finance minister to engage the Insurance Regulatory and Development Authority of India (IRDAI) to take immediate action to establish a framework for index-linked insurance premiums. The lieutenant governor has underlined in his letter that implementing such a system would not only align insurance costs with the actual risk posed by individual drivers but will also reduce the financial burden on insurers resulting from frequent claims. This financial deterrent driven approach which is practised in the US and European countries would promote responsible driving behaviour, leading to a reduction in accidents, saving lives and ensuring more efficient management of insurance claims, he said. ""Such measures have been successfully implemented in other countries such as the United States, where insurance premiums increase significantly based on traffic violation and speeding tickets leading to an average premium increase of 20 to 30%. This also followed in several European"
"States, where insurance premiums increase significantly based on traffic violation and speeding tickets leading to an average premium increase of 20 to 30%. This also followed in several European Nations,"" reads the letter. By implementing this policy, India can take a significant step towards creating safer roads, saving lives and ensuring a more sustainable transportation system for generations to come, the letter mentioned. Meanwhile, an umbrella body of the RWAs said that the government should first focus on improving roads' condition before introducing such system. ""Before implementing a new system, the government should fix our roads and clear encroachments narrowing lanes. This will make our area more navigable, making future initiatives more successful,"" said Rajiv Kakria, the convener of Save Our City (SOC) south Delhi."
"Tesla's quarterly deliveries set to rise as China incentives lure wary EV buyers is expected to report an 8% jump in third-quarter deliveries of its on Wednesday, Wall Street estimates show, driven by extended incentives and lucrative financing plans in the world's largest auto market, China. Responding to sluggish Chinese spending amid flagging economic growth and rising competition from domestic Chinese players such as , Tesla introduced a range of offers this spring, including insurance deals, discounts on certain paint choices and a zero-interest loan of up to five years. That helped the U.S. automaker boost sales in July and August, according to data from the China Passenger Car Association (CPCA), after two straight quarters of declining deliveries. Analysts said the trend continued through the quarter and 12 of them, polled by LSEG, expect the Elon Musk-led company to deliver 469,828 vehicles, which would be its best third quarter, up from about 435,000 vehicles a year earlier. ""China, which accounts for one-third of Tesla's sales, is a major growth driver,"" said Scott Acheychek, chief operating officer of REX Financial, which offers exchange-traded funds that track Tesla's stock performance. Deutsche Bank analysts estimated Tesla to deliver about 139,000 Model 3 sedans, 296,400 Model Y SUVs, a combined 13,350 of its larger Model S sedans and Model X SUVs and about 13,500 pickups in the third quarter. Sales in China were also boosted by increased government subsidies meant to encourage consumers to swap their gas-guzzling vehicles with battery-powered ones. Tesla cars also became eligible for government purchases in the country, with its best-selling included in a list of vehicles government entities can purchase as a service car. Ken Mahoney, CEO of Tesla investor Mahoney Asset Management, said the boost from China, along with benefits of a recent by the U.S. Federal Reserve, could help Tesla match the record 1.8 million vehicles delivered in 2023. Musk earlier this year said Tesla was on track for higher deliveries in 2024. Tesla started deliveries of the Cybertruck late last year, and the EV maker expects to ramp up production to 250,000 units next year. It is yet to release official production or delivery numbers for the model. With slowing demand for EVs in the U.S. and a lack of subsidies in Europe, Tesla delivered about 831,000 vehicles in the first half of this year. To prevent a drop in 2024 deliveries, it needs to hit about 979,000 vehicles in the second half. That will be crucial to allay investor concerns around future even as they focus on Tesla's unveiling of a robotaxi product on Oct. 10 - a sharp shift in the automaker's strategy since ditching its affordable car project and one that some see unlocking trillions of dollars in value for Tesla."
"Changes likely in India's new EV policy, may benefit legacy car companies New Delhi: India is likely to make changes to its new electric vehicle ( ) policy to incentivise automakers that have already made investments in the country, people in the know told ET. This comes as US electric carmaker Inc is still to make any firm commitment on building a factory in India. The policy, which aims to accelerate the local manufacturing of high-end electric cars, currently supports only fresh investments. Consultations are also on with stakeholders on another key issue troubling carmakers. Govt Preparing SOPs The government may potentially consider investments in plants producing both internal combustion engine and electric vehicles as eligible for incentives to add scale and make large investments viable for automakers, the people said. About half a dozen carmakers such as Volkswagen-Skoda, Hyundai-Kia and VinFast have expressed interest in the new policy, the (SMEC), the people said. Automakers have flagged two major concerns -- that the scheme should consider current investments and include plants producing petrol and diesel cars along with EVs, since the latter currently have a small share of India’s passenger vehicle market, which doesn’t justify high investments. No automaker has yet made any official comment on participating in the EV scheme since it was announced on March 15. Under the SMEC, the government said it will allow imports of completely built-up EVs having a minimum cost, insurance and freight value of USD 35,000 at 15% import duty for up to five years if companies invest at least USD 500 million in building new plants. In April, Tesla CEO abruptly deferred a trip to India during which he was to meet Prime Minister Narendra Modi, government officials and spacetech executives. Musk was expected to announce Tesla’s plan to set up an EV factory in India, during the trip. “With the American carmaker unlikely to make a commitment towards setting up a local factory near-term, consultations are on with industry stakeholders to make the scheme more amenable also for legacy players, which could also include giving a go-ahead for investments in facilities manufacturing both internal combustion engine and electric vehicles,” said one of the persons cited above. The initial guidelines under SMEC said only companies investing in greenfield plants for EV manufacturing within three years of getting government approval would be eligible for incentives. There is currently no provision to consider investments retrospectively for local production of EVs. “Initially, the scheme was designed for newer companies making EVs. Consultations are on to see if the scheme could be made more attractive now even for traditional companies,” a senior official aware of the development said, adding, “among the tweaks being considered is to specify a backdate for investments being made in indigenous manufacturing of high-end EVs”. A cut-off date for investments prior to"
"development said, adding, “among the tweaks being considered is to specify a backdate for investments being made in indigenous manufacturing of high-end EVs”. A cut-off date for investments prior to getting government nod would make firms like VinFast eligible for incentives under SMEC. The Vietnamese carmaker has already started building a new plant in Tamil Nadu and announced plans to invest $500 million over five years in India. The Centre is currently preparing standard operating procedures for implementing SMEC. A second official in the know said, “Some legacy companies who are interested in the scheme have raised concerns about the quantum of investment specified in EV-only facilities. The market for high-end electric vehicles, priced upwards of INR 25 lakh, is very small in India. To commit investments of INR 4,000 crore, one needs scale, and scale ends at INR 25 lakh in the Indian market.” Restricting SMEC to solely greenfield EV plants was largely aimed at accurately assessing the localisation of content by companies. Under the scheme, companies are currently required to roll out electric cars with local content of 25%, increasing to 50% by the fifth year. Auto companies and component makers will be required to calculate domestic value addition (DVA) across their supply chain and present these details to vehicle testing agencies for assessment."
"Can Bhavish Aggarwal become India’s answer to Musk or will he collapse? When arrived for a recent visit at the Ola Futurefactory, marketed as the world’s largest electric two-wheeler plant, the company’s founder was quick to spot a shuttered entryway that should have been left open. He immediately summoned a custodial manager, people who were present said, and meted out a punishment: run three laps around the several-acre-large plant. Such an unsparing attitude has made Aggarwal, 37, one of India’s most determined entrepreneurs but also one of its most divisive. In his twenties, the founder of India’s largest ride-sharing company held off deep-pocketed rival Uber to remain the country’s top brand. Now, Aggarwal wants his Mobility Pvt Ltd to displace ’s Inc and China’s BYD Co. as the industry leader for electric vehicles by carving out a niche in lower cost designs. But Aggarwal’s relentless pace and management style have vexed some managers and board members at Ola Electric, raising concerns about safety and the business model, according to interviews with more than two dozen former and current employees, who asked for anonymity out of concern for reprisals. Supply chain problems have delayed two-wheelers. Sales have slowed. Some customers complain that scooters catch on fire, have faulty batteries or accident-causing software, spurring product recalls and apologies on Twitter. Around three dozen senior executives working across Aggarwal’s two billion-dollar companies — Ola Electric and ANI Technologies Pvt, which runs Ola’s ride-hailing operations — have quit within a year or two of joining, a higher turnover rate than peers. Late last year, as internal challenges mounted and the global investment climate cooled, Aggarwal paused an initial public offering plan for ANI Technologies, which was last valued at $7.5 billion according to researcher CB Insights. Now, as question marks hang over Ola Electric, multiple current and past executives said in interviews that the company and its risk-taking founder are at a crossroads: Aggarwal could become India’s answer to Elon Musk or he could collapse under the weight of his own ambitious vision. “Passions and emotions run high and we are not on an easy journey,” Aggarwal said in an interview last month at Ola Electric’s swanky headquarters in Bengaluru, occasionally petting the three office dogs: Happy, Husky and Fatty. “But I don’t want to choose an easier journey for myself or for Ola. My anger, my frustration — that’s me as a whole.” Aggarwal’s mission has promise. India is already the world’s largest manufacturer of two-wheelers and the biggest global market. With blue-chip investors and sovereign funds looking for alternatives to China, the country’s success in building affordable vehicles could provide a model for how developing economies can scrap combustion engines and lower emissions without costly . In India, government subsidies and inexpensive labor are helping make EVs as cheap as or cheaper"
"a model for how developing economies can scrap combustion engines and lower emissions without costly . In India, government subsidies and inexpensive labor are helping make EVs as cheap as or cheaper than internal-combustion-engine models. “The cheapest Tesla costs $50,000, which most of the world cannot afford,” Aggarwal said. “We’ve a chance to lead the EV revolution with a different set of options priced between $1,000 and $50,000.” India's EV market is expected to reach more than $150 billion by the end of the decade, or roughly 400 times its current size, according to Research and Markets. Just a few months after Ola’s electric two-wheeler hit the market last December, Aggarwal started tweeting teasing glimpses of the company’s car design and a new battery innovation center. He has zealously pushed to upend India’s tradition-bound automobile industry, which for decades has been dominated by conglomerates like Tata and Mahindra. “By seeking to pull off something big in the EV industry, Bhavish Aggarwal aspires for the world stage,” said Neha Singh, co-founder of Tracxn Technologies, a Bengaluru-based firm that tracks startups. However, after some initial success, “Ola still has to cover a huge distance to make electric vehicles a mass market in India.” In the Bloomberg interview, Aggarwal said he wants to build companies with lasting impact, even if that means rubbing some people the wrong way. He said India can surpass rivals not just by making cheaper EVs, but also by cultivating a global footprint in 5G, green energy and sustainable mobility. Progress in achieving those goals, he said, is “the yardstick the world should judge us by.” “There’s no major success without sweat and tears,” he said. A ‘Quick Learner’ Aggarwal started his business career more than a decade ago in ride-sharing. After completing an engineering degree and a stint at Microsoft Corp., he founded Ola in 2010 with Ankit Bhati, a classmate at the premier Indian Institute of Technology Mumbai. The company, incorporated as ANI Technologies Pvt, originally provided cabs for tour groups, but soon pivoted to ride-hailing. At that time, most Indians relied on spotty neighborhood cab services. TVG Krishnamurthy, 78, a board member of ANI Technologies, called Aggarwal a “quick learner” with the unique ability to “focus at once on the grass growing on the ground and the flowers at the top of the tree.” “One Sunday, we were chatting and he asked, ‘What would Ola’s share be in all of mobility in India?’” Krishnamurthy said, recalling a decade-old conversation with Aggarwal. “He started marking the percentage share on the back of his bathroom door.” Business flourished as urban Indians quickly adopted the service for commuting or running errands. When global rival Uber Technologies Inc. started operations in India in 2013, Aggarwal encouraged Ola’s workers to try to outsmart the Silicon Valley company on every front — prioritizing outreach to government officials, public relations"
"started operations in India in 2013, Aggarwal encouraged Ola’s workers to try to outsmart the Silicon Valley company on every front — prioritizing outreach to government officials, public relations blitzes and support services for drivers. Former employees said the startup was an exciting place to work at that time. Ola enlisted more than a million drivers and expanded to dozens of cities. At the end of 2014, Uber’s India operation was set back by a gruesome crime in which a driver was arrested and later convicted of raping a passenger. At the same time, Ola steadily grew its market share. The company attracted investors from Temasek and Warburg Pincus and expanded internationally to the UK, Australia and New Zealand. But by that point, a rift was widening within Ola, executives said in interviews. In 2017, Aggarwal founded Ola Electric and began exploring the capital-intensive business of making EVs. While he used the Ola brand for his new venture, the business was completely separate. Co-founder Bhati and nearly all early investors in ANI Technologies weren’t part of the new company. “I thought it isn’t fair to burden others when we’re going into a very different business with capital intensity, debt profile and capability,” Aggarwal said in the Bloomberg interview. “That’s why investors were given a chance to opt-out. Whoever felt they wanted to invest has invested.” Building the Futurefactory By 2020, Aggarwal was spending much of his time building Ola Electric. Typically, EV companies take at least a few years to make. Aggarwal wanted to cut that timetable to compete against local rivals such as the Bengaluru-based Ather Energy, which spent several years developing a battery and months making quality checks on 100 initial scooters before mass-producing its design. Aggarwal devised a much shorter schedule. In March 2021, he stood on a barren stretch of land three hours outside Bengaluru, describing at a media gathering dreams to build a $330 million two-wheeler plant with a capacity of two million electric scooters in a matter of months. Aggarwal planned for ten lines with an annual capacity of 10 million scooters over two years. He hoped to export the vehicles to Europe and Latin America. Six months later, the Futurefactory opened. By the end of 2021, the company’s first scooter hit the market. Rather than employing a dealership model, Ola Electric reached buyers through social media, a tactic no automaker had attempted before. Ola Electric’s manufacturing process used innovative technology, including ultrasonic friction-welding to forge hundreds of connections between cells in each battery pack. During tours of the factory, Aggarwal liked to show off the noise-free assembly lines and robots that painted the scooters. But it didn’t take long for complaints to pile up on social media. Aggarwal and Ola Electric’s Twitter feeds are filled with buyers upset about delivery delays, overheating batteries and scooters that catch fire. When Aggarwal"
"complaints to pile up on social media. Aggarwal and Ola Electric’s Twitter feeds are filled with buyers upset about delivery delays, overheating batteries and scooters that catch fire. When Aggarwal recently asked his Twitter followers what cool scooter accessories they wanted, one responded, “Fire extinguisher.” Inside Ola Electric, employees said the culture has turned hostile over the last couple of years. In meetings, Aggarwal ripped up presentations because of a missing page number, directed Punjabi epithets at staff and called teams “useless,” according to current and former employees. Executives said in interviews that meetings scheduled for an hour often lasted 10 minutes because Aggarwal would lose patience over a superfluous sentence in a memo, a crooked paper clip or the quality of printing paper. Retention was a problem, particularly at the C-suite level. Some executives, including Zilingo’s former chief financial officer Ramesh Bafna, decided not to join Ola Electric days after formally accepting employment offers. One business head, who has since departed the company, likened expectations at Ola Electric to “having to run a marathon like Usain Bolt,” the world’s greatest sprinter. “Not everybody is a fit for our culture,” Aggarwal said when asked about his management style. “There’s no world standard on an even, sterile work environment.” Bafna declined to comment. Taking on the ‘Big Boys Club’ So far, the boards of both companies, which comprise the likes of SoftBank Group Corp., have said little in meetings about Aggarwal’s approach to governance. But in interviews, some top executives who’ve since departed raised concerns about the ethics of a share-swap deal with a startup founded by Aggarwal’s younger brother, Ankush, who now heads Ola Electric’s financial services unit. There are also questions about valuation. Last year, as ANI Technologies prepared for an IPO, investors Warburg Pincus and Temasek Pte partook in a secondary transaction, causing the valuation to fall from around $6 billion to $3 billion, according to three people aware of the matter. They said early investors felt cheated. But only a few months later, after the company pulled together a series of deals for a primary round with investors including , ANI Technologies’ valuation soared to $7.3 billion. Ola didn’t respond to questions about the acquisition or valuation swings. In the Bloomberg interview, Aggarwal didn’t directly address either issue but attributed some of the scrutiny to jealous rivals. “The incumbents in the auto industry are the Big Boys Club,” he said. “They left the door open for an upstart like me. My question back to them is, ‘What were they doing? Why is India not leading electrification of vehicles?’” Ola Electric’s business challenges have become clearer in recent months. Scooter sales have yet to take off. Vehicle registrations fell 35% in July compared with June, according to Business Standard newspaper. Ola Electric sold a little over"
"clearer in recent months. Scooter sales have yet to take off. Vehicle registrations fell 35% in July compared with June, according to Business Standard newspaper. Ola Electric sold a little over 45,000 units by July of this year based on vehicle registration data — far less than what the factory can produce and below the 1 million reservations received when booking opened last December. But after supply chain disruptions and maintenance issues, Aggarwal said production is now rising at the Futurefactory. He pointed to Ola Electric’s unique advantages, including an end-to-end play in ride-sharing, auto retail financing and insurance of vehicles. At a company event in mid-August to unveil its electric car, Ola Electric branded itself “India’s largest” EV company making the “world’s best” electric scooter. Whether Ola Electric succeeds or not, Aggarwal’s admirers seem to agree that he has turbo-charged the EV market, pulling in millions of investment dollars. Despite the risks, Aggarwal said he prefers to take the long view and push ahead with a lofty goal: to build millions of affordable vehicles for India and, eventually, the world. “Growing up, we constantly heard that India is a developing country,” he said. “It’s our generation’s destiny to change this and now is the time. I take both the responsibility and the opportunity seriously.”"
"10 ways to reduce car insurance premium When you buy a car, the convenience comes for a price. Besides maintenance, you also pay for the vehicle’s insurance, which has two components: ‘third party’ and ‘own damage’ or what is also known as ‘comprehensive’ insurance. While the former covers any damage or injury incurred by a third party in case of an accident, the latter insures the damage suffered by your car. Is there any way to reduce this financial liability or are both the premiums fixed? “In terms of third-party liability, the premium is fixed and the cover is mandatory as per the Motor Vehicle damage risk, the premium is dependent on the kind of coverage required,” says Rakesh Jain, CEO, Reliance General Insurance. What this means is that you can bring down the premium of your comprehensive insurance not only by customising your cover, but also being aware of several other factors. Here are some ways in which you can bring down your . 1) Get ‘pay as you drive’ insurance This is a relatively new concept in the Indian auto industry available since 2020 under the regulatory sandbox guidelines by Irdai, and is allowed to be marketed only by a few insurers. “It’s a usagebased offering, wherein the insurer charges premium only for the number of kilometres fixed at the policy’s inception. The insured, however, gets the same benefits as in a traditional comprehensive cover,” says Jain. So if you drive occasionally, this would be a good way to cut premium because fewer miles mean lower premium. 2) Don’t buy all add-on covers Not every damage is covered by base cover. Add-ons help increase the scope of your comprehensive cover, but they also raise your premium. “You should pick the add -ons depending on your need. So, if you don’t live in an area that has water logging, you don’t need the engine protection cover,” says Ashwini Dubey, Head, Renewals, Policybazaar.com. “There are several add-ons that are less important but cost the same as others,” says Ankit Agrawal, Co-founder & CEO, InsuranceDekho. So you can easily forgo those like daily allowance cover, or the one that covers loss of personal belongings. 3) Don’t go for too many modifications or upgrades If you alter your car in any way, be it installing a CNG kit or an electronic device, you need to inform the insurer as it may impact the premium. If you don’t inform, your claim may be rejected later. “Modifications that increase the chance of theft, such as wheels, car interiors or paintwork, should be avoided. Similarly, any change in engine or mechanics to enhance power or increase acceleration, leads to an increase in risk and a rise in premium,” says Aatur Thakkar, Co- founder & Director, Elephant.in, Alliance Insurance Brokers. “Other modifications you can avoid are bull bars, pressure horns, tinted head or tail lights, fake carbon fibre, flashing brake lights and over or undersized wheels and tyres,” says Agrawal. 4) Avoid small claims If your car suffers minor damage like scratches or"
"tinted head or tail lights, fake carbon fibre, flashing brake lights and over or undersized wheels and tyres,” says Agrawal. 4) Avoid small claims If your car suffers minor damage like scratches or small dents, you should avoid making a claim because you will not be eligible for a (NCB) at the next renewal. NCB is a discount in premium you get from your insurer for not filing claims during the policy term and can range from 20-50%. You can avail of this if you renew the policy within 90 days of expiry. “So, if your car damage is worth Rs 2,000 or so, and you are scheduled to get a Rs 6,000 NCB next year, it is better to pay the amount from your pocket,” says Dubey. 5) Install antitheft devices in your car Another easy way to reduce your car premium is to lower the risk of having the vehicle stolen. The higher the safety, the lower your premium. “You can do this by installing anti-theft devices like gear locks, antitheft alarms, steering locks from registered manufacturers to get a discount on the premium,” says Thakkar. 6) Raise your deductible Deductible is the amount that you pay from your pocket before the claim is covered by the insurer. The higher the deductible, the lower the premium that you pay on your insurance. So if you are confident about your driving skills or do not drive very frequently, it may be a good idea to opt for a higher deductible, to bring down your premium. 7) Transfer NCB for new car If you have amassed a huge no-claim bonus over 6-7 years, and are planning to buy a new car, you could cut down your premium considerably by transferring the NCB from your old insurance policy to the new . 8) Join an auto association Another simple ruse that can get you a fixed discount on car premium is becoming a member of registered bodies like the Automobile Association of India (AAI) or Western India Automobile Association (WIAA). 9) For older cars, take only third-party cover “While a third-party cover protects you financially against death, injury or property damage of a third party in an accident involving your vehicle, it is imperative to have an own-damage cover to protect against expenses incurred in damage to your own car. So not buying a comprehensive cover to cut premium will be unwise,” says Jain. However, it may make sense to buy only the third-party cover if the value of your car is very low or it’s an old car. “If your car is very old or you are planning to sell the car soon, then opting only for third-party insurance is recommended as it is cheaper than comprehensive plans,” says Thakkar. Besides, you may spend less on repairs than the premium you pay for the comprehensive cover. 10)Pay premium on time, buy online cover Two simple ways to reduce your premium are to compare and shop online for your insurance, and to pay your premium on time. “If you don’t pay your premium on time, the insurer may see it as a risk and could raise your premium amount,” says Dubey. Also Read:"
"Maruti Suzuki provides loaner vehicles, cabs to cyclone-affected Tamil Nadu, Andhra consumers Tuesday said it has stepped up efforts to provide loaner vehicles and cab services to consumers affected in Tamil Nadu and Andhra Pradesh in the aftermath of the ‘ ’, so that customer mobility is not disrupted while vehicles under repair. The company has mobilized 46 tow trucks from neighbouring cities and activated 34 Road Side Assistance vehicles for quick response. It has additionally augmented spare parts inventory for ready availability, created a pool of trained manpower from its service workshops, in nearby cities and collaborated with insurance firms for faster claim processing and settlement for quick redressal of service requests. In a statement, Maruti Suzuki said it is making all efforts to quickly repair and handover the impacted vehicles to its customers. “To ensure customer mobility is not hampered even when their vehicle is under repair, the company is providing loaner cars and has also partnered with cab service providers”, the statement added. Maruti Suzuki proactively sent out 700,000 SMS alerts containing precautionary steps to its customers to ensure that even before the cyclone hits, customers could take precautionary measures to safeguard their cars against potential damage. Post cyclone, the company said it is working with its dealer partners and made several arrangements at its workshops for quick redressal of all service requests."
"Russian crude oil share in imports dips to 25% in January The share of Russian oil in India's crude imports fell to 25% in January from 31% in December 2023 and an all-time high of 44% in May last year as price discounts narrowed, the drove up freight and US sanctions hurt shippers. India imported 1.2 million barrels per day (mbd) of Russian crude in January, 9% less than in December, according to energy cargo tracker Vortexa. India's import volumes were the same as China's seaborne import of Russian oil. Indian state refiners imported 21% less Russian crude in January while private sector refiners took 10% more. ""The narrowing of Russian crude discounts versus Middle Eastern crude, recent US sanctions on shipowners carrying Russian crude above the price cap and rising tanker premiums as a result of the Red Sea attacks have made Russian crude less attractive for Indian refiners in recent months,"" said Serena Huang, an analyst at Vortexa. Attacks in the Red Sea by Yemen-based Houthi Rebels haven't had much effect on Russian barrels on that route. Freight and insurance rates, however, have gone up in general and many ships are taking the longer alternative route to avoid trouble. All key Russian crude grades are trading above the USD 60 per barrel cap, making it harder for Indian refiners to receive cargoes or pay for them. Urals, the flagship Russian crude which has been the mainstay of Indian imports, is trading near USD 70 per barrel while international benchmark Brent is around USD 80. Other Russian grades are even more expensive. Crude oil imports from the US fell to zero in January. The US oil had a 3% share in December and 9% a year earlier in India's imports."
"Oil prices fall as investors weigh Fed chair comments, rate hike fell on Thursday following three sessions of gains, after U.S. Federal Reserve Chair re-stated his commitment to curbing inflation, including the possibility of more interest rate rises. fell 80 cents, or 1%, to $75.89 a barrel by 00:09 GMT, while U.S. crude (WTI) dropped 84 cents, or 1.2%, to $70.06. Both crude benchmarks had settled on Wednesday at their highest close since March 14. Powell also said on Wednesday that banking industry stress could trigger a credit crunch with ""significant"" implications for an economy that officials projected would slow even more this year than previously thought. Meanwhile, U.S. Treasury Secretary Janet Yellen told lawmakers on Wednesday that she has not considered or discussed ""blanket insurance"" to U.S. banking deposits without approval by Congress as a way to stem turmoil caused by two major bank failures this month. The bank crises have caused volatile trade in riskier assets like oil over the last week as investors awaited the Fed's decision on rate hikes on Wednesday. The central bank's policy-setting committee raised interest rates by another quarter of a percentage point in a unanimous decision, lifting its benchmark interest rate to the 4.75% to 5.00% range. But in doing so it recast its outlook from a hawkish preoccupation with inflation to a more cautious stance to account for the fact that changes in bank behavior might have the equivalent impact of the Fed's own rate hikes."
"Irdai proposes 3 yrs insurance cover for cars, 5 yrs for two-wheelers New Delhi: Regulator on Wednesday proposed to introduce an insurance cover of three years for cars and five years for two-wheelers with an aim to allow wider choice to customers. The Insurance Regulatory and Development Authority of India (Irdai) has floated a draft on ' covering both Motor Third Party Insurance and Own Damage Insurance'. The draft proposes to permit all general insurers to offer 3-year insurance policy in respect of private cars and 5-year for two-wheelers, co-terminus with motor third party liability cover. The premium for the entire term of the policy coverage would be collected at the time of sale of insurance. The pricing, as per the draft, would be based on sound actuarial principles, including claims experience, and long-term discount. ""The pricing of add-on and optional covers may likewise consider the cost efficiencies of policy administration,"" said the draft, on which the Irdai has invited stakeholder comments by December 22. It also said the existing No Claim Bonus (NCB) for 1-year Motor Own Damage policies would also be applicable for long-term policies. The NCB applicable at the end of the policy tenure in case of long-term policies would be same as that would have been earned if such policies were renewed annually. In case of long-term standalone Own Damage policies which are issued to be co-terminus with Motor Third Party Liability cover, nine-month policy tenure can be considered as full year for recognition of NCB during the year, it said. Irdai has also come out with a draft on long-term fire and allied perils products. It has proposed a policy cover of up to 30 years for dwellings. Dwellings include standalone residential houses, villa complexes as well as apartment blocks managed by housing cooperatives or resident welfare associations or any other body representing the home-owners. Long-term fire insurance can be cancelled during the tenure of the policy."
"Car services startup Park+ expects to turn profitable in March 2024 quarter startup expects to turn by the January-March 2024 quarter and close the current fiscal with over Rs 200 crore, a senior company official said. Park+ founder and CEO said that the company at present has operations in about 30 cities and plans to expand to over 100 cities by 2024. The backed company has raised USD 55 million till date to fund its operation which is sufficient for the company to fund operations as well as planned expansion. ""We want every service related to cars and car owners to be available on our platform. We are providing parking, car cleaning and repair services etc through the app. Roughly every 4th car in India is on Park+. We expect to turn profitable by the January-March 2024 quarter,"" Lakhotia said. He said that Park+ has services now available at over 7,000 locations in 30 cities and there is no user acquisition cost now for the company. ""We expect to post of Rs 200 crore this fiscal. We expect next financial year to be the first year of profitability for us,"" Lakhotia said. The company has posted a loss of around Rs 99 crore and revenue of Rs 103 crore in the financial year 2022-23. Park+ installs automatic gate barriers that facilitate entry and exit of cars in societies and commercial buildings. The company provides car cleaning, car finance, FASTag and other services to cater requirements of car owners. ""We are looking to grow our customer base by adding more services like roadside assistance, insurance services, electric vehicle charging etc that are related to cars. Later we are looking to deploy connected car services and automate every service that can ease a car owner's life,"" Lakhotia said. He said that commercial real estate partners have started bundling the company's services in cities where they operate. ""We are seeing aspirations of people even in smaller cities increasing. People in smaller towns are looking for a gated society which is driving our geographic expansion. We are seeing demand for automation in smaller cities like Gorakhpur, Bhilwara etc,"" he said. The company at present has over 700 employees. Lakhotia said that the company expects to hire 300-400 more employees to support growth of the company."
"How to ready the documents needed for export shipment When it comes to ing, keeping the right set of documents handy can make a big difference in ensuring the process is smooth and seamless. Becoming adept at organising such documents is crucial to handle export orders, especially the big or complicated ones, and make the process easier to comply with. So, what is the kind of paperwork that can help ensure orderliness and structure to the various steps involved? First, it is important to thoroughly check the documents before you submit them as there are multiple kinds of paperwork involved while exporting goods, says Pushkar Mukewar, Co-founder & CEO of Drip Capital. According to the (FTP) 2015-2020, the essential documents required for exporting goods from India are: bill of ladingpostal receipt; commercial invoice; packing list and shipping bill. There are also documents related to export compliance, licences and some general paperwork that are integral to being export-ready. With regard to export compliance documents, an ( ) is needed first. If exporting without paying integrated goods and services tax ( ), a bond or letter of undertaking (LUT) is required. Besides this, tax invoices with details such as name, address and of the supplier; invoice number and date; name and address of the recipient; HSN code for goods; quantity and total value of goods and signature of the supplier are required. Mukewar says a trader should remember the key steps while collating all the documents. He suggests availing the services of a customs agent who can ensure that all documents are in place and help carry out the customs and dispatch procedures smoothly and speedily. “To avoid confusion and delay, ensure you know ahead of time which products are to be scrutinised and by which agencies, so that you can start compiling the required documents easily at the earliest. As far as quality check certificates are concerned, double-check if everything is ready for inspection so you can avail these documents on time,” he adds. To get an export licence, Drip Capital advises that the following documents be attached with the application for faster processing: General documents Exporters should also be aware of an indicative list of general documents needed to ship goods overseas. Proforma invoice, for instance, which specifies various details including buyer and seller in the transaction; description of the goods being shipped; delivery details and currency used in the quote have to be filled correctly. Certificates of origin will be needed in some countries to prove the source of the product. A bill of exchange, which is typically generated on a letter head of the exporter, instructs the importer to pay the relevant amount to the exporter. Besides these, documents such as phyto-sanitary certificates and fumigation certificates are required to show conformity with international quality, standards and procedures. Other necessary paperwork includes export orderquality check"
"certificates and fumigation certificates are required to show conformity with international quality, standards and procedures. Other necessary paperwork includes export orderquality check certificate; marine insurance policy; health certificate (applicable only when exporting food products that are of animal or non-animal origin); certificate of insurance; warehouse receipt and bill of entry. Exporters must pay attention to correctly filling product description or classification so as to avoid issues with customs clearance at a later stage. Taking into account stringent quality checks by ensuring that all quality certifications are in order will also keep them in a good stead. Mukewar suggests that exporters network and build a good equation with the officials concerned to ensure smooth processing and to keep track of the s. “In general, it is important for exporters to maintain a good rapport with the C&F agent to avail real-time updates of the shipment. Delays can turn out expensive,” he adds."
"EV infrastructure may be included under priority sector lending The government is looking at including (EV) infrastructure within the category, a senior official said Saturday, a move that would come as a boost for the sector. ""We have received a representation to include EV infra in the priority sector. We will look at reworking the priority sector lending ( ) requirements for banks,"" the official said, adding that the issue will be discussed with the Reserve Bank of India ( ). The has also written a letter to the Department of Financial Services in this regard, the official said. According to RBI guidelines, it is mandatory for banks to extend 40% of their adjusted net bank credit to the priority sector. PSL currently includes seven sectors - agriculture, micro, small and medium enterprises, export credit, education, housing, social infrastructure and renewable energy. The government wants to increase the proportion of EVs on Indian roads as part of efforts to meet its net zero target. It offers subsidies to manufacturers under the Faster Adoption and Manufacturing of Hybrid & Electric Vehicles (FAME) programme. Inclusion of EV infrastructure under PSL is expected to boost credit flow to the sector by providing a mandate for financial institutions. According to a January 2022 report, electric two- and three-wheelers, as well as four-wheelers for commercial use, represent favourable segments for inclusion in priority sector lending. EV sales crossed 700,000 in the first half of 2023. An earlier ET report had indicated that banks were pitching to include loans for electric vehicle infra and green hydrogen as part of priority sector lending. ""Cumulative investment in India's electric vehicle transition could be as large as INR 19.7 lakh crore (USD 266 billion) between 2020 and 2030, highlighting the need for higher liquidity and lower cost of capital for EV assets and infrastructure,"" the report had noted. People in the know informed ET that non-life companies were unlikely to see any capital infusion this year. ""Their situation is not so bad that they cannot self-sustain,"" one of the persons cited said. The government had not budgeted any provision for capital infusion for this year, but ET earlier reported it was considering an infusion of INR 3,000 crore. Micro-insurance The government is also looking to expand the coverage of micro-insurance products. It has asked banks to extend coverage of accident and life insurance schemes to Pradhan Mantri Jan Dhan Yojana (PMJDY) bank account holders. ""We aim to cover most of the people with our micro-insurance scheme and are coordinating with other ministries to increase coverage,"" financial services secretary Vivek Joshi said on Saturday, pointing out that anganwadi workers could be deployed to promote such programmes. The ministry also indicated that the E-Shram portal could be tapped in coordination with the labour ministry to increase the coverage of schemes such as the Pradhan Mantri Jeevan Jyoti"
"programmes. The ministry also indicated that the E-Shram portal could be tapped in coordination with the labour ministry to increase the coverage of schemes such as the Pradhan Mantri Jeevan Jyoti Bima Yojana and the Pradhan Mantri Suraksha Bima Yojana. The government announced earlier this month that the number of PMJDY accounts had touched 500 million. Over the last nine years, the average balance in these accounts has increased 3.8 times - from just over INR 1,000 to nearly INR 4,000."
"Italy to crack down on e-scooters after deaths and accidents The Italian government on Tuesday announced a crackdown on the use of electric scooters on city streets, looking to cut accidents, reduce injuries and prevent pavements from becoming cluttered obstacle courses. Updating Italy's highway code, the government also announced it would suspend driving licences for people caught using a mobile phone while behind the wheel and promised zero tolerance for anyone found drunk or on drugs while driving. Like in many European countries, the use of e-scooters has boomed across Italy in recent years, with rental companies flooding major cities with scooters for rent that are popular with locals and tourists alike. However, police have reported countless accidents, with six people dying in alone over the past two years while riding scooters. Scooters have also caused problems for pedestrians, with no rules in place for where they should be left. Under the new regulations approved by the cabinet, riders will have to wear a helmet and have insurance, while e-scooters will now be required to have a registration plate. The measures will have to be approved by parliament to become law. It will be forbidden to ride the two-wheelers outside of built-up areas, such as on major highways, or to leave them parked haphazardly on pavements. ""We need to restore a bit of order. Thinking about the pavements of the big cities like Milan and Rome, it is like a gymkhana for people with pushchairs,"" Minister said after unveiling his plan. Despite offering an environmentally friendly way to get around town, e-scooters have faced a backlash from people, who have felt threatened by the zippy, silent machines. Parisians voted in April to ban them from the French capital. There has been no such suggestion in Italy, although various cities have looked to cap the speed limit of scooters and reduce the number of firms that can hire them out."
"INR 2.2 lakh crore revenue foregone due to excise duty cuts on petrol, diesel: Hardeep Puri Around INR 2.2 lakh crore of revenue was foregone because of cuts in excise duty on petrol and diesel announced between November 2021 and May 2022, Union Minister on Saturday. Addressing a press conference, Hardeep Puri, who is Union Minister for , talked about the steps taken by the Modi government to reduce and maintain fuel prices despite fluctuations in global . ""Excise duty on petrol and diesel was cut by INR 13 a litre and INR 16, respectively, between November 2021 and May 2022. Revenue foregone as a result of the cuts was INR 2.2 lakh crore,"" he said. Responding to a question on the likelihood of a cut in petrol and diesel prices, the minister said that the decision to reduce retail fuel prices would depend on the stabilization of the geopolitical scenario and international . ""I will only say that if the situation of the world is stable, oil prices stable, then it (price cut on petrol and diesel) can be looked at"". ""But if you say an attack is taking place somewhere in the world and insurance and freight price go up..."" he said, as he referred to the Houthi attacks in the and the Russian-Ukraine war. The Union Minister said 85% of India's crude oil requirements are met by imports, with the price of crude in the international market being the benchmark. The Union Minister elaborated on how the 'Russia-Ukraine war' impacted the crude oil supply, but India was able to manage its supply by diversifying its sources and increasing the purchase from Russia despite fear of sanctions. ""We know how the Russia-Ukraine war erupted. Russia produces 11-13 million barrels per day. One way was to stop buying crude oil from Russia, but it would have brought down the availability and we couldn't have disrupted oil supply for the public. In that case, the prices would have shot up to USD 138...there was talk of sanctions,"" Puri said. ""At that stage, we were buying only 0.2% crude oil from Russia. But, we had to confront and navigate the situation. We have been diversifying our supply and increasing our purchases from Russia. Our policy is that from wherever we will get the crude oil as per our requirements, we will buy it, and it is a totally transparent system. When other countries saw this, they also gave us discounts. Our policy is 'nation first' and the consumer is paramount."" India did not put the burden of rising energy prices on its citizens when global prices of LPG skyrocketed, and instead followed a citizens-first approach, the minister said. During the COVID period from June 2020 to June 2022, the international prices of LPG increased by around 300%, according to government data. However, to insulate consumers from fluctuations in international LPG prices, the cost increase was not fully passed on to consumers of domestic LPG. Accordingly, domestic LPG prices were raised by only 72% during this period, leading to significant losses for the oil marketing"
"cost increase was not fully passed on to consumers of domestic LPG. Accordingly, domestic LPG prices were raised by only 72% during this period, leading to significant losses for the oil marketing companies. Despite these losses, the public sector oil marketing companies have ensured continuous supplies of this essential cooking fuel across the country. Prime Minister Narendra Modi announced a INR 100 reduction in LPG prices on Friday, which was International Women's Day. This reduction in gas prices is over the INR 200 cut announced during Raksha Bandhan last year. The government has also decided to continue the INR 300 LPG subsidy for Ujjwala beneficiaries for the next fiscal. With the government moves, the standard 14.2-kg domestic LPG cylinder would now cost INR 803 in Delhi, INR 802.50 in Mumbai, INR 829 in Kolkata, and INR 818.50 in Chennai. The effective LPG cylinder price for Ujjwala consumers -- including the subsidy benefit -- would be INR 503 in Delhi, INR 502.50 in Mumbai, INR 529 in Kolkata and INR 518.50 in Chennai."
"Ford exec expects software to boost revenue for commercial trucks, vans Ford Motor expects to incorporate more and better software into the trucks and vans in its highly profitable commercial vehicle business and grow revenues by USD 4,000-USD 5,000 per vehicle in the future, a top executive said on Thursday. , chief financial officer of Ford Pro, said the automaker would look to boost revenue with software- and data-driven fleet services, safety and security services, partial vehicle autonomy and insurance. Kumar, speaking at a J.P. Morgan investor conference, did not give a percentage forecast for revenue or profit margin growth, but said Ford's ability to deliver and profit from those services will be enhanced in the middle of this decade when the company introduces its next-generation electric commercial vehicles with a new digital ""intelligence"" platform. That new platform will help Ford Pro meet some ambitious 2026 targets, he said, including doubling the percentage of connected vehicles to about 60% and tripling the percentage of vehicles with paid software to about 36%. Ford Pro will continue to offer a full portfolio of combustion engine, hybrid electric and full electric vehicles, Kumar said. Its second-generation EVs, including the successor to the pickup, will be more profitable, in terms of their ability to generation additional software and services revenue. Kumar said the current F-150 Lightning was not ""cost optimized,"" but declined to say whether it was profitable. He said Ford Pro expects to boost its commercial vehicle business in Europe with the arrival this fall of a new van and the introduction next year of electric versions of the and Transit Custom."
"New Proace Max completes Toyota professional e-lineup delivers a more comprehensive choice than ever with a reinvigorated and expanded electrified line-up of commercial vehicles complemented by an uncompromising commitment to customer care enabling Toyota’s continued growth in the sector. Class-leading light commercial vehicle technology stands out from the crowd with an updated bold and robust look throughout an extensive line-up which boasts market-leading load-carrying capabilities. Taking centre stage is the all-new , which joins an expanded Proace family alongside the updated Proace and Proace City as part of a powerful product portfolio. Meanwhile, the Hilux Hybrid 48V brings a new electrified option to Toyota’s unstoppable pick-up. A striking new front design for the Proace family emphasises a Toyota identity and creates a striking first impression, thanks to a cleaner surface for the front face. The latest full LED lighting technology and alloy wheels create an even more distinctive appearance, depending on the trim grade. Modern interiors boast of steering wheel designs plus the latest onboard equipment according to the trim level, including fully digital displays and up-to-date infotainment system with built-in navigation, plus wireless Apple CarPlay or Android Auto connectivity. Connected services will deliver added-value to day-to-day operations and available to every grade of the Proace family from start of sales. In keeping with Toyota’s multi-pathway approach to carbon neutrality, all Proace family vehicles are offered as battery electric vehicles (BEV) delivering zero tailpipe emission performance without sacrificing practicality and reliability. By offering electrified options throughout the Toyota Professional product line-up, Toyota emphasises its belief that customers need a variety of affordable and practical options to accelerate the pace of CO 2 reduction today, helping to ensure a successful transition to zero emission mobility in the future. All Toyota Professional vehicles feature the latest Toyota Safety Sense technology, assisting the driver and providing additional peace of mind. Heavy duty MAX: As the biggest vehicle in the Toyota Professional line-up, the heavy duty Proace MAX is available in six configurations, featuring two wheelbases, three lengths and three heights for multiple load-carrying options. In its largest specification the Proace MAX Electric has a best-in-class cargo capacity of 17 m³. Loading and unloading is straightforward thanks to full height doors and a practical square opening, with low threshold for easy access. For the first time on a Toyota, the doors open 270 degrees, maximising the kerbside loading space and access to the cabin. The latest battery electric technology provides the comfort of zero emissions driving with the practicality of up to 420km (WTLP standard) range. The Proace MAX platform leads the way for conversions too, with Toyota’s uncompromising quality standards at its heart."
"emissions driving with the practicality of up to 420km (WTLP standard) range. The Proace MAX platform leads the way for conversions too, with Toyota’s uncompromising quality standards at its heart. It is available in as a one-way or three-way tipper and dropside configurations, including the optional Chassis, Platform and Crew Cab lay-out with two rows of seating. Proace and Proace City: The versatile Proace and Proace City vehicles feature eye-catching visual updates and the latest technology in both van, Proace VERSO and Proace City VERSO passenger configurations, emphasising the exhaustive variety of practical solutions within the Toyota Professional line-up. The Proace van comes with best-in-class powertrain options with the EV battery delivering a 20km increase in range of up to 350km. The Proace also has the load carrying to match its performance, thanks to a capacity of up to 6.6 m³ and a best-in-class payload of up to 1,400kg, while in Proace VERSO configuration the vehicle comfortably seats up to nine passengers. Load carrying is a standout attribute of the practical Proace City, which leads its class in load and passenger carrying. The van cleverly utilises the available space to hold 4.4 m³ of load volume and up to 1,000kg of cargo, depending on powertrain. The latest EV battery technology also delivers a best-in-class range of 330km, a 50km increase from the current generation. All van variants comfortably seat three front passengers while the seven-seat Proace City VERSO offers enhanced passenger carrying capacity. Hilux 48V Hybrid: The Toyota Professional line-up also expands with the addition of the new Hilux Hybrid 48V, which benefits from improved fuel efficiency and enhanced driving performance, further enhancing the pick-up’s formidable capabilities on and off road. As well as the Hilux’s legendary durability and reliability, the Hilux Hybrid 48V has improved throttle response and linear acceleration, with enhanced off-road performance too via smoother acceleration when navigating rough terrain and regenerative braking on downhill sections. Driving enhancements come with no compromise on towing and payload capacity, which remain exceptional at 3,500kg and 1,000kg respectively. Complete customer care: The enhanced Toyota Professional line-up represents a renewed commitment to commercial vehicles and Toyota aims to continue its year-on-year sales volume increase in this sector, which amounted to 119,000 vehicles in 2022, and are on track to set new sales records this year. Toyota intends to achieve this via a comprehensive vehicle line-up allied to a strong focus on customer service, which includes competitive finance and insurance, warranties and roadside assistance provided by Toyota Financial Services, KINTO and Toyota Insurance Services for peace of mind as well as courtesy vehicles to keep customers on the road and at work. To enhance the experience from purchase through ownership, newly developed Toyota Professional"
"Services for peace of mind as well as courtesy vehicles to keep customers on the road and at work. To enhance the experience from purchase through ownership, newly developed Toyota Professional Centres will provide dedicated commercial vehicle expertise and servicing facilities. An updated accessory range includes practical carrying and storage solutions, as well as security and protection options for added peace of mind. Further details about Toyota Professional products and services will be unveiled at the 2023 Toyota Kenshiki Forum later this month, the company said."
"Edelweiss General Insurance launches India’s first mobile telematics-based motor insurance has launched Switch - India’s first on-demand comprehensive product, under the IRDAI’s Sandbox initiative. Switch is a fully digital, mobile telematics-based motor policy that detects motion and automatically activates insurance when the vehicle is driven, making it convenient and hassle-free for customers. Switch allows customers to save money based on their driving behaviour. This usage-based model measures the quantity as well as the quality of driving and calculates premium accordingly. This makes motor insurance product in the market that generates a real-time driving score and dynamically rates the premium. Customers are given a driving score based on several driving parameters such as overspeeding, distracted driving, sudden braking, etc. Simply put, the better you drive, the better your score will be and the less you will have to pay. In addition, policyholders will no longer need to switch on the policy if they use their car, the app will do it for them. Shanai Ghosh, Executive Director & CEO, Edelweiss General Insurance said, “SWITCH has been designed keeping in mind the changing driving preferences of today’s mobile-savvy customers. Our attempt is to incentivize good driving and make customers pay only as per usage. It is the only on-demand motor product in the country that places complete control in the hands of customers. Pay only for how much you drive and how well you drive. ‘Drive less, pay less; Drive better, pay less’ is what SWITCH is all about. With this, we are also hoping to encourage people to drive better and safer. I am extremely thankful to the regulator for allowing us to constantly innovate and provide need-based solutions to customers under the Sandbox initiative”, she added. Switch can be bought online at the company's website. Post-purchase, customers can download the Switch app from Google Play Store or iOS App store to see their policy. Edelweiss claims that the entire product lifecycle is digital, right from purchase, to claim intimation, claim settlement, customer service, etc., which will help provide a seamless experience."
"Tesla taps Asian partners to address 4680 battery concerns It's crunch time at Inc, where is looking to crack the code for making better, cheaper batteries. The electric-vehicle maker is recruiting Chinese and Korean materials suppliers to help lower the cost and boost the energy of its newest , even as the company struggles with battery-related performance and production issues that have helped delay the launch of its futuristic , according to people familiar with the plans. Tesla has tapped China's Ningbo Ronbay New Energy and Suzhou Dongshan Precision Manufacturing to help trim materials costs as it ramps up production of 4680 battery cells in the United States, according to the sources, who asked not to be named. The details of these arrangements have not previously been reported. If the Austin, Texas-based is able to work out the performance and process kinks and meet its ambitious production targets, the 4680 ultimately could be the linchpin - rather than choke point - in CEO Musk's dream of building 20 million vehicles annually by 2030. Neither Tesla nor Musk could be reached for comment. As part of its efforts, Tesla also has signed a deal with Korea's L&F Co to supply high-nickel cathodes that could increase the energy density of its 4680 cells, one of the sources said. The automaker aims to augment its own output with 4680 cells from Korea's and Japan's Panasonic - an insurance policy to secure future EV production, two of the sources said. LG and Panasonic are expected to supply cells for Cybertruck, one of the sources said. A shortage of batteries means ""the factories stall,"" Musk told investors in early March. The new battery is expected to play a key role in the launch late this year of the edgy, stainless-steel Cybertruck, the company's first new model in more than three years. Tesla had considered three battery options to ensure that launch is not delayed again: smaller 2170 cells used widely in other Tesla models, 4680 cells and less-expensive lithium iron phosphate cells, but the EV maker favored waiting until the 4680 cells are ready, the sources said. Details about Tesla's Cybertruck battery strategy, including use of 4680 cells and consideration of other options, have not been reported. In 2022, Musk said he did not expect 4680 batteries would be a ""limiting factor for Cybertruck or anything else."" The Tesla-designed 4680 cell - so named for its external dimensions (46mm diameter, 80mm length) - is crucial to future production plans. Tesla intends to make versions at factories in Texas, California, Nevada and Berlin for use in vehicles from Model Y to Cybertruck, the sources said. But Tesla is still struggling to ramp up the first wave of production, Musk acknowledged at Tesla's investor day on March 1. 'TESLA IMPACT UNDERESTIMATED' Despite the immediate problems, some analysts remain optimistic Tesla will resolve these issues. ""While execution risk remains and many details are unknown, Tesla's impact on the global battery"
"Despite the immediate problems, some analysts remain optimistic Tesla will resolve these issues. ""While execution risk remains and many details are unknown, Tesla's impact on the global battery industry may still be underestimated,"" Morgan Stanley said after investor day. Musk first announced the new cell at Battery Day in September 2020. At that event, he promised a 50% reduction in cell cost through a series of innovations, from a larger cell size to a new ""dry"" electrode coating process that could dramatically reduce the size and cost of a battery factory while boosting cell performance. Repeated delays in moving the new cell from the initial prototype phase to full-scale production also have pushed back introduction of the long-awaited Cybertruck, which was designed to take advantage of the cell's potential improvement in energy density and power - advances that have yet to materialize. But it will take time for suppliers to ramp up production. Panasonic is running a pilot 4680 production line at its Wakayama factory in Japan, and plans to start volume production later in the fiscal year that ends in March 2024. Shoichiro Watanabe, chief technology officer of Panasonic Energy, last month said the company's new Kansas battery plant will focus initially on 2170 cells, but it will eventually shift 4680 production to North America. Last year, LG said it planned to open a new 4680 production line at its Ochang plant in Korea in the second half of 2023. Tesla's first-generation 4680 cells, built at its Fremont, California, factory, failed to hit an energy density target, people involved say. The automaker so far has been able to dry-coat the anode - the negative electrode - but is still having issues with dry-coating the cathode, where the most significant gains are expected to be made, the sources said. Tesla's attempt to ramp up production of the dry coating process has thus far resulted in enough batteries only for about 50,000 vehicles annually, Musk and company executives have said. In 2020, Musk said Tesla would have enough 4680 capacity in-house to supply 1.3 million Model Ys. While executives said it seems likely Tesla will be able to increase 4680 output five-fold by year-end, the company is hedging. Musk is betting if Tesla ends up with too many batteries this year, that is a good problem to have. It can use those for the energy storage systems it sells to utilities and consumers. Tesla also has been installing first-generation 4680 cells with ""wet"" cathodes in so-called structural packs in Texas-built Model Ys. A majority of those vehicles use the older 2170 cells. Tesla plans to use a cathode with more than 90% nickel in the next generation of 4680 cells, two sources said. L&F is expected to be one of the suppliers of that high-nickel cathode, another source said."
"Should you take car insurance linked to distance, driving style? NEW DELHI: Your could soon be decided by how much and how well you drive. The Regulatory and Development Authority of India ( ) has permitted insurers to launch policies with premiums linked to mileage and quality of . Pay-as-you-drive policies allow buyers to set a mileage limit for their car and offer them discounts over the normal premium. The lower the limit, the bigger the discount over the normal premium. The insurance is valid only up to the limit chosen by the buyer. One insurance company offers three slabs of 7,500 km, 5,000 km and 2,500 km. Insurance companies can also offer discounts based on the quality of driving. A telematics device is fitted in the car to monitor the condition of the vehicle and the driving habits of the user. This data is then interpreted to give discounts to careful drivers. It can also penalise rash and negligent drivers. These developments seem good news for those who own multiple vehicles or have not been driving too much due to Covid restrictions. They won’t have to shell out the full premium if their vehicles are not being used too much. “The introduction of these options will aid in giving the much-needed fi llip to motor Own Damage cover in the country and increase its penetration,” Irdai said in a statement. However, the discounts offered on the premium are not too exciting (see table). If you choose the 7,500 km slab, you get only a small 10% off on the regular premium. Mind you, the discount only applies to the ‘own damage’ premium, and the mandatory third-party premium and other add-on covers are not affected. The discount is a little more attractive for a lower limit of 2,500 km, but that works out to an average drive of less than 7 km in a day. Consider that before you opt for a policy with a low slab. The good news is that buyers can switch to a higher slab or even to a regular unlimited policy if they end up driving more than the slab limit. But this upgrade should be done well before time. It is not possible to upgrade after a mishap or claim incident. The installation of telematics devices also raises privacy concerns for the car owner. No doubt it will reduce the insurance premium, but this discount comes at a cost. Go for it only if you are comfortable with the thought that the insurer will have 24x7 data on your car’s movement."
"NHAI completes largest ever InvIT monetization of over INR 16000 cr through round 3 (NHIT), the infrastructure investment trust by the National Highways Authority of India (NHAI), has successfully concluded fund-raising through ' ' for national highway stretches of aggregate length of 889km at an enterprise value of over INR 16,000 crore, which is the largest monetization by NHAI and one of the largest transactions in the history of Indian road sector. The letter of acceptance (LOA) to raise the highest ever concession value through 'InvIT Round-3' was issued in February 2024. In the third round of monetization, NHIT has raised unit capital of around INR 7,272 crore from marquee domestic and international investors and debt of around INR 9,000 crore from Indian lenders, to fund the acquisition of national highway stretches, at a base concession fee of around INR 15,625 crore, and additional concessional fees of INR 75 crore, according to the Ministry of Road Transport & Highways ( ). The units were subscribed by investors through a book build process at a cut off price of INR 124.14 per unit, at a premium over the current NAV of INR 122.86 per unit. The units witnessed strong demand from both existing and new investors, including foreign pension funds such as Canada Pension Plan Investment Board and Ontario Teachers’ Pension Plan Board, which are existing unit holders and subscribed to the maximum limit of 25% each; domestic pensionprovident funds (IOCL Employee’s PF, L&T Staff PF, Rajasthan Rajya Vidyut Karamchari Pension Fund, SBI Pension, etc), insurance companies (Tata AIG, SBI Life, HDFC Life), mutual funds (SBI, Nippon India), banks and few others. NHAI also subscribed to its share of ~15% of the units at the same price, MoRTH said. With completion of the third round of monetization the total realized value of all three rounds of InvIT stands at INR 26,125 crore and holds a diversified portfolio of 15 operating toll roads with an aggregate length of about 1,525km spread across the nine states of Assam, Gujarat, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan, Telangana, Uttar Pradesh and West Bengal, with concession periods ranging between 20 to 30 years, it said. National Highways Infra Trust (NHIT), the Infrastructure Investment Trust sponsored by National Highways Authority of India (NHAI), was set up in 2021 to support Government of India's national monetization pipeline. Commenting on the success of latest round NHAI’s monetisation, Anurag Jain, Secretary, Ministry of Road Transport & Highways said “NHIT is a successful example of public private partnership (PPP), in which it has played a very important role in supporting national monetisation pipeline. While doing that NHIT has established itself as a leading player in the InvIT space, playing a critical role in channelizing financial capital into the further development of Indian roads sector.” Santosh Kumar Yadav, NHAI Chairman added, “We are pleased that NHIT has successfully"
"playing a critical role in channelizing financial capital into the further development of Indian roads sector.” Santosh Kumar Yadav, NHAI Chairman added, “We are pleased that NHIT has successfully completed the largest monetisation of roads for NHAI. We expect it to continue to play a stellar role in the monetisation and development of the Indian roads sector.” Suresh Goyal, MD of the Investment Manager of NHIT said, “We thank the existing investors for their continued faith and welcome the new partners for coming on board in strengthening NHIT andsupporting NHAI in the development of India’s road sector.” Since November 2021, NHIT has cumulatively raised around INR 12,000 crore through first two rounds of monetization for acquisition of eight operating road assets with an aggregate length of 636km from NHAI. Historically, units of NHIT were issued at a price of INR 101 in November 2021 and were listed on both BSE and NSE, it added."
"BMW Group India introduces Retail.NEXT dealerships across 33 cities to transform luxury automotive experience has introduced dealerships, aiming to redefine the luxury automotive experience over the next 36 months. This initiative will be rolled out across 56 facilities in 33 cities, focusing on integrating 'phygital' innovations—a blend of physical and digital elements—to provide a modern and engaging environment. Retail.NEXT is designed to cater to evolving customer needs with advanced services and facilities. “At India, we are changing the game by redefining the luxury experience. With the introduction of Retail.NEXT, we aren’t just elevating experiences; we are transforming them. Every visit to a BMW dealership is more than just a step into a unique world; it’s an immersion into a space where modernity, progress, and true luxury converge seamlessly. Retail.NEXT dealerships are designed to revolutionise customer engagement by integrating ‘phygital’ innovations, where the physical meets the digital in environments that are as aesthetically stunning as they are forward-thinking,"" said Vikram Pawah, President and Chief Executive Officer, BMW Group India. ""This initiative marks the beginning of a nationwide rollout as we expand our vision of an immersive luxury experience in India. We greatly appreciate our dealer partners for their unwavering dedication to BMW Group and significant investment spanning over three years for implementing Retail.NEXT in India,” added Pawah. What Retail.NEXT will provide Retail.NEXT is set to overhaul the space in India, blending digital innovation with personalised services. The design features open spaces and minimalist elements to ensure an intuitive showroom flow. Digital interfaces will allow customers to explore vehicle features, customise options, and receive tailored recommendations seamlessly. Additionally, the design includes private consultation areas and zones dedicated to vehicle handovers, making each customer interaction personal and memorable. By doing so, BMW Group India aims to reflect its brand’s commitment to luxury, innovation, and customer satisfaction through these modern retail spaces. Retail.NEXT emphasises integrating parts, accessories, and lifestyle collections near the central hospitality area, with a fully accessorised highlight car creating a ‘Wow Effect.’ Customer consultations will take place in a living room-like atmosphere, with Personal Service Advisors and BMW Geniuses equipped with digital tools to provide detailed product information. Central customer walkway Retail.NEXT’s layout features a ‘Central Customer Walkway,’ placing visitors and vehicles at the center. With unified flooring and ceiling across various segments such as BMW, MINI, BMW Motorrad, New, and BMW Premium Selection (BPS), the dealership ensures there is no separation between business areas. A single entry for both sales and service simplifies navigation. In place of traditional reception counters, visitors are"
"(BPS), the dealership ensures there is no separation between business areas. A single entry for both sales and service simplifies navigation. In place of traditional reception counters, visitors are welcomed at a Welcome Stand, reducing physical barriers between customers and staff. The showroom also features a Multifunction Counter as an interactive spot, useful for parts and accessories sales or as a cashier desk for both new and pre-owned sales. The Central Customer Walkway guides visitors through a premium selection of luxury vehicles, while the BMW Bar & Lounge serves as a central relaxation area. Sales and Service Consultancy Lounges are available for private discussions, covering aspects such as financing, leasing, and aftersales services. The Multifunctional Handover Bay is dedicated to the handover of new and pre-owned cars, further serving as the starting point for test drives. The relaxed lounge setting is designed to make car deliveries a memorable experience. Electric vehicle (EV) users will find AC/DC fast-charging facilities available at the dealership. Inauguration of ’s Retail.NEXT showroom in Gurugram The first Retail.NEXT showroom, operated by Bird Automotive, was recently inaugurated in Gurugram. The facility, located at Address One, Baani, Golf Course Road, Sector-56, Gurugram, Haryana, is headed by Gaurav Bhatia, Dealer Principal of Bird Automotive, which represents BMW Group India with sales and service facilities for BMW and MINI in Dehradun, Gurugram, and Delhi. “Our partnership with BMW Group India has grown and flourished over the years, a journey we take immense pride in. The remarkable growth we have witnessed in the Gurugram region stands as a testament to our shared vision and commitment. Today, as we inaugurate the first Retail.NEXT dealership in Gurugram, we are not just opening a new chapter in our success story, but also setting new benchmarks in luxury automotive retailing. We extend our heartfelt gratitude to BMW Group India for entrusting us with this groundbreaking opportunity. Together, we are poised to redefine the luxury car-buying experience, promising unparalleled service and unforgettable experiences for BMW customers in the region,” said Gaurav Bhatia, Dealer Principal, Bird Automotive. The 8,690 sq. ft. facility showcases BMW and MINI vehicles on the ground and first floors, respectively. It features ten vehicles, including eight BMWs and two MINIs. A dedicated vehicle handover lounge ensures memorable car deliveries, while the lifestyle and accessories zone displays the latest merchandise. The customer interaction lounge provides a relaxed atmosphere for consultations with sales consultants, and various finance and insurance options are available for customers."
"Turkey hikes energy prices; Istanbul monthly inflation highest in decade ISTANBUL: soared by the most in at least a decade in Turkey's biggest city Istanbul last month, according to data on Saturday, and President Tayyip Erdogan's government sharply raised nationwide electricity and natural gas prices for the new year. Prices also jumped for petrol, car insurance and some bridge tolls, adding more strain to an economy facing surging inflation and a currency crisis that was triggered by a series of unorthodox interest rate cuts. The , citing high global energy inflation, said electricity prices were raised by as much as 125% for high-demand commercial users and by around 50% for lower-demand households for 2022. Natural gas prices jumped 25% for residential use and 50% for industrial use in January, national distributor BOTAS said. The price rise was 15% for power generators. In Istanbul, home to around a fifth of Turkey's population of 84 million, retail prices jumped 9.65% month on month in December for an annual rise of 34.18%, the Istanbul Chamber of Commerce (ITO) said. Home appliance prices were up more than 20% while food rose nearly 15%. Wholesale prices in the city jumped 11.96% from November for an annual rise of 47.10%, ITO said. The data and adjustments will probably stoke the country's overall annual inflation rate, which jumped above 21% in November and is seen surpassing 30% in December and heading higher still, largely due to a currency crash. The lira shed 44% of its value against the dollar last year after a plunge since September, when the central bank, under pressure from Erdogan, began a series of aggressive rate cuts. Other adjustments included a 20% jump in mandatory vehicle insurance costs for those with the highest deductible. Petrol prices rose by more than half a lira per litre, while diesel prices increased by 1.29 liras, the Energy, Petroleum, Gas Stations Employers Union (EPGIS) said on Friday. Also Read:"
"Swiggy partners with Gurugram traffic police for road safety and traffic awareness workshop has partnered with the to conduct a road safety and traffic awareness workshop for delivery partners in Gurugram under the ambit of Delivering Safely, its road safety charter. The programme was conducted in the presence of SH Virendra Vij, IPS Deputy Commissioner of to educate and empower over 100 delivery partners in the NCR regarding road safety and accident prevention practices. Participants also received training on crucial aspects from SH , HPS-ACP Traffic Police and ASI Rajesh on traffic rules, helmet usage, case studies, consequences of reckless driving, and parking etiquette. This was followed by a helmet distribution session and a vibrant roadshow by Swiggy’s delivery partner fleet, to showcase Swiggy's commitment to promoting responsible driving practices. “Road accidents, and resultant fatalities and injuries are a big scourge for India. Every year these cost the Indian economy 4-5 per cent of the GDP. Most of the victims are pedestrians, bicyclists, and motorcyclists, with many of them in their prime working age. Under the charter of Delivering Safely, Swiggy is committed to the welfare of its delivery partners by conducting regular road safety awareness in association with police authorities. We hope to improve traffic sensitisation to delivery partners and to improve their safety,” said a Swiggy spokesperson. Over the years, Swiggy has conducted drives in different cities across India in its commitment to enabling a safe working environment for its delivery fleet. All delivery partners at Swiggy are provided with insurance that protects them on the road. Last year, in an industry-first initiative, Swiggy partnered with Dial 4242 to provide on-demand, free, and fast ambulance services to its delivery partners. Swiggy also has Emergency Support Services (ESS), which encompasses various options to cater to the needs of delivery partners during an emergency or mishap on the road. The ESS includes 24*7 hotline numbers, emergency cards for delivery partners, and a direct link to the local police and ambulance service via an SOS button on the delivery partner app. For Swiggy, the safety and well-being of its delivery partners and the wider community are paramount. All delivery partners go through a road safety guidance module at the time of onboarding. The platform also conducts safety campaigns offering support and guidance throughout the year."
"Tiger Logistics to launch price discovery, supply-chain automation platform MUMBAI: International logistics and freight service provider (India) on Thursday said it is set to launch a and platform to ensure efficiency and transparency in the highly-fragmented domestic shipping industry. The full-stack platform will offer cross-border solutions for ocean and air shipments along with first-mile transportation, last-mile delivery and customs clearance, among others, the company said in a release. The company said it plans to incorporate cargo insurance and financing, among other features on the platform, once the pilot phase kicks off, to build a one-stop solution for all shipping requirements. The focus is to build a robust clientele in the Indian market for a seamless and hassle-free customer experience, it said, adding, the proposed digital platform is a disruption to the existing manual norms of operations in the freight industry. The platform, to be rolled out first in the country and then in some developing economies, will enable shipping accessible to more than 63 million MSMEs (Micro, Small and Medium Enterprises) in the country, Tiger Logistics said, citing a report. MSMEs account for as much as 40 per cent in the country's overall exports and 6.11 per cent of the country's manufacturing , besides making up for 24.63 per cent of the GDP from services sector, it said. ""Technology is the operating word in the current times. Shipping cannot lag behind, if we have to sustain the business. This new digital segment will help exporters and importers to instantly book their freight, automate their documentation process, keep track of their shipments and manage payments all on a single platform,"" said Harpreet Singh Malhotra, , Tiger Logistics. The platform will offer real-time rates, complete visibility and access to instant information about shipment updates, he added. ""International shipping is highly unorganised, wrought with inefficiencies and is presently going through a massive freight and container crisis. While big shippers have the power to negotiate rates directly with carriers and multinational forwarders, SMEs and MSMEs get left behind in the chase. With our new platform, we hope to change this and democratise access of every business to freight services,"" said Simar Malhotra, manager, Key Accounts and ."
"GST Council doubles limit for launching prosecution to Rs 2 cr; defines SUVs for 22 pc cess The on Saturday agreed to decriminalise certain offences and doubled the threshold for launching prosecution under the tax law to Rs 2 crore, but retained the limit at Rs 1 crore for fake invoicing. The Council also clarified on the definition of SUVs (sports vehicles) for the levy of 22 per cent compensation cess over the 28 per cent GST and decided to come out with parameters to define MUVs (multi utility vehicles). Briefing reporters after the 48th GST Council meeting, Finance Minister Nirmala said the Council could decide on only eight out of the 15 agenda items due to paucity of time, but added that no new taxes have been brought in. The agenda items which could not be considered included taxation for pan masala and gutkha firms and a report by a Group of Ministers (GoM) on setting up of appellate tribunals. The report of another GoM, chaired by Meghalaya Chief Minister Conrad Sangma, on GST levy on online gaming, casinos and horse racing was also not part of the agenda for Saturday's meeting. Sitharaman said in case of SUVs, the clarification that has been given is that the higher rate of compensation cess of 22 per cent is applicable to a motor vehicle fulfilling all four conditions -- it is popularly known as SUV; has engine capacity exceeding 1,500cc; length exceeding 4,000 mm; has ground clearance of 170 mm and above. ""So this clarification is not new tax, it's more to say what defines that commodity which is under taxation as SUV,"" the minister said. Sitharaman said the discussion on MUVs began when some states asked whether sedans should be included in the SUV category. The states also suggested bringing in a definition for MUVs. The minister said the Council decided that if any other motor vehicle categories need to be added to the 22 per cent cess, the panel of central and state tax officers (or the Fitment Committee) will look into it. The Centre and states would attempt to widen the GST base at every level to increase the tax mop-up which is averaging about Rs 1.4 lakh crore every month. ""So the focus will be on how much all of us are putting effort... to widen the tax base,"" she said. Currently, 1.40 crore tax payers are registered under GST. Revenue Secretary Sanjay Malhotra said the Council took a ""path breaking decision"" with regard to decriminalising three types of GST offences -- obstruction or preventing any officer in discharge of his duties; deliberate tampering of material evidence; and failure to information. The minimum threshold of tax amount for launching prosecution under GST has been raised from Rs 1 crore to Rs 2 crore, except for the offence of issuance of invoices without supply of goods or services or both. Also, the compounding amount has been reduced to the range of 25 to 100 per cent, from the present 50 to 150 per cent of the tax amount. Central Board of Indirect Taxes and Customs (CBIC) Chairman Vivek Johri said"
"amount has been reduced to the range of 25 to 100 per cent, from the present 50 to 150 per cent of the tax amount. Central Board of Indirect Taxes and Customs (CBIC) Chairman Vivek Johri said currently under the GST law offences exceeding Rs 1 crore are considered for criminal prosecution. ""What was proposed in Council and what came out of the discussion was that the limit would be enhanced from Rs 1 crore to Rs 2 crore now. So cases involving tax amount of up to Rs 2 crore will go out of the purview of criminal action, except cases of fake invoicing,"" Johri said. He said the current threshold of Rs 1 crore for launching criminal prosecution will continue in fake invoicing cases which continue despite many measures taken by the tax authorities. The Centre in September issued directions to Central GST officers to launch prosecution in offences exceeding Rs 5 crore. That direction was given through a circular, but the GST law currently sets the limit at Rs 1 crore. Malhotra said the amendments in GST law to give effect to the Council's decision on decriminalisation of GST offences would be brought in the Finance Bill, 2023. After that, the state legislatures too would have to pass the amendments and pave the way for making the changes effective. The GST Council also decided to lower tax rates on husk of pulses to nil from 5 per cent. Tax on ethyl alcohol supplied to refineries for blending with motor spirit (petrol) was reduced to 5 per cent, from 18 per cent. These changes in GST rates were aimed at ""facilitation of trade and measures for streamlining compliances in GST"", as per an official statement. The Council also clarified that Rab (a type of jaggery) and fryums manufactured using the process of extrusion attract 18 per cent GST. It also clarified that no claim bonus offered by the companies is not a part of the taxable value for levy of GST. Also incentive paid to banks by Central Government under the scheme for promotion of RuPay Debit Cards and low value BHIM-UPI transactions are in the nature of subsidy and thus not taxable under the GST, the Council clarified. With regard to e-commerce for micro enterprises, the GST Council decided to allow unregistered suppliers to make intra-state supply of goods through E-Commerce Operators (ECOs) from October 1, 2023. In the last meeting in June, the Council had granted in-principle approval for allowing unregistered suppliers to make intra-state supply of goods through E-Commerce Operators (ECOs) and approved the amendments in the GST Act and Rules. ""Considering the time required for development of the requisite functionality on the portal as well as for providing sufficient time for preparedness by the ECOs, Council has recommended that the scheme may be implemented w.e.f. 01.10.2023,"" the statement said. On refund to persons who are not registered under GST, the Council on Saturday recommended amendment in CGST Rules, 2017, along with issuance of a circular, to prescribe the procedure for filing"
"On refund to persons who are not registered under GST, the Council on Saturday recommended amendment in CGST Rules, 2017, along with issuance of a circular, to prescribe the procedure for filing application of refund by the unregistered buyers in such cases. KPMG in India Partner, , Abhishek Jain, said this is a major relief for common people as unregistered buyers will be able to claim refund of tax borne in cases where the contracthouse and long-term insurance policy, is cancelled and the time period of issuance of note by the concerned supplier is over. ""This change will allow the unregistered buyers to get a refund of the GST where supply has not taken place, and will help avoid unnecessary cost burden,"" Jain added. Also Read:"
"Volkswagen offers subscription, leasing option for Virtus, monthly rentals starts at INR 26,987 New Delhi: on Thursday said it has opened a subscription and lease ownership model for its Virtus sedan. Through the subscription model, customers can drive home the Virtus with one month of security deposit and an advance rental payment, with the tenure ranging from 2 to 4 years. This ownership model covers term insurance, scheduled service, and unscheduled repairs ensuring comfort and affordability for customers. “The subscription model allows an easy exit option with no resale risk with options of returning the car post usage or an upgrade at the end of the term. An all-inclusive monthly subscription rental of the Virtus starts from INR 26,987 (ex-showroom Ahmedabad),” Volkswagen said. As a part of Power Lease, the customer can own the Virtus with one month’s security deposit and an advance rental with flexible tenure options ranging from 2 to 4 years having no mileage cap. The additional benefit under Power Lease is the provision of retaining the car post the tenure completion at just 20% of the ex-showroom price. In addition, the customer can purchase a Service Value Pack. The all-inclusive easy monthly Power Lease rentals of the new start from INR 29,991 (ex-showroom Ahmedabad). “With the significant increase in the need for safe and affordable personal mobility options across markets, there is a growing demand for dynamic ownership models. Buyers are looking for alternative ways and flexible solutions that enable them to acquire a vehicle at affordable rates based on their usage,” the company said in a statement. Ashish Gupta, Brand Director, Volkswagen Passenger Cars India, said, “Our Omni-channel mobility solution is available across our product portfolio and we are delighted to add the newly launched Volkswagen Virtus as well. We are confident, the subscription and leasing platform will offer aspirational Indian customers the opportunity to experience our refreshed product portfolio in a hassle-free and new-age ownership experience.”"
"Hyundai Motor India provides INR 3 cr for cyclone relief works in TN (HMIF), the CSR arm of Ltd., Wednesday offered relief support amounting to INR 3 crore to support communities affected by the Michaung cyclone in . The Company’s onsite teams are working along with state government authorities to deliver emergency relief, including food, water, shelter, medical assistance and other essential commodities to affected communities, the company said. , MD & CEO, Motor India Ltd.,said, “Hyundai Motor India stands in solidarity with people of Tamil Nadu in these testing times. As a reflection of our global vision – Progress for Humanity – we are committed to alleviate the challenges faced by communities during times such as these. We have contributed INR 3 crores towards the relief fund, which will deliver immediate help and bring significant impact to the affected regions & communities. has also set up a dedicated ‘Relief Task Force’ which will work closely with the District Administrations to offer support to the needy. For our beloved customers, we have ramped up our service support to flood affected customers in Tamil Nadu. We have also deployed a dedicated Emergency Roadside Assistance Service Team to support our customers.” HMIF will provide relief kits such as dry rations, tarpaulin, bedsheets and mats. Medical camps will also be set up and HMIF will help clean villages in its efforts to address the after effects. For Hyundai Motor India customers, the company has put-in-place an emergency road assistance team and will offer 50% discount on depreciation amount on insurance claims of cyclone affected vehicles. Also, the company’s service network has been put on a high state of preparedness to attend to an expected higher influx of vehicles, the company said in a media release."
"Goldstone Tech JV with Quantron of Germany for fleet management using AI Hyderabad: Limited (GTL) is partnering with AG, a German e-mobility major, to establish a Joint Venture to address the high potential market, valued at around USD 70 billion (INR 5.8 lakh crore) by 2032. The new joint venture company will operate from Augsburg in Germany, and Hyderabad. A plan is underway to set up a US entity by Q3 2023, capitalising on the burgeoning global and , GTL said in a media release. The GTL and Quantron JV is poised to disrupt fleet management with its AI-supported solutions for sustainable integrated operations, catering to the demand in Europe, the USA, India, and the Middle East. By focusing on , the JV aims to offer OEM-agnostic Mobility as a Service (MaaS) solutions, addressing efficiency and digitalization challenges. The JV's transaction platform will provide diverse digital solutions to fulfil the needs of zero-emission fleets, the release said. .Michael Perschke, Member of the Board & Chief Executive Officer of Quantron AG said, “We are looking forward to this partnership with GTL in a bid to address the fleet management market which is projected to exceed USD 70 billion by 2032, combined with the Hydrogen economy market that anticipates over USD 320 billion in global investments by 2030. The Indian ecosystem also presents a huge opportunity in this area, which would provide us the necessary expertise to make inroads into the global marketplace.” The key differentiator would be one integrated platform across 5 Digital Pillars, namely Fleet Management, Insurance-as-a-service, Hydrogen Economy, Greenhouse Gas Accounting and Data Insights. Having already onboarded Quantron and ETO Motors as clients, GTL will provide the software expertise and oversee platform integration, while Quantron will utilize the digital platform in its 360° ecosystem. The software features a Fleet Overview Dashboard, Driver Management, Trips Information, Geofencing, Charging or Refuelling Infrastructure Administration, Smart Navigator, Carbon Credits Tracking, Roadside Assistance, Reports Module, and Driver Mobile App, the release said. “This Digital Platform is Partner Agnostic, Modular and OEM Independent. Data Insight, a crucial pillar, is estimated to reach a global market value of USD 71 billion (INR 5.9 lakh crore) by 2032. Our contribution to this partnership will be to help customers drive impactful change through data-backed analytics to enhance their business through BI and Analytics Full Stack capabilities and Service Offerings,” Pavan Chavali, Managing Director, Goldstone Technologies Limited, said. By catering to the demand in key global markets, the company is driving the transition towards sustainable transport and offering versatile OEM-agnostic Mobility as a Service (MaaS) solutions. With GTL's software expertise and Quantron's comprehensive ecosystem, the digital platform delivers a wide range of features and modules to fulfil the diverse needs of"
"as a Service (MaaS) solutions. With GTL's software expertise and Quantron's comprehensive ecosystem, the digital platform delivers a wide range of features and modules to fulfil the diverse needs of zero-emission fleets. As investments in sectors like fleet management, hydrogen economy and data insights continue to grow, the JV is strategically positioned to capitalize on these emerging opportunities and bring significant industry advancements, the release added."
"GST prosecution threshold up; some offences decriminalised The Goods and Services Tax ( ) Council decided to decriminalise some violations and doubled the monetary threshold for launching prosecutions to ₹2 crore to prevent taxpayer harassment and improve . The 48th meeting, held virtually on Saturday after a gap of six months, deferred a decision on imposing the levy on online gaming, horse racing and casinos as well as the setting up of appellate tribunals. The council decided that GST will not be levied on no-claim bonuses and approved a concessional rate of 5% on ethanol used for blending with petrol, against 18% earlier. The council did not take up the proposal for a mechanism to curb tax evasion by pan masala and gutkha businesses. Finance minister Nirmala said the council could decide on only eight of 15 agenda items due to paucity of time. ""Pending items will be taken up at the next GST Council meeting,"" Sitharaman said, adding that this will be an in-person one. ""We are trying to take up the GST tribunal issue at the earliest possible."" The council did not consider demands to reduce the GST rate on a host of items, including precious metals and components of battery energy storage systems. No Tax Hike in Meeting, Says FM ""In this GST Council meeting, there has not been any tax increase on any item,"" Sitharaman told reporters after the meeting. ""Everything that has been done is to issue clarifications where ambiguity of interpretation prevails."" The council also allowed a refund of GST paid to unregistered buyers in the event of cancellation of services, when the cancellation takes place after the period specified in law for the issuance of credit notes. ""This proposal is likely to provide relief to businesses though its implementation would likely take one, one-and-a-half years, as it would require amendment in state legislatures as well,"" said Saurabh Agarwal, partner, , EY. The council clarified the GST rate for SUVs with an engine capacity exceeding 1,500 cc and length exceeding 4,000 mm with a ground clearance of 170 mm or above. They will attract a 22% compensation cess. It also clarified that incentives paid by the government to banks under the scheme for the promotion of RuPay Debit Cards and low-value BHIM-UPI transactions are in the nature of subsidy, and GST will not be levied on them. Experts welcomed the move to decriminalise some offences, adding that the threshold could be higher. ""While the increase in prosecution threshold was expected, it is necessary to gradually increase it further so only very serious, high-value cases are subjected to the rigours of prosecution,"" said MS Mani, partner, Deloitte India. Online Gaming Revenue secretary Sanjay Malhotra said GST on online gaming and casinos was not discussed as the Group of Ministers (GoM) on the issue submitted its report only a few days ago, and it had not been circulated yet to the rest of the council. In its report, the GoM suggested 28% GST on the full value of the"
"Ministers (GoM) on the issue submitted its report only a few days ago, and it had not been circulated yet to the rest of the council. In its report, the GoM suggested 28% GST on the full value of the consideration, including the contest entry fee, paid by players without making a distinction between games of skill and games of chance. However, at the insistence of several members, the GoM was asked to reconsider some of the provisions. Despite deliberation, there was no consensus on the matter and the GoM has left it to the council to decide. The GST Council has also proposed that mobile numbers and email addresses linked to the income tax permanent account number (PAN) be used along with biometric authentication for GST . It has also mooted a pilot for biometric-based Aadhaar authentication and risk-based physical verification of registration applicants in Gujarat to curb fraudulent signups. The council granted in-principle approval for amendments in the GST law to allow unregistered suppliers and composition taxpayers to undertake the intra-state supply of goods through operators. The change is likely to be implemented from October 2023. Details will be notified. Also Read:"
"Synetiq, Allye to turn salvaged EV batteries into energy storage , the UK's largest vehicle salvage company has partnered with Energy to provide salvaged electric vehicle battery packs for the startup to use for energy storage systems, the two companies said on Monday. Allye will test and buy EV packs from Synetiq, a unit of IAA and part of Canada's , to use in its 300 kilowatt hour (kWh) battery storage system - each one uses four salvaged EV battery packs - which is enough to power a factory or 50 homes for a day. Allye will lease those packs to customers. ""At the moment, these battery packs are sat around in containers, unloved and unwanted,"" Allye CEO Jonathan Carrier told Reuters. ""We're trying to change that."" Lacking access to data to assess EV battery pack damage after accidents, insurers have been forced to write off low-mileage electric cars. As the EV battery recycling industry is in its infancy outside China, salvage companies such as Synetiq have had to house a growing number of salvaged EV battery packs in containers. In 2022 there were an estimated 40,000 nearly new battery packs from salvaged EVs. That number will grow as EV sales rise. Reusing entire EV battery packs ""will address a key challenge in our industry,"" Synetiq CEO said in a statement. Using existing battery packs cuts CO2 emissions for the storage systems by 60% versus new ones and can cut customers' energy bills 50% by taking energy from the grid during off-peak hours for use during peak demand, Allye's Carrier said. As it ramps up, Allye hopes to use 5,000 packs a year in the UK and to expand to other markets, he added. So far, Allye has raised a little under a million pounds (USD 1.3 million) and is seeking additional funds. (USD 1 = 0.7873 pounds)"
"FMCG companies eye e-vehicles for last-mile distribution As last-mile distribution adds to greenhouse gas emissions, some fast-moving consumer goods (FMCG) companies are chalking out plans to replace their existing fleets with (EVs). Most firms are in early stages of such plans. But Dabur India has decided that in five years, EVs would account for 80-90% of its total last-mile distribution fleet across India. Dabur India currently has around 800 vehicles. The plan, which is part of the company’s long-term vision to become a carbon-neutral enterprise by 2050, is to induct 100 EVs in the first year and keep adding 100 every year to replace the existing fossil fuel-driven vehicles. In four years, only EVs will be used on all routes that have the requisite infrastructure like charging stations, said Dabur India CEO Mohit Malhotra. “The initial cost of acquiring an is 10-20% more than a same-capacity normal diesel-run goods vehicle. However, the lower running cost makes up for this difference over a period of time. The benefits will be in terms of lower carbon emissions — both scope-2 and -3 emissions. We will be covering around 20 cities with EVs in the first phase,” said Malhotra. The cities that Dabur plans to cover in the first phase include Delhi-NCR, Mumbai, Pune, Ahmedabad, Kolkata, Chennai, Bengaluru, Hyderabad, Varanasi, Sonipat and Chandigarh. A spokesperson of Hindustan Unilever (HUL), which has around 4,500 distributors and about 1,500 suppliers, said, “EVs are bringing in interesting propositions for both order capture as well as order fulfilment. In order capture, we are looking at evaluating ownership options for our market executives/salesmen who make use of two-wheelers to work the markets across the country. Similarly, our distributors are also evaluating the feasibility of using e-delivery vehicles which can carry a minimum payload of one tonne.” The spokesperson added HUL believes that, over a period of time, thousands of EVs could get deployed as part of the company’s distribution infrastructure, on the basis of commercial and capacity viability. Marico’s COO (India business) & CEO (new business) Sanjay Mishra said the company has been exploring avenues for the use of EVs for transportation, which has been gaining popularity recently. “We are working with our logistics partners to evaluate employing EVs as an option, considering the sustainable impact as well as commercial viability during our evaluation. This will align with our ESG (environmental, social, and governance.) framework and goals, thereby stimulating demand for responsible production and consumption practices,” said Mishra. A Nestle India spokesperson said, while the company hasn’t started using EVs in its logistics as of now, it is exploring such options for the future as part of its endeavour towards sustainability across operations. An expert on sustainability said last-mile distribution through EVs by FMCG companies will contribute significantly to reduction in"
"as part of its endeavour towards sustainability across operations. An expert on sustainability said last-mile distribution through EVs by FMCG companies will contribute significantly to reduction in air pollution as also greenhouse gas emissions. “This is a pragmatic step given the limitations of EVs in managing long distance and heavy transportation. Similar attempts are being made in mining sites in India to use electrical earth-moving and transportation options. However, companies should ensure that electricity to charge is also renewable,” the official said. There are reportedly around 12 million retail distribution outlets in the country. With the FMCG sector expected to grow at 10-12% annually, distribution too would grow to account for greater emissions. An analysis by Crisil states that EVs present an opportunity of almost Rs 3 lakh crore for various stakeholders in India in the five years through FY26. The opportunity includes potential revenue of about Rs 1.5 lakh crore across vehicle segments for original equipment manufacturers as well as component manufacturers and approximately Rs 90,000 crore in the form of disbursements for vehicle financiers. Shared mobility and insurance account for the balance. Crisil director Hemal Thakkar said, “Considering the improving cost parity and the government’s focus on electrification of vehicles, we should not be surprised if EV penetration reaches 15% in two-wheelers, 25-30% in three-wheelers, and 5% in cars & buses by FY26 in terms of vehicle sales.”"
"Tesla trumps BYD in China sales efficiency with real-time strategy 's strategy in China of real-time, aggressive management of its sales staff is giving its stores an edge over dealerships offering and other brands in the world's largest auto market, according to three people with knowledge of the matter. The U.S. company in the fourth quarter lost its crown as the world's biggest electric vehicle seller to China's BYD , but during the first 10 months of 2023 both companies grew their share of a slowing and highly competitive . Tesla sold more than 1,500 EVs in each of its Chinese stores on average in the first 10 months of 2023, up from 1,300 in 2022, data from China Merchants Bank International (CMBI) showed. BYD in comparison sold under 600 cars per store in the same 2023 period including plug-in hybrids, similar to its 2022 performance, although overall it sold far more EVs than Tesla given its best-selling models cost half as much and it has 11 times as many local distributors. ""Tesla may have more throughput per store, but their growth is limited, especially when compared with BYD,"" said Bill Russo, CEO of Shanghai-based advisory firm Automobility. Tesla's China EV market share grew to 12% in the first 10 months of 2023, up from 10% in 2022, while BYD's share rose to 27% from 21% over the same period as its lower-end rivals stumbled, according to data from Automobility and the China Passenger Car Association. Tesla's solid sales performance in China, its second-biggest market, provides a rare bright spot for the EV maker, which has warned of the impact of high interest rates on car buyers in other key markets like the U.S. and slowed plans to construct a factory in Mexico. The automaker, which pioneered a direct sales model worldwide, monitors its 2,800 sales staff across its 314 stores in China on an hourly basis, assessing how effective and efficient they are in persuading potential consumers to visit stores, arrange test drives and place orders, the three people said. They declined to be identified because such information about its China sales strategy, which has not been previously reported, is deemed confidential. Tesla did not respond to a request for comment. The people said this real-time collection of data informs the company's pricing strategy, which allows it to influence demand for some model versions and resulted in seven price hikes and three cuts in China last year. The company can then make cost-effective production plans based on raw material prices and supplies. It manages its staff similarly to Chinese food delivery giant Meituan, which measures delivery times by the minute and second, one of the people said. Tesla salespeople seen to have failed to be active enough have been let go the same day, the person added. The company incentivises its staff by offering a base salary higher than EV rivals and allowing the best performers to earn up to 30,000 yuan (USD 4,203.56) a month including bonuses, drawing workers from"
"incentivises its staff by offering a base salary higher than EV rivals and allowing the best performers to earn up to 30,000 yuan (USD 4,203.56) a month including bonuses, drawing workers from industries such as English tutoring and insurance known for aggressive sales tactics, the people said. OTHER SALES MODELS BYD takes a more conventional approach to dealerships with its 3,400 stores and sells plug-in hybrids alongside battery EVs. It promised dealers up to 2 billion yuan (USD 279.52 million) in rewards to reach a 3 million unit global sales target in 2023. BYD did not respond to a request to provide further details. Yale Zhang, managing director at Shanghai-based consultancy Automotive Foresight, said Tesla's success with its cost-effective and efficient direct sales model was not easily copied given its leadership in products, technology and reputation. The U.S. automaker's smaller EV rival Xpeng has been rejigging its sales strategy after initially following Tesla into launching direct sales networks. But as Tesla's model lineup ages, it remains unclear whether it will be able to sustain its selling efficiency, especially as it enters lower-tier cities and towns where Chinese brands have a bigger presence with dealers, Zhang said. In 2022, Tesla closed a Beijing store that had been its flagship showroom in China. It also shut four stores in Guangzhou in the final quarter of 2023. It has been expanding in second-tier cities like Chengdu and Tianjin, where per-store vehicle sales average 163 per month, according to CMBI, higher than that in first-tier and third-tier cities. Tesla opened about 30 new stores in second-tier cities in 2023, a nearly 20% increase. STIFFENING COMPETITION While Tesla has pulled ahead of rivals in sales efficiency, analysts have cautioned it faces growing headwinds amid stiffening competition. ""Boasting about efficiency is a way of building up a smokescreen to explain away the fact that they're not growing at the rate of some of their competitors,"" Automobility's Russo said. Any attempt by Tesla to catch up with BYD in overall sales will be affected by production capacity constraints at its Shanghai factory, its biggest globally that is capable of making 1.1 million cars a year. Tesla has signalled it wants to expand the plant but the plan still hinges on approvals from Chinese regulators reluctant to add new EV production facilities amid a capacity glut. The company plans to expand its Berlin factory and build a new plant in Mexico. But BYD has been far more aggressive, having built EV factories in nine cities in China with an annual capacity of more than 4 million units and adding plants overseas. Tesla's global capacity was 2 million vehicles a year, its global production chief Tom Zhu said last March. CMBI analysts predict the growing gap with BYD could force Tesla to further focus on margin improvement in 2024, with price hikes on revamped models and additional expansion into lower-tier Chinese cities, even as"
"predict the growing gap with BYD could force Tesla to further focus on margin improvement in 2024, with price hikes on revamped models and additional expansion into lower-tier Chinese cities, even as its rivals scramble to price their new EVs lower."
"Insurance rates hike will hit two-wheeler industry: TVS Motor CEO CHENNAI: The recently announced hike in for motorcycles will pinch pockets and hit the , said K N Radhakrishnan, director and CEO, . He said the new rates, effective from June 1, 2022, would be yet another headwind the sector had to face. “The automobile industry has been impacted by a series of headwinds, leading to a steady increase in two-wheeler prices,"" he said. ""In addition to the pandemic woes, the ongoing shortage of semi-conductor chip, high raw material cost and increasing fuel prices have impacted demand. As the customer continues to struggle with an increase in the cost of ownership, the recently announced hike of Rs 2,200 per vehicle in third party insurance cost will further dent the efforts of the industry to recover itself from this challenging market situation,"" added Radhakrishnan."
"Stellantis taps Indian talents to be a sustainable mobility tech company: Billy Hayes Q: How crucial is it for the to succeed in the Indian market? We have no doubt that it will succeed. We've got a lot of firsts in the segment here. It is the first vehicle with a standard turbo engine, the first vehicle with a roof-mounted, tropicalised AC and the like. Q: Building brand acceptance is a challenging task in a market like India. How do you do this? We've made a very seamless, easy purchase experience for consumers as we grow our dealer network. The purchase experience is fully digitised. Customers can configure the vehicle in a really immersive 3D configurator. They can accessorise the vehicle, get price quotes, and arrange insurance. If you have a trade-in, there's a trade-in facilitator. You can basically do everything without actually visiting a dealer. We've learned from the C3 hatchback that about two-thirds of our customers are first-time (car) buyers, which is actually amazing because we are a new brand. Q: What is the contribution of the Asia-Pacific region to ’ overall annual sales? Our region makes up about 20% of the new car market across the world. We're about 2% of Stellantis' sales in the region. So, we have a huge upside not only here in India, but across the region. Here in India we have done a lot of localisation. We plan to do that throughout this region. Q: Beyond sales, you have the component and powertrain manufacturing operations, and also your technical centres, including the software technology development centre. How do they fit into the scheme of things of Stellantis, which is aiming to be a ‘sustainable mobility tech company’? Shortly after we became Stellantis in January of 2021, we released our 2030 plan very transparently, and we committed to spending EUR 30 billion in R&D in software, technology, and connectivity. It's not just about CAFE compliance or CO2 compliance market by market. But we feel that in Stellantis it is also our obligation to the planet. It really starts with our investment, and you can see it with our C-cubed platform. But after this, we've got four dedicated platforms for Stellantis: STLA Small, STLA Mid, STLA Large, and STLA Frame, to be shared across the brands. They're powertrain-agnostic. So whether you've got a BEV or a plug-in hybrid or a petrol engine, they're powertrain agnostic. So we've got a lot of flexibility in the models based on them, which will also be introduced in India. Then there's STLA AutoDrive, which is really key here in integrating AI into the experience, into our ADAS technologies, which are becoming more and more sought-after in the markets. Q: Some of the models on these platforms would head to India too? Absolutely. As we get ramped up with our common platforms across Stellantis, we plan to release vehicles on these platforms in India. And it's not just the platforms or powertrains, nor the battery architectures. There's a technology that goes behind it. A lot of this"
"we plan to release vehicles on these platforms in India. And it's not just the platforms or powertrains, nor the battery architectures. There's a technology that goes behind it. A lot of this technology is being developed right here in India by some of the finest IT talents in India. We've got some things driving the vehicle like STLA Smart Cockpit, which is the immersive experience for the driver and passengers in the car. There's STLA Brain, which is what drives the car, the brains inside the car. Basically the cars are evolving. It is not just a car anymore. And then there's STLA Auto Drive, which is the key here in integrating AI into the experience, into our ADAS technologies, which are becoming more and more wanted in the markets. Q: Is not India the global tech development centre, especially for AI and ADAS, for Stellantis? Yes, it totally is. We're targeting about EUR 3 billion of additional revenue from connected vehicles just in services, value-added services that the customers value enough to pay for. We're transforming from a legacy car maker into a sustainable mobility tech company. We're working towards scaling up the engineering centres here. Q: Stellantis started operations at the Bangalore software development centre last month, right? Yes, and we also have an IT tech centre in Hyderabad, and we have two R&D centres, in Chennai and in Pune. They're ramping up. Right now, we have about 3500 employees here in India. There's a multiplier effect when you talk about our suppliers. And we're not just working on technology for India or the India and Asia Pacific region. We're doing validation testing, for example, on products across the world, even products that are only sold in the United States. Q: Stellantis has the Jeep and Citroën brands in India. D o you see the possibility of adding one or two more brands? Yeah. It's always part of the conversation, right? It's always that you know, 'what about bringing Fiat back?' 'What about Alfa Romeo?' So it's always something that we’re concurrently looking at in terms of brands, but I'll tell you right now, Jeep and are brands here. We're looking to grow in these brands. We're looking to make these brands stronger in the market. Q: So, no leaving India for any of the brands? No way. We've got so much invested, and so much in the future to invest too. We've got quite a footprint here and we're here to stay. I mean, you're stuck with us. Q: Any further investments on the horizon for Stellantis in India? We will continue to invest in product and product improvements across our lineup here. We talked about the global investment of EUR 30 billion by 2025. So, expansion of our lineups, continuing to improve the products that we have in our lineups. We can’t sit still, especially here in India."
"Recent IRDAI proposals to make motor insurance coverage easier The Regulatory and Development Authority of India ( ) has proposed to allow general insurers to offer long-term . Vehicle owners will now have a wider choice, as they can opt for a 3-year insurance policy for private cars and a 5-year insurance policy for two wheelers, both co-terminus with . This comes nearly 3 years after a mandate to allow third party coverage of 5 years for two wheelers and 3 years for cars was withdrawn in August 2020 due to concerns over its implementation. Currently, new cars can get Third Party cover for 3 years, while two wheelers can get Third Party cover for 5 years. However, Own Damage Cover for both cars and two wheelers is available for one year. The liberty to withdraw the long-term cover from one company and switch to another also comes as a friendly move for customers. In another major relief to two wheeler and four wheeler customers, the third party premiums will not be hiked from this April. ET sources have reported that the rates which are revised every year in the month of April, will not be revised for the time being. The has sent proposals to regulator IRDAI for upward division of and the regulator has begun actuarial calculations to arrive at the new third party insurance rates, it added. According to industry expectations, for the next three months till June, the third party insurance will not be revised and new rates will be effective for July onwards. The rates were not revised in 2020 and 2021, pertaining to Covid-19 pandemic at the time. However, the third party motor insurance was increased by 15-25 per cent during revision in 2022. it was also reported in February 2023, that uninsured vehicles travelling on highways are set to be offered on-the-spot insurance cover, with the government discussing a plan that includes deducting the premium from the owner’s Fastag account, Mint reported. The new approach to motor insurance has been brought about by an alarming rise in uninsured vehicles on the road, estimated to be as much as 40-50% of all vehicles in India."
"EV startup Vidyut raises USD 10 mn , a full-stack , has raised USD 10 million in a mix of equity and debt in a Series A round. The round was led by 3one4 Capital, and saw participation from Saison Capital, Zephyr Peacock, Force Ventures, venture debt fund Alteria Capital and Udaan CEO Sujeet Kumar. The startup aims at facilitating easier for small and large businesses by offering solutions such as , lifecycle management and . The company's proprietary asset-underwriting algorithm and battery health analysis have helped it offer financing through a battery subscription financing model. Its clients include Mahindra, Piaggio, Altigreen, Murugappa Group’s Montra Electric, and others. ""Our focus is not just on financing but on elevating the entire EV ownership journey for India’s SMBs,"" Gaurav Srivastava, co-founder of Vidyut, said. The startup will utilize the new funds to scale its offerings to the EV ecosystem. It is looking to expand its presence to 40 cities and double team size by the end of fiscal year 2025. “Electric vehicles pose new underwriting and product structuring challenges to financiers. EVs also meaningfully expand the role of data in the lifecycle of a financing journey and make new lending models possible. Vidyut's model removes barriers, especially in the large but price sensitive driver cum owner segment,"" Sonal Saldanha, vice-president, Investments, 3one4 Capital."
"Oil prices rise on supply woes SINGAPORE - Oil prices rose in early Asian trade on Wednesday, paring losses from the previous session, as concern over tight supplies following reports of lower inventories in the United States offset fears of lower demand from top oil importer China. futures rose 73 cents, or 0.8%, to $90.76 a barrel by 0100 GMT. was at $83.95 a barrel, up $1.13, or 1.4%. WTI's front-month contract expires on Thursday. Brent and WTI touched two-week lows and tumbled 1.7% and 3.1%, respectively, in the previous session on reports of U.S. President Joe Biden's plans to release more barrels from the (SPR) and worries about weaker Chinese fuel demand. U.S. crude oil stocks fell by about 1.3 million barrels for the week ended Oct. 14, according to market sources citing American Petroleum Institute figures on Tuesday. U.S. crude inventories were expected to have increased for a second consecutive week, rising by 1.4 million barrels in the week to Oct. 14, an extended Reuters poll showed on Tuesday. Inventory data from the Energy Information Administration, the statistical arm of the U.S. Department of Energy, is due at 10:30 a.m. (1430 GMT) on Wednesday. Oil prices were also buoyed by better risk sentiment which was lifted by upbeat U.S. corporate earnings and a pause in the surge in bond yields, CMC Markets analyst Tina Teng said. ""Hence, the recession fear-led selloff in the oil markets eased,"" Teng added. Earlier in October, + - which comprises the Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia - agreed on a steep oil production cut of 2 million barrels per day. Following White House accusations that Saudi Arabia coerced some nations into supporting the move, OPEC's secretary-general said on Tuesday that the decision from the oil producers group was unanimous. The OPEC+ production cut, which comes ahead of a European Union embargo on Russian oil, will squeeze supply in an already tight market. The European Union's sanctions on Russian crude and oil products will take effect in December and February, respectively. ""We expect Russian production to decline by 0.6 million barrels per day by year-end (in addition to the 400,000 barrels per day drop since February), as Europe implements both its embargo on Russian oil purchases as well as a ban on crucial services like shipping, insurance and financing,"" JP Morgan analysts said in a note. To plug the gap, the Biden administration is planning to release more oil from the SPR to dampen fuel prices before next month's congressional elections. In December, the administration plans to sell 15 million barrels of oil from its reserves, the remainder of the 180 million barrels release announced earlier this year, a senior U.S. official said. ""The price at the pump is an important weekly reminder for the consumer and energy traders should not be surprised if Biden continues to be aggressive in tapping the SPR,"" ANZ Research analysts said in a note. In"
"the pump is an important weekly reminder for the consumer and energy traders should not be surprised if Biden continues to be aggressive in tapping the SPR,"" ANZ Research analysts said in a note. In Europe, EU's emergency oil stocks, including crude oil and petroleum products, recovered slightly in July after two coordinated releases drained the levels to a record low in June, but were still 3.7% lower than in July 2021, the bloc's statistic office said on Tuesday. Oil price gains were capped by fears of weaker fuel demand from China as it persists with its stringent zero-COVID policy."
"Indian exports may take a USD 30 bn hit on Red Sea threats India may see around USD 30 billion shaved off its total exports in the current fiscal year, as threats to cargo vessels in the lead to a surge in container shipping rates and prompt exporters to hold back on shipments. The initial assessment, conducted by the Research and Information System for Developing Countries, a New Delhi-based thinktank, would mean a 6.7% drop in , based on last fiscal year’s USD 451 billion total. “The crisis in the Red Sea would indeed impact India’s trade and may lead to further contraction,” said Sachin Chaturvedi, the director general of the thinktank. The government hasn’t released any official estimates on the impact of the Red Sea crisis on Indian exports. The number of ships passing through the Suez Canal is down about 44% compared to the average for the first half of December, according to Clarkson Research Services Ltd, a unit of the world’s largest ship broker. Vessels with a combined tonnage of about 2.5 million gross tons passed through in the week to Jan. 3, compared with about 4m tons at the start of last month, they said. Yemen’s Iran-backed Houthi militants have targeted vessels transiting through the Red Sea with missiles in recent weeks. The Houthis say they are going after any vessels that have a connection with Israel. For India, the Red Sea is a major route for shipping to Europe, the US East Coast, the Middle East and African countries. Prime Minister Narendra Modi’s government is in discussions with export promotion councils to find ways to protect trade transiting through the route, according to two officials familiar with the matter. Last week, India sent a warship to the Arabian Sea where a Liberian-flagged vessel said it was hijacked near Somalia’s coast. The Indian Navy said it “successfully rescued” the ship. The threats have pushed Indian exporters to hold back around 25% of the outbound shipments transiting through the Red Sea, according to Ajay Sahai, director general of the Federation of Indian Export Organizations, which falls under India’s trade ministry. “In many cases, both buyers and exporters are also renegotiating contracts to adjust to surging freight charges,” he said. The spot rate for shipping goods in a 40-foot container from Asia to northern Europe now tops USD 4,000, a 173% jump from just before the diversions started in mid-December, Freightos.com, a cargo booking and payment platform, said Wednesday. Rates from Asia to North America’s East Coast have risen 55% to USD 3,900 for a 40-foot container. India usually exports a variety of goods including petroleum products, cereals, and chemicals using the . Exports in the current fiscal year are already flagging with a 6.5% contraction in the April to November period from a year ago, according to government data. The Red Sea disruption could hit margins for India’s oil and auto sectors, Madhavi Arora, a lead economist with Emkay Global Financial Services Ltd, wrote in a"
"year ago, according to government data. The Red Sea disruption could hit margins for India’s oil and auto sectors, Madhavi Arora, a lead economist with Emkay Global Financial Services Ltd, wrote in a note published Dec. 22. But the bigger concern could be inflation, which has been above the central bank’s comfort zone of 4% since the end of 2019. “Higher global freight and insurance rates, possible upside risk to oil and global trade and re-emergence of potential supply chain would mean cost push inflation pressures,” she said."
"No GST cut seen on cement, Li-ion cells New Delhi: The is expected to take up the issue of appointing members to the proposed tribunals, but is likely to leave levies on cement, health insurance premium of seniors and unchanged. The council will meet on Saturday. One of the issues that is expected to see lower rates is millet mix, a move being pushed by Karnataka to ensure that consumers and farmers get a better deal, sources familiar with the deliberations said. There is likely to be discussion around GST on corporate and as well, given that there is a large implication on companies, with the council expected to prescribe the levy on a certain percentage of the guarantee, so that the corporate sector is not unduly burdened. While the agenda is not fully firmed up, the government is not keen on lowering the GST on cement from 28% to 18% as was demanded by the industry, given the massive revenue loss as also feedback indicating that the sector may pocket the benefit and not pass it on full to consumers, officials told TOI. Earlier this year, finance minister had said that the government will consider the demand, amid a pitch by industry to lower the levy so that construction cost could go down. In the case of lithium-ion batteries, officials are of the view that a change in rates will have wider ramifications, given that it is used across sectors and is not limited to electric vehicles, which are being projected as the sole beneficiaries. Further, they said that a discount on health insurance policies just for senior citizens may not be a good idea as it will create carve outs, which may be tough to administer. These issues are expected to be taken up as part of a larger review after the 2024 general elections. Sources said on the agenda for the meeting are issues related to appointment of members of GST Appellate Tribunal. Some of the terms of appointment are expected to be relaxed, an official said, without providing further details. The meeting of the GST Council, headed by Union finance minister and with all states as members, is also expected to provide a platform to assess the implementation of the tax on online gaming, casinos and horse racing from this month as states and the Centre needed to amend the laws."
"India's FDI to GDP ratio eased to 2.7% in fiscal 2022 India's foreign direct investment to gross domestic product ratio eased to 2.7% in fiscal year ending March. 31, 2022 from 3.1% in the previous financial year, according to government data. The to GDP ratio, which is a metric that compares a country's fund inflows as compared to its gross domestic product, was at 2.3% in fiscal 2018, Minister of Commerce and Industry informed the Lok Sabha, citing government data. The government does not fix targets for FDI inflows as it is largely a matter of commercial business decisions, Parkash said in reply to a question about whether it is true that the central government has not achieved its foreign direct investments target. ""FDI inflows into a country depends on a host of factors such as availability of natural resources, market size, infrastructure, political and general investment climate as well as the macro-economic stability and investment decision of foreign investors,"" he said. The government has in recent years implemented investor-friendly policy, wherein most sectors, except certain strategically important sectors, were opened for 100% FDI under the automatic route. ""Changes are made in the policy after having consultations with stakeholders including apex industry chambers, associations, representatives of industries/groups and other organizations. In the recent past, reforms in the FDI policy have been undertaken in sectors such as Insurance, Petroleum & Natural Gas and Telecom,"" the minister said."
"TPG backed, premium car retailer Landmark Cars to file for an IPO of Rs 800 crore Automobile dealership chain Landmark Cars Ltd. plans to file a draft red herring prospectus in the coming weeks to raise over INR 800 crore through an initial public offering, said people aware of the company’s plan. Axis Capital and ICICI Securities have been appointed as the lead managers for the proposed issue, they said. TPG-backed Landmark Cars is India's biggest seller of premium vehicles of automakers , , and . It may be amongst the first automotive dealership companies in India to float an . It is also the first automotive dealership company to receive private equity investment. Globally, there are multiple large auto retail chains which are listed. India is likely to see a similar trend, say experts. The IPO will offer TPG a chance to sell a part of its stake in the company, said the people cited earlier. The proceeds from the IPO may be used for expansion, they said. An email sent to Landmark Cars did not elicit any response till as of press time. TPG had invested around INR 140 crore in the automobile dealership chain in FY15. Since it came on board, Landmark Cars’ business has more than doubled—from retailing about 10,000 vehicles through 41 outlets at the end of FY15, sales grew to 20000 to 25000 cars at the end of FY20, giving an annual turnover of INR 2,500-3,000 crore. Apart from being the biggest seller of Mercedes Benz, Volkswagen, Honda and Jeep vehicles in the country, it is also the third biggest retailer of Renault cars in India. The company operates more than 110 outlets across eight states. It is in the business of sale of new vehicles (passenger as well as commercial), after-sales service, and sales of pre-owned passenger vehicles. It also facilitates sale of third-party financial products, including insurance policies and vehicle finance. “It is a debt-free company and it believes in having an asset light model to run its operation, which was the key reason why TPG decided to invest in the company,” said one of the persons cited earlier. “Landmark also separated management from ownership. It is considered as one of the most professionally run automotive retail businesses, unlike family-run businesses in India.” The company recently entered into a partnership with global EV giant BYD to sell its electric vehicles in Mumbai and the NCR, which is seen giving the company the early mover advantage in the emerging electric vehicle space. With India upgrading to bigger cars and premium SUVs, Landmark’s portfolio of premium brands offers a prospective investor a chance to dip into this pie. In India, the market for premium and luxury cars is expected to grow by 10-15% in the next five to seven years. Landmark Cars is led by Sanjay Thakker, who started the operations and opened the first dealership for Honda cars in India in 1998. Another person aware of the company’s plan said, “Besides being an automotive dealer, it has also made forays into"
"the operations and opened the first dealership for Honda cars in India in 1998. Another person aware of the company’s plan said, “Besides being an automotive dealer, it has also made forays into auto-technology platforms through investments in Pitstop, a multi-brand car service and repair provider and Sheerdrive, an online platform for used cars. The company also has an omnichannel approach with their e-commerce platform and digital initiatives.” Landmark Cars has a sister company, called Policy Boss, which is among the biggest auto insurance broking firms in the country–selling close to 6-7 lakh insurance policies a year. With a negative compounded annual growth rate in the last five year, the Indian passenger vehicle market is poised for a strong bounce back, driven primarily by increasing need for personal mobility. The rising aspirations of customers, growing disposable income, lowering replacement cycles and increasing financial penetration will further drive the premiumisation story in the country. There are very few automotive chains that have a presence across eight states and over 100 outlets catering to both new and pre-owned vehicle segments. Also Read:"
"Mahindra expands E3W lineup, launches e-Alfa Super priced at INR 1.61 lakh New Delhi: Last Mile Mobility (LMM), a prominent player in India's electric 3-wheeler sector, launched the new Mahindra e-Alfa Super on Wednesday, expanding its existing electric 3-wheeler offerings. Priced at INR 1.61 lakh (ex-showroom), its market availability is contingent on local government approvals for e-rickshaws in specific states, the company said. The e-Alfa Super is designed to cater to driver partners seeking self-employment, featuring an extended single-charge range exceeding 95 km. This enhancement in range is realized through meticulous testing and is underpinned by a 140 Ah lead-acid battery, boasting a 20% increase compared to prior models, the company said. The e-Alfa Super is equipped with a motor capable of producing a peak power of 1.64 kW and a torque of 22 Nm, delivering commendable performance standards. Its durable design, forged from the experience gained from over 50000 e-Alfa customers, ensures robustness and longevity for daily operations. Mahindra reinforces this commitment to durability by offering a complimentary accidental insurance valued at INR 10 Lakh for drivers, bolstering safety measures. Suman Mishra, CEO of Mahindra Last Mile Mobility, highlighted the vehicle's role in meeting the demand for environmentally friendly transportation solutions. The e-Alfa Super facilitates extended range and income potential for driver partners, championing entrepreneurship while maintaining the brand's esteemed reputation. The e-Alfa Super's efficiency is further accentuated by its advanced 18 A charger, backed by a 12-month warranty, optimizing charging speed and minimizing operational downtime. Furthermore, Mahindra's collaboration with charging partners grants access to a comprehensive network of over 10000 charging stations nationwide, further supporting driver convenience. Underpinning Mahindra's emphasis on customer satisfaction, the e-Alfa Super carries a one-year vehicle warranty along with an extended 18-month battery warranty, ensuring long-term reliability. Mahindra's extensive service network comprising more than 1150 touchpoints across India is geared towards delivering comprehensive support to vehicle owners. Safety features are a hallmark of the e-Alfa Super, including an advanced braking system and roof-mounted grab handles, providing best-in-class protection, the company said."
"Guilty as not charged: How infra for EVs is running out of current New Delhi : At a time when New Delhi Municipal Council is planning to set up electric vehicle charging stations at 350 new locations, the operation and maintenance of the existing 100 stations have already become a challenge for the civic body. At least 39 of the 100 charging stations installed at prominent locations in Lutyens’ Delhi around a year and half ago are no longer working, while 21 others are awaiting repairs or haven’t yet been commissioned. TOI visited the and found those at Lodhi Garden (Gate No 1), opposite Chelmsford Club, adjoining Jain Bhawan near Gole Market and at Kali Mandir on Bangla Sahib Road nonfunctional. The supply guns at these facilities were missing and the equipment was damaged at some sites. The homeless had taken over the Kali Mandir station. Their clothes and belongings could be seen hanging at the station and there was waste surrounding the site. A person living nearby said, “This station never began operations even after commissioning. In fact, it did not get a power connection at all. Then, parts of the infrastructure were stolen. If had kept an eye on the facility or installed CCTV cameras, perhaps public money wouldn’t have gone down the drain.” As the charging facility is located next to residential flats, a mohalla clinic and a public convenience, the locals feel that many motorists would have used the facility had it been functional. The near Chelmsford Club did operate in the beginning, the locals there said. “But eventually, all the charging points became defunct and the shed and steel structure were either stolen or damaged,” claimed a resident. In a similar condition, the charging points near Lodhi Garden Gate No 1 were nonfunctional and had their guns missing. Asked about this, NDMC officials claimed that the guns of 39 stations had been stolen some time ago and complaints had been made to Energy Efficiency Services Limited, which is responsible for the maintenance of the e-charging stations. An official also said the civic body had claimed insurance for the stolen guns. had borne the cost of installing the 100 charging stations while NDMC provided the space, power connection and permissions needed for them. NDMC vice chairman Satish Upadhyay added, “Following complaints, I visited a few stations on Wednesday and discovered lapses in their functioning and upkeep. While complaints have been filed with regard to missing guns at 39 sites, one station is undergoing repairs and at least 20 are midway to commissioning.” Upadhyay said the facilities were created for the convenience of the public and to motivate them to switch to an environmentally friendly mode of transport. “We will make all efforts to have the stations operating again,” he assured. NMohan, head of EVCI at Convergence Energy Services Limited, a subsidiary of EESL, responded that the firm’s responsibilities included rectification of the faults but not damage cover. “While"
"NMohan, head of EVCI at Convergence Energy Services Limited, a subsidiary of EESL, responded that the firm’s responsibilities included rectification of the faults but not damage cover. “While all chargers are insured, the insurance claim process necessitates the submission of a closure report by police,” Mohan pointed out. “There is a need to adopt strategies to prevent the recurrence of incidents of this sort.” He added that in October, EESL proposed the installation of battery-charging stations and battery-swapping stations at the existing public vehiclecharging stations. “The proposal is still pending NDMC’s approval. Such an initiative could help allocate manpower to operate these stations and mitigate the risk of theft and vandalism,” said Mohan."
"Western curbs on Russian oil products redraw global shipping map Global fuel suppliers are turning to longer and costlier routes that produce more carbon emissions to move their diesel and other products as Western restrictions on Russian cargoes have reshuffled global energy shipping patterns. As a result of the ban on Russian fuel that started on Feb. 5, tankers carrying clean oil products such as gasoline, diesel, jet fuel and naphtha are travelling between 16 and 18 days to bring Russian supplies to Brazil or U.S. cargoes to , according to two shipping sources. That is up from the four to six days a ship used to travel from to Europe, said the two sources, a broker at a major shipbroking firm and a charterer involved in the Russian trade of naphtha, which is used to make plastics and petrochemicals. The ban comes on top of a halt late last year on Russian crude sales into the bloc as well as Western price caps. Since the start of the ban, the Clean Tanker Index published by the , which measures average freight rates for shipping fuels like gasoline and diesel on some of the most common global routes, has more than doubled. The redrawing of the shipping map underscores the knock-on effects of Western efforts to punish Russia over its invasion of Ukraine last year, adding to fuel supply insecurity and pushing up prices even as policymakers worry about inflation and the risk of a global economic downturn. ""Not only are voyages much longer, but vessel behaviour has also changed, keeping vessels from operating in other CPP (clean petroleum product) markets,"" Dylan Simpson, freight analyst at oil analytics firm , wrote in a March 31 note. Russian cargoes of fuel are heading to far-flung buyers in Brazil, Turkey, Nigeria, and Morocco as Moscow compensates for the lost European business, while Europe is importing more fuels such as diesel from Asia and the , according to shipping data from Refinitiv and Kpler. Asian cargoes, in turn, are being displaced by Russian fuels in Africa and the eastern Mediterranean, and redirected to the blending hub of Singapore for temporary storage, two northeast Asian refinery sources said. European importers whose naphtha cargoes travelled from Russian ports to Antwerp in four days before Russia's invasion of Ukraine now must wait 18 days for alternative supplies from the United States, the shipbroking source said. The U.S. is also emerging as a top supplier of heavy naphtha to Europe amid the EU ban, while the Group of Seven Nations, EU and Australia have capped Russian naphtha prices at USD 45 a barrel and diesel and gasoline at USD 100 a barrel for trades that use Western ships and insurance. Meanwhile, Brazil, traditionally a U.S. naphtha importer, is boosting purchases from Russia at more attractive prices. However, the journey from Russia to Brazil can take 18 days or longer and, at up to USD 7 million per voyage, the costs are nearly double that of a U.S. shipment, the ship charterer involved in the Russian"
"the journey from Russia to Brazil can take 18 days or longer and, at up to USD 7 million per voyage, the costs are nearly double that of a U.S. shipment, the ship charterer involved in the Russian market said. Brazil received around 240,000 tonnes of Russian diesel and gasoil in the first three weeks of March, accounting for a quarter of Brazilian imports, up from Russia's 12% share in February and less than 1% last year, said Benedict George, head of diesel pricing with energy and commodity data provider Argus. ""Until February, Europe had remained Russia's primary market for refined product exports; however, in the space of a month, a major pivot has been observed,"" tanker broker E A Gibson said in a recent report. LONGER DISTANCES, MORE POLLUTION Measured in terms of cargo miles, which multiplies the cargo quantity in metric tonnes by the distance travelled in nautical miles, the amount of product shipments to Brazil in March rose to 3.07 billion metric tonne-nautical miles (MT-NM) from 941 million MT-NM in November, according to data from valuation company VesselsValue. Shipments from Russia to Nigeria rose to 1.88 billion MT-NM in March from zero in November, VesselsValue estimates showed. Clean product cargoes to Saudi Arabia in March jumped to 1.75 billion MT-NM from 31 million MT-NM in November, while shipments to the United Arab Emirates were 4.43 billion MT-NM in March, up from 2.85 billion MT-NM in November, the data showed. Also in March, Russian clean products shipped to Togo reached 973 million MT-NM, up from zero in November. In volume terms, Brazilian imports of oil products from Russia were about 284,000 metric tonnes in February, up from 73,300 tonnes in September, VesselsValue data showed. Conversely, Russian exports to the Netherlands dropped to 238,200 tonnes in February from 1.15 million tonnes in September. Those longer distances are being done at higher costs for Russian products than for typical shipments from Europe. According to market estimates, freight rates for the UK/European continent to West Africa are quoted at USD 55.77 per tonne for a product tanker with a standard 37,000-tonne load. This compares with an indicative rate of USD 174.24 per tonne for shipments from Russia's Baltic ports to Nigeria, USD 103.84 for Morocco and around USD 150 to Egypt. With ships travelling further, that is also likely translating into greater emissions from smokestacks. Based on pre-pandemic data, a 10% increase in mileage for all tankers travelling to and from the European economic area would increase their emissions by around 1.5 million tonnes of carbon dioxide, equal to the emissions of around 750,000 cars per year in Europe, said Valentin Simon, data analyst with the Transport & Environment think tank in Brussels."
"IITRDF, GIC Re sign MoU for development of Semi-Transparent Perovskite Solar Cells : In its ongoing global climate protection efforts, the Indian Institute of Technology Roorkee ( ) has kick-started a new collaboration with Insurance giant (GIC Re) on the development of energy-generating solar window technology. This is a Corporate Social Responsibility (CSR) initiative of the General Insurance Corporation of India (GIC Re). The new solar window technology will be designed and developed by lead scientist Prof. Soumitra Satapathi, Department of Physics. In this regard, an has been signed between the Roorkee Development Foundation (IITRDF) and the General Insurance Corporation of India. The MoU signing ceremony was graced by the presence of Madhulika Bhaskar (General Manager and Director, GIC Re), Sneha Nair (Assistant General Manager, GIC Re), Board of Directors IITRDF - Prof. K.K. Pant (Director IIT Roorkee), Prof. Mukat Lal Sharma (Dean Finance And Planning IIT Roorkee), Prof. Partha Roy (Dean of Resources & Alumni Affairs IIT Roorkee), Prof. Akshay Dvivedi (Dean SRIC IIT Roorkee) and Santosh Kumar (Chief Executive Officer IITRDF). IIT Roorkee Development Foundation is a Section-8 Company (not-for-profit) of IIT Roorkee established on 12th May 2021. The General Insurance Corporation of India (GIC Re), the Indian Reinsurer with various reinsurance solutions that cater to the needs of individuals, corporate, or institutional clients. Through its more than 50 years of experience and commitment, GIC Re is a trusted brand to its insurance and reinsurance customers in India. This Corporate Social Responsibility Program by GIC Re, under UN SDG Goal 4: Quality Education and Goal 7: Affordable and clean energy Goal 9: Industry, Innovation and Infrastructure and Goal 11: Sustainable Cities and Communities, will enable synergy for Education, R&D, and Sustainability. In this project, Prof. Satapathi and his team will develop semi-transparent perovskite for building integrated photovoltaics (BIPV). These semi-transparent perovskite solar windows will be able to harness electricity during the daytime and will reduce dependency on traditional electricity sources. This will eventually reduce carbon footprint and result in cost savings for homeowners and businesses, ultimately facilitating a cleaner, more future. Prof. K.K. Pant, the Director of IIT Roorkee, said, ""This CSR project from GIC Re under the aegis of IITRDF will solve the pertinent problem of reducing carbon footprints in future energy-efficient buildings. IIT Roorkee is promoting sustainability through R&D, and this project will open up more avenues of collaboration between industries and academia."" Madhulika Bhaskar, General Manager and Director, GIC Re., highlights, ""As part of GIC Re's strong commitment to CSR, we are delighted to be part of this innovative project focused on making a building energy efficient by maximizing space at a minimal additional installation cost. The project is a path to"
"to CSR, we are delighted to be part of this innovative project focused on making a building energy efficient by maximizing space at a minimal additional installation cost. The project is a path to zero carbon energy."" Prof. Soumitra Satapathi, Lead Scientist, said ""Perovskite-based solar windows will be a game changer in the future green building sector. This will lead to reducing carbon emission and will help to achieve a sustainable future."" Santosh Kumar, Chief Executive Officer, of IIT Roorkee Development Foundation, said, ""This MoU signing event has opened up avenues for strategic partnership between IITR Development Foundation and GIC Re. We will closely work with GIC Re to build and nurture relationships to make a positive impact on IIT Roorkee and society.''"
