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The <a href="http://www.businessinsider.in/searchresult.cms?query=Tamil+Nadu">Tamil Nadu</a> government is going tech-savvy for the Global Investor Summit, which is slated for September in the state, to attract <a href="http://www.businessinsider.in/searchresult.cms?query=funds">funds</a>. 
 
Delegates arriving for the <a href="http://www.businessinsider.in/searchresult.cms?query=global+investor+summit">summit</a> will be able to exchange virtual business cards and even have real-time clarifications on policy and each registered delegate will also have an unique user identity. 
 
Technologists are working on the same and the online database will form the foundation for future communications between delegates or with the organising bureaucrats through a <a href="http://www.businessinsider.in/searchresult.cms?query=mobile+application">mobile application</a>. 
 
Sources told Economic Times the state government is focusing on communications as many ambassadors from foreign counties had said the ease of reaching out to fellow delegates as a key enabler in business meets. 
 
ET reported that the Rs 100-crore summit will monitor delegates' presence through Radio Frequency Identification, enabled by an electronic chip embedded in their delegate passes. 
 
"It will help us manage the flow of the event better. The other new feature is the virtual business card, visitors can use the mobile app to scan the QR code integrated with the app to get a digital business card, so that people can still exchange coordinates after they run out of business cards," an official in charge of event management of the two-day meet told the financial daily. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=investment">The target investment</a> for the summit is Rs 1 lakh crore. 
 
The event was postponed from May to September as earlier only three partner nations were participating. Now, seven nations have committed to participate.

After Karnataka, Tamil Nadu turns tech savvy

A Silicon Valley-based Artificial Intelligence company has opened an office in <keyword id="30033" type="General" weightage="100" keywordseo="bihar" source="Orion">Bihar</keyword>, making it the first IT company from the US to enter the state. <keyword id="3832067" type="General" weightage="50" keywordseo="tiger-analytics" source="Orion">Tiger Analytics</keyword>, headquartered in Santa Clara, has opened its first office in <keyword id="6358805" type="General" weightage="50" keywordseo="patna" source="Orion">Patna</keyword> this month. "We are hoping that the initial step that we are taking, can lead to a lot of progress down the road," Mahesh Kumar, founder and CEO of Tiger Analytics, told PTI in a recent interview. The company currently has some 4,000 employees in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>, but they are mostly in Chennai, Bangalore and Hyderabad. Kumar, who is himself from Bihar, said during the COVID crisis a large number of its employees went back home to Bihar and started working remotely. "We have close to a hundred people between Bihar and Jharkhand right now. They're working remotely and they were happy there, they didn't want to come back," he said. "So, we realised that they're very good talented people, young people, they want to stay close to home but there are no opportunities in Bihar for them to work. Even when we set up this office (in Patna), a lot of social media responses came. People are looking forward to Tiger (Analytics) growing there (in Bihar) so they can go back and work from there," Kumar said. Kumar, who interacts with other successful entrepreneurs from Bihar in Silicon Valley regularly, said their goal is to encourage more like-minded people to come together and use it as an initial seed to grow a bigger ecosystem in Bihar. Tiger Analytics is primarily a consulting company in the field of artificial intelligence and machine learning. "We hope that taking this lead into account, many more companies will come to Bihar in the same way," Sandeep <keyword id="14554511" type="General" weightage="50" keywordseo="poundrik" source="Orion">Poundrik</keyword>, Additional Chief Secretary, Department of Industries, Bihar told PTI. A delegation of senior Bihar officials travelled to Silicon Valley this summer for meetings with Bihar-origin successful tech entrepreneurs. "We are trying to get IT companies to start their operations in Bihar. .... . It's not a very easy task, especially because right now there are not many IT companies in Bihar," said Poundrik who is also CEO of the Bihar Foundation, a state government-supported body for its diaspora community. Thousands of engineering students from Bihar currently seek opportunities outside the state due to the limited presence of IT companies within Bihar, he said. Responding to a question, Poundrik acknowledged that it's a little more challenging to attract investment in Bihar in the IT sector. "Number one.... I would say their perception of Bihar is not very positive, especially outside India. Because they have never heard of Patna or Bihar. So if any IT company wants to start their unit, they only think about Chennai, Bangalore or Hyderabad. They never think about Bihar," he said. "Second, I think the market is not local as far as IT is concerned. We have created the infrastructure. So in addition to whatever infrastructure the government has created for startups and IT companies, there's a lot of private infrastructure which has come up in Patna. About 12 IT towers are being developed in Patna in various stages of construction in the Patliputra industrial area," he said. Encouraged by Tiger Analytics' move, the Bihar government is now planning to organise a <keyword id="507960" type="General" weightage="50" keywordseo="global-investors-summit" source="Orion">Global Investors Summit</keyword> in Patna on December 13 and 14. "One of the key priority areas in that summit is IT. We will try to get IT companies from India and outside India to come and at least look at the opportunities, the strengths of Bihar," he said. SEE ALSO:<a href="https://www.businessinsider.in/tech/news/x-starts-rolling-out-audio-and-video-calls-heres-everything-you-need-to-know/articleshow/104716334.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/x-starts-rolling-out-audio-and-video-calls-heres-everything-you-need-to-know/articleshow/104716334.cms" target="_blank">X starts rolling out audio and video calls – here’s everything you need to know</a><a href="https://www.businessinsider.in/tech/mobile/news/best-smartphones-under-rs-50000-in-india-oneplus-apple-and-google-phones-also-in-the-list/slidelist/104699569.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/best-smartphones-under-rs-50000-in-india-oneplus-apple-and-google-phones-also-in-the-list/slidelist/104699569.cms" target="_blank">From Pixel 7 to iPhone 13 – best smartphones under ₹50,000 in India</a><a href="https://www.businessinsider.in/tech/apps/news/how-to-use-two-whatsapp-accounts-on-one-phone/articleshow/104641592.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/apps/news/how-to-use-two-whatsapp-accounts-on-one-phone/articleshow/104641592.cms" target="_blank">How to use two WhatsApp accounts on one phone? A step by step guide</a>

