March, 2024 - Business News Week

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Guidewire Jasper Release Boosts Commercial Lines Agility for P&C Insurers and Strengthens Functionality Across Entire Product Portfolio

Mar 29, 2024 by Gayathri Pariti 0 Comments #Eugene Lee, #Guidewire Jasper, #ISO, #NCCI

San Mateo, Calif., United States
Guidewire (NYSE: GWRE) announces Jasper, its latest release, which boosts commercial lines agility for P&C insurers with support for layered coinsurance, schedule import, and a new U.S. Bureau Content Solution.* Additionally, expanded HazardHub data for Canada gives insurers deeper property risk insights for underwriting precision. Jasper release will be generally available on April 5, 2024.

“Commercial lines insurers face both risk and opportunity. On the one hand, there are economic fluctuations, including inflation, geopolitical complexities, capital limitations, and environmental challenges. On the other hand, the protection gap creates growth opportunities for insurers that innovate to stay ahead of the evolving risk landscape,” said Eugene Lee, senior vice president and general manager, InsuranceSuite, Guidewire.

For P&C insurers seeking to improve commercial lines efficiency, Jasper enables faster policy issuance and processing through its flexible, cloud-based platform designed specifically for commercial lines.Enhancements in Jasper include:

Layered coinsurance reduces risk exposure by structuring risk sharing for non-layered and layered coinsurance arrangements in PolicyCenter and automatically generates all necessary splits and charges in BillingCenter.
Schedule import, a new flexible import wizard in PolicyCenter, empowers underwriters and agents to capture more commercial lines business by allowing them to upload and automatically import spreadsheets containing fleet vehicle/driver details and building information.
A new U.S. Bureau Content Solution* enables insurers to maintain regulatory compliance and stay current with the latest rates, rules, and forms by providing continuously updated commercial lines content from ISO (Insurance Services Office, Inc.), NCCI (National Council on Compensation Insurance), and state workers’ compensation bureaus. The solution accelerates the launch of bureau-compliant commercial lines while eliminating the challenges of managing the circular update process.

Jasper continues Guidewire’s investment in making enhancements across its platform. Expanded HazardHub Canada data now gives underwriters and actuaries even deeper insight into property risks with 11 new risk factors, including wildfire scores, and 100 new data elements.

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Cirium’s Airfare Data Shows Increases in Economy Airfares in 2023 in North America and Europe With a Decrease in Transatlantic Business Class Fares

Mar 29, 2024 by Gayathri Pariti 0 Comments #Cirium’s Airfare, #Europe, #Jeremy Bowen, #North America

March 29, 2024

London, United Kingdom

Cirium, the leading aviation analytics company, analysed airfare trends for 2023, using Cirium FM Traffic. Economy airfare has generally increased since 2023 in North America and Europe, but lower than the U.S. inflation rate.

“While airfare has risen in nominal terms in U.S. and Europe, consumers will appreciate that the increases are less than other consumables,” said Jeremy Bowen, CEO of Cirium. “Cirium’s data teams will continue to monitor the impact on fares of increased capacity in the market, despite challenges related to the availability of aircraft, be it due to groundings, engine issues, or supply chain constraints.”

Cirium analysed airfare for the U.S. domestic market (including 13 U.S. airlines), intra-European travel, and the Transatlantic market. The data is non-directionally averaged, in U.S. dollars, not including taxes and fees. Unless otherwise noted, the fares indicated are for economy class.

U.S. Domestic Airfare
The average U.S. domestic airfare by the 13 airlines was $179.25 in 2023, an increase of 9% since the 2019 average of $164.63. Notably, Cirium also analyzed changes in the U.S. Consumer Price Index from data provided by the Bureau of Labor Statistics, where the inflation rate between 2019 and 2023 was 19%. Accordingly, airfare has risen less than other consumables — 10% lower in real terms.

