Warburg Pincus to invest $95MN (INR 700 CR) in Home First – One of India’s leading affordable housing finance companies

MUMBAI, India, Oct. 8, 2020 /PRNewswire/ — US based private equity firm Warburg Pincus LLC (“Warburg Pincus”), through it’s affiliate Orange Clove Investments BV, has entered into an agreement to invest about $95 MN (INR 700 Cr) in Home First Finance Company India Ltd (“Home First”) on October 2, 2020. The announcement came in today from the leading global private equity firm focused on growth investing. The investment of approximately INR 700 crore is a combination of primary fund raise and secondary sales by existing shareholders. Warburg Pincus joins existing marquee PE firm shareholders True North and Bessemer

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GM China Quarterly Sales Rise for First Time in 2 Years

General Motors (NYSE:GM) announced today that its Chinese sales rose 12% for the quarter ended in September versus the year-ago period. The gain follows a 5% drop in the second quarter, and marks the first year-over-year gain for sales in China in two years. 

The company said it delivered 771,400 vehicles in China, including its joint-venture partnerships. GM said it sees strong momentum in the vehicle sales market as China’s economy recovers from the COVID-19 pandemic. 

 

GM's cadillac SUV lineup

Cadillac XT4, XT5, and XT6 SUVs. Image source: General Motors.

The company said the strength in sales has been led by its

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Auto Experience, Inc. Proposes To Acquire Auto Finance Firm Consumer Portfolio Services For $135 Million In Cash

DALLAS, Oct. 8, 2020 /PRNewswire/ — Auto Experience, Inc., created in 2018 to pursue strategic business opportunities in the automobile financing market, today announced it has informed the board of directors of Consumer Portfolio Services, Inc. (Nasdaq: CPSS) of its interest in acquiring the company in an all-cash transaction valued at $135 million.  An acquisition at that price would nearly double the current value of the Nasdaq-listed company.

Based in Irvine, Calif., Consumer Portfolio Services (CPS) is an independent specialty finance company that provides indirect automobile financing to consumers.  In an October 7, 2020 letter to the

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Twilio to Acquire Customer-Data Firm for $3.2 Billion

Twilio Inc.


TWLO -4.28%

agreed to acquire a software provider that focuses on helping businesses track and manage customer data, a $3.2 billion deal that comes as companies rethink how they reach consumers who are spending more time at home during the Covid-19 pandemic.

Twilio struck an all-stock deal for Segment, which offers products that allow companies to glean data about shoppers from websites, mobile apps and email, as well as when they communicate with customer support, and from various software programs.

“What Segment allows companies to do is take all the data that’s in these disparate systems and assemble

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Deterring capital flight can help finance African development priorities

From 2000 to 2015, roughly $836 billion in capital left the African continent, according to a recent report by the United Nations Conference on Trade and Development (UNCTAD). This so-called “capital flight” occurs along legal pathways like remittances and other transfers or via illegal means like money laundering or misinvoicing. Capital flight is particularly prolific in Africa, so much so that it has rendered the continent a net creditor to the world. At the same time, money leaving the continent decreases the taxable revenue collected by the home country and makes it more difficult for the private sector to meet

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National Insurance Crime Bureau Joins Forces with the AARP Fraud Watch Network to Combat Insurance Crime

DES PLAINES, Ill., Oct. 7, 2020 /PRNewswire/ — The National Insurance Crime Bureau (NICB), the insurance industry’s association dedicated to predicting, preventing, and prosecuting insurance crime, and the AARP Fraud Watch Network are joining forces to combat insurance crime.

In a recent meeting, NICB President and CEO David Glawe and Director of AARP Fraud Watch Network Kathy Stokes discussed the need for a strong, collaborative relationship between the two organizations. Ultimately, it is the goal of both NICB and the AARP Fraud Watch Network to help protect people, and in particular the 50+ from insurance scams and fraud.

“We

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Polish E-Commerce Company Allegro Lights up Europe’s IPO Market | Technology News

By Anna Banacka and Anna Koper

WARSAW/GDANSK, Poland (Reuters) – Shares in Polish e-commerce group Allegro leapt more than 60% on their debut on Monday, giving the company a market value of almost $19 billion in Europe’s biggest initial public offering (IPO) so far this year.

