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AirPlus to Launch Medical Assessment Service

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AirPlus is adding a telemedical assistance service for customers whose travelers become ill while on business trips, the corporate payments provider announced.

AirPlus has partnered with insurance company Inter Partner Assistance to launch the service, which will be available on October 1st. AirPlus Company Account and Virtual Card users can book a phone or video session for an initial medical exam via AirPlus Travel Insurance using the Doctor Please app. The service is available 24/7 and in six languages.

“Sick business travelers are often unsure how to find the right doctor on site and how to make an appointment,” said AirPlus Marketing Director Michael Heilmann in a statement. “With just a few clicks, our customers are connected to a competent doctor who will advise them in the language of their choice without having to leave their accommodation.”

Eligible trips for the service must be no more than 90 days and must be at least 100 kilometers from the traveler’s home. The service is not available in Canada, China, Japan, Liechtenstein, Switzerland and the US, including Puerto Rico, according to AirPlus.

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Analysis-China central bank to offer limited, targeted growth support, no bazooka By Reuters

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©Reuters. FILE PHOTO: Paramilitary police officers stand guard outside the headquarters of the People’s Bank of China, the Central Bank (PBOC), in Beijing, China September 30, 2022. REUTERS/Tingshu Wang/File Photo

By Kevin Yao

BEIJING (Reuters) – China’s $17 trillion economy is heading for one of its worst results this year in nearly half a century, but the central bank has limited options in its arsenal of policy support as it seeks to avoid fuel the flight of capital.

Therefore, according to political sources and analysts, the People’s Bank of China (PBOC) is poised to step up targeted support for struggling sectors and ramp up the nearly $800 billion in loans it has already lent through its structural instruments.

The PBOC, which is trying to prop up an economy weakened by COVID-19 restrictions and a housing crisis, is expected to avoid aggressive stimulus that could stoke inflationary pressures and risk outflows from China, which would weaken the yuan, they said.

The PBOC’s room for maneuver has been limited by a global tightening wave led by the US Federal Reserve’s aggressive rate hikes to tame inflation, although Fed Chair Jerome Powell has indicated their pace is slowing.

Since 2020, when the world’s second-largest economy was first rocked by the coronavirus, the PBOC has expanded its arsenal of structural policy tools, including reending and rediscounting facilities and other low-cost borrowing.

It has offered cheap loans to support small businesses, transport and logistics — sectors hardest hit by COVID — and sectors that align with Beijing’s long-term development goals, such as tech innovation, elderly care and carbon reduction.

“The central bank is likely to expand the scope of structural policy tools and increase the use of such tools,” said a person involved in policy discussions, who spoke on condition of anonymity.

“We will not resort to flood-like stimuli but will make policies more targeted and efficient to ensure adequate and sufficient liquidity.”

The PBOC did not respond to Reuters’ request for comment.

Outstanding loans issued through structural instruments totaled nearly 5.6 trillion yuan ($781.64 billion) at the end of September, central bank data showed.

The PBOC pledged 200 billion yuan in special loans to bail out the real estate sector last month and 154.3 billion yuan in loans to political banks in October through its pledged Supplemental Credit Facility (PSL) to finance infrastructure projects.

The central bank announced last week that it would cut banks’ reserve requirement ratio (RRR) for the second time this year, freeing up about 500 billion yuan in long-term liquidity, narrowing the scope for using the traditional tool. The average reserve ratio was reduced to 7.8% from 14.9% in 2018.

“What I expect is that the PBOC will engage in some form of unconventional monetary policy to increase the efficiency of this RRR cut,” said Iris Pang, chief economist for Greater China at ING, in a note.

To direct more lending to specific sectors, the central bank could increase its small business loan back rate, boost lending for unfinished housing projects and guide commercial banks to accelerate lending growth, Pang said.

POLITICAL RESTRICTIONS

All eyes are on the closed Central Economic Work Conference in December, when Chinese leaders are expected to set the policy course for the economy in 2023.

Chinese government advisers have told Reuters that they would recommend economic growth targets of between 4.5% and 5.5% for 2023. A central bank adviser said last month that China should set a growth target of no less than 5% for next year.

Leaders are expected to endorse a target at the December meeting, although it will not be publicly announced until China’s annual parliamentary session, which usually takes place in March.

Beijing is likely to double its infrastructure boost in 2023 and issue more debt to fund large projects while supporting the PBOC with modest easing, political sources said.

“We face some policy constraints (from the Fed’s moves), there’s no doubt about that,” Yu Yongding, an influential government economist who previously advised the central bank, told Reuters.

