Powering-On Through Isolation | Business News


The frustration of IT systems that are not working well is far too familiar to all of us. The feeling that there must be a better way to work. We rarely pause to notice when our IT systems do simply work. No fuss, no switching between applications… that magic moment when we have managed to streamline our systems. Many of us suffer through inefficient IT systems because the pain of change just seems too much (in both time and expense). But do we really still need to? Surely by now someone has developed an affordable way of fixing things.

Local Perth company, Underground Power Development, was very much like that. Their success had become their IT burden. The company grew from a small start-up in 1996 and has flourished, expanding in scale and scope. As that expansion happened, ‘bits’ were added to each of their operating systems until they had ‘bits’ all over the place. Everything they needed to do could be done but it was cumbersome.  Gathering all of those bits and streamlining their system seemed to be a huge task.

Then UPD were introduced to fellow local company, Agile Computing, and more specifically to their Instagile product

Standard covid product to be benefit-based cover under revised IRDAI rules


The insurance regulator, Insurance Regulatory and Development Authority (IRDAI), has revised the guidelines for a standard covid product from the earlier draft guidelines issued by it. In a fresh draft, the regulator asked general insurance companies and standalone health to offer a “standard benefit based product” rather than an indemnity based health product which was proposed earlier.

The standard benefit based product will offer a lump sum benefit equal to 100 per cent of the sum insured which will be paid by the if an insured tests positive novel (Covid-19), resulting in hospitalisation. “The diagnosis has to be confirmed by authorized centers as declared by the Ministry of Health and Family Welfare, Government of India”, said the draft guidelines reviewed by Business Standard.

The minimum sum assured for the product will be Rs 50,000 and it can go upto a maximum of Rs 5 lakh. A General Insurance Council official said that these were still draft guidelines and were still being worked on. He said that the guidelines would only be finalised next week.

Earlier, the regulator had said had to offer the standard covid

Redington India loses sales worth Rs 1,800 cr due to Covid-19 spread


Redington (India), which provides end-to-end supply chain solutions for the IT and telecom sectors, has said it has lost sales worth Rs 1,800 crore due to the Covid-19 situation. This includes sales worth Rs 800 crore lost in India distribution. These orders would have pushed the top line up by 15 per cent and even boosted the bottom line, said the company officials.

In an earnings call for the quarter ended March 31, 2020, Raj Shankar, managing director of told analysts that apart from the India distribution losses, it has lost about $110 million of business in Middle East, Turkey, Africa and another $27 million in Singapore, South Asia. These were confirmed orders, but the firmm was unable to execute on account of lockdown.

ALSO READ: Food inflation crosses 9% in May, data on snacks and sweets held back

The company has recently started implementing various measures to improve cash flow. It was able to bring down working capital on a consolidated level, especially in India. It has delivered positive free cash flow, both in India and at overseas level, delivering a positive free cash flow at a consolidated level

Stock Markets Recover Some Ground After Heavy Losses


US and European stocks were higher Friday, recovering from the previous day’s rout on rising new coronavirus cases in the United States and data denting hopes for a strong recovery from the pandemic devastation.

The scale of the damage was highlighted by news that the British economy shrank 20.4 percent month-on-month in April, a sharp reality check after the near euphoria of recent weeks.

Analysts said the figures were awful but at least everyone knew that April was going to be the worst month, with all depending on how May and June go.

On that score, US consumer confidence figures were surprisingly good, bolstered as state authorities began to ease coronavirus restrictions.

The University of Michigan consumer sentiment index jumped to 78.9 from 72.3 in May, much better than economists had expected.

“Consumer sentiment posted its second monthly gain in early June, paced by gains in the outlook for personal finances and more favorable prospects for the national economy due to the reopening,” said Richard Curtin chief economist of the Survey of Consumers.

Curtin cautioned however that while consumers are expecting things to get better, few anticipate a return to normalcy “anytime soon.”

In New York, the DJIA opened with

Subscribe Now