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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 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

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

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Chris Hondros/GettyThe S&amp;P/GICS reclassification will create a new sector for tech companies.</div></div></div><ul><li>MSCI and S&amp;P are soon to make some changes to how tech companies are categorized on the S&amp;P 500 for the first time since 1999. </li><li>On September 28, a new Communication Services sector will replace the current Telecoms sector, and will include some of the biggest stocks including Facebook and Netflix. </li><li>It's only the second sector addition since 1999, and is a recognition of how consolidation has melded the telecom, media, and internet industries together. </li><li>Exchange-traded funds that track S&amp;P 500 sectors will be most affected by the reclassification, and some big providers are already making changes ahead of the implementation. </li></ul>Some big changes are coming to the US stock market.On September 28, S&amp;P Dow Jones Indices and GICS will create a new sector for tech, media, and telecoms companies, and it's a change that will affect many of the the biggest and most popular stocks on the market. Here's what you need to know. <h2>What is happening? </h2>S&amp;P and MSCI are ditching the existing Telecoms sector and creating a new Communications Services sector. This new sector will include companies that provide platforms for communication, of course, and those that operate various kinds of media.It will also fold in companies in the Consumer Discretionary Sector that are currently classified in the Media and Internet &amp; Direct Marketing Retail sub-industries, and some companies in the existing Information Technology sector.Communications Services will be the largest sector of the S&amp;P 500 with about a 10% weighting, according to Wells Fargo. Here's a detailed map of all the changes: <div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="Morgan Stanley" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/5b756a8a8905f2fa1e8b456d-960/screen shot 2018-07-30 at 113449 am 1.png"></a>Morgan Stanley</div></div></div><h2>Why does it matter? </h2>Apple is currently housed in the Technology sector, and in the Communications Equipment industry. These categories are determined by the Global Industry Classification Standard, or GICS, which is maintained by MSCI and S&amp;P.These boxes make sense for <a href="https://markets.businessinsider.com/stocks/aapl-stock">Apple</a>, considering that the world's most valuable company still makes most of its money by selling iPhones. But over time, these categories have become more fluid for other tech companies. Is Verizon, with its recently acquired media arm Oath, really just a telecoms company? Is Facebook, now one of the world's largest distributors of news, a social network or a media company or both?The new sector aims to address these questions. The GICS is keeping up with how much evolution has taken place in tech. <a href="https://markets.businessinsider.com/stocks/fb-stock">Facebook</a> didn't even exist at the height of the tech bubble in 1999, the same year that MSCI and S&amp;P first implemented the GICS.And so, the GICS reclassification is a reminder of sorts to markets about what these companies really do, and it aims to reflect where companies earn most of their revenues from."The lines among media, communications, and content are blurred," David Blitzer, chairman of the index committee at S&amp;P Dow Jones Indices, said. "It is time to acknowledge this convergence and the overlapping services these companies provide."The most recent precedent for this kind of GICS reclassification also provides insight into why the 'right' sector grouping matters. In September 2016, S&amp;P and MSCI removed real estate companies and some real estate investment trusts (REITS) from Financials to create a new sector. Real Estate, from its breakout as a sector through August 15, 2018, returned almost nothing - 0.5% - versus a 39% rally for Financials. This performance gap suggests investors focused on very different fundamentals for these once-unified sectors. <h2>Which stocks are going to be affected? </h2>The change is going to affect some of the biggest and most popular tech companies, including Facebook and Alphabet. Both will move from the old tech sector to the new communication services group. Also, their sub-industry will change from one called internet software &amp; services to interactive media &amp; services. Netflix, another one of the so-called FANG stocks, is also getting reshuffled. It's going from the consumer discretionary sector, where it lives with companies like <a href="https://markets.businessinsider.com/stocks/mcd-stock">McDonald's</a> and <a href="https://markets.businessinsider.com/stocks/rl-stock">Ralph Lauren</a>, to the new communication group. Disney and 21st Century Fox are making the same industry move."DVD rentals" is not the only thing that comes to mind when Netflix is mentioned these days. Big spending on original content and licenses is a key part of its business. So Netflix's sub-industry will change from Internet &amp; Direct Marketing Retail to the more appropriate Movies &amp; Entertainment category. MSCI plans to release a final list of all the stocks affected before flipping the switches on September 28. <h2>What does this mean for the stock market?</h2>Exchange-traded funds designed to track specific industries will be affected.Vanguard, the $5.1 trillion investor that essentially invented the equity index fund, announced in March that it was temporarily creating <a href="https://institutional.vanguard.com/VGApp/iip/site/institutional/researchcommentary/article/NewsInstInfo030218">custom benchmarks</a> for the Vanguard Consumer Discretionary Index Fund, the Vanguard Information Technology Index Fund, and the Vanguard Telecommunication Services Index Fund. "These changes don't require any action from investors," Vanguard said in a statement, indicating that it's doing the heavy lifting behind the scenes. BlackRock is <a href="https://www.ishares.com/us/products/239751/ishares-global-telecom-etf">overhauling</a> its iShares Global Telecom ETF to become the iShares Global Comm Services ETF, and changing the kinds of companies it tracks accordingly. "Longer-term, the 'less sexy' &amp; somewhat 'forgotten' Telco names may gain mindshare &amp; potentially garner more portfolio-manager interest/dollars as reclassification stirs a re-acquaintance," Chris Harvey, the head of US equity and quant strategy at Wells Fargo, said.But unlike the Real Estate reclassification, most investors are no strangers to a good number companies being reshuffled, such as FANG stocks. Wells Fargo estimates that the reclassification will affect about 10% of the S&amp;P 500, and so investors need not do much on the drawing board. Some stocks are getting moved around, but their weights on the index are not, so the reshuffle itself may not be a big market mover. <h2>See also:</h2><ul><li><a href="https://www.businessinsider.com/stock-market-investors-complacent-ahead-of-likely-correction-morgan-stanley-says-2018-8?r=promo-below-article">Investors have turned complacent and are in danger of being sideswiped by a 'likely correction' that's approaching, Morgan Stanley says</a></li><li><a href="https://www.businessinsider.com/stock-market-mutual-fund-outflows-data-moodys-2018-8?r=promo-below-article?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">MOODY'S WARNS: Mutual funds are bleeding cash at an unprecedented rate, and they're increasingly vulnerable to the next market meltdown</a></li><li><a href="https://www.businessinsider.com/stock-market-and-mutual-fund-performance-best-stocks-in-2018-2018-7?r=promo-below-article?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">GOLDMAN SACHS: Big-money investors are dominating the market with the help of 10 stocks - here's the list and how they can continue crushing it</a></li></ul> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/woke-up-430-am-like-navy-seal-exercise-discipline-2018-7">I woke up at 4:30 a.m. for a week like a Navy SEAL</a></h3> <div> </div> </div>

