This programme is conceived as "Space Entrepreneurship & Enterprise Development (SEED). " The International Space Conference on the topic 'Ushering the New Era for Indian Space Sector, ' is organised by the Confederation of Indian Industry (CII) in collaboration with ISRO and ANTRIX. Sivan pointed out that earlier there was no mechanism to share technical expertise or facilitate ISRO infrastructure usage by the private sector. There was no regulatory body for private sector space activities, but now a formal mechanism has been put in place by unlocking the space sector. "We envisage a scenario, where private sector will be a co-traveller in ISRO's space mission, and private sector will also be empowered to carry out its own space missions. " ".. I'm sure that it will enable the growth of India Space Industry revenues and also in the export of products and services out of our 's a very welcome change, " he said. Noting that the space industry, various stakeholders, entrepreneurs and investors are eagerly looking for new opportunities in space business, Sivan said till recently all space activities within India were carried out only by ISRO.
The MetLife business to be acquired includes 2. 4 million policies, $3. 6 billion of net written premiums in 2019 and 3, 500 employees, Zurich said. Zurich said it wanted to fund FGI's portion of the deal through a roughly equal combination of internal resources and hybrid debt. Completion of the transaction is subject to regulatory approvals and is anticipated to occur in the second quarter of 2021. Reporting by Silke Koltrowitz in Zurich and Carolyn Cohn in London; editing by Aditya Soni, Mark Potter and Barbara Lewis for-phone-only for-tablet-portrait-up for-tablet-landscape-up for-desktop-up for-wide-desktop-up
Car and household insurers face being blocked from imposing annual price rises on loyal customers unless they come up with reforms of their own in the next six weeks, under a crackdown proposed by the City regulator. In a challenge to the insurance industry as part of its assault on the unfair treatment of motorists, the Financial Conduct Authority said that it also could restrict price rises for policyholders who renewed each year, or may force providers to automatically switch customers to an equivalent but cheaper deal. After a year-long investigation looking at information from 17 insurers, 12 brokers and four price comparison websites, the regulator said that six million people were being overcharged for their home or motor insurance by a total of £1. 2
ZURICH/LONDON (Reuters) -Zurich Insurance and Farmers Exchanges have agreed to buy MetLife's U. S. property and casualty business for $3. 94 billion, the insurers said on Friday, after the COVID-19 pandemic made motor and home insurers more profitable. FILE PHOTO: The logo of Zurich Insurance is seen in Davos, Switzerland, January 20, 2020. REUTERS/Arnd Wiegmann Motor and home insurers have had a windfall as government lockdowns to curb the spread of infection have reduced the number of claims for road accidents and burglaries. Insurers, such as Zurich, by contrast have faced hefty claims from event cancellation and business interruption and premium rates are rising. "It is an acquisition that complements very we see on the commercial side where the market is hardening, " Zurich Chief Executive Officer Mario Greco told a media call. The Swiss insurer will contribute $2. 43 billion to the deal through its Farmers Group Inc (FGI) unit, while the Farmers Exchanges will contribute $1. 51 billion, Zurich said.
Bengaluru: With the recent announcement of space sector reforms, the Indian Space Research Organisation on Tuesday said necessary legislations are being put in place to ease the business environment for private players. The space agency said it is also looking at paving the way for the insurance sector to render services in the space domain. "We need to do some of the activities to ensure that there is no hardship, so a comprehensive space act is required, as well as the different policies should be in place, and they are in the pipeline, with the opening of the space sector, " ISRO Chairman K Sivan said. Virtually addressing the International Space Conference, he said the existing space policies on SATCOM as well as the remote sensing data policies are being amended with "greater inclusivity and transparency. " "Also, we are going to add new policies like launch vehicle policy, space exploration policy. We are going to cover the entire gamut of space activities through policies, also we are going to put in place the space act, which will ensure easy business for the private sector, that's our aim, " he added.
