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The bell curve appraisal system, junked by many big organisations including consultancy firm <keyword id="50041" type="General" weightage="100" keywordseo="kpmg" source="Orion">KPMG</keyword> is being proposed to be implemented in General Insurance Corporation of India (<keyword id="1031743" type="General" weightage="80" keywordseo="gic-re" source="Orion">GIC Re</keyword>), the company unions said. They also wondered as to how the bell curve appraisal system would be good for GIC Re when its own <keyword id="17182" type="General" weightage="20" keywordseo="CONSULTANT" source="Orion">consultant</keyword> - KPMG - was not in favour of it. "The bell curve appraisal system that has already been defunct in many organisations is being proposed to be implemented in GIC Re very soon at the cost of Rs 4 crore approx," five unions of the national reinsurer have told their management. Citing various news reports, the five GIC Re unions, in a letter to the Board of Directors and its Chairman and Managing Director <keyword id="1089020" type="General" weightage="50" keywordseo="devesh-srivastava" source="Orion">Devesh Srivastava</keyword>, listed names of several big companies that have scrapped the bell curve appraisal system. "The most surprising part is that even our KPI (key performance indicator) consultant, KPMG has also scrapped the aforesaid appraisal system as it was toxic for the work environment," the letter notes. "While removing this mode of appraisal, KPMG stated that 'We want to encourage a collaborative work culture and take away the internal competition between employees, thus encouraging qualitative discussions on performance'. The bell curve, the way it is understood and implemented, is wrong sometimes, making it a forced normalisation and forces rating. It cannot be a rigid curve. It could be a steep curve, flat curve depending on the business performance," the GIC Re unions said. The GIC Re is the national reinsurer with about 470 employees. In an earlier letter, the five unions had said if KPMG's recommendations are implemented, the work-life balance of employees will be adversely affected. "KPMG has proposed a phone application which will be installed in every employee's handset which will inform one's performance 24/7, thus further deteriorating work life balance," the unions had told the GIC Re management. "We also demanded the consultant's preliminary report with SWOT analysis and final pre-implementation report which has not been provided till date," the letter written by the unions notes. "Be it known to all that the recent transfers, re-transfers and retro transfers fiasco and the various departments which have mushroomed overnight were based on KPMG's report which is not even approved by the management nor has our board's sanctity. Hence, it does not adhere to the current transfer policy. This is akin to clinical trials," the earlier letter added. According to the unions, quality parameters are totally ignored, and all the employees will be judged on quantity and what the phone app reflects. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/rupee-rises-28-paise-to-79-25-against-us-dollar-in-early-trade/articleshow/94168701.cms">Rupee rises 28 paise to 79.25 against US dollar in early trade</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/tata-memorial-centre-doctors-from-11-institutes-develop-low-cost-clinical-intervention-for-cancer-treatment/articleshow/94168749.cms">Tata Memorial Centre, doctors from 11 institutes develop low-cost clinical intervention for cancer treatment</a>

GIC Re unions question the bell curve appraisal system that was junked by its consultant, KPMG

New Delhi, Feb 12 () General Insurance Corporation of India (GIC Re) on Wednesday said it has received licence from Bank of Russia to commence reinsurance business in Russia. "We wish to inform you that that the Corporation has obtained licence from the Central Bank of the Russian Federation (Bank of Russia) for its subsidiary company "GIC Perestrakhovanie LLC", Moscow for commencement of reinsurance business. The licence was received by us today i.e. 12th February 2020," it said in a regulatory filing. The licence enables the subsidiary to commence transacting domestic and international reinsurance business in Russia based on the capital invested by the Corporation, it said. Shares of GIC Re on Wednesday closed 0.97 per cent higher at Rs 238.20 on the BSE. KPM RVK

GIC Re gets licence from Bank of Russia for reinsurance biz

New Delhi, Feb 12 () General Insurance Corporation of India (GIC Re) on Wednesday said it has received license from Bank of Russia to commence reinsurance business in Russia. "We wish to inform you that that the Corporation has obtained license from the Central Bank of the Russian Federation (Bank of Russia) for its subsidiary company "GIC Perestrakhovanie LLC", Moscow for commencement of reinsurance business. The license was received by us today i.e. 12th February 2020," it said in a regulatory filing. The license enables the subsidiary to commence transacting domestic and international reinsurance business in Russia based on the capital invested by the Corporation, it said. Shares of GIC Re on Wednesday closed 0.97 per cent higher at Rs 238.20 on the BSE. KPM RVK

GIC Re gets license from Bank of Russia for reinsurance biz

<ul><li>Domestic AIFs saw tepid activity as residential <keyword id="6354553" type="General" weightage="20" keywordseo="real-estate" source="Orion">real estate</keyword> debt witnessed lower demand.</li><li>Large deals dominated the PE investment in real estate in the first nine months of FY24.</li><li>Commercial real estate continued to attract large fund flows, and PE investors favour equity vs debt. </li></ul>A sharp rise in home sales as well rising office occupancies might be the talk of the town. Yet, private equity investments in the sector remained muted. In the first nine months of FY24, i.e. April to December 2023, <keyword id="189346" type="General" weightage="20" keywordseo="pe-investments" source="Orion">PE investments</keyword> in the sector registered a 26% decline, says a report by Anarock. Investor activity remained tepid due to geopolitical uncertainties as well as a high interest rate environment. The size of domestic investments however declined to 14% of total capital flows to $360 million as compared to $717 million in the same period last year. "Domestic alternate investment funds (AIFs) have seen lower activity levels as their favoured asset class — residential real estate debt – witnessed lower demand for high-cost funds. Strong residential pre-sales and an accommodative stance by state-owned banks have led to reduced demand for capital from the more expensive AIFs," said Shobhit Agarwal, MD &amp; CEO of Anarock Capital. The average ticket size marginally increased to $95 million from $91 million in the same time last year. This is largely due to a mega $1.4 billion deal in which Brookfield India Real Estate Trust REIT and Singapore’s GIC together acquired two commercial assets in Mumbai and Gurugram. The deal also aided the sharp rise in multi-city transactions. Otherwise, Mumbai Metropolitan Region led the transaction league tables in city-specific transactions. The region saw investments flows to the tune of $694 million. Top 5 real estate PE deals in 9MFY24 <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investor </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Recipient </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Asset class </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Deal size </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brookfield RE Trust REIT &amp; GIC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brookfield AMC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Commercial </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1.4 bn </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CPP Investments </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">RMZ Corp </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Commercial </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$325 mn </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Morgan Stanley </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Prakhhyat Group </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Warehousing </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$85 mn </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Blackstone </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Allcargo </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Warehousing </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$76 mn </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Data Center Fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sify Infinit Spaces </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Data Center </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$73 mn </td></tr></tbody></table>Source: Anarock Office spaces dominate Most of the PE investment flows for the fiscal year flew into office spaces which dominated the big ticket deals. Data centers also became an emerging new asset class for investors. Domestic debt funds also showed interest in commercial projects. Varde Partners had invested $91 million in a Hyderabad based project by Phoenix Group. “The sector’s reliance on IT/ITeS diminished, with manufacturing, BFSI, and co-working spaces contributing to resilient demand. Anticipated growth in the IT/ITES sector is expected as more employees shift to working from offices for 3-4 days weekly,” said Anarock. Residential real estate was also one of the key sectors which saw large deals in 9M FY24. HDFC Capital as well as PAG invested over $60 million in CCI Projects and Kalpataru Group respectively. In times when overall flows softened, large deals dominated the scene. Top ten deals accounted for 87% of the total value of PE investments. In the same period last year, they accounted for 76%. While debt capital also flowed in, equity investments are preferred route for PE investors, which is visibly healthy at 84% of total deals.