Artificial Intelligence company from Silicon Valley enters Bihar

<ul><li>Global <keyword id="1187822" type="PERSON" weightage="20" keywordseo="corporate-leaders">corporate leaders</keyword> including John Chamber, the Chairman (Emeritus) of tech giant Cisco thinks India should be the chosen destination for <keyword id="89429" type="COMPANY" weightage="20" keywordseo="Global-investors">global investors</keyword>. </li><li>The US-India Strategic Partnership Forum estimates that bilateral trade between the US and India is likely to grow from to $238 billion by 2025. </li><li>Here's what top American companies have to say about India. </li></ul>Indian economy has slowed down significantly. And it hurts not just the people of India and the companies here, even foreign companies get affected by the slowdown. The US-India Strategic Partnership Forum estimates that bilateral trade between the US and India is likely to grow from to $238 billion by 2025 based on the trend of 7.5% growth each year witnessed in the last 7 years. Slowing economy may put the brakes on this projected march. Even as it tries to revive the economy from the current sluggishness, the Narendra Modi government is insisting that India should still be the chosen destination for global investors. Some global corporate leaders including icons like John Chambers, the Chairman (Emeritus) of tech giant Cisco seem to be in agreement. Here’s what corporate leaders from US have to say about the opportunity in India: 
	
	<div type="Slideshow" msid="71698391" hostid="261" title="Here’s what top global corporate leaders have to say about India" firstImageMsid="71698423" slideCount="4"></div>

