CV sales ride on economic revival, infra and rural demand

MHCV sales’ grew by 9% to 5,033 units over September 2020 and 3% over October 2019, the first month registering growth over the previous year.

Commercial vehicle makers have started seeing uptick in sales following recovery in economic activity and revival of the infrastructure sector.

Tata Motors’ domestic commercial sales was flat on October 20 at 26,052 units as compared to 25,983 in October 2019 and 12 per cent up compared to September 2020 (23,245 units).

MHCV sales’ grew by 9% to 5,033 units over September 2020 (4,606 units), and 3% over October 2019 (4,893 units), the first month registering growth over the previous year.

CV exports in October 2020 were 45% higher than the previous month and 20% higher than October 2019.

Ashok Leyland’s truck sales in October rose by 13 per cent to 3,762 units from 3,340 units in October 2019, even as bus sales dropped by 90 per cent to 119 units from 1,230 units.

This led total M&HCV sales to report a 15 per cent drop in sales to 3,881 units in October 2020 from 4,570 units in the same month a year ago.

Light commercial vehicle sales were up 11 per cent to 5,004 units from 4,509.

Anuj Kathuria, COO, Ashok Leyland, said month-on-month numbers were getting better.

Demand is largely driven by the intermediate commercial vehicle (ICV) segment, which accounted for one fourth of the total industry volume (TIV) last year, but now it is one third, which is a big shift.

Within ICV, smaller segments (10-11 tonne) or an extension of LCV, are growing faster.

With the monsoon behind and festive season ahead, there will be faster recovery, said Kathuria, who expects the fourth quarter to be than last year’s Q4.

The year, as a whole, will definitely be lower compared to last year, since the first quarter was completely washed out, he added.

Vinod Aggarwal, MD & CEO, VE Commercial Vehicles said they are seeing high demand from niche segments such as construction, mining, agriculture and e-commerce.

With this ongoing festive season, e-commerce is expected to soar further, which will turn up the requirements for LCVs and MCVs for faster inter and intra city deliveries.

“Also, the CV industry is driven by replacement demand and in the past two years, we have seen reduction in replacements.

“With the improvement in sentiments and positive outlook for the economy, replacement demand is expected to pick up,” he said.

VECV recorded sales of 4,200 units this October as compared to 3,755 units in October 2019, recording growth of 11.9 per cent.

This includes 4,130 units of Eicher branded trucks. Buses have recorded sales of 4,130 units in October 2020, as compared to 3,681 units in October 2019, representing a growth of 12.2 per cent.

In the domestic CV market, Eicher branded trucks & buses have recorded sales of 3,815 units in October 2020 as compared to 3,309 units in October 2019, representing a growth of 15.3 per cent.

Photograph: Reuters

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ANAB, GSK Amend Agreement, BSGM Plunges As COVID-19 Trial Flops, CATB Craters, MRTX Abuzz

Today’s Daily Dose brings you news about the amended immuno-oncology collaboration agreement between AnaptysBio and GlaxoSmithKline, BioSig discontinuing its phase II trial of investigational antiviral Merimepodib in COVID-19, the failure of Catabasis’ phase III trial of Edasalonexent in Duchenne muscular dystrophy, and Mirati’s promising early data of Adagrasib in lung cancer.

Read on…

1. All ends well for AnaptysBio, GlaxoSmithKline

AnaptysBio Inc. (ANAB) and GlaxoSmithKline (GSK) have amended their immuno-oncology collaboration agreement.

The immuno-oncology collaboration agreement was originally signed between AnaptysBio and Tesaro in 2014.

When GlaxoSmithKline acquired Tesaro in 2018, it inherited the collaboration agreement, approved ovarian cancer drug Zejula, and investigational drug Dostarlimab, which was developed as part of a collaboration between Tesaro and AnaptysBio.

Under the terms of the amended agreement, GlaxoSmithKline has agreed to increase the Dostarlimab royalties to AnaptysBio from 4-8% to 8-25% of global net sales.

Dostarlimab is under FDA review for its first indication endometrial cancer, with a decision expected this quarter. If the global net sales of Dostarlimab are below $1 billion, AnaptysBio will receive 8% royalty and if the global net sales are above $1 billion, AnaptysBio will receive royalty in the range of 12-25%.

GlaxoSmithKline has also agreed, starting January 1, 2021, to pay AnaptysBio a 1% royalty on all global net sales of Zejula. In addition, GlaxoSmithKline has agreed to pay AnaptysBio a one-time cash payment of $60 million within 30 days.