"Japan's Nikkei retreats from 33-year high as sharp gains stoke caution Japan's Nikkei share average hit a more than three-decade high on Monday before reversing course to trade marginally lower as investors turned cautious about the index's recent sharp gains. The Nikkei index was down 0.07% at 33,562.41 by the midday break after rising earlier to its highest level since March 1990. The broader Topix fell 0.31% to 2,383.67. ""Investors sold stocks as they became cautious about recent sharp gains of the Nikkei,"" said , trading head at Phillip Securities Japan. The Nikkei has risen nearly 9% so far this month, on course for its biggest monthly gain since November 2020. ""There are more positive cues for the Nikkei than negative cues, with robust corporate outlook and share buybacks from the latest earnings season and U.S. interest rates seem to have hit their peak,"" Masuzawa said. Chip-related shares weighed on the Nikkei the most, with Tokyo Electron and Advantest down 9.29% and 0.55%, respectively. Automakers fell, with and Honda Motor losing 2.7% and 2.21%, respectively, amid the yen's gain against the dollar. The dollar languished near a more than two-month low against its major peers, struggling to make headway on views that U.S. rates have peaked. The auto and auto parts sector fell 2.14% to become the worst performer among the 's 33 industry sub-indexes. Panasonic Holdings extended its rally from Friday, jumping 5.3% as it announced a sale of a stake in its automotive systems business to U.S. private equity firm . Tokio Marine Holdings surged 6.27% after the casualty insurer raised its annual profit forecast and announced plans to buy back up to 2% of its own shares. The insurance sector rose 2.14% to become the top performer among the industry sub-indexes."
"UK firm Metis touts battery sensor that could ease EV scrappage problem British firm said on Tuesday it has developed a sensor to measure electric vehicle (EV) battery health that should allow insurers to properly assess damage after accidents and allow them to avoid unnecessary write-offs. For many EVs, there has so far been no way to repair or assess even slightly damaged battery packs after accidents, forcing insurance companies to write off low-mileage cars - leading to higher premiums and undercutting gains from going electric. As well as detecting thermal runaway - a rapid and unstoppable increase in temperature that leads to fires in EVs - ' Cell Guard sensor contains an accelerometer that can detect the duration and severity of collisions even while the car is switched off, CEO told Reuters. The sensor can also check for venting, where damaged batteries leak gas that cause explosions. Bristol-based Metis is working with around 160 carmakers and battery storage companies on testing the matchbox-sized sensor, Holdsworth said. He declined to disclose names. He added that a major insurance company is using the sensor for crash tests to better understand the impact on batteries. Depending on how the sensor is configured within an EV, third parties should be able to access the sensor's data to see how badly a battery is damaged - which would address a major complaint from insurers that they lack access to data on an EV battery's health after an accident. Holdsworth said the sensor could also help address concerns over used EVs. ""The unknown risk of poor EV battery health is one of the biggest and most significant barriers hindering the growth of the used EV market,"" he said. The company has production capacity of up to 1,000 units daily, which could be easily expanded, he added."
"Car services groups warn of unfair competition as EU data plan stalls Car services groups on Friday warned a stalled EU proposal to ensure fair access to valuable vehicle data could pave the way for unfair competition from U.S. and Chinese tech . The vehicle data tussle between carmakers and a coalition of insurers, leasing companies and repair shops underscores the huge potential of the connected car market, which consultancy Fortune Business Insights says could grow to 250 billion-400 billion euros (USD 272 billion-USD 435 billion) by 2030. Carmakers, which own the data in their vehicles covering everything from driving habits to fuel consumption and tyre wear, are themselves looking to generate billions from software products and subscription services driven by the data. The European Commission had originally planned to adopt rules on how the data should be shared in the second quarter of the year, according to its agenda, but has yet to come up with a legislative proposal. Car services groups are already concerned about the small number of players in the industry with access to the data, said Benjamin Krieger, secretary general of the European Association of Automotive Suppliers (CLEPA). Unfair access could soon mean the sector ""will be dominated by players from the United States and China"", he told reporters. Another problem, which legislation could solve, is unstandardised data, said Laurianne Krid, director general of the Federation Internationale de l'Automobile, which promotes safety in motor sports. Car makers in turn said the Commission's proposed Data Act gives users control over data generated by vehicles, providing third parties fair and non-discriminatory access to the data. Krieger said it does not address the specificities in the auto sector. ""It does not reflect the technology and the competitive situation,"" he said. The Commission did not immediately respond to a request for comment. Alphabet's has already got a foothold in the market, picked by to develop infotainment systems for future as the U.S. carmaker phases out Apple CarPlay and Android Auto technologies. Last month, teamed up with Google to offer traffic information and automatic rerouting in its cars."
"Dollar steady as banking crisis fears linger The was steady on Monday, while the yen hovered near its seven-week peak as investors assessed moves made by authorities and regulators to rein in worries over the global banking system. The , which measures the currency against six rivals, rose 0.078% at 103.07, having gained 0.5% on Friday amid banking jitters, with shares of Deutsche Bank sliding nearly 9%. Global banking stocks have been battered through the month in the wake of the sudden collapse of two U.S. lenders and the rescue of embattled Swiss bank Credit Suisse last week, with authorities stepping in to ease investors nerves. ""Pragmatic action by central banks, governments, and the private sector has thus far been insufficient to allow investors to be confident that the problem is ring-fenced,"" said Marc Chandler, chief market strategist at Bannockburn Global . On Monday, the Federal Deposit Insurance Corporation said First Citizens BancShares Inc would acquire all of Silicon Valley Bank's deposits and loans from the regulator. The U.S. Financial Stability Oversight Council said on Friday the U.S. banking system was ""sound and resilient"" despite stress on some institutions. Investors, though, remain wary. Risk-averse investors sent the yen to a seven-week high of 129.65 per dollar on Friday and the currency was on track to clock a 4% gain in March. It was last at 130.75 on Monday. The Fed on Wednesday raised interest rates by 25 basis points, as expected, but took a cautious stance on the outlook because of banking sector turmoil even as Fed Chair Jerome Powell kept the door open on further rate rises if necessary. Markets are pricing in a more than 80% chance of the Fed's standing pat on interest rates in its next meeting in May and anticipate a rate cut as early as July, according to CME FedWatch tool. ""Contrary to the clear signal from Powell, the Fed funds futures are pricing in dramatic easing in the coming months,"" Chandler said. ""This is extremely aggressive and stretches the imagination."" Minneapolis Fed president Neel Kashkari said on Sunday the recent stress in the banking sector and the possibility of a follow-on credit crunch has brought the U.S. closer to . ""What's unclear for us is how much of these banking stresses are leading to a widespread credit crunch. That credit crunch ... would then slow down the economy,"" Kashkari said in comments to CBS show Face the Nation. ""This is something we are monitoring very, very closely."" Meanwhile, the euro was up 0.05% to USD 1.0764, after falling 0.6% on Friday. Sterling was at USD 1.2235, up 0.05% on the day, having slid 0.5% on Friday. The Australian dollar rose 0.09% to USD 0.665. The kiwi was up 0.03% at USD 0.620. In , bitcoin last rose 0.84% to USD 27,861.02. last rose 0.71% to USD 1,763.39."
"Ola eyes NBFC acquisition to expand financial services business IPO-bound is looking to expand its and also obtain an licence through the route, sources said. Ola is said to be in talks to acquire at least 3 companies to augment its engineering, product as well as loan management capabilities to support the rapid growth in the financial services business, two sources with direct knowledge of the development said. The companies being considered for acquisition are registered non-banking financial companies (NBFCs), which offer both secured and unsecured loans. Ola will leverage the acquisitions to provide vehicle financing as well as personal loans, they said. While the company did not immediately offer any comments, sources said Ola has lined up aggressive plans for its financial services business. As per its RoC (Registrar of Companies) filing, Ola had recently invested Rs 786 crore in its financial services business Ola already offers its Buy Now, Pay Later product - Ola Postpaid that is available to over 40 million customers and is projected to grow to 100 million customers in the next six months. Its vehicle financing business is already growing rapidly on the back of the success of Ola Electric which has already become India's leading EV manufacturer as well as the used car business, Ola Cars, which is on a rapid growth trajectory and is set to sell USD 2 billion GMV(gross merchandise volume) in its first year of launch. In addition to ramping up its lending business, Ola is simultaneously looking to get insurance and insurance broking licences to further strengthen its ability to offer innovative products like telematics-based pay-per-use motor vehicle insurance, sources said. Ola has to date sold nearly 700 million policies and the GMV of its insurance business grew over 3x in 2021. It is now projecting a Gross Written Premium of over Rs 1,000 crore in 2022 and will add multiple new offerings including an insurance marketplace for gig economy workers beyond its driver-partners. India's auto loan industry, growing at 8 per cent compound annual growth rate (CAGR) is expected to reach USD 60 billion by 2026. Meanwhile, auto insurance, which is a USD 9 billion industry in FY21 is expected to deliver a 14.8 per cent CAGR over the next 10 years to reach USD 36 billion by FY31. Ola, with over 165 million customers, is one of the largest consumer internet platforms in the country and adding financial services and insurance to its offerings is a natural extension. Also Read:"
"Know why add-on covers are beneficial to car owners More than helping one cushion the financial loss caused by an accident or damage, motor insurance gives the comfort of a tension-free drive. The Motor Vehicles Act 1988 makes it mandatory for every car owner to take an insurance policy to cover damages to third parties. The insured is the first party, the insurance company is known as the second party, while others form the third party. Primarily, there are three types of motor insurance policies - Third Party and standalone Own Damage & Comprehensive. A third-party cover provides protection to insured against any liability arising due to death &or damage caused to third parties. Standalone Own damage cover protects car owners against any liabilities occurring from damage to their own vehicle. Comprehensive cover protects the car owner from damage to vehicle & liabilities arising from third parties. But considering the evolving needs of cars, today car owners need comprehensive protection for their vehicles to enjoy driving without worrying about financial loss. Add-on covers are designed to enhance overall motor insurance and give comprehensive coverage for damage or loss of car keys, tyres and rim, repair or replacement of consumable items and so on. Types of add-on covers under A comprehensive motor insurance policy ensures the highest level of protection and can be amplified with the help of add-on covers. Some of them include: Zero Depreciation Cover: At the time of claim settlement, the insurer deducts the amount of depreciation that applies to a vehicle parts under replacement from the claim value. A ‘Zero Depreciation’ cover can relieve car owners from the stress of incurring the depreciation cost, allowing them to get an appropriate claim. Engine Protection Cover: Despite being one of the most important parts of the car, regular comprehensive policies do not cover non-accidental damages to the engine. With an ‘Engine Protection’ cover, one can protect her car from financial loss due to damage to the engine or gearbox, caused due to water ingression, lubricating oil leakage or mechanical breakdown. Return to Invoice Cover: A car’s value starts to depreciate, the moment it leaves the showroom. While buying car insurance, the IDV is decided on the basis of market value and not at the price at which it was purchased. With a ‘Return to Invoice’ add-on cover, car owners can claim the invoice value of their cars in the event of loss or theft of the car. Further, the cost of road tax & registration paid during the new vehicle purchase along with the insurance cost is also reimbursed. No Claim Bonus Protection Cover: No Claim Bonus (NCB) is one of the most beneficial add-on cover. NCB is a discount in premium offered by insurance companies if a vehicle owner has not made a single own damage claim during the term of the motor insurance policy. No Claim Bonus Protection Cover helps in protecting the NCB discount even in the event of a claim (one)"
"owner has not made a single own damage claim during the term of the motor insurance policy. No Claim Bonus Protection Cover helps in protecting the NCB discount even in the event of a claim (one) during a policy year. A ‘NCB Protection’ add-on can help keep the premiums low despite making a claim. Key and Lock Replacement Cover: It provides for the cost of new locks and replacement keys, in the case of irrevocable loss. A regular policy does not pay for the replacement of keys, thus making this add-on a must. Consumables Cover: The cost of consumable items like nuts and bolts, lubricants, grease, etc. are not included in regular policies. With an add-on cover, you can reimburse the expenses towards consumable items used in an insured car during repairs caused due to an accident. Daily Allowance Cover: The ‘Daily Allowance’ Cover helps a car owner bear the daily expenses on travel incurred during repair of the insured car. This may be applicable only if the car is being repaired at the network garage of the motor insurance company. Having add-ons can give complete protection to a car. Therefore, paying attention to the features while comparing the premiums is imperative. Most comprehensive policies do not cover the damages offered by add-on covers. To be able to enjoy the extended benefits of motor insurance, car owners should carefully choose a car policy and select add-ons as per their requirements. Some of these add-on covers may seem trivial but are important to have for the financial security of the car. With the ever-increasing number of cars on Indian roads, these add-ons have become crucial. India leads the world in road accidents, and any accident, dent or damage, can occur in the blink of an eye, leaving a deep hole in your pockets. It is thus advisable to maximize motor insurance coverage with add-on covers as per the requirements. Also Read:"
"40% of vehicles on roads not insured: Centre tells SC The central govt informed the Supreme Court (SC) that ""40% of on the roads are uninsured"". This information came to light during the ongoing hearing of a writ petition, Civil No. 295 of 2012, filed by Agra-based senior advocate Kishan Chand Jain in 2023. The govt stated that according to the (e-DAR) data, only about 60% of vehicles involved in road accidents have third-party insurance. This means if an accident occurs with any of 40% uninsured vehicles, the victim cannot claim compensation from an insurance company but must pursue legal action against the vehicle owner to seek damages, a process that can be both difficult and problematic. Advocate Jain had filed a petition in the apex court for electronic monitoring of vehicles to ensure compliance with traffic rules as per section 136-A of the . He demanded e-cameras be used to check whether a vehicle has third-party insurance and to issue fines if it does not. The ministry of transport has data indicating which vehicles are insured and the validity of insurance. ""E-monitoring can easily facilitate the fines of uninsured vehicles,"" Jain said. He pointed out that under section 146 of MVA, it is mandatory for every vehicle to have third-party insurance. Failure to do so is punishable under section 196, resulting in imprisonment of up to three months or a fine of INR 2,000 for first offence, and for subsequent offences, imprisonment of three months or a fine of INR 5,000. Despite these provisions, vehicle owners continue to operate vehicles without third-party insurance. Notably, in financial year 2018-19, general insurance companies collected INR 38,046 crore in motor third-party insurance premiums, which increased to INR 49,508 crore in 2022-23 and is estimated to reach around INR 50,000 crore in 2023-24. Yet, 40% of vehicles are still running on the roads without insurance, the central govt told the SC. The issue of uninsured vehicles was raised in the Lok Sabha as well. The finance minister, on March 20, 2023, responded to unstarred question no. 3211, revealed that excluding Madhya Pradesh, Andhra Pradesh and Lakshadweep, out of approximately 30.4 crore vehicles, 16.5 crore were ""uninsured"". The SC Road Safety Committee expressed concern over this matter, stating in its meeting on March 26, 2018, that 66% of vehicles are operating without third-party insurance, leading to a situation where heirs of dead accident victims are unable to receive compensation. The case is set for hearing on July 11."
"Hiring hiccups seen in April-June 2022, but tech going strong sentiment in the Indian job market is seeing some tempering after back-to-back record quarters as challenges over global geopolitical instability and rising inflation tone down levels of optimism. According to the ManpowerGroup Employment Outlook Survey shared exclusively with ET, about 55% of 3,090 employers said they will hire more people in the coming quarter, while 17% said staffing levels will decrease and 26% expect to keep workforce levels steady. Only 2% were unsure about hiring intentions. This puts net employment outlook - the difference between companies looking to hire and those expecting a fall in headcount or hiring numbers - at 38%. Net employment outlook has decreased by 11 percentage points from that for January-March 2022, when it hit a nearly eight-year record of 49%. However, it is still significantly up by 28 percentage points from the year-earlier quarter of April-June 2021. ""As the country heads out of the pandemic, we are witnessing new challenges of the global geopolitical instability and rising inflation. Having said that, India will continue to thrive as the main source of IT and resources,"" said Sandeep Gulati, group managing director, ManpowerGroup. ""India also has the third-largest ecosystem for startups in the world. With the central government allocating ₹283.5 crore for the Startup India Seed Fund Scheme (SISFS) in the budget, I am bullish about the growth in employment opportunities for youth."" An increase in payrolls is forecast for all 11 industry sectors during the coming quarter, found the survey. IT and technology sector employers reported the strongest hiring intentions with a net employment outlook of 51%, followed by the restaurants and hotels sector, and education, health, social work and government sector with outlook of 38% and 37%, respectively. The outlook for manufacturing and services is 34% and 36%, respectively, while that for the banking, finance, insurance and real estate sector, and the wholesale and retail trade sector stand at 32% and 33%, in that order. Employers in the construction and primary production sector forecast payroll gains with an outlook of 27% and 33%, respectively. Employers in all four regions - west, south, north and east expect to increase payrolls during the April-June quarter of 2022. But hiring prospects weaken significantly in all four regions when compared with the previous quarter. Also Read:"
"EU top court sides with car service firms in data fight with Scania Swedish truck maker must share car data, such as vehicle identification numbers, with repair shops and parts distributors, Europe's top court said on Thursday in a ruling that could provide a boost for the latter looking to tap a market worth billions of euros. Car services companies have long lobbied for laws to ensure fair access to vehicle data, pitting them against carmakers seeking to generate revenue from software products and subscription services driven by data which covers everything from driving habits to and tyre wear. Scania found itself in the dock after a German trade association for motor vehicle parts sued the company in a German court for withholding vehicle identification numbers on the basis that these constituted personal data and thus subject to EU privacy rules. The German court subsequently sought advice from the EU Court of Justice (CJEU) which sided with the German trade body. ""Car manufacturers are required to provide access to all vehicle repair and maintenance information,"" EU judges said. ""Even where vehicle identification numbers are to be classified as personal data, the General Data Protection Regulation does not preclude car manufacturers from being obliged to make them available to independent operators,"" they said. The vehicle data tussle between carmakers and insurers, leasing companies and car services firms underscores the huge potential of the connected car market, which consultancy Fortune Business Insights says could grow to between 250 billion euros and 400 billion euros ($267 billion-$427 billion) by 2030. Data ownership, however, is not clearly defined in EU law, which has triggered the current dispute between carmakers and those who want to access it. The European Commission had originally planned to adopt rules on how the data should be shared in the second quarter of this year, according to its agenda, but has yet to come up with a legislative proposal."
"Russia is running out of oil customers is struggling to sell as buyers flee the stigma, logistical challenges and fears of further sanctions that come with dealing with Moscow in the wake of the . Even without direct sanctions on its energy industry Russia will lose around one million barrels per day (bpd) in oil exports, according to analyst Jarand Rystad, head of Rystad Energy, from the 10.5 million bpd it sold last year. That is despite the scarcity of global supplies sending prices soaring. Brent North Sea crude oil -- the industry benchmark -- rocketed this week to nearly $120 per barrel, while gas hit a record peak. and other major oil exporters, including Russia, refused to increase production beyond previously-agreed levels when they met on Wednesday, dashing hopes of easing supply pressures. The price might be working in Russia's favour, but it faces a major freeze-out from buyers. Energy Aspects estimates that 70 percent of its oil exports are paralysed as brokers and refineries shun Moscow in spite of the red-hot market. For now, Western sanctions over the Ukraine invasion have avoided Russia's energy sector, since Europe is so reliant on it. Germany imported 55 percent of its gas from Russia last year, and its vows to slash this figure and boost renewables like wind and solar will take years to realise. Pipeline deliveries continue from Russia, but facing the threat of global condemnation and potentially more sanctions to come, European importers are looking elsewhere. Finland's energy group Neste says it has ""mostly replaced"" Russian crude with alternatives such as North Sea oil. Sweden's bitumen product manufacturer Nynas says it will end purchases of Russian raw materials altogether. Some non-Russian crudes like Kazakh oil are also being penalised since they are exported via Russia ports, which have been blacklisted by shipping companies. Nonetheless, some buyers may return if the West definitively rules out sanctions on the energy industry. ""We should start to see which buyers are willing to resume purchases and which are not,"" said Energy Aspects analyst Livia Gallarati. ""China and India are still not buying, but we think they will slowly start to buy the crude once issues around shipping, insurance and payments are navigated,"" she added. India, which also relies on Russia for military supplies, has called for a ceasefire but has stopped short of condemning the invasion. China, Russia's largest trading partner for more than a decade, has also yet to condemn the attack. Despite their size, however, the pair lack the capacity to make up for all of Russia's energy export losses. Western firms have taken swift and decisive action in the past week. Britain's BP and Shell, along with Norway's Equinor, have decided to end their Russian operations entirely. Germany has suspended the controversial Nord Stream 2 gas pipeline from Russia. Proposed new energy infrastructure could also be hampered, such as Rosneft's flagship Vostok Oil"
"operations entirely. Germany has suspended the controversial Nord Stream 2 gas pipeline from Russia. Proposed new energy infrastructure could also be hampered, such as Rosneft's flagship Vostok Oil project in Siberia. Switzerland's oil trading giant Trafigura stated that it was ""reviewing options"" over its Vostok minority stake. With Russia sidelined, European buyers are turning to oil from the crude-rich . However the two nations with the most spare capacity -- the United Arab Emirates and OPEC kingpin Saudi Arabia -- are reluctant to hike output. One uncertain factor is Iran, where last-ditch talks are underway with world powers to lift its own set of sanctions related to its nuclear programme. Tehran has stated that it is ready to step up exports if a deal is reached, though how quickly its oil sales could impact the market has yet to be seen. Also Read:"
"Telematics goes Chip-less, powered by Damoov New Delhi: has become an integral part of the automobile and fleet industry, especially with the recent boom in transportation mobility and gig economy. It is an essential management tool now for industries that require constant monitoring of vehicles and drivers. However, the post covid-19 global chip shortage has immensely impacted the traditional chip based telematics solutions, forcing companies to look for alternate solutions. This has led to an accelerated interest in building smartphone based Telematics applications. Damoov, is one of the pioneering companies that is helping firms take their telematics solution ""mobile"". Telematics has proved to be a game-changer in the US and Western countries where the automobile industry puts a lot of emphasis on safe driving. It also finds enormous applications in the insurance industry, particularly in the 'smart insurance' section, where the premium depends on how you drive. Driver Monitoring Services from the brand helps food service apps track their delivery partners' real-time location. Parents can also make use of the product to check teenagers' driving habits. Building smartphone telematics softwares or adding telematics feature to a software is a complex task requiring specific skillset and months (and sometimes years) of Developer time. Even if a company manage to build an in-house mobile telematics solution, it will face high maintenance costs as and iOS frequently change rules how they provide access to smartphone sensors data. To overcome the development challenges, there was a strong need for companies to come up with ready to configure solutions for telematics. Damoov, as a revolutionary domain player, is doing just that. It is changing the dynamics of the telematics industry with its cutting-edge suite of Telematics APIs and SDKs that turns any smartphone into a powerful telematics device. Using Damoov various companies from industries like Auto, Fleet Management and Insurance are bringing down development time from Years to days. This helps companies bring down maintenance and R&D cost by up to 70 per cent. Damoov's success it's not just due to the convenience that it brings to developers. Technologically, Damoov is superior to the existing solutions -making it a win-win deal for customers. For example, one of the significant issues faced by telematics apps is, keeping them on at all times to record data. This puts massive stress on the mobile's battery and causes mobile users to refrain from using them. Damoov's telematic suite allows apps to run in the background and automatically recognize and record driving activities. This way, it records data while saving the battery from any additional stress. Ivan Shornikov, CEO and Founder of Damoov, believes that their telematics-based APIs and SDKs will eventually become a default requirement for building any mobile applications designed for drivers and gig-workers. ""Consider how solutions like"
"believes that their telematics-based APIs and SDKs will eventually become a default requirement for building any mobile applications designed for drivers and gig-workers. ""Consider how solutions like Stripe and Razorpay have eased the development time for payment solutions. You don't try and build your own solution today - Damoov will play a similar role for Telematics"", says Shornikov. Despite being a startup, Damoov's quick success is a result of their team's sheer dedication, which boasts of over 100 years of combined leadership experience in the telematics industry. Their vision to become a default solution for mobile developers for integrating tracking-based features has brought them funding from the giants likes of Alchemist Accelerator and StartaVC. Damoov is now expanding its operations to the US, Europe, Middle East, Africa, Japan, Singapore and India. This story is provided by PNN. will not be responsible in any way for the content of this article. (ANI/PNN)"
"Budget 2024-25: Auto Inc. applauds policy continuation, skilling focus, but awaits more Govt commitment on EVs Union Budget 2024-25: With a focus on nine key areas, Finance Minister Nirmala Sitharaman announced the Union Budget 2024-25 on Tuesday. While there are no direct policy changes announced for the automobile industry in the Union Budget, a few indirect provisions are keeping the sector hopeful. The government will spend INR 11.11 lakh crore on infrastructure in the ongoing financial year. The spending plan remains unchanged from when it was announced in the interim budget presented in February. Rural could drive entry-level vehicle sales The government has allocated INR 2.66 lakh crore for including rural infrastructure. A provision of INR 1.52 lakh crore for agriculture and allied sectors has also been made. Manish Raj Singhania, President, FADA believes if the monsoon turns out to be good, then with this kind of fund flowing we should expect a good festive season this year. “Urban and semi-urban sector is performing well for the , and there was a push needed on the rural side. The announcements in the budget could be a boost for the entry level cars, two wheelers and small commercial vehicles,” he said, adding that the recent hike in MSPs will add to the positives. As per the Budget, rural land related actions will include assignment of Unique Land Parcel Identification Number (ULPIN) or Bhu-Aadhaar for all lands, digitization of cadastral maps, survey of map subdivisions as per current ownership, establishment of land registry, and linking to the farmers registry. These actions will also facilitate credit flow and other agricultural services. Vinod Aggarwal, President, Society of Indian Automobile Manufacturers (SIAM) said the budget could have a multiplier effect on the economy as well as the auto sector. One of our requests to the FM was an allocation for rural development. So this is a welcome step, and there is some renewed focus on the Pradhan Malik Grameen Sadak Yojana as well. Rajeev Singh, Partner and Consumer Industry leader, Deloitte Asia Pacific said, ""Overall, the budget appears to be growth oriented with special focus on two big issues - reviving the rural market and ."" Potential boost for FM stated that a Critical Mineral Mission for domestic production, recycling of critical minerals, and overseas acquisition of critical mineral assets will be provisioned. Its mandate will include technology development, skilled workforce, extended producer responsibility framework, and a suitable financing mechanism. Minerals such as lithium, copper, cobalt and rare earth elements are critical for sectors like nuclear energy, renewable energy, space, defense, telecommunications, and high-tech electronics. I propose to fully exempt customs duties on 25 critical minerals and reduce BCD on two of them. This will provide a major fillip to the processing and refining of such minerals and help secure their availability for these strategic and"
"on 25 critical minerals and reduce BCD on two of them. This will provide a major fillip to the processing and refining of such minerals and help secure their availability for these strategic and important sectors, Sitharaman said in her speech. Shradha Suri Marwah, President, ACMA India said a reduction in customs duty to nil on critical minerals such as lithium, copper, cobalt, nickel etc. will encourage cell manufacturing in the country and add to the evolving EV ecosystem in the country. “We were also looking at any statement when it comes to EVs in particular, which we could not hear. There was surely a mention about green energy and a taxonomy to be developed for this green transformation, I think we should wait for more details,"" said Santosh Iyer, MD and CEO, Mercedes-Benz India He believes that the Government is working on that front, and “enablers” like the duty reduction on rare earth minerals are “welcome”. He also added that “we need much bigger steps as well when it comes to commitment from the government that we will continue this path of electrification”. turn up to be a gainer Government has announced a credit guarantee scheme to help manufacturing-focussed medium and small enterprises (MSMEs) in buying their machinery without offering collateral. Positive about the growth prospects of the manufacturing sector, Shradha Suri Marwah, President ACMA & CMD Subros stated that a focus on strengthening MSMEs through Credit Guarantee scheme and credit support during the stress period are steps in the right direction. ""Nearly two-third of ACMA members are MSMEs,"" she added. For N K Minda, CMD, Uno Minda, a big highlight in the budget was a focus on localisation and MSMEs. Jobs and skilling FM also said there will be a scheme to provide internship opportunities in 500 top companies to 1 crore youth in 5 years. Internship allowances of INR 5000 per month with one time assistance of INR 6000 will be given. For this, respective companies will bear the training and 10% internship cost from CSR fund. Government has also doubled the upper limit of Mudra loans to INR 20 lakh from the current INR 10 lakh for entrepreneurs who have availed and successfully repaid previous loans under the 'Tarun category'. Automobile dealerships in India employ 40 lakh people directly. “Employment schemes for youth are encouraging. The update on Mudra loans is a positive step for dealers, especially the EV dealership community,” Singhania said. Marwah was particularly excited about the encouragement for women in the workforce and skilling. “The more diverse the workforce, the more innovative we will be.” Minda stated that the employment initiatives and incentives for women are a good initiative and should prove positive for the entire industry. Benefit for startup investors In her budget speech, FM announced that the angel tax will be abolished for all investors. With an aim to curb the use of unaccounted money through the subscription of shares in closely held"
"In her budget speech, FM announced that the angel tax will be abolished for all investors. With an aim to curb the use of unaccounted money through the subscription of shares in closely held companies at inflated valuations, the Angel tax was introduced in 2012. Industry experts suggest that abolishing angel tax for all classes of investors in startups would be helpful in bolstering the Indian startup ecosystem in innovative mobility solutions. According to Marwah, this is a positive move as lines are blurring between technology and mobility in the auto sector. “Innovation is coming from various areas, and one of them is startups. In ACMA, we actually started a pillar for startups, because there is so much traction over there.” Unmet expectations Santosh Iyer, MD and CEO, Mercedes-Benz India said he was happy about the policy continuity as it helps in long-term planning. “While there was no major announcement on EVs, initiatives on the transition to green energy were in the positive direction. While SIAM President seemed positive, he added that specific announcements around EV incentives and vehicle scrappage would have been helpful for the industry. A specific allocation for R&D spending or tax incentive in innovation was a miss, Ashim Sharma, Senior Partner, NRI (Nomura Research Institute) said. With the demand for hybrid vehicles on a rise during the past months, Saurabh Agarwal, Partner, EY India felt a reduction on cess could have been reduced for hybrids, as it is a choice of transition towards EVs. There is no concessional corporate tax rate, so that incentive on manufacturing is missing, he added. Arnab Banerjee, Chairman Automotive Tyre Manufacturers Association (ATMA) said the industry was looking forward to reduction in customs duty on natural rubber which is the highest in the world and which unfortunately has not been addressed. However, the proposal of a comprehensive review of the rate structure over the next six months to rationalize and simplify it for ease of trade and removal of duty inversion provides major solace to the industry, he said. Bal Malkit Singh, Chairman - Core Committee & Former President, All India Motor Transport Congress (AIMTC) is quite disappointed with the budget announcements. “The macro-objects of infrastructure & tourism development in Odisha and Bihar is the only solace for our brethren from the passenger transport sector. The viability of this sector is increasingly threatened by multiple taxation, rampant corruption, and rising input costs such as diesel, tolls, third-party insurance, and tyre prices,” he said. What is also expected in the industry is clarity on long term capital gains tax calculation on real estate, because that is a “big sector” for carmakers, especially for the luxury vehicle makers. While on one hand, it has been brought down from 20 to 12.5%, on the other hand, the indexation benefit has been removed, Iyer added."
"India imported USD 2.8 bn worth of crude oil from Russia in July India, the world's third largest oil consuming and importing nation, in July bought USD 2.8 billion worth of crude oil from Russia, second only to China which remains the largest importer of Russian oil, a report said. Russia emerged as India's biggest supplier of crude oil, which is converted into fuels like petrol and diesel in refineries, after Russian oil was available on discount following some European nations shunning purchases from Moscow over its invasion of Ukraine in February 2022. Imports from Russia, which were less than 1%of the total oil imported in pre-Ukraine war period, now make up for almost 40%of India's total oil purchases. China bought 47% of Russia's crude exports, followed by India (37%), the EU (7%), and Turkey (6%), the said in a report. Not just oil, but China and India also bought coal from Russia. ""From 5 December 2022 until the end of July 2024, China purchased 45% of all Russia's coal exports followed by India (18%). Turkey (10%), South Korea (10%) and Taiwan (5%) round off the top five buyers list,"" it said. CREA however did not provide absolute numbers for imports. China was the largest buyer of Russian fossil fuels in July, accounting for 43%(Euro 6.2 billion) of Russia's monthly export earnings from the top five importers. Crude oil comprised 63%(Euro 3.9 billion) of China's imports from Russia. In July, China's global import volumes of seaborne crude (40.2 million tonnes) dropped to their lowest levels since February 2023. Seaborne crude imports from Russia (4.3 million tonnes) also dropped to their lowest levels since December 2022 and may be linked to reduced processing margins for refineries amidst low fuel demand. ""India was the second-largest buyer of Russian fossil fuels in July. Almost 80%of India's imports (valued at Euro 2.6 billion or USD 2.86 billion) comprised crude oil,"" the report said. India, which is more than 85% dependent on imports to meet its oil needs, spent USD 11.4 billion in July on import of 19.4 million tonnes of crude oil, according to official data. In July, the discount on Russian Urals grade crude oil widened by 9%month-on-month to USD 16.76 per barrel compared to Brent crude oil. The discounts on the ESPO grade and Sokol blends remained relatively stable and modest at USD 4.23 per barrel and USD 6.11 per barrel, respectively. According to CREA, 36%of Russian seaborne crude oil and its products in July were transported by tankers subject to the oil price cap. The remainder was shipped by 'shadow' tankers and was not subject to the . US and western nations in late 2022 introduced a cap regime to maintain Russian oil flowing to the global market to avert a damaging jump in prices, while limiting revenue Moscow earned from sales of crude. Cargoes of Russian crude could only access western services such as insurance and shipping if sales were capped below USD 60 a barrel. To circumvent, a dark or shadow fleet of oil"
"sales of crude. Cargoes of Russian crude could only access western services such as insurance and shipping if sales were capped below USD 60 a barrel. To circumvent, a dark or shadow fleet of oil tankers emerged. The shadow fleet consists of second hand decrepit oil tankers with opaque ownership structures that make it difficult to ascertain who controls them, or force them to follow western laws. CREA said ""81% of the total value of Russian seaborne crude oil was transported by 'shadow' tankers, while tankers owned or insured in countries implementing the price cap accounted for 19%."" 'Shadow' tankers transporting oil products handled 37% of Russia's total volume of products in July 2024. The remaining volume was shipped by tankers subject to the price cap policy. ""Russia's reliance on tankers that are owned or insured in G7+ countries has fallen due to the growth of 'shadow' tankers. This subsequently impacts the coalition's leverage to lower the price cap and hit Russia's oil export revenues,"" CREA said. There have been calls given for preventing growth in 'shadow' tankers that are immune to the oil price cap policy. ""Sanction-imposing countries should ban the sale of old tankers to owners registered in countries that do not implement the oil price cap policy. This would help limit the increase of 'shadow' tankers used to transport Russian fossil fuels which has been observed since their full-scale invasion of Ukraine,"" CREA said."
"Kotak General Insurance launches AI-based Vehicle Pre-Inspection ( ) today announced automating vehicle inspections for vehicle insurance renewals with Artificial Intelligence (AI) based technology. Kotak General Insurance has partnered with Inspektlabs to automate the vehicle inspection process, using AI-based technology. Under the AI-based inspection process, during policy renewals, customers can capture photos or videos of their vehicle and upload them on the cloud-based . An automated inspection report covering damages, if any, gets generated within a few seconds of uploading the photos/videos. The automated process replaces humans in repetitive work that saves cost and increases customer satisfaction by reducing the time required to renew a car insurance policy. The technology also helps to detect fraud based on the pictures and videos uploaded, thereby aiding the underwriting process. , Chief Technology Officer, said, ""The do-it-yourself ( ) process will help enhance customer experience and reduce turnaround time and frauds. Over the past few years artificial intelligence has become a mainstay for several of our businesses, and we at Kotak General Insurance have also spruced up technology to provide seamless solutions to our customers. We hope to serve our customers better with this new technology addition."""
"Vehicle pedestrian safety systems struggle to see in the dark DETROIT - Many of the automakers are using to prevent vehicles from hitting pedestrians do not work well in the dark, according to test results released Tuesday by the U.S. non-profit group . The group, backed by the insurance industry, said 12 of the 23 sedans, midsize SUVs and small trucks it evaluated earned a ""basic"" rating or no credit at all, because they failed to detect or slow adequately for a dummy pedestrian in nighttime tests. About three-quarters of pedestrian deaths happen at night, the IIHS said. Starting with the 2023 model year, the IIHS will require vehicles to earn a ""superior"" or ""advanced"" rating on the new nighttime to receive a ""Top Safety Pick +"" rating from the organization. Automakers strive for top ratings from the IIHS, as they do from the U.S. National Highway Traffic Safety Administration. The IIHS is focusing on as fatalities involving people on foot being struck by vehicles are rising sharply on U.S. highways. Pedestrian fatalities rose in 2021 to 7,342 deaths, up 13% from the year before and up 80% from the low point in 2009, according to federal data. There is not yet a government test or performance standard for pedestrian-detecting automatic braking systems. And there is no federal requirement for nighttime testing of such systems, said IIHS President David Harkey. The IIHS found wide variation in systems performance both between competing automakers and between different models sold by the same automaker. Nissan Motor Co's 2022 Pathfinder was rated ""superior,"" while the company's Altima sedan received ""no credit"" in the IIHS tests. Nissan said in a statement it is ""still evaluating the results from the latest IIHS testing, including the difference in results in combination with the performance of the equipped headlights."" Volkswagen said in a statement that the vehicles IIHS tested only use radar. ""We are confident that the next versions of the Atlas, Atlas Cross Sport and Tiguan should perform better because they fuse camera and radar sensors and will hopefully achieve an Advanced rating."" Toyota said its Tacoma pickup, which received a ""no credit"" rating in the IIHS test, is not equipped with a system that can detect pedestrians at night. The Toyota Highlander and Camry received ""superior"" ratings, and have more advanced pedestrian detection technology. Toyota did not comment on the IIHS testing method. Ford and General Motors did not immediately respond to requests for comment. Eight of 12 vehicles that earned low, ""basic"" or ""no credit"" scores in the nighttime test had systems that earned ""superior"" or ""advanced"" ratings in daytime testing, the IIHS said. The IIHS is using its tests to push automakers to improve the performance of automatic braking systems, but Harkey said the rise in pedestrian deaths is driven by multiple factors, including vehicle speed, pedestrian behavior and the growing share of larger, heavier, taller trucks and SUVs."
"How to insure a 1955 Mercedes-Benz that sold for the record price of $142 mn? On May 5, a 1955 sold for $142 million during an auction at the Mercedes-Benz Museum in Stuttgart, Germany. It was the highest price ever paid for a car at auction, soundly beating the eight-figure Ferrari sales that had long topped the blue-chip billing. The identity remains a mystery of the person who bought the one-of-two silver stunner with gullwing doors and shiny exhaust pipes protruding from its right side. “The buyer is an enthusiast and not an investor,” says Simon Kidston, who placed the winning bid on behalf of a client, whom he declines to identify. “It is somebody who loves the car. The buyer has never once asked me what I think the car might be worth in the future.” What is certain is that an object of such value will require a rock-solid insurance policy — if the new owner plans to drive it. Technically, if the car is never driven, it will not legally require insurance, according to analysts from Hagerty, a US-based firm that provides insurance for collectable vehicles and collections that are valued as high as $1 billion. “There are some parts of the world where people won’t insure highvalue vehicles,” says , Hagerty’s president of global markets. “They want to keep them off the books.” Like A Piece Of Fine Art A spokesperson for Mercedes Benz said the company would not comment on insurance with regard to the record-setting coupé. But according to Abe Barnett, vicepresident of Signature Services, Hagerty’s highest-end insurance segment, the most obvious bet for the new owner would be to protect it under an inland marine insurance policy, which covers high-value items typically excluded. Numerous factors go into finalising the rates and structure of such a policy — like location, storage and vehicle type — but in general, insuring a $100-million vehicle costs over $100,000 annually. “That would treat it essentially like jewellery or art,” says Barnett. “It provides a much broader form of coverage, as opposed to a standard auto policy, which would be comprehensive and collision coverage. When they take their vehicle around, whether they want to take it to a concours or take it on a road rally or tour, that policy that will cover it appropriately.” This includes protection from damage or loss due to theft, accident, mishandling, or in the event of an undetermined cause for property to have gone missing. It would also help meet the costs to repair or replace property damaged by fire, wind, hail or water. It does not, however, cover damage from war, mechanical failure or issues that happen due to regular use. How Much Is It Worth To You? Most important when underwriting such a policy is to agree upon the value for which the vehicle will be insured. That number can be far above what was paid for it; it may also rise as a car is restored. How and where the car will be stored will probably affect the price of the insurance policy more than anything else. “Many"
"be far above what was paid for it; it may also rise as a car is restored. How and where the car will be stored will probably affect the price of the insurance policy more than anything else. “Many wealthy people live in beautiful areas that tend to be catastrophically exposed,” Butcher says, citing private islands, forested mountains and sheer cliffs. Keeping a vehicular asset away from wildfire areas and hurricane zones is vital. So is storing it in a temperature - co n t r o l l e d environment with effective security cameras and burglar alarms. An additional consideration: “Insurers will want to know the age of people likely to drive it,” Kidston says. “And if the car is being transported, they will ask that there are two drivers on the truck and that it’s not left unguarded.” As with your everyday car insurance policy, not having to submit a claim helps keeps the insurance premium low. Rising From The Ashes Even if the unthinkable happens and the car is damaged, not all is lost — assuming it can be repaired. With extreme damage, the owner would converse with the insurance company about reducing the car’s value, pending restoration. In rare cases, car values have risen to greater heights after superficial damage. In 2019 in Durham, US, a gas pipe exploded in front of a warehouse storing roughly half of the prestigious of cars. An extremely rare 1961 Porsche 356 B Carrera GTL Abarth — so valuable that an original toolkit alone is worth $10,000 —was one of many vehicles harmed. Following an intensive 4,000-hour restoration of the tiny silver racer, the Abarth made a full comeback in just four months, winning its class at the Pebble Beach Concours d’Elegance. It then took top honours in its class at the 2022 Amelia Island Concours d’Elegance. In May, it won its class at the Villa D’Este Concours d’Elegance. Call that a triple crowned comeback and then some — with the help of a stalwart insurance policy."
"Renting EVs more convenient and cost-effective: Samarth Kholkar, CEO & Co-Founder, BLive EVs are a far more economical option compared to ICE vehicles and renting an EV is more convenient and cost-effective, feels Samarth Kholkar- CEO & Co-Founder of , a startup that offers a wide range of EVs and related services through a digital platform. In his response to our questionnaire, Kholkar said that India's EV market has great potential. He also discussed EV subsidies, BLive's financials, and business plans. Edited excerpts: Tell us something about BLive At BLive, we are on a mission to drive the adoption of sustainable mobility. My co-founder Sandeep and I, come from corporate backgrounds and always had the vision of creating something that could drive positive and meaningful impact and we chose electric vehicles as they are a perfect fit to addressing the current growing transport need of our country. Three key barriers are restricting the mass adoption of EVs, which we refer to as the 3 ‘As’- Awareness, Accessibility and Affordability. When we started in 2018, we observed that people had limited Awareness of EVs, surrounded by a lot of myths and misconceptions. Our primary focus was to raise awareness and provide EV education. The second barrier is accessibility. We are addressing this by offering multiple brands on one platform and ensuring access to a reliable charging network and robust service support. Lastly, we offer affordability of EVs, focusing on flexible ownership models not just for personal users but also for commercial mobility. What's your business model? How is it different from other market players? We are India’s only “One Stop” platform for electric mobility. We have brought the entire EV ecosystem on one platform solving for the challenges faced by last-mile mobility providers. Our platform offers a range of EVs across form factors, Flexi finance and leasing solutions, and lifecycle support for Ezy Rental operators making them efficient and profitable. Our uniqueness is our growing network of EV Hubs that provide after-sales support to Ezy Rental operators. The BLive hubs also offer EVs for sale and rental, charging, EV retrofitting, and soon even resale of used EVs. No other company in the Indian EV industry offers the same. We have an asset lite business model creating a win-win for the entire ecosystem - OEMs fleet operators and service providers. EV hubs and micro fleet operators get a choice of brands and multiple ownership models to offer to their end customers. BLive has EV rentals, EV business, and many other verticals. How have things panned out so far? Like any startup, we have gone through our evolution— addressing critical problems for EV users. Our platform has created verticals which address the lifecycle of the EV user starting from making it easy to own an EV to ensuring the ownership process is seamless. Our phygital approach adds on-ground capability instilling confidence in EV our users before embarking on"
"user starting from making it easy to own an EV to ensuring the ownership process is seamless. Our phygital approach adds on-ground capability instilling confidence in EV our users before embarking on their EV journey. The traction we've gained is proof of the platform's success. With a presence in over 25 cities across India, we have sold over 3000 EVs, deployed over 1000 EVs in fleets, and partnered with over 60 companies to offer choices and make EVs more affordable. Do you have enough funding in view of the ever-growing competition? Tell me something about your finances. We have built an asset-light model to ensure scalability and the tech platform can integrate the EV ecosystem players to cater to the customer demands. The EV category has garnered significant positive support from investors. Last year, startups across the board in the EV sector successfully raised funds, from EV manufacturers to EV finance companies, all securing support from marquee investors and continuing to do so. BLive is in a unique position to play a definitive role in the EV sector. We have raised 2 million USD so far as part of our pre-Series A fundraises. As a first mover in the EV category, BLive is backed by investors such as Ankit Agarwal (Founder, Insurance Dekho), Apurva Chamaria (Google Ventures), Jitendra Nagpal (ex-CFO Pharmeasy, Zepto), and Angel Networks like Mumbai Angels & LetsVenture, along with early-stage funds like Trescon Global. We are now raising our Series A, and the funds will primarily be allocated to building technology and onboarding key roles within the organization. You have partnered with Ather and now TVS. Any particular reason for choosing high-end E2Ws? As a multi-brand platform, we offer choice of brands and product categories to our customers so that they can pick an EV which is best suited for them. That's why not just Ather and TVS, we have also partnered with Ola, Revolt, Bounce and many other EV brands across the price bands and form factors. We also offer top brands of commercial 3-wheelers and loaders to our customers along with charging capability. You have mentioned plans to go pan-India. Any timeline? BLive already has an established presence in over 25 cities spread across 9 states. We are committed to extending our presence across India and aim to open 100 multi-brand EV hubs by the end of 2024. We are also focused on making inroads into Tier 2 and 3 cities of India where there's enormous scope for growth for the EV sector. Similarly, with the growth of India’s digital footprint and the overall e-commerce industry, there has been a significant increase in demand for last-mile deliveries, not just in metros but also in smaller cities. With our Ezy Rental service offering, we will be able to bridge the gap between demand and supply of EVs to ensure that every delivery in every town is a green delivery. How do you see the renting business model in the future vis-a-vis competitors? BLive EZY Rental is committed to driving"
"supply of EVs to ensure that every delivery in every town is a green delivery. How do you see the renting business model in the future vis-a-vis competitors? BLive EZY Rental is committed to driving sustainable last-mile mobility for fleet operators. Our decentralized rental model introduces Flexible Ownership Models, making fleet ownership easily accessible. With a variety of EVs and services, thanks to our partnerships with multiple EV OEMs and service providers, we ensure the right vehicle and after-sales support for our users. The incorporation of Fleet Management Tech further enhances the experience, providing a connected platform for seamless fleet, delivery agent, payment, and analytics management. Whether you choose to buy, rent, or lease a fleet, our goal is to deploy 1 Million EVs for our fleet in the next 5 years. Our asset lite and tech-based model allows us to expand to tier 2/3 towns in the future as well which are rapidly growing for E-commerce and food delivery operators. As a roadmap, we also plan to offer services which cater to end-of-life EVs through resale and battery recycling. Why should people rent EVs? Gig workers usually do not have the financial history to get loans for buying EVs. They also realize that EVs are a far more economical option compared to ICE vehicles. Hence, renting an EV is more convenient and cost-effective. BLive wants to ensure that EVs are accessible and affordable to everyone by offering customized solutions. The rental offerings include monthly rentals for both low-speed and high-speed vehicles. We have introduced premium vehicles like Ather and TVS iQube, recognizing that this audience also has aspirations, and premium vehicles should be accessible to them. To make it even more lucrative for them, we have introduced a unique rent-to-own model, meaning that after a certain tenure, the delivery executive can actually own the vehicle. This has received a positive response even in places like Ahmedabad and Hyderabad. In the US, car rental giant Hertz dumped EVs in view of falling prices. Do you think EV prices will fall in India too? EV rentals as a use case in India are very different from the US. Here, the primary user is the delivery executive who engages in deliveries with an e2W or e3W. The lowering of prices will actually help in higher adoption if it does happen. Currently, India has less than 5% of EVs in the annual sales of all vehicles. So, there is tremendous growth possible, which is needed. The opportunities are even more in Tier 2 and 3 cities where the penetration has been comparatively less until now. Does the electric two-wheeler industry need subsidies to survive and grow? The favorable policies and initiatives by the government will be instrumental in the growth of the entire EV sector. Including EVs in the Preferred Sector Lending (PSL) and reducing the Goods and Services Tax (GST) on batteries from 18% to 5% will bring down the cost of EVs, thereby making them more affordable to"
"Including EVs in the Preferred Sector Lending (PSL) and reducing the Goods and Services Tax (GST) on batteries from 18% to 5% will bring down the cost of EVs, thereby making them more affordable to own. I am also hopeful about policy measures that promote the adoption of electric vehicles (EVs), including the extension of subsidies to make EVs more economical and offering incentives for conversion kits to transform internal combustion engine (ICE) vehicles into electric vehicles. What do you do with the old EVs? BLive is an asset-light company, and we do not hold stock of EVs. As for old EVs, we recommend recycling and repurposing of batteries. We are already working on an AI-based platform to define the resale value of old EVs."
"IRDAI proposes third-party motor insurance premium cars, two-wheelers for FY 2022-23 The Insurance Regulatory and Development Authority of India ( ) has issued a draft notification with the rates for cars, two-wheelers, and other for the financial year 2022-23 The IRDAI has not changed the tariffs in the last two fiscal years (FY 2020-21 and FY 2021-22). As a result, the rates set by Irdai for FY 2019-20 have remained unchanged until today There is a suggested discount on some vehicles that will encourage people to drive environmentally friendly cars. The following are the suggested Motor Third Party Premium rates for FY 2022-23 for various vehicle categories Hybrid vehicles to increase adoption of environmentally friendly technology. Most importantly it will help form a stable pool of premium for third party claims which are often delayed or stuck in legal processes."
"Shishir Mishra elevated as brand director for Citroen in India has elevated as the Brand Director for in India effective immediately. In his new role, Shishir will be responsible for steering the brand's strategic initiatives and strengthening Citroen's presence and impact in the , the company said. Shishir Mishra brings with him a wealth of experience garnered over 24 years in the automotive and banking and financial services industry. Prior to his appointment as Brand Director, Shishir served as the Head of Sales and Marketing synergy functions for and Citroen in India, where he played a pivotal role in leading Aftersales Operations, Dealer Network Development, Finance and Insurance, Demand and Distribution, and Selling Online, the company said in a media release. , CEO & Managing Director, India, said, ""We are delighted to appoint Shishir Mishra to lead Citroen in India. His experience, coupled with his proven track record of delivering results, makes him the ideal candidate to intensify Citroen's brand strategy in this dynamic market. I am confident that under his leadership, Citroen will continue to innovate and excel, further solidifying its position towards a leading automotive brand in India."" Shishir Mishra said, ""I am excited to take on this role at an important juncture for the brand and the automotive industry. I look forward to leverage Citroen's rich heritage and innovative spirit to strengthen our position in the Indian market, working closely with our dealer partners to deliver exceptional experiences to our customers and drive sustainable growth for the company."" A post-graduate in Sales and Marketing, Shishir joined Stellantis in 2018 as part of the core team responsible for the launch of Citroen in India. Since then, he has demonstrated leadership across various functions, augmenting process and standards towards the brand's development in the region, the company release said."
"Large pickup trucks fare poorly in protecting back seat passengers Four fared poorly in protecting back seat passengers in tests measuring how those passengers fare in some crashes, the said on Tuesday. said the 2023 model Ram 1500 crew cab, Ford F-150 crew cab and General Motors Chevrolet Silverado 1500 rated poorly in updated moderate overlap front crash tests, while the 2023 Toyota Tundra crew cab received a marginal rating. ""Like most other vehicle classes, large pickups don't perform as well in the new moderate overlap evaluation as they do in the updated side test,"" said IIHS President David Harkey. IIHS is an industry group that prods automakers to build safer vehicles by conducting crash tests and issuing ratings. It started using an updated moderate overlap front test in 2022 after research showed risks of a fatal injury is higher for belted occupants in the second row of newer pickup trucks than in the front. IIHS said front seat safety has been boosted by improved airbags and advanced seat belts typically not available in the back. All four pickups provided good protection in the front seat but restraint systems in the back were inadequate, it said. Toyota declined to comment. GM said ""while we are very confident in the overall safety and crash-worthiness of our light-duty crew cab, we appreciate what the IIHS has done with its new rear seat test protocols."" Ford noted the recent test changes and said ""safety is a top priority."" Stellantis said ""we routinely consider third-party ratings and factor them into our product-development process, as appropriate."" The updated side test was introduced to address higher-speed crashes that are still causing fatalities. The updated test uses a heavier barrier traveling at a higher speed to simulate the striking vehicle. Traffic deaths jumped sharply during COVID-19 and remain significantly above pre-pandemic levels. The number of people killed in the first six months of 2023 fell to the lowest number since the same period in 2020 but was still higher than the first half of any pre-pandemic year since 2006. In traffic crashes in 2021, 60% of pickup drivers who were killed were unrestrained - higher than other categories of vehicles."
"HDFC ERGO launches ‘All Things EV’ platform for present and future EV customers New Delhi: , a private sector general insurance company, has launched ' ,' a one-stop-solution portal for (EV). In line with the Government of India’s push for electric mobility, this initiative caters to the needs of existing and potential EV users, it said. As a part of this initiative, the company has unveiled a dedicated platform for the existing and prospective EV ecosystem users, which hosts end-to-end information on this emerging sector; the platform caters to all Indians who have either purchased EVs or are planning to buy EV or to make an earning out of the booming EV space. The platform has a roadmap with features like slot booking at charging stations, roadside assistance, RTO services and creation of an EV community. The platform helps the existing users with information on nearby charging stations, locations of charging stations along the route for intercity commute and rich content around the maintenance of their EVs, said the company in a media release. Potential EV buyers can get information on all the EV options available in India, along with the cost of ownership and subsidies offered by different state governments. Anyone looking to set up charging stations can also find out the available options of charging units, and the associated cost and profitability metrics. Parthanil Ghosh, President, Retail Business, HDFC ERGO General Insurance Company, said, “As an insurer who is committed to the sustainability goals under various climate protocols, we recognize our responsibility in supporting India’s aspirational EV roadmap to ensure a greener and sustainable future for ourselves. A supportive policy environment, increasing customer awareness of green technology, availability of electric vehicle models across the value chain along with improved charging infrastructure, has poised the Indian EV market for significant growth in the next few years. Through ‘All Things EV,' we aim to provide a one-stop-shop solution to all the required information related to EVs for all the existing EV users or prospective customers which we believe will contribute toward faster adoption of this environment-friendly mobility solution.”"
"ACKO partners with Ola and Ather for extended battery warranty program New Delhi: has launched a unique Extended Battery Warranty plan in partnership with OEMs such as and . The Electric Vehicle (EV) market saw its all-time high in 2022 with a 223% growth in sales. This is expected to grow at a CAGR of 44.5% between 2020 and 2025. Despite the soaring demand, customer apprehensions on multiple factors are posing as detrimental to the vast adoption of Electric Vehicles. As per a research report titled ‘Is the Future Electric?’ by ACKO and YouGov India, over 49% of EV car owners believe that battery replacement costs form a substantial part of EV ownership. Additionally, while 66% of the respondents assume that battery life only lasts between two to five years, a majority of EV users believe that charging behavior has a definite role to play in the vehicle's battery life. ACKO’s Extended Battery Warranty plan assuages customer concerns around the battery life and performance. The partnership with OEMs will improve the EV affordability where the banks will be able to extend the loan duration for vehicles and reduce the EMI installments. The plan protects the battery life till the fourth or the fifth year and provides performance coverage for up to 60,000 kms. Under the comprehensive plan, are also covered in addition to the battery. The uniqueness of the plan is that it is transferable to the new owner in the event of sale. The cost visibility factor for the battery and other parts of the vehicle enables a better resale value. ""The Indian EV journey is an aggressive growth story which has propelled the demand for customized protection solutions amongst customers. Our research report found a demand for these solutions from 79% of the respondents. The report also underlined that 67% of EV owners want to own an insurance policy with their Electric Vehicles. This is a positive sign from the new age customers who have evolved preferences and want to adopt environmentally safer alternatives for the ecosystem. We are confident that with our partnership, OEMs will be better equipped to answer the doubts in customer minds about longevity and performance of the Electric Vehicle. This will indeed ease the lives of our customers and promote a nationwide rapid adoption of EVs,” Animesh Das, VP - Motor Underwriting, ACKO, said."
"India-Russia oil trade: What is at stake? In order to shield the economy from the negative impact of the recent surge in , India is exploring the possibility of importing additional oil at discounted rates from Russia, which is facing sanctions and global backlash due to the Ukraine conflict. According to commodities data and analytics firm Kpler, India's import of from Russia in March this year so far is nearly four times higher when compared with the corresponding period of last year. India's import of crude oil from Russia stood at around an average of nearly 360,000 barrels a day in the first half of this month. As per the current shipment schedules, the average oil trade between the two countries is estimated to be around 203,000 barrels per day. ""Already committed oil cargoes from Russia that can't find buyers in Europe are being bought by India,"" Financial Times quoted Alex Booth, head of research at Kpler, as saying. ""Exports to India surged in March before any official announcement by New Delhi,"" Booth said. There is no government-to-government (G2G) arrangement for oil trade between India and Russia. The majority of the crude oil purchase from Russia for India has been done by Indian Oil Corporation. Although the United States has acknowledged that crude oil purchases by India would not violate US sanctions, it has warned that it would put India on the wrong side of history. The US has been putting increasing pressure on India to distance itself from Russia. White House Press Secretary Jen Psaki said on Friday in Washington that the United States is in touch with the Indian leaders at various levels over the issue of India's decision to buy oil from Russia at discounted rates. ""We will project and convey to any leader around the world is that the rest of the world is watching, where you are going to stand, as it relates to this conflict, (and) whether it is support for Russia, in any form as they are illegally invading Ukraine,"" Psaki said. India has so far adopted a neutral approach in the Russia-Ukraine conflict. It is among the few countries that have not condemned Russia's invasion of Ukraine. India also abstained from voting on a US-sponsored resolution deploring Russia's aggression against Ukraine. India's decision to increase crude oil trade and economic engagements with Russia would have huge diplomatic and economic ramifications. It is important to note that India is heavily dependent on imports to meet its oil requirements. Nearly 85 per cent of the country's average daily crude oil requirement of around 5 million barrels is met through imports. The rise in crude oil prices put huge pressure on the Indian economy. High crude oil prices pose inflationary, fiscal, and external sector risks. India's budget calculations for the financial year 2022-23 have been made with an assumption of crude oil price of $70 to $75 per barrel. Crude oil prices have surged due to the Russia-Ukraine conflict. It soared to near $140 a barrel earlier"
"year 2022-23 have been made with an assumption of crude oil price of $70 to $75 per barrel. Crude oil prices have surged due to the Russia-Ukraine conflict. It soared to near $140 a barrel earlier this month. Being a major importer India has to keep exploring competitive prices. A heavy discount offered by Russia is an opportunity. It is extremely important from the perspective of the Indian economy. Commenting on the India-Russia oil trade, spokesperson for the Arindam Bagchi said being a major importer of looks at all options at all points of time. ""India does import most of its oil requirements, it's met by imports. So we are always exploring all possibilities in global energy markets because of this situation that we face importing our oil requirements,"" Bagchi said. Russia is the second-largest exporter of crude oil behind Saudi Arabia. Nearly three-fourth of Russia's crude oil exports go to OECD member countries. Major European countries like Germany, France and Italy, who are also members of the North Atlantic Treaty Organization (NATO), are heavily dependent on the Russian oil supply. If the NATO member countries continue to import Russian oil due to economic reasons, India must also give primacy to the economic interest. One major challenge in the India-Russia oil trade is the payment system. According to sources, the two countries have been exploring the possibility of setting up a rupee-rouble trade mechanism for paying for oil and other goods. Apart from the payment mechanism, there are several other issues that need to be worked out. It includes insurance and freight. In the time of military conflict, the insurance cost goes up substantially. India's import of oil from Russia has traditionally been low due to high freight costs. Union Minister for said in the Rajya Sabha recently that the Indian government was evaluating the Russian offer of crude oil import at discounted rates. ""Discussions are currently underway. Several issues are required to be gone into, like how much oil is available either in Russia or in new markets or with new suppliers that may be coming into the market. Also, there are issues relating to insurance, freight, and a host of other issues, including the payment arrangements,"" the minister had said. Russia has been among the closest and most reliable allies of India. It is by far its biggest arms supplier to India. According to data available with the Ministry of External Affairs, Russian Investments in India stand at $18 billion while the Indian investments in Russia stand at $13 billion. The trade balance is in favour of Russia. India's imports from Russia stood at $7.75 billion while India's exports to Russia stood at $3.22 billion in 2018. Despite the threats of US sanctions, Prime Minister Narendra Modi government in 2018 entered into a $5.43 billion deal with Russia to buy S-400 defence system. The delivery of the missile system began in 2021. However, India needs to make a cautious move. The United"
"in 2018 entered into a $5.43 billion deal with Russia to buy S-400 defence system. The delivery of the missile system began in 2021. However, India needs to make a cautious move. The United States and other western allies are also crucially important. Also Read:"
"Charting the global economy: 'Reglobalization' in the face of economic and geopolitical challenges Global central banks are pausing or nearing the end of their interest-rate hiking cycles as shows signs of slowing and recession concerns mount. Policymakers in Canada and Kazakhstan signaled they may soon hold steady, while central bankers in Brazil and Poland left their key rates unchanged for a third-straight meeting. Next week, the Federal Reserve is expected to step down its pace of rate increases but will likely determine it’s too soon to discuss a pause. Here are some of the charts that appeared on Bloomberg this week on the latest developments in the global economy: World A US-China trade war, a global pandemic, Brexit and Russia’s war in Ukraine have rattled the once-entrenched ways that the world’s largest economies trade with each other. The shifting contours of the global trading system mark a kind of “ ” where multinational companies are adapting their trade networks to accommodate the new economic and geopolitical challenges. Australia’s central bank raised its key to a 10-year high and said it expects to tighten policy further as it seeks to cool the hottest inflation in three decades. Canada and Kazakhstan both raised rates but signaled a pause may be coming, while Brazil and Poland held steady. A backlog of oil tankers at the Turkish straits continues to build up as negotiations failed to produce a solution to an insurance glitch caused by sanctions on Russian crude. Twenty-six tankers holding more than 23 million barrels of oil from Kazakhstan were unable to pass the Bosphorus and Dardanelles straits as of Wednesday, shippin g da ta compiled by Bloomberg showed. Asia China’s exports and imports both contracted at steeper paces in November as external demand continued to weaken and a worsening Covid outbreak disrupted production and cut demand at home. Exports in dollar terms fell almost 9% in November from a year earlier, the biggest slide since February 2020. Japan’s economy took a smaller hit than first thought during a summer marked by a renewed Covid surge and a plunge in the yen, with a return to growth expected this quarter. Still, consumption was weaker than first thought, raising concerns about the economy’s resilience. Australia’s economic expansion decelerated in the three months through September as imports jumped, reflecting strong consumption and households’ resilience to the Reserve Bank’s interest-rate increases. Europe German factory orders rose in October, a sign of hope for manufacturers in Europe’s largest economy as they struggle with inflation and elevated energy costs due to Russia’s war in Ukraine. Hungarian inflation accelerated toward one of the European Union’s highest levels as a deepening rift between Prime Minister Viktor Orban and the central bank raised questions about economic policy. Consumer prices rose 22.5% in November from a year ago. US Producer prices rose in November by more than forecast,"
"Minister Viktor Orban and the central bank raised questions about economic policy. Consumer prices rose 22.5% in November from a year ago. US Producer prices rose in November by more than forecast, driven by services and underscoring the stickiness of inflationary pressures that supports Fed interest-rate increases into 2023. The producer price index for final demand climbed 0.3% for a third month and was up 7.4% from a year earlier. The monthly gains for October and September were revised higher. Recurring applications for US unemployment benefits rose to the highest since early February, suggesting that Americans who are losing their job are having more trouble finding a new one as the labor market shows tentative signs of cooling. Continuing claims have now strung together the three largest increases since May 2020. Emerging Markets South African consumer confidence recovered to its strongest level in two years in the fourth quarter as households anticipated better employment prospects and an improvement in their finances. Turkish inflation slowed for the first time in over a year and a half, though measures to revive the economy ahead of elections in 2023 may keep it elevated for some time. Consumer prices rose an annual 84.4% in November, down from 85.5% the previous month. At least 15 of the 72 emerging markets in a Bloomberg index now have dollar debt trading at distressed levels, after Russia’s invasion of Ukraine fueled global energy and food price inflation. Although there has been a small rally in the bond market in recent weeks, distressed debt in emerging markets remains a serious weak spot in a global economy preparing for recession. --With assistance from Beril Akman, Baris Balci, Bryce Baschuk, Christopher Condon, Ekow Dontoh, Selcuk Gokoluk, John Liu, Alex Longley, Ana Monteiro, Neil Munshi, Yoshiaki Nohara, Swati Pandey, Reade Pickert, Augusta Saraiva, Zoe Schneeweiss, Zoltan Simon, Sherry Su, Monique Vanek, Alexander Weber, Erica Yokoyama and Lin Zhu."
"Pakistan plans to procure Russian crude oil at USD 50 per barrel Cash-strapped is making concerted efforts to procure Russian crude oil at USD 50 per barrel, at least USD 10 per barrel less than the price cap imposed by the G7 countries due to 's invasion of , media reports said on Sunday. Crude oil is currently being sold globally at USD 82.78 per barrel. Pakistan, which is currently grappling with high external debt and a weak local currency, is desperate to purchase cheap crude at discounted rates from . Moscow will respond to Pakistan's request for discounted crude oil only after it completes formalities such as mode of payment, shipping cost with premium and insurance, according to The News. The first consignment of crude oil from Moscow is scheduled to arrive in Pakistan by the end of next month, paving the way for a bigger deal in the future, the paper said. The shipping of crude oil from Russian ports will take 30 days, which would mean an increase of USD 10-15 per barrel due to the transportation costs, it added. Russia was initially concerned ""over the seriousness of Pakistan to mature the oil deal,"" but in a recent meeting between officials from the two countries, Moscow asked Islamabad to import ""one oil cargo"" as a test case to bridge the trust deficit, according to The Express Tribune newspaper. Pakistan will first import one Russian crude oil ship to test landed cost, The News reported. Since Pakistan is facing a US dollar liquidity crunch, it would pay Russia in the currencies of friendly countries that include , Saudi Arabia, and , it said. In December last year, Russia refused to provide Pakistan with a 30 per cent discount on its crude oil after the Pakistani delegation asked for a reduction in price. Energy accounts for the biggest share of Pakistan's imports, and cheaper oil from Russia will help Pakistan in containing the ballooning trade deficit and balance-of-payments crisis. As Pakistan continues to suffer from a severe shortage of foreign exchange reserves, any short or long-term deals with Russia to take crude and oil products at low prices would help reduce the nation's financial burden. Pakistan's foreign exchange reserves, which fell to a critically low level of USD 2.9 bn a few weeks ago, have now risen closer to USD 4 bn , even as the country eagerly waits for the USD 1.1 bn tranches of funding from the , according to the estimates. The reserves at the start of the fiscal year on July 1, 2022 were around USD 10.309 bn , registering a drop of USD 7 bn in just seven months. The cataclysmic floods last year inundated a third of the country, displaced more than 33 mn and caused economic damages to the tune of USD 12.5 bn to Pakistan's already teetering economy."
"Auto strikes to reduce US payrolls count in October Strikes by members of the ( ) union including against Detroit's could subtract at least 29,000 jobs from U.S. nonfarm payrolls in October, government data showed on Friday. The 's monthly strike report showed 25,300 workers were idle at assembly plants owned by Ford Motor, General Motors and Chrysler parent Stellantis nationwide during the October payrolls count period. Another 4,000 UAW members were on strike at in Florida, Maryland and Pennsylvania during the survey period in mid-October. About 1,100 other UAW members walked off the job at Blue Cross Blue Shield in Michigan during the same period. It is not clear whether these workers who are in the direct life, health and medical insurance carrier industry were part of the broader industrial action by the UAW against the automakers. Striking workers who do not receive a paycheck during the period that the government surveys business establishments for the employment report are treated as unemployed. The UAW launched limited strikes on Sept. 15, which expanded in October. The work stoppages have disrupted supply chains, resulting in the three automakers furloughing and laying off thousands of non-striking workers. The hit from the strike will likely come through a decline in manufacturing employment, where payrolls have been rising moderately. The government will publish its closely watched employment report for October next Friday. According to a Reuters survey of economists, nonfarm payrolls likely increased by 172,000 jobs last month. That would be a big step-down from the 336,000 jobs added in September, the most in eight months. Still, job growth would more than exceed the roughly 100,000 positions needed per month to keep up with growth in the working age population, testament of the labor market's resilience despite massive interest rates hikes from the Federal Reserve to cool demand in the economy. Ford and the UAW reached a tentative deal this week. General Motors and the UAW were in intensive discussions on Friday to reach an agreement. Talks with Stellantis were scheduled to resume soon."
"Ramesh Iyer on why second-hand car market may see a boom “Today, the pre-owned vehicles are not really very old vehicles. They are all three-year-old, two-year-old vehicles. Therefore they are all well maintained vehicles and therefore people do see it as a good buy so we definitely believe that the demand will hold on,” says , MD & VC, How has the vehicle business been doing? We have seen the channel checks are talking about a big pick up activity when it comes to the hatchbacks and the SUV category, in particular? The second-hand car demand is very high and we see people wanting to buy a second hand car. It comes at the back of two or three things. One, there is a delay in availability of the new vehicles and so if people want a car, they may prefer to go for a second hand car. Second, for some of the segments, the new car price is very high and if the use is very limited, may be they are looking at pre-owned vehicles. The demand is definitely high and the supply is very weak probably because the last whole year, the financials reprocessed not many vehicles. Therefore they are not putting out too many vehicles to sell. Second, with the non-availability of new vehicles, the exchange programmes are going slow and therefore the supply has been impacted. Put these two together and we believe the demand will hold on and it is very high. So demand is high but going forward are you expecting demand destruction? There is inflation at play. The cost of funds will also be going up. We have already seen the surprise move by the RBI last week? That is the reason why pre-owned vehicles will do even better. If the cost is going up, the vehicle price will go up and people would probably think twice before investing in a new vehicle if a good second hand vehicle is available. We do find new segments of customers coming in. We are seeing some of the two-wheeler users graduating to smaller pre-owned vehicles. All of this is driving the demand and I expect this demand will continue because the price is something that people will put in only if they can afford and therefore they will compare the new vehicle with a pre-owned vehicle. Today, the pre-owned vehicles are not really very old vehicles. They are all three-year-old, two-year-old vehicles. Therefore they are all well maintained vehicles and therefore people do see it as a good buy so we definitely believe that the demand will hold on. What is the average ticket size for the loans? The ticket sizes are around Rs 2 lakh, 2.5 lakh, 3 lakh, maximum Rs 4-5 lakh. We are in the small segment. We are not in the luxury pre-owned vehicle financing segment since we do a lot of activity in the semi-urban and rural markets and there the requirements are for vehicles in the Rs 2-4 lakh range. Typically when interest rates go higher, the second hand finance rates also go higher; then comes the question of affordability. How sensitive is the second hand car market in terms of interest rate hike? One has to look at it as"
"go higher, the second hand finance rates also go higher; then comes the question of affordability. How sensitive is the second hand car market in terms of interest rate hike? One has to look at it as the gap between a new vehicle buying rate and the second hand vehicle buying rate. If the gap of interest rate today is let us say 2% or 3%, they would continue to remain, I do not think only the pre-owned vehicle rate will go up and the new vehicle interest rate will not. So, that is the first thing. Second, if somebody is putting in Rs 3 lakh and if 0.5% interest was to go up, 0.5% interest on Rs 3 lakh is Rs 1,500 for a year and so that is not going to really decide whether one should buy or not buy. The second-hand vehicle buy comes from two angles; one, how good is the car and how well is the price that you can negotiate for it and what is your real use of the vehicle. If you are going to use the vehicle for a long distance on a very regular basis, people will prefer a new vehicle because you do not want higher maintenance coming up again. Normally, second hand vehicles have a very limited use where it is not very high maintenance. Therefore my personal belief is 0.5% increase in rate should not kill the demand. We always look at developed markets, especially the United States to understand trends. If a trend has happened in the US, it will come back to developing markets like India. But in the second hand vehicle business, the US and developed countries have very large markets, unfortunately we do not have such a large market. I think one of the reasons is availability of good cars. It is only now that we have organised players who trade in vehicles; they refurbish and maintain the vehicle, offer even extended warranty on the vehicle. Those trends are just about coming in. Even five years back, vehicles were not as well maintained, documentation was a challenge and one was not sure about the RC transfers, the tax implications and all of that. All that is behind us, very clearly now the documents are very clean, vehicles are insured and well with extended warranty. Price discovery is very good and people are also not using the vehicle for a very long time before selling them. So, the quality of the asset has gone up. I would think that now everything is in place for this market to really explode. Second, it has been a very urban kind of market for long, Now we are seeing it go deeper into the pocket."
"Oil rises as supply concerns persist By Rowena Edwards LONDON: climbed for a third straight session on Friday, shrugging off concerns about global economic growth as impending European Union sanctions on Russian oil raised the prospect of tighter supply. futures rose 85 cents, or 0.77%, to $111.75 per barrel by 1346 GMT, while U.S. West Texas Intermediate ( ) crude climbed 72 cents, or 0.67%, to $108.98 a barrel. Both contracts were up over $2/bbl earlier in the session, and are on track to rise for a second consecutive week, buoyed by the EU's proposal to phase out supplies of Russian crude oil in six months and refined products by the end of 2022. It would also ban all shipping and insurance services for transporting Russian oil. The EU is tweaking its sanctions plan in a bid to win over reluctant states, three EU sources told Reuters on Friday. ""The looming EU embargo on Russian oil has the makings of an acute supply squeeze. In any case, OPEC+ is in no mood to help out, even as rallying energy prices spur harmful levels of inflation,"" PVM analyst Stephen Brennock said. Ignoring calls from Western nations to hike output more, the Organization of the , Russia and allied producers, a group known as OPEC+, stuck with its plan to raise its June output target by 432,000 barrels per day. However, analysts expect the group's actual production rise to be much smaller as a result of capacity constraints. ""There is zero chance of certain members filling that quota as production challenges impact Nigeria and other African members,"" said Jeffrey Halley, senior market analyst Asia Pacific at OANDA. A U.S. Senate panel has advanced a bill that could expose OPEC+ to lawsuits for collusion on boosting oil prices. Investors are also eyeing higher demand from the United States this fall as Washington unveiled plans to buy 60 million barrels of crude for its emergency stockpiles. Demand concerns on signs of a weakening global economy capped the price rise. The Bank of England on Thursday warned that Britain risks a double-whammy of a recession and inflation above 10% as it raised interest rates to their highest since 2009, hiking by a quarter of a percentage point to 1%. And strict COVID-19 curbs in China are creating headwinds in the second quarter for the world's second-largest economy. Also Read:"
"Surging shipping costs give companies a sinking feeling The global shipping industry is facing a deja vu of the pandemic era, and its impact is cascading across sectors. Spot have soared around 105% in the past three months and a severe is hurting industries from agriculture to automotive. The has worsened supply chain disruptions, affecting food shipments, too. expects relief from spiralling freight rates in 4-6 weeks, while Adani Ports and Special Economic (APSEZ) predicts sustained challenges through the upcoming season. Spot freight rates have skyrocketed since the start of this fiscal to USD 5,806 per 40 freight ton (ft) as of July 25, according to Drewry's World Container Index (WCI). It is, however, still lower than the Covid-era peak of USD 10,377 per 40ft in September 2021. However, according to companies, the mix of strong consumer demand, supply chain disruptions, and equipment shortages are reminiscent of disruptions seen during the pandemic. The container shortage has started to impact companies in the . Echoing concerns about the current scenario, , the country's largest exporter of motorcycles and three-wheelers, compared it to the pandemic-era challenges. ""The situation is as severe as it was during Covid times, if not more. In the last six months, freight rates to most destinations in Latin America and Africa have doubled. Availability of containers is also an issue,"" said Rakesh Sharma, executive director, Bajaj Auto. Bajaj Auto exports to nearly 100 countries across South Asia, Southeast Asia, Africa, and Latin America. Tyre maker saw a 3-percentage-point drop in profit margin in the June quarter due to higher input costs. Prices of natural rubber, one of the key raw materials in tyre manufacturing, spiralled, hurting companies as India imports half of its natural rubber requirement. Higher freight and container rates aggravated the situation. The Shanghai Containerised Freight Index (SCFI), which tracks container freight rates from China to various global markets including India, surged more than threefold to around USD 3,700 twenty foot equivalent unit (TEU) last month from around USD 1,000/TEU before the Red Sea crisis. India is heavily dependent on the Suez Canal for 35% of its foreign trade with Europe, North Africa, and the Americas, mostly in containers. The Red Sea crisis has forced ships to detour around the Cape of Good Hope, escalating freight rates and insurance premiums. Another sector disrupted by the crisis is foodgrain and perishable shipments, impacting low-value freight, comprising 10%-15% of total volumes. Maulesh Desai, director at CareEdge Ratings, forecast 8% growth in container volumes to 342 MMT this fiscal. He, however, believes that rising shipment costs are further eroding already slim profit margins. Furthermore, Ajay Sahai, director general, Federation of Indian Export Organisations (FIEO), said: ""Because of the impact at sea, exporters, especially in fashion apparel, footwear and high value"
"Furthermore, Ajay Sahai, director general, Federation of Indian Export Organisations (FIEO), said: ""Because of the impact at sea, exporters, especially in fashion apparel, footwear and high value perishables are moving to air cargo."" As a ripple effect, this is causing a demand-supply mismatch in the air cargo segment too due to insufficient freighters to meet the demand surge and delays in picking up cargo. Companies have a mixed view of when the scenario will get better."
"Repair or replace? Insurers in this country sending electric cars to junk yards due to mechanic shortage Electric car sales already are in a funk in key markets around the globe. Challenges finding enough repair technicians threatens to further stifle demand in the UK, where consumer uptake has stagnated for the better part of two years. A dearth of mechanics trained to handle the most advanced EV fixes is helping to drive up repair costs, according to insurers and repair companies like the AA, which provides roadside assistance across the UK. Add in expenses like long wait times for replacement parts, and underwriters are opting to total cars with relatively benign damage — prematurely consigning electric models to the junk heap. A seemingly simple crash that damages the battery or the compartment housing it “can cause a complete write-off of the vehicle,” said Marco Distefano, managing director of insurer Axa SA’s UK retail division. “Ultimately, that pushes up the price of insurance.” Fewer than 10% of the UK’s 236,000 auto mechanics are qualified to work directly on EV batteries or their cases, according to the Institute of the Motor Industry, which provides training and certification. While many technicians can perform less-demanding tasks, the most challenging repairs require extra training, given the complexity of the circuits and risk of electrocution. “The ante is risen quite a lot because you are dealing with no mistakes really,” Darren Naughton, an AA trainer, said during a visit in Birmingham. “It’s instant death on these systems.” Drivers are also concerned that a collision is more likely to lead to an EV writeoff, according to UK consultants Thatcham Research. Long lead-times for deliveries and a shortage of functioning charge points are also holding back demand for the environmentally friendly vehicles, it said in a report last year. With 1 million EVs on the roads already, the crunch is forecast to get worse. Repair shops are starting to train up staff, but the UK will still be short by about 30,000 qualified technicians by 2035, when a ban on the sale of new combustion vehicles takes effect, according to IMI estimates. UK sales of battery-electric vehicles have tread water as a share of the market since 2022. They stood at 15% in March, according to the Society of Motor Manufacturers & Traders. Insurance costs are double those of conventional vehicles, Bloomberg reported in January. UK Sales of Battery-Electric Cars Have Gone Stagnant | Monthly EV registrations as share of overall passenger-car market. Other factors are helping to skew insurers’ once-straightforward decision on whether to repair or replace a car after an accident. Replacement parts are expensive and take longer to arrive from abroad, adding to downtimes for damaged cars and driving up ancillary costs like car rentals. When the settlement cost approaches or exceeds the value of the vehicle, the insurer will typically take ownership and either scrap it, break it up"
"and driving up ancillary costs like car rentals. When the settlement cost approaches or exceeds the value of the vehicle, the insurer will typically take ownership and either scrap it, break it up for parts, or fix and sell it again if the damage is minimal. UK auto dismantler Synetiq has seen a 55% increase in electric car and van disposals over the past year, it said on its its website. It’s set up an operation to recycle expensive battery materials like lithium and nickel. High repair costs have long dogged EV makers like Tesla Inc., which lacks the dedicated service network of traditional car manufacturers. Hertz Global Holdings Inc., the US rental-car giant, had to junk Teslas when the cost of fixing easily damaged items like radar assemblies sent repair costs through the roof. Many of the cars being disassembled or crushed in the UK are fixable, according to Lee Houston, EV technical liaison engineer at the AA. As soon as a battery is dented or marked, “it’s a replacement, which will write the car off” at a cost of £15,000 (USD 19,000) to £20,000, he said. Other countries have dealt more effectively with the challenges. In Germany, Europe’s largest car market, the lack of skilled workers is less pronounced than in the UK, according to ADAC, the country’s prime supplier of roadside services. There’s no issue with EV competence in Norway, where 82% of new cars sold last year were electric, said a spokesman for the Norwegian Automobile Federation, though there is a general shortage of mechanics. In Sweden, mechanics’ EV skills are improving fast, said the Swedish Association for Motor Retail Trades and Repairs. While the added training required to fix an EV battery doesn’t come cheap, the UK’s challenges aren’t insurmountable. Axa UK put the cost at about £2,500 per mechanic for four days of training — doable for larger chains, though smaller shops will need to decide whether to take the plunge. At Kwik Fit, one of the largest UK car-servicing groups, just 15 out of about 1,500 technicians meet the Level 3 or Level 4 standard required to repair EV battery cells and modules. Ben Boot, Kwik Fit’s head of development for service, maintenance and repair, expects the job to eventually attract a wider pool of candidates more comfortable with diagnostics and electrical engineering concepts. “There’s still an element of the fear of the unknown when it comes to battery repair and getting into the repair of individual cells and modules,” Boot said. Once there are more fully trained EV technicians, “repair rather than replace becomes a more viable proposition.”"
"Hyundai and Kia thefts keep rising despite security fix Nearly three months ago, and unveiled software that was designed to thwart an epidemic of thefts of their vehicles, caused by a security flaw that was exposed on TikTok and other social media sites. So far, it hasn't solved the problem. Across the country, thieves are still driving off with the vehicles at an alarming rate. Data from seven U.S. cities gathered by The Associated Press shows that the number of Hyundai and Kia thefts is still growing despite the companies' efforts to fix the glitch, which makes 8.3 million vehicles relatively easy targets for thieves. From Minneapolis, Cleveland and St. Louis to New York, Seattle, Atlanta and Grand Rapids, Michigan, police have reported substantial year-over-year increases in Hyundai and Kia theft reports through April. An eighth city, Denver, which was hit early by the theft outbreak, reported a 23% decline from 2022 levels but still endured a high number of thefts. So far this year, Minneapolis police have received 1,899 Kia and Hyundai theft reports, nearly 18 times the number for the same period in 2022. ""The scope of the problem is only expanding and is exponentially worse than it has been in the past,"" Brian O'Hara, the police chief of Minneapolis, said in an email. ""We have some weeks where nearly as many Kias and Hyundais are stolen in a week as had previously been stolen in a year."" The most recent nationwide numbers on Hyundai and Kia thefts aren't yet publicly available. The figures for early 2023, as calculated by the Insurance Institute for Highway Safety, will be released until later this year. (Hyundai and Kia are part of the same South Korean corporate family.) Some U.S. cities have reported that 60% or more of their reports now involve Hyundais or Kias. Videos on TikTok and other sites that illustrate how to start and steal Kia and Hyundai models - using only a screwdriver and a USB cable - have allowed the thefts to spread across the nation since late 2021. In New York, the Hyundai-Kia theft problem has grown so worrisome that the city held a news conference last last month to offer owners devices that can track their vehicles if they're stolen. Police there reported 966 Hyundai and Kia thefts as of April 30 - nearly seven times the number in the same period of 2022. The disturbing theft rate, which authorities nationally have linked to other crimes including at least 14 reported crashes and eight fatalities, has persisted despite the automakers' unveiling of their anti-theft software campaign in mid-February. ""GLA is driving our crime,"" New York Mayor Eric Adams said, using an acronym for grand larceny of autos. ""Kia and Hyundai are driving the GLAs."" Hyundai and Kia have said they're accelerating their distribution of the software, with Hyundai saying it's reached 6,000 installations a day. The company says it's using direct mail, phone calls, digital advertising and social media to try to reach the affected owners. Ira"
"with Hyundai saying it's reached 6,000 installations a day. The company says it's using direct mail, phone calls, digital advertising and social media to try to reach the affected owners. Ira Gabriel, a spokesman for Hyundai, said the company has tried to remove from social media the instructional videos that show how to steal the cars. ""But as new ones surface,"" he said, ""there have been additional waves of thefts."" Kia said in a statement that it began developing and testing the security software last year. ""The process occurred at an accelerated pace and allowed us to begin rolling out the enhanced security software earlier this year in phases,"" the company said. Safety authorities say the companies' software rollout has been far too slow. Of the 4.5 million Kia vehicles that are eligible for the fix, the automaker says it's installed the software on about 210,000 - nearly 5%. Kia says it has sent notifications to about 2.8 million of the affected owners and expects to have notified all of them by the end of this month. For Hyundai, the figure is about 225,000 out of 3.8 million vehicles - roughly 6%. Hyundai said he expects to have contacted all the affected vehicle owners by May 18. The companies' affected cars, many of them lower-cost models from the 2011 to early 2022 model years, were not equipped with a theft immobilizer. Such a device contains a computer chip in the key that must be recognized by another chip in the steering column before the engines will start. Though most automakers have had the chips for years, Hyundai and Kia have lagged behind the industry as a whole in installing them on many models, thereby allowing thieves to exploit the security gap. In the 2015 model year, immobilizers were standard on 96% of other manufacturers' models but on only 26% of Hyundai and Kia models, the Insurance Institute for Highway Safety said. The automakers' service campaign to install the software should have been more aggressively pursued, said Michael Brooks, executive director of the nonprofit Center for Auto Safety. Brooks suggested that if the U.S. National Highway Traffic Safety Administration had managed a recall of the affected vehicles, it would have stood a better chance of alerting owners to the danger and need to seek a repair. ""Unless people are really following the news,"" he said, ""they might not know about theft issues."" Shakira Ellis, a music instructor from Long Beach, California, is among those who hadn't heard about the thefts - until her 2019 Hyundai Tucson was stolen in front of her home around 4 a.m. on April 25. The car, which contained some of her musical instruments, hasn't turned up. Ellis, 26, said her Tucson lacked the immobilizer, and she hadn't been informed of Hyundai's campaign to distribute the software fix. If she had, Ellis said, she would have immediately taken it in to be fixed. She feels Hyundai should provide her with a new car to replace her stolen vehicle, ""I feel like I should be compensated,"" she"
"she had, Ellis said, she would have immediately taken it in to be fixed. She feels Hyundai should provide her with a new car to replace her stolen vehicle, ""I feel like I should be compensated,"" she said. ""It's been ruined because it's defective. And people know. It's a target."" Even with a recall, not everyone takes an affected car to a dealer to be fixed. Recall completion rates, Brooks said, average only around 60% of owners. Some of the vehicles, about 15% in Hyundai's case, can't be fixed with software. But both Hyundai and Kia say they'll pay for anti-theft devices for those owners. In Minneapolis and other cities, police say teenagers, some of them too young to have a driver's license, have exploited the vulnerability. Often they crash or are involved in other crimes. The Minneapolis police recorded 209 cases of Hyundais or Kias being involved in hit-and-run injury crashes, and they're investigating 169 reports that Kias or Hyundais were used in other crimes. Multiple cities, including St. Louis, Cleveland, Milwaukee and Seattle, have sued the automakers, accusing them of failing to install industry-standard anti-theft devices and placing an undue burden on city services. ""Kia and Hyundai prioritized profit over people by not installing engine immobilizers in these vehicles,"" Cleveland Mayor Justin Bibb said in announcing his city's lawsuit. O'Hara, the Minneapolis police chief, said the thefts are a ""public safety crisis"" that is overwhelming communities. ""Juveniles are joyriding in these stolen models, and when they are caught by police, he said, they're rarely held accountable for their behavior"" by the courts and youth corrections systems. That can lead to more serious crimes, he said, ""until they get very seriously injured or killed themselves."""
"GM offers 10% wage hike in contract talks that UAW calls 'insulting' on Thursday made a counterproposal to the union representing its U.S. hourly workers in a bid to avoid a costly strike, but United Auto Workers President called the offer ""insulting."" The largest U.S. automaker said it offered workers a 10% wage hike and two additional 3% annual lump sum payments over four years in its offer to the union ahead of the Sept. 14 contract expiration. Last week, said it had offered a 9% wage increase through 2027 and 6% lump sump payments, much less than the 46% wage hike being sought by the union through September 2027. The has said 97% of members voted in favor of authorizing a strike if agreement is not reached. A union official said Ford was expected to make a new counteroffer on Thursday. Fain, who represents 146,000 workers at the , said GM's offer was ""an insulting proposal that doesn't come close to an equitable agreement for America's autoworkers.... The clock is ticking. Stop wasting our members' time. Tick tock."" The UAW said the GM offer would change the formula for calculating profit sharing and if it had been in effect last year, workers would have received 29% less. The UAW also said Ford's proposal would have cut profit sharing by 21%. GM shares closed down 0.8% to USD 32.57. GM said the wage hike is the largest proposed since 1999. It is also offering a USD 6,000 one-time inflation-related payment and USD 5,000 in inflation-protection bonuses over the life of the agreement, along with a USD 5,500 ratification bonus. Chrysler-parent said Wednesday it planned to make a counteroffer to the UAW this week. GM said that under its offer, current temporary employees will receive a 20% increase to USD 20 per hour wage and it would shorten the time it takes to get to the maximum wage rate for permanent employees - mirroring proposals from Ford. GM President said in a video posted on Thursday ""we need a fair contract that both rewards our employees and protects the long-term health of our business."" The union's demands include a 20% immediate wage increase followed by four 5% annual wage hikes, defined-benefit pensions for all workers, 32-hour work weeks and additional cost of living hikes. GM is proposing to give employees an additional paid holiday. The UAW also wants all temporary workers at U.S. automakers to be made permanent, seeks enhanced profit sharing and the restoration of retiree health-care benefits and cost-of-living adjustments. A UAW strike that shuts the Detroit Three manufacturers could cost carmakers, suppliers and workers over USD 5 billion, Michigan-based Anderson Economic Group estimated. With new car inventories tight, consumer experts have said that could translate into higher car prices - an important component of inflation. Last week, the UAW filed unfair labor practice charges with the National Labor Relations Board against GM and Stellantis saying they refused to bargain in good faith. J.P.Morgan on Thursday said"
"Last week, the UAW filed unfair labor practice charges with the National Labor Relations Board against GM and Stellantis saying they refused to bargain in good faith. J.P.Morgan on Thursday said supply chain disruptions from a potential UAW strike would cut new vehicle production, drive up used car prices and put pressure on margins in the personal auto insurance business. Earlier on Thursday, Ford said about 8,000 U.S. workers represented by the UAW will get an average USD 4.33 an hour in additional pay under provisions of the current contract agreed in 2019. Stellantis said it also raised pay this week for 4,000 workers per the 2019 contract."
"How to get different insurance policies in exports One thing the pandemic has taught everyone is uncertainty. This has given added importance to the businesses of insurance. Further, looking at the global supply chain disruption, it is now a must for exporters to make sure they mitigate the consequences of delays and be prepared for such uncertainties. can be of utmost significance here. Insurance covers are required not just to help a business stay afloat in a crisis, but a cover is mandatory in several cases. A customs clearance is provided only on furnishing a certificate issued by an insurer through the portal linked to the insurance policy, says Tarun Mathur, CBO-GI, Adding to this, Rakesh Kumar, Director General-Export Promotion Council for Handicrafts ( ), says exporters may suffer a huge loss if he does not get paid for an overseas shipment. “To mitigate the loss, the exporter should take a suitable insurance policy to guard himself against loss that may occur during .” He explains that the need for insurance is mainly for two reasons: protracted default or insolvency of the overseas buyers. “In case of commercial consideration, the importer may not accept the bill of exchange, in case of Delivery of Payment (DP) bill he may not make payment,'' he says. For Documents Against Acceptance (DA) shipment, buyers may not remit the payment due to financial constraints or insolvency. When loss occurs, it may not be just on the shipment of goods, but can also have a big impact on the profits of the entity concerned. Hence, it becomes extremely important for exports to consider taking insurance cover,” he says. Today, there are many insurance policies that provide export credit insurance cover on account of default and insolvency of overseas buyers. Each policy has a different percentage of cover. Kumar says that before exporting, exporters should identify which risks (comprehensive or political) need to be covered more. He lists some important insurance policies that exporter should take: These can be availed from Export Credit Guarantee Corporation of India ( ). There are also private players such as and who provide these covers to exporters. Mathur says that any new exporter should opt for a marine cargo policy to avoid any damage and losses due to accidents or mishaps during transits. “The main risks are either damage or loss to the cargo. Loss means that the cargo is not retrievable and damage means that the exported goods are no longer usable,” he explains. Alternatively, an exporter may also opt for a sales turnover policy, which would cover all sales transits that need to be declared and also the internal transits between their own warehouses, and the purchase shipments as well without any charges. Explaining further, he says a marine cargo insurance policy covers the loss or damage to property caused due to natural disasters such as cyclones, earthquakes or lightning. It also covers man-made disasters such as theft, violence, and piracy of"
"policy covers the loss or damage to property caused due to natural disasters such as cyclones, earthquakes or lightning. It also covers man-made disasters such as theft, violence, and piracy of ships, collision, overturning, or derailment of land conveyance and sinking or stranding of ships. In terms of limitations, marine cargo insurance does not cover ordinary leakage, wear and tear of cargo, improper packaging and any delays. “Any willful misconduct and illegal activities are excluded from the policy. Damage to the cargo due to war, riot, strike, and civil commotion are also not covered. Insolvency or default by the carrier is also excluded,” he says. Talking about the possible mistakes to keep an eye out for while claiming or availing insurance, Kumar says the exporter should clearly understand the policy provisions and accordingly opt for insurance coverage; country coverage; claim settlement time and insurance premium. “The exporter should apply for insurance policy once he has a confirmed order with clear indication of quantity and price with proper documentation so that there is clarity with respect to the policy being taken by the exporter and processing of claim in case of any unfortunate incident, is smooth,” he adds. Points to keep in mind:"
"Vehicle sales grow 20% to 15.58 lakh units in Nov, high interest rates cause concern: SIAM New Delhi: Automobile wholesales during November 2022 was up 19.8% to 15,58,145 units and the year-on-year sales were in green across the segments, according to the latest data by the industry body SIAM ( ). In November 2021, the industry recorded total wholesales of 12,99,716 units. in the month include , two-wheelers, three-wheelers and quadricycles. The SIAM data does not include sales of BMW, Mercedes, and Volvo Auto. Passenger vehicles for the month under review grew 28.1% to 2,76,231 units as against 2,15,626 units in November last year. stood at 12,36,190 units, marking a growth of 16.4% as compared to 10,61,493 units in November 2021. Vinod Aggarwal, President, SIAM, said, “Positive consumer and business sentiments have reflected in the better sales in November 2022, compared to the previous year. We note a sequential decline over October 2022 attributable to seasonality and softness in key export markets.” Rajesh Menon, Director General, SIAM, said, “Passenger vehicles posted highest ever sales in FY23 till November, while three-wheelers are still lower than 2010-11 and two-wheelers are less than 2016-17. Higher interest rates and increase in long-term insurance premium, continues to be a concern for the consumers.” Three wheeler sales during November 2022 stood at 45,664 units, as against 22,551 units in November 2021. As per SIAM, the total production of passenger vehicles, three wheelers, two wheelers, and quadricycle in November 2022 was 20,42,575 units. Also Read:"
"Ola Electric raises INR 2,763 crore from marquee anchor investors ahead of IPO Leading electric two-wheeler maker has raised INR 2,763 crore from marquee ahead of its issue opening tomorrow. The company allotted 36.35 crore shares to various domestic and foreign institutions at INR 76 apiece, which is the upper price band for the public offer. Among the marquee funds who participated in the anchor round include Nomura, Fidelity, HDFC MF, Franklin Templeton, , JM Financial MF, BNP Paribas MF, SBI MF among others. The , which is completely a fresh equity sale of 57.95 lakh shares, received robust response from investors with an overall subscription of over 150 times at close. The net proceeds from the public offer will be used for funding working capital requirements, investment in its subsidiary for repayment of debt and general corporate purposes. The company has priced the IPO in the range of INR 72-76 per share and at the upper end, the company will be valued at -to-sales of 6.6x with a market cap of just over INR 33,500 crore. Currently top global automobile entities are trading between 1-8x on the same metric. The company has lowered its valuation than in its last funding round in September led by Singapore’s investment firm Temasek, which valued it at over INR 48,000 crore. Ola Electric is a leading electric two-wheeler player in India with highest revenues among all the EV two-wheeler manufacturers. It is also building vertically integrated technology and manufacturing capabilities for and EV components, including cells. The company manufactures EVs and certain core EV components like battery packs, motors and vehicle frames at the Ola Futurefactory. It delivered seven products and additionally announced four new products since the first product announcement in August 2021. Ola Electric's revenue from operations increased to INR 5,009.8 crore in fiscal 2024, up from INR 2,630.9 crore in fiscal 2023. This growth was primarily driven by increased sales of the Ola S1 and Ola S1 Pro scooters and the commencement of deliveries of the Ola S1 Air and Ola S1 X+ in fiscal 2024. However, the company's loss for the year increased to INR 1,584.4 crore in fiscal 2024, up from a loss of INR 1,472 crore in fiscal 2023."
"Droom to invest Rs 500 to 600 crore for inorganic opportunities, eyes 5-6 acquisitions in 2 years , a provider of the technology platform for , is scouting for five to six acquisitions in the next two years to attain an internal target of $18 billion of Gross Merchandise Value (GMV) in the next five years. Gurugram-based Droom sells vehicles through cloud dealers where sourcing and refurbishment is done by physical dealers. Certification, selling and delivery are done by the company. ET learns the company is looking for acquisitions in the entire chain - from auto insurance to auto lending. Droom is also in the hunt for an IT service company to attract a talent pool, and is also keen on buying an organized service station chain, such as the likes of and . The company plans to spend around Rs 500-600 crore on acquisitions in the next two year. The funds for acquisition will be a mix of internal accrual and proceeds from initial public offering, said people in the know. Lightbox-Venture backed Droom Technology plans to raise Rs 3,000 crore from an initial share sale. The company had filed its draft red herring prospectus with the market regulator Sebi in November 2021. The company is eying a valuation north of $2 billion for its IPO. The last fund raising of the company took place about 15 months before, at a valuation of $1.2 billion. According to the filing, the company plans to spend around Rs 400 crore on inorganic growth initiatives and Rs 1150 crore on organic growth from funds raised from fresh issue of shares in the IPO. “The process for choosing acquisition targets has already started and it has recently appointed a consultant to look for inorganic opportunities in the insurance space and recently it turned down a deal to acquire the auto portfolio of a South-based company as it endeavors to be in loan aggregation rather than becoming a NBFC company,” said a senior executive of the company. An email sent to the company did not elicit any response till the presstime. With all services available under one umbrella, it will only improve GMV for used vehicles from more vehicles sold, but also buttress revenue from services business accrued from insurance, loan, certification, and service station. The company currently derives the bulk of its transactional revenue from sale of vehicles, which are around 3% of the sales value of vehicles. Globally, used vehicle marketplace companies earn half their revenue in vehicle transactions, and the remaining half comes from the service income associated with the sale of pre-owned vehicles. Droom’s transactional volume picked up significantly during the Covid period. The GMV of the company reached around $2 billion in the current fiscal year. It was $1 billion in FY20, according to the company's DRHP filing. The company sold around 13,000-14000 vehicles on average per month last fiscal."
"Steelbird sells 80 lakh helmets globally in 2023 New Delhi: , a leading helmet manufacturing company, has sold 77,99,273 helmets globally in CY 2023 and become the world's largest helmet producer. The company aims to produce 10 million helmets in 2024. It has also sold 3,44,865 side boxes in 2023. Its total revenue in 2023 was at INR 687 crore, the company said. told ETAuto that its sales has increased in 2023 as compared to 2022, although the brand did not disclose the exact figures. The 40% market share holder in the branded helmet category, Steelbird, said that 20 million branded and 20 million non-branded helmets were sold in the market in 2023. , Managing Director, Steelbird Hi-Tech, said,""Many states and districts in our country lack proper traffic police, and numerous accidents go unreported. If we check the data with insurance companies, the numbers are more staggering than the official data.. Therefore, it is our duty to address this issue urgently, leaving no stone unturned."" As the world's largest helmet producer, remains committed to its mission of promoting road safety and saving lives. The company looks forward to continued success and growth while contributing to the cause of reducing road accidents globally, the company said in a media release."
"Auto component industry looks to maintain double-digit sales growth this fiscal New Delhi: The expects to maintain double-digit sales growth in the current fiscal after having reported its highest-ever turnover in FY22, with demand expected to remain robust. As per the (ACMA), the sector reported a turnover of Rs 4.2 lakh crore last fiscal, a growth of 23 per cent over 2020-21, as passenger and commercial vehicle production increased by 20 per cent and 30 per cent respectively due to increased demand and fewer supply chain disruptions. Auto component sales to original equipment manufacturers (OEMs) in the domestic market stood at Rs 3.41 lakh crore last fiscal, up 22 per cent as compared to FY21. Similarly, exports of auto components witnessed a growth of 43 per cent to Rs 1.41 lakh crore (USD 19.0 billion) in 2021-22, as against Rs 0.98 lakh crore (USD 13.3 billion) in 2020-21. ""If the growth trend continues, we have no reason to believe it won't,"" ACMA President told PTI when asked if the sector could see double-digit growth in the current fiscal as well. ""Everything we see is pointing in the right direction. Demand is good, manufacturing is looking strong. Unless something happens that we are not in control of, like a pandemic, lockouts or a global recession, it is in the right direction,"" he added. The sector has come to the pre-pandemic levels in terms of volumes and the next phase of growth is expected to come from newer platforms, revival of two-wheeler and commercial vehicle segments, Kapur said. With a slew of new launches, vehicle sales are expected to gain traction during the festive season, he added. ""The component industry is also transforming itself as sales of two-wheeler and three-wheeler EVs gain traction. I am hopeful that the buoyancy in the market will continue through the year and that FY22-23 will witness a healthy performance,"" Kapur stated. He noted that increased focus by the auto industry on deep-localisation and the announcements of the (PLI) schemes by the government will facilitate the creation of an automotive value chain and aid in developing India into an attractive alternative source of high-end auto components. ""Poor offtake of two-wheelers, increase in cost of insurance, high inflation, excessive fuel cost and extreme logistics costs are some of the issues of concern to the industry and do need urgent government attention,"" he added. Kapur noted that the automotive industry globally was moving towards electric mobility which is presenting a great opportunity for growth for domestic component makers. Last fiscal, electronic component supplies to OEMs accounted for just 1 per cent (Rs 3,520 crore) of the total supplies in the domestic market. Kapur also highlighted that the capital expenditure (capex) cycle has once again commenced, aiding fresh hiring in the sector. Elaborating on the sector's performance in FY22, ACMA Director General Vinnie Mehta said significant growth was witnessed across all segments,"
"once again commenced, aiding fresh hiring in the sector. Elaborating on the sector's performance in FY22, ACMA Director General Vinnie Mehta said significant growth was witnessed across all segments, including supply to OEMs, exports as also the aftermarket. ""Whilst the automotive value-chain faced significant disruptions over the last two years in wake of the pandemic, vehicle sales, especially in the PV, CV and tractor segments now seem to have reached the pre-pandemic levels,"" Kapur noted. Of late, there has been some moderation in the supply-side issues of availability of semiconductors, input raw material costs and availability of containers, he added. ""Increased value- addition to meet regulatory compliance, fast recovery in external markets and traction in the domestic market, both OEMs and aftermarket, have contributed to the remarkable growth of the auto components sector in FY 2021-22,"" Kapur said. Last fiscal, component imports grew by 33 per cent to Rs 1.36 lakh crore from Rs 1.02 lakh crore in 2020-21. The ACMA represents over 850 manufacturers who constitute more than 90 per cent of the auto component industry's turnover in the organised sector."
"16,755 e-challans worth INR 9.49 crore issued through e-detection system at toll plazas in Bihar The and traffic police have issued over 16,700 worth INR 9.49 crore in a week through installed in 13 toll plazas in the state for violation of , officials said. Out of 16,755 e-challans issued by the authorities, 9,676 belonged to vehicles registered in other states while 7,079 e-challans were issued to vehicles registered in Bihar in a week from August 7 to 15, they said. Additional Director General (ADG) of Bihar Traffic Police Sudhanshu Kumar told reporters on Tuesday, ""The state transport department in coordination with traffic police, introduced issuance of e-challan through e-detection system, which has been installed at 13 toll plazas in the state. Vehicle owners of the state without valid insurance, fitness and pollution certificates, will now receive e-challan on their mobile phones through e-detection system. ""From August 7 to August 15, concerned authorities in the state issued over 16,755 e-challans, worth INR 9.49 crore. The government is in the process of installing an e-detection system at all toll plazas in the state with the help of NIC"". The ADG Traffic said the e-detection system checks vehicles and automatically issues e-challan in the absence of required documents. Most of the deaths in in the state occur on National Highways. To curb accidents, it is necessary that vehicles must have fitness permits, insurance, and motor vehicle tax updated. The introduction of e-detection system will help drivers follow the rules of the MV Act and reduce road accidents. The Bihar government has recently sanctioned 10,332 posts, including 4,215 for , for effective enforcement of traffic rules in the state, he said. ""Chief Minister Nitish Kumar recently launched 'national highway patrolling system' in the state by flagging off a fleet of hi-tech vehicles, in a move that aims to effectively check accidents in the state. The highway patrolling vehicles, which have been deployed at strategic locations after every 50 km, are playing a crucial role in saving the lives of accident victims on highways"", said the ADG."
"Indian shares may open higher as US inflation data eases rate hike fears Indian shares are expected to open higher on Friday, in line with Asian peers as cooling U.S. fuelled hopes that aggressive Federal Reserve rate stance might begin to ease. India's , listed on the Singapore exchange , were up 1.6 at 0148 GMT. The MSCI's broadest index of Asia-Pacific shares outside Japan surged 3.6%. The NSE Nifty 50 index closed down 0.71% at 18,028 on Thursday, while the S&P BSE Sensex fell 0.69% to 60,613.70. All three major U.S. stock indexes notched their biggest one-day percentage advances in about two-and-a-half years in a broad, robust rally as the Labor Department's data showed the annual consumer price index number below 8% for the first time in eight months. India will report its October inflation number next week. In domestic earnings, , , , will be among the scores of companies reporting quarterly numbers. Foreign institutional investors bought net of 360.6 million Indian rupees ($4.47 million) equities on Thursday, while domestic investors sold 9.67 billion rupees of shares, as per provisional data available with the . Also Read:"
"eBikeGo to launch e-bike Transil e1 at INR 44,999; pre-bookings to begin shortly New Delhi: , India's leading mobility platform is entering into the with their new product Transil e1. Transil is the B2C vertical of eBikeGo which aims to produce modern, effective and sustainable consumer products. All the innovative of the company will be launched under the Transil brand name. The pre-booking of the Transil e1 bicycle will begin in a few weeks. Priced around INR 44,999, it will come in three colours, the company said. With Transil, eBikeGo focuses on delivering environment-friendly solutions of mobility. Electric mobility standards developed and executed by adaptive mobility will allow individuals to not only appreciate the moment but also lean towards a healthier lifestyle. Transil will offer consumers to choose from a variety of fully licensed and insured dependable electric vehicles. Our products are designed to enable a smooth transition from the current transportation model to eco-friendly modes of transportation. Transil e1 is a fully-built e-bicycle ideal for shorter distances which is powered with a super-finished, unisex steel frame with a single-speed transmission and an efficient and compact with smart BMS for better performance. Some of its unique features are high strength and lightweight frame which makes cycling effortless and enjoyable, along with high-quality hardware that makes the system robust. It will help the rider switch to a better and healthier lifestyle. It has low maintenance cost and is a good alternative for individuals commuting less than 40 km. It is affordable and its running cost comes up to less than 5 paise/km. Also, it is safe and has a water-resistant design with speed limiting function, the company said in a media release. Transil e1 bicycle will also adhere to these specifications such as, with BLDC, 250 W, and an advanced battery- BMS - Li-Ion, 36V-5.2AH, temperature monitoring and control, overcurrent protection, Smart Algorithm for Precision Charge Control, High-Efficiency Sine-wave Motor Controller and a rugged Water-Resistant System. It can be charged with a smart charger that has an Auto Cut-off Function and allows portable and . Transil e1 has got a User Interface with Compact LED Smart Display and its per charge range is 20+ to 40+ KMs. Some other specification of Transil e1 are: Its USB port is on the battery only, and its charging time is 2-2.5 hours with an ideal electricity consumption of 0.18 units per charge (5 paise per km). Power mode of the bicycle is pedal assist. There is an optional cruise mode, walk mode, and throttle which is also optional. It has got a distinct frame size with high strength steel. Its wheel is double-walled alloy rims, 27.5”. It has got a single speed with a ratio of 3.4. Transil e1 tyre is 27.51.95 and it’s a high-performance tyre. It is also equipped with high-performance disc brakes. Its efficient suspension offers a smoother ride and the saddle is quick release and"
"e1 tyre is 27.51.95 and it’s a high-performance tyre. It is also equipped with high-performance disc brakes. Its efficient suspension offers a smoother ride and the saddle is quick release and adjustable. “We are extremely delighted and excited to announce the launch of Transil e1, our latest innovation in the fitness category. We are entering into the Smart Electric Bicycle market with the launch of our very 1st Electric Bicycle. We are optimistic that we will receive positive feedback from the consumers and that this product will help the users achieve a sustainable and healthier lifestyle,” Irfan Khan, founder & CEO, eBikeGo, said. Also Read:"
"Ola’s India Mobility business turns profitable in FY23, aims to serve 1 bn customers New Delhi: The India Mobility Business of has turned EBITDA positive in FY 23. The company said , CEO of Mobility, is leading its mobility business, with focus on ride-hailing, financial services, logistics, and e-commerce. With a vision to serve a billion Indian consumers and empower 10 million partners economically, Ola is all set to reimagine and redefine mobility, the company said in its 2024 Narrative Report. Ola’s robust business model is at the forefront of shaping the future of mobility and commerce, demonstrating substantial growth to transform mobility and ride-hailing through: Premiumization: By expanding multi-city Prime plus experience with a loyalty program and luxury cars on the anvil Penetration through electrification: By l everaging electrification to disrupt mobility space by offering the most affordable rides in the 2W segment, priced lower than the industry, offering more benefits to the partners. Technology: To enhance customer and partner services, as well as optimizing platform efficiency for an overall elevated experience with services like Ola Maps, AI-powered customer care. Financial Services : Increased focus on asset finance vertical with bank tie-ups, better insurance and process experience, with a focus on partners and riders; and Logistics and e-commerce : A multi-work model combined with the company’s large customer base, financial services offerings, our gig-worker platform and technology capabilities to leverage ONDC , Founder, Chairman and MD, Ola, said, “India’s economic growth is unstoppable and we aspire to serve 1 billion Indians. We are proud to serve India at scale with a vast and integrated ecosystem empowering consumers and enabling partners. As a technology-first business, leading with innovation, we are confident to spearhead the country’s mobility ambitions and lead the next phase of growth in the industry at large.” Hemant Bakshi, CEO, Ola Mobility, said, “As Ola’s India Mobility business turns profitable in FY23, it is a testament to the resilience and innovation that has defined our journey. Our focus on sustainable growth has not only fortified our financial standing but has also set the stage for an exciting future of expansion and industry leadership. Ola is committed to continuing its legacy of innovation and excellence, shaping the future of mobility , e-commerce, financial services and logistics.” FY 23 Financials: For the consolidated entity, the revenue from operations and other income for FY 23 stood at INR 3,000 crores as compared to INR 2,120 crores in FY 22. For the consolidated entity, EBITDA loss excluding discontinuos business reduced to INR 29 cr in FY 23 from INR 291 cr in FY 22 Standalone (Ola’s India Mobility business) total revenue has gone up by 48% in FY 23 to INR 2135 crore from INR 1350 crore in FY 22. Total revenue includes revenue from operations and other income. ANI Technologies"
"India Mobility business) total revenue has gone up by 48% in FY 23 to INR 2135 crore from INR 1350 crore in FY 22. Total revenue includes revenue from operations and other income. ANI Technologies Standalone (Ola’s India Mobility Business) clocked standalone revenue of INR 2,135 crore and segment-adjusted EBITDA of INR 250 crore in FY 23."
"Odisha has 70% uninsured 2-wheelers, 80% LMVs and 40% commercial vehicles BHUBANESWAR: The law mandates compulsory insurance for all types of motor vehicles plying on roads. However, about 70% of the total and 80% of (LMV) in Odisha have been running uninsured, revealed the data shared by the commerce and transport department. Of around 80 lakh vehicles currently plying across the state, 64 lakh are two-wheelers. Shockingly, only around 20 lakh two-wheelers have been insured. Similarly, only about 2.5 lakh LMVs out of 12.10 lakh in Odisha have been covered under motor insurance. Out of about 4.1 lakh , nearly 2.4 lakh possess valid insurance papers. Even though general insurers offer varieties of motor insurance policies, including own damage (OD), comprehensive, third party (TP) and personal accident among others, the Centre made it mandatory for vehicle owners to purchase the TP liability insurance policy under the Motor Vehicles (MV) Act 1988. The mandatory TP insurance is intended to cover for any collateral damage to a third party. A third party insurance provides coverage against physical injury, death and property damage caused to a third party, as well as personal accident cover for self. TP insurance also protects vehicle owners against legal complications. If you cause an accident that injures or kills another person, the victim will be able to get the treatment cost and death compensation from the TP insurance. This will also protect drivers from police and legal repercussions in accident cases. In the absence of the TP coverage, the third party accident victim will not be able to get any compensation. The vehicle driver and owner would face legal action, a senior transport official said. According to the amended Motor Vehicles Act-2019, the fine for driving without insurance is Rs 2,000 for the first offence and Rs 4,000 for the subsequent offence. The violation also invites three months of imprisonment. The transport department said they would launch awareness campaigns for next eight weeks and start the enforcement drive against the uninsured vehicles. “We are also planning to send messages to owners of uninsured vehicles and warn them of strict action. Insurance should also conduct camps and accompany our enforcement personnel to make the defaulters insure their vehicles on the spot,” the official said."
"Most midsize SUVs perform well in new side impact test: IIHS New Delhi: More than half the tested earned good ratings in the Insurance Institute for Highway Safety’s ( ) new side-impact evaluation, the vehicle rating agency has reported. Ten out of 18 midsize , the Ford Explorer, Infiniti QX60, Lincoln Aviator, Mazda CX-9, Nissan Pathfinder, Subaru Ascent, Toyota Highlander, Volkswagen Atlas, Volkswagen Atlas Cross Sport, and Volkswagen ID.4, the only electric vehicle in the group, earned good ratings. Two more, the Buick Enclave and Chevrolet Traverse, earned acceptable ratings. Six others were rated marginal: the Honda Passport, Honda Pilot, Hyundai Palisade, Jeep Wrangler 4-door, Kia Telluride and Nissan Murano. When IIHS announced the first ratings in the new test in October, only one out of 20 small SUVs managed a good rating, while half were rated marginal or poor, the agency stated. According to a media release, except for the Wrangler, all the midsize SUVs tested earned good scores for their driver and passenger and head injury measures. The Wrangler, which does not have side airbags for the rear seating positions, earns a poor rating for passenger head protection. The absence of this crucial safety feature fault was serious enough to bring the overall rating down to marginal, despite good ratings in all the other areas. In contrast, only the CX-9, ID.4 and Wrangler earned good ratings for preventing injuries to the driver’s pelvis — the body region most frequently injured in real-world side crashes — although the Ascent, Aviator, Enclave, Explorer and Traverse earn acceptable scores, the release added. Half the vehicles that earned good ratings overall — the Atlas, Atlas Cross Sport, Highlander, Pathfinder and QX60 — showed a moderate risk of severe injury to the driver’s pelvis, the release stated. However, the driver’s vital body regions of the head and torso (chest and abdomen) were well-protected in these models, as were the rear seat passenger’s head, torso and pelvis. Their good and acceptable structures also suggest that their occupant compartments are robust, it added. “It’s encouraging to see so many midsize SUVs from different automakers earn good ratings in this more challenging evaluation,” Becky Mueller, Senior Research Engineer, IIHS, said. “These results will help confirm the adjustments they need to make to other vehicles going forward.” IIHS introduced the new, tougher side test to address higher-speed crashes that continue to cause fatalities. Like the original side test, the new test represents the type of crash that occurs when two crossing vehicles collide in an intersection. According to IIHS, the updated evaluation uses a heavier barrier traveling at a higher speed to simulate the striking vehicle. Instead of the earlier 3,300 pounds, the new one weighs around 4,200 pounds, which approximates the weight of most modern midsize SUVs. Instead of striking the test vehicle at 31 mph, it hits it at 37 mph. Together,"
"3,300 pounds, the new one weighs around 4,200 pounds, which approximates the weight of most modern midsize SUVs. Instead of striking the test vehicle at 31 mph, it hits it at 37 mph. Together, those changes mean the crash produces 82% more energy. The honeycomb striking surface of the new barrier also has a different design that acts more like today’s SUVs or pickups when striking the side of another vehicle. Like the original side test, the new test uses two SID-IIs dummies in the driver seat and in the rear seat behind the driver. The SID-IIs represent a small woman or 12-year-old child. “A higher-riding vehicle may benefit from the barrier striking lower on its side,” Raul Arbelaez, Vice President, Institute’s Vehicle Research Centre, said. The two acceptable-rated vehicles, the Enclave and the Traverse, fall short of good ratings due to marginal scores for occupant compartment structure, IIHS said. Among the six vehicles that earn marginal ratings overall, the Murano earns a poor rating and the Pilot, Passport, Palisade and Telluride earn marginal ratings for structure, stated IIHS. In the Passport and Pilot, the driver dummies also had high pelvis injury measures and the passenger dummy had high torso injury measures. Injury measures were also high for the driver's pelvis in the Murano, Palisade and Telluride, it added. Also Read:"
"Motor covers to drive market share growth for Tata AIG General Insurance aims to double its market share to achieve a leadership position in the non-life industry, which is expected to grow four times by 2030 to INR 10 lakh crore, the company's MD & CEO said. One of the growth drivers will be an increase in the penetration of motor insurance as the number of uninsured vehicles in the country reduce, Garg said. ""We have doubled our market share in the last seven years and we expect to do it again,"" said Garg. During the first nine months of FY24, AIG has grown nearly 20% to INR 11,206 crore, according to industry data, which makes it the fourth-largest private insurer. Garg said that due to the introduction of five-year policies for two-wheelers and three-year third-party covers for cars, the number of uninsured vehicles has decreased. ""Recently, the department of financial services has sent a request to state governments, indicating that since information is now available, reminders should be sent to vehicle owners to ensure that their vehicles are covered"". Garg said that this would also improve the underwriting performance of insurers as the quantity of premium in relation to claims will increase. ""We are on course this year to $100 million of profits. We can fund our own growth through internal accruals and we have a solvency margin of around 2x,"" said Garg."