Here’s what top global corporate leaders have to say about India

New Delhi, From the depths of despair to an adrenaline-pumping ascent, <keyword id="6422161" type="UNKNOWN" weightage="20" keywordseo="equity-investors">equity investors</keyword> traversed the whole gamut of emotions in 2020 as a once-in-a-lifetime pandemic followed by equally unprecedented stimulus measures whiplashed <keyword id="156526" type="PERSON" weightage="20" keywordseo="Global-stock-markets">global stock markets</keyword>, upended conventional wisdom and blurred the lines between investing and speculation. Dalal Street witnessed gut-churning fluctuations, with the BSE <keyword id="6484188" type="COMPANY" weightage="20" keywordseo="sensex">Sensex</keyword> swinging between historic losses and eye-popping gains, sometimes in the same session, and confounded veterans and rookies alike. No one had anticipated that the Sensex and Nifty would be bludgeoned in late March, or that they will stage a remarkable recovery almost immediately and soar to all-time highs by the end of the year. But, 2020 has been a year full of events outside the realm of imagination. The year started off on an ominous note for financial markets when on January 3 top Iranian commander Qasem Soleimani was killed in a US drone strike in Iraq, ratcheting up tensions in the Middle East. The Sensex tumbled more than 900 points over two sessions but resumed its upward march to hit life highs later that month. Equities largely shrugged off initial reports of a coronavirus outbreak in China, in tandem with the global bourses, and looked ahead to the Budget. However, the Sensex logged one of its biggest single-day declines on February 1 after the Union Budget failed to live up to market expectations of growth-boosting measures and fiscal discipline. The real test, alas, was ahead. From mid-February, world stocks started getting skittish as it became clear that the COVID-19 crisis would not be limited to China. To add to the woes, Yes Bank was placed under a moratorium in a rare move, triggering a crisis of confidence in the domestic banking sector. The explosive cocktail of a global market meltdown and domestic troubles proved too much to take for Dalal Street. Four of the biggest single-day declines in the history of BSE Sensex came in March 2020, leaving participants shell-shocked. Its biggest-ever plunge (in absolute terms) was on March 23, when the benchmark crashed 3,934.72 points or 13.15%. Astonishingly, March also saw some of the index's biggest up-moves amid the RBI stepping in with emergency liquidity support. The Sensex's largest-ever single-session gain came a little later on April 7, when it zoomed 2,476.26 points as investors wagered on more stimulus measures from the government to battle the economic fallout of the pandemic. The turbulence on the domestic bourses also mirrored global market turmoil. The Dow Jones suffered its worst fall, emerging market assets were routed and in a mind-boggling moment, US oil futures turned negative for the first time in history. For a while, the world stopped making any sense. With the world economy comatose and governments overwhelmed by a cataclysmic health crisis, the task of propping up the financial markets and restoring investor confidence fell to the global central banks. "2020 will probably go down in history as a year when global central bankers injected close to USD 11 trillion as stimuli to combat the COVID pandemic," said S Ranganathan, Head of Research at LKP Securities. The massive money printing by the US Federal Reserve and its peers sparked a breathtaking turnaround in global stock markets. Never bet against the Fed, as the saying goes. Flush with funds, foreign portfolio investors (FPIs) poured in billions of dollars into emerging markets, with India topping the chart in Asia. FPI net inflows into Indian equity markets have crossed ₹1.5 lakh crore (over USD 20 billion) this year -- a lifetime peak. The Sensex erased its 2020 losses on November 5, while global investors monitored the results of the tightly-contested US elections. The next booster dose for world markets came over the following few days as companies like Pfizer, Moderna and AstraZeneca began announcing positive results from their COVID-19 vaccine trials. Human innovation once again triumphed against all odds, setting off a record-shattering relief rally in equities. From November 9 to December 18, the Sensex hit fresh record highs in 22 out of the 29 sessions. For the calendar year (till December 24), the Sensex has gained 13.86%, while the Nifty has delivered returns of 12.99%. Compared to the March lows, both the indices are up by a hefty 80%. <keyword id="595023" type="PERSON" weightage="20" keywordseo="Benchmarks">Benchmarks</keyword> had another engine propelling them higher this year - <keyword id="6355199" type="DOMAIN" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> (RIL), which became the first Indian company to reach a market capitalisation of ₹15 lakh crore (USD 200 billion) in September. Beginning April, the Mukesh Ambani-led conglomerate announced a slew of deals to sell minority stakes in its telecom and retail arms to marquee investors like Facebook, Google, Silver Lake, KKR, Mubadala, and Public Investment Fund of Saudi Arabia. The company has raised around USD 25 billion so far this year as it seeks to ramp up its consumer-facing businesses. For a good part of the year, RIL almost single-handedly drove the domestic benchmarks higher in the absence of any buying triggers. The COVID-19 crisis also forced investors to take a relook at their sectoral allocations. "From the lows, markets started stabilising and pandemic sectors like FMCG, IT, pharma and chemicals benefitted. As the economy further opened up, growth and cyclical sectors reversed positively," said Vinod Nair, Head of Research at Geojit Financial Services. However, while stocks seem to have found their animal spirits back, there are also some murmurs of discontent. Analysts say world stock markets have developed a dangerous addiction to endless money printing by central banks, and show withdrawal symptoms of a junkie at the slightest indication of a moderation in monetary stimulus. Back home too, around half of the government's ₹20.97 lakh crore economic stimulus package comprised RBI's liquidity measures. This glut of global liquidity has pushed markets so far ahead of economic fundamentals that some are beginning to question whether the real economy matters in equity investing at all. For example, no one would be able to tell looking at the Sensex chart that the Indian economy shrank 23.9% in the first three months of FY21, and 7.5% the next quarter. Globally too, markets have been on a manic upswing even as millions have lost their jobs, small businesses are battling for survival and entire industries have been decimated. While the real economy has been ravaged by the pandemic, most financial market indicators are ruling at stratospheric levels. The BSE Sensex is currently trading at a price-to-earnings (PE) ratio of 32.89, the highest on record. To put it differently, investors are paying ₹32.89 for every rupee of future earnings of the 30 Sensex firms, compared to the previous 20-year average of around ₹19. Global market capitalisation -- the value of all the listed stocks in the world - topped USD 100 trillion for the first time ever in December. And in a classic sign of market mania, there's a rush of first-time investors eager to make a quick buck. A record 68 lakh new dematerialised (or demat) accounts were opened in India between April and October 2020, compared to nearly 49 lakh in the entire FY20, which was the highest in a decade. Experts attribute this trend to factors like increased time at home due to the lockdown, efforts to make up for lost jobs or incomes, and also FOMO, or the fear of missing out on this rally. This is also reflected in the growing popularity of discount broking apps like Zerodha and Upstox, which have dislodged traditional broking houses in terms of active clients. Like the Robinhood app in the US, such platforms have attracted the tech-savvy crowd with their slick interface and mobile-first approach which has 'gamified' the once-stodgy field of stock market investing. With Fed and FOMO playing in tandem, many questioned technicalities like PE and PB ratios. But, some analysts also maintain that 2020 was an outlier in terms of corporate earnings and hence valuation metrics like PE ratios this year are not strictly comparable to historical averages. However, even they agree that every segment of the economy would have to stage a synchronous and sensational comeback to catch up with the market projections. And if that comes to pass, 2021 would be an even more incredible year for the bourses. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/mrs-bectors-food-ipo-investors-saw-their-money-double-on-listing-day/articleshow/79934860.cms">Mrs Bector’s Food IPO investors saw their money double on listing day</a> <a href="https://www.businessinsider.in/thelife/personalities/news/from-taking-on-yahoo-to-being-tamed-by-chinas-communist-party-its-been-a-roller-coaster-decade-for-jack-ma/slidelist/79935613.cms">From taking on Yahoo to being tamed by China’s Communist Party— it’s been a roller coaster decade for Jack Ma</a> <a href="https://www.businessinsider.in/careers/news/ey-is-looking-to-hire-9000-techies-in-2021-to-boost-its-digital-services/articleshow/79936576.cms">EY is looking to hire 9,000 techies in 2021 to boost its digital services</a>