Real estate hit its highs in 2023 but slipping PE investments a worry

<keyword id="81864" type="General" weightage="20" keywordseo="ongc-videsh" source="Orion">ONGC Videsh</keyword> Ltd, the overseas investment arm of state-owned <keyword id="6359072" type="General" weightage="20" keywordseo="oil" source="Orion">Oil</keyword> and Natural Gas Corporation, has incorporated a wholly-owned subsidiary OVL Overseas IFSC Ltd in <keyword id="6424024" type="General" weightage="20" keywordseo="gift-city" source="Orion">GIFT City</keyword>, Gujarat. "This GIFT city entity will function as the <keyword id="23764" type="General" weightage="20" keywordseo="global" source="Orion">global</keyword> treasury centre to cater to the treasury activities of OVL and its 25 subsidiaries (including step-down subsidiaries) spread across 15 countries. "Given the business-friendly regulatory environment in GIFT City, OOIL (OVL Overseas IFSC Ltd) expects to efficiently consolidate funds available with the group in various countries and raise additional funds needed to achieve the ambitious target of producing 40 million tonnes of oil and oil equivalent (MMToe) by 2040 from overseas assets," the company said in a statement. India's first <keyword id="6367752" type="General" weightage="20" keywordseo="international-financial-services-centre" source="Orion">International Financial Services Centre</keyword> at GIFT City gives options to Indian and overseas multinationals to shift their overseas investments onshore. "OOIL will, thus, act as ONGC Group's gateway to the world for its overseas ventures and investments," it added. OVL owns interests in 32 <keyword id="43177" type="General" weightage="20" keywordseo="oil-and-gas" source="Orion">oil and gas</keyword> assets in 15 countries. In terms of reserves and production, it is the second largest petroleum company of India, next only to its parent Oil and Natural Gas Corporation (ONGC). Gujarat International Finance Tec-City or GIFT City is India's newest financial hub and a flagship project of Prime Minister Narendra Modi. The smart city and special economic zone has been developed in the Ahmedabad metropolitan region. Dozens of companies, including India International Exchange, National Stock Exchange, State Bank of India, HDFC Bank, GIC Re and other well recognised institutions are operating in the GIFT City.

ONGC Videsh incorporates subsidiary in GIFT City

<ul class="summary-list"><li>APG's pension fund clients are more worried about investing in China, the Financial Times reported.</li><li>That's as geopolitical risk has grown, with China increasingly at odds with the West.</li></ul>Rising international tensions with Beijing are a serious factor in the worsening skepticism around Chinese investments, APG Asset Management told <a href="https://www.ft.com/content/2bbb09be-9d72-4169-b0f8-cb7cc17938a1" target="_blank" rel="noopener">The Financial Times</a>. One of the largest asset managers in the world, the firm is in charge of about $570 billion in Dutch pension plans, and has actively pursued investments in China for over a decade.Given China's accelerated growth in past years, most of its clients previously needed little prodding to invest in the country, APG Chief Economist Thijs Knaap told the FT. "But this has become a lot harder to sell to our stakeholders. They're very conscious of the risks they are running. There is a very real geopolitical risk that has been added to the proposition," he said.While APG did not disclose how exposed it was to the Chinese market, it continues to hold equity, real-estate and debt in the country. Meanwhile, other big institutional investors are also turning hesitant.Examples include Canada's CDPQ, which closed its Shanghai office and halted private dealings in the country, and Singapore sovereign wealth fund GIC, which has <a href="https://markets.businessinsider.com/news/funds/gic-sovereign-wealth-fund-china-investing-tech-crackdown-xi-jinping-2023-2">slowed direct investment</a> in China."On the one hand, it seems inconceivable to me that we would withdraw from such a large part of the world economy," said Knapp. "[But] at the same time we've certainly seen some dark clouds around China."Meanwhile, previously shunned regions such as Europe have become more attractive for investors, he added.The hesitation felt by pension funds towards Chinese assets comes as <a href="https://markets.businessinsider.com/news/stocks/foreign-investors-china-chinese-economic-rebound-recovery-investment-stocks-demand-2023-6">foreign investors overall have begun moving out of the country at a faster rate</a>. In May, $1.71 billion in mainland shares were sold by foreigners, compared to April's $659 million.While most are withdrawing due to the country's discouraging economic performance following the first-quarter — ending earlier expectations for a resounding post-pandemic rebound — future investment may similarly <a href="https://markets.businessinsider.com/news/stocks/foreign-investors-china-chinese-economic-rebound-recovery-investment-stocks-demand-2023-6?_gl=1*1vdydca*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTY4NTk4ODg5OC4zNDAuMS4xNjg1OTg5MzIyLjYwLjAuMA..">remain at bay</a> in the face of geopolitical risks, analysts have said.That's as China is increasingly at odds with the West, including on issues like Taiwan, access to high-end foreign technology, and its closeness with Russia.Most recently, US restrictions on exporting semiconductors to Chinese markets led Beijing to ban <a href="https://markets.businessinsider.com/stocks/mu-stock?utm_medium=ingest&amp;utm_source=markets">Micron's</a> microchips last month. And China's update to an <a href="https://www.businessinsider.com/china-business-risks-sanctions-detentions-us-tensions-espionage-law-2023-5?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*1oq6hn4*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTY4NTk4ODg5OC4zNDAuMS4xNjg1OTkwMzA4LjkuMC4w">espionage law</a> has put foreign businesses in the country on edge.At the same time, Beijing's focus on national security may <a href="https://markets.businessinsider.com/news/stocks/china-economy-us-growth-xi-jinping-biden-national-security-chips-2023-5?_gl=1*1ftdqun*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTY4NTEyNjYxMC4zMTguMC4xNjg1MTI2NjEwLjYwLjAuMA..&amp;utm_medium=ingest&amp;utm_source=markets">cost it in the long run</a>, political scientist Minxin Pei has said, as it takes away from opportunities for national growth, providing little attraction for investors.