In August of this year, AnaptysBio had expressed its displeasure over GlaxoSmithKline’s plan to begin a phase III clinical trial of Zejula, involving a third-party anti-PD-1 antibody, i.e., Merck’s Keytruda, in non-small cell lung cancer without AnaptysBio’s consent.

AnaptysBio had notified GlaxoSmithKline that it is in breach of its obligations under the 2014 immuno-oncology collaboration agreement. A suit was also filed by AnaptysBio in Delaware Chancery Court seeking GlaxoSmithKline to return all PD-1 antagonist related rights under the 2014 agreement, including the Dostarlimab program, across all clinical indications.

Now that the collaboration agreement has been amended, AnaptysBio has provided GlaxoSmithKline with freedom to conduct development and commercialization of Zejula in combination with any third-party molecules.

ANAB closed Monday’s trading at $27.73, up 7.77%.

2. BioSig Discontinues phase II Trial of Merimepodib in COVID-19

Shares of BioSig Technologies Inc. (BSGM) plunged more than 39% on Monday, following disappointing news related to its investigational antiviral Merimepodib.

The company’s majority owned subsidiary, ViralClear Pharmaceuticals, Inc. has decided to discontinue its phase II study of oral Merimepodib in combination with Gilead’s intravenous Remdesivir in adult patients with advanced COVID-19 as the trial was unlikely to meet its primary safety endpoints.

The company noted that it does not intend to further develop Merimepodib but will see if other parties are interested in acquiring or licensing Merimepodib.

BSGM closed Monday’s trading at $3.03, down 39.64%.

3. Catabasis Throws in the Towel on DMD drug Candidate Edasalonexent

Catabasis Pharmaceuticals Inc.’s (CATB) phase III trial of Edasalonexent in Duchenne muscular dystrophy, dubbed PolarisDMD, has not met the primary and secondary endpoints.

The primary endpoint was a change from baseline in the North Star Ambulatory Assessment (NSAA) over one year of Edasalonexent compared to placebo. The secondary endpoint was the timed function tests such as time to stand, 10-meter walk/run and 4-stair climb.

In view of the disappointing results, Catabasis is stopping activities related to the development of Edasalonexent, including the ongoing GalaxyDMD open-label extension trial.

The company plans to work with external advisors to explore and evaluate strategic options going forward.

CATB closed Monday’s trading at $5.36, down 7.90%. In after-hours, the stock was down over 62% at $2.00

4. Mirati Therapeutics Hits New High on promising early data of Adagrasib

Shares of Mirati Therapeutics Inc. (MRTX) briefly crossed the $200 mark in intraday trading Monday, following promising data from the company’s phase I/Ib and phase II monotherapy cohorts of Adagrasib in patients with advanced Non-Small Cell Lung Cancer.

According to the company, Adagrasib demonstrated a 45% confirmed *objective response rate and 96% disease control rate across the phase 1/1b and phase II monotherapy cohorts. (Objective response rate is the percentage of patients whose disease decreased following treatment. Disease control rate is the percentage of patients whose disease shrinks or remains stable over a certain time period). (Source: Evidence based Medicine and Practice Journal).

Enrollment is complete in the phase II cohort of Adagrasib as a monotherapy treatment for patients in 2nd/3rd line NSCLC, and a New Drug Application seeking accelerated approval for Adagrasib is expected to be submitted in the second half of 2021.

The company also reported initial preclinical data for MRTX1133, which demonstrated significant tumor regression in mutant animal models. The company plans to make IND filing for advancing the compound into clinical trials in the first half of next year.

Adagrasib is a selective KRAS G12C inhibitor while MRTX1133 is a selective KRAS G12D inhibitor. The KRAS G12D mutation drives tumor growth and poor outcomes in an even greater number of cancer patients than the KRAS G12C mutation, noted the company.

In other news, the company announced that it intends to sell in an underwritten public offering $700.0 million of shares of its common stock and that a selling stockholder intends to offer 375,000 shares in the offering. Mirati will not receive any proceeds from the sale of shares in the offering by the selling stockholder.

MRTX touched an all-time high of $211.50 in intraday trading Monday, before closing at $196.68, up 9.15%.

5. Stocks That Hit New Highs/Lows

Shattuck Labs Inc. (STTK) closed at a new high of $23.78, up 9.28%.

Spruce Biosciences Inc. (SPRB) closed at a new high of $19.25, up 6.06%.

Amicus Therapeutics Inc. (FOLD) closed at a new high of $18.75, up 1.46%.

EyePoint Pharmaceuticals Inc. (EYPT) closed at a new low of $0.41, down 10.47%.