Virus, vaccines and volatility: Stock market takes a wild ride in 2020

New Delhi, Power transmission player <keyword id="3245667" type="COMPANY" weightage="20" keywordseo="Sterlite-Power">Sterlite Power</keyword> on Monday announced that it has raised ₹200 crore in debt financing from Allianz Global Investors (<keyword id="3349683" type="COMPANY" weightage="20" keywordseo="Allianz-GI">Allianz GI</keyword>) -- one of the world's leading investment managers with a focus on sustainable investments. This transaction is one of the first infrastructure sector financing deals for Allianz GI in India. The ₹200 crore facility from Allianz GI has been raised as a non-convertible debenture with a three-year tenure and is part of the larger refinancing exercise undertaken by <keyword id="45465" type="DOMAIN" weightage="20" keywordseo="Sterlite">Sterlite</keyword> Power to reduce its holding company borrowings. Sterlite Power is increasingly <keyword id="1189281" type="PERSON" weightage="20" keywordseo="focused">focused</keyword> on integrating renewable energy (RE) to the grid. Commenting on the transaction, <keyword id="189377" type="COMPANY" weightage="20" keywordseo="Pratik-Agarwal">Pratik Agarwal</keyword>, Managing Director, Sterlite Power, said: "We remain focused on our endeavour towards greening the grid by delivering some of the most challenging and impactful transmission projects in the country." Sterlite Power has been successful in concluding a number of financial deals with global and national investors. It has raised project finance from both private as well as public sector financial institutions like <keyword id="6357149" type="DOMAIN" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword>, <keyword id="77463" type="DOMAIN" weightage="20" keywordseo="Power-Finance-Corporation">Power Finance Corporation</keyword> Limited and REC Ltd, for its transmission projects. Recently, the company announced an equal partnership with global investment manager AMP Capital, to develop greenfield power transmission projects in India. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/employment-opportunities-in-the-telecom-sector-are-expected-to-grow-by-20-in-2021/articleshow/80183579.cms">Fiber layers and field engineers to researchers ⁠— telecom jobs may see a 20% spike in 2021 as India leaps into the 5G era</a> <a href="https://www.businessinsider.in/budget/news/india-may-be-considering-a-covid-cess-on-high-income-earners-aside-from-more-levy-on-fuel/articleshow/80208520.cms">India may be considering a COVID cess on high income earners — aside from more levy on fuel</a> <a href="https://www.businessinsider.in/tech/apps/news/with-whatsapp-popularity-hit-zoho-plans-to-launch-arattai-messaging-app/articleshow/80206802.cms">Zoho plans to woo WhatsApp defectors with its own messaging app Arattai</a>