Top asset manager says pension fund clients are turning skittish on China &mdash; 'There is a very real geopolitical risk'

A strange trail of lights in the skies of Lucknow on Monday evening have left people stumped. Local residents captured the blinking lights on their cameras and shared videos on social media platforms. Some found it a celestial event while others termed it 'strange'. The video was recorded by residents of Malihabad in the Lucknow district of <keyword id="6357713" type="General" weightage="50" keywordseo="uttar-pradesh" source="Orion">Uttar Pradesh</keyword>. Sources, however, said that it was a Starlink-51 satellite train. On September 4, Elon Musk-owned <keyword id="6360701" type="General" weightage="80" keywordseo="spacex" source="Orion">SpaceX</keyword> had sent a space tug aloft along with another big batch of its <keyword id="7612156" type="General" weightage="80" keywordseo="starlink" source="Orion">Starlink</keyword> internet satellites. A SpaceX <keyword id="60126" type="General" weightage="50" keywordseo="falcon" source="Orion">Falcon</keyword> 9 rocket lifted off from Cape Canaveral Space Force Station on the east coast of Florida, carrying 51 Starlink internet satellites to orbit. SpaceX has already sent more than 3,000 Starlink satellites into orbit, in an effort to create a huge constellation for broadband service targeted for remote areas. The company founded by <keyword id="364027" type="General" weightage="80" keywordseo="musk" source="Orion">Musk</keyword> has also launched more than 25 Starlink-centric missions in 2022 already. The September 4 launch was SpaceX's 40th of the year and continued to add to the Starlink mega constellation. Some people on Twitter even said it could be an unidentified flying object (UFO). SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indias-total-health-expenditure-for-2018-19-was-at-rs-5-9-lakh-crore-national-health-accounts-report/articleshow/94169977.cms">India's total health expenditure for 2018-19 was at Rs 5.9 lakh crore: National Health Accounts report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/gic-re-unions-question-the-bell-curve-appraisal-system-that-was-junked-by-its-consultant-kpmg/articleshow/94169795.cms">GIC Re unions question the bell curve appraisal system that was junked by its consultant, KPMG</a>

A strange trail of lights in the sky leaves Lucknow residents puzzled

<ul><li>The strike has been called off following an agreement reached with the management of the companies.</li><li><keyword id="651724" type="General" weightage="80" keywordseo="clc" source="Orion">CLC</keyword> had further advised that the managements should consider the suggestions of the <keyword id="122605" type="General" weightage="80" keywordseo="associations" source="Orion">associations</keyword> positively.</li><li>The strike notice was given by Girish <keyword id="24716" type="General" weightage="80" keywordseo="khurana" source="Orion">Khurana</keyword>, National Convenor, JFTY protesting against the unilateral implementation of the EY recommendations.</li></ul> The unions in the government-owned general insurance companies and General Insurance Corporation of India Ltd (GIC Re) on Monday called off their January 4 strike, said an union leader. The strike has been called off following an agreement reached with the management of the companies at the conciliation meeting called by the Chief Labour Commissioner, Central. "Various arguments took place in the meeting from both sides and finally, the CLC advised the managements to give proper bilateral opportunity for discussion with the Associations within 15 days and take the suggestions," Trilok Singh, Convenor-North Zone, Joint Forum of Trade Unions and Association (JFTU), told IANS. He said the CLC had further advised that the managements should consider the suggestions of the associations positively. "Managements agreed to meet the Associations within 15 days for the same. In the light of these instructions from the CLC's office and the managements' decision, we have decided to defer the strike till further advices," Singh said. At the conciliation meeting, the management representative said since 2016 it has been a matter of existence for the insurers. They said even after infusion of capital by the government, the companies are struggling to survive. The companies have to maintain solvency ratio and for that, they have to cost effective. The representative of the Department of Financial Services also maintained that the insurers have to improve their performance. The strike notice was given by Girish Khurana, National Convenor, JFTY protesting against the unilateral implementation of the EY recommendations on rejigging the five reinsurers. The CLC had called the Chairman-cum-Managing Directors of the five companies, Joint Secretary, Department of Financial Services, and Khurana for a conciliation meeting. The unions have been demanding the copy of the EY report for a long time. The management had given them a copy of the power point presentation made to them about the EY report. "Bullet points contained in <keyword id="6678164" type="General" weightage="50" keywordseo="ppt" source="Orion">PPT</keyword> (powerpoint presentation) reveal no details and we are unable to submit our view-points and suggestions in the matter," Khurana said in a letter to <keyword id="14574026" type="General" weightage="50" keywordseo="suchita-gupta" source="Orion">Suchita Gupta</keyword>, <keyword id="15951458" type="General" weightage="50" keywordseo="chairperson-gipsa" source="Orion">Chairperson GIPSA</keyword> and Chairman-cum-Managing Director, <keyword id="15951459" type="General" weightage="50" keywordseo="national-insurance-earlier" source="Orion">National Insurance earlier</keyword>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/delhiites-guzzle-over-1-crore-liquor-bottles-worth-218-crore-from-dec-24-31/articleshow/96698044.cms">Delhiites guzzle over 1 crore liquor bottles worth ₹218 crore from Dec 24-31</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/zomato-irctc-zee-entertainment-among-stocks-in-focus-on-tuesday/articleshow/96697684.cms">Sensex, Nifty50 likely to open in red amid weak global cues; Zomato, IRCTC, Zee Entertainment among stocks in focus</a>

