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China successfully tests new carrier rocket
- China has successfully tested the power system of a fifth generation carrier rocket scheduled for flight next year carrying twice the capacity of the payload by the present carrier.
- Development of the rocket, the fifth-generation Long March-5 launch vehicle of the Long March family, has entered a “runoff” phase.
- The rocket will have a payload capacity of 25 tonnes to low Earth orbits, or 14 tonnes to geostationary transfer orbit, about twice the current capacity.
- The rocket will serve the final chapter of China’s three-step – orbiting, landing and returning – lunar program and the building of manned space stations.
- The Long March rocket family has completed more than 200 missions since 1970, when a Long March-1 rocket sent China’s first satellite, Dong Fang Hong 1, or “the East is Red”, into Earth orbit.
Banking & Finance
Irdai sets up 3 committees to review regulations in insurance
- Insurance Regulatory and Development Authority of India (Irdai) has constituted three committees for review of regulations in life insurance, general insurance and reinsurance including registration of foreign offices of reinsurers. After the Insurance Act has been passed, there has been a need to review and revise existing regulations in these areas.
- The committees have to submit their report within one month to the Member-Actuary of Irdai.
- The Life insurance committee will look into regulations in areas like assets, liabilities and solvency margin and appointed actuary.
- The General insurance committee will look at regulations in areas including claim reserving, reinsurance and appointed actuary.
- Reinsurance committee will look into issues relating to registration of branches of foreign reinsurers among others.
IDFC gets banking licence from RBI
- Infrastructure financing firm IDFC Ltd said that the Reserve Bank of India has granted banking licence to IDFC Bank for undertaking banking business in the country.
- Bandhan Financial got RBI approval last month and is expected to start services from next month.
- The Indian microfinance company Bandhan Financial Services and Mumbai-based IDFC were the only two companies to be granted preliminary bank permits last year.
- Yes Bank was the last bank to be set up, in 2004.
- IDFC Bank plans to start operation from October 1 with an initial loan book of around Rs 55,000 crore. The bank proposes to start operations with 20 branches.
- IDFC Bank was established as a public limited company to carry out the business of banking pursuant to approval granted by the Reserve Bank in April 2014.
CSC, HCL form joint venture to provide technology services, solutions to banks
- Global IT leaders CSC (NYSE: CSC) and HCL Technologies (BSE: HCLTECH) today announced the signing of a definitive joint venture agreement to form a banking software and services company.
- The joint venture will invest in platform modernization and product functionality enhancement and will capitalize on the proven capabilities of both companies in addressing.
- CSC, which currently serves over 100 premier banking and financial services clients in 15 countries, will provide its core banking, cards, payments and default management industry talent, software and product development expertise.
- HCL will provide capital investment, extensive experience in product engineering and application implementation services, as well as banking sales and client engagement expertise.
Dhoni named 9th most marketable star by London institute
- Ms.Dhoni has been named as the ninth most marketable sportsperson in the world ahead of the likes of football superstar Lionel Messi and sprint king Usain Bolt in a power list prepared by London School of Marketing.
- LSM researchers looked at the brand value of the individuals, along with their current income from sponsorships and the percentage of their total earnings these accounted for. It also considered their presence on social media.
- Swiss tennis star Roger Federer was named the most marketable sportsperson in the world, followed by golfers Tiger Woods and Phil Mickelson at the second and third positions, respectively.
Former Kerala & Bihar Governor R S Gavai passes away
- Former Governor of Kerala and Bihar, R S Gavai, passed away after a prolonged illness at a private hospital. He was 86.
- Gavai was a former Chairman of the State Legislative Council and Lok Sabha member from Amravati Constituency.
- He was the Chairman of Dr Babasaheb Ambedkar Smarak Samiti, which manages the Deekshabhoomi, the historic place where Dr Ambedkar embraced Buddhism in 1956.