1. Loretta Lynch sworn-in as first black female Attorney General of US
Loretta Lynch has sworn-in as United States’ first African-American woman
Attorney General. She is 83rd Attorney General of country. Loretta Lynch succeeded Eric Holder who left the position on April 24, 2015 after serving Attorney General for six years. Earlier, her appointment was confirmed by senate on April 23, 2015. Prior to this appointment she had served as US Attorney for the eastern district of New York, which encompasses much part of New York City.
Loretta Lynch has sworn-in as United States’ first African-American woman
2. Omar Hassan al-Bashir won the Presidential election of Sudan
Incumbent President of Sudan Omar Hassan al-Bashir won the Presidential election of the country. He won another term in office with 94 percent of votes.
The election results were announced by the election office after four days of voting. The head of the country's electoral commission said turnout was 46 percent.
This win has extended Bashir’s tenure as President of the country for another five-year term. He had been in power in Sudan since 1989.
The election has been boycotted by the opposition. It was also critisised by the European Union, United States, Britain and Norway, by terming that the country had failed to create a free, fair and conducive elections environment.
71-year old Bashir is wanted by the International Criminal Court on war crimes charges. He continues to defy The Hague’s arrest warrant in relation to his violent suppression of the conflict in Darfur.
Incumbent President of Sudan Omar Hassan al-Bashir won the Presidential election of the country. He won another term in office with 94 percent of votes.
The election results were announced by the election office after four days of voting. The head of the country's electoral commission said turnout was 46 percent.
This win has extended Bashir’s tenure as President of the country for another five-year term. He had been in power in Sudan since 1989.
The election has been boycotted by the opposition. It was also critisised by the European Union, United States, Britain and Norway, by terming that the country had failed to create a free, fair and conducive elections environment.
71-year old Bashir is wanted by the International Criminal Court on war crimes charges. He continues to defy The Hague’s arrest warrant in relation to his violent suppression of the conflict in Darfur.
3. NTPC flags off Mobile Science labs to revolutionize rural educationIndia’s largest power producer, National Thermal Power Corporation (NTPC) flagged off a Mobile Science Lab (MSL) as part of its efforts to promote scientific learning. MSL seeks to revolutionize rural education in India and make hands-on learning accessible to underprivileged children. Union Minister for Power, Coal and New and Renewable Energy Piyush Goyal flagged off three Mobile Service Labs. MSL is a vehicle fitted with LCD TV and is carrying working science models that give emphasis to curiosity-based learning for children in rural India. These three labs will be deployed at NTPC’s ongoing projects at Darlipalli, Pakri Barwadih and Kahalgaon through Agastya International Foundation
4. French IT firm CapGemini announced to buy US rival IGATE for 4 billion US dollar
French IT firm CapGemini announced to buy U.S. rival IGATE for 4 billion US dollar. With this deal, North America becomes the largest region of the Group. Bank of America Corp advised IGATE while Lazard Ltd advised Cap Gemini on the transaction.
CapGemini will finance the deal partly through 1 billion US dollars of its own cash, along with an equity portion that will not exceed a 6 percent dilution of the French company's share capital. More than 2 billion US dollar would be financed through debt.
The company had the backing of shareholders representing 54 percent of IGATE's share capital.
The deal would enhance earnings by 12 percent in 2016 and 16 percent in 2017, according to Cap Gemini. The combined group's operating margin would be above 10 percent.
IGATE employs 33000 people globally, with 75 percent of them in India. The combined company would have more than 100000 employees there, or 48 percent of its workforce. It has grown quickly since its 1996 stock market listing.
5. INS Tarangini departed for Lokayan-2015
INS Tarangini, the Sail Training Ship of Indian Navy, on 27 April 2015 left Kochi for Lokayan 2015. The theme for Lokayan -15 is Taking for a Broader Reach.
The Ship was flagged off by Vice Admiral Sunil Lanba, PVSM, AVSM, the flag Officer Commanding-in-Chief, Southern naval Command in a departure ceremony conducted at the naval base, Kochi.