The biggest tech companies are about to undergo a major reshuffling on the stock market - here's what's coming, and why it matters

<keyword id="874458" type="COMPANY" weightage="20" keywordseo="Xiaomi">Xiaomi</keyword> has been making the right noises in India off lately and now the company has announced that Rata Tata Chairman emeritus of <keyword id="46894" type="PERSON" weightage="20" keywordseo="Tata-Sons">Tata Sons</keyword>, has made an investment in the company. This news was shared by <keyword id="1336378" type="PERSON" weightage="20" keywordseo="Hugo-Barra">Hugo Barra</keyword> (who is the Vice President of Xiaomi) on his <keyword id="6354616" type="CITY" weightage="20" keywordseo="Twitter">Twitter</keyword> account. This is the first investment by an Indian in this company. 
 
<blockquote class="twitter-tweet" lang="en">
	 We're really excited to announce our newest Xiaomi investor — Mr <keyword id="6360722" type="PERSON" weightage="20" keywordseo="ratan-tata">Ratan Tata</keyword>, Chairman Emeritus of Tata Sons.
	— Hugo Barra (@hbarra) <a href="https://twitter.com/hbarra/status/592214637111676929">April 26, 2015</a></blockquote>
 
As of now, the company has not disclosed the amount of the funding or the percentage stake that Ratan Tata would have in the company. As per various reports, the Chinese company Xiaomi has had six rounds of funding till date and comprises of investors such as DST Global, GIC, Morningside Group, HOPU Investment Management company, QiMing venture Partners and <keyword id="104695" type="CITY" weightage="20" keywordseo="Qualcomm">Qualcomm</keyword> Ventures. The last funding that the company had received was in December 2014, in which it had raised over $1 billion from investors including GIC valuing the company at over $45 billion. 
 This investment from Ratan Tata comes at an interesting time, as only a month ago, <keyword id="6419840" type="PERSON" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword> had invested $80-million in Cyanogen. Cyanogen is an operating system and currently Micromax is offering smartphones based on Cyanogen under its Yu brand. 
 
