FIPB to take up stake hike proposals of Standard Life Aviva on

first_imgForeign partners are keen to raise their stake in Indian insurance joint ventures, with the Foreign Investment Promotion Board (FIPB) expected to consider stake hike proposals of Standard Life Insurance and Aviva Life Insurance at its meeting on 29 December.At its 228th meeting on 27 November, 2015, the FIPB had deferred a proposal by HDFC to transfer its shares so as to raise Standard Life’s (Mauritius Holdings) stake in HDFC Standard Life Insurance from the existing 26% to 35%.The FIPB also set aside Aviva Life Insurance Company India’s proposal to increase the foreign shareholding in the venture from 26% to 49% by Aviva International Holdings, UK, by transferring 23% stake being held by the Indian partner, Dabur.In the recent past, many foreign partners of Indian insurance companies have either increased their stake or have planned to do so, ever since the Modi government increased the foreign direct investment (FDI) limit for such foreign associates from 26% to 49% in March this year.The aim was to increase insurance penetration in India and enable the companies to raise adequate capital for expanding operations.On 17 December, Ergo International AG, the German insurance company that had 26% equity stake in HDFC Ergo General Insurance Company, increased its stake to 48.9% by acquiring 123 million shares in the joint venture, representing 22.90% stake.The shares were acquired at a price of Rs 90.97 per share, translating into a consideration of Rs 1,122 crore, HDFC said in a regulatory filing to the BSE.Pursuant to the deal, which will be subject to regulatory approvals, HDFC’s stake will come down to 50.7% from 73.6% held earlier.HDFC Ergo General Insurance’s gross direct premium for the first half of the current fiscal was Rs 1,593 crore. The company earned a net profit of Rs 68.9 crore during the period. In 2014-15, the company had earned a net profit of Rs 104 crore and its gross written premium was Rs 3,257 crore.HDFC Standard Life Insurance’s total premium collection was Rs 6,590 crore for the first six months ended 30 September, 2015.There are 24 life insurance companies, including LIC, operating in India. The total amount collected by way of premium was Rs 7,553 crore in November this year and Rs 74,550 crore till November this year, marking an increase of 17.03% for the nine month period over last year, according to Life Insurance Council.While state-owned LIC is the biggest player in the business, other prominent companies include SBI Life Insurance (JV with BNP Paribas Assurance), ICICI Prudential and HDFC Standard Life.On 25 December, Tube Investments of India said it had approved the sale of 14% equity stake in Cholamandalam MS General Insurance to its joint venture partner Mitsui Sumitomo Insurance Company, Japan, for Rs 882.67 crore. The transaction, which will be subject to regulatory approvals, will increase Mitsui’s stake in the joint venture to 40%.last_img read more

How Will NRG Selling Its Renewable Energy Business Affect Green Energy In

first_img Share NRG just announced it’s selling its renewable energy business. The move is part of a corporate reorganization move the company announced last summer.What impact could this have on Houston’s renewable future? Does the move have any impact on Houston’s future in renewable energy?Houston Matters explores the ramifications of NRG’s decision with Dr. Gavin Dillingham, program director for clean energy policy at the Houston Advanced Research Center (HARC), and Lara Cottingham, deputy assistant director for the City of Houston’s Administration and Regulatory Affairs Department.last_img