Sterlite Power raises ₹200 crore in debt financing from Allianz Global Investors

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Reuters/Lucas Jackson</div></div></div><ul><li>Gareth Henry, global head of investor relations at hedge fund manager Angelo, Gordon, has left the firm, people familiar with the matter said.</li><li>Henry left earlier this month after two years with the New York-based alternative investment firm.</li></ul>The global head of investor relations at Angelo, Gordon has left the $28 billion investment firm.Gareth Henry left earlier this month after two years at the company, people familiar with the matter told Business Insider.Before Angelo, Gordon, Henry worked at Fortress Investment Group and Schroders, according to a <a href="https://www.linkedin.com/in/gareth-henry-a7bba4a4/">LinkedIn page</a>.A cached version of Angelo, Gordon's website says that Henry was a Managing Director and a member of the firm's executive committee. In a <a href="https://www.businesswire.com/news/home/20160119005597/en/Angelo-Gordon-Names-Gareth-Henry-Managing-Director">press release</a> announcing Henry's hire two years ago, Angelo, Gordon said that Henry was slated to report to then-president Lawrence M.v.D. Schloss and become a partner.A spokesman for the firm declined to comment. Henry couldn't immediately be reached.New York-based Angelo, Gordon manages about $28 billion in credit, real estate, private equity, and other alternative investment strategies, according to its website. Nearly half of those assets - $12.4 billion - were in hedge funds as of last year, according to the Absolute Return Billion Dollar Club ranking. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/goldman-sachs-outlook-for-bitcoin-and-ethereum-2018-2"> Goldman Sachs investment chief: Bitcoin is definitely a bubble, Ethereum even more so </a></h3> <div> </div> </div>

The global head of investor relations at $28 billion investor Angelo Gordon has left

<ul><li>Allianz Global Investor's <keyword id="801209" type="PERSON" weightage="60" keywordseo="Walter-Price">Walter Price</keyword> says <keyword id="107096" type="COMPANY" weightage="60" keywordseo="Tesla">Tesla</keyword> will be more profitable than people think and could grow by 30% to 50% annually for the next three years.</li><li>The <keyword id="113154" type="POSITION" weightage="60" keywordseo="Portfolio-Manager">portfolio manager</keyword> told CNBC on Wednesday that Tesla was "more frugal" than most <keyword id="6358816" type="UNKNOWN" weightage="60" keywordseo="car">car</keyword> companies and was raising a ton of cash.</li><li>He also said Tesla was "redefining the <keyword id="34478" type="PERSON" weightage="60" keywordseo="auto-industry">auto industry</keyword>" as Apple redefined the cellphone industry.</li><li>Price added that Tesla's stock price was ahead of itself from a valuation standpoint. </li></ul><ul><li><a href="https://www.businessinsider.com/?hprecirc-bullet?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">Visit Business Insider's homepage for more stories</a>.</li></ul>Walter Price, a senior portfolio manager at <keyword id="174542" type="COMPANY" weightage="60" keywordseo="Allianz-Global-Investors">Allianz Global Investors</keyword>, <a href="https://www.cnbc.com/2020/09/02/cnbc-pro-talks-market-beating-manager-walter-price-on-investing-in-tech-megatrends.html?__source=newsletter%7Ccnbcprocommuncations">told CNBC on Wednesday</a> that <a href="https://markets.businessinsider.com/stocks/tsla-stock?utm_source=markets&amp;utm_medium=ingestgest">Tesla</a> would be more profitable than people thought and grow by 30% to 50% a year for the next three years.Price said Tesla, which in July posted a fourth consecutive quarterly profit for the first time, saved more money compared with other auto companies because of its direct-sales model.He added that Tesla was "more frugal than most" and had raised a lot of cash in the past year. "We talked to some of their suppliers, and they'll go redesign a part to save $1 on a $5 part," he said. "And they'll spend a lot of engineering resources doing that."The fund manager also said Tesla was redefining the auto industry in the same way that Apple redefined the cellphone and technology industries."Having a car that takes the monotony out of driving on a trip out of your hands and turns it over to an AI system that does that for you, so you can spend that time doing something else — I mean that's a transformation of the industry and a transformation of experience that I think everybody wants," he said.Read more: <a href="https://www.businessinsider.com/stock-market-trading-rules-blueprint-from-market-legend-marty-schwartz-2020-9">'I had run $5,000 up to $140,000 in just 2 years': Here are the 7 trading rules stock-market wizard Marty Schwartz leverages to help ensure success</a>Price called Tesla's Model Y "one of the best cars in the world right now" and said it could sell over a million units, compared with its sale of half a million units last year. "It's a great growth company — it's not just an overvalued auto company," Price added.He said that Tesla's stock price was ahead of itself from a valuation standpoint. The electric-vehicle company has returned over 891% in the past year and is now worth over $416 billion — that's larger than the combined market capitalizations of <a href="https://markets.businessinsider.com/stocks/ford-stock">Ford</a>, <a href="https://markets.businessinsider.com/stocks/gm-stock">General Motors</a>, and <a href="https://markets.businessinsider.com/stocks/fcau-stock">Fiat Chrysler</a> times three.Price said that for Tesla to justify its stock valuation on an intermediate basis, it would need to grow by 30% to 50% annually not just for the next three years, as he predicts, but for the next five or 10. He said no car company had done that, except for maybe Ferrari in a "small niche market."These growth projections are optimistic, Price said, and many Tesla investors might not think about the reality of them, but "that's what they have to believe to justify owning the stock for a long time.""I'm pretty confident about the next couple years though," he added. "I think you're going to continue to see good surprises out of the company."Tesla shares fell 15% in intraday trading Wednesday following news that Baillie Gifford, Tesla's largest outside investor, said it was forced to trim its stake in the company.