"Ford has big goals for software sales to small business truck fleets HomeTown Services, a heating and cooling repair company in Tulsa, Oklahoma, is getting ready to install driver monitoring cameras in some of its trucks, and already uses streamed data to remind drivers not to sit too long in idle vehicles, wasting gasoline. ""People will sit in a vehicle for an hour or two,"" said Del Underwood, vice president for purchasing and fleets for the company. Now, technicians get a text message instructing them to either turn off their trucks or move to the next assignment. That may annoy some employees, but it is good news for Motor Co's commercial vehicle unit, Ford Pro, which has placed a big bet on software-related services. Ford Pro hopes selling connected-vehicle services such as driver monitoring systems to small and medium sized fleet operators will help generate as much as USD 1.8 billion in annual profit within two years. Ford CEO Jim Farley has urged investors to think of Ford Pro's bundle of software and vehicle sales, not Tesla, as the ""future of the automotive industry."" Companies including Geotab and units of Verizon dominate the market for telematics services provided to large vehicle fleets, said Mike Ramsey, vice president at technology consultancy Gartner. But Ford ""can get all the guys buying Ford Transits for their plumbing business,"" Ramsey said. Small and medium-sized business fleets in North America and Europe constitute a large enough market that Farley has told investors Ford Pro could earn 20% of its pre-tax profit from selling software and services within two years. Farley has forecast Ford Pro pre-tax profits at USD 8 billion to USD 9 billion this year. He has promised investors Pro can earn fatter margins than its consumer businesses, partly due to services and maintenance business driven by telematics connections to vehicles and data. In 2023, Ford Pro had 500,000 paid subscriptions for software services. ""It's up 46% and the margins are over 50%,"" Farley told analysts in January. He said 12% of vehicles Ford Pro sells have software subscriptions attached and he wants to triple that. Ford Pro Chief Ted Cannis told investors last May that software subscriptions could bring in USD 2,000 a vehicle in revenue per year, and by adding on services such as insurance, Ford could boost that revenue per vehicle to USD 4,000 to USD 5,000. Ford uses telematics connections to prompt commercial vehicle owners to get parts replaced before they break. Boosting the rate of service subscriptions by one percentage point can ""add about USD 30 million of incremental EBIT to the business,"" Ford Pro Chief Financial Officer Navin Kumar said last month. Ford is also selling data from its vehicles to large fleets that subscribe to rival telematics services. FORD'S FERRARI While Farley sees big dollars, investors so far have not boosted Ford's share valuation to anywhere near Tesla's level. The Silicon Valley electric vehicle company is worth more"
"FORD'S FERRARI While Farley sees big dollars, investors so far have not boosted Ford's share valuation to anywhere near Tesla's level. The Silicon Valley electric vehicle company is worth more than 10 times Ford's market capitalization. Morgan Stanley analyst Adam Jonas has called Ford Pro ""Ford's 'Ferrari.'"" But he also asked ""How long can Ford Pro fund losses in the vertically integrated EV strategy?"" In 2023, Ford Pro earned USD 7.2 billion in pre-tax profits and had a 12.4% pre-tax profit margin. By comparison, Ford's overall pre-tax profit margin was just 5.9%, reflecting the cost of United Auto Workers strikes at key U.S. factories and a USD 4.7 billion pre-tax loss on electric-vehicle operations. Ford Pro's above-average profit margins have prompted rivals to counter. Stellantis last year grouped its commercial vehicle operations under a new name: Stellantis Pro One. Beyond emulating Ford's use of the word ""Pro,"" Stellantis said it aims to generate 5 billion euros annually from sales of connected services. General Motors last year reorganized its North American commercial vehicle business to sharpen competition with Ford Pro. Another challenge for Ford Pro will be to make paid subscribers out of customers who currently get software and telematics services for free. Fize Electrique, an electrical contractor in Quebec, is using Ford Pro software during a one-year free trial to monitor 12 Ford EVs it purchased for battery charge levels. That is crucial because EV batteries lose driving range faster in Quebec's cold winter weather. ""When we got the first E-Transits, I was watching the numbers all the time,"" said Alain Fiset, who oversees the company's fleet. Data pulled from the vehicles ""helped us understand what's the state of the battery."" That in turn convinced Fize to accelerate the move to an all-electric fleet, taking advantage of Quebec's relatively stable power rates. Ford Pro is experimenting with new ideas for software services, and not all the projects work out, Dave Prusinski, chief revenue officer for Ford Pro's software operations, said in an interview. In 2021, Ford and business software company Salesforce announced plans to develop a subscription software service called VIIZR that would automate work orders for contractors. But that project has been wound down, Prusinski said. ""Realistically it was not our core,"" he said. ""There were some great solutions on the market. We were seeing traction, we couldn't catch up fast enough."""
"India, World Bank looking to spur lending for electric vehicles India’s government and the World Bank are in talks to introduce a risk-sharing mechanism to compensate banks giving loans for electric vehicle purchases, an official said, as the country seeks to decarbonize the . The risk instrument will help banks hedge against loan defaults and cut the cost of , India’s G20 sherpa Amitabh Kant said at the sidelines of an industry event in New Delhi. Kant was CEO of government thinktank until June this year, spearheading state policy decisions across the economy. The switch to clean transport in the South Asian nation is slower than the US and China in part due to the sluggish adoption of battery-powered vehicles. The high cost of these vehicles and insufficient charging stations are a major barrier with BloombergNEF saying that by 2040, 53 per cent of new automobile sales in India will be electric, well behind China with 77 per cent. Banks in India have been reluctant to give loans for at a time when the cost of insuring these vehicles is high and the resale market is remains small, said Kant, who was recently appointed India’s main negotiator when it becomes the chair for the Group of 20 countries in December. The World Bank will set up a $1 billion fund with an that will be made available to all financial institutions, according to a senior NITI Aayog official working on the project. The fund will provide first-loss guarantees to lenders in case of loan defaults, said the official who declined to be named as discussions are still private. An India spokesperson for the World Bank didn’t respond to calls and an email seeking comment. India has been pushing to decarbonize its transport sector, which accounts for 13.5 per cent of the country’s total emissions, as it looks to achieve its goal of becoming net carbon zero by 2070. The government expects investments in the Indian EV industry to more than triple to $20 billion by 2030 from $6 billion in 2021. The government is also working on a battery-swapping program to expedite adoption of , which are growing faster than the four-wheeler segment. Read More:"
"Why India ramped up Russian oil imports, easing pressure on Moscow NEW DELHI - Since the start of the war in Ukraine, the United States and its allies have leaned on countries to buy less Russian oil in a bid to punish Moscow for its aggression. have done the opposite, snapping up more Russian crude while the government explores ways to protect from punishment should they fall foul of sanctions. The result has been a huge leap in volumes from Russia. In May, India imported 819,000 barrels per day (bpd), from 277,000 bpd in April and 33,000 bpd a year ago. Russia is now the second biggest supplier to India, replacing Saudi Arabia, while Iraq continues to be the largest. While the increase in volumes is known, some of the ways in which India has communicated its strategy on Russian oil purchases to key players and offered assurances to the companies involved have not been reported. European countries and the United States have imposed heavy sanctions on Russia since Moscow sent troops into Ukraine on Feb. 24. While New Delhi has called for an immediate ceasefire in Ukraine, it has not explicitly condemned the invasion, which Russia says is a ""special military operation"". An Indian government official said India plans to continue with purchases of Russian oil, available at a discount that is now narrowing. ""If India stops buying oil from Russia, the entire world will be chasing the same pieces of oil and that will further push up oil prices,"" he said. Government and refinery officials have said India's main reason for buying Russian crude is commercial. After China, India has done more than any country to compensate for the drop in demand for Russian oil from elsewhere, undermining Western efforts to isolate Moscow and hasten an end to the war in Ukraine. The officials say New Delhi wants to avoid repeating what it sees as the mistakes of the past: abiding by sanctions on Iran and winding down oil imports, only to see its main regional rival China continue unpunished and benefit economically. ""India has the attitude that if China is buying, why wouldn't we?"" said Robin Mills, chief executive of energy consultancy Qamar Energy. ""India doesn't want to be in the same position again when China continued to buy Iranian oil and India stopped it."" While Prime Minister Narendra Modi's government values good relations with Washington and the West, Indian officials say domestic needs come first and argue that Russia has been a better friend than the United States in energy cooperation. Economic necessity is also behind the shift. Indian refiners have bought Russian oil at a lower cost although the discounts are now shrinking, while New Delhi often takes a dig at oil production strategies of OPEC. Inflation is meanwhile biting hard. Indian energy minister Hardeep Singh Puri often blames OPEC for holding barrels back from the market, and said high prices were not good for producers or consumers. ""We have to look after our own interests,"" Puri said last month."
"Singh Puri often blames OPEC for holding barrels back from the market, and said high prices were not good for producers or consumers. ""We have to look after our own interests,"" Puri said last month. U.S. President Joe Biden has described India's energy policy response to the Ukraine crisis as ""somewhat shaky"". Indian officials counter that what refiners are doing is legal and some European countries are still buying Russian oil and gas. Executives at state-owned and private refineries do not expect purchases of Russian crude to slow any time soon. Last month, Indian Foreign Minister Subrahmanyam Jaishankar posed the question at a conference: ""Why are Indian money and funds coming from India seen as funding the war (in Ukraine), when Europe also buys gas from Russia?"" Referring to U.S. sanctions on Iranian and Venezuelan crude, he said: ""They (Europe and the U.S.) have squeezed every other source of oil we have and then say you will not go to the market and get the best deal for the people; it's not a fair approach"". RUSSIAN OIL ASSETS In April, India's oil secretary, Pankaj Jain, called a meeting of state-run firms to discuss the possibility of buying Russian oil and gas assets, said three company officials present, at a time when Western firms were looking to pull out. The proposal floated was to create a company 51% owned by the government, with the remainder distributed among state-run firms as a way of fending off the threat of secondary U.S. sanctions should they be imposed. India's oil ministry did not respond to a Reuters e-mail seeking comment. The government is yet to move forward with the proposal, partly because the first right of refusal for Russian oil assets dropped by Western firms lay with Russian oil firms, and as the threat of secondary sanctions had receded for now, the company officials said. But the idea would put India, the world's third biggest oil consumer and importer, at odds with Washington and its allies, who want a united global response to isolate Moscow. Nevertheless, private and state refiners in India say they are in regular contact with government officials, apprising them of Russian oil purchase plans and receiving assurances that should problems arise, New Delhi would step in and try and resolve them. They see no immediate reason for the vastly expanded Russian oil purchases to be reduced, although refinery and government officials stressed that commercial, and not political considerations were paramount. The steep discounts that Indian refiners enjoyed soon after the Ukraine war began - of $20-30 per barrel - have narrowed significantly as Russia finds new markets for its oil. They stand at just $7-8 on delivered basis, still cheaper than viable alternatives. Some refinery officials said slimmer margins could be eroded further as insurance and freight costs to move Russian oil had risen significantly. ""If Middle Eastern producers reduce official prices for their crude, then we may have to rethink purchases of"
"further as insurance and freight costs to move Russian oil had risen significantly. ""If Middle Eastern producers reduce official prices for their crude, then we may have to rethink purchases of Russian oil,"" one said. Saudi Arabia raised crude prices to Asian buyers to near record levels this month. A possible cap on how much buyers can offer Russia for its oil discussed at a recent G7 summit could work in India's favour were it to happen, but Indian officials said they would only comply if all importers paid the same price. It is not clear whether the proposal is workable, however. RELIABLE RUSSIAN SUPPORT Russia has also helped India in other fields of energy. While Western companies' attempts to build nuclear power plants in India have stumbled, two Russian-built reactors have been in commercial operation in Kudankulam, southern India, since 2014 and 2017. Construction on two more started in 2017 and Modi and Russian President Vladimir Putin agreed in 2018 to build six more. Two years earlier, the involvement of both men was instrumental in getting the acquisition of Indian refiner Essar by a consortium led by Kremlin oil giant Rosneft over the line. The $13 billion price tag for the debt-laden enterprise made it the biggest foreign acquisition in India at the time and Russia's largest outbound deal. Also, Russia has long supported India internationally on critical issues including Kashmir, a territory disputed between India, Pakistan and China, and is its most important source of foreign military hardware. That all means New Delhi is reluctant to put U.S. interests ahead of those of Russia, especially after it felt it was harmed economically by sanctions on oil from Iran and Venezuela and potash, a key ingredient in fertilisers, from Belarus. Under Modi's nationalist government, India has pursued an assertive foreign policy, standing up to China in a two-year military border standoff and rejecting Western criticism of domestic policies some say are authoritarian and divisive. Modi has a particularly close eye on China, experts said. ""It is not in the interest of India or others who have identified China as the major systemic rival to move away from Russia,"" said former diplomat Ashok Sajjanhar, although he added India's ties with Washington and its allies remained the most important. The United States has offered to sell more defence equipment and oil to India, for example, and New Delhi joined a U.S.-led trade partnership Indo-Pacific Economic Framework for Prosperity. India is a member of the Quad alliance, which links it with the United States, Japan and Australia. India also signed a free trade agreement with Australia, talks for which initially began in 2011."
"Freight rates set to flare up as shipping lines avoid Red Sea The recent attacks on ships and the decision of major shipping companies to use the Black Sea route is expected to significantly impact Indian trade as could see a sharp increase as vessels will take 15 more days to travel to , resulting in container supply problems and higher costs. On Sunday, a crude tanker with 25 Indian crew members, suffered a drone attack in the . Drone and rocket attacks by Houthis, the Iran-backed rebel group that controls a large part of Yemen, in the last two weeks have prompted major companies including , Compagnie Maritime d'Affretement - Compagnie Generale Maritime, , Mediterranean Shipping Co and oil major BP, among others, to divert vessels away from the Red Sea. They are now taking a longer route going around the Cape of Good Hope, which is typically used for bulk cargo. Shipping industry sources said that the charter cost for a ship, which works out to around USD 60,000 a day will rise as an additional 15 days will be required, which could jack up container costs 1.5 to two times to USD 1,500 to USD 2,000 a container for the India-Europe route. While the impact on freight rates has not shown up in a significant way just yet, businesses are expecting an increase. Capacity could be constrained by at least 20-25%, said a shipping industry executive. ""The challenges in shipping , owing to increasing attacks on ships, is likely to push freight and insurance costs and add to already high uncertainties in the global trade. We hope disruptions can be addressed quickly with coalition patrolling in the Red Sea and rule of law prevailing in international water,"" said Ajay Sahai, director general, Federation of Indian Export Organisations (Fieo). A report by think tank Global Trade Research Initiative (GTRI) said that India is heavily reliant on this route for trade and energy imports, and faces increased costs and security risks, and efforts are needed to diversify trade routes and enhance regional maritime security cooperation. ""India may have to work to diversify its energy import so that it is less reliant on the Bab-el-Mandeb Strait. This includes increasing imports from other countries in the Persian Gulf, Africa, and Central Asia,"" the report said, adding that nearly 30% of the container traffic is routed through this strait."
"Status of Uber, Lyft gig workers hinges on Massachusetts court fight has become the latest front in a years-long battle in the United States over whether ride-share drivers for should be treated as independent contractors or employees entitled to benefits and wage protections. The state's top court is set to hear arguments on Monday over whether to let dueling ballot measures go before voters in November that would redefine the relationship between app-based drivers and companies like , , Instacart and DoorDash whose businesses help fuel the gig worker economy. An industry-backed proposal would treat app-based drivers for these companies as independent contractors entitled to some new benefits but would make clear they are not employees. A labor-backed proposal would let Uber and Lyft drivers unionize. Uber and Lyft also are preparing to face trial on May 13 in a civil lawsuit filed in 2020 by , who was the state's attorney general at the time and is now its Democratic governor. Massachusetts accuses the companies of unlawfully classifying their drivers as contractors to avoid treating them as employees entitled to a minimum wage, overtime and earned sick time. Should the industry fail in court and at the ballot box, Uber and Lyft face the prospect of a sweeping overhaul of their business model. Uber's lawyers said in court papers such a change could force it to cut or end service in Massachusetts. A victory for the companies in a state with some of the most employee-friendly laws could embolden them in other states, according to labor activists. ""In Massachusetts, the eyes of the country are going to be on us this year - and in November in particular - because this is ground zero for this fight,"" Shannon Liss-Riordan, a lawyer who has pursued cases against Uber and Lyft nationwide, said at an event on Tuesday concerning the ballot questions. Uber and Lyft have defended against claims that their drivers should be classified as employees because the companies have significant control over working conditions. The flexibility of gig work and the ability of drivers to work for competing apps are hallmarks of independent contracting, according to the companies and their allies. THE COST OF EMPLOYEES Employees can cost companies up to 30% more than independent contractors, according to various studies. By not classifying their drivers as employees, Uber and Lyft avoided paying over a 10-year period USD 266.4 million into workers' compensation, unemployment insurance and paid family medical leave in Massachusetts, the state's Democratic auditor said in a report released on Tuesday. In a USD 200 million campaign in 2020, Uber, Lyft and others convinced California voters to pass a measure similar to the one backed by the companies in Massachusetts, solidifying drivers as independent contractors with some benefits. Litigation challenging that measure is ongoing. Fights over the rights of drivers have played out elsewhere. In New York, for example, Uber and"
"drivers as independent contractors with some benefits. Litigation challenging that measure is ongoing. Fights over the rights of drivers have played out elsewhere. In New York, for example, Uber and Lyft in November struck a USD 328 million deal with the state's Democratic attorney general to resolve claims that they cheated their workers out of pay. The companies in that settlement agreed to institute a minimum ""earnings floor"" and paid sick leave, akin to the industry-backed proposal in Massachusetts. Uber, Lyft, DoorDash and Instacart have provided millions of dollars to an industry-backed ballot question committee called Flexibility and Benefits for Massachusetts Drivers to support proposed state ballot measures that would keep app-based drivers as contractors but establish an earnings floor equal to 120% of the state's minimum wage, or USD 18 an hour in 2023 before tips. Drivers also would receive healthcare stipends, occupational accident insurance and paid sick time under these proposals. The Massachusetts Supreme Judicial Court blocked a ballot measure similar to the current industry-backed one from going before voters in 2022. To hedge its bets, Flexibility and Benefits for Massachusetts Drivers is gathering signatures for five different versions of the current ballot question, only one of which would be put before voters on Nov. 5. ""Our ballot question will secure all of these things for drivers while allowing them to maintain the minute-by-minute flexibility they cherish in demand,"" Conor Yunits, a spokesperson for the ballot committee, said at the Tuesday event."
"BLive unveils EV rental program for last-mile delivery operators New Delhi: , a leading e-mobility platform, has launched its pioneering BLive EZY . This program is specifically designed for last-mile mobility partners and aims to bridge the financial gaps that delivery riders face when transitioning to electric vehicles (EVs), the company said. BLive is at the forefront of electrifying last-mile mobility through fleet operators. The integrated AI-enabled platform brings together the entire EV ecosystem, including EV manufacturers, demand generation partners like Zomato and Swiggy, leading finance and charging solution providers, and the growing community of gig workers. Enabling fleet operators onboarded as franchisee partners to create, deploy, and manage fleets with the help of full-stack fleet management solutions is driving the adoption of sustainable transportation solutions. The BLive EZY EV Rental Program addresses the financial challenges delivery riders encounter, particularly the need for a high CIBIL score for loan approvals. With competitive rates and flexible terms, the program makes the transition to electric vehicles more accessible. Rentals start as low as INR 1500 per week, allowing delivery partners to integrate EVs into their operation. ""Rent to Own"" model: According to a recent survey conducted by the Bangalore-based research agency, Robas Research Pvt. Ltd., 77% of last-mile delivery riders among the respondents already own their electric vehicles (EVs), indicating a strong preference for sustainable transportation. However, financial obstacles such as complex loan processing and high interest rates persist. To address these challenges, BLive has introduced the ""Rent to Own"" option as a key feature of the program. This initiative allows riders to become owners of their EVs after a rental period of 36 months, promoting long-term sustainability and encouraging the widespread adoption of green transportation solutions. The BLive EZY EV Rental Program is a step forward in making electric vehicles more accessible, providing a cost-effective and hassle-free way for riders to own their EVs. We believe this initiative will not only empower riders but also contribute significantly to reducing carbon emissions in our cities - said Samarth Kholkar, Founder of BLive. EVs from renowned brands: The BLive EZY EV Rental Program offers premium EVs from renowned brands such as TVS, Ather, Bounce, and Revolt on flexible renting terms. The rent-to-own model allows delivery agents to eventually own these top-notch EVs at the end of the rental period, demonstrating BLive’s commitment to driving sustainable mobility solutions. Substantial savings: Save up to 90% on fuel costs. No extra costs: Enjoy zero additional costs for insurance and maintenance. Ownership at the end: Own the EV at the end of the tenure. Expansion and future plans: The BLive EZY EV Rental Program has already launched operations in five cities: Bangalore, Chennai, Hyderabad,"
"Ownership at the end: Own the EV at the end of the tenure. Expansion and future plans: The BLive EZY EV Rental Program has already launched operations in five cities: Bangalore, Chennai, Hyderabad, Ahmedabad, and Goa, deploying over 200 EVs to last-mile delivery riders. BLive plans to deploy 10,000 EVs in the next 12 months and is actively seeking more franchisee partners to join their mission to electrify last-mile mobility. This program is expected to play a pivotal role in accelerating the adoption of electric vehicles across the nation, making last-mile delivery more efficient and affordable, the company said."
"Tesla mulls exporting China-made EVs to United States is considering exporting made-in-China to the United States, two people with knowledge of the planning told Reuters, a reversal that would reflect the automaker's deepening cost advantage at its and slower demand from Chinese consumers. Tesla has been studying whether parts made by its China-based suppliers are compliant with local regulations in North America, and if they are, could ship China-made Model Y and Model 3 for sale there as soon as next year, said the people, who declined to be named as the matter is private. That could also open a channel for exports to Canada, one of the people said. Tesla did not immediately respond to a request for comment, but Musk in a Twitter post after the story's release replied ""False"" without elaborating. has the capacity to produce 1.1 million per year after an upgrade earlier this year, making it Tesla's most productive manufacturing hub. The Shanghai plant makes Model 3 sedans and Model Y crossovers to sell in China and for export to markets including Europe, Australia and South East Asia. Until recently, Tesla had been selling or shipping for export every vehicle it could produce in Shanghai, but inventory levels rose by their largest margin ever in October, according to data from brokerage CMBI. In addition, factors including a cheaper yuan against the U.S. dollar, lower raw material prices in China and the rise in Tesla and new-car prices in the United States have combined to make exports from China to the United States potentially cost competitive, the people with knowledge of the plans said. The plan, if enacted, could create new complexity for U.S. buyers. Under the terms of a new electric-vehicle subsidy and production-incentive plan signed into law by U.S. President Joe Biden, the incentive available for an individual vehicle could vary depending on whether it was imported. It could also be politically contentious. Tesla has been widely seen as one of major beneficiaries of the Biden administration's Reduction Act (IRA), which offers rebates of up to $7,500 on EV purchases as part of a law intended to push automakers to reduce their on China. Tesla Chief Financial Officer Zachary Kirkhorn told investors last month that the automaker was ""very well-positioned to capture a significant share"" of the incentives offered under the IRA for EVs and batteries for energy storage. Until now, Tesla's strategy has been to build the cars it sells in North America at its plants in Fremont, California, and Austin, Texas. The California plant, Tesla's first, produces the Model S, the Model 3 sedans and the Model X and Model Y crossovers. The Texas plant, which opened earlier this year, makes the Model Y and will produce Tesla's upcoming Cybertruck. Tesla is also ramping up production at a plant it opened in Berlin earlier this year. Output from the Berlin plant will reduce the need for some exports from China, one of the sources said. At the same time, the"
"ramping up production at a plant it opened in Berlin earlier this year. Output from the Berlin plant will reduce the need for some exports from China, one of the sources said. At the same time, the price gap between Tesla cars sold in China and the United States has been widening, reflecting both higher U.S. prices and new discounts in China. In China, where CMBI analysts have warned of a coming ""price war,"" Tesla slashed the starter prices for Model 3 and Model Y in China by as much as 9% last month. On Monday, it offered an additional rebate for buyers who take delivery this month and buy insurance from one of Tesla's partners. Tesla sells the Model Y for the equivalent of $49,344 in China, compared to the U.S. price of $65,990. China-made cars face a 27.5% U.S. tariff, while light-duty trucks face a 25% tariff. China, the world's largest auto market, imposes a 15% tariff on imported vehicles. In 2018, before Tesla's Shanghai plant was operating, Chief Executive Elon Musk had asked then-President Donald Trump to raise tariffs on cars imported to the United States from China in order to achieve ""a fair outcome"" where both sides had equivalent and ""equally moderate"" tariffs. Tesla would not be the first U.S. automaker to ship made-in-China vehicles to the United States. has imported the Buick Envision SUV and unsuccessfully petitioned for an exemption to 25% U.S. tariffs imposed by the Trump administration. Also Read:"
"Tesla, Elon Musk welcome to India but only as per govt policies: Union minister and are welcome to but the government will not compromise in any way on the policy of Aatmanirbhar Bharat or self-reliant India, Union minister said on Saturday. American electric carmaker Tesla, which has been seeking reduction in import duties to sell its vehicles in India, will not manufacture its products locally unless it is allowed to first sell and service its cars in the country, company founder and chief executive Elon had said last month. ""Tesla will not put a manufacturing plant in any location where we are not allowed first to sell & service cars,"" Musk had said in a tweet responding to a user asking about Tesla's plans to set up a manufacturing plant in India. Addressing The Global Summit by TV9 on Saturday, the Minister for said: ""The government under the leadership of Prime Minister has moved ahead swiftly on the Aatmanirbhar Bharat policy and received a very good response on it and we are not going to compromise on that in any way. ""Tesla, Elon Musk are welcome to India but only according to the country's policies,"" he added. In August last year, Musk had said Tesla may set up a manufacturing unit in India if it first succeeds with imported vehicles in the country. Currently, India imposes 100 per cent import duty on fully imported cars with CIF ( ) value more than USD 40,000 and 60 per cent on those costing less than the amount."
"Contract manufacturing: The next wave of disruption in EV production Close on the heels of FoxConn making the India Electric Vehicle (EV) space its playground, a smaller domestic hexagenarian inked its largest EV deal to kick off 2023. This was Chennai-based Sundram Fasteners which won a USD 250m contract for supply of sub-assemblies to the EV platform of a global automaker. FoxConn - the Taiwanese giant that runs the world's largest iPhone factory, is eyeing India to set up its EV factory before the end of the year. R&D is at the core of FoxConn which has 85,000 patents to its name. On that note, the world's largest EV maker, the China-based Build Your Dreams already has an Indian technology partnership - it supplies the tech to Hyderabad-based electric bus maker . In the automotive space, all incumbent OEMs have in-house assembly capabilities. What they lack is the agility to disturb the operations of large plants, for low production volumes. EV makers in India are challenged in planning their in house investment runway for (EVSE) - adoption at the consumer end is slow in this cost conscious market. A new in house assembly unit poses its own set of financial and manufacturing risks. This uncertainty does not allow EVSE OEMs to do long term planning. Outsourcing the job to specialist contract manufacturers (CM) like FoxConn is therefore coming up in a large way in this jurisdiction. as a model takes the best of both worlds - specialist expertise and time-incentives of the contract manufacturer (CM) and the scale of the . Even if OEMs sell much fewer units than would be necessary to generate significant economies of scale, they can cut their direct expenses. And divert funds towards R&D, sales and marketing. OEMs can significantly increase their manufacturing workforce and production capacity through CMs, minus the liability. In fact this flexibility extends to quick product switches as well, weeding out the ones with lesser uptake. Global trends reveal the emergence of 3 models to handle contract manufacturing. First model being a straight-forward approach of establishing a dedicated unit, supported by contract engineering capability e.g. . The second being that of offering OEMs manufacturing capacity and expertise otherwise used for in-house needs e.g. China’s JAC Motors. Third model being an innovative approach of electric skateboard which involves designing and manufacture vehicles to clients’ specifications. The electric “rolling chassis” becoming a branded foundation on which use case- and brand-specific “top hats” are attached e.g. UK based Arrival. These manufacturing approaches have emerged at a time when the EV mobility sector is undergoing a radical transformation. Even so, CM is riddled with challenges such as compromising the OEMs quality checks, supply delays where the CM doesn't exclusively work with one OEM, unwanted proprietary and competitive information disclosures, and such. Watertight paperwork enshrining the rights and"
"checks, supply delays where the CM doesn't exclusively work with one OEM, unwanted proprietary and competitive information disclosures, and such. Watertight paperwork enshrining the rights and duties of the OEMs and the CMs is, therefore, imperative. A variety of commercial relationships exist today between OEMs and CMs. They include component manufacturing, private label manufacturing, CM for use of equipment and facility or assembly, among others. An exhaustive contract would essentially cover the entire legal and commercial relationship between the OEM and the CM. Contracts defining such relationship test against increasingly higher thresholds on defining the production process and the precise role of each party, consequences for performance delays, product specifications and disclosures. Specific clarity is needed on rights and obligations surrounding aspects of design and use of the CM’s own equipment, control mechanisms for expanding scope of contractual roles, supply chain management provisions such as provisions for collaboration and visibility on component availability and quality, transportation and logistics and inventory management, real-time visibility tools, agreement on contingency action plan and regular risk assessments. The agreement and the purchase orders executed between the parties should also state the requirements and specifications of the OEM including but not limited to quality, standards, detailing, packaging, mode of delivery or supply chain structures, damage control mechanism, insurance responsibilities etc. And not least important is the attention to protection of sensitive and competitive information through non-disclosure agreements and IPR protections, given the nature of CM engagement is potentially intrusive. Not to forget, agreeing to a dispute mechanism to define not just the manner and forum of handling the dispute (venue, seat, governing laws), but also the approach to minimise business disruption during the subsistence of a dispute, if it arises. Contract manufacturing in the Indian EV sector will thrive in the months to come, if with some foresight on efficient manufacturing strategies and management of supply chain challenges."
"India on cusp of FDI flood, Bajaj Finserv Chair says in Davos Another five years of a majority government in India could usher in a flood of foreign direct investment ( ), and Managing Director told Reuters at the World Economic Forum annual meeting on Monday. ""Ten years of this growth we have seen, at least another five years of a strong majority government will end up institutionalising those policies to a fair extent,"" Bajaj said in an interview in Davos, Switzerland. ""It doesn't mean someone can't reverse those things but not easy to do when you have 15 years under your belt, so I think that makes a big difference"", Bajaj added. is one of India's leading diversified financial services companies and has helped to reshape the business of consumer finance in the country. It is part of the autos to insurance , one of India's oldest family conglomerates, and has a USD 32 billion market value. ""For the last 10 years, we've had a single party running the government, that just brings in significant amount of alignment and continuity in policy"", Bajaj said. Prior to Prime Minister Narendra Modi's Bhartiya Janata Party government coming to power in 2014 India was led by a coalition government. India is forecasting annual growth of 7.3% in the fiscal year ending in March ahead of the national elections scheduled to be held before May. FDI FLOOD ""The next three or four quarters are going to be very important for India to get a larger perspective on foreign direct investment. Are we seeing a flood or a trickle? I believe it is going to be a flood"", Bajaj said, referring to a recent slowdown in inflows. Companies and investors need time to liquidate investments elsewhere to redirect their cash to markets like India, he said, adding they may be waiting for the outcome of elections. FDI into India was USD 71.4 billion in 2022-23, 16% lower year-on-year, official statistics show. The global FDI pot is also shrinking on higher U.S. interest rates and tighter liquidity. India can at times be slow to get started but companies in the electronics sector are starting to show impressive scale after barely existing a decade ago, he said noting the impact of Modi's efforts to boost manufacturing. Bajaj is the largest financier for mobile phones in the country, he said. Many of India's lower to middle classes use small loans to buy gadgets. ""For every one Apple that does production in India, it gives tremendous confidence to the next 10, and then next 50,"" he said, adding: ""If Tesla comes in, in the next year or two, again, this will create additional confidence as well."" As India tries to boost domestic manufacturing and electric vehicle (EV) adoption, U.S. carmaker Tesla is proposing to set up an Indian factory, but is demanding lower . GROWING PAINS In November, the applied curbs to a small part of the company's lending business, which Bajaj said the company is in the process of complying with. ""It is important because if you're slipping up somewhere small, tomorrow"
"curbs to a small part of the company's lending business, which Bajaj said the company is in the process of complying with. ""It is important because if you're slipping up somewhere small, tomorrow it could be somewhere big, so we have to make sure that we get stronger and stronger on our compliance side as well, as we're growing as a business"", he added. ""Fortunately, we have 40 different product lines. So if two or three slow down, we have many others that are doing well."""
"Kia India launches ‘Kia Lease’ with Orix Auto New Delhi: , one of the leading carmakers, signed a Memorandum of Understanding (MoU) with Auto Infrastructure Services Limited to launch new ownership experience program - ' '. This move aims to enhance brand accessibility and offer customers another option to enjoy Kia without any maintenance, insurance, or resale hassle, the company said. Crafted to accommodate a wide range of customer preferences, the ‘Kia Lease’ initiative is tailored for customers with prolonged mobility requirements spanning 24 to 60 months with different mileage options. Through the collaboration with ORIX, Kia intends to offer another option to its customers to enjoy hassle-free drive experience of Kia cars. The 1 st phase of Kia Leasing has been launched in Delhi NCR, Mumbai, Hyderabad, Chennai, Bengaluru and Pune. Customers have the freedom to opt for purchasing or leasing of Kia vehicles without any initial down payment. This not only offers convenience but also guarantees value for money, encompassing maintenance expenses, insurance renewals, and resale considerations. Additionally, at the end of of the lease period the customers will have the flexibility to return and upgrade to new car in accordance with their requirements and preferences, the company said in a media release. All-inclusive minimum monthly lease price: Myung-sik Sohn, Chief Sales Officer, Kia India said, ""The Leasing model is a global mega trend, gaining momentum in India too. This model resonates particularly well with new age consumers seeking flexible mobility solutions at appealing price points. With an industry forecast projecting 100% growth over the next 4-5 years, we anticipate our leasing service will outpace the industry growth average on account of better product range and service offerings.” Vivek Wadhera MD and CEO at ORIX India, said, “Leasing is the next big trend in India where people are more concerned about mobility without any hassles attached to it. Leasing provides all that convenience under a single contract which offers attractive rentals-linked usage, fully serviced vehicle, insurance for full period and option to change the car on closure of lease. We expect this space to grow over the coming years.” For Kia, venturing into leasing will enhance its brand image and open incremental sales opportunities. The company is committed to providing dedicated leasing staff and customer care for these new programs, ensuring a seamless customer, the release added."
"Red Sea crisis continues; adverse impact on trade data will be visible in new fiscal: GTRI New Delhi: With escalating everyday attacks and no end in sight, the will adversely impact trade volumes in substantial ways in 2024, according to the report of economic think tank . The (GTRI) said that rising shipping, and insurance costs and delayed arrival of shipments will continue to disrupt global value chains, squeeze margins, and make exports of many low-margin products unviable from current locations. Countries in Asia, Africa, and Europe will face the most disruption across industries, it added. It said that the disruption is significantly impacting Indian trade, especially with the Middle East, Africa, and Europe. India, heavily reliant on the Bab-el-Mandeb Strait for crude oil and LNG imports and trade with key regions, faces substantial economic and security risks from any disruption in this area. About 65% of India's crude oil imports in FY2023, valued at USD 105 billion, from countries like Iraq, Saudi Arabia, and others, likely passed through the . For overall merchandise trade with Europe and North Africa, about 50% of imports and 60% of exports, totalling USD 113 billion, might have used this route, it said. ""With escalating everyday attacks and no end in sight, the crisis will adversely impact trade volumes in substantial ways in 2024,"" the report noted. This conflict is leading to increased shipping costs (40-60%) and delays due to rerouting (upto 20 days more), higher insurance premiums (15-20%), and potential cargo loss from piracy and attacks, it said. ""Confectionery companies are hit by high cocoa prices and shortages due to late deliveries from Africa, reducing profits. Textile and leather industries, which operate on thin margins, are renegotiating shipping costs with buyers, impacting earnings. Car manufacturers are using different shipping paths to avoid delays,"" GTRI Founder Ajay Srivastav said. The Red Sea crisis began in a major way on October 19, 2023, when the Iran-backed movement in Yemen launched attacks on civilian-operated cargo ships near the Yemeni coast. The Houthis have targeted any shipping believed to be connected to Israel, though several vessels attacked had no apparent link to the country. According to the report, this situation is part of a broader proxy conflict involving the United States and Iran, and Israel. In March 2024, the crisis was in its fifth month. It suggested the government to diversify its sources of crude oil and LNG, explore alternative trade routes to reduce dependency on the conflict-prone Red Sea passage; and rely on ports outside conflict zones, like Oman and Djibouti, for transshipment and regional trade. It also asked for offering financial support and insurance schemes to Indian companies affected by trade disruptions. It added that the crisis underscores how geopolitical conflicts can swiftly destabilise global shipping routes, leading to increased shipping costs and significant"
"affected by trade disruptions. It added that the crisis underscores how geopolitical conflicts can swiftly destabilise global shipping routes, leading to increased shipping costs and significant delays across multiple sectors and regions. '""The crisis also underscores the importance of exploring alternative maritime and land-based trade routes. This includes potential investment in the Northern Sea Route and expanded land transport infrastructure. India-Middle East-Europe Economic Corridor (IMEC) becomes important in this context,"" Srivastava said. IMEC project aims to create a vast economic corridor connecting Europe, the Middle East, and Asia through improved transportation, communication networks, and energy infrastructure. It comprises rail, road, and sea routes across two main corridors: The East Corridor links India to the Arabian Gulf. The Northern Corridor connects the Gulf to Europe."
"Tesla to deliver strong Q1 retail sales in China is poised to report one of its best quarters in , the latest retail sales data showed, after becoming the first electric vehicle maker in the country to cut prices in a bid to defend its market share. The U.S. 's retail sales in China totaled 106,915 units from Jan. 1 to March 19, or 1,371 units per day on average, according to data from China Merchants Bank International, which tracks . That was slightly higher than the 1,327 units it sold daily on average in the fourth quarter in China, when Tesla sold a total of 122,038 cars, its best quarter so far, the data showed. Tesla did not immediately respond to a request for comment. Bulwarked by its higher profits per car than other electric vehicle makers, the U.S. automaker slashed prices of its best-selling models by up to 13.5% in China in January, triggering a price war with and several rivals following suit over the next two months. Tesla's growth pace, however, is yet to catch up with BYD, which outsold Tesla by more than five times in the January-February period, with its wide range of offerings of electrified products in China. The company is planning refreshed versions of Model 3 and in the next two years to tackle an ageing product mix that has hit its attractiveness to customers. It has also improved the suspension system in the Model Y made in China since January to make the ride smoother, an update Tesla fans lauded on social media. The company had been focusing more on energy efficiency and practical features such as safety and storage space in its marketing in China to lure more pragmatic buyers. Tesla's sales in the first two months accounted for 7.9% in China's fragmented sector of new energy cars including pure electric and , slightly up from 6.8% in the same period a year ago, according to Reuters calculations based on data from . Meanwhile, BYD extended its lead with a 41% market share, a big jump from 29% a year ago."
"Indian auto industry is in top gear in FY23: ICRA report CHENNAI: India’s industry is expected to end FY2023 with a 21%-24% jump in sales and should clock between 6% and 9% increase in FY2024 as well, said a latest report by . Even , which struggled in the first half of FY2022-23, are expected to end FY23 with 9%-12% growth and should continue with 6%-9% growth in FY2024 as well. and are back in top gear with 18%-20% estimated growth in FY2023 and will continue with 7%-10% expected growth in FY2024, said the report. The domestic automotive industry has seen a healthy revival in FY2023, aided by a recovery in economic activities and increased mobility. The demand sentiments for passenger , commercial vehicles and tractors have remained healthy though the two-wheeler industry struggles with overall volumes still below the pre-Covid peak levels. Shamsher Dewan, senior VP & group head - corporate ratings, ICRA, said: “We expect growth across automotive industry segments to remain at high single-digit levels in FY2024. While the passenger vehicle, commercial vehicle and tractor segment volumes would continue to trend upwards, aided by favorable demand drivers, the two-wheeler industry is also expected to record moderate growth in volumes aided by a low base."" The Union Budget is expected to include enhanced budgetary outlays towards rural employment under MGNREGA, rural infrastructure development, enhancement of irrigation facilities, crop insurance scheme, as well as an increase in targets for agricultural credit. ""With measures to help rural communities expected to be at the heart of its policies, the budget is expected to aid in boosting the rural-led demand across segments,” he added. ICRA has a forecast of a CAGR of around 6%-9% across automotive segments over the medium to long term. Also Read:"
"Don’t let your first car be a costly mistake: Here is how to buy car the smart way Buying your first car is nowadays an intimidating experience amid a recent spate of car price hikes, interest rates rise, supply shortages and higher fuel prices. Major carmakers in India like , Kia, , MG Motor, and have already increased the prices of cars twice this year, with many companies also delaying the delivery of their vehicles by several months due to the rise in demand. The country's largest carmaker, , increased prices for its vehicle four times in the last year and by up to 8.8 per cent from January 2021. It again increased the prices of its entire model range in April owing to the rising in input costs. With these price increases, loan interest rate hike and rising oil prices, the average payment for owning a car has swelled. For many, cars are a necessity. But owning a car with a loan pushes your budget and binds you to a car for six, even seven years. Not being ready before stepping onto a car lot can open the door to making a purchase you’ll later regret. So you should set your limits before you ever stop at a dealership. With the right preparation, you can keep your purchase from becoming a burden. Here is how you should plan for your car purchase. SECURE A LOAN Your first step is calculating what loan payments you can afford and the total loan amount that’s within your budget. Aim to keep your monthly loan payment below 10% of your take-home pay, and if you’re buying a used car, keep your loan term under 36 months. If you’re looking for a new vehicle, keep the term under 60 months. Limiting your loan term will save you money on interest and will lower the risk of your loan becoming upside-down — owing more than the car is worth. Numbers in hand, start looking for a lender that will give you a loan. Getting preapproved for a loan before visiting dealer lots can give you a better-negotiating position, keep you from going over budget and reduce what you pay in interest. With little or no credit history — especially since you have not had a car loan before — your best shot at being approved for a loan at the lowest interest rate possible is to apply with a co-signer. But if that’s not a possibility for you, there are still financing alternatives available: — One of the first places to look are banks and credit unions, particularly institutions that you have an established relationship with. — Search your area for lenders with first-time buyer programs, which put conditions on the amount you can borrow and the vehicles you can buy but dispense with some of the credit requirements. — You can also look for loans from online lenders that offer bad-credit auto loans, since they will often have low or no minimum credit scores. These loans can carry interest rates of over 25%, so a year after taking one on, you can try to refinance for lower rates. Calculate Cost of Ownership Carefully Young earners with easy access to credit are often swayed by the"
"rates of over 25%, so a year after taking one on, you can try to refinance for lower rates. Calculate Cost of Ownership Carefully Young earners with easy access to credit are often swayed by the prospect of buying the hottest set of wheels. However, besides the car loan EMI, you should also need to take into account the maintenance expenses, fuel, insurance, registration and taxes that all add to the cost of owning a vehicle. As you search for a car, instead of using the entire surplus income to purchase the car, you should calculate the total cost of ownership. Setting a realistic budget is a key. The total cost of owning your vehicle, including your loan payment, shouldn’t exceed 20% of your take-home pay. Although some costs can’t be significantly reduced, you can minimize others — such as future maintenance, repairs and fuel — with the right car. Take a test drive Once you’ve settled on a car, take it for an extensive test drive, and pay attention to “the seating position, the visibility out of the windows, and the sound of the engine.” If something about the car isn’t right for you, a different vehicle is likely a better choice, and don’t be afraid to be picky. You may not be buying the car of your dreams, but you could be living with your choice — and making payments on it — for years to come. Know your exact needs: Identify your basic needs. For what purpose will you be using your car? Do you go on long journeys often? Examine your lifestyle and do your research accordingly. Look into features and options best suited to your needs in your budget. We all like feature-loaded cars with a fancy sunroof, touchscreen music system, automatic gears, etc. Still, with money being a constraint, you will have to focus on the features you need. For those who have a commute for long distances, good fuel economy or mileage is the key. Although diesel cars can help you save money, they typically cost more than petrol cars on maintenance, hence consider all this before making a decision. Small hatchbacks make great first cars as they are easy to drive, easy to park, cheap maintenance costs, and delivers good mileage. Explore Used car options With the used car market becoming more organised, it is an option that first-time car buyers can explore. Maruti’s True Value and Mahindra & Mahindra’s First Choice wheels are two popular and reliable platforms, with Renault also joining the club. The amount that you would ordinarily shell out to buy a hatchback could get you a used sedan with fairly decent specifications."
"How to calculate your car insurance premium? In the present times, owning a car is more of a necessity than a luxury. Irrespective of the price of the car, the car is a prized possession for its owner. Thus, regular maintenance is a must to ensure the car works properly. Apart from this, the other most important thing is the . Many people think that the only factor they need to see is the , but this is a myth. There are many other aspects which are important and need adequate attention to ensure there is no financial strain in case of any damage to the car. The two challenges that come with car insurance are knowing the coverage and the right price. For the latter, you have the . Let us understand how you can use the calculator to calculate car insurance premiums and also to understand the premium calculation of third-party car insurance and the own damage component. What is a calculator? Before we understand how to use a calculator, we need to understand that car insurance has two components. First is , which is mandatory as per law, and the premium for this is fixed by the Insurance Regulatory and Development Authority based on the cubic capacity of the car. This will take care of any damage caused to a third-party property or person in case of an accident. The other part is Own Damage, which is a choice but ideally should be taken as this will pay for any damage or theft to the car. The car insurance price of this component varies depending on the car model and the add-on covers. Now, let us see how the calculator can help. With an online tool, car owners can calculate their car insurance premiums and compare them with all companies. The coverage requirement may differ from one customer to another. As a result, clients who are in the process of acquiring car insurance must compare the various available coverage and premiums to choose the one that fully satisfies their needs. By entering the registration number of the car, the calculator helps in calculating the price. There is a choice to customise the Insured Declared Value and the add on covers. Importance of a Car Insurance Calculator This online tool helps to: How to use a car insurance calculator? The calculator is simple to use. The information varies for a new and used car. Calculating premiums for used cars To obtain a car insurance premium price for used cars, the user must provide certain details. These include the: Calculating premiums for new cars When calculating the car insurance price for a brand-new car, the user needs to provide specific information, such as You can also calculate your car insurance premium using an easy formula mentioned below: Premium = Own damage premium - (Discounts + No claim bonus) + Liability Premium (Set by the IRDAI) + Cost of Add-ons The calculator gives a choice to change the IDV and choose the add-on covers. Once all this is done, the final premium is given, and one can use this to compare car insurance prices and coverage across plans. Factors"
"a choice to change the IDV and choose the add-on covers. Once all this is done, the final premium is given, and one can use this to compare car insurance prices and coverage across plans. Factors affecting car insurance premium Here are the common factors that can affect your car insurance premiums: 1. Driving history and age Premiums are lower for drivers who have more driving experience and also for the ones with a history of driving without any accidents. Those with records of accidents or non-violations can expect a rise in their insurance premium. 2. Vehicle type and age High-end cars or expensive vehicles have a higher chance of theft or damage and may have higher premiums. Similarly, older vehicles may have lower premiums due to their lower IDV. 3. Location If your car is parked in localities with high theft and vandalism, it could result in higher insurance premium. The location where your car is parked can influence the cost of your insurance premium. 4. Insured Declared Value This is the current market price of the car, and in case of total damage or theft, the insurance company is liable to give you the price. The premium is higher for a higher IDV. 5. No Claim Bonus Insurance companies give a discount to the insured for every no-claim year. The NCB accumulates every year, and thus, this can give rise to a 50% discount on car insurance prices. 6. Deductible amount A high voluntary deductible amount means low premium which makes you pay more out of pocket in case of a claim. 7. Insurance coverage The specific coverage options you choose could determine your premium amounts. Chances are that you pay a high premium in case you have opted for additional add-ons and riders, thus, one should always choose these wisely. 8. Fuel type Diesel cars have a higher premium when compared to the petrol variants. Thus, the fuel type of your car will play a role in the premium. 9. AAI Membership and Anti-Theft Devices Registration with AAI helps the users to get discounts and other benefits, which could benefit in lowering their premium. Also, installing anti-theft and locking devices with an effective immobiliser and alarm can be one of the risk variables of theft which can help with a lower premium. A car insurance price calculator is an extremely helpful tool for choosing the right policy and coverage without paying a hefty price. Calculating your car insurance premium through online calculator tools involves considering factors such as your car's specifics and your driving history. As the rates of third-party car insurance are fixed, one can choose the right coverage for the own damaged part that meets your needs and budget. In this way, you will have a comprehensive insurance plan which will take care of all the financial strain in case of a mishap. Disclaimer - The above content is non-editorial, and TIL hereby disclaims any and all warranties, expressed or implied, relating to it, and does not guarantee, vouch for or necessarily endorse any of"
"Disclaimer - The above content is non-editorial, and TIL hereby disclaims any and all warranties, expressed or implied, relating to it, and does not guarantee, vouch for or necessarily endorse any of the content."
"Most drivers in US support anti-speeding technology in vehicles, survey shows More than 60% of the drivers in the United States would find it acceptable if their vehicle provided an audible and visual warning when they exceeded the posted speed limit, a survey by showed on Wednesday. The IIHS surveyed a total of 1,802 drivers to gain insight on how they would feel about intelligent speed assistance systems (ISA). Over-speeding is consistently a factor in more than a quarter of U.S. traffic fatalities. In 2022, that amounted to more than 12,000 deaths, according to the report. Yet about half of the drivers admitted to driving at least 15 mph over the limit in the past month, the report said, citing the . As of next month, the European Union will require all new vehicles to be equipped with ISA systems. ISAs are in-vehicle technologies that use video camera and/or GPS-linked speed limit data to advise drivers of the current speed limit and warn them if they are exceeding it, according to the European Transport Safety Council. ""With the technologies we have now, we could stop virtually all speeding and eliminate speeding tickets to boot. Instead, we seem to be going the opposite direction, with adaptive cruise control and partial automation systems that allow drivers to peg their speed at 90 mph if they want,"" said IIHS senior research scientist Ian Reagan. Of the total drivers surveyed, more than 80% agreed they would want a feature displaying the current speed limit. More than 70% of all drivers also agreed that they would want an unobtrusive tone to sound when the speed limit changes. About half said they would not mind a vehicle technology that makes the accelerator pedal harder to press or automatically restricts speed."
"China offers insurance to rubber producers to encourage planting, output China's government said on Monday it has started offering for natural , to encourage higher output and increase the country's self sufficiency rate in producing the used to make tyres. The scheme for producers in Hainan and Yunnan provinces, the main rubber producing regions, will stabilise producers' income and increase planting acreage to boost the country's rubber production, according to a joint statement by the finance ministry, agriculture ministry and the National Administration of Financial Regulation dated Dec. 8. China is the world's largest natural rubber consumer and a significant importer. Its domestic supplies so far only fulfil a fraction of its needs. The country is expected to produce 836,000 metric tons in 2023 and up to 910,000 by 2030, Jom Jacob, co-founder of India-based analysis firm What Next Rubber, said. ""Trees attaining tappable maturity until 2030 are already planted. It means, production capacity cannot be increased for the period up to 2030 as newly planted rubber trees have a long gestation period,"" he said. The insurance covers rubber seedlings and trees against natural disasters, major diseases, pests and rodents, accidents, wildlife destruction and other risks faced by rubber seedlings or rubber trees, the government said."
"De-growth in small cars to stagnate the overall market next fiscal: RC Bhargava on Friday said the domestic is likely to stagnate next financial year as the small car segment, which is crucial for growth, is unlikely to revive in the next two to three years. “The industry is not optimistic about growth next year and the growth projections for the next year are virtually at stagnation levels. That’s partly because of the de-growth in the small car segment,” , chairman, , said in a call with reporters to discuss quarterly earnings. Passenger vehicle sales in India have been growing at a fast clip since the last three years. In FY23, sales scaled a record high of 3.8 million vehicles and is projected to grow at 5% this fiscal. Bhargava’s comments come in the backdrop of a 55% drop in ’s to 32,150 units in the September quarter. This contrasted with a sharp growth in the company’s UV sales in the same period. UVs comprised 37% of Maruti’s total sales in the domestic market during the quarter. UV sales in the three months ended September advanced 117.5% to 180,066 vehicles from a year earlier. A greater mix of UVs drove Maruti’s revenue and net profit to record level, making it the best-ever quarter for the company. Bhargava said the current momentum witnessing India’s passenger vehicle market is unlikely to be sustained if the small car market remains depressed. A slew of regulatory changes on , safety and insurance have made small cars – those priced below Rs10 lakh - unaffordable and that is unlikely to change unless the income levels grow faster than the car prices, Bhargava said. “Our market has become a bit distorted because of the disproportionate impact of regulatory changes,” he said. “The demand seems to be slowing. A sustained demand over a period will require the small car market to revive. Something has to happen, otherwise even a 6-7% growth will not be possible,” said Bhargava. Maruti pulled the plug on models such as the Alto 800 not on its own but because there was a drastic fall in demand, he added. Bhargava pointed out that for the segment to revive, the customer’s purchasing power needs to be restored. “The growth of the economy, GDP per capita income—will take care of the erosion of the purchasing power. The income needs to go faster than the cost of the car, that’s the only way small cars will revive.”"
"India's top automaker blames regulatory burden, high taxes for keeping cars out of reach Government levies have put vehicles beyond the reach of much of the Indian population, said 's chairman RC Bhargava on Monday, piling on similar criticism made by and previously. “Government policies are such that they treat as luxury products that need to be heavily taxed,” Bhargava said at an event in New Delhi Monday. “Car affordability is not at all related to income.” Car-industry growth in India has slowed to 3% from 12% in the past twelve years, partly due to poor government policies, news agency Bloomberg reported Bhargava as saying. ’s cheapest car costs Rs 3, 40 lakh and a goods and services tax ( ) of 28% applies to most new cars, according to the IndiaFilings website. Additional cess ranges from 1-22% depending on the type of vehicle. Cars imported as completely built units ( ) attract customs duty ranging between 60-100%, depending on engine size and cost, insurance and freight (CIF) value being less or above $40,000. India’s per capita income is about $2,300 a year, compared with $12,500 in China and $69,000 in the US, according to the World Bank. Just 7.5% of Indian households own a car — lower than in China, where almost half of urban homes and one-quarter of rural households own a car. Regulatory burden Bhargava said that the regulatory burden is the highest on small cars, a key segment of the Indian automobile industry. This burden and a uniform tax structure across all segments of vehicles will not augur well for the sector growth, he said. ""The burden of regulatory changes on the small cars is far higher than the regulatory burden on big cars and that is changing the whole market behaviour. People who are buying small cars are not buying small cars in near the same numbers. Personally, I think it's not a good thing, either for the car industry or the country,"" Bhargava added. For the healthy growth of the automobile industry, there must be a steady increase in the number of new customers in the car parc. The base of ownership of cars must be increasing every year. Only then when the whole pyramid becomes a larger one, which is able to balance itself, he added. ""I don't see that as becoming an inverted pyramid and the car industry becomes an industry where in India there is hardly any growth in the small segment and all the growth takes place in the higher segments. So, that factor has to be kept in mind, the regulatory effect on the car, and that's one argument for not having a uniform rate of tax on all small and big cars,"" Bhargava asserted. ""You can't grow an automobile industry with 50 per cent taxation. Where in the world has an industry like automobiles grown with 50 per cent taxation, but it's the wisdom of the policymakers and the political leadership,"" Bhargava noted. He said that compared to developed markets like Europe and Japan, where per capita income is far higher, taxes on cars in India are much higher. ""Now, somebody needs"
"leadership,"" Bhargava noted. He said that compared to developed markets like Europe and Japan, where per capita income is far higher, taxes on cars in India are much higher. ""Now, somebody needs to think about that, should cars be charged more than the average rate of taxation...? If it is, then we are, in some way, accepting the thing that cars or luxury products should be taxed more than non-luxury products, which is the old socialist way of thinking and taxation,"" he said. Billionaire in 2019 said India’s duties prevented Tesla importing electric cars to test demand before committing to build a local factory. Toyota halted expansion in India in 2015 due to high tariffs. Maruti Chief Executive Officer Hisashi Takeuchi, speaking at the same event, said the company has some gaps in its product portfolio and is working on strengthening the lineup. The carmaker, which sells cheaper entry-level cars, will introduce two new sports utility vehicles in January, he said. Also Read:"
"ETO Motors on-boards 150 auto drivers in Mumbai under the Own Your ETO scheme ETO Motors, India’s largest Electric Mobility as a Service (EMaaS) company, has on-boarded 150 drivers in Mumbai under the Own Your . This is a first-of-its-kind scheme aimed at the 3-Wheeler in Mumbai. The driver partner recruitment drive was held on December 28, 2023. Jitendra Babu Rao Patil, Joint Transport Commissioner, Government of Maharashtra, was the Chief Guest at the event. The event had over ten auto unions participating, and 150 auto drivers were selected under the OYE Scheme. Under the OYE Scheme, a driver partner will become the owner of the electric 3-wheeler in 3 years. Besides, ETO Motors will also provide accidental insurance to the driver, the company said in a media release. ETO Motors have entered into a formal agreement with Auto Unions in Mumbai to support the deployment of e3Ws in the city. They will also enter into an agreement with the auto driver partners. ETO Motors will charge a daily rental from the driver partners. This rental will include free unlimited charging at specially designated EV charging points being set up by ETO Motors. ETO Motors will also provide free vehicle maintenance by experts to ensure a hassle-free ride for the driver partners and the commuters, the release said.. All the driver partners will use the ETO provided APP which will enable them to get access to commuters who are hailing rides in the vicinity. The driver partner will have to complete a minimum of 95 trips per week without cancellation. The driver partners will have their earnings through the APP transferred to them every week under the OYE Scheme. Surender Nath, Executive Director, ETO Motors, said, “We are the largest EMaaS company in India with over 1500 Electric 3-Wheelers and over 1500 Driver Partners across various cities in India. We believe in partnering with drivers, both men and women, and give them an opportunity to earn a decent living. We also believe that Electric 3-wheelers are easy to drive and are the first significant step towards controlling vehicular emission and pollution. We are hoping that with the first tranche of 150 driver partners we will make a small dent in not only providing employment but also give our driver partners an opportunity to drive state-of-art e3Ws to ferry passengers. With the help of auto unions, we plan to add 500 e3Ws every quarter to ensure Mumbaikars will breathe easy.” Currently, ETO Motors partners with metro rails like Delhi Metro, Nagpur Metro, Hyderabad Metro, and Pune Metro for passenger first and last and last mile connectivity, the release said. The s are manufactured in ETO Motors’ state-of-art manufacturing capacity in Jadcherla, Telangana, which also includes a modern research and development lab. The e3Ws are manufactured with a focus on safety (only e3W in India with a seatbelt) and technology, incorporating a fully integrated Vehicle Control Unit and IoT connected platform, the release added."
"Automakers targeting average households with new crop of EVs : In their first rollouts of electric vehicles, America's automakers targeted people who value short-range economy cars. Then came EVs for luxury buyers and drivers of pickups and delivery vans. Now, the companies are zeroing in at the heart of the US auto market: The compact SUV. In their drive to have EVs dominate vehicle sales in coming years, the automakers are promoting their new models as having the range, price and features to rival their gas-powered competitors. Some are so far proving quite popular. 's $45,000-plus is sold out for the model year. On Monday night, General Motors' brand introduced an electric version of its Blazer, also starting around $45,000, when it goes on sale next summer. Also coming next year: An electric Chevy Equinox, with a base price of about $30,000, whose price could give it particular appeal with modest-income households. There's also the Hyundai Ioniq 5 and Volkswagen's ID.4 in the $40,000s and Nissan's upcoming Ariya around $47,000 with a lower-priced version coming. All start off considerably less expensive than 's Model Y small SUV, the current top EV seller, with a starting price well into the $60,000s. The new models, which can get about 300 miles per electric charge, are aimed at the largest segment of the US market: Modest-size SUVs, representing about 20 per cent of new-vehicle sales. Industry experts say entering the smaller SUV segment, with its reach into a broader demographic of buyers, is sure to boost electric vehicle sales nationally. ""Going to the smaller utility segment gives you the opportunity to access the most customers in one (market) segment,"" said , principal analyst for S&P Global Mobility. ""To make a transition from (internal combustion engines) to electric, you have to be in more space. You have to be in more price points. You have to be in more sizes."" Brinley noted that the small and midsize SUV segments meet many people's needs, something that previous electric vehicles did not. ""If it's a price you can reach but it's a product that you can't put your kids and your dog in, you're not going to buy it,"" she said. Chevrolet says the Blazer will get a minimum of 247 miles (398 kilometers) per charge. Pricier high-end versions could go up to 320 miles (515 kilometers). The Blazer will be available with Chevrolet's SS performance package with a zero-to-60 mph (97 kilometers per hour) time of under four seconds. There will be a police version, too. ""Early on, the demographic composition of an EV buyer was certainly someone that perhaps had higher education, higher household income,"" said , Chevrolet's marketing director. ""That's very indicative of early adopters. But as we move up that curve, the intention and where we're pricing this product is to certainly make it more available for more mainstream buyers."" To attract buyers of modest means, EVs need to be priced even lower, in the $30,000-to-$35,000 range, GM CEO Mary"
"this product is to certainly make it more available for more mainstream buyers."" To attract buyers of modest means, EVs need to be priced even lower, in the $30,000-to-$35,000 range, GM CEO Mary Barra said in an interview this week with The Associated Press. Electric vehicles, she said, also have to have the range and charging network so they can be the sole vehicle that some people own. ""Most electric vehicle owners today own multiple vehicles, so they have an internal combustion vehicle to jump into depending on their needs,"" Barra said. Automakers have been pushing to fully restore a $7,500 tax credit for people who buy EVs to jump-start sales. But the measure is stalled in Congress. It's especially important for GM, Tesla and Toyota, which have maxxed out the number of credits they are allowed and can no longer offer them to buyers. Other automakers are approaching the limit, too. Money for the credits, as well as funding for additional EV charging stations, was in President 's $1.8 trillion ""Build Back Better"" social and environment bill, which is all but dead because of the objections of Sen. Joe Manchin, a West Virginia Democrat. Last week, Manchin also rejected a slimmed-down version that included provisions to combat climate change. He indicated his support for just two items from Biden's broader agenda: Reducing prescription drug costs and bolstering subsidies for families to buy health insurance. His vote in an evenly split Senate would be needed for anything to pass. Even without the tax credit, the industry's march toward electric vehicles is moving apace. Edmunds.com says electric vehicles now account for about 5 per cent of US new vehicle sales with 46 models on sale. S&P's Brinley foresees the market share rising to 8 per cent next year, 15 per cent by 2025 and 37 per cent by 2030. ""It seems like the number of choices are growing exponentially for electric vehicles as we move forward,"" said , Ford's top US sales analyst. Demand for battery-powered vehicles and gas-electric hybrids has grown as gasoline prices skyrocketed this year. Dealers report that every vehicle delivered is typically already sold or gone soon after it arrives. , CEO of South Motors, an 11-dealer group in South Florida, said it's impossible to assess just how big the demand for electric vehicles is. There's huge interest, especially in electric SUVs, and vehicles are selling fast. But the supply is constrained because automakers don't have enough computer chips to build as many vehicles as they want. Given the enormous consumer interest in EVs, Chariff said he expects the vehicles to continue to sell even if their prices don't fall. ""The real question,"" he said, ""is if and when the supply chain can meet the market demand, what is the true price point?"""
"Buffett's firm has now sold 95 million shares of China's BYD Warren 's company has now sold nearly 95 million of its original 225 million shares of Chinese electric carmaker 's stock, but it remains a significant shareholder. Hathaway said in a filing with the Hong Kong stock market Thursday that it had sold another 4.235 million BYD shares since last month. Disclosure rules only require Berkshire to reveal when its ownership stake decreases into another percentage point. After the most-recent sales, Berkshire still held 130.3 million BYD shares or about 12% of the stock. At its last report late last month, Berkshire, which is based in Omaha, Nebraska, controlled 13% of the stock. Until last August, Berkshire had never sold any of the BYD shares it bought in 2008. The stake Berkshire paid $232 million for had ballooned in value to be worth billions of dollars. BYD, based in the southern Chinese city of Shenzhen, is one of the biggest electric vehicle makers in the world, having sold nearly 1.9 million cars in 2022 including pure electrics, plug-ins and hybrids. Buffett didn't respond to questions Thursday about why he was selling the shares, but he doesn't typically comment on he is buying and selling while he is still making those moves. Many investors follow Buffett's investments because of his remarkably successful track record over the years. In addition to the BYD stock, Berkshire holds a sizeable portfolio with major investments in Apple, Bank of America, Coca-Cola and other stocks. Besides that, Berkshire also owns an assortment of more than 90 companies, including insurance, BNSF railroad, several major utilities and a number of manufacturing and retail firms. Also Read:"
"Ahead of IPO, Tata Technologies collects INR 791 cr from anchor investors , which provides engineering and product development digital services, on Tuesday said it has collected Rs 791 crore from anchor ahead of its initial share-sale opening on the following day. This will be the first company from the Tata Group to float an Initial Public Offering ( ) in nearly two decades. Tata Consultancy Services was the last IPO from the group in 2004. The company has allotted 1.58 crore equity shares to 67 funds at INR 500 apiece, which is also the upper end of the price band, according to a circular uploaded on the BSE website. Goldman Sachs (Singapore) Pte, Copthall Mauritius Investment Ltd, Government Pension Fund Global, are among the anchor investors. Additionally, domestic mutual funds and insurance companies participated in the anchor book include SBI Mutual Fund (MF), ICICI Prudential MF, Nippon India MF, Kotak MF, Axis MF Bandhan MF, Edelweiss MF, Sundaram MF, SBI Life Insurance Company and HDFC Life Insurance Company. The maiden public issue, with a price band of Rs 475 to Rs 500 per share, will open for public subscription on November 22 and conclude on November 24. ' arm Tata Technologies public issue is entirely an Offer For Sale (OFS) of 6.08 crore equity shares. Under the OFS, Tata Motors will offload 4.63 crore shares, representing an 11.4 per cent stake, private equity firm Alpha TC Holdings will sell 97.17 lakh shares or 2.4 per cent stake, and Tata Capital Growth Fund I will do away with 48.58 lakh shares or 1.2 per cent of the shareholding. The issue will fetch Rs 2,890.4 crore and Rs 3,042.5 crore at the lower and upper end of the price band, respectively. The company has reserved 20.28 lakh shares in the IPO for its employees and 60.85 lakh shares for Tata Motors shareholders. Last month, Tata Motors inked a pact to sell 9.9 per cent stake in Tata Technologies to TPG Rise Climate for Rs 1,613.7 crore. JM Financial, Citigroup Global Markets, and BofA Securities are the book-running lead managers to advise the company on the IPO. The equity shares of Tata Technologies will be listed on the BSE and the NSE on December 5."
"Tesla launched its own car insurance. These drivers say it's a lemon. In February, Mark Bova purchased a used 2018 Model S. Before leaving the dealer, he bought from Tesla itself, finding the initial $93 monthly premium “really reasonable.” Sixteen days later, as he drove along the Capital Beltway to his Maryland home, he engaged Autopilot, Tesla’s automated driving system. The car started beeping and lurched left — striking a median and flipping. He escaped through a window as the car filled with smoke. An ambulance rushed him to the hospital with back injuries that later required surgery. “I’m a former Green Beret,” Bova said, referring to the U.S. Army Special Forces. “That was probably the second-most traumatic thing I've gone through other than being in combat.” His ordeal isn’t over. Tesla Insurance, launched in 2019 by the electric-car company, has promised “vastly better” service than rivals, as Tesla chief put it in April 2022. Musk also said he aimed to offer “same-day” collision repairs. But Bova says he has been battling the insurer ever since the crash. He said he waited seven months for payment on the totaled vehicle and still hasn’t been compensated for about $50,000 in medical expenses. That required a call to the automaker’s product liability department because the crash involved Autopilot, he was told. He waited on hold for hours and got hung up on four times, he said. When someone finally answered, the person promised another callback in two weeks. Four months later, he’s still waiting. Tesla and Musk did not respond to detailed questions from Reuters for this report. Bova isn’t the only customer Tesla Insurance has angered, according to scores of complaints in social media and online posts, including on a Better Business Bureau website, and Reuters interviews with half a dozen policyholders. While some customers in online posts have praised the insurer’s low premiums, others, like Bova, complain of waiting weeks or months for payouts and repairs, and an inability to reach claims adjusters. Tesla officials have said they started the insurer to solve a problem: Prospective customers walking away from car sales after getting sky-high insurance quotes, based on the electric vehicles’ high collision-repair costs. Despite promising to revolutionize automobile insurance, Tesla has at times run the business on a shoestring budget, at one point with only about a dozen adjusters who were quickly overwhelmed by hundreds of claims, according to several sources familiar with the insurer’s operations. The insurer’s problems fit into a pattern of rushed and sloppy management leading to consumer and worker harms across Musk’s empire of technology and manufacturing firms. The billionaire’s decisions have come under fire in the year since he bought Twitter, now renamed X. Advertising revenue and company value plummeted after Musk slashed the firm’s staff by more than half and introduced a series of unpopular platform changes. After Musk"
"bought Twitter, now renamed X. Advertising revenue and company value plummeted after Musk slashed the firm’s staff by more than half and introduced a series of unpopular platform changes. After Musk endorsed an antisemitic post on X last week, several major companies halted their advertising on the platform. Musk denied being antisemitic. At Tesla, employees shared sensitive videos and images of owners recorded by the cars’ cameras, Reuters reported in April, prompting two U.S. Senators to write Musk a letter stating that the article raised “serious questions about Tesla's management practices.” In July, the news agency exposed a systematic effort by Tesla to overstate its vehicles’ driving range — including by rigging the algorithm that controls in-dash estimates — leading to a federal investigation and several class-action lawsuits. This month, a Reuters investigation documented at least 600 injuries at rocket-maker SpaceX, and pervasive failures to report safety data to regulators, as workers scrambled to meet Musk’s ambitious deadlines for space missions. Late last year, Reuters exposed how experiments at Musk’s brain-chip startup, Neuralink, resulted in the unnecessary suffering and deaths of lab animals as researchers rushed to appease Musk’s demands for speedy regulatory approvals. Complaints about Tesla Insurance are drawing scrutiny from state regulators and the plaintiffs’ bar. The Ohio Department of Insurance at least twice this year determined that Tesla had violated the state’s insurance regulations in handling claims, including for a lack of timely communications with a policyholder, according to correspondence obtained by Reuters through a public records request. The department was considering opening formal investigations, the records show. The agency declined to comment. Customer complaints against auto insurance companies aren’t uncommon. And there’s no way to know exactly how many have been made against Tesla Insurance and how its record compares with competitors’. That’s in part because regulators in some states where it does business – including California, Utah, Illinois and Virginia – consider details of complaints confidential. In interviews, customers described their interactions with the insurer as frustrating on many levels. Phil Fioresi Sr., a stonecutter in South San Francisco, California, told Reuters it took about 15 calls to reach someone at Tesla Insurance after his daughter’s car was struck by one of its policyholders in September. He called the service “totally ridiculous.” “What do they have, three people answering phone calls?” he asked. The insurer wouldn’t divulge the current number of claims adjusters. But the dozen or so adjusters who started handling California claims in late 2021 were quickly so swamped that resolving cases took weeks or months, the people familiar with the operations said. At the time, Tesla insured more than 50,000 vehicles in the state, according to California Department of Insurance"
"resolving cases took weeks or months, the people familiar with the operations said. At the time, Tesla insured more than 50,000 vehicles in the state, according to California Department of Insurance records. Working out of a Tesla office in Draper, Utah, the initial adjusters sometimes had to take on hundreds of claims each, far more than at other insurers, according to the sources with knowledge of Tesla Insurance’s operations. Unlike competitors that often have separate call centers to take claim reports, Tesla’s adjusters had to answer the phones themselves while also handling claims. Tesla has since expanded into 11 more states, hired additional claims adjusters in Texas and Maryland, and has been trying to bring on more, according to LinkedIn profiles and company job listings. But accounts of delayed repairs and compensation, and long waits for service continue to appear online. The accounts of customers interviewed by Reuters contrast sharply with Tesla’s bold promises to policyholders. On an earnings call in April 2022, Musk said: “Basically, the customer experience is just vastly better because if there’s an accident, there’s no argument. We’ll repair it immediately.” He blasted the typical auto insurance experience as a “nightmare” of arguments with insurance companies, adjusters and repair centers. “So we’re trying to turn a nightmare into a dream with Tesla Insurance,” he said. HIGH REPAIR, INSURANCE COSTS Tesla decided to enter the auto insurance business “kind of unintentionally,” Zachary Kirkhorn, then Tesla’s chief financial officer, explained during an earnings call in October 2021. “Our customers were coming to us, complaining that the price of traditional insurance was too high, and it was reducing the affordability of a Tesla,” Kirkhorn said. “And part of our journey here at Tesla is, we want as many people as possible to be able to afford our products.” Kirkhorn didn’t respond to a request for comment. High insurance costs had for years made it harder to sell Teslas. It’s a common problem among makers of electric cars, which have higher collision repair costs, especially for replacement of their pricey batteries, than gasoline-powered vehicles. In 2015 and 2016, the Highway Loss Data Institute, a nonprofit insurance research organization, reported that Teslas had significantly higher collision and property damage claim frequencies and losses than conventional large luxury vehicles. Based in part on that data, insurer AAA-The Auto Club Group said in 2017 that it was raising its rates to cover Teslas by up to 30%. Tesla disputed AAA’s analysis at the time. That fall, Tesla launched InsureMyTesla, a new insurance offering for U.S. Tesla owners, in partnership with Liberty Mutual Insurance Co. But the cost issue persisted. In an online discussion on Reddit at the time, Tesla owners swapped stories about steep premium quotes from InsureMyTesla. One Reddit user called the rates “horrible.” InsureMyTesla was eventually pulled from"
"discussion on Reddit at the time, Tesla owners swapped stories about steep premium quotes from InsureMyTesla. One Reddit user called the rates “horrible.” InsureMyTesla was eventually pulled from the U.S. market, although it’s still offered in some other countries. A spokesman for Liberty Mutual declined to comment on its relationship with Tesla. In April 2019, Musk announced that Tesla would launch its own insurance business that would be “much more compelling than anything else out there."" Four months later, Tesla Insurance became available in California, Tesla's largest car market, promising greatly reduced rates and saying it would expand to other states. To enter California, Tesla partnered with Markel Group's State National Insurance Company, which the state had already approved to sell insurance. State National has had the worst consumer complaint record among California’s top 50 auto insurers for the past three years, according to the state insurance department. State National works with other companies besides Tesla, and the statistics don’t show how many of the insurer’s complaints involve Tesla policyholders. State National declined to comment. Musk continued expressing sky-high hopes for the business. In July 2020, Musk called Tesla Insurance “revolutionary” on an earnings call. He predicted in another call three months later that insurance eventually could account for 30% or 40% of the value of the Tesla car business, which currently has a market capitalization of more than $700 billion. Tesla Insurance has expanded rapidly. It’s now offered in states including Illinois, Colorado and Ohio, and Tesla has applied to sell insurance elsewhere, including Florida, Georgia and Washington, regulatory filings show. AUTOMATED RATE HIKES In many states where Tesla Insurance is available, its monthly premiums can vary based on daily “Safety Scores"" that the automaker says reflect “real-time driving behavior” measured by sensors and software. Tesla is facing at least two class-action lawsuits that allege its vehicles are prone to producing false collision warnings that can lower the scores and inflate premiums. In court filings, Tesla has denied the allegations and sought to dismiss the cases. Chanda Santiago, a Tesla Insurance policyholder who is not involved in the litigation, told Reuters a similar story about safety-system malfunctions, including false warnings and spontaneous slamming of the brakes. Santiago, a Maryland real estate investor, said her monthly premium recently jumped nearly 50% to about $190. “I’m not satisfied with how the safety score is calculated,” she said. “You’re grading me on something that’s not working properly.” Santiago said she brought her 2020 Tesla Model 3 into service several times, but was told technicians couldn’t duplicate the problems or fix them. Once, she said, a technician didn’t wear a seat belt while driving the car – a no-no automatically detected by its safety systems. “So I got dinged” on the"
"duplicate the problems or fix them. Once, she said, a technician didn’t wear a seat belt while driving the car – a no-no automatically detected by its safety systems. “So I got dinged” on the safety score that day, she said. Reuters was not able to independently verify Santiago’s interactions with Tesla. Other customers have had trouble handling the most mundane insurance matters. Lester F. Aponte, a Los Angeles attorney who signed up for Tesla Insurance in August, described a maddening ordeal to obtain proof of insurance. He said the Tesla phone app froze when he tried to access the documents. He called multiple times and was placed on hold for as long as 90 minutes. He complained on Facebook: “The problem is there is no customer service. At all.” He told Reuters he didn’t hear from the insurer until after he complained to the Better Business Bureau. In the end, he said, Tesla Insurance had to cancel his policy and issue a new one so that he could access the documents on the phone app. “Fortunately, I haven't had an accident or needed to contact them about repairs,” he said. UNDERSTAFFED AND OVERWHELMED In the fall of 2021, Tesla began hiring claims adjusters to work in the company’s Draper, Utah, office, luring them with perks including free health insurance and a company stock purchase plan, according to the several people familiar with Tesla’s insurance operations. Their assignment: handle claims for policyholders in California and eventually in other states. Until then, Tesla had relied on another company to process California claims. Claims soon started arriving — not only from California but also from Texas, where Tesla recently had begun offering insurance. The dozen or so adjusters saw their caseloads jump from four or five claims a day to sometimes two dozen or more. Backlogs grew into the hundreds and could take adjusters two weeks or longer to get back to a customer. Policyholders were supposed to report claims on a phone app, but there were often glitches, so many had no choice but to call. The call queue seemed endless, the sources said, and adjusters could spend anywhere from a few minutes to nearly an hour taking initial claim reports from customers. That interrupted their work processing the claims, which takes longer and involves such tasks as reviewing repair estimates or arranging rental cars, according to the sources. The adjusters also couldn’t tell how long people were waiting on hold and were often greeted by furious customers. Some complained about spending more than an hour on the phone, the sources said. Some callers reported being stranded on highways. Tesla tried to hire more employees, but the process was slow, the people with knowledge of its insurance operations said. About a year after it started hiring in-house adjusters in late 2021, there were still only about a dozen adjusters in Draper because some had quit. WAITING MONTHS FOR REPAIRS, PAYOUTS Jonathan Garcia was driving in North Carolina last year to visit"
"in late 2021, there were still only about a dozen adjusters in Draper because some had quit. WAITING MONTHS FOR REPAIRS, PAYOUTS Jonathan Garcia was driving in North Carolina last year to visit family over Thanksgiving when a deer darted in front of his 2021 Tesla Model S. Garcia, an Ohio physician, submitted a claim to Tesla Insurance for damages to the hood and bumper, according to documents Reuters obtained from the Ohio Department of Insurance through a public records request. After Garcia reported the accident on Nov. 23 last year, he repeatedly called, emailed and left voicemail messages with a Tesla Insurance claims adjuster for three months seeking repairs and a rental car, the records show. “There were times I was calling every day. I was leaving messages every day. I was emailing every day,"" Garcia said in an interview. The insurer didn’t respond until after he filed a complaint with the Ohio insurance department, he said. Documents released by the department showed that it found Tesla ""did not adequately comply with timely claim communications"" as state regulations require. The department informed Garcia in March that its findings were under further review that could result in an investigation, the results of which would remain confidential. Tesla Insurance acknowledged its adjuster “did not timely communicate and process the claim,” according to a company letter to the department dated March 2. It explained that the “communication gap” resulted “from some staffing adjustments that occurred during the time of this claim.” The insurer compensated Garcia in part by agreeing to extend his car rental for up to 21 days, according to the letter. Garcia said it took about six months to repair his car. He said he terminated his Tesla Insurance on May 17 and switched to another company at a higher premium. “I would have paid a very high amount of money to not go with Tesla Insurance again,"" Garcia said. Scott Sawyer, a college researcher in Riverside, California, said he and his wife signed up for Tesla Insurance to cover their 2021 Model Y “because we thought it would be more seamless and easy.” Then an uninsured driver in a pickup truck rear-ended their Tesla on a freeway in February 2022. Sawyer said it took repeated calls over seven months before the vehicle was finally repaired. While awaiting parts delayed by shortages, “we drove it with a big dent for a while,” he said. Then, this year, on August 25, the car was parked in front of their house when a minivan struck it, crushing the vehicle’s front left side. Sawyer said someone from Tesla Insurance called him a few days later and said the company would inspect the vehicle, which had been towed. A month went by, and “we didn’t hear a peep from Tesla,” he said. “We have tried emailing, calling, texting and the claims adjuster will not respond,” his wife, Lauren Lee Sawyer, wrote on Facebook, adding: “I am furious. I hate that I am making payments on a totaled car.” Sawyer said he filed"
"texting and the claims adjuster will not respond,” his wife, Lauren Lee Sawyer, wrote on Facebook, adding: “I am furious. I hate that I am making payments on a totaled car.” Sawyer said he filed complaints with the Better Business Bureau and the California Department of Insurance, and contacted a lawyer. He said he eventually heard from a claims adjuster who estimated the damage at $10,000. Convinced the car wasn’t repairable, Sawyer insisted that the car be taken to a body shop. The shop determined the car was totaled, he said, but it took more than two weeks – and intervention by his lawyer – before Tesla finally agreed. It has offered him $44,852 to settle the claim. Will he stick with Tesla Insurance? “Of course not,” Sawyer said. “Lesson learned there.”"
"IPO rush: Hyundai, Swiggy, NTPC Green Energy among cos looking to raise INR 60,000 cr in Oct-Nov The primary market will remain abuzz with more than half a dozen companies, including , , and , lined up over the next two months to raise around INR 60,000 crore, merchant bankers said. Apart from these three firms, Afcons Infrastructure, Waaree Energies, Niva Bupa Health Insurance, One Mobikwik Systems, and Garuda Construction are among the companies planning to launch initial public offerings (IPOs) during October-November, they added. Together, these firms are looking to raise INR 60,000 crore through their IPOs. , Managing Director and Head - at Equirus, expects over 30 IPOs to be launched between September-end and December. This will be across sectors, deal sizes and a combination of fresh issues and offers for sale. The strong momentum in markets is driven by several key macroeconomic, sector-specific factors and the willingness of funds to look at new ideas, which is partially led by strong inflows into domestic mutual funds and the robust capital formation happening across corporate India, he added. The companies are tapping the primary market to raise funds for expansion plans, retire debt, support working capital requirements and provide exit routes to the existing shareholders. Motor India Ltd, the Indian subsidiary of South Korea's Hyundai Motor Company, is expected to raise INR 25,000 crore, making it the largest-ever IPO in India. This could surpass LIC's INR 21,000-crore initial share sale. The automaker's entire issue will be an offer-for-sale (OFS) of 14,21,94,700 shares by Hyundai Motor Company, with no fresh issue component, according to its draft red herring prospectus (DRHP). Other major IPOs lined up include food and grocery delivery giant Swiggy, which according to sources, is targeting to raise INR 10,414 crore via fresh issue and OFS. Swiggy's IPO consists of a fresh issue of shares worth INR 3,750 crore and an OFS component of 18.52 crore worth INR 6,664 crore. Further, NTPC Green Energy, the arm of state-owned NTPC, is looking to launch its INR 10,000 crore IPO in the first week of November, sources told PTI earlier. Shapoorji Pallonji Group's construction firm Afcons Infrastructure will also join the IPO rush with a INR 7,000 crore offer while Waaree Energies is expected to raise INR 3,000 crore through a fresh issue of shares, in addition to an OFS component. Niva Bupa Health Insurance and One Mobikwik Systems are planning to raise INR 3,000 crore and INR 700 crore, respectively. Moreover, 62 companies, including Bajaj Housing Finance, Ola Electric Mobility, and FirstCry's parent Brainbees Solutions have already mobilised around INR 64,000 crore collectively via mainboard, marking a 29 per cent increase from INR 49,436 crore collected by 57 firms through the route in 2023. The primary market is experiencing strong interest from issuers and investors across various sectors. Going ahead, the outlook for the IPO market in"
"collected by 57 firms through the route in 2023. The primary market is experiencing strong interest from issuers and investors across various sectors. Going ahead, the outlook for the IPO market in 2025 remains broadly positive as Sebi approved 22 IPOs as of now with companies planning to raise around INR 25,000 crore, V Prashant Rao Director & Head - ECM, Investment Banking at Anand Rathi Advisors, said. Additionally, over 50 firms have filed draft papers and are awaiting approval. Cumulatively, these companies aim to raise more than 1 lakh crore, reflecting the significant momentum in the IPO market, he added. The positive sentiment is supported by strong macroeconomic fundamentals, favourable market conditions, and sectoral growth. Further, there are no signs of the IPO frenzy fizzling out and this behaviour might persist in the short term. However, risks like market corrections and regulatory interventions could moderate the enthusiasm, Vaibhav Porwal, Co-founder, Dezrev, said."
"KwikFix Auto launches mobile app for vehicle maintenance, emergencies New Delhi: , a company, has recently unveiled its mobile application, KwikFix Auto app. The app is designed to offer car owners in India a convenient and streamlined way to manage their vehicle maintenance, emergencies, and accessory purchases, all from their smartphones. Available on both iOS and Android platforms, the KwikFix Auto app provides an intuitive interface where users can specify their vehicle model. Based on this information, the app tailors its offerings to meet the specific needs of the user's vehicle. The range of services includes products like tyres, batteries, and accessories, as well as various maintenance services such as denting & painting, car detailing, mechanical maintenance, tire care, and vehicle health check-ups. One of the notable features of the app is its appointment scheduling functionality. Users can easily book appointments with trained technicians who will provide the required services at the user's location. Moreover, the app comes to the rescue during emergencies, offering assistance for punctures, battery jump starts, towing, clutch breakdowns, flatbed towing, and car key emergencies, with a promised response time of 90 minutes. In addition to the core services, the KwikFix Auto app helps users track essential documents' expiry dates, such as Pollution Under Control ( ) certificates and insurance policies, ensuring compliance with regulatory requirements. Co-founder and CEO of KwikFix Auto, Ravi Chandarana, said that the app aims to provide a hassle-free experience for users, granting easy access to a wide range of services from the comfort of their homes. Manshi Modi Chandarana, co-founder of KwikFix Auto, highlighted the app's comprehensive approach to vehicle care, integrating regular maintenance, emergency repairs, and regulatory compliance in one platform. The launch of the KwikFix Auto app reflects the company's commitment to innovation and its mission to organize and enhance India's repair sector. KwikFix Auto hopes to establish a strong presence in India's startup ecosystem, built on its entrepreneurial spirit and dedication to exceptional service."
"Is recession staring US down? Already upon it? Here’s why it’s hard to say The United States is not in a . Probably. Economic output, as measured by gross domestic product, fell in the first quarter of the year. Government data due this week may show that it fell in the second quarter as well. Such a two-quarter decline would meet a common, though unofficial, definition of a recession. Most economists still don’t think the United States meets the formal definition, which is based on a broader set of indicators, including measures of income, spending and job growth. But they aren’t quite as sure as they were a few weeks ago. The housing market has slowed sharply, income and spending are struggling to keep pace with , and a closely watched measure of layoffs has begun to creep up. “A month ago, I was writing that it was very unlikely that we are in a recession,” said Jeffrey Frankel, a Harvard economist. “If I had to write that now, I would take out the ‘very.’” Frankel served until 2019 on the Business Cycle Dating Committee of the National Bureau of Economic Research, the semiofficial arbiter of when recessions begin and end in the United States. The committee tries to be definitive, which means it typically waits as much as a year to declare that a recession has begun, long after most independent economists have reached that conclusion. In other words, even if we are already in a recession, we might not know it — or, at least, might not have official confirmation of it — until next year. In the meantime, economists agree that the risks of a recession are rising. The Federal Reserve is raising rates aggressively to try to tame inflation, which has already contributed to large declines in the stock market and a steep drop in home construction and sales. Higher borrowing costs are all but certain to lead to slower spending by consumers, reduced investment by businesses and, eventually, slower hiring and more layoffs — all hallmarks of an economic downturn. “Are we in a recession? We don’t think so yet. Are we going to be in one? It’s a high risk,” said Joel Prakken, chief U.S. economist for S&P Global Market Intelligence. But the U.S. economy still has important sources of strength. Unemployment is low, job growth is robust, and households, in the aggregate, have lots of money in savings and relatively little debt. “The narrative that the economy has slowed quite a bit and is showing signs of deterioration from higher inflation and higher interest rates, that narrative is solid,” said Ellen Zentner, chief U.S. economist for Morgan Stanley. “But when you look at factors like jobs, where we’re still creating three to four hundred thousand jobs a month, with an unemployment rate that has not begun to show signs of sustained increases, and the cushions of excess savings, healthy household balance sheets — these are things that go far in keeping the U.S. out of recession, or at least staving off recession for longer.” Americans feel terrible about the"
"excess savings, healthy household balance sheets — these are things that go far in keeping the U.S. out of recession, or at least staving off recession for longer.” Americans feel terrible about the economy right now — worse, at least by some measures, than at the peak of the pandemic-related layoffs in spring of 2020. It’s easy to understand why: The climbing cost of food, fuel and other essentials is eroding living standards. Hourly earnings, adjusted for inflation, are falling at their fastest pace in decades. But to economists, “recession” is not just a generic term for a period of hard times. Recessions occur when the economy, as a whole, is shrinking. “The economy can feel bad for a range of different reasons,” said Tara Sinclair, an economist at George Washington University. An economy that is growing slowly — especially if that weak growth is paired with high unemployment, high inflation, or both — could be hard on many families but still not meet the technical definition of a recession. The National Bureau of Economic Research defines a recession as “a significant decline in economic activity that is spread across the economy and that lasts more than a few months.” What that means is that the downturn can’t be isolated to one or two sectors, like housing or technology, and it has to be severe and long — although there is some wiggle room. The collapse in economic activity in the first months of the pandemic was so broad and so severe that the bureau declared it a recession even though it lasted only two months. Figuring out whether a recession is happening in real time is hard — economists often disagree. But it is usually clear in hindsight, which is why the dating committee waits so long to make its pronouncements. “There’s never been a controversy about, was a particular movement a recession or not,” said Robert E. Hall, a Stanford economist who has led the Business Cycle Dating Committee since its inception in 1978. If GDP declines again, does that mean a recession has begun? Hall scoffed at formally declaring the beginning and end of business cycles based on GDP alone. A steep slowdown in one sector, like housing, might be enough to cause a mild decline in overall output but still fall short of the breadth and depth necessary to constitute a recession. On the other hand, the dating committee says the United States experienced a mild recession in 2001 even though GDP never contracted for two quarters in a row. There is another problem: The GDP figures being released this week are preliminary, and will be revised several times as more complete data becomes available. Even the data from the first quarter aren’t final. In fact, some economists think it is likely that the first-quarter data will eventually be revised to show a modest gain. That is because another measure of economic output, gross domestic income, grew in the first three months of the year. In theory, gross domestic product and gross domestic income should be identical"
"That is because another measure of economic output, gross domestic income, grew in the first three months of the year. In theory, gross domestic product and gross domestic income should be identical because they are measuring the same thing, from opposite sides of the economic ledger: One person’s spending is someone else’s income. But because the government can’t measure the economy perfectly, the two indicators can diverge — and recently, they have diverged by a lot. In the first quarter, gross domestic product fell at an annual rate of 1.6%, while gross domestic income grew at an annual rate of 1.8%. Boragan Aruoba, a University of Maryland economist who has studied the two measures, said he trusted the income data more because the government has better data on income than on spending. He believes that the production data will eventually be revised to be closer to the income data, meaning the economy probably didn’t shrink in the first quarter at all. Another option, recommended by the Commerce Department, is to use the average of the two measures rather than choose one. By that measure, the economy grew slightly in the first quarter. How will we know when a recession begins? The dating committee lists several indicators that it usually watches when declaring recessions, although it reserves the right to consider others. Most show that the economy is still growing, although more slowly than last year. Consumer spending, for example, grew at a solid 1.8% annual rate in the first quarter, adjusted for inflation, and most forecasters believe it grew in the second quarter, too, albeit more slowly. Job growth has remained robust. Other measures, such as industrial production and inflation-adjusted income, have stalled in recent months, but haven’t fallen significantly. Those indicators are backward-looking, however. To assess conditions in real time, forecasters typically look at other measures that have historically been better at showing the economy’s direction. The pandemic has made that more difficult, however, by scrambling typical patterns in spending and investment. “It’s harder than usual to read the economy because we’re still in such an odd period,” said Karen Dynan, a Harvard economist and former Treasury Department official under President Barack Obama. “We’re seeing this post-COVID reorganization of the economy in addition to the loss of momentum, so the signals aren’t clean.” For example, Dynan said, auto sales were usually a reliable signal of a slowing economy, because cars were a major purchase that consumers could put off if they were worried about losing their jobs. But supply-chain disruptions have depressed auto sales during the pandemic, making the data hard to interpret. If sales pick up in coming months, for example, does that suggest rising consumer confidence — or simply better availability of cars? Still, forecasters said there were some numbers they would be watching closely — most important, the job market. Recessions,"
"rising consumer confidence — or simply better availability of cars? Still, forecasters said there were some numbers they would be watching closely — most important, the job market. Recessions, almost by definition, result in lost jobs and increased unemployment. And increases in unemployment, even fairly small ones, nearly always signal a recession. The number of unfilled job openings has fallen a bit from record highs at the end of last year, according to data from the career site Indeed. Filings for unemployment insurance, an indicator of layoffs, have risen a bit in recent weeks. If those trends continue, a recession will seem more likely, said Aneta Markowska, chief financial economist for Jefferies, an investment bank. But Markowska said it was just as likely that if inflation began to cool in the second half of the year, consumers would begin to feel better about the economy, and businesses would keep hiring, allowing the economy to escape a recession, for now. “Consumers still have a lot of cash, they still have jobs, they’re still enjoying pretty good wage growth — the only reason things felt so much worse in the first half of the year was inflation,” she said. “It is sort of this race: Does the labor market crack before inflation begins to slow?”"
"Own a BMW 3 Series Gran Limousine at INR 69,999 per month: Service, insurance costs inclusive The joy and pride of owning a luxury car can be yours at a cost of just INR 69,999 per month. is offering an irresistible deal on the Gran Limousine. As a part of the new offer, you can get home the luxury sedan at a staggering all-inclusive price of just INR 69,999 per month, which includes registration and insurance as well as service and repair charges. Moreover, is also offering an assured buyback of up to 56%, along with additional benefits for corporates. As compared to the standard 3 Series, the Gran Limousine version gets a 110 mm longer wheelbase, opening up more space for the rear passengers. The car is offered in three variants - 330Li Luxury Line, 320Ld Luxury Line and 330Li M Sport, priced at INR 54.50 lakh, INR 55.90 lakh and INR 56.90 lakh (ex-showroom) respectively. Powering the 3 Series Gran Limousine are two different engines - a 2.0-litre diesel that belts out 190 hp power and 400 Nm torque, as well as a 2.0-litre turbo petrol unit that produces 258 hp andd 400 Nm. The transmission duties are taken care of by an 8-speed Stepstronic Sport auto transmission as standard. The former helps the car sprint from 0 to 100 kmph in 7.6 seconds, while the turbo petrol engine can achieve the same feat in 6.2 seconds. The long-wheelbase luxury sedan is equipped with a 10.25-inch touchscreen infotainment system with wireless Android Auto and Apple CarPlay, a panoramic sunroof, a three-zone auto climate control, ambient lighting, a 12.3-inch digital driver’s display, wireless charging, cruise control, launch control, as well as a 16-speaker Harman Kardon sound system. The safety tech on offer includes 6 airbags, park assist, cornering brake control etc. The 3 Series Gran Limousine also gets four drive modes, namely ECO PRO, Comfort, Sport, and Sport+. Also Read:"
"India's hiring activity broke all records in February: Report The re-opening of the Indian ecosystem has reinforced a positive sentiment among employers and job seekers, as a result of which, a job index saw an uptick of +31 per cent Y-O-Y in Feb’22 vs Feb’21. India's hiring activity broke all records and touched new heights as recorded by Naukri's JobSpeak index in Feb’22. The Naukri index stood at 3074, surpassing its previous high of 2753, which clocked in Sep’21. As the Indian economy sees a gradual return to normalcy, sustained growth in the hiring activity was observed across all key sectors. Insurance (+74 per cent) clocked the highest growth in hiring activity in Feb’22 when compared with Feb’21 followed by Retail (+64 per cent) which has showcased a sharp uptick since last year. Interestingly, after a long sluggish period, the Auto Industry finally showed signs of recovery in Feb’22 as it grew by +12 per cent over Feb last year. (Image Source: Naukri's JobSpeak index) Sectors like IT-SoftwareFinancial Services (+35 per cent), Pharma (+34 per cent), Hospitality (+41 per cent) and Telecom (+23 per cent) continued to demonstrate strong and consistent growth as concerns around COVID reduced drastically in Feb’22. MedicalAuto Ancillary showing recovery after a long time, and other major organized sectors sustaining growth, one can say that both sentiment and confidence are strong among the job seekers.” The Naukri JobSpeak is a monthly Index that calculates and records hiring activity based on the job listings on the Naukri.com website month on month and year on year. The data is compiled from the website wherein jobs posted by clients on Naukri.com are considered. July 2008 is taken as the base with an index value of 1,000 and the subsequent monthly index is compared with the data for July 2008. Also Read:"
"Newgen Software to digitize MEDGULF’s motor claims process , a global provider of low code digital transformation platform, has announced that the Mediterranean and Gulf Cooperative Insurance and Reinsurance Company ( ), Kingdom of Saudi Arabia, has selected Newgen to transform its . Leveraging Newgen's Insurance ing Solution, built on the NewgenONE Digital Transformation Platform, MEDGULF will drive end-to-end process , enhance the efficiency of its insurance claims process, and boost overall productivity, the company said in a media release. ""With the help of Newgen's solution, we aim to proactively manage our claims lifecycle, prevent frauds, and boost process efficiencies. We look forward to collaborating with Newgen to facilitate our customers with a smooth claims experience,"" Umar Al Mahmoud, Deputy Chief Executive Officer, and Chief Operating Officer, of MEDGULF, said. ""We are proud to be part of MEDGULF'S digital transformation journey. Our solution will help them enhance compliance, and with the solution's data capture and payment tracking capabilities, the organization will be able to enable faster and more effective claims processing,"" Vivek Bhatnagar, VP – Sales International, Newgen Software, said. The solution's wide range of capabilities will empower MEDGULF to automate its entire claims journey for fast, accurate, and secure settlement. With the solution's comprehensive rule-based engine, MEDGULF can fast-track its end-to-end workflows, achieve straight-through processing, and ensure standardization. Furthermore, the underlying contextual content services (ECM) platform and cloud-based technology will allow it to eliminate paper-based manual tasks, enable end-to-end content management, and achieve complete document digitization."
"US to issue more guidance on Russian oil price cap in coming days The US government plans to issue guidance in coming days on a Russian taking effect on Dec. 5 and is ready for some ""hiccups"" in its implementation, a State Department official said on Thursday. Jim Mullinax, director of the , told a panel hosted by Thomson Reuters that the government was in close touch with industry and partners about the oil price cap, and was approaching it with a ""spirit of flexibility."" The United States, its Group of Seven allies and Australia plan to cap prices of Russian sea-borne oil shipments effective Dec. 5, with a second cap on oil products kicking in Feb. 5. The unprecedented price cap aims to block Russia from profiting from a jump in oil prices since its Feb. 24 invasion of Ukraine while ensuring that Russian oil continues flowing to global markets after a ban on takes effect next month. It was not immediately clear if the new guidance would specify the cap price. The coalition agreed this month to set a fixed price for Russian oil, rather than a floating rate. The plan calls for participating countries to deny Western-dominated oil transport services like insurance, finance, brokering and navigation to priced above the cap. ""I'm hoping that it's been telegraphed well, that we've been relatively transparent,"" Mullinax said. ""We've taken a lot of feedback from industry about how to implement this.... There's probably going to be some hiccups in the early frame,"" he said. Michael Dawson, a partner with the WilmerHale law firm, said the United States, Britain and the European Union had prepared well. ""They're open and flexible to address some of the problems that arise - and there will be problems,"" he told the same panel. Also Read:"
"India considers buying discounted Russian oil, commodities, officials say NEW DELHI: India is considering taking up a Russian offer to buy its and other commodities at discounted prices with payment via a rupee-rouble transaction, two officials said, amid tough Western sanctions on Russia over its invasion of Ukraine. India, which imports 80% of its oil needs, usually buys about 2% to 3% of its supplies from Russia. But with oil prices up 40% so far this year, the government is looking at increasing this if it can help reduce its rising energy bill. ""Russia is offering oil and other commodities at a heavy discount. We will be happy to take that. We have some issues like tanker, insurance cover and oil blends to be resolved. Once we have that we will take the discount offer,"" one of the Indian government officials said. Some international traders have been avoiding to avoid becoming entangled in sanctions, but the Indian official said sanctions did not prevent India importing the fuel. Work was ongoing to set up a rupee-rouble trade mechanism to be used to pay for oil and other goods, the official said. The officials, who both declined to be identified, did not say how much oil was on offer or what the discount was. The finance ministry did not immediately reply to an email seeking comments. Russia has urged what it describes as friendly nations to maintain trade and investment ties. India has longstanding defence ties with Russia and abstained from a vote at the United Nations condemning the invasion, although New Delhi has called for an end to the violence. Russia's Surgutneftegaz allowed Chinese buyers to receive oil without providing letters of credit (LC) payment guarantees in order to bypass sanctions, sources told Reuters. The government, which could see its import bill rise by $50 billion in the fiscal year starting in April, is also looking for cheaper raw materials from Russia and Belarus for fertiliser, as the cost of its subsidy programme has rocketed. The government, which has already doubled its subsidy bill for the fiscal year to the end of March 31, allocated a further Rs 14,900 crore ($1.94 billion) on Monday. The government expects the fertiliser subsidy bill to rise by at least 200 billion to Rs 30,000 crore in the next financial year, from the current estimate of Rs 1.05 lakh crore, the two officials said. ""If we can get cheaper fertiliser from Russia then we will take that. It would help in easing some fiscal concerns,"" one official said. Also Read:"
"Enhance female labour force participation: Bhupender Yadav to India Inc The labour and employment minister urged to enhance participation in India and ensure women are at a decision making position. “To promote female labour force participation rate, not only should there be higher participation of women in the workforce but women should be seen at positions of decision-making,” Yadav said in his interaction with human resource heads of several industries across sectors. Industry body Confederation of Indian Industry ( ) facilitated the interaction of top officials with industry representatives from manufacturing, staffing agencies, automobile, construction and hotel industries among others, the labour ministry said in a statement on Wednesday. According to the statement, the industry representatives suggested the labour ministry to introduce guaranteed employment in urban areas, reorient education curriculum to align with the emerging technologies and enhanced use of apprenticeship for employment generation while urging the government to roll-out the labour codes at the earliest. The labour ministry also sought the views of India Inc on improving service delivery in Employees Provident Fund Organization and Employees State Insurance Corporation, work from home, better utilization of services of and for enhancing women participation in the labour force besides others, it said. Further, such interaction would take place on a regular basis with all stakeholders and the government will seek cooperation of CEOs and HR heads of the industry in policy making for the welfare of workers and for creation of decent employment, the minister concluded. Also Read:"
"RBI's financial inclusion index rose to 56.4 in March 2022 The Reserve 's composite (FI-Index) capturing the extent of across the country rose to 56.4 in March 2022, showing growth across parameters. The index stood at 53.9 in March last year. It was at 43.4 for the period ending March 2017, showing rapid improvement in reach of financial services over the past five years. The index captures information on various aspects of financial inclusion in a single value ranging between 0 and 100, where 0 represents complete financial exclusion and 100 indicates full financial inclusion. It comprises three broad parameters -- access with 35% weightage, usage with 45% weightage and quality with 20% weightage. It incorporates details of , investments, insurance, postal as well as the pension sector. The Index is responsive to ease of access, availability and usage of services, and quality of services, said. RBI now publishes the index annually in July every year."
"Safety tests a must on all CNG vehicles in Karnataka All owners in will now be required to carry out periodic mandatory safety tests on the cylinders in their vehicles, a circular issued by the transport department states. The circular issued on January 9, 2023, is in line with national guidelines for , which mandate “hydrostatic stretch” tests once in three years throughout the life of the cylinder — which is 20 years. Gas Authority of India Limited (GAIL), the largest CNG supplier in the state, estimates that there are52,000 , of which 48% or around 25,000 are in Bengaluru. The data includes vehicles fitted with CNG cylinders in the aftermarket and those supplied by GAIL. The government has authorised a Bengaluru-based firm — MGR Hydrotest Inc — to conduct these tests, while two others will soon get authorisation to carry out these tests. MGR Hydrotest has relevant certifications from PESO (Petroleum and Explosives Safety Organisation). Gyanchand Bantia, managing partner, MGR Hydrotest, said: “As per the Centre’s Gas Cylinder Rules 2016, it is mandatory to conduct hydrostaticstretch test of cylinders once every three years till the life of cylinder (20 years) as per BIS standards 154975 and BIS 8481. While the transport department has issued a circular about this, awareness needs to be spread on the issue. ” Bantia said that as conversion and new registrations of CNG vehicles increases, safety concerns need to be addressed. “CNG has a very high pressure of 200 bars, which is 10 times higher than LPG. Since the pressure is greater, a CNG cylinder is made from a very thick gauge (8mm to 10mm) and is seamless,” he said. The state government circular, sent to all RTO offices and joint commissioners of transport besides other stakeholders, states that it is mandatory for all CNG vehicles which have completed three years, to present this safetytest certificate at the time of fitness test, along with other documents. “Once the tests are completed, this certificate is issued by a plant approved by PESO and is done online. PESO website is integrated with the Vahan website of the transport department and these certificates will reflect there too,” Bantia said. He said that at present Karnataka has more than 100 CNG stations although about 55 are in Bengaluru alone. “We are now spreading awareness at RTOs and are in touch with GAIL to put up compliance boards at stations so vehicle owners can be informed about the tests and plan them in the future. This is important because these tests will be needed even in case of accidents to claim insurance,” he said. Also Read:"
"How China's EV makers aim to beat Tesla, legacy automakers in Europe Starting in the 1980s, European automakers steadily conquered China, racking up millions in sales with little local competition. Now they'll have to defend their home turf in from an onslaught of formidable Chinese . titans , and (GWM) are preparing a fusillade of product launches - about 20 over the next five years - and spending heavily on sales and marketing in their most important export market, according to Reuters interviews with 18 China auto executives, consultants and industry experts familiar with the Chinese automakers' European strategy. After several years of swiping market share from foreign rivals in its domestic market, the world's largest, China's increasingly potent is ready to take the fight to Europe. Chinese electric-vehicle makers have studied European car-buyers for years, hiring industry veterans and selecting distributors with extensive local knowledge as they laid the groundwork to take on and , the sources said. and have already announced plans to manufacture cars in Europe. Chinese carmakers are now deploying a range of tactics to break into the market, ranging from sponsoring high-profile sporting events to raise awareness of their brands, to building out their dealership networks, and shoring up service-and-repair operations to protect resale values - a key requirement of fleet buyers who make up a large share of the . Chinese automakers' European sales remain small because their brands are little-known to consumers - with the exception of , a former British brand owned by , a state-owned Chinese automaker. But deliveries are growing rapidly and could surge with the release of additional models across a broad range of price segments, industry experts said. BYD saw its Europe sales triple to 15,000 vehicles in 2023 after years of exponential sales growth in China and other export markets. BYD has launched six electric models in Europe and a spokesman said the company is rolling them out across 20 countries. It launched its first three models in the United Kingdom last year and plans two more this year, said BYD's UK marketing manager, Mark Blundell. Great Wall plans to launch a model a year in Europe for the next five years, two distributors told Reuters. Chery will launch a total of eight SUV models under two brands, Omodo and Jaecoo, over the next two years, said Chery's European managing director, Jochen Tueting. By comparison, Tesla has just two volume-sellers - the mid-priced models 3 and Y. Both are overdue for a redesign and declining in global and European sales. Executives from BYD, GWM and Chery told Reuters they are looking to plant deep roots in the Europe market. Chery's Tueting said the company is focusing on all facets of the European automotive ecosystem, from branding to financing tools to repairs and resale values for both private and corporate customers. ""We've been doing our homework,"" Tueting said. SAIC's MG did not respond to"
"ecosystem, from branding to financing tools to repairs and resale values for both private and corporate customers. ""We've been doing our homework,"" Tueting said. SAIC's MG did not respond to interview requests. Christina Bu, of the Norwegian EV Association, which represents 120,000 EV owners, has met with many Chinese automakers and noted some have spent years planning their European strategy. Norway is a global leader in EV adoption. Chinese brands, Bu said, have so far adapted Chinese EV models for export, but they're already working on models designed from scratch to target European buyers. They also don't face the same pressure as western rivals to turn a profit quickly because they are heavily backed by the Chinese government, she said. ""Some of these players have spent a lot of money on it, despite not having sold much yet,"" Bu said. Cost advantages China's auto industry, a mix of state-owned and private firms, has major cost advantages over foreign competitors in part because of government subsidies and the nation's dominance of battery-minerals refining. In China, the explosion of EV brands has ignited a price war, with automakers led by BYD selling a slew of EVs priced between USD 10,000 and USD 30,000. Those rock-bottom prices have alarmed automakers and their political allies in the United States and Europe. In May, U.S. President Joe Biden quadrupled tariffs on Chinese EVs to 100%. The European Union is currently investigating China subsidies and may soon raise tariffs on its cars. But European auto executives said at a Reuters event in May that higher tariffs will do little to protect them from Chinese EVs unless Europe's industry acts quickly to match their price and value. ""The window is closing,"" said (VOWG_p.DE) board member Thomas Schmall. ""We have two or three years."" So far, China automakers are not deeply undercutting foreign rivals. Instead, they're maximizing profits on exports by charging double or more, compared to the China price, for the same vehicles. Their Europe prices are just slightly below comparable models from western automakers, but the Chinese vehicles are often stuffed with standard-equipment goodies - such as heated-and-cooled seats, 360-degree cameras, digital dashboards - that often cost extra in competitors' vehicles. Japanese automakers used similar tactics when expanding into western markets decades ago. Long-term investing As they expand exports, Chinese automakers are implementing complex strategies to increase their appeal to European customers. They have improved their safety ratings, they've strengthened repair-and-service operations and distribution, bolstering resale values, which are particularly important for people who lease cars. Leasing companies charge lower monthly payments for cars with high resale value because they're worth more at the end of the lease term, when buyers can choose to either buy them or return them to the leasing firm. ' attention to detail reflects what they've learned"
"resale value because they're worth more at the end of the lease term, when buyers can choose to either buy them or return them to the leasing firm. ' attention to detail reflects what they've learned about European consumers, said Bo Yu, Greater China country manager for JATO Dynamics, a UK-based automotive industry research firm. ""In China, the purchase price is important,"" she said. ""But for European consumers it's not just price, but total cost of ownership, including maintenance, service and residual values."" Ben Townsend, head of automotive at insurance industry-funded safety group Thatcham Research, has been working for the past year with Chinese automakers. Beyond the obvious moves, like complying with safety regulations and winning high safety ratings, Townsend said, the Chinese exporters are delving into far more complex questions of how to structure warranties and price repairs in Europe, which has much higher service labor costs than China. ""There are hard rules on issues like safety that are clear, and then there are soft rules that aren't written down,"" Townsend said. ""The Chinese are very eager to learn the soft rules."" The Chinese players are taking a comprehensive look at what constitutes long-term success in Europe, said Toby Marshall, managing director at vehicle distributor IM Group, who manages GWM's ORA brand in the UK. IM Group has previously launched a slew of new brands in Britain, including South Korea's Hyundai and Japan's Subaru. ""Selling the car is just the tip of the iceberg,"" he said. ""There is so much more to understand about keeping that car on the road throughout its lifetime."" Ensuring ready access to affordable spare parts is vital. Marshall said GWM's UK ORA distributor can provide most parts within 24 hours. And SAIC's MG has said it will open a second European parts center this summer to support growing vehicle demand. Another critical effort is courting fleet consumers, which control an unusually large share of European auto sales. For instance, Ayvens, Europe's largest leasing company, already has partnerships with BYD and . Unlike Tesla, which has undercut its resale values by repeatedly reducing retail prices, Chinese automakers are working with companies like , which conducts extensive ""car-to-market"" studies to set optimal residual values for leasing customers. 'B-Y-WHO?' Chinese automakers' main challenge is reaching the majority of European consumers who don't know they exist. That gives legacy carmakers more time to stave off the threat of Chinese exports, said Phil Dunne, a managing director at strategy consultancy Stax. ""But the Chinese are fast learners,"" he said, ""so it won't last much longer."" To boost their brand presence, Chinese automakers are turning to social media, high-profile event sponsorships and partnerships with established dealer networks. One of BYD's distributors in Italy is Gruppo Autotorino, with 70 retail locations in 24 provinces. ""Our network allows them to reach clients"
"and partnerships with established dealer networks. One of BYD's distributors in Italy is Gruppo Autotorino, with 70 retail locations in 24 provinces. ""Our network allows them to reach clients quickly,"" said chairman Plinio Vanini. ""This was key for BYD."" GWM and Chery are partnering with existing dealerships that also sell other established brands. Chery's European managing director Jochen Tueting said the automaker, for its Omoda vehicles, chose such shared locations ""so people say: 'While I'm here, I'll take a look.'"" BYD, because of its scale as China's leading EV brand, is launching mostly standalone dealerships - and rolling them out fast. Mark Blundell, BYD's UK marketing manager, says the automaker will have 60 UK dealerships by the summer, rising to 100 next summer, and within 18 months plans enough locations so most Brits can reach one within a 14-minute drive. Awareness of Chinese cars is rising. According to research in March from online car marketplace Carwow, 50% of respondents in Germany said they would consider a Chinese-made car, up from 27% last October. To boost its brand, deep-pocketed BYD is spending big on a sponsorship of the Euro 2024 soccer championship, a spot previously occupied by Volkswagen. BYD will showcase its EVs at match venues and get its branding on live broadcasts. Each match drew more than 100 million viewers during Euro 2020, according to the Union of European Football Associations. ""That will be great for familiarity because people will see 'BYD, BYD, BYD' all through the tournament,"" said Blundell, the automaker's UK marketing manager. ""But we're very humble about it. Even this time next year, there will be people going 'B-Y-who?'"""
"Insurers want 15-20% hike in third-party motor insurance premiums Vehicle owners might have to shell out more for insuring their vehicles. General insurance companies have written to the insurance regulator, proposing that the mandatory third-party insurance premiums be hiked by 15-20% to help them tide over losses in this segment. If Irdai accepts the proposal, third-party insurance premiums could go up from 1 April. The third-party premium for a Maruti Swift 1.3 LXI is currently Rs 3221 per year. This could go up to Rs 3,705-3,865 if the rates are hiked in 2022-23. While third-party premium rates are revised on an annual basis by Irdai, these were put on hold in 2020, and then again in 2021, to give relief to policyholders during the pandemic. However, with the rise in the number of third-party claims after the initial drop during Covid, general insurers are finding it hard to keep up. Also Read:"
"Campaign against unfit school vehicles from July 8 To ensure safety of school children, the will launch a against unfit school vehicles from July 8. The vehicles will be checked for fitness, permits, insurance, pollution compliance, and other essential credentials. Minister of state for transport (independent charge) Dayashankar Singh said that CM Yogi Adityanath has directed to prepare a district-wise list of vehicles operating in schools. The officials should ensure verification of registered school vehicles. The minister said that a separate list of ‘fit’ and ‘unfit’ vehicles be prepared and that meetings be held with school management and vehicle owners to ensure compliance with the standards. The minister said that it has come to the notice that in most districts, vehicles are operating in violation of standards, without fitness certificates or without being registered or contracted under the school's name. The children are being sent to schools in unauthorised vehicles, like vans, autos, and e-rickshaws with the consent of schools and parents, which is a violation of the Motor Vehicle Rules. Enforcement teams will launch a campaign to take action against such individuals. The campaign will continue for at least a fortnight."
"Venture debt firm Stride Ventures raises USD 200 mn for onlending to startups Mumbai: on Wednesday announced that it has raised USD 200 million (about Rs 1,588 crore) for onlending to . The USD 200 million commitments for the final closure of the 'Stride Ventures India Fund II' came from banks, family offices, corporate treasuries, sovereign funds, private equity funds, insurance firms, and high networth individuals, as per a statement. The company had in August 2021 announced the first closure of the fund at Rs 550 crore of the targeted corpus of Rs 1,000 crore which could go up by Rs 875 crore through a . The close comes during what is being called a ' winter' in the startup world, and also at a time when the interest in non-dilution of equity among founders is gaining ground, making venture debt more attractive as compared to venture capital where equity holdings need to be diluted. ""The current economic environment has made growing businesses more amenable to debt transactions than ever before, giving India's venture lending industry a chance to grow and evolve,"" Stride Ventures' Partner Apoorva Sharma said. ""The growing investor trust in the Indian start-up ecosystem provided us with a great opportunity to develop a strong pipeline of deployments that we have utilized across various sectors,"" its founder and Managing Partner Ishpreet Singh Gandhi said. Gandhi said Stride has already committed a large portion of the fund in industry leading startups and its goal is to continue being a preferred lender while developing innovative alternate financing solutions for founders. It follows an agnostic approach and has been lending to companies in segments like consumer, fintech, agri-tech, B2B commerce, health-tech, B2B software as a service (SaaS), mobility and energy solutions (including ). In August last year, it had said disbursals in 2021 are supposed to cross Rs 400 crore and the average ticket size for new deployments is going up to Rs 75 crore."
"India hopes for oil from Iran, Venezuela; higher output from OPEC+ to cool prices New Delhi: India, the world's third-largest energy-consuming and importing nation, is pinning hope on resumption of crude oil supplies from and Iran as well as higher production from nations to help cool international oil prices that have hit multi-year highs. It will also evaluate the Russian offer to sell crude oil at discounted prices after considering aspects such as insurance and freight required to move the fuel from the non-traditional supplier. Replying to supplementaries during question hour in the Rajya Sabha, Oil Minister said oil export from Venezuela and Iran had been hit due to sanctions. The two nations are among those with the highest oil reserves in the world and were significant suppliers to India before US sanctions halted purchases. ""It is our hope and expectation that oil, not only from Venezuela, but other countries under sanction, will become available,"" he said. ""I am hopeful that we will all use collectively, our margin of persuasion... to request the international community to make more oil available including from Venezuela"". Indian oil companies will enter into agreements with Venezuela and ""equally (with) Iran"" no sooner their oil comes into the market, he said. Stating that there are reports that the nuclear issue, which had led to sanctions on Iran, is likely to be resolved, the minister said ""that will also bring more oil into the market."" He hoped that ""apart from oil which will become available by countries who, hitherto, were not supplying on account of sanction, existing plus will increase their production"" to cool oil prices. International oil prices had hit a 14-year high of USD 130 per barrel earlier this month before retracting. It was trading at over USD 108 on Monday. But retail petrol and diesel prices have remained unchanged for a record 130 days in a row. Rates were last revised on November 4, 2021, when international oil prices were at USD 81-82 per barrel. Asked about the reported Russian offer to sell its crude oil and other raw materials at discounted prices with payment through a rupees-rubles transaction, Puri said the government will explore all options which are available. ""Let me again reiterate that in a situation like the one characterised by the pandemic in the last two years and in the last few weeks by a war or a military action taking place between Russia and , the government will explore all options which are available,"" he said. The minister said he has had discussions with the Russian government officials. ""Discussions are currently underway. There are several issues which are required to be gone into like how much oil is available either in Russia or in new markets or with new suppliers which may be coming in the market. Also, there are issues relating to insurance, freight and a host of other issues including the payment arrangements,"" he noted. He promised to report any arrangement that is worked out"
"in the market. Also, there are issues relating to insurance, freight and a host of other issues including the payment arrangements,"" he noted. He promised to report any arrangement that is worked out between Indian oil companies and their counterparts in the Russian Federation or with Iran or any other countries where more oil is coming up. ""It is a dynamic evolving situation characterised by military warfare,"" he added. Puri was repeatedly interrupted by Opposition members who alleged that he was skirting the questions they had put to him. ""I would be happy if some of the 'military quotient' is less here, and, I will get a chance to explain things to my distinguished colleague in greater detail,"" he said. Puri said the price of petrol and diesel at the retail point or at the bunk is determined by international price, cost of insurance, freight, exchange rate, refining margins and a number of other factors. On November 4, 2021, excise duty on petrol was cut by Rs 5 per litre and that on diesel by Rs 10 to provide relief to consumers reeling under record-high prices. International rates have since climbed to multi-year highs but retail prices have remained at the November 4 levels. ""I thought that all the elected representatives would be rejoicing at the fact that the price paid by the consumer has remained steady during that period but I did not see that,"" he remarked. To a separate question, his junior colleague and Minister of State for in a written reply said the geopolitical situation between Russia and Ukraine has resulted in a steep increase in global crude oil and gas prices. ""Government of India is closely monitoring global energy markets as well as potential energy supply disruptions as a fall-out of the evolving geopolitical situation,"" he said. In November 2021, in a bid to control inflationary pressures, the Government of India, in consultation and parallelly with major energy consumers, had agreed to release 5 million barrels from its strategic petroleum reserves. ""Government of India is ready to take all appropriate action, as deemed fit, for mitigating market volatility and calming the rise in crude oil prices,"" he added. On taxes being raised on petrol and diesel at the onset of the pandemic, Puri said they were raised for a particular purpose. ""The question is, raising of taxes, levying of taxes are done depending upon the situation at that point of time,"" he said. After the Union government's decision to cut excise duty, all but nine states also cut local sales tax or . ""We are willing to take such steps as are necessary to control the price,"" he said. He added that rates in India have gone up only by 5 per cent as compared to over 50 per cent in countries like the US, Canada, Germany, and the UK. ""We should be rejoicing that. Instead, what we are hearing from the distinguished member is why it has not gone up,"" he said. Also Read:"
"World leaders need to address climate change as promised in Glasgow: Alok Sharma, COP26 President With barely four months left for this year’s UN climate talks, much needs to done to keep the world on track to meeting the goals set in Paris and . The challenges of the present moment—inflation and debt, energy and food crisis and the geopolitics--and the rising impacts of unchecked global warming being felt across the world are pushing governments. ET’s Urmi A Goswami spoke with COP26 President on the prospects for climate action. Q: World has changed a fair bit since Glasgow (COP26), circumstances have and continue to test countries throwing up different priorities, there have been some setbacks. At the same time, the impacts of are being experienced more acutely, with disastrous outcomes, across the globe. Where do you see this going, from the perspective of the urgently needed climate action? Sharma : Reflecting back to eight months ago what we got into the line was actually historic, we managed to get almost 200 countries to agree to the Glasgow Climate Pact. Some key elements in that--every country agreed to look again at their 2030 emission reduction targets by the end of this year. We had more movement on finance, particularly doubling of adaptation finance by 2025, the phase-down of coal. There is a range of areas where we made a lot of progress, of course we closed the Paris rulebook as well. I think we left COP26, being able to say with some credibility that we had kept the prospect of limiting global warming to 1.5C alive. The world has sort of moved on these eight months. We have had the illegal invasion of by Vladimir Putin’s forces. This of course has resulted in a range of global impacts which, of course, every country is having to deal with. You have an energy security crisis, you have food security issues, inflation is rising across the world and, of course, debt is also rising across the world, particularly in some of the most climate vulnerable countries. Although every world leader needs to deal with the immediate issues they have in front of them, at the end of the day every government needs to be able to deal with more than a handful of issues vitally important that they are, and we know that chronic threat of climate change not going away. You have seen that in the IPCC reports that have come out, the science is very clear on this. But also that every country is experiencing the impacts of global warming. In , you have had record heat waves, you are seeing the impact of that in terms of lives and livelihoods, crop yields. Here in the UK, today I think we are potentially on record the hottest day in very many decades. Across , you are seeing Europe baking and parts of Europe burning. I have come back from South Africa where they had terrible flooding with the loss of thousands of lives in KwaZulu Natal. The chronic threat of climate change isn’t going away and world leaders will have to address this issue as they promised in"
"had terrible flooding with the loss of thousands of lives in KwaZulu Natal. The chronic threat of climate change isn’t going away and world leaders will have to address this issue as they promised in Glasgow at the same time as dealing with all the other issues that of course are of immediate concern to them. Q : Given the situation and the challenges it has thrown up, do you see countries working together better moving away from the adversarial approach? Sharma : One thing I certainly learnt as President is that the multilateral system, although it may be unwieldy, does help to deliver a unified view on these issues; and I think that is what actually drove us getting the over the line. It was that understanding from every country that I spoke to that it was in their self-interest and in our collective interest to deal with climate change. And even last year going into COP26 the geopolitics was starting to get fairly strained obviously it has got a lot worse. What you are seeing many countries, across Europe particularly is the desire to wean themselves off Russian hydrocarbons and what very many countries have understood is that if you are reliant on fossil fuels, particularly when controlled by hostile actor, that makes you extremely vulnerable. So, to meet immediate energy needs you are seeing more use of fossil fuels, at the same time you are seeing a very clear policy statement from countries that they are going to now accelerate on renewables. They have understood that the way you have energy security is to have home grown clean energy. You are seeing that across Europe, in the UK though we are not reliant on Russian hydrocarbons. I think that is the response you are seeing in countries across the world as well. What this moment has made very many countries also realise is that climate and environment security are totally interlinked with energy and national security. If that wasn’t clear to any country previously it certainly is now. Q : There are of Senegal wanting to exploit its gas resources for energy access and oil reserve finds in Guyana and what it could mean for that country. Going beyond assisting big developing countries with significant emissions or emission potential to transition, what is the plan to help countries like Guyana to not exploit its resources because it is not what the world needs yet meet their needs? Sharma : I have always been clear that no developed nation has the right to do is say to a developing nation that they should curb their growth. What we need to do is to support countries to grow but in a clean, green way. Besides, the joint collective effort from G7 nations, there is of course bilateral support that goes on as well There will be examples of bilateral support that is being provided to other developing countries from developed nations. But to the point about investing in fossil fuels in future. One of the things every private sector investor has to keep in mind: is whether they invest now for"
"countries from developed nations. But to the point about investing in fossil fuels in future. One of the things every private sector investor has to keep in mind: is whether they invest now for extraction that may not happen some years from now and whether they run the risk of landing up with stranded assets, you are seeing that particularly in coal. During last year we got the historic agreement at the G7 and at the G20 for those nations to end international financing or coal projects and certainly the conversations I have had with governments around the world and private investors there is an increasing reluctance to invest in new coal for instance, and as a general point applies across fossil fuels. But of course, what we need to do is to help countries transition in a managed way, right. This move to a clean energy future is not about flipping a switch overnight. It is about a managed transition, it is what we are doing in the UK and other developed countries are doing and it is what we need to do support developing countries as well. Q : Loss and damage was an important issue at Glasgow but not resolved. Once again, at Bonn but no movement there as well. Clearly it will be raised again at Sharm-el Sheikh. As climate impacts become more evident, resolving the loss and damage question becomes critical. Where do you see the consensus? Sharma : I have been involved in very detailed way with this whole issue of climate finance for the best part of coming up to now three years, even during that time I have seen the mood music, the language on loss and damage change to the extent that for the first time ever in COP26 we were able to have a significant proportion of the cover decision devoted to loss and damage. A did agree with a way forward with the on Loss and Damage, and the first iteration of that took place in Bonn. It is a consensus driven process and it has got some more time to run. But I am sure in one sure in one way or another loss and damage will be discussed at COP 27, indeed at future COPs as well. The other thing I will point out is that one of the things that is also happening is the recognition that there are some countries that will want to have effectively a finance facility to deal with loss and damage facility, there is also the understanding and realisation that there are the range of existing supports for the impacts of loss and damage—there is the humanitarian aid, the disaster risk finance, social protection, the risk insurance that is currently being available. But this is a big issue for very many countries and I hope will be able to find consensus around this."