PSU general insurance unions call off their Jan 4 strike

The long pending wage revision talks between the General Insurers' (Public Sector) Association of India (GIPSA) and the various employee unions have begun in a bad taste. The talks were held on Wednesday. The GIPSA, the lobby body for the four government owned multiline non-life insurers and the General Insurance Corporation of India (GIC Re) made their offer that was expected to be rejected and the unions rejected the same. The wage revision for the public sector general insurance employees was due from August 1, 2017. "The GIPSA offered seven per cent hike on the wage bill (without any wage arrears from 2017) or five per cent wage hike with two per cent of arrears," Sanjay Jha, Secretary Standing committee (General Insurance, All India Insurance Employees Association-AIIEA), told IANS. Jha said the AIIEA and other unions have rejected the 'disappointing' offer. According to him, the Joint Forum of Trade Unions and Associations will hold demonstrations during the lunch recess demanding a respectable wage offer maintaining insurance sector parity. "The financial position of the companies in 2017 was good. There is no reason for the management to make such an offer. Perhaps it is done to delay the wage revision further," said Vijay Sharma, President, National Confederation of General Insurance Officers Association (CONFED) and All India President of New India Assurance Officers Association. Sharma said the employees expect at least a 15 per cent hike offer, similar to what was given to the employees of Life Insurance Corporation of India. SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/news/pankaj-tripathi-could-have-been-a-politician-like-his-character-in-mirzapur/articleshow/92403253.cms">Pankaj Tripathi could have been a politician like his character in Mirzapur</a> <a href="https://www.businessinsider.in/business/ecommerce/news/recommerce-platform-cashify-raises-90-mn-in-its-series-e-funding/articleshow/92402742.cms">Recommerce platform Cashify raises $90 mn in its Series E funding</a>

PSU insurance unions angry with the 7% salary hike offer, seek LIC-like hikes

<ul><li>The expenses of living have increased across the country due to inflation, white-collar jobs and people are looking for ways to go back to their hometowns.</li><li>According to a report by Nasscom and Boston Consulting Group, 65% of the employees in India want to shift to tier 2 or tier 3 cities.</li><li>Top tech majors like <keyword id="6354512" type="General" weightage="100" keywordseo="infosys" source="Orion">Infosys</keyword>, Wipro and <keyword id="6357150" type="General" weightage="20" keywordseo="tcs" source="Orion">TCS</keyword> have opened offices in Tier-2 and Tier-3 locations like Guwahati, Bhubaneswar and Jamshedpur.</li></ul>After a long hiatus, software engineer Jatin Sharma moved back to Gurugram from his hometown Jaipur. His company has called him back to the office - and he has to be present at least twice a week. Since it’s too far for him to make the trip from home, he shifted back to the city and has been living there for the last six months. “I’ve realized that my monthly expenses have increased at least by 20-30% in the last six months. It was comparatively lesser before Covid. I am unable to save anything like earlier,” Sharma told Business Insider India. The expenses of living have grown across the country in the last four months due to food and fuel inflation. Moreso, urban areas are tighter on the pocket, making him look for ways and means to go back home. “If I had the option I would want to move back to my hometown. My expenses over there are quite low,” Sharma further added. He is not the only one who thinks so. <cmsannotation type="cmsannotation" annotationid="Surat vs Mumbai, Kochi vs Chennai" comment="subhead" text="Surat vs Mumbai, Kochi vs Chennai">Surat vs Mumbai, Kochi vs Chennai</cmsannotation> According to a report by Nasscom and Boston Consulting Group, 65% of the employees in India want to shift to tier-2 or tier-3 cities. The cost of living in Surat is 50% lower than Mumbai, while in Jaipur it is 35% lower than the national capital city. Similarly, the cost of living in Kochi is 30% lower than the cost of living in Chennai, says the report titled Shaping the Future of Work in India's Tech Industry. Urban migration of white collar workers is very prevalent in India as a significant portion of employees are from tier-2 or tier-3 cities. Since most of them moved back to their hometowns during the pandemic and enjoyed the comfort of their homes and near and dear, they’re reluctant to come back to hefty rents, lonely life and also miss the pleasures of living at home. <cmsannotation type="cmsannotation" annotationid="The reverse migration of tech cos" comment="subhead" text="The reverse migration of tech cos">The reverse migration of tech cos</cmsannotation> As the saying goes, – if Mohammed doesn’t come to the mountain, the mountain will come to Mohammed. To cater to this trend, top tech majors like Infosys, Wipro and TCS have opened offices in tier-2 and tier-3 locations like Guwahati, Bhubaneswar and Jamshedpur. In the last 18 months, this expansion has intensified. “A large number of our people are working from hometowns. We have looked at it and (want to) ensure that they have opportunities to work closer home. These are not satellite offices. It is at least 1,000 seaters and we will expand them as we go forward. In the next quarter-end, all these offices will be ready,” Krishnamurthy Shankar, group head of human resource development of Infosys told ET. Infosys is <a href="https://economictimes.indiatimes.com/tech/information-tech/infosys-sets-up-four-new-offices-in-tier-ii-cities-in-a-bid-to-get-closer-to-talent-pool/articleshow/92186996.cms">setting up new offices</a> in Coimbatore and Vizag, to access the talent pool. Opening offices in tier-2 or tier-3 cities is also beneficial for organizations too. These companies which have been struggling with increased salary hikes, can receive access to a wide talent pool at salaries that are at least 20-30% lower. As of <a href="https://timesofindia.indiatimes.com/blogs/voices/tier-2-and-tier-3-cities-the-sunrise-destination-of-indian-it-industry/">now</a>, about 976 MNCs have set up 1,257 Global In-house Centres (GICs) in India. Of this, only 68 GICs are in tier-2 locations, by Zinnov, a management consultancy. There are more towns which can be tapped, across the length and breadth of this vast country. “Indore, Chandigarh, Warangal, Kochi are some of the tier-2 cities of high potential for the company and it expects to narrow down to two to three cities for launching new offices,” as per Nasscom report. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/environment/news/india-heads-into-the-thunderstorm-zone-right-after-the-heatwave-orange-alerts-issued/articleshow/92333863.cms">India heads into the thunderstorm zone right after the heatwave, orange alerts issued</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/indians-found-inner-peace-during-the-pandemic-but-now-they-seek-less-of-it/articleshow/92336707.cms">Indians found inner peace during the pandemic but now, they seek less of it</a>