Founded more than 20 years ago as a home-grown rival to eBay, Allegro is central Europe’s most recognised e-commerce brand and its website is attracting 20 million visitors a month as consumers go online during the COVID-19 pandemic.

Allegro’s strong start mirrored the performance of some recent IPOs in the United States where shares

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Alberta finance minister accuses nurses’ union of trying to ‘take advantage of a health crisis’

Finance Minister Travis Toews issued a blistering news release on Thursday afternoon, accusing an Alberta nurses union of orchestrating an “overreaching and disingenuous demand for indefinite job security” that he described as “a shameful effort to take advantage of a health crisis.”



a man wearing a suit and tie: Alberta Finance Minister Travis Toews, who delivered his first-quarter economic update Thursday, Aug. 27, 2020.


© Courtesy: Government of Alberta
Alberta Finance Minister Travis Toews, who delivered his first-quarter economic update Thursday, Aug. 27, 2020.

Toews issued the statement after the United Nurses of Alberta, which represents more than 30,000 registered nurses, registered psychiatric nurses and “allied workers,” announced it had rejected Alberta Health Services’ proposal to delay collective bargaining until 2021.

“I

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AXIS Insurance Adds 4 Senior Underwriters to Management Liability Team

Specialty insurer AXIS Insurance has hired four experienced underwriters to its U.S. Management Liability team.

Christina Segreti, Drew Kushnick, Matthew Holzinger and Sherry Alexakis have joined AXIS as senior underwriters to help support growth in the management liability market.

Segreti will work across management liability lines, including public and private directors and officers liability, employment practices liability, fiduciary liability and crime coverages. She was most recently a broker for property/casualty lines at Gallagher. Previously, Segreti focused on management liability insurance as a client service associate at Marsh & McLennan and as a Financial Products Underwriter at Great American Insurance. She

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Mallinckrodt, ensnared in opioid crisis, seeks Chapter 11

A New Jersey drugmaker ensnared in the fallout from America’s opioid crisis is seeking bankruptcy protection.

Mallinckrodt said Monday that it had begun Chapter 11 proceedings to restructure debt and resolve “several billion dollars of otherwise unmanageable potential legal liabilities.”

The drugmaker, one of the highest-volume opioid producers in the U.S. at the height of the nation’s prescription drug crisis, announced in February a tentative $1.6 billion settlement to avert hundreds of lawsuits. It said Monday that it plans to amend the settlement as it restructures.

Under the proposed settlement, opioid claims would be channeled to trusts that receive $1.6

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Horizon Technology Finance Provides Third Quarter 2020 Portfolio Update

FARMINGTON, Conn., Oct. 7, 2020 /PRNewswire/ — Horizon Technology Finance Corporation (NASDAQ: HRZN) (“Horizon,” “We,” “Our” or the “Company”), a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries, today provided its portfolio update for the third quarter ended September 30, 2020.

“We successfully originated $16 million of loans, including to two new portfolio companies, despite the protracted economic and health challenges,” said Gerald A. Michaud, President of Horizon. “We remain committed to taking a selective

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Startup Company Value Insurance Goes Live with BindExpress from SpeedBuilder Systems | News

COLUMBIA, S.C., Oct. 7, 2020 /PRNewswire/ — SpeedBuilder Systems, Inc. today announced that Value Insurance MGA (“Value”) is live with its BindExpress® Suite, running Software-as-a-Service to launch their nonstandard automobile product in the state of Alabama. The startup company, incubated out of London Underwriters of Aventura, FL, is running the full suite of BindExpress Rating, Underwriting, Policy, Billing, Claims, and Reporting.