As part of Lokayan-15, Tarangini will be on an eight month voyage through Europe and will participate in the annual Tall Ship Races and other events organised under the aegis of Sail Training International. During these eight months the ship will travel approximately 17 thousand miles under sails.
This year’s Tall Ship Races will be conducted primarily off the coast of United Kingdom, Norway, Denmark, Germany and Netherlands. About 300 Sail ships of various sizes from all over the world are expected to participate in this year’s events.
6. Indian Army conducts Akraman–II defense exercise in Rajasthan
Indian Army conducted a major exercise ‘Akraman-II’ in Rajasthan. The exercise was conducted by the Chetak Corps, a part of South Western Command based in Bhatinda, Punjab. The exercise aimed to test a new generation of weaponry and platforms which are employed in the desert region to provide ‘real time battle and situational awareness’ to its commanders. In this exercise more than 300 Combat Vehicles including Main Battle Tanks, Long Range Artillery Guns participated along with 10,000 troops. The Akraman-II exercise also tested the capabilities of Indian Air Force in launching deep insertion of helicopter-borne and airborne army units. The exercise envisaged at orchestration of an integrated battle field scenario in network-centric environment.
Indian Army conducted a major exercise ‘Akraman-II’ in Rajasthan. The exercise was conducted by the Chetak Corps, a part of South Western Command based in Bhatinda, Punjab. The exercise aimed to test a new generation of weaponry and platforms which are employed in the desert region to provide ‘real time battle and situational awareness’ to its commanders. In this exercise more than 300 Combat Vehicles including Main Battle Tanks, Long Range Artillery Guns participated along with 10,000 troops. The Akraman-II exercise also tested the capabilities of Indian Air Force in launching deep insertion of helicopter-borne and airborne army units. The exercise envisaged at orchestration of an integrated battle field scenario in network-centric environment.
7. Govt hikes FDI cap in pension sector to 49%
The government has notified an increase in the cap on foreign direct investment (FDI) in the pension sector to 49 per cent from 26 per cent, paving the way for more foreign funds to enter the national pension system.
The increase in FDI cap for pension is in sync with the recent passage of the Insurance Laws (Amendment) Bill in Parliament, which allows a higher, 49 per cent foreign investment limit in the insurance sector.
The cap on foreign investment is composite and includes FDI, foreign portfolio investments (FPI) and investments from NRIs, according to a press note released by the Department of Industrial Policy & Promotion (DIPP), on Monday.
While FDI up to 26 per cent will be allowed through the automatic route, investments above that will have to be routed through the Foreign Investment Promotion Board (FIPB).
The Pension Fund Regulatory and Development Authority (PFRDA), 2013, pegs FDI in the pension sector at 26 per cent or such percentage as approved for the insurance sector, whichever is higher.
The increase in the foreign investment limit in the pension sector comes with certain riders. “Foreign investment in pension funds will be subject to the condition that entities bringing in foreign equity investment shall obtain necessary registration from the PFRDA and comply with other requirements as per the PFRDA Act…,” the notification said.
8. P D Sundar to head QuikrServices
Online classifieds business portal Quikr has appointed P D Sundar as head of the company’s soon to be launched services vertical – QuikrServices.
Sundar will be responsible for further extending Quikr’s leadership in its vertical as well as marketing and revenue generation for this category.
Sundar has 15 years of experience in the Internet industry. He was the Head of Internet Channels and eCommerce at Citibank India, and the Head of Digital business at The Hindu, one of India’s respected newspapers.
9. Facebook launches video calling in Messenger app
Facebook Inc introduced free video calling in its Messenger phone app on Monday as the company seeks to transform its mobile messaging service into a full-featured platform with the same reach as its 1.4 billion user social network.
Messenger, with more than 600 million users, now has a video icon at the top right corner of its screen. Earlier this year, Messenger launched voice and video calling between computers.