"Tesla to run reduced output in Shanghai in January plans to run a reduced production schedule at its plant in January, extending the reduced output it began this month into next year, according to an internal schedule reviewed by Reuters. Tesla will run production for 17 days in January between January 3 to January 19 and will stop electric vehicle output from January 20 to January 31 for an extended break for Chinese New Year, according to the plan seen by Reuters. Tesla did not specify a reason for the production slowdown in its output plan. It was also not clear whether work would continue outside the assembly lines for the and at the plant during the scheduled downtime. It has not been established practice for Tesla to shut down operations for an extended period for Chinese New Year. Tesla did not immediately respond to a request for comment from Reuters. Tesla suspended production at its Shanghai plant on Saturday, pulling forward an established plan to pause most work at the plant in the last week of December, Reuters has reported. Tesla's latest production cuts at Shanghai come amid a rising wave of infections after stepped back from its zero-COVID policy earlier this month. That move has been welcomed by businesses although it has disrupted manufacturing operations outside Tesla. Like other automakers, Tesla has also faced a downturn in demand in China, the world's largest . Earlier this month, Tesla offered an additional incentive for buyers taking possession of vehicles in December. The company has cut prices for Model 3 and Model Y cars by up to 9% in China, in addition to a subsidy for insurance costs. The Shanghai factory, the most important manufacturing hub for Elon Musk's electric vehicle company, kept normal operations during the last week of December last year and took a three-day break for Chinese New Year. The Jan. 21 to Jan. 27 period in 2023 is a public holiday in China for Chinese New Year. Tesla's Shanghai plant, a complex that employs some 20,000 workers. accounted for more than half of Tesla's output in the first three quarters of 2022. Tesla has set a target for growth of 50% in output and electric vehicle deliveries in 2022. Analysts expect output to fall short of that goal at closer to about 45%, based on forecasts for the soon-to-end fourth quarter. Also Read:"
"Russian oil companies ramp up May exports to meet Asian demand Russia is expected to increase seaborne oil exports from its western ports this month to a four-year high to meet Asian demand for low-priced oil, two sources familiar with the loading plans from the ports said. Weaker global prices mean trades below USD 60 per barrel, the level imposed by Western countries, making it more attractive to Asian buyers as they have fewer issues with banks and compliance. Oil exports from Russia's main western outlets, Primorsk, Ust-Luga and Novorossiisk, will reach a combined 2.42 million barrels per day (bpd) this month, slightly up from 2.38 million bpd last month, according to Reuters calculations based on data provided by the sources. May exports from the ports will be almost 2% higher than in April and the highest since 2019, Reuters data showed. Oil loadings from Primorsk and Ust-Luga will reach 7.5 million tonnes, including Urals and Kazakhstan's transit sold as KEBCO oil grade, up from 7.2 million tonnes in April. countries imposed a price cap to try to curb Moscow's revenues, which took effect on Dec. 5. Under the cap, Russian barrels sold below USD 60 per barrel on an FOB basis, which does not include freight and insurance, in the port of loading can be shipped and insured by Western companies, while volumes sold above the cap are banned from the services. Apart from weaker oil prices that are facilitating trade, more oil is available for export as in Russia are undergoing seasonal maintenance in May, which reduces domestic demand. Russian refineries are expected to increase run rates in June as they emerge from maintenance and volumes of crude available for export are likely to decrease. For May, the high export levels have driven up freight rates, traders added, increasing costs for market players. Prices on spot markets are also rising, spurred by Asian enthusiasm to buy. The cost of Urals oil shipments from Baltic ports to India rose to USD 7.7-7.8 million from USD 7.5-7.6 million a week ago, the sources said. Last week, the discount of Urals narrowed to USD 10-USD 12 a barrel to dated Brent on a delivered ex-ship (DES) basis in Indian ports, from minus USD 13 a barrel for April loading cargoes, according to the three traders."
"Chinese smart car supplier PATEO raises 1 billion yuan in new funding round Chinese smart vehicle supplier Shanghai Electronic Equipment Manufacturing Co said on Friday it had raised 1 billon yuan ($149.28 million) in a latest round led by state-owned firms. Shanghai Guosheng Capital, and the investment arm of the country's biggest insurer were the investors of this round of fundraising, PATEO said in a statement. With the new funding, the company has raised a total of 2.5 billion yuan to improve its technology development and innovation, PATEO said. , and were among its investors. The 13-year-old company said it had been supplying its software developed for smart vehicle cockpit and autonomous driving to nearly 30 auto brands. As the global auto industry pursues an electric and smart future, automakers and tech companies are developing technologies to make vehicles more connected and autonomous. Apple also said earlier it was talking to several automakers to bring the new generation of the Carplay software to make their cars smarter."
"Shriram group operationalises largest retail NBFC Shriram Finance; to focus on non-vehicle financing -- created out of the merger of , and ex-holding firm Shriram Capital -- has become operational from Monday and is looking at growing its book faster going forward. The company is heavily dependent on used-commercial vehicle finance and its overall vehicle finance vertical contributed 77.5 per cent of its over Rs 1.71 lakh crore loan book now. The new company wants to take this proportion down to 60 per cent over the next two-three years and pare it further down to 50 per cent over the next five years or so, management led by Umesh Revankar, executive vice-chairman, and Y S Chakravarti, managing director & chief executive of , told reporters here announcing the operationalisation of the new entity. The employees-owned Shriram Group had last December announced merger of Shriram Transport Finance which is the industry leader in used vehicles finance, and its arm Shriram City Union Finance, creating the country's largest retail non-banking finance company (NBFC) Shriram Finance with over Rs 1.71 lakh crore of assets under management and a net worth of Rs 40,900 crore and net income of Rs 2,900 crore in the first half the current fiscal. In FY22, its net income stood at Rs 3,500 crore. Shriram Capital was the holding company of these two operational entities. The new company, to be headquartered in Mumbai, has over 6.7 million customers being served at over 3,600 branches across the country, barring Nagaland, by its 57,000 employees, 3,000 of them hired since merger announcement. ""Shriram Finance is the largest retail NBFC today with a loan book of over Rs 1.71 lakh crore and 6.7 million customers. While announcing the merger last December, we had guided towards 15 per cent top line growth and 10 per cent bottom line expansion and I am happy to say we're very much on course to improve those guidance,"" Revankar said. On the back of the improvement in the overall economy, the company has been witnessing exponential growth in the key business verticals. While overall loan sales has grown 35-45 per cent since the merger announcement, the flagship commercial vehicle vertical has risen 46 per cent and the construction equipment finance soared 64 per cent during this period, Revankar said. Though the company is about the construction equipment finance segment to grow faster on the back of the government push on infra, Chakravarti said, however, the firm wants to balance the growth metrics and pare the dependence on vehicle finance vertical going forward. Giving the asset break-up, he said 60.5 per cent is from used vehicles (commercial vehicles), 17 per cent from passenger vehicles, MSMEs constitute 11.5 per cent, personal loans 3.2 per cent, gold loans 2.8 per cent and 5.3 per cent come from two-wheeler financing. Of the commercial vehicle portfolio, as much as 99 per cent is for used vehicles only, he added. Chakravarti insisted that while the company"
"per cent and 5.3 per cent come from two-wheeler financing. Of the commercial vehicle portfolio, as much as 99 per cent is for used vehicles only, he added. Chakravarti insisted that while the company tries to balance the asset portfolio, it will strive to grow all the business segments -- financing commercial vehicles, MSMEs, personal loans, gold loans, or vehicle loans -- as the market demands. And going forward Chakravarti wants to take gold loan portfolio to 10-12 per cent, by offering the facility across all its branches, from being a limited branch offer only to existing customers. Similarly, he wants to expand the MSME book massively. But he didn't quantify a portfolio size for this. However, Chakravarti ruled out getting into consumer finance, MFI and also co-lending with fintech players for faster growth. While Shriram Transport Finance is the largest financier of commercial vehicles (mostly used vehicles), Shriram City Union Finance is the largest two-wheeler financier and a leader in micro, small and medium enterprise lending. Revankar, who has been leading Shriram Transport Finance for decades, said the merger is a natural culmination of a journey of 43 years. ""With the balance sheet strengthened through the merger, we can serve the needs of the market better now by bringing in more products and help customers with faster access to credit,"" he added. The Shriram group was founded by R Thyagarajan in 1979, but today the ownership is with a trust whose members are the group employees. The promoter group does not take any benefits from the group companies not even royalties. The group also has a life and general insurance verticals, a realty arm, a chit fund, asset management, stock-broking, distribution of financial products, and wealth advisory services. At combined level, the Shriram Group has an overall customer base of over 22.5 million, around 79,100 employees and 4,000 branches. Its net profit stood at Rs 5,360 crore on an asset under management of over Rs 2.16 lakh crore as of March 2022. Shriram Finance also announced the appointment of Jugal Kishor Mohapatra as chairman of the company and Maya Sinha as an independent director."
"Audi A4 allroad earns IIHS's Top Safety Pick award New Delhi: The 2022 , a midsize luxury car, earned ‘ ’ award from the when equipped with specific headlights, announced. According to IIHS, to earn either of the Institute’s two awards in 2022, vehicles must garner good ratings in six IIHS crashworthiness evaluations, including the driver-side small overlap front, passenger-side small overlap front, and moderate overlap front, original side, roof strength, and head restraint tests. They must also be available with a front that earns advanced or superior ratings in both the vehicle-to-vehicle and vehicle-to-pedestrian evaluations. For the lower-tier Top Safety Pick, at least one good or acceptable headlight system must be available. For the higher-tier Top Safety Pick+, good or acceptable headlights must be standard across all trims, it addd. A front crash prevention system that earns superior ratings in both the vehicle-to-vehicle and vehicle-to-pedestrian evaluations is standard across all trims of the A4 allroad. However, the applies only to the Prestige and Premium Plus trims, which come with good- and acceptable-rated headlights, respectively. A marginal rating for the headlight system provided with the Premium trim prevents the four-door wagon from earning “the plus.” Also Read:"
"In Singapore, a certificate to own a car now costs USD 106,000 To own a car in , a buyer must bid for a certificate that now costs USD 106,000, equivalent to four Camry Hybrids in the U.S., as a post-pandemic recovery has driven up the cost of the city-state's vehicle quota system to all-time highs. Singapore has a 10-year ""certificate of entitlement"" (COE) system, introduced in 1990, to control the number of vehicles in the small country, which is home to 5.9 million people and can be driven across in less than an hour. The quota, offered through a bidding process, has made it the most expensive city in the world to buy a car, with the COE for a large car more than quadrupling from 2020 prices on Wednesday to a record Singapore dollars 146,002 (USD 106,376.68). Including COE, registration fees and taxes, a new standard Toyota Camry Hybrid currently costs Singapore Dollars 251,388 (USD 183,000) in Singapore, compared with USD 28,855 in the U.S. A small, government-subsidised flat in Singapore costs about Singapore Dollars 125,000. In 2020, when fewer people in Singapore were driving, the price of COEs dropped to about Singapore dollars 30,000; a post-COVID increase in economic activity has led to more car purchases while the total number of vehicles on the road is capped at about 950,000. The number of new COEs available depends on how many older cars are deregistered. The skyrocketing price puts cars firmly out of reach of most middle-class Singaporeans, putting a dent in what sociologist Tan Ern Ser said was the ""Singapore Dream"" of upward social mobility - having cash, a condominium and a car. The median annual household salary in Singapore is Singapore dollars 121,188. Singaporeans have been battered by persistent inflation and a slowing economy, and some are selling the cars they bought when COE prices were low to make a profit. ""There is a need to lower one's aspiration from achieving the 'good life' to settling with a 'good enough life',"" Tan said. Jason Guan, 40, an insurance agent and father of two, said he bought his first car, a Toyota Rush, for Singapore Dollars 65,000 in 2008, including the price of the COE. Now Guan lives without a car, focusing on other perks that Singapore offers for his family. ""As a family man, it doesn't affect me much as Singapore still has a good and stable education system. In terms of security, it's still one of the safest countries,"" he said."
"Why no compliance of order on PUC tag for vehicles in Maharashtra: NGT : Amid the rising number of offending (non-PUC) vehicles causing , the (NGT) has issued a notice to the state transport authorities asking why they were sitting idle on its 2020 order directing them to make computerised pollution under control (PUC) certification mandatory to ply vehicles in the state, create centralised data pool to know status of each vehicle in real-time, and conduct third-party inspection of all PUC stations to negate bogus certification — all on the lines of Delhi NCR to control pollution. Pollution in Mumbai region has the highest contribution from vehicles at around 71%, earlier pollution surveys such as by IIT-B and MPCB have cited. The NGT, Pune in its 2020 judgment, over a case filed by social activist Dileep Nevatia demanding laying down procedures for PUC checks in Maharashtra, had directed the motor vehicle department that only the vehicles PUC-certified by authorised agency shall be allowed to ply in the state. Talking to TOI, Nevatia said 95% of the PUC certificates are issued without the cars going to the centres and hence he had urged the NGT to ensure implementation of a model by Environment Protection (Prevention & Control) Authority in national capital region (NCR) for Mumbai and Maharashtra. He cited the fact that after computerisation of licensing, around 50% people failed against 4% during manual regime. Meanwhile, joint transport commissioner Jeetendra Patil said ‘mparivahan’ portal offered details of each vehicle real-time under a central database including the PUC and insurance. “PUC centres have been brought under the portal and certificates are automatically generated upon testing at individual centres or at servicing centres. Also, third-party random checking of PUC centres has been ordered besides penal actions upon complaints,” he added. “Ensure strict compliance of Rule 115 sub Rule (7) of the Central Motor Vehicle Rules, 1989 stipulating that only vehicles that carry valid “PUC: Certificate issued by authorised agency are permitted to ply in the state of Maharashtra so as to prevent air pollution due to vehicles that do not have PUC certificate,” the NGT directives had said in its order over Nevatia’s petition. “Record the PUC data only to be automatically linked with the central server with uniform standardized software. Introduce annual third-party inspection of PUC centres. And, limit the number of PUC centres upgrading them under strong supervision and quality control,” NGT directives had stated."
"Rationalisation of duty structure important for fast adoption of new technologies: BMW India Head Rationalisation of the duty structure is critical for the fast adoption of new technologies, including , President said on Thursday. He stressed on a level-playing field in terms of for the existing as well as for new players who seek to foray into the country. ""Our ask from the government has always been that if you want faster adoption of new technologies, and then localisation, there needs to be some rationalisation of the duty structure,"" Pawah told reporters. If the duties were less, it will allow the companies to bring in products and offer it to the customer at the right price, he added. After demand creation, the products could be localised as BMW has been doing since commencing operations in the country, Pawah said. ""Every product that we bring in, initially we try to bring in as CBU, and when the demand grows, we immediately localise it,"" he added. At present, cars imported as Completely Built Units (CBUs) attract of 60-100 %, depending on the engine size and Cost, Insurance and Freight (CIF) value less or above USD 40,000. When asked about talks on giving some concessions to a US based EV major, Pawah said, ""We don't prescribe any kind of preferential treatment. There should be a level-playing field for all whether it's a new entrant, or entrant who's been in the market for the last two decades."" There needs to be a level-playing field for not only the EV segment but for all segments, he noted. ""It's not just the EV technology. There's going to be hydrogen technology tomorrow. There's going to be other technologies there, which are more cleaner, more safer,"" Pawah said. BMW continues to invest in new technologies without any incentive, he noted. The luxury car industry continues to remain minisicule in India, currently for just over 1 % of the overall passenger vehicle volumes annually. On business outlook for the current year, he noted that the overall economic outlook and consumer sentiment continues to be robust, which is a good sign. ""And combined with the product lineup that we have now, with fully availability of all the new products that we already launched in 2023 and the 19 products that we will launch in 2024 that gives us even a higher level of confidence of continuing this solid growth in 2024 as well,"" Pawah said."
"Oil prices extend gains on China demand hopes SINGAPORE - Oil prices rose nearly 1% on Monday, extending gains from the previous session as China eased some of its strict COVID-19 protocols, fuelling hopes of a recovery in economic activity and demand at the world's top . futures rose 87 cents, or 0.9%, to $96.86 a barrel by 0041 GMT after settling up 1.1% on Friday. crude futures were at $89.76 a barrel, up 80 cents, or 0.9%, after closing Friday's session 2.9% higher. Commodities prices rallied on Friday after China's National Health Commission adjusted its COVID prevention and control measures. But COVID cases climbed in China over the weekend. ""This policy pivot will help limit downside fears of a protracted restrictive approach to on-onshore activity, but it doesn't eliminate the immediate demand hit from current lockdowns,"" SPI Asset Management's Stephen Innes said in a note. The easing curbs included shortening quarantine times for close contacts of cases and inbound travellers by two days, as well as eliminating a penalty on airlines for bringing in infected passengers. ""The latest easing in quarantine requirements is certainly a step in the right direction, but the market will likely need to see further easing if this recent enthusiasm is to be sustained,"" ING said in a note. China's demand for oil from world's top exporter Saudi Arabia remained weak as several refiners have asked to lift less crude in December. Separately, U.S. Treasury Secretary Janet Yellen said on Friday that India can continue buying as much Russian oil as it wants, including at prices above a G7-imposed price cap mechanism, if it steers clear of Western insurance, finance and maritime services bound by the cap. However, a firmer dollar kept a lid on oil price gains. U.S. Federal Reserve Governor Christopher Waller has said it would take a string of soft reports for the bank to take its foot off the brakes on interest rate hikes which have been driving up the dollar and depressing prices of commodities priced in the greenback. On Indonesian island Bali ahead of the G20 summit, U.S. President Joe Biden and Chinese leader Xi Jinping will meet in person on Monday for the first time since Biden took office."
"Oil will keep drawing strength from Middle East geopolitics, OPEC+ strategy for now There are growing fears of yet another conflict in the Middle East. is keeping a tight rein on supplies. And growth outlook is improving in some key global economies. For now, the has enough reasons to believe that these factors combined have the ability to more than offset any supply growth that the market is witnessing in non-OPEC producers, at a time when demand growth outlook in some key oil consuming countries, such as China, is just about moderate. As tensions between Israel and Iran grow, geopolitics is dominating the market narrative for oil. After the recent drone attacks, a military conflict between Iran and Israel could quickly embroil nearby major oil and gas producers, including Tehran's counterparts -- Saudi Arabia and the UAE, which have previously found their refineries, pipelines and ports targeted by Iranian-backed Houthi rebels in Yemen. The Middle East accounts for nearly 40% of global oil exports. Iran has also threatened to shut down the Strait of Hormuz connecting the Persian Gulf to the Arabian Sea, through which around 20 million bd of LNG. Any further escalation of conflict between Iran and Israel could sharply influence trade flows via the Strait of Hormuz, the world's most critical shipping lanes, with particularly significant repercussions for the global tanker freight and maritime insurance markets. For the past few months, the additional war risk premium in the Red Sea has been 0.5%-1% of the value of the hull and machinery of the ship varying with age and size, compared with 0.0001% in the Persian Gulf, sources said, adding that it is the latter's turn now to rise significantly. Spotlight on Iran The sharp escalation of tensions between Israel and Iran has prompted the market to question whether the flow of Iranian crude oil to China's independent refiners can continue uninterrupted. For now, the consensus view is that the volumes will likely remain intact in the foreseeable future. While refiners across Asia have started to think of alternatives in the event of an escalation, China's Shandong-based independent refiners are not looking to step away from purchasing Iranian crude -- one of their most favored feedstock. To give a sense of the volumes that normally flow to China from Iran, independent refineries were estimated to have imported around 4.81 million mt, or 1.14 million bb and for 2025 by three dollars to $79b or higher for the remaining period of 2024. One bearish factor will be China's oil demand outlook, but the extent of its impact on prices remains to be seen. After accounting for nearly half of the growth -- 47% to be precise -- in world oil demand from 2000 to 2023, China is transitioning to slower growth. That will not suddenly evaporate, but China's oil demand gains will likely slow from 1 million bd in 2025. However, this does not, on its own, mean lower prices. The global macroeconomic outlook also tells a"
"not suddenly evaporate, but China's oil demand gains will likely slow from 1 million bd in 2025. However, this does not, on its own, mean lower prices. The global macroeconomic outlook also tells a somewhat positive story. We have again raised global macroeconomic growth forecast for 2024 to 2.6% from 2.5%, primarily due to the robust US economy and somewhat improved forecast for the UK and India. The growth projection for the US has been revised upwards to 2.5% for 2024 from 2.4% earlier. Despite the lingering global macroeconomic uncertainties, there are signs of improvement following supportive policy measures in several countries, notably China -- the key consumer of oil and other commodities. The supply equation The market will also be keeping a close eye on strong oil production growth outside of OPEC+. In 2024, is forecast to rise 1.9 million bd in 2024, according to data. In contrast to rising supply outside of OPEC+, crude oil production within OPEC+ is expected to be lower in 2024 than in 2023 — and may be reduced again in 2025. For the markets, Ukrainian drone attacks on Russian refineries will also be closely watched as it provides an upside risk to both crude and product prices. Refinery outages remain high with 1 million b/d of Russian refinery capacity now offline due to Ukrainian drone attacks. The extent of the damage and timeline for repairs remain unclear. However, what seems certain is that the attacks will continue and that further supply disruptions cannot be ruled out. As Russian crude runs fall, there will be a slowdown in diesel exports out of the largest non-OPEC supplier."
"Uber to expand SoS-LE integration to other cities in Visakhapatnam When the cab with a lone female passenger broke down in a secluded place in a forest area, , a safety investigation specialist at the , dealt with the situation with deft aplomb. Recounting the experience, Fani said that it was important in such situations to instil a sense of safety and security among the riders, particularly the women. Hundreds of agents like Fani are going the extra mile at the Uber Centre of Excellence Visakhapatnam – the ride hailing giant’s one of the two CoEs in India and said to be the biggest CoE in the country – to design and offer safe rides. TOI spent a day at this 600-seater Vizag CoE, shadowing the safety analysts and specialists and listening to a few live and outbound calls. Officials from the Uber India and global teams offered TOI a peek into the advanced technologies like machine learning that they deployed and scaled up over the years in their operations to optimise the service delivery and to put safety at the core. For instance, during one of the calls which this correspondent listened to, a rider complained that her phone was snatched by the driver and the ride was cancelled. But based on the trip chronicle, location, and timings, it was found that they have not even met. Speaking to ToI, safety operations head for Uber India and South Asia Sooraj Nair explained how Uber has augmented its safety features pre-trip, on-trip, and post-trip. “From driver background verification and phone number anonymisation to offering insurance, and ‘share my trip’ option, Uber is offering a bouquet of safety features. The RideCheck, which was first introduced in 2019, helps detect when the trip takes an unusually off-course or it ends unexpectedly before the rider’s final destination. When a possible anomaly pertaining to the trip is found, Uber sends an in-app notification to the driver and the rider to check whether everything is alright. They can let us know through the app their situation or they can take other actions like contacting our 24X7 safety centre or the law enforcement authorities. Uber integrated its in-app SoS with law enforcement authorities for the first time in Hyderabad in July 2022. We are in active conversations with multiple police departments across the country to bring this to other cities as well,” said Suraj. Customer experience director for Uber India and South Asia explained the consumer tech being used at Uber to shape customer experience strategy. “Safety is at the heart of everything we do at Uber,” said Manasi, explaining in great detail the safety toolkit and safety features."
"Budget 2024: India needs investment appetite for green energy The is now at a critical juncture. On the one hand we must meet the growing energy needs of the country, and on the other hand fulfill the ambitious energy transition-related goals. Although the government must be commended for undertaking various initiatives and bringing substantive improvements in the sector viz. reduction in receivables, streamlining award of projects and honouring of contracts, adding more PSUs as REIA viz. NHPC, SJVN, rollout of AMI implementation under RDSS scheme etc., more needs to be done in this regard. There is an urgent need to increase RE capacity addition from the present level of 15 GW per year to 50 GW per year, along with a tripling of investments. The upcoming Union is an opportune time to make suitable provisions for increasing the investment appetite in the sector. Our expectations are as follows: Scaling up finance: Measures like allocation of higher loan capital towards RE in PSBs, additional capitalisation in organisations like IREDA, raising capital through tax saving renewable bonds, suitable regulatory framework for attracting insurance firms and pension funds, providing regulatory certainty and procedural ease for InVIT and AIFs, will increase the availability of finances for RE projects. Relaxing norms for improving investment climate: Presently, RE projects are developed through Holding Company-SPV route. Some relaxation of norms such as the exemption of holding company from being recognised as NBFC/CIC, exemption of corporate tax on dividends received by holding co for re-investment into RE assets, consolidated tax filing at group level instead of individual SPV level, will improve the investment climate. Streamlining land acquisition process and Right of Way (RoW) issues: As land acquisition and RoW issues often delay RE projects, there could be merit in creating a suitable mechanism through a land bank and streamlining land acquisition process for faster execution. Viability Gap Funding for : Absorption of high RE requires utility scale battery storage solutions. Presently, it is unviable due to high costs. The government may provide support through VGF to battery storage systems till it achieves scale and reduction in cost. Similarly, capital subsidy may be considered for promoting pumped storage projects, which has a higher capex compared to battery storage, but offers much better life and utility. Capital Subsidy for Smart Grid implementation and other technologies: Smart and robust grid is needed for bringing flexibility to the demand and supply. While the capital subsidy for AMI implementation should be continued, the scope may be enhanced by including in its ambit implementation of other technological solutions including decision support system, AI etc. necessary for improving discoms' operational efficiency and strengthening of the grid for integration of . Reduction in Taxes & Duties for promoting domestic manufacturing:"
"support system, AI etc. necessary for improving discoms' operational efficiency and strengthening of the grid for integration of . Reduction in Taxes & Duties for promoting domestic manufacturing: Extending the concessional corporate tax of 15% to new domestic manufacturing companies till March 2027 and making it applicable for green hydrogen and hydrogen derivatives business is recommended. GST rates can also be reduced to 5% for manufacturing of green hydrogen, electrolysers, and solar modules. The custom duty on solar cells may also be reduced to foster domestic manufacturing. Boosting R&D and capacity building: As the advent of renewables has made the power sector very dynamic, the government could consider promoting R&D and bring innovation in technologies such as battery, green hydrogen, and smart grid. There is also a need for continuous capacity building to be able to handle newer developments taking place in the sector."
"India exported USD 6.65 bn oil products derived from Russian oil to sanctioning nations: Report Over one-third of India's export of to the G7-led coalition countries was derived from , a European think-tank said, highlighting how the partners shunned buying Russian crude and imposed price caps but a loose policy on refined product allowed third countries to use and legally export products to them. While there are no restriction or sanctions on buying/using and exporting fuels such as diesel derived from it, the Group of Seven (G7) rich nations, the European Union and Australia - called the price cap coalition countries - first set a crude price cap of USD 60 per barrel starting December 5, 2022 and later on products like diesel to keep market supplied while limiting Moscow's revenue. This was aimed at punishing Russia for its February 2022 invasion of Ukraine by depriving it of oil revenues while averting a surge in prices that could occur if Russian oil stopped flowing to global markets. ""In the 13 months since the oil price cap took effect (in December 2022), over one third of India's exports of oil products to sanctioning countries was derived from Russian crude (EUR 6.16 billion or USD 6.65 billion),"" the Finland-based (CREA) said in a report. ""A huge proportion of these exports came from the Jamnagar refinery,"" it said, alluding to the refinery operated by in Gujarat. Jamnagar alone exported EUR 5.2 billion of oil products produced from Russian crude to the price cap coalition, it added. An email sent to Reliance for comments remained answered. ""India imported Russian crude worth EUR 3.04 billion to create these products for sanctioning countries,"" CREA said. The USA imported EUR 1.2 billion of oil products from India, which were estimated as being refined from Russian crude. ""India imported EUR 733 million of Russian crude to create these products for the USA."" The price cap coalition countries imported a further EUR 469 million worth of oil products from the Vadinar refinery, it said, alluding to the refinery operated by in Gujarat. ""Russian energy giant - who are on 's list of sanctioned entities - is its single largest shareholder with a 49.1 per cent share in the company."" The USA imported EUR 59 million of oil products from Vadinar starting from the introduction of the crude oil price cap until the end of December 2023. According to CREA's estimate, 42 per cent of the refinery's feedstock is Russian crude. While some western nations have since February 2022 shunned buying Russian oil directly, they however import petroleum products from China, India and Turkey that have emerged as major buyers of Russian crude oil. Turkey's port of Aliaga (the location of the STAR refinery and Tupras Aliaga Izmir refinery), was the second highest exporting location of oil products made from Russian crude to the price cap coalition, it said. ""EUR 8.5 billion (USD 9.18 billion) of price cap coalition countries' imports of oil products between December 1,"
"location of oil products made from Russian crude to the price cap coalition, it said. ""EUR 8.5 billion (USD 9.18 billion) of price cap coalition countries' imports of oil products between December 1, 2022 and December, 2023 were made from Russian crude. These imports in a 13 month period are equivalent to 68 per cent of the EU's annual commitment to aid Ukraine between 2024 and the end of 2027,"" CREA said. In 2023, there was a 44 per cent year-on-year increase in sanctioning countries' imports of oil products, by volume, produced from Russian crude, it said, adding the price cap coalition's (PCC) imports of oil products made from Russian crude oil generated EUR 1.7 billion of tax revenues for the Kremlin from December 2022 to December 2023. Since the introduction of the price cap till December 2023, the USA imported EUR 1.6 billion worth of oil products derived from Russian crude. EUR 807 million of Russian crude was used to make these products for the USA, it said, adding price cap coalition countries imported EUR 2.4 billion of diesel derived from Russian crude. ""Over one-third of sanctioning countries' imports of oil products from the eight major refineries identified as using Russian crude, consisted of diesel, worth EUR 7.4 billion. 76 per cent of this, worth EUR 5.7 billion, came from the Jamnagar refinery in India,"" it said. According to CREA's estimates, EUR 1.88 billion of this diesel was derived from Russian crude. ""This lies upon the assumption that the diesel exported from this refinery is produced from the same proportion of Russian feedstock as for all other oil products. Relying upon a similar assumption, EUR 2.4 billion of diesel imported by the price cap coalition from these eight refineries is derived from Russian crude,"" it added. The EU bars EU vessels as well as insurers from handling Russian-origin oil unless it is priced at or below the price cap."
"Union Road Ministry formalises movement of foreign personal vehicles New Delhi: The on Sunday said it has formalised , registered in other countries, when entering or plying in Indian territory. In a notification, the said under the Motor Vehicles , 2022, a valid registration certificate should be carried in the vehicle operating under these rules while in the country. A valid driving licence or , whichever is applicable should be carried in the vehicle. Also, an insurance policy and pollution under control certificate should be carried in the vehicle, the notification stated. In case these documents are in a language other than English, then an authorised translation, duly authenticated by the issuing authority, shall be carried along with the original papers, it said. Motor vehicles registered in any country other than India shall not be permitted to transport local passengers and goods within the territory of India, it added."
"Porsche dealership to pay UP man INR 18 lakh for selling him car with ‘wrong’ year of manufacture A in Gurugram has been ordered by the (NCDRC) to pay a client from Meerut INR 18 lakh as compensation for giving false information about the year that the car was manufactured. Inder Jit Singh, a member of the NCDRC, and Justice Ram Surat Ram Maurya, who served on a division bench, noted that the act amounted to a lack of service and an unfair business practice. The firm was ordered by the commission to pay the complaint, Praveen Kumar Mittal, Rs 25,000 in litigation costs. Within three months of the order date, the Porsche centre is required to make the payments. Mittal said that he purchased a diesel Porsche Cayenne for INR 80 lakh from the Porsche Center in Gurugram on February 28, 2014. He said that the agents and sales representative informed him that the was made in 2014 when he was finalizing the model. Additionally, he said that they told him that if the two-year first warranty was renewed before it expired, the car's warranty would be increased to ten years. Mittal said that the Gurgaon shop had given him a sale invoice, sale certificate, temporary certificate of registration, and Form 22 for first compliance with rules and insurance on February 28, 2014, all of which were dated. The Meerut resident, however, claimed that he learned the automobile was made in 2013 rather than 2014 when he intended to sell it again in 2016. Mittal, who was represented by attorneys Vivek Narayan Sharma and Mahima Bhardwaj, claimed that Porsche Centre, Gurgaon, had manufactured his automobile ""illegally and with intent to cheat"" him by falsifying all of the documentation related to it and claiming the incorrect year. In its statement, The Porsche Centre said that Mittal was informed that the automobile was manufactured in 2013, to which he had consented and purchased it for INR 80 lakh, as well as that he had received a reduction of INR 11.90 lakh off the entire price. The center reportedly claimed that Mittal was given the option of purchasing an additional two years of , but he allegedly declined and indicated he would wait until the original two years had passed. The business also claimed that the center had issued a letter dated February 28, 2014, as well as a Form 21 (sale certificate), all of which contained a description of the automobile and stated that the year of production was 2013. The center said that it had instructed Mittal to have the vehicle registered by them, but he reportedly responded that he had connections at the Regional Transport Office and would register the vehicle himself for the 2014 model year. The center informed the bench that they had cautioned Mittal not to do such actions since they were against the law, unethical, and would cause him issues. It also submitted a copy of the interim certificate it had supplied along with other papers to the Commission. The Porsche Centre accused Mittal of having ""mala fide intentions"" by"
"cause him issues. It also submitted a copy of the interim certificate it had supplied along with other papers to the Commission. The Porsche Centre accused Mittal of having ""mala fide intentions"" by labelling his lawsuit as ""frivolous and vexatious, exaggerated and mischievous."" Regarding Mittal's claim that he was denied an extended warranty in 2016 because Ltd.'s system had the car's year of manufacture entered incorrectly, the Gurgaon Center stated that Mittal had been advised that Porsche India had discontinued providing warranties. The NCDRC examined the papers and found that they were not duplicates of one another and that the documents submitted by both parties not only had distinct years of production but also different authorized signatures. The panel determined that one of the two sets of documents—one generated by Mittal and the other by Porsche Centre—could not be authentic. The NCDRC acknowledged the complainant's papers as authentic since they were received from a public entity under the Right to Information Act. It specifically took into account the fact that Porsche Centre's evidence acknowledged Form 21 as being generated by Mittal and stating 2014 as the year of manufacture. The committee also mandated that the police conduct a probe into two papers, Form 21 and a temporary certificate of registration issued by Porsche Centre, Gurugram, which had the signature of a different authorized signatory from the one who had provided Mittal with the two documents. It instructed the police to take the proper steps if the Porsche Centre documents were found to be falsified and fake. The NCDRC declined Mittal's request for a new automobile of a comparable make in place of his old car or a refund of more than INR 80 lakh plus additional charges he paid in purchasing the car because he had been using it since the time of its acquisition. For ""acute mental and psychological sufferings, unfair trade practices, and deficiency in service"" brought on by the corporation, Mittal had also requested damages in the amount of INR 1 crore. The commission, however, said that he was entitled to compensation since the Porsche shop had provided subpar service and engaged in dishonest business practices."
"Inflation Reduction Act may have little impact on inflation WASHINGTON - With inflation raging near its highest level in four decades, the House on Friday gave final approval to President Joe Biden's landmark . Its title raises a tantalizing question: Will the measure actually tame the price spikes that have inflicted hardships on American households? Economic analyses of the proposal suggest that the answer is likely no - not anytime soon, anyway. The legislation, which the Senate passed earlier this week and now heads to the White House for Biden's signature, won't directly address some of the main drivers of surging prices - from gas and food to rents and restaurant meals. Still, the law could save money for some Americans by lessening the cost of prescription drugs for the elderly, extending health insurance subsidies and reducing energy prices. It would also modestly cut the government's budget deficit, which might slightly lower inflation by the end of this decade. The nonpartisan Congressional Budget Office concluded last week that the changes would have a ""negligible"" impact on inflation this year and next. And the University of Pennsylvania's Penn Wharton Budget Model concluded that, over the next decade, ""the impact on inflation is statistically indistinguishable from zero."" Such forecasts also undercut the arguments that some Republicans, such as House Minority Leader Kevin McCarthy have made, that the bill would ""cause inflation,"" as McCarthy said in a speech on the House floor last month. Biden himself, in speaking of the legislation's effect on inflation, has cautiously referred to potentially lower prices in individual categories rather than to lower inflation as a whole. This week, the president said the bill would ""bring down the cost of prescription drugs, health insurance premiums and energy costs."" At the same time, the White House has trumpeted a letter signed by more than 120 economists, including several Novel Prize winners and former Treasury secretaries, that asserts that the law's reduction in the government's budget deficit - by an estimated $300 billion over the next decade, according to the CBO - would put ""downward pressure on inflation."" In theory, lower deficits can reduce inflation. That's because lower government spending or higher taxes, which help shrink the deficit, reduce demand in the economy, thereby easing pressure on companies to raise prices. Jason Furman, a Harvard economist who served as a top economic adviser in the Obama administration, wrote in an opinion column for The Wall Street Journal: ""Deficit reduction is almost always inflation-reducing."" Yet Douglas Holtz-Eakin, who was a top economic adviser to President George W. Bush and later a director of the CBO, noted that the lower deficits won't kick in until five years from now and won't be very large over the next decade considering the size of the economy. ""$30 billion a year in a $21 trillion economy isn't going to move the needle,"" Holtz-Eakin"
"until five years from now and won't be very large over the next decade considering the size of the economy. ""$30 billion a year in a $21 trillion economy isn't going to move the needle,"" Holtz-Eakin said, referring to the estimated amount of deficit reduction spread over 10 years. He also noted that Congress has recently passed other legislation to subsidize semiconductor production in the U.S. and expand veterans' health care, and suggested that those laws will spend more than the Inflation Reduction Act will save. In addition, Kent Smetters, director of the Penn Wharton Budget Model, said the law's health care subsidies could send inflation up. The legislation would spend $70 billion over a decade to extend tax credits to help 13 million Americans pay for health insurance under the Affordable Care Act. Those subsidies would free up money for recipients to spend elsewhere, potentially increasing inflation, although Smetters said he thought the effect would likely be very small. While the act could have the benefit of increasing the savings of millions of households on pharmaceutical and energy costs, it's unlikely to have much effect on overall inflation. Prescription drugs account for only 1% of the spending in the U.S. consumer price index; spending on electricity and natural gas makes up just 3.6%. Starting in 2025, the act will cap the amount Medicare recipients would pay for their prescription drugs at $2,000 a year. It will authorize Medicare to negotiate the cost of some high-priced pharmaceuticals - a long-sought goal that President Donald Trump had also floated. It would also limit Medicare recipients' out-of-pocket costs for insulin at $35 a month. Insulin prescriptions averaged $54 in 2020, according to the Kaiser Family Foundation. ""This is a historic change,"" said Leigh Purvis, director of health care costs at the AARP Public Policy Institute. ""This is allowing Medicare to protect beneficiaries from high drug prices in a way that was not there before."" A study by Kaiser found that in 2019, 1.2 million Medicare recipients spent an average of $3,216 on drug prescriptions. Purvis said recipients who use the most expensive drugs can spend as much as $10,000 or $15,000 a year. The legislation authorizes Medicare to negotiate prices of 10 expensive pharmaceuticals, starting next year, though the results won't take effect until 2026. Up to 60 drugs could be subject to negotiation by 2029. Holtz-Eakin argued that while the provision may lower the cost of some Medicare drugs, it would discourage the development of new drugs or reduce new venture capital investment in start-up pharmaceutical companies. The Inflation Reduction Act's energy provisions could also create savings, though the amounts are likely to be much smaller. The bill will provide a $7,500 tax credit for new purchases of electric vehicles, though most EVs won't qualify because the legislation requires them to include batteries with U.S. materials. And the legislation also"
"a $7,500 tax credit for new purchases of electric vehicles, though most EVs won't qualify because the legislation requires them to include batteries with U.S. materials. And the legislation also significantly expands a tax credit for homeowners who invest in energy-efficient equipment, from a one-time $500 credit to $1,200 that a homeowner could claim each year. Vincent Barnes, senior vice president for policy at the Alliance to Save Energy, said this would allow homeowners to make new energy-efficient investments over several years. But for all Americans, including those who aren't homeowners, the impact will likely be limited. The Rhodium Group estimates that by 2030 the bill's provisions will save households an average of up to $112 a year as gas and electricity becomes cheaper as more Americans drive EVs and houses become more energy- efficient."
"HSRP deadline could be extended again With a huge chunk of yet to kickstart the process of obtaining ( ) despite the Feb 17 deadline fast approaching, the state transport department is thinking of extending it again. A formal announcement will be made shortly. In the last six months, only 14 lakh out of nearly 2 crore vehicles have switched over to the new number plates so far. In this backdrop, the department is exploring the possibility of deferring the deadline by another three months. Sources said: “Though there is a significant jump in people booking HSRP as the deadline is nearing, it is a fact that most old vehicle owners are yet to follow the rules. The decision on extending the deadline will be taken at the government level.” This is the second time that the deadline may be extended; the first one was November 17 last year. In fact, the Feb 17 deadline evoked terse reactions from motorists as the process of obtaining HSRPs is not as smooth and fast as claimed by the govt, especially with regard to old vehicles. This apart, those who rushed to procure HSRPs are complaining about the poor quality of number plates vis-a-vis the price paid. Vehicle owners trying to book HSRP online complain they are unable to complete the process due to technical glitches. Many say the website shared by the transport department accepts details but does not allow bookings even after multiple attempts. There are also complaints about vehicle details shared by owners not matching with Vahan records. “I tried booking HSPR at least ten times. When I visited SIAM (Society of Indian Automobile Manufacturers) website, it directed me to another one after providing basic information about the vehicle. Even after furnishing required details on the vehicle, billing address and others, the website failed to process my bookings,” said Hari Prasad, a vehicle owner. A biker said: “I own a Yamaha RX-135 bike manufactured in 1998 with a valid FC and insurance. Whenever I tried booking HSRP online, the website says vehicle details don’t match. When I checked the details on Parivahan website, the same were correct. After multiple attempts, the website allowed home-delivery of HSRP under hydra-LMV vehicle category. Worried over getting wrong-size number plates under the category, I haven’t booked one yet. The govt should end this confusion for old vehicle owners.” People have also brought to the department’s notice the vehicle’s fuel type getting displayed incorrectly and ‘error’ showing during NoC issues by RTOs and others. Those living in rural areas are facing hardships too, as they have to travel to the district or taluk headquarters for installation of HSRP. Earlier, the transport department had warned of imposing a penalty on those who fail to book HSRP within the deadline. It is said that as Lok Sabha elections are fast approaching, the state govt may not resort to such a move."
"White collar hiring activity up 40% from year ago in May The white collar job market continued to show robust recovery in May as surged over 40% compared to a year ago amid recovery across key industry sectors, according to the latest data from portal based on its . The key sectors that led the growth were travel and hospitality (+352% year-on-year), retail (+175%), real estate (+141%) and insurance (+126%). Other key sectors that saw an uptick in hiring trends as compared to last year were banking and financial services (+104%), education (+86%), automobile (+69%), oil & gas (+69%), fast moving consumer goods (+51%) and IT-software/software services (+7%). “The recruitment landscape continues to stay resilient and is sustaining the momentum 2022 ushered in,” said Pawan Goyal, Chief Business Officer, Naukri.com. “The job market has shown stable sequential trends that are substantially ahead of last year baselines. The secular nature of trends; cutting across metros as well as non-metros, experienced professionals as well as freshers is again a good indicator of this strong hiring sentiment,” he added. The data is compiled from the Naukri.com website based on jobs posted by over 76,000 clients. The report shows hiring trends across industry sectors, geography, and experience level. When compared with last month, all key sectors showed stabilisation and continued to maintain April run rates in May. The demand for talent in metros and non-metros remained steady as all cities indicated a double-digit y-o-y growth in May. Among metros, Delhi (63%) registered the highest y-o-y growth closely followed by Mumbai (+61%). Other metros, i.e., Kolkata (+59%), Chennai (+35%), Pune (+27%), and Hyderabad (+23%) also showed positive y-o-y growth. Hiring sentiment was positive across all tier-II cities with Jaipur leading the y-o-y growth in demand for talent at (+76%). Other emerging cities such as Coimbatore (+64%), Vadodara (+49%), Cochin (+35%), Ahmedabad (+26%), and Chandigarh (+25%) showed double digit y-o-y growth. When compared with last month, emerging cities also maintained consistency in hiring activity in May. Across all experience levels, the demand for entry-level talent (0-3 years) exhibited the steepest rise of 61% in May versus a year ago. A positive hiring sentiment was observed for other experience brackets such as 4-7 years (+37%), over 16 years (+27%), 13-16 years (+26%) and 8-12 years (+22%). At month-on-month level, the demand for all experience bands remained stable."
"BMW India appoints Varsha Autohaus as its Dealer Partner in Mangaluru Mangaluru: announced the opening of dealership in Mangaluru, Karnataka. The dealership offers immersive sales, service and brand experience along with access to (BPS) - the used car division of Group India. The fully-fledged facility is located at Survey No.27/-16P4, Near Kannur Old Check Post, Mangaluru, Karnataka 575007. The dealership is headed by Kapil Kanuri, Dealer Principal, Varsha Autohaus. Vikram Pawah, President, BMW Group India, said, ""As part of our vision for sustainable growth, BMW India is committed towards the development of a robust BMW dealer network of international standards at all important commercial centers across the country. Mangaluru is one of the fastest growing non-metro cities in South India and will play an important role in BMW's market offensive in India. With the launch of Varsha Autohaus, we will continue to set new standards in the luxury car market in the region and provide to our customers and prospects in Mangaluru and the Karnataka region."" Kapil Kanuri, Dealer Principal, Varsha Autohaus said, ""We are delighted to represent BMW India in Mangaluru. Varsha Autohaus reflects our commitment to offer ultimate luxury experience to our clientele and further tap the growing luxury automobile market in the region. Situated at a prime location and equipped with the latest technologies, this facility will play an instrumental role in creating an unrivalled sales and service experience for our discerning customers."" Strategically located, the new 'Fully Fledged' facility is spread over 33,400 sq ft, the new dealership has an ultra-modern showroom integrated with an after-sales service facility featuring service bays and a spare parts inventory. The showroom can display four cars and the workshop is equipped with eight service bays that can service up to 20 cars per day. The latest range of BMW Lifestyle Collection is showcased for automotive enthusiasts. The facility also has installed a 24 kw DC Charger for charging of in its parking area. An interactive Emotional Virtual Experience (EVE) - A seamless journey integrating online and offline touchpoints along with a car configurator helps customers to evaluate and select their dream car as per their choice. Further, the lounge offers a relaxed ambience to enjoy a cup of the finest brewed coffee and discuss various aspects of owing a BMW vehicle with sales consultants. A range of individual and attractive financing options are through BMW India Financial Services available for new and used cars. A dedicated team of finance and insurance consultants offer personalised advice and provide suitable financing options as per customers' needs and future plans. Customers can choose a trade-in offer for a fair exchange value, hassle free documentation and evaluation of vehicle at their doorsteps. As with every other , Varsha Autohaus has provided its staff intense training to ensure customers receive"
"fair exchange value, hassle free documentation and evaluation of vehicle at their doorsteps. As with every other , Varsha Autohaus has provided its staff intense training to ensure customers receive best-in-class pre and post sales ownership experience. A team of sales and service engineers have also been trained at the state-of-the-art BMW Group India Training Center in Gurugram, Haryana. The facility diligently follows comprehensive sanitisation process of its premises, display vehicles and workstations."
"Audi India inaugurates Audi Approved: plus facility in Mangalore New Delhi: Audi, the German , Friday inaugurated a new : plus facility in Mangalore, Karnataka. This new facility is located at Door No 3, 93, Junction, Kuloor, Kavoor in Mangalore. Audi Approved: plus guarantees the high quality . Every pre-owned Audi vehicle displayed and sold at Audi Approved: plus showrooms undergo mechanical, bodywork, interior and electrical inspections at 300+ multi-point checks, along with a full on-road test to ensure peace of mind. Under the program, offers 24x7 Roadside Assistance and complete vehicle history before purchase. Additionally, customers can also avail easy financing and insurance benefits through the program, the company said in a media release. , Head of Audi India, said, “The opening of this new facility in Mangalore underscores our unwavering commitment to providing a best-in-class pre-owned car buying experience. The pre-owned luxury car segment is a critical growth driver, and we are well-positioned to capitalize on this opportunity through our rapidly expanding Audi Approved: plus network and uncompromising quality standards. We envision the Approved: plus program to be the benchmark for pre-owned luxury car ownership in India.” Amit Jain, CEO, Jubilant MotorWorks, said, “This state-of-the-art facility represents our commitment to delivering exceptional performance, luxury and customer experience that is synonymous with the Audi brand. This new Audi Approved: plus facility is set to revolutionize the benchmarks of quality and service in the pre-owned luxury car market, providing unmatched standards and service excellence to our valued clientele.” Audi Approved: plus the pre-owned car business grew at 50% in FY23-24. In the period January to March 2024, Audi Approved: plus witnessed a robust growth of 25%. The brand will continue to expand and add three more pre-owned car facilities this year."
"After Telangana, Maharashtra's Jayant Patil invites Elon Musk to invest in the state Close on the heels of Telangana industry and commerce minister KT Rama Rao making an entreaty to and , Maharashtra's Water Resources Minister Jayant Patil made an overture to the tech mogul touting the benefits of setting up a manufacturing operation in the State. ""Maharashtra is one of the most progressive states in India,"" he said on Twitter responding to a tweet from Musk saying that his company was facing challenges launching operations in India. ""We will provide you all the necessary help from Maharashtra for you to get established in India. We invite you to establish your manufacturing plant in Maharashtra,"" Patil said. The Tesla boss had tweeted on Thursday about facing challenges launching operations in India, which was the latest of numerous such tweets over the past few years. On Friday night, KT Rama Rao made a pitch to Tesla to set up shop in Telangana. “Will be happy to partner Tesla in working through the challenges to set shop in India/Telangana,” the minister said on Twitter. “Our state is a champion in sustainability initiatives and a top-notch business destination in India.” The world’s most valuable car company has pitched for a cut in import duties ahead of its local launch. Tesla said the levies imposed by India are the highest among large countries and that it can only consider setting up a factory locally if it succeeds with imported models. India charges 60% duty on vehicles with a net CIF (cost, insurance, freight) value of up to $40,000 and 100% duty on vehicles costing more. All of Tesla’s vehicles will be subject to the higher duty, given their pricing. Tesla has sought 40% duty. Import duties are a central subject and out of the purview of state governments. Also Read:"
"BMW Group introduces Retail.Next concept for its dealerships in India has introduced the innovative Retail.Next concept for its dealerships in India. Retail.Next is a holistic and progressive approach focussed on customer-centricity, flexibility, sustainability, and best in class premium experience. It has opened the first Retail.Next dealership, Speed Motorwagen, in Agra, UP, at 607, Mauja Artoni, NH2, the company said. Speed Motorwagen also represents Group India with sales and service facilities in Lucknow and Kanpur, in the state. The holistic approach is not only based on new design but also focussed on new processes, digital tools and roles. The foundation is based on a seamless phygital (physical and digital) engagement which puts customers and products at the centre stage. The retail experience reflects the iconic status of BMW in a renewed design and floor plan layout that creates an easy, warm and welcoming premium atmosphere at dealerships. Sales and Service has a premium overall appearance including one entrance, one floor under one ceiling, the company said in a media release. , President, BMW Group India, said, “At BMW we are always elevating the luxury experience for our customers. Each time they step into a BMW dealership, they step into a unique world with which they have an instant connection. It is modern, progressive and luxurious in the true sense. With Retail.Next Dealership concepts we have reimagined our customer-centric approach blending phygital innovation with modern aesthetics and engaging environment. We are delighted to bring the first Retail.Next dealership in the country to Agra with our trusted partner - Speed Motorwagen and will continue to introduce more Retail.Next dealerships across the country.” Divij Narain, Dealer Principal, Speed Motorwagen, said, “Our partnership with BMW Group India has flourished over the years and we are very proud of the growth we have achieved. With thriving business operations in Uttar Pradesh, launching the first Retail.Next dealership in Agra heralds a new chapter of success in our story. We thank BMW Group India for this opportunity and are excited to offer unrivalled services and luxurious experiences to BMW customers in the region.” The Retail.Next dealership facility delivers extremely high-quality standards in all processes of Service, Spare-parts and Business Systems to ensure that customers receive best-in-class pre and post sales ownership experience, the release said. The dealership has a three-car display zone, lifestyle and accessories and workshop with three service bays. The dealership also offers attractive financial solutions through BMW Financial Services India. Customers can avail attractive finance and insurance options for the products of their choice, the release added."
"Up to INR 5 lakh discounts, other benefits on cars this month: How to get the best deal for your next car Are you planning to buy a new car — your first wheels or a much-awaited upgrade of the old one? Then the festive season could be the right time to purchase as several companies offer discounts and attractive deals now. Moreover, you will get reduced interest rates on car loans from various lenders at this time. It may sound exciting on paper but could be a bit daunting in reality when deals and offers are pouring in from every corner. It is important to understand and evaluate the benefits that a deal is offering. Is it really saving you some extra bucks or just a mere eyewash? Read on to find out how you can make the most of the festive season deals on cars. Buying a car? Always go for cash discounts Look for cash discounts while buying a car as it will bring down the total price of the car. Even if you go for a car loan, it will reduce the equated monthly instalments (EMIs), i.e., the overall cost of the car. Several manufacturers or dealers offer attractive cash discounts during the festive season. However, do not expect cash discounts on cars that have just been launched or are in great demand. So, always ask for cash discounts as it makes more sense than other freebies such as free insurance or accessories. Do not forget to bargain for the discount with your dealer to maximise savings. Corporate discounts can save you big Do you know if you work at a reputed company, you can get corporate discounts? Some car manufacturers offer discounts for employees of select companies, known as corporate discounts. The dealers usually have a pre-approved list of companies for corporate discounts. If your company is on that list, you will be eligible for a corporate discount. If you are not sure whether you will get a corporate discount, do not hesitate to ask your dealer about it. Do note that the pre-approved list and discounts will vary from one dealer to another, says Nitin Chadha, Senior Vice President, ACKO Drive. Midsize sedan cars discounts #Discounts are valid till month-end #These offers are applicable in Delhi. These offers are subject to change at any time and may change in other cities depending on availability Source: Myhelpline.com Upgrading your car or buying a second car? Look for exchange offers, loyalty bonus offers If you already own a car, you can check with the manufacturer if you are eligible for a loyalty bonus. Usually, the manufacturer offers loyalty bonuses to keep their existing customers with them. If you already have a car, the dealer may give you exchange offers. A lot of people prefer exchange offers to escape the hassles of selling their old vehicles. However, they may not always yield the best value for the old vehicle. To get a good deal on the exchange, you need to find out what is the right price for the car. You can check the resale value of your car from companies such as Cars24, Carwale, AckoDrive, and other used"
"get a good deal on the exchange, you need to find out what is the right price for the car. You can check the resale value of your car from companies such as Cars24, Carwale, AckoDrive, and other used car apps. Once you have an estimate of its value, you can ask your dealer to match it. Compare all the offers and then take a decision. Discounts on compact sedan cars #Discounts are valid till month-end #These offers are applicable in Delhi. These offers are subject to change at any time and may change in other cities depending on availability Source: Myhelpline.com Financing your car: How to get the best car loan How are you planning to finance your car? If you are thinking of taking a loan, several lenders offer attractive rates on auto loans during the festive season. Choosing the right car loan is not easy. Adhil Shetty, CEO, BankBazaar.com says, ""Take the time to shop around and compare offers from banks, NBFCs, and the dealership. Get quotes from multiple sources and consider both the interest rate and the overall loan terms, including the duration of the loan and the prepayment options. Choosing a lender with more favorable terms can significantly reduce your overall car loan cost."" ""Opt for a loan tenor that aligns with your financial goals and capacity. A longer tenor may result in lower monthly payments, but often leads to higher overall interest costs, while a shorter tenor may mean higher monthly payments but can save significantly on interest. Choose a balance that suits your budget and minimises the total cost of the loan,"" Shetty says. Discounts on Mid SUV cars #Discounts are valid till month-end #These offers are applicable in Delhi. These offers are subject to change at any time and may change in other cities depending on availability Source: Myhelpline.com Several dealers also provide options to finance your car. It may be convenient as you do not have to shop for your auto loan but it comes with higher interest rates or added fees, says Amit Setia - Head of Car Loans, Capri Loans. ""Comparing dealer offers with banks or other lenders can reveal better terms. If the dealer's terms align with or surpass other offers, it might be worthwhile. However, securing pre-approval from outside sources empowers buyers during negotiation, potentially leading to better rates. Careful consideration of repayment terms from various sources ensures the best financing choice,"" he adds. Freebies are never free When buying a car, dealers may offer freebies like free accessories or insurance. ""Understand that nothing comes for free, but you can definitely save by negotiating independently with the dealer and the lender,"" says Chintan Panchmatiya, Founder of Switch My Loan. Most experts advise purchasing insurance directly from insurers to save on the insurance premium, Panchmatiya adds. Even if the dealer offers you free insurance, that cost is usually adjusted somewhere. Check the premiums and terms and conditions carefully before finanlising the deal."
"premium, Panchmatiya adds. Even if the dealer offers you free insurance, that cost is usually adjusted somewhere. Check the premiums and terms and conditions carefully before finanlising the deal. ""However, extended warranties and annual maintenance contracts are important and help in reducing the cost of ownership especially in the premium segment,"" he says. Did you get the best deal? How to evaluate To ensure that you have got the best deal, you need to compare the on-road price (final price) you will be paying and what inclusions are there in that price, says Chadha. ""In some cases, the On Road Price may be the same between two deals but the inclusions and accessories may differ making one deal more expensive in the long run. Customers need to carefully compare the accessories they are getting with the car, the inclusions in the insurance as well as any hidden fees in the finance that may balloon the price of the car,"" he adds."
"Odisha govt may auto debit traffic fines from bank accounts of violators Bhubaneshwar: A word of caution for traffic rule violators, who have been ignoring e-challans issued by the police and not paying fines for months. If the state government implements a plan, the fine amount may automatically be debited from the bank accounts of traffic violators. The (SCCoRS) has given a proposal to the state government to explore the feasibility of collecting penalties directly from the bank accounts of the traffic violators if they fail to deposit the fine amount within a stipulated time. The SC committee’s secretary, , who recently visited the state and held a meeting with former chief secretary Suresh Chandra Mahapatra, advised the government and Odisha Police to discuss with different stakeholders, including banks to introduce auto-debit of fine amounts directly from the bank accounts of offenders. The panel came up with the auto-debit proposal after observing poor compliance of penalty rules by the violators. Even though more than 4 lakh e-challans are usually issued to various traffic rule violators in a year in the state, the disposal rate (those who deposit the fine amounts) is about 27%. Challans of traffic violators are sent to courts if they fail to deposit the fine amount in time. “It was decided to develop a proposal for intervention of the SCCoRS as many challans are pending in the courts for years. It was also decided to examine the automatic transfer of challan amount from the bank account of the offenders on issue of e-challan,” read minutes of the meeting held between Mital and state government officials on February 16. As per the minutes of the meeting, the government is contemplating to introduce a higher motor insurance premium system for habitual traffic violators. State commerce and transport department secretary Usha Padhee said a higher motor insurance premium, if levied, will serve as a deterrent to rash drivers. “It has been decided to discuss with insurance companies to enhance the insurance premium of vehicles of habitual offenders, so that, they will be discouraged,” the minutes read. As per the plan, the proposed traffic violation premium would be charged in addition to the existing own damage, third-party and personal accident premiums offered by the motor insurance companies. “A system should come in place to identify rash and safe drivers and maintain their profiles. Nature of of each driver should be linked to the driving licence and shared with the motor insurers. A lower premium should be offered to safe drivers and a higher premium for rash drivers. Whenever they approach the insurer for renewal of insurance, they would be asked to pay the traffic violation premium,” a senior transport official said."
"Fisker introduces Fisker Finance; Reaffirms nomination of retail financing partners New Delhi : American electric vehicle automaker recently introduced , a digital financing platform offering seamless and convenient loan purchase options to Fisker customers. The company also reaffirmed the nomination of Chase in the US and Santander Consumer Finance in Europe as retail financing partners, as noted in its February 2022 earnings release, with more announcements to come. Fisker Finance plans to begin offering financing in the fourth quarter of 2022. Fisker expects to nominate financing partners in additional regions, with more announcements to come. Starting with buyers of the class-leading, limited edition all-electric, five-passenger , the Fisker Finance direct-to-consumer digital platform will enable customers to apply for vehicle financing, receive competitive, personalized decisions, plus the ability to finance vehicle accessories such as home charging equipment and factory-installed accessories. Production of the is on track starting November 2022 at a carbon-neutral factory in Austria, a company statement said. “Fisker is a digital car company, first and foremost, focused on a seamless customer experience at every step. Providing finance options on our digital platform, including financing factory-installed options, is part of providing our customers with a completely hassle-free experience respectful of their time,” said , Chairman and CEO, Fisker. The automaker also aims to provide insurance on our digital platform as we designed and engineered the Fisker Ocean with affordable premiums in mind, it said. On July 1, Fisker began offering early reservation holders in select markets the opportunity to secure a Fisker Ocean One by committing to a USD 5,000 deposit. This pre-order deposit allows Fisker to plan its manufacturing build more accurately, as customers provide information regarding their desired specifications, including exterior and interior colors and accessories. As Fisker schedules production of each vehicle, Fisker Ocean One buyers will finalize pre-order specifications, and the company will assign a specific number ranging from #1 to #5000 to each limited-edition vehicle. The company further added that reservation holders opting out of the Fisker Ocean One remain in line for future versions of the emissions-free Fisker Ocean SUV. Also Read:"
"Hero Electric partners with OTO to offer E2W financial solutions for B2B customers New Delhi: has partnered with , a two-wheeler financing startup, to offer low-cost financing solutions to B2B companies for its electric scooter product range. With this partnership, the B2B partners and riders who opt for OTO’s flexible Super EMI Plan can book a test ride with their choice of electric scooter and choose to pay later offering its services to e-commerce and food delivery platforms, the company said in a release. Under this agreement, Hero Electric plans to deploy 20,000-plus vehicles from now up to March 2023. An additional cushion through its leasing option would also be available from the range of e-bikes, the release added. , CEO, Hero Electric, said, “This association will allow easy financing options in the to promote a sustainable transportation model. With the government’s focus on EV adoption, we are confident about greater acceptance of clean and in India. The tenure leasing option is an attractive concept for the evolving Indian customers."" According to the company, the collaboration will also enable the customers to enjoy owning the scooter without purchasing it. The plan allows them to opt for ownership through multiple tenure plans on a fixed monthly charge. The monthly fixed charge includes RTO and Insurance, enabling customers to purchase the vehicle at the end of the tenure. The customer can also opt to foreclose the tenure plan at any point with no pre-termination penalty. “Two-wheelers are the most popular mode of personal transportation in India. With the increasing consumer interest and favourable policies, the industry is picking up pace. We take great pride in partnering with Hero Electric in the journey of making EV more accessible. Through this partnership with Hero Electric, we are looking at facilitating our expertise of providing a wholesome digital buying experience with flexible financing options to drive the e-mobility business in India,” from OTO said. The EV maker said that customer safety is a priority in these difficult times. The vehicles sold to businesses and individuals through the OTO e-commerce platform will promote social distancing and paperless documentation procedures. OTO also has launched the REP programme to give easy financial access to the riders, eliminating the cost they spent on two-wheeler rentals thereby making them self-sufficient. Also Read:"
"Oil deal with Russia to go through soon, sources say India's old ally may be all set to sell India 3.5 million barrels of its crude at deep discounts, people in the know have told TOI. As a part of the deal, Russia will also take care of shipping and insurance for delivering the crude to India. So far, India has abstained from taking any stand in the Russia-Ukraine war except that of resolution via dialogue. The White House earlier on Tuesday had said that if India were to take up the Russian offer of discounted oil, it would not violate sanctions deployed by Washington. Oil minister Hardeep Puri on Monday had told the Rajya Sabha that India was looking into a Russian offer of discounted oil. Though the amount being discussed presently with Russia for crude is not very large, a discount will also help lower the cost for India. TOI has further reported that the said oil will be delivered over a few months. The Centre is yet to work out the payment mechanism, however, a Rupee-Rouble arrangement has been reported. A final decision on the issue is expected over the next few days with other options also on the table. India depends on imports to meet 85% of its oil need. At 3.6 million tonne, Russian crude accounted for 2% of 176 million tonnes imported by India between April 2021 and January 2022. Officials of the Biden administration have shown an understanding of India's position and have told lawmakers that New Delhi has a major dependence on Russian military supplies for its national security. However, Indian-American Congressman Dr Ami Bera expressed disappointment over reports that India is contemplating buying Russian oil at a steeply discounted rate. ""If reports are accurate and India makes this decision to buy Russian oil at a discounted price, New Delhi would be choosing to side with Vladimir Putin at a pivotal moment in history when countries across the world are united in support of the Ukrainian people and against Russia's deadly invasion,"" he said. In what has turned out to be a volatile streak, oil has tumbled into a bear market after losing more than 20% since closing at the highest level since 2008 just over a week ago. Caught between Chinese lockdown, Russia-Ukraine war & Iran nuclear talks, oil futures in New York declined for a second session and closed below $97 a barrel while Brent settled below $100. Also Read:"
"Top 5 fastest bikes under INR 3.5 lakh: KTM, Kawasaki, Royal Enfield & more There was a time about a decade ago when a motorcycle priced at or above INR 1 lakh would generate immense astonishment for those who asked 'kitne ki hai?' (how much is it?). Now though, the times they-have-a-changed, the Indian motorcycle market is much evolved over and above just seeking fuel efficiency figures. Performance, power, speed and handling have taken centre stage. And a lot can happen in a budget of INR 3.5 lakh (ex-showroom) or under. Here we list five motorcycles worth spending the bucks on. This supersport makes the list of top five motorcycles rather frequently. For a long time, the RC 390 has not had a direct rival in the market owing to the level of performance it offers and the price that it's offered at. It is powered by a 373cc single-cylinder engine that makes 44 hp and 37 Nm of torque and is paired with a six-speed gearbox. It promises a top speed of 170 kmh. Price: INR 3.37 lakh (ex-showroom) If the budget does not allow a stretch of additional amount for the RTO registration and insurance over INR 3 lakh, the Apache RR 310 is a fully-grown sports bike available at INR 3 lakh (on-road). It is powered by a 312.2cc single-pot engine that makes 34 hp and 27.3 Nm of torque and is paired with a six-speed gearbox. The Apache too promises a top speed of 160 kmh. Price: INR 3.05 lakh (ex-showroom) Granted the 390 and RC 390 have the same engine specs but the personalities are two sides of a coin. While the RC is a supersport-style motorcycle that needs the rider to remain committed to the stance at all times, the Duke offers a streetfighter-style stance that is much eased with an upright seating position and wide handlebars. Price: INR 2.94 lakh (ex-showroom)"
"FADA's Vinkesh Gulati on why the auto sector is sluggish and when it will recover “There is a lot of distress on ground zero, because of which customers are not coming out to buy entry-level cars or entry-level two-wheelers which is a major concern. The semiconductor issue is preventing an increase in production. The demand is there, waiting period is there but as we go towards the two-wheeler category, we have a similar position in the premium class of two-wheelers, says , President, Federation of Automobile Dealers' Association ( ) Why is it that you are so cautious about further recovery in ? 76% of the auto retail comes from the two-wheeler category and that is where the major distress is. Whatever story we are listening to, the economy at the rural or lower or lower-middle-class level is still struggling. That is where the major distress is. 14% of the two-wheeler market is down and 14% is a really big number, it is around 2 lakh vehicles. That takes the overall industry down and that is where we are cautious. Another point to be cautious about is how external forces are affecting the supply chain in India. The supply chain lacks consistency. We are not seeing any positive signs on the lower level or the rural market, where FADA is cautious on its near-term outlook. If you have to pin down reasons why we are seeing a slowdown in Motown besides PV and tractor sales, would it be the semiconductor chip shortage, the spike in raw material costs or has the consumer sentiment been taking a back seat because the consumer out there is getting hit by inflation? In the passenger vehicle category, there is still a long waiting period. Customers are waiting and because of the hype of new model launches that is one category where we are not disturbed despite the inflation and even today’s message that RBI may increase the rates also. The category is insulated for at least another six months. The semiconductor issue is not allowing an increase in production, but the demand is there. There is a waiting period but the situation is similar in the premium class of two-wheelers which are above 150cc category. But most of the distress is in the below 150 cc catrgory. The rural economy no doubt has improved, and the monsoon has been good but still, the fear of Covid is there and the rural people are not out of the woods. They are still very sceptical about investing their savings in things like vehicles or consumer durables. They are still very distressed because of whatever has happened in the last two years. Their purchasing power is increasing but they are not utilising it as they want to save it for future problems. The people of lower-middle-class level, their jobs are slowly improving but still not to the pre-Covid level. The salaries had not increased for the past two years and are seeing a good jump this year. But the regular growth which would have been achieved without Covid is no way near. So, there is a lot of distress on ground zero because of which"
"past two years and are seeing a good jump this year. But the regular growth which would have been achieved without Covid is no way near. So, there is a lot of distress on ground zero because of which customers are not coming out to buy entry-level cars or two-wheelers and that is a major concern. The government has also cut the excise duty on fuel prices to a certain extent which will alleviate pressures. How much of a positive rub-off do you expect on the two-wheeler space in particular? What happens positive rub off on this should always be seen and it normally is there in the market. Also the spike in on two-wheelers is a negative rub-off. The problem is we are not able to get a normal month. If we compare it to April. In April two-wheeler space was down by around 10.75% compared to 2019 but, in May it increased to 13.91%, which shows that while the fuel price cut should have been a positive rub-off, other external reasons are giving a negative rub off. In May's first week, we saw the rate of interest going up, then at the end of May, the insurance prices went up and the acquisition price of two-wheelers has gone up by 30%. So overall, no doubt the fuel price going down has supported a bit, but it is not showing its effect on the ground due to other reasons. How much of a deterrent will be the increase in third-party insurance premium? For two-wheelers, the price increase is around 3-4%, because of the third-party insurance premium and whenever the price increases, the customers who are already in touch with the dealership tend to delay their decision. Some may also cancel their decision because their budget goes way above what they had planned. However, for a short period, we see a lull and again after 15 days, the prices stabilise, and the customers come in again. So, May was the month where this increase had an effect. If this was not there, around 5% of the market would have been better off if the increase was not announced or implemented."
"India's current account deficit likely at below 1% of GDP in FY24 A narrower-than-expected trade deficit and higher services exports in January have prompted economists to scale down the (CAD) estimates for FY24. Capital inflows through both foreign direct investment (FDI) and portfolio flows are expected to improve during the rest of the fiscal. But potentially higher foreign exchange inflows may not mean a stronger as the central bank could take this opportunity to shore up its reserves. India's merchandise trade deficit narrowed to a nine-month low of USD 17.5 billion in January, compared with USD 19.8 billion in December. Services surplus surged to USD 16.8 billion in January versus a USD 16 billion surplus in December. The trade deficit in the April-January period of the current fiscal is lower at USD 206 billion compared to a deficit of USD 229 billion in the same period last year. Net services exports during the period stand at USD 138 billion compared to USD 117 billion in the same period in FY23. ""We are now tracking the current account deficit to be lower than 1% of for 2023-24 given better than expected performance of services and merchandise exports, combined with a lower oil import bill,"" said in a report. FDI flows have improved in October-November after a net outflow in the September quarter. ""Factoring in the recent trends in trade and capital flows, we revise our FY2024E CAD/GDP to 1.1% from 1.4% earlier, with a lower goods trade deficit of USD 250 billion than USD 259 billion estimated earlier,"" said Upasana Bharadwaj, chief economist, . has revised down its estimate of the current account deficit for FY24 to 1.0% of GDP from 1.2% earlier. While QuantEco Research maintains its FY24 current account deficit forecast of 1.3% of GDP (USD 47 billion), it acknowledges a downside risk to this estimate. Kotak Mahindra Bank pencils in the FY24 estimated capital account inflows at USD 84 billion from USD 69 billion estimated earlier, factoring in higher net FDI inflows of USD 21 billion compared to USD 15 billion estimated earlier and higher banking-capital-related flows. However, the rupee is unlikely to appreciate significantly with the capping volatility; especially stemming from capital flows. ""The RBI is likely to prevent sharp appreciation moves which could limit rupee gains. On the balance, we see 82.80-83.20 as the near-term range for the rupee,"" the HDFC report said. India's foreign exchange reserves are at USD 617 billion as of February 9. ""The risk of rising freight and insurance costs and extended transit times (leading to delays) negatively impact exports in the coming months lingers,"" Bharadwaj said."
"VinFast delivers first 45 cars in US market Vietnamese electric vehicle maker delivered its first 45 cars to customers in California on Wednesday, its first sales outside Vietnam. The company, a subsidiary of conglomerate Vingroup JSC, had shipped 999 vehicles to California in November but faced more than two months of costly delays in preparing them for delivery. Last week, the company slashed the lease price on the VF8 electric crossover by 50%. VinFast faced anger and frustration from early reservation holders when it said the initial shipment of VF8 cars would have a lower than the company had flagged in marketing. It also dropped an option for consumers to rent the 's battery, a plan it had advertised as a way to bring down the cost of ownership. VinFast said on Wednesday the VF8 City Edition Eco, a rebranded version of the car to account for its lower range, would have an EPA estimated battery range of 207 miles (333 km). The first cars were available for lease through US Bancorp, VinFast said. The National Highway Traffic Safety Administration (NHTSA) has not yet provided a safety rating. VinFast has signaled it expects the lease to qualify for a subsidy of up to USD 7,500 under the President Joe Biden administration's incentive program payable to the finance company. VinFast is not yet certified to participate in the subsidy. It is looking to compete with established carmakers at a time when major automakers, led by Tesla, are driving prices down and bringing a range of new EVs to market. Analysts say quarterly results from U.S. electric vehicle startups , and electric semi truck maker all reflected pressure from lower orders, higher interest rates and increased competition. At VinFast's store in Marina Del Rey, California, James and Christine Wang took possession of a VF8 they had reserved earlier this year. ""We're early adopters, we like to try things out,"" said James Wang, 36. Andrew and Nikki Le, who ordered 11 VinFast cars, took delivery of the first of those at the store. They had toured the VinFast factory in Haiphong, Vietnam in May as part of a promotion by the company, they said. VinFast said insurers including State Farm, Allstate and Progressive would provide policies for the new model. Vehicle subscription service Autonomy has a deal to purchase 2,500 vehicles from VinFast, the companies said last year. Autonomy did not respond to a request for comment on when it would take delivery. With its initial vehicle deliveries stalled, VinFast cut dozens of jobs in the United States and Canada and merged those operations earlier this year. The company is waiting for final regulatory approval to begin construction of a USD 4-billion plant in North Carolina. Also Read:"
"SC refers to larger bench matter pertaining to LMV driving licence New Delhi: A three-judge bench of the has referred to a larger bench to consider whether or not Light Motor Vehicle (LMV) require a separate endorsement for driving carrying up to 7,500 kilograms. A three-judge bench of justices Uday Umesh Lalit, S Ravindra Bhat and Pamidighantam Sri Narasimha said, ""We deem it appropriate to refer the matters to a larger bench of more than three Judges as the Chief Justice of India may deem appropriate to constitute."" The apex court directed the registry to place these matters before the Chief Justice of India to constitute a Bench of appropriate strength to consider all these issues. Earlier, a two-judge bench had referred the matter to the three-judge bench to consider an earlier decision in the case of Mukund Dewangan wherein it was held that holders don't need a separate endorsement for driving transport vehicle up to 7,500 kg vehicle. A three-judge Bench of the top Court in 2017 had earlier held in Mukund Dewangan v Oriental Insurance Company Limited, a matter that a transport vehicle and omnibus, the gross vehicle weight of either of which does not exceed 7,500 kg would be a light motor vehicle and also motor car or tractor or a road roller, 'unladen weight' of which does not exceed 7,500 kg and holder of a to drive class of ""light motor vehicle"" as provided in section 10 (2) (d) is competent to drive a transport vehicle or omnibus, the gross vehicle weight of which does not exceed 7,500 kg or a motor car or tractor or road-roller, the ""unladen weight"" of which does not exceed 7,500 kg. Later in 2018, a two-judge Bench in civil appeal and other connected matters, which raised similar questions, listed the matter to the three-judge bench. The two-judge bench noted that in three-judge Bench of the Supreme Court in Mukund Dewangan v Oriental Insurance Company Limited (2017), considered inter alia question whether a person holding a driving licence in respect of ""Light Motor Vehicle"", could on the strength of that licence, be entitled to drive a ""transport vehicle of light motor vehicle class"" having unladen weight not exceeding 7,500 kgs. During the hearing in the Supreme Court recently, senior advocates Jayant Bhushan, Gopal Sankaranarayanan, Siddhartha Dave, as well as lawyers Amit Singh, Archana Pathak Dave, Kaustubh Shukla, Meenakshi Midha and Rajesh Kumar Gupta, appearing for insurance companies have invited court's attention to some of the other provisions, namely, second provision to Section 15 and Sections 180 and 181 of the Motor Vehicles Act, 1988 apart from those quoted in the referral order. It was submitted that though Section 3 was quoted in the decision in Mukund Dewangan, the latter part of Section 3 and the effect thereof was not noticed by the Court. The latter part of said Section 3 stipulates that ""no person shall so drive a transport vehicle other than the motor cab or motorcycle hired for his own use or rented under any"
"noticed by the Court. The latter part of said Section 3 stipulates that ""no person shall so drive a transport vehicle other than the motor cab or motorcycle hired for his own use or rented under any scheme made under sub-section (2) of Section 75 unless his driving licence specifically entitles him sp to do."" The counsel thus submitted that the provisions contemplate different regimes for those having a licence to drive Light Motor Vehicles as against those licensed to drive transport vehicles. ""Having bestowed our attention to the contentions raised by the counsel and the issues which fall for consideration, in our view, the referral order was right in stating that certain provisions were not noticed by this Court in its decision in Mukund Dewangan (supra). We are prima facie of the view that in terms of the referral order, the controversy in question needs to be re-visited,"" the top Court said recently. ""Sitting in a combination of three judges, we deem it appropriate to refer the matters to a larger bench of more than three judges as the Chief Justice of India may deem appropriate to constitute,"" said the top court."
"FAME-2 portal down for maintenance since March 21, claims may get delayed New Delhi: India’s flagship (EV) promotion scheme Faster Adoption and Manufacturing of Hybrid and Electric Vehicles ( )’s website has been under maintenance since March 21, 2022. The website is a critical step for claiming the subsidies and the sale and purchase of EVs, which may get delayed due to the maintenance process. According to the website, the portal is upgraded now. However, “it will be held back for testing and to monitor and fine-tune the server performance.” “Please keepfeedback to fame.india@gov.in with issues and screenshots,” it said. The ( ) informed the OEMs about the lag in an e-mail about a week ago. However, the Ministry did not specify the time taken to get it upgraded. “For about 10 days, the FAME- 2 site has not been working. We are unable to sell EV because of Fame-2 as our first step is to verify Aadhar on Fame- 2, then insurance and RTO,” said a Twitter user. Demand for EVs has been on the rise, several new players have entered the nascent industry and conventional OEMs have announced their EV plans. According to data from the government's , India registered 311,000 (BOV) in 2021, compared with 119,000 the previous year. As per the 2022-2023 Budget document, the subsidy under FAME for fiscal 2023 is projected at INR 2,908 crore. Also Read:"
"Mahindra Finance partners with CRIF to broaden credit access across India New Delhi: Mahindra & Mahindra Financial Services, ( ), part of the Mahindra Group, on Monday announced that it has partnered with Solutions Private Limited (CRIF) to offer a seamless on-boarding experience for customers seeking loans. Through this association, Mahindra Finance would leverage an automated decision-making platform StrategyOne – A Forrester- rated Enterprise Business Rules Engine provided by CRIF – to integrate its customer acquisition channels across multiple retail asset product lines, the company said in a release. This association is expected to facilitate quicker loan approval decisions, by combining automation and risk analysis. ""Delivering consistent and convenient customer experiences is an all-important success metric for us at Mahindra Finance. This digital solution is a natural fit which will further improve our on-boarding experience levels for customers at the dealer channel, branch as well as the mobile/web digital channels created for customers. We are happy to partner with CRIF and their relevant product lines in this initiative,"" , VC&MD, Mahindra Finance, said. According to Raul Rebello, COO, Mahindra Finance, this rule engine platform solution will ensure the customer information we capture and consume by our AI based scorecards combined with bureau information, consistently adheres to our underwriting guidelines. ""This entire solution, being a cloud-based offering, will result in quicker approvals across both in-person and online channels. Holistic and extensive engagement with credit bureaus is a key agenda as we progress on our path towards a high AUM growth,"" Rebello added Wilfred Sigler, Senior Director, Market Development & Digital Solutions, CRIF India, said, ""We are excited about our partnership with Mahindra Finance as we share a common goal of broadening credit access across India. Through the platform, we aim to enable the company to further expand its coverage of loans and offer a convenient and hassle-free on-boarding experience. It will help expedite the loan journey, thereby benefiting the company and `borrowers-at-large”."
"How to build a competitive export ready business? An exporter navigating through the field of international trade is often burdened with an array of responsibilities, trade compliances, tedious procedures and other crucial activities that they must perform to the best of their abilities before sending goods or services overseas. To remain on track and establish themselves in the business world, exporters should ideally draft a checklist. Be it modifying the product to cater to a particular market, assessing the risks involved in the export process or defining the responsibilities of the involved parties, exporters should be on their toes always. They should also consider the following vital components prior to shipping their consignments: Shipment Loadingloading cost, transportationloading charges till the port, insurance95damage of ships, cargo, terminal and includes any other means of transport by which goods are transferred, acquired, or held between the points of origin and the final destination. Conclusion Exporters who stay abreast of the market trends, build a good rapport with their buyers, and possess the basic knowledge of global trade are likely to succeed in this highly competitive field. After following this checklist to the tee and, after compiling all the necessary documents, you can hope to be export-ready. Good luck! (The writer is CEO/Co-Founder of Drip Capital) Also Read:"
"Ashish Sapra to succeed G Venkatraman as CEO of TVS Credit Services from Sept Chennai: After successfully leading for the past 10 years, will retire as Director and CEO on August 31, 2022. He will be succeeded by as CEO, who will join the organization in the first week of September 2022. , Director, Limited, said, “Over the past few years, TVS Credit has really done well to grow in a fast and profitable way. In a short time, the Company has grown to an AUM of Rs. 15,000+ Cr with a healthy balance sheet. I am thankful to Venkat for his leadership combined with passion and prudence. For the next phase, our focus will be on increased digitization, newer customer acquisition, and rapid growth. Ashish comes with the relevant experience and track record, and I am confident that under his leadership, TVS Credit will scale new heights and grow multi-fold.” Ashish Sapra comes with 25-plus years of professional experience and has worked across a wide array of financial products including retail assets, insurance, cards, and wealth management and brings strong expertise in cross-selling. Prior to joining TVS Credit, he was associated with the Bajaj Group for 14-plus years across its Housing Finance, General Insurance, and NBFC businesses. He brings the experience of P&L management, driving digital and technology initiatives, efficiently managing senior stakeholders, launching, and turning around businesses to optimize profitability. He has also worked with American Express, HSBC, and Standard Chartered Bank, a company release said. Also Read:"
"US Treasury's Yellen says oil prices could spike in winter WASHINGTON: Janet Yellen on Sunday said Americans could experience a spike in gas prices in the winter when the significantly cuts back on buying , adding that a proposed Western price cap on Russia's oil exports is being designed to keep prices in check. ""It's a risk, and it's a risk that we're working on the price cap to try to address,"" Yellen told CNN. The possible price increase could come because the EU ""will cease for the most part buying Russian oil"" and impose a ban on services that allow Russia to ship oil by tanker, she said. The price cap plan agreed to by calls for participating countries to deny insurance, finance, brokering, navigation and other services to oil cargoes priced above a yet-to-be-determined price cap on crude and oil products. Yellen said the price cap is aimed at lowering revenue Russia could use to wage war in Ukraine while maintaining Russian oil supplies to keep global prices down. Read More:"
"JK Tyre raises INR 500 cr through QIP mainly for growth Capex New Delhi: & Industries Limited has raised INR 500 crore by way of Qualified Institutional Placement ( ). The QIP was priced at INR 345 per share (including a premium of INR 343 per share with face value of INR 2 per share). QIP received overwhelming response from marquee investors including Indian mutual funds, insurance companies and foreign institutional investors, the company said in a media release. Raghupati Singhania, Chairman and Managing Director, JK Tyre, said; “We are pleased to have successfully completed QIP of INR 500 crore. This is an important milestone in our corporate journey. Participation of several reputed investors in the issue endorses their faith and confidence in the company’s growth story. The QIP funds will be used for growth and strengthening of the balance sheet”. JKTI, the flagship company of the JK group is one of the leading tyre manufacturers in India with a wide range of products catering to diverse business segments including, truck/bus, light commercial vehicles (LCV), passenger cars, multi-utility vehicles (MUV) and tractors. It is one of the few companies to have a multi-tier product approach, the release said. JK is also one of the leading players in truck and bus radial tyres in India. It has grown to be one of the largest manufacturers of passenger car tyres in India as of fiscal 2023 and is also one of the few Indian companies to have developed PCR tyre with high sustainable, recycled and renewable materials. JK Tyre has secured ESG-2 grading for the second consecutive year in ESG performance from CareEdge, the release added."
"Salary remains a key motivator for 74% Indian jobseekers With markets slowly opening up again, more than 50% professionals are looking forward to switching their in the next 3 months, finds Apna Bharat Back to Work”, a study conducted by professional networking platform , with more than 5000 professionals across Tier I and Tier II cities. According to the survey, across domains, 4 out of 5 professionals would like to continue in the same job profile. The majority of the respondents are certain about their preferred locationpursue alternate forms of income generation such as tuition from home The youth of the country is also becoming more independent as many schools/college students look out for part-time jobs to finance themselves. Also Read:"
"Sweden's teens drive Porsches and BMWs, no licence needed Too young for a driver's licence at 15, Evelina Christiansen is already cruising in a sleek in , where teens can drive any car modified to roll no faster than a golf cart. An almost century-old regulation originally applied to agricultural vehicles allows kids 15 and older to drive without a proper driver's licence, as long as the vehicle has been altered to have a maximum speed of 30 kilometres per hour (18.6 miles per hour). Called an ""A-traktor"" -- with Swedes often using ""EPA"" as the older designation -- these cars and trucks have become so popular in recent years that authorities are now concerned about a rise in road accidents. ""I got it a year ago, in April, for my birthday,"" Evelina tells AFP proudly in front of her dark blue 5-series BMW in the driveway of her family's home in a southern Stockholm suburb. The gift was a special reward for her achievements in school. While teenagers elsewhere have to make do with a moped or scooter until they get a driver's licence, young Swedes can use almost any vehicle that has its top speed capped. In Stockholm's wealthy suburbs, young kids are regularly seen driving Cayennes on their own. ""I usually use it when I go to school or meet up with friends,"" Evelina says. A triangular warning sign in the back indicating a slow-moving vehicle and a hitch ball for trailers are both mandatory for an ""A-traktor"". The back seat must also be removed, so they can carry only the driver and one passenger. All that is required is a simple moped licence, available from the age of 15, or a tractor licence, from 16. The system is surprisingly lenient in a country known for championing road safety -- the three-point seatbelt is a Swedish invention -- and for its strict . The system was relaxed even further in mid-2020, when it became possible to cap cars' top speed electronically, making it much easier to modify a modern car. Criticism from EU - Originally the domain of youths in rural areas, city kids have increasingly been getting wheels of their own, with the number of registered A-traktors doubling to 50,000 in just two and a half years, in a country of 10.3 million inhabitants. The predecessors to today's A-traktors originated during the 1930s Depression, when there was a shortage of agricultural equipment. To encourage the construction of cheap vehicles when tractors were still out of reach for farmers, the government allowed them to cobble together simple cars. In the 1950s, as the economy prospered, real tractors became more common and the need for these homestyled vehicles began to subside. But in the countryside, young people without a licence were happy to use them to get around, especially in areas without much public transport. The state formalised the use of A-traktors with a 1963 regulation, which has been closely guarded for decades in rural Sweden. Only in 2018 did authorities introduce mandatory road worthiness testing for the vehicles. Sweden"
"use of A-traktors with a 1963 regulation, which has been closely guarded for decades in rural Sweden. Only in 2018 did authorities introduce mandatory road worthiness testing for the vehicles. Sweden looks set however for a battle with the EU -- the European Commission criticised the system in early March, and proposed that a simplified permit become mandatory. For many rural teenagers, the A-traktor symbolises their dream of independence. It is also the focus of a growing subculture focused on customised cars and a new music genre hugely popular in Sweden called ""EPA Dunk"". In the western Swedish town of Karlstad, 17-year-old Ronja Lofgren regularly turns heads with her 5.5-tonne Scania Vabis truck from 1964, which her father saved from the scrap heap. The teen has adorned the refurbished truck with a gleaming red-and-blue paint job and lots of headlights. The motto ""Queen of the Road"" is emblazoned on the front and ""Go with style"" on the back. ""When I went into town at first, everyone would pull out their phones and film me,"" the teenager told AFP. Soaring accidents - Following the surge in new registrations since 2020, insurers and police have expressed alarm at the more than fivefold increase in accidents involving A-traktors in five years. The number of injuries has exceeded 200 per year and there were four deaths in 2022 alone. For others, the surge has become a business opportunity. Oskar Flyman, 21, and his younger brother started a business in 2021 converting cars into A-traktors. ""You can find A-traktors from 30,000 kronor ($2,900) to 200,000 kronor,"" Flyman said, adding that if you already have a car, a typical conversion costs around 25,000 kronor. In their garage in a suburb north of Stockholm, filled with Audis and BMWs, they do about five to six conversions a month. Sweden's transport authority has recently proposed that as with , the and the use of winter tires become compulsory."
"Tata Digital CEO steps up focus on costs, business cohesion , who took charge in February as 's new CEO, is believed to have put a tight control on spends in the and has introduced greater accountability and sharper data-focused approach to operations, according to Tata group officials. Mandated to give momentum and executional heft to the digital ecommerce entity, Tahilyani is taking on a more hands-on approach, the officials said. Tahilyani, handpicked by Tata Sons chairman N Chandrasekaran from the group's business , is also bringing in a collaborative mindset to smoothen operational glitches and boost participation from group companies, company sources said. Since taking up the new role in February, Tahilyani is being guided closely by Chandrasekaran, who is keen to see the consumer app gain a stronger foothold before seeking any external investor interest. Simultaneously, Tata Digital's online pharmacy 1mg is expected to embark on a major offline expansion by opening retail stores where it will sell medicines and offer medical lab testing facilities, people aware of the matter said. The company has approved the plan in a recent board meeting. ""The plan is in place and Naveen has interacted with both 1mg and BigBasket leadership on the way forward. There is work being done on 's loyalty pass-NeuPass-,"" said one of the persons cited above. The budget allocation for 1mg for offline expansion will be finalised later this month, another person said. ""The consumer industry acumen is really coming through in our interactions so far and plans are quite sharp. In general, the mandate has been to grow sustainably-whether for private investments or individual IPO plans of digital assets like BigBasket,"" said a third person aware of the matter. Tata Digital did not comment on ET's queries. Earlier, there was angst within Tata Digital that separate businesses were not allowed to take independent operational decisions, which led to friction and operational delays, Tata group officials said. ""Tahilyani is focusing on organisational cohesion and a more collaborative approach of offering Tata Neu as a digital platform on which businesses can take informed decisions on what works best for their individual businesses,"" said an official close to the matter. ""The earlier CEO-Pratik Pal- has been credited for laying the foundation of the businesses and getting it off the ground. The next phase now needed good execution to bring in consumers through effective execution for which Tahilyani has been brought in,"" the official said. Top officials close to the development said all strategies are being implemented backed by information and analytics. This includes deferring a plan to integrate operational structures of key group assets such as BigBasket, 1mg, and Tata Cliq to enhance consumer responsiveness to Tata Neu superapp. ""The view taken is that until the Tata Neu app becomes efficient and a consumer's first choice in ease of usage, the other separate apps cannot"
"enhance consumer responsiveness to Tata Neu superapp. ""The view taken is that until the Tata Neu app becomes efficient and a consumer's first choice in ease of usage, the other separate apps cannot be killed,"" said people familiar with the matter. ""There have been meetings across team and Cliq CEO Gopal Asthana with the team of Neu as fashion has to be scaled. Earlier, integrating Croma took much longer to get them on Neu. These are being changed now,"" one of the persons cited above said. The flagship digital asset, BigBasket, is also looking to raise up to $100 million in funding from parent Tata Sons. BigBasket is continuing to burn cash in its quick commerce business BB Now, while the core grocery business has stabilised in terms of cash spends to grow."
"An economist explains: What you need to know about inflation By Nicholas Li,Assistant, Toronto Metropolitan University is one of the most pressing political and economic issues of the moment, but there are many misconceptions about how inflation is measured, where it comes from and how it impacts the average person. In June, inflation in Canada reached a 40-year high of 8.1 per cent. While there are signs inflation may be moderating, many Canadians have dealt with the surging cost of living by cutting back on expenses, working more to increase their income, drawing on their savings or taking on more debt. As an economics professor who conducts research on prices and consumption, I would like to provide some insight into how inflation is measured and how it is impacting Canadians and the economy at large. Inflation refers to a general increase in prices and the resulting decline in the purchasing power of money. While most of us can sense whether inflation is high or low from everyday purchases, the inflation rate that gets reported in the press and discussed by policy-makers is a specific measure created by a small army of statisticians and data collectors. Statistics Canada constructs the ( ) used to track inflation through a two-step process. In the first step, Statistics Canada collects over one million price quotes on virtually anything purchasable in the country. Prices are recorded in a variety of ways, and the frequency and geography of price collection depends on the item. For example, items with prices that change quickly like food or gasoline, or vary across locations like rent, are collected more frequently than items that are collected once a year, like university tuition or insurance rates. In the second step, Statistics Canada aggregates these prices to generate the all-item Consumer Price Index by weighing each item's price change by its share of total consumer spending. These weights are occasionally updated to reflect changes in consumer spending patterns. The most recent update in 2021 reflects some pandemic-related spending changes, such as a lower weight for food (15.75 per cent) and transportation (16.16 per cent), but a higher weight for shelter (29.67 per cent). Statistics Canada and the also measure ""core inflation"" which removes items with the most volatile prices (food and energy) from the CPI to provide a better sense of slower-moving, long-term cost pressures. Prices are determined by supply and demand. High inflation is a sign that, across the economy, demand for goods and services exceeds their supply. Demand has been strong due to strong employment and wage growth, cheap credit, pandemic-related payments from governments and pandemic-related shifts in demand towards goods consumed at home. Supply has been disrupted by the pandemic's effects on Chinese factories, international supply chains, container shipping, trucking and the Russian invasion of Ukraine that led to recent spikes in food and energy prices around the"
"pandemic's effects on Chinese factories, international supply chains, container shipping, trucking and the Russian invasion of Ukraine that led to recent spikes in food and energy prices around the world. Many Canadians feel like prices rose by more than 8.1 per cent in the last year. Beyond specific criticism of the CPI methodology in Canada, there are at least two reasons for this. First, consumer spending is measured through surveys that capture the diversity of spending patterns in the population, but collapse this diversity into a single set of weights that treats each dollar of spending equally. Spending patterns vary with age, income, location, household composition and taste, and your personal budget might bear little resemblance to the weights used for the CPI. Second, we are more likely to notice price changes for items we purchase frequently, and we tend to notice price increases more than decreases. The items with the highest price increases in the last year - energy and food - have these characteristics, and we are less likely to notice the (lower) inflation rate for furniture, electronics, education and health goods that balance these out. We also pay a lot of attention to soaring house prices and interest rates - especially in big cities - but the cost of owned accommodation in the CPI is based on historical averages of housing prices (25 years) and interest rates (five years) that reflect long-term financing costs for the average homeowner, not someone buying a house today. There are winners and losers when it comes to inflation. While it can hurt businesses that end up passing cost increases onto their customers, it can benefit others by allowing them to raise their prices without customer backlash because ""everyone else is doing it."" High inflation is often, but not always, accompanied by high wage growth. Individuals who earn no or below-inflation wages are hurt, while individuals with wages indexed to inflation or who are able to negotiate better wages can benefit. Individuals like seniors on fixed incomes are often hurt by inflation, although many government benefits are indexed to inflation. Some asset prices are better at keeping pace with inflation. Prices of housing, stocks, art and precious metals may go up, while assets with fixed dollar values like cash and bonds do not. Inflation can make it easier to repay debts, as long as wages or other asset prices keep pace. Inflation can also benefit government finances as tax revenues rise relative to the dollar value of the debt. While the source of our current inflation is irrelevant to consumers, it matters for economic policy. Central banks and governments must decide whether to curb demand and risk recession by raising interest rates, cutting spending or raising taxes, or wait and hope that supply-side inflation pressures ease up on their own. We can only hope that it will not take a major recession to end this period of high inflation (unlike the last major effort by the"
"and hope that supply-side inflation pressures ease up on their own. We can only hope that it will not take a major recession to end this period of high inflation (unlike the last major effort by the Bank of Canada to lower inflation) and that Canada avoids ""stagflation,"" the combination of high inflation and high unemployment that afflicted many economies in the late 1970s. (This article is syndicated by PTI from The Conversation)"
"Bond yields lower tracking decline in oil prices, US peers edged lower in early trade on Monday as a continued decline in provided comfort to market participants, while lower US Treasury yields also aided sentiment. The benchmark 10-year government bond yield was down 4 basis points (bps) at 7.2609% as of 0456 GMT. Yields opened down mainly due to a fall in oil prices but will move in a narrow range through the session, Shrisha Acharya, a fixed income dealer at Mumbai-based said. ""The 7.25%-7.33% range remains the crucial band for benchmark yield. If crude prices keep falling, we may see yields breaking below the 7.25% mark, but unlikely to sustain at that level,"" he said. Oil prices fell over 2.5% early on Monday to $81.37 per barrel as protests in China over strict Covid-19 curbs fuelled concerns over demand. US yields were down 5 bps at 3.6481%. Oil price moves have a direct impact on local as India imports more than two-thirds of its oil requirements. Easing inflation has raised hopes that the (RBI), which is scheduled to announce its policy decision on Dec 7, may go slow on its pace of interest rate hikes. Most market participants now expect the central bank to raise its key lending rate by 35 bps after three back-to-back 50-bps hikes. It has raised the repo rate by 190 basis points since May to 5.90%. The 10-year yield will largely remain in the range of 7.22%-7.40% till the RBI policy outcome, Acharya said. There was demand for papers with 10-14 year maturity from insurance companies and pension funds in morning trade, a trader at a primary dealership said. ""If that demand sustains, yields may inch further down,"" he added. Also Read:"
"Japan stepping up surveillance of unlicensed taxis Japan is stepping up surveillance of at the Narita airport near Tokyo as a spike in the number of arrivals increased the demand for transport, Kyodo News reported. Transport ministry officials handed out hundreds of fliers in English and Chinese to arriving international visitors in early November at the airport in Chiba Prefecture. They stated: ""Beware! Unlicensed taxis are illegal and unsafe!"" The fliers urge people to check the colour of vehicle license plates as licensed taxis have green plates or plates with green frames. Unlicensed taxis have the white plates of private vehicles. They also warned that passengers may not be covered by insurance if injured while riding in an unauthorized taxi. Head of the transport ministry's Chiba branch office, , said: ""To ensure safe travel, we want travellers to use (authorized) taxis and hired vehicles that are well managed."" Unlike overseas where ride-hailing operators, including Technologies Inc. and Grab Holdings Inc., are widely used, Japan in principle bans such services that enable drivers of private vehicles to serve as unofficial taxis. Uber and other apps are available in Japan, but they can only be used to call licensed cabs, according to Kyodo News. Recently, against the backdrop of an acute shortage of taxi drivers in rural areas and tourist spots, calls to open up the market grew within the ruling Liberal Democratic Party, including from former Prime Minister Yoshihide Suga. Prime Minister also expressed willingness in October to address the problem and vowed to discuss allowing ride-hailing services to operate. The transport ministry is, however, cautious and the taxi industry remains opposed to introducing competing services, citing safety concerns linked to the absence of rules on who would be responsible for vehicle maintenance and checking drivers' health."
"India has found a way towards mass electrification: swap batteries It may not have enough electric vehicles, powerpacks or the capital, but India has found a way towards : swap batteries. The solution, where empty batteries can be exchanged for charged-up ones, is still in nascent stages in China, the world’s largest EV market, where it is anchored in strong government policy. Elsewhere, it hasn’t quite taken off. But for India, it could help leap-frog the nation’s bid to reduce transport emissions and boost its electric footprint. Across the Indian capital’s dense localities, battery swapping stations are becoming a frequent site at local provision stores and small retail outlets. Meanwhile, the government has pushed out an policy draft in recent months to bolster adoption and supply. It’s also scouting sites along India’s emission-heavy highways for new stations for swapping and charging. For the most part, ambitious Indian startups have pushed their way forward. Sheru, a technology platform, allows electric autorickshaw drivers to swap batteries at retail stores or pay as they use them. It’s working with stakeholders across the energy storage value chain. Meanwhile, Battery Smart, which just raised $25 million in a funding round led by Tiger Global, is focused on quickly building a swapping network and is working with domestic battery manufacturers. Sun Mobility is partnering with Amazon India in the state of Maharashtra — home to the financial capital, Mumbai — to put swapping stations at its warehouses. For now, it’s showing promise because the Indian vehicle market is dominated by two and three wheelers, making it simpler to charge and swap out the smaller powerpacks. It brings down the costs of commute sharply for users while increasing energy efficiency. These smaller vehicles are also responsible for a significant share of the emissions. This way could prove to be a model for other emerging markets across the world struggling to meet their green promises. The policy draft, while a progressive step, will need to be backed by state governments and big bucks to be adopted in smaller, denser and more polluted second and third tier cities. It’ll also need to get meatier on details on the types of batteries to maintain quality, insurance for the safety of drivers and manufacturers, and providing better tax incentives for increasingly pricey powerpacks. In addition, state enterprises need to get involved, as they have in China. The longer-term challenge for India will be whether it can use battery swapping for cars effectively when mass adoption reaches the four wheeler category. Even the likes of Tesla Inc. have tried battery swapping. But Musk’s company abandoned the project after setting up just one battery station. Other attempts include a Renault-Nissan alliance that had agreed to manufacture 100,000 EVs to the specifications of Better Place, the now defunct venture capital-backed firm that developed and sold battery charging and switching"
"alliance that had agreed to manufacture 100,000 EVs to the specifications of Better Place, the now defunct venture capital-backed firm that developed and sold battery charging and switching stations. The firm launched its first station in Israel in 2011 and eventually filed for bankruptcy two years later because it was expensive and batteries needed to be common to drive utility. In China, Nio Inc. has had to make significant capital investments. As of the first quarter, the firm had installed over 960 battery swapping stations in 197 cities across the country . But it’s still running operating losses because of the rising depreciation and expenses. Nio expects losses associated with swap stations to increase for now, executives noted on the latest earnings call. That stands as a question — and a warning — for India when it eventually transitions battery swapping to four-wheel vehicles. Battery swapping is effectively buying New Delhi time to get its act together on broader decarbonization and clean power generation. In addition, as batteries get better or the variety of chemistries in use change, charging times will fall and range will increase. Over time, this could slow growth for swapping. Still, lithium ion batteries are proving to be in short supply, and expensive. Policymakers are already looking to move on from the widespread but costly lithium ion variety, towards those that are made from more abundantly available materials. For now though, there is enough to supply two and three-wheelers. If policymakers can drive investment and capital towards the startups pushing through swapping, the rising awareness and utilization will ensure consumers are prepped for more electric vehicles in the future and hooked to the longer-term cost efficiencies. Without that, India could lose a prime opportunity to go electric and get cleaner."
"Govt proposes lower rate of third party premium for EVs for next FY NEW DELHI: The has proposed a lower rate of third party (TP) premium for electric and hybrid electric vehicles for the next financial year while proposing a marginal increase in the premium for all other categories of vehicles. The only exception is for the multi-axle trailers where the premium may increase by nearly 6%. After two years' moratorium due to Covid-19 pandemic, the revised TP insurance premium will come into effect from April 1. This is also for the first time that the road transport ministry will notify the TP rates in consultation with the insurance regulator . Earlier, this was done by the regulator. According to the proposed revised rates, private 1,000 CC cars such as Alto, Wagon R would attract rates of Rs 2,094 compared to Rs 2,072 in 2019-20. Similarly, the medium range cars would attract rates of Rs 3,416 compared to Rs 3,221 and owners of cars above 1,500 CC would need to pay a premium of Rs 7,897 against Rs 7,890. The ministry has invited suggestions and objections from all stakeholders by March 14 before notifying the final rates. The draft notification has proposed a 15% discount for all types of electric vehicles in its bid to incentivise the penetration of environment-friendly vehicles. Electric private cars will attract a premium of Rs 1,780 to Rs 6,712 depending on their capacity. Similarly, it has proposed a 7.5% discount on TP for hybrid electric vehicles. It has also proposed to reduce the premium of school buses marginally, which did not get any business due to the pandemic. As per the draft notification, the TP premium for medium size trucks would increase to Rs 35,313 in 2022-23 compared to Rs 33,418 in 2029-20. Similarly, in the case of 40 tonne-plus multi-axle trailers the proposed premium is Rs 44,242 compared to Rs 41,561 in 2019-20. Sources said the increase won’t hurt the vehicle owners considering that there has been no revision of rates during the past two financial years. Also Read:"
"India's Russian oil imports seen rising on lower prices - official New Delhi: Easing would help India boost imports from Russia, a senior government official said on Friday, as a lower than USD 60 a barrel price of Russian oil will enable buyers to use Western services such as insurance and ships. The Group of Seven large economies known as G7 and some other nations have imposed a ceiling of USD 60 per barrel for oil at Russian ports to cut Moscow's revenue seen as funding its war in Ukraine. Russia's flagship grade Ural in Baltic ports has plunged since late November below that level, reflecting subdued global oil prices that are headed for a seventh straight weekly decline. India, the world's third biggest oil importer and consumer, emerged as the biggest buyer of Russian seaborne oil, shunned by the West over Moscow's invasion of Ukraine last year. The United States last month imposed sanctions on maritime companies and vessels for shipping Russian oil sold above the G7's USD 60 price cap, in an attempt to close loopholes in the mechanism designed to punish Moscow for invading Ukraine. The three sanctioned vessels - Kazan, Ligovsky Prospect and NS Century - regularly supplied oil to India. The Indian official, who spoke on condition of anonymity, said there would not be any impact on India's intake of Russian oil due to Western sanctions on ships as enough vessels were available in the market. He also said India buys Russian oil on delivered basis and refused to comment on the likely destination of NS Century. NS Century was on its way to India when the sanctions were imposed. The vessel has since then floated near Colombo."
"CarDekho hires CEO for Indonesia business MUMBAI: Online marketplace for buying and selling vehicles, is all set to expand its senior leadership. The company's parent GirnarSoft has appointed Brata Rafly as for its arm Oto.com. Rafly will be the first CEO for the company, coming on board from Indonesian fintech firm DimoPay. As CEO, Rafly will look to enable a complete ecosystem for consumers and car manufacturers, dealers and related businesses on Oto.com beyond just buying and selling cars. Consumers will also be able to manage their entire ownership experience including accessories, tyres, batteries, insurance, roadside assistance. The platform is also looking to tie up with OEMs, auto and financial institutions to facilitate purchase of vehicles in Indonesia. ""Indonesia is a strategic investment country for Girnarsoft. Brata's vision, ability to embrace risk, passion for internet products and realistic optimism makes him perfectly suited for a fast growing brand like Oto,"" said Amit Jain, co-founder & CEO of GirnarSoft. Currently, an auto portal that provides information to enable auto purchases, Oto.com sees 3.4 million users come to the platform to enable their purchases. However the platform does not allow for transactions and therefore is not yet monetised. The company is looking to employ revenue generation methods going forward this year. Oto.com is the result of GirnarSoft’s joint venture with PT Kreatif Media Karya (KMK), the digital business arm of media firm PT Elang Mahkota Teknologi Tbk (Emtek) to organise the fragmented industry in the country last year. Read More:"
"Tesla's Gujarat plant likely to be announced during Vibrant Gujarat in presence of Elon Musk: Report Prominent electric vehicle maker Tesla's plans to set up a plant in India will be made public in January during the Summit in the presence of its CEO , a report said on Thursday. The Ahmedabad Mirror reported that Gujarat fits in well with Tesla's export-oriented approach which will cater to both domestic and international demand. Earlier, Gujarat, Maharashtra and Tamil Nadu were being considered by the company given the well-established ecosystems for electric vehicles and exports. Gujarat government's spokesperson Rushikesh Patel Patel on Thursday expressed considerable optimism about that Elon Musk, Tesla's CEO, would consider Gujarat for investment, emphasizing the welcoming stance of the government, news agency ANI reported. Tesla doesn’t import cars directly into India because of the high tariffs that are levied. The government had said that there is no proposal to provide subsidy on import duty on imports of electric vehicles into the country. Tesla was willing to invest up to USD 2 billion to set up a local factory in India if the government were to provide a concessional duty of 15 % on imported vehicles during its first two years of operations in India, ET had reported in November. The Indian government wants to cut the number of cars that are imported at a concessional tariff, in comparison to the numbers proposed by Tesla. Tesla was likely to localise up to 20 % of the value of made-in-India cars in two years which would increase to around 40 % in four years. India currently imposes a 100 % import duty on cars with cost, insurance and freight value exceeding USD 40,000, and 70 % duty on vehicles cheaper than that. To start with, Tesla wants to sell its Model 3, Model Y and a new hatchback in India, which are priced at around Rs 32 lakh, Rs 36 lakh and Rs 20 lakh respectively in the United States. Should India grant concessional import duty, the prices of Model 3 and Model Y could be around Rs 38 lakh and Rs 43 lakh respectively, ET reported. News agency Bloomberg had reported that Tesla could initially commit to a minimum investment of around USD 2 billion and may increase purchases of auto parts from the nation to as much as USD 15 billion."
"With 50% of pvt bus fleet set to be scrapped, Kolkata faces commute crisis A city where 56% of the population relies on buses for daily commute, is facing a potential transportation crisis: half of its privately-owned bus fleet is set to be scrapped this year after completing 15 years in service. With only 26 new buses purchased by private operators this year, there is a significant shortfall between demand for public transportation and supply. The impact of diminishing bus fleet is being felt for the past few years with over 400 buses being withdrawn annually. ""If so many buses suddenly stop plying, the impact will be telling. Unlike Mumbai, a train city, is a bus city. Mobility of citizens is bound to be crippled,"" said A K Das, a former chief traffic and transportation engineer. Currently, 3,500-odd private buses operate in Kolkata, a significant drop from the 6,000 that were in service before the 2020 Covid pandemic. The decline is primarily attributed to viability issues as bus fares were last revised in 2018. While bus operators have informally revised fares, most believe such an informal system is unlikely to instil confidence in investors to purchase new buses to fill the void. ""Who knows when the govt will suddenly crack down on operators for this revised fare, which is illegal but done for the sake of survival,"" said an operator on route 12C. Anumita Roychowdhury, executive director of Centre for Science and Environment and a transport expert said, ""There are telltale signs of the weakening of , which received a body blow during the pandemic. It is a pity that Kolkata, which boasts a robust and reliable public transport system, has been weakening so fast."" Since 2008, following a Calcutta High Court order, all commercial vehicles that have been in service for 15 years have to be scrapped due to higher levels of toxic emission. As 90% of commercial vehicles, including buses, are diesel-powered, they release as many as 24 carcinogenic components in their exhaust fumes. The decline in the number of buses has led to a significant increase in the use of personalised modes of transport, like four- and two-wheelers, resulting in clogging of road space and posing daily challenges to the city . ""As buses are thinning in numbers, I am spending nearly four times that of my commute cost in pre-pandemic days. I am using autos, often hiring bike cabs snd saving less,"" said Bikas Santra, an insurance agent. Traffic and transport planning experts say the city's focus has shifted from to a car-centric transit policy. Gour Krishna Ghosh, a transport planning expert, explained, ""We have built elevated corridors which eat into the carriageway. The elevated corridors mainly serve the car population. So by building flyovers and elevated corridors, we are facilitating faster movement of at the cost of public transport below on the congested road space. Thus, we are encouraging cars and discouraging the bus system, which has always been the backbone of the"
"faster movement of at the cost of public transport below on the congested road space. Thus, we are encouraging cars and discouraging the bus system, which has always been the backbone of the city's transportation."""