India’s tech talent pool is from Vizag, Indore and Warangal — that’s where Infosys, TCS and others are heading

<ul><li>The Indian Space Research Organisation has said that it wants to design and build <keyword id="1498613" type="General" weightage="20" keywordseo="reusable-rockets" source="Orion">reusable rockets</keyword>.</li><li>The reusable rockets will help in reducing the cost of launching satellites.</li><li>The agency wants to retire the existing rockets and replace them with reusable rockets.</li></ul>Indian Space Research Organisation (<keyword id="6358064" type="General" weightage="100" keywordseo="isro" source="Orion">ISRO</keyword>), the country’s space agency, has said that it wants to design and build a reusable rocket. This was announced by the agency’s chairman S <keyword id="2674096" type="General" weightage="80" keywordseo="somanath" source="Orion">Somanath</keyword> during the Bengaluru Space Expo 2022. The reusable rocket aims to cut costs and will reportedly target the global market. This will help ISRO reduce the cost of launching satellites. "All of us want launches to be much cheaper than what we do today," said S Somanath, chairman of ISRO, during the space expo. <cmsannotation type="cmsannotation" annotationid="The reusable rocket will bring down the costs" comment="subhead" text="The reusable rocket will bring down the costs">The reusable rocket will bring down the costs</cmsannotation> At present, it reportedly costs ISRO between $10,000 and $15,000 to place a one-kilogram payload into orbit. Somanath, during the expo, said that the agency needs to bring the cost down to $5,000 and even $1,000 in the future. He added that the only way this would be possible is to make the rocket reusable. India does not have reusable technology in the launch vehicle sector. At present, when ISRO uses a rocket to launch satellites, the rocket re-enters after placing the satellite and burns up during the re-entry. <cmsannotation type="cmsannotation" annotationid="ISRO’s next rocket will be a reusable one" comment="subhead" text="ISRO’s next rocket will be a reusable one">ISRO’s next rocket will be a reusable one</cmsannotation> ISRO has said that its next rocket will be a reusable one after the existing GSLV Mk-III. “The next Rocket that ISRO builds after the GSLV-MK3 must be reusable,” Somanath said in a statement to PTI. The Indian agency is reportedly already working on technologies that will help it make a reusable rocket. This includes the Inflatable Aerodynamic Decelerator (IAD), which was recently tested successfully by ISRO. The IAD performs many tasks, including allowing the recovery of spent stages of rockets. During a launch, a rocket has three stages, the first two are disengaged once their task is completed. IAD will allow ISRO to save the spent stages. “So, it's a big shift from what we do today. I would like to see this take shape in the next few months. We would like to see such a rocket, a rocket which will be competitive enough, a rocket that will be cost-conscious, production-friendly, which will be built in India but operated globally for the services of the space sector," Somanath said. Further, the ISRO chairman mentioned that the space agency will retire the existing launch vehicles being used once the technology is ready. “This should happen in the next few years so that we can retire all those operating launch vehicles (in India) at an appropriate time," Somanath added. After numerous experiments and failures, Elon Musk’s SpaceX has deployed reusable rockets. It is worth noting that the Falcon 9 and <keyword id="612753" type="General" weightage="50" keywordseo="falcon-heavy" source="Orion">Falcon Heavy</keyword> rockets are only partially reusable. However, SpaceX is trying to develop a Starship-Super Heavy System which will be fully reusable. SpaceX had earlier said that the cost of each launch could be reduced by up to 80% once the technology is fully developed. Musk had said that the refurbishment and reuse of a booster is done for less than 10% the price of a new booster. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/indian-space-tech-startup-skyroot-aerospace-raises-51-million-in-gic-led-funding-round/articleshow/94003808.cms">Indian space tech startup Skyroot Aerospace raises $51 million in GIC-led funding round</a> <a href="https://www.businessinsider.in/tech/mobile/news/android-14-to-bring-satellite-support-to-phones/articleshow/93942444.cms">Android 14 to bring satellite support to phones – here’s everything you need to know</a> <a href="https://www.businessinsider.in/defense/news/tejas-mark-2-project-reportedly-approved-by-the-cabinet-committee-on-security/articleshow/93920034.cms">Tejas Mark-2 project reportedly approved by the Cabinet Committee on Security</a>