“As a startup, Value must run “lean and mean” on an easy-to-use, intuitive system,” said Paul Gabe, CEO and President of Value Insurance.  “Making it easy for the agents to bind business and process payments is

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TPG Pace Beneficial Finance Corp. Announces Pricing of $350,000,000 Initial Public Offering

SAN FRANCISCO & FORT WORTH, Texas–(BUSINESS WIRE)–Oct 6, 2020–

TPG Pace Beneficial Finance Corp. (the “Company”), a newly organized blank check company incorporated as a Cayman Islands exempted company and formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, today announced the pricing of its initial public offering of 35,000,000 units at a price of $10.00 per unit. The units will be listed on the New York Stock Exchange and trade under the ticker symbol “TPGY.U” beginning October 7, 2020. Each unit consists of one

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Whitmore Agency Partners With Hastava Insurance

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India, South Africa ask WTO to ease IP rules for COVID-19

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FILE – In this July 30, 2020 file photo, Kai Hu, a research associate transfers medium to cells, in the laboratory at Imperial College in London. Imperial College is working on the development of a COVID-19 vaccine. South Africa and India on Friday Oct. 2, 2020, asked the World Trade Organization to waive some provisions in the international agreements that regulate intellectual property rights, to speed up efforts to prevent, treat and contain the COVID-19 pandemic and make sure developing countries are not left behind.

AP

South Africa and India have asked the World Trade Organization

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a step in the right direction for global blockchain adoption

Regulation – if developed appropriately – can be the catalyst that propels nascent technologies into the mainstream, especially in the complex world of financial services. And the European Commission (EC) has just confirmed its place at the forefront
of fostering fintech innovation, writes Isabelle Corbett, Head of Regulatory Affairs at R3.

 

Last month, the EC announced its intention to deliver a legal framework for digital finance – providing the clarity and legal certainty required for sustainable innovation and adoption in areas such as digital currencies and crypto-assets. 

The EC’s proposals have four main priorities: removing fragmentation in the digital single

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Illness Insurance Market Is Booming Worldwide | China Life Insurance, Allianz , Ping an Insurance , Aviva

Global Illness Insurance Market Size study with COVID-19 impact, by Type (Diseases Insurance, Medical Insurance and Income Protection Insurance), by Application (Cancer, Heart attack, Stroke and Others) and Regional Forecasts 2020-2026, Covid 19 Outbreak Impact research report added by Report Ocean, is an in-depth analysis of market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider Illness Insurance market, and compares it with other markets., market definition, regional market

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Top Wall Street Derivatives Cop to Step Down

With James McDonald as enforcement director, the Commodity Futures Trading Commission filed 113 enforcement actions in the 2020 fiscal year, which ended Sept. 30.



Photo:

andrew kelly/Reuters

WASHINGTON—The chief enforcement watchdog of U.S. derivatives markets is stepping down as his agency wraps up some of its largest investigations.

James McDonald, the Commodity Futures Trading Commission’s enforcement director, will resign from his role next week, he said Friday in an interview. Mr. McDonald, a former federal prosecutor, led the CFTC’s market cops through dozens of market-manipulation cases, including one against

JPMorgan

Chase & Co. that this week produced the highest fine

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Where Trump and Biden Stand on Mortgage Finance

This article is part of a Wall Street Journal guide comparing President Trump and former Vice President Joe Biden on issues from climate change to health care and jobs.

WASHINGTON—Donald Trump and Joe Biden have divergent views on the federal government’s role in the $11 trillion mortgage market, with potential consequences for the price of home loans for millions of Americans.

In keeping with the Republican Party’s emphasis on limiting the government’s role in the economy, the Trump administration aims to return two giant mortgage-finance companies—

Fannie Mae

and

Freddie Mac

—to private hands over the next couple of years.

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Half of Canadian Policyholders Are Being Sold A Costly Life Insurance Product That Most People Don’t Need

New survey reveals that 49 per cent of Canadians have been sold expensive, complicated, and often unnecessary ‘permanent’ life insurance policies — yet the vast majority only require ‘term’ coverage

TORONTO, Oct. 7, 2020 /CNW/ – According to new survey findings from PolicyMe, an online life insurance platform and advisor, 49 per cent of Canadians that bought life insurance through an advisor (i.e. not through employee benefits) bought a permanent policy. This is despite the fact that permanent life insurance is a product that should typically only be considered by high-net-worth individuals and possibly by older Canadians (55+). The

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