"India's ONGC struggling to move Russian oil to Asia as sanctions bite - sources By Nidhi Verma and Jonathan Saul NEW DELHI/LONDON: India's ( ) is struggling to find a vessel to ship 700,000 barrels of crude from Russia's Far East, in a growing sign that complex trades involving one of Moscow's biggest partners are being interrupted by Western sanctions, sources say. Several Indian companies including ONGC have stakes in and gas assets, and India has been buying more Russian crude since Moscow invaded Ukraine, snapping up the popular Urals crude grade, while other buyers have shunned Russian exports. ONGC has a 20% stake in the Sakhalin 1 project that produces a Russian grade known as Sokol, which ONGC exports through tenders. Sokol is mostly bought by North Asian buyers and loaded from South Korea. However, Moscow's ability to ship that grade, which requires vessels that can break through ice, is becoming harder due to concerns from shippers over reputational risk and the increasing difficulty for Russian assets to find insurance coverage. Normally, cargoes of Sokol oil are first shipped from the De-Kastri terminal in Russia's Far East using ice class vessels to South Korea, where they are then reloaded onto a conventional tanker. Indian refiners rarely buy the Sokol grade, as difficult logistics make the crude costly. There are a limited number of ice class vessels in the global merchant fleet that can be deployed at any time. ONGC relies on ice-class vessels provided by Russia's state-owned Sovcomflot (SCF) for the transportation of crude to Yoesu port in South Korea, and from there the Indian company exports to buyers, mostly in North Asia. However, sanctions imposed on Russia by the United States, Britain, the European Union and Canada after Moscow's invasion of Ukraine, in addition to specific restrictions on SCF, are making it harder for Russian ships including SCF's fleet to maintain insurance and reinsurance cover for voyages, shipping sources said. Shipping companies are also less willing to move Russian oil in Asia, fearing the potential reputational risks involved with charters, the shipping sources added. Last month, ONGC did not receive any bids in its tender for export of Sokol as buyers backed out due to Western sanctions. That led to ONGC selling one cargo each to Indian state refiner Hindustan Petroleum Corp and Bharat Petroleum Corp ( ). BPCL's cargo was scheduled for lifting early next month from Yeosu port in South Korea, while was awarded the cargo for lifting in end-May, according to shipping sources. BPCL had floated an enquiry to charter a vessel from the South Korean port and sought to book the vessel Atlantis for early May shipments, shipping reports show. The fixture failed, however, as ONGC could not arrange a vessel to Yeosu port partly due to issues with securing insurance for the voyage, sources said. ONGC, HPCL and BPCL did not respond to Reuters emails seeking comment. This year, India has bought more than twice"
"port partly due to issues with securing insurance for the voyage, sources said. ONGC, HPCL and BPCL did not respond to Reuters emails seeking comment. This year, India has bought more than twice as much crude from Russia in the two months since its invasion of Ukraine as it did in all of 2021. Russia's maritime sector is grappling with the winding down of services including ship certification by leading foreign providers such as Britain's LR and Norway's DNV. Marine fuel sellers have stopped serving vessels flying the Russian flag at major European hubs including Spain and Malta in another blow to Moscow's exports, sources with knowledge of the matter told Reuters. The EU in March listed SCF among Russian state-owned companies with which it was ""prohibited to directly or indirectly engage in any transaction"" after a wind down period ends on May 15. Also Read:"
"Iron man Elon Musk places his Tesla battery bets By Hyunjoo Jin and Paul Lienert As 's profits and prices grabbed headlines last week, a potentially pivotal development for the global car industry flew largely under the radar. The U.S. electric pioneer disclosed that nearly half of the vehicles it produced in the first quarter were equipped with lithium iron phosphate (LFP) batteries - a cheaper rival to the nickel-and-cobalt based cells that dominate in the West. The revelation, eclipsed by the carmaker's $19 billion revenue and Elon Musk's Twitter charge, was the first time Tesla had disclosed such specifics about its batteries make-up. It flashed a strong signal that iron-based cells are finally starting to win global appeal at a time when nickel is blighted by supply concerns due to major producer Russia's war in Ukraine and cobalt is tainted by reports of dangerous conditions at artisanal mines in Democratic Republic of Congo. Tesla is not alone in betting that , already popular in China, can make inroads into Western markets. More than a dozen companies are considering establishing factories for LFP batteries and components in the United States and Europe over the next three years, according to a Reuters review of the (EV) scene and interviews with several players. See accompanying factbox on the plans: ""I think lithium iron phosphate has a new life,"" said Mujeeb Ijaz, founder of U.S. battery startup Our Next Energy which says it is scouting a U.S. production site. ""It has a clear and long-term advantage for the electric vehicle industry."" Ijaz has worked in the field long enough to see a technology that failed to catch on in America a decade ago gather fresh momentum. He was chief technology officer at Michigan-based A123, an early producer of LFP batteries that went bankrupt in 2012 and was acquired by a Chinese company. He and other LFP advocates cited the relative abundance and cheaper prices of iron as a key factor beginning to outweigh the drawbacks that have held back the adoption of LFP cells globally - they are bigger and heavier, and generally hold less energy than NCM cells, giving them a shorter range. There is a mountain to climb, though. LFP chemistry has accounted for just 3% of EV batteries in the United States and Canada in 2022 and 6% in the European Union, with nickel-cobalt-manganese (NCM) cells accounting for the rest, according to data from Benchmark Mineral Intelligence (BMI). The race is far tighter in China, where LFP commands 44% of the EV market versus NCM's 56%. It could be long and tough road for Western LFP cell manufacturers seeking to prosper against rivals from China, which accounts for about 90% of global production. A shorter-term concern for such companies, according to BMI's chief data officer Caspar Rawles, is a continued dependence on Chinese suppliers for refined materials. LFP cells also contain more lithium than NCM rivals, and industry experts raise concerns that iron-based batteries' historic"
"is a continued dependence on Chinese suppliers for refined materials. LFP cells also contain more lithium than NCM rivals, and industry experts raise concerns that iron-based batteries' historic advantage of being cheaper to produce could be eroded and even erased by rising costs of the metal. NEVER LEAVE LOS ANGELES? Tesla has been using LFP in some entry-level, U.S.-made versions of its Model 3 since last year, expanding their use of the technology beyond China, where about two years ago it started using LFP batteries made by Chinese firm CATL, the world's largest maker, for some Model 3s. Yet given the historic dominance of nickel-and-cobalt based batteries in the United States, the scale of Tesla's usage of LFP cells in the first quarter of 2022 - fitted in roughly 150,000 cars produced - took some analysts and battery specialists by surprise. Tesla did not respond to a request for comment. Mitra Chem, co-founded by former Tesla battery supply chain manager Vivas Kumar, is working to build LFP , initially in California. He said he expected nickel prices would remain volatile because of supply chain dislocations. ""The best insurance policy that automakers have ... is to incorporate more iron-based cathodes in their portfolio,"" he added. U.S. electric vehicle startup Fisker, which plans to use LFP batteries in its lower-range SUVs, plans to initially source cells from CATL. But CEO Henrik Fisker said that it was in talks with battery suppliers to source batteries made in the United States, Canada or Mexico from 2024 or 2025. Local sourcing is important because it is expensive to ship the heavy packs from Asia, especially for low-cost, high-volume vehicles, according to Fisker. It is also not environmentally friendly, added the CEO, who is confident there will be a major place for LFP batteries in the global EV mix. ""(If) I never leave Los Angeles, I never leave San Francisco, I never leave London ... I think that's where LFP comes in really well,"" he said of urban-dwelling EV owners who drive shorter distances. Other premium carmakers are also looking at the chemistry following the outbreak of the Ukraine war, including Volkswagen's Audi, which hasn't used LFP batteries before. ""It may well be that we will see LFP in a larger portion of the fleet in the medium term,"" Audi CEO Markus Duesmann said in March. ""After the war, a new situation will emerge; we will adapt to that and choose battery technologies and specifications accordingly."" BMW's chief procurement officer Joachim Post also said recently that the company was examining the merits of LFP. ""We're looking at different technologies to minimize the use of resources and also we're looking at optimizing chemistry,"" he added. DISCIPLINED, NO SCREW-UPS Among their advantages, LFP cells tend to pose less of a fire risk than NCM cells, and can be fully charged continually without losing as much performance over the life of the battery. As the global EV market expands, the chemistry is expected"
"less of a fire risk than NCM cells, and can be fully charged continually without losing as much performance over the life of the battery. As the global EV market expands, the chemistry is expected to find its way into more entry-level consumer and commercial vehicles where longer range is not as critical. Yet the hurdles to widespread LFP cell adoption include finding solutions to improve energy density - thus reducing the size and weight - and grappling with the rising cost of lithium. Meanwhile, building out and scaling up LFP production in the United States and Europe will take time, underscoring the challenge to Western governments in reducing reliance on China. American startups face an uphill battle of scaling up to compete with CATL (Contemporary Amperex Technology Ltd), which is backed by Chinese government subsidies and supplies Tesla, among others, with LFP cells. ""Everything has to be disciplined manufacturing, without any screw-ups,"" said Bob Galyen, a former chief technology officer at CATL who now runs a batteries consultancy, Galyen Energy. He also noted: ""A U.S.-based company does not have to worry about the geopolitical issues that China and U.S. have presently."" Also Read:"
"E-2W startups expect sales volumes to reach 8 million to 10 million units by 2025 New Delhi: In spite of the supply side constraints the market looks promising for the electric two-wheelers, especially scooters, and growing by 40X- 50X, their sales will be 8 million to 10 million units in 2025, according to the startup founders present at the 2022 on Wednesday. The nascent Indian clocked about 2.34 lakh unit sales of electric two wheelers, mostly e-scooters, in 2021. Tarun Mehta, CEO, Ather Energy feels the demand is very much there, so 6million -8 million (60-80 lakh) units could be electric in the overall two-wheeler industry by 2025. In the scooter market, he expects the overall sales to be about 8 million - 9 million (80lakh -90 lakh) units a year in the next three years. “Out of this, a vast majority should be electric, probably around 5 million -6 million (50 lakh -60 lakh), or even more.” About e-motorcycles, he said, “In the next three years, the industry will still be at an early stage, but given the size of this market, even an early stage might end up meaning about 1million - 2 million (10-20 lakh) unit sales, if not more.” Mehta said that the supply side issues should be okay by the time the current year ends. “I think with new players coming in there is enough potential and interest in the Indian electric story and their supply chains.” Suhas Rajkumar, founder and CEO, Simple Energy, said the startup is expecting 10 million (1 crore) units of electric two-wheeler market in India by 2025. However, he expressed his caution about the ongoing disruptions in the global supply chains. “There is demand, but can we match the demand. because of supply chain constraints, is one thing that needs to be sorted out,” he said. To bring things to perspective, in the calendar year 2021, electric two-wheeler sales reported a phenomenal growth of 132% to 2,33,971 units as against 1,00,736 units in 2020. This was spurred by the incentives under the central government’s FAME-II scheme coupled with similar EV policies in about 18 states in the country. Interestingly, in 2021, for the first time, registered high-speed scooter sales surpassed the sales of their unregistered slow-speed counterparts. This may be attributed to the FAME-II scheme which only incentivises vehicles based on their battery capacity at INR 15000 per kwh, ultimately tapering the gap in prices of the high and low -speed scooters. The slow speed scooters, which cannot go faster than 25 kph, do not benefit from any government subsidies but they need no registration or insurance. In the times to come, there are plenty of factors supporting the growth of this industry. The leader of the conventional two-wheeler market is buoyant about its recently unveiled EV brand ‘Vida’ and set to enter the market with its new product in June. Honda Motorcycle & Scooter India (HMSI) also said it will launch its first EV product in the next fiscal. Alongside, many new players like Ola Electric, Bounce"
"market with its new product in June. Honda Motorcycle & Scooter India (HMSI) also said it will launch its first EV product in the next fiscal. Alongside, many new players like Ola Electric, Bounce Infinity, and Ultraviolette which launched their products in the latter half of the year will begin their deliveries now. Going forward, the writing is on the wall and electric two-wheeler sales are bound to grow multiple times. What is yet to be seen is the scale at which it manages to capture the Indian consumers. Also Read:"
"Indian startup unfolds intelligent instrument cluster for EVs New Delhi: In an era where sustainability meets sophistication, this startup's smart stands as a testament to India's prowess in shaping the future of electric mobility. Against the backdrop of EVangelise '23, organised by iCreate, Ahmedabad, an , the Bengaluru-based Technologies, introduced an intelligent instrument cluster poised to redefine the driving experience for electric vehicles. The innovative technology not only addresses the current challenges in instrumentation but also points to a new era of connected, data-driven driving interfaces. Auklr, with its , is trying to change the landscape of the automotive industry, particularly in the context of electric vehicles (EV). This technology provides a straightforward and efficient presentation of key vehicle parameters to the driver in real-time, aiming to minimize distractions and enhance the overall driving experience. The brand's mission is to become one among the Top 5 Automotive AI companies globally and to eventually be a successful multinational technology conglomerate and build technology products with commitment and success. Auklr aims to create disruptive technology solutions at affordable prices. In an exclusive interaction with ETAuto at EVangelise '23, , founder and CEO, and , co-founder and CBO, said that the instrument cluster can be customised and made available for any electric vehicle but for now they are focussing on small and medium vehicles because automotive infotainment was lacking in this segment. ""It turns out there's a simple explanation. The Digital Cluster industry is dominated by a single company that has been able to keep prices artificially high while reaping huge profits from emerging EV startups who have no other options. Auklr aims to create an alternative. By circumventing traditional channels, designing digital clusters in-house, and engaging with EV Startups directly, we're able to provide higher-quality, better-performing rich features which are affordable and can be installed in all-segment vehicles for the majority of the automobile industry."" The founders said they believe Clusters are evolving from analog meters and gauges to all-digital clusters that provide the information you need for a safe, convenient and stress-free drive. They strive to offer an intuitive user interface to present this information in an ergonomic and easy-to-consume manner, making the user's journey a relaxed and pleasant experience to every vehicle on this planet. Naveen highlighted the distinctive features of their product, emphasizing the gap in the market left by competitors who predominantly offer solutions on Linux. Unlike its counterparts, the startup's digital instrument cluster provides a dynamic and customizable interface, allowing users to change themes, access dynamic over-the-air updates, and install applications from an App Store—a core competitive advantage in Android They boasts of being the first"
"interface, allowing users to change themes, access dynamic over-the-air updates, and install applications from an App Store—a core competitive advantage in Android They boasts of being the first Indian company to venture into this space, competing with established giants like Bosch and Continental. Despite their short two-year timeline, the company has achieved significant milestones. From developing the initial prototype to securing a production order from their first customer, they have demonstrated agility and proficiency in both hardware and software development. One of their key differentiators is the integration of artificial intelligence (AI). Their proprietary Auklr OS processes data from various vehicle parameters, such as the Battery Management System (BMS), offering real-time insights into battery temperature—a feature unmatched by competitors. Moreover, they have collaborated with Odysse's electric motorcycle, integrating their smart BMS into the instrument cluster. The Auklr founders said their expertise in both hardware and software sets the startup apart from other companies that often focus on one aspect. It maintains control over its intellectual property, from hardware design to its own operating system (OS). This comprehensive approach enables it to offer unique features and stay ahead of the competition, they said. The AI integration goes beyond providing real-time data; it extends to a cloud platform that offers live tracking, trip analysis, and driver behavior insights. Users can access information about their driving patterns, compare them with other users, and even receive a driving score. This wealth of data serves not only to enhance the user experience but also to aid in predictive maintenance and insurance-related decisions."
"autoX Awards Winners Announced: These 10 Cars & Bikes are the ‘Best of 2023’ In order to recognise true innovation, performance, and engineering excellence, autoX proudly presents the results of its annual mega test and awards, which crown the 'Best of 2023'. Every year, autoX meticulously compiles a comprehensive list of the best cars, motorcycles, and scooters launched in the past 12 months. These vehicles undergo rigorous testing by an esteemed jury, comprised of road testers with a collective experience of over half-a-century in evaluating cars and bikes. The criteria for the awards encompass a thorough analysis of quality, comfort, ride, handling, refinement, design, drivetrain, practicality, value-for-money, that elusive X-factor, as well as an all-important lap-time achieved on the test track. Five four-wheelers, three two-wheelers, as well as ‘Performance Car of the Year’ and ‘Performance Bike of the Year’ make up the ten most outstanding machines of the year, which are honoured with a ‘Best of 2023’ trophy at a prestigious award ceremony held at the Andaz hotel at Aero City in New Delhi. Transparency The put a premium not only on outstanding machinery but also on absolute transparency and impartiality. To ensure transparency, all the points are published, and the points from each jury member are averaged to ensure that no biases come into play – resulting in the fact that only the most exceptional vehicles receive this recognition. The Jury The autoX team of seasoned road testers carefully score each vehicle across various parameters. The 4W jury consists of Founder and Editor-in-Chief Dhruv Behl, Managing Editor Ishan Raghava, Digital Editor Manav Sinha, and Road Test Editor Shivank Bhatt. The 2W jury consists of Digital Editor Manav Sinha, Road Test Editor Shivank Bhatt, and Principal Correspondents Karan Mathur & Dhruv Paliwal. Dhruv Behl, who has podium positions in rallying and racing – in everything from the Raid-de-Himalaya to the MRF Formula 1600 single-seater series – and two-time JK 1,000cc motorcycle champion Simran King set the lap times to provide an objective rating of performance. The Test Track The annual Mega Test took place at the renowned ICAT (International Centre for Automotive Technology) facility and test track, owned by the Ministry of Heavy Industries. The 2 kilometre track features two straights connected by a steep banking at each end. The autoX team also added a chicane, a slalom, and an emergency braking zone to provide a thorough assessment of vehicle performance. Dhruv Behl, Editor-in-Chief, autoX, said, “Our aim is to be as scientific and objective about this process as possible, with the final goal being to provide car and bike buyers, as well as enthusiasts, a definitive list of the top-ten machines of the year across segments. If you want to know which of the machines launched in the past year are truly outstanding, look no further than the autoX awards and, in this case, the ‘Best of 2023’.” Here are"
"year across segments. If you want to know which of the machines launched in the past year are truly outstanding, look no further than the autoX awards and, in this case, the ‘Best of 2023’.” Here are the ten autoX award winners: Best of 2023: 4W - BMW i7 - - - - Best of 2023: 2W - - - Ducati Monster SP Best of 2023: Performance - Lamborghini Urus Performante - The Awards are an annual event and the Mega Test has now been conducted for wellover a decade. The autoX Awards 2023 were done in collaboration with Indian Oil as Exclusive Fuel Partner, ICICI Lombard as Exclusive Insurance Partner, Tamil Nadu Tourism as Tourism Partner and BMC as Technical Partner. To read more about the autoX awards, click ."
"South Korea to provide USD 29 bn to support battery industry over 5 years will provide 38 trillion won (USD 29 billion) in to strengthen its over the next five years, as to secure chains remains fierce, the government said on Wednesday. South Korean battery firms like LG Energy Solution, Samsung SDI and SK On, a unit of SK Innovation, held a 49% share of the global excluding China as of 2022, the joint statement from a number of ministries said. But their dependence on foreign countries for key materials made diversification crucial, it added. The country plans tax incentives and loan support for South Korean firms investing overseas to secure mining rights for minerals and other battery materials, and strengthen financial support for companies that refine and reuse minerals. It also plans to increase financial support such as loans, guarantees and insurance from institutions like the Export-Import Bank of Korea to battery industry firms, including those investing in North America to meet the terms for tax allowances under of the U.S. Inflation Reduction Act (IRA). South Korean battery firms have tempered their 2024 sales outlooks as electric vehicle sales slow, partly due to a spike in auto financing costs for consumers. The announced measures, however, sought to strengthen the country's secondary battery industry's competitiveness to the highest in the world in the long-term, the statement said."
"South Korea to offer USD 5.3 bn in financing to support battery investment in North America on Friday said it will provide 7 trillion won ($5.32 billion) in financial support for its seeking to invest in infrastructure in over the next five years to help firms cope with the U.S. Inflation Reduction Act. Government support will include lowering lending rates and insurance premiums by as much as 20% as well as providing more loans and tax credits for Korean firms' battery and material production facilities in the region, the industry ministry said. The U.S. Treasury Department last week unveiled stricter electric vehicle (EV) tax rules, requiring to source a certain percentage of critical minerals for from the United States or a U.S. free-trade partner to qualify for new U.S. federal incentives under the Inflation Reduction Act. The act requires 50% of the value of battery components to be produced or assembled in North America to qualify for a $3,750 credit and 40% of the value of critical minerals sourced from the United States or a free trade partner also for a $3,750 credit. ""Both the government and businessmen should cooperate to find solutions together to effectively cope with situations changing rapidly after the Inflation Reduction Act,"" Trade Minister Lee Chang-yang said while presiding over a meeting with major battery cell makers and materials firms. In November, South Korea launched the government-backed battery alliance to better source key metals dominated by China to bolster battery supply chain stability. South Korea's LG Energy Solution Ltd (LGES), On comprise three of the world's five biggest EV battery cell makers, commanding more than a quarter of the global market and supplying the likes of Tesla Inc, Volkswagen AG and General Motors Co. In March, LGES said it would resume a stalled U.S. battery project with a $5.6 billion investment in Arizona to qualify for federal incentives under the Inflation Reduction Act."
"TPG exits Landmark Cars; sells 11.25% stake for INR 293 cr US-based private equity major on Friday sold its entire 11.25 %stake in chain for INR 293 crore through an open market transaction. With this transaction, has exited the automobile dealership company. According to block deal data available with the National Stock Exchange (NSE), TPG through its affiliate TPG Growth II SF Pte Ltd divested a total of 44.56 lakh shares, amounting to an 11.25% stake in . The transaction took place at INR 658 per share, aggregating the transaction size to INR 293 crore, the data showed. These shares were picked up by a host of investors, such as Societe Generale, Goldman Sachs Funds, Unifi Capital, Abakkus , 3P India Equity Fund 1 and . Following the deal, shares of Landmark Cars surged nearly 10% to end the trade at INR 727 on the NSE. According to the shareholding pattern with stock exchanges, TPG owned 44.56 lakh shares or 11.25% stake in Landmark Cars during the quarter that ended March 31, 2023. Landmark Cars, which made its stock market debut in December 2022, is a leading premium automotive retail business in India with dealerships for Mercedes-Benz, Honda, Jeep, Volkswagen and Renault. Earlier this week, TPG divested its entire stake in NBFC through open market transactions. In another block deal on the BSE, , one of the promoters of Ltd, has offloaded 6.25 crore shares, amounting to a 3.26% stake, in the company for over INR 266 crore. The shares were sold at an average price of INR 42.6 to Wilson Holdings. Pitti held over a 32% stake in Easy Trip Planners, which runs the online platform EaseMyTrip, as of the March quarter. Meanwhile, Shapoorji Pallonji and Company Pvt Ltd offloaded 35 lakh shares of Sterling & Wilson Renewable for INR 103 crore through a block deal on the NSE. Shares of Easy Trip Planners settled two %lower at INR 42.1 on the NSE, while those of Sterling & Wilson Renewable closed at INR 289.45, down 2.87 %from the previous close."
"Nomura initiates coverage on this new-age stock with 'buy' NEW DELHI: Global brokerage has initiated coverage on with 'buy' as it believes the company has high growth visibility and will benefit from rising digital spends by (original equipment makers) and dealers. Further, at current levels, it said, the stock is inexpensive given growth prospects. Nomura has set a target price of INR 770 on the stock. Interestingly, in order to reach all-time high level of INR 1,610, the stock will need to more-than-double from the said target. From the last close, it suggests an upside potential of nearly 19%. Tech is a leading player in India in classifieds and auction and re-marketing for used vehicles. It operates various platforms like , CarTrade and BikeWale. ""CarTrade will benefit from rising digital spends by auto (14% share in FY20) and dealers (6-8% share), as a majority of customers are using the online medium to search for cars. We estimate auto digital spends to record a 22% CAGR over FY22-25,"" said Nomura in a note dated April 28. The brokerage sees secular growth in its auction business Shriram Automall ( ), led by rising organized share, limited competition, tie up with Ashok Leyland and proprietary algorithms driving higher conversions. It said SAMIL revenue could post a 25% CAGR over FY22-25, with EBITDA margin at 26%. It added that its used car business abSure also has a high potential, as India’s used to new car ratio is 1.4 times vs 2-3 times globally. Nomura says CarTrade can continue rising at 12% CAGR over FY21-26. ""Our analysis of business models of new tech players and margins across segments indicates that there is very high growth potential for the total addressable market and new tech players can continue to gain share as over half of the industry is unorganised. We build in 29,000 volumes in abSure by FY24 (4% of revenue), and see potential for CarTrade to add other services such as financing and insurance,"" said the global brokerage. Nomura said it values CarTrade using SOTP and ascribes 9x EV31 times FY24 EVEBITDA, respectively, which we believe is inexpensive given the growth prospects. Hence, we initiate coverage of CarTrade with a Buy rating,"" it added. Key risks to target: Also Read:"
"CarDekho CFO aims to achieve EBITDA level profitability before IPO in 2023 In an interview with ETCFO, Girnar Software-owned CarDekho Group CFO shared his future growth and expansion plans as it claims to go for listing on Indian bourses by next year. “With scale, leverage, efficiencies, and process improvements we are trying to contribute towards our total EBITDA level profitability and that is what we intend to achieve before IPO,” Gupta told ETCFO . In FY23, the company sees a healthy growth upwards of 50% to 60% year-on-year and it comes with growth and expansion plans. “We may look at some Gulf Cooperation Council (GCC) countries as well as the growth path continues,” he shared. On the acquisition side, he said, “we do look at opportunities that are relevant, any good asset to partner - anything revolving around auto tech solving customer challenges in a profitable manner like services of cars, rental, leasing or new technology like EVs would be relevant for us.” The Edited Excerpts: Q: Inflation, commodity price volatility has not only impacted the prices of the cars but many buyers were said to wait-it-out till prices ease, in such times used-car market has seen an uptick. What has been the impact on your business as you deal with both used and new cars? Mayank Gupta: The used car industry is pretty massive, almost four to five lakhs cars per month is the sales in the country. The industry continues to grow in high double digits. Growth story of the used cars is long term for us, however, the pent up demand, customer need and affordability are macro factors that are reasons for the uptick. And beyond commodity prices, there's a lot of (customer) behavioral shifts during COVID times. People are much more likely, especially the new generation, to buy a first used or second hand used car. Inflation in India historically has been in the 5% to 7% range. Though it is on the higher end, it's not significant. In our industry both new and used cars have different impacts on the business. Besides, commodity prices and semiconductor shortage are challenges which have dragged the supply chain issues. Amidst these challenges, the used car business has shown positive impact in spite of the rising prices of new cars. Used cars have become more affordable. Q: Used car business is an unorganised sector, how many used cars and unused cars do you deal with in a year?. What are the challenges as a CFO operating in this space? Mayank Gupta: In the used cars business we are building our scale upwards of more than 30,000 cars per year. However, the challenge between organized versus organized is a classic one. A sector that deals in mass, we have almost 20,000 dealers in the used car industry in the country. We see this as an advantage because we are solving customer’s problems by leveraging products and tech solutions. On a digital platform choices are unlimited, secondly, it comes with trust and warranty. The only challenge dealing with an unorganized sector"
"problems by leveraging products and tech solutions. On a digital platform choices are unlimited, secondly, it comes with trust and warranty. The only challenge dealing with an unorganized sector is that companies do the right things in the right way, following every law, however, may not always have the highest level of compliance. This puts pressure on unit economics, at least in the short term. But, in the long term, if you do the right things with scale, the issue of unit economics will solve itself. Q: How are you looking at the festive season impact on your business this financial year and what are your expectations? Mayank Gupta: The year 2022 will be rock solid. We expect a good season ahead for all of our businesses as compared to 2020 which was a dampener and 2021 was when the economy was recovering from pandemic impact. Q: In the car portfolio business, what is the market penetration strategy when we talk about opportunities in tier 2, tier 3 cities in FY23? Mayank Gupta: The plan is to keep tiering in the country. The content and research platform is from every city in the country, and is open for new launches or old car models research. On the used cars transaction side it is operationally heavy. So we are going city by city, including tier-2 cities. In FY23 and beyond we are looking for healthy growth - upwards of 50-60% year-on-year and it comes with growth and expansion plans. The business model for us is Business to Business to Consumer (B2B2C). Both our financial services and the insurance business will continue to expand into the interiors of the country. On the used car transaction as we solve unit economics city by city, we don't want to grow for the sake of growth but logical and sustainable. Q: CarDekho has expanded in other geographies as well like South Asian markets and it has been operating in Malaysia, the Philippines, and Indonesia. So what is the expansion plan going forward? Mayank Gupta: We may look at some Gulf Cooperation Council (GCC) countries as well as the growth path continues. But our strategy is to make sure that we solve the product market fit in the country completely before we go externally. We wouldn't want endless growth and then end up closing and shutting down those operations later on. Hence, we have been cautious with our plan, but continue to go deeper in those markets as well as adjoining countries. On the acquisition, we do look at opportunities that are relevant, especially in these times, any good asset to partner - anything revolving around auto tech solving customer challenges in a profitable manner. Services of cars, rental, leasing, or new technology like EVs would be relevant for us. Q: What are the plans for Initial Public Offering (IPO) as the company has already stated that it will go for listing by 2023? Mayank Gupta: In today's Indian market as well as global markets you need to be a profitable tech company. We are focusing our energy to get to breakeven and then profitability soon"
"listing by 2023? Mayank Gupta: In today's Indian market as well as global markets you need to be a profitable tech company. We are focusing our energy to get to breakeven and then profitability soon and plan to achieve it in the next 12 months. Also, plan to line up the IPOs around that same time, which means a year from now we intend to get listed on Indian public markets. We are getting ready not just in action, but also in our mindset. For example, we have started quarterly investor calls for our investors, and so on. We are doing initiatives before we hit the market, we should be completely ready on how to run the company. While unit economics remains our key focus. Out of our four businesses, the auto content research platform is a profitable business, financial services, and insurance, we have tested the cohorts and shown break-even profitability, right now we invest in growth. As we have tapped the equation there we can be profitable soon. In the used car business we are trying to build unit economics, and chase sustainable growth. With scale, leverage, efficiencies, and process improvements we are trying to contribute toward our total EBITDA level profitability and that is what we intend to achieve before IPO. By leveraging operating lever, by controlling fixed costs and incremental gross margins, and will give a positive impact on revenue. Q: What is your hiring plan for FY 23? Mayank Gupta: Each of our businesses are growing. We're very solid growth plans in Southeast Asia and also strong growth plans in financial services, insurance business. Hiring is possible. There is no one specific number in mind, but clearly, the macro trend is very positive and we are actually actively engaging in it."
"Union Budget 2022: Auto sector wants fiscal and policy support to battle the odds for resilience and survival New Delhi: A year and half of economic slowdown followed by two-straight years of pandemic shattered the markets and the Indian automotive industry has been terribly dislocated. The industry is hopefully looking at this year's budget for some relief and remedies to fight against the internal odds and the external factors like and unbridled commodity price increases. Tax reductions with uniform GST rate, export incentives, thrust on R&D efforts, boost to capabilities, and investment in infrastructure development and promotion of electric vehicle ecosystem are some of the important issues which the industry wants finance minister Nirmala Sitharaman to address in the Union Budget for 2022-23 on February 1, 2021. A recent , conducted by Grant Thornton Bharat across sectors, revealed that respondents from Indian motown are seeking acceleration of skill development, import-substitution, incentivisation to foster electric vehicle (EV) sales, diversifying sources of finance and building supply chain resilience. According to the survey, 84% of the respondents expect direct exemptions and incentives for , 74% seek fiscal support for startups and 75% want improved automotive research and development. Over 1,000 respondents collectively were part of all the surveys. Besides, a large chunk of participants is also looking for import substitution and further clarification and boost for local electronic manufacturing. In the past year, high fuel prices and substantial rise in have massively crushed the buying sentiments of the consumers. Experts from different verticals of the industry have voiced their recommendations on the various issues that need to be taken to the notice of the Centre in the . Here’s what they have to say: ""Pioneering companies like Tesla, Rivian, Audi, BMW among many others, must be given a time-bound concessionary customs rate for the import of vehicles,"" Aaditya Uddhav Thackeray , Maharashtra State Minister. “We expect the Union Budget to have a long-term holistic growth perspective for the automotive industry, by helping to create consumer demand and growth for the sector. This budget should look at the existing taxation structure, offer relief and provide necessary stimulus for creating customer demand and subsequent growth. With increasing focus on developing the EV ecosystem, we also expect long-term stability in the existing e-mobility policies. We expect the current benefits to the customers related to GST benefits to stay, thus encouraging more customers to adopt e-mobility. In addition, we also expect an increased government spending for developing the charging infrastructure, in context of a rapid growth forecasted in the EV segment in India,” Martin Schwenk, Managing Director & CEO, Mercedes-Benz India. ""Apart from funds for infrastructure, focus also needs to be drawn on how to sustain and increase execution by"
"the EV segment in India,” Martin Schwenk, Managing Director & CEO, Mercedes-Benz India. ""Apart from funds for infrastructure, focus also needs to be drawn on how to sustain and increase execution by allocating funds for the same – for instance, highway construction has dropped this year. There is also an imperative to focus on better co-ordination between the Centre and State Governments for faster clearances. Urgent measures are also required to address the issues of spiralling input costs such as steel and cement. Measures to enhance global competitiveness of Indian manufacturers will also help boost exports. A well-designed Production Linked Incentive (PLI) Scheme can help the Construction Equipment Industry achieve its full growth potential and make India a global manufacturing and export hub for construction equipment,"" Sandeep Singh, Managing Director, Tata Hitachi. ""This year, the aspiration is to see a strategy that can give a renewed thrust and a much-needed impetus to the manufacturing sector to help continue the spirited performance, some sections of the industry have shown in 2021. PLI and RoDTEP are great steps in the right direction and the aim going forward should be to simplify the schemes and focus on the benefits spreading across the industry, in addition to the bigger players. This needs a strategic solution rather than a tactical one. While IT and ITeS sectors are booming, infrastructure-related projects and the real estate sector seem to be on an upward trend since last year, and this uptick must be encouraged further,"" Satyakam Arya , MD and CEO, Daimler India Commercial Vehicles. The government has been taking significant steps to promote electric and safe mobility. We expect some relaxation for the research and development of new technologies. This will further motivate OEMs and automotive suppliers like us to invest in innovations and technologies for the country, Prashanth Doreswamy , President and CEO, Continental India. ""The budget should unequivocally focus on improving infrastructure including highways and roadways, IT connectivity, and EV landscape. We wholeheartedly welcome PM Gatishakti- National master plan (NMP) and $27 billion worth PLI scheme to boost automotive industry and enable Indian manufacturers to integrate into the global value chains. We are expecting realistic announcements for sectors like battery cells, semi-conductors, as well as policy support for areas like remanufacturing and sustainability” Manish Bhatnagar, Managing Director, SKF India. ""For a sector that contributes almost half of the industrial GDP and is experiencing disruptions due to the pandemic, as well as the advent of new technologies around electric mobility and regulatory changes, government support via Budget 2022 is required,"" Saket Mehra , Partner and Auto Sector Leader, Grant Thornton Bharat. “To indirectly uplift the EV sector further, income tax for the salaried employees has to be brought down. Coupled with enhancing the"
"Mehra , Partner and Auto Sector Leader, Grant Thornton Bharat. “To indirectly uplift the EV sector further, income tax for the salaried employees has to be brought down. Coupled with enhancing the tax- free Provident Fund amount and increased standard deduction will provide a much-needed relief to the ever-toiling salary class. Investments in semiconductor chip manufacturing, high-end electronics controls, rare earth magnets and other critical components of the electric vehicle will make India not only self-sufficient in the long term demand within the country but could also make it another significant source of low cost manufacturing for exports other than China,” Gajanan Gandhe , Country Head, Dana India. “Rural demand was impacted during the second wave and despite the farm sector cash flows remaining relatively healthy, the festive offtake was subdued. The untimely and excessive rainfall since September 2021 led to flooding in many regions and delayed kharif harvest/ rabi sowing. Consequently, rural demand sentiments have moderated over the past few months. The Government may make some announcements to support the rural community, especially amid increasing infections and consequent fears of higher medical expenses associated with the same,” ICRA observed. “Government must declare EVs for the commercial car industry as a priority sector, implement First Loss Guarantee Scheme for the sector and ensure that the public sector banks and financial institutions offer easy finance with minimal margin money requirement at low interest rates for EV fleets,” Rajiv K Vij , Founder, Plug Mobility. ""Due to the inverted tax structure that currently exists (where EVs are taxed at 5% and battery packs alone at 18%). Several constraints are placed on new OEMs as well as the development of new models like Battery As A Service. While the nodal and state level delegation of charging station deployment and policies around that make the process faster, infrastructure spending support for DISCOMS to support EV charging will accelerate deployment of charging stations across the country,"" Arun Vinayak , co-founder and CEO, Exponent Energy. ""EV-financing will become the biggest enabler for Electric Vehicle adoption in the next few years. The commercial EV segment, which is expected to be a key growth vertical, is faced with a lack of financing options, hence remains the biggest challenge. The industry has the potential to grow to USD 150 billion by 2030, hence the Finance Minister's attention to ease accessibility to financing, particularly for the unbanked will do good to the segment, "" Sameer Aggarwal , Founder & CEO, RevFin Services. “The upcoming budget and the financial policy would also do well to introduce structured schemes and guidelines for covering electric propulsion retrofit kits under standard automobile loans and insurances, if not provide even better incentives. Moreover, it will be good to see technologies like battery swapping gain cover under the"
"retrofit kits under standard automobile loans and insurances, if not provide even better incentives. Moreover, it will be good to see technologies like battery swapping gain cover under the existing fiscal policy around EVs,” Arun Sreyas , co-founder, RACEnergy. Also Read:"
"India's lack of infra limiting super luxury car market growth: Lamborghini CEO A lack of adequate infrastructure and high tax rates are the biggest hurdles to the growth of super luxury car sales in India despite the country being home to the third-largest number of billionaires, said Global CEO & chairman, Automobili , . ""It's a mix. But I think the biggest challenge is the infrastructure because we are in other markets where we have (high) taxation (but) where the volumes are higher,"" said Winkelmann. To be sure, India was one of the fastest-growing markets for the Italian car maker in CY2022. Lamborghini - which sells the Urus, Aventador and Huracan priced from INR 3-9 crore - increased sales by a third to 92 vehicles in the country last year. But contribution to global sales remains low at about 1%. Lamborghini expects to cross the three-digit mark for the first time here in the ongoing calendar year. Currently, India levies a rate of 28% on automobiles, with additional cess ranging between 1% and 22%, depending on the type of vehicle. Fully imported cars attract customs duty of 60-100% based on the size of the engine and cost, insurance, and freight (CIF) being close to USD 40,000. Winkelmann said one of the peculiarities of the Indian market is that Indians in general live all over the globe. ""So, we have a lot of Indian customers in Europe, especially in the United Kingdom. We have (Indian customers in) the United States and in Southeast Asia. So, let's say, the community is even stronger than the market. So, it might also be that we have (Indian) customers, whose residences may not be in India, but they are driving Lamborghini cars,"" he said. 'Lamborghini Working on Strengthening Value Chain' Lamborghini closed last year with record sales of 9,352 units. The company is set to introduce the new Aventador towards the end of this month, pre-orders for which already run into three years. Winkelmann said despite high inflation and recessionary trends globally, the company has not seen any impact on demand so far. ""The point is that we have no signs so far of markets which are weakening, we have markets which are more on and off through the year. Especially, the Chinese market. The rest of the world is very solid so far."" The company, though, is working on strengthening its value chain to shield operations from disruptions in the altered geopolitical environment. ""When we speak about the supply chain, it is clear that (there is) a new geopolitical situation. We are now stepping out both in terms of sales and in terms of supply chain,"" he said. For critical sourcing points, microchips or other things which are very important for building the car, Lamborghini will continue to leverage synergies with the Volkswagen Group. ""The VW group is sourcing huge quantities. So, this is helping us. Synergy looks good. And on the other hand, for specific Lamborghini sourcing we are looking closer for suppliers... we are extending our range because we have in"
"quantities. So, this is helping us. Synergy looks good. And on the other hand, for specific Lamborghini sourcing we are looking closer for suppliers... we are extending our range because we have in front of us a completely different type of time. For sure, India is part of our sourcing process,"" he said. Separately, Winkelmann said Lamborghini too is moving towards cleaner vehicles, like most global peers. While the all-new EV, a fourth brand in the portfolio, is likely to be launched by the end of the decade, Automobili Lamborghini is moving towards cleaner hybrid vehicles in 2023 and will be investing 1.5 billion Euros over the next four years towards this endeavour."
"Kross raises INR 150 cr from anchor investors ahead of IPO New Delhi: on Friday said it has mobilised INR 150 crore from anchor investors ahead of its initial public offering ( ). , , (MF), ICICI Prudential MF, Axis MF, Kotak Mahindra MF, Motilal Oswal MF, Edelweiss MF and Max Life Insurance Company are among the anchor investors. According to a circular uploaded on BSE's website, Ltd around INR 150 crore from 19 funds including mutual funds by allotting 62.49 lakh equity shares at INR 240 per equity share -- the upper end of the price band. The Jamshedpur-based company's IPO is a combination of a fresh issue of equity shares worth INR 250 crore and an Offer for Sale (OFS) aggregating up to INR 250 crore by the promoters. The OFS portion consists of equity shares to the tune of up to INR 168 crore by Sudhir Rai and INR 82 crore by Anita Rai. The issue, with a price band of INR 228-240 per share, will open for public subscription on September 9 and conclude on September 11. Kross proposes to utilise the net proceeds of the fresh issue for the purchase of machinery and equipment, payment of debt, and funding the working capital requirements of the company. Besides, a portion will be used for general corporate purposes. Bids can be made for a minimum of 62 equity shares and in multiples of 62 equity shares thereafter. Founded in 1991, Kross is a diversified player focused on manufacturing and supply of trailer axle and suspension assembly and a wide range of forged and precision machined high-performance safety critical parts for medium and heavy commercial vehicles and farm equipment segments. Equirus Capital is the sole book-running lead manager to the issue. The equity shares are proposed to be listed on the BSE and the NSE."
"Russia is feeling the pain of Europe’s oil embargo A near-total ban on imports of into the is finally hitting Russia’s oil revenue. Concerns that it would provide the Kremlin with a windfall to fund its war in Ukraine have been confounded — for now. The US Administration feared that EU sanctions on Russia’s seaborne crude, which came into effect on Monday, would send prices soaring. The particular worry was a ban on the provision of ships and services like insurance and financing for Russian cargoes moving anywhere in the world. To mitigate the impact, the US proposed a price cap on Russian exports. Cargoes purchased at a price below the cap, eventually set at $60 a barrel, would be exempt from the shipping and services ban. But it looks like they needn’t have worried — at least not yet. The last Russian barrels have been shipped to ports in Europe. Moscow has lost a market on its doorstep for more than 1.5 million barrels a day. It looks set to lose sales of another 500,000 barrels a day by the end of the year, if Poland and Germany follow through on pledges to halt pipeline imports. Yet, far from soaring, have slumped. By Friday, day five of the import ban, benchmark Brent crude was trading below $77 a barrel, and briefly dipped below $76. That’s down by more than 14% from the highs reached on Monday, after the sanctions came into effect. Prices earned by Russia for its crude shipments have fallen even further. Its key Urals export grade was changing hands at little more than $40 a barrel at the country’s Baltic ports, which remain the biggest outlet for its crude. That’s about the level identified as the breakeven cost of production and well below the $60 a barrel price cap introduced alongside the EU import ban. The continued importance of Russia’s Baltic ports even after it’s lost its European market shows the inability of the country to redirect oil flows. The only pipeline to China and Russia’s Pacific coast export terminal at Kozmino is already full and the only way to get supplies to Russia’s last remaining markets in China, India and Turkey is through long voyages around Europe and through the Suez Canal. Far from creating a shortage of crude, the EU sanctions have created localized gluts in those markets. A huge volume of Russian oil is competing with flows from traditional suppliers in the Middle East and sellers must give big discounts to offset the high cost of the longer journeys required to deliver cargoes from the Baltic. Meanwhile, Europe isn’t scrambling for crude. Russia’s invasion of Ukraine, which has stoked inflation, including for food and energy, has undermined European economies to the point where, as I suggested back in early November, the world can easily handle the loss of Russian barrels, at least for now. That may change in the coming months. China is easing its Covid restrictions, which could eventually ignite fuel demand that has been crimped by travel restrictions and a slowdown in economic activity. That will"
"in the coming months. China is easing its Covid restrictions, which could eventually ignite fuel demand that has been crimped by travel restrictions and a slowdown in economic activity. That will tighten the market again. There’s also a potentially more dramatic EU ban coming, on imports of Russian refined oil products like diesel. That could upend oil markets that are already short of the transport fuel. Meanwhile, Russian President is threatening to cut oil production in response to the price cap on his crude. He may find that the oil industry takes the decision for him if it can’t sell its oil profitably. The Kremlin is already facing a big hit to its revenue from crude export duty next month. Based on crude prices since the middle of last month, Russia’s per-barrel duty could well fall in January to its lowest since the Covid-19 pandemic slashed revenue in early 2020."
"Audi India opens new Audi Approved: plus showroom in South Mumbai New Delhi: German luxury car manufacturer opened on Monday its pre-owned luxury car showroom, Audi Approved: plus, in South Mumbai. Spread over 3000 sqft , the state-of-the-art showroom located at Kamla Mills Compound, Lower Parel, has the capacity to display six cars, the company said in a media release. Balbir Singh Dhillon, head of Audi India, said, “Mumbai is a key market for us, and we have observed a steady surge in demand for pre-owned luxury cars. This is our home city and today, we are extremely happy to open a new facility in the heart of South Mumbai – in Kamla Mills.” “I am certain that this new showroom will cater to the ever-growing demand for pre-owned cars in Mumbai and I am pleased to share that we continue our expansion with more facilities in the surrounding areas as well as other cities across the country,” he added. As per company, every pre-owned car at Audi Approved: plus showrooms undergo rigorous, multiple-level quality checks, mechanical bodywork, interior and electrical inspections at 300+ multi-point checks. The vehicles are also subject to full on-road testing to ensure the perfect drive and peace of mind for customers while buying the car. Under the Audi Approved: plus programme, Audi India offers 24x7 Roadside Assistance and a complete history of the vehicle before purchase. Customers can also avail easy financing and insurance benefits through the programme, it added. Commenting on the newly-inaugurated showroom, Amit Jain, Audi Mumbai South, said, “We have had a long-standing relationship with the Audi brand and are elated to take it further with the new Audi Approved: plus showroom in Kamala Mills. We look forward to welcoming customers and offering them a top-notch brand experience.” Also Read:"
"Russian oil: PSUs to tank up, eye bigger discounts 's state-run refiners are planning to buy as much Russian oil as possible while shifting their purchase strategy from tenders to negotiated deals to extract deeper discounts, people familiar with the matter said. State refiners have bought more than 15 million barrels of from traders as well as Russian firms since the outbreak of war, paying in dollars using regular banking channels, they said. The invasion began February 24. Russian energy exports have so far escaped Western sanctions, ensuring trouble-free payment channels for Indian buyers. Discount Math Indian refiners, however, haven't so far received the kind of discounts cited in analyst reports, and are now seeking deeper cuts from Russian suppliers, according to the people mentioned above. S&P Global Platts had assessed a discount of $33 per barrel for Russian oil to the benchmark dated brent on a free-on-board basis last month. Indian refiners have been sourcing Russian crude only on a delivered basis to avoid freight and insurance risks, which have dramatically risen as ships don't want to venture into war zones, and insurers and reinsurers are charging heavy premiums. ""If we were to assume a cost of $10 per barrel for the increased freight and insurance premium, the discount on a delivered basis should have been about $23. But the best discounts for Indian refiners have been between $10-15 per barrel,"" said one of the persons cited, adding that the discounts in the early days of the war were even smaller. State refiners usually purchase from the spot market through tenders, picking up the lowest bidder. Since Russian crude is trading at a discount, the supplier of such crude would win the tender easily with just a little discount, the person cited earlier said, prompting a change in strategy."
"US agency opens probe into electric vehicle batteries DETROIT: U.S. safety regulators have opened an investigation into electric and hybrid vehicle batteries after five automakers issued recalls due to possible defects that could cause fires or stalling. The says the probe covers more than 138,000 vehicles with batteries made by LG Energy Solution of South Korea. General Motors, Mercedes-Benz, Hyundai, Stellantis and Volkswagen have issued recalls since February of 2020, most due to internal battery failures that can increase the risk of fires. The agency says it will write to LG and other companies that might have bought similar batteries to make sure recalls are being done when needed. Messages were left Tuesday seeking comment from LG Energy Solution. The investigation is another bug in a growing global rollout of by all automakers to replace internal combustion vehicles to cut emissions and fight climate change. Ford and BMW also have recalled batteries in recent years. Also, the U.S. National Transportation Safety Board investigated a series of fires in Tesla vehicles and said the high-voltage lithium-ion batteries pose safety risks to first responders after crashes. Many governments are counting on counting EVs to replace gasoline-burning vehicles that emit greenhouse gases that cause global warming. Data on is limited, but a small sample in April of 2021 by the insurance industry's Highway Loss Data Institute found that EVs and their conventional gas counterparts had about the same number of non-crash fire claims per 1,000 insured vehicle years. The institute tracked claims for 10 EVs and their gas equivalents and found that EVs had 0.19 fire claims per 1,000 insured vehicle years compared with 0.2 for gasoline counterparts. In a document posted Tuesday on its website, said the recalls began on Feb. 24, 2020 when Mercedes recalled a 2019 Smart Fortwo electric vehicle. The company said the high-voltage battery made by LG had a defect that could ignite inside the battery cells, raising the risk of a fire. Eight months later, Hyundai recalled some 2019 and 2020 Kona EVs with a similar problem. In November of 2020, General Motors began a string of recalls that involved more than 140,000 Chevrolet Bolt EVs from the 2017 through 2022 model years due to the ""simultaneous presence of two rare manufacturing defects in the same battery cell."" The defect caused at least 10 fires, causing GM to warn owners to park the Bolts outdoors. LG Energy Solution agreed to reimburse GM $2 billion for the recall costs, and the company remains in a joint venture with LG to build batteries for its next generation of electric vehicles. This month, GM is scheduled to restart production and sales of Bolts with replacement battery cells. Hyundai issued a second battery recall March of 2021 covering 2019 and 2020 Konas and 2020 Ioniq EVs and said an electrical short inside the batteries could increase the risk of fires while parked, charging or driving. Last February,"
"March of 2021 covering 2019 and 2020 Konas and 2020 Ioniq EVs and said an electrical short inside the batteries could increase the risk of fires while parked, charging or driving. Last February, Stellantis' Chrysler brand recalled some 2017 and 2018 Pacifica plug-in hybrid minivans with LG batteries after getting a dozen reports of fires. A month later, VW recalled some 2021 ID4 electric vehicles with unreliable connections inside the batteries that could cause stalling. Stellantis also has a joint venture with LG Energy Solution to make batteries for future electric vehicles. Also Read:"
"Yellen says setting price caps on Russian refined oil products 'complicated' By Andrea Shalal Western countries are working to structure price caps on products to ensure continued flow of Russian diesel, but the markets are complicated and there is a chance things do not go to plan, Treasury Secretary Janet Yellen said. Group of Seven countries and Australia implemented a price cap on Russian oil Dec. 5, banning the use of Western-supplied maritime insurance, and other services for cargoes priced above $60 per barrel. They are now finalizing two separate price caps on Russian refined petroleum products, such as , that are due to take effect on Feb. 5 along with a ban on , Yellen told reporters in Dakar, Senegal. One will cover high-value products typically sold at a premium to crude, while another will apply to low-value products like fuel oil, she said told reporters traveling with her in Africa. Yellen said setting the new price caps had proven ""more complicated"" than for crude, given the range of different refined products and price structures, and the importance of ensuring continued supplies of Russian diesel to the market. ""It's more complicated, but we've been working hard to figure out how to achieve the same objectives,"" as with the broader cap on Russian crude, she said. ""You know, there's always the potential that things may not go according to plan but we've studied these markets very carefully and we believe that we're going to come out with a set of caps that will achieve the same things that we've achieved with crude so far,"" she said, adding that adjustments could still be made over time. While the first oil price cap only took effect on Dec. 5, it had proven successful thus far, Yellen said, citing a drop in the price that Russia was getting for crude oil. ""They've expressed concern about revenues, and we've seen no sign that Russia is withholding oil from the market,"" she said. Also Read:"
"Protest against cab aggregators in Doon : Commuters in Dehradun faced inconvenience on Tuesday as launched a day’s strike and congregated at regional transport office to demonstrate against mobile such as Rapido and BlablaCar. Protesters alleged these apps are severely impacting their business and have not registered themselves at RTO, which is a violation of guidelines. RTO Sunil Sharma said white number plate cars are booking and transporting passengers via cab aggregators like Rapido and BlablaCar, which is illegal. “It is also risky for passengers since these vehicles are insured under personal car category. In case of untoward incident, passengers will not be entitled to receive any compensation from govt and insurance company,” he said. Sharma added that protesting drivers were assured that action was being taken against aggregator cabs. “No aggregator company has procured any licence from the , and all such vehicles will face consequences,” he said. Pankul Sharma"
"Rahul Bajaj: A Gandhian and hardcore entrepreneur merged into one By R L Ravichandran It’s with a heavy heart that I have to write this obituary for the Auto industry leader who passed away on Saturday. When I met him first to approve my candidature presented by his son Rajiv, I can’t forget the humility of such a towering personality who stood up to greet me and welcome me to his office, and I felt how little I was. It was a pleasant interaction and not a formal interview. He was quite frank in his views. He outlined what was okay and not okay in the organisation and what he expected me to do. He was keen to ask me all about my family, and just said that I could be of help in building up the organisation to rise up to the plans his son has been working on. That sealed the discussions. He even allowed my own interpretation of the scope of my work in and a title that explained my role as business and product development head. These are not very common in those days, or even now. But that was his simplicity and trust. In many meetings he chaired, one thing was clear, who was the boss without his authority on display by his genuine approach. He listened to every view point as it was relevant and finally decided what was good for Bajaj Auto as a company. Once it was decided it was over and done. No change. That was a time when Bajaj ruled as the country’s largest two- wheeler in numbers, in revenues and in profits. I remember every month his concluding point as “Are we number one in numbers”? It was total scooter sales of over a lakh a month and a few thousands of bikes. When the country was drifting slowly towards motorcycles over scooters it always used to be a task to make him accept that motorcycles were to stay and it was difficult to stop this change over. Though he understood he was reluctant to admit. It was in one of those times that we stood watching our coveted position of number one changing to number 2. But then he stood in full defence to support us in our early efforts to create the motorcycle portfolio Rajiv envisioned to build, with or without technology coming from any partners. Any other person would have ridiculed us. But he did extend unreserved support in terms of acquiring technology, the manufacturing process, and even a new factory with state-of-the-art facilities. And that is Chakan. The turnaround and flagship motorcycle for Bajaj from scratch to production line was ‘The Definitely Male Pulsar’. But to Rahul Bajaj’s credit one should not forget the ubiquitous autorickshaw. And then the rear engine auto. In the 1980’s and 90s and even today Bajaj passenger autorickshaw is ruling the roost not only here but in many other countries, and the unforgettable Sunny. Chetak Super Scooters he created. Finally, when Rajiv launched the new electric scooter in 2020 and named it Chetak he felt very happy and elated. A star is reborn. I had the opportunity to talk to him over phone late at night on the day of Chetak electric launch and I"
"electric scooter in 2020 and named it Chetak he felt very happy and elated. A star is reborn. I had the opportunity to talk to him over phone late at night on the day of Chetak electric launch and I could feel his happiness over Chetak’s new avatar, a perfect and timely gift of the successful son to his illustrious father. His foresight and business acumen were very distinct when he rolled out Bajaj Allianz Insurance, with Sanjiv Bajaj heading and shaping it as it is today as the country’s top consumer finance with millions of customers to Bajaj Finserve. He has always been a trusted CEO for his employees. A rewarding company for his investors and true representative of the industry and various federations he led in his time. Above all his integrity, business ethics and leadership in creating large infrastructure and the burning desire to be the number 1 in the world is what makes him a Legendary leader we have seen in our times. A true Gandhian, as imbibed from his father, and the genuine care with which he nurtured his service-oriented organisations, hospitals, educational institutions, are truly serving many deserving people around Maharashtra. He was very candid and called a spade a spade irrespective of whom he was addressing. But his integrity, honesty and simplicity has left an indelible impression on the Indian history of entrepreneurship and family- run business empires. Honestly, they may not make such colossal personalities as Rahul Bajaj any more. We used to say “East or west…. Rahul is the best.” And we meant it. And I mean it forever. (R L Ravichandran is an industry veteran and a former marketing head of Bajaj Auto. Views expressed are personal.)"
"OPEC+ may not be much help with high oil, gasoline prices By Cathy Bussewitz New York : Oil prices are high, and drivers are paying more at the pump. But the and allied producing nations may not be much help as they decide Thursday how much more crude to send to world markets. That's because the 23-member , which includes Russia, is struggling to produce enough oil to keep up with the rebounding demand for fuel since the COVID-19 pandemic. Plus, Western buyers are shunning barrels from Russia over its war in Ukraine, meaning there's less oil on the market to go around. , led by Saudi Arabia, and its allies will decide whether to boost production in August beyond the increase of 648,000 barrels per day that the group agreed to at its last meeting. That boost was a modest step at providing some relief to soaring prices. Before, had been adding about 432,000 barrels per day monthly to put oil back on the market after cutting production dramatically during the height of the pandemic. Gasoline prices around the world have reached painful highs. In the U.S., they surpassed USD 5 a gallon for the first time this month before dipping in recent days as global oil prices fell on fears of a recession. U.S. President Joe Biden has been under pressure to do whatever he can to reduce gasoline prices for struggling Americans, including urging Congress to suspend gas and diesel taxes, although many experts say there's little he can do. OPEC, on the other hand, could help lower prices by increasing production - in theory. But that doesn't mean it will, even as Biden has urged the group to do so. Production has fallen substantially behind OPEC+ quotas. Angola and Nigeria have longstanding shortfalls, among others, and questions have arisen about how much spare production capacity Saudi Arabia and the United Arab Emirates have in reserve. There's also little incentive for OPEC+ countries to boost production even if they are able, said Heather Heldman, managing partner at Luminae Group. ""At the end of the day, they're worried about their economic bottom line, not the political fortune of a foreign leader,"" Heldman said. In addition, Biden is planning his first trip to Saudi Arabia as president, and both countries will want something positive to announce after that summit next month, Heldman said. ""From the Saudi perspective and Emirati perspective, there's really no need to make any meaningful gesture now,"" she said. Russia's war in Ukraine has contributed to high oil prices fueling around the world. At a summit of the Group of Seven leading economies this week, the U.S. pushed for a price cap on Russian oil imports to try to blunt the price spikes and reduce money from oil sales flowing into the Kremlin's war chest. The G-7 agreed to explore imposing the cap by tying it to services needed to sell oil such as insurance and shipping. Service providers would face sanctions if they facilitate the sale of oil over the cap. But the proposal left many important aspects"
"it to services needed to sell oil such as insurance and shipping. Service providers would face sanctions if they facilitate the sale of oil over the cap. But the proposal left many important aspects open and will be the subject of talks in the weeks ahead. The European Union, a key importer of Russian oil, also has approved a ban on 90% of Russian oil imports by year's end. As of May, surplus production capacity in non-OPEC countries decreased by 80% compared with 2021, according to the U.S. Energy Information Administration. Surplus capacity is oil production that can be brought online within 30 days and sustained for at least 90 days. In 2021, about 60% of the surplus production capacity was in Russia, but much of that was eliminated as of May 2022 due to sanctions, the agency said. High gasoline prices in the U.S. aren't just about rising oil prices and less oil on the market. Most American refineries are operating at capacity, so even if there was more oil produced, they wouldn't be able alleviate high prices by quickly turning it into gasoline, jet fuel and diesel. U.S. crude traded down 0.2% at USD 109.70 per barrel ahead of the meeting, while international benchmark Brent dropped 0.6% to USD 115.35 per barrel."
"Joy e-bike’s E2W sales exceed 1 lakh units (WIML), one of the leading manufacturers of electric vehicles under the ‘ ’ brand in India, Tuesday achieved a major milestone of crossing 100,000 in India. The company rolled out its 100,000th unit, Mihos from its state-of-the-art manufacturing plant in Vadodara to mark the achievement. Established in 2016 as WW Solutions (Wardwizard Solutions) and later renamed as WIML in 2019, the company embarked on its mobility journey with the launch of its first product category in . As India's first listed EV company on the BSE, WIML introduced its first Low-Speed Electric Scooter, the Butterfly, in 2018. Presently, the company has a strong portfolio of 10 models, including high speed and low speed variants, along with a network of over 750 touchpoints. In celebration of this monumental milestone, the company has further introduced a series of exclusive offers for its customers, offering special benefits and free insurance*. The remarkable offers will remain valid at all authorized Joy e-bike dealerships across India until March 31, 2024. Yatin Gupte, Chairman and Managing Director of Wardwizard Innovations & Mobility Ltd. said, “We are deeply grateful to our customers and stakeholders for their unwavering support, which has propelled Wardwizard Innovations to its position as a leading brand in the country. This milestone of one lakh sales underscores the quality of our diverse product range and underscores our steadfast dedication to a sustainable future and meeting customer demands. As we continue to innovate and empower communities through our 'Joy e-bike' brand, we are driven by a collective vision of a greener, more sustainable mobility landscape. Our rapid growth trajectory sets our sights on reaching the two-lakh milestone by 2026.” Wardwizard Innovations & Mobility Limited has also showcased its commitment to innovation at the recently concluded Bharat Mobility Global Expo 2024. At the expo, the company unveiled the concept of its first hydrogen-powered electric two-wheeler and showcased its current product line-up, including high and low-speed models and the electric three-wheeler under the brand name 'Joy e-rik.' Meanwhile the company has introduced up to INR 30,000 discounts and free insurance on its following products: Mihos, Wolf+ and Gen Next Nanu+."
"What's the impact if Europe cuts off Russian oil? The European Union's executive commission has proposed phasing out imports of within six months. It is part of 's struggle to stop paying Russia $850 million a day for energy and hit the Kremlin's finances over its invasion of Ukraine. But reversing decades of dependence on Russian oil and natural gas is not a simple matter for the 27-nation bloc. For one thing, Hungary and Slovakia, both landlocked and big users of Russian oil, have said they won't go along with the boycott. Here is what the oil sanctions could mean for people in Europe and the rest of the world: HOW MUCH DOES EUROPE PAY RUSSIA FOR ENERGY? Gas and oil have kept flowing even as governments denounce the war. The EU sends $450 million a day to Russia for oil and $400 million per day for natural gas, according to calculations by analysts at the Bruegel think tank in Brussels. That means energy revenue is bolstering the Kremlin's budget, adding to foreign currency reserves that could help Russia support the ruble and partly make up for Western sanctions that froze much of Russia's foreign currency reserves held outside Russia. HOW MUCH RUSSIAN OIL GOES TO EUROPE? Europe is the biggest purchaser of Russian crude, receiving 138 million tons in 2020 out of Russia's total exports of 260 million tons - or 53%, according to the BP Statistical Review of World Energy. Europe, which imports almost all of its crude, gets a quarter of its needs from Russia. Oil is refined into fuel for heating and driving as well as being a raw material for industry. WHY IS THE FOCUS ON OIL INSTEAD OF NATURAL GAS? It's harder to find alternative sources of natural gas because it comes mainly by pipeline. It would be easier to find other sources for oil, which mostly moves by tanker and is traded globally. So a natural gas boycott is off the table for now. Heavy gas users like Germany say an immediate cutoff could cost jobs, with industrial associations warning of shutdowns in glass and metals businesses. Cutting off both natural gas and oil would likely cause a recession in Europe, economists say. WHAT COULD HAPPEN WHEN RUSSIAN OIL SUPPLIES STOP? Europe imported 3.8 million barrels a day from Russia before the war. In theory, European customers could replace those barrels from suppliers in the Middle East, whose exports now mostly go to Asia, as well as from the United States, Latin America and Africa. Meanwhile, cheaper Russian oil could take the place of the Middle East shipments to Asia. But it would take time to make that adjustment. New supplies would have to be found elsewhere. Several large refineries in central and Eastern Europe rely on oil from a Soviet-era pipeline and would have to find another way of getting oil to make gasoline and other products. Bruegel analysts say that means European countries should be ready to impose measures to reduce fuel use, such as making public transport free and incentivising car-sharing. If those measures don't work,"
"analysts say that means European countries should be ready to impose measures to reduce fuel use, such as making public transport free and incentivising car-sharing. If those measures don't work, tougher ones such as odd-even driving bans based on license plate numbers would be needed. Similar measures were taken during the 1973 OPEC oil embargo, when Germany imposed car-free Sundays. Russia is a major supplier of Europe's diesel fuel for trucks and farm equipment, meaning its price affects those for a wide range of food and goods. WHAT COULD HAPPEN TO THE GLOBAL OIL MARKET? Chances are that oil prices would go up for everyone because oil is a global commodity. That would mean higher prices at the pump and for home heating, less disposable income for consumers and set back the economic recovery from the COVID-19 pandemic. Russia would probably produce and export less oil after losing its biggest customer, Europe. That's because all of Russia's exports can't simply be redirected from nearby Europe to far-off Asia due to shipping and logistical constraints. It would mean a major reshuffling of the world's flows. Buyers in India and China might avoid Russian oil if it means possible sanctions trouble with the West. And Western customers are already shunning Russian oil because they don't want to be associated with the country or can't find insurers or banks willing to handle dealings with Moscow. On the other hand, some Asian customers might jump at the chance to snap up discounted Russian oil. Especially if the sales are off the books, as appears to be happening in some cases. The OPEC oil cartel led by Saudi Arabia - which sets production levels along with allied non-members like Russia - has made it clear it won't increase output to make up for any supply loss from Russia due to a boycott. They meet again Thursday. Rystad Energy expects a loss of 1.5 million to 2 million barrels per day and oil reaching $120 to $130 per barrel by year's end. A milder scenario, in which most Russian oil shunned by Europe is snapped up in other energy-hungry countries not taking part in the sanctions, would see a loss of 1 million barrels per day. Oil prices would drop below $100 by June and keep falling to $60 by year's end. HOW MUCH WOULD A BOYCOTT COST RUSSIA? It would cost the Kremlin, with energy the main pillar of its budget. The Russian government got an average of 43% of its revenue from oil and natural gas between 2011 and 2020. And yet it's not so simple. The price for Russia's main export benchmark to Europe, Urals crude, has been knocked down to a $35-per-barrel discount compared with international benchmark Brent. But because of generally higher oil prices, Russia's revenue losses have so far been limited. Those foreign currency earnings are helping prop up Russian finances amid sanctions. ""The EU gradual embargo on Russian oil is a risky bet, as in the short term, it might leave Russian revenues high while implying negative consequences for the EU"
"up Russian finances amid sanctions. ""The EU gradual embargo on Russian oil is a risky bet, as in the short term, it might leave Russian revenues high while implying negative consequences for the EU and global economy in terms of higher prices,"" said Simone Tagliapietra, an energy policy expert at Bruegel. That's aside from fears that an oil boycott might provoke Russia to cut off gas supplies in retaliation. Also Read:"
"How to save money on bike insurance premium? Having bike insurance is crucial as it enables bike owners to safeguard their two-wheelers against unforeseen events. In India, two types of bike insurance policies are commonly chosen, third-party liability insurance and comprehensive bike insurance. Among these, comprehensive bike insurance provides coverage not only for third-party liabilities but also for own damage and theft. Opting for comprehensive coverage is ideal for the extensive coverage it provides. Though the cost can be overwhelming, bike insurance should be seen as an investment. Without compromising on the coverage, there are effective ways to reduce the premium. It also helps to understand bike insurance and the factors that affect the premium. Factors that affect Here are the factors that affect the premium of two-wheeler bike insurance in India- Bike model and make The bike's model and make contribute significantly to the premium calculation. High-end bikes with more expensive parts and higher repair costs will have higher premiums. Engine capacity is another determinant; bikes with larger engines generally have higher insurance premiums due to their increased power and risk. Age and driving experience The age and driving experience of the policyholder are also considered. Younger riders, especially those below the age of 25, are typically charged higher premiums as they are perceived as more prone to accidents. Claim history The claim history of the policyholder is another vital factor. A clean claims record demonstrates responsible driving, leading to a lower premium. Conversely, a history of accidents or frequent claims can result in a higher premium. Geographical location Geographical location also plays a role, as insurance premiums are higher in areas prone to theft, accidents, or natural calamities. Urban areas with heavy traffic and higher crime rates usually experience higher premiums compared to rural areas. Add-ons and coverage options Additionally, the add-ons and coverage options selected by the policyholder affect the premium. Popular add-ons include zero depreciation cover, roadside assistance, personal accident cover, and medical expenses coverage. The more add-ons chosen, the higher the premium will be. Other factors Factors like the duration of the policy, the type of coverage (comprehensive or third-party), and the insurance company's rating and reputation also impact the premium amount. Tips to save money on two-wheeler Having policy in India is essential for protecting your bike and finances. Here are valuable tips to save money on two- wheeler bike insurance in India. Choose your bike sensibly As mentioned above the premium of the bike depends on the model and type of the bike. As high-end bikes will have a higher premium, one should take a bike which is on budget, has good features and will have a decent premium. If you are keen to get a high-end luxury bike, be ready to shell out more money for the bike"
"premium, one should take a bike which is on budget, has good features and will have a decent premium. If you are keen to get a high-end luxury bike, be ready to shell out more money for the bike insurance premium. Choose add-ons wisely Comprehensive bike insurance policies come with optional add-ons that enhance coverage but also increase the premium cost. Evaluate your needs and select add-ons that are essential and relevant to your situation. For example, if you ride in a flood-prone area, opting for the Engine Protection add-on can be beneficial. Avoid unnecessary add-ons that you would not utilise, as they will only increase your premium. Maintain a good driving record Your driving record plays a vital role in determining the bike insurance premium. Insurance companies often offer lower premiums to individuals with a clean driving history, as they are considered less risky. Avoid traffic violations, accidents, and speeding tickets to maintain a good driving record. This will help you negotiate for lower premium rates during policy renewal. Accumulate No Claim Bonus (NCB) A No Claim Bonus is a reward in the form of a discount given to the insured who does not file any claims during the policy period. NCB can significantly reduce your premium cost when renewing your policy. Make sure to accumulate your NCB by not filing minor claims and enjoy the benefits of lower premiums in subsequent years. Install safety and anti-theft devices. Insurance companies value the safety and security measures you take for your bike. Installing anti-theft devices, such as GPS trackers and alarm systems, can reduce the risk of theft. This can result in lower premium rates as insurance providers consider your bike less prone to theft or damage. Opt for voluntary deductibles Policyholders can select predetermined amounts known as a voluntary deductible, that is, the amount they pay out of their pocket during a claim settlement. You can reduce your premium cost by opting for a higher voluntary deductible. However, ensure that the deductible amount you choose is affordable for you in the event of a claim. Saving a premium to pay more at the time of a claim is not the most sensible thing to do. Opt for a long-term policy The chances to get a higher discount on the premium are more when you opt for a policy for a longer duration. A standard is for a year but many insurers give the choice to take for a longer time. This not only saves money for the insured but also reduces the hassle of renewing the policy every year. Look for discounts When taking insurance for your bike always find out what kinds of discounts are being offered by the insurance company. Some of these can be a loyalty discount or a discount to pay the premium for the year in one go. Most of the time monthly payment turns out more expensive than an annual payment. Attend safe riding courses Insurance companies often give discounts to the insured who have done safe riding courses. These courses teach bike"
"payment turns out more expensive than an annual payment. Attend safe riding courses Insurance companies often give discounts to the insured who have done safe riding courses. These courses teach bike riders defensive riding tactics, and as this lowers the probability of accidents, the insurer sees it as a low risk and, thus, offers discounts. Saving money on bike insurance in India is possible with careful consideration and understanding of your insurance requirements. Remember to review your policy periodically to ensure you have the best deal that suits your needs and budget. Disclaimer - The above content is non-editorial, and TIL hereby disclaims any and all warranties, expressed or implied, relating to it, and does not guarantee, vouch for or necessarily endorse any of the content."
"UK self-driving car dreams could break down at the starting line Britain could lose out on investments in autonomous vehicles (AVs) and see startups shift testing elsewhere if promised laws to regulate the technology are not passed before the next general election, startups and insurance companies said. Despite the government's vision to be a world leader in AV technology, truly driverless cars are not currently permitted on Britain's roads, making it difficult for start-ups to commercialize their vehicles and insurers to assess their risks. The UK government said last August it would advance a bill in the current parliamentary session, which is expected to end this autumn, providing detailed regulations by 2025. That has not yet happened, with political turmoil forcing the government to water down ambitions for this session. With a national election due by January 2025, industry wants the government to bring forward legislation next session, or risk lengthy delays. ""There is a window of opportunity for the UK to at least be leading on something,"" said Claudio Gienal, head of UK and Ireland operations for global insurer AXA, which believes the technology could prevent accidents. ""Whoever moves first will have the advantage of attracting investment, skills and expertise."" ""But if you're second or third, why should people come here?"" added Gienal, who wrote to Britain's finance minister in April urging the government to pass a bill in the next parliamentary session. The British government's vision is built on forecasts that by 2035 around 40% of new cars could have self-driving capabilities and leadership in AV technology could create up to 38,000 new skilled jobs in a market worth 42 billion pounds (USD53 billion) to Britain by that date. Transport Minister in December said there would no longer be a Transport Bill this session, and did not mention a separate AV bill in an outline of the ministry's legislative agenda. Iain , who chairs parliament's transport committee, said there was not enough time for an AV law this session, but it could happen in the next session. Last month Junior Minister Jesse Norman said he shared AV startups' concerns. ""We are making the case as vigorously as we can... for this to be a priority for the government,"" he told lawmakers. Failure to enact regulations could cede ground to other countries like France, Germany and the United Arab Emirates, which are putting regulations in place, or several U.S. states including California. Startups are actively lobbying the government to pass the bill, while insurers need to know who is liable so they can insure driverless cars. They fear a self-driving bill will be crowded out by other vote-winning priorities in the run-up to the election. ""We've got to see the legislation move forward in this next (parliamentary) session to make this a reality,"" said Kaity Fischer, commercial vice president at London-based Wayve. ""Or we would be forced to move to other markets for deployment."""
"in this next (parliamentary) session to make this a reality,"" said Kaity Fischer, commercial vice president at London-based Wayve. ""Or we would be forced to move to other markets for deployment."" Wayve has raised around USD260 million so far from investors, including Microsoft. ""CHANGE OUR PLANS"" So far, the UK government has been seen as highly supportive of AV startups, with its Centre for Connected and Autonomous Vehicles securing over 400 million pounds in private and government funding for more than 90 projects. Last year, two independent governmental bodies spelled out well-received recommendations for an AV law. Ashley Feldman, programme and policy manager for transport and smart cities at industry group TechUK, said a delay would force startups to test and start generating revenues elsewhere. ""It's important that these startups get to commercialisation quickly,"" he said. Bristol-based Fusion Processing recently launched a 14-mile autonomous bus route linking Edinburgh and nearby Fife in partnership with bus operator , bus maker Alexander Dennis and partly funded by the government - with a safety driver at the wheel. Fusion wants to start UK commercial driverless bus services in 2025. ""If that doesn't happen, then we would have to change our plans,"" CEO Jim Hutchinson said, including testing in other countries. Oxford-based AV software firm Oxbotica has raised about USD225 million from investors and is working on AV projects with customers including BP and British online supermarket and technology group Ocado. Founder said he was optimistic the government will pass its promised bill, but added it is ""extremely important that we get this done very, very soon."""
"Iran-Israel conflict: Fuel prices may not rise in poll season New Delhi: 's attack on is expected to send global crude higher as war premium gets built in but retail fuel prices in will likely stay unchanged due to general elections starting later this week, industry executives said. Brent, the international crude benchmark, has sprinted to USD90 per barrel from USD80 in just about a month on escalating tensions between Iran and Israel. ""A war premium may quickly show up in oil prices in the paper market. Heightened tension in oil zone or main oil transit zones may also cause increases in crude oil transport and costs,"" said Mukesh Surana, CEO of Ratnagiri Refinery & Petrochemicals Ltd. In oil industry parlance, paper market refers to a financial marketplace where future oil delivery contracts are traded. ""If the situation escalates further to the extent that it starts impacting physical supplies through the , it will impact the global supply situation and can have a sharper impact on prices in the short term,"" said Surana, formerly chairman of . Irrespective of the in global oil prices, domestic retail prices of petrol, diesel and cooking gas are unlikely to rise for the next two months due to elections, industry executives said."
"Hyundai explores USD 3 bn IPO for India unit at up to USD 30 bn valuation, sources say Motor is planning to list its Indian unit to raise at least USD 3 billion in what would be the country's biggest IPO, two people said, as the South Korean firm doubles down in the key growth market ahead of a widely expected entry by Tesla. Hyundai Motor India is in early talks for an initial public offering (IPO) and has held discussions with several banks, the two people, who have been briefed on the matter, said on condition of anonymity as the discussions are not yet public. The fund raising by Hyundai, the second-biggest automaker in India with a 15% market share, would value its Indian operation at up to USD 30 billion, which is more than half its market capitalisation of USD 42 billion in Seoul. Shares of the company soared 5% on Monday, to their highest in nearly three years. A valuation of up to USD 30 billion would put Hyundai's India unit behind rivals like Tata Motors at USD 41.43 billion and India at USD 40.11 billion. A spokesperson at Hyundai's India unit declined to comment. The company is exploring ""value unlocking for its India business"" through the IPO, the two people said. ""They want to make use of India's IPO boom. India's capital markets have hardly stood out like this before compared to other countries,"" one of the two people added. Boosted by billions of dollars of domestic and foreign money, India's USD 4 trillion stock market has emerged as a fast-growing alternative to China, recently overtaking Hong Kong as the fourth-largest in the world. India's benchmark Nifty 50 index rose 20% in 2023 and has extended its record run into 2024. IPOs in India boomed in the second half of 2023 and bankers expect this to continue in 2024 amid hopes of policy stability. SoftBank-backed and food delivery firm Swiggy, among others, are expected to list this year. In 2023, 239 companies raised USD 6.78 billion via IPOs in India, according to LSEG data. India's biggest IPO was the 2022 listing of its largest insurer, Life Insurance Corporation, in which it raised up to USD 2.7 billion. For its India IPO, Hyundai has held talks with investment banks JP Morgan, Morgan Stanley, Citi and Bank of America though no formal appointments have been made, the two people said. Bank of America declined to comment, while the other three did not respond to a request for comment. India's Economic Times newspaper first reported Hyundai's plans for an India IPO. HYUNDAI'S INDIA PUSH Hyundai, India's second-largest car maker by sales, is now doubling down in the South Asian nation and the United States after scaling back its production in China after years of losses there and exiting Russia after selling its two Russian plants. It entered India more than two decades ago and is the only foreign player to have become dominant alongside market leader Maruti Suzuki, while companies like Ford Motor and General Motors have folded their India business. Hyundai's share of the"
"is the only foreign player to have become dominant alongside market leader Maruti Suzuki, while companies like Ford Motor and General Motors have folded their India business. Hyundai's share of the Indian market reached a peak of nearly 20% mainly due to its wide portfolio of small cars and a grasp of what buyers want, but it is seeing growing competition from domestic players like Tata Motors which has launched a slew of new SUVs and electric cars. Hyundai now has about a 15% share of the Indian car market where it sold 567,000 vehicles in the last fiscal year. Analysts noted that Hyundai's India unit IPO talks come amid Tesla's plan to enter India and if Hyundai's unit manages to go public in the country, it might help Hyundai better compete with Tesla in the Indian EV market in the future. Hyundai has said it plans to invest close to USD 4 billion in the Indian market in parts over the next decade to launch new EVs, charging stations and a battery pack assembly unit. Part of the money is being invested in buying a former GM plant to help Hyundai expand its production. Hyundai currently manufactures cars at its plant in the southern Indian city of Chennai which is dubbed the Detroit of Asia. (USD 1 = 83.0210 Indian rupees)"
"A price cap on Russian oil aims to starve Putin of cash. But it's largely been untested. Until now For months after Ukraine's Western allies limited sales of to USD 60 per barrel, the price cap was still largely symbolic. Most of Moscow's crude - its main moneymaker - cost less than that. But the cap was there in case rose - and would keep the Kremlin from pocketing extra profits to fund its war in Ukraine. That time has now come, putting the price cap to its most serious test so far and underlining its weaknesses. Russia's benchmark oil - often exported with Western ships required to obey sanctions - has traded above the price cap since mid-July, pumping hundreds of millions of dollars a day into the Kremlin's war chest. With Russia's profits rising, the Israel-Hamas war pushing up global oil prices and evidence that some traders and shippers are evading the cap, the first signs of enforcement are appearing 10 months after the price limit was imposed in December. But sanctions advocates say the crackdown needs to go further to really hurt Russia. Reducing oil profits ""is the one thing that hits Russian macroeconomic stability the most,"" said Benjamin Hilgenstock, senior economist at the Kyiv School of Economics, which advises the Ukrainian government. Oil income is the linchpin of Russia's economy, allowing President to pour money into the military while avoiding worsening inflation for everyday people and a currency collapse. Moscow's ability to sell more to the world than it buys means it's weathering sanctions far better than expected. Its economy will grow this year while Germany's shrinks, the International Monetary Fund estimates. Still, Russia's main source of income is at risk from stepped-up enforcement. The U.S. Treasury Department sanctioned two ship owners last week, while U.K. officials are investigating violations. Since the invasion began, oil sanctions have cost Russia USD 100 billion through August, said an international working group on sanctions at Stanford University. But most of that, economists say, stems from Europe's ban on Russian oil, which cost Moscow its main customer. ""There are serious problems with the (price cap) policy, but it can work,"" Hilgenstock said. ""With some improvements, it can be very effective."" Vessels owned or insured by Western nations ""persisted in loading Russian oil at all ports within Russia"" in recent weeks as prices rose above the cap, the Helsinki-based Center for Research on Energy and Clean Air said in a report last week. ""These occurrences serve as compelling evidence of violations against the price cap policy."" Russia's oil income rose in September to some 200 million euros (USD 211 million) a day as global prices increased, the think tank said. Less oil available worldwide - with Saudi Arabia and Russia cutting production - pushed prices for Moscow's key export grade crude to USD 74.46 last week, S&P Global Platts said. It's been above USD 60 since July 11. The price cap is meant to"
"and Russia cutting production - pushed prices for Moscow's key export grade crude to USD 74.46 last week, S&P Global Platts said. It's been above USD 60 since July 11. The price cap is meant to limit what Russia can earn without taking its supplies off the market. Doing that threatens a shortage that could drive up fuel costs and inflation in the U.S. and Europe. It relies on a key fact of the shipping industry: many vessel owners, traders and most insurers are based in Europe or the Group of Seven major democracies that imposed the price cap. That puts those companies within reach of sanctions. To comply, shipping companies need to know the price of Russia's oil. The cap, however, requires only a good-faith disclosure on a simple, one-page document with the names of the parties and the price. The actual sales contracts don't have to be revealed. And that, analysts say, has been an invitation for unscrupulous sellers to fudge - and for some shippers to adopt a see-no-evil approach. Suspicions about evasion grew when analysts noticed that oil from the Russian port of Kozmino on the Pacific Ocean - responsible for a relatively small share of Russia's exports - was trading well above the cap. That was even though many of the tankers stopping there were Western-owned, primarily Greek. There was little sign of enforcement action until last week, when the U.S. Treasury Department blocked a tanker owner in the United Arab Emirates and another in Turkey from dealings in the U.S. They're accused of carrying Russian oil priced at USD 75 and USD 80 per barrel while relying on U.S.-connected service providers. U.S. officials have warned insurers away from vessels that appear suspicious, a senior Treasury official told reporters last week. The department also issued recommendations to scrutinize transport costs and watch for red flags of evasion. The U.K. Treasury says it is ""actively undertaking a number of investigations into suspected breaches of the oil price cap."" There's another opportunity to sidestep the cap: the price is set as oil leaves Russia, not what's paid by a refinery in, say, India. The oil may be bought and sold several times by Russian-affiliated trading companies in countries not participating in sanctions. Excessive ""transportation costs"" may be added. The difference to the end price is pocketed by traders and stays in Russian hands, analysts say. ""The problem is that no one really has any oversight as to what happens after the point of loading,"" said Viktor Katona, lead crude analyst at data and analytics group Kpler. ""And there's a reason why the shippers haven't really complained or haven't flagged any issues with the oil price cap - because it's very easily circumvented."" Russia's top energy official, Deputy Prime Minister Alexander Novak, told Radio Business FM on Oct. 13 that the cap was ""not only ineffective, but harmful; it can completely distort the entire market and has only negative consequences, including for consumers."""
"Novak, told Radio Business FM on Oct. 13 that the cap was ""not only ineffective, but harmful; it can completely distort the entire market and has only negative consequences, including for consumers."" Russia does not recognize the cap, and a decree by Putin forbids its inclusion in sales agreements, Novak said. U.S. officials, on the other hand, point to the losses it has inflicted on Moscow when combined with Europe's ban on Russian oil. That boycott forced exporters to send oil on monthlong voyages to Asia, instead of dayslong trips to Europe - essentially doubling Russia's need for expensive shipping services. Another cost is the ""shadow fleet"" of used tankers that Russia bought to dodge sanctions. It has only a third of the vessels it would need to completely sanctions-proof its oil shipments, said Craig Kennedy, an associate at Harvard's Davis Center for Russian and Eurasian Studies. That makes it hard for Russia to completely avoid Western-based shipping services. Combined with the EU oil ban, the price cap has added USD 35 per barrel in costs for Russian exporters, U.S. officials say - money that doesn't go to buy weapons and military equipment. ""The price cap is working,"" says Nataliia Shapoval, vice president for policy research at the Kyiv school. But Western allies ""should take really urgent measures"" to push oil from Russia's shadow fleet back to mainstream shipping, Shapoval said. To do that, the Stanford sanctions group says countries should demand proof of Western insurance before letting vessels pass chokepoints - now only recommended by the U.S. Treasury. Tanker owners also could be forced to take shipments only from approved oil traders based in sanctioning countries."
"Soaring insurance costs hit as US buyers finally get a break on car prices A new form of sticker shock has hit American car buyers like Darin Davis. In January, when the 56-year-old Dallas real estate agent renewed the insurance on the pearly-white 2024 Cadillac XT4 that he bought just a few months earlier, the rate nearly doubled. ""It takes the fun out of owning a new car when you're paying so much money,"" said Davis, adding that if he'd known such a massive increase was coming, he might have opted for a less expensive model. But by then it was too late. In one of the cruel twists of an inflation-weary , car prices are coming down after surging by record amounts during the COVID-19 pandemic. But at least part of those gains for consumers are getting gobbled up by rising auto insurance rates that for some models now account for more than a quarter of the total cost of owning a vehicle. Car prices have eased as the supply chain snarls of the pandemic--especially shortages of vital computer chips--have untangled and automakers boost inventories on their lots. Meanwhile, factors including rising costs associated with repairing increasingly complicated vehicles and more storm damage amid climate change is pushing insurance rates higher. And car buyers aren't the only ones with an axe to grind over insurance inflation. For Federal Reserve policymakers working to lower inflation overall, it's an example of the unwelcome surprises that have conspired to slow their progress. HURTING AFFORDABILITY The rose 3.5% last month from a year earlier, according to the Labor Department. But auto insurance costs were up 22.2% over the same period, the biggest increase since the 1970s. Car prices, meanwhile, continued to moderate. New vehicle prices declined 0.1%, compared to a year earlier, while used prices slipped 2.2%. Car dealers are offering more incentives to buyers, which helps bring down up-front costs. The degree to which insurance rates are weighing on buying decisions is unclear, but there are signs it's become a bigger factor, especially for consumers on tight budgets. ""We're hearing from a number of shoppers that they're declining to buy a car - or returning one - because they can afford the car, but not the insurance for it,"" said Sean Tucker, a senior editor at Kelley Blue Book, a car valuation and research company in Irvine, California. Tucker said Kelley Blue Book recently added insurance guidance to its list of buying tips, urging shoppers to get an insurance quote before they put down any money. Car insurance rates vary widely across the country and are influenced by everything from the cost local collision repair shops charge to the potential for damage from tropical storms and wildfires. According to the insurance shopping site Insurify, the average cost in the U.S. for full auto coverage rose 24% last year and now stands at just over $182 a month. The company said 63% of drivers it surveyed saw rates increase in 2023 and predicts rates will"
"cost in the U.S. for full auto coverage rose 24% last year and now stands at just over $182 a month. The company said 63% of drivers it surveyed saw rates increase in 2023 and predicts rates will rise another 7% in 2024. But that figure could rise. ""We're seeing a lot of activity in (the first quarter) that indicate to us it may increase even more,"" said Jessica Edmondson, a data specialist at Insurify. TOTAL COST Insurance seems poised to continue to grow as a share of the so-called total cost of owning of a vehicle, which factors in things like routine maintenance, taxes, depreciation, and fuel, as well as insurance. According to Kelley Blue Book, insurance accounted for an average 16% of this gauge for a compact car in 2019 and will grow to 26% in 2024. For a compact SUV, it was 13% in 2019, but will be 20% this year. Multiple forces have combined to fuel the current surge in rates. More cars are being totaled than in the past and quality issues mounted during the production disruptions caused by the pandemic that can lead to insurance claims. A shortage of mechanics has meant it takes longer to fix a car, which in turn drives up the cost to insurance companies that provide rental cars to policyholders waiting for those repairs. A typical car is also increasingly laden with electronics that can make them costlier and more difficult to repair. ""A bumper is just a bumper - but a bumper full of sensors costs more to repair,"" said Kristin Dziczek, a policy advisor at the Federal Reserve Bank of Chicago who is an expert in automotive industry trends. She noted that electric cars, on average, cost 30% more and can take longer to repair. There are also changes in how carmakers are producing cars that carry insurance implications. For instance, Tesla has pioneered a process called gigacasting, which involves casting a single part that can replace 30 or more separate pieces of metal in a traditional vehicle. That reduces production costs but can make it costlier to repair a vehicle involved in an accident. Other carmakers are following suit. Cadillac makes one model now that uses 16 gigacastings. Meanwhile, Davis--the Dallas real estate agent who bought a new Cadillac--said he eventually found a cheaper option by bundling his car and homeowners insurance and increasing the deductible."
"Centre notifies new vehicle insurance rates The centre on Wednesday approved the new base premium rates for third party motor . These revised rates will be applicable from June 1, 2022. These rates were last revised for financial year 2019-20 and were kept unchanged during the COVID-19 pandemic. According to a gazette notification from the Ministry of Road, Transport, and Highways, the annual rate of for private cars not exceeding 1000 cc has been fixed at Rs 2,094, up from Rs 2,072 in 2019-20. Under the new rates, third party insurance for private cars with an engine capacity between 1000 cc and 1500 cc has been raised to Rs 3,416 from Rs 3,221 in 2019-20. Larger private vehicles that have an engine capacity above 1500 cc will see the premiums fall to Rs 7,897 from Rs 7,890. For two wheelers over 150 cc but not exceeding 350 cc, the insurance premium will be Rs 1,366 while two-wheelers over 350 cc will command a premium of Rs 2,804. The three-year single premium for a new car not exceeding 1000 cc has been fixed at Rs 6,521, while for a car between 1000 cc and 1500 cc it has been fixed at Rs 10,640. A new private vehicle exceeding 1500 cc will be insured at Rs 24,596 for three years under the newly notified rates. The five year single premium for two wheelers not exceeding 75 cc is Rs 2,901, exceeding 75 cc but not 150 cc is Rs 3,851, and exceeding 150 cc but not 350 cc is Rs 7,365. A two wheeler exceeding 350 cc can be insured for five years at Rs 15,117 under the new rates. A new private electric vehicle (EV) can be insured at Rs 5,543 for three years if it is not exceeding 30 KW. If the EV exceeds 30 KW but is less than 65 KW, the three year premium will be Rs 9,044. Larger EVs exceeding 65 KW will be insured at Rs 20,907 for three years. New two wheelers EVs can be insured under five year single premiums for Rs 2,466 if they are not exceeding 3 KW. EV two wheelers exceeding 3 KW but not 7 KW will be insured for Rs 3,273, and exceeding 7 KW but not 16 KW for Rs 6,260. Higher powered EV two wheelers with a capacity exceeding 16 KW will be insured at Rs 12,849 for five years."
"Assam launches India's first 100% Electric Bike Taxi Service via 'Baayu' The Assam government launched ' ,' an app-based bike taxi service that is an innovative and forward-thinking sustainable mobility initiative of the state government-run (ASTC). The app-based electric bike taxi service was flagged off by Assam Minister of Transport Parimal Suklabaidya in the state capital Guwahati on Sunday. The event witnessed the unveiling of India's first app-based 100% electric and decentralized bike taxi services. Baayu (an App based ) by ASTC in collaboration with Bikozee Ecotech a startup from Assam is launching India's first 100% electric and decentralized bike taxi services, ushering in a new era of eco-friendly transportation solutions to be integrated with ONDC. Initiating with zero-emission bike delivery services. Baayu aims to generate 5,000 livelihood opportunities for driver partners right here in Assam by supporting with electric vehicles, technology platform, Insurance, training, skill development and operating license in line with Assam Aggregator rules 2022. This initiative will save an astounding 29,000 tons of carbon emissions annually Baayu is poised to save Rs 73 crore annually on fuel costs, stated in a press release. Supported by NITI Aayog's Shoonya Zero pollution mobility campaign, ""Baayu - Clean Air Movement"" by ASTC aims to improve the air quality and public health of our cities by deploying Electric vehicles in transport and logistics sectors and thus implementing decentralized technologies of protocol to develop public infrastructures to be deployed on ONDC (Open Network for Digital Commerce). Baayu, a ground-breaking sustainable mobility initiative, launched by Assam State Transport Corporation (ASTC) in collaboration with , has been meticulously designed to revolutionize the transportation landscape of Assam. With a strong emphasis on sustainability, innovation, and inclusivity, Baayu serves as a testament to the Government of Assam's commitment to fostering economic growth, promoting entrepreneurship, and embracing environmentally conscious practices. Big day for Assam as it becomes the first state in India to now have the nation's first app-based 100% electric and decentralised bike taxi service. Besides extending his sincere wishes to the entire team, the Assam Transport Minister speaking at this ceremonial event today urged the bike riders to strictly adhere to all road safety norms while commuting on roads & carrying passengers."
"Union Budget 2024 Highlights: Top announcements of FM Sitharaman's Budget 2024 : Our government is working towards development which is all-round, all-inclusive and all-pervasive. It covers all castes and people at all levels. We are working towards making India a , said while presenting Presenting the Interim Budget 2024-25 at Parliament on 1 February, 2024. The country was facing enormous challenges when the current government assumed office in 2024, however, with 'Sabka Sath Sabka Vikas' as its mantra, it overcame those challenges, she said. FM added that the government continues to focus on four major groups -- Poor, farmers, youth and women. While highlighting the 'Garib ka kalyan, desh ka kalyan' slogan, FM said that, with the pursuit of Sabka Saath, the govt has assisted 25 crore people to get freedom from multidimensional poverty in last 10 years. Here Are the ' Top Highlights"" : - On the Capex front, the outlay for next year increased by 11.1% to Rs 11.11 lakh crore. - FY25 fiscal deficit budgeted at 5.1% of GDP. FY24 fiscal deficit pegged at 5.8% against the budgeted 5.9%. - Direct Benefit Transfers of Rs 34 lakh crore from government using PM Jan Dhan accounts have led to savings of Rs 2.7 lakh crore. These savings have been realised through the avoidance of leakages prevalent earlier, said Sitharaman.The savings give us more funds for Garib Kalyan, she added. - M Mudra Yojana has sanctioned 43 crore loans amounting to Rs. 22.5 lakh crore for the entrepreneurial aspirations of youth. Fund of Funds, Startup India and Startup Credit Guarantee Schemes are assisting the youth. - Every year under PM Kisan Samman Yojana, Direct financial assistance is provided to 11.8 crore farmers, including marginal and small farmers. Crop insurance is given to 4 crore farmers under PM Fasal Bima Yojana -Rs 34 cr Mudra Yojana loans been given to women entrepreneurs. - Average income of people increased by 50%, says FM - A corpus of Rs 1 lakh crore will be established with 50 year interest-free loan for tech-savvy growth. - Over the last 10 years, tax collections have more than doubled. - No changes in taxation. FM proposes to retain same tax rates for direct and indirect taxes including export duties. The Budget Session of Parliament began yesterday with President Droupadi Murmu addressing the joint meeting of both Rajyya Sabha and Lok Sabha. The session will conclude on February 9."
"Indian bonds, rupee fall tracking jump in oil; more losses likely By Swati Bhat MUMBAI: Indian bond yields edged higher while the weakened on Wednesday, tracking a sharp rise in prices that threatens to push up domestic inflation and widen the country's current account deficit. Oil prices rose as sanctions on Russian banks following Moscow's invasion of Ukraine hampered trade finance for crude shipments and some traders opted to avoid Russian supplies in an already tight market. The benchmark 10-year bond yield edged up to 6.80%, up 3 basis points from its previous close on Monday. It touched 6.81% in early trade, the highest since Feb. 9. Markets were closed on Tuesday for a local holiday. Traders said if there are no more debt sales in this fiscal year, yields are likely to trade in a 6.75% to 6.85% range depending on the movement in global crude and the evolving geopolitical situation. India imports more than two-thirds of its and rising crude will push up imported inflation while also widening the country's current account deficit. The partially convertible rupee was trading at 75.63/64 per dollar, weaker compared to its previous close of 75.34. It dropped to a low of 75.7725, its weakest since Dec. 20. Indian shares fell after data showed the country's economic growth missed estimates, with the escalating and surging crude oil prices also weighing. ""With a cloud of uncertainty now cast over the timing of the LIC IPO, the pair could move towards 76+ levels if the IPO is pushed to the next fiscal,"" analysts at HDFC Bank wrote in a note. ""The 10-year benchmark yield is likely to trade in the range of 6.75-6.8% in the near term,"" they added. Bankers advising Indian state-run Life Insurance Corp (LIC) on its IPO have pushed the government to defer the launch of the stock offering in the wake of the market jolt caused by Russia's invasion of Ukraine, two sources familiar with the talks told Reuters. Also Read:"
"Insurer assessing damage caused by fire at Rohtak R&D centre: Maruti Suzuki New Delhi: (MSI) on Tuesday said its Rohtak-based R&D centre, which witnessed a fire incident, is covered under an insurance policy and the damage assessment is being carried out. On Monday, the country' largest carmaker had informed the bourses that two people working with a contract firm died in a fire at its research and development centre at Rohtak in Haryana. ""The facility affected by fire incident is covered under insurance policy. The damage assessment is being carried out and the recovery of the insurance amount is subject to the valuer's assessment of the damage,"" the auto major said in a regulatory filing. In a late night regulatory filing on April 11, MSI had stated: ""There was a fire incident on Monday afternoon in the company's Rohtak R&D centre in one of the buildings where a new lab was being carried out by a third party project company."" The fire was brought under control and the root cause is being examined along with the investigating authorities, it had noted. Unfortunately, two people working with a contract firm of the project company succumbed to the fire, the carmaker had said."
"Opinion: How digitalisation gains momentum in pre-owned segment, including automotive By Kaushik Narayan The pre-owned segment in the industry was ripe for transformation as the pandemic hit home in India. Challenges faced by customers included: · Uniqueness : Each asset for sale or purchase was unique. The combination of vehicle features, fuel type, colour, tyre type and tread wear, mileage covered and body condition was unique for each asset available for sale · Location : It was difficult to know which seller had what assets available for sale. Prior to , buyers had to visit multiple used car outlets to understand what was available for sale · Assessing vehicle quality: Vehicles were assessed using offline inspection reports that were not standardised or available for the buyer to review · Pricing the asset : Asset pricing was not available publicly · Seller trust : There were no means to understand if sellers could be trusted other than word of mouth or going by market reputation Digitalisation and Covid provided a unique opportunity for sellers and buyers to address these major concerns. The solutions that have emerged have made the industry stronger, more resilient and ready for the next stage of growth. A recent study in the US found that used car buyers spent over 30% more time on research in comparison to a new car buyer due to digitalisation. Acceleration due to digitalisation was primarily due to the following factors: · Emergence of platforms for listing: The advent of platforms like Cars24, , OLX and has made listing and searching assets very simple and easy for customers. Sellers can list their vehicles in a short period of time and buyers can locate vehicles they are interested in very easily also · Realtime inspection report availability: Detailed inspection reports are now made available to customers for vehicles that match their requirements. These reports may include detailed information about the vehicle, the aggregate, battery and tyre condition and details regarding any damage to the body of the vehicle. · Use of AI for detecting vehicle quality: The advent of supports more accurate estimation of vehicle condition and quality. This in turn helps improve pricing estimates for vehicles · Emergence of pricing engines: Multiple pricing engines are currently available that provide a range of prices for assets based on their manufacturer, age, features, specifications and location. This has brought about transparency in pricing assets. · Seller ratings: Online ratings on Google and Justdial complement word of mouth and referrals and help add a layer of trust for sellers These changes have helped accelerate transformation in the pre-owned industry. This in turn help organise this segment and in turn drive industry growth. This in turn has contributed to robust growth in new car sales in 2022-23. A study in the US indicated that Used car buyers spent over 30% more time on research as opposed to new car buyers prior to making a"
"turn has contributed to robust growth in new car sales in 2022-23. A study in the US indicated that Used car buyers spent over 30% more time on research as opposed to new car buyers prior to making a purchase. Digitalisation has provided these buyers access to better quality information which has helped them make informed decisions. "" have become an important driver of growth in the new car sales segment, as more and more customers are looking to upgrade their vehicles. At , we have seen the benefits of this trend first-hand, as many of our customers have chosen to trade in their old cars for a new Kia. This has helped us to penetrate the Indian market quickly and establish ourselves as a fast-growing and trusted brand in the automotive industry,"" Hardeep Brar, VP and Head, Marketing & Sales, Kia India, said. Used car dealers and platforms also believe that the trust in vehicles sold can be further increased with access to service data from Original Equipment Manufacturers ( ). The availability of detailed vehicle service history, insurance claims and accident information will simultaneously improve both the accuracy of vehicle pricing as well as the confidence of the buyer in the vehicle assessment. The digitalisation trend in the pre-owned car segment continues to stay ahead of the 2-wheeler, 3-wheeler and commercial vehicle segments. However, the advent of platforms like Leaptrucks and emergence of more demanding customers who are digitally savvy and look for transparency will help accelerate the transition to digitalisation in the other segments. ( Disclaimer:Kaushik Narayan is the CEO of Leaptrucks, a Bengaluru-based online marketplace for assisted buying or selling of used trucks, buses or construction machinery. Views are personal)"
"Answered: Frequently asked questions about car insurance policy Understanding the nuances of a car insurance policy can get tricky. From the right amount of sum insured for your car to the insurance jargons to know about, features and benefits to look for and whether or not they will prove beneficial to your vehicle and you – there are a lot of questions that go through one’s mind. To put those queries to rest, here we are addressing some of the most frequently asked questions about car insurance policies. Why is car insurance important? How does car insurance work? Car insurance is essential for protection against financial losses due to damages to your vehicle and against third-party liabilities. There are three types of car insurance – third-party liability insurance, own damage insurance, and comprehensive car insurance. A provides all-around security by protecting a vehicle against risks, such as accidents, theft, and natural disasters, as well as third-party liabilities. This ensures peace of mind and also compliance with legal requirements. Should I pay car insurance monthly or annually? When it comes to paying for car insurance monthly or annually, budgetary constraints and preferences should be kept in mind. Paying annually often results in savings, as insurers may offer a better deal. However, it may cause a financial burden when an individual prefers monthly instalments. Weigh your options before you determine what best suits you. How can I convert third-party car insurance into ? Convert your third-party car insurance into comprehensive insurance with the following steps: Log onto the online portal of your insurer, fill in your car's details, and then select a comprehensive policy. If required, check and modify the coverage options available (such as insured declared value) and add-ons. Accept the final terms and conditions and pay. Your insurer may inspect your vehicle before approval. Can I get car insurance without a licence? Yes, you can get car insurance without a licence. If someone else is driving your car, it’s essential to have insurance, and you can designate that person as the primary driver. Some insurers may be cautious about offering policies if you do not have a licence, so you might need to shop around. The comprehensive car insurance option is still available, even if you aren't the one behind the wheel. Please note that owning is a car is okay but driving without a licence and car insurance is against the law in India. So it is advisable to get your driving licence first. Which car insurance is better, comprehensive or third-party? Comprehensive car insurance usually offers more advantages than third-party insurance for those who want complete protection. This includes liabilities to third parties and damages to your car due to accidents, robbery, natural disasters, and more. While it is more expensive than third-party insurance, the broader coverage and possible additional features make it valuable for most car"
"car due to accidents, robbery, natural disasters, and more. While it is more expensive than third-party insurance, the broader coverage and possible additional features make it valuable for most car owners. How to transfer car insurance from one person to another in India? To transfer car insurance from one owner to another in India, you must first complete the vehicle ownership transfer by submitting essential documents like Forms 29 and 30, the car's RC, and a no-objection certificate from the previous owner. Once these are verified, the insurance policy will be transferred to the new owner's name. Can I have car insurance from another state? You can have car insurance from another state if you spend a lot of time in both states or reside in multiple places. However, you will need to follow the insurance and registration laws of each state. Ensure the policy is legal in both states and confirm with your insurance provider whether your coverage extends across states. What type of insurance is best for my car? The best car insurance for your vehicle depends on multiple factors such as your use, budget, type of coverage needed, etc. The most popular type of is comprehensive insurance. This is because it provides the maximum available coverage: protection against third-party liabilities and damages to your own vehicle from an accident or natural calamity, theft, etc. While relatively costlier than third-party insurance, its all-inclusive protection makes it a great choice for total peace of mind when hitting the road. Is it safe to ? Yes, buying car insurance online is safe as long as you purchase it from an insurance provider approved by the IRDAI. Can I cancel my car insurance anytime? A car insurance policy may be cancelled at any time. Most of the time, it involves contacting your insurer and providing the necessary documents, including proof of sale if you are selling your car. How is the calculated? When it comes to comprehensive coverage, the premium charged on car insurance depends on several factors, including the Insured Declared Value of the vehicle, vehicle type, age, cubic capacity of the engine, and geographical zone. The premium consists of three components: third-party liability (mandatory), own damage (optional but recommended), and personal accident cover; one can also opt for add-ons like roadside assistance or engine protection, which will further raise costs. The IRDAI fixes the premium of third-party liability insurance. (Disclaimer: The above content is non-editorial, and TIL hereby disclaims any and all warranties, expressed or implied, relating to it, and does not guarantee, vouch for or necessarily endorse any of the content.)"
"The ebbing supply chain crisis gets an extension Just as businesses across the world start breathing a little easier as Covid cases ease off, the is being forced to play a round of Russian roulette. The bullet is the same one that caused dread around the world the past two years: . Covid repercussions have jammed global trade since the pandemic began. piled up at various ports, blank sailing became common and transportation costs shot through the roof. The situation has not yet cooled down. But, the Ukraine-Russia war has created a similar situation for trade to and from Europe. Indian traders and exporters to Europe are having to face the heat again. The says the crisis “has come at the worst time” as every country is struggling to contain inflation. Since Russia and Ukraine are important suppliers of gas and petroleum as well as metals and cereals, supply disruption from these two sources will push up energy and food prices, says Ajay Sahai, DG & CEO, FIEO. One of the major problems for Indian exporters to Europe is that the trade passes through the Black Sea, which has been affected by the war. International news reports have claimed that more than 100 ships were stranded in and around Ukraine’s ports in the Black Sea, an important sea trade route for Europe-bound shipments from India. This is an all-year transportation artery for Eastern Europe, Russia, the Caucasus and Turkey. The critical maritime transport line sits adjacent to Bulgaria, Georgia, Romania, Russia, Turkey and Ukraine. Both Russia and Central Asian countries are dependent on the Russian port of Novorossiysk for agri products and oil. The established trade patterns stand crippled because of the invasion of Ukraine. Shipping freeze Indian traders are staring at problems with shipping and freight operations and container availability. They are also feeling the pinch of the sanctions on Russia by the US and European nations. FIEO states that most of the shipping lines have stopped taking consignments to Russia. “We had expected the situation to improve after Covid. But freight rates are again moving northward,” says Sahai. It is going to create another container shortage. Whenever container supply from a part of the globe is affected, it is bound to impact the overall container availability, explains Sahai. “With sanctions in place, shipping lines will be reluctant to touch Russia. Such a development will have a bearing on our exports to the CIS (Commonwealth of Independent States) region as a lot of consignments to CIS were moving through Russia. We need to explore the possibility of routing them through other countries, either through Qingdao (China) or through Poti (Georgia).” Shipping giant Maersk has already said it has temporarily suspended new intercontinental rail bookings on both east and westbound routes between Asia and Europe because of the sanctions. “We cannot engage with, receive from or make payments to any sanctioned banks, or any other sanctioned party –"
"on both east and westbound routes between Asia and Europe because of the sanctions. “We cannot engage with, receive from or make payments to any sanctioned banks, or any other sanctioned party – including Belarusian and Russian parties…,” it said. Maersk has also suspended all new air bookings to and from Russia and Ukraine. It sees a potential risk to the cost of air transportation as airspace gets restricted and flights are further subject to rising fuel and insurance costs. Among others, DHL Express has suspended inbound services to Russia, Ukraine and Belarus; UPS and FedEx have suspended inbound and outbound services to Ukraine and Russia. For bookings made before the announcement of the suspension, logistics companies have said they were committed to delivering those despite delays in transit. Mounting Economic Costs players are hurting. Richard Theknath, Chairman & Managing Director of Jet Freight Logistics Ltd, says the blockage and the problem in the Black Sea has thrust another massive crisis on the logistics industry. “Freight rates have been the highest ever. The industry has been affected by almost 300-500% compared to pre-Covid time, and this has spiked the cost of goods which will eventually be borne by the end-user.” Theknath adds the Ukraine-Russia crisis has added fuel to the fire as air freight and sea freight rates have witnessed an increase of almost 30-40% from the pre-conflict period. Cancellations by shipping lines have heightened the anxiety among supply chain players. Nishant Parmar, Sales Head of Bluebird Cargo Pvt Ltd, says not only have shipping lines cancelled new bookings to Ukraine and Russia, they are also asking suppliers to recall the containers. This has affected freight rates, which had already risen after Covid began. “After Covid, a New York-bound 40ft container cost about $3,500. We are currently getting it for $11,000. It is the same story for the Persian Gulf sector. For Dubai, it has increased from $200 to $2,400 now,” says Parmar. If all these problems weren’t enough, the Suez Canal Authority (SCA) has decided to increase the canal toll by 5-10% from March 1. Experts say recent geopolitical upheavals and the rising oil prices are responsible for it. About 30% of global container traffic passes through the Suez Canal. Though the Russia-Ukraine conflict zone is not in the immediate vicinity of the canal, FIEO says the geopolitical issue is already delaying the movement of ships through this trade artery. It typically takes 45-60 days to move goods via the Suez Canal from India to Europe, from where goods go to Central Asia, says the federation. That timeline has already increased by 2-3 weeks, say trade experts. Oil-freight equation Dealing with a broken supply chain is in itself quite challenging and now we also have to deal with the added pressure of freight rates going up, says Vineet Agarwal, Managing Director of Transport Corporation of India Ltd. “Container freight rates will remain high till the"
"also have to deal with the added pressure of freight rates going up, says Vineet Agarwal, Managing Director of Transport Corporation of India Ltd. “Container freight rates will remain high till the second half of the year. On the domestic front, we will see a very rapid increase in domestic fuel prices as crude oil prices have gone up.” An increase in fuel price has a direct bearing on freight cost. Typically, a 10% increase in fuel price will inflate freight cost by 4-5%, says Agarwal. “What makes matters worse is that in March, there is usually higher for freight traffic as domestic companies are closing the financial year and want to expedite orders for the period. We should see a rapid increase in freight rates in the next few weeks.” All indications are that global trade is likely to be affected more by the uncertainty and intensity of the conflict than by economic sanctions. Trade policy expert Nisha Taneja says such a situation discourages businesses from making fresh transactions or business deals with both Ukraine and Russia. “They will prefer to wait and watch. These developments are likely to further hurt the already stressed global value chains,” says Taneja, a professor at Indian Council for Research on International Economic Relations (ICRIER). Faced with market uncertainty, logistics and supply chain services companies are trying out newer mitigating measures. “A lot of traffic that moves by road will come with a higher cost structure. So, we are pushing for multimodal solutions instead of just road transport. We are also using ships to move goods domestically,” says TCI’s Agarwal. Queries sent to the logistics division in the Department of Commerce and the Federation of Freight Forwarders’ Associations in India were unanswered when this story was being published. A Plan B? Another major problem for freight movers is that many banks are not transferring money received from Russia. These banks are saying the amount would be returned to Russia due to the sanctions. The exporting community, too, is exploring new ways to safeguard their business interests. FEIO’s Sahai emphasises that one way to deal with the situation will be to trade in local currencies for commodities that are not on the sanctions list. The money lying in state credit with Russia can be used to settle export transactions, he points out. “However, banks will be extremely careful in dealing with such transactions. Since the payments for exports already done will be delayed, we request the government to provide relief to exporters by asking banks not to charge a penal rate of interest and also be liberal in granting an extension in the remittance period on expiry of 9 months’ deadline,” Sahai says. Experts suggest that traders should also be aware of increased insurance costs as that could stealthily eat into their profits. Exporters to Ukraine, Russia and other CIS countries should contact their nearest servicing branch of Export Credit Guarantee Corporation of India"
"as that could stealthily eat into their profits. Exporters to Ukraine, Russia and other CIS countries should contact their nearest servicing branch of Export Credit Guarantee Corporation of India (ECGC) for clarity on insurance coverage, says Vijay Kalantri, Chairman of Mumbai-based trade facilitating body MVIRDC World Trade Centre. Capitalising on War Kalantri, however, maintains that the crisis will not have a significant impact on India’s global supply chain. The reason: it has mainly affected India’s to and fro shipments with the 12 CIS countries, which hardly account for 2.7% of our imports and 1.4% of our exports. As for non-EU destinations, he insists major shipping lines have not cancelled services from India to non-EU destinations and so the crisis’ impact on India’s trade will be minimal. However, there will be a rise in ocean freight cost due to expensive crude oil, he adds. Some commodities would also be affected as Ukraine supplies 52% of the world’s sunflower oil, 14% of maize and 9% of wheat. As for Russia, India’s major exports are engineering items, pharmaceuticals and organic chemicals — accounting for 48% of the exports to Russia. However, Taneja highlights that India’s share of exports to Russia in each of these products as a proportion of total exports to the world is just 1-2.4%. “Major imports from Russia include energy, pearls and fertilisers, accounting for 68% of India’s imports from Russia. Of these, fertiliser imports account for 9% of India’s import of this item from the world, while each of the other two items accounts for only 2% of the imports. The impact will be felt the most on fertiliser import. India does not rely heavily on Russia for the import or export of any other item and, hence, a shift to other sources or markets may not pose a huge cost,” she adds. FIEO chief Sahai even sees a silver lining. The crisis is an opportunity to capture the markets largely catered to by Russia, particularly in sectors such as wheat, corn, iron & steel, petroleum, plastics, rubber and spices. “While our exports to the EU remain unaffected, the freight hike is affecting the profit of exporters. However, as Russia’s major market is Europe, we will have a much better opportunity to push our exports to occupy some space left by Russia, owing to the sanctions,” he adds. Many western nations have imposed financial sanctions on Russia but have not yet stopped agri commodities trade. When comprehensive and harsher sanctions are levied on Russia, India would get a chance to export its stock of grains and agri products to the world at higher prices, says TCI’s Agrawal, who is also President at ASSOCHAM. The iron and steel industry also has an opportunity to meet global demand for semi-finished products of iron and non-alloyed steel, where Ukraine’s world export share is 12%. As the West and Russia face off over Ukraine, India can emerge as a winner. Also Read:"
"2022 Toyota Tacoma falters in key crash test: IIHS New Delhi: The 2022 earns a marginal rating in the passenger-side small overlap front crash test due to heightened injury risks to the front seat passenger, reported ( ) today. The marginal rating applies to vehicles built after October 2021, when Toyota modified the rear leaf springs — arc-shaped steel pieces that stabilize the axle. Vehicles built prior to that date are rated poor. In an earlier test of a vehicle built before the changes, one of the rear leaf springs punctured the fuel tank, resulting in fire risk and an automatic downgrade. Toyota’s modifications corrected the fuel-leak problem, but it was observed that the other issues persisted in the more recent test. The small pickup’s door frame and dashboard intruded into the occupant survival space during the crash, contributing to heightened injury risks to the front seat passenger. Injury measurements taken from the dummy indicated a high risk of injury to the occupant’s right leg and a moderate risk of injury to the left leg. Though the frontal and side curtain airbags performed reasonably well, the dummy’s head also struck the grab handle on the A-pillar on the right side of the windshield. The Tacoma earns good ratings in five other crashworthiness evaluations — the driver-side small overlap, moderate overlap front, original side, roof strength and head restraint tests, IIHS added. According to the Insurance Institute for Highway Safety (IIHS), the standard front crash prevention system earns a superior rating in the vehicle-to-vehicle evaluation but was not tested for pedestrian detection. The optional LED reflector headlights available on higher trims earn a good rating, while the base halogens are rated marginal. Also Read:"
"Is crude headed towards a new era of oil geopolitics? Energy markets are not short of geopolitics these days. The petro-nations’ decision to cut output quotas next month might ultimately have a limited supply impact but sends a clear message. Similarly, the ’s idea of an price cap will face strong implementation difficulties but adds to the confrontation. Geopolitics look set to inject noise and uncertainty into the market for the time being. Yet the bigger picture looks unchanged. The oil market rebalances following the past months’ price spikes. We stick to our cautious view as fundamental headwinds should persist. While geopolitics and power games are blunt and harsh on the natural gas market these days, related dynamics seem nascent on the oil market. The petro-nations decision to lower production quotas in October is difficult to justify with market conditions. Storage levels are normalizing but do not suggest the oil market is oversupplied. The oil futures curve is downward sloping, a shape that coincides rather with scarcity not abundance of commodity supplies. That said, the quota reduction is minimal, and many producers remain below their individual levels. Looking ahead, the petro-nations’ output could well increase incrementally despite the quota reduction. But the message is more telling and shows how the commodity producers exploit their temporary powers under market conditions such as todays. It remains to be seen if the rifts between the West and the petro-nations widen in consequence of the war in Ukraine and sanctions on Russia. So far, the oil supply chains adjusted swiftly to the new realities and the overall loss of Russian supplies was minimal. The change in the Russian oil trade comes with broader consequences including a shift of insurance and trading activities from towards the Middle East and , and thus moving out of reach of the Western sphere. The idea of an oil price cap seems difficult to implement, first to find enough willing participants and second to effectively govern its mechanisms given the loss of influence. In the end, the West and the petro-nations face similar challenges in terms of how to use their powers but without moving prices too much. While the West is concerned about its citizens and their energy bills, the petro-nations should not want to alienate Asian buyers including China and India too much with their price-nudging politics. Our best guess is that geopolitics remains a source of market noise and a risk of short-term tit-for-tat escalation, but ultimately only a temporary price determinant. The bigger picture looks unchanged. The past months’ price spike unleashed the market’s known self-healing mechanisms. The fundamental headwinds to prices should persist longer term on the back of the shale boom and stagnant Western world demand. (The author is and , Julius Baer)"
"Russian oil sold to India at 30% above Western price cap Russia is selling oil to India at nearly USD 80 per barrel, some USD 20 above the Western price cap, traders said and Reuters calculations showed, as tight global oil markets help Moscow generate strong appetite for its exports. Russia's main export grade Urals has been trading above the USD 60 per barrel Western price cap since mid-July amid output cuts by , including Saudi Arabia and Russia. India, which is the world's third biggest oil importer, has become the top buyer of seaborne , mainly Urals, since 2022 after Western sanctions against Moscow. Calculated Free on Board (FOB) estimates for Urals cargoes loading from Baltic ports in October were close to USD 80 per barrel on Thursday for Indian customers, according to traders' data and Reuters calculations. ""Russia has low inventory levels and their production is also cut,"" said an official at an Indian refiner that regularly buys Russian oil, explaining the latest jump in prices. Cuts have helped narrow discounts for Urals at Indian ports to USD 4-USD 5 per barrel versus dated Brent from USD 6-USD 7 per barrel two weeks ago, four trading sources involved in the operations said and Reuters calculations showed. The traders referred to prices for cargoes loading in late October. ""Urals prices are on the rise again. Alternatives are much more expensive and not easily available,"" a trader familiar with the Russian oil market said. , , Hindustan Petroleum Corp, Mangalore Refinery and Petrochemicals Ltd, HPCL Mittal Energy Let, Reliance Industries Ltd and Nayara Energy Ltd did not respond to Reuters' emails seeking comments. Russian Urals oil typically gives higher yields of diesel, which accounts for about two-fifths of India's overall refined fuel consumption. Meanwhile, Russia's decision to ban diesel and gasoline exports added to the appeal of Urals crude, amid a looming shortage of the products globally. The Western price cap on Russian oil allows buyers to use Western services such as shipping and insurance in the event that crude trades below USD 60 per barrel. Russian oil has drastically reduced the use of Western shipping and insurance companies since the imposition of the cap, which is also challenged by a spike in global oil prices towards USD 100 per barrel. Turkey was the second biggest buyer of Urals oil cargoes in September, followed by China and Bulgaria, according to preliminary LSEG data. Russian oil is also now being sold to customers in new markets like Brazil, the Indian source said."
"Non-payment of toll charges to reflect on Vahan portal, app Soon, evading toll charge payment for long after using a tolled highway stretch due to faulty or blacklisted FASTags won’t be possible. Such non-payment of will reflect on the and app, like in the case of dues. The has urged the road transport ministry to make changes in the Vahan system, a repository of registered vehicles, to recover unpaid toll from vehicles with no or faulty/blacklisted tags. It has also proposed to add a section — ‘unpaid user fee due’ — in the Vahan portal to display the due amount. The Vahan portal would display the due amount and the vehicle’s photo for evidence when the owner logs in, the NHAI said. As per a proposal, such vehicle owners would not be allowed to transfer registration or get NoC and fitness certificate without clearing the dues. Vehicle owners will have the option to pay the dues or raise objections to the notice within seven days. The proposal has been forwarded to the ministry as the NHAI has started adopting a free-flow system of tolling on some stretches. This will be expanded before the full roll-out of a satellite-based tolling system. In this system, vehicles are allowed to flow smoothly without the need for toll booths or barriers. It uses cameras, sensors and number plate recognition to automatically identify vehicles and charge toll. The NHAI has proposed that when a vehicle without a FASTag or blacklisted one passes through a free-flow toll plaza, its control room will generate a notice and send it to the Vahan portal. “At a later stage, more options like linking this to renewal of insurance can be explored to ensure that none can shortchange the system,” said an official."
"US investment firm Vanguard cuts Ola's valuation further to USD 3.5 billion Funds operated by US-based investment major Group have cut the value of their holdings in ANI Technologies, the parent firm of ride-hailing startup , to USD 3.5 billion – down over 50% from a peak of USD 7.3 billion – regulatory filings made by the investor with the US Securities and Exchange Commission (SEC) on Monday showed. The latest filing reflected Ola’s valuation as of May 31 in the investor’s books. Crossover funds, which invest both in publicly-traded and privately-held companies, periodically review the valuation of their portfolio companies. The valuation cut comes at a time when a number of headline investors in multiple Indian startups have done the same, amid a global rout across public and private technology markets. Recently, Netherlands-based tech investor Prosus slashed its valuation of beleaguered edtech firm Byju’s to about USD 5.1 billion from the USD 22 billion it last raised equity funding at, while US asset manager Invesco cut the valuation of food delivery major Swiggy to USD 5.5 billion from USD 8.2 billion in May. Vanguard’s International Growth Fund now values its holding in Ola at USD 25.0 million, down from the USD 33.8 million valuation it assigned to its holding in its half-yearly report in May this year, and much lower than the about USD 50 million Vanguard assigned the stake in 2019. This indicates a valuation of about USD 3.5 billion for the entire firm, down from USD 4.8 billion indicated by the investor’s report that reflected Ola’s valuation as of February 28. The mobility company last raised USD 139 million in December 2021 as part of a funding round, led by Private Equity. The International Growth Fund holds 1,66,185 shares in the firm. Another Vanguard fund, the Variable Insurance Fund, also holds about 19,000 shares in Ola, taking Vanguard’s total stake in the company to 0.8%, as per Tracxn data. An emailed request for comment to Ola did not elicit a response until publishing time. Ola’s recalibration Over the last year, Ola has exited a number of ventures in verticals such as second-hand car sales, food delivery, and grocery delivery, which it had diversified into as the pandemic hit the company's core business. ET was the first to report that Ola would be shutting its quick-commerce and used-car marketplace in June last year. The firm now solely focuses on its core ride-hailing business. These shutdowns were followed by the exit of several senior-level executives, including chief marketing officer Varun Dubey, Ola Cars (used-car business) chief executive Arun Sirdeshmukh, and Vinay Bhopatkar, who headed multiple businesses including food and grocery delivery. Ola founder Bhavish Aggarwal has said on many occasions that the ride-hailing business was profitable. The firm, however, has not reported its financials for fiscal 2022 and 2023. ANI Technologies last reported a loss of Rs 1,116.6 crore on a revenue of Rs 1,168.2 crore for"
"business was profitable. The firm, however, has not reported its financials for fiscal 2022 and 2023. ANI Technologies last reported a loss of Rs 1,116.6 crore on a revenue of Rs 1,168.2 crore for the fiscal year ended March, 2021. Its sister firm , which is held separately, hasn’t reported its results for those years either, but a Reuters report said Ola Electric incurred an operating loss of USD 136 million on a revenue of USD 335 million in fiscal 2023. In the meantime, its competitors have continued to make strides. Bangalore-based Rapido has expanded its three-wheeler category, while ONDC-run auto hailing firm Namma Yatri has also entered the mix. In the cab category, all-electric cab company BluSmart, backed by BP Ventures, has raised multiple funding rounds and plans to expand its fleet above 10,000 by FY24. Uber has also signed a contract with to deploy more than 25,000 electric cars in the next three years. Companies running electric cabs have a different business model as they either own or lease the cars and employ drivers, giving them significant control over the quality of the service that has deteriorated significantly after the pandemic. ET reported on January 4 that Ola was planning to pilot its own EV cab service in Bengaluru with about 1,000 cars."
"Tata steel to grow organically, new acquisitions unlikely this decade: MD By Romit Bhattacharyya Kolkata, Ltd will look to grow organically, and the steel giant is under ""no pressure"" to look at fresh acquisitions during this decade, Chief Executive Officer and Managing Director said. Narendran said that the Jamshedpur-based behemoth will fuel its growth ambitions to more than double its output, relying on organic growth at its existing sites. ""Most of our growth in the last few years has been through the inorganic route (acquisitions). Currently, we are in a position where all our growth ambitions can be met through organic growth in our existing sites. ""We don't really need to acquire any new assets to grow (output) to 40-50 MTPA (million tonnes per annum) from the present level of 20 MTPA... We will rely more on organic growth during this decade,"" Narendran told PTI in an interview. Tata Steel had reported production of 19.06 million tonnes in the 2021-2022 fiscal. The steel behemoth had acquired Bhushan Steel in 2018, followed by Usha Martin in 2019. It is also on course to complete the acquisition of Neelachal Ispat Nigam Ltd (NINL) by the end of the April-June quarter. Elaborating on the plans of the company, he said the NINL output will be ramped up to 10 MTPA from 1 MTPA, while the Kalinganagar plant will see an expansion to 8 MTPA from 3 MTPA, and later to 16 MTPA. ""So, there are huge opportunities and plans being made,"" he asserted. Speaking of Tata Steel's decision to stop coal imports from Russia following its invasion of Ukraine, Narendran said the company is aware that the same quantity can be easily sourced from other countries. ""We typically buy close to 15 MT of coal annually, of which around 3 MT used to come from Russia... which can be easily be sourced from countries like Australia, Indonesia and Canada,"" he said. Prohibitive insurance and shipping costs from Russia and Ukraine has made trade with those countries difficult for most partners. Narendran also ruled out the possibility of hiking steel prices further, as rates were raised earlier this year after the Russia-Ukraine crisis started. ""Most of the steel price increase happened in February-April. Right now, costs are stable, so steel prices are stable. We are comfortable with that,"" the top Tata Steel official said. He said steel prices in India are likely to be Rs 8,000-8,500 per tonne higher in the first quarter of 2022-23 as compared to the fourth quarter of last fiscal. Narendran said the demand-supply situation in the steel industry is more balanced at present and this will continue for some time. ""We are now at a stage where a few things have changed... one is China is no longer exporting as much steel as it used to in the past, other big exporting countries like Japan and Korea are also reducing shipments because they don't want to import raw materials, leave a carbon footprint and export steel. ""Therefore, we're seeing a greater restraint being exercised by most"
"and Korea are also reducing shipments because they don't want to import raw materials, leave a carbon footprint and export steel. ""Therefore, we're seeing a greater restraint being exercised by most countries which have traditionally been big exporters. In Europe, Ukraine and Russia have also been large exporters, but owing to this war, they are also not in the market,"" he explained. Narendran said steel consumption will continue to grow in India, South East Asia and Africa, whereas demand in mature markets is likely to be sombre. India is fundamentally a good place to manufacture steel, he said, as it has iron ore, unlike most of the other big, steel-producing countries. ""Also, much of the iron ore is in some of the poorest parts of India. Therefore, it has a great opportunity to create steel capacities, jobs and also be an exporter."" He, however, said India's steel demand has traditionally grown at less than the GDP growth rate, whereas in developing countries, consumption ""should ideally grow at a faster clip"" than the GDP. Narendran also expressed apprehension about the crude steel production target of 300 MT by 2030 as envisioned in the National Steel Policy 2017. ""I don't think 300 MT by 2030 is realistic, because we have lost three-four years due to the pandemic and other factors. Even if it grows at 7-8 per cent a year, you will be in the 200-250 MT range. That would be a more realistic estimate,"" he said. India produced around 120 MT of crude steel during the financial year ended March 31."