'Not just an overvalued auto company': Tesla will redefine the car industry and be more profitable than people think, says a portfolio manager who's returned 40% this year

<ul class="summary-list"><li>Insurer <keyword id="12045877" type="UNKNOWN" weightage="60" keywordseo="allianz" source="Orion">Allianz</keyword>, one of the world's largest money managers, faces a German probe over huge losses at its US funds, Reuters reported Tuesday.</li><li><keyword id="12045879" type="UNKNOWN" weightage="60" keywordseo="bafin" source="Orion">BaFin</keyword> is investigating the Structured Alpha Funds, which suffered billions of dollars in losses during the pandemic-led market rout.</li><li>Investors have reportedly filed 25 lawsuits and are claiming $6 billion in damages from Allianz.</li></ul>German financial regulators are investigating Allianz after the insurance giant's US <keyword id="6355120" type="UNKNOWN" weightage="60" keywordseo="investment" source="Orion">investment</keyword> funds took a painful hit during the pandemic, <a href="https://www.reuters.com/business/finance/exclusive-allianz-under-investigation-germany-over-investment-funds-2021-09-07/">Reuters reported</a> Tuesday, citing people with direct knowledge of the matter. Allianz, which manages global assets worth around $2.9 trillion, already faces several other probes and US lawsuits related to the Structured Alpha Funds run by its <keyword id="12045878" type="UNKNOWN" weightage="60" keywordseo="allianz-global-investors" source="Orion">Allianz Global Investors</keyword> asset-management subsidiary.BaFin's investigators are looking into how much Allianz executives outside the fund division knew about the events there that preceded billions of dollars of losses.AGI was created a decade ago when Allianz separated it from bond giant PIMCO. Its Structured Alpha Funds cater to US pension funds for workers such as teachers and subway employees, and they were also promoted to European investors.The funds suffered heavy losses during the coronavirus-led March market rout, with some declining 80% or more. That forced the asset manager to liquidate two hedge funds, Structured Alpha 1000 and Structured Alpha 1000 Plus, both of which ran a derivates-based strategy, and were worth $2.3 billion at the end of 2019.The regulator's probe gained momentum after Allianz revealed an <keyword id="49112" type="UNKNOWN" weightage="60" keywordseo="investigation" source="Orion">investigation</keyword> by the <a href="https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/press/document/Allianz-reassessment-risks-Structured-Alpha-Funds_EN.pdf">US Department of Justice</a> on August 1, according to the Reuters report. The insurer's board said at the time that matters relating to the Structured Alpha Funds could materially impact its future financial results.Allianz didn't immediately respond to Insider's request for comment.Investors have filed 25 lawsuits against Allianz and are requesting $6 billion in damages, claiming that it deviated from a strategy of providing downside protection during crashes, according to reports.Read More: <a href="https://www.businessinsider.com/china-regulatory-crackdown-expert-investors-analysts-2021-8" target="_blank" rel="noopener noreferrer">Big-name investors are turning to these 10 experts to make sense of China right now</a>

PIMCO parent Allianz is under investigation by German regulators after its US funds racked up billions of dollars in losses

The Franco-Japanese alliance, <a href="http://www.businessinsider.in/searchresult.cms?query=renault+nissan" target="_BLANK￿￿￿￿">Renault-Nissan</a>, began its <a href="http://www.businessinsider.in/searchresult.cms?query=passenger+car" target="_BLANK￿￿￿￿">passenger car</a> project in southern Tamil Nadu a few years back. 
 