“But there is scope for monetary easing as long as inflation does not pick up. The biggest danger for China’s economy is that the growth rate is too slow.”

China is on track to miss the official growth target of “around” 5.5% this year, with economists forecasting growth of around 3%. Excluding the 2.2% expansion in 2020, it would be the weakest growth since 1976, the final year of the decades-long Cultural Revolution that wrecked the economy.

Analysts do not see inflationary pressures imminent, but the PBOC has warned that inflation could pick up once consumption recovers. Consumer inflation fell to 2.1% in October.

On November 21, the central bank leCentre County Report interest rates unchanged for the third straight month. The interest rate for one-year loans (LPR) was kept at 3.65%.

The yuan has fallen about 10% against the US dollar this year despite China’s capital controls.

($1 = 7.1644 yuan)

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tata play ipo: Tata Play becomes first firm to file confidential papers with Sebi for IPO

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New Delhi: Tata gameformerly known as Tata heavenis the first Indian company to file a confidential offering document for its initial public offering (IPO) with the Markets Authority Sebi.

That Tata group The company filed documents with Sebi, BSE and the National Stock Exchange (NSE) on November 29. The company announced this in a leading daily newspaper.

Market regulator Sebi recently introduced confidential filing or pre-notification of the draft Red Herring Prospectus (DRHP) by companies seeking to go public.

A confidential filing, as the name suggests, allows a company to privately file an IPO registration statement with the regulator for review, delaying the public filing until much closer to the actual IPO date.

This mechanism will help companies keep their DRHPs private until they solidify their IPO plan. The offering documents are available for inspection by regulators and stock exchanges, but are not open to the public.

The company must then file an updated DRHP, which will be a public document once Sebi releases its observations and the company decides to launch its IPO.

The purpose is to give companies flexibility in the flow of information and to keep sensitive data from competitors.

Tata Group’s direct-to-home (DTH) platform aims to raise Rs 2,000-2,500 crore, mainly to allow partners like The Walt Disney Company to make a partial or full exit. Walt Disney inherited its stake in the company as part of its global buyout of Rupert Murdoch’s 21st Century Fox business, and Temasek, ET, reported in November.

Tata Play has already mandated five investment banks –

Capital, Bank of America, Citi, Morgan Stanley and IIFL — as lead arrangers and bookrunners on the proposed offering, according to the report.

As of 2004, Tata Sky was an 80:20 joint venture between Tata Sons and Network Digital Distribution Services FZ-LLC (NDDS), a company owned by Rupert Murdoch’s 21 Century Fox. Walt Disney Co acquired Fox in 2019 and owns an additional 9.8% stake in Tata Sky through TS Investments Ltd, where Fox owned a 49% stake and Tata the remainder.

Temasek of Singapore acquired a 10% interest in Tata Sky through Baytree Investments (Mauritius) Pte Ltd in FY2008 and in FY2013 Tata Opportunities Fund and Tata Capital Ltd acquired an interest in the company. Temasek is also a limited partner of the Tata Opportunities fund.

Tata Sons has a 41.49% stake in the company.

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Latest LIVE: 18.95% voter turnout recorded till 11 am in Gujarat polls

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The first phase of the survey for the in Gujarat started at 8 am today. People were seen queuing outside the polling stations, waiting for their turn to cast their ballots. At this stage, 89 seats will be voted on. That hopes to return to power for the seventh straight year while his main rival attempts to invade the saffron-dominated state. has had reduced visibility during the election campaign.

Maintaining its place as the world’s leading recipient of remittances, from India will send home a record $100 billion in 2022 despite global headwinds such as rising prices. In its latest Migration and Development Letter, the World Bank said remittance flows to India will increase by 12 percent, ahead of inflows from China, Mexico and the Philippines.

India today assumes the presidency of the G-20 grouping, the leading forum for international economic cooperation. Around 100 monuments, including UNESCO World Heritage sites, bearing the G-20 logo will be illuminated for seven days from December 1-7 to celebrate the occasion. Monuments include the Shankaracharya Temple in Srinagar, the Red Fort in Delhi and the Great Living Chola Temple in Thanjavur. During its presidency, India will host 200 meetings in all nations.

The first phase of the survey for the in Gujarat started at 8 am today. People were seen queuing outside the polling stations, waiting for their turn to cast their ballot. At this stage, 89 seats will be voted on. That hopes to return to power for the seventh straight year while his main rival attempts to invade the saffron-dominated state. had reduced visibility during the election campaign.

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