"First electric scooter series on mission to push safer micromobility LONDON: Organisers of the world's first say they are on a mission to promote and develop as a safe and integrated element of city life after a race debut in London. Khalil Beschir, a co-founder of the championship, saw a role similar even to the one played by motorsport in the early days of the automobile. ""Yes, we are creating a new sport, we are creating an accessible sport,"" the Lebanese entrepreneur and former car racer told Reuters ahead of Saturday's race. ""At the same time we have a mission to help governments, cities, to develop safe riders and to work with cities on the right way of using these scooters."" ""It's where cars used to be in 1910,"" he said of the arrival in numbers of electric scooters on city streets four or five years ago. ""People complained about them, hated them when they came to the cities: 'they are not safe, they are everywhere',"" he said. ""We use the racing to be a lab, of safety, of infrastructure, of technology. ""This is the aim of eSC -- to develop this, as motorsport and Formula One did with the car industry."" Austrian former F1 racer and twice Le Mans 24 Hours winner Alex Wurz, who is also the chairman of the Grand Prix Drivers' Association (GPDA), is a co-founder along with Brazilian former Formula E champion Lucas Di Grassi. Formula One veteran Nico Hulkenberg has a team and there are plenty of people in the background with links to motorsport's world body, the (FIA). The series has, however, set up its own commission, headed by Wurz, with a stated aim ""to regulate and promote the safe and sustainable development of micromobility in sport and urban micromobility"". ""We think that we have a really strong product,"" Wurz, who first started working on the concept in 2018, told Reuters at a former newspaper printing site in London's Docklands that hosted the first race. ""We have a huge opportunity for grassroots sport to be definitely the cheapest motorsport entry you can find and then a career ladder through to world championship level. ""Beside our sporting ambition, from the first minute I said micromobility is such a hot, fast growing topic and sector we have an obligation to create a synergy between racing and road safety."" SPEED RESTRICTIONS Insurers see e-scooters as inherently more dangerous than bikes or cars while trial projects for e-scooter providers in some cities have featured speed restrictions and tight regulations. In London, electric scooters are a common sight but currently legal only on private land or via authorised hire schemes, although the government has said it is planning new rules to expand usage. Wurz said it was ""mind blowing"" how many interested cities and stakeholders had approached eSC, and he hoped to have an influence on urban design. ""The way we are consuming mobility is fundamentally changing,"" he added. ""In the future some of our roads will actually become living space, a shared space where you walk, some on"
"on urban design. ""The way we are consuming mobility is fundamentally changing,"" he added. ""In the future some of our roads will actually become living space, a shared space where you walk, some on cycles, some on electric scooters and we need to co-exist. ""And we can. That's the journey -- to educate people, to regulate, to create the engineering. How we are separated but yet together. The legislation needs to be in line."" The eSkootr machines raced by 30 riders from 10 teams weigh some 40kg and feature two six kw motors with top speeds in excess of 100kph. The tyres are produced from vegetable oil and the grip allows the male and female riders -- drawn from sports ranging from snowboarding and speed skating to hockey, cycling and motorbikes -- to lean 60 degrees into the corners. The inaugural winner around the 12-turn 470 metre course was Swiss rider Matis Neyroud, ahead of Britain's Dan Brooks and India's Anish Shetty. Other races will follow in Switzerland, Italy, France, Spain and the United States with Asia and Africa likely to be added from next season. A global broadcast agreement has been signed for races to be shown in more than 200 countries on sports streaming platform DAZN. ""I think it will catch on. Everyone I've told about it and who has seen about it, they think it's so interesting and going to be fun,"" said Britain's former BMX world championship bronze medallist Tre Whyte. ""I just loved it straight away."""
"Ola Electric HR director quits; 31 top-level resignations and 40 new postings since 2020 New Delhi: Country’s most well-funded startup continues to see latest on the list is Ranjit Kondeshan, Director HR, . Ranjit having a total experience of about 18 years joined the company in May 2021. Like many other senior executives, Ranjit also decided to move on in just 14 months. He will leave the company on 2 July 2022. Ranjit has joined Ola from Visa where he worked as Director since May 2018 - May 2021. He started his career with LG as a senior HR executive in 2004 and worked there for three years. In his 18-year-long career, he has worked for 7 companies. Ola seen as the biggest success story in recent times has challenged the status quo is not only through shared mobility but also by successfully disrupting the traditional automobile retailing model by introducing direct-to-customer retailing. In May, Nidhi Chaturvedi Jha quit Ola electric as regional head and joined the e-tailing giant Amazon. In April Nishit Jain one of the longest-serving senior executives ended his four-year stint with Ola Electric as director in April 2022. Jain has joined Daimler India Commercial Vehicles (DICV) as the Head of their EV mobility business. The transient situation at the top deck has been consistent for a long time at Ola (As a group including all businesses). Since 2020 at least 31 senior executives have left the company as against 40 new . Ola Electric which sells e-scooters, in the very first five months which apparently became the peak sales. Since then the sales have been dwindling for the company as it has come down to about 200 units a day from about 400 a day registration. Ola has shut its used car division Ola Cars within eight months of its commencement and some of the people have been moved to the electric vehicle and mobility business. The company has also wrapped up Ola Dash, its quick commerce arm, said people in the know. Forming these two businesses as a restructuring process over 25 persons left the company. TOP-LEVEL RESIGNATIONS TOP-LEVEL APPOINTMENTS Research By Ushma Ghosh"
"Sitapur siblings' e-bikes run on reusable batteries Worried about the greenhouse gas emissions and carbon footprint, engineer brothers from Sitapur district have come up with an electrical bike - Landstar - that runs on reusable lead acid batteries. While (23) is a computer science engineer his brother (22) is a mechanical engineer. Together, the duo has developed an e-bike that reduces electronic wastage. ""The existing e-bikes use lithium batteries which, once damaged, can't be reused. We have in our innovation used lead acid batteries that are reusable by replacing its electrodes,"" said Anshul who has put on display a prototype of his e-bike at the . His firm Uttam Industries has already signed a MoU with the UP government for production of e-bikes. The e-bike has a mileage of 80 to 85 kms per charge and takes approximately four hours to get fully charged. The maximum speed of the e-bike is 45 km per hour. Battery-powered bikes, said have shown great promise as an effective and environment-friendly transport solution. ""Not only are they affordable but they are portable as well. And with reusable batteries, it emerges as an even better option,"" he said. Global warming is a severe problem affecting the environment worldwide, primarily due to the excessive consumption of fossil fuels for transportation, which accounts for a fifth of global carbon emissions. As a result, many environmentally conscious people are looking for sustainable alternatives to replace fossil fuels. ""As soon as you buy a car, insurance fees, daily fuel expenses, and routine maintenance costs soon start to pile up. But these e-bikes empower us to decrease your environmental footprint and combat climate change on an individual level,"" said Anshul. Also Read:"
"India key to global sales expansion for Mercedes, says chairman Ola Kallenius New Delhi: was the fastest growing market for in 2022, and the country's economic trajectory makes it key to global sales expansion, said , chairman of the board of management at the luxury carmaker. ""The Indian market is important to us and it is a growing market. It has great long-term future potential,"" Kallenius told ET. ""Whatever strategic patience you need to apply, it's going to be worth it... We're on the verge of India becoming the next story."" Mercedes-Benz sold 15,822 units in India last year - its highest annual sales for the country, a 41% growth over 2021 volumes. At present, the automobile manufacturer has a 51% market share in the domestic segment and sells four electric models. The chairman expects its entire fleet to go electric in the country in the ""2030s."" Kallenius is ""cautiously optimistic"" the Indian market can grow manifold long-term. This is considering the demographic dividend, along with progressive regulatory policies to promote electrification and a probable positive outcome of trade negotiations, despite absolute volumes and penetration of luxury vehicles currently being limited. ""We can, at least over the next few years, double the volumes in the Indian market. We have set ourselves up for growth here,"" he said. ""Whether it's engineering and technology, sales, preparing the market, taking care of the customer, progressing the sales model or operations... we have moved forward significantly in all dimensions."" Sourcing and Supply Chain With sales of about 38,000 units in 2022, luxury vehicles currently account for about 1% of the 3.8 million passenger vehicles sold in the country. Mercedes-Benz imports completely knocked down and completely built units, which attract higher levies than cars manufactured fully in the country. Kallenius said the company typically only looks at local ""part by part"" production in a market when demand for a model rises to 50,000-100,000 units a year. ""That is the next inflexion point,"" he said. The board chairman said regulation and taxation always played a role in expanding the market, and that reduction of GST on electric vehicles (EVs) to 5% would ""incentivise the decarbonisation of mobility"" in the country. Reducing trade barriers and increasing free trade agreements will help boost economic activity, in terms of both exports and imports, he said. While agreeing that setting up of regional sourcing hubs was important to ensure ""resilience of your business system,"" Kallenius said trade policies should be more open, and not protectionist. According to him, have started recognising the importance of sourcing battery material and manufacturing batteries regionally, with EVs set to take centre-stage in the global landscape. ""It's almost like an insurance policy to get better supply chain resilience. And naturally, a global player like Mercedes-Benz is working on that resilience. (But) that should not be confused"
"""It's almost like an insurance policy to get better supply chain resilience. And naturally, a global player like Mercedes-Benz is working on that resilience. (But) that should not be confused with trade policy,"" he said. Talking about sustainability, Kallenius said the company has been allocating capital towards decarbonisation across the value chain. ""As of 2025, (we will also have) fully electric architecture,"" he said. At present, battery EVs remain the best solution for zero-emissions mobility. ""You can scale charging infrastructure now; you can scale production better now. It has the highest efficiency,"" said the chairman, though adding that green hydrogen could be a solution for industries and parts of the transportation sector such as heavy trucking because of its higher energy density. In India, Kallenius said internal combustion engine cars and EVs will coexist at least for the next decade, even as the industry develops charging infrastructure and works on customer convenience. ""We have the good fortune that our high-tech electrified (and) combustion portfolio is almost brand new and we are, of course, refreshing that with the latest emission standards. We will have coexistence of high-tech combustion and electric at least for the next 10 years,"" he said. Also read:"
"Bosch eBike Systems expands theft protection and refines eBike navigation New Delhi: Whether during challenging trails on an eMountain bike, extended discovery tours through the countryside or comfortable city rides on an eUrban bike: riding fun is guaranteed with eBiking. To provide the best possible protection when parking pedelecs, is further expanding its theft protection for eBikes featuring the smart system with the latest update to the app. The new eBike pass and theft report functions help protect eBikes from theft by making it easier to identify and quicker to report to the police thanks to simple data transfer. The more time this saves, the greater the chance of recovering the eBike. Always at hand: the digital eBike pass: The digital eBike pass shows eBikers all the important information about their eBike at a glance. In addition to the information already stored about the components, they can now also add further identifying features, for example the frame number, descriptions of special features, documents or even a photo of the eBike, themselves. This means that eBike owners have all the important information at their fingertips - and not just in the event of theft. Even if, for example, the insurance company or specialist dealer has questions about the eBike or resale is planned, the eBike pass provides information quickly. Quick help in the event of theft: If the eBike is actually stolen, the police can be informed easily and comprehensively using the new theft report function. Under "" "", users can mark their eBike as stolen in the eBike Flow app and are then guided through to the final theft report based on questions stored in the app. In addition to the time and place and a description of the incident, the feature also records personal data such as name and telephone number so that the police can immediately contact the person concerned if necessary. All eBike details are automatically taken from the information in the eBike pass. Owners can email the final theft report to the police as a PDF file or print it out if required. The two new eBike pass and theft report functions complement tried-and-tested features such as the clever eBike Lock additional theft protection and the premium eBike Alarm service. Refined navigation In addition to the new theft protection functions, the software update also brings improvements to navigation with the eBike Flow app. Thanks to the new quick menu on the Ride Screen, the navigation destination can be changed while riding using the selection button on the LED Remote, Mini Remote or Purion 200 display without having to stop or take the hands off the handlebars. The current navigation can also be ended easily and immediately. Thanks to the extended route planning, eBikers can now also easily add individual stopovers to the navigation on their tours. All that is required is to press and hold the point on the map; alternatively, the ""Add destination"" option is available. The new elevation graph"
"stopovers to the navigation on their tours. All that is required is to press and hold the point on the map; alternatively, the ""Add destination"" option is available. The new elevation graph illustrates how much you have already achieved on your ride: a clear line graph shows the total distance including all height differences. Because a dot on it marks their current position, eBikers know exactly which climbs they have already completed and which descents still lie ahead of them. With the new functions, the smart system is continuously being expanded with new features for greater safety, customisation and convenience when eBiking. The update can be downloaded via the eBike Flow app, which is available for download from the relevant app store at no additional cost."
"CarTrade Technologies open to further acquisitions to fast-track expansion plans Auto marketplace - which bought pre-owned goods classifieds platform in a INR 535-crore transaction earlier this fiscal - is open to further acquisitions to fast-track its expansion plans in the country. , Founder & Chief Executive Officer (CEO), Technologies told ET, the recently concluded integration with OLX has helped expand revenues by 45% to INR 680-700 crore. “We (still) have cash reserves of about INR 700 crore. We are open to investing in companies which will either help enter a new market or bring new products and technologies to customers”, Sanghi said, adding CarTrade wants to digitise the entire ecosystem and offer value-added services, be it auto finance, leasing, insurance, servicing or ownership. The integration with OLX, Sanghi said, has also helped more than double the average number of unique visitors to 68 million per month, with 90% of these coming in organically. While auto still continues to comprise 80% of revenues at the Group, Sanghi said the focus will also be on expanding non-auto business verticals going ahead. “Real estate, electronics, two-wheelers are all major categories on OLX. What we are now trying to do is set up verticals for key businesses to grow operations. The ratio (between auto and non-auto) mid-term may not change much as auto is a fast-growing category but overall there is a big potential to increase revenues”, Sanghi informed. According to Sanghi, OLX has a base of 100 million users with nearly of third of these coming to buy or sell a product on the platform every month. A priority project short-term is to commence financial services on OLX. He said, “The other thing we want to do is offer financial services within OLX.” Overall, Sanghi said all of the group businesses are independently profitable and the emphasis would be to continuously grow margins going ahead. CarTrade reported an increase of 132% in consolidated net profit at INR 12.96 crore in the second quarter ended Sep 30, 2023. CarTrade registered revenues of INR 314.33 crore, which is an increase 258% over INR 87.88 crore in the same period last fiscal. is listed on the Bombay Stock Exchange. CarTrade is a platform for classified automobile ads. Earlier, CarTrade had acquired CarWale and BikeWale in the online new and used car and two-wheeler space; Shriram Automall which was into automobile auction and auto inspections and valuations firm Adroit Auto."
"G7 to be ready with details of Russian crude price cap by Dec 5 -official G7 countries will be ready with all the operational details of a price cap on by Dec. 5, when the measure is to kick in, even though many details now remain to be settled, a senior U.S. official said on Friday. Speaking to reporters during his visit to Brussels, U.S. ambassador James O'Brien of the U.S. State Department who heads the coordination of sanctions against Russia, said technical talks were underway on issues of pricing and governance of the cap, but declined to go into more detail. ""The key date is Dec. 5. I think the price cap has been discussed for long enough that market participants understand that it is coming and they're providing views on the best way to implement it,"" O'Brien said. The price cap, backed by the United States, Japan, Britain, Canada and the (G7), will not allow shipping and insurance companies to provide services for tankers carrying Russian crude unless the oil was sold at or below a set price. The maximum price, which is still to be set by the G7, is to be just above Russian production costs to limit Moscow's revenues from and reduce its ability to its invasion of Ukraine. But insurance and shipping companies, wary of breaking the future price cap so as not to become subject to secondary sanctions themselves, say they also need to know, among other things, at which point the sales price would be recorded, how it would be verified and what happens to a cargo when there are objections raised. O'Brien said the whole package would be ready in time. ""It would certainly be ready by Dec. 5 and we'll address those issues,"" he said. U.S. Secretary of State Antony Blinken, speaking to reporters after a two-day G7 meeting in the western German town of Muenster, said the price cap will help limit Russia's gains from energy sales. ""Russia will make whatever decisions it makes but I think it will have an interest in continuing to sell energy,"" Blinken said. ""This is a good mechanism for both ensuring that energy remains on the market, but the gains that Russia gets from it have a ceiling."" Asked if he could assure the consumers that the mechanism wont lead to an increase in gas prices, he said: ""We will see how this plays out."" Read More:"
"India, UK look to resolve visa, EV issues under proposed free trade agreement and the are trying to resolve issues concerning visas for domestic professionals and duty concessions on British electric vehicles (EVs) as part of the proposed , and talks on them are at the last leg, an official said. An Indian team is in the UK to iron out differences over these issues, besides some others in the services sector and customs duty cut on British whiskey. The two countries are looking at tariff rate quota (TRQ) type arrangements for EVs. Under TRQ, a fixed number of goods are allowed at concessional duty, and beyond that, normal duty applies. The UK has sought customs duty concessions on exports of electric vehicles to India under the proposed free trade agreement. ""India is seeking a liberal regime for its services companies as those firms need to send skilled professionals to the UK. So, visa regime should be facilitative for them,"" the official said. However, the UK is arguing that one of the main issues that led to Brexit was migration. ""So, we have to balance their migration concerns with our mobility concerns. The point is that we would like our companies to have mobility, so they can perform and the UK's concern is to see that migration does not go unchecked,"" the official said. The fast-growing EV market in India is catching the eyes of global players. The UK is also looking at phasing out ICE (internal combustion engine) vehicles by 2035, and the British auto market is export-driven. ""So, getting a duty concession on ICE will not have any advantage for them and here, India has extended a production-linked incentive scheme for EVs, so we want our EV sector to be well protected till the PLI scheme is there. So, how to create the balance between between their and our interests,"" the official said. India's electric vehicles market is expected to grow to one crore units in annual sales by 2030 and create five crore direct and indirect jobs, according to the Economic Survey 2022-23. As per industry estimates, the total EV sales in India stood at around 10 lakh units in 2022. The government has rolled out production-linked incentives (PLI) schemes for advanced chemistry cell (ACC) battery storage with an outlay of Rs 18,100 crore and Rs 26,058 crore PLI scheme for auto, auto-components and drone industries. The negotiations for the FTA are underway, and both sides are discussing issues that are slightly complex in nature. Issues under negotiation include social security pact, automobiles, medical devices, movement of professionals; rules of origin; intellectual property rights (IPRs); duty concessions on electric vehicles, scotch whiskey, lamb meat, and chocolates; and liberalisation of norms in services sectors like banking and insurance. India and the UK launched the talks for a free-trade agreement (FTA) in January 2022, with an aim to conclude talks by Diwali (October 24, 2022), but the deadline was missed due to political developments in the UK."
"launched the talks for a free-trade agreement (FTA) in January 2022, with an aim to conclude talks by Diwali (October 24, 2022), but the deadline was missed due to political developments in the UK. There are 26 chapters in the agreement, which include goods, services, investments and intellectual property rights."
"Global digital transformation spending to reach USD 1.8 trillion this year Global spending on the (DX) of business practices, products and organisations is forecast to reach USD1.8 trillion in 2022, an increase of 17.6% over 2021. The DX priorities that will see the largest investment in 2022 include back office support and infrastructure, smart manufacturing, and digital supply chain optimisation. Together, these three investment areas will represent more than USD620 billion in DX spending this year, according to the (IDC). DX spending will sustain this pace of growth over the 2022-2026 forecast period with a five-year compound annual growth rate (CAGR) of 16.6%, it added. ""As organisations accelerate their pursuit of a digital-first strategy, they are channeling these into both internal operations and external direct engagement,"" said Craig Simpson, senior research manager, Customer Insights & Analysis at IDC. From an industry perspective, the discrete and process manufacturing industries will account for nearly 30% of worldwide DX spending this year, followed by the professional services and retail industries, said the IDC. The utilities and banking industries will also see DX spending of more than USD100 million this year. Meanwhile, the financial services sector will deliver the fastest DX spending growth over the 2022-2026 forecast period, with the securities and investment services, insurance, and banking industries all forecast to have five-year CAGRs of 19% or more, the report noted."
"£315,000 Ferrari supercars growl a warning for EVs Part of the reason Ferrari NV’s wealthy customers are happy to fork out almost half a million pounds for a supercar is they expect these stunning vehicles to retain their value, or even appreciate, making ownership almost free. However, at least one of the prancing horse’s most iconic models — the plug-in hybrid — is depreciating rapidly, in some cases losing around 30% after just three years on the road, according to examples I found on UK listings site Auto Trader; the cheapest costs “just” £315,000 (USD 399,000). These value declines could bode ill for the company’s strategy of charging more for vehicles and its plan to launch a fully electric model late next year priced at stratospheric levels. Ferrari declined to comment, referring me to management remarks earlier this year that residual values remain pretty good while “normalizing” from elevated pandemic levels and showing different regional dynamics. Since going public in 2015, the Italian company has expanded both the volume and variety of cars it sells, while preserving exclusivity by raising prices, restricting who can order vehicles and resulting in long waiting lists. Around three-quarters of its cars are purchased by existing clients, while almost half the company’s vehicle sales are hybrids. Away from the Formula One race track, Ferrari has rarely put a foot wrong: Profit margins have increased, helping it obtain a stock market valuation similar to luxury fashion house Hermes International SCA. Ferrari’s first series production plug-in hybrid was unveiled in 2019 boasting almost 1,000 horsepower, 0-62 mph in just 2.5 seconds, four-wheel drive and about 15.5 miles of electric only range. Prices for the SF90 Stradale coupe started at an eyewatering £376,000 in the UK and £418,000 for the convertible Spider version; once personalized to their owner’s satisfaction, I estimate most will have splashed out at least £450,000-£500,000. Initially, resale values soared due to a lack of new vehicle availability during Covid. But having fetched as much a 33% premium to the sticker price in 2022, used SF90s have recently sold at a 20% discount at US auction, according to classic car insurer Hagerty Inc. whose pricing data includes the value of customized options but reflects only a small number of sales. “Buyers will be disappointed if they were expecting similar appreciation to the SF90's high-performance hybrid predecessor, the limited production LaFerrari,” John Wiley, director of valuation analytics at Hagerty told me, adding the latter increased 135% in the first three years. Judging by vehicles offered for on Auto Trader, value declines are even worse in the UK; a person with knowledge of these figures said the average SF90 depreciation of vehicles marketed by Ferrari authorized dealers is 24%. Independent British dealers told me it’s fantastic to drive but highlighted several potential limitations: the plug-in hybrid v8 turbo might not"
"marketed by Ferrari authorized dealers is 24%. Independent British dealers told me it’s fantastic to drive but highlighted several potential limitations: the plug-in hybrid v8 turbo might not appeal to purists wanting a v12 combustion engine and some early reviews weren’t great. Ferrari’s range now includes another hybrid, the 296 GTB, which offers impressive technology for a lower price (and used values for those have dropped too). Moreover, high levels of customization — a trend Ferrari has encouraged to boost revenues — can also impact resale values if the owner opts for an unusual feature or color. It’s likely that Brexit and higher interest rates are also weighing on the UK second-hand market. Ferrari hasn’t disclosed SF90 Stradale sales volumes, but these weren’t capped, unlike for special edition models. Dealer inventories appear elevated: I found around 150 used SF90s for sale in the US, a similar number in Germany and more than 50 in the UK (including Spiders). “Many of the production models have lost value but the SF90 has been particularly painful – they were simply priced too high to begin with,” says Tom Jaconelli, director at Romans International which is marketing one of these vehicles at around 30% below the new price. “I think they are good value now as used cars, but if you bought a new one a few years ago you will have lost a fortune.” There’s another factor that’s worth keeping an eye on: Last year Ferrari launched the limited edition SF90 XX with a fixed rear wing, even more horsepower and priced in excess of £670,000: to have a chance of buying one, customers had to already own a regular SF90, dealers say. Once they’ve received their XX model, some buyers may be tempted to sell the less expensive model though doing so is risky: Ferrari reportedly frowns on clients flipping cars, which might harm their chances of purchasing special edition models in future. In fairness, 20%-30% depreciation certainly isn’t disastrous— the average vehicle typically loses around 60% of its value after three years on the road. (Ferrari told investors last month that “one country has been suffering a little bit for one specific model” but didn’t identify either.) But the SF90 does underscore the challenge Ferrari might have maintaining resale values for its upcoming as luxury rivals Porsche AG and Mercedes-Benz Group AG have discovered with their own expensive electrified models, the Taycan and EQS. Ferrari appears to be trying to get ahead of this potential problem by offering customers an extended warranty for its next generation electric and hybrid supercars in return for an annual fee of around €7,000 (USD 7,500), Bloomberg News reported last week. This could help alleviate any customer concerns about battery longevity and high replacement costs. If residual value pain spreads to more models and markets, it won’t just be owners who suffer; the supercar maker’s lofty stock-market valuation could be vulnerable too."
"Oil falls as demand concerns weigh against tight supply dipped at the start of Asian trade on Friday as worries about an economic downturn that could dampen demand for crude vied with concerns over new sanctions from the European Union against Russia, including an embargo on . Brent futures fell 37 cents, or 0.3%, to $110.53 a barrel by 0015 GMT, while (WTI) crude fell 33 cents, or 0.3%, to $107.93 a barrel. The Bank of England warned Thursday that Britain risks a double-whammy of a recession and inflation above 10% as it raised interest rates to their highest since 2009, hiking by quarter of a percentage point to 1%. Wall Street stocks tumbled, meanwhile, as investors shed risky investments, worried the Fed might hike rates more this year to tame inflation. On supply, the , Russia and allied producers, known as OPEC+, agreed as expected to another modest monthly increase in oil output. Ignoring calls from Western nations to hike output more, OPEC+ agreed to raise June production by 432,000 barrels per day, in line with its plan to unwind curbs made when the pandemic hammered demand. The EU sanctions proposal, which needs unanimous backingfrom the 27 countries in the bloc, involves phasing out importsof Russian refined products by the end of 2022 and a ban on allshipping and insurance services for transporting Russian oil. A U.S. Senate panel advanced a bill that could expose OPEC+to lawsuits for collusion on boosting oil prices. Congress hasfailed to pass versions of the legislation for more than twodecades, but lawmakers are worried about rising inflation and high gasoline prices."
"CEAT announces new board appointments and committee recast 's board meeting on March 14, 2024, led to significant decisions regarding the company's leadership and structure. Two new independent directors, Milind Sarwate and Sukanya , were appointed, pending approval from shareholders. The board also reconstituted various committees, including the Audit Committee, Risk Management Committee, Nomination and Remuneration Committee, Stakeholders’ Relationship Committee, and Sustainability and CSR Committee. Sarwate, serves as an Independent Director on the boards of prominent companies such as Asian Paints, Mahindra Finance, FSN E-Commerce (Nykaa), and Hexaware, specializing primarily in audit committee roles. He has held directorship positions in listed companies since 2005, with prior engagements at Mindtree and International Paper. He is a qualified Chartered Accountant, Cost Accountant, and Company Secretary, with additional recognition as a CII-Fulbright Fellow from Carnegie Mellon University, USA, in 1996. Kripalu is a former CEO of Quadra Advisory, a WPP group company. She has played pivotal roles in launching successful brands like Maggi Ketchup, Cadbury Perk, and Kellogg Frosties. Currently, she holds directorial positions at UltraTech Cement Ltd, Colgate India Ltd, Aditya Birla Fashion & Retail Ltd, Aditya Birla Health Insurance Company Ltd, and Entertainment Network India Ltd (Radio Mirchi). The board also approved amendments to the Memorandum of Association to explore opportunities in the mobility space using Internet of Things devices and related services, aiming to provide added value to customers."
"EV Insurance: Safeguarding your electric vehicle amidst India's green revolution India's automotive industry has experienced a remarkable transformation with the surge in (EV) adoption. The country has witnessed an impressive 154% increase in EV sales across all vehicle segments in 2022, with a total of 12,43,258 units sold. Electric two-wheelers, in particular, dominated the market, showcasing the growing popularity of greener transportation options. As the momentum for sustainable mobility gains traction, the insurance sector is also witnessing a surge in demand for policies tailored to green / EV vehicles' unique needs. In this context, let's explore essential considerations when buying insurance for your EV vehicle and why it is crucial. for EV Owners plays a pivotal role in shielding owners from unforeseen events such as accidents, theft, or damage. Repair costs for EVs can be notably higher due to advanced technology. A comprehensive must prioritise coverage for electrical and mechanical malfunctions and other EV-specific issues. This ensures financial security for owners dealing with the intricacies of these specialised components without facing exorbitant expenses. Coverage for Specialised Components EVs are equipped with unique and expensive components. Tailored insurance policies for EVs covering these specialised components are essential for mitigating financial strain in the event of malfunctions or damage. The targeted coverage ensures that owners are protected from excessive expenses related to the repair or replacement of these critical components maintaining the core focus on Insurance centric solutions. Insurance Considerations for EV Owners Understanding the nuances of insurance is crucial for electric vehicle (EV) owners. As the adoption of EVs accelerates, tailored insurance policies become essential to address the unique needs of these vehicles. Government initiatives, such as the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles ( ) scheme, underscore the importance of comprehensive coverage. EV owners should prioritise policies that cover specialised components, electrical and mechanical malfunctions, and other EV-specific risks. Choosing insurance that adapts to emerging technologies and evolving features ensures that coverage remains relevant in the dynamic landscape of green automotive advancements. Exploring comprehensive EV insurance options, backed by thorough research and insights from fellow EV owners, becomes a vital aspect of responsible and secure EV ownership. Insurance Aspects for Consideration When buying EV insurance, it's essential to assess total ownership costs by comparing policies from different providers. Thorough research, customer reviews, and recommendations from EV owners are crucial. Opt for comprehensive coverage with tailored add-ons to address unique , like electric surges and fires during charging, and consider broader environmental implications. Anticipate industry innovations"
"for comprehensive coverage with tailored add-ons to address unique , like electric surges and fires during charging, and consider broader environmental implications. Anticipate industry innovations and adaptability; choose flexible policies that accommodate emerging technologies and evolving EV features, ensuring your coverage stays relevant in the dynamic green automotive landscape. Navigating India's Shift to with the government’s initiatives to promote EV adoption, India is actively working on establishing a comprehensive public charging infrastructure. As EV owners benefit from the growing convenience and availability of charging stations nationwide, this collaborative effort not only accelerates EV adoption but also emphasises the cooperative spirit driving sustainable transportation forward. In the context of a burgeoning electric vehicle (EV) market and a global push towards sustainable transportation, securing precise and comprehensive insurance for EVs is of paramount importance. EV insurance is more than just financial protection; it represents a commitment to promoting responsible ownership, fostering environmental sustainability, and shaping the future of mobility. Amidst the momentum propelling the adoption of EVs, the provision of tailored insurance solutions assumes a critical role, empowering EV customers to navigate the evolving landscape of sustainable transportation with confidence and responsibility. Insurance stands as an essential facet of responsible vehicle ownership, and EVs are no exception. As the momentum for green transportation gains traction, securing the right insurance for your EV becomes a crucial step towards driving with confidence and responsibility on the path to a greener tomorrow. Embracing your EV insurance not only provides financial security but also contributes to a sustainable and greener future for the automotive industry. Before purchasing insurance and securing your EV, careful consideration of all relevant factors is imperative. Prioritising the right insurance ensures peace of mind, safeguards investments in cutting-edge technology, and solidifies trust in India's expanding EV ecosystem. This article is authored by , Senior Executive VP & Head - Auto & Actuarial Analytics, . All views expressed are personal."
"Mahindra Insurance Brokers to embark on digitisation drive for growth Ltd. ( ), the arm & subsidiary of Mahindra Finance is embarking on a major drive within three modules, , Health & commercial lines to enhance growth. This even as the pandemic seems to have fast-tracked the health insurance industry growth over the last couple of years and is expected to overtake motor insurance by 2025. Talking about the growing importance of health insurance, Vedanarayanan Seshadri, MD of MIBL said, “Our view, backed by enough data which is coming in from the industry, indicates that health will overtake motor as the largest single line in the next 3-4 years making it a dominant player for the industry."" ""There is a 30% to 40% growth in this sector, but the fundamental change is the extent of protection which people are seeking today versus what they were seeking before, backed by more information on health insurance”, said Seshadri. On its part, MIBL has recently announced a tie-up with health care arm, Tata 1 Mg, to offer customised health solutions for corporate employees and their families and would look at such tie-ups in the future as well. MIBL currently has a composite broking license enabling it to distribute products across the entire spectrum of insurance including motor, life, health, including reinsurance, which is another separate part of the business as well. The subsidiary generates approximately Rs 2800 to Rs 3000 crores of premium a year. Currently, AXA through its arm holds a 20% stake in MIBL. “Our business is basically split into three blocks, one which comes in from the group ecosystem, which extends from the Auto & tractor business to the financial services business. It also includes all the other companies which bring in a large consumer base. The second part is what we call the advisory business, insuring risks for small, medium and large corporates on the property, marine, liability, engineering and other commercial lines, while the third component is our Omnichannel build, in which digital plays the major role”, mentioned Seshadri. “The digital omnichannel platform business is 6% to 7% of our overall monthly revenues and premiums and rapidly growing and will become about 25% of our business in a couple of years and stabilise at 30% - 35% over the next 4-5 year road map which we have laid out”, he added. Seshadri mentioned that they have brought in digital to build distribution to enhance the customer experience and scale up non-group ecosystem business in the long run. “We are currently at Rs 350 crore of revenues. The way we have created the infrastructure over the last 24 months, we're readying to take this up to 1000 crores of revenues in the next four years,"" he said. MIBL premiums have improved from Rs 2,100 crore to Rs 2800 crores over the last year with revenues up by 30% and profitability up by 55% compared to the last year. Seshadri attributes these numbers to MIBL’s reach of close to 2 lac villages in terms of the number"
"over the last year with revenues up by 30% and profitability up by 55% compared to the last year. Seshadri attributes these numbers to MIBL’s reach of close to 2 lac villages in terms of the number of customers they have reached out to. “We've built in a point of sales distribution which is close to 10,000 strong and doubling every year. The real play is in the missing middle segment of 350 million households, who are not covered by adequate insurance. Going ahead for the reinsurance business, we intend to look at the markets in the Middle East and North Africa”, he said. “We're looking for two sets of acquisitions to grow our book, firstly for players who are in the B2C space and the second area is regional brokers with top quality clientele in the commercial lines business, in geographies in which they operate, similar to what some of the international players have built”, Seshadri said. Seshadri was quick to sound a word of caution on the life side of the business where the term rates have gone up. “It is a consistent concern for both corporates, small and medium and large in terms of cost of insurance and a more calibrated approach to rate increases on the term is what is called for as corporates are worried about the cost of insurance on the term side”, he said. Also Read:"
"India's small exporters reel as Red Sea crisis helps rivals nab business Atul Jhunjhunwala, an exporter in the Indian eastern city of Kolkata, is tearing his hair out, having just lost another order due to the that has jacked up his shipping costs and times. ""Last week, I lost a big order to a Polish competitor who does not need to pay increased freight rates,"" said Jhunjhunwala, head of Binayak Hi Tech Engineering which ships about 700 containers of machinery tools, industrial castings, and railway shed materials per year. Turkish exporters were also benefiting at the expense of Indian companies, he said, adding that he has also sent some orders on to buyers at a loss after absorbing increased costs. ""No one can afford to lose buyers with whom we have worked for over decades,"" he said. Missile and drone attacks in the Red Sea by Yemen's Houthi militants, who say they are acting in solidarity with Palestinians in the Gaza war, have forced many ocean freight firms to re-route vessels away from the Suez Canal to around the Cape of Good Hope on the southern tip of Africa. The crisis has begun to upend global supply chains, with Chinese exporters also stumbling in pain. Many suppliers sign export deals on a cost, insurance and freight basis, making them responsible for any increases in freight and insurance costs. In India, small exporters - who account for 40% of the country's annual merchandise exports worth some USD 450 billion - have warned that job losses have started and could soar if the attacks, which began late last year, become prolonged. Even before the crisis, India's small exporters were operating at very thin profit margins - typically between 3% and 7%, according to industry estimates. ""Job losses are already visible in India's textile hub of Tirupur due to the Red Sea issue in southern India where small exporters are working at one-third of their capacity,"" said K.E. Raghunathan, a Chennai-based manufacturer and national chairman of the Association of Indian Entrepreneurs. He noted that longer shipping times had led to less freight capacity and that the scarcity of containers was becoming a big problem for small exporters as big export houses have booked containers in bulk. The government should help small exporters otherwise many of them would ""perish"", he added. Export organisations have formally sought relief from the government which has formed a trade ministry panel to monitor the situation and consider their requests for help. ""ONE OF THE WORST TIMES"" More than 80% of India's merchandise trade with Europe and the United States would normally take place via the Red Sea. India exports roughly USD 8 billion of merchandise to Europe a month and more than USD 6 billion a month to the United States. Textiles, engineering goods - which comprise steel, machinery and industrial parts - as well as gems and jewellery are India's biggest sectors exporting to those regions. Re-routing via the Cape of Good Hope has meant ships sailing from"
"steel, machinery and industrial parts - as well as gems and jewellery are India's biggest sectors exporting to those regions. Re-routing via the Cape of Good Hope has meant ships sailing from India will often need an extra 15-20 days before reaching destinations in Europe, greatly increasing costs. For example, shipping a container to Britain now costs around USD 4,000 compared to USD 600 before the Red Sea crisis, Ashok Kajaria, chairman at told an analysts' call last month. The Red Sea crisis comes only a few years after the COVID-19 pandemic when freight rates soared as supply chains snarled and demand for goods jumped. India's small exporters have also since been hit by weakening demand for their goods as Western economies grapple with high inflation levels. ""This is one of the worst times for many garment exporters,"" said Nitin Seth, chief operating officer at Pratibha Syntex, an Indore-based garment manufacturer. ""If this situation persists, at least one-fifth of small exporters could resort to job cuts,"" he said. Other exporters in India's textile industry - which directly employs 45 million people and indirectly another 15 million - said they were worried that they could soon lose business to Turkey's clothing industry. ""Turkey, a major competitor for India's textiles exports in Europe, poses a big risk to small exporters due to its locational advantage,"" said Ajay Sahai, director general of the Federation of Indian Export Organisations. In one silver lining, many export contracts for India will come up for renewal in March or April - the start of the business year - and many smaller exporters said they are hopeful that customers will agree to bear at least some of the burden of increased freight costs. ""We have a long-term relationship with our customers. We expect they would agree to absorb a part of higher freight rates when contracts come up for review,"" said Jhunjhunwala."
"SBI changes gears, links car dealer commissions to their performance In a first for the bank, , the country's largest lender, is set to link the it pays to , for sourcing loans, to sales as opposed to the current practice of paying them a fixed percentage as a commission, according to a bank's internal circular, assessed by ET. The move is aimed at reducing costs and improving of the product, said people privy to the development. The revised payout structure will be applicable for all sourcing with effect from June 1. In an internal circular dated May 28 issued by chief general manager (CGM) Sukhvinder Kaur addressed to the CGMs of local head offices of the bank, the new structure was notified. "" is considerable part of our expenses in car and heavily impacts the profitability of car loan product. In view of the same, competent authority has approved a dealer pay-out structure for sourcing, based on the volume of business sourced by the respective dealerships."" Under the existing structure dealers would earn a flat 2% (including GST) commission for loan disbursals ranging from INR 50 lakh to INR 15 crore. Under the new , they must meet certain disbursal milestones to earn commission. It starts from a minimum commission of 0.5% (including GST) for disbursals equal to and above INR 50 lakh to less than INR 1 crore and goes up to 1.3% (including GST) for disbursal above INR 15 crore. The replacement of the flat commission structure, with a performance linked tiered one, could effectively reduce the commission earned by the dealers by half, said an auto dealer. The move by the public sector lender, which accounts for a fifth of the auto loan market - the second largest after - may also prompt private sector lenders to rationalise commissions. Auto dealers earn from selling cars, spares, after-sales service and finance and insurance to customers. ""It also weakens our bargaining power with other banks as , by far, was offering the best rate,"" said the dealer cited earlier. ""Auto dealers depend on multiple revenue streams for profitability and commission from vehicle finance is an integral one. A reduction in payout by the banks will hit dealers' profitability...,"" said Manish Raj Singhania, president, . The change in SBI's payout structure may reflect an increase in non-performing assets, he said. ""Instead of reducing payout to dealers, the bank should focus on improving asset quality. Their auto loan rate is on the higher side when compared to peers and they have enough headroom to continue the current structure,"" said Singhania. An email sent to State Bank of India seeking comment remained unanswered till press time. To be sure, some other public sector lenders have already decided to follow SBI. UBI Services, a wholly owned subsidiary of , has also pared its structure. ""With recent commission realignment by the major players in the market, it is time for us to resonate with the market sentiment and offer better rates to partners,"" said and internal"
"its structure. ""With recent commission realignment by the major players in the market, it is time for us to resonate with the market sentiment and offer better rates to partners,"" said and internal circular issued by Sanjay Bajoria, MD & CEO, UBI Services, on Friday."
"Tesla can benefit by manufacturing EVs in India: Gadkari Union road transport and highways minister on Monday said that if the US-based EV maker Tesla manufactures its in India then the company will also get benefits. Addressing an event here, Gadkari said days are not very far when the prices of all electric vehicles will be less than the cost of petrol vehicles in the country. ""Agar Tesla India me electric car manufacture karega toh unka bhi fayda hoga (If Tesla manufactures its electric vehicles in India then they will also get benefits),"" he said. Earlier on April 26, Gadkari had said, if Tesla is ready to manufacture its EVs in India then there is 'no problem', but the company must not import cars from China. ""If (Tesla CEO) is ready to manufacture in India then there is no problem ... Come to India, start manufacturing, India is a large market, they can export from India,"" he had said at an interactive session at the Raisina Dialogue. Last year, the heavy industries ministry had also asked Tesla to first start manufacturing its iconic electric vehicles in India before any tax concessions can be considered. At present, cars imported as Completely Built Units (CBUs) attract customs duty ranging from 60-100 per cent, depending on engine size and Cost, Insurance and Freight (CIF) value less or above USD 40,000. Last year, in a letter to the road ministry, the US firm had stated that the effective import tariff of 110 per cent on vehicles with customs value above USD 40,000 is ""prohibitive"" to zero-emission vehicles. It had requested the government to standardise the tariff on electric cars to 40 per cent, irrespective of the customs value, and withdraw the social welfare surcharge of 10 per cent on electric cars. It had stated that these changes would boost the development of the Indian EV ecosystem and the company will make significant direct in sales, service, and charging infrastructure; and significantly increase procurement from India for its global operations. The company had argued that these proposals would not have any negative impact on the Indian automotive market as no Indian original equipment manufacturer currently produces a car (EV or Internal Combustion Engine) with ex-factory price above USD 40,000 (around Rs 30.6 lakh), and only 1-2 per cent of cars sold in India (EV or ICE) have ex-factory/customs value above USD 40,000. Also Read:"
"Indian refiners scout for oil deals ahead of EU ban on Russian crude NEW DELHI -Indian state refiners plan to lock-in more of their crude supplies in term deals, worried that tighter Western sanctions on Russia, including from the EU, could curb future supplies in already tight markets, sources at state refiners said. , the country's top refiner, and Corp are seeking term deals with countries, including the United States, industry sources said. ""We are preparing for a back up plan. When the world is uncertain because of Russia-Ukraine conflict we need to have all options open,"" said an official at one state refiner. The move towards term deals marks a shift in refiners' purchasing strategy, which had been geared towards maximising spot purchases in past years when supplies were abundant. ""Due to the Russian-Ukraine conflict, we expect a possibility of tight oil markets and a change in flows with most Middle Eastern crude going to meet need of European markets so we need to diversify our oil sources,"" said a source at another state refiner. India's dependence on spot purchases allowed to snap up discounted Russian oil shunned by some Western buyers over Moscow's Ukraine invasion in February. India, which rarely used to buy Russian oil, has emerged as Moscow's second-largest oil customer after China. But a European Union ban on Russian crude imports from Dec. 5 will drive European refiners to buy more Middle East oil, putting them in competition with Asian buyers. To secure supplies, IOC last month signed its first six-month oil import deals with Brazil's Petrobras for 12 million barrels and Colombia's Ecopetrol for 6 million barrels. BPCL has signed an initial deal with Petrobras as it seeks to diversify oil sources. Supplies for IOC under the two deals will begin from October, said several of the sources who are familiar with the matter. IOC is also looking for more short-term supplies, including a contract for U.S. oil, they added. IOC already has an annual deal that provides an option to buy 18 million barrels of U.S. oil. Of these, IOC has already bought about 12 million barrels so far this year, they said. Sources said BPCL, which has already ramped up U.S. oil purchases, is looking for more term contracts. IOC and BPCL did not respond to Reuters' requests for comment. Ecopetrol could not be reached for comments outside its business hours. Western countries have imposed a raft of sanctions against Russia, and the Group of Seven nations, led by the United States, plan to impose a price cap on Russian oil exports via insurers to cut its revenue. It is unclear if the plan will work and whether Russia will cut supplies, the sources said. ""There are many uncertain elements ... so we think we should at least have engagement with more suppliers,"" the second source said. India has called for an end to violence in Ukraine but refrained from outright condemnation of Russia, with which it has long-standing political and security ties. Prashant Vasisht,"
"source said. India has called for an end to violence in Ukraine but refrained from outright condemnation of Russia, with which it has long-standing political and security ties. Prashant Vasisht, vice president at rating agency ICRA Ltd, said: ""To diversify and safeguard yourself from potential cuts in future such as diversion of Middle Eastern oil to Europe, signing a contract is the best option as you get preferential pricing and stable supplies."""
"More than 10 million vehicles running on Indian roads are vulnerable to cyber attacks: SecureThings Q: Please walk us through the threat landscape of the automotive ecosystem. What role can OEMs play to defend their products? What are the steps that can be taken to make the vehicles safe? A: A vehicle has hundreds of major components that can be targeted by cybercriminals. Almost all the vehicles will be connected within a short period. Connectivity of the vehicle to the world outside is the most significant. Connectivity to the vehicle through Telematics Control Unit or Infotainment Systems are the biggest threat. Last year, most of the cyber-attacks on the automotives were remote. Telematics and Infotainment contributed more than 40%. As we are witnessing digital transformation and electrification, two major attack vectors are emerging as API & . Swapping batteries is also a risk area because there will be some third party who will be providing the battery management system to the vehicles. Public charging infrastructure is another as it will be uncontrolled in the public domain. There are a lot of possibilities that can be used to attack vehicles. Last year 4% of the top attacks were from charging stations that are like another big attack surface. Remote Keyless Entry is another big attack area. More than 15% of cases reported were using RKE. Vehicle theft through Remote Keyless Entry is putting law enforcement officers and insurance companies into deep thinking. Supply chain is a big and unknown risk. More than 50% of people avoid getting a security patch on time and maybe more than 30% don't go at all. This was a major trigger point where OEMs started providing their vehicle auto updates. It is important that OEMs' pipeline is secured because if the servers are not secure, the vehicle connectivity is not secure and hackers can push their vulnerable firmware beyond boundaries within the vehicle, it can have a catastrophic impact. Q: Okay, are these going to be relevant in India. If yes, what is the percentage for the charging infrastructure, the connected vehicle. What kind of cases of threats are there in India particularly? A: Digital Transformation is happening in India at a very fast pace. Regulations require all commercial vehicles to be connected. We will be seeing 100% connectivity in passenger cars and bikes very soon. Manufacturers have already started to focus on Future & Smart Mobility. As per our own research and findings based on security gap analysis, more than 10 million vehicles running on Indian roads are vulnerable to cyber-attacks. Almost every bike is vulnerable, whether having connectivity or not. As we will be seeing more charging infrastructure in the public domain, this is a big risk of malware attack through charging infra, ability to charge at scale and fast charging or ransomware attacks. These are big risk factors for the success of electric vehicle push. Vehicles are getting smarter and more complex and new threat"
"ability to charge at scale and fast charging or ransomware attacks. These are big risk factors for the success of electric vehicle push. Vehicles are getting smarter and more complex and new threat vectors are emerging. Recently, at an event some researchers hacked a top USA-based electric vehicle in two minutes using some of the vulnerability within the Bluetooth chip. Since a lot of the threat is still unknown, the manufacturers and regulatory bodies have started putting a lot of effort into conducting this check within the vehicle. Q: How are automotive CXOs preparing for these attacks? Now it is not only about cars but also two-wheelers. There is software that uses VMSS and we are also doing over the air updates and things can change for a consumer. So, do you think as a community of automotive CXOs are prepared or what kind of efforts are being done from the OEM side? A: OEMs are getting conscious about this. While in the beginning learning was required and then they took time to understand and then accepted that the vehicles are vulnerable. has become a top priority within the organization. If you look at the National Cybersecurity policy, automotive transportation is one of the top sets of critical infrastructure. Another one is the regulatory body. While CISOs in OEMs were focusing more on IT security, a shift is happening. They have started looking into and defining vehicle security strategy. CISOs have started looking into cybersecurity as a multi-layer security and not just a single connectivity layer. There's a lot of focus on the security operations centre, monitoring the vehicle, getting insights and the planning that can help mitigate in time as well as prepare better. Q: Could you tell us more about your business centre status? How have you started in terms of spending and do you see the growth of secure things? A: The uniqueness of our solution is that we learn the pain points from the manufacturers. Cybersecurity is important, but what makes it critical is that many manufacturers and component suppliers have their proprietary protocols, proprietary solutions, that they don't want to disclose. So, from the very beginning, it was a very conscious decision to use machine learning and behavioural learning as a base for our solutions in understanding a vehicle. This enables the manufacturers to not to disclose their IP but still have strong solutions. Our AI/ML-based approach also helps us detecting and mitigating zero-day attacks, I.e. the attacks that are not yet known or available in the public domain. We work with the manufacturers by sharing the security gaps in their vehicles and solutions that can protect. We are very proud to partner with some of the top tier-one suppliers, where we are working together to provide secure solutions whether it is a secure telematics control unit for the vehicle manufacturers or secure instrument cluster solutions. We are also working on secure gateways to protect in-vehicle communication and"
"whether it is a secure telematics control unit for the vehicle manufacturers or secure instrument cluster solutions. We are also working on secure gateways to protect in-vehicle communication and the threats that can come from the sensors. Through our Cloud-based Threat Intelligence solutions, we are going to start working with the customers, both OEMs and tier-one suppliers, to monitor the vehicles in real time based on the components and how we can provide more predictability and insight that can help manufacturers to provide a complete, secure ecosystem. Q: Is Secure Things bootstrapped, funded or looking for funding. What is the current status? A: We started in a bootstrap mode in 2018 with a significant investment from the promoters. We raised seed funding in 2019 to build solutions for multiple layers within the vehicle, at the edge. Moving forward we raised Pre-Series A in early 2022, to grow the business among customers increasing the customer base and going global. With this fund, we also built a Cloud-based Threat Intelligence platform. This makes us the world’s deepest Automotive Cybersecurity company. We are happy to have active customers across the globe. We are going to raise a Series A round this year to expand our business further globally."
"Audi India opens Audi Approved: plus and service facility in Ranchi : , the German luxury car manufacturer, on Tuesday inaugurated a new pre-owned car facility, in Ranchi, Jharkhand. In addition, a new service facility has also been added. Located at 11A, Purulia Road, Kantatoli, Ranchi, Jharkhand- 834001, this new facility spans across 12,500 sq.ft with an 8 car display area and 7 workshop bays. Balbir Singh Dhillon, Head of Audi India, said, “Imminent aspirations for luxury are on the horizon, as the demand for pre-owned surges in Ranchi. We are very happy to inaugurate the new, state-of-the-art Audi Approved: plus facility in Ranchi, marking the establishment of Audi’s 21st pre-owned car facility in India. In addition, we have also added a service facility that will help our customers in a big way. We are confident that this new facility will help serve the increasing demand for luxury cars in the region.” Every pre-owned vehicle displayed and sold at Audi Approved: plus showrooms undergo mechanical, bodywork, interior and electrical inspections at 300+ multi-point checks, thorough multiple-level quality checks, and a full on-road test to ensure customers’ peace of mind while buying the car. Under the Audi Approved: plus programme, Audi India offers and complete vehicle history before purchase. Additionally, customers can also avail easy financing and insurance benefits through the programme, the company said. Devjyoti Patnaik, Dealer Principal, Audi Ranchi, said, “We are happy to extend our partnership with Audi beyond the Bhubaneshwar market to now in Ranchi. As a brand, Audi has always enjoyed a special place for aspirants of luxury. The inauguration of the new Audi Approved: plus showroom in Ranchi marks an important occasion, making pre-owned luxury cars accessible to a wide variety of people. We are also happy to add a service facility that will help us get closer to our customers. The city of Ranchi has witnessed an increasing demand for pre-owned luxury cars, and the dealership highly anticipates a rush of new customers awaiting a chance to become a part of the Audi experience. We look forward to serving our customers and providing them with the best luxury experience.” Also Read:"
"Racers, mechanics, tinkerers converting classic cars to EVs When Kevin Erickson fires up his 1972 Plymouth Satellite, a faint hum replaces what is normally the sound of , gas coursing through the carburetor and the low thrum of the exhaust. Even though it's nearly silent, the classic isn't broken. It's electric. Erickson is among a small but expanding group of tinkerers, racers, engineers and entrepreneurs across the country who are converting vintage cars and trucks into greener, and often much faster, . Despite derision from some purists about the converted cars resembling golf carts or remote-controlled cars, electric powertrain conversions are becoming more mainstream as and the world turns toward cleaner energy to combat climate change. ""RC cars are fast, so that's kind of a compliment really,"" said Erickson, whose renamed ""Electrollite"" accelerates to 0-60 mph (0-97 kph) in three seconds and tops out at about 155 mph (249 kph). It also invites curious stares at public charging stations, which are becoming increasingly common across the country. At the end of 2019, Erickson, a cargo pilot who lives in suburban Denver, bought the car for $6,500. He then embarked on a year-and-a-half-long project to convert the car into a 636-horsepower electric vehicle (475 kW), using battery packs, a motor and the entire rear subframe from a crashed Tesla Model S. ""This was my way of taking the car that I like - my favorite body - and then taking the modern technology and performance, and mixing them together,"" said Erickson, who has put about $60,000 into the project. Jonathan Klinger, vice president of car culture for Hagerty Insurance, which specializes in collector vehicles, said converting classic cars into EVs is ""definitely a trend,"" although research on the practice is limited. In May, the Michigan-based company conducted a web-based survey of about 25,000 self-identified automobile enthusiasts in the United States, Canada and the United Kingdom. About 1% had either partially or fully converted their classic to run on some sort of electrified drivetrain. The respondents' top three reasons for converting their vehicles were for faster acceleration and improved performance, for a fun and challenging project, and because of environmental and emissions concerns. About 25% of respondents said they approve of being partially or fully converted to EVs. ""Electric vehicles deliver some pretty astonishing performance just by the nature of the mechanics of how they work,"" Klinger said. So it's not surprising to him that a small percentage of people converting classic cars to EVs are interested in improving performance. He compared the current trend to the hot-rod movement of the 1950s. But Klinger, who owns several vintage vehicles, said he doesn't think electric motors will replace all - especially when considering historically significant vehicles. ""There's something satisfying about having a vintage car that has a carburetor,"" he said, because it's the same"
"will replace all - especially when considering historically significant vehicles. ""There's something satisfying about having a vintage car that has a carburetor,"" he said, because it's the same as when the car was new. Some enthusiasts want to preserve the sound and rumble of older cars' original engines. Other barriers to converting cars include the knowledge it takes to delve into such a complicated project, as well as safety concerns about tinkering with high-voltage components, the availability of parts, and the time it takes to realize a positive, environmental impact. Because classic vehicles are driven for fewer than 1,500 miles (2,414 kilometers) a year on average, it takes longer to offset the initial carbon footprint of manufacturing the batteries, Klinger said. And then there's the price. Sean Moudry, who co-owns Inspire EV, a small conversion business in suburban Denver, recently modified a 1965 Ford Mustang that was destined for the landfill. The year-and-a-half-long project cost more than $100,000 and revealed several other obstacles that underscore why conversions are not ""plug-and-play"" endeavors. Trying to pack enough power into the pony car to ""smoke the tires off of it"" at a drag strip, Moudry and his partners replaced the underpowered six-cylinder gas engine with a motor from a crashed Tesla Model S. They also installed 16 Tesla battery packs weighing a total of about 800 pounds (363 kilograms). Most classic vehicles, including the Mustang, weren't designed to handle that much weight - or the increased performance that comes with a powerful electric motor. So the team had to beef up the car's suspension, steering, driveshaft and brakes. The result is a Frankenstein-like vehicle that includes a rear axle from a Ford F-150 pickup and rotors from a Dodge Durango SUV, as well as disc brakes and sturdier coil-over shocks in the front and rear. Although Ford and have or are planning to produce standalone electric ""crate"" motors that are marketed to classic vehicle owners, Moudry says it's still not realistic for a casual car tinkerer to have the resources to take on such a complicated project. Because of this, he thinks it will take a while for EV conversions to become mainstream. ""I think it's going to be 20 years,"" he said. ""It's going to be a 20-year run before you go to a car show and 50 to 60% of the cars are running some variant of an electric motor in it."" But that reality could be coming sooner than expected, according to Mike Spagnola, president and CEO of the Specialty Equipment Market Association, a trade group that focuses on aftermarket vehicle parts. He said that during SEMA's annual show in Las Vegas this fall, some 21,000 square feet (1,951 square meters) of convention space was dedicated to electric vehicles and their parts. That was up from only 2,500 square feet (232 square meters) at the 2021 show. Companies are developing universal parts, as well as lighter, smaller and more powerful battery packs. They're also"
"That was up from only 2,500 square feet (232 square meters) at the 2021 show. Companies are developing universal parts, as well as lighter, smaller and more powerful battery packs. They're also creating wiring components that are easier to install and myriad other innovations. Some are even building vehicle frames with the electric motor, batteries and components already installed. Buyers can just install the body of a classic vehicle on top of the platform. ""The early adopters of this would take a crashed Tesla and pull the motor and harnesses and batteries and all that out of the vehicle and find a way to shoehorn it into whatever vehicle they wanted to build,"" Spagnola said. ""But today there are many manufacturers now starting to make components. ... We're really excited about it."" Also Read:"
"GM fender design victory in limbo after US appeals court grants rare review Auto parts maker on Friday persuaded a U.S. appeals court to reconsider a decision to uphold a design patent for a car fender, imperiling an earlier win for GM in a case that has been closely watched by the auto and insurance industries. In a rare step, the U.S. Court of Appeals for the said all 12 of its sitting judges would hear LKQ's challenge to a three-judge panel's ruling for GM. The full court said it would address the standard for when a design is unpatentable based on preexisting designs, and whether a 2007 U.S. Supreme Court ruling related to non-design patents applies to the design-patent standard. Auto-parts companies told the appeals court that carmakers misuse design patents to stifle competition for aftermarket parts, and that affirming the decision on GM's fender patent would make replacement parts more expensive and harder to obtain. A trade group for home, auto and business insurers also told the court that design patents like GM's ""unfairly exclude competitive aftermarket repair parts from the marketplace"" and ""substantially increase repair costs."" GM said in a brief that its fender design was innovative and that the court should let the decision stand. An LKQ spokesperson said on Friday that the company was pleased that the Federal Circuit agreed to rehear its case. Representatives for GM did not immediately respond to requests for comment. Design patents protect novel visual characteristics of manufactured objects. LKQ asked a U.S. Patent Office tribunal last year to cancel a GM design patent covering a front vehicle fender after their licensing agreement expired and GM threatened to sue LKQ partners for infringement. LKQ told the that the patent was invalid based on two preexisting publications -- an earlier design patent and a brochure that disclosed a similar design on a 2010 Tucson. The board ruled for GM on grounds including that the earlier patent was not independently similar enough to the GM design to be a ""primary reference"" that could justify declaring the GM patent obvious. The Federal Circuit affirmed the decision in January. The full Federal Circuit agreed on Friday to rehear LKQ's argument that the test for obviousness in design patents was overruled by a 2007 Supreme Court ruling that rejected ""rigid and mandatory formulas"" for obviousness in patents covering inventions. The case is LKQ Corp v. GM Global Technology Operations LLC, U.S. Court of Appeals for the Federal Circuit, No. 21-2348."
"SBI changes gears, links car dealer commissions to their performance In a first for the bank, , the country's largest lender, is set to link the it pays to , for sourcing loans, to sales as opposed to the current practice of paying them a fixed percentage as a commission, according to a bank's internal circular, assessed by ET. The move is aimed at reducing costs and improving of the product, said people privy to the development. The revised payout structure will be applicable for all sourcing with effect from June 1. In an internal circular dated May 28 issued by chief general manager (CGM) Sukhvinder Kaur addressed to the CGMs of local head offices of the bank, the new structure was notified. "" is considerable part of our expenses in car and heavily impacts the profitability of car loan product. In view of the same, competent authority has approved a dealer pay-out structure for sourcing, based on the volume of business sourced by the respective dealerships."" Under the existing structure dealers would earn a flat 2% (including GST) commission for loan disbursals ranging from ₹50 lakh to ₹15 crore. Under the new , they must meet certain disbursal milestones to earn commission. It starts from a minimum commission of 0.5% (including GST) for disbursals equal to and above ₹50 lakh to less than ₹1 crore and goes up to 1.3% (including GST) for disbursal above ₹15 crore. The replacement of the flat commission structure, with a performance linked tiered one, could effectively reduce the commission earned by the dealers by half, said an auto dealer. The move by the public sector lender, which accounts for a fifth of the auto loan market - the second largest after - may also prompt private sector lenders to rationalise commissions. Auto dealers earn from selling cars, spares, after-sales service and finance and insurance to customers. ""It also weakens our bargaining power with other banks as , by far, was offering the best rate,"" said the dealer cited earlier. ""Auto dealers depend on multiple revenue streams for profitability and commission from vehicle finance is an integral one. A reduction in payout by the banks will hit dealers' profitability...,"" said Manish Raj Singhania, president, . The change in SBI's payout structure may reflect an increase in non-performing assets, he said. ""Instead of reducing payout to dealers, the bank should focus on improving asset quality. Their auto loan rate is on the higher side when compared to peers and they have enough headroom to continue the current structure,"" said Singhania. An email sent to State Bank of India seeking comment remained unanswered till press time. To be sure, some other public sector lenders have already decided to follow SBI. UBI Services, a wholly owned subsidiary of , has also pared its structure. ""With recent commission realignment by the major players in the market, it is time for us to resonate with the market sentiment and offer better rates to partners,"" said and internal circular issued"
"""With recent commission realignment by the major players in the market, it is time for us to resonate with the market sentiment and offer better rates to partners,"" said and internal circular issued by Sanjay Bajoria, MD & CEO, UBI Services, on Friday."
"Mazda North America renews pact for Toyota Motor Credit and Mazda Financial Services tie-up New Delhi: (MNAO) has renewed its agreement for Toyota Motor Credit Corporation (TMCC) to provide private label financing under the (MFS) brand name. Launched in April 2020, MFS entered the market with a commitment to providing the best possible financing solutions coupled with exceptional service to dealers and customers. Created as a private label business by TMCC under an agreement to provide services to MNAO, Mazda Financial Services quickly established itself as a valued partner to Mazda dealers by offering a range of products to meet their wholesale and financing needs. Later in 2020, MFS continued to grow as Toyota Motor Insurance Services launched its comprehensive suite of vehicle and payment protection products under the name (MPP). In the ensuing years, Mazda Financial Services enjoyed significant growth, supporting Mazda dealers and customers, and surpassing 1.6 million total finance and voluntary protection contracts booked. MFS leaders attribute the business’s success to working closely with MNAO to provide solutions that enhance the customer and dealer experience. The company’s retail financing, leasing, and a comprehensive suite of vehicle and payment protection products are tailored specifically to meet the needs of Mazda customers and dealers while building loyalty to the brand. Now, with the contract renewal, the MFS team is redoubling their efforts to ensure Mazda’s success in the U.S. market. “We’re grateful to Mazda North American Operations for giving us this opportunity to continue to support their financing and vehicle protection product needs,” said , president of Mazda Financial Services. “We are proud to represent the Mazda brand and we share MNAO’s philosophy of placing paramount importance on taking care of customers and dealers. We know that we only succeed when Mazda dealers and customers are pleased with our products and service, and we fully intend to continue innovating to serve them better every day.” “I appreciate the positive impact that the MFS team makes every day with our dealers, our field teams and with our customers,” said Mazda North American Operations President and CEO . “We’ve been able to grow thanks to MFS’s stability during uncertain times and I look forward to continued growth and the many benefits that Mazda Financial Services provides to the Mazda brand and especially to our valued customers.” “MFS is an important part of our business, and we value MNAO’s trust in us to represent the Mazda brand, as well as deliver a top-tier experience to their customers and dealers. This is a responsibility we take very seriously,” said , TMCC president and CEO. “We recognize that Mazda customers and dealers are unique in the market, and our MFS team is dedicated to providing the customized solutions which not only meet their needs but exceed their expectations.” MFS’s positive impact on sales and customer loyalty has"
"the market, and our MFS team is dedicated to providing the customized solutions which not only meet their needs but exceed their expectations.” MFS’s positive impact on sales and customer loyalty has been recognized by Mazda dealers too. “The dealer network feels like MFS is the first true captive that we’ve had, and MFS has been a fantastic partner to our businesses,“ said Jimmy Scherer, former chairman of the Mazda National Dealer Advisory Council."
"India's NSE ends at four-month high, auto stocks drive gains BENGALURU -Indian shares ended higher on Tuesday, boosted by , with the NSE Nifty 50 index posting its highest level since April 5 at close. The NSE Nifty 50 index gained 0.7% to end at 17,825.25. The S&P BSE Sensex closed up 0.6% at 59,842.21. The index hit a record high with its 2.6% gain. Mahindra and Mahindra Ltd gained, a day after the automaker and Volkswagen AG announced the expansion of their MEB alliance to accelerate electrification of the Indian auto market. Refinitiv Eikon data showed 22 of the 43 companies listed on the Nifty 50 index beat analysts' expectations for results in the June-quarter. Nearly all Indian companies had reported their results by Friday. Strong June-quarter results drove shares of Hero MotoCorp and Life Insurance Corporation of India, which ended up 2% and 2.3% respectively. Adani Ports and Special Economic Zone was the top percentage gainer on the Nifty 50, after its unit agreed to buy inland container depot in western India from Navkar Corp Ltd. Cooling consumer inflation print lifted sentiment in financial markets alongside expectations the central bank was likely to rein in the pace of its policy rate hikes from next month. Analysts expect the second half of the year to improve for Indian firms, led by softening commodity prices that are expected to ease the pressure on margins. India's currency and debt markets remained closed on Tuesday for a holiday."
"DPIIT's report to help reduce logistics costs in India India’s , which was launched on September 17, 2022, aims to reduce in India. To achieve this objective, the Logistics Division, Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry (MoCI), launched a report titled ""Logistics Cost in India: Assessment and Long-Term Framework"" in New Delhi on Thursday. The report has been prepared by the National Council of Applied Economic Research (NCAER) in a consultative manner with guidance of the (ADB) experts and task force members. Secretary, DPIIT, Rajesh Kumar Singh along with Special Secretary, Logistics Division, DPIIT, Sumita Dawra and other dignitaries including Deputy Country Director, ADB, Hoe Yun Jeong officially unveiled this report. This report presents a baseline aggregated logistics cost estimate and a framework for long-term logistics cost calculation. It uses available secondary data from the and National Account Statistics of Ministry of Statistics and Programme Implementation (MoSPI) and the NCAER’s 2019 study, “Analysis of India’s Logistics Costs”. It was also reviewed by external experts from the Group, according to the Ministry of Commerce & Industry. This report recommends a hybrid approach using primary (covering all trade flows, product types, industry trends, OD pairs, etc) and secondary survey data, as well as real-time Big Data to provide an estimate of logistics cost, the ministry said in a statement. To ensure evidence-based decision making for improving logistics efficiency, logistics costs should be estimated on a regular basis (preferably annually). This requires institutionalising the process of data collection in a systematic and periodic manner, for which an MoU with NCAER is planned, it said. Secretary, DPIIT, said that this report offers reliable estimates to instill confidence in investors regarding the efficient movement of goods and services and is poised to play a pivotal role in optimizing logistics efficiency and enhancing India's global competitiveness. He highlighted that logistics cost has serious implications on the country’s manufacturing sector, export competitiveness, global positioning, etc. She pointed out that due to lack of data in the public domain for the critical components of logistics cost, the non-official/ floating estimates of India’s logistics cost lack credibility. Hence, a need was felt to develop a scientific logistics cost calculation framework, that is inclusive and stands the test of statistical and data-based methods, he added. With this objective, the government formed a task force in March 2023, subsequent to a workshop held in partnership with ADB. The task force composed of sectoral experts, line ministries and representatives from NITI Aayog and ADB held a series of meetings, and drew credible conclusions. Key learnings that emerged during this exercise were as follows: The NCAER team led the academic exercise of computing the baseline"
"and ADB held a series of meetings, and drew credible conclusions. Key learnings that emerged during this exercise were as follows: The NCAER team led the academic exercise of computing the baseline results and putting together the comprehensive framework for logistics cost calculation in the long run, supported by academia, multilaterals, industry representatives and line ministries. The ministry said the results of this report were widely appreciated by the industry representatives. Building a positive perception in the market, this systematic approach adopted by the government will facilitate more effective and evidence-based decision making, planning production cycles, resource allocation, etc. Disaggregated data and a clear understanding of trends in the sector will lead to identification of targeted interventions and effective policy making."
"Nationwide strike hits public transport services New Delhi: Public dealings at some bank branches were hit and public transport services were thrown out of gear in states like West Bengal, Kerala and Tamil Nadu as thousands of workers on Monday began a two-day nationwide strike to protest against policies of the Union government. However, essential services like healthcare, electricity and fuel supplies remained unaffected. Public offices as well as educational institutions were not impacted by the strike called by nearly a dozen trade unions. Some bank branches, particularly in cities with a strong trade union movement, did very limited over-the-counter public dealings such as cash deposits and withdrawals. The joint forum of central trade unions, which has called for the two-day strike that started on Monday, said that bandh-like situation prevailed in at least eight states due to the nationwide strike against various policies of the government. ""There is a bandh-like situation in Tamil Nadu, Kerala, Puducherry, Andhra Pradesh, Telangana, Odisha, Assam, Haryana and Jharkhand,"" the forum said in a statement. According to the forum, agitations were held in many industrial areas across states like Goa, Karnataka, Maharashtra, Chhattisgarh, Punjab, Bihar, Rajasthan, West Bengal, Meghalaya and Arunachal Pradesh. In Maharashtra, volume data from clearing houses and cash replenishment at Automated Teller Machines (ATMs) was not immediately available, though the striking employees claimed that they had a deep impact. Workers staged protests at several places and unions claimed the agitation has had an impact in coal mining belts in Jharkhand, Chhattisgarh and Madhya Pradesh. The joint forum of central trade unions is protesting against the government policies affecting workers, farmers, and people. Their demands include the scrapping of the labour codes, no privatisation in any form, scrapping of the National Monetisation Pipeline (NMP), increased allocation of wages under MNREGA (Mahatma Gandhi Rural Employment Guarantee Act) and regularisation of contract workers. In West Bengal, normal life was hit with protesters blocking roads and stopping movement of trains at some stations. State road transport buses as well as auto-rickshaws and private buses were off the road in Kerala but essential services, including supply of milk, hospital and ambulance services were not affected. Public transport services were hit in Haryana as employees of state roadways joined the strike. Thousands of workers of state-owned SAIL, RINL and NMDC also joined the strike, affecting production at steel plants and mines. Banking services were partially impacted on Monday as a section of bank employees did not report for duty. However, there was hardly any impact on the functioning of new generation private sector banks. There might have been a delay in cheque clearances and government treasury operation might have also be affected by the strike. The impact of the strike is"
"of new generation private sector banks. There might have been a delay in cheque clearances and government treasury operation might have also be affected by the strike. The impact of the strike is prominent in eastern India as many branches of public sector banks there are closed, All India Bank Employees' Association (AIBEA) General Secretary C H Venkatachalam said. In the other regions, branches are open as officers are present but services are being impacted due to many employees participating in the strike, he said. Bank unions are protesting against the government's move to privatise two public sector banks as announced in Budget 2021-22. They are also demanding an increase in interest rate on deposits and reduction in service charges. The central trade unions that are part of this joint forum are INTUC, AITUC, HMS, CITU, AIUTUC, TUCC, SEWA, AICCTU, LPF and UTUC. ""The two-day nationwide strike by the joint forum of central trade unions has begun this morning and has got good response,"" Amarjeet Kaur, General Secretary of All India Trade Union Congress (AITUC), told PTI. She said the entire coal belt (mining area) has been affected in Jharkhand, Chhattisgarh and Madhya Pradesh. According to her, there was a good response for the strike call in industrial areas of Assam, Haryana, Delhi, West Bengal, Telangana, Kerala, Tamil Nadu, Karnataka, Bihar, Punjab, Rajasthan, Goa, Andhra Pradesh and Odisha. Kaur claimed that banks and insurance sectors have been affected all over India while steel and oil sectors were also seeing partial impact due to the strike. About 20 crore workers are expected to join the strike. The strike notices have been given by the unions in various sectors, including coal, steel, oil, telecom, postal, income tax, copper, banks, and insurance. Bal Malkit Singh, Chairman of Core Committee of All India Motor Transport Congress (AIMTC) said that as per the report received till now, the transportation of goods has not been affected by the strike. AIMTC, the apex body for the truckers, has not given a strike call. ""Our trucks are running smoothly all over the country,"" he said. ""All supplies are normal. During the day, we have not received any feedback from any of the members across the country that there is any disruptions in the supply chain.... We are not part of the agitation,"" he said. However, the Confederation of All India Traders (CAIT) said the strike called by a joint forum of trade unions has been a ""total flop"" in the informal sector. In a statement, it also claimed there was no impact visible even in various industrial areas where small industries are having manufacturing activities."
"Suzuki Motorcycle India MoU with Bajaj Finance for two-wheeler financing New Delhi: Private Limited (SMIPL), the two-wheeler subsidiary of Motor Corporation, Japan, Tuesday entered into a MoU with (BFL) to provide quick and hassle-free financing on the purchase of Suzuki two-wheelers. BFL is the lending arm of Bajaj Finserv Limited, one of India’s leading and diversified financial services groups. The partnership will enable customers to avail round-the-clock, easy, and hassle-free retail financing option on the purchase of Suzuki two-wheeler. The MoU will also provide additional benefits to customers. These benefits include vehicle loan sanction within minutes and hassle-free documentation, the company said. Kenichi Umeda, Managing Director, Suzuki Motorcycle India Pvt. Ltd. said, “Considering our continuous growth in the Indian market, it becomes imperative for us to associate with financiers who can facilitate ease of purchasing Suzuki Two Wheelers. The idea is to offer flexible, yet easy retail finance offers keeping in mind the needs of our customers. We are confident that our engagement with Bajaj Finance Limited will be another step in enhancing our ability to cater to the needs of our growing customer base in India and thereby support our growth plans.” As part of this association, customers can get faster approval with nominal documentation at a competitive interest rate. To add to this convenience, Bajaj Finance offers easy scheme options, digital login, 24/7 operational support, and pre-approved offers. Amit Raghuvanshi, President - Personal Loans and Sales Finance, Bajaj Finance Ltd, said, “As the preferred financier tie-up with Suzuki Motorcycle India, one of the leading players in India’s two-wheeler space, Bajaj Finance has the opportunity to reach out to a larger number of two-wheeler buyers. With our customer franchise of 69 million, the partnership with Suzuki Motorcycle enables us to deliver a superior digital experience and a wider suite of financial solutions to our customers. We are thrilled to begin this partnership and look forward to jointly serving millions of customers across India.”"
"Can I get a loan to buy a second-hand car? Buying a second-hand or used car is being preferred by many people today. Most of the car manufacturers have their own pre-owned divisions, while most of the banks and non-banking financial services companies (NBFCs) are also offering personal loans for a at lucrative interest rates and zero down-payment strategies. You can fund the purchase of a second-hand vehicle by availing a personal loan. However, there are quite a few things you need to check before you get such a loan. What is a ? Pre-owned cars or second hand cars are considered widely in today's times and have gained quite a good popularity. You can purchase a second hand car with a personal loan for a pre-owned car. This collateral-free credit option offers customers a substantial loan quantum with good interest rates, hassle-free applications, flexible repayment duration and approval in no time. How much loan can I get on a pre-owned car? The loan quantum of a used will usually depend on the lending institution that one chooses. NBFCs such as Bajaj Finserv provide substantial personal loan for second-hand vehicles at competitive interest rates and flexible tenor. What are the advantages of ? Benefits of getting a personal loan for pre-owned cars includes the following; Can a used car be financed? Yes, a pre-owned car can be financed easily. Customers can choose for personal loans for used cards to fund the purchase of a used car. Such loans are offered at attractive interest rates and do not need much documentation also. Applicants can enjoy other advantages, like flexible loan repayment tenors, easy eligibility criteria and more. What are the documents required to get a loan for a used car? Photo ID with mentioned age proof (like Aadhaar card, PAN card, Passport, DL)Signed application form with 3 passport sized photos (varies from bank to bank)Residential proof such as a valid passport, driving license, voter id card, updated passbook, bank account statement, or a registered rent agreement. Is it good to take loan for a second-hand car? The interest rates for a second-hand car loan are higher as compared to a new car loan. Some NBFCs and banks do not provide a loan on cars older than 3 years or above. The insurance cost will not be covered in the amount of the loan. What is the easiest way to get a second-hand car loan? What is a ? Lenders offer pre-approved car loans to those who meet specific lending requirements. In a pre-approved car loan, the lender gives pre-approval for a certain amount of money to the borrower, along with an estimated interest rate. Borrowers can use this pre-approved loan offer to buy their favourite car."
"Zinc caught between weakening demand and sliding supply: Andy Home By Andy Home LONDON: The puzzle facing the is whether demand or supply will fall hardest this year. Both were down in the first half of the year, according to the latest assessment by the (ILZSG). An estimated 3.0% drop in global usage marginally outpaced a 2.6% slide in . The figures are preliminary and subject to revision but they capture zinc's conflicting dynamics and increasingly fractured pricing. The (LME) three-month price is currently trading around $3,080 per tonne, a long way off March's record high of $4,896, as the market prices in Chinese demand weakness and the rising prospect of European recession. LME time-spreads, however, remain volatile due to low stocks availability and physical buyers are still paying record premiums to get hold of metal. DEMAND HIT Zinc's usage hit so far this year has come largely from China, where a troubled property sector has depressed demand for steel, including zinc-coated galvanized steel. production fell by 6.4% year-on-year in the first seven months of 2022, according to the World Steel Association https:worldsteel.orgpress-releasesjuly-2022-crude-steel-production/. Attempts to revitalise the flagging commercial construction sector are being stymied by a combination of continued rolling COVID-19 lockdowns and power rationing in drought-affected parts of the country. Broader manufacturing activity has also taken a hit, both official and Caixin purchasing managers indices indicating a contraction in factory activity last month. Demand fears have now spread to Europe, which seems to be facing imminent recession due to soaring power prices. The outright zinc price mirrors the macro pressures playing out across the LME base metals complex and is in part down to shifts in fund positioning as money mangers reduce their long exposure. Investment funds have slashed their net long zinc position from a record high of 62,744 lots in April to 29,053 as of the Sep. 9 close. Other financial institutions, a category that includes pension funds and insurance players, turned net short of zinc in June for the first time since the LME started publishing a Commitments of Traders Report in 2018. The position has since flipped back to a small net long of 5,024 lots, but it's now a fraction of what it was at its November 2019 peak of 42,334 lots. LOW STOCKS The outright price is falling despite low exchange inventory. LME stocks currently stand at 75,700 tonnes, down by 123,625 tonnes on the start of the year. Almost a third of the remaining tonnage is earmarked for physical load-out. Shanghai Futures Exchange inventory has been sliding as well, hitting a fresh 2022 low of 58,407 tonnes this week. The Shanghai forward curve is in backwardation and so too is the London market. The LME cash premium over three-month metal has eased from its June peak of $218 to $27.50 per tonne at Thursday's close but the recent heightened spread volatility can be expected to"
"London market. The LME cash premium over three-month metal has eased from its June peak of $218 to $27.50 per tonne at Thursday's close but the recent heightened spread volatility can be expected to continue until inventory rebuilds in a meaningful way. LME inventory in Europe continues to comprise a single lot at the Spanish port of Bilbao, while U.S. warehouses hold just 2,100 tonnes, all of it cancelled and due to depart. Both regions remain gripped by acute tightness. European buyers are currently paying record premiums of over $500 per tonne on top of the LME price to secure spot units, according to Fastmarkets. That's five times more than they were paying at the start of 2021. SUPPLY HIT Europe is at the epicentre of the global zinc supply hit as smelters struggle to cope with soaring power prices. Nyrstar's 315,000-tonne-per-year Budel smelter in the Netherlands is the second to close fully after Glencore placed its Italian smelter on care and maintenance at the end of last year. ""It is clear that European smelter cuts will come deeper and sooner than we anticipated,"" said analysts at Citi, forecasting regional capacity utilisation will drop to 66% over the second half of this year from 83% in 2021. (""Metals Weekly"", Aug. 18, 2022) Power problems have also hit Chinese production in the last couple of weeks with temporary curtailments due to rationing in Sichuan province earlier this month. Most of that capacity has already restarted but Chinese refined zinc production is struggling this year, down 3.3% year-on-year in the January-August period, according to Shanghai Metal Market. SHIFTING BALANCE Zinc's micro dynamics are shifting fast and at the moment it seems that the demand hit is outpacing the supply hit. The global market generated a supply surplus of 27,000 tonnes in January-June, according to the ILZSG, which was expecting a significant deficit of 290,000 tonnes this year at its April meeting. While refined production has underperformed the Group's forecast for 0.9% growth this year, demand has deviated far further from expectations. An April forecast for 1.6% growth in usage this year now looks highly optimistic given the 3.0% estimated slide over the first six months of the year. It's the demand outlook that's weighing on the outright zinc price. But the accumulating supply problems are preventing any rebuild in exchange inventory and keeping physical supply-chains tight. Is zinc bullish or bearish right now? The answer depends on whether you ask a futures or a physical trader. The opinions expressed here are those of the author, a columnist for Reuters. Read More:"
"Rise in third-party motor cover premium rates to partially offset underwriting losses for insurers: Report The recent increase in the premium rates on is unlikely to fully offset the motor insurance segment's underwriting losses, said in a report. The premium rates for third-party motor insurance have been increased from June 1. Premiums for two-wheeler insurance have risen the most -- by 12-21% -- across engine capacities. For private cars, the maximum increase is 6%. ""The and Highways' move to increase the premium on third-party motor insurance after two years is a step in the right direction, but unlikely to fully offset the segment's underwriting losses,"" the rating agency said in the report. Third-party insurance cover is for other than own damage and is mandatory (as per the , 1988) to purchase along with own damage cover. Underwriting losses occur when claims are higher than the premium income of an insurance company. The last time premiums were hiked was in June 2019 and thereafter policyholders were given some respite because of the COVID-19 pandemic, the agency said. Its Senior Director and Deputy Chief Ratings Officer Krishnan Sitaraman said underwriting losses remain high in motor insurance because the premiums earned on policies are inadequate to pay the claims made by the policyholders. ""Therefore, any increase in premium helps in reducing losses. So, while this latest increase in premiums will offer a breather, it won't be enough to stanch the bleeding,"" Sitaraman said. The agency said the latest increase, combined with the recovery in automobile sales, will likely result in a 12-13% growth in third-party motor cover premiums, which account for a fifth of the general insurance industry's gross written premium. On the other hand, claims incurred by most insurers have risen since the second quarter of last fiscal, following the relaxation of lockdown restrictions and reopening of offices. The claims ratio is estimated at around 85% for the last quarter of fiscal 2022, up from around 78% in fiscal 2021 and is estimated to stay at similar levels in this fiscal, the report said. The claims ratio is the percentage of claims incurred in relation to premiums earned."
"Potential UAW strike presents a near-term headwind for auto insurers - JPM J.P.Morgan on Thursday said supply chain disruptions from a potential (UAW) union strike would cut new vehicle production, drive up used car prices and put pressure on margins in the personal auto insurance business. UAW is currently in talks with the Detroit Three automakers - , parent company and - ahead of the expiration on Sept. 14 of the current four-year labor agreements covering 146,000 workers. The automakers ""represent about 40% of light vehicle auto sales (by units) in the U.S., and IHS Markit estimates that a strike would disrupt North American vehicle production by roughly 75%,"" J.P.Morgan said. Higher used-car prices increase coverage limits on auto insurance, making claims more expensive, so insurers are obligated to pay the fair market value of a car if it is deemed destroyed, lead analyst said. The brokerage identifies Allstate Corp and Progressive Corp as the insurers with the most exposure to a potential UAW strike, with Allstate more susceptible due to its weaker capital position. Used-car prices have had the most impact on auto margins in recent years compared to other factors such as higher spare part costs, labor costs, increased litigation, and severe accidents, the brokerage added. A UAW strike that shuts down the Detroit Three automakers could cost the manufacturers, workers, suppliers and dealers more than USD 5 billion according to a study by Michigan-based , a consulting firm."
"Bajaj Finance Simplifies Car Loan Balance Transfer and Offers a High-value Top-up transforms the way customers approach balance transfer for car loans with simple eligibility criteria and a hassle-free online application. Customers can get a high-value loan of up to INR 47 lakh. With the and Top-up customers stand to reduce the cost of borrowing and cover their small or big car-related expenses. With three unique variants on offer and multiple tenure options to choose from, customers also get flexibility of repayment. Additionally, the competitive interest rates offered by Bajaj Finance also make this a perfect option for customers who are looking to transfer their existing car loan. Here are the key features of Bajaj Finserv Car Loan Balance Transfer and Top-up Simple eligibility and minimal documentation For a Bajaj Finserv Car Loan Balance Transfer and top-up customers need to meet a few simple eligibility criteria. This makes the application process hassle-free and fast tracks the loan disbursal process. Customers need to submit just a few documents to get their loan application approved. These documents include KYC documents, PAN card, salary slips, vehicle registration certificate and bank statements. Some customers may be required to submit additional documents based on their eligibility. High-value top-up loan Bajaj Finance offers a car loan balance transfer and top-up of up to INR 47 lakh. Customers can get a top-up amount of up to 180% of the car's value. The high-loan amount can cover the balance transfer and other car-related expenses. The top-up amount can be used for upgrading the car interiors or adding accessories, headlight upgrade and more. Customers get flexibility of using the top-up loan amount as per their need. Flexible repayment tenure Bajaj Finserv Car Loan Balance Transfer and Top-up comes with flexible repayment tenure of up to 72 months. This long tenure allows customers to convert their loan amount into small manageable EMIs without disturbing the overall budget. Quick disbursal facility Bajaj Finance offers a balance transfer and top-up loan that comes with a quick disbursal facility. This feature ensures that the loan amount is credited to the customer's bank account within 48 hours* after loan approval. It allows customers to manage their additional expenses without any delay. No hidden charges All fees and charges that are applicable on a car loan balance transfer and top-up are mentioned upfront on the Bajaj Finserv website and in the loan agreement. With Bajaj Finance, customers can be assured of 100% transparency in fees and charges related to loans. Three unique loan variants Bajaj Finance offers three loan variants: Term Loan, Flexi Term Loan, and Flexi Hybrid Loan. With both the Flexi Loan variants, customers get a pre-assigned loan limit from which they can withdraw funds as per their need. The interest is charged only on the amount withdrawn and not the entire limit. These Flexi variants also allow"
"get a pre-assigned loan limit from which they can withdraw funds as per their need. The interest is charged only on the amount withdrawn and not the entire limit. These Flexi variants also allow customers to part-prepay their loans as many times as they can without paying any additional cost. Additionally, a Flexi Hybrid Loan comes with the additional feature of paying interest-only EMIs for the initial tenure. With Bajaj Finserv Car Loan Balance Transfer and Top-up, customers not only get better repayment terms, competitive interest rates but also get access to funds to manage their additional expenses. Additional features such as doorstep documents collection, car insurance services and more make this a go-to-product for customers seeking to transfer their car loan. Bajaj Finance Ltd. ('BFL,' 'Bajaj Finance,' or 'the Company'), a subsidiary of Bajaj Finserv Ltd., is a deposit-taking Non-Banking Financial Company (NBFC-D) registered with the Reserve Bank of India (RBI) and is classified as an NBFC-Investment and Credit Company (NBFC-ICC). BFL is engaged in the business of lending and acceptance of deposits. It has a diversified lending portfolio across retail, SMEs and commercial customers, with a significant presence in both urban and rural India. It accepts public and corporate deposits and offers a variety of financial services products to its customers. BFL, a thirty-five-year-old enterprise, has now become a leading player in the NBFC sector in India and on a consolidated basis, it has a franchise of 72.98 million customers. BFL has the highest domestic credit rating of AAA Stable & AAA(Stable) for its FD program. It has a long-term issuer credit rating of 'BBB-/Stable' and a short-term issuer credit rating of 'A-3' by S&P Global Ratings."
"India not to tailor policy for Tesla; EV maker as also other global players welcome in India: Piyush Goyal India will not tailor its policies to suit US EV maker , and its laws and tariff rules will be formulated to attract all-electric vehicle manufacturers from across the world to set up a base in the world's fastest-growing economy, Commerce and Industry Minister said. Tesla has been seeking an initial tariff concession that would allow it to offset 70% customs duty for cars priced less than USD 40,000, and 100% for cars of higher value. In an interview with PTI, Goyal said the government recognises the need for a vibrant EV ecosystem as greater use of battery-run vehicles will cut carbon emissions as well as the staggering oil import bill. But for this, it will not tailor policies that suit any one company and would rather frame ones that will encourage all-electric vehicle manufacturers from across the world to set up shop in India, he said. ""We are working on several initiatives where we are having inter-ministerial (consultations) and a dialogue with the stakeholders, with potential investors from across the world from Europe, from the United States, from the Far East, from Japan, from Korea,"" he said. Tesla made the concession demand a precondition to build a plant in India. High tariffs on motor vehicles, meant to boost local production, have been a lingering issue for foreign carmakers too. ""Government does not tailor policy for any one individual company or its interests. Everybody is free to make their demands. But that does not mean that the government will necessarily take a decision (based on) what you demand,"" he said. Goyal was replying to a question about whether the government is looking at giving any concessions to Tesla for setting up a manufacturing facility in India. The Indian factory, as and when it happens, would be Tesla's sixth vehicle plant. At present, cars imported as completely built units (CBUs) attract customs duty ranging from 60% to 100%, depending on engine size and cost, insurance and freight (CIF) value less or above USD 40,000. The world's largest electric car producer Tesla Inc's chief Elon Musk met Prime Minister Narendra Modi in June last year in New York. Musk, after meeting the Prime Minister, said he plans to visit India in 2024. ""We recognise that India must have a vibrant electric mobility ecosystem. We recognise that it has multifarious benefits to grow towards electric mobility. Not only will it help us in our fight against climate change, it will also improve the environment and lower pollution levels, particularly in cities, which largely suffer because of the ICE (internal combustion engine) or the petrol-diesel fumes that are thrown out,"" Goyal said. ""So, it has so many multifarious benefits which will impact not only the country's environment but will also impact the country's economy, it will add to our economic output. It will save foreign exchange, reduce our trade deficits, help us in our"
"will impact not only the country's environment but will also impact the country's economy, it will add to our economic output. It will save foreign exchange, reduce our trade deficits, help us in our fight against inflation, thereby helping us in reducing interest rates,"" he added. The minister emphasised that the sector can be a powerful medium to make the country macro-economically even stronger. ""So it'll be a project (that we) will be continuously looking to encourage all-electric vehicle manufacturers across the world. ""And we are working on several initiatives where we are having a dialogue, inter-ministerial, with the stakeholders, with potential investors from across the world from Europe, from the United States, from the Far East, from Japan, from Korea. So we have significant engagements going on across the world,"" the minister said. India, the world's third-largest energy consumer, is pitching as an alternate destination for investment for US companies to capitalise on the growing chill between Beijing and Washington. To attract EV players, the government has rolled out production-linked incentive schemes for advanced chemistry cell manufacturing and component making. In November last year, Goyal visited the manufacturing facility of Tesla in Fremont, California. The company sourced goods worth about USD 1 billion in 2022. The government has rolled out production-linked incentives (PLI) schemes (PLI) for advanced chemistry cell (ACC) battery storage with an outlay of INR 18,100 crore and INR 26,058 crore PLI scheme for auto, auto-components and drone industries. The UK, which is negotiating a free trade agreement with India, is also seeking customs duty concessions on exports of electric vehicles under the proposed agreement. The fast-growing EV market in India is catching the eyes of global players. The UK is also looking at phasing out ICE (internal combustion engine) vehicles by 2035, and the British auto market is export-driven. According to experts, the UK's major export destination for vehicles is Europe, and they are looking to diversify their exports. India's electric vehicles market is expected to grow to one crore units in annual sales by 2030 and create five crore direct and indirect jobs, according to the Economic Survey 2022-23. As per industry estimates, the total EV sales in India stood at around 10 lakh units in 2022. In India, is the leading player in passenger electric vehicles. The company's current EV portfolio comprises Nexon EV range, Tiago EV and Tigor EV."
"Audi India expands pre-owned car business to Surat New Delhi: has opened its new in Surat, Gujarat. Spanning 2100 sq. ft., the showroom has the capacity to display 5 cars. The showroom will cater to the growing demand in Surat and the nearby regions. Customers can avail 24x7 Roadside Assistance along with two years of unlimited km warranty, the company said in a press release on Monday. , head of Audi India, said, “As one of the major commercial and economic hubs in Gujarat and the largest urban sprawl in western India, Surat and the adjacent areas have been generating steady demand for pre-owned luxury cars as more people seek a luxurious driving experience. The new showroom will help us cater to this demand while expanding our footprint in the region. The facility will offer customers a wide range of pre-owned that have been subject to multiple levels of quality checks to ensure the best possible experience.” According to the company, every vehicle displayed at the Audi Approved: plus showrooms undergoes stringent quality testing for all aspects of the vehicle – be it electrical, bodywork, or the interiors. Additionally, the vehicle’s complete history is provided before the purchase. Along with two years of unlimited kilometers warranty the customer can also avail easy financing options and insurance through the programme, the release said. Also Read:"
"India’s 'Green' retail NBFC Ecofy promoted by Eversource Capital launched In an industry first move, Eversource promoted Accretive Cleantech Private Ltd, operating as ‘ ’, has received regulatory approval from the (RBI) to operate as a non-deposit taking non-banking financial company (NBFC). This makes Ecofy one of its kind green retail NBFC in the country. Mumbai-based Ecofy has been promoted by , India’s leading climate impact investor along with NBFC industry veterans Rajashree Nambiar (former MD & CEO, Fullerton India Credit Company Ltd.) and Govind Sankaranarayanan (former Group COO and CFO, ). Ecofy will lend to individuals and small businesses to accelerate the transition towards a net zero carbon world. The company will offer financial solutions for green asset classes such as (2 and 3-wheelers), rooftop solar and energy-efficiency SMEs. Ecofy’s offerings include loans, leases, insurance, warranties, and buybacks for all green needs. Ecofy is born digital and uses technology to improve every aspect of the customer experience. Rajashree Nambiar, Co-Founder and CEO of Ecofy, stated, “Finance is a critical input that can catalyse the much-needed green transition for a net zero emission future. Our goal with this NBFC is to provide the products and seamless experience that address customer needs.” Dhanpal Jhaveri, Vice Chairman, and CEO, Eversource Capital commented, “Ecofy is building a digital first green lending business to address a much-needed financing gap in India’s climate change agenda. Today, green assets and businesses are not only climate positive but are also value accretive. Ecofy will help in accelerating the adoption of green assets and support businesses in their green transition through innovative and accessible financing.” Also Read:"
"Tribunal recommends creation of separate slow lane for e-ricks and e-bikes to curb accidents Taking note of an increase in accidents due to e-rickshaws, a (MACT) has recommended a slew of directions to prevent violation of traffic rules by such vehicles, apart from curbing negligence of traffic police. The tribunal, in an order on February 17, said every victim of an accident should be adequately compensated. MACT presiding officer Ekta Gautam Mann requested the Union ministry of road transport and highways to create a separate slow moving lane for two-wheelers, three-wheelers and e-rickshaws on heavy traffic roads to prevent the risk of accidents. A request was also sent to ’s to ensure that subsidy for the purchase of e-rickshaws was not released till the license of the driver was made permanent. Also, permits should be provided for only those roads with a low traffic volume, like service roads, and not having a speed limit of over 40kmph. As the maximum speed of an e-rickshaw is 25kmph, this would minimize the risk of accidents. The Union home ministry was requested to direct traffic police to perform their duty efficiently by keeping a check on violations and checking the non-availability of requisite documents of the driver of every motor vehicle, including e-rickshaws. The tribunal further requested the ministry to make it a law to allow traffic police to issue notices to owners of vehicles, including e-rickshaws, if the insurance policy had expired. The owners should be asked to get the insurance policy renewed immediately, otherwise action should be taken against them. This would prevent an accident victim from remaining uncompensated. During the hearing, the petitioner alleged that she had become permanently disabled by losing complete vision in her eye. She was only 37 years of age and had to look after her minor children. She added that drivers of e-rickshaws drove in a negligent manner and caused havoc on the roads. The investigating officer (IO) submitted that the e-rickshaw driver didn’t have a valid insurance policy at the time of the accident. There were three passengers in the vehicle. The driver lost control of the e-rickshaw and the vehicle overturned. While the petitioner lost her vision, other passengers suffered minor injuries. The IO claimed that most e-rickshaw drivers had only a learner's driving license. As a result, they were causing chaos on the roads. An official verbally stated that permits for e-rickshaws were not required since 2018. There was a tie-up between insurance companies and the RTOs as well as traffic police. If the insurance policy of any vehicle expired, then RTO and traffic police would immediately come to know of it. Also Read:"
"VOC Automotive secures INR 1.5 crore funding from Corporate Warranty India to revolutionise two-wheeler service industry in India New Delhi: , a startup in the , has raised INR 1.5 crore in funding from Pvt Ltd (CWI). This strategic investment is earmarked for the company's expansion efforts, promising to bring affordable, quality services closer to two-wheeler users across India. VOC Automotive offers a comprehensive range of services, including general and major servicing, painting, denting, and specialized coatings, at 30% lower charges than typical service centers. The startup also introduced an industry-first extended warranty program: six months for engine oil replacement and two years for other major services. This warranty is available for vehicles manufactured from 2015 onwards. The company's digital initiatives include the VOC Smart Rider app, enabling customers to book services for doorstep delivery or at the nearest VOC service centers, and the VOC Smart Dealer app, which aggregates hyperlocal service centers to enhance accessibility, the company said in a media release. ""Starting with one outlet during the pandemic was tough, but our perseverance paid off. We now have a proven franchise model and continuous profitability, making us an attractive investment for partners like CWI,"" said Venkatesh B M, Co-Founder of VOC Automotive. Financial Milestones and Future Plans VOC Automotive's revenue growth reflects its successful business model. The company recorded INR 2 crore in FY-22, INR 2.7 crore in FY-23, and an impressive INR 10 crore in FY-24. The startup aims to reach INR 100 crore in revenue by FY-25, supported by an aggressive expansion plan to establish 300 outlets nationwide, including new regions in North and West India. The investor from Corporate Warranty India Pvt Ltd (CWI) stated, “VOC Automotive's business model aligns with our post-sale customer retention programs. Given our shared industry experience, we understand the potential of this business and its growth scalability. We have strong faith in the founders and their vision for VOC. Their automotive background and experience with OEMs provide them with unique insights into customer challenges and market opportunities.” The investor further added, “The unorganized market for two-wheelers in India presents vast untapped potential. VOC is working to organize and standardize this segment, adding new services for the dealer network and new business lines. With the rise of EVs, there is significant potential for companies like VOC. We anticipate substantial returns from this investment in the near future.” VOC is also focusing on strategic collaborations with insurance companies for accidental claims, EV companies for service partnerships, petroleum companies, and OEM companies. Additionally, the VOC Smart Rider app plans to onboard 10,000 customers this financial year, and the startup will soon introduce a vertical for buying and selling pre-owned two-wheelers. Founded in"
"Additionally, the VOC Smart Rider app plans to onboard 10,000 customers this financial year, and the startup will soon introduce a vertical for buying and selling pre-owned two-wheelers. Founded in October 2019 by Venkatesh B M and Lokesh S, VOC Automotive addresses a critical gap in the market: the high cost and limited proximity of authorized service centers for two-wheelers. Both founders, coming from humble beginnings, recognized the struggle of maintaining two-wheelers without breaking the bank. This insight led them to create a solution that combines affordability, accessibility, and quality."
"VRL Logistics to expand fleet size to 7200 trucks by FY25 plans to expand its size to approximately 7,200 by the next financial year, following its latest order for 1,560 trucks from . Currently, it is operating 5,700 trucks. The Managing Director, Vijay Sankeshwar, said his intention is to expand the business by 25% to 30% in FY24 in accordance with the growing size of the fleet. The firm said that it will be bringing in a range of trucks, including 50 30-tonner trailer horses, 1,200 10-wheelers, and 20-tonner vehicles, as well as about 400 trailers with carrying capacity. VRL Logistics has budgeted INR 697 crore in total capital expenditures for the development and modernization of its fleet in FY24. According to VRL, the capex covers the cost of the chassis at list pricing, as well as the costs of bodywork, registration, insurance, and a buffer for unforeseen circumstances. The company will discard between 1,000 and 1,100 of its old vehicles this year while also adding new ones. According to VRL, the company must replace its older cars ito comply with the Centre’s continuing . With and Reliance, the company had placed an order for 1,650 vehicles 14 months ago."
"How Budget 2022 can be used to revive consumption for economic growth? After a rumpled start in FY 21-22 due to the second wave of COVID-19, the consumer market sector began to pick-up during second half of the year. According to the Confederation of All India Traders (CAIT), retail buying during Diwali season nearly doubled to approximately Rs 1.25 lakh crores vis-à-vis the previous year. However, with surging cases of the new Omicron variant, the sector has been put back on survival mode. On the other hand, the rising input costs pertaining to packaging material, labour and freight have begun to shrink the margins of consumer goods companies. With this backdrop, the sector is looking forward to the upcoming 2022-23 with high expectations. The industry would keep an eye out for relaxation in respect of the production targets prescribed in recently introduced Production Linked Incentive Schemes for white goods, food and textile. The said scheme was introduced by the Government to boost the indigenous production of various goods. Given that the production may see a decline due to present and proposed lockdowns and curfews, the industry may seek out relaxation in the production targets which are required to be met under the said scheme. Similarly, the retail industry may seek extension of the time limit for setting up manufacturing units to avail lower corporate tax rate under Sec 115BAB of Income Tax Act 1961, which presently stands on 31 March 2023. Secondly, it is imperative for the government to rethink on implementation of stricter provisions under like 100% input tax credit reconciliation, recovery proceedings due to mismatch in returns without issuance of notice etc., which adversely impact the working capital position for an already distressed sector. Further, clarity/relaxation on issues like input tax credit restrictions on promotional items, samples, employee insurance, de-linking of secondary discounts with the terms of agreement etc. are some other areas where the industry is hoping for some favourable announcements. Removal of blockage of input GST tax costs on construction, renovation of shops, warehouses have been a long-pending demand of the sector. Accordingly, any announcement allowing deduction of tax cost on construction against output GST, would be most welcomed by the industry. Transitional credits and frequent changes in tax rates have paved the way for anti-profiteering issues in the retail sector. Further, most companies have not been able to directly pass the benefits to customers. With further extension of tenure of anti-profiteering provisions, ambiguity on how to compute and determine the manufacturer’s profit would continue to discomfort the industry. Clarity on this aspect could lead to allaying the fears of the industry of any unwarranted enquires, proceedings by authorities. The recently introduced provision requiring food aggregators to collect and deposit GST on deliveries effected through their platform, has"
"of any unwarranted enquires, proceedings by authorities. The recently introduced provision requiring food aggregators to collect and deposit GST on deliveries effected through their platform, has added to the woes of companies operating in this segment. Although certain clarifications were issued in this regard, industry may require transitional relief in implementing the said provisions. The government’s focus on improving digital infrastructure across the country and working towards improving connectivity in rural areas will help drive growth and make rural the big battleground for consumer companies. Lastly, no budget is complete without MSMEs and support for the overall retail landscape. With changing rules of businesses, omnichannel retailing and last-mile deliveries being critical cogs in retail, the government should consider these sectoral issues and provide investments in developing supply and delivery infrastructure. MSMEs continue to be the backbone for . In a bid to boost local manufacturing and promoting self-reliance, we could expect the budget to focus on growth of small and medium enterprises as they can support the nation’s need to generate significant employment. Enabling entrepreneurship is key. To boost the startup ecosystem, the government may look to liberalise the start-up regime further in context of tax benefits, eligibility conditions etc. Moreover, we could expect certain relief packages or lower interest on capital for start-ups. Given the consumer oriented population in India, the right impetus from the government will certainly help the consumer markets sector realise its potential and perform as one of the most potent growth levers for the . And to realise this objective, the upcoming Budget provides the government with a wonderful opportunity to announce measures which can pave the way for the sector to spread its wings and fire its growth engines to full throttle. In summary, the government should look at devising measures to revive for economic growth. Increasing investments in infrastructure development, skill upgrading, digital augmentation, job creation, and MSME development could help reignite consumption in the economy. We sense a budget that is supportive of this sector, thereby helping consumer facing companies thrive and drive India’s consumption economy. Harsha Razdan is Partner and Head, Consumer Markets and Internet Business, KPMG in India. Harpreet Singh is Partner, Indirect Tax, KPMG in India. Also Read:"
"Electric two wheelers register a staggering 132% growth in 2021 but 2022 promises to be even better The year that has gone by has shown what difference subsidies can make in the evolution of a new age industry. Spurred by generous incentives under central government's FAME 2 scheme with an extra helping from similar policies in as many as 18 states in the country, sale of high speed scooters shot through the roof in 2021 registering a jaw dropping 425% growth at nearly 1.43 lakh units. As a result, for the first time ever, high speed scooters have outpaced their slower counterparts that need no registration or insurance but do not benefit from any government subsidy. Slow speed scooters grew at a relatively sedate 24% at 91,142 units. The overall segment more than doubled from just about a lakh units to 2.34 lakh last year. has come of its own in India's two wheeler market. “We haven’t seen better days than the last few months in the entire EV journey. In the last 15 years, we collectively sold around 1 million e2w, e-three wheelers, e-cars, and e-buses, and we will most likely sell the same 1 million units in just one year beginning January 2022,"" said Sohinder Gill, Director General, Society of Manufacturers of Electric Vehicles (SMEV). ""The recent positive changes in EV policy through FAME 2 are a game-changer and a decisive move by the government to ensure a cleaner and greener transportation sector, reducing reliance on expensive and contaminated liquid fuel. Customers have now started shifting in large numbers from petrol two-wheelers to electric ones due to attractive prices, lower running costs, and lower maintenance. A significant percentage of customers also factor in the environment and sustainability in their decision to buy an electric two-wheeler."" The shift from unorganised low speed to organised high speed scooters even though not unexpected was still sudden in 2021. Low speed scooters that are classified as those that cannot go faster than 25 kph infact logged negative growth in the last 2 quarters of 2021--with market share declining from a high 70% in previous years to less than 15% in the Oct-Dec quarter. The FAME 2 policy only incentives vehicles based on their battery capacity at Rs.15000 per kwh, which has narrowed the gap in price between low and high speed scooters. and Okinawa held on to their top two positions in the market while Pawan Munjal backed Energy broke into the top 3 last year. ""The year 2021 was disruptive for the EV sector. Customers have made a conscious shift to switch to EVs, further fueled by rising fuel prices, better charging infrastructure, and awareness. Moreover, the Government has also shown tremendous support with a revised FAME II subsidy structure and additional statewide policies have helped propel the segment,"" said Naveen Munjal, managing director, Hero Electric. ""We witnessed a hockey stick growth with upward sales momentum resulting in higher demand paving the way for production capability"
"the segment,"" said Naveen Munjal, managing director, Hero Electric. ""We witnessed a hockey stick growth with upward sales momentum resulting in higher demand paving the way for production capability expansion at our Ludhiana plant from 1 lakh to 5 lakh units to manufacture over 1 million EVs by 2025. The coming years will witness increased EV penetration in the country with targeted sales of 30% private cars, 70% commercial vehicles, 40% buses, 80% two and three-wheelers by 2030."" Bull run ahead The story is only getting started. The growth in 2021 was largely organic in nature with established brands like Hero Electric, Okinawa, PureEV, Revolt, Ather, Ampere, Auto and registering strong sequential growth. This year will see the market entry of many players including Ola Electric which began deliveries of its scooters from December 15, Bounce Infinity, Simple Energy, Tork Motors and TVS backed Ultraviolette. The entry of heavyweight Hero MotoCorp will further add to the mix. Disclaimer: 1.The data doesn’t include low-speed segment 2.The above data has been collated from the Govt records of Vahan ""We are expecting new players to enter and disrupt the market. Several brands have been trying to catch up with the pace in the EV segment and have come up with innovative ideas and products,"" said Sumit Chhazed, co-founder, OTO--a two wheeler buying and financing platform. ""Bounce has introduced their new Bounce Infinity E1 which comes with the battery swapping infrastructure. Ola had invested in product diversification by bringing in their Ola Electric scooter and received 1 lakh plus bookings. The number of bookings shows how welcoming consumers are towards the adoption of EVs. Legacy brands such as TVS Motor, Bajaj, Hero Motocorp are not far behind as they have been consistently trying to invest in the best technologies, development, and capacity expansion."" Backing this growth in sales, investors are also placing their bets on EV firms. In 2021, funding to EV tech startups hit an all time high touching nearly USD 444 million (INR 3,307 crore) across more than 25 deals which was 255% higher than 2020 and 12% higher than pre-pandemic 2019. The result of this will manifest itself in years to come starting 2022. ""We will see an increase in demand with substantially increased competition, considering individuals' awareness and potential of owning or switching to electric vehicles. By 2025, the market is projected to reach 10% from the current 1%, and, with conducive policies, it will further jump to 20%,"" said Munjal. ""India is the largest two-wheeler market with 17% segment space, with 1 EV per 125 vehicles. There is heightened interest and investment in the segment estimated to be at INR 94,000 crores in the next five years."" With greater awareness among consumers and the industry working on ways to mitigate challenges like charging infrastructure and range anxiety, the tailwinds outweigh potential headwinds. ""Electric-2-Wheelers are currently sold on"
"and the industry working on ways to mitigate challenges like charging infrastructure and range anxiety, the tailwinds outweigh potential headwinds. ""Electric-2-Wheelers are currently sold on the basis of their range alone and it will be important to develop a framework to balance fallbacks against more attractive attributes of e-mobility such as flexibility, availability and affordability,"" said Jeetender Sharma, founder and managing director, Okinawa Autotech. ""In the coming years, EV financing especially for Electric-2- Wheelers will be the most important enabler for the adoption of Electric Vehicles. Attractive economics and government pushes have already significantly increased demand for Electric- 2- Wheelers and the industry is expected to grow significantly, as we foresee."" For 2022, SMEV's projection is not double or triple but upto 6 times growth over 2021. This at a time when the traditional petrol powered two wheeler industry is struggling for growth like never before. ""Going by the recent monthly trends, the next 12 months may see 5 to 6 times the growth over the previous 12 months,” said Gill of SMEV. ""Currently, all-electric two-wheelers sold in India are called electric bikes or e-bikes, but in fact, they are either electric motorcycles (around 2% of the market) or electric scooters (98%) that can comfortably seat two people and look like their petrol two-wheeler counterparts. There are no e-scooters like the ones seen in North America or Europe on which a rider can stand and go short distances. Electric cycle sales in India (popularly known as e-bikes globally) are also negligible and just beginning to happen. However, in the next 2 to 3 years, we will have products across all segments, ranging from e-scooters, e-motorcycles, and e-cycles from large and organized players. In four to five years, we can now confidently predict that around 30% of the two-wheeler market will be electric."" Also Read:"
"India not considering buying Russian oil in rupee: Minister New Delhi: India has no plans to pay in rupees for the its public sector companies buy, Parliament was informed on Monday. India buys less than one per cent of its total oil imports from Russia. But western sanctions against Russia for its have given way to talk of a rupee trade for the oil and gas purchases. ""At present, neither have any contract nor is any such proposal under consideration from Russia or any other country for the purchase of crude oil in Indian rupees,"" Minister of State for Petroleum and Natural Gas Rameswar Teli said in a written reply to the Rajya Sabha. He did not elaborate. State-owned has bought two parcels or shiploads of distressed Russian oil through traders at deep discounts. IOC bought 3 million barrels in each trade through European trader Vitol. Separately, bought two million barrels of Russian crude Urals through a trader. Western sanctions on Russia over its invasion of Ukraine have prompted many companies and countries to shun its oil. This has led to Russian crude being available in the market at deep discounts. To capture the opportunity, Indian refiners are floating tenders to buy such discounted oil. The tenders are mostly won by traders, who would have stocked inventories of the cheap Russian oil. Since 2020, IOC has had a term or fixed volume deal to buy crude oil from Russia's Rosneft. But, it rarely imported volumes under the term deal as the cost of transporting the oil from Russia made it uneconomical. But, discounts of USD 20-25 per barrel have turned the tide in favour of Russian crude and Indian refiners are lapping it up, sources said. The refiners are buying Russian crude on a delivered basis to avoid any complications that sanctions may lead to in arranging shipping and insurance. The sources said the trade with Russia is being settled through in dollars as the international payment mechanism has so far been kept out of the western sanctions ambit. Also, unlike the sanctions the US imposed on Iran over its controversial nuclear programme, oil and energy trade with Russia has not been banned. This essentially means that any country or company was free to buy oil and other energy commodities from Russia and use the international payment systems to settle the trade. This wasn't the case with Iran, which was cut off from the international money and security transfer system, SWIFT. Also, companies or entities investing or buying oil from Iran were sanctioned. IOC had in February 2020 signed a deal with Rosneft Oil Company to import up to two million tonne of oil via the Black Sea port of Novorossiysk. In 2021, the deal envisaged supply of up to 1.7 million tonne of crude oil but IOC bought just one parcel or shipload as the cost of transporting the oil made it uneconomical. In December 2021, it renewed the deal to buy up to two million tonne of crude oil in 2022 from Rosneft. Also Read:"
"Sanjiv Bhasin sees Nalco doubling in a year; offers a dark horse pick Sanjiv Bhasin, Director, , says he has been relatively very bullish on IOC and as two picks. They have added ONGC. They expect Nalco numbers to start reflecting the extremely bullish results. Three things, bauxite, aluminium and iron ore are going to be playing to the perfect side from here. Coal India. Nalco can also be huge outperformers. Bhasin sees Nalco even doubling from here in the next one year. Bhasin is also very bullish on the private banks like HDFC and Kotak. And will also buy OMCs on dips. Religare can be a . Once this insurance cum broking cum investment bank goes into the hands of Burmans, Religare can scale over 350 in the next one year. It is a bit of a shakeout which is on which you were mentioning for some time now. But the entire market is not seeing a broad-based sell-off backed by volumes and big sell figures. In fact, there were small buyers. But the frothy areas of the market may be undergoing a correction. Do you see some more shakeout before buying or will you become a buyer? Sanjiv Bhasin: That is the natural course. The midcaps and smallcaps had run way ahead of valuations and the bull market is in the mid and smallcaps. Do not make any mistake about that. And it is also telling you that we are in a global bull market. The Nikkei is up 1,000 points today, the NASDAQ, the S&P is above 5000. Yes, there will be this wall of worry which will say that markets will come down. But yesterday at a macro level, the inflation numbers were weak and growth was relatively high. I still think the largecaps and certain midcaps will again look attractive. We have seen a lot of profit booking in the PSUs, but that is where the real wealth has been created. So this is part and parcel of the market. I would expect the index to start outperforming and banks to join in. That has been a weak spot. Now, if inflation is lower, credit is expanding. Private banks are in a very sweet spot. So how are your trading ideas looking like right now? Sanjiv Bhasin: I have been relatively very bullish on IOC and Nalco as two picks. We have added ONGC there. We see the numbers from Nalco because their INR 8,000-crore capex now will start to reflect extremely bullish results. Three things, bauxite, aluminium and iron ore are going to be playing to the perfect side from here. Coal India. Nalco can be huge outperformers. I see the Nalco stock even doubling from here in the next one year. One cannot have it at INR 14,000 crore market cap and the type of performance which it has on dividend yields and so on. Nalco is a good pick over here. Keep your stop loss at INR 135. It could again scale back to 165 and beyond, depending on your horizon. Second, I am very bullish on the private banks even though they have underperformed. I like HDFC and Kotak. All the bonhomie underperformance is more or less in the price. We have seen the exit of large players who had to. Thirdly, I would be very"
"though they have underperformed. I like HDFC and Kotak. All the bonhomie underperformance is more or less in the price. We have seen the exit of large players who had to. Thirdly, I would be very bullish on the oil marketing companies and use this decline to buy. Like I said, you have to be selective in your stock picks. Indiabulls Real Estate is one stock which we recommended at 100. It has gone to INR 125. We are not aware of what the court verdict was, but I am very bullish on that stock over a period of time. Fourthly, I will give you one dark horse, Religare. Now, the Burmans have acquired a 25% stake. Their open offer is for 26%. You can imagine what it will be like when this insurance cum broking cum investment bank goes into the hands of Burmans. Every large group wants to acquire a financial firm. I see Religare scaling over 350 in the next one year. You cannot have it at 1.5 times price to book, given the advent of fresh capital and a fresh look management. What’s your opinion on Paytm? Macquarie has slashed the target price by over 50%. Sanjiv Bhasin: They are downgrading Paytm to INR 275. So, what goes in making a good brokering amount and creating fear when it is most needed, that is the attitude I have. I have invested and we are seeing pain in that. But like I said, PB Fintech, Zomato make up for that. For me to comment on Paytm would be slightly difficult till we get more colour and you are aware of the noise. Now, the stock is seeing that and Zee is seeing very strong hands buying. That is all I can comment on. On Macquarie, we will wait for HDFC Bank also to hit 2200. Then we will take both these stock recommendations with a pinch of salt. The surprising name in the MSCI inclusion list appears to be an old favourite of yours, GMR. And not only the airport business, but I gather even the power business which is another company, GMR Power. There is a lot of activity happening but what about GMR Airports? Do you still like the stock? Sanjiv Bhasin: Bhav bhagwan chhe (market knows best) is the Gujarati proverb. When I used to travel from Bandra to Nariman Point, the Gujaratis would say bhav bhagwan chhe , It was bhav bhagwan at INR 35 mein. But you woudn’t buy it and were always pessimistic about the debt. Look at the airports today. You should be proud of your nation building and growth. In Heathrow Airport, you have to stand for three and a half hours. In GMR Delhi Airport, it takes you five minutes. The beauty lies in the eye of the beholder. Aerocity is seeing rocking business. As a disclosure, this has been in our portfolio from the time it was INR 35. We do not intend to sell it. So please see where your recommendations are, where your money is. Stocks are jumping 40-50%. If you are in the right place, then you are making money. Bosch results are out today. About a month and a half back, Bosch broke out of its eight-year high range and got into new territory. Surely some correction is happening. It has crossed the 25,000 mark"
"results are out today. About a month and a half back, Bosch broke out of its eight-year high range and got into new territory. Surely some correction is happening. It has crossed the 25,000 mark now. I want to review your call on Bosch? Sanjiv Bhasin: Again, one of my old favourites at 12.5, 13, 15, 17, 18, and I gave a 25,000 target. A lot of the people who troll me on Twitter are laughing their way to the bank. This is a pedigree stock. Look at the way autos have reacted, whether it is Bajaj, whether it is Hero. Look at the numbers. OEMs are in the best spot. They invested almost $3 billion in Dresden for their semiconductor market. It continues to be gaining larger market share in India as a very big destination. Now, at 12.5 for a stock like this to double at 25,000, I cannot stick my neck out. But if you have it, just stay put, because good stocks do not come by design, they come by default. How are you looking at some of these cement stocks? Is there any interest? Sanjiv Bhasin: Cement is going through the roof. Look at the price. There is a cartel. 53% of market share is with five players. UltraTech is laughing his way to the bank with 138 million tons. And so is Ambuja and ACC who have been re-rated. And now we are seeing the highest amount of construction activity as the cold ebbs, because in the north, there was an embargo because of GRAP and other things. They are in the sweetest spot ever. Cement is our overweight sector, as is UltraTech, ACC, Ambuja, and on declines please add Dalmia Cement. But these three are top picks. And we think that they are only going to be further re-rated on the upside. In the last one month, from INR 450 odd, ITC stock has slipped to around INR 400. Is it getting to a good value zone? Once this 3.5%, 4% is done with, there would not be any other supply for a very long time. Would you get into ITC at this level when supply overhang is taking the stock lower? Sanjiv Bhasin: Yes. so there are two things which stand out in this. BAT for the first time coming to sell its stake. A, if BAT could sell whole hog, it would be a very big positive, because then the demerger of the cigarette business would be more in line with BAT being one of the largest players. It is a relative positive. But also, SoftBank is selling Paytm or some of their old holdings. A lot of the foreign private equity players or long term holders are encashing what they want in India. In a bull market, long term holders will definitely look at opportunities where they can reuse that cash for their own personal needs or reducing debt or whatever their other obligations, which in the short run may be negative because of the supply. But in the long run, if you expect BAT to come back and buy ITC, he will never get it at a discount. All this decline will see a little bit of oversupply. But if you want to get into a quality stock like ITC, then you cannot have asked for a better time. How are you looking at the entire consumption space? Are there"
"will see a little bit of oversupply. But if you want to get into a quality stock like ITC, then you cannot have asked for a better time. How are you looking at the entire consumption space? Are there interesting opportunities at the current juncture, despite acknowledging that maybe there has been a bit of a rural slowdown? Sanjiv Bhasin: Well, yes and that is evident in the earnings. And you have seen the guidance being slightly lowered, but are very optimistic on the coming back. You cannot have two wheelers go the way they have and not the others, the staple or discretionary events also pick up. I continue to think Britannia and Nestle perfectly fit that bill. People are missing the fact that the market is revolving around sectors. Who thought that IT and pharma will be at all-time highs, at a time when most were struggling about AI and the slowdown in the US? Markets are very uncanny. They like to pick up sectors which are most crowded and stay away and which are most avoided, they want to do the best. I still think Britannia and Nestle look to be the perfect fit. They will be giving longer term views given that both the numbers were reasonably in line. And the type of brand they possess, can be relatively outperformed in this consumption space nearby. On the other hand, your discretionary spend is seeing Maruti take the cake. Ashok Leyland is again my top favourite. Ashok Leyland and Wipro perfectly fit the bill in auto and IT and use any decline to buy. What really held out yesterday amidst the mid and small cap decline was the PSU profit taking. Valuation wise, they are still expensive and from the yearly peak it is not much of a correction which has taken place barring a few odd names here and there. You have always cautioned about the frenzy in some of the railway stock. Since selectively one should profit take what other than railways would you recommend profit taking within the PSU pack right now? Sanjiv Bhasin: Having spent 35 years in the market, I realise that every 10 or five years, when the new bull market comes, there are new leaders. This year, the leaders, the last one and a half years have clearly been defence, railways, PSUs, and they take the cake. They are just starting their rally. Even though valuations have been cheap, they still have not been exceptionally high. But in railways, definitely a lot of the good news is in the price. We know the capex, we know what type of attitude the government has towards increasing that. I would be a little cautious there. But, on the contrary, some of the metal plays can be looked at. A few spoke about pharma briefly. Have you analysed Biocon recently?. Glenmark went from INR 300 to INR 900 on their debt reduction spree. Could Biocon do that or will that be a bit challenging? Sanjiv Bhasin: Unfortunately, Mrs. Shaw has always over promised but under-delivered. Now, Biocon at INR 250 was a real good bargain. And we have all waited for that debt reduction, which will improve the return"
"Unfortunately, Mrs. Shaw has always over promised but under-delivered. Now, Biocon at INR 250 was a real good bargain. And we have all waited for that debt reduction, which will improve the return on equity. But it is yet to take off. We still think that Biocon should be in your portfolio but more weightage to Dr Reddy, Cipla, and Lupin. Lupin has been a doubler from INR 750 to INR 1600. Lupin is headed back to INR 2,200 over this year. So Lupin would be my top favourite there. Biocon is in our portfolio. But like I said, eating remains on the performance of the stock. It has to clear that 300 level, only then we will talk of wealth creation. I did have to ask you about Indiabulls Housing. The rights issue closes today. It is a sizable one of INR 3,600 crore. What do you think investors should be doing here? Sanjiv Bhasin: You should have booked out at INR 200 and subscribed to the rights. You got the opportunity. There are two corporates which are doing extremely well. Indiabulls Housing, which we had invested, we divested. But Indiabulls Real Estate, you cannot have a market cap of 6500 on some of the primest of locations. We know of the issue of the previous management is over. Embassy has taken over. Now there are clearances which will come ahead. Once the Embassy open-offer or whatever way they will, comes, there will be enough re-infusion of capital and coming to a professional group like Embassy, I would be very, very positive on Indiabulls Real Estate that is where you should be converting and putting your money. Indiabulls Finance, like I said, we will know more about who the actual largest shareholder is. As you know, there was no large shareholder even worth 1.5% that is what is going to be the unbundling. Similarly, I gave a call on Dhanlaxmi Bank, which I said can be a very good acquisition target given it has a market cap of just 1000 crore and no holder of more than 1.5%-2%. Markets are getting intrigued by where value lies."
