Mumbai: Stock markets in Japan are trading higher. Nikkei gained 1.56% to 10,095 on optimism that the incoming Prime Minister Shinzo Abe will increase pressure on the nation’s central bank to do more to end deflation.
US markets, on the other hand, closed weak. The S&P 500 lost 0.24% to 1,426 on concerns that the US President Barack Obama and Congress may fail to agree on a budget by the end of the year. Read the Bloomberg report.
Back home, insurance regulator Irda is set to revamp traditional life insurance policies. The new norms will limit the upfront commission for agents, surrender fee and expenses insurers can charge from policyholders. Read the Mint report.
The environment ministry is looking to ease the clearance requirements for existing coal mines planning to increase production, reports The Economic Times. According to the report coal mines with plans to increase production by as much as 25% may be exempt from holding public hearings.
Ranbaxy’s generic version of Lipitor will miss a December deadline for return to the US market, reports Business Standard. The firm had earlier indicated it expects to resume production and supplies in December.
The supreme court of Western Australia has allowed Lanco Infratech’s subsidiary to enter into a revised coal supply agreement with the Griffin Power entities. The revised coal supply agreement is expected to result in material net present value gains for Lanco’s coal mining subsidiary. Read more.
Ashok Leyland’s UK arm, Optare, has reported a positive earnings before interest, taxes, depreciation and amortisation, reports Business Standard. The company is expecting the demand for single-decker buses to improve in the next two years.
Kingfisher Airlines Ltd has submitted a tentative revival plan to the Directorate General of Civil Aviation, reports Mint. The plan, however, does not specify when the airline will restart operations.
The Competition Commission of India has given green signal to the takeover of Future group’s Pantaloon brand business by Aditya Birla Nuvo. The permission would pave the way for consolidation of Pantaloon with Aditya Birla Nuvo entities. Read more.
The Debt Recovery Tribunal has passed an injunction order restraining Deccan Chronicle Holdings Ltd (DCHL) from disposing of its assets that are mortgaged to Canara Bank, reports Mint. The matter has been posted for further hearing on 21 January.
Finally, here is the Reuters list of apps that will help users achieve New Year’s resolutions. Most of them are about reaching health-related goals.