Beginning in August 2023, airfare decreased by approximately 4% compared to the equivalent months in 2022. Fares in December 2023 were 9% lower than December 2022. The U.S. domestic airfare data includes Alaska Airlines, Allegiant Air, American Airlines, Avelo Airlines, Breeze Airways, Delta Air Lines, Frontier Airlines, Hawaiian Airlines, JetBlue, Southwest Airlines, Spirit Airlines, Sun Country Airlines, and United Airlines.

Intra-European Airfare
Fares for flights within Europe are 8% higher than in 2022 and 12% higher than in 2019. The average airfare in Europe in 2023 was $104.58 (approximately €96) compared to $93.17 (approximately €85.70)—in each case excluding taxes and fees.

Transatlantic Airfare
The average transatlantic economy fare in 2023 was $435.17, compared to $410.75 in 2022 and $381.08 in 2019. This is an increase of 14% in 2023 compared to 2019. However, Cirium data indicates that transatlantic business class airfare is 3% lower compared to 2019, with December 2023 business class fares 7% lower compared to December 2019. The average business class fare in 2023 was $1,845.

Increase in Transatlantic Capacity
Airlines increased capacity in 2023 compared to 2022 and are poised to do the same for summer 2024, according to Cirium Diio Mi schedule data. The transatlantic carriers increased seats flown by 18% in 2023 compared to 2022. And, in the peak summer month of July 2024, the transatlantic carriers will fly almost 375,000 more seats compared to July 2023, with Air France, Delta Air Lines, and Lufthansa among the carriers increasing capacity. This action may reduce airfare on select routes.

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Cirium’s Airfare Data Shows Increases in Economy Airfares in 2023 in North America and Europe With a Decrease in Transatlantic Business Class Fares

Mar 29, 2024 by Gayathri Pariti 0 Comments #Airfares, #Cirium’s Airfare, #U.S. Domestic Airfare

London, United Kingdom

Cirium, the leading aviation analytics company, analysed airfare trends for 2023, using Cirium FM Traffic. Economy airfare has generally increased since 2023 in North America and Europe, but lower than the U.S. inflation rate.

“While airfare has risen in nominal terms in U.S. and Europe, consumers will appreciate that the increases are less than other consumables,” said Jeremy Bowen, CEO of Cirium. “Cirium’s data teams will continue to monitor the impact on fares of increased capacity in the market, despite challenges related to the availability of aircraft, be it due to groundings, engine issues, or supply chain constraints.”

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Motorola’s New TVC Brings Alive ‘Intelligence Meets Art’ Starring Brand Ambassador Kriti Sanon and Introducing Babil Khan as moto AI Ally for the Launch of motorola edge50 Pro

Mar 29, 2024 by Gayathri Pariti 0 Comments #edge50 Pro, #Intelligence Meets Art, #Motorola’s

New Delhi, Delhi, India
Motorola, India’s Best 5G Smartphone brand, today launched a television commercial starring brand ambassador Kriti Sanon along with Babil Khan in an exciting avatar for the upcoming launch of their premium phone – the motorola edge50 pro. This collaboration between Motorola’s innovative technology including Artificial Intelligence, its leadership in design, and the star power of Kriti Sanon and Babil Khan’s personification of moto AI promises an exhilarating journey into the future of smartphone innovation.

KritiBabilImage56_89445

Soon to be launched, motorola edge50 pro leads with an intriguing proposition ‘Intelligence meets art’ which stands for promising an unparalleled user experience through disruptive design and various world’s 1st AI powered features. The edge series represents the premium smartphones, crafted to ensure an immersive experience for all. Backed by strong innovative DNA, the edge series is the perfect blend of cutting-edge technology, impeccable design, and software experiences, that cater to the ever-evolving demands of the consumers.