Baudax Bio Inc. (BXRX) closed at a new low of $1.29, down 11.64%.

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HSBC Q3 Results Down, Expects To Beat Cost Target; Stock Up

Asia-focused lender HSBC Holdings Plc reported Tuesday weak profit and revenues in its third quarter, while adjusted deposits increased from the previous year. Further, the company accelerated its restructuring plan, expecting to beat its Group cost target of =$31 billion in 2022. HSBC shares were gaining around 5 percent in Hong Kong trading.

HSBC further said its 2020 to 2022 transformation programme and restructuring is on track despite headwinds, and expect to go further and faster on cost and RWA reduction programmes. The company expects to exceed original fiscal 2022 targets of $100 billion gross RWA reductions and $4.5 billion cost programme saves.

In the planned gross RWA reduction target, around $50 billion is expected to be achieved by the end of fiscal 2020. For the year to date period, HSBC has delivered $41 billion of RWA saves and $0.6 billion of cost programme saves.

Noting that dividends are important, the company said its decision on paying a conservative fiscal 2020 dividend will depend on the economic outlook in early 2021, and is subject to regulatory consultation.

Further, HSBC will update on its plans in France and the US along with fiscal 2020 results announcement in February 2021. US and Europe are executing at pace and remain committed to 2022 targets.

For the third quarter, profit before tax declined 36 percent to $3.07 billion from last year’s $4.84 billion.

Profit attributable to ordinary shareholders fell 54 percent to $1.36 billion from $2.97 billion a year ago. Earnings per share were $0.07, down from $0.15 a year ago.

The company said the results were supported by significantly reduced ECL charge and continued good cost management

Adjusted profit before tax was $4.30 billion, compared to $5.42 billion a year ago.

Revenues for the quarter declined 10 percent to $12.07 billion from $13.35 billion a year ago. Adjusted revenue was down 10 percent to $12.1 billion. The results were positively impacted by $652 million movement in volatile items.

Net interest income fell 16 percent from last year to $6.50 billion, and non interest income dropped 2 percent to $5.57 billion.

Customer loans were $1.04 trillion, same as last year, and customer deposits were $1.57 trillion, same as last year. Adjusted deposits of $1.6 trillion went up 12 percent from last year.

In Hong Kong, HSBC shares were trading at HK$33.90, up 5.12 percent.

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Harrison Ford And Lincoln Project Back Anthony Fauci, Advocate Firing Donald Trump

In the waning hours of the 2020 presidential election, the Lincoln Project has enlisted Harrison Ford to narrate a new ad that plays up President Donald Trump’s suggestion that he will fire Dr. Anthony Fauci.

The spot features a scene from a Trump rally on Sunday in which supporters began chanting “Fire Fauci! Fire Fauci!” and the president responded, “Don’t tell anybody, but let me wait til a little bit after the election.”

Ford then says, “Tomorrow, you can fire only one of them. The choice is yours.”

The spot marked a rare foray into electoral politics for the Indiana Jones star. Ford has been more active in various causes, including issues like climate change, than he has in lending his name to election campaigns. In a recent interview with Time, he called for voters to elect leaders who will address the climate crisis.

Fauci, the longtime director of the National Institute of Allergy and Infectious Diseases, was critical of Trump’s coronavirus response in an interview with The Washington Post over the weekend.

Fauci said, “We’re in for a whole lot of hurt. It’s not a good situation. All the stars are aligned in the wrong place as you go into the fall and winter season, with people congregating at home indoors. You could not possibly be positioned more poorly.”

The Lincoln Project is the never Trump group made up of conservative activists and political operatives, including Rick Wilson, Steve Schmidt, John Weaver, Mike Madrid, Reed Galen, George Conway and Jennifer Horn.

Earlier on Monday, they introduced a spot that used Ray Charles’ rendition of America. Schmidt said that it was the first time that Charles’ work was used in a political ad.

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8 counties to watch in the presidential race between Biden and Trump

  • President Donald Trump and Democratic presidential nominee Joe Biden have strategically chosen places to campaign where they can get any available advantages.
  • There are eight counties across the country, from Arizona and Ohio to Wisconsin and Florida, that will play outsized roles in picking the next president.
  • The results from each county will also provide a sense of the demographic and cultural changes that exist in America today.
  • Visit Business Insider's homepage for more stories.

With Election Day within sight, keeping tabs on a handful of counties can help cut through the noise on election night.

TV coverage of the returns usually feature myriad maps, with most swing states having one or two counties serving as a bellwether for the rest of the state.