Chris Barry Seeks to Create His Own Legacy

first_imgChristopher Barry is a candidate in the April 28 special election. (Photo/youtube.com)Ward 8 D.C. Council hopeful Marion Christopher Barry lived most of his life in the shadow of his famous father, the late Marion S. Barry Jr. However, as a candidate in the April 28 special election to serve out the remainder of his father’s term on the council, Barry makes it clear that he is his own man.“My father spent the last decade of his life preparing me to run for the Ward 8 seat on the council,” Barrysaid. “As he talked about the position, I would listen to him and get his input and perspective on a lot of things, but I do have my own views with substance on issues.”Barry grew up in eastern Washington with a father, who was the mayor of the District, and his mother, Effi Barry, a popular first lady. He candidly admits that he lived very well as the District’s “first son.”“We met all types of influential and famous people and we were invited to all types of high-level events,” Barry said. “We had the life like that until 1990 when everything flipped.”On Jan. 18, 1990 at the Vista Hotel, District Mayor Marion Barry was videotaped during a sting operation against him smoking crack with his mistress, and was arrested by the FBI. Marion S. Barry Jr. went to prison in 1991 for his role at the Vista Hotel and was released in April 1992.Barry said that when his father was no longer mayor, things changed. “It was true that our family had the trappings and the perks because my father was the mayor but it faded away when he was no longer in office,” he said. “It seemed like we had a glamorous lifestyle but we were never wealthy. We may have associated with influential people but at the end of the day we laid our head down in Southeast.”Barry, a graduate of Wilson Senior High School, attended Hampton University briefly before deciding to enter the job market. He worked odd jobs but ended up doing construction work.Barry said the construction work was physically and emotionally taxing. He also noticed that the people in the Hampton Roads area were different from Washingtonians. “The Black people seemed to have a slave mentality and when I was on a work site, it was not unusual for me or any Black person to be told ‘go unload that truck, boy’,” he said.Barry is the founder of Efficiency Contractors, named after his mother who died in 2007. Barry said that he focuses on hiring Ward 8 residents for jobs. “The people I hire to work for me want to change their lives and I want to help them,” he said. “I want to help people put their guns up and pick up tools. It really makes me feel good when young people say to me that they can’t wait until they turn 18 so they can work for me.”On the campaign trail, Barry talks about entrepreneurship, not big-box retailers, as the answer to the ward’s economic woes, and offering developers tax incentives to build affordable housing.Barry wants the city’s senior services apparatus to tailor to the needs of individuals, noting that a 55-year-old active resident doesn’t have the same needs as an ailing 80- or 90-year-old. In terms of young people, Barry wants the youth employment program his father made famous to go back to its original mission of job training and placement. “What you have now is young people doing busywork and not really learning how to get, keep and advance on a job,” he said.What Barry really wants to do is bring the residents of Ward 8 together. “There is a class divide in Ward 8,” he said. “There is a sense that professional Black people want low-income Blacks removed. That is not good because as the ward changes, those professional Blacks may be the low-income Blacks who may be pushed out.”The Rev. Anthony Motley is a longtime Ward 8 political activist and was a close political ally and friend of Marion S. Barry Jr. With all due respect to Barry, he is supporting Natalie Williams in the special election. “I have known Chris all of his life and he is a nice young man that has a lot of potential,” Motley said. He believes that Barry needs to grow as a person in order to be an effective representative of Ward 8 residents.Anthony Lorenzo Green, who serves as Barry’s advisory neighborhood commissioner, disagrees. “Christopher Barry is the right person for me and my neighbors on the city council,” Green said. “He represents the hope and the promise of the ward and he has the respect and the trust of ward residents. He is not trying to fill his father’s shoes but he wants to continue to fight for the things his father fought for.”last_img read more

Eclipse announces support for Java 12

first_imgLast month, the team at Eclipse announced that Eclipse now supports Java 12. What are the latest changes in support with Java 12 Updated project compliance and JRE Eclipse comes with project compliance and JRE updated to 12 that changes the current project to be compatible with Java 12. Preview features Users can enable preview features in Java 12 by selecting Preferences > Java > Compiler > Enable preview features option. Users can further configure the problem severity of these preview features. Set enable preview features The issue with the Enable preview features option in preferences has been resolved. Configure problem severity of preview features Configure problem severity is now provided to update the problem severity of preview features in Java 12. Default case has been added Add ‘default’ option is now available to add a default case to the enhanced switch statement in Java 12. Missing case statements An option to add missing case statements has been provided for the enhanced switch statement in Java 12. Java Editor In the Java > Editor > Code Mining preference, users can now enable the Show parameter names option which will show the parameter name in method or constructor calls. Java views and dialogs An option to control the comment generation while creating module-info.java or package-info.java is now available. To know more about this news, check out the post by Eclipse. Read Next Eclipse 4.10.0 released with major improvements to colors, fonts preference page and more Eclipse IDE’s Photon release will support Rust What can Blockchain developers learn from Eclipse Attacks in a Bitcoin network – Koshik Rajlast_img read more