Month: August 2020

Oil prices mixed on storm-driven output cuts, rising COVID-19 cases

By Jessica Jaganathan

SINGAPORE, Aug 25 (Reuters)Crude oil prices were mixed on Tuesday as traders weighed massive production cuts in the U.S. Gulf Coast from Tropical Storms Marco and Laura against rising coronavirus cases in Asia and Europe.

Brent crude oil futures LCOc1 added 9 cents, or 0.2%, to $45.22 a barrel by 0419 GMT, while U.S. West Texas Intermediate crude CLc1 was down 9 cents, or 0.2%, at $42.53 a barrel.

“A jump last week in the U.S. rig count and mixed data on COVID-19 infections are having a muted negative effect on oil this week, thanks in part to the possible disruption from two separate hurricanes moving into the U.S. Gulf Coast region,” said Stephen Innes, chief global markets strategist at AxiCorp.

Energy companies moved to cut production at U.S. Gulf Coast oil refineries on Monday after shutting 82% of the area’s offshore crude oil

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LIC Housing Finance shares surge led by strong growth, Q1 profit rose 34% on lower provisions

One of India’s largest mortgage lenders, LIC Housing Finance Ltd (LICHFL) shares jumped nearly 10% during the early trade minutes on Tuesday after the company reported a 34% jump in its net profit to ₹817.48 crore for the quarter ending June 30.

Total income of the company rose 3.4% to ₹4,977.49 crore in April-June 2020.

The growth was cushioned mainly by the lower provisioning. The provisioning in the last quarter stood at ₹56 crore compared to around ₹253 crore in the year-ago period, according to the company regulatory filing.

“The rise in profit is mainly attributed to provisioning, which was lower in the quarter as compared to the last time (Q1 FY20). However, we have fully provided for whatever is required,” the company’s managing director and CEO Siddhartha Mohanty said.

According to the first-quarter financial results, almost 25% of the company’s loan book is under moratorium as of June

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AM Best Upgrades Credit Ratings of Minnesota Lawyers Mutual Insurance Company and MLM Risk Retention Group, Inc.


3 Monster Growth Stocks That Still Have Room to Run

For the stock market, is it onwards and upwards? As the dog days of summer come to a close, stocks have ripped higher in a remarkable fashion, with the market sitting at record highs. That said, when we make our way into September, a historically rough month for equities, should investors put their hunts for compelling plays on hold? Not necessarily. The pros on Wall Street have set their sights on a select few names with growth prospects that can only be described as monstruous. We aren’t exaggerating here. These stocks have already posted some serious gains in 2020, with analysts arguing there’s more than enough fuel in the tank to keep the rally alive. Bearing this in mind, we used TipRanks’ database to pinpoint three stocks deemed as exciting growth plays by the analyst community. According to the

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Norway’s Biggest Private Money Manager Exits From Exxon, Chevron Over Climate Change

Norway’s largest private money manager, Storebrand Asset Management, excluded and divested itself of more than two dozen listed companies under its new climate change policy, citing concerns with lobbying, coal and oil sands.

The investment firm, a unit of insurer Storebrand ASA with around $91 billion under management, said Monday it sold off more than $47 million in 21 companies and excluded another six from future investments.

Storebrand’s decision comes as more investors in Europe and abroad have called for polluting companies to align their lobbying and businesses with the Paris Agreement on climate change, with some threatening to divest.

Under its new policy, Storebrand said it would no longer invest in companies that earn more than 5% of revenue from coal or oil sands or that lobby against the Paris Agreement, among other criteria. The companies Storebrand exited from are mostly in oil and gas and the broader energy

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Should I Become A Personal Loan Guarantor For My Relative?

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Q. Hello! I am in a dilemma. A distant relative of mine is facing a financial emergency and has approached a bank for a personal loan. His bank has asked for a loan guarantor. He wants me to be the guarantor for his loan. While I know about his financial status and the purpose of the loan, I am not sure if I should give my approval to be his loan guarantor? Can you please guide me about what it means to be a personal loan guarantor?

Ramaunj Prasad

Ans. Your concerns are valid, Ramanuj. Becoming a loan guarantor for a friend or a relative is a tricky decision. So it is important to consider all the aspects, including the risks involved before you go ahead.

Who Is A Personal Loan Guarantor? 

