Business Briefs 03-06-2014

April core show

New Delhi, June 2: The output of eight core industries increased 4.2 per cent in April, up from 2.5 per cent in the previous month, on the back of a healthy growth in electricity, fertilisers, cement and coal. The growth of the eight core sector in April 2013 was 3.7 per cent. Electricity production increased 11.2 per cent in April from 3.5 per cent in the same month last year. Fertilisers, cement and coal registered higher growth during the month at 11.1 per cent, 6.7 per cent and 3.3 per cent, respectively, according to data released by commerce ministry today.

Insurance FDI

New Delhi, June 2: The finance ministry is contemplating raising the FDI cap in insurance to 49 per cent from 26 per cent with some riders, such as restriction on voting rights. “We might increase the FDI cap in insurance without commensurate increase in voting rights. We talked with stakeholders and held high-level meeting in the ministry,” a senior ministry official said.

Daiichi Life

Tokyo, June 2: Japanese insurer Daiichi Life is in advanced talks to buy US peer Protective Life Corp in a deal that could be worth over $5 billion, extending a drive to buy assets abroad as an antidote to a weak domestic outlook.

Aviation plea

Doha, June 2: The IATA today appealed to the government to slash taxes, restrain private airport operators from levying high charges and relax “excessive” regulations in aviation to maximise India’s full potential to generate economic growth.