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Ian to firm up property rates; insurers positioned to absorb losses: S&P

Hurricane Ian is likely to be a significant loss event for the U.S. property/casualty and global reinsurance sectors and is expected to accelerate the firming of property rates in 2023, Standard & Poor’s Global Ratings said in a note Friday. However, insurers are well-positioned to absorb losses, and losses for global reinsurers should remain within …

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Zipmex Appoints Restructuring Firm Kordamentha To Work on Recovery Plan

Zipmex, a cryptocurrency exchange based in Singapore, announced on Friday that it has appointed an Australian restructuring firm, KordaMentha Pte, to assist with a recovery plan. KordaMentha will work with Zipmex on how best to reorganize the exchange and preserve its assets. Apart from that, Zipmex revealed that it is in advanced talks with two …

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Stock of this EPC and solar advisory firm has zoomed 1,475% so far in 2022

Shares of Gensol Engineering continued at their northward journey, hitting a new high of Rs 1,706.65 on the BSE on Friday, after the company said it has clinched deals worth over Rs 153 crore for building solar power projects in the states of J&K, Gujarat, Punjab, Rajasthan, Tamil Nadu, and Telangana. The stock …

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Esports, Web3 Firm Ampverse Expands into the Philippines

Esports and Web3 company Ampverse has expanded into the Philippines, making it the fifth market. With the expansion, Ampverse plans to invest more than 100 million pesos in the Southeast Asian country’s local gaming and esports ecosystem.  The investment will focus on boosting esports, talent, commerce, and Web3. Ferdinand Gutierrez, CEO of Ampverse, said, “the …

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Inflation, rates may hit $114-billion firm debts: Standard and Poor’s

Credit profiles could deteriorate for up to $114 billion of debt in the books of Indian companies tackling rising interest rates and inflation, said Standard and Poor’s (S&P) on Tuesday. The deterioration in credit profile is, however, unlikely to lead to large-scale defaults even in a stress scenario due to buffers …

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Pharma Firm Wockhardt Reports Widening Of Q1 Net Loss At Rs 75 Crore

Business oi-Renu Baliyan | Published: Saturday, August 13, 2022, 19:02 [IST] Pharmaceutical firm Wockhardt Ltd on Friday reported a widening of consolidated net loss at Rs 75 crore in the first quarter ended June as revenue from key markets of the UK and the US declined, according to a PTI report. The company had posted …

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In Conversation With CEO of Superhexa, the Xiaomi-Backed Firm Shaping the Future of Cameras

A two-hour interview at the Beijing headquarters of Superhexa with its founder and CEO offers much enlightenment, and might resonate among hardware geeks, tech entrepreneurs and realistic visionaries. Xia Yongfeng, an automation graduate of Beihang University, previously known as Beijing University of Aeronautics and Astronautics, began his career as a magazine journalist who later partook …

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ED attaches Rs 370 cr deposits, including crypto assets of a Bengaluru firm

The Enforcement Directorate (ED) on Friday said it has attached Rs 370 crore worth deposits — invested in bank, payment gateway and crypto accounts — of a Bengaluru-based “shell” company incorporated by two Chinese nationals who left the country in 2020. The federal agency froze the funds after it raided the premises …

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Shapoorji Pallonji and Company divests 1.25% stake in energy firm

Shapoorji Pallonji divests stake in energy firm Sterling and Wilson Renewable Energy’s promoters divested 1.87 per cent stake in the company through the offer for sale (OFS) route. The 3.6-million share OFS garnered bids for 7.8 million shares from institutional investors on Friday. Shapoorji Pallonji and Company divested 1.25 per cent stake, while Khurshed …

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