Messenger competes with Microsoft Corp's Skype, Apple Inc's FaceTime and Google Inc's Hangouts, all of which allow video calls between mobile devices or computers.
At Facebook's annual developer conference in March, Chief Executive Mark Zuckerburg said the social network would introduce myriad features within Messenger. For example, users can also send money to friends within the app. Facebook also unveiled a platform that enables developers to easily create apps that function within Messenger.
Video calling is available on devices using Apple's iOS and Google's Android mobile operating systems in Belgium, Canada, Croatia, Denmark, France, Greece, Ireland, Laos, Lithuania, Mexico, Nigeria, Norway, Oman, Poland, Portugal, the United Kingdom, the United States and Uruguay. Facebook said additional regions will be added in the next few months
10. MS Sreedhar takes over as MD of Royal Sundaram
Royal Sundaram Alliance Insurance Company has promoted its Chief Operating Officer MS Sreedhar, to the post of Managing Director, according to a press release from the company. The Insurance Regulatory and Development Authority has approved the appointment, the release said. He succeeds Ajay Bimbhet, who retired after seven-and-a-half years as Managing Director.
Sreedhar joined the Sundaram Finance Group in 1994, working in a range of capacities, including CFO and Secretary in Sundaram Newton Asset Management Company. He has been with Royal Sundaram since its inception 2000.
11. Corp Bank, New India Assurance tie up
Corporation Bank and New India Assurance Co have signed a memorandum of understanding for implementing the ‘Pradhan Mantri Suraksha Bima Yojana’.
Under the scheme, the Aadhaar-linked savings bank account-holders of the bank will be eligible for a cover of ₹2 lakh at a premium of ₹12 a year.
The enrolment period for the scheme is from June 1 to May 31, 2016, the bank said.
12. Reliance Power terminates 3,960 MW Tilaiya UMPP
The Anil Ambani-led Reliance Power today said it has terminated the contract for the Rs. 36,000-crore Tilaiya ultra mega power project in Jharkhand over inordinate delays in land acquisition.
The firm had, in August 2009, won rights to set up a 3,960 MW power plant at Hazaribagh in Jharkhand after bidding a levelised tariff of Rs. 1.77 per unit but couldn’t start work on the project as the state government had not provided the required land even after more than five years.
Jharkhand Integrated Power Ltd, a wholly-owned subsidiary of Reliance Power, “has terminated the Power Purchase Agreement (PPA) of its 3,960 MW Tilaiya Ultra Mega Power Project (UMPP) in district Hazaribagh, Jharkhand,” the company said in a statement.
13. Max Life Insurance to get into online sales of ULIPs
After tasting some success in online sales of term plans, private insurer Max Life Insurance has now decided to sell ULIPs via electronic mode.
"We are starting off with a couple of ULIP products including a variant of a pension product", V Viswanand, Senior Director & Chief Operations Officer, Max Life Insurance told Business Line here.
This private life insurer expects the online market for Unit Linked Insurance Plans (ULIPs) to grow over time, although the current market is small.
The government has notified an increase in the cap on foreign direct investment (FDI) in the pension sector to 49 per cent from 26 per cent, paving the way for more foreign funds to enter the national pension system.
The increase in FDI cap for pension is in sync with the recent passage of the Insurance Laws (Amendment) Bill in Parliament, which allows a higher, 49 per cent foreign investment limit in the insurance sector.
The cap on foreign investment is composite and includes FDI, foreign portfolio investments (FPI) and investments from NRIs, according to a press note released by the Department of Industrial Policy & Promotion (DIPP), on Monday.
While FDI up to 26 per cent will be allowed through the automatic route, investments above that will have to be routed through the Foreign Investment Promotion Board (FIPB).
The Pension Fund Regulatory and Development Authority (PFRDA), 2013, pegs FDI in the pension sector at 26 per cent or such percentage as approved for the insurance sector, whichever is higher.
The increase in the foreign investment limit in the pension sector comes with certain riders. “Foreign investment in pension funds will be subject to the condition that entities bringing in foreign equity investment shall obtain necessary registration from the PFRDA and comply with other requirements as per the PFRDA Act…,” the notification said.