This exciting television commercial (TVC) brings alive the magic when ‘Intelligence meets art’, featuring actress Kriti Sanon as art personified – her own-true self on a film set and actor Babil Khan as the personification of moto AI. The commercial opens on a film set, where Kriti is seen wrapping up a shoot and is presented with the stylish motorola edge50 pro. As she switches on this artistic device, she brings alive a charming and eccentric personification of moto AI that Babil plays, who soon becomes her AI companion for a magical journey ahead. Kriti is seen immersed in a whirlwind of adventure and the game-changing features of the motorola edge50 pro amidst bustling cityscapes and carnivals, the duo then captures each moment with AI-enhanced precision exploring the cutting-edge capabilities of the motorola edge50 pro. From AI Generative Theming to AI Adaptive Stabilization and AI Photo Enhancement Engine, the commercial highlights the device’s intelligent, segment 1st capabilities that elevate every moment captured.

Commenting on the commercial, Mr. Shivam Ranjan, Head of Marketing, APAC, Motorola, stated, “The motorola edge50 pro stands for the perfect fusion of intelligence (AI) and art. In order to bring this concept to live in our TVC, Kriti Sanon was undoubtedly the perfect fit to personify ‘Art’ that motorola edge50 pro brings to life with its design, premium finish and the world’s first true colour display and camera. However, the motorola edge50 pro also brings an AI revolution with segment first AI features. This is where we found the perfect fit in Babil Khan who beautifully personified the moto AI, enabling us to explain the advanced AI features with ease. Babil’s new age appeal coupled with the passion for Motorola and exuberance to create the moto AI Ally ensured we brought alive the concept of creating magic with AI and Art.’ As we continue to grow exponentially, we are excited to deliver seamless user experiences to our customers and tap into new audiences to make an impact in their lives with our meaningful innovations and excellently crafted designs.”

Commenting on the collaboration, Kriti Sanon, Bollywood Actress and Motorola’s brand ambassador said, “As an artist, the fusion of art with intelligence deeply resonates with me, and it has been incredibly fulfilling to delve into this theme for Motorola. I take pride in being associated with this iconic smartphone brand renowned for its meaningful innovation, disruptive designs and cutting-edge technology. Motorola encapsulates everything modern consumer’s desire: innovation, style, performance, and functionality. I am confident that the commercial will surely captivate the audience.”

Commenting on the collaboration, Babil Khan, Bollywood Actor said, “I am thrilled to be a part of a brand that has truly redefined innovation and design in smartphones and continues to resonate with all generations. With AI emerging as game changing technology, it was exhilarating to personify the moto AI Ally – representing the future of smartphone technology. I look forward to contributing to Motorola’s continued success.”

“When Motorola asked us to pair intelligence with art, we decided to create a unique pairing that could bring alive this concept. Kriti and Babil take us on a trip to an AI-wonderland and allow us to discover this super-immersive phone and all that we can do with it – which is nothing short of magic!” said, Janmenjoy Mohanty- Chief Creative Officer, Dentsu Creative.

Motorola is set to host the global first launch of the motorola edge50 pro, the latest addition to its premium edge franchise on 3rd April 2024 in New Delhi.

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A Comprehensive Guide to Starting SIP (Systematic Investment Plan) Investments

Mar 29, 2024 by Gayathri Pariti 0 Comments #are a popular and powerful, #Plans (SIPs), #Systematic Investment, #way to build, #wealth over time.

By Sujata Muguda Shreyas WebMedia Solutions

29/3/2024: Systematic Investment Plans (SIPs) are a popular and powerful way to build wealth over time. They offer a disciplined approach to investing in mutual funds, making them ideal for both beginners and experienced investors. This guide will walk you through everything you need to know to get started with SIP investments.

What is a SIP?

A SIP allows you to invest a fixed amount of money in a chosen mutual fund scheme at regular intervals, typically monthly, quarterly, or even semi-annually. This consistency builds financial discipline and helps you benefit from a powerful investment strategy called rupee-cost averaging.

How Does Rupee-Cost Averaging Work?

The stock market experiences ups and downs. Rupee-cost averaging helps mitigate these fluctuations. By investing a fixed amount regularly, you purchase more units when the price is low and fewer units when the price is high. This evens out the average cost per unit over time, reducing the impact of market volatility.

