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Last week, private life insurance company HDFC Life announced that it had completed the process of acquiring Exide Life Insurance. The two companies had announced the Rs 6,687-crore acquisition deal in September 2021. Exide Life will operate as HDFC Life’s wholly-owned subsidiary until the formal merger is completed. However, since ownership and management have changed, it is but natural for Exide Life’s existing customers to have some questions regarding the transition. Here’s a guide to help you understand the transition nitty-gritties. I am an Exide Life policyholder. How will the acquisition by HDFC Life affect my existing policy’s terms and conditions? Your life insurance company’s management may have changed. But your policy contract, which in the case of life insurance is long-term in nature, will not be affected. “There will be no changes in Exide Life's existing policy terms and conditions. HDFC Life will not issue new policy documents to existing customers of … [Read more...] about HDFC Life completes acquisition of Exide Life: Here’s what policyholders must know

- A + A (June 30): It was an unusually frigid December weekend when Cheng Wei summoned his inner circle to his Beijing office. The founder of Didi Global Inc, dressed entirely in black, told his lieutenants to slash spending by a fifth in 2022 and begin layoffs after staff return from Lunar New Year vacations. He delivered his bombshell flanked by a giant Powerpoint slide that read: “Don’t live with illusions. Face reality.” “We had a tough year,” said the reserved billionaire known as Will, who that day seemed even gloomier than normal, according to people briefed on the gathering. “But next year will be even tougher.” That sombre gathering encapsulated what many in the room already suspected — the ride-hailing champion once feted for running Uber Technologies Inc out of China was no more. In its place was a defeated shell worth a fifth of its value at the peak, bleeding users, blocked from raising funds for cherished projects — and whose executives were constantly … [Read more...] about Inside Didi’s US$60b crash that changed China tech forever

This article first appeared in The Edge Malaysia Weekly, on June 20, 2022 - June 26, 2022. - A + A ALL eyes are on RHB Banking Group’s newly minted group managing director (MD) and group CEO Mohd Rashid Mohamad as he steers the fourth-largest banking group by assets forward in a tough operating landscape. “It’s very challenging, especially now in a fast-changing market environment, and as we face potential risks such as geopolitical and inflationary,” acknowledges Rashid in his first exclusive interview as group MD/CEO. Competition has intensified, given new entrants into the market, which are not just new banks but also technology companies that compete for the same pie. Rashid adds that this has partly affected the profitability of the industry, along with many other factors. He notes that banks globally no longer see “high ROEs” as before. For RHB Bank Bhd, its return on equity (ROE) in the past 10 financial years hit a high of 13.4% in FY2012 before … [Read more...] about Cover Story: RHB’s Game Plan in ‘fast-changing’ new normal

Flying Fourth of July weekend or later this summer? Pack your patience and this game plan. Y ou know travelers are in for a bumpy Fourth of July weekend when airlines and the U.S. government begin pointing fingers at each other in the days ahead of the holiday. For months, travelers have been dealing with above-normal levels of flight delays and cancellations, with airlines chopping more than 15% of scheduled summer flights due to staffing shortages and other operational issues. Unfortunately, experts see more of the same on the horizon. “Looking at the past few weeks, I don't think there's any reason to think that things are going to go especially smoothly this weekend,” says Scott Keyes, co-founder of Scott’s Cheap Flights , an airfare deals newsletter with more than two million subscribers. “With 11 million travelers expected to fly over July Fourth, we are expecting a busy holiday weekend and travelers should be prepared for potential disruptions,” says Hayley … [Read more...] about The Smart Traveler’s Survival Playbook For Summer Flight Cancellations