8. P D Sundar to head QuikrServices
Online classifieds business portal Quikr has appointed P D Sundar as head of the company’s soon to be launched services vertical – QuikrServices.
Sundar will be responsible for further extending Quikr’s leadership in its vertical as well as marketing and revenue generation for this category.
Sundar has 15 years of experience in the Internet industry. He was the Head of Internet Channels and eCommerce at Citibank India, and the Head of Digital business at The Hindu, one of India’s respected newspapers.
9. Facebook launches video calling in Messenger app
Facebook Inc introduced free video calling in its Messenger phone app on Monday as the company seeks to transform its mobile messaging service into a full-featured platform with the same reach as its 1.4 billion user social network.
Messenger, with more than 600 million users, now has a video icon at the top right corner of its screen. Earlier this year, Messenger launched voice and video calling between computers.
Messenger competes with Microsoft Corp's Skype, Apple Inc's FaceTime and Google Inc's Hangouts, all of which allow video calls between mobile devices or computers.
At Facebook's annual developer conference in March, Chief Executive Mark Zuckerburg said the social network would introduce myriad features within Messenger. For example, users can also send money to friends within the app. Facebook also unveiled a platform that enables developers to easily create apps that function within Messenger.
Video calling is available on devices using Apple's iOS and Google's Android mobile operating systems in Belgium, Canada, Croatia, Denmark, France, Greece, Ireland, Laos, Lithuania, Mexico, Nigeria, Norway, Oman, Poland, Portugal, the United Kingdom, the United States and Uruguay. Facebook said additional regions will be added in the next few months
10. MS Sreedhar takes over as MD of Royal Sundaram
Royal Sundaram Alliance Insurance Company has promoted its Chief Operating Officer MS Sreedhar, to the post of Managing Director, according to a press release from the company. The Insurance Regulatory and Development Authority has approved the appointment, the release said. He succeeds Ajay Bimbhet, who retired after seven-and-a-half years as Managing Director.
Sreedhar joined the Sundaram Finance Group in 1994, working in a range of capacities, including CFO and Secretary in Sundaram Newton Asset Management Company. He has been with Royal Sundaram since its inception 2000.
11. Corp Bank, New India Assurance tie up
Corporation Bank and New India Assurance Co have signed a memorandum of understanding for implementing the ‘Pradhan Mantri Suraksha Bima Yojana’.
Under the scheme, the Aadhaar-linked savings bank account-holders of the bank will be eligible for a cover of ₹2 lakh at a premium of ₹12 a year.
The enrolment period for the scheme is from June 1 to May 31, 2016, the bank said.
12. Reliance Power terminates 3,960 MW Tilaiya UMPP
The Anil Ambani-led Reliance Power today said it has terminated the contract for the Rs. 36,000-crore Tilaiya ultra mega power project in Jharkhand over inordinate delays in land acquisition.
The firm had, in August 2009, won rights to set up a 3,960 MW power plant at Hazaribagh in Jharkhand after bidding a levelised tariff of Rs. 1.77 per unit but couldn’t start work on the project as the state government had not provided the required land even after more than five years.
Jharkhand Integrated Power Ltd, a wholly-owned subsidiary of Reliance Power, “has terminated the Power Purchase Agreement (PPA) of its 3,960 MW Tilaiya Ultra Mega Power Project (UMPP) in district Hazaribagh, Jharkhand,” the company said in a statement.
13. Max Life Insurance to get into online sales of ULIPs
After tasting some success in online sales of term plans, private insurer Max Life Insurance has now decided to sell ULIPs via electronic mode.
"We are starting off with a couple of ULIP products including a variant of a pension product", V Viswanand, Senior Director & Chief Operations Officer, Max Life Insurance told Business Line here.
This private life insurer expects the online market for Unit Linked Insurance Plans (ULIPs) to grow over time, although the current market is small.