The reason these counties say so much about their respective states comes down to a mix of population and demographics.

Maricopa County in Arizona, for example, accounted for more than half of all the votes cast in Arizona back in 2016. More often than not, that means that whoever wins Maricopa County wins Arizona.

Here's a breakdown of the eight counties that will be the most influential in the race between President Donald Trump and Democratic presidential nominee Joe Biden.


Cuyahoga County, Ohio

Population (2019 estimate): 1,235,072

2008 results: Barack Obama 69%, John McCain 30%

2012 results: Barack Obama 69%, Mitt Romney 29.5%

2016 results: Hillary Clinton 66%, Donald Trump 30.5%

As Ohio has shifted to the right over the past few years, a robust Democratic turnout in Cuyahoga County, which encompasses Cleveland and an array of blue-leaning suburbs, will be critical for Joe Biden. The key for a Democratic win in the Buckeye State is to maximize turnout in Cuyahoga, especially among Black voters. In 2016, Donald Trump won Ohio by 8% — if the president can make any gains with minority groups in Cuyahoga, it could make all the difference in what is expected to be a close race in the state.


Maricopa County, Arizona

Population (2019 estimate): 4,485,414

  • 2008: Barack Obama 44%, John McCain 54%
  • 2012: Barack Obama 44%, Mitt Romney 54%
  • 2016: Hillary Clinton 45%, Donald Trump 48%

Maricopa County, which includes Phoenix, is one of the fastest-growing counties in the nation and accounts for roughly 61 percent of the state's population. The county has consistently voted for Republican presidential nominees since 1952, but Democrats have made major gains here over the past decade. Democrat Kyrsten Sinema, who was elected to the Senate in 2018, carried Maricopa by 60,000 votes in her successful campaign. Whoever wins Maricopa County will most likely win the state.


Seminole County, Florida

Population (2019 estimate): 1,235,072

Past presidential election results: 

  • 2008 results: Barack Obama 48%, John McCain 51%
  • 2012 results: Barack Obama 46%, Mitt Romney 53%
  • 2016 results: Hillary Clinton 47%, Donald Trump 48%

Seminole County, once a sleepy outpost of Orlando, has become a fast-growing bedroom community in Central Florida. For generations, the county has supported Republicans — the last Democratic presidential nominee to win here was Harry Truman in 1948. However, Donald Trump only won the county by 1% in 2016, and Democrats have made enormous gains in suburban areas over the past four years. US Congresswoman Stephanie Murphy, a moderate Democrat and the first Vietnamese-American woman ever elected to Congress, is representative of the growing diversity of the area. In a state that consistently has razor-thin election results, any advantage in Seminole will be crucial for Biden and Trump.


Wake County, North Carolina

Population (2019 estimate): 1,111,761

Past presidential election results: 

  • 2008: Barack Obama 53%, John McCain 43%
  • 2012: Barack Obama 54%, Mitt Romney 44%
  • 2016: Hillary Clinton 57%, Donald Trump 37%

Wake County is the most populous in North Carolina and includes the state capital, Raleigh. It broke about the same way for Barack Obama when he won the state in 2008 compared to when he lost it in 2012, but its sharp dip in support for Donald Trump in 2016 fits a broader pattern of these centers of highly educated voters and transplants moving toward the Democratic Party in greater numbers.


Milwaukee County, Wisconsin

Milwaukee was supposed to be the site of the Democratic National Convention this year, but the coronavirus pandemic led the party to go for a mostly remote version instead.MattGush/Getty Images

Population (2019 estimate): 947,735

Past presidential election results: 

  • 2008: Barack Obama 68%, John McCain 31%
  • 2012: Barack Obama 66%, Mitt Romney 32%
  • 2016: Hillary Clinton 65%, Donald Trump 28%

Turnout has been a major focus for Democrats in Milwaukee County, with a dip of nearly 20% among Black voters in 2016 cited as a fatal flaw for Hillary Clinton's campaign when she lost the Badger State to Donald Trump. Of Milwaukee's 15 city council wards, the five poorest and most heavily African-American saw the biggest declines in voter participation that year.

Both the Biden and Trump campaigns will be watching the margins and the overall turnout numbers in Milwaukee County to get a better idea of who's poised to win Wisconsin.

Erie County, Pennsylvania

Population (2019 estimate): 269,728

Past presidential election results: 

  • 2008: Barack Obama 59%, John McCain 39%
  • 2012: Barack Obama 57%, Mitt Romney 41%
  • 2016: Hillary Clinton 47%, Donald Trump 48%

Erie County was one of 206 counties nationwide that voted for Donald Trump in 2016 after going for Barack Obama both in 2012 and 2008.