"Audi India opens new 3S facility in Raipur, Chhattisgarh Raipur: , the German luxury car manufacturer, inaugurated on Thursday a new 3S (sales, service and spares) facility in Raipur, Chhattisgarh. Located on Ring Road No 1, Sarona, the new state-of-the-art facility houses new car sales, a workshop facility and Audi Approved: plus, all under one roof. , Head of , said, “Chhattisgarh has immense potential and an appetite for luxury as well as pre-owned cars. We are happy to inaugurate a new 3S facility in Raipur that will cater to the region and nearby areas. Audi India is on a growth path and we will continue to expand as per market demand.” Spread across an area of 30,000 sq.ft. in four floors, the new 3S facility has a ten-car display and a five-bay workshop. It is also an e-tron dealership that houses a 22kW electric car charger. The facility includes a display for Audi Approved: plus cars also.. At Audi Approved: plus , every displayed and sold, undergo mechanical, bodywork, interior and electrical inspections at 300+ multi-point checks, thorough multiple-level quality checks, and a full on-road test to ensure customers’ peace of mind. Under the Audi Approved: plus programme, Audi India offers 24x7 Roadside Assistance and complete vehicle history before purchase. Additionally, customers can also avail easy financing and insurance benefits through the programme. Prashant Kesharwani, Dealer Principal, , said, “The city of Raipur is brimming with aspirations of luxury, and is home to several admirers of the Audi brand. We are very happy to take forward our association with Audi India with this new 3S facility. We will offer the very best of luxury and we look forward to welcoming our customers.” Audi India recently announced its retail numbers for Q1 2023. The brand with the four rings sold 1950 units in the January to March period witnessing a growth of 126% from the previous quarter."
"Buffett's company trims its stake in Chinese EV maker BYD OMAHA: 's company has trimmed its stake in Chinese electric car and battery maker BYD for the first time since it bought the shares in 2008, an that has soared in value. Berkshire Hathaway said in a regulatory filing Tuesday with the Hong Kong stock exchange that it had sold 1.33 million of its BYD shares for roughly $47 million ($368.8 million Hong Kong dollars). Berkshire paid $232 million for the 225 million BYD shares it bought in 2008. By the end of last year, the value of those shares had ballooned to nearly $7.7 billion. The success of the BYD investment is one example of why so many investors follow Buffett's moves closely because he has a remarkably successful track record over the decades. BYD said in an earnings report this week that sales of its vehicles continued to climb in the first half of this year and help it increase market share, even as auto sales slowed in its home market of China. BYD said its revenue jumped nearly 66% in the first half of this year thanks to the rapid growth in its electric vehicle sales, and its net income more than tripled to $520 million (3.6 billion yuan). Berkshire said it owned about 7.7% of BYD before the latest stock sales, and that figure won't change much after the sales. Berkshire said its holdings of the Hong Kong-issued shares of BYD dipped slightly from 20.49% to 19.92%. In the past, Buffett and Berkshire Vice Chairman Charlie Munger have heaped praise on BYD Chairman and founder Wang Chanfu and said they were investing in him even more than in BYD's technology. Munger has said that Wang managed to accomplish several feats that seemed impossible at the time, including taking one-third of the lithium battery market away from Japanese manufacturers by 2010. Buffett even took the rare step of visiting a BYD factory in China in 2010 to demonstrate his support for the company. Hdidn't immediately respond Tuesday to questions about the BYD stock sale. Besides investments, Buffett's Omaha, Nebraska-based conglomerate also owns more than 90 companies outright including Geico insurance, BNSF railroad, several major utilities and an eclectic assortment of retail and manufacturing companies such as Dairy Queen, Helzberg Diamonds and Precision Castparts."
"""Forcing Russia to sell oil at bigger discounts to India"": US treasury official hails price cap policy on Russian oil New Delhi: Assistant Secretary for Economic Policy of the of Treasury, Eric Van Nostrand on Thursday hailed its country's decision to implement price cap on Russian after the latter invaded its neighbouring Ukraine and said that the decision made Russia sell oil at discounted rates to other countries, including India. ""We know that the Indian economy has much at stake in the Russian oil trade, and has much at stake from the that the price cap is designed to avoid. The price cap's goals are to limit Putin's revenue and maintain global oil supply--essentially by creating a mechanism for India and other partners to access Russian oil at discounted prices,"" he said, speaking at a session organised at the Ananta Centre office aimed at discussing phase two of the price cap on Russian oil. ""The price cap's goals are to limit Putin's revenue and maintain global oil supply--essentially by creating a mechanism for India and other partners to access Russian oil at discounted prices. The price cap's first year was a successful one by those standards: global oil markets remained well-supplied while Russian oil traded at a significant discount to global oil,"" he added. The US official underscored that the US and the have constrained Russia's options to sell oil to other countries. ""This past summer and fall, we saw Russia's investments in new infrastructure to sell oil outside the price cap's jurisdiction begin to bear fruit, and the discount on Russian oil narrowed. In response, the United States and the Price Cap Coalition have reinvigorated our enforcement efforts and focused on constraining Russia's options to sell outside the price cap. Today, even the Kremlin has acknowledged that these efforts are forcing Russia to sell at bigger discounts to global consumers like India,"" he said. ""Adoption and successful implementation of such a novel policy is an important diplomatic achievement, reflecting the unity of the Coalition opposed to Putin's war. Our engagement with Indian partners--in the public and private sectors--was an essential part of the process given India's critical role in the global oil trade,"" he added. The United States, other G7 countries and the European Union announced a price cap of USD 60 a barrel on Russian oil in late 2022 in response to Moscow's invasion of Ukraine in February of that year. In October 2022, the began imposing sanctions on tankers it suspected of carrying oil above the price cap, and has since designated about two dozen tankers. The cap bans Western companies from providing service such as insurance, transportation and financing for oil sold above the cap. The price cap seeks to cut Russia's ability to fund the war in Ukraine by reducing its oil revenues while also ensuring that global oil markets are well supplied. The West's sanctions have shifted much of Russia's oil trade from traditional customers"
"the war in Ukraine by reducing its oil revenues while also ensuring that global oil markets are well supplied. The West's sanctions have shifted much of Russia's oil trade from traditional customers in Europe to India and China, and have forced some shippers to turn to a so-called ""shadow fleet"" of ageing tankers, which the Treasury says cuts into Russia's revenues."
"US warns companies over Russian oil price cap evasion via ESPO pipeline The U.S. Treasury published a warning to U.S. companies on Monday of possible evasions of the Russian petroleum price cap of exported through the Eastern Siberia Pacific Ocean (ESPO) pipeline and ports in eastern Russia. The Office of Foreign Assets Control ( ) at the department said it is aware of reports that ESPO and other crude oils exported via Pacific ports, such as Kozmino, may be trading above the USD 60 price cap imposed on Russia by Western countries, and that U.S. entities may have unknowingly provided services for those trades. The Group of Seven countries, including the United States, and the have placed the cap on Russian shipments of crude oil since late last year as part of sanctions on Russia following its February 2022 invasion of Ukraine. ""These U.S. service providers may be unaware that they are providing covered services involving purchased above the price cap, as the non-U.S. persons involved in the exports may have provided incomplete or false documentation or used other deceptive practices,"" OFAC said in the warning, the first of its kind related to the price cap. Under the price cap scheme, companies in the countries and the EU are allowed to provide financial services such as transportation, insurance and financing services for Russian oil and oil products only if they are sold above the cap. OFAC said some tankers may be manipulating their automatic identification systems, a practice known as spoofing, to hide their calls at Kozmino or other ports. Spoofing can also mask ship-to-ship transfers to disguise the origin of Russian oil. The office said ship owners and other service providers can use records and attestations by oil market players that Russian oil they service was purchased below the cap to avoid penalties. Individuals or companies who evade, avoid, or violate the price cap could be subject to civil or criminal enforcement actions, OFAC has said. Rapidan Energy Group, an energy policy analysis company, said penalties could include fines. The warning told commodities brokers and traders that shipping, freight, and insurance costs are not included in the , but that failure to itemize such costs can be used to hide purchases of Russian oil above the cap. OFAC also recommended that traders retain documents showing that Russian oil and oil products were bought at or below the cap."
"NTPC mulls 5.4 million tonnes coal import in first half of 2023-24 State-run power giant is planning to import around 5.4 million tonnes of coal to meet the supply shortage during the first half 2023-24 fiscal, was informed on Tuesday. ""NTPC is planning to import around 5.4 million tonnes of coal for its group stations to meet domestic coal supply shortage during the first half of Financial Year 2023-24,"" Power Minister R K Singh said in a written reply to the on Tuesday. The price of imported coal is not comparable with the price of domestic coal as it has a higher calorific value. The pricing of imported coal is linked with for imported coal, source of origin and factors like ocean freight, insurance etc. which vary with the international demand-supply scenario. Every generating company imports coal as per its requirements. The cost of fuel including imported coal is passed onto generation tariff in accordance with regulations of appropriate , the minister explained to the . He stated that the ( ) monitors coal stock position of coal-based thermal power plants (TPPs) in the country on daily basis. As on March 5, 2023, the coal stock available at these thermal power plants is about 34 MT, which is sufficient to run the plant for 12 days at a requirement of 85 per cent , the minister said adding that this is about 50 per cent of the coal stocking norms issued by Central Electricity Authority. During this summer, the peak demand is expected to be around 230 GW, Singh added. has taken many steps to ensure that the peak demand can be met during this summer. The ministry has directed thermal power plants to not take any planned outage during April and May 2023. The ministry has approved a mechanism for the operationalisation of around 5,000 MW gas-based power plants for 18 days during the crunch period (Apr-May 2023)."
"RBI set to hike policy interest rates; raise inflation forecast tomorrow The ( ) is set to hike the policy repo rate by 40 basis points to 4.80% on Wednesday and increase the for the current fiscal to above 6% from its earlier projection of 5.7%, according to market analysts and economists. The six-member ( ) of the RBI is certain to hike the as has remained above the central bank's tolerance limit for the past several months. In a recent interview, RBI Governor Das said that the expectation of rate hikes in June is a ""no-brainer"". While the rate hike is certain, as RBI Governor Shaktikanta Das had indicated last month, the question remains on by how much? ""We expect the RBI to hike repo rate by 40 bps in the June policy meeting. However, we should be open for a rate hike between 35-50 bps hinging on how the MPC wants to reach the pre-pandemic repo rate of 5.15% or around that mark by the end of August policy,"" said Suvodeep Rakshit, Senior Economist at Kotak Institutional Equities. Last month, in its off-cycle monetary policy review the central bank hiked the policy repo rate by 40 basis points or 0.40% to 4.4%. This was the first increase in the policy repo rate in nearly two years. The repo rate is the interest rate at which the RBI lends short-term funds to banks. Inflation has been above the RBI's 2-6% target band since the beginning of this year. As per the latest available data, 's Consumer Price Index (CPI) based inflation surged to an eight-year high of 7.79% in April. It has been above 6% since January 2022. Bank of America Securities said in a research note that the retail inflation is likely to be around 7.1% in May. CPI-based inflation is likely to average 6.8% during the current financial year, Bank of America Securities said. Considering the recent uptick in inflationary pressure, the RBI is likely to revise the inflation forecast for the current financial year to above 6%. In April, the RBI revised upward the inflation forecast for the current financial year to 5.7% from its earlier projection of 4.5% announced in February. According to Bank of America Securities, the RBI is likely to further raise its inflation expectation for the current financial year to 6.5%. The RBI is likely to do this upward revision in inflation projection either next week or in August. ""Along with the repo rate hike, the RBI will also revise its inflation estimates higher, possibly indicating inflation remaining close to 7% for the most part of CY 2022,"" said Rakshit. ""We expect the RBI to continue focusing on taking inflation and signalling its intent to continue raising rate and normalising liquidity, while not entirely losing it's on growth given the uneven nature of growth recovery,"" he said. Pitching for a need to hike policy rates, Churchil Bhatt, Executive Vice President, Kotak Mahindra Life Insurance Company, said, ""Failure to contain the inflation genie should scare the markets more than the policymaker's fight against it. We expect the MPC to"
"Vice President, Kotak Mahindra Life Insurance Company, said, ""Failure to contain the inflation genie should scare the markets more than the policymaker's fight against it. We expect the MPC to deliver a no-brainer policy rate hike of 25-40 (basis points) bps in June."" According to Bank of America Securities, the RBI is likely to raise the policy rate by 0.40% next week and by another 0.35% in August. The RBI may increase the repo rate by another 0.40% next week. Apart from this, in the August review also, it can increase by 0.35%. If this does not happen, then the RBI can make up its mind to increase by 0.50% next week and 0.25% in August, Bank of America Securities said in a research note. ("
"Potential UAW strike could cut production, push up vehicle prices, analysts say A prolonged coordinated strike by the (UAW) union against the Detroit Three automakers could cut production by thousands, potentially pushing up vehicle prices and exacerbating supply-chain disruptions, analysts said. The auto industry is on edge as the current four-year contracts between the UAW and , Co and Stellantis for hourly U.S. workers expire on midnight Sept. 14, after which the union's chief has warned of a possible coordinated strike. New vehicle prices may rise by less than 2% if the strike lasts about two weeks, according to automotive consulting firm J.D. Power. ""Everyone's going to see higher prices regardless of the company you buy from if it (strike) continues for more than two weeks,"" said Tyson Jominy, vice president, data and analytics at J.D. Power. He added that companies such as Toyota, Honda and Volkswagen may also benefit if the domestic brands quickly run out of inventory to sell. Jominy said the used car market, which quickly follows the underlying trends of the new market, may see a greater impact on prices if there are fewer substitutes for buying a vehicle. CFRA analyst Garrett Nelson said strikes at all three automakers would cut North American auto production by 150,000 units per week, resulting in higher vehicle prices as inventories deplete. That would mean an end to the trend of cooling vehicle prices in recent months, at a time when inflation continues to pinch U.S. consumers. ""Even if the UAW continues to negotiate beyond its deadline, the lack of a deal and threat of a strike should discourage auto dealers from offering discounts on their existing inventory and drive an uptick in vehicle prices,"" J.P. Morgan insurance analyst Jimmy Bhullar said. Deutsche Bank previously estimated that a strike would hit earnings at each affected automaker by about $400 million to $500 million per week of production. GM and Ford are also in the midst of a multi-billion dollar EV transition and brokerage Wedbush estimates adoption of some major UAW proposals to result in an increase in the price of electric vehicles rolling out over the next 12 to 18 months. ""(Ford CEO Jim) Farley and (GM CEO Mary) Barra both face some tough decisions ahead and find themselves with the back against the wall,"" Wedbush analyst Dan Ives wrote in a note. The resulting disruptions from any strikes are also likely to benefit EV leader Tesla, industry experts said. Some dealers are also expected to gain from shortages of vehicles. ""The big thing to keep in mind (is) that (the) could help stabilize our margins, which is quite nice,"" U.S. auto retailer Lithia Motors' CEO Bryan DeBoer said during a July analyst call. Another large dealer, AutoNation, previously said it had built up inventories from domestic manufacturers, which should provide some cushion. However, UAW president Shawn Fain rejected the idea that worker wages were responsible for auto prices going up in the"
"up inventories from domestic manufacturers, which should provide some cushion. However, UAW president Shawn Fain rejected the idea that worker wages were responsible for auto prices going up in the last few years. In a video released on Thursday titled ""Here's what the Big Three and the corporate media's NOT telling you about car prices,"" Fain said ""corporate greed"" was responsible for rising car prices. ""In the last four years, the average price of a new car is up 30%, meanwhile auto worker wages have risen a meager 6%,"" Fain said."
"FADA raises concerns over high inventory levels in automobile industry ' apex body on Friday voiced its concern on the high inventory level and said it is planning to take up the matter with the . At the third edition of the Finance and Insurance Summit 2024 here, Federation of Automobile Dealers' Association (FADA) President Manish Singhania also demanded continuity in the FAME-3 policy and in infra push. Singhania said in 2018-19 was a very bad year for the automobile dealers in the country when 280-odd dealerships had gone out of business, and FADA does not want that to happen again. ""We are cautious about the inventory levels because anything above 30 days starts hitting the dealerships. We follow a cycle where the dealer takes funds from banks, which are paid back with interest in 60 days. ""But the OEMs are increasing this period from 60 to 90 days. While the dealers are getting one month extra, this allows the OEMs to dump more stocks because they will say, you have got three months' time to rotate that inventory at the dealership which was initially two months. That is a cause of worry for us,"" Singhania told reporters on the sidelines of the event. Last year, the inventory levels had gone up to 65 days and it was a big cause of worry for auto dealerships and ""we collaborated with SIAM and subsequently were able to bring it down and the market also supported very well"". ""But this time, we are already at the peak. If it increases further in June, we will approach SIAM. We are at a very high level and crossing those higher points will be very difficult. In fact, matching them would itself be an achievement for the ,"" he said. ""We do not want to go back to inventory levels that were touched in 2018-2019. We need to discuss this openly with financiers,"" Singhania said. Among the budget expectations from the new government, Singhania said FADA wants the work on infrastructure push to continue. ""Second, our entry-level segment has not been doing well for the last four years and we have been selling automobiles like crazy, especially for the upper middle and upper class. But why in the entry-level segment India should be left behind in this story?"" he asked. The GST is 28% GST on entry-level passenger cars or two-wheelers. People have to move from point A to point B, he said, adding, ""We have made a representation for the reduction to GST. We also want continuity of FAME-3 as electric vehicles are doing well and have an interim package till July 31."" He also urged to offer more support, including training and upskilling dealership finance and insurance personnel, to enhance their effectiveness and contribute to dealership success."
"Bengal to finally hike traffic violation fines as per Motor Vehicles Act With an aim to reduce the number of , the government has decided to increase as per the , a notification has said. The Centre had increased the fines in 2019, but the West Bengal government had not imposed them so far considering the ""difficulties faced by the common man"". A person driving a car without a licence will have to shell out Rs 5,000, up from the previous fine of Rs 500. Similarly, one driving recklessly with have to pay a fine of up to Rs 4,000, which was Rs 400 earlier, the notification issued by the on Tuesday said. One has to pay an amount between Rs 500 and Rs 1,000 for violating driving rules on the road, while Rs 2,000 will be slapped for lapsed car insurance, and Rs 5,000 for racing on the road. A fine of Rs 10,000 will be slapped if any vehicle plies sans road permit, and Rs 5,000 if it's not registered. A biker will have to pay Rs 1,000 for riding without a helmet. One will be fined between Rs 2,000 and Rs 4,000 for honking in a silent zone, it said. According to the notification, fines have been increased for a total of 26 traffic violations. ""The new guideline will come into effect soon. Traffic police personnel and motor vehicle inspectors can collect the fines. The hike will on one hand increase revenue of the government, and on the other, lead people to follow rules,"" he said. Also Read:"
"G-7 price cap on Russian oil tested as India pays record premium Refiners in India are buying cargoes of at the widest premium above a G-7 imposed cap since the curb was introduced, highlighting the market’s importance to Moscow and a gap that may intensify scrutiny of the controversial mechanism. Crude processors in the key importer paid an average of USD 86 a barrel for Russian shipments in August, according to the Ministry of Commerce and Industry. That’s the biggest spread in dollar terms since the USD 60-a-barrel limit came into force after Moscow’s invasion of Ukraine in the first quarter of 2022. Oil rallied in the third quarter as OPEC+ leaders Russia and Saudi Arabia choked off some supply to tighten the market. That rally lifted benchmark prices even further above the price set by the cap — which is designed by the Group of Seven to meet the twin needs of seeking to limit the Kremlin’s crude-based income, while at the same time keeping Russian flows on the global market. The cap is constructed to bar access to critical western financing and insurance services for crude cargoes if shipments are valued above USD 60. Beyond that level, they are permitted, as long as buyers and sellers make alternative arrangements. India, a vast oil buyer, has been adept at doing so. US Treasury Secretary Janet Yellen recently warned that the US is preparing to crack down on evasion of the G-7 cap on Russian oil, as recent market prices signal the mechanism may no longer be working as hoped. The US is looking at enforcement very carefully, Yellen told the Wall Street Journal. One of the architects of the plan, meanwhile, has proposed steps to fix the program. Ben Harris, a former senior official at the US Treasury who helped design the cap, said the G-7 and European Union need to both raise the price level, and crack down on Russia’s evasion. Since Indian refiners buy crude on a delivered basis, the responsibility of attesting it was bought below the cap falls on suppliers, according to Vandana Hari, founder of Vanda Insights. While some Indian banks did withdraw from transactions as prices broke through the cap, others stepped in, with some payments in UAE dirhams, she added."
"Act against dealers boosting EV speed illegally: Ministry Taking cognizance of Chandrapur deputy RTO Kiran More’s report on dealers in Chandrapur reportedly to increase its speed, the (MVA section) has directed all transport departments (states and Union Territories) to take action against all those who violate (CMVR). Early this year, More had brought this grave violation by e-rickshaw dealers and owners to the notice of transport commissioner’s office in Mumbai which then instructed the RTOs across the state to launch a drive against that had undergone alterations without the approval of certifying agencies. TOI had reported how batteries of the vehicles were tampered with by adding a switch for speed variation, which had led to increase in speed beyond 40kmph. Even Nagpur city and deputy RTO East led by officiating RTO Ravindra Bhuyar and inspector Anand Mod had launched a drive and detained over 50 e-vehicles after they were found plying at more than 40kmph speed. Now, in a letter, MoRTH’s under-secretary SK Geeva stated that it has been brought to the notice that many dealer showrooms have mushroomed across India which indulge in sale of battery operated two-wheelers in contravention to the provisions under CMVR 1989. As per MoRTH’s observation, many manufacturers and dealers are supplying higher battery capacity models which are plying with top speed ranging from 40kmph to 55kmph without type approval, insurance and vehicle identification as per norms. It is apprised that Rule 2(u) of the CMVR, 1989 defines battery operated vehicles. Further, two-wheeled battery-operated vehicle shall not be deemed to be a motor vehicle if all the following conditions are verified and authorised by any testing agency specified under Rule 126 of CMVR 1989. It has further asked them to check violations in EVs. As per the Central Motor Vehicle Rules, e-bikes with a battery capacity of less than 250 watts and a speed limit of 25kmph are exempt from registration process, including the motor vehicle taxes. But to avail this benefit, the vehicles must have to be procured from government-appointed authorized agencies. It had also come to fore that many e-bikes dealers, who are not authorized to sell battery operated two-wheelers with capacity of more than 250 watts, were illegally selling them. We found that several manufacturers through local dealers are illegally selling the e-bikes and later increasing the battery capacity to increase speed and range. Read More:"
"Insurer liable to pay compensation to spare driver if there is only claim under policy, Karnataka HC BENGALURU: The insurer is very much liable to pay compensation in respect of a under section 147 of , if there is only one claim under the policy, the Dharwad bench of the has ruled in a recent judgement. ""However, if there are two separate claims in respect of driver and spare driver unless additional premium is paid the insurer may not be liable to pay for both the drivers. If the claim is in respect of only one driver even if he is not actually driving at the time of the accident still the insurer is liable to pay under Section 147 of as a statutory liability,"" justice HP Sandesh observed in his order while upholding the orders passed by commissioner for Workmen compensation in Haveri district. On February 28,2011, two orders were passed by wherein Rs 3,26,410 compensation with 12% interest was awarded vis-a-vis claim petition pertaining to death of Shamiulla and compensation of Rs 3,99,345 with 12% interest was awarded in claim petition pertaining to death of Irfan, who also happens to be Shamiulla's son as well. Both of them had died on May 26,2009 when the lorry in which they were traveling and being driven by Majju Majjumeerpasha, another son of Shamiulla. The insurer company had challenged the verdict. The contention was that that the Commissioner has blindly held that Shamiulla was the second driver in the vehicle when the claimants had failed to produce any documents to show the relationship of employer and employee between the deceased and Nasrulla Shariff, owner of the vehicle and also failed to produce the driving licence of the deceased, arguing that itself goes to show that the deceased was travelling as a passenger in the vehicle at the time of the accident. As regards to Irfan, the insurer claimed that there was no document was produced to show that he was working as a cleaner and the driver of the lorry is not examined in the case to prove the case of the claimants. According to the company, the only inference could be drawn is that Irfan was traveling as a passenger with his father. However, justice Sandesh, after perusing records, noted that the owner of the vehicle had claimed that the deceased were working for him. ""No doubt, in the cross-examination, it is elicited that no document is obtained from the owner to show that both of them were working with him but owner himself made statement before the police on the next day of the accident , that both of them were working with him and in order to rebut the same, insurance company has not examined the owner of the vehicle which was involved in the accident and hence the very contention of the Insurance Company that the insurance company is not liable to pay compensation in respect of the spare driver cannot be accepted"" the judge further observed while dismissing the appeal filed by the insurance company. In addition, the separate appeal filed by the family members of the"
"of the spare driver cannot be accepted"" the judge further observed while dismissing the appeal filed by the insurance company. In addition, the separate appeal filed by the family members of the deceased was also rejected by the judge."
"Kia Sonet has lowest maintenance cost in compact SUV segment: Frost & Sullivan New Delhi: , India’s top Growth Advisory Company, released its Total Cost of Ownership Benchmark analysis, revealing Sonet to have the lowest in the Compact . While the Model Maintenance Cost is 14% lower, the Petrol Model of Sonet takes it further with a 16% lower Maintenance Cost than the segment average. The analysis further reveals that the Diesel Model of Sonet tops the segment with a complete value-for-money package. While the Diesel Model’s total cost of ownership comes out to be 10% lower than the segment average, making it the best in the segment, the Petrol variant emerges as the second best with 4% lower TCO than the segment average, closely following the segment best. Furthermore, the analysis suggested that the Residual value of both models is 3% higher than the segment average while being amongst the best in the segment. The comprehensive analysis evaluating 5 Petrol and 3 diesel competition models against Sonet encompassed the total cost of ownership, comprising Initial Acquisition Cost, Residual Value, Maintenance Cost, Finance and Insurance Costs, and Fuel Expenses. Frost & Sullivan’s analysis also revealed that the Scheduled Maintenance cost of Diesel Sonet is lower by 17% compared to the closest rival and 23% compared to the segment average. Regarding Petrol Sonet, the figure is over 7% and 28% lower than the nearest rival and other competition models, respectively. Considering a 10,000 km average annual distance travelled, among other methodologies, the analysis states that the Diesel variant’s Fuel Economy is the best in the segment, standing at 6% lower than the segment average. One of the improvement areas for the Sonet is the fuel economy in the Petrol Model, where it holds the 3rd position and closely follows the segment’s bests. The analysis further affirms that the Initial Acquisition, Finance, and Insurance costs of both models are lower than the segment average. According to the Frost & Sullivan spokesperson, “We analysed the overall cost of ownership trends of the compact SUV segment. The comes out to be the most value-for-money proposition with lowest maintenance cost in the segment, which is a challenging accomplishment.” Hardeep Singh Brar, National Head Sales & Marketing, Kia India, said, “This transformation underscores our commitment to not only deliver exceptional quality and features but also ensure that our customers enjoy an unparalleled ownership experience with the added advantage of cost-effectiveness. We believe in setting benchmarks, and Sonet's recognition for its low cost of ownership by Frost & Sullivan is clear evidence of our steadfast dedication to redefine industry standards and cater to the evolving needs of our discerning customers.” Key Highlights from Frost & Sullivan’s Analysis: ·Maintenance Cost: Best in Segment for both Petrol and Diesel models Petrol Model: 16% lower than the segment average Diesel Model: 14%"
"customers.” Key Highlights from Frost & Sullivan’s Analysis: ·Maintenance Cost: Best in Segment for both Petrol and Diesel models Petrol Model: 16% lower than the segment average Diesel Model: 14% lower than the segment average ·Total Cost of Ownership: Sonet Diesel: Best in Segment (Lowest TCO) with complete value for money package in Diesel; 10% lower than the segment average Sonet Petrol: TCO lower than segment average & 2nd Best in segment; 4% lower than the segment average ·Residual Value: Among best in the segment with 3% higher Residual Value than the segment average ·Fuel Cost: Sonet Diesel: Best in Segment in the segment. 6% Lesser than the segment average Sonet Petrol: amongst the top 3; Closely following the bests ·Scheduled Maintenance: Sonet Petrol: Schedule maintenance cost is 7% lower when compared with closest rival and 25% lower with regards to segment average. Sonet Diesel: Schedule maintenance cost is lower by 17% when compared with closest rival and 24% with regards to segment average. Lesser parts replacement frequencies helping Sonet to keep lower maintenance. Frost & Sullivan, a global analytics and advisory firm known for their industry intelligence, insights, and advisory services to drive growth, did the analysis keeping various parameters in mind. The key parameters which the firm considered are: ·Vehicle Segment: Compact SUV ·Coverage: Metro (New Delhi) ·Competition Model: 8 (5 Petrol and 3 Diesel) ·Insurance: Comprehensive and Third Party ·Motor Vehicle Tax: Taxes vary according to Engine Capacity and Fuel Type ·Finance cost: Loan and Interest rates (5 years of loan tenure considered) ·Target Customers: Individuals and Fleet Owners ·Considered 10,000 km average distance travelled in a year ·Vehicle prices procured from respective showrooms of competitors ·Comprehensive insurance policy is considered for benchmarking purposes. Insurance cost is procured from the respective Insurance companies ·November 2023 fuel prices are considered as the base price. ·ARAI (Automotive Research Association of India) specified mileage taken for fuel cost calculation over the 5 years ·Component replacement period for Schedule and Non-Schedule Service considered to calculate number of replacements during specified years. ·For residual value calculations, various online portals were referred and primary discussions with leading independent used car dealers were conducted. Kia Sonet was launched in India in September 2020 and has received an overwhelming response from customers, with over 3.65 lakh units sold to date in domestic and export markets. The refreshed Sonet in a new Avatar is slated to debut on December 14, 2023."
"Park+ and goEgoNetwork tie up to deploy EV charging stations across India New Delhi: Car parking solutions startup for car owners has announced its collaboration with , network today to deploy EV charging solutions in India. Under the collaboration, a network of EV charging infrastructure will be set up initially in five cities, starting with Delhi-NCR, and will cover the top 20 cities in the next couple of years, the companies said in a joint statement. With this collaboration, the EV users will be provided with the convenience of charging infrastructure in their residential society, office, mall, etc. It will further provide commercial establishments, residential apartments, tech parks and public parking spaces with reliable EV charging solutions in their premises. Amit Lakhotia, Founder & CEO, Park+ said, “Park+ is committed to bringing delight back to car ownership - by building an integrated ecosystem of all car-related services. Low penetration of EV chargers is the biggest factor that discourages potential EV customers from buying one. With our unique real estate access, large demand generating consumer base, and strong technology stack, we are confident of solving this problem in collaboration with our partners.” According to the company, the Park+app allows access to all key elements which make their car ownership experience hassle-free – including parking, car health and maintenance, car insurance, FASTag, PUCC, traffic challans, and more. Dheeman Kadam, Co-founder, goEgoNetwork, said, “Charging infrastructure is one of the key barriers of EV adoption. With this initiative, we hope to provide consumers easy access to . This is also in tune with the goEgoNetwork’s vision of empowering EV owners with a wide network of charging solutions, in close proximity to wherever they go.” The OCPP (Open Charge Point Protocol) certified company by OCA (The Open Charge Alliance), goEgoNetwork has been providing EV charging solutions to both residential and public spaces alike across the length and breadth of India. Joining hands with Park+ will furthermore help the homegrown company to equip the modern-day EV commuters with both safe parking and efficient EV charging solutions in one go, the release stated. Also Read:"
"Tata Motors Finance partners with Fiserv to scale up lending services with global technology New Delhi: Limited, a leading automotive financier, is partnering with , Inc., a leading global provider of payments and financial services technology solutions to fortify its capabilities and enabling top-notch customer experiences through a new partnership with Fiserv, Inc. (NYSE: FI), a leading global provider of payments and financial services technology solutions. To advance its digital strategy and keep pace with rapidly changing customer expectations, Tata Motors Finance has implemented from Fiserv, a micro-services-based platform-as-a-service with a set of APIs that supports orchestration of the digital user experience. “We are delighted to collaborate with Fiserv to unlock avenues for innovative last-mile service offerings for our key customers,” , MD & CEO of Tata Motors Finance, said. “The integration with FirstVision empowers us to offer on-tap digital finance solutions to commercial vehicle operators, covering their operating expenses like fuel, payroll and taxes, lubricants, tolls, insurance, spare parts, repairs, and tyres. Furthermore, the cutting-edge tech platform will help us introduce bespoke new age digital products that solve dynamic cash flow requirements of the logistics industry,” he said. The flexible architecture, scalability, and open APIs of FirstVision will enable Tata Motors Finance to easily and cost efficiently develop and launch new products to the market. Comprehensive features like customer management, seamless lending, collections modules, and rewards capabilities will streamline the company’s digital operations and enhance customer experiences while helping to ensure compliance requirements are met. “Financial institutions in India remain at the leading edge of digital transformation, and the right combination of capability, infrastructure, personnel and security enables them to adapt, differentiate and operate more efficiently while providing a transformative experience to customers,” , executive vice president and head of at Fiserv, said. “Our partnership with Tata Motors Finance underscores the reach of digital transformation in India, driving financial inclusion at scale with the latest global technology.”"
"E-mobility in Visakhapatnam, Tirupati gets BEE push VISAKHAPATNAM: The Union power ministry-led has given its consent to the energy department to retrofit existing engines of 200 auto rickshaws in Tirupati and 100 in Visakhapatnam with electric kits and swappable batteries. As a pilot project, three internal combustion engine autos were converted to electric in Tirupati and have been given to local auto drivers for testing performance. These auto drivers could save 5,000 per month when compared to diesel and petrol autos. According to these drivers, there is low maintenance and zero pollution. Electric mobility is a major alternative to IC engines. Apart from the lower operating cost, helps reduce emissions and import dependency of fossil fuels. Meanwhile, the New and Renewable Energy Development Corporation of Andhra Pradesh (NREDCAP) has identified 4,000 locations for setting up charging stations in Andhra Pradesh. As many as 10 developers have registered for the establishment of these charging stations. NREDCAP has also formulated a scheme to provide electric bikes to government employees on a monthly installment basis. It has entered into an agreement with two banks to provide loans to government employees under this scheme. The scheme was initially launched in Krishna, NTR, Eluru, Bhimavaram and Rajahmundry districts. Electric two-wheelers will be provided on a monthly lease inclusive of a comprehensive insurance that will be deducted as EMI from the volunteering government employee's account. The electric two-wheeler will carry a standard warranty of three years against any manufacturing defect. Batteries too will carry warranty till three years or 60,000 kilometres, whichever is earlier. Power utilities in the state took up the ' ' campaign in June 2021 to spread awareness on the benefits of e-mobility and charging infrastructure. State energy secretary B Sreedhar said the 'Go Electric' campaign will address both challenges - high dependence on crude oil imports and air pollution - being posed by the existing fleet of vehicles."
"Maruti Suzuki's Shashank Srivastava on how the god of small cars had its big bang moment with SUVs, and where it's headed next For Maruti, small spelt big for decades when it led the market with its entry level cars and hatchbacks. The company, , reincarnated in 2016 as a big-car maker with its first SUV, the Brezza, which was a success that birthed more. How was it able to anticipate and capture the new craze for among Indian buyers, and where is it headed now? , senior executive officer, marketing and sales, , spoke to ET Online about how the auto major journeyed from small cars to SUVs, what all it is doing to zoom ahead, the future of its small cars, and more. Edited excerpts: Q. Maruti has had runaway success with its multiple SUV models. When did you plan for it and how did you go about capturing the ? A: One of the big strengths, which has resulted in our continued dominance in the passenger vehicle space in India, has been Maruti Suzuki's deep understanding of consumer requirements and trends. For the SUV space, we saw the trend early. We brought in the prototype, the show model of the Brezza, way back in 2012 at the Auto Expo, though the actual launch happened in 2016. Since then, the entry SUV space has climbed up hugely. It was about 4% of the market. Today, it is 25% plus. But it started off and zoomed up, all thanks to the Brezza. We anticipated that trend. The rapid pace at which the SUV has expanded, especially in the last three years, just around the Covid and after, has, I would admit, taken us by a little surprise. We had just one SUV, the Brezza, in a space where there are 47 other brands competing. Our market share in 2022 in the SUV space was 8.5%. If you take the financial year 2022-2023, our market share in SUV was just 10.5%. In the non-SUV space, Maruti Suzuki has always been really great in terms of market share. It is now about 65% in the non-SUV but when you combine it with that 10.5% of SUV, it falls below 45%. So, to meet our target, which is to achieve 50% share of the market in the medium term, we need to increase our market share in the SUV space from 10.5% a year ago. It has already doubled now. We have four SUVs, and with that we can become the No. 1 SUV manufacturer. If you look at the first half of 2023, we are the No. 1 manufacturer of SUVs. In a very quick time, our market share in SUVs has more than doubled from last year to almost 22% now. Q. How did you come up with the whole building a portfolio approach? What was it like, the strategy? A: As I said, we had one vehicle among 47 competing brands. Clearly, we needed to strengthen the portfolio, especially in the mid-SUV where we had no vehicle. So, we brought in the Grand . But when the party is already on and you come in late, your entry must be marked by something special. So, we had the hybrid technology, the AllGrip technology, in the Vitara and it has done so well. Same with Fronx. It is meant for the who does not want conventional small SUVs, whether"
"special. So, we had the hybrid technology, the AllGrip technology, in the Vitara and it has done so well. Same with Fronx. It is meant for the who does not want conventional small SUVs, whether it is the Brezza or the Venue or the Sonet. Fronx has a different shape. That's why its tagline is ""The Shape of New"". It is fresh, and has a lot of tech and features. That's what the new urban consumer wants. We identified these white spaces within this very congested market space of SUVs. We could find out a few and that is how we could succeed, of course, backed by a great network and the trust factor. All that helped us become the No. 1 SUV maker in the first half of last year. Q. What was the one big reason for this consumer shift from a sedan or a hatchback to SUV? A: First of all, the 'buying thought', the criteria of purchase. today is more aspirational. Earlier, it was largely functional. Functionality, price, value, cheaper spares, lower maintenance and running costs... these used to be the key criteria for buyers. But they shifted as India's economy grew. In the new India, which was more urban, tech-savvy and aspirational, a new customer has emerged. With that came the liking for a new body type which signifies some sort of higher status, the presence on the road, which indicates you have reached a certain stage in life. As the economy grew, the market started shifting towards a slightly higher price, and at that time, SUVs were slightly higher priced. At the entry level, SUVs now are overlapping with premium hatches and entry sedans which means there is a cross-consideration for the SUVs, which was earlier not there among those who wanted to buy a premium hatch and an entry sedan. Q. Are there different trends for SUVs , in terms of consumer preferences and buyer behaviour, in tier II or III towns compared to tier I cities? A: Yes, absolutely. The preference in the smaller towns is, and earlier also it used to be, for diesel SUVs. Earlier, SUVs had a large percentage of diesel. Even today in the mid-SUVs, you have a large percentage of diesel, around 50% or so. But entry SUVs are now largely petrol. In 2019, about 88% were diesel. So, it is now changing. Another trend is that larger SUVs sell more in urban areas than in the rural ones. I am not talking of the Bolero or Scorpio type of vehicles, but the mid-SUV range of vehicles like the Seltos and the Grand Vitara. Lately, every year the rural growth had been higher than urban growth except in the year of 2013 when the urban growth was higher than the rural growth. One of the reasons is the larger urbanisation which I can call rural urbanisation or ‘rurban’. In terms of volumes still around 70% is urban, while 31-32% is rural. In our case, about 43% is rural. Q: How do you manage to protect your margins while running heavy discounts? A: Margins would get affected obviously because you have a higher sales promotion level in this period . But remember, sales promotion, etc, make up roughly"
"margins while running heavy discounts? A: Margins would get affected obviously because you have a higher sales promotion level in this period . But remember, sales promotion, etc, make up roughly 2-2.5% or slightly less of the total cost structure. Marketing spends are around 1.2-1.3%. The major expense for any auto OEM is material cost, which is about 75% to 77% of the total cost structure. If the material cost comes down, then it sort of compensates for any other increases that you may have on sales promotion or marketing spends. On the other hand, even if you reduce your sales promotion and marketing spends, I am talking about the 2.5% and 1.3%, if something happens adverse on the 75-77% of the cost element, which is the material cost, it generally cannot compensate. That's why profitability for auto OEMs, clearly a lot of it, depends on the material cost movement. It turned adverse in the last two-and-a-half years, and that's why you saw a lot of price increases in the industry. Q: The graph has been quite volatile for hatchbacks. What happened there? Do you think people will further gravitate from SUVs to something else, but not ever come back to the hatchback? A: The peak for hatches was in the financial year 2017-18, which was 15,58,000 units. It came down a bit to 15,52,000 in the next year. Subsequently, it kept on reducing. In 2021, it came down to 11,60,000. Then, the next year, it went up by 16-17% to 13,42,000. Last year, it has come down again, estimated at 11,95,000 units. The hatches on the higher side will actually see a growth this year. My theory is that the decline in hatches has been due to the diminishing affordability. Consumer incomes in this segment did not go up as much as the prices did. Prices went up due to commodity price increase, regulatory stringency, the insurance road tax going up, the registration tax going up, and, of course, some higher-level features which consumers are preferring even in the smaller cars. For these reasons, the prices went up, but the affordability came down. I think, going forward, you might see more stable prices of small cars. And if the income level of the consumers too goes up in this segment, you could see the affordability factor getting better and that can actually push the graph back up. Q: Bharat NCAP ( New Car Assessment Program ) is here and the competitors are also marching with five stars. What is Maruti Suzuki doing about safety? A: I think there is no car which has so far been tested as part of Bharat NCAP. So, I do not know who is marching with what. But as far as safety is concerned, it obviously is a very high priority for us. Maruti Suzuki meets not just all the safety norms; we go beyond. There are some features of safety, active as well as passive, in our cars which are not available in respective segments. For example, an HUD (heads-up display) in a Baleno or a 360-degree camera in a Brezza. These are very new factors, and very good for active safety. Also, we"
"are not available in respective segments. For example, an HUD (heads-up display) in a Baleno or a 360-degree camera in a Brezza. These are very new factors, and very good for active safety. Also, we believe safety is not just about engineering of vehicles. It is also about enforcement, education and engineering of the roads as well. Q: How do you see the market demand coming for the current year? How would it pan out? A: We are still doing the research before we take a definite position. Flattish, single-digit small growth may be expected. There are a couple of reasons why they are saying it would be flattish even though you expect 6.5% growth projection for GDP. The base is high because at the beginning of the last year you had about 10 lakh pending bookings in the industry, and therefore the long waiting periods for that pent-up demand. Also, the supply chain was disrupted post-Covid semiconductor issues. That is expected not to be there. So, the cushion for additional production has already happened, and since July it is becoming more normal. The pending bookings will shrink by almost 5 lakh. So, that buffer of 1 million pending bookings will not be available. Second, the stock level at the beginning of the last year was about 1,10,000 in the industry and is expected this year to be much higher. Currently, it is about 3,00,000 plus. That buffer of channel inventory will also not be there. So, these couple of factors could be responsible for a flattish growth. But, not to forget, some fundamental factors can also be in play such as inflation weighing down on sales."
"Saving Suez: As Red Sea attacks threaten global trade, what it means for India The strait of Bab-el-Mandeb, which means the gate of grief in Arabic, is living up to its name for shippers and traders across the world, as it turns the Israel-Palestine war into a global economic problem. For weeks, ships transiting the strait, a choke point in the Suez Canal, have been under attack from the Houthis, a group of highly trained, Yemen-based, Iran-backed militants with access to an array of sophisticated naval artillery. The attacks are part of the group’s offensive against Israel’s bombardment of Gaza. At least 10 of the world’s biggest shippers and one oil supermajor have decided to avoid the canal, a passageway for more than 20,000 ships a year, which account for 12% of global trade, 9% of oil demand, 6% of LNG imports and 30% of container shipments. More than 300 ships have taken a detour of 6,000 nautical miles around the Cape of Good Hope this week. A chunk of shipments, especially closer to the Red Sea ports will move to roadways. This has led to an increase in transit time, shipping rates and insurance premia, and threatens to send production schedules across the world awry. An Indian-flagged crude oil tanker in the Red Sea was attacked by a drone fired by the militants. On Saturday, a commercial tanker, MV Chem Pluto transiting through the Arabian Sea caught fire after being hit by a drone. No one has yet claimed responsibility for the attack. ET spoke to ship owners, exporters, trade and industry bodies and insurers about the crisis. They all hope it will be short-lived, especially with the US setting up a task force to protect shipments. Many fear that, if prolonged, the crisis would destabilise shipping rates that fell just recently after reaching dizzying highs during the Covid years. It will also add to inflationary pressures that are squeezing economies across the world. “A total of 314 vessels were diverted between December 19 and 22,” says Dominique Nadelhofer, spokesperson of Kuehne +Nagel, one of the world’s biggest freight forwarders. “A week ago, that number was 5. So the situation is very dynamic.” However, according to a statement from the Suez Canal Authority, more than 2,128 ships transited the canal between November 19 and December 17, and only 55 had taken a detour. Each detour around the Cape of Good Hope stretches transit time by 10-12 days. This increases costs and even the requirement of vessels. A round trip between India and Europe, for instance, takes 56 days and 8 vessels. If the trip extends to 63 days, an extra vessel will be required. The prices are inching up — Brent crude rose by 1.2% on Wednesday. Freight rates have gone up, too. “We have seen an increase of up to 40% in on-the-spot freight rates over the last three and a half weeks,” says Christian Roeloffs, CEO, Container xChange, an online marketplace for containers. “Over the last two weeks, we have seen an uptick in prices of secondhand containers,"
"three and a half weeks,” says Christian Roeloffs, CEO, Container xChange, an online marketplace for containers. “Over the last two weeks, we have seen an uptick in prices of secondhand containers, especially in northern Europe, because the industry expects some form of tightening of supply as the region is notoriously import-focused. More containers are arriving from China than departing again. This leads to container scarcity.” Insurance premia are also going up. “Insurers charge vessel owners what are called war insurance premia if vessels are deployed in or near war areas. These are quoted as a percentage of the vessel value and have to be ultimately borne by shippers,” says Roeloffs. An insurer says, on condition of anonymity, that in the past, shippers had to pay a 0.5% breach or additional premium when a ship got attacked. Nick Shaw, CEO of London based International Group of P&I Clubs, says the Houthi attacks will have no impact on normal protection and indemnity insurance. INDIA CONNECT India’s connection with the Suez Canal stretches back to its crisis in 1956, when the country’s first prime minister Jawaharlal Nehru took the lead to mobilise global opinion to help Egypt’s president Gamal Abdul Nasser thwart an invasion from Israel, Britain and France. It resulted in an enduring partnership that formed the foundation of the Non-Aligned Movement. In March this year, Egypt and India announced that Cairo was planning to allot land for Indian industries in the Suez Canal Economic Zone (SCEZ). “About 65% of India’s crude oil imports in FY2023, worth USD 105 billion, likely passed through the Suez Canal,” says Ajay Srivastava, founder of Global Trade Research Initiative, Delhi. “In terms of overall merchandise trade with Europe and North Africa, India’s exports and imports in FY2023 were USD 106 billion and USD 98 billion, respectively. Approximately 50% of these imports and 60% of exports, totalling a trade value of USD 113 billion annually, may have utilised the Suez Canal route,” he adds. India exports low-value, containerised goods like machine parts as well as low-end textiles to Europe via the canal. According to the latest data from the Suez Canal Authority, about 9% of total cargo passing the canal in 2019 originated from or ended in India. “A couple of our own container ships have been attacked and we have been forced to divert quite a few of our services round the Cape of Good Hope. So this is a matter of concern for us,” says Sunil Vaswani, executive director, Container Shipping Lines Association (India). “It’s unfortunate that while container shipping lines have done all they could to increase capacities and introduce new services to assist supply chains, the global scenario is making things more difficult,” adds Vaswani. When would this end? Prahlad Tanwar, global head of logistics at KPMG, says, “The problem could continue till the next quarter.” NOW & THEN The last time a major disruption in the Suez Canal threw shipping and"
"this end? Prahlad Tanwar, global head of logistics at KPMG, says, “The problem could continue till the next quarter.” NOW & THEN The last time a major disruption in the Suez Canal threw shipping and trade into a tizzy was in 2021, when a Taiwanese vessel called the Ever Given ran aground. It worsened an already severe container shortage as ships were stuck in shut-down ports across the world due to Covid-19. Global shipping rates rose by 10 times. Roeloffs doesn’t foresee such a surge in rates now. “We don’t anticipate the price bump to last very long,” he says. He says the rerouting and longer transit times will soak up about 1.4-1.7 million vessels out of the market. That will be about 5% of total vessel capacity. However, unlike during the pandemic, the world has an oversupply of vessels now. “We believe that in the midterm, just because of supply overhang and price pressures and, of course, measures like the international navy stepping in to protect merchant shipping, the price bump will be removed. And we will be back to the shipping rates that we had four weeks ago,” says Roeloffs. GEOPOLITICAL SOLUTIONS Earlier this week, the US announced a multinational task force called the Operation Prosperity Guardian, with 10 countries on board, to protect ships pass ing through the canal. On Tuesday, Prime Minister Narendra Modi and his Israeli counterpart Benjamin Netanyahu, too, met to discuss marine safety in the light of the Houthi attacks. While India is not part of the international task force, experts say the country can play the role of a mediator, thanks to its improving relations with Iran. “India should be part of the deliberations because not only are we an affected party, we are also a large trading nation. So is China,” says Uday Bhaskar, retired naval commodore and director, Society for Policy Studies. “If India and China want to be reckoned as credible players, both of them should use whatever influence and assets they have. Today India and China have greater access to Iran in terms of a dialogue than countries like the US,” he adds."
"RTO detains 4 dual control cars of driving schools for violations Nagpur: Four dual-control cars being operated by driving schools for training purposes without permission were detained, while challans were issued to several others as part of the Regional Transport Office ( ) drive against operators violating terms and conditions. A flying squad comprising motor vehicle inspector and assistant motor vehicle inspector conducted surprise checks on various roads and spotted dual-control training cars of , Divya, Maruti and Matoshree driving schools with violations like expired fitness certificate, lapse of vehicle insurance and under control certificate. It is it is learnt, four cars were also found to have unauthorized alterations and were detained. Challans were issued to Shreemai , Baba Driving School and Guruvandan Driving School and others. Assistant RTO Harshal Dake told TOI the department has decided to intensify vigil against illegal driving school operators. Authorized driving schools have supported the step. In the past, the local driving school association had submitted a representation to the city RTO informing about many illegal operators. Such driving schools use modified vehicles for training, while the authorized school operators follow all the RTO guidelines, the association had stated. Also Read:"
"ANZ to lend Hyundai-LG Energy JV $711 mln to make EV batteries Australia and New Zealand Banking Group has set up a $711-million lending facility for a joint venture between and that makes batteries for (EV) in Indonesia. ANZ said on Friday the lending facility for the joint venture is a 10-year Korea Trade Insurance Corporation (K-Sure) backed Term Loan Facility. South Korea's LG Energy and Hyundai began constructing their Indonesia-based $1.1 billion making facility last year, seeking to tap the nation's rich nickel reserves amid surging demand for cleaner fuel sources. There's particular interest in Indonesia as a hub for EV batteries, ""given (that) it is home to the world's largest nickel reserve,"" ANZ said. Last month, LG Energy Solution also announced plans to build a new $4.4 billion lithium-ion battery plant for electric vehicles in the United States with Japan's Honda Motor Co ."
"2022 Jeep Compass receives ‘Top Safety Pick’ rating from IIHS New Delhi: The new 2022 recently earned a ‘Top Safety Pick’ rating from the ( ) for 2022. The rating applies to models equipped with LED projector or LED reflector headlamps when paired with high-beam assist. ""The new 2022 Jeep Compass demonstrates our steadfast commitment to customer satisfaction,"" said Jim Morrison, vice president, Jeep brand North America. ""The Compass blends exceptional active and passive safety features with legendary Jeep 4x4 capability. The result is outstanding value for our customers and their families."" The SUV's rating was driven by its performance in six IIHS crashworthiness tests that included three types of frontal crashes. The remaining tests evaluate behavior in a side impact, rear impact and a rollover. The 2022 Jeep Compass achieved the highest possible score in each, stated a media release. Further, the vehicle's automatic emergency braking technology – Full-speed Forward Collision Warning with Active Braking – earned the highest possible rating of ""superior,"" while its Pedestrian/ Cyclist Automatic Emergency Braking system was rated ""advanced."" Both features, which are standard equipment on the 2022 Jeep Compass, are designed to detect imminent collisions and, in certain conditions, automatically apply the vehicle's brakes, stated the automaker. These are among more than 75 available safety and security features. Others include Active Lane Management and Rear Cross Path detection. Despite a challenging market, U.S. Compass sales were up 22% in the first quarter of this year, compared with the first three months of 2021."
"Quiklyz to offer range of EVs for leasing, subscription to customers , the vehicle and subscription arm of , has said it will offer the widest range of (EVs) for leasing and subscription to potential customers. Launched in November last year, Quiklyz digital platform provides a subscription programme for both retail and corporate customers. It also allows customers to access new cars without the hassle of , as the company takes care of registration, insurance, scheduled and unscheduled maintenance as well as , among others. The platform, which offers multi-brand vehicles, said it currently has the largest portfolio of EVs on the subscription platform, comprising both e-three and four-wheelers from original equipment manufacturers (OEMs) such as Mahindra, Tata Motors, , , Audi, Jaguar and Piaggio. Quiklyz plans to add more EVs to its portfolio as it aims to create exciting EV subscription products for its customers, it said. ""Quiklyz will continue to focus on EVs and will create an exciting platform for customers to have access to such vehicles in an affordable and hassle-free manner. All of this will be in keeping with India's commitment to become carbon-neutral by 2070,"" said Turra Mohammed, senior vice-president and business head of Quiklyz. According to the platform, customers will have the flexibility to upgrade their vehicle in 2-3 years keeping in tune with ever-increasing technology features in newer EV launches going forward. The programme offers a monthly subscription fee starting at Rs 21,399 per month for electric 4W and Rs 13,549 for electric 3W load. This fee covers insurance, maintenance and roadside assistance and flexibility to upgrade. Mahindra Electric CEO Suman Mishra said, ""Leasing and subscription are becoming important channels for our electric 3W specifically in the load segment to new-age enterprises. We look forward to continuing working with Quiklyz to provide such financing solutions for our customers."" Also Read:"
"Government allows UAE's Adnoc to export oil from Indian strategic storage The government has allowed ( ) to export it has stored in underground strategic storages at Mangalore to give operational flexibility to the foreign firm, an order of the Ministry of Commerce and Industry said on Saturday. At present, crude oil, which is the raw material for producing fuels like petrol and diesel, is not allowed to be exported except through the state-owned Indian Oil Corporation (IOC). In an order, the ministry said the condition of export being allowed only through IOC will continue, but ""AMI (Adnoc Marketing International (India) RSC Limited India) is exempted from STE conditions and is allowed to re-export crude oil from their commercial stockpile at Mangalore strategic petroleum reserve, at their own cost"". India, the world's third-biggest and consumer, imports over 85% of its oil needs and has built strategic storages at three locations to store up to 5.33 million tonnes of oil as insurance against any supply disruption. The storage at Visakhapatnam (1.33 million tonnes) in Andhra Pradesh, Mangalore (1.5 million tonnes), and Padur (2.5 million tonnes) in Karnataka can meet about 9 days of national demand. The has leased half of the 1.5 million tonne capacity in Mangalore storage to Adnoc. The remaining was retained by ISPRL. The idea behind leasing the storage to foreign companies was that they could store oil for sale to domestic refiners. But in case of an emergency, India held the first right on oil usage. Adnoc had sought permission for the export of its oil from the cavern in cases where it could not find buyers in Indian refiners. After the notification, Adnoc can now export oil stored in the Mangalore storage."
"DICV opens 3S touchpoint in Leh for BharatBenz with PAL Trucking Ladakh: . (DICV), a wholly-owned subsidiary of , inaugurated on Friday a new BharatBenz sales, service and spare parts (3S) touchpoint in Leh, the capital city of the Ladakh region. This 1000 sq,ft ‘PAL Trucking’ facility is the highest-altitude 3S facility of BharatBenz in the country and is situated on the , the company said in a media release. Rajaram Krishnamurthy, Vice President, , Sales and Customer Service, said, “We are pleased to inaugurate our highest 3S touchpoint with PAL Trucking in the highest motorable region in the world. The capability, reliability and comfort of BharatBenz trucks have won us many customers in the challenging, high-altitude terrain of the Ladakh region. We are proud of our partnership with PAL Trucking, which has rapidly expanded its presence in the Jammu & Kashmir region with five sales and service touchpoints in a short period. We see an increasing demand for our heavy duty trucks in the J&K region as our products have proven their mettle in the harshest conditions while consistently contributing to the infrastructure development of our country. With this new outlet, our network footprint increases to 280 touchpoints.” BharatBenz has over 100 trucks of various configurations operating in the Ladakh region and they are becoming increasingly popular among the local customers for their proven high standard of safety, low cost of ownership and reliability in tough environments. This BharatBenz 3S facility on the Manali-Leh highway is strategically located to reduce service time so that more vehicle uptime is achieved, the release added. Nishant Luthra, Dealer Principal and Managing Director of PAL Trucking, said, “In the past year with BharatBenz, we have seen the brand grow both in terms of technology and products, delivering on the constantly evolving consumer demands. Adding to our existing strong network, the new BharatBenz dealership in Leh will provide comprehensive commercial vehicle solutions to vehicles plying in and through the high altitude of the Himalayas. Customers can be assured of the best sales advice and state-of-the-art ‘Proserv’ after sales support.” The state of the art 3S facility is equipped with six well-trained technicians and two Mobile Service Vans to support BharatBenz Customers in and around Leh, Pengong, Shyok, Nubra Valley, Siachen, Janskar, Kargil, Hanle, Chushul, he added. All BharatBenz sales and service touchpoints of PAL Trucking are well-equipped with trained manpower capable of addressing the diverse needs of customers. Their other outlets in J&K also offer a host of value-added features like Driver Lounge, Driver Trainings, Deiselabh (Payback points with customised card for HP Filling station), Cashless zero-depreciation Insurance, extended warranty up to eight years, up to 10 year AMC, Proserve Mobile App, 24x7 roadside assistance, vehicle tracking systems and many more, Luthra said. Read Also:"
"UK needs law for self-driving cars, government body says By Nick Carey LONDON: Britain should pass a law regulating self-driving vehicles and include sanctions for companies if anything goes wrong when their vehicles take over control from human drivers, two independent governmental bodies said on Wednesday in a report. The report by the Law Commission of England and Wales and the Scottish Law Commission recommended introducing an "" "" and drawing ""a clear distinction between features which just assist drivers, such as adaptive cruise control, and those that are self-driving."" Governments around the world are wrestling with how to regulate self-driving vehicle technology and the thorny topic of accident liability. Once a self-driving system is engaged, ""the person in the driving seat would no longer be responsible for how the car drives,"" the law commissions proposed in the report. ""Instead, the company or body that obtained the authorisation would face regulatory sanctions if anything goes wrong,"" the commissions said. Britain's law commissions review laws and make recommendations to government and parliament about suggested reforms. The Law Commission of England and Wales says about two thirds of its reform recommendations have been implemented. The UK government wants to be at the forefront of rolling out autonomous driving technology and the transport ministry forecasts by 2035 around 40% of new UK cars could have self-driving capabilities, creating up to 38,000 new skilled jobs. Last year the government announced Britain would become the first country to regulate the use of self-driving vehicles at slow speeds on motorways. But insurance companies have warned Britain's goals could backfire unless automakers and regulators spell out the limitations of the technology available today. ""Today's report is a significant step, as it provides important legal recommendations and clarity for the safe deployment of vehicles with self-driving features onto the UK's roads,"" said Matthew Avery, chief research strategy officer at UK insurance group Thatcham Research, which consulted with the law commissions on the report. The government's Centre for Connected and Autonomous Vehicles (CCAV) asked for the commissions' review of the legal framework for self-driving vehicles in 2018. Also Read:"
"Kia India introduces 'Kia Subscribe' for flexible ownership has announced the launch of ' ', a new , expanding its leasing and subscription services to 14 major cities. The company has signed an MoU with to support this initiative. This new plan, announced today, caters to salaried and self-employed individuals looking for short-term lease options from 12 to 36 months without long-term commitments. Kia India launched the ' ' program three months ago, targeting B2B clients, corporates, and MSMEs with prolonged mobility needs. This plan offers lease terms ranging from 24 to 60 months with different mileage options. , Senior Vice-President, Sales & Marketing at Kia India, commented on the initiative's impact and future prospects. Minimum monthly lease rentals under the Kia program are as follows: Sonet at INR 17,999, Seltos at INR 23,999, Carens at INR 24,999, and EV6 at INR 1,29,000. These initiatives make vehicle ownership easier and more convenient, aligning with Kia's goal to innovate in the car ownership experience in India. ""The 1st phase of our flexible ownership program ‘Kia Lease’ has received an overwhelming response from the customers, as it is designed to meet evolving needs and revolutionise the car ownership experience in India. With the growth prospects of leasing business from 1% to 3% in near future, we want to be the driving force behind it and delivering the best ownership experience to our customers. With Kia Subscribe, we have ensured that we make hassle-free accessible to all,” said Brar. Partnerships Kia's partnership with ALD Automotive expands these services to cities including Delhi, Noida, Ghaziabad, Faridabad, Gurgaon, Mumbai, Pune, Ahmedabad, Indore, Bangalore, Chennai, Hyderabad, Kolkata, and Jaipur. The 'Kia Subscribe' plan is designed to offer flexibility and convenience, making it ideal for individuals who prefer short-term commitment. Earlier this year, Kia partnered with ORIX Auto Infrastructure Services Limited to roll out the Kia Lease program in major cities such as Delhi-NCR, Mumbai, Hyderabad, Chennai, Bengaluru, and Pune. This program was aimed at providing greater flexibility, enabling customers to acquire vehicles without any down payment, with added benefits like maintenance coverage, insurance handling, and relief from resale concerns."
"Octopus EV gets $700 mn bank funding to expand employee EV scheme An offshoot of Britain's Octopus Energy has secured a half-billion pound banking deal to finance an expansion of its programme to allow the discounted purchase of electric vehicles (EVs) by the employees of corporate customers. operates a "" "" scheme that allows drivers to save up to 40% on a new by paying through their gross salary - saving income tax and national insurance. The company said on Monday it had won 550 million pounds (USD 699 million) in financing from Lloyds Banking Group to expand the scheme, bringing its total funding to 1.2 billion pounds. ""We're delighted to be partnering with Lloyds to supercharge the transition ... to help drivers switch from old-school gas guzzlers to a cleaner alternative,"" CEO said in a statement. So far Octopus EV has financed more than 450 million pounds worth of EVs on the road in Britain. The company provides a package, including the EV, a charger and discounted energy tariff. Octopus EV offers more than 85 vehicles from 28 different brands and said it has more than 4,000 companies signed up to its salary sacrifice scheme, including Dyson, McLaren and Innocent Drinks."
"Broker Marsh launches world first insurance for hydrogen projects LONDON - , a unit of , said on Monday it was launching the world's first dedicated insurance for , as the nascent industry looks to scale up quickly in the fight against climate change. As the world targets net-zero emissions by mid-century in an effort to cap global warming, hydrogen, particularly ""green"" hydrogen made from renewable energy sources, is seen as a crucial means of getting there. U.S. politicians earlier this month backed a $430 billion spending package that included support for a range of renewable energy sources such as hydrogen. Projects involving the highly flammable gas have often found it harder to find cover, partly because of the complexity and risks involved in production, transportation and storage, and as new and emerging technologies are generally considered riskier. Developed with insurers American Group and Liberty Specialty Markets, Marsh said the new facility would provide up to $300 million of cover per risk for the construction and start up phases of hydrogen projects globally. The facility would be available to multinational organizations as well as smaller firms and cover both new and existing ""blue"" and ""green"" hydrogen projects, the world's largest insurance broker said. Blue hydrogen is produced from natural gas, while green hydrogen is made from renewable sources and is seen providing a flexible and low-emission fuel for transportation, electricity generation, and as an input into various industrial processes. ""Marsh's facility is an important development for the insurance industry that will help enable the acceleration of the global energy transition to renewables,"" said Andrew George, Global Head, Energy & Power, Marsh Specialty. ""As the global hydrogen industry, especially green hydrogen, scales up rapidly to meet demand the facility will reduce the complexity of securing risk transfer options for operators of all sizes and boosts investor and lender confidence in achieving their ambitious project timeframes."" Marsh's clients could either opt for coverage for the startup phase or choose a combined risks policy that extends to first-year operations, the New York-based company said. Renewable and low-carbon hydrogen would account for only 5% of the global final energy mix by 2050, falling short of what is needed to meet climate goals, according to a report in June from Norway-based global energy consultancy DNV. To meet the Paris Agreement to limit global warming to 1.5 degrees by 2050, hydrogen would need to reach 13%."
"In India, young revving up demand for Lamborghini: Stephan Winkelmann , aspiring Indians are among driving volumes at Italian maker , which posted record sales last year, global chief executive told . Its signature, wedge-shaped sports car is one of the fastest production vehicles available to the seriously wealthy and the marque is seeing not only from buyers in the country, but also Indians in the US, Europe and Southeast Asia, where they have second homes, he said. Winkelmann, on his first visit to the country in 10 years, said the improvement in India's infrastructure has ""surprised"" him. He's also excited that women are increasingly gravitating toward the brand, even in India. The consumer mood in the country is buoyant and if the tax regime continues to remain stable, opportunities to expand sales are robust, he said. ""There have been a lot of changes and in terms of infrastructure - this is striking immediately. And for sure, also in our type of business now; the car industry has exploded,"" he said. ""We think that everybody is in the right place to do business and we have grown as Lamborghini, which is very positive... I think we're very well-positioned."" The size of the automotive super segment is about 1,000 cars a year, he said. Its primary rivals in India are , McLaren and Aston Martin. The taxation structure has remained stable in the last five years. Like in the rest of the world, there is also a drop in the age profile of those acquiring luxury brands. The awareness of buyers is also increasing, he said. ""I think all (luxe) brands are in the right position, and I'm not only talking about the luxury car business, but also what is around us now, be it fashion, accessories, watches, jewellery,"" he said, adding that India is still a market that has huge potential. Automobili Lamborghini sells three models in India - Huracan, Urus SUV and plug-in hybrid Revuelto - priced from ₹3.22 crore to ₹8.89 crore (ex-showroom). In 2023, the company crossed the three-digit mark for the first time in India, selling 103 vehicles. Global sales grew 10% to 10,112 units in this period. India levies 28% goods and services tax (GST) on automobiles, with 1-22% additional cess depending on the type of vehicle. Fully built imported cars, like Lamborghinis, attract customs duty of 60-100% based on the size of the engine, cost, insurance and freight. Winkelmann said that while a stable tax structure enables consumers to get ""used to this type of expenditure,"" an expansive network of highways ensures not only more sales, but also an increase in ""trade and all the things connected to it."" The demographics make for an added growth impetus. ""Our customers in India are very young. Like in most of the countries that we are in, we are pretty male-driven as a brand. But we have more and more women stepping into it, also here in India,"" he said. At a time when several major economies such as the UK, Germany and Japan are beset by economic troubles, Winkelmann said the"
"have more and more women stepping into it, also here in India,"" he said. At a time when several major economies such as the UK, Germany and Japan are beset by economic troubles, Winkelmann said the mood in India is ""very positive."" Lamborghini expects the double-digit growth rate in the market here to continue. He also said work has commenced on reducing carbon emissions."
"With oil prices slumping, OPEC+ producers weigh more production cuts The major oil-producing countries led by Saudi Arabia and Russia are wrestling with whether to make another cut in supply to the global economy as the OPEC+ alliance struggles to prop up sagging that have been a boon to U.S. drivers and helped ease inflation worldwide. The 23-member group is meeting Sunday at headquarters in Vienna after sending mixed signals about possible moves. Saudi Arabia, dominant among the 's members, has warned speculators that they might get burned by betting on lower prices. Russia, the leader of the non-OPEC allies, has indicated no change to output is expected. The decision comes amid uncertainty about when the slow-growing global economy will regain its thirst for fuel for travel and industry, and with producers counting on oil profits to bolster their coffers. Oil prices have fallen even after OPEC+ slashed 2 million barrels per day in October, angering U.S. President by threatening higher gasoline prices a month before the midterm elections. Then, several OPEC members led by the Saudis made a surprise cut of 1.16 million barrels a day in April. International benchmark Brent crude climbed as high as USD 87 per barrel but has given up its post-cut gains and been loitering below USD 75 per barrel in recent days. U.S. crude has dipped below USD 70. Those lower prices have helped U.S. drivers as the summer travel season kicks off, with prices at the pump averaging USD 3.55, down USD 1.02 from a year ago, according to auto club AAA. Falling energy prices also helped inflation in the 20 European countries that use the euro drop to the lowest level since before Russia invaded Ukraine. The U.S. recently replenished its Strategic Petroleum Reserve - after Biden announced the largest release from the national reserve in American history last year - in an indicator that U.S. officials may be less worried about OPEC cuts than in months past. The Saudis, on the other hand, need sustained high oil revenue to fund ambitious development projects aimed at diversifying the country's economy. The International Monetary Fund estimates the kingdom needs USD80.90 per barrel to meet its envisioned spending commitments, which include a planned USD 500 billion futuristic desert city project called Neom. That may have been one motivation behind Energy Minister 's warning to speculators that they will be ""ouching"" if they keep betting on lower oil prices. Bin Salman's pointed comment isn't necessarily a prelude to a cut at Sunday's meeting, said , Middle East and North Africa economist at Capital Economics. ""Our expectation is that OPEC+ will stick with current output quotas,"" he said, adding that ""there have been signs that the government may be readying to live with lower oil prices and running budget deficits."" On top of that, Russia may find current prices to its liking because its oil is finding eager new customers in India, China and Turkey. Western sanctions over the"
"prices and running budget deficits."" On top of that, Russia may find current prices to its liking because its oil is finding eager new customers in India, China and Turkey. Western sanctions over the war in Ukraine have forced Russian oil to sell at discounts of around USD 53 to USD 57 per barrel. At those prices, Moscow's shipments avoid triggering the USD 60 price cap imposed by the Group of Seven major democracies to try to limit oil profits flowing into Russia's war chest. The price ceiling allows the world's No. 3 oil producer to keep supplying non-Western customers to avoid a global shortage that would drive up prices for everyone. Insurers and shipping companies largely based in Western countries are barred from handling Russian oil if it is priced above the cap. Russia has found ways to evade the limits through ""dark fleet"" tankers, which tamper with transponders showing their locations or transfer oil from ship to ship to disguise its origin. An OPEC+ ""production cut could push the price of Russian oil above the G7 price cap of USD 60 per barrel, which would make it difficult to transport and thus to sell the oil,"" commodity analyst Carsten Fritsch at Commerzbank wrote in a research note. ""Russia appears to be doing good business at the current price level."" The International Energy Agency said in its April oil market report that Russia has not completely followed through on its announcement to extend a voluntary cut of 500,000 barrels per day through the end of the year. In fact, Russia's total exports of oil and refined products such as diesel fuel rose in April to a post-invasion high of 8.3 million barrels per day. That is in spite of a near-total boycott from the European Union, formerly Russia's biggest customer. Analysts say OPEC+ faces conflicting pressures. A cut could support prices or send them higher, with demand expected to pick up later this year. ""The impact of higher oil prices on the global economy will weigh heavily on the ministers' minds,"" said Jorge Leon, senior vice president of oil market research at Rystad Energy. ""High oil prices would fuel inflation in the West right when central banks are starting to see inflation gradually recede."" ""This could prompt central banks to continue increasing interest rates, a detrimental move for the global economy and oil demand,"" Leon wrote in a research note."
"CJ Darcl Logistics partners with Netradyne for AI-based safety technology ., a leading logistics provider in India, has selected to provide advanced fleet safety solutions. Netradyne, is a SaaS leader in (A.I.) and edge computing focusing on driver and fleet safety. The engagement provides a fleet of 1,000 vehicles of CJ Darcl with AI-enabled embedded , helping the company improve fleet operation performance, driver behaviour, and theft rates. By deploying Netradyne’s Driver•i, CJ Darcl Logistics enhances its fleet management, further builds upon cost-effective services, and sets new safety standards. The Driver•i system helps the company achieve its goals of improving driving behavior through automated driver coaching. It also supports expediting driver exonerations as well as handling insurance claims. Durgadutt Nedungadi, Senior Vice President - International Business, Netradyne, said, ""We are thrilled to partner with CJ Darcl Logistics, and we will deliver our industry-leading AI-based safety technology solutions to its fleets. The partnership paves the way for us to showcase our technology's flexibility to cater to our customers' diverse needs."" A joint venture between DARCL Logistics and CJ Group from South Korea, the company serves more than 2,000 varied customers through its 174 offices across India. The company stays ahead of the curve when it appears to adopt technological advancements and safety. The company remains at the forefront of adopting technological advancements and prioritizing safety. To enhance road safety, the company is integrating technology and safety measures by installing on its trucks. These devices control visibility and speed, which in turn improves the overall safety and security of the road. ""Our vision is to train and make the drivers follow the best road practices to avoid accidents. CJ Darcl aims to accomplish zero accidents and to understand and address the areas of concern while driving. Partnering with Netradyne’s Driver•i with smart safety dash cams will help to control the driver’s distracted sight. We have also conducted certain trials. Hence, it is helping in maintaining the driver’s scorecard with other promising results,"" Nikhil Agarwal, President ,CJ Darcl Logistics, said. Also Read:"
"Popular Vehicles and Services files IPO papers with Sebi again New Delhi: , which is engaged in automotive dealerships, has filed preliminary papers with capital markets regulator to raise funds through an initial share sale. This is the company's second attempt to go public. Earlier, the company filed draft papers with the (Sebi) in August 2021 for floating an Initial Public Offering ( ) but deferred the maiden public issue amid uncertain market conditions. According to the (DRHP) filed on Thursday, the IPO comprises fresh issuance of equity shares worth INR 250 crore and an Offer For Sale (OFS) of 1.42 crore equity shares by Banyantree Growth Capital II, LLC. Besides, the company is looking to raise INR 50 crore in a pre-IPO placement round. If such placement is undertaken, the fresh issue size will be reduced. Proceeds of the fresh issue will be used for payment of debt and general corporate purposes. The Kerala-based company is a leading diversified in the country with a presence across the automotive retail value chain, including the sale of new passenger and commercial vehicles, services and repairs, spare parts distribution, sale of pre-owned passenger vehicles, and facilitation of the sale of third-party financial and insurance products. It operates passenger vehicle dealerships of , Honda, and JLR and the commercial vehicle dealership of . ICICI Securities, Nuvama Wealth Management, and Centrum Capital have been appointed as merchant bankers to advise the company on the IPO. The equity shares of the company will be listed on the BSE and NSE."
"myTVS launches connected car platform for aftermarket New Delhi: Independent integrated multibrand car service provider , today launched a , ‘ ’ for all the . The player offers a ‘ ’ to passenger car customers that will provide vehicle service, emergency assistance, parts, insurance, payment platform, and accessories, along with a wide range of service products. It will also provide an entire range of services for the aftermarket with complete transparency and value for money to its customers. Through the ‘Super app’ customers can avail an extensive and personalized experience and going forward the Super app will also act as a platform for used car sales along with leasing options. The membership is attractively priced at INR 4999 for a three-year subscription, which will be available for customers from 15 July 2022, the company said. The Super app is connected to a personalized device provided by myTVS and hence enables safe, personalized experiences for the car owners, which includes driving behaviour, geo-fencing, personalised recommendation to improve mileage, engine performance and safety alarm and notification for the user. This also comes with a personalised travel map to give access to myTVS network, fuel stations, nearest police stations, and hospitals, thereby making it a complete lifestyle product. G Srinivasa Raghavan, Managing Director, Ki Mobility Solutions, said, “myTVS Life360 is a total car care product that connects the customer with his vehicle, a customer with myTVS network and its partners thereby enabling him to enjoy hassle-free ownership and usage of his car. Along with the subscription of myTVS Life360, customers can gain access to the widest range of services at myTVS with an attractive cashback program thereby helping to reduce the cost of maintenance. Finally, it helps customers to get the best and innovative insurance solutions including the first point of contact for any emergency across the country.” The super app will also offer the facility to pay all utility payments through myTVS Pay with cashback and reward points. The app will also feature myTVS Vault, which allows customers to store important documents like insurance copies, driver’s licenses, registration certificates, etc. for easy access. The Super app - myTVS Life360 is available both on Android and iOS platforms."
"Truly autonomous cars may be impossible without helpful human touch MILTON KEYNES, England -Autonomous vehicle (AV) startups have raised tens of billions of dollars based on promises to develop truly , but industry executives and experts say remote human supervisors may be needed permanently to help robot drivers in trouble. The central premise of autonomous vehicles - that computers and artificial intelligence will dramatically reduce accidents caused by human error - has driven much of the research and investment. But there is a catch: Making robot cars that can drive more safely than people is immensely tough because self-driving software systems simply lack humans' ability to predict and assess risk quickly, especially when encountering unexpected incidents or ""edge cases."" ""Well, my question would be, 'Why?'"" said Kyle Vogt, CEO of Cruise, a unit of General Motors, when asked if he could see a point where remote human overseers should be removed from operations. ""I can provide my customers peace of mind knowing there is always a human there to help if needed,"" Vogt said. ""I don't know why I'd ever want to get rid of that."" This is the first time Cruise has acknowledged the long-term need for remote human operators. Like air traffic controllers, such human supervisors could be sitting tens of hundreds of miles away monitoring video feeds from multiple AVs, sometimes with a steering wheel, ready to step in and get stuck robot drivers moving again - AVs invariably stop when they cannot figure out what to do. Alphabet Inc's Waymo and Argo, which is backed by Ford Motor Co and Volkswagen AG, declined to comment when asked the same question. GM recalled and updated software in 80 Cruise self-driving vehicles this month after a June crash in San Francisco left two people injured. U.S. safety regulators said the recalled software could ""incorrectly predict"" an oncoming vehicle's path, and Cruise said the unusual scenario would not recur after the update. For some, the idea that human supervisors could be here to stay raises more doubts about the technology. Truly autonomous vehicles are far behind the optimistic rollout schedules predicted just a few years ago. In 2018, GM sought U.S. government approval for a fully autonomous car without a steering wheel, brake or accelerator pedals that would enter its commercial ride-sharing fleet in 2019. That vehicle, the Cruise Origin, now is not slated to begin production until spring 2023, Vogt said. In 2019, Tesla Inc CEO Elon Musk promised a million robotaxis ""next year for sure"" - though his company's ""Full Self Driving"" offering has been criticized because its cars are not capable of driving themselves without a human behind the wheel and ready to take manual control in an emergency. In a June interview on YouTube, Musk said developing self-driving cars was ""way harder than I originally thought, by far."" But when asked for a timeline, he said Tesla could make it ""this year."" Tesla did not respond to a"
"YouTube, Musk said developing self-driving cars was ""way harder than I originally thought, by far."" But when asked for a timeline, he said Tesla could make it ""this year."" Tesla did not respond to a request for comment for this story. The undelivered promise of true autonomy has raised the stakes for the AV industry. ""If these companies don't succeed over the next two years, they're not going to exist anymore,"" said Mike Wagner, CEO of Edge Case Research, which helps AV companies assess, manage and insure risk. ""It's a case of put up or shut up at this point."" REMOTE HUMANS WATCHING Many AV startups today use humans as remote supervisors, alongside safety drivers sitting behind the wheel. Those remote humans are an additional expense, but help self-driving cars handle edge cases. These could include something as basic as an unfamiliar set of lane closures during road construction, or erratic, unpredictable behavior by pedestrians or human drivers. When a robot driver encounters an edge case, ""it puts its hands up and says, 'I don't know what's going on,'"" said Koosha Kaveh, CEO of Imperium Drive, which is using humans as remote operators for cars in the English city of Milton Keynes. Over time, those people will act as ""air traffic controllers,"" supervising a growing number of autonomous cars. Cruise's Vogt says the company's AVs on the roads in San Francisco currently rely on humans less than 1% of the time. But across hundreds, thousands or even millions of AVs, that would add up to a significant amount of time stopped on the road waiting for human guidance. Imperium Drive's Kaveh said as more self-driving cars - which are more predictable than humans - hit the roads the number of edge cases will drop, ""but you will never get to zero edge cases."" ""Even decades from now you will not get to 100% truly autonomous vehicles,"" Kaveh added. Nevertheless, competition is rising. Some Chinese cities are pushing to allow active AV testing more quickly. The need to tackle edge cases and cut the costs of everything from sensors to the number of humans in the loop in order to get to market has also intensified because investor funding for autonomous cars has plummeted. Doubt has crept in as investors puzzle over how soon autonomous business will turn profitable. Simpler or slower AVs like trucks or last-mile delivery services operating on highways or on set, low-speed routes are likely to reach profitability first, but will still take years to get there. Overall investment in future mobility startups has slowed, with AV-focused companies hit especially hard, representing less than 10% of venture investment in the second quarter, according to investor website PitchBook. (Graphic: https:tmsnrt.rs/3Rzy04y) Investment in AV startups in the quarter dropped to $958 million. Just two years ago AV investment was booming, as Alphabet's Waymo raised $3 billion, Didi's AV unit raised $500 million and Amazon.com Inc acquired AV startup Zoox for $1.3 billion, according"
"Just two years ago AV investment was booming, as Alphabet's Waymo raised $3 billion, Didi's AV unit raised $500 million and Amazon.com Inc acquired AV startup Zoox for $1.3 billion, according to PitchBook. 'RUSH TO MARKET' Autonomous systems are not as capable as people because their ""perception and prediction algorithms are not as good as how a human brain processes and decides,"" said Chris Borroni-Bird, an independent consultant who previously led advanced-vehicle programs at GM and Waymo. For instance, a human when seeing a ball roll into the road - harmless by itself - will assume it could be followed by a child and hit the brakes far quicker than an AV, Borroni-Bird said. ""I am concerned that AV companies will rush to market without proving the safety is better than human-driven vehicles,"" he added. The problem is there are ""tens of billions of potential edge cases"" that AVs could encounter, said James Routh, CEO of AB Dynamics, which conducts tests and runs simulations on cars including on the advanced driver-assistance systems (ADAS) that are the foundation of features. Auto data startup Wejo Group Ltd receives 18 billion data points daily from millions of connected cars and is helping with simulations for AVs, said Sarah Larner, executive vice president for strategy and innovation. ""But there are so many variables such as weather, you can take an edge case and then have to layer in all the different variants,"" she said. ""It's truly millions of outputs."" DRIVERLESS DELIVERY In its track tests for cars, AB Dynamics employs a robot arm that it plans to retrofit on slow-moving mining and agricultural trucks to make them largely autonomous. Routh envisages a remote team of humans supervising fleets of, for instance, self-driving mining trucks operating in closed environments. He does not see that scenario working for vehicles in faster, more open environments because it could be difficult for remote human supervisors to react quickly enough to dangers. Within the next 12 months, British online food delivery and technology company Ocado Group Plc will roll out a small fleet of driverless delivery vehicles with autonomous vehicle software startup Oxbotica - backed by remote human supervisors - that will operate on just a few streets on set routes in a small UK city and never drive at speeds above 30 miles (48 km) per hour. ""At 30 miles an hour, if a vehicle panics, it can hit the emergency brake and seek help,"" Ocado's head of advanced technology, Alex Harvey, said. ""This feels like a very viable strategy at low speed."" ""But you can't play that game on a motorway,"" Harvey added, because hard stops in edge cases would pose a safety risk. Harvey said it should take around five years for Ocado to develop a profitable driverless delivery system. More than half of Ocado's UK customers could be reached with AVs driving no more than 40 mph he said. Eventually, the service could be rolled out to Ocado clients like U.S. retail chain Kroger Co."
"Hertz to offer 25,000 EV rentals to Uber drivers in Europe By Nick Carey firm will make up to 25,000 (EVs) available to rent to drivers of ride-hailing company Uber in European capitals by 2025, the two said on Tuesday. The rollout of the rental deal, which will include models from , will start this month in London, where Hertz will add more than 10,000 EVs by 2025 that will be able to rent. The program will also be expanded other European capitals, including Paris and Amsterdam during 2023. Uber said the models on offer would include the Tesla Model 3 and the Polestar 2 and that pricing would be confirmed once rentals launch in London. But the company added pricing ""will be competitive with other rentals currently offered through Uber partners in the UK"" and will include insurance and maintenance, while drivers will benefit in London from not having to pay congestion or emission-zone charges. The ride-hailing company said London is currently its leading European city for EVs, with more than 7,000 zero-emission vehicles driving 15% of Uber's miles in Britain's capital. The build on a partnership where Hertz agreed to provide 50,000 Tesla rentals to Uber drivers in the United States. It is part of Hertz's strategy to build one of the world's largest EV rental fleets and Uber's commitment to become a zero-emission platform in Europe and North America by 2030. The companies said on Tuesday that to date, nearly 50,000 U.S. Uber drivers have rented a Tesla through the program, so far completing more than 24 million covering more than 260 million miles (418 million km). In the U.S. deal, Tesla rentals for Uber drivers were said to start at $334 a week, including insurance and maintenance, and consist mostly of the Model 3 sedan. Also Read:"
"How your motor insurance policy changes after installation of LPG/CNG kit? Car owners who look forward to saving on rising fuel costs, often consider installing an LPG or CNG kit in their car. This might involve a one-time installation expense but does bring down the recurring fuel expenses. However, one must remember that the change of fuel amounts to a significant change in the insurance policy of the car too. Here are the steps one needs to follow to make those necessary changes. Endorsement in vehicle RC Whenever a petrolLPG kit, the same needs to be endorsed in the registration certificate (RC) issued by the state transport authorities. Documents such as existing , insurance policy copy, invoice for , of the vehicle owner need to be submitted to the and a form needs to be filled in for the same. Once the authorities examine the vehicle and the documents, they will approve the application and endorse the RC book. Endorsement to insurance policy Next, an application for endorsement must be made to the insurance company where the vehicle is insured. Here, one needs to submit self-attested documents like endorsed RC book, invoice for LPG/CNG kit, along with the application. After the complete verification of the documents, the insurance company will make the necessary endorsement and share the endorsed insurance policy with the vehicle owner. Points to note (Content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.) Also Read:"
"India should come up with a 10-year road map for privatisation of state-owned banks: Former RBI governor D Subbarao The government should come up with a 10-year road map for privatisation of all (PSBs), said former governor D . According to Subbarao, coming up with a roadmap would provide much needed predictability to stakeholders. He further said that the big bang approach to privatisation of state-owned banks is not desirable, however, the issue should not be put on the back burner. ""Ideally, we should have a road map, maybe over a 10 year timeframe, to privatise all PSBs. That will give much needed predictability to all stakeholders,"" PTI quoted him as saying. Subbarao said the government should also be thinking about corporatisation of public sector banks so that they come within the umbrella of uniform RBI regulation. In the for 2021-22, the government announced its intent to take up the privatisation of two PSBs in the year and approved a policy of strategic disinvestment of public sector enterprises. The government think-tank has already suggested two banks and one insurance company to the Core Group of Secretaries on Disinvestment for privatisation. According to Subbarao, the impact on the of privatisation of PSBs will be in two ways. ""The overall efficiency of the banking system will improve as public sector banks, freed from the obligation of driving social objectives, will pursue profit maximisation like their private counterparts,"" he said, adding that the pursuit of social objectives like financial inclusion and priority sector lending might, to some extent, be compromised. Even so, Subbarao said he believes the net cost benefit calculus of privatisation will be positive. In 2020, the government merged 10 nationalised banks into four large lenders, thereby bringing down the number of PSBs to 12. The former RBI governor observed that at India's current stage of development, the country should be using other instruments to pursue social objectives rather than continuing to place the burden on bank depositors and borrowers. A research paper published in the August 2022 issue of had said ""the gradual approach to privatisation adopted by the government can ensure that a void is not created in fulfilling the social objective of financial inclusion"". Also Read:"
"US issues fresh sanctions over shipment of Russian oil above price cap The United States on Friday imposed additional sanctions related to the price cap on , targeting three entities and three oil tankers as Washington seeks to close loopholes in the mechanism designed to punish Moscow for its war in Ukraine. The U.S. Treasury Department accused those targeted on Friday of using Western maritime services such as transportation, insurance, and financing while carrying Russian crude oil above the USD 60-per-barrel price cap. The Group of Seven rich countries, the European Union and Australia imposed the USD 60d-per-barrel cap last December on seaborne exports of Russian crude. The mechanism bans Western companies from providing the services for oil sold above the cap. It said that the vessels the NS Champion, Viktor Bakaev and HS Atlantica carried Russian Urals crude above USD 70 per barrel. Russia's embassy in Washington did not immediately respond to a request for comment. The Treasury said in a statement that the vessels used ""U.S.-person"" services while transporting the Russian-origin oil, without providing more details. The agency said United Arab Emirates-based Sterling Shipping is the registered owner of the NS Champion. UAE-based Streymoy Shipping Limited is the registered owner of the Viktor Bakaev, it said, and Liberia-based HS Atlantica Ltd is the registered owner of the HS Atlantica. The sanctions block all property and interests of the listed tankers and owners in the U.S. or in possession of U.S. persons, and those assets have to be reported to the Treasury's Office of Foreign Assets. It marked Washington's latest sanctions action cracking down on the shipment of oil above the price cap as the United States seeks to enforce the punitive measures it has imposed on Russia over the war in Ukraine, which has killed or wounded tens of thousands and reduced cities to rubble. ""Enforcement of the price cap on Russian oil is a top priority for the United States and our Coalition partners,"" Treasury Deputy Secretary Wally Adeyemo said in the statement. ""By targeting these companies and their ships, we are upholding the dual goals of the price cap by restricting Russia's profits from oil while promoting stable global energy markets."" The Treasury also issued a general license authorizing limited safety and environmental transactions involving those targeted, including transactions necessary for the safe docking and anchoring of the blocked vessels, until Feb. 29."
"Ford CEO says EV prices may not drop to ICE vehicle levels until 2035 The cost to make electric vehicles may not drop to the level for gas-powered cars until after 2030 when the process becomes simpler and less labor-intensive, Ford Motor Co Chief Executive said on Wednesday. At an investor conference, said that, for many automakers, EVs will remain more costly than their internal combustion engine counterparts until the second and third generation models go into production later in this decade. Analysts have predicted that EV cost parity could come as soon as 2025. Between 2030 and 2035, Farley added, much of the industry's EV cost savings will come from ""dramatically lower labor content"" because the vehicles will be simpler to build with fewer parts, and will be fitted with smaller batteries that use cheaper materials. He also predicted the industry could realize lower distribution costs from selling EVs online, as well as higher revenue from new software-driven digital services. Farley said Ford's software services business has 600,000 subscribers, triple the number a year ago. That includes 200,000 retail customers paying for the company's Blue Cruise driver assistance system and 400,000 Ford Pro commercial customers paying for a range of services including fleet management, EV charging, dynamic routing and more. As the company expands its ability to harvest data from vehicles and drivers, Ford could follow other automakers, including Tesla Inc and General Motors Co, in offering insurance, he said. Asked about the potential for industry-wide consolidation over the next five years, Farley instead predicted an ""acceleration of cooperation,"" citing such deals as Ford's recent agreement to use Tesla's supercharger network for its future EVs. ""Cooperation is essential,"" he said, especially for companies that may not have the resources to build out a full EV ecosystem."
"Lohum and ACKO partner to recycle and reuse EV batteries under extended warranty insurance Bengaluru: , a leading producer of sustainable energy transition materials, and ACKO, the tech-first insurer, join hands to recycle and reuse batteries. This partnership for is to include provisions for reusing and recycling the batteries. The collaboration will benefit EV battery OEMs that have their products underwritten by ACKO by giving them easy access to Indian EV customers, battery OEMs, dealerships, and all ecosystem stakeholders to advanced aftermarket services, Lohum said in a media release. Under the partnership, ACKO will continue to provide performance warranty insurance for and offer a hassle-free redressal experience in case of performance-related issues. In addition, Lohum will work towards collecting, repurposing, and recycling used batteries that will come back as a result of liability from the product, and reduce the environmental impact and produce sustainable Lithium-ion raw materials for new batteries, the release said.. The goal is to extract the maximum possible salvage value from ACKO's entire portfolio of underwritten batteries and add sustainability to the already unique and consumer-centric product. The partnership will help optimize the and financing costs for the customers. This will make the purchase of more affordable and reduce the insurance cost. It will help to partner with OEMs in the future to launch battery buy-back products for customers and improve the overall vehicle resale value, the release added. Rajat Verma, Founder & CEO of Lohum, said, ""We are delighted to partner with ACKO to weave sustainability into India's first EV battery performance warranty insurance. We applaud ACKO's emphasis on performance warranty, which ensures that customers get immediate replacements as soon as the battery performance drops even by a small margin over time. This partnership aligns with our vision of lowering the carbon emissions of EV batteries and building customer-centric solutions across the battery materials supply chain. It is a testament to both companies' commitment to creating a greener tomorrow."" Animesh Das, Chief Underwriting Officer, ACKO, said, ""The Battery Waste Management Rule of 2022 says that it is imperative to have end-to-end tracking of batteries to ensure safe disposal. Our strategic partnership with Lohum will help OEMs comply with the necessary EV-specific rules, which will act as a catalyst for achieving network effects and efficiency in the Indian circular and act as a stellar nursery for India's EV ecosystem ,"" In line with the Government's , the industry has seen a spike in demand and sales of EVs. Indians are becoming increasingly conscious about the environment, and India foresees 2023 as the record year of EV sales. However, there is considerable scepticism among individuals toward various aspects of owning an EV as highlighted in the 'Future Is Electric' report by ACKO, where 60% of respondents think"
"EV sales. However, there is considerable scepticism among individuals toward various aspects of owning an EV as highlighted in the 'Future Is Electric' report by ACKO, where 60% of respondents think the ecosystem needs to be better equipped to support EVs. A major barrier to EV ownership is the cost of battery replacement, as the battery contributes to a substantial part of the cost of an EV. Despite the challenges, the silver lining is the optimism among owners and intenders, where 89% believe India will be by 2030 an EV-friendly space, the release said."
"Formal job creation surged in December 2021, shows new payroll data surged in December 2021 with net new employees and subscribers added to the Employees Provident Fund Organisation, the Employees State Insurance Corporation and the , suggesting an uptick in the Indian labour market. This is contrary to November when the and NPS had witnessed a decline. The payroll data by the ministry of statistics and programme implementation, released on Friday, shows net new subscriber addition under the Employees State Insurance Corporation jumped by 46.8% to 1.52 million compared to 1.03 million in November 2021. This is the highest addition to ESIC in the fiscal so far. Even the witnessed a growth of 19.9% in net new addition in December 2021 at 1.46 million compared to November 2021 when the net new subscribers added to stood at 1.21 million. The National Pension Scheme also witnessed a surge of 11.8% with 72,578 new subscribers added to it in December 2021 compared to 64,870 added in November. This is the third highest addition in the fiscal so far, highest being in June 2021 (78,265) and September 2021 (72,923). As per the report, 1.28 million male subscribers were added to ESIC while 0.24 female subscribers were added to ESIC. Of the total 1.46 million net subscribers added in December 2021, 0.91 million new members have been enrolled under EPF & MP Act, 1952 for the first time. Approximately 0.54 million net subscribers exited but rejoined EPFO by opting to continue their membership with EPFO by transferring their PF accumulations from previous to present PF account instead of opting for final withdrawal. Under NPS, maximum subscriber addition in December was from state government employees at 48,497 followed by central government employees (12,534) and 11,547 from the non-government or corporate sector. The report is based on the payroll data of new subscribers of various social security schemes run by ESIC, the Employees' Provident Fund Organisation (EPFO) and (PFRDA). It has been releasing such data of these bodies since April 2018, covering the period starting from September 2017. The report, titled 'Payroll Reporting in India: An Employment Perspective - November 2021', said since the number of subscribers is from various sources, there are elements of overlap, and the estimates are not additive. NSO also said the report gives different perspectives on the levels of employment in the formal sector and does not measure employment at a holistic level. Also Read:"
"Delhivery and two other IPOs will raise about Rs 6,000 crore in the upcoming week New Delhi: Amid the busy season for the domestic primary markets, three issues will kick off for subscription in the upcoming week to raise about Rs 6,000 crore via initial stake sale. Tech-based logistics startup Delhivery, retail wealth management player Prudent Corporate Advisory Services and steel pipes manufacturer Venus Pipes & Tubes will launch their initial public offerings (IPOs) in the upcoming week. Not only three issues will kick off in the next week, but the initial stake of insurance behemoth Life Insurance Corporation of India (LIC) will also close for subscription on Monday. The largest IPO in the Indian market is raising almost Rs 20,557 crore. Varun Sridhar, CEO, Paytm Money said that the retail portion of all three IPOs cumulatively is around Rs 750 crore. ""Considering the charm over LIC's IPO, it will be interesting to see the extent of retail investor participation in these IPOs,"" he added. Delhivery has a retail portion of only 10 per cent as 75 per cent of shares are reserved for institutional bidders (QIBs). Prudent Corporate Advisory and Venus Pipes & Tubes will offer 35 per cent of the issue to the retail bidders, with 50 per cent share for QIBs. Adding more on the upcoming IPOs, Vijay Singhania, Chairman, TradeSmart, said that despite the secondary market witnessing selling pressure in line with global markets, primary markets in India have picked up. Interestingly, the issue of Delhivery alone will raise about 90 per cent of the aforesaid funds, highlighting the small size of the other two IPOs. Delhivery's Rs 5,235 crore IPO will be open for subscription between May 11-13 in the fixed price band of Rs 462-487 per share. Investors can bid for a minimum of 30 equity shares and then in the multiples thereof. The company has cut its offer size to Rs 5,235 crore from Rs 7,460 crore planned earlier. It will issue fresh equity shares worth Rs 4,000 crores, and existing shareholders and promoters will offload shares worth Rs 1,235 crore. Gurugram-based Delhivery is the largest fully integrated logistics services player in India by revenue. It has built a nationwide network in every state, servicing 17,045 PIN codes or 88.3 per cent of the 19,300 PIN codes in India. Kotak Mahindra Capital, Morgan Stanley India, Bofa Securities India, and Citigroup Global Markets are managing the share sale, whereas Link Intime is the registrar of the issue. ""Few important IPOs are lined up in the coming days, but the one which will be in the limelight will be the logistics service company Delhivery, especially since it continues to be in losses,"" said Singhania from Tradesmart. ""The issue will test the market appetite for loss-making companies, especially after the poor post-performance of other startups,"" he added ""Successful subscription of Delhivery will be a morale booster of the markets overall."" Prudent Corporate Advisory Services' IPO will be open for"
"poor post-performance of other startups,"" he added ""Successful subscription of Delhivery will be a morale booster of the markets overall."" Prudent Corporate Advisory Services' IPO will be open for subscription between May 10-12 and the company will sell its shares in the range of Rs 595.630 apiece. The Rs 538.6 crore issue is entirely an offer for sale (OFS) of 8,549,340 shares. The company has allocated shares aggregating to Rs 6.5 crore for its eligible employees, who will get a discount of Rs 59 per equity share during the bidding process. The lot size for the issue is 23 equity shares. Prudent is one of the leading independent retail wealth management services groups (excluding banks) in India and among the top mutual fund distributors in terms of average assets under management and commissions received. ICICI Securities, Axis Capital and Equirus Capital are the books running lead managers to the issue, whereas Link Intime has been appointed as the registrar to the issue. The smallest among the three, Venus Pipes & Tubes raised about Rs 165.4 crore through its initial public offering by issuing 50.74 lakh fresh equity shares and selling them in the range of Rs 310-325 between May 11-13. The company has about six years of experience in manufacturing stainless-steel tubular products in two broad categories - seamless tubes & pipes, and welded tubes & pipes. SMC Capitals is the sole book-running lead manager to the issue, whereas Kfin Technologies is the registrar. The company's equity shares are proposed to be listed on BSE and NSE. Deepak Shenoy, Smallcase Manager, Founder and CEO, Capitalmind, said that a lot of IPO capital would go primarily to LIC's IPO, and people will wait for its reaction to subscribe to other IPOs. ""It is better to participate in the new companies after listing and with a limited amount of capital waiting for them to show good results in subsequent quarters before adding more,"" he advised. Also Read:"
"Mahindra Last Mile Mobility launches new e-Alfa Plus at INR 1.61 lakh New Delhi: ( ), a subsidiary of & Mahindra Limited (M&M Ltd.), has introduced the , an designed for both urban and rural transportation. Priced at INR 1,61,113.00 ex-showroom in Noida, the availability of the e-rickshaw is subject to local government approvals. The e-Alfa Plus is equipped with a Permanent Magnet Synchronous Motor (PMSM) delivering peak power of 1.95 kW at 2600 rmin. This electric vehicle is powered by a 150 Ah Lead Acid battery and offers a real-world range of over 100 km on a single charge, validated through extensive driving tests. ""With over 60000 satisfied e-Alfa customers and backed by the trust of Mahindra, the all-new e-Alfa Plus is all set to delight customers,"" the company stated in a media release. To enhance customer satisfaction, Mahindra is providing a three-year accidental insurance worth INR 10 Lakh for the driver with every purchase, ensuring safety and security. Additionally, the vehicle comes with an 18-month warranty covering the charger and battery, ensuring long-term reliability. Mahindra is offering the e-Alfa Plus in five colors, including a new Oceanic Blue hue. The vehicle features a unique closed body design and incorporates multiple safety features, including an advanced braking system."
"Time to get more selective in auto space: Kumar Rakesh , Associate Director, , says in auto, “we should start aligning from a stock preference perspective and move to stocks which are still seeing demand, which can possibly offset the higher commodity pressure whereas the segments which are going to see demand pressure, will see far higher impact of any commodity stiffening.” A month ago, auto stocks were at a relative high and with the exception of CVs, most of the auto stocks have retreated quite a bit. Given that there seems to be a change of trend in four-wheelers from sedan to SUVs, is this something which markets have already factored in because the recent outperformance in and for that matter is clear indication of how markets are aligning to the new shift? Early last month, we were saying that now is the time to start getting more selective in the auto space. So far in the year we have seen the entire auto space outperforming the broader index and that possibly will start changing as the demand patterns across different segments have started digressing quite significantly and that is something which the recent auto sales numbers are also indicating and possibly will continue for the rest of this fiscal year as well. Investors have also started aligning themselves and it is not just the demand side of the equation which we have to be mindful of, also on the commodity pressure side is something which we have to be quite watchful. We maintain a commodity basket of all the commodities which goes into a typical passenger vehicle and two wheelers. It had been coming down so far in this year, but last month that also went up specifically because of steel prices going up. If you listen to the commentary from the steel companies, they are talking about how the steel prices have started bottoming out and they expect steel prices going up in the coming months, possibly by the third quarter. If that starts happening, the margin side of the equation also will start getting more stressed. We should rather start aligning from a stock preference perspective and move to stocks which are still seeing demand, which can possibly offset the higher commodity pressure whereas the segments which are going to see demand pressure, will see far higher impact of any commodity stiffening. What is happening to the two-wheeler space? The numbers from and other two-wheelers are pointing to a trend which is that the premium luxury bike will do well and the affordable luxury bike segment is where the competition will intensify. How long before the base effect will start kicking in? The entry segment of the two-wheeler industry over the last four years have seen a price increase of almost 40% and that is a very sharp price increase for different reasons. I am talking about the on-road prices for the insurance price increase. Then the emission law kicked in and the commodity prices went up. It obviously will have a price elasticity impact, something which we saw play out"
"on-road prices for the insurance price increase. Then the emission law kicked in and the commodity prices went up. It obviously will have a price elasticity impact, something which we saw play out over the last two-three years and hence the overall industry volume, what peaked at 21 million in FY19, ended close to about 16 million last year and we believe this is largely a reflection of the price elasticity absorbing the higher prices. From here on, we should be seeing a more normalised growth. If you look at the long-term average industry growth of 30-40 years, the industry has grown at about 8%. Given that we have a far higher number of two-wheelers in the market, the penetration is much higher. The growth would be much lower than what the long-term average of the industry has been. Within that, the entry segment would be at much lower than that and the premium segment wher there is much higher competition, we will see a higher growth and possibly that is why we are seeing a much higher competition as well because most of the OEMs are realising that the industry is premiumising and the demand is shifting towards those segments and also the affordability of the consumers in that segment is better and price elasticity is less compared to the entry segment. What about dual plays like , which has a bit of domestic and a lot of export demand. What happens there? Because of the diversification the company has, they definitely benefit to some extent. But when we look at the overall automotive basket, in segments like commercial vehicles we are still seeing a strong upcycle; passenger vehicles where the demand is far more resilient and the long-term structural growth story is there because penetration is still quite low for passenger vehicles in the country. Those companies would be better placed. But within the two-wheeler basket, companies with a more diversified portfolio will be better off."
"FASTags, NCMC payments to become easier: You don't have to add money manually for each recharge In its monetary policy meeting, the Reserve Bank of India ( ) announced the inclusion of for , National Common Mobility Card (NCMC), etc. with auto-replenishment facility under the framework. The framework for processing e-mandate for recurring transactions allows for specified periodicity recurring payments, such as weekly, monthly, or daily. What is proposed? The RBI said in its Statement on Developmental and Regulatory Policies during the monetary policy meeting on June 7, 2024 said, “The adoption of e-mandates for recurring payment transactions has been increasing. It is now proposed to include payments, such as replenishment of balances in Fastag, NCMC, etc. which are recurring in nature but without any fixed periodicity, into the e-mandate framework. These categories of payments are made as and when needed and, therefore, their replenishment is not time specific or amount specific. Under the e-mandate framework, it is proposed to introduce an automatic replenishment facility for such payments. The automatic replenishment will be triggered when the balance in Fastag or NCMC falls below a threshold amount set by the customer.” This will enhance convenience in making travel Recurring Mandates? BHIM PNB AutoPayInsurance PaymentsOTT subscriptions. You can create the mandate by completing one time authentication mechanism and at the set datesher Debit Card for regular/recurring payment transactions. As per the mandate provided to the Bank, post validation through Additional Factor Authentication, recurring transactions will be carried out on the due date. Pre-Debit Notification, 24 hours prior to actual debit, will be sent to the customer. This will enable a cardholder, if needed, to cancel the transaction before actual debit. The customer must provide their debit card information as well as any other information requested on the website. Following submission, an OTP will be sent to the registered mobile number, which must be entered into the site for validation reasons. Customer will get alert SMS on RMN on the mandate transaction, at least 24 hours before the actual debit date."
"IndiGrid raises INR 670 cr via institutional placement New Delhi: Infrastructure investment trust IndiaGrid has raised USD 670 crore through institutional placement. , India's first publicly listed power sector Infrastructure Investment Trust (InvIT) has successfully raised USD 670 crore through an Institutional Placement process as laid out by , a statement said. According to the statement, the IP process, launched on December 5, 2023, saw strong demand from both existing and new Indian and global institutional investors. In September 2023, IndiGrid had raised over USD 400 crore through a preferential issue. With the recently concluded Institutional Placement, the company has successfully raised equity funds of USD 1,070 crore in FY2023-24. ""This fundraise has helped us expand our unit holder base with more than 90 % demand from long-term investors across insurance companies, pension funds, mutuals funds and domestic institutions to IndiGrid's investor base,"" Harsh Shah, Chief Executive Officer of IndiGrid, said in the statement. Proceeds from the recently concluded institutional placement and those from the preferential allotment would be used for paring down debt. ""With the capital raise, IndiGrid has created a significant debt headroom of around USD 6,000-7,000 crore at the leverage cap of 70 %,"" the statement said. The board of directors of IndiGrid Investment Managers Ltd, acting in the capacity of investment manager of IndiGrid, approved the issuance and allotment of 5.27 crore new units through this Institutional Placement to 11 eligible investors on December 8, 2023. More than 90 % of incremental units were issued to insurance companies, mutual funds, pension funds and domestic institutions. Axis Capital Limited, Ambit Private Limited, HSBC Securities and Capital Markets (India) Private Limited, and SBI Capital Markets Ltd served as Book Running Lead Managers for this placement. and acted as issuer counsel and bankers counsel respectively."
"Green retail lender Ecofy gets NBFC licence Eversource promoted Accretive Cleantech Private Ltd, operating as ‘ ’, has received RBI approval to operate as a non-deposit taking (NBFC). This makes Ecofy among the early green retail NBFCs. , is a climate impact investors. The company founders are NBFC industry veterans Rajashree Nambiar (former MD & CEO, Fullerton India Credit Company Ltd.) and Govind Sankaranarayanan (former and CFO, ). Ecofy will lend to individuals and small businesses to enable transition to a reduced carbon emission. The company will finance (2 and 3-wheelers), rooftop solar and . Ecofy’s offerings include loans, leases, insurance, warranties, and buybacks for all green needs. The company will operate with a digital-first strategy. Speaking on the launch, Rajashree Nambiar, Co-Founder and CEO of Ecofy, said, “Finance is a critical input that can catalyse the much-needed for a future. Our goal with this NBFC is to provide the products and seamless experience that address customer needs.” Dhanpal Jhaveri, Vice Chairman, Everstone Group and CEO, Eversource Capital, said, “Today, green assets and businesses are not only climate positive but are also value accretive. Ecofy will help in accelerating the adoption of green assets and support businesses in their green transition through innovative and accessible financing.” Also Read:"
"Year-end discounts on cars rise to the highest in 4 years If you are looking to buy a new car, this could be the best time for it. Year-end discounts from carmakers have risen to a four-year high as pentup demand starts drying up on the back of improved production. Dealerships are making the deal sweeter with benefits ranging from ₹25,000 to ₹1,00,000. Driving this trend is the softening of demand in certain car segments and fuel types. To shore up sales, most carmakers are offering discounts between 4.5% and 5% on their vehicles this month compared with 2-2.5% two years ago. The most generous price benefits are in the entry-level car segment and the petrol segment of sports utility vehicles (SUVs), thanks to a mix of cash discount from automakers, exchange bonus benefit, lower own damage premium by insurance companies, and schemes run by dealers. Discount on CNG vehicles, too, has increased to an all-time high of about ₹60,000 as buyers are giving CNG models a miss owing to the narrowing price gap between the green fuel and fossil fuel. While carmakers are not worried about the larger discounts this time round - given that they have a robust order book of 417,000 units and there's expectation of a strong retail in December - they are cautious of the road ahead. Tarun Garg, director (sales, marketing and service) at , said retail in December is strong and is expected to be 20% higher than November. But he said ""the demand momentum, going forward, will depend on multiple factors like inflation, interest rates and general market sentiment"". is offering discounts from ₹17,000 to ₹18,000. This is on par with the discount levels of 2018-19, said , senior executive officer at . ""Unlike in 2018-19, the yearend discounts are confined to certain segments and the trend is not secular. In terms of demand and enquiries, the momentum remains strong. Having said that, we cannot afford to take our eyes off the headwinds, such as high interest rates and inflation,"" said Srivastava. According to him, discounts on the entry-level models should be seen as a reflection of better availability instead of a tepid demand. ""Dealer inventories are back to pre-pandemic levels of 45-50 days,"" Puneet Gupta, director at S&P Mobility, said, adding that this is mounting pressure on dealers to liquidate the vehicle even if they have to offer discounts. The increase in interest rates has added to their woes, Gupta said. Demand for electric cars, too, appears to be waning. The waiting period for ' e-Nexon is down from a few months earlier to let a buyer walk into a dealership and drive out in a new vehicle."
"Ocean shippers playing catch up to electric vehicle fire risk are crisscrossing the globe to reach their eager buyers, but the battery technology involved in the zero- emission automobiles is exposing under-prepared maritime shippers to the risk of hard-to-control fires, industry, insurance, and emergency response officials said. That risk has been put under the spotlight by the burning car carrier drifting off the Dutch coast. The said the fire's cause was unknown, but Dutch broadcaster RTL released a recording in which an emergency responder is heard saying ""the fire started in the battery of an electric car."" While all logistics companies deal with the risk of EV lithium-ion batteries burning with twice the energy of a normal fire, the maritime industry hasn't kept up with the developing technology and how it creates greater risk, maritime officials and insurers said. There were 209 ship fires reported during 2022, the highest number in a decade and 17% more than in 2021, according to a report from insurer Allianz Global Corporate & Specialty (AGCS) . Of that total, 13 occurred on car carriers, but how many involved EVs was not available. The European Maritime Safety Agency said in a March report the main cargo types identified as responsible for ""a large share of cargo fire accidents included ... lithium-ion batteries."" Dutch news agency ANP, citing operator ""K"" Lines, said there are almost 4,000 cars on the ship. That total includes 25 EVs. A person answering the phone at ""K"" Line's main U.S. office said he was not authorized to discuss the fire. Japan's Shoei Kisen, which owns the ship, said it was working with authorities to get control of the fire. The cause of the fire, while still officially undetermined, has raised questions about ""what blind spots there are when transporting electric cars powered by batteries - which when they catch fire can't be extinguished with water, or even by oxygen deprivation,"" said Nathan Habers, spokesperson for the Royal Association of Netherlands Shipowners (KVNR). ""The first question that comes to mind is: Does the current code stack up against the risk profile of this type of goods?"" he added. One hazard in lithium-ion batteries is ""thermal runaway,"" a rapid and unstoppable increase in temperature that leads to fires in EVs that are hard to extinguish and can spontaneously reignite. Fire extinguishing systems on the massive ships that haul cars weren't designed for those hotter fires, and shipping companies and regulators are scrambling to catch up, said Douglas Dillon, executive director of the Tri-state Maritime Safety Association that covers Delaware, Pennsylvania and New Jersey. Recent fire-related losses are resulting in increased insurance costs for automakers shipping cargo and costs are likely to increase for vessel owners as well, said John Frazee, a managing director at insurance broker Marsh. As ship owners seek to limit losses by legally pursuing automakers whose vehicles are determined to"
"for vessel owners as well, said John Frazee, a managing director at insurance broker Marsh. As ship owners seek to limit losses by legally pursuing automakers whose vehicles are determined to have caused a fire, automakers are buying additional liability protection, he said. Exacerbating the risks is the business model used by the companies that includes tightly packed ships. Auto carriers like the burning ship are known as RoRos, which stands for roll-on/roll-off - the way cars are loaded and unloaded. RoRos are like floating parking garages and can have a dozen or more decks carrying thousands of vehicles, industry officials said. Unlike parking lots, however, cars are parked bumper-to-bumper with as little as a foot or two of space overhead. Firemen typically put out EV battery fires on roadsides by clearing the area around the burning vehicle and flooding the underside with water, something difficult to do on a RoRo, Dillon said. ""There's no way for a firefighter in protective gear to get to the location of a fire"" on a ship, he said, adding the cramped conditions increase the danger getting trapped. While trains and trucks also transport EVs, isolating and extinguishing fires is easier as workers can unhook a rail car and a trucker can pull over, said Frazee. Frazee expects insurers to lead the charge on strengthening safety systems on ships. Options being worked on include new chemicals to douse flames, specialized EV fire blankets, battery piercing fire hose nozzles and proposals to segregate EVs. ""I see no quick solution,"" Frazee said. The International Maritime Organization, which sets regulations for safety at sea, plans to evaluate new measures next year for ships transporting EVs in light of the growing number of fires on cargo ships, a spokesperson told Reuters. That could include specifications on types of water extinguishers available on boats and limitations on the amount a battery can be charged, which impacts flammability. With EVs here to stay, KVNR's Habers said his group is discussing tightening regulations to account for the additional safety risks. ""There is already a whole lot of communication underway about this,"" he said, ""but with this incident it becomes apparent we might need to speed up the process, especially when you consider that the number of this sort of cars is only going to rise."" Global auto sales last year totaled 81 million vehicles, 9.5% of which were EVs, according to EV-Volumes.com. China and Europe have been the most aggressive regions in pushing automakers to shift to EVs, and U.S. President Joe Biden's administration has proposed rules that could result in as much as two-thirds of the new vehicle market shifting to EVs by 2032."
"Opinion: Strategies to navigate megatrends of Indian CV industry By Ashim Sharma The strong correlation between (CV) is well established. Hence it is the bellwether of the economic conditions. The in India witnessed multi-year lows during the pandemic and is still on an arduous path. However, a recovery in economic activity, and restoration of inter-state personal movement resulted in high demand for commercial vehicles from various sectors such as FMCG, mining, and others. Demand for replacement vehicles is also increasing as very low replacement has happened in the past 3 years due to the . Owing to the ever-increasing fuel prices, CV owners are replacing their vehicles to achieve better fuel efficiency. Sales trends across segments and sub segments: As per the latest data released by the Federation of Automobiles Dealership Association (FADA), CV sales in November 2022 touched 79,369 units and surpassed that of the pre-Covid sales in November 2019 by 6.4%(YoY). However, CV sales are still far from the previous peak of FY19. The current growth momentum could get moderated due to headwinds like diminishing cash flows, raw material cost pressures, export slowdown, and given the global economic turbulence, recent Covid outbreak in China and the ongoing Ukraine war. Outlook for 2023 and beyond: After posting a strong recovery and achieving pre-Covid sales figures, the Indian CV industry has an opportunity to leap ahead in spite of the cash reserves and fall in the appetite of big players. For domestic demand, the vehicle scrappage policy can prove to be a catalyst of growth as a substantial chunk of the fleet is older than 15 years. The end-user companies are also focusing on cost optimization and supply chain efficiency improvement with advanced analytics and data-driven fleet solutions which are increasingly being offered in newer trucks. Export markets are also feeling the pinch of a global slowdown. Covid is still not over, Ukraine Russia war dawdles to its first anniversary, and various other countries in the world are facing economic slowdown and inflation including some of India’s biggest export markets. Though exports are growing, it is yet to transcend the pre-pandemic levels. Major megatrends for the CV industry Improvement in infrastructure, Logistics policy, and push towards de-carbonisation and cleaning the urban air are the major megatrends of the Indian CV industry. Improvement in infrastructure: Increased activity in road construction (50 Km daily day in FY23), improved infrastructure spending (expansion of national infrastructure pipeline to 9,335 projects during FY20-FY25) and new real estate and redevelopment projects will set up the stage for uptick in CV sales figures. Logistics policy: The National Logistics Policy (NLP), targets reduction of logistics costs to be comparable to global benchmarks and reaching the top 25 ranked countries in the logistics performance index ranking by 2030 through a systematic data-driven decision"
"of logistics costs to be comparable to global benchmarks and reaching the top 25 ranked countries in the logistics performance index ranking by 2030 through a systematic data-driven decision support mechanism for an effective logistics ecosystem. This will drive a paradigm shift towards seamless and integrated multimodal transportation and the introduction of connected features in the segment. This would also translate into demand for modern, higher powered and connected trucks. Push towards de-carbonisation and cleaning the urban air: As per a recent report from NITI Aayog, trucks which represent 3% of the total vehicle fleet (including both passenger and freight) are responsible for 53% of PM emissions and one-third of transport-related CO2 emissions in India. With the reduction of PM emission in BS6 by over 80%, the replacement of the fleet can go a long way in helping reduce urban air pollution. India has proposed a phase down of GreenHouse emitting fuels by 2030 necessitating exploration of alternative propulsion fuels. Opportunities and challenges Higher growth in small and heavy vehicles: In some developed economies, the ratio of LCV to M and HCV is as high as 6:1. But the LCV to HCV ratio is between 1.5:1 and 2:1 in India due to low-income levels of smaller fleet operators and overcapacity loading in SCVs and LCVs. Construction of better highways, consolidation of loads will lead to use of larger and higher-powered trucks (higher torque and power densities of engines) on the back of the trend of moving bigger loads in the mid mile and then transshipments using SCVs noise levels and its cryogenic temperatures which makes it a theft proof fuel option. In addition, use of HPDI (High Pressure Direct Injection), a system that enables heavy – duty trucks to operate on natural gas with diesel- like performance would also aid in the switch to LNG. With strides being made towards Green Hydrogen in the country, Hydrogen Fuel Cell Electric Vehicles can also prove to be a cheaper and cleaner substitute to diesel for long haul. Battery swapping-based EVs could see widespread adoption in city buses, shorter distance M&HCVs between cities, etc. Connected vehicles: Vehicle ecosystem is surging towards a connected future rapidly especially in the post pandemic era. The segment is moving from basic vehicle tracking services to more advanced features such as driver behaviour analysis, remote condition monitoring, regional language support, usage-based insurance and cloud based over the air software update in 4G working conditions will lead to better efficiency in due course. Strategies The business model of selling vehicles not as a product but as a business solution by working on the customer’s economic equation and applying the levers at various aspects of the product plus the augmented solution i.e., after sales, value-added services such as telematics, etc. is expected to gain greater prominence. In addition, the levers applied would increasingly"
"of the product plus the augmented solution i.e., after sales, value-added services such as telematics, etc. is expected to gain greater prominence. In addition, the levers applied would increasingly include the various powertrain options and for the EVs even the charging options. The wheels that move the nation are certainly transforming and with the right moves, all players in the ecosystem can unlock efficiencies and add value. (Disclaimer: Ashim Sharma is Senior Partner and Group Head at NRI Consulting & Solutions, India. Aashutosh Sinha, Principal, and Himanshu Bajpai, Senior Consultant, also contributed to this article. Views are personal.) Also Read:"
"Intersection assistance tech shows big promise for older drivers: IIHS New Delhi: Advanced technologies designed to help drivers navigate intersections could address a third of the crashes that cause older driver injuries and fatalities, a new study by the ( ) shows. “Left turn assist and other, upcoming intersection-assistance technologies could deliver big safety benefits for drivers in their 70s and 80s,” says Aimee Cox, IIHS Research Associate. Age-related declines in their vision and cognitive abilities make left-turn crashes more common, for example. IIHS researchers used federal crash data of the United States from 2016-19 to compare the types of crashes that are most common for older drivers and their middle-aged counterparts and analyzed that about 60% of the crashes involving either age group could potentially be addressed by at least one of the safety features covered in the study. More common ones like automatic emergency breaking (AEB) and lane departure prevention were relevant to a large portion of crashes for both sets of drivers. However, such conventional features applied to more crashes of middle-aged drivers than crashes of drivers in their 70s and older. Intersection-assistance features, which are newer and less well-known, could offer older drivers more help, the data showed. Such features were potentially relevant to 32% of older driver crash involvements, 38% of older driver injuries and 31% of older driver fatalities. They could also have big safety benefits for middle-aged drivers, as they were relevant to more than a fifth of all crashes for that age group. “These results should spur efforts to roll these technologies out to consumers as rapidly as possible,” added Jessica Cicchino, vice president of research, IIHS. Brighter headlights and related improvements allow the driver to identify hazards sooner. Front crash prevention warns the driver or applies the brakes to avoid an impending collision. Lane departure prevention returns the vehicle back to the proper path when it’s veering out of the travel lane. Blind spot detection warns the driver about vehicles that aren’t visible in the side or rearview mirrors. Left turn assist and other upcoming intersection-assistance features are probably less familiar. Left turn assist uses a camera and other sensors to detect oncoming vehicles when the driver signals a left turn, warning against proceeding if the software determines a collision is likely. , which is still on the horizon, would enable similar, more sophisticated features. If the vision of its designers comes to fruition, it would eventually link every vehicle on the road, allowing them to communicate their positions, speed and travel path. Vehicle-to-vehicle-enhanced left turn assist would allow the turning vehicle to know the speed and trajectory of oncoming traffic, even if a hill or obstruction makes it difficult to see. Another planned feature called intersection movement assist would allow vehicles to warn"
"to know the speed and trajectory of oncoming traffic, even if a hill or obstruction makes it difficult to see. Another planned feature called intersection movement assist would allow vehicles to warn drivers of possible collisions with others approaching a crossroads from multiple directions at various speeds and with different intentions. For middle-aged drivers, the data showed that intersection-assistance technologies as a group could be relevant to some 650,000 crashes per year as well as more driver injuries than any of the other features covered in the study. However, intersection-assistance features would be relevant to far fewer middle-aged driver fatalities than lane departure prevention — which is designed to address run-off-road, sideswipe and head-on crashes."