"We know that the global space economy is on a growth trajectory and our domestic requirements are also growing multifold, " he said. To meet these requirements it is essential that the private sector must contribute a bigger share in the national space programme and also must have its own programme catering to both national and global requirements. This was easier said than done as the space activities require huge infrastructure investment as well as mandatory compliances to safety regulations, as the country is answerable for any safety lapses in the international forum, he added. The chairman pointed out that the risks are huge and the return on investment happens over a long period- the main reason being that the space system development-testing and operation are highly capital intensive and requires long time and large human resource development initiative. Sivan said very few private entities were actually involved in system development. However, recently many are eager to take up such activities, and in fact many startups in the space sector in India are very keen to develop space systems and have already started development activities, he added.
The 70/30 profit split is an agreement to help the partner who is funding the build recover their capex relatively quickly, but it doesn't impact the actual ownership% of each partner in the facility itself. Q: Does the product burn cleaner than standard diesel and/or biodiesels currently on the market? A: Yes, the renewable diesel we produce has a much higher cetane rating than traditional fossil diesel, and as such has less ghg emissions. There are estimates from other parties that renewable diesel emits 60% fewer ghg's (or higher). Q: When do you anticipate having completed 90 days of continuous flow? A:Can't comment on that at this point, but will be identified in upcoming production updates. Q: Any update on the progress of getting the plastic certificate for Aldersyde? A: AEP is focused on the approval for rail ties specifically as our next commercial scale certification (as our NR released tonight will explain why), but plastics are still on the list. There is an issue with the CI classification of waste plastics, where it is not technically classified as a renewable fuel feedstock yet so until the federal government changes that classification we can only use up to about 15% of our total feedstock as plastic so there isn't a big panic for the AEP to push plastics to the top of the certification pile while that is happening.
NITI Ayog member V K Saraswat, Senior Director General Ministry of Transport, Czech Republic Vclav Kobera, CNES President Jean-Yves Le Gall and Australian Space Agency Deputy Head Anthony Murfett were among others present at the event. Saraswat said "by 2030, the new space economy will find ways we can live sustainably beyond our planet, creating new jobs, companies and opportunities. "
Reuters was the first to report on Nov. 20 that Zurich was in talks to buy the MetLife business. The deal will give Farmers Exchanges, to which FGI provides certain administrative and management services, a nationwide presence in the United States and access to new distribution channels, Zurich said. It will also help Zurich deliver its growth targets for 2022. Chief financial officer George Quinn told the call that the insurer's targets did not depend on acquisitions, but they "can accelerate what we are looking to achieve". MetLife President and CEO Michel Khalaf said the sale would allow the life insurer "to focus on our core strengths". The deal is the latest in the sector. Denmark's Tryg and Canada's Intact Financial are buying British home and motor insurer RSA, and Finland's Sampo and South Africa's Rand Merchant Investment is buying Britain's Hastings. Shares in Zurich were down 1. 3% at 0825 GMT in a 0. 8% lower European insurance market. KBW analysts called the transaction a "great strategic deal, " but reiterated their underperform rating on the stock.
The Union Cabinet on June 24 approved participation of the private sector in the entire range of space activities, including planetary exploration missions. It had said, the newly-created Indian National Space Promotion and Authorisation Centre (IN-SPACe) will provide a level playing field for private companies to use Indian space infrastructure, by hand-holding industries in space activities through encouraging policies and a friendly regulatory environment. The 'New Space India Limited (NSIL), a PSU under the Department of Space, will endeavour to re-orient space activities from a 'supply driven' model to a "demand driven model, thereby ensuring optimum utilisation of our space assets, " it had said. Sivan further said, "we should pave the way for the insurance sector to render services in the space domain, as this is absolutely essential for satellite and launch services. " Department of Space is also working towards creating a formal system to support space sector startups and MSMEs in taking up innovation, research, as well as product development, he said.
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