Even though it's only the 15th biggest county in Pennsylvania, Erie's concentration of white working class voters and its status as a former Democratic Party stronghold make it an ideal case study in measuring Trump's support.


Gwinnett County, Georgia

Population (2019 estimate): 936,250

Past presidential election results: 

  • 2008: Barack Obama 44%, John McCain 54%
  • 2012: Barack Obama 44%, Mitt Romney 53%
  • 2016: Hillary Clinton 51%, Donald Trump 45%

Gwinnett County is the second-most populous county in Georgia behind Fulton County, home to Atlanta. It has evolved from a GOP stronghold to voting for Hillary Clinton in 2016, another mark of suburban voters moving toward the Democrats.


Macomb County, Michigan

Population (2019 estimate): 873,972

Past presidential election results: 

  • 2008: Barack Obama 53%, John McCain 45%
  • 2012: Barack Obama 51%, Mitt Romney 47%
  • 2016: Hillary Clinton 42%, Donald Trump 54%

For decades, Macomb County has been known as the home of Reagan Democrats, the blue-collar, culturally conservative Democrats who shifted to the GOP in presidential elections. The county, immediately north of Detroit, is still a middle-class stronghold and remains politically competitive. Barack Obama won Macomb handily in 2008 and 2012, but Donald Trump easily took the county in 2016 and it made all the difference in winning Michigan. That year, the president won Macomb by 48,348 votes, but only won the state by 10,704 votes.





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CAA Hires Dr. Sharoni Little As Head of Global Inclusion Strategy

Dr. Sharoni Little has been hired at CAA as the agency’s Head of Global Inclusion Strategy. Little will oversee and build upon the company’s robust set of initiatives to vigorously and consistently ensure the most enriching, diverse and inclusive environment for all employees to excel.

Prior to CAA, Little was the Vice Dean and Senior Diversity, Equity and Inclusion Officer at the USC Marshall School of Business as well as an adviser to global organizations.

“Sharoni is an inspiring and innovative leader in her field,” said CAA’s Chief Human Resources Officer, Sherrie Sage Schwartz. “Her deep expertise and experience will be invaluable in helping us continue to drive transformational change. Sharoni understands and cares deeply about organizational culture and will have an immediate impact on how we create opportunities within CAA for our colleagues.”

“CAA has clearly made diversity, equity, inclusion and antiracism a strategic priority for the company, valuing its profoundly positive impact not only on CAA’s workplace, but far beyond,” said Little. “I am inspired by the agency’s commitment to take an active, innovative and vocal role in using its unique access, resources and relationships to shine light and create real and sustaining change. I look forward to contributing to that ongoing process, alongside the many leaders within CAA who have been vital in forging this important and inclusive path.”

“Sharoni is a person of great character and supports the values and vision of our company,” adds CAA President Richard Lovett. “She will help us accelerate the momentum created by Kevin Lin, Ruben Garcia, and so many others at CAA in creating the most positive and optimistic culture we can possibly have.”

In addition to her role as Vice Dean at Marshall, Little served the school as an award-winning professor, researcher, and mentor. As CEO of The Strategist Company, she has advised organizations and communities on creating holistic, evidence-based strategies and solutions related to strategic leadership and inclusion.

A leading social advocate, Little has partnered with the Obama Foundation, the Aspen Institute, the Children and Nature Network, the Children’s Defense Fund, and the Kellogg Foundation. She serves as the Vice Chair of the Compton Community College Board of Trustees; Senior Advisor, Compton, My Brother’s Keeper; Past Chair, Los Angeles County Policy Roundtable for Childcare and Development; and sits on several boards of trustees.


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5 credit card mistakes that could be costing you money and rewards points

This article is brought to you by the Personal Finance Insider team. It has not been reviewed, approved, or otherwise endorsed by any of the issuers listed. Some of the offers you see on the page are from our partners like Citi and American Express, but our coverage is always independent. Terms apply to the offers listed on this page.

  • Your credit card offers the ability to make small payments and take out big wads of cash — but those features come with steep interest fees.
  • When you pick up your phone, make sure you're keeping an eye on your translation history and your inbox.
  • Not only will this alert you to fraudulent charges, but it will also help you maximize your credit card rewards.
  • Closing one of your oldest credit card accounts is also a mistake to avoid — since this can negatively impact your credit score.
  • See Business Insider's list of the best credit cards »

The last day of October might have kept you on the lookout for tricks from others, but you should be equally concerned about the kind of foolish mistakes you can make on your own with your credit card on any day of the year.