1. Loretta Lynch sworn-in as first black female Attorney General of US
Loretta Lynch has sworn-in as United States’ first African-American woman
Attorney General. She is 83rd Attorney General of country. Loretta Lynch succeeded Eric Holder who left the position on April 24, 2015 after serving Attorney General for six years. Earlier, her appointment was confirmed by senate on April 23, 2015. Prior to this appointment she had served as US Attorney for the eastern district of New York, which encompasses much part of New York City.
Loretta Lynch has sworn-in as United States’ first African-American woman
2. Omar Hassan al-Bashir won the Presidential election of Sudan
Incumbent President of Sudan Omar Hassan al-Bashir won the Presidential election of the country. He won another term in office with 94 percent of votes.
The election results were announced by the election office after four days of voting. The head of the country's electoral commission said turnout was 46 percent.
This win has extended Bashir’s tenure as President of the country for another five-year term. He had been in power in Sudan since 1989.
The election has been boycotted by the opposition. It was also critisised by the European Union, United States, Britain and Norway, by terming that the country had failed to create a free, fair and conducive elections environment.
71-year old Bashir is wanted by the International Criminal Court on war crimes charges. He continues to defy The Hague’s arrest warrant in relation to his violent suppression of the conflict in Darfur.
Incumbent President of Sudan Omar Hassan al-Bashir won the Presidential election of the country. He won another term in office with 94 percent of votes.
The election results were announced by the election office after four days of voting. The head of the country's electoral commission said turnout was 46 percent.
This win has extended Bashir’s tenure as President of the country for another five-year term. He had been in power in Sudan since 1989.
The election has been boycotted by the opposition. It was also critisised by the European Union, United States, Britain and Norway, by terming that the country had failed to create a free, fair and conducive elections environment.
71-year old Bashir is wanted by the International Criminal Court on war crimes charges. He continues to defy The Hague’s arrest warrant in relation to his violent suppression of the conflict in Darfur.
3. NTPC flags off Mobile Science labs to revolutionize rural educationIndia’s largest power producer, National Thermal Power Corporation (NTPC) flagged off a Mobile Science Lab (MSL) as part of its efforts to promote scientific learning. MSL seeks to revolutionize rural education in India and make hands-on learning accessible to underprivileged children. Union Minister for Power, Coal and New and Renewable Energy Piyush Goyal flagged off three Mobile Service Labs. MSL is a vehicle fitted with LCD TV and is carrying working science models that give emphasis to curiosity-based learning for children in rural India. These three labs will be deployed at NTPC’s ongoing projects at Darlipalli, Pakri Barwadih and Kahalgaon through Agastya International Foundation
4. French IT firm CapGemini announced to buy US rival IGATE for 4 billion US dollar
French IT firm CapGemini announced to buy U.S. rival IGATE for 4 billion US dollar. With this deal, North America becomes the largest region of the Group. Bank of America Corp advised IGATE while Lazard Ltd advised Cap Gemini on the transaction.
CapGemini will finance the deal partly through 1 billion US dollars of its own cash, along with an equity portion that will not exceed a 6 percent dilution of the French company's share capital. More than 2 billion US dollar would be financed through debt.
The company had the backing of shareholders representing 54 percent of IGATE's share capital.
The deal would enhance earnings by 12 percent in 2016 and 16 percent in 2017, according to Cap Gemini. The combined group's operating margin would be above 10 percent.
IGATE employs 33000 people globally, with 75 percent of them in India. The combined company would have more than 100000 employees there, or 48 percent of its workforce. It has grown quickly since its 1996 stock market listing.
5. INS Tarangini departed for Lokayan-2015
INS Tarangini, the Sail Training Ship of Indian Navy, on 27 April 2015 left Kochi for Lokayan 2015. The theme for Lokayan -15 is Taking for a Broader Reach.
The Ship was flagged off by Vice Admiral Sunil Lanba, PVSM, AVSM, the flag Officer Commanding-in-Chief, Southern naval Command in a departure ceremony conducted at the naval base, Kochi.