Benefits of SIPs

Disciplined Investing: SIPs inculcate a habit of regular saving and investing, fostering financial discipline.
Rupee-Cost Averaging: As mentioned earlier, SIPs benefit from rupee-cost averaging, reducing the impact of market volatility.
Compounding: Reinvesting your returns (dividends and capital gains) allows your money to grow exponentially over time.
Flexibility: You can choose the amount you invest, the frequency of investment, and the mutual fund scheme that aligns with your financial goals and risk tolerance.
Convenience: SIPs automate your investments, eliminating the need for manual transactions every time you want to invest.

Steps to Starting Your SIP Investment

Define Your Financial Goals: The first step is to identify your financial goals. Are you saving for retirement, a down payment on a house, or a child’s education? Knowing your goals will help you choose the right investment horizon (timeframe) and risk profile.
Do Your Research: Explore different mutual funds categories like equity, debt, or hybrid funds. Understand their risk-return profiles and choose a scheme that aligns with your goals and risk tolerance.
KYC Compliance: Ensure you have completed your Know Your Client (KYC) process. This is a one-time requirement for all mutual fund investments in India.
Choose a Platform: Select a platform to invest through. You can invest directly through the Asset Management Company (AMC) website or app, or a Registered Investment Advisor (RIA) or online investment platforms.
Start Your SIP: Once you’ve chosen your mutual fund scheme and platform, initiate your SIP. Decide on the investment amount, frequency, and duration.

Vital Pointers for SIP Victory

Start Early: The power of compounding grows significantly over time. Starting early allows you to benefit from this magic of growth.
Increase SIP Amount Gradually: As your income grows, consider increasing your SIP amount to accelerate your wealth creation.
Stay Invested: Market fluctuations are inevitable. Don’t panic and redeem your SIP during downturns. Stay invested for the long term to ride out market volatility.
Review Regularly: Periodically review your SIPs to ensure they remain aligned with your evolving financial goals and risk tolerance.

Conclusion

SIPs are a powerful tool for building wealth over time. By following these steps and tips, you can get started on your journey toward financial security. Remember, consistency is key. With disciplined investing through SIPs, you can achieve your financial goals and secure your future.

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Philip Morris International Demonstrates Clear Progress Toward Its Purpose as It Releases 2023 Integrated Report

Mar 29, 2024 by Gayathri Pariti 0 Comments #Operational ImpactJacek Olczak, #Philip Morris, #Product Impact

March 29, 2024

Stamford, CT, United States

Philip Morris International Inc. (PMI) (NYSE: PM) today releases its fifth annual Integrated Report, which outlines the company’s ongoing work to advance toward its 2025 Roadmap goals, with the primary focus on addressing the health impacts of the company’s products.

The 2023 Integrated Report highlights PMI’s continued expansion of smoke-free alternatives in markets worldwide, as well as social and environmental programs deployed with and in parallel to these products—including the deployment of responsible marketing and sales practices and efforts to reduce post-consumer waste. Further, PMI reports its progress toward fostering an empowered and inclusive workplace, improving the quality of life of people in its supply chain, decarbonizing its operations and value chain, and preserving nature and biodiversity.

“2023 was a year marked by unity, determination, and a continued commitment to our vision of a smoke-free future,” said Jacek Olczak, Chief Executive Officer of PMI. “As we encounter new challenges, our people’s enduring resilience, exceptional talent, and depth of purpose ensure we are well-equipped to continue our journey—pursuing progress, embracing innovation, and fostering sustainability as we transform for good.”

PMI’s approach to sustainability is guided by the outcomes of its 2021 sustainability materiality assessment, which, following the principles of double materiality, identified the topics on which PMI focuses and prioritizes resources. PMI’s sustainability strategy addresses two distinct forms of topics: those related to its products (what the company produces), which are part of the “Product Impact” pillar, and those related to its business operations (how the company produces), which are part of the “Operational Impact” pillar.