To make sure you're maximizing the rewards you can rack up while using your credit cards responsibly, avoid these five common mistakes.

1. Paying the minimum balance

Making on-time minimum payments does check off one important box for your credit score — never being late — but otherwise, those minimum payments only maximize how much money you're going to wind up paying your bank.

Let's say you purchase a couch for $1,200, and your monthly minimum payment is $75. With an interest rate of 14.99% and regular minimum payments, it's going to take you 18 months to pay for the comfort of that couch. It's also going to wind up costing you an additional $130. Follow the No. 1 rule for your credit card bill: Pay it in full every month.

2. Taking out cash advances

When you receive a new credit card, you'll notice two numbers on the accompanying paperwork: your credit limit and your cash advance limit. Disregard the cash advance number. Don't even think about it. Cash advances are subjected to extremely high APRs — typically upwards of 24%. Make sure you're building up a savings fund instead. If you somehow wind up in a desperate situation where you need cash, use that money instead. Your credit card should be an absolute last resort.

Chase Chase Sapphire Preferred® CardCiti Citi® Double Cash CardChase Chase Sapphire Reserve®

While many of them might wind up in your trash folder, there can be hidden treasures buried among them, too. For example, Chase just alerted me that my Ultimate Rewards points are worth 25% more when redeeming for Apple products. I also regularly keep an eye on those emails for targeted cash-back offers at certain merchants. As credit card companies work to keep customers happy, many of them will aim to give you a smile in your inbox. 

5. Closing an old credit card

Do you still have that first credit card account open from when you graduated college? Even though you may rarely ever use it to pay for anything, that card is playing a pivotal role in your personal finances.

The age of your accounts is an important factor in your credit score. The longer an account is active and in good standing, the better you look in the eyes of other lenders. So keep that card open. Use it occasionally. It might help your credit score look strong enough to apply for your next card, your car loan or your mortgage. 

And if you want to cut down on annual fees, remember that you can always downgrade a premium credit card to a cheaper option, so you don't have to close your account.

Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.

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PERSONAL FINANCE MANAGEMENT DISRUPTORS: Here's what banks can learn from innovative providers reaping ROI from personal finance management tools

  • This is a preview of the Business Insider Intelligence Personal Finance Management premium research report. Purchase this report here.
  • Business Insider Intelligence offers even more banking coverage with our Banking Briefing. Subscribe today to receive industry-changing financial news and analysis to your inbox.

Personal finance management (PFM) tools can allow banks to create highly personalized customer experiences and, in turn, drive revenue and retention. 

The diversity of today's PFM market illustrates the value that a wide range of providers see in developing such offerings, but its promise — PFM was lauded as the future of banking for over a decade — has long failed to materialize for most incumbent banks as well as consumers. PFM user share plateaued at between 10% and 12% as of 2017, the most recently available data, per Celent. 

This plateau is the result of several design flaws that made earlier iterations of PFM tools unengaging. These include only showing users their financial data without providing actionable insights, personalized financial advice, or tools to manage their finances more easily; poor user experience (UX) due to many banks' PFM functionalities being confined to separate tabs to better track engagement metrics; and limited data sharing before open banking regulations (in some jurisdictions), making personalization difficult to achieve due to incomplete financial data for each user.

Today's most sophisticated PFM features, however, can give users maximal control of their finances while requiring little effort on users' end through advances in AI, smart analytics, automation, and regulations like open banking. A new breed of PFM providers is drawing on these developments to roll out features that are more insightful, accurate, and predictive than before, making them a powerful tool for getting consumers to engage with their finances in a meaningful way. Customers are responding to this upgraded version of PFM, and banks need to pay attention or they'll risk eroding customer engagement and loyalty. As customers engage with their finances more meaningfully, banks can translate this increased engagement into more revenue.

In the Personal Finance Management Disruptors report, Business Insider Intelligence gives an overview of the major categories of players shaping the PFM market today. We continue by outlining some best practices for banks looking to upgrade their PFM offerings, based on exclusive interviews conducted with seven leading PFM providers. We then present the PFM Digital Maturity Model to show banks and other providers the standards they should be aiming for as they build new PFM features to satisfy customers. We continue by making the case for why banks should reinvest in PFM, and why they can't afford not to. Then, we examine eight sophisticated PFM features we believe are bringing significant value to customers and banks today, enriched through our interviews with the companies providing them. 