As part of Lokayan-15, Tarangini will be on an eight month voyage through Europe and will participate in the annual Tall Ship Races and other events organised under the aegis of Sail Training International. During these eight months the ship will travel approximately 17 thousand miles under sails.
This year’s Tall Ship Races will be conducted primarily off the coast of United Kingdom, Norway, Denmark, Germany and Netherlands. About 300 Sail ships of various sizes from all over the world are expected to participate in this year’s events.
6. Indian Army conducts Akraman–II defense exercise in Rajasthan
Indian Army conducted a major exercise ‘Akraman-II’ in Rajasthan. The exercise was conducted by the Chetak Corps, a part of South Western Command based in Bhatinda, Punjab. The exercise aimed to test a new generation of weaponry and platforms which are employed in the desert region to provide ‘real time battle and situational awareness’ to its commanders. In this exercise more than 300 Combat Vehicles including Main Battle Tanks, Long Range Artillery Guns participated along with 10,000 troops. The Akraman-II exercise also tested the capabilities of Indian Air Force in launching deep insertion of helicopter-borne and airborne army units. The exercise envisaged at orchestration of an integrated battle field scenario in network-centric environment.
Indian Army conducted a major exercise ‘Akraman-II’ in Rajasthan. The exercise was conducted by the Chetak Corps, a part of South Western Command based in Bhatinda, Punjab. The exercise aimed to test a new generation of weaponry and platforms which are employed in the desert region to provide ‘real time battle and situational awareness’ to its commanders. In this exercise more than 300 Combat Vehicles including Main Battle Tanks, Long Range Artillery Guns participated along with 10,000 troops. The Akraman-II exercise also tested the capabilities of Indian Air Force in launching deep insertion of helicopter-borne and airborne army units. The exercise envisaged at orchestration of an integrated battle field scenario in network-centric environment.
7. Govt hikes FDI cap in pension sector to 49%
The government has notified an increase in the cap on foreign direct investment (FDI) in the pension sector to 49 per cent from 26 per cent, paving the way for more foreign funds to enter the national pension system.
The increase in FDI cap for pension is in sync with the recent passage of the Insurance Laws (Amendment) Bill in Parliament, which allows a higher, 49 per cent foreign investment limit in the insurance sector.
The cap on foreign investment is composite and includes FDI, foreign portfolio investments (FPI) and investments from NRIs, according to a press note released by the Department of Industrial Policy & Promotion (DIPP), on Monday.
While FDI up to 26 per cent will be allowed through the automatic route, investments above that will have to be routed through the Foreign Investment Promotion Board (FIPB).
The Pension Fund Regulatory and Development Authority (PFRDA), 2013, pegs FDI in the pension sector at 26 per cent or such percentage as approved for the insurance sector, whichever is higher.
The increase in the foreign investment limit in the pension sector comes with certain riders. “Foreign investment in pension funds will be subject to the condition that entities bringing in foreign equity investment shall obtain necessary registration from the PFRDA and comply with other requirements as per the PFRDA Act…,” the notification said.
8. P D Sundar to head QuikrServices
Online classifieds business portal Quikr has appointed P D Sundar as head of the company’s soon to be launched services vertical – QuikrServices.
Sundar will be responsible for further extending Quikr’s leadership in its vertical as well as marketing and revenue generation for this category.
Sundar has 15 years of experience in the Internet industry. He was the Head of Internet Channels and eCommerce at Citibank India, and the Head of Digital business at The Hindu, one of India’s respected newspapers.
9. Facebook launches video calling in Messenger app
Facebook Inc introduced free video calling in its Messenger phone app on Monday as the company seeks to transform its mobile messaging service into a full-featured platform with the same reach as its 1.4 billion user social network.
Messenger, with more than 600 million users, now has a video icon at the top right corner of its screen. Earlier this year, Messenger launched voice and video calling between computers.
