Top Trending Business News & Highlights
What workers, brokers, and policyholders stand to gain from travelers' agreement to preserve 1,400 jobs in Canada
The Canadian business of Travelers will be acquired by Definity Financial Corp. The total value of the acquisition is $3.3 billion. Definity will become the fourth-largest property and liability insurer in Canada as a result of this transaction. Every one of Travelers Canada's 1,400 employees will continue to work there. Consumers can anticipate competitive pricing and additional options. Regulatory permission is needed for the deal. By early 2026, it should be closed.Definity Financial Corp. plans to pay $3.3 billion to acquire the Canadian operations of the US behemoth Travelers, one of the largest transactions in Canada's insurance industry in recent memory. This merger could change the competitive environment for both insurers and consumers. More than 1,400 Traveler employees across Canada will retain their employment when the two companies combine under a single brand, despite the fact that large acquisitions frequently result in job losses.Definity will move up from sixth place to become Canada's fourth-largest property and liability insurer as a result of the purchase. Its expanding presence in the insurance industry is demonstrated by the $6 billion in total yearly premiums it currently manages.
Published 28 May 2025 07:58 PM
Nykaa Q4 Results: Net profit soars 187% YoY; GMV growth in the beauty industry reaches its greatest level in six quarters; five salient features
Results for the January-March quarter of fiscal 2023–24 (Q4FY24) were released by Nykaa's parent company, FSN E-Commerce Ventures, on Wednesday, May 22. The results showed a massive four-fold increase in the quarterly net profit attributable to shareholders, with a preference for customer retention over steep discounts. In the fourth quarter of FY24, the net profit increased by 187% to ₹6.9 crore from ₹2.4 crore during the same period the previous year. The company headed by Falguni Nayar had a 28% increase in operating revenue in the March quarter, totaling ₹1,668 crore, as opposed to ₹1,302 crore during the same period the previous year. The inclination of wealthy customers for high-end cosmetics and fragrances from names like Dior, Bobbi Brown, and Estee Lauder drove the sales.
Published 04 Jun 2024 10:34 PM
Microsoft Unveils Copilot for Finance, an AI Solution to Simplify Tasks Associated with Enterprise Finance
Microsoft on Thursday unveiled Copilot for Finance, a new artificial intelligence (AI) tool designed to make everyday mundane tasks easier for financial professionals. The Copilot tool adds new features tailored to financial operations to the already-existing Copilot for Microsoft 365 stack, rather than creating a brand-new AI model. This AI tool, which focuses on enterprises, is currently in public preview. Notably, a recent update from the tech giant revealed additional features and significant enhancements for Windows 11.Microsoft presented its new AI tool in a blog post, pitching it as a means of allowing finance departments within businesses to focus on strategic tasks rather than tedious analysis and report writing. The business also cited a statistic from CFO magazine, stating that the "drudgery of data entry and review cycles" was cited by 62% of finance professionals polled as a reason they could not find time for strategic tasks. The tech giant claims that Copilot for Finance automates a number of financial tasks that would otherwise require users to put in long hours. It can accomplish a wide range of tasks, including using natural language prompts to conduct a variance analysis in Excel, reconciling data in Excel with automated data structure comparisons, giving a comprehensive summary of pertinent customer account details, transforming raw data into visuals and reports, and much more.
Published 04 Mar 2024 05:41 PM
Survey Says RBIs Paytm Action Won Affect Merchants Trust
Merchants' trust in the payment platform is unaffected by the severe limitations the Reserve Bank of India (RBI) placed on Paytm Payments Bank (PPBL), according to a survey done. According to Datum Intelligence, a Gurugram-based provider of business consulting and services, 59% of retailers still use Paytm and don't think the government crackdown will have an immediate effect on their business. The business conducted a survey with 2,000 business owners in 12 cities who accept payments through Paytm apps. According to a press release from Datum Intelligence, it was done between February 7 and February 15. Survey Says RBI's Paytm Action Won't Affect Merchants' Trust According to a Datum survey, 76% of retailers accept payments through Paytm. Merchants' trust in the payment platform is unaffected by the severe limitations the Reserve Bank of India (RBI) placed on Paytm Payments Bank (PPBL), according to a survey done. According to Datum Intelligence, a Gurugram-based provider of business consulting and services, 59% of retailers still use Paytm and don't think the government crackdown will have an immediate effect on their business. The business conducted a survey with 2,000 business owners in 12 cities who accept payments through Paytm apps. According to a press release from Datum Intelligence, it was done between February 7 and February 15. According to the survey, 21% of retailers are awaiting additional information The fact that a Paytm representative contacted them following the RBI ruling is what gives retailers their confidence. "After being contacted by a Paytm representative, 71% of merchants feel comfortable continuing to use Paytm for payments. According to the Datum Intelligence survey, only 11% of respondents are less confident about using Paytm for payments, and 14% of respondents are still looking for more information."Overall, the impact is limited on the merchant business and Paytm is engaging with merchants to reduce the damage and merchants are also waiting before deciding on alternatives," it added.
Published 28 Feb 2024 05:01 PM
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Pre-Series A Funding of Rs 10 Crore is Secured by Settl for Co-Living Expansion
In a pre-series A investment round, investors including Gruhas, We Founder Circle, Inflection Point Ventures, and others have contributed Rs. 10 crore to the proptech startup Settl. Settl., which was founded in 2020, intends to use the money for technology advancement, staff growth, and working capital.With 60+ locations across Bengaluru, Hyderabad, Gurugram, and Chennai, Settl. is a co-living operator that offers 4000 beds, mostly for working people, for rental fees between Rs 12,500 and Rs 18,000 per bed.To date, the portal that lets users look for and rent completely furnished rooms, flats, or communal living spaces has raised a total of Rs 15 crore.Another IIT Madras initiative aims to support 100 businesses by 2024. By 2024, 100 companies from a variety of industries will be supported by the IIT Madras Incubation Cell (IITMIC), the institute's central hub for fostering, advising, and supervising diverse innovation and entrepreneurship initiatives."We at IIT Madras take tremendous satisfaction in the fact that we innovate a lot more. In 2024, we also want to launch 100 start-ups. A number of intriguing innovations are also emerging from IIT Madras-incubated start-ups, including Mindgrove Tech, AgniKul Cosmos, and Hyperloop start-up The ePlane Company. These startups will produce goods that are extremely important to the country." remarked Professor V. Kamakoti, Director of IIT Madras.
Weak rural demand is anticipated to have an influence on the volume growth of FMCG companies in Q3.
Leading FMCG companies anticipate sequential improvement in consumer demand and low to mid-single-digit volume growth in the October–December quarter. Leading listed FMCG companies including Dabur, Marico, and Godrej Consumer Products stated in their quarterly reports that consumer demand from the rural market is trailing, even while the urban markets remained stable in the third quarter as demonstrated in the September quarter.Businesses anticipate a slow recovery since there are encouraging trends in volume trends and early indications of a recovery in consumption.Additionally, the producers anticipate growth in gross margins year over year, which will be aided by a moderating effect on inflation as the costs of essential inputs, including copra and edible oil, continue to be lower, and there has been some downward bias in the prices of crude derivatives. This will assist FMCG companies in allocating more funding for marketing and promotions. "Increasing advertising and promotion (A&P) spending will be the primary driver of a sizable amount of the gross margin growth. As a result, operating profit is anticipated to increase year over year and record an improvement, according to Dabur India's quarterly updates. This is somewhat faster than revenue growth.
