City Union Bank and Shriram General Insurance signed a corporate agency agreement on Friday, for the distribution of the latter's products through the bank’s network of 727 branches across the country.

Under the agreement, Shriram General Insurance will offer personal insurance products such as motor, personal accident, home and travel along with commercial ones such as property, marine and engineering to the bank’s customers.

The Enforcement Directorate’s (ED’s) money-laundering probe into mobile phone maker Vivo India has revealed the company, to avoid paying taxes in India, remitted about Rs 62,476 crore of its turnover to China between 2017 and 2021.

According to the agency, 18 companies that were allegedly incorporated fraudulently helped the smartphone maker to transfer 50 per cent of the turnover outside India, mainly China. The sale proceeds during the period stood at Rs 1.25 trillion.

State-owned Power Finance Corporation (PFC) on Thursday inked a loan pact for JPY 30 billion with Japan Bank for International Cooperation (JBIC).

"PFC has signed a loan agreement for JPY 30 Billion with Japan Bank for International Cooperation (JBIC) on 7th July, 2022," the company said in a statement.

The Ministry of Defence has allowed HDFC Bank, Axis Bank, and ICICI Bank to provide financial services in overseas procurement done by the department, a first after the Centre opened up allocation of government business for private banks.

These private banks will provide Letter of Credit (LC) and direct bank transfer business for overseas procurement by the defence ministry. These banks may be allocated with LC business of Rs 2,000 crore, each on the capital and revenue side, for one year on concurrent basis (Rs 666 crore for each bank under both capital, as well as revenue), the defence ministry said in a statement. Until now, only authorised public sector banks were allowed to provide these services to the defence ministry.

Billionaire investor Rakesh Juhunjhunwala-owned Akasa Air has been cleared for take-off. The no-frills airline received its air operator certificate (AOC) from the Directorate General of Civil Aviation (DGCA) on Thursday. The airline will start its operations from the end of July.

The grant of the AOC is the final step of a comprehensive process laid down by the DGCA. The airline inducted its first Boeing 737 Max aircraft on June 21.

The Centre has sought bids from merchant bankers to assist the government in offloading its 29.5 per cent residual stake in Hindustan Zinc (HZL) in tranches.

The Centre’s 29.5 per cent stake in HZL is valued at around Rs 32,000 crore, based on the current market price of the company’s shares on the bourses.

Since Russia began its ongoing invasion of Kiev on February 24, at least 346 children have been killed in Ukraine.

In its latest update on Thursday, the Office of the Prosecutor General said 645 children have also been injured, reports Ukrayinska Pravda.

The Office however, said that the figures were "not final, as work continues to establish the data in places of active hostilities and in the temporarily occupied and liberated territories".

Gold prices continue its losing streak as the yellow metal falls Rs 540 as compared to previous day's rate. 10 gram of 24-carat gold is currently trading at Rs 51,930, whereas, 10 gram of 22-carat gold is selling at Rs 47,600 after witnessing a decline of Rs 500 as compared to previous day's rate.

Silver, on the other hand, is also witnessing a losing streak as the precious metal falls Rs 2,000. One kg of silver is currently selling at Rs 56,900.

Chinese directors Zhengshen Ou and Zhang Jie of a firm GPICPL, in association with mobile maker Vivo, fled India last year, an Enforcement Directorate official informed on Thursday.

The official corrected the report which mentioned that Zhengshen Ou and Zhang Jie were directors of Vivo and they fled when the ED intensified its inquiry into the money laundering case against the Chinese firm and conducted raids over 40 locations in connection with the case.

Shares of Rajratan Global Wire hit a record high of Rs 847 as the auto components maker's scrip rallied 16 per cent on the BSE in Thursday’s trade. In the past two weeks, it has zoomed 48 per cent on a strong business outlook. The stock today surpassed its previous high of Rs 799.15 touched on April 29, 2022.

At 10:36 am; the stock erased its intra-day gain and was up 9 per cent at Rs 795, as compared to a 0.77 per cent rise in the S&P BSE Sensex. A combined around 220,000 shares had changed hands on the NSE and BSE.

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