Coming back to Xiaomi, the company had recently held a global launch event in New Delhi and in the same it had revealed the Xiaomi Mi 4i smartphones. As per the company, this is the first made for India smartphone by them. It would be interesting to see with Ratan Tata on-board will the company have more India-focus devices in the coming days.

Ratan Tata bets big on smartphones, invests in Xiaomi

To compete with online rivals such as <a href="http://www.businessinsider.in/searchresult.cms?query=Amazon">Amazon</a>, US home improvement retailer <keyword id="270002" type="COMPANY" weightage="80" keywordseo="Lowe">Lowe</keyword>'s is doubling down on Indian talent for <a href="http://www.businessinsider.in/searchresult.cms?query=disruptive+technology+solutions+">disruptive technology solutions</a> as part of its omni-channel strategy. 
 The US company has closely worked for several years with Indian outsourcing giants such as <keyword id="6354512" type="CITY" weightage="80" keywordseo="Infosys">Infosys</keyword> and <keyword id="10862" type="CITY" weightage="80" keywordseo="Wipro">Wipro</keyword> for back-office solutions. 
 After about 12 months of establishing its first global in-house centre (GIC) in India, Lowe's is working to expand its operations in the country by hiring more people, transferring more technology projects to the <keyword id="6354321" type="CITY" weightage="60" keywordseo="Bengaluru">Bengaluru</keyword> GIC. 
 Lowe’s chief information officer <keyword id="3017245" type="UNKNOWN" weightage="60" keywordseo="Paul-D-Ramsay">Paul D Ramsay</keyword> said the company is looking to leverage the startup ecosystem through a brand new corporate accelerator programme that will be part of a larger innovation centre that Lowe's will launch in <a href="http://www.businessinsider.in/searchresult.cms?query=Bengaluru+">Bengaluru</a> later this year. 
 
He told ET: "We have a commitment to innovation. We have an innovation lab concept through which we look at the startup community. We also look at some of the bigger companies as well from an innovation perspective — so yes, our innovation play is part of our solution." 
 
"We started off with 11 employees here (in Bengaluru). In about 12 months, we are now over 300 employees. And that will be over 500 employees by the end of this year, and with further growth to come as we progress. It's a growth story," he said. 
 
Ramsay and his team at Lowe's has already met dozens of Indian startups that the company may look to tap for new-age disruptive solutions. He declined to comment on whether Lowe's had started working with any of these startups. 
 
"Every time I come here, I spend time with the <a href="http://www.businessinsider.in/searchresult.cms?query=startup+community">startup community</a>," said Ramsay. "Part of the reason we're here is because of the entrepreneurial, technology capability we see here. This is a happening place. And we absolutely want to be part of that." 
 
Lowe's, which competes with larger <a href="http://www.businessinsider.in/searchresult.cms?query=US+rival+Home+Depot+">US rival Home Depot</a> and generates a majority of its revenues through sales from its offline stores, wants to increase the proportion of revenues it gets from online sales and is looking to leverage Bengaluru's startup culture and abundance of engineering talent to fuel the strategy. 
 
(Image: Indiatimes)

Do you believe in disrupting existing technology? Lowe’s does!

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

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

<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><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

