Investors sought safe havens as the euro slid and the Swiss franc rose following a U.S. and Israeli bombing of Iran that killed Ayatollah Ali Khamenei, creating a power vacuum and escalating Middle East war risks. Oil prices surged nearly 9% on fears of trade disruption, impacting energy importers like China and Europe.Read More
Several public charitable trusts have challenged the Income Tax Department’s insistence that trust deeds must explicitly state they are “irrevocable” to retain tax-exempt status. Trusts and professional bodies argue that the law does not require such a clause and that public trusts are inherently irrevocable unless expressly stated otherwise. The matter is now before the Bombay High Court, with concerns that denial of registration renewals...Read More
State-owned GIC Re will withdraw Marine Hull War Risk cover from several high-risk regions starting in early March, including the Persian Gulf, Black Sea, and Red Sea, amid rising geopolitical tensions. Ship owners should review their insurance arrangements, as there will be no war risk protection from GIC Re for operations in these regions after the cut-off date.Read More
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