Financial Conduct Authority (FCA) has indicated that it is planning to launch an investigation into some 30 million policies that were sold by insurance companies from the 1970's to the year 2000.
The shares of insurance companies fell significantly after the report were released prompting the FCA to issue a clarification into the investigation. Some experts had accused the FCA of breaching its own rules by releasing information that is sensitive to the market.
Laurie McIlwee has indicated that he is planning to step down as the finance director UK's retail giant, Tesco just days before the company is expected to announce a fall in profits.
Investors had expressed concerns over a fall in the company's profits at its central European unit without prior warnings form McIlwee. Media reports said that McIlwee had disagreements with Chief Executive Philip Clarke and the two had clashed over certain issues. Clarke and McIlwee had different views on the company's new strategy.
Sluggish demand and political uncertainty continues to keep business activity across emerging markets under pressure, HSBC's composite emerging markets index (EMI) revealed.
HSBC's composite EMI of manufacturing & services purchasing managers' survey tumbled from 51.1 in February to 50.3 in March. It was the fourth monthly decline in business activity across emerging markets in a row.
Oil & Natural Gas Corporation (ONGC) has told the government that it might have to put its deep-sea gas production plans on hold till gas prices are increased to nearly $13 per unit.
The state-run oil & gas giant said production from some of its deep-sea fields would not be viable at prices lower than $13 a unit. The company has asked for prices of $10.72 to $12.63 for gas to be produced from two blocks in the Mahanadi basin.
Civil aviation regulator DGCA might have ordered SpiceJet to withdraw its special Re 1 scheme, but that failed to discourage rivals from announcing discount schemes of their own.
GoAir and IndiGo have announced special schemes that offer discounts of up to 30 per cent to 40 per cent on advance purchases of tickets for travel between July and March 2015.
Air India too has launched its Monsoon Bonanza scheme, for the travel before September 2014. To avail the discounts, tickets must be booked during April 3 to April 5.
The ongoing depreciation in the value of rupee is being linked to suspected dollar buying by the Reserve bank of India (RBI).
The partly-convertible Indian rupee traded at 60.30 per U. S. dollar in morning session on Friday, at a weaker level than its previous close of 60.1650/1750 per dollar.
While demand for dollar by importers is surely a factor behind decline of the local currency against the U. S. dollar, many analysts are of the view that the central bank is also buying dollars in to increase its foreign exchange (forex) reserves.
Indian can deal with crony capitalism by introducing transparency and reducing discretionary power, new CII President Ajay Shriram suggested.
Expressing his views about crony capitalism in a just published interview, Mr. Shriram admitted that India too, like other countries, has 'black sheeps'.
Speaking about the issue, he said, "We have to accept that there are humans all over the world. We have had black sheeps. It's not only in India; it's in America, in Europe, every country. We should have a balanced approach and look at what to do with rules and regulations."
In a bid to catch up with Apple and Google in the mobile devices space, Microsoft has come up with updated Windows Phone software, which will be offered to smartphones and tablet makers free of charge.
The Redmond-based software giant unveiled the updated version of Windows Phone software during a recently held event at its Build developers' conference in San Francisco; and announced that it would be available free for manufacturers of smartphones and tablets with screens of less than nine inches.
Previoulsy, the company charged smartphones and tablet manufacturers a licensing fee of $5-15 per device.
T-Mobile CEO John Legere has announced a $100 credit for BlackBerry subscribers if they switch to any other device available on the airwaves of the network provider.
The $100 credit provides BlackBerry subscribers with a rare chance to give a try to other smartphones or platforms. The can also utilize the money to obtain a Q10 or a Z10 handset. But, those who want to upgrade to a new BlackBerry handset will have to decide soon as BlackBerry is going to end its business ties with T-Mobile.
The labour is urging the UK government to ban the importation of fruit from high risk areas following the discovery of second Queensland fruit fly in Whangarei.