"Japan once led the world in microchips. Now, it's racing to catch up TOKYO: It was the spring of 2021, and demand for new cars was spiking. But, as consumers, flush with savings amassed during the pandemic, rushed to dealerships around the world, one Japanese automaker after another idled production as they waited for imports of a critical component: semiconductors. Coronavirus outbreaks had shut down chip plants, and an unanticipated surge in demand for electronics from people riding out the pandemic at home had constrained supplies. Nissan alone predicted a cut in output of half a million vehicles. The chip shortfall — a blow to “the head” of Japan’s economy, in the words of Yoshihiro Seki, a lawmaker who leads a study group on semiconductors — woke up the country to the fragility of the supply chains that undergird its most important industries. That has driven a broad reconsideration of how Japan can protect its economy, the world’s third largest, against both unforeseen economic shocks like the pandemic and looming risks like the rising tensions between the United States and China. Those risks were highlighted this week as House Speaker Nancy Pelosi visited Taiwan, prompting an angry response from China. The reconsideration covers an array of sectors, including energy, but semiconductors are among the top concerns. To increase production, the Japanese government is investing billions of dollars in its domestic chip industry and providing enormous subsidies for joint ventures with companies from Taiwan, a crucial , and from the United States. In a break with its past economic nationalism, it is also seeking to form a coalition with allies such as the United States and the to build a semiconductor supply chain that is less geographically concentrated and so better insulated from disasters and geopolitical instability. The latest move came July 29, when Japan and the United States announced that they would create a joint research center for advanced semiconductors that would be open to other “like-minded” nations. “The era where the world is at peace and it doesn’t matter who supplies our semiconductors is over,” said Kazumi Nishikawa, a director at Japan’s Ministry of Economy, Trade and Industry, or METI. For both Japan, once the world’s largest chipmaker, and the United States, the birthplace of the semiconductor, a decadeslong erosion of their chipmaking capacities has left them playing catch-up. Last week, Congress passed a huge industrial policy bill that included $52 billion in subsidies and incentives to revitalize the U.S. chip industry. The new efforts are seen in both countries as critical to economic and national security as China expands its share of the chip market and takes an increasingly aggressive stance toward Taiwan that raises the risk of disruptions to the flow of chips made there. The question is whether the initiatives will be enough. Japan once manufactured more than half the world’s supply of semiconductors, powering"
"the risk of disruptions to the flow of chips made there. The question is whether the initiatives will be enough. Japan once manufactured more than half the world’s supply of semiconductors, powering calculators and consoles, but its market share fell to around 10% as globalization pushed companies in wealthy countries to contract out their chip production abroad. Firms such as Taiwan Semiconductor Manufacturing Co., or , that specialized in made-to-order chip manufacturing and that received ample government support accumulated enough customers to achieve economies of scale that made it senseless for companies in Japan and elsewhere to continue making most chips in-house. Japan still leads the market in some products that are essential to semiconductor manufacturing, including specialty chemicals and silicon wafers. The country also has nearly a monopoly on some of the highly specialized tools used in the production process. But it lacks the expertise to make the cutting-edge chips that are manufactured only in Taiwan and South Korea. And, while the geopolitical calculus on supply chains has changed, many of the economic factors that caused Japan’s share of the chip market to shrink have not. That will make it difficult, and potentially very expensive, for Japan to revive the industry, analysts said. The semiconductor study group run by Seki has estimated that success will require an investment of at least $78 billion. “What they’re trying to do is reverse more than 20 years of underinvestment,” said Damian Thong, head of Japan equity research at the . Whether the undertaking is economically viable, Japan believes it has no choice but to try. The first steps are already taking place in Kyushu, in southern Japan, which is known as Silicon Island because of its position as the hub of the country’s once-thriving semiconductor industry. In June, METI announced that it would provide $3.5 billion in subsidies for the construction of an $8.6 billion chip foundry in Kumamoto, a prefecture on the island’s west coast. The factory, the first to receive government support under the new initiative, is a joint investment between TSMC, which makes more than 90% of the world’s most advanced chips, and two major Japanese companies, and Denso, which supplies parts to Toyota. It will be the most advanced production facility in Japan, albeit still behind the world’s leading plants. Production is set to begin by the end of 2024. TSMC is expected to employ more than 1,700 workers in the region, with 300 employees coming from Taiwan. Universities in the area are gearing up to train hundreds of new engineers to supply the industry. The project is the “largest investment we’ve ever had,” said Keisuke Motoda, a Kumamoto prefectural official who oversees government relations with the semiconductor industry. Last month, Japan’s government also announced that it would provide nearly $690 million to a joint venture between Kioxia, a Japanese company, and the American firm"
"with the semiconductor industry. Last month, Japan’s government also announced that it would provide nearly $690 million to a joint venture between Kioxia, a Japanese company, and the American firm Western Digital to upgrade a chip facility in the western region of Kansai. The new investments will not even begin to meet the seemingly bottomless demand for chips from Japan’s biggest industries. TSMC’s facility is expected to produce 50,000 to 60,000 wafers a month. A single vehicle can have hundreds of semiconductors, and Toyota alone manufactured almost 8.6 million vehicles worldwide last year. Japanese officials, though, hope that TSMC’s investment will kick off the development of an ecosystem that could one day serve as an insurance policy against supply chain disruptions. That insurance policy would most likely include partnerships with allied nations. Semiconductor manufacturing is one of the most complex industrial processes in the world, and no country has the capacity to make the process entirely domestic. Prime Minister Fumio Kishida has made the global connections a priority in recent talks with his counterparts in the United States and the European Union. In May, the Japanese economy minister visited a semiconductor research facility in New York to discuss cooperation on developing next-generation chip technology. The effort by Japan, the United States and their allies is creating a “new geopolitical landscape,” said Patrick Chen, head of research at CLST, a subsidiary of the brokerage house CLSA. For trade in general, but especially for semiconductors, “the world is being divided into two camps,” he said, “the pan-U.S. allies — that includes, obviously, Japan, Korea and Taiwan — and, on the other side, we have the likes of China, Russia and maybe North Korea.” As for Japan’s domestic investment, Hideki Wakabayashi, a professor at Tokyo University of Science and a top government adviser on semiconductor policy, believes that, with enough government support, the country could recapture at least 20% of the semiconductor market by 2030. Even with subsidies, however, it does not make economic sense for most Japanese companies to invest in domestic chip production, said Masatsune Yamaji, a senior analyst and an expert on semiconductors at the consulting firm Gartner. “If making a fab made a lot of money for Japanese companies, then they would invest in the production capacity,” he said, referring to a semiconductor fabrication plant. “But, in the past 15 years, Japanese companies have not invested in the evolution of the semiconductor production process.” The Japanese chipmaker Rohm received millions of dollars in subsidies from METI to build more energy-efficient chips for industrial applications at its plants overseas. While the company performs some of its operations in Japan, the funding is not enough to persuade it to move its manufacturing back home, said Tatsuhide Goto, the company’s public relations manager. Much as the government"
"some of its operations in Japan, the funding is not enough to persuade it to move its manufacturing back home, said Tatsuhide Goto, the company’s public relations manager. Much as the government does, the company worries about geopolitical risks to its operations abroad. But, at least for now, he said, “we’re not considering changing our business model.”"
"Tanker giants sprout from nowhere to keep Russian oil moving At a downtown office block in , packing tape peels off a black door whose handle appears to have been ripped out. A pile of post is strewn on the floor outside. A guy from a neighboring office says the staff moved out a few weeks ago, destination unknown. Almost 1,200 miles away in , a small office in a run down industrial estate, offers no clues that it, too, is a small cog in ’s vast new petroleum supply chain. The two locations are listed on an international maritime database as belonging to firms running $2 billion in tanker assets between them. They assembled fleets in under a year that are now delivering millions of barrels of across the globe. The first address is for a firm called Gatik Ship Management in Mumbai. The second is for Fractal Shipping. They’re part of a sprawling network of maritime operations that came to prominence soon after the invasion of , helping Russia’s exports continue substantially unscathed despite sanctions from the west. “It is this new breed of tanker market players who have helped Russian oil to continue to flow around the world,” said Rebecca Galanopoulos Jones, senior content analyst at VesselsValue, a firm that tracks the prices of thousands of merchant ships. “The sanctions on Russian oil seem to have had very little impact on overall export levels.” Europe banned almost all seaborne from Russia from Dec. 5 and simultaneously joined the Group of Seven industrialized nations in imposing a price cap on the country’s crude sales. That extended to refined fuels on Feb. 5. Anyone wishing to access key western services — especially insurance — had to provide an attestation that the cargoes they were transporting cost $60 per barrel or less. The cap was set high on purpose — the US wanted already discounted Russian crude to keep flowing — and both upstart shippers are using plenty of western insurance. About three-quarters of Gatik’s fleet is covered by mutuals within the International Group of Protection and Indemnity Clubs in London, data compiled by Bloomberg show. For Fractal, the proportion is higher still. Both firms have numerous ships in their fleets covered by one of the International Group’s 13 member organizations, the American Club, whose head office is in New York, according to industry data compiled by Bloomberg. The American Club’s chief operating officer, Daniel Tadros, confirmed his organization covers ships in both firms’ fleets, adding both have provided the so-called attestations — documented statements confirming that oil purchases are in accordance with the G7 price cap. The need for firms like Gatik and Fractal grew because many conventional western shipping firms stopped lifting Russian barrels, either to protest at the invasion or because of the threat of falling foul of sanctions. Even before the measures began, a huge number of tankers started to be sold to a new group of buyers, whose identities and affiliations were often"
"because of the threat of falling foul of sanctions. Even before the measures began, a huge number of tankers started to be sold to a new group of buyers, whose identities and affiliations were often not clear. Permitted Trade There are no results when searching for the company Gatik Ship Management on India’s Ministry of Corporate Affairs website. A Gatik website address shows that it is under construction. The firm declined to answer questions about its activities. Fractal’s website only has an email address for recruitment. Emails, a WhatsApp message, and a call requesting comment — to addresses and phone numbers provided by people who know Fractal officials — were not returned. Its Dubai address is listed on Equasis as the location for the commercial manager of most of Fractal’s tankers. The firm also recently moved out of a shared work space in Geneva — the home of its head office, according to a manager there. Gatik’s fleet can haul about 30 million barrels of oil and fuels, according to data compiled by Bloomberg. Fractal’s has a transportation capacity closer to 15 million barrels. Almost all Fractal’s and Gatik’s tankers made calls to Russian ports this year, or took Russian cargoes by ship-to-ship transfer, according to tanker tracking data compiled by Bloomberg. India and the United Arab Emirates did not sign up to the price cap, nor do they have other sanctions on Russian oil. They can legally use western services too, providing they give an attestation the cargoes were bought at or below the cap. Russia-Serving Gatik’s earliest recorded tanker acquisition was in June 2022, with its most recent in February this year, according to VesselsValue, a firm that monitors sale and purchase of merchant ships. Fractal’s was in the same month, Equasis data show. One such example is the Gatik tanker Jumbo, which was observed calling at the port of Ust-Luga in Russia’s Baltic Sea on Feb. 11. It is now near Kalamata in Greece, a popular location for ship-to-ship cargo transfers of the nation’s oil, according to ship-tracking by Bloomberg. The ship came under Gatik’s management on Feb. 3, according to Equasis. Russia exported about 3.2 million barrels a day of crude oil from its ports in the two months after the cap and Europe’s imports ban were imposed on Dec. 5, little changed from the prior two months. The two firms are part of the new supply chain network allowing that to happen. Neither Gatik nor Fractal is listed as the beneficial owner of the tankers in their fleets, meaning they are probably operating the ships for others, whose identity is often not made public. They are described as the “registered owners” of their vessels on the American Club’s website. This is a common form of vessel ownership in the shipping industry but does not denote the ship’s true owner. Beneficial ownership is a more important detail for understanding who really owns the assets and, according to information from IHS, which maintains a shipping database for the"
"the ship’s true owner. Beneficial ownership is a more important detail for understanding who really owns the assets and, according to information from IHS, which maintains a shipping database for the International Maritime Organization. “We’re seeing how easy it is to transfer ownership with these large, new groups,” Steve Cicala, co-director of the Project on the Economic Analysis of Regulation at the National Bureau of Economic Research."
"Tesla ready to drive in up to USD 2 billion, but with riders US electric carmaker is willing to invest up to USD 2 billion for setting up a local if the government approves a concessional duty of 15% on imported vehicles during its first two years of operations in India. According to sources aware of the matter, Tesla has approached the union government with a detailed proposal linking the quantum of to the number of cars it can import at lower duty. The company is willing to invest up to USD 500 million if the government extends for 12,000 vehicles and can increase this up to USD 2 billion if the reduced duty is approved for 30,000 vehicles. People close to the development said the government is examining the viability of the upper range of Tesla's proposal - the investment of USD 2 billion to set up a plant. Bank guarantee The government also wants to reduce the number of cars that can be imported at a concessional tariff, compared to the numbers proposed by the American carmaker. It is evaluating if concessional tariffs should be restricted to 10% of the total EVs projected to be sold in India in the current fiscal year (10,000 units) and it can be increased by 20% for the second year. Around 50,000 EVs were sold in FY23 and this is expected to go up to 100,000 in FY24. Tesla may commit to localise up to 20% of the value of made-in-India cars in 2 years and increase that to 40% in 4 years. The proposal is being jointly evaluated by the department for promotion of industry and internal trade (DPIIT), ministry of heavy industries (MHI), ministry of road transport & highways (MoRTH) and the under the guidance of Prime Minister's Office (PMO). Emails sent by ET to Tesla and the ministry of commerce & industry seeking comments remained unanswered at the time of going to press Thursday. India imposes 100% on cars with cost, insurance, and freight value of more than USD 40,000, and 70% on vehicles cheaper than that. Further, the government may require a bank guarantee linked to the capital commitment to recoup loss on account of import duty if the US carmaker does not deploy funds as committed. The Austin, Texas-based company is requesting the government not to insist on a bank guarantee, the sources cited said. Tesla is planning to commence India operations with three vehicles - the Model 3, and a new hatchback, priced at USD 39,000 (Rs 32.37 lakh), USD 44,000 (Rs 36.52 lakh) and USD 25,000 (Rs 20.75 lakh), respectively, in the US. According to a person in the know, the Model 3 and Model Y are likely to be priced at Rs 38 lakh and Rs 43 lakh in India if concessional import duty is granted. A possible investment of USD 2 billion by Tesla was reported by Bloomberg on November 21. Details of Tesla's proposal as well as the government's thinking on the matter have not been previously reported. Senior government officials said an initial round of discussion took place with executives from Tesla recently. ""Wherever Tesla sets up a base, it does so with"
"have not been previously reported. Senior government officials said an initial round of discussion took place with executives from Tesla recently. ""Wherever Tesla sets up a base, it does so with its entire supplier base. So, the investments are significant. They already source from some component makers here,"" said a person aware of developments. The sources cited said that discussions were ongoing, and details could change. Tesla is looking to source USD 1.7-1.9 billion worth of auto parts from India this year, up from USD 1 billion in FY23, minister for commerce & industry Piyush Goyal said recently during his trip to Tesla's factory in the US. Separately, the central government has said any incentive extended to facilitate local production of will be the same for foreign and domestic players, amid concerns raised by automakers in India over possible concessions in import duty to the American carmaker. New Delhi said it is not in favour of any company-specific exemptions. ""The government's approach is for the industry as a whole and not for any specific company because we have very strong domestic companies in this sector,"" said an official, adding that any incentives offered will be equal for domestic and foreign investors."
"No adverse impact of Red Sea crisis so far on India's trade There is no on India's exports and imports so far due to the , an official said. The official said that the transportation cost has increased as the shippers are taking a long route. ""There is no impact in volume terms so far. Only the transportation cost is up. It has risen for all the countries. It has not affected the trade adversely so far. We have to see the long term demand, but it will depend on the EU and the US,"" the official added. These two regions account for over 30% of the country's total exports. However, exporters said that they are keeping their fingers crossed as due to the significant jump in freight cost, India's exports may be impacted. The trade data for January will be released by the commerce ministry on February 15. In December last year, exports rose marginally by one% to USD 38.45 billion. Due to the attacks by Yemen-based Houthi rebels on commercial ships, the movement of goods from the Red Sea, the world's busiest shipping route, has disrupted the global supply chains as vessels have to take long routes for exports and imports. The immediate ripple effects are seen in increased freight costs, mandatory war risk insurance, and significant delays due to rerouting. According to think tank GTRI, the average container spot rates have more than doubled since early December 2023. Basmati rice exporters face freight costs soaring to USD 2,000 per 20-tonne container for destinations around the Red Sea, marking a 233% increase, it has said in a report. Houthi group has been using drones and rockets to target ships, which are transporting goods through the strait of Bab al-Mandab, which is a crucial shipping route connecting the Mediterranean Sea to the Indian Ocean. The strait, vital for 30% of global container traffic, has seen increased tensions with various incidents in 2023, including attacks and military manoeuvres by regional and global powers. India is heavily reliant on this route for trade and energy imports and due to the disruptions, exporters here have to diversify their trade routes. Strikes have been continuing for many years but escalated this year sharply, with militants now using anti-ship ballistic missiles. To avoid attacks, most large shipping firms, since December 15 last year, have stopped using the Bab al-Mandab straits for trade with Europe via the Red Sea and Suez Canal. The closure of this route snaps a critical trade link between Europe and India and all of Asia. Ships going to Europe will now move via a much longer route around the Cape of Good Hope, the bottom tip of Africa. This change increases voyage distances by 40% and raises transportation time and cost. The two main shipping routes from India to Europe are via Bab-el-Mandeb Strait, Suez Canal and Red Sea; and via Cape of Good Hope, encircling Africa. The Red Sea route is shorter and faster, making it the preferred option for most shipping companies. It starts from major Indian ports"
"Canal and Red Sea; and via Cape of Good Hope, encircling Africa. The Red Sea route is shorter and faster, making it the preferred option for most shipping companies. It starts from major Indian ports like Mumbai, JNPT, or Chennai, heads westward through the Arabian Sea, enters the Red Sea, and navigates through the Suez Canal into the Mediterranean Sea. From there, ships can reach various European ports depending on their destinations. On the other hand, the Cape of Good Hope route is longer and slower than the Suez Canal route, but it avoids the potential for delays or disruptions. It is used for bulk cargo shipments where time is less critical or when political instability in the Middle East raises concerns about using the Suez Canal. It starts from the Indian ports, heads southward across the Indian Ocean, rounds the Cape of Good Hope at the southern tip of Africa, and then sails northward along the west coast of Africa before entering the Mediterranean Sea and reaching European ports. India is heavily reliant on this strait for its crude oil, LNG imports and trade with the Middle East, Africa, and Europe."
"Bajaj Finance partners with new partner ICICI Lombard General Insurance to offer motor insurance policies has partnered with along with other partners to provide car and two-wheeler insurance plans on the platform Bajaj Finance Insurance Mall. These policies can be bought instantly on the platform through an all-digital and seamless customer experience journey. The Lombard Car and Two-wheeler Insurance policies offer comprehensive damage coverage, including third-party cover and various add-on benefits to vehicle owners. These policies provide extensive coverage against various risks and damages to vehicles. Here are some of the key features and benefits offered by ICICI Lombard two-wheeler and car insurance policies: Offers comprehensive coverage: Get complete coverage for the insured vehicle as well as for the third party. Offers own damage cover: These policies cover damages caused to the insured vehicle by accidents, thefts, natural calamities and fire. Offers third-party cover: Get financial coverage for third-party liabilities. In case the policyholder is at fault and causes damages to third-party property or injures the person, the policy will cover all the incurred expenses. It will compensate the third party on behalf of the policyholder for the repair cost or medical expenses, if any. Offers personal accident cover: This cover provides financial support in case of an accident resulting in injuries or death of the ownernon-electrical accessories like fog lights, music system, seat covers and more. Why choose ICICI Lombard motor insurance plans? To enhance customer experience, ICICI Lombard has, over the years, brought in innovative solutions. Here's why one should consider buying ICICI Lombard motor insurance. The insurance company offers tech-enabled vehicle insurance plans for its customers to enhance customer experience. Benefit from its 100% digital claim inspection and settlement process. Use the IL Take Care app for instant policy issuance and easy claims. This app helps raise claims and track the claim status easily on mobile. Furthermore, the feature on the IL Take Care app initiates a live survey. This allows one to capture live video of the vehicle damages from all angles and upload it for instant approval. The insurance company also offers robust customer support, with 24x7 call and chat assistance. ICICI Lombard has 12,000+ network garages across India where customers can get their vehicles repaired without paying any amount upfront. Here customers can benefit from the cashless claim facility and avail quality services. Why buy ICICI Lombard motor insurance through Bajaj Finance Insurance Mall? Bajaj Finance offers a seamless customer experience and a hassle-free insurance buying process which involves zero paperwork. The company ties up with leading insurance companies in India to offer curated and customer-centric insurance products. The buying process is simple, transparent, and secure. Users can choose from various car"
"ties up with leading insurance companies in India to offer curated and customer-centric insurance products. The buying process is simple, transparent, and secure. Users can choose from various car insurance and two-wheeler insurance policies on Bajaj Finance Insurance Mall and purchase seamlessly in just a few clicks. This makes it easier for buyers to compare and buy vehicle insurance policies that suit their requirements and budget. Disclaimer: T&C Apply. Bajaj Finance Limited ('BFL') is a registered corporate agent of third-party insurance products of Bajaj Allianz Life Insurance Company Limited, HDFC Life Insurance Company Limited, Future Generali Life Insurance Company Limited, Bajaj Allianz General Insurance Company Limited, SBI General Insurance Company Limited, ACKO General Insurance Limited, ICICI Lombard General Insurance Company Limited, HDFC ERGO General Insurance Company Limited, Tata AIG General Insurance Company Limited, Niva Bupa Health Insurance Company Limited, Aditya Birla Health Insurance Company Limited, Manipal Cigna Health Insurance Company Limited and Care Health Insurance Company Limited under the composite CA registration number CA0101. Please note that, BFL does not underwrite the risk or act as an insurer. Your purchase of an insurance product is purely on a voluntary basis after your exercise of an independent due diligence on the suitability, viability of any insurance product. Any decision to purchase insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly. Please refer insurer's website for Policy Wordings. For more details on risk factors, terms and conditions and exclusions please read the product sales brochure carefully before concluding a sale."
"Union Bank, NPCI launch credit card for MSME borrowers to meet biz expenses NEW DELHI: To tide over the challenges to meet business-related expenses by , and the National Payments Corporation of India ( ) have jointly launched a credit card for the borrowers, offering interest-free credit for up to 50 days. The ' ' is a new digital payment tool available to the MSME customers of Union Bank of India for meeting their business-related operational expenses with interest-free credit for up to 50 days, according to a joint statement released on Friday. The credit card will provide a simplified payment mechanism to MSMEs (micro, small and medium enterprises) to meet their business-related operational expenses, it said. Among others, the card also offers the facility to the customers on their business-related purchases. MSMEs will also get specially curated efficient business services on this card, which will help them in taking their business on most of the digital platforms. Additionally, they will also be benefitted in the form of accidental insurance coverage of up to Rs 10 lakh, domestic airport lounge access of two times per quarter, and other rewards using this card. ""This credit card will reduce the demand for cash withdrawal by MSME for business expenses besides simplifying their payment mechanism. ""With the newly launched credit card facility coupled with the regular working capital limits, MSMEs can reap the benefits of best in class products being made available to them by the bank,"" Nidhu Saxena, executive director of Union Bank of India, said. It will improve the digital delivery channel in servicing the MSME clientele in a fast-growing tech-savvy economy, Saxena said. Praveena Rai, chief operating officer of NPCI, said, ""We believe this initiative will digitally empower MSMEs and help them streamline their regular business expenditure and finances. MSMEs are considered to be the backbone of the economy and we are confident that this card will support MSME with convenient, credit card digital payments."" RuPay MSME cards will also support the businesses in their journey of contemporary digitisation, she said. Rai said that there has been portfolio expansion of RuPay from retail users to business users. Also Read:"
"Odisha to go for new registration for vintage vehicles The Odisha government Monday said it has initiated separate registration of in a bid to fulfil the ambition of owners intending to keep such vehicles and enjoy exemption from scrappage policy in the state. The owners, enthusiasts and collectors of vintage vehicles, classic vehicles of more than 50 years can apply for special number plates and enjoy exemption from scrappage in Odisha, a senior official of the State Transport Authority (STA) said. The (MoRTH) has a provision under CMV Rule, 1989 for the registration process of , he said, claiming that Odisha would be the first state in the country to implement it. ""Odisha being a state of heritage & culture is the first state to implement this provision so as to fulfil the ambition of the vehicle owner intending to keep such a vehicle,"" said Dipti Ranjan Patra, , Technical. He said, ""MoRTH has taken initiatives to discourage the use of old vehicle by introducing scrapping policy. At the same time to preserve and promote the heritage of old vehicles in India, Central Government has formalised the registration process of vintage motor vehicles. The new rules shall provide salient features such as retention of old already registered vehicles with a new Vintage registration mark 'VA' series (Unique Registration Mark). "" According to the provision, two-wheelers and four-wheelers (personal use) that are more than 50 years old from the date of their first registration (including imported vehicle) shall be defined as the Vintage Motor Vehicles. However, only vehicles that have no substantial overhaul including modification in chassis or body shell, andre-registration will be made as per Form 20 and shall be accompanied by an insurance policy, fee, bill of entry in case of imported vehicles, and old RC in case of an already registered vehicle in India. The old certificate of registration of a motor vehicle after being registered as Vintage Motor Vehicle, will be marked as cancelled and the owner may retain such cancelled certificate of registration for historical purposes only, he said. The will issue a certificate of registration as per Form 23A after inspection of the vehicle and subject to the condition that the vehicle is fit and having valid PUC (pollution under control) certificate. If the vehicle is approved, a fresh registration mark will be assigned to the eligible vehicles for Vintage vehicle as ""XX VA YY****"", where VA stands for vintage, XX stands for State Code, YY will be a two-letter series and ""****"" is a number from 0001 to 9999 allotted by the State Registering Authority. ""Under the new law, the issue of a new certificate will cost the owner Rs 20,000 and will be valid for a period of 10 years. Subsequently, the renewal of said registration will cost the owner an additional Rs 5,000 and shall be renewable for a period of 5 year,"" the official said. However, the official said according to a provision, the Vintage motor vehicles shall"
"will cost the owner an additional Rs 5,000 and shall be renewable for a period of 5 year,"" the official said. However, the official said according to a provision, the Vintage motor vehicles shall not be driven on roads for regular/commercial purposes. A vintage motor vehicle is allowed to run on Indian roads only for display, technical research or taking part in a vintage car rally, , exhibitions, vintage rallies, and to and fro to such exhibition or car rally, he said. The owner of a Vintage Motor Vehicle after assignment of Vintage number can also sell his vintage vehicle by applying for transfer of ownership of the motor vehicle and also can change his address by making application in the manner as provided under the Motor Vehicles Act, 1988, the official said. Also Read:"
"15 oil vessels blocked at Turkish Straits amid EU sanctions on Russian oil Fifteen oil tankers were banned from passing through the Turkish Straits due to a lack of proper insurance amid the European sanctions on Russian oil, 's maritime authority said. The Protection and Indemnity (P&I) insurance of these ships is invalid due to the EU sanctions and such insurance cannot be compensated in the event of an accident, the said on Thursday in a statement. ""Crude oil tankers that cannot offer valid P&I insurance are not allowed to pass through the Turkish Straits and this rule has been in effect since 2002,"" said the statement, adding it would continue to block the passage of oil tankers without appropriate insurance letters. The authority noted that Turkey was not obliged to implement sanction decisions of other countries and international organisations, except those taken by the , reported. ""However, we do not take the risk that the insurance company will not cover its liability in the event of a catastrophic accident that may occur if a sanctioned ship or a cargo passes through the Turkish Straits,"" it said. Since December 1, Turkey has started to seek confirmation from the insurance companies that the crude oil tankers to pass through the Turkish Straits are fully insured, the statement added. The EU's sanctions on Russian oil, which came into force on Monday, prohibit tankers transporting Russian crude from accessing European maritime insurance unless the oil is sold for $60 per barrel or less. Turkey announced its own new insurance regulation before the EU price cap decision, and several tankers so far have been stopped from entering Turkish waters. Turkey has avoided calls by the US and its Western allies to join the anti-Russian sanctions over the Ukrainian crisis. Also Read:"
"Hertz's EV sale to fan cost concerns, dampen used-car market Electric vehicles were already considered expensive and hard to repair. Now their image could take another hit as rental giant Hertz dumps 20,000 of them, including Teslas, for gas-powered cars. Hertz, the largest U.S. fleet operator of EVs, has blamed the sale on high repair costs and weak demand for the vehicles it offers on rent. Analysts and industry experts believe the move will affect the second-hand market for EVs and dissuade buyers who are already rethinking big purchases due to higher borrowing costs. ""The larger impact of is the perception hit to the technology,"" said , analyst at used-car aggregator iSeeCars.com. ""Mainstream consumers are already hesitant to buy an EV, and this news only supports their concerns."" The higher costs associated with repairing EVs stem from a lack of sufficient expertise in dealing with such vehicles and challenges in getting the replacement parts as they are still very new, industry experts said. Hertz CEO Stephen Scherr flagged elevated costs caused by damages to certain EVs, particularly Teslas, last year at a conference. Tesla and Polestar, whose cars are popular with car rental firms, did not respond to a request for comment. Car rental firm Avis and Enterprise also did not respond to a query on its EV strategy. CEO Scherr said Hertz limited the torque and speed on the EVs and offered them to more experienced users to ensure easier rides after certain renters had front-end collisions. Growing pains for startups and legacy automakers that are new to the technology also mean that EVs have been facing more problems than gas-powered cars, according to a survey last year by non-profit Consumer Reports. The survey, covering owner responses on more than 330,000 vehicles, showed that EVs from the past three years had 79% more problems than conventional cars. For many EVs, there is no way to repair or assess even slightly damaged battery packs after accidents, which forces insurance companies to write off the cars with a few miles - leading to higher premiums and undercutting gains from going electric. German rental firm SIXT said on Tuesday it signed a multi-billion euro deal with Stellantis to buy up to a quarter of a million vehicles. The deal will also see Stellantis provide some EVs to the German mobility service provider, but the companies did not offer further details. Hertz' move underscores a wider shift in the EV landscape. After pledging billions of dollars for their EV ambitions in recent years, legacy automakers have pulled back their production plans as demand slows. EV sales growth in North America is expected to slow to about 27% this year from a scorching 72% in 2023, according to market research firm Canalys. CUT-PRICE SALE Hertz may have to dispose of the EVs at hefty discounts due to the higher miles they have covered as well visible damage such as nicks, scratches and dents, according to experts. ""Having rented several Model 3s"
"to dispose of the EVs at hefty discounts due to the higher miles they have covered as well visible damage such as nicks, scratches and dents, according to experts. ""Having rented several Model 3s from Hertz over the past six months, my observation is some of them are cosmetically pretty rough,"" said Scott Case, CEO of EV research firm Recurrent Auto. Nearly all of the more than 500 used EVs the company has on sale are Teslas, with some Model 3 compact sedans being listed for as little as USD 21,000 - half the price of a new car and up to USD 10,000 lower than cars of similar mileage at other sellers. Such a cut-price sale would likely reverberate across the second-hand market of EVs, which already command a lower price than conventional cars. The value of used EVs has dropped 33.7% between October 2022 and October 2023, even as the overall used car market dropped only 5.1%, according to data from iSeeCars. Hertz could, however, benefit from the USD 4,000 tax credit for some used EVs under the Inflation Reduction Act, which brings down the price of some vehicles it is trying to sell well below many gas-powered cars. Some experts also said the high repair costs of EVs are a short-term challenge that comes with any technology and will ease as more of those vehicles hit the road. ""The infrastructure has to catch up with the transition, and that will bring the prices down,"" said Lynne McChristian, director of the Office of Risk Management and Insurance Research at the University of Illinois."
"Ola applies for licence to operate e-bike taxis in Karnataka ANI Technologies on Tuesday submitted an application with the Karnataka transport department seeking a licence to operate an EV bike taxi service in and other towns, official sources said. Karnataka allows operation of EV two-wheelers as bike taxis under its Electric Bike Taxi Scheme, 2021. The regulations, however, require the EV to be registered as a motorcycle in the transport category and used as a public service vehicle. On Saturday, cofounder Bhavish Aggarwal had announced that the EV maker was re-starting Ola Bike, the company’s two-wheeler taxi service, in Bengaluru. “This time, all electric and our own S1 scooters! INR 25 for 5km, INR 50 for 10km. Lowest cost, very comfortable and great for the environment! Will scale across India over next few months,” he posted on social media platform X. In another post, he said ride hailing has been concentrated in the top 15-20 cities so far. “With electric bike taxis we will change that and go deeper into smaller towns. Will be starting Ola e bike taxi services in a Bengaluru has emerged as a tense market for bike taxis with auto drivers frequently clashing with them. The auto drivers blocked a few bike taxis during their recent strike and manhandled the riders. Videos of the incidents went viral later. A ban on bike taxis is one of the demands auto drivers have placed before the government. Transport Minister has promised to crack down on bike taxis that have been operating in Bengaluru illegally. Special counsel to be appointed The Transport Minister, speaking to ET on Tuesday, said the was taking steps to appoint a special counsel to argue a case related to two-wheeler taxi service Rapido in the Karnataka High Court. “I have discussed the subject with the Additional Advocate General. We will soon have a special counsel,” the minister said, adding that the government would take the legal route to halt Rapido in its tracks. A single-judge bench of the Karnataka High Court had on August 11, 2021 directed the transport authorities not to take any “coercive action” against Rapido’s bike taxi service. This allowed the company to offer its services even with non-EV bikes, in the absence of any regulations by the government. Rapido, a Bengaluru-based startup backed by and , has been offering app-based bike taxi services in Bengaluru since 2016. The company has been operating bike taxis under a stay order, and the previous government did not take any interest in having the stay vacated, Reddy said. “This was one of the major demands of the autorickshaws, and we are taking steps to address them.” A few states, including Andhra Pradesh, Bihar and Goa, have allowed bike taxis. Goa, in fact, has had bike taxis, known locally as pilots, for decades. In Delhi, the high court had directed the government not to take any coercive action on bike taxis operated by Uber and Rapido until a policy framework was put in place. The set this order aside in June."
"the high court had directed the government not to take any coercive action on bike taxis operated by Uber and Rapido until a policy framework was put in place. The set this order aside in June. Karnataka’s transport and labour officials will meet on Wednesday to work on insurance cover for auto drivers, one of the main demands of the striking transporters. The government, the minister said, was also working on its own ride-hailing app along the lines of those offered by , and following in the footsteps of neighbouring Kerala and Goa. The transport department has asked the e-Governance department to take steps to develop the mobile app with various features, including those related to the safety and security of passengers, he said."
"Berkshire sheds General Motors, Procter & Gamble as it builds cash Hathaway said on Tuesday it has shed its holdings in and Procter & Gamble, and trimmed its stake in Amazon.com , as the conglomerate controlled by billionaire boosted its cash pile to a record USD 157.2 billion. In a regulatory filing detailing its U.S.-listed stock holdings as of Sept. 30, Berkshire reported no holdings in GM and P&G, after reporting stakes of USD 848 million and USD 48 million in June, and said it reduced its stake in Amazon by 5%. Berkshire also appeared to have shed what had been a USD 621 million stake in Celanese, a specialty materials company. One new position was an USD 8 million stake in Atlanta Braves Holdings, which indirectly controls the Major League Baseball team and The Battery Atlanta, a mixed-use development next to the Braves' Truist Park. The Braves had been split off from Liberty Media, another Berkshire , in July. Tuesday's filing detailed investments that comprised most of Omaha, Nebraska-based Berkshire's equity portfolio, which totaled USD 318.6 billion as of Sept. 30. Berkshire sold USD 7 billion of stocks, including some of its big investment in Chevron, and bought just USD 1.7 billion in the third quarter, a down period for its stock holdings led by Apple, whose share price fell 12%. For all of 2023, Berkshire has sold USD 23.6 billion more stocks than it has bought. The net sales contributed to Berkshire's record cash stake, which is about the same size as its USD 156.8 billion stake in iPhone maker Apple. Berkshire's filing does not say which investments are Buffett's, which are from his portfolio managers Todd Combs and Ted Weschler, and why the investments were made. Larger investments are normally Buffett's, and investors often try to piggyback on Berkshire's trading, reflecting Buffett's reputation as one of the world's greatest investors. To that end, Berkshire decided not to disclose one or more of its holdings, and said it has asked the U.S. Securities and Exchange Commission for confidential treatment. Berkshire has occasionally requested such treatment for major investments, including multi-billion-dollar stakes in IBM and Exxon Mobil more than a decade ago. Neither appears to be a current Berkshire investment. In other third-quarter sales, Berkshire finished exiting video game maker Activision Blizzard, which was bought by Microsoft last month, and reduced its holdings in life insurer Globe Life. Berkshire also shed about two-thirds of its stake in Markel Group, a notable change given that some investors have in recent years viewed the insurance and investment company as a ""mini-Berkshire."" Buffett, 93, has run Berkshire since 1965. His conglomerate also owns dozens of businesses including the Geico car insurer, BNSF railroad, energy and industrial companies, and consumer brands such as Benjamin Moore, Dairy Queen, Duracell, Fruit of the Loom and See's Candies."
"Porsche exploring assembly of Cayenne SUV in India amid growing domestic demand is exploring opportunities to start assembly of its iconic model in India amid an “unprecedented surge” in demand, senior industry executives aware of the German luxury carmaker’s plans told ET. Porsche AG board members Detlev von Platen, executive board for sales and marketing, and Matthias Becker, vice president of region overseas and emerging markets, are in Delhi to meet senior government officials, the sources said. They are scheduled to meet officials at Invest India and Niti Aayog on Tuesday. “Porsche is examining possibilities to locally assemble the SUV (Cayenne) to avail of tax benefits and expand its footprint in this fast-growing space,” a senior executive in know said on condition of anonymity. The company’s sales in India grew 64% on year to 779 units in 2022 with Cayenne accounting for almost half of it, the person said. Porsche did not share any information on the development in response to a query from ET. India recently surpassed Japan to become the third largest automobile market in the world. The country imposes 100% import duty on cars with cost, insurance and freight value of more than USD 40,000 and 70% on cheaper vehicles. Customs duties on knocked down auto parts, which are then locally assembled in the country, are substantially lower at 15-35%. Porsche currently manufacturers vehicles in Germany and in Slovakia. The company’s first assembly facility outside of Europe will open shortly in Malaysia, where Cayenne will be produced for the local market only. India could join the ranks if discussion with the government progress favourably. Porsche currently sells a range of imported cars like , Cayanne and priced between INR 88 lakh and INR 1.84 crore ex-showroom in India. “The government is keen that carmakers manufacture vehicles indigenously rather than bring in imported models for sale from neighbouring countries,” a second industry executive said. “They are against lowering import duties as it stands to impact adversely local jobs and investments. Carmakers are aligning strategies accordingly to tap into the massive potential the market here offers.” American electric carmaker Tesla – which had earlier urged the government for a cut in import duties to start operations in the country – recently tweaked its plans to enter India. CEO Elon Musk in June said the company was looking to invest “as soon as humanly possible”. The location for a factory could be finalised by the end of the year, according to reports. Tesla currently has two manufacturing facilities outside the US – near Berlin and in Shanghai. The increased focus on India comes at a time when its economy is projected to grow at a healthy pace even as several advanced economies including the US, Germany and the UK are beset with recessionary risks. The International Monetary Fund last month raised India’s GDP growth forecast for this fiscal year to 6.1%. In comparison, the US is"
"the US, Germany and the UK are beset with recessionary risks. The International Monetary Fund last month raised India’s GDP growth forecast for this fiscal year to 6.1%. In comparison, the US is expected to grow 1.8% and the UK by 0.4%, while the German economy is projected to contract by 0.3%. To be sure, sales of luxury vehicles in India are limited, with around 38,000 units sold in the segment in 2022. However, volumes are growing on a fast clip and are estimated to top 100,000 units in the next 10 years. As per a report by property consultant Knight Frank, India ranks sixth in the pace of growth in the number of self-made people with net assets worth USD 30 million or more and are under the age of 40 years — a key customer segment for luxury products including vehicles."
"Russia's oil export ban may bolster India crude imports 's decision to ban oil exports to potential Western buyers supporting a price will likely boost Indian imports of Russian crude, industry executives told ET. The , which insists on a strict price cap on supplies from Moscow, has already imposed a ban on the bulk of n crude exports. Some residual volumes still being imported into via pipelines could now be affected by the latest move. This could leave Russia with surplus crude oil volumes, something Moscow may want and China to absorb. However, since China is struggling with Covid infections, it may not have the demand for incremental Russian supplies, an Indian refinery executive said. ""This would leave India with an opportunity to import more from Russia,"" said this executive, who didn't want to be named. This would also give India a greater bargaining power with prices, said the executive. The US and its allies have barred their shippers, financiers, and insurers from backing any trade in at prices exceeding $60 per barrel. Some Russian Grades Trading Below Price Cap This has prompted Russia to ban the sale of its oil from February 1 to ""foreign companies and individuals if the contracts on these sales include the use of this mechanism, directly or indirectly"". The ban ""applies to all stages of sales up to and including the final buyer,"" the Russian government said in a statement. To be sure, the prices of certain crude-oil grades might not breach the price ceiling. ""It's clear that the oil purchase contracts can't have any reference to the price cap,"" said another industry executive, unwilling to be named. ""But that doesn't mean the contract prices will necessarily be above the price cap since some Russian grades are already trading below the cap."" Russia's flagship crude Urals is currently trading around $54 per barrel, lower than the cap of $60, and at a deep discount to the international benchmark Brent, which is around $82. ESPO and , Russia's other crude grades, are selling for $71 and $76 per barrel, respectively. ""It's unclear how Russia will implement its plan going up to the final buyer,"" said the second executive cited above. Russia relies heavily on traders to sell its crude and it will be hard to track every cargo, especially at a time when shipments are changing destinations and customers midway. Russia has also amassed a large number of ships to deal with any shortage that might arise due to the price cap. Executives believe the Russian fleet will be helpful in transporting such grades of oil that are trading above the price cap. For the flagship Urals crude, which is trading below the cap, services from the West will anyway be available. In November, Urals comprised about 80% of India's Russian crude-oil imports. Also Read:"
"About INR 10.7-lakh-crore stuck in delayed payments to MSMEs, amounting to 6% of India’s GVA Imagine despite it being three days past the salary day, not only is there no money credited into your account, but you have no clue when it will happen. How do you plan expenses and savings with such uncertainty? A majority of ’s , payments being delayed and the associated uncertainty is the norm rather than an exception. The buyers realise goods and services, but routinely delay payments. Our quantitative analysis estimates that approximately INR 10.7 lakh crore is stuck as in India, amounting to 6% of India’s (Gross Value Added) for FY 2020-21. are a critical issue not only affecting MSMEs growth but disrupting the supply chains and denting the economy, but it's not unique to India. Most enterprises around the world conduct business by offering credit to their buyers, and consequently face problems with receiving their payments on time. However, there are variations of quantum, longevity of delay variations in their solutions available, mitigation strategies and the general business environment. This article compares different countries trying to mitigate delayed payments, which serves as a useful starting point to understand if India can adopt similar solutions and the peculiarities in India which might render certain solutions inapplicable though they’ve worked for other countries. Law and regulations Most of Europe, the US, Japan and India have laws to check Delayed Payments and encourage prompt payments. In the US, the Prompt Payment Act is limited to government contractors only, the EU's Late Payment Directive covered all commercial transactions, and Japan protects subcontractors that supply to both corporations and the government. In India it is applicable to all micro and small enterprises. These laws typically define the maximum number of days within which suppliers need to be paid after delivering goods and services and generally penalise delays. By doing so, these laws are intended to ensure sufficient liquidity to small businesses, and provide compensation and legal recourse to enterprises if their payments get delayed. The laws, however, have limited success in curbing the problem because of weak enforceability. The legal process is lengthy and costly besides straining the buyer-supplier relationship which is detrimental to repeat business. The supplier enterprises’ therefore have often shown preference for other recourse such as availing short-term borrowings, accepting discounted payments or having a mix of buyers with both short and longer payment terms to ensure sufficient working capital. Market solutions Market solutions such as working capital loans, trade credit insurance, and invoice discounting are used as a mitigation measure to ensure sufficient liquidity for enterprises to run. These solutions are most prevalent in countries such as Taiwan and South Korea. While Taiwan has the best adherence to payment terms among all major"
"sufficient liquidity for enterprises to run. These solutions are most prevalent in countries such as Taiwan and South Korea. While Taiwan has the best adherence to payment terms among all major economies, it also has the lengthiest payment terms offered by the suppliers. The presence of these solutions enables enterprises to offer longer payment terms and reduce the impact of defaults. For market solutions to work, formal financial institutions need to address the constraints of small businesses. Taiwan and South Korea have the highest financial coverage of SMEs among all major economies, with the majority of the total borrowings extended by formal financial institutions are to SMEs. The market solutions have limited impact in countries where formal financial institutions are unwilling to serve smaller businesses. Some of these solutions also require the active participation of the buyer, such as in invoice discounting where buyers need to accept the invoices before they can be discounted. In countries with a weak prompt payment culture, the efficacy of these solutions remains low and questionable. Moral appeal Appeals to larger buyers to honour their obligation to pay on time are routinely made by governments, trade associations, and political leaders. While they are not legally binding, they potentially create persuasive pressure on defaulters in the ecosystem where brand reputation affects business outcomes. An example of such a measure is the Prompt Payments Code (PPC) in the UK in 2008 to ensure a good payment culture in the country. Businesses can commit to the code, through which they agree to pay their suppliers on time, provide guidance to suppliers on payment procedure and encourage other actors in their supply chain to commit to good payment practices. Since such appeals are centred around voluntary adoption by buyers, their uptake is limited, with UK’s PPC having a little over 3000 companies signing up. It could also lead to an adverse selection problem where companies with good payment practices are more likely to subscribe to them while others won’t. The value of moral appeal lies in building widespread awareness about the issue as well as in calling out the defaulters when it comes to prompt payment. Mitigation of delayed payments in India India has a history of having legal and regulatory safeguards to protect MSMEs from delayed payments. The Interest of Delayed Payments (IDP) to Small Scale and Ancillary Industrial Undertakings Act, 1993 was the first legal measure to ensure timely payments by mandating buyers to pay interest to MSME if payments were due for more than 30 days. This was replaced by the MSME Development Act, 2006, which was similar to the IDP Act, 1993 apart from changes to the interest rates and the number of days in which payments should be made. The threshold for making payments was increased to 45 days. These laws suffer from the same limitations in enforceability that have been discussed above. Samadhaan is a"
"which payments should be made. The threshold for making payments was increased to 45 days. These laws suffer from the same limitations in enforceability that have been discussed above. Samadhaan is a platform introduced by the government for MSMEs to raise disputes over the non-payment of dues. The platform currently has complaints raised by 1.08 lakh applications filed MSEs with delayed amounts totalling to Rs 28,085 crore since its launch in October 2017. When compared to delayed payments estimates of INR 8.55 lakh crores, it indicates the limitations of legal remedies. India has a history of market solutions to ease the burden of delayed payments such as (TReDS) and SIDBI-NSE Trade Receivable E-discounting Engine (NTREES), which MSMEs could use to securitize their receivables, thus easing the working capital crunch due to delayed payments. This led to commercial platforms such as M1xchange, Invoicemart and RXIL where MSMEs can get financing on the basis of their unpaid invoices. The adoption of TReDS has been limited due to the reluctance of buyers to get onboarded on the platform. The three TreDS platforms together have around 3000 buyers and 30,000 sellers, which is insignificant when compared to the 60,000 companies with revenues greater than INR 50 Crore and 78.16 lakh MSMEs registered on Udyam. Solutions such as working capital loans and trade credit insurance have seen limited uptake due to the low penetration of formal finance in the MSME sector. India is yet to have an equivalent to the Prompt Payments Code in the UK. The Global Alliance for Mass Entrepreneurship (GAME) in collaboration with Omidyar Network India and D&B is attempting to set up the first such initiative towards creating a prompt payments culture through the Prompt Payment Pledge as part of the ongoing campaign against Delayed Payments. To conclude, from the experiences of other countries, no single solution has been successful in dealing with delayed payments, but a combination of these solutions can address delayed payments and create an environment for MSMEs to flourish and grow. Though complex, delayed payment is a solvable problem. (The writer is a consultant at GAME - Global Alliance for Mass Entrepreneurship. He holds a masters in Sociology from the Delhi School of Economics) Also Read:"
"Jawa Yezdi partners with Flipkart to sell premium motorcycles has partnered with , becoming the first premium motorcycle manufacturer in India to offer its products on the e-commerce platform. This collaboration aims to make high-end motorcycles more accessible to enthusiasts across the country, reflecting ’s digital strategy to enhance customer experience and broaden its market reach. The collaboration will leverage Flipkart’s user base of over 500 million to enable motorcycle enthusiasts from diverse regions in India to explore, compare, and purchase from the entire range of Jawa and Yezdi motorcycles. This strategic move is expected to streamline the discovery and purchase process, thus improving accessibility. An easier access For customers, this partnership offers numerous benefits. By making the Jawa and Yezdi ranges available on Flipkart, enthusiasts can now browse and explore motorcycles at their convenience from home. This approach significantly improves accessibility, particularly for those in remote areas. The streamlined purchase process integrates online convenience with necessary offline steps. After booking a motorcycle online, customers will visit their assigned dealerships to complete essential tasks, such as RTO registration, insurance, and taxes, ensuring a smooth transition from selection to ownership. Ashish Singh Joshi, CEO of , said, ""Our collaboration with Flipkart marks a significant milestone in the premium motorcycle segment. By bringing Jawa and Yezdi motorcycles to Flipkart's platform, we're enhancing the discovery and purchase experience for enthusiasts across India. This partnership allows customers to explore our entire range, compare models, and understand the unique heritage and performance of our bikes, all from the comfort of their homes. We're not just selling motorcycles online; we're offering a gateway to the Jawa and Yezdi lifestyle. This collaboration streamlines the journey from interest to ownership, making it more convenient for riders to connect with our brands. It's about bringing the showroom experience online while maintaining the premium touch that our customers expect."" Variety of financing options The platform’s interface allows customers to compare various models, read verified user reviews, and gather comprehensive information to make informed purchasing decisions. Financially, the collaboration introduces attractive options such as no-cost EMIs, Buy Now, Pay Later schemes, and EMI plans with no down payment, further enhancing the affordability of . Additionally, customers can benefit from cost savings, receiving up to INR 22,500 in value on selected models. This includes cashback when transactions are completed using the Flipkart Axis Bank Credit Card, providing extra value to buyers. Jagjeet Harode, Vice President -- Electronics at Flipkart, added, ""This partnership with Jawa s showcases Flipkart's unique ability to revolutionise how premium products are discovered and purchased online. Our"
"Vice President -- Electronics at Flipkart, added, ""This partnership with Jawa s showcases Flipkart's unique ability to revolutionise how premium products are discovered and purchased online. Our platform brings several key advantages to this collaboration. First, our AI-driven recommendation engine will help match enthusiasts with their ideal Jawa or Yezdi motorcycle based on their preferences and riding style. Second, our seamless interface allows customers to compare models side-by-side, read authentic user reviews, and make informed decisions. Additionally, we're leveraging our extensive logistics network to ensure smooth coordination between online bookings and offline deliveries at Jawa Yezdi dealerships. This collaboration not only expands our premium offerings but also demonstrates how Flipkart's technology and reach can open new avenues for specialized segments like high-end motorcycles."" For Jawa Yezdi Motorcycles, this collaboration is strategically positioned to capitalise on Flipkart's growing bike category, aiming to increase visibility especially during major sales events like the Big Billion Day, driving demand, and expanding brand awareness amongst a diverse audience. The combination of Flipkart’s technology and Jawa Yezdi’s premium offerings promises to redefine how customers discover and purchase high-end motorcycles in India, simplifying the overall journey from interest to ownership."
"India can buy as much Russian oil as it wants, outside price cap: US NEW DELHI: The United States is happy for India to continue buying as much Russian oil as it wants, including at prices above a G7-imposed price cap mechanism, if it steers clear of Western insurance, finance and maritime services bound by the cap, US Treasury Secretary Janet Yellen said on Friday. The cap would still drive lower while curbing Russia's revenues, Yellen said in an interview with Reuters on the sidelines of a conference on deepening US-Indian economic ties. Russia will not be able to sell as much oil as it does now once the European Union halts imports without resorting to the capped price or significant discounts from current prices, Yellen added. ""Russia is going to find it very difficult to continue shipping as much oil as they have done when the EU stops buying Russian oil,"" Yellen said. ""They're going to be heavily in search of buyers. And many buyers are reliant on Western services."" India is now Russia's largest oil customer other than China. Final details of the price cap to be imposed by wealthy G7 democracies and Australia are still coming together ahead of a December 5 deadline. The existence of the cap would give India, China and other major buyers of Russian crude leverage to push down the price they pay to Moscow, Yellen said. Russian oil ""is going to be selling at bargain prices and we're happy to have India get that bargain or Africa or China. It's fine,"" Yellen added. Yellen told Reuters that India and private Indian oil companies ""can also purchase oil at any price they want as long as they don't use these Western services and they find other services. And either way is fine."" The cap is intended to cut Russia's oil revenues while keeping Russian crude on the market by denying insurance, maritime services and finance provided by the Western allies for tanker cargoes priced above a fixed dollar-per barrel cap. A historical Russian Urals crude average of $63-64 a barrel could form an upper limit. The cap is a concept promoted by the United States since the EU first laid out plans in May for an embargo on Russian oil to punish Moscow for its invasion of Ukraine. India wary Yellen's remarks were made after India's foreign minister said last week that his country would continue to buy Russian crude because it benefits India. India's finance and energy ministries were not available for comment on Yellen's remarks, but other officials have said they were wary of the untested price cap mechanism. ""I do not think we will follow the price cap mechanism, and we have communicated that to the countries. We believe most countries are comfortable with it and it is in no one's case that Russian oil should go offline,"" one Indian government official told Reuters, speaking on condition of anonymity. The official added that stable supplies and prices are most important. Rosneft, Russia's largest oil exporter, is expanding its tanker charter business to avoid its"
"on condition of anonymity. The official added that stable supplies and prices are most important. Rosneft, Russia's largest oil exporter, is expanding its tanker charter business to avoid its buyers having to find tankers, insurance or other services as the price cap. Yellen said that even with Russian tankers, Chinese tankers and a ""shadow"" fleet of older, decommissioned tankers and re-flagged vessels, ""I just think they will find it very difficult to sell all the oil that they have been selling without a reasonable price."""
"How could Red Sea attacks affect oil and gas shipping? QatarEnergy, the world's second-largest exporter of liquefied natural gas, has stopped sending tankers via the , joining several other companies currently avoiding the world's main East-West trade route. Yemen's Iran-backed Houthi group has since November been attacking vessels in the Red Sea, part of a route that accounts for about 12% of the world's shipping traffic, in what they say is an effort to support Palestinians in the war with Israel. The attacks have raised the spectre of another bout of disruption to international commerce following the upheaval of the COVID-19 pandemic, and prompted U.S.-led air strikes on Yemen. WHAT ARE THE LATEST DEVELOPMENTS? At least four tankers used to carry Qatari LNG were held up over the weekend after U.S. and British forces responded by carrying out dozens of air and sea strikes on Houthi targets in Yemen. ""It is a pause to get security advice, if passing (through the) Red Sea remains unsafe we will go via the Cape,"" a senior source with direct knowledge of the matter told on Monday. ""It is not a halt of production."" In the oil market, at least six more oil tankers have either diverted their course away from, or paused before entering the southern Red Sea since the weekend, ship tracking data from LSEG and Kpler show. IS THE FOR THE LNG MARKET? The attacks have made reaching the Suez Canal more perilous. About 12% of world shipping traffic transits the canal and 4%-8% of global LNG cargoes passed through it in 2023. As much as 8.2 million barrels per day (bpd) of crude oil and oil products traversed the Red Sea in the January-November period of 2023, according to analytics firm Vortexa. Around 16.2 million metric tons (MMt), or 51% of LNG trade, flowed from the Atlantic Basin east through the Suez Canal last year, while 15.7 MMt went through the canal from the Pacific Basin west, according to S&P Global Commodity Insights. WHO ARE THE MAIN SHIPPERS THROUGH THE ROUTE? The Suez Canal is one of the most important arteries of the global oil trade. Qatar, the United States and Russia are the most active shippers of LNG via Suez. Qatar tops active shippers of cargoes heading from the East to Europe but nonetheless provides only around 5% of net EU and UK imports. ""In reality, Qatar is the only exporter in an east-to-west direction via the Suez Canal,"" said Robert Songer, LNG analyst at date intelligence firm ICIS. An alternative route to Europe through the Cape of Good Hope could add around nine days to the 18-day voyage from Qatar to Northwest Europe, said ICIS LNG analyst Alex Froley. For LNG to Asia, Qatar comes on top followed by the United States which has been using the Suez Canal recently as an alternative to the Panama Canal. ARE PRICES IMPACTED? Asia spot LNG prices fell to a seven-month low of USD 10.10 per million British thermal units (mmBtu) on Friday, supported by healthy storage levels in Europe and northeast Asia. High inventories in Europe"
"LNG prices fell to a seven-month low of USD 10.10 per million British thermal units (mmBtu) on Friday, supported by healthy storage levels in Europe and northeast Asia. High inventories in Europe and North Asia are capping demand and expected to curb spot price growth in H1-2024. Oil prices rallied 2% last week, with both benchmarks notching intraday 2024 highs, including Brent eclipsing USD 80 a barrel, but prices eased on Monday as the conflict's limited impact on crude output prompted profit-taking. ""The realisation that oil supply has not been adversely impacted is leading last week's bulls to take profit,"" Tamas Varga of oil broker PVM told Reuters. There have been no oil supply losses so far, but the shipping disruption is indirectly tightening the market by keeping 35 million barrels at sea owing to the longer journeys shippers have to take to avoid the Red Sea, Citi analysts wrote. Insurance war risk premiums have gone up from USD 2,000 to USD 10,000 as a result of the disruption, and before the strikes by U.S. and Britain late last week, had jumped further to USD 30,000, a shipping source who declined to be named told Reuters. HOW DO MARKET PLAYERS SEE THE RISK? Crude and oil products market players said the extent of the impact will be determined by the duration of shipping disruptions as a result of the Houthi attacks. It is unlikely that much will change unless situation goes on for longer than a couple of weeks, an analyst at a trading house said. The delays are most likely to impact medium sour crudes from Middle East producers, which could be substituted with grades of similar quality from Brazil, Guyana and Norway, a crude trader told Reuters. LNG market players believe LNG trade is likely to be largely unaffected and any disruption would not have a massive impact on global supply. The majority believe that U.S. shipments, if they head to China/Asia, could only see short-term delay if cargoes reroute. ""The physical risks to Suez LNG transit are more weighted towards keeping Atlantic supply pointed at Europe than stopping Qatari supply from reaching Europe,"" said Jake Horslen, senior LNG analyst at Energy Aspects. The chairman of the Japan Gas Association (JGA), Takahiro Honjo, told a news conference that while there are risks, ""I don't think a supply crunch will suddenly occur anytime soon""."
"India wary of Russia oil cap as US official arrives to push plan will seek broader consensus before it supports US-led efforts to cap the price of Russian oil, which American officials are expected to push for this week when they travel to Mumbai and New Delhi. The South Asian nation, which has emerged as one of the biggest buyers of Russian oil since the invasion of , is hesitant to join the plan unless a consensus is reached with all buyers, according to people familiar with the matter, asking not to be identified because the deliberations aren’t public. That message will likely be conveyed to US Deputy Secretary and his team at meetings with Indian government officials and company executives from Wednesday to Friday. His boss, Janet Yellen, and the department have led efforts to get allies on board the price cap idea, which they anticipate will starve of revenues that fund its invasion of Ukraine without taking oil off the market and triggering a price spike. The effectiveness of an the oil-price cap could hinge on commitments from key customers such as China and India, which have boosted oil purchases from Russia after most buyers shunned its barrels following the invasion of Ukraine. Indian policymakers fear that committing to the price cap will disrupt its access to discounted Russian crude, the people said. The world’s third-largest buyer, which imports 85% of its oil needs, has relied on cheaper Russian supplies to provide relief from inflation near 7% and a record trade deficit. is also expected to ask India to strengthen its monitoring of where products made from Russian crude are sold, said one of the people. The request comes after Treasury officials flagged that a shipment of a material used to make plastic produced at an Indian refinery from Russian oil had made its way to New York. The US in March banned the import of Russian crude and refined petroleum products. Treasury spokesman Michael said Adeyemo is in India to discuss “a number of issues,” including energy security. “All tools that will be discussed — including a price cap on Russian oil, clean energy technology, climate finance — are intended to lower the price of energy in India, the United States and globally,” he said in an email. Kikukawa didn’t comment on how Indian officials view the price cap. An Indian finance ministry spokesperson didn’t respond to calls seeking comments. The has approved a ban on imports of seaborne Russian oil at the end of the year, and along with the UK, prohibit its companies from financing or insuring such shipments. US officials fear those bans will shut in substantial portions of Russia’s production and cause prices globally to spike to around $140 a barrel. Brent oil, the global benchmark, settled Tuesday above $100 a barrel for the first time since the beginning of August, although it has come off a recent peak near $140 in March."
"Union Budget 2022: The challenges and the team behind it Finance minister ’s budget for FY23 that will be presented on February 1 will be watched keenly for measures for firing up the pandemic-hit economy. ET takes a look at the team that is drafting the budget that needs to enable high growth while keeping the fiscal deficit in check and inflation contained. A 1987 batch IAS officer from the Tamil Nadu cadre, T V Somanathan served as a joint secretary in the Prime Minister’s Office in 2015 after a stint at the World Bank. Somanathan, as the finance secretary, has a tightrope walk ahead of providing funds for growth while keeping an eye on the fiscal goals. The third wave of the pandemic has adversely impacted the economic recovery. The upcoming budget will have to address the key challenge of lifting growth, consumption and investments. Somanathan has been pushing ministries and departments to spend their capital expenditure budget and is expected to continue with this thrust in F23 as well. A granular review of schemes of various departments and ministries is likely to show up in the form of better focused and lesser central schemes. , a 1987 Karnataka cadre IAS officer, was appointed economic affairs secretary in April last year when the country was hit hard by the second wave of the Covid 19 pandemic. Seth, who had handled the budget and resources and the commercial taxes department in Karnataka, has a tough task cut out for him as the third wave has dented the nascent recovery. He will also be watched for measures undertaken to revive growth without losing sight of the fiscal consolidation roadmap. Panda, a 1987 batch IAS officer has been instrumental in laying the foundation for next-generation reforms in public sector financial institutions. Public sector banks have finally turned around and the upcoming budget is expected to provide further impetus. He was instrumental in setting up of the bad bank and the development finance institution. With Jandhan 3.0 in the works, the upcoming budget will be keenly watched out for building on these measures. , a 1988 batch Haryana cadre IAS officer, served in the Prime Minister’s Office before he joined the finance ministry as secretary economic affairs. Bajaj, who joined the ministry during the first wave of the pandemic when the country was under a partial lockdown, was one of key officials who steered the Atmanirbhar Bharat relief packages. He was later shifted to the Revenue department and was entrusted with the task of setting realistic tax targets, which the government was missing year after year, upsetting its fiscal maths. With his mantra of “understate and overachieve”, this year the department is set to exceed tax collections. His department has sent out a strong message to foreign investors by withdrawing the retrospective tax amendment, paving the way for settlement of the tax disputes arising out of the controversial measures. This year the budget is expected to build upon measures to"
"by withdrawing the retrospective tax amendment, paving the way for settlement of the tax disputes arising out of the controversial measures. This year the budget is expected to build upon measures to ease compliances and offer some relief to the pandemic hit businesses and taxpayers. A 1987 Odisha cadre IAS officer, Pandey, has delivered on the privatisation of Air India. With 17 more strategic sales lined up and asset monetization pipeline ready, he has an action packed year ahead. The mega listing of Life Insurance Corporation is being eagerly awaited not just by the government to meet its large spending requirements, but also the markets. Also Read:"
"In EU car data tussle, insurers and others brace for delays, disappointment A broad coalition of insurers, leasing companies, car repair shops and others are calling on the European Commission to propose rules for fair access to valuable vehicle data soon, fearing further delays could see the initiative shelved after European Parliament elections in 2024. Companies in Europe and beyond are vying for control of the crown jewels of the era, namely car manufacturers' data covering everything from driving habits, to fuel consumption and tyre wear which can be used to target cash-generating services. Although the EU is currently haggling over the Data Act, a draft law governing the use of consumer and corporate data, insurers and others are pushing for auto sector-specific regulation. A proposal is expected soon after the European Commission launched a consultation last year. Tim Albertsen, chief executive of leasing company ALD, which relies on vehicle data for a wide range of services, said if sector-specific legislation was tabled now, it could be passed before the 2024 election. After that there is the risk that a new commission, likely with new priorities, would put it on the backburner, potentially delaying the matter for years. ""What we understand is that in the proposal that is supposed to be tabled, there will be no sector-specific legislation, which we believe is a major problem,"" said Albertsen, who earlier this month appealed directly to EU antitrust chief Margrethe Vestager to support in-vehicle data regulation. Ten industry groups also wrote to European Commission President Ursula von der Leyen in January urging an end to ""repeated delays"". The Commission is currently working on an impact assessment for its proposal, a spokesperson said. ""At this stage we cannot prejudge the content of the final impact assessment, and consequent timeline,"" they added. A spokesperson for the European Automobile Manufacturers Association ( ) said the Data Act would guarantee fair access to car data, so ""additional legislation on access to in-vehicle data is unlikely to achieve more"". ACCESS TO DATA Once Societe Generale unit ALD completes its purchase of Dutch rival LeasePlan, it will have a fleet of 3.3 million vehicles. The company's car-sharing platform currently collects data via wireless devices to run diagnostics, read odometers, check fuel gauges and switch cars between users. The leasing company also operates a ""pay-how-you-drive"" insurance product that rewards good driver behaviour, as does rival Arval, a unit of BNP Paribas. ""We just want the data to be made available in an economically viable way,"" said Arval deputy CEO Bart Beckers, adding that companies like his are happy to pay carmakers for it. French technology company Munic is another that fits wireless devices to fleet vehicles to collect data. ""If there's no more access to data,"" said CEO Aaron Solomon, ""we'll have to find a different business"". But a spokesman for said the carmaker has"
"wireless devices to fleet vehicles to collect data. ""If there's no more access to data,"" said CEO Aaron Solomon, ""we'll have to find a different business"". But a spokesman for said the carmaker has had a system in place since 2018 allowing customers to share data with any third party. ""Unfortunately, many players who are arguing publicly that they need access to in-vehicle data never tried to use the system,"" he said. Meanwhile, automakers such as world No. 3 Stellantis have their own big data plans. It expects to generate 20 billion euros ($21.4 billion) annually by 2030 from software products and subscription services. Leaving data in the hands of the big vehicle manufacturers ""does not enhance any competition"", said Christoph Lauterwasser, managing director of the Allianz Center for Technology, a research institute owned by Allianz. Executive Vice President Lorraine Frega said a wide variety of startups have sprung up to offer services using car data, but those small companies cannot raise capital until there is clarity from the European Commission. ""We are very concerned,"" Frega said. ""Just delaying in itself is really harmful to the overall economy as well."" Also Read:"
"US hopes India will take advantage of Russian oil price cap New Delhi: India stands to gain from a price cap on Russian oil and the United States hopes that it will take advantage of it, U.S. Treasury Secretary said ahead of a visit to India this week, media reported on Tuesday. The United States and its allies in the rich nations aim to prevent Russia from profiting from oil after its invasion of Ukraine on Feb. 24, while ensuring that most of its oil continues to flow to global markets. The G7 nations plan to cap prices of sea-borne oil shipments from Dec. 5, with a second cap on oil products from Feb. 5. India, the world's third biggest and a traditional ally of Russia, has not explicitly condemned what Russia calls its ""special military operation"" in Ukraine. India imports 85% of its crude needs and has emerged as Russia's second-largest oil customer after China, taking advantage of discounted Russian oil shunned by some Western buyers. ""If they want to use Western financial services like insurance, the price cap would apply to their purchases,"" Yellen was quoted as saying in a report published by the Moneycontrol news outlet, citing the Press Trust of India (PTI). ""But even if they use other financial services, we believe the price cap will give them leverage to negotiate good discounts from world markets. We would hope to see India benefiting from this programme."" Yellen will travel to India on Friday to participate in a meeting of the U.S.-India Economic and Financial Partnership. She is due to hold talks with Minister Nirmala Sitharaman on India's assumption of the G20 presidency, the U.S. Treasury said. She will then travel to the Indonesian island of Bali on Saturday for a joint meeting of G20 finance and health ministers before joining President Joe Biden at a G20 summit there on November 15 and 16. Also Read:"
"Tesla cuts delivery waiting time for all model 3, model Y cars has cut the delivery waiting time for all to a minimum of one week, it said on its website on Tuesday. The U.S. automaker added to its inventory in Shanghai at its fastest pace ever in October, data from (CMBI) showed, at a time when automakers and investors are bracing for a downturn in the world's largest car market. Tesla had cut prices for its Model 3 and Model Y cars in China last month to boost sales. Last week, the company offered an additional rebate for buyers who take delivery this month and buy insurance from one of . Also Read:"
"Automakers' contract negotiations will decide potential EV future for idled Illinois plant A shuttered Illinois Jeep assembly plant will be at the center of a power struggle between the United Auto Workers union and Detroit's automakers as the manufacturers double down on cutting costs to fund an accelerated transition to electric vehicles. When the factory in the northern Illinois town of was idled in February, it left union members in shock as they had not expected the shutdown until June. ""They wanted to reduce us even more which seemed like an impossible feat,"" , the local union president in Belvidere, said of the decision following a prior elimination of two work shifts at the factory. ""We were seeing the writing's on the wall."" The threat of more plant closures is just one item on a contentious agenda as negotiators for Detroit's automakers and the formally start negotiations in mid-July to replace an expiring four-year contract. Legacy automakers face billions of dollars in losses on EVs over the next several years, analysts said, as they replace high-volume combustion vehicles with low-volume EVs powered by expensive batteries. General Motors, Ford and Stellantis executives have said they must reduce labor costs as they overhaul U.S. factories to build EVs to match Tesla and other non-union manufacturers. UAW President has countered there should be no jobs lost because of the shift to EVs. Fain and UAW leaders have used social media and visits to Washington to turn the spotlight on the Detroit automakers' robust profits and hefty pay packages for executives, rather than the cost of the shift to EVs. Fain has called for substantial pay hikes for workers, and for restoring cost-of-living adjustments and ending lower wages for new workers. His agenda and the combative rhetoric of his campaign to build support have many industry executives and analysts factoring in a strike once contracts expire in September. The real question is how long will UAW workers stay off the job, said Mark Wakefield, co-head of AlixPartners' automotive practice. ""I am very concerned about it,"" Wakefield said last week. ""It doesn't look good at the moment. It's very difficult to forecast. Is it a week or two, or three or four months."" GM CEO and Ford CEO Jim Farley have sought to defuse tension with the union. Both have signed off on multibillion-dollar investments in U.S. factories where UAW members build combustion vehicles, and both have said they want to bring workers along as they shift toward EVs. ""It's important that we actually get to the table and we start to problem solve,"" Barra told CNBC in a recent interview. In an opinion piece published in the Detroit Free Press last week, Farley said the automaker's management and union workers ""share common goals - reaching a new deal that allows us to stay ahead of the changing industry landscape, protecting good-paying jobs in the U.S. and continuing to offer innovative and affordable products to our customers."""
"a new deal that allows us to stay ahead of the changing industry landscape, protecting good-paying jobs in the U.S. and continuing to offer innovative and affordable products to our customers."" Stellantis CEO Carlos Tavares has warned that more factories could be forced to close as more costly EVs take sales from combustion models. He has so far stuck to his decision to put the Belvidere plant on track for closure in the face of UAW criticism. In April, Stellantis offered voluntary exit packages to 33,500 U.S. employees in an effort to streamline its restructuring plan toward EVs. Around 1,680 union workers company-wide agreed to take the buyout, according to a union representative. A spokesperson for Stellantis declined to comment on the number of employees who have accepted buyouts and said the process is still ongoing. Meanwhile, several hundred of the Belvidere plant's roughly 1,300 laid-off UAW workers are in limbo, either waiting to be transferred or hoping state officials can sway the automaker with generous tax incentives to keep jobs local. , 52, who has worked for Stellantis since 2006, said he is concerned that if he is offered a transfer and turns it down, he will lose his health insurance that his disabled wife relies on to supplement costs for hospital visits and prescription medication. Auston Gore, a 32-year-old assembly operator, left his family behind after struggling to find another job that would pay his current rate of USD 31.77 an hour. He opted for a voluntary transfer to a Stellantis plant in Toledo, Ohio. ""The situation I was put in, I felt like my arm was being twisted by the company,"" he said. Politics could play a role in deciding the Belvidere plant's future, and the broader restructuring of the U.S. auto industry. During a speech in Chicago last week, President Joe Biden outlined his plan to invest USD 2 billion from last year's Inflation Reduction Act to accelerate domestic manufacturing of EVs and resuscitate plants that are struggling. Illinois Governor J.B. Pritzker has also stepped up efforts to salvage the 58-year-old Belvidere plant that once employed 4,500 union workers. A spokesperson for Stellantis said the state recently purchased 170 acres of land next to the idled plant in Belvidere. The governor has not confirmed the land purchase or whether it is related to tax credits to sway the company to bring in a new product, or repurpose the facility for EVs. UAW Regional Director Brandon Campbell said the incentive package that Illinois is offering Stellantis is comparable to deals offered in Michigan and Indiana. ""There's a lot of hope and a lot of incentives from the state level."""
"Britain should strictly regulate ""fire risk"" e-scooters, insurers say LONDON - Britain should place stringent regulations on electric scooters if their legal use is widened beyond current government trials, given the number of injuries from illegal vehicles and fire risks from their batteries, insurers said on Thursday. Trials of shared rental e-scooters are taking place in 31 regions of England this year, according to the UK government. But privately owned e-scooters are already a familiar sight on city streets, even though their use is illegal outside private land with the landowner's permission. There were 882 accidents involving e-scooters in the year ending June 2021, resulting in 931 casualties, of which 732 were e-scooter users, according to government figures. ""Illegal use of e-scooters currently presents a significant risk to riders, pedestrians, and other road users,"" said Chris Jones, the Underwriting Association's director of legal and market services. ""It is essential that an appropriate and effective regulatory system is introduced at the earliest opportunity."" Four insurance trade bodies called in a letter to transport minister Grant Shapps for clear standards on e-scooter construction and safety equipment, including on batteries, charging, brakes and lighting, and on whether protective equipment is required. The e-scooters' lithium batteries posed a fire risk and their transportation and storage should also be regulated, the trade bodies said. The government should also look at how e-scooters are parked, to make sure they do not become a safety hazard, they added."
"ICICI Lombard offers motor cover linked to driving Mumbai: has launched a cover where the premium will depend on the quantity and quality of driving. The company has also introduced a motor floater cover that provides the advantage of adding all vehicles owned by the proposer in one policy. The Motor Floater offer for its customers is in line with the recent announcement by regulator . It will enable those individuals owning multiple vehicles to ensure their vehicles, including cars and two-wheelers, are under one policy with a single renewal date and a comprehensive cover. The pay-as-you-use and pay-how-you-use plans use telematics to analyse the extent and manner in which the insured uses the vehicle. The company would allow customers to choose from different ‘kilometre plans’ depending on usage. The customer will pay only to the extent they use the vehicle. Under the pay-how-you-use plan, the premium would change according to the insured’s driving behaviour, with cautious driving incurring a lower premium. According to ICICI Lombard executive director Sanjeev Mantri, the policies will go a long way in ensuring additional transparency and convenience for the end customer as these add-ons would precisely give them an idea of the coverage and incentivise both good driving and distance run with lower premiums."
"Car dealerships in North America revert to pens and paper after cyberattacks on software provider in North America are still wrestling with major disruptions that started last week with on a company whose software is used widely in the auto retail sales sector. , a company that provides software for thousands of auto dealers in the U.S. and Canada, was hit by back-to-back cyberattacks Wednesday. That led to an outage that has continued to impact operations. For prospective car buyers, that's meant delays at dealerships or vehicle orders written up by hand. There's no immediate end in sight, but says it expects the restoration process to take ""several days"" to complete. On Monday, Group 1 , a USD 4 billion automotive retailer, said it is using ""alternative processes"" to sell cars to its customers. Lithia Motors and AutoNation, two other dealership chains, also disclosed that they implemented workarounds to keep their operations going. Here is what you need to know. What is CDK Global? CDK Global is a major player in the auto sales industry. The company, based just outside of Chicago in Hoffman Estates, Illinois, provides software technology to dealers that helps with day-to-day operations - like facilitating vehicle sales, financing, insurance and repairs. CDK serves more than 15,000 retail locations across North America, according to the company. What happened last week? CDK experienced back-to-back cyberattacks on Wednesday. The company shut down all of its systems after the first attack out of an abundance of caution, according to spokesperson Lisa Finney, and then shut down most systems again following the second. ""We have begun the restoration process,"" Finney said in an update over the weekend - noting that the company had launched an investigation into the ""cyber incident"" with third-party experts and notified law enforcement. ""Based on the information we have at this time, we anticipate that the process will take several days to complete, and in the interim we are continuing to actively engage with our customers and provide them with alternate ways to conduct business,"" she added. In messages to its customers, the company has also warned of ""bad actors"" posing as members or affiliates of CDK to try to obtain system access by contacting customers. It urged them to be cautious of any attempted phishing. The incident bore all the hallmarks of a ransomware attack, in which targets are asked to pay a ransom to access encrypted files. But CDK declined to comment directly - neither confirming or denying if it had received a ransom demand. ""When you see an attack of this kind, it almost always ends up being a ransomware attack,"" Cliff Steinhauer, director of information security and engagement at the National Cybersecurity Alliance. ""We see it time and time again unfortunately, (particularly in) the last couple of years. No industry and no organization or software company is immune."" Are impacted dealerships still selling cars? Several major auto"
"time again unfortunately, (particularly in) the last couple of years. No industry and no organization or software company is immune."" Are impacted dealerships still selling cars? Several major auto companies - including Stellantis, Ford and BMW - confirmed to The Associated Press last week that the CDK outage had impacted some of their dealers, but that sales operations continue. In light of the ongoing situation, a spokesperson for Stellantis said Friday that many dealerships had switched to manual processes to serve customers. That includes writing up orders by hand. A Ford spokesperson added that the outage may cause ""some delays and inconveniences at some dealers and for some customers."" However, many Ford and Lincoln customers are still getting sales and service support through alternative routes being used at dealerships. ""The people who've been around longer - you know, guys who have maybe a little salt in their hair like me - we remember how to do it before the computers,"" said John Crane of Hawk Auto Group, a Westmont, Illinois-based dealership operator that uses CDK. ""It's just a few more steps and a little bit more time."" Although impacted Hawk Auto dealerships are still able to serve customers by ""going back to the basics,"" Crane added that those working in administration are still ""pulling out our hair."" He notes that there are now stacks of paper awaiting processing - in place of orders that went through automatically on a computer overnight. Group 1 Automotive Inc. said Monday that the incident has disrupted its business applications and processes in its U.S. operations that rely on CDK's dealers' systems. The company said that it took measures to protect and isolate its systems from CDK's platform. In regulatory filings, Lithia Motors and AutoNation disclosed that last week's incident at CDK had disrupted their operations as well. Lithia said it activated cyber incident response procedures, which included ""severing business service connections between the company's systems and CDK's."" AutoNation said it also took steps to protect its systems and data, adding that all of its locations remain open ""albeit with lower productivity,"" as many are served manually or through alternative processes. With many details of the cyberattacks still unclear, customer privacy is also at top of mind - especially with little known about what information may have been compromised this week. If you've bought a car from a dealership that's used CDK software, cybersecurity security experts stress that it's important to assume your data may have been breached. That could potentially include ""pretty sensitive information,"" Steinhauer noted, like your social security number, employment history, income and current or former addresses. Those impacted should monitor their credit - or even freeze their credit as an added layer of defense - and consider signing up for identify theft monitor insurance. You'll also want to be wary of any phishing attempts. It's"
"their credit - or even freeze their credit as an added layer of defense - and consider signing up for identify theft monitor insurance. You'll also want to be wary of any phishing attempts. It's best to make sure you have reliable contact information for a company by visiting their official website, for example, as scammers sometimes try to take advantage of news about data breaches to gain your trust through look-alike emails or phone calls. Those are some best practices to keep in mind whether you're a victim of CDK's data breach or not, Steinhauer said. ""Unfortunately, in this day and age, our data is a valuable target - and you have to make sure that you're taking steps to protect it,"" he said."
"How software is stifling competition and slowing innovation More than a decade ago, , an internet entrepreneur and venture capitalist, famously declared, “ is eating the world.” The winners, Andreessen wrote in The , would be mainly “entrepreneurial technology companies that are invading and overturning established industry structures.” His essay was a distillation of a long-held article of faith in Silicon Valley. Clearly, some traditional businesses such as advertising and retailing have been upended by software-fueled companies such as , and , the new giants on the corporate landscape. But there is also a very different story, according to , executive director of the Technology & Policy Research Initiative at the University School of Law. In a new book, Bessen challenges what he terms the “disruption myth.” He makes the case that big companies in one industry after another have built complex software systems for managing their sales, marketing, operations and product offerings that are essentially moats against competitors. This mastery of software by major corporations, he argues, helps explain rising economic concentration, increasing inequality and slowing . “This is a broad swath of the economy — way beyond a handful of Big Tech companies in Silicon Valley,” Bessen said. “There is an advantage to software that economists haven’t really reckoned with yet. Software isn’t accelerating creative destruction today. Software is suppressing it.” Bessen brings an unusual perspective to his economic analysis. He is a former software entrepreneur from the personal-computer era who founded an early desktop publishing software company, which he ran for a decade. When he sold his venture to a larger company in 1993, he made millions. It was pocket change by the standards of today’s tech startups, but it meant career freedom for Bessen. Bessen then got in touch with his former roommate at Harvard University, Eric Maskin, who had become an economics professor at their alma mater. Bessen explained that he had ideas about the software industry that might be of interest to economists, Maskin recalled. The two went on to write a research paper on why patents often worked against innovation in software, an industry that prospered when information was shared. The joint study helped start Bessen’s career as an academic. His research has focused mainly on the economics of innovation and the broad impact of technology. The title of his book, “The New Goliaths: How Corporations Use Software to Dominate Industries, Kill Innovation and Undermine Regulation” ( ), suggests a strident critic. But his past research has also come down on the side of technology. In 2015, amid rising concerns that automation was a job killer, Bessen published a paper that examined the impact of computer automation on 317 occupations from 1980 through 2013. His summary conclusion: “Employment grows significantly faster in occupations that use computers more.” Bessen is an entrepreneurial"
"of computer automation on 317 occupations from 1980 through 2013. His summary conclusion: “Employment grows significantly faster in occupations that use computers more.” Bessen is an entrepreneurial outsider to the field of economics. He has forged an unorthodox career in academia, rising to prominence gradually over the years, one intriguing research project at a time. He has become respected in economic circles without a doctorate. “Jim’s not a professionally trained economist, so he has an original take,” said Maskin, his former college roommate, who won a Nobel Prize in economics in 2007. “That’s played to his advantage and to the profession’s advantage.” Blending data analysis with narrative case studies is the hallmark of Bessen’s research. He is a business historian and a fluid writer. His book contains accounts of the evolving use of software in many industries, including autos, banking, retailing, insurance, garbage hauling, logistics and trucking. Bessen’s observations about increasing market concentration, rising inequality, and slowing innovation and productivity echo those of other researchers. Most of those studies, though, are high-level economic research. His focus is a more detailed look within industries and at individual companies, seeking the underlying technology engine behind the broad economic trends. “He has a new, complementary perspective on what we’re seeing,” said Chiara Criscuolo, an economist at the Organization for Economic Cooperation and Development. “It gives you much more of the mechanism for why we got to where we got.” That mechanism is what Bessen calls “proprietary software.” He defines it broadly as not only code but also the data that companies collect on their customers and operations, the skills of their workers and the organizational changes they have made to exploit the technology. His measure of proprietary software does not include spending on the standard business software from companies such as Oracle, SAP and Salesforce. Instead, it is the investment that companies make in custom software from those suppliers and others, and in their own in-house applications. Some of the software may be freely available open-source code, he notes, but the overall system is closed. Bessen’s analysis is based on government and industry data, supplemented by information on jobs and salary estimates from Lightcast, a labor market research firm, which recently changed its name from Emsi Burning Glass. The total investment in proprietary software grew 74% to $239 billion over the decade that ended in 2019, the most recent government statistics. The big companies use this technology to manage complexity and gain competitive advantage, according to Bessen. The big banks use their software and customer data to customize credit card offerings to individuals in a way that smaller rivals cannot. Walmart and Amazon use their proprietary software to streamline logistics and personalize marketing. Google and Facebook use it to"
"card offerings to individuals in a way that smaller rivals cannot. Walmart and Amazon use their proprietary software to streamline logistics and personalize marketing. Google and Facebook use it to target ads. Insurers use it to tailor and market health plans to individuals. Pharmacy benefit management companies use it to navigate the complexity of drug reimbursement plans. And the list goes on. Evidence of the proprietary software advantage is abundant and convincing, in Bessen’s view. The software-enabled winners in industries are more productive than their smaller rivals, and they pay more — 17% more on average for the same jobs, Bessen estimates. But their success, he argues, has come at too great a price. Competition has suffered. Since the late 1990s, the chances of unseating a dominant firm — typically, one of the top four by sales in an industry — have declined by half. And technology, he contends, is spreading and being adopted across industries more slowly than in the past, which exacerbates the trends of inequality and market concentration. His policy answer is not to break up dominant companies but to nudge or force them to open up. For example, , under antitrust pressure, unbundled its software from its hardware business in 1969. That move, Bessen writes, led to a flourishing software industry. Today’s proprietary platforms, he asserts, could be opened through access to their software platforms or to customer data they have harvested — a prescription that policymakers in Europe and America are considering. Bessen points to a seemingly unlikely protagonist: Amazon. Opening its computing infrastructure, he said, created the cloud computing industry. “In some ways,” he said, “Amazon is a model of what I’d like to see other firms do,” though with appropriate regulatory oversight. One critique of Bessen’s analysis is that he is observing a wave of technology adoption that still has a long way to run, and that his concerns are overstated. “These superstar firms are very productive,” said Robert Atkinson, president of the Information Technology and Innovation Foundation, a policy research group. “The question is, why aren’t other companies as productive yet?” He added that they were likely to catch up. And seemingly entrenched companies are not immune to truly innovative, technology-powered newcomers: Amazon challenging Walmart in retailing, and Tesla taking on the Detroit automakers, for example. Both are exceptions, but ones that partly support his argument, Bessen insists. Both have become powerhouse corporations, he said, largely because of their prowess in designing and exploiting complex software. “Technology,” Bessen said, “is playing a different role than it has in the past — less to disrupt than entrench.”"
"Video telematics platform LightMetrics raises USD 8.5 mn in Series A funding , a startup serving fleets globally, has raised USD 8.5 million in a Series A funding round from Sequoia Capital India. Their solution uses edge AI and analyzes video feeds from the camera installed in vehicles to better understand driver behavior, and reduce accidents and improve safety. With this fundraise, LightMetrics will focus on strengthening various teams to set the stage for future growth. This includes engineering, customer success, product, marketing, sales and analytics. The company will continue to invest in cutting-edge , new products and solutions to strengthen their offerings and deliver more value to fleets across their operations. The funds raised will also be used to explore adjacent opportunities like auto insurance. LightMetrics was founded in 2015 by Soumik Ukil, Ravi Shenoy, Mithun Uliyar, Gururaj Putraya, Pushkar Patwardhan and Krishna A.G. The six-member founding team had worked together at Nokia Research on computer vision and ML for cameras. While advancing the tech in consumer photography for smartphones was exciting, they wanted to do something more impactful with their expertise in computer vision and AI. The automotive industry, and commercial fleets in particular presented a huge opportunity. Owning and operating trucks has to be profitable but they grapple with problems like fraudulent lawsuits, increasing accidents, risk of nuclear verdicts, lack of visibility into (increasing) risky driving behavior (speeding, hard braking, drowsiness, distracted driving, etc.), mounting insurance costs, hiring and retaining drivers, rising fuel costs, etc, which significantly impacts their bottom line. “This investment by Sequoia Capital India is a testament to the fact that we are building the preeminent video-based fleet safety platform globally. We will invest deeply in building the most advanced and efficient edge AI, empowering our customer base to deliver this critical technology across the entire fleet ecosystem, and expanding our international footprint.” Soumik Ukil, CEO & Co-founder, LightMetrics The benefits of video telematics enabled by LightMetrics include - With improved safety and reduced risk, fleets have a solid ROI through reduced total cost of ownership. “Video telematics is the fastest growing segment of the telematics industry. Lightmetrics’ ability to deploy advanced computer vision models on the edge, across a range of , enables it to serve all vehicle types in this large market. At Sequoia Capital India, we expect advancements in AI to transform several industries and are excited to partner with Lightmetrics on their quest to improve road safety,” Ashish Agrawal, MD, Sequoia India. LightMetrics has also taken a differentiated go-to-market approach. It does not sell to fleets directly and instead works with telematics service providers and fleet management companies who integrate the solution into their offerings for fleets and"
"approach. It does not sell to fleets directly and instead works with telematics service providers and fleet management companies who integrate the solution into their offerings for fleets and upsell. This ensures that fleets get a deeply integrated product which has all the insights they need about their business in one place, avoiding fragmentation and providing more value. Partners who work with LightMetrics can either use APIs to build their own UI or use the rebranded portal. LightMetrics is deployed by over 2500 fleets across India, Middle East, US, Canada, Mexico, Brazil, Australia, and South Africa. Fleets using LightMetrics’ powered video telematics have seen risky driving such as speeding and distracted driving drop by up to 80% and 70% respectively in just a few months of onboarding – showing how a combination of in-cab coaching and offline coaching can reduce risk for fleets in a significant manner."
"Western sanctions haven't curbed Russian oil profits, but the green energy transition could Western sanctions that put a price cap on Russian oil exports from December 2022 aimed to cause the country significant economic pain after its invasion of Ukraine last year. The idea was to curtail the amount Russia makes from its oil while ensuring it continues to flow into the global market to reduce price pressures on consumers around the world. Back then, were trading around USD 80 (66 pounds) per barrel (bbl, exceeding USD 95bbl (after December 5 2022) for oil and around USD 100d) in September 2023 - the lowest since September 2022, and 0.65 Mbd in August 2023 compared to 11 Mbbbl. This is on the higher end, particularly compared to producers in the Middle East, where costs can even be less than USD 10/bbl for some fields in Saudi Arabia, for example. Of course, the carbon intensity of a country's oil production will also have a significant impact on producers. As the world attempts to transition to lower carbon forms of energy, buyers will want to reduce the carbon footprint of their energy imports. Russia's carbon intensity is double that of Saudi Arabia. While the price cap has done little to erode Russia's power in the global oil markets, it's only a matter of time before its oil sector's legacy problems and high carbon intensity start to squeeze its oil riches. This is likely to have a much more sustained negative impact on Russia's oil wealth."
"Indian refiners scout for oil deals ahead of EU ban on Russian crude Indian state refiners plan to lock-in more of their crude supplies in term deals, worried that tighter Western sanctions on , including from the EU, could curb future supplies in already tight markets, sources at state refiners said. , the country's top refiner, and Bharat Petroleum Corp are seeking term deals with countries, including the United States, industry sources said. ""We are preparing for a back up plan. When the world is uncertain because of Russia-Ukraine conflict we need to have all options open,"" said an official at one state refiner. The move towards term deals marks a shift in refiners' purchasing strategy, which had been geared towards maximising spot purchases in past years when supplies were abundant. ""Due to the Russian-Ukraine conflict, we expect a possibility of tight oil markets and a change in flows with most Middle Eastern crude going to meet need of European markets so we need to diversify our oil sources,"" said a source at another state refiner. 's dependence on spot purchases allowed Indian refiners to snap up discounted Russian oil shunned by some Western buyers over Moscow's invasion in February. India, which rarely used to buy Russian oil, has emerged as Moscow's second-largest oil customer after China. But a European Union ban on Russian crude imports from Dec. 5 will drive European refiners to buy more oil, putting them in competition with Asian buyers. To secure supplies, last month signed its first six-month oil import deals with Brazil's Petrobras for 12 million barrels and Colombia's Ecopetrol for 6 million barrels. has signed an initial deal with Petrobras as it seeks to diversify oil sources. Supplies for IOC under the two deals will begin from October, said several of the sources who are familiar with the matter. IOC is also looking for more short-term supplies, including a contract for U.S. oil, they added. IOC already has an annual deal that provides an option to buy 18 million barrels of U.S. oil. Of these, IOC has already bought about 12 million barrels so far this year, they said. Sources said BPCL, which has already ramped up U.S. oil purchases, is looking for more term contracts. IOC and BPCL did not respond to Reuters' requests for comment. Ecopetrol could not be reached for comments outside its business hours. Western countries have imposed a raft of sanctions against Russia, and the nations, led by the United States, plan to impose a price cap on Russian oil exports via insurers to cut its revenue. It is unclear if the plan will work and whether Russia will cut supplies, the sources said. ""There are many uncertain elements ... so we think we should at least have engagement with more suppliers,"" the second source said. India has called for an end to violence in Ukraine but refrained from outright condemnation of Russia, with which it has long-standing political and security ties. Prashant Vasisht, vice president at rating agency ,"
"for an end to violence in Ukraine but refrained from outright condemnation of Russia, with which it has long-standing political and security ties. Prashant Vasisht, vice president at rating agency , said: ""To diversify and safeguard yourself from potential cuts in future such as diversion of Middle Eastern oil to , signing a contract is the best option as you get preferential pricing and stable supplies."""
"Saera Electric pact with AMU Leasing for vehicle financing (SEAPL), one of the leading players in the electric vehicle industry, has signed a vehicle financing contract with a (NBFC), . Ltd. Under the agreement, customers planning to buy from SEAPL can avail easy financing options from ALPL. ""Our latest collaboration with AMU Leasing has enabled us to take another step towards establishing our goal to accelerate the penetration of clean mobility on Indian roads. ALPL has long established its name in the financial sector with a wide range of financing facilities in several states such as Delhi, Haryana, and Uttar Pradesh,"" Nitin Kapoor, Managing Director of Saera Electric Auto, said. Saera Electric Auto is a subsidiary of the Satra Group of Companies, which has a diversified business portfolio in domains like automobile spare parts, electric vehicles, and agriculture equipment. The signature brand of SEAPL is Mayuri, popular for e-rickshaws and e-carts. The company is also the of Yogo, the 2W brand. ALPL is a Delhi-based, RBI-licensed, AI- and tech-enabled NBFC incorporated on September 24, 1993. This is the first AI- and technology-driven NBFC led by women that is solely focused on the EV ecosystem. ALPL serves corporations, fleet operators, third-party logistics operators, FMCGs, OEMs, and many more for commercial, transportation, and supply purposes. The company provides loans for electric three- and four-wheelers against asset hypothecation to eligible organizations. ""ALPL has been part of the banking, financial services, and insurance (BFSI) industry for the last two decades. Our goal is to align ourselves with India’s emerging initiatives for self-employment and micro entrepreneurship for citizens across Tier 2 and Tier 3 cities. By supporting the alternative, fuel-based transportation sector, we aim to propel revenue generation for self-employed livelihoods and sustain that improvement. We will be able to provide hassle-free financing of electric three-wheelers for SEAPL through its 400+ dealer network spread across the country,"" said Nehal Gupta, Director of AMU Leasing Private Limited. ""Saera has established itself as a leading player in the domain with immense repute and expertise in the manufacturing of clean and green vehicles, and we are optimistic that together we will provide the most efficient financing services while prioritizing customer service and satisfaction across our products. AMU understands the new-age technology of electric vehicles and knows its customers well. AMU stands alongside our customers and extends our support in making an efficient ecosystem where leasing, financing, and purchasing are one seamless process,"" he added.. Currently, Saera has three state-of-the-art plants. The first one is in Bhiwadi (Rajasthan), which has a production capacity of 24000 units. The second plant is in Bawal (Haryana), with a production capacity of 2 lakh units of and 36,000 units of three-wheelers per year. In Kosi (UP), a third"
"has a production capacity of 24000 units. The second plant is in Bawal (Haryana), with a production capacity of 2 lakh units of and 36,000 units of three-wheelers per year. In Kosi (UP), a third plant with a capacity of 24000 units per year has also been established. All electric vehicles manufactured by SEAPL are designed and assembled using cutting-edge technology prevalent in the industry. Also Read:"
"Landmark Cars shares off to slow start, list at 7% discount to IPO price New Delhi: made a tepid debut on the bourses on Friday as the company got listed at Rs 471.30 on BSE, a discount of 7% against its issue price of Rs 506 apiece. The retailer of the premium cars debuted at a discount of 7% at Rs 471 as against the given issue price on the National Stock Exchange (NSE). Ahead of listing, shares of Landmark Cars were exchanging hands at a discount of 15-20 in the grey market against the issue price. The company's Rs 552-crore IPO was sold in the range of Rs 481-506 per share, and received a mild response from investors, garnering over 3 times bids. The quota reserved for qualified institutional buyers (QIBs) was subscribed 8.71 times while those reserved for non-institutional investors (NIIs), employees and retailers were subscribed 1.6 times, 2.93 times and 59%, respectively. Incorporated in 1998, Landmark Cars is a leading premium automotive retail business in India with dealerships for Mercedes-Benz, Honda, Jeep, Volkswagen and Renault. It also caters to the commercial vehicle retail business of . Landmark Cars offers services such as sales of new vehicles, after-sales service and repairs, sales of pre-owned passenger vehicles and facilitation of the sales of third-party finance and insurance products. (Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)"
"Indian govt should stick to fiscal deficit target for this year NEW DELHI : India's federal government should stick to the fiscal deficit target laid out for this fiscal year and aggressively focus on privatising state-run companies, the country's top industry body said in a statement on Monday. The should adhere to the fiscal deficit target of 6.4% of (GDP) for the current year and aim to reduce it to 6% of GDP next year, the (CII) said after a pre-budget consultation meeting with Minister Nirmala Sitharaman. The government has started the process of making the federal budget for the fiscal year starting April 1, and will likely present it on Feb. 1, CII said. ""There should be aggressive focus on privatization,"" the industry body said, adding that the budget should also increase capital expenditure to 10 trillion rupees from this year's estimated 7.5 trillion rupees. Indian government has been struggling to privatise state-run firms and had to put on hold some of its earlier plans such as selling one of the flagship oil refiners , for which it failed to attract any suitors. In 2020, Finance Minister Nirmala Sitharaman announced plans to privatise most state-run companies, including banks, miners and insurers. However, besides selling Air India to conglomerate , India has not been able to privatise any major firms. Also Read:"
"Red Sea crisis pressures China's exporters as shipping delays, costs mount For Chinese businessman Han Changming, disruptions to are threatening the survival of his trading company in the eastern province of Fujian. Han, who exports Chinese-made cars to Africa and imports off-road vehicles from Europe, told Reuters the cost of shipping a container to Europe had surged to roughly USD 7,000 from USD 3,000 in December, when Yemen's Iran-aligned Houthi movement escalated attacks on shipping. ""The disruptions have wiped out our already thin profits,"" said Han, adding that higher shipping-insurance premiums are also taking a toll on Fuzhou Han Changming International Trade Co Ltd, the company he founded in 2016. The rupture of one of the world's busiest shipping routes has exposed the vulnerability of China's export-reliant economy to supply snarls and external demand shocks. In a speech at the in Davos on Tuesday, Premier Li Qiang emphasised the need to keep global supply chains ""stable and smooth"", without referring specifically to the . Some companies, such as U.S.-based BDI Furniture, have said they are relying more on factories in places such as Turkey and Vietnam to mitigate the impact of the disruptions, adding to recent moves by Western countries to reduce dependence on China amid geopolitical tensions. At stake for China now is the danger that other firms will follow suit and reassess their de-risking strategy, opting potentially to shift production closer to home, an approach known as ""near-shoring"". ""If it's permanent, and it could be permanent, then the whole mechanism will be readjusted,"" said Marco Castelli, founder of IC Trade, which exports Chinese-made mechanical components to Europe. ""Some (companies) may also consider moving more production to India, which is one week closer to Europe. Companies need to reevaluate everything."" Further Red Sea disruptions would pile pressure on a struggling Chinese economy already contending with a property crisis, weak consumer demand, a shrinking population and sluggish global growth. With Europe and Africa trade accounting for 40% of Han's overall business, he said he had been pleading with suppliers and customers to shoulder some of the additional costs to keep his company afloat. Shipping times for some orders were delayed by up to several weeks, he said. Compounding the pain for some firms, the disruptions come as many are navigating a logistics challenge ahead of Lunar New Year in February, when some 300 million migrant workers go on leave and almost all factories in China shut, creating a scramble in the preceding weeks to get goods shipped. Mike Sagan, the Shenzhen-based vice president for supply chains and operations at KidKraft, a maker of outdoor play equipment and wooden toys, said many European customers are slamming on the brakes, saying: ""Don't ship anything, hold it"". ""A lot of suppliers, they're screaming about money today,"" said Sagan, whose company supplies retailers including"
"customers are slamming on the brakes, saying: ""Don't ship anything, hold it"". ""A lot of suppliers, they're screaming about money today,"" said Sagan, whose company supplies retailers including Walmart and Target. A worry for larger manufacturers, he said, is the snowball effect on smaller suppliers with tight margins, as they would be among the last to receive payments but are critical to the . Rerouting vessels from the Red Sea - the shortest route from Asia to Europe via the Suez Canal - around the Cape of Good Hope can add two weeks to shipping schedules, reducing global container capacity and cleaving supply chains as it takes longer for vessels to return to ports to reload. That probably means delays for goods scheduled to arrive on Western shelves in April or May. Some logistics companies are already reporting a container shortage at Ningbo-Zhoushan port in China, one of the world's busiest by cargo tonnage, according to BMI, an industry research firm. The Suez Canal is a primary route for China's westward shipments of goods, including around 60% of its exports to Europe, according to the Middle East Institute, a Washington-based think tank. 'HUGE' IMPACT Yang Bingben, whose company makes industrial-use valves in eastern China's manufacturing hub of Wenzhou, said a client in Shanghai this week slashed an order for 75 valves - intended for assembly into large machinery for shipment overseas - to 15 amid soaring freight costs. ""The impact is huge,"" said Yang, adding that he had prepared raw materials that could not be returned because they had been processed. ""It's like I received an order that makes me lose money."" Yang is now rethinking his staffing needs for this year, saying he can't guarantee salaries as his workers are paid based on the amount of work they do. ""If I don't have enough work to give them, I'm afraid they won't be able to make a living."" In southern China, Wei Qiongfang, a freight forwarder based in Guangzhou, said some suppliers were delaying shipments of lower-value goods, pressuring manufacturers' stockpiles. As once-predictable trade conditions become increasingly uncertain, the impact is especially acute for companies that rely on just-in-time deliveries or that need to change their stock regularly. Another issue, said Castelli, is that factories do not get paid until goods arrive at their destination. ""So if their payment is delayed, they can't pay their suppliers, they can't pay their workers,"" he said. ""China is so successful in the global market because they work with tiny margins: when you have volume, the money rolls in; when the money stops coming, you have a big problem."" In the Pearl River Delta city of Dongguan, Gerhard Flatz, managing director of premium sportswear manufacturer KTC, is concerned that some companies grappling with shrinking margins will go under. ""So, they are struggling, and now there is another logistics crisis. You know, at some point many will have to shut down,"" said Flatz."
"Can’t afford another lockdown, say Bengaluru transporters BENGALURU: Transport operators, including cab and autorickshaw drivers, are worried that weekend and night curfew will further reduce their earnings. Cash-strapped government transit agencies like BMTC, KSRTC and Namma Metro are also keeping their fingers crossed in the wake of soaring Covid-19 cases. “We are facing a severe financial crisis but the government has imposed curfew at night and on weekends, which will further affect the transport and tourism sectors. For the past two years, the transport segment has completely collapsed due to Covid and work-from-home arrangement,” said , president, Karnataka State Travel Operators Association. Holla said they are struggling to pay vehicle and business loans, GST, Motor Vehicle (MV) tax and insurance. “We want the government to check Covid without impacting daily business activities.” Tanveer Pasha, president of Ola Uber Drivers and Owners Association, said: “The state government is playing with the lives of people. We have just started recovering from the losses of previous lockdowns but it is again in a hurry to impose another one. Most drivers are getting business only during weekends.” He said most foreign cities have focused on awareness and enforcement of mask rule instead of a complete lockdown. “The government should allow establishments to open 24x7 to reduce crowds in shops and on roads. Most cab drivers are in a state of panic as they cannot afford another lockdown,” he said. , chairman (school transport wing, south zone), Bus and Car Operators’ Confederation of India, said: “Many school transport operators paid pending MV tax and insurance premium after some schools reopened two-three months ago. But now all schools have been closed and parents are refusing to pay transport fees. There is no MV tax exemption. Many transporters may have to leave business if the government continues to impose restrictions.” , general secretary, , said: “The government has not provided ration kits or sanitisers to auto drivers. Only a few drivers received the compensation announced during first and second waves. Already, a few people are on the streets due to the Covid scare, so business has reduced. The curfew will further affect the earnings of drivers. How will they pay EMIs?” Also Read:"
"Digit Insurance launches comprehensive EV Shield add-on cover New Delhi: A specific add-on cover has been launched by to meet the rising demand and the unique insurance needs of electric vehicles (EVs). In 2023 EV sales were at 15.29 lakh. India's EV market is pegged to become a USD 266 billion market with projected annual sales of 1 crore EVs by 2030. The add-on cover will come with three optional additional coverage to protect against any loss or damage to the electrical panel for vehicle charging point, vehicle charger including charging cable, and also offer roadside assistance services specific to EVs, the company said in a media release. The add-on will cover damages to battery or electric motor due to accident or external means, and also pay for any expenses incurred for repair or replacement of the battery due to water ingression and short circuit. The add-on will be offered under the of a vehicle and will provide all relevant vehicle coverages similar to any Internal Combustion Engine (ICE) vehicle, the company added. , Head – Motor Product, Digit General Insurance, said, “Our new EV-specific add-on coverage is designed to meet the evolving changes and needs of EV vehicle owners. The severity of damage among EVs can be higher and the repairs for the same can be costly due to expensive components and need for specialised automotive technicians. The specialised add-ons along with additional coverages will provide EV owners the much-needed protection and address the nuanced issues of electric vehicles.” The add-on will be offered to EVs as well as hybrid vehicles (electric and petrol/diesel). In case of claim, the policyholder simply needs to notify the insurer within three days. The entire claims process will be 100% digital and the insured would not need to submit any physical documents, the release added."
"Russia has no extra oil to sign deals with two Indian buyers: Sources 's Rosneft is holding back on signing new crude oil deals with two Indian state refiners, three sources with knowledge of the matter said, as it has committed sales to other customers. have been snapping up cheap , shunned by western companies and countries since sanctions were imposed against Moscow for its invasion of Ukraine on Feb. 24, which Russia calls a ""special military operation"". A lack of new term supply deals with Rosneft may push Indian refiners to turn to the spot market for more expensive oil. It also indicates that Russia has managed to keep exporting its oil despite increasing pressure from Western sanctions to choke Moscow's revenue. Drawn to the discounts offered, three Indian state refiners - , Bharat Petroleum Corp and - opened negotiations with Rosneft earlier this year for six-month supply deals. So far only , the country's top refiner, has signed a deal with Rosneft, which will see it buy 6 million barrels of Russian oil every month, with an option to buy 3 million barrels more. The other two refiners' requests have since been turned down by the Russian producer, the sources said. ""Rosneft is non-committal in signing a contract with and . They are saying they don't have volumes,"" said one of the sources. Sources said the contract with IOC included payment in all major currencies such as rupees, dollars and euros, depending on the payment mechanism available at the time of the transaction. Rosneft, IOC, HPCL and BPCL did not respond to Reuters' requests for comment. Russia is ramping up oil exports from its major eastern port of Kozmino by about a fifth to meet surging demand from Asian buyers and offset the impact of European Union sanctions. Trade sources said Rosneft is pushing barrels into the markets through trading firms such as Everest Energy, Coral Energy, Bellatrix and Sunrise. Bellatrix and Sunrise were not available for comment, while Coral and Everest did not respond to a Reuters email seeking comment. According to the shipping data cited by two traders in the Urals market, all four trading firms acted as suppliers of crude oil purchased from Rosneft to India. China has also boosted its purchases from Russia. Rosneft has awarded 900,000 tonnes (6.66 million barrels) of ESPO Blend crude oil loading in June to Unipec, the trading arm of Asia's top refiner Sinopec Corp, according to four traders. Indian sources said Russian oil is no longer available at deep discounts and they get fewer offers for sale on a Delivered At Port (DAP) basis, an international commercial term in which the seller pays for insurance and freight and ownership is transferred to the buyer only after the cargo is discharged. ""Earlier the companies were offering good discounts but that is not available now. Offers have been reduced and discounts are not as good as before, as insurance and freight rates have gone up,"" another source said. The European Union, which along with"
"that is not available now. Offers have been reduced and discounts are not as good as before, as insurance and freight rates have gone up,"" another source said. The European Union, which along with Britain and the United States dominate the international marine market, last week announced an immediate ban on new insurance contracts for ships carrying Russian oil, and gave a six-month grace period for existing contracts. The lack of shipping insurance coverage has hit IOC's purchases of Russian oil under a contract it signed with Rosneft last year, sources said. The contract gives IOC an option to buy 2 million tonnes of oil from Rosneft on a free on board (FOB) basis, which requires the buyer to charter ships and pay for insurance to load the cargoes from Russia. India largely buys Russian Urals crude, but the most recent IOC deal includes an option of supplies of ESPO Blend from the Russian port of Kozmino and Sakhalin's Sokol grade as well, one of the sources said. Indian refiners are however continuing to lift some volumes from the spot markets, and HPCL and BPCL might get about 1 million-2 million barrels of Russian oil in July, the sources said."
"Karnataka HC: Driver has to ensure safety of road users Bengaluru: Fixing responsibility squarely on the for ensuring and , the has underscored that it is the duty of the person at the wheel to drive with utmost care and caution, particularly at a public place such as a bus stop. The court's observation came during a recent judgment in a case in which rash driving by a bus driver resulted in one of the rear wheels of the vehicle running over the left leg of a pedestrian while he was waiting at a bus stop in Mangaluru. The injured person - a labourer from Tamil Nadu who said he had a monthly earning of just Rs 10,000 - later made a compensation claim of Rs 3 lakh before the court for his injury. ""No exception can be made that the driver cannot be held as negligent when one of the rear wheels of a is said to have passed over the leg of a pedestrian,"" Justice HB Prabhakara Sastry noted. The judge directed the Motor Accident Claims Tribunal in Mangaluru to consider afresh the case of claimant T Murugan, who was injured in the accident. ""Any driver of a motor vehicle, including a passenger vehicle such as a bus in this case, is required to be more cautious and careful while driving,"" Justice Sastry noted. Partly allowing Murugan's appeal, the judge has now directed the parties to appear before the tribunal on March 27. According to reports, on January 19, 2017, T Murugan, 45, was waiting near Kankanady bus stand in Mangaluru when a rash and negligent driver ran over Murugan's left foot, injuring him seriously. On July 15, 2019, the tribunal rejected Murugan's compensation claim, claiming he was drunk and there was no fault on the part of the bus driver. , the insurer of the bus involved in the accident, also defended the tribunal's order, saying that apart from being under the influence of alcohol at the time of the accident, the claimant had also failed to prove the driver's negligence. In his appeal, Murugan's counsel contended mere smell of alcohol was no proof that the accident had occurred due to the claimant's negligence. Counsel further argued that police records revealed the driver had chargesheets filed against him for offences punishable under sections 279 and 338 of IPC and he had also pleaded guilty."
"EV manufacturers expect demand to grow multi-fold on increasing awareness, govt support New Delhi: Electric vehicle manufacturers expect demand to grow multi-fold going ahead with increasing customers' awareness on eco-friendly mobility, backed by the government's support for EV adoption. Ahead of World EV Day, the manufacturers also stressed the need to offer better performing vehicles, designed and developed to meet specific customer requirements. ""India will see a huge demand for EVs going forward as customers are increasingly becoming aware of environmentally-friendly mobility solutions and the government is laying the foundation for EV adoption,"" Kia India Chief Sales Officer Myung-sik Sohn said in a statement. co-founder and CEO Tarun Mehta said the transition to sustainable modes of transportation has begun well, largely led by electric two-wheelers and EVs are the single biggest hope for achieving a decarbonised world and faster adoption of EVs is the first step towards this goal. ""The rising demand makes it quite clear that consumers are open to shift to EVs from ICE (internal combustion engine) vehicles and the industry needs to support this by offering better performing electric vehicles,"" Mehta asserted. Motovolt Founder & CEO Tushar Choudhary said a lot of major cities across the world are discovering that one of the key components of sustainable mobility is the adoption of electric commuting by the masses. ""This is where it is critical to create a diversity of options that include large shared vehicles, such as trains and electric buses and cars and smaller vehicles, electric 2-wheelers, and e-bicycles,"" he added. Mahindra Electric Mobility Ltd CEO Suman Mishra said the company is committed to promoting sustainable motoring with zero-emission products. At present, it is estimated that EVs account for nearly 1 per cent of total vehicle sales in India and studies have projected that by 2030 it would increase to around 30 per cent. According to the Society of Indian Automobile Manufacturers, total vehicle sales in India in 2021-22 stood at 1,75,13,596 units, down from 1,86,20,233 units in 2020-21. Other players involved in the EV ecosystem, such as charging infrastructure and battery swapping service providers, are bullish on the shift towards electric mobility. Chargeup founder and Chief Driving Officer Varun Goenka said with the right initiatives like the battery safety guidelines that will come into effect from October and the highly anticipated draft Battery Swapping Policy will help get closer to an eco-friendly ecosystem for the future of mobility. ""There are certain technical and operational processes and challenges that need to be ironed out, but it is our firm belief that a lot of progress is being made in the right direction,"" he added. SKF Group (India & South East Asia) Director Automotive Business Venkat S said rising fuel prices, surging ownership cost of ICE vehicles, and policies like the PLI and FAME have been"
"he added. SKF Group (India & South East Asia) Director Automotive Business Venkat S said rising fuel prices, surging ownership cost of ICE vehicles, and policies like the PLI and FAME have been instrumental in shaping the EV market in India. ""EV drivetrains today are placing new demand on components, such as bearings, and SKF is playing a transformational role in the industry,"" he added. Car rental and subscription platform Myles Car founder Sakshi Vij said offering EVs on a subscription model without a down payment and additional maintenance or insurance costs with no danger of residual value has helped in overcoming the hurdle of high upfront prices of EV acquisition. ""EVs account for 40 per cent of our subscription demand and 40 per cent of the vehicles in our fleet are electric vehicles, and we plan to increase this percentage,"" she added. PTI RKL BAL BAL"
"Cess not deduction, companies should accept gracefully, says Finance Minister Sitharaman Finance minister clarified on Sunday that a proposed amendment in the Budget related to the education had to be done retrospectively in order to be fair to all taxpayers. This had to be done as the judicial decision had been contrary to legislative intent, she added. The budget has sought to amend the retrospectively from 2005-06 to clarify that education cess and surcharge would not be allowed as deductions in the form of expenditure. ""Some courts are coming up with a verdict which is contrary to the intent of the legislature. We needed to come out with an explanatory amendment...There are times when you have to be retrospective just so that we are being fair. It is not to go with any other intent,"" Sitharaman said at a post-budget interaction organised by industry body Ficci. She noted that not doing it retrospectively would have become an issue for execution and would have been unfair for two sets of taxpayers. The explanatory memorandum, provided with the , has explained in detail the rationale behind the move. It has referred to a Supreme Court decision that pointed out that the provisions of the Finance Act, 2004 and Finance Act, 2011 specified that education cess was an additional surcharge levied on income tax. Officials said that since the cess was effective from the 2004-05 assessment year, it had to be clarified retrospectively to clear any uncertainty. Speaking at the session, revenue secretary said that the industry should ""accept it gracefully"" and asked industry captains not to file cases in view of the court rulings. ""Tomorrow, we might have a situation where income tax itself becomes an expenditure,"" Bajaj said, adding that these things have a major impact on revenue collection. He also dismissed a request from the industry seeking to allow gifts and freebies to doctors as business expenditure. The Budget had proposed that gifts and freebies shall not be treated as business expenditure under Section 37 of the Income-Tax Act. On tapering, private investment The finance minister said India was prepared to deal with any situation arising out of global developments, including the US Federal Reserve's decision to roll back monetary easing, and will not allow the economy to suffer. ""Now with the RBI and the government working together and very much keenly observing what is going on in the global financial ecosystem...we have also learnt the lessons of the last crisis which the government of India faced in 2012-13 and 2013-14,"" she said. The government is watching what is happening with regard to global strategic developments, the decisions of the US Federal Reserve, and also regarding global inflationary pressures, she added. ""...We are keeping a very close watch, and I can assure the (industry) leadership here that we shall not allow the Indian economy to suffer for want of preparations,"" Sitharaman said. She also asked India Inc to take advantage"
"watch, and I can assure the (industry) leadership here that we shall not allow the Indian economy to suffer for want of preparations,"" Sitharaman said. She also asked India Inc to take advantage of the recovery in the economy and step up investments. ""It's time now for us as Team India to rise. We are at such a juncture where revival of the economy is very clear...this recovery is therefore going to place India as the fastest growing economy among the larger economies and that would continue even in the next fiscal,"" the minister said. On disinvestment On missing the disinvestment target, the finance minister said the government is accountable to Parliament and will take a cautionary route rather than push for a speedy conclusion. The finance minister pointed out that some past cases have been revived by people seeking justice even after 10-15 years of an issue being settled. ""So, there is a sense of caution which I want you to appreciate among the bureaucrats also that nothing should be later found wanting. They do take their extra precaution... and I would rather go on that route than push them over to a speedy conclusion,"" Sitharaman said. She added that the government had already concluded the privatisation of Air India and Neelachal Ispat Nigam Ltd and the initial public offering of Life Insurance Corporation of India would likely happen soon. ""So, things are moving and the target this year is more realistic,"" she said. Energy sector reforms Responding to suggestions made during the post-budget interaction with industry body Assocham, the finance minister noted that the government was working at multiple levels to resolve issues of the energy sector and that there was a need for more co-ordination between the states and the Centre. ""The difficulties the sector faces because of legacy problems, we will first of all try to address and get that clear out of the way so that futuristic financing and possibilities of better partnership can be worked out,"" she said. On challenges faced by the aviation sector, Sitharaman noted that the global price of aviation fuel was a concern and more so for airlines. The finance minister said that she will take up the issue of levy of Goods and Services Tax on Aviation Turbine Fuel at the next meeting of the GST Council. ""It is not with ... (the Centre) alone, it has got to go to the GST Council. The next time we meet in the Council, I will put it on the table for them to discuss,"" she said. Also Read:"
"GM plans 50 new digital features, services by 2026 -executive By Paul Lienert aims to turbocharge its non-vehicle revenue by introducing dozens of new fee-based digital features by 2026, including one enabling a car to predict when it will need maintenance, a top executive said on Thursday. ""We have 50-some value-added products and services that we'll be rolling out over the next 36 to 48 months,"" Steve Carlisle, president of GM North America, said at an investor conference. Carlysle said GM's OnStar unit, which now offers insurance in addition to concierge services to drivers, generates about $32 a month per customer, and its enhanced Super Cruise driver assist feature will further bolster that. The new digital products, including in-vehicle subscriptions, will be supported by GM's Ultifi software and connectivity platform. Ultifi also will enable over-the-air software updates, and help drivers and passengers with tasks such as online shopping. Carlysle said some of the digital features are designed to take advantage of larger displays that GM is installing on the , Silverado EV, Cadillac Lyriq and other future . ""The bigger screens on our EVs will enable us to bring more of the data-oriented software products to the customers,"" he said. He also said GM is considering flexible pricing options for a number of those digital features, including monthly, annual and lifetime subscriptions. The introduction of more data-driven services and products is part of CEO Mary Barra's plan, announced last October, to double GM's annual revenue to around $280 billion by 2030. Also Read:"