The companies mentioned in this report include: Cleo AI, Greenlight, Meniga, Minna Technologies, N26, Personal Capital, Personetics, and Strands.

Here are some of the key takeaways from the report:

  • PFM tools allow financial services providers to create highly personalized customer experiences and drive revenue and retention in turn — but banks are falling short of customers' expectations. Consumers are more dissatisfied with their banks' PFM services than with any other type of services they provide, and more than 40% of those surveyed stated that they find PFM services from nonbank providers more useful and helpful, per Oracle.
  • There's ample demand for bank-provided PFM tools, however, suggesting that banks should revisit in PFM tools as an essential value proposition. Over 75% of respondents to an RFi survey cited by The Financial Brand said they would prefer to use PFM tools from their primary financial services provider (typically a bank). This compares with just 6% who said they'd prefer PFM tools from fintechs or neobanks.
  • The more that banks can employ highly mature PFM tools, the better they will be able to capture the significant opportunity presented. They can specifically gain ROI on their PFM investments in two key areas:
    • Customer retention: 71% of Gen Zers believe brands should "help them achieve personal goals and aspirations," per PSFK data, so incorporating personalized insights and advice into banks' PFM products would create substantial customer value. 
    • Increased customer lifetime value: On average, bank customers who make use of PFM tools are 18% wealthier than those who don't, per Javelin Research data cited by MX, and they tend to own every major financial product, such as mortgages and car loans, all of which are key bank revenue sources.

    In full, the report:

    • Provides best practices for banks looking to upgrade their PFM offerings to bring more value to their customers.
    • Gives an overview of the main types of companies shaping the cutting edge of PFM in today's crowded market.
    • Presents the PFM Digital Maturity Model to help banks understand what separates mature from basic PFM features.
    • Explains why reinvesting in PFM is imperative for banks, and what they stand to gain from doing so.
    • Examines winning strategies for implementing sophisticated PFM features, based on exclusive interviews.

    Interested in getting the full report? Here's how to get access:

    1. Business Insider Intelligence analyzes the banking industry and provides in-depth analyst reports, proprietary forecasts, customizable charts, and more. >> Check if your company has BII Enterprise membership access to the full report
    2. Sign up for the Banking Briefing, Business Insider Intelligence's expert email newsletter tailored for today's (and tomorrow's) decision-makers in the financial services industry, delivered to your inbox 6x a week. >> Get Started
    3. Purchase & download the full report from our research store. >> Purchase & Download Now

    Learn more about the financial services industry.

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GST collections cross Rs 1 trillion in October for first time in 8 months

At Rs 1.05 trillion, collection was not only 10 per cent higher than the Rs 95,379 crore a year ago but almost equal to that in February, which was before the lockdown and when the pandemic hadn’t struck.

Goods and Services Tax (GST) collection in October crossed Rs 1 trillion for the first time in eight months, indicating the results of the unlocking from September onwards.

Collection in any month is for the business done in the previous month.

At Rs 1.05 trillion, collection was not only 10 per cent higher than the Rs 95,379 crore a year ago but almost equal to that in February, which was before the lockdown and when the pandemic hadn’t struck.

The finance ministry said growth in GST at 10 per cent and 4 per cent in the previous month showed the trajectory of economic recovery and, correspondingly, the revenues.

The finance ministry said growth in GST at 10 per cent as compared to declines of 14 per cent, 8 per cent, and 5 per cent in July, August, and September, respectively, showed the trajectory of economic recovery and, correspondingly, the revenues.

However, experts warned of over-interpreting the numbers and said their sustainability needed to be watched beyond November.

“Given the festivities, collection in November could also be robust. We would need to see if this trend held after November as well,” said Pratik Jain, partner at PwC.

Eight million input-output summary returns were filed in October.

Jain said this was because the last date for claiming input tax credit for 2019-20 was September 30 and a lot of companies must have carried out a yearly reconciliation and asked their vendors to file returns or report missing transactions, among other factors.

“We remain as yet unconvinced on the persistence of this trend after the festive season is over, after the pent-up demand is fulfilled,” said Aditi Nayar, principal economist, ICRA.

M S Mani, senior director at Deloitte, said GST collection indicated a definite revival in consumption and festival spends in the economy.

“The continuance of this trend will help in narrowing the fiscal deficit for 2020-21 and will go a long way in reviving business confidence across sectors as the impact of unlockdown across states gets translated into GST collection figures,” said Mani.

All components of GS – central GST (CGST), state GST (SGST), integrated GST (IGST), or the compensation cess – were higher in October than in September.