The fly was discovered in a Ministry for Primary Industriesroutine surveillance on 1 April. The fly was identified yesterday. The fly was trapped in the Parihaka area of Whangarei, which is only 400m from where a Queensland fruit fly was found during the month of January. The Ministry for Primary Industries has set up a 1.5 kilometre controlled area around Parihaka after the fruit fly was found/
According to a new report, the UK now has one of the highest qualities of life among the advanced countries of the world.
The UK was ahead of Japan, the US, France and Italy and bit lower than Germany on the "Social Progress Index". The new Social Progress Index is an international measure that has been designed to determine the economic standards of nations. The index also showed that the UK is among the fattest countries in the world.
Cameron Clyne, the head of the Australia Bank has announced his decision to leave the bank and retire from executive life on July 31.
Clyne is leaving the multi-million dollar job at the bank in order to be with his family. The senior banker, which is now 46 year's old, has surprised the market with the announcement of his retirement. Mr Clyne has worked as the chief executive for a period of more than five and a half years.
Yamana Gold Inc has said that it might be planning to bid for Osisko Mining Corp after rival Goldcorp Inc launched a C$2.76 billion or $2.5 billion hostile offer for Osisko Mining.
US aircraft maker, Boeing Aerostructures has said that it is planning to reduce itsat workforce Port Melbourne.
The Australian unit of the company said that it is panning cut jobs to 300 contract positions from a workforce of about 1,300 at its Port Melbourne within this year. The workers were employed on fixed-term contracts during the phase of the production of 787 and 777 composite structures. However, the company said that they will no longer require such workforce as the production of composite components for its commercial aircraft falls.
A Raja, former union telecom minister who allegedly played the key role in the Rs 1.76 lakh crore 2G scam, claims to have a family asset value of just Rs 3.61 crore.
Filing his nomination on Wednesday, Raja declared along with other members of his family had inherited property under the Hindu Undivided Family worth only Rs 3,61,29,915. DMK has once again fielded Raja from the Nilgiris Parliamentary constituency.
Workers of Toyota Kirloskar Motor (TKM) went on an indefinite hunger strike outside the premises of the Bidadi-based manufacturing facilities on Wednesday and demanded the Karnataka government to take action against the company.
A group of workers led by Toyota Kirloskar Workers Union (TKWU) President Prasanna Kumar went on hunger strike yesterday after the company's management declined to unconditionally reinstate suspended workers.
State Bank of India (SBI), the country's largest lender, has extended the date of special home loan scheme, which offers special discounts, beyond 31st of March for an indefinite period.
The special home loan scheme was launched in December last year, when the lender slashed its home loan rates by up to 0.4 per cent for new customers. For women borrowers, it offered an additional concession of 0.05 per cent. The scheme was originally scheduled to end on March 31.
Civil aviation ministry on Wednesday issued no objection certificate (NOC) to the Tata-Singapore Airlines (SIA) joint venture (JV), clearing the final hurdle for the proposed airline's take off.
Ajit Singh civil aviation ministry gave NOC to the Tata-SIA JV in less than a week after the Union home ministry gave its approved security clearances to the JV's three board members. Of the three directors, one will be a foreigner and two will be Indians.
Stock in IDFC gained as much as 8.6 per cent in morning session trade on Thursday after the Mumbai-based company became one of the two entities to get a banking licence from the Reserve Bank of India (RBI).
The central bank granted a banking licence to IDFC for an initial period of 18 months, during which the company will have to meet all requirements laid down by the apex bank.
Kolkata-based microfinance company Bandhan Financial is another of the two entities to win a licence to create a network of bank branches across the country.
Verizon Wireless, the biggest wireless carrier of the United States, on Wednesday slashed the price of its widely popular More Everything Edge smartphone 10GB plans.
Announcing a key strategic change to pricing of its service plan, Verizon said that the price for four smartphones using a 10GB data plan would be $160 for subscribers of the More Everything Edge plans.