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Skyflow Raises $30 Million led by Khosla Ventures for Data Privacy in AI and Global Data Residency

Mar 29, 2024 by Gayathri Pariti 0 Comments #Khosla Ventures, #Large Language Models, #Skyflow, #Vinod Khosla

Skyflow, the data privacy vault company, has raised $30 million to extend its Series B funding. Khosla Ventures led the round, joined by prior investors Mouro Capital, Foundation Capital and Canvas Ventures. The investment follows revenue growth of more than 210% and quick adoption in the emerging market of sensitive data protection for Large Language Models (LLMs).

Skyflow_Funding

Skyflow is a data privacy vault built to radically simplify how companies isolate, protect, and govern their customers’ most sensitive data. With its global network of data privacy vaults, it is a comprehensive solution for companies looking to securely implement LLMs and meet complex data localization requirements. Skyflow supports nearly a billion records of user data for global customers like GoodRx, Lenovo, and Hippocratic AI, and processes more than two billion API calls quarterly.

“With the advent of enterprise applications powered by AI, the need for trust and privacy infrastructure is key to protecting sensitive data,” said Vinod Khosla, founder of Khosla Ventures. “Skyflow is rethinking how data can be managed and protected across any app, cloud or LLM, making it a company that will be vital for every enterprise business.”

“We see an urgent need for companies to make privacy a core part of their technology stack as LLMs and AI hurdle forward, ingesting more and more personal data,” said Anshu Sharma, co-founder and CEO of Skyflow. “Skyflow is the only solution that allows companies to build privacy by design into their technological infrastructure without overhauling anything – anywhere in the world.”

Skyflow is powered by a proprietary technology called polymorphic encryption, which is the only way of encrypting data on the market that makes it possible to protect data without sacrificing its usability for critical business operations, such as analytics, marketing, and customer support.

Data Privacy and Security is the #1 Barrier to Enterprise Adoption of Generative AI

LLM adoption is increasing across the market even though there are few data protection mechanisms in place, putting compliance, security, and privacy at risk. Once sensitive data enters a model it’s almost impossible to remove, which means something like a data deletion request – which many new privacy laws require companies to be able to execute – becomes much more difficult.

Skyflow acts as a privacy trust layer, helping companies prevent sensitive data from going into AI models in the first place. This makes the adoption of generative AI simpler and safer. Skyflow customers can define sensitive terms as they see fit, allowing them to protect sensitive information even beyond PII (Personally Identifiable Information) or company intellectual property.

Skyflow Now Offers Data Residency in China

Skyflow recently expanded its data residency solution to support China, enabling global companies to scale in Asia without significant changes to their technology stacks. This simplifies compliance with China’s most stringent data privacy and security regulations: Personal Information Protection Law (PIPL) and Cybersecurity Law (CSL).

Skyflow’s global data privacy vault infrastructure covers regional and national data localization requirements for more than 150+ countries already, allowing customers to isolate, protect, govern, and localize sensitive data easily wherever they operate.

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Westside Brings NCPA@thePark to Bengaluru for the First Time Ever

Mar 29, 2024 by Gayathri Pariti 0 Comments #Bengaluru, #BookMyShow, #NCPA, #Westside

March 29, 2024

Bangalore, Karnataka, India

Westside, in collaboration with NCPA, presents NCPA@thePark, an event brimming with performances spanning theatre, music, dance, and poetry. Making its debut in Bengaluru, this exciting event will be held at Freedom Park on March 30^th and 31^st, 2024

WestsideXNCPAthePark_89447

Westside is dedicated to sparking community spirit through innovative cultural endeavours, while also aiming to enhance Bengaluru’s cultural landscape with a rich array of artistic experiences.

NCPA@thePark is a free-of-cost event that is open to the public. The two-day event is scheduled for this weekend with an exciting lineup of artists.