A loan guarantor is that individual who gives the guarantee to the lender that

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China, US Hold Trade Talks, Agree To ‘Push Forward’ Phase One Deal

Top Chinese and US negotiators spoke on the phone Tuesday and agreed to “push forward” their phase one economic deal, amid soaring tensions between the two sides on several fronts.

The US and China signed the accord in January, bringing a partial truce in their lingering trade war and obliging Beijing to import an additional $200 billion in American products over two years, ranging from cars and machinery to oil and farm products.

But the COVID-19 pandemic has put pressure on the agreement and China’s purchases of those goods have been lagging.

The two countries confirmed the talks in separate statements.

Washington said the parties “addressed steps that China has taken to effectuate structural changes called for by the agreement”.

Those changes, it said, would “ensure greater protection for intellectual property rights, remove impediments to American companies in the areas of financial services and agriculture, and eliminate forced technology transfer”.

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OIN FINANCE Raises $1M in Private Round to Build Cross-Chain Liquidity Pool & DEX

OIN FINANCE, a DeFi company building liquidity pool lending platforms on the Ontology blockchain with cross-chain functionality, has announced the successful close of a $1 million private sale round after seeing over $10 million in commitments. The oversubscribed round included leading blockchain investors such as FBG Capital, Blockwater VC, GBIC, Alameda Research, FTX, Signum Capital, Ruby Capital, CMS, and Waterdrip Capital.
” data-reactid=”12″British Virgin Islands (BVI), Aug. 24, 2020 (GLOBE NEWSWIRE) — OIN FINANCE, a DeFi company building liquidity pool lending platforms on the Ontology blockchain with cross-chain functionality, has announced the successful close of a $1 million private sale round after seeing over $10 million in commitments. The oversubscribed round included leading blockchain investors such as FBG Capital, Blockwater VC, GBIC, Alameda Research, FTX, Signum Capital, Ruby Capital, CMS, and Waterdrip Capital.

  • The private round was oversubscribed by more than 10x.
  • The investors were hand-picked to provide
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Alphabet’s Verily is getting into insurance

Verily Life Sciences, the health care company owned by Alphabet, is getting into insurance, the company announced today. Verily is launching a new subsidiary for the effort called Coefficient Insurance Company, which will be backed by the commercial insurance unit of Swiss Re Group.

a close up of a logo

Coefficient plans to offer stop-loss insurance. The explanation for stop-loss is a little technical, but it boils down to this: Employers that pay for employee health claims out of pocket buy stop-loss insurance. Once they hit the predetermined point of money they pay for their employees’ health, the stop-loss insurance company pays the rest.


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Historically, Verily has been a turbulent company

Insurance is something of a departure for Verily. A previous project from the company is Project Baseline, a massive medical study to better understand the human body. Project Baseline is also the banner Verily has used for its COVID-19 screening website, which President

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Experts question secrecy of Operation Warp Speed coronavirus vaccine plan

  • The White House is spending billions of dollars on Operation Warp Speed, a project to develop a coronavirus vaccine in record time.
  • But vaccine experts are increasingly critical of the project’s lack of transparency, and fear it may be rushing important clinical trials that test for safety and efficacy.
  • Even if vaccine trials are a success, the plan for how the government plans to distribute hundreds of millions of doses is unclear.
  • View more episodes of Business Insider Today on Facebook.

The White House’s multibillion effort to speed up the development of a coronavirus vaccine is coming under increased scrutiny from experts worried about how the money is being spent.

The Trump administration is hoping Operation Warp Speed will provide 300 million doses of a safe, effective vaccine by January 2021. It’s already directed more than $10 billion at the project since mid-May.

But pressure to get a vaccine out

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Tata Capital launches ‘Swift Insta Personal Loans’ on WhatsApp

Tata Capital, the financial services arm of the Tata Group on Wednesday announced the launch of its new service called ‘Swift Insta Personal Loans’ (SIPL) on WhatsApp.

The company will now allow its existing customers to instantly apply and receive sanctions for personal loans using Tata Capital’s chatbot TIA on WhatsApp.

The chatbot was recently launched on WhatsApp as a service platform to facilitate customer requests including queries on EMI details or updating customer records.

“This medium was well received by customers and continues to build good traction. The introduction of SIPL now enables WhatsApp to service and sanction loans all on one platform,” Tata Capital said in an official release.

Customers can apply for Swift Insta Personal Loans through the company’s WhatsApp number for TIA. They can type ‘Hi’ and send it on the number 7506756060.

They can then select ‘Swift Insta Personal Loans ‘ from the Menu and

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