<ul><li>The Indian real estate sector has seen a lot of international investments over the past few years - many of which seems to have come from one source: <keyword id="6356662" type="LOCATION" weightage="20" keywordseo="singapore">Singapore</keyword>. </li><li>In fact, out of the $14 billion worth of <keyword id="34499" type="POSITION" weightage="20" keywordseo="private-equity">private equity</keyword> investments that have been pumped into India’s realty sector between 2015 and 2018, nearly a third of that total has come from entities based in Singapore. </li><li>And they’re not just focussed on commercial properties. They are also investing in logistics, factories and warehousing, as per <keyword id="4695749" type="PERSON" weightage="20" keywordseo="anarock">ANAROCK</keyword>’s report, “Private Equity in Indian Real Estate”. </li></ul> The Indian real estate sector has seen a lot of international investments over the past few years - many of which seems to have come from one source: Singapore. In fact, out of the $14 billion worth of private equity investments that have been pumped into India’s realty sector between 2015 and 2018, nearly a third of that total has come from entities based in Singapore, according to ANAROCK, a <keyword id="6354516" type="UNKNOWN" weightage="20" keywordseo="property">property</keyword> consulting firm. The investments, which have come from private equity firms like the state-backed GIC, Ascendas and Xander, have been gradually rising. While they put in a total of $1.15 billion in 2015 and 2016, the amount tripled to $3.5 billion in 2017 and 2018. And they’re not just focussed on commercial properties. They are also investing in logistics, factories and warehousing, as per ANAROCK’s report, “Private Equity in Indian Real Estate.” A big deal came at the end of 2017, when GIC, Singapore’s sovereign wealth fund, took a 33% stake in DLF, an Indian realty major, <a href="https://www.livemint.com/Companies/J4YpZGHrJnajkFLliGCCeJ/DLF-promoters-conclude-nearly-Rs9000crore-deal-with-GIC.html">in a ₹90 billion deal.</a> The investments from Singapore comes at an opportune time for Indian property developers. As the IL&amp;FS crisis led to a liquidity crunch in the housing finance sector, property developers have been relying more on private equity as a source of funding. But why are these Singaporean firms so interested in India? Shobit Agarwal, the CEO of ANAROCK, thinks the answer is pretty straightforward. “Apart from the increased ease of doing business, the launch of REITs and the considerable thrust on infrastructure development, such funds see the indubitable growth potential in India today,” says Agarwal. Besides, their historic familiarity with India doesn’t hurt either, he adds. Hence, a more conducive regulatory environment works in India’s favour. However, it would be a mistake to think that investors in Singapore are specifically focussed on India. Their interest in India dovetails with a larger trend of the expansion of Singapore’s private equity majors into global property markets. As Chinese investors have retreated from global property markets amid capital controls at home, Singapore’s private equity firms are filling the gap, writes <a href="https://www.scmp.com/comment/insight-opinion/hong-kong/article/3002121/global-property-investments-singapore-stepping">Nicholas Spiro</a> for the South China Morning Post. In fact, as Chinese outbound real estate investments fell by 84% to less than $5 billion last year, Singaporean firms spent <a href="https://www.rcanalytics.com/singapore-korea-players/">nearly $25 billion</a> on international property investments - 40% of which were in Asia- according to Real Capital Analytics. Interestingly, Singaporean firms are looking abroad for property investment opportunities amid a dearth of investable assets and compressed yields at home. “Singapore is the largest source of Asian capital in global real estate investments in 2018 and this is driven by limited opportunities and compressed yields in the domestic market” says Yvonne Siew, an executive director at <a href="https://www.cbre.com.sg/about/media-centre/singapore-tops-asian-outbound-real-estate-investment-in-2018">CBRE</a>, a commercial real estate investor. SEE ALSO: <a href="https://www.businessinsider.in/gst-cut-on-real-estate-may-relieve-pain-temporarily/articleshow/68146057.cms">Indian real estate builders welcome GST relief but opinions are divided</a> <a href="https://www.businessinsider.in/from-affordable-housing-to-co-working-spaces-heres-how-2018-fared-for-indian-real-estate/articleshow/67317937.cms">From affordable housing to co-working spaces — here’s how 2018 fared for Indian real estate</a>

Singapore is betting big on India’s property market —  but it’s part of a larger international trend

<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>

You Searched For "gic re" and got 12 results

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

IANS

GIC Re gets license from Bank of Russia for reinsurance biz

PTI

GIC Re gets licence from Bank of Russia for reinsurance biz

PTI

The biggest tech companies are about to undergo a major reshuffling on the stock market - here's what's coming, and why it matters

Akin Oyedele

Ratan Tata bets big on smartphones, invests in Xiaomi

Surbhi Chawla

Do you believe in disrupting existing technology? Lowe’s does!

BI India Bureau

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

IANS

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

IANS

ONGC Videsh incorporates subsidiary in GIFT City

PTI

PSU general insurance unions call off their Jan 4 strike

IANS

Singapore is betting big on India’s property market — but it’s part of a larger international trend

Dilsher Dhillon

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

Vaamanaa Sethi

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