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Panel suggests priority for Insat
New Delhi: A government committee has recommended that the Insat series
of satellites should be given preference for international connectivity. Given this
recommendation, the government may disallow Internet service providers from using foreign
satellites for international connectivity.
The
committee comprised officials of the department of space and the department of
telecommunications. The committee has said in case there is no capacity on Insat, then
ISPs should secure capacities from Intelsat, the inter-governmental satellite system in
which the Indian government has an equity participation. The committee has also
recommended that the service charges levied by the Videsh Sanchar Nigam Ltd should be
reduced by 50 per cent. The recommendations have been submitted to the Telecom Commission
for its approval.
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Canada Life wants stake
in Centurion Bank
New Delhi: Multinational insurance company
Canada Life is exploring the possibility of acquiring a stake in Centurion Bank. Canada
Life has already tied up with Centurion Bank for life insurance business. The
company’s chief marketing officer, international division, Jim Connolly, said
discussions are on with Centurion Bank.
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Sakura-Sumitomo to
close down Delhi office
New Delhi: Sakura-Sumitomo Bank, the second largest bank in the world
following the merger of two different entities recently, will cut down its presence in
India. It has decided to operate from Mumbai only and is closing down its office at New
Delhi. This is part of the bank’s plan to restructure and refocus its operations.
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Hudco’s
securitisation plan
New Delhi: The Housing and Urban Development Corporation is planning a Rs
1,000-crore securitisation programme. The programme will be broken into two separate
tranches of Rs 500 crore. Hudco will appoint a nodal agency to be supported by four others
to handle the programme, V. Suresh, chairman cum managing director of Hudco, said.
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Kirloskar Investment
changes name
Mumbai: Kirloskar Investment and Finance Ltd, which was in the news
following its failure to honour investment refunds and its change of management, is all
set for a new identity. It has changed its name to KIRF Investments and Finance and will
enter the information technology sector for hardware and software manufacture. It has a
new board of directors comprising Hari Singh Champavat, as chairman, Keshav Singh Rathore
and Manohar Singh Rathore as directors. The company is to hold its annual general meeting
in Bangalore on 14 December.
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WTO plans to set up 4
groups
Seattle: The World Trade Organisation meeting is expected to set up four
working groups – on agriculture, new issues, market access and implementation of the
Singapore declaration – to resolve the deadlock in trade negotiations. WTO
director-general Mike Moore told the Indian delegation about this development and has
sought India’s support for this purpose.
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AXA to take over Japanese
insurer
Tokyo: AXA of France is taking control of a Japanese insurer, Nippon
Dantai Life Insurance Company. The alliance is aimed at creating a leading life insurance
company in Japan, taking advantage of Nippon Dantai’s client base and AXA’s
strong credit standing and global expertise. AXA and Nippon Dantai will set up a joint
holding company, which will acquire full ownership of Nippon Dantai and AXA Life Insurance
Company, AXA’s wholly-owned Japanese unit. AXA will invest $1.96 billion in the new
venture, amounting to 95 per cent stake in the proposed company, AXA Nichidan Insurance
Holding Company.
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