India’s space agency wants to design and build reusable rockets for the world

Hi. Aaron Weinman here. Robinhood cut about 23% of its staff earlier this week, following a first round of cuts in April. The pandemic darling has come back down to Earth, and today we learn that some of the axed 'Robinhoodies' <a href="https://www.businessinsider.com/robinhood-employees-saw-signs-of-layoffs-reorganization-office-closures-2022-8">knew what was coming</a>.More on that below — and you can listen to my rundown on the story in <a href="https://share.spooler.fm/ZVvWpO/pWEg7D.html">this morning's episode of The Refresh on Insider.</a>And of course, there's our <a href="https://www.businessinsider.com/banker-of-the-week-jenny-lee-capital-markets-jpmorgan-brigade-capital-2022-8">Banker of the Week!</a>Shall we?If this was forwarded to you,<a href="https://www.businessinsider.com/subscription/newsletter/10-things-on-wall-street"> sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here</a>.<a href="https://www.businessinsider.com/robinhood-employees-saw-signs-of-layoffs-reorganization-office-closures-2022-8"></a>1. 'Robinhoodies' were tipped off to layoffs weeks ago. The company said it was shrinking office space and some managers warned of an impending "reorganization," Insider has learned.The trading app <a href="https://www.businessinsider.com/robinhood-layoffs-23-percent-of-workforce-2nd-round-2022-2022-8?inline-endstory-related-recommendations=">laid off 23% of its staff</a> on Tuesday, following a first round of cuts in April.And the morale is grim. Former employees described a company laser focused on cutting costs, and a workforce with little clarity on their future with Robinhood."The company is hemorrhaging money," one ex-employee told Insider. "I believe in the mission itself, but people cannot trust us ever since GameStop."Robinhood effectively brought stock-trading to everyone from your local barista to Wall Street's most trusted money managers. When we were cooped up at home in the early stages of the pandemic, Robinhood became a go-to app for folks with extra time and stimulus checks.Now, a year after going public, Robinhood Chief Executive Vlad Tenev admitted the company added too much staff too quickly. His mea culpa also included an admission that Robinhood was not prepared for weaknesses in the economy.Insider's Bianca Chan, Carter Johnson, and Asia Martin spoke with <a href="https://www.businessinsider.com/robinhood-employees-saw-signs-of-layoffs-reorganization-office-closures-2022-8">laid-off "Robinhoodies"</a> about how they saw the writing on the wall.And ICYMI - check out these stories the team at Insider have done on Robinhood's recent woes:<ul><li><a href="https://www.businessinsider.com/report-details-robinhood-internal-communications-to-gamestop-amc-meme-stocks-2022-6">Robinhood employees' internal messages to each other at the height of the GameStop trading frenzy</a>.</li><li><a href="https://www.businessinsider.com/robinhoods-big-bet-on-crypto-faces-obstacles-product-delays-turnover-2022-5">Robinhood has big crypto ambitions, but employees claim product delays, a cautious legal team, and turnover in leadership</a>.</li><li><a href="https://www.businessinsider.com/robinhood-employees-react-to-layoffs-it-grew-too-fast-too-quick-2022-4">Robinhood's founders were 'visibly shaken' in announcing layoffs, but there was not enough work and too many people</a>.</li><li><a href="https://www.businessinsider.com/robinhood-acquisition-possibilities-potential-deal-analysts-investors-2022-2">Talk of a Robinhood acquisition elicits visceral reactions from analysts and investors</a>.</li><li><a href="https://www.businessinsider.com/how-robinhood-conditioned-generation-trade-obsessive-investing-reddit-gamestop-wallstreetbets-2021-2">GENERATION ROBINHOOD: How the trading app conditioned its inexperienced users to obsessively play the market</a>.</li></ul>In other news:<a href="https://www.businessinsider.com/top-bankruptcy-lawyers-earn-millions-economy-shrinks-potential-recession-2022-8"></a><div type="image" title="Top attorneys in Chapter 11 space 4x3" height="1750" width="2334" msid="93373531" hostid="261" sizebytes="250510"></div>2. Inflation, rising rates, and the "crypto winter" are creating financial strain. That is an opportunity for bankruptcy experts. Meet 16 lawyers whose bankruptcy battles, from Revlon to JCPenney, have them set for a <a href="https://www.businessinsider.com/top-bankruptcy-lawyers-earn-millions-economy-shrinks-potential-recession-2022-8">boom in business</a>.3. Ken Griffin's Citadel has trounced rivals from Millennium to ExodusPoint this year. It added to its lead in July as <a href="https://www.businessinsider.com/citadel-july-performance-tops-rival-hedge-funds-2022-8">stock markets improved</a>.4. Staying on Griffin, the Citadel founder was put on a list of individuals subpoenaed by Twitter in its legal battle with Elon Musk. The notice for Griffin was filed as part of a slew of documents from Twitter and Musk, who is trying to get out of buying <a href="https://www.bloomberg.com/news/articles/2022-08-03/goldman-jpmorgan-subpoenaed-by-elon-musk-over-twitter-deal?sref=ipW5reFz">the social-media company</a>.5. Credit Suisse weighs cutting thousands of jobs, according to Bloomberg. The Swiss bank is expected to finalize the plans over <a href="https://www.bloomberg.com/news/articles/2022-08-04/credit-suisse-mulls-cutting-thousands-of-jobs-to-revive-lender?sref=ipW5reFz">the coming months</a>.6. Wall Street firms are going beyond traditional talent pools to hire climate scientists. Firms know that having better insights is invaluable, and they are willing to <a href="https://www.businessinsider.com/climate-scientist-jobs-bank-asset-managers-salary-esg-2022-7">pay up to get it</a>.7. CVS Health is gearing up to buy a primary-care company this year. Here are seven companies the $132 billion <a href="https://www.businessinsider.com/primary-care-cvs-acquisition-targets-2021-12">retailer might acquire</a>.8. BlackRock has teamed with Coinbase in a crypto market expansion. The partnership will help clients oversee their Bitcoin exposure, according to this <a href="https://www.bloomberg.com/news/articles/2022-08-04/blackrock-teams-up-with-coinbase-in-crypto-market-expansion?sref=ipW5reFz">report from Bloomberg</a>.9. Welcome to the Great Salary Convergence — it is a seismic shift in how you're getting paid. Folks working in Dallas would rarely make the kind of cash as people in New York would, but remote workers have fled the coastal cities and kept <a href="https://www.businessinsider.com/great-salary-convergence-remote-work-professional-pay-tech-silicon-valley-2022-8">their bigger paychecks</a>.<a href="https://www.businessinsider.com/banker-of-the-week-jenny-lee-capital-markets-jpmorgan-brigade-capital-2022-8"></a><div type="image" title="Jenny Lee" height="1518" width="2024" msid="93373533" hostid="261" sizebytes="66106"></div>10. And here's our Friday Banker of the Week. <a href="https://www.businessinsider.com/banker-of-the-week-jenny-lee-capital-markets-jpmorgan-brigade-capital-2022-8">Meet Jenny Lee,</a> a managing director who just left JPMorgan's leveraged-finance desk to further build investment firm Brigade Capital Management's private-credit business.After nearly three decades at the Wall Street powerhouse, Lee is taking a leap of faith on the private-debt space, which has taken more market share from traditional banks' capital-markets businesses.Check out the <a href="https://www.businessinsider.com/banker-of-the-week-jenny-lee-capital-markets-jpmorgan-brigade-capital-2022-8">full story here</a>.Done deals:<ul><li>Carlyle and a Singapore sovereign wealth fund, GIC, have invested in the green ammonia project development company Eneus Energy. The investment will support the development of a 14 GW+ pipeline.</li><li>Apollo, J.F. Lehman &amp; Company, and Hill City Capital have agreed to acquire Atlas Air Worldwide for $5.2 billion. Atlas provides aircraft and aviation operating services.</li></ul>Curated by Aaron Weinman in New York. Tips? Email <a href="mailto:aweinman@insider.com">aweinman@insider.com</a> or tweet <a href="https://twitter.com/aaronw11">@aaronw11</a>.