For instance, CGST yielded Rs 19,193 crore in October, against Rs 17,741 crore in September, and SGST Rs 25,411 crore in October, against Rs 23,131 crore in the previous month.

IGST collection stood at Rs 52,540 crore in October, against Rs 47,484 crore in September. Of this, Rs 23,375 crore was collected through imports of goods, against Rs 22,442 crore in September.

Compensation cess collection rose to Rs 8,011 crore, against Rs 7,124 crore. Of this, Rs 932 crore was through imports of goods, against Rs 788 crore in September.

Abhishek Jain, tax partner, EY, said, “This uptick in collection on a month-on-month basis and over the same month last year is a welcome one.”

He attributed this to greater demand on account of the festivities and input tax credit and other similar reconciliations which were due to businesses in September.

In October, revenues (IGST) from imports of goods were 9 per cent higher and collection from domestic transactions (including imports of services) was 11 per cent more than those from these sources during the same month last year.

This also indicates revival in demand in the economy.

The number of states showing a fall in GST collection from domestic transactions reduced to six in October, from 14 in September.

Kapil Rana, founder and chairman of HostBooks, said growth in GST collection and returns filed depicted strong economic recovery.

The Indian economy contracted 23.9 per cent in the first quarter and various projections have estimated the fall in gross domestic product at over 9 per cent this fiscal year.

Photograph: PTI Photo

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Here's how investors should position their portfolios if a 'blue wave' materializes, according to the world's largest asset manager


  • The outcome of Tuesday’s election will have wide ranging implications for investors’ portfolios, BlackRock said in a note on Monday.
  • With polls suggesting a greater likelihood of a “blue wave” outcome, investors should move toward a more pro-risk stance despite last week’s sell-off in stocks, according to BlackRock.
  • Large-cap tech stocks have fueled market gains this year, but BlackRock says investors should focus instead on smaller companies that are poised to grow. 
  • Visit Business Insider’s homepage for more stories.

The world’s largest money manager says investors would be wise to strategically re-position their portfolios ahead of  Tuesday’s presidential election. 

Specifically, investors should be open to more risk while diversifying out of mega-cap technology stocks in the event that the Democrats pull off an election sweep to control both houses of Congress as well as the White House, BlackRock strategists said in a note to clients Monday. 

“A democratic sweep outcome in the election would tip us to a more pro-risk stance overall, strengthening our conviction that a cyclical upswing will benefit risk assets over a 6- to 12-month horizon,” BlackRock wrote, citing “significant financial expansion” as the main catalyst.

Accordingly, the firms suggests investors favor smaller sized companies and emerging market stocks instead of a larger stake in stocks that have fueled market growth this year, like large-cap technology companies: “A repeat is unlikely in 2021,” BlackRock says of 2020. 

Read More: Warren Buffett’s Berkshire Hathaway swung from extreme caution to a flurry of deals in 6 months. We asked a bunch of experts to analyze its shifting strategy

What’s more, anti-trust review could be more strenuous for large technology and pharmaceutical firms under a Biden administration, BlackRock says, but a boost in infrastructure spending would benefit material and industrial companies, which tend to be smaller in size.

“We expect a cyclical upswing over the next six to 12 months,” the firm said. 

Outside of the US, BlackRock believes emerging market stocks could perform strongly under a Democratic sweep scenario, on the basis that a surge in fiscal spending could help boost global growth. On top of that, “more predictable” trade and foreign policy from the US and a weaker dollar would bode well for emerging market stocks. 

Still, a “blue wave” is not certain, and a Biden or Trump win with a divided Congress could very well materialize on Tuesday.

In the event of a Biden win and Republican majority in the Senate, more gridlock is possible, as well as a scaled back fiscal stimulus deal. Infrastructure spending would also likely be muted, tax rates would not increase, and foreign trade and policy measures would be more predictable.

In this scenario, BlackRock expects high quality stocks and emerging markets to perform strongly, 

Alternatively, a Trump win and a divided Congress could result in no changes to regulations, a muted fiscal stimulus deal, and unpredictable foreign and trade policy measures. In this scenario, expect technology and high quality stocks to keep performing strongly, while emerging market and European stocks are likely to underperform. 

And if the election is contested, BlackRock concluded that investors should take advantage of a sell-off in stocks by adding to their high-conviction positions, as the uncertainty behind the outcome of the election will ultimately be resolved.

Read More: An unusual wrinkle in Wall Street’s fear gauge is warning that the upcoming election could trigger a prolonged period of stock-market chaos – one that’s much worse than the aftermath of 2016

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