Messenger competes with Microsoft Corp's Skype, Apple Inc's FaceTime and Google Inc's Hangouts, all of which allow video calls between mobile devices or computers.
At Facebook's annual developer conference in March, Chief Executive Mark Zuckerburg said the social network would introduce myriad features within Messenger. For example, users can also send money to friends within the app. Facebook also unveiled a platform that enables developers to easily create apps that function within Messenger.
Video calling is available on devices using Apple's iOS and Google's Android mobile operating systems in Belgium, Canada, Croatia, Denmark, France, Greece, Ireland, Laos, Lithuania, Mexico, Nigeria, Norway, Oman, Poland, Portugal, the United Kingdom, the United States and Uruguay. Facebook said additional regions will be added in the next few months
10. MS Sreedhar takes over as MD of Royal Sundaram
Royal Sundaram Alliance Insurance Company has promoted its Chief Operating Officer MS Sreedhar, to the post of Managing Director, according to a press release from the company. The Insurance Regulatory and Development Authority has approved the appointment, the release said. He succeeds Ajay Bimbhet, who retired after seven-and-a-half years as Managing Director.
Sreedhar joined the Sundaram Finance Group in 1994, working in a range of capacities, including CFO and Secretary in Sundaram Newton Asset Management Company. He has been with Royal Sundaram since its inception 2000.
11. Corp Bank, New India Assurance tie up
Corporation Bank and New India Assurance Co have signed a memorandum of understanding for implementing the ‘Pradhan Mantri Suraksha Bima Yojana’.
Under the scheme, the Aadhaar-linked savings bank account-holders of the bank will be eligible for a cover of ₹2 lakh at a premium of ₹12 a year.
The enrolment period for the scheme is from June 1 to May 31, 2016, the bank said.
12. Reliance Power terminates 3,960 MW Tilaiya UMPP
The Anil Ambani-led Reliance Power today said it has terminated the contract for the Rs. 36,000-crore Tilaiya ultra mega power project in Jharkhand over inordinate delays in land acquisition.
The firm had, in August 2009, won rights to set up a 3,960 MW power plant at Hazaribagh in Jharkhand after bidding a levelised tariff of Rs. 1.77 per unit but couldn’t start work on the project as the state government had not provided the required land even after more than five years.
Jharkhand Integrated Power Ltd, a wholly-owned subsidiary of Reliance Power, “has terminated the Power Purchase Agreement (PPA) of its 3,960 MW Tilaiya Ultra Mega Power Project (UMPP) in district Hazaribagh, Jharkhand,” the company said in a statement.
13. Max Life Insurance to get into online sales of ULIPs
After tasting some success in online sales of term plans, private insurer Max Life Insurance has now decided to sell ULIPs via electronic mode.
"We are starting off with a couple of ULIP products including a variant of a pension product", V Viswanand, Senior Director & Chief Operations Officer, Max Life Insurance told Business Line here.
This private life insurer expects the online market for Unit Linked Insurance Plans (ULIPs) to grow over time, although the current market is small.
The government has notified an increase in the cap on foreign direct investment (FDI) in the pension sector to 49 per cent from 26 per cent, paving the way for more foreign funds to enter the national pension system.
The increase in FDI cap for pension is in sync with the recent passage of the Insurance Laws (Amendment) Bill in Parliament, which allows a higher, 49 per cent foreign investment limit in the insurance sector.
The cap on foreign investment is composite and includes FDI, foreign portfolio investments (FPI) and investments from NRIs, according to a press note released by the Department of Industrial Policy & Promotion (DIPP), on Monday.
While FDI up to 26 per cent will be allowed through the automatic route, investments above that will have to be routed through the Foreign Investment Promotion Board (FIPB).
The Pension Fund Regulatory and Development Authority (PFRDA), 2013, pegs FDI in the pension sector at 26 per cent or such percentage as approved for the insurance sector, whichever is higher.
The increase in the foreign investment limit in the pension sector comes with certain riders. “Foreign investment in pension funds will be subject to the condition that entities bringing in foreign equity investment shall obtain necessary registration from the PFRDA and comply with other requirements as per the PFRDA Act…,” the notification said.