'Robinhoodies' knew about pending layoffs weeks before the company decided to cull more staff

<ul class="summary-list"><li><keyword id="6379089" type="UNKNOWN" weightage="60" keywordseo="communications">Communications</keyword> stocks represent companies in a sector that includes the phone, <keyword id="6357247" type="UNKNOWN" weightage="60" keywordseo="Internet">internet</keyword>, and <keyword id="6354777" type="COMPANY" weightage="60" keywordseo="Media">media</keyword> industries.</li><li>Communications stocks belong to both stable dividend-paying firms and volatile up-and-comers.</li><li>Investors can minimize risk by buying communications-focused ETFs and index funds.</li></ul>In 2020, communications became more important than ever. Entering an era of remote work and play, people turned to communications technology of all kinds. Internet and cell phone service, video conferencing, video games, and streaming services were the lifeline that allowed us to muddle through - even thrive - in a challenging year.But even before the coronavirus, communications was a key area to invest in, populated by some of the biggest names in the corporate world, and dealing with services used by millions every day. The communication services sector represents about 10% of the S&amp;P 500. It's so important for keeping everyday life running that the U.S. government classifies it as "critical infrastructure."Here's what you should know about how to invest in communications stocks, what the risks are, and what rewards you might anticipate.<h2>What is the communications sector?</h2>Communications stocks are shares of companies that facilitate interaction in some way. These companies might operate land-based or cellular phone lines, broadband internet, wireless internet, and satellite communications.Companies in the media, entertainment, interactive gaming, information creation, and information distribution businesses also belong to the communications sector.If this sounds like a highly diverse group - well, it is. And it only recently became so.It happened due to the widely used <a href="https://www.msci.com/documents/1296102/11185224/GICS+Methodology+2020.pdf/9caadd09-790d-3d60-455b-2a1ed5d1e48c?t=1578405935658">Global Industry Classification Standard (GICS)</a>. The GICS, jointly created by Standard &amp; Poor's Dow Jones and Morgan Stanley Capital International, provides a way for investors to categorize and analyze stocks. In September 2018, GICS changed its index methodology and reorganized the communications sector.Basically, it expanded the existing <keyword id="67974" type="ORGANIZATION" weightage="60" keywordseo="telecommunications">telecommunications</keyword> sector to become a broader communications services sector. Stalwart telephone and traditional media stocks were suddenly in the same category as upstart, growth-oriented internet and info-tech companies. Still, a common thread among these companies is their reliance on subscription fees and advertising revenue.<h2>Why invest in communications stocks?</h2>It's difficult to characterize communications stocks. Since the category change, the sector has become one that offers something for every investor. Overall, communications is now better described as a growth sector - one likely to offer greater potential for appreciation than the market overall. It's also now more cyclical, or dependent on economic trends - likely to function better in boom times and during bull <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword>. Still, depending on which specific stock you're talking about, your reason for investing in a communications company might have more to do with earning a reliable dividend than attempting to capitalize on trendy growth. Many of the individual telecom blue-chip companies might well retain their defensive-stock nature - their ability to perform well in both prosperous and recessionary times. <h2>Types of communications stocks</h2>To help make sense of the broad new communication services sector, let's break it down into subsectors. We've highlighted some key players in each, though many could be categorized under more than one sub sector because of their diversified suite of services.<div type="image" title="industries in the communications sector" height="1539" width="2500" msid="80414303" hostid="261"></div><h3>Diversified telecommunication services</h3>This category consists of broadband, fiber-optic cable, and internet service providers.Key players: Lumen Technologies (LUMN), AT&amp;T (T), Verizon Communications (VZ), Globalstar (GSAT), Bandwidth (BAND), Consolidated Communications Holdings (CNSL), Anterix (ANTX)<h3>Wireless telecommunication services</h3>This category is made up of cellular or wireless communications service providers.Key players: T-Mobile U.S. (TMUS), Telephone and Data Systems (TDS), Boingo Wireless (WIFI), Gogo (GOGO)<h3>Media</h3>Media companies earn revenue from advertising, broadcasting, cable &amp; satellite service, and print or electronic publishing.Key players: Charter Communications (CHTR), Comcast (CMCSA), Dish Network (DISH), Fox (FOX), Nexstar Media Group (NXST), ViacomCBS (VIAC), Discovery Communications (DISCA), Fluent (FLNT)<h3>Entertainment</h3>Companies in this sector work on movie and television production, distribution, and screening; music production and distribution; entertainment theaters; sports; streaming entertainment content; mobile gaming applications; and at-home educational software.Key players: World Wrestling Entertainment (WWE), Live Nation Entertainment (LYV), Electronic Arts (EA), Activision Blizzard (ATVI), AMC Entertainment Holdings (AMC),Netflix (NFLX), Walt Disney Company (DIS)<h3>Interactive media &amp; services</h3>These companies profit from pay-per-click advertising, search engines, social media, social networking platforms, online reviews, and online classifieds.Key Players: Interactive Corp (IAC), Alphabet (GOOG), Facebook (FB), Twitter (TWTR), Yelp (YELP), Pinterest (PINS), Yandex (YNDX), Angie's List (ANGI)Fast fact: Communications equipment makers are classified as part of the information technology (IT) sector. While some communications companies do provide equipment, they aren't considered part of the IT sector because the GICS looks at the activities that produce more than 60% of a company's revenue when deciding how to classify it. Surprisingly, Zoom Video Communications (ZM) is classified as an IT stock.<h2>The advantages of communications stocks</h2>There are a variety of reasons for investors consider communications companies.