Free passes can be booked on BookMyShow.

Sr. no.	Time	Session
30^th March 2024
1	Sat, March 30 – 6:00 pm	Symphony Orchestra of India (Western Classical Music)
2	Sat, March 30 – 7:30 pm	UnErase Poetry (Spoken Words)
31st March 2024
1	Sun, March 31 – 6:00 pm	Deesha-Navigating the journey of forging new horizons
2	Sun, March 31 – 7:30 pm	Darren Das & The Sixth Sense-Mumbai (International Music)

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SRS Distribution, Owned by Leonard Green & Partners and Berkshire Partners, to be Acquired by The Home Depo

Mar 29, 2024 by Gayathri Pariti 0 Comments #Berkshire Partners, #Jonathan Seiffer, #Josh Lutzker, #Leonard Green, #SRS

Friday, March 29, 2024 -Los Angeles, Boston, United States
The portfolio company of Leonard Green & Partners and Berkshire Partners, SRS Distribution (“SRS”), has entered into a definitive agreement with The Home Depot to be acquired for $18.25 billion. The details of this sale were made public in press releases issued this morning by The Home Depot and SRS. SRS is a leading distributor of residential and commercial building products in the United States, with more than 760 branches across 47 states. The Home Depot is the world’s largest home improvement retailer.

“We feel privileged to have had the opportunity to invest in and partner with SRS and its more than 11,000 employee stakeholders,” said Jonathan Seiffer, Senior Partner, Leonard Green & Partners. “We extend a heartfelt thank you and congratulations to the entire team at SRS on their remarkable history of growth. SRS’s legacy of success and achievement would not have been possible without the phenomenal leadership of CEO Dan Tinker and his team and Chairman Ron Ross, as well as the unique culture and operating model that they have forged at SRS.”

“Since our investment in SRS 11 years ago, we’ve enjoyed a highly collaborative and effective partnership with CEO Dan Tinker and the entire SRS management team and we’re thrilled to reach such a successful milestone in this announced sale to The Home Depot,” said Josh Lutzker, Managing Director, Berkshire Partners. “SRS started as a small, regional player and has grown into a national platform serving multiple end markets. We’re all proud to be associated with such a great team and growth story.”

“We’re thrilled to be combining with The Home Depot, which is a direct result of the unwavering commitment and dedication from the entire team at SRS,” said Dan Tinker, President, and CEO of SRS Distribution. “I’m so proud of our company, our strong culture, and our impressive growth story. Throughout this journey, we’ve accomplished so much for our customers, our suppliers, our community, and our employees. I’m also grateful for the support and guidance we received from our private equity partners – Leonard Green & Partners and Berkshire Partners. Both firms take a collaborative and long-term approach to engagement and value creation, which has contributed significantly to the success of our business.”

Berkshire Partners invested in SRS in 2013 when the company generated approximately $650 million of revenue with fewer than 100 branches, distributing primarily residential roofing supplies. Today, SRS operates more than 760 branches in almost every state producing more than $10 billion in annual revenue.

In 2018, Leonard Green & Partners became majority owner of SRS, with Berkshire Partners remaining a significant shareholder. Over the duration of the partnership, both private equity firms helped evolve and grow the best-in-class leadership team at SRS. Through its entry into landscaping distribution in 2019 and pool distribution in 2021, SRS also significantly expanded the breadth of industries it served. SRS also has a remarkable commitment to employee ownership, which drives a thriving culture and compelling results. The company’s widespread employee ownership and equity incentive programs have helped to reinforce high levels of engagement and strong company performance.

Archive: March 29, 2024

March 29, 2024

London, United Kingdom

London, United Kingdom

Cirium, the leading aviation analytics company, analysed airfare trends for 2023, using Cirium FM Traffic. Economy airfare has generally increased since 2023 in North America and Europe, but lower than the U.S. inflation rate.

March 29, 2024

Stamford, CT, United States

March 29, 2024

Bangalore, Karnataka, India