Apparently, Renault-Nissan’s association with Tamil Nadu has been fruitful as the company is making another large investment of Rs 4, 200 crore in the state. 
 Presently, the alliance manufactures <keyword id="150905" type="UNKNOWN" weightage="100" keywordseo="passenger-cars">passenger cars</keyword> including <a href="http://www.businessinsider.in/searchresult.cms?query=renault+duster" target="_BLANK￿￿￿￿">Renault Duster</a> at the 640-acre factory and it will soon start manufacturing the Kwid, a sub-Rs 4 lakh car, at the plant. The company has invested about Rs 4,500 crore over the past seven years. 
 
So, why Tamil Nadu only? Here are the reasons. 
 
1. The <a href="http://www.businessinsider.in/searchresult.cms?query=tax+refund+" target="_BLANK￿￿￿￿">tax refund issues</a> have been sorted out between the alliance and the state government. The differences over the quantum of value-added tax and central sales tax refunds have been resolved after over a year of consultations with the company. 
 
2. The alliance, Renault-Nissan, which started investing in Tamil Nadu in 2008, gets benefits including <a href="http://www.businessinsider.in/searchresult.cms?query=land+concession" target="_BLANK￿￿￿￿">land at concessional price</a>, exemption from stamp duty and electricity tax, dual feeder power lines and refund of output value-added tax and central sales tax. 
 
3. The cap on refunds were made as high as 115% of the eligible investments made by the manufacturer over seven years. 
Meanwhile, the state government is expected a super hit show at <a href="http://www.businessinsider.in/searchresult.cms?query=global+investor+summit" target="_BLANK￿￿￿￿">Global Investor Summit</a>, slated for September 9 and 10 in Chennai.

Here is why Renault-Nissan is investing Rs 4,200 crore again in Tamil Nadu

<div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/Kim Kyung-Hoon</div></div></div><ul class="summary-list"><li>Stock markets around the world sell off sharply as fears about slowing economic growth and rising interest rates spook investors.</li><li>The sell-off began on Wall Street on Wednesday with the Dow Jones witnessing its third largest one-day point drop in history.</li><li>Bloodbath then spread to Asia with China's most significant mainland index, the Shanghai Composite, losing more than 5%.</li><li>Europe is now suffering, with virtually all major bourses down more than 1.2% in the first hour of trading.</li></ul>Stock markets around the world are taking a hammering on Thursday as rising fears about global economic growth and ongoing trade tensions continue to rattle investor confidence.The sell-off started in the US on Wednesday, with <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-dow-tumbles-more-than-300-points-2018-10-1027605643">the Dow Jones seeing a more than 800 point drop during the session, </a>its third biggest single-day point fall in history. <a href="https://www.businessinsider.com.au/stocks-fx-commodities-bond-yields-2018-10">Things then spread to Asia overnight</a>, with all major indices on the continent witnessing major drops. "Equity markets are locked in a sharp sell-off, with concern around how far yields will rise, warnings from the IMF about financial stability risks, and continued trade tension all driving uncertainty," analysts at ANZ Bank wrote on Thursday.Concerns in Asia are exacerbated by investor doubts that fresh stimulus from China's central bank will help prevent US President Trump's trade war from triggering an economic slowdown. Warnings about global growth from the IMF, along with rising interest rates, contributed to the concerns. Trump yesterday weighed in on the selloff to blame the Fed, calling its interest rate policy "crazy."<ul><li>CHINA: The Shanghai Composite was down 5.2%.</li><li>EUROPE: By about 8.25 a.m. BST (3.25 a.m. ET) Asia's bloodbath session had spread into Europe, with virtually all major European indices losing more than 1% of their value in early trade. </li><li>UK: Britain's blue-chip FTSE 100, for example, has lost 1.22% to trade at 7,058 points, while Italy's FTSE MIB index is now just a whisker away from entering a bear market, down 1.16% at 19,489.</li></ul>"A crazy day in the markets yesterday looks set to continue with further selling expected in equities today," Neil Wilson, chief analyst at Markets.com said in an email Thursday morning. "Clearly we've entered a severe bout of selling that may well have further to go." China's most significant mainland index, the Shanghai Composite, dropped more than 5% during Thursday's trading session, <a href="http://uk.businessinsider.com/chinese-stocks-plunge-after-market-returns-from-holiday-2018-10">the second time in just four days it has lost 4% or more of its value. </a>Elsewhere in Asia, Hong Kong's Hang Seng lost 3.3%, while Japan's benchmark Nikkei 225 was down just shy of 4%. While the market is clearly gripped by fear right now, US Treasury Secretary Steven Mnuchin urged calm. "Markets are not efficient and markets move in both directions and at times they overshoot in both directions," he told reporters on the sidelines of the IMF's annual meeting in Bali, Indonesia. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/google-pixel-3-xl-rumors-2018-9">Everything we know about the Google Pixel 3</a></h3> <div> </div> </div>