<ul><li>Performance. Over the last 12 months (Jan. 6, 2020, through Jan. 4, 2021), the S&amp;P Communication Services Select Sector index, which includes all the stocks in the communications sector, returned 23.22%. By comparison, the S&amp;P 500 index returned 14.4%. </li></ul>The index only goes back to September 2018 due to the communications category shift, so it's harder to describe this sector's long-term performance. However, when S&amp;P created its new index, it backtested it to December 21, 2007. It found that the sector returned 9.9% annualized over the next 10-ish years, through May 16, 2018. Over that same period, the S&amp;P 500's annualized return was <a href="http://www.moneychimp.com/features/market_cagr.htm">7.25</a>%.<ul><li>Income. The growth companies in this sector help drive its returns. But the value companies provide investors with investment income. Verizon and AT&amp;T, for example, both pay rich dividends, and have a long history of doing so. </li><li>Diversification. Many companies in this sector earn revenue from diversified services. Comcast is a great example; it makes money from broadcast television, cable television, broadband service, satellite service, movies, and theme parks.</li></ul><h2>The downsides of communications stocks</h2>Of course, no type of stock is without drawbacks. Those that are characteristic of communications include:<ul><li>Regulatory risk. This industry is subject to government regulation, which can affect performance. For example, changing privacy laws poses a threat to communications companies that rely on using consumer data to tailor advertising and recommendations.</li><li>Operational risk. While many communications stocks thrived during the pandemic, others took a beating - especially those in the entertainment, recreational, and travel field. Disney's theme parks, which account for about 30% of the company's revenue <a href="https://www.morningstar.com/articles/978014/pandemic-hits-communication-stocks-in-different-ways">according to Morningstar,</a> have been closed or operating at limited capacity since the first quarter of 2020. Live Nation Entertainment, parent of Ticketmaster, took a big hit as governments banned large gatherings, including concerts, festivals, and live sports. </li><li>Lack of differentiation/competitiveness. Some communications companies struggle to stand out because their services strike their customers as commodities. Among streaming services, lack of customer loyalty and the ease of switching providers resulted in a 41% churn rate for 1Q 2020, <a href="https://www2.deloitte.com/content/dam/Deloitte/us/Documents/technology-media-telecommunications/us-tmt-2021-outlook-for-the-us-tme-industry.pdf">according to consulting firm Deloitte</a>. Vulnerability to technological change can also be an ongoing challenge.</li></ul><h2>How to invest in communications stocks</h2>You can buy individual shares or fractional shares of communications stocks through the usual brokerage channels - either online or apps, such as E*TRADE, Robinhood, SoFi Invest - or the traditional full-service firms, like Charles Schwab, TD Ameritrade, Fidelity, and Vanguard. Of course, investing in an individual communications stock is riskier than investing in a communications industry ETF (sector risk) or index fund.These are some of the biggest. Some of them also offer exposure to other sectors, such as utilities or information technology. So be sure to read the fund breakdown and strategy, to make sure you're getting the pure play you want.<ul><li><a href="https://markets.businessinsider.com/etfs/communication-services-select-sector-spdr-fund-us81369y8527" target="_blank" rel="noopener">Communications Select Sector SPDR ETF (XLC)</a></li><li><a href="https://markets.businessinsider.com/etfs/vanguard-communication-services-index-fund-etf-shares-us92204a8844" target="_blank" rel="noopener">Vanguard Communication Services ETF (VOX)</a></li><li><a href="https://investor.vanguard.com/mutual-funds/profile/VTCAX" target="_blank" rel="noopener">Vanguard Communication Services Index Fund Admiral Shares (VTCAX)</a> </li><li><a href="https://markets.businessinsider.com/etfs/fidelity-msci-communication-services-index-etf-us3160928731" target="_blank" rel="noopener">Fidelity MSCI Communication Services Index ETF (FCOM) </a></li><li><a href="https://markets.businessinsider.com/etfs/defiance-5g-next-gen-connectivity-etf-us26922a2895" target="_blank" rel="noopener">Defiance 5G Next Gen Connectivity ETF (FIVG)</a></li><li><a href="https://markets.businessinsider.com/etfs/first-trust-nasdaq-technology-dividend-index-fund-us33738r1187" target="_blank" rel="noopener">First Trust NASDAQ Technology Dividend Index Fund (TDIV)</a></li><li><a href="https://markets.businessinsider.com/etfs/invesco-sp-smallcap-utilities-communication-services-etf-us46138g4091/nav" target="_blank" rel="noopener">Invesco S&amp;P SmallCap Utilities &amp; Communication Services ETF (PSCU)</a></li></ul><h2>The financial takeaway</h2>Communications stocks are shares in companies in the communication services industry - a huge sector that includes phone, internet, satellite, media, entertainment companies.They represent well-established, dividend-paying companies as well as more volatile up-and-comers.Since communications stocks can belong to both defensive and growth-oriented companies, individual investors can get the most bang for their buck, and minimize risk overall‚ by investing through communications-focused ETFs and index funds.The communications sector is an exciting place to be right now. The companies it includes provide the services that are fundamental to our everyday lives. And the COVID-19 lifestyle shifts might make us permanently more reliant on communications companies, even once the pandemic is behind us. <h2>Related Coverage in <a href="https://www.businessinsider.com/investing-reference" target="_blank" rel="noopener">Investing</a>:</h2><h3><a href="https://www.businessinsider.com/how-to-invest-in-dividend-stocks" target="_blank" rel="noopener">How to invest in dividend stocks, a low-risk source of investment income</a><a href="https://www.businessinsider.com/how-to-invest-in-penny-stocks" target="_blank" rel="noopener"></a></h3><h3><a href="https://www.businessinsider.com/what-are-cyclical-stocks" target="_blank" rel="noopener">What are cyclical stocks? High-profit but volatile stocks whose prices rise and fall as economy grows and declines</a></h3><h3><a href="https://www.businessinsider.com/growth-investing-definition-strategies" target="_blank" rel="noopener">What is growth investing? A strategy that focuses on high-growth companies in hopes for significant investment returns</a></h3><h3><a href="https://www.businessinsider.com/passive-investing" target="_blank" rel="noopener">Passive investing is a long-term wealth-building strategy all investors should know - here's how it works</a></h3><h3><a href="https://www.businessinsider.com/what-are-defensive-stocks" target="_blank" rel="noopener">What are defensive stocks? Stocks that provide stability to your portfolio regardless of whether the economy is up or down</a></h3>

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