8. P D Sundar to head QuikrServices
Online classifieds business portal Quikr has appointed P D Sundar as head of the company’s soon to be launched services vertical – QuikrServices.
Sundar will be responsible for further extending Quikr’s leadership in its vertical as well as marketing and revenue generation for this category.
Sundar has 15 years of experience in the Internet industry. He was the Head of Internet Channels and eCommerce at Citibank India, and the Head of Digital business at The Hindu, one of India’s respected newspapers.
9. Facebook launches video calling in Messenger app
Facebook Inc introduced free video calling in its Messenger phone app on Monday as the company seeks to transform its mobile messaging service into a full-featured platform with the same reach as its 1.4 billion user social network.
Messenger, with more than 600 million users, now has a video icon at the top right corner of its screen. Earlier this year, Messenger launched voice and video calling between computers.
Messenger competes with Microsoft Corp's Skype, Apple Inc's FaceTime and Google Inc's Hangouts, all of which allow video calls between mobile devices or computers.
At Facebook's annual developer conference in March, Chief Executive Mark Zuckerburg said the social network would introduce myriad features within Messenger. For example, users can also send money to friends within the app. Facebook also unveiled a platform that enables developers to easily create apps that function within Messenger.
Video calling is available on devices using Apple's iOS and Google's Android mobile operating systems in Belgium, Canada, Croatia, Denmark, France, Greece, Ireland, Laos, Lithuania, Mexico, Nigeria, Norway, Oman, Poland, Portugal, the United Kingdom, the United States and Uruguay. Facebook said additional regions will be added in the next few months
10. MS Sreedhar takes over as MD of Royal Sundaram
Royal Sundaram Alliance Insurance Company has promoted its Chief Operating Officer MS Sreedhar, to the post of Managing Director, according to a press release from the company. The Insurance Regulatory and Development Authority has approved the appointment, the release said. He succeeds Ajay Bimbhet, who retired after seven-and-a-half years as Managing Director.
Sreedhar joined the Sundaram Finance Group in 1994, working in a range of capacities, including CFO and Secretary in Sundaram Newton Asset Management Company. He has been with Royal Sundaram since its inception 2000.
11. Corp Bank, New India Assurance tie up
Corporation Bank and New India Assurance Co have signed a memorandum of understanding for implementing the ‘Pradhan Mantri Suraksha Bima Yojana’.
Under the scheme, the Aadhaar-linked savings bank account-holders of the bank will be eligible for a cover of ₹2 lakh at a premium of ₹12 a year.
The enrolment period for the scheme is from June 1 to May 31, 2016, the bank said.
12. Reliance Power terminates 3,960 MW Tilaiya UMPP
The Anil Ambani-led Reliance Power today said it has terminated the contract for the Rs. 36,000-crore Tilaiya ultra mega power project in Jharkhand over inordinate delays in land acquisition.
The firm had, in August 2009, won rights to set up a 3,960 MW power plant at Hazaribagh in Jharkhand after bidding a levelised tariff of Rs. 1.77 per unit but couldn’t start work on the project as the state government had not provided the required land even after more than five years.
Jharkhand Integrated Power Ltd, a wholly-owned subsidiary of Reliance Power, “has terminated the Power Purchase Agreement (PPA) of its 3,960 MW Tilaiya Ultra Mega Power Project (UMPP) in district Hazaribagh, Jharkhand,” the company said in a statement.
13. Max Life Insurance to get into online sales of ULIPs
After tasting some success in online sales of term plans, private insurer Max Life Insurance has now decided to sell ULIPs via electronic mode.
"We are starting off with a couple of ULIP products including a variant of a pension product", V Viswanand, Senior Director & Chief Operations Officer, Max Life Insurance told Business Line here.
This private life insurer expects the online market for Unit Linked Insurance Plans (ULIPs) to grow over time, although the current market is small.
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