Global markets are getting pounded as fear grips investors

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Reuters / Brendan McDermid</div></div></div><ul><li>Stocks sold off sharply on Wednesday after three central banks around the world made surprising cuts to their interest rates, raising concerns around a broad global slowdown.</li><li>Meanwhile, bond prices soared, pushing the 30-year Treasury yield near all-time lows.</li><li>Investors also piled into safe havens such as gold, which reached a six-year high.</li><li><a href="https://markets.businessinsider.com/">Visit the Markets Insider homepage for more stories</a>.<a href="https://markets.businessinsider.com/"></a></li></ul>US stocks got pummeled on Wednesday as three global central banks made surprising cuts to their interest rates, stoking concerns of a broad global slowdown.The renewed bout of risk aversion also send bond prices soaring, with the <a href="https://markets.businessinsider.com/rates/u-s--rates-30-years" target="_blank" rel="noopener">30-year Treasury yield</a> falling close to an all-time low.Here's a look at the major US indexes as of the 10:55 a.m.:<ul><li>The <a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">S&amp;P 500</a> fell 0.47%, to 2,868.14 - down as much as 2%</li><li>The <a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Dow Jones Industrial Average</a> declined 0.88%, to 25,800.26 - down as much as 2.3%</li><li>The <a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Nasdaq Composite</a> slid 0.09% to 7,825.93 - down as much as 1.7%</li></ul>The losses came after Thailand, India, and New Zealand shocked investors by lowering their benchmark lending rates. Their actions come amid a global currency war that's seen a growing number of nations weaken their currencies. That debasement is often driven by rate cuts, since such easing increases the money supply.These latest maneuverings follow China's decision earlier this week to let its currency slip below the psychologically significant level of 7 yuan-per-dollar. The move was viewed as an escalation in the already-fraught global trade war, since a weaker currency makes a nation's exports more appealing - and markets wound up turning in the <a href="https://markets.businessinsider.com/news/stocks/stock-market-today-tech-stocks-drag-us-indexes-trade-war-2019-8-1028418364" target="_blank" rel="noopener">worst day of 2019</a>.China stabilized its currency on Tuesday which led to a rally in the major US indexes that p<a href="https://markets.businessinsider.com/news/stocks/stock-market-today-us-indexes-rebound-after-china-yuan-stabilization-2019-8-1028423745" target="_blank" rel="noopener">ared some losses from Monday's sell-off</a>. But investors hadn't counted on other countries getting in on the currency-devaluation trend, hence Wednesday's large losses.Meanwhile, <a href="https://markets.businessinsider.com/commodities/gold-price" target="_blank" rel="noopener">gold</a> hit a six-year high on as investors sought the relative safety of haven assets. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/navy-area-51-autec-in-the-bahamas-2016-10">The Navy has its own Area 51 and it's right in the middle of the Bahamas</a></h3> <div> </div> </div>

Stocks plunge as global recession fears rattle investors

This is a really good summation of what investors are thinking about right now, from Dan Greenhaus (<a href="http://www.twitter.com/danbtig">@danBTIG</a>) of BTIG:
Our conversations this past week revealed client's sense of bifurcation. On the one hand, Friday's payroll report and strong ISM non-manufacturing index validate the strong U.S. thesis (first chart below, terrifically strong period for private sector job growth). However, weak data out of Europe, Japan and China continue to give clients headaches. Ultimately, most agree a strong U.S. is considerably more important than a weak [insert some other economy] but as we enter earnings season, the overseas weakness is one of two areas we're on the lookout for in terms of disrupting the reporting season (the other is of course the strong dollar).
There's no doubt about it, the US is leading the way right now in terms of the world economy.
We're seeing much stronger growth than Europe, and both Japan and China (and much of the emerging world) are struggling. This is fundamentally why the dollar is so strong, because the Fed is getting closer to existing ultra-loose monetary policy, while the rest of the world is nowhere clear to that.

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