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Turkey downs Russian jet near Syrian border, pilot captured
Turkish warplanes on Tuesday shot down a Russian SU-24 fighter jet near the Syrian border after it violated Turkish airspace. One of its two pilots was killed and the other was captured, media reports said.
 
According to Tukish authorities, two F-16 warplanes shot down the Russian jet after it failed to heed at least 10 warnings within the rules of engagement, state-run Hurriyet Daily News reported.
 
The Rusian defence ministry refuted the claim that the fighter violate the Turkish airspace.
 
The jet crashed into tents in Latakia's Yamadi village near the Syrian border where Turkmens are currently staying, according to Turkmen sources. Its two pilots were seen landing with the aid of parachutes, witnesses said.
 
One of the pilots was killed and the other was captured by Turkmen forces in the region.
 
Video footage showed the plane crashing into mountains in Latakia province.
 
The Turkish General Staff released the radar trace analysis of the Russian jet. It shows the plane entered the Turkish airspace over the southern province of Hatay while circling over northern Syria.
 
However, the Russian defence ministry said the downed jet, which was at an altitude of 6,000 metres, did not violate Turkish airspace.
 
The ministry stressed that "throughout its flight, the aircraft remained exclusively above Syrian territory," BBC reported.
 
"Objective monitoring data shows it," the ministry added.
 
Turkey is a member of the NATO military alliance, which views an attack on one member as an attack on all. 
 
A NATO official told CNN on Tuesday that the alliance was monitoring the events closely.
 
"We are in contact with Turkish authorities and will have to wait to see how it develops," the official said.
 
Turkey has warned against violations of its airspace by Russian and Syrian aircraft.
 
Last month, Ankara said Turkish F-16s had intercepted a Russian jet that crossed its border and two Turkish jets had been harassed by an unidentified Mig-29.
 
The Turkish foreign ministry summoned the Russian ambassador last week to warn him that there would be "serious consequences" if the Russian air force did not immediately stop bombing "civilian Turkmen villages" in Latakia province.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Nippon Life to buy stake in Reliance Life for Rs.2,265 crore
Japanese life insurer Nippon Life Insurance will increase its stake in Reliance Life Insurance to 49 percent by acquiring 23 percent stake from Reliance Capital for Rs.2,265 crore, the two groups said.
 
In line with the new shareholding structure, the name of the company will also be changed to Reliance Nippon Life Insurance Company Ltd.
 
In a statement issued here, Reliance Capital said the transaction pegged Reliance Life Insurance's valuation at approximately at Rs.10,000 crore ($1.5 billion).
 
The valuation is amongst the highest valuations for any life insurance company in India despite the economic slowdown in the country.
 
Nippon Life Insurance's investment also represents an implied Embedded Value (EV) multiple of over three times for Reliance Life Insurance, the highest for any private insurer in India till date, Reliance Capital said.
 
"We are delighted that the outstanding relationship between our two companies has now grown into an equal partnership, with NLI (Nippon Life Insurance) increasing their stake - first, in our asset management business, and now, in our Life Insurance business - to 49 percent," Anil D. Ambani, chairman, Reliance Group, was quoted as saying in the statement.
 
"Life Insurance is one of Reliance Capital's major businesses, and we believe Nippon Life's experience of over 125 years will accelerate our growth in this space," he added.
 
"Ever since our initial investment in 2011, we have developed a mutual understanding and built more than just a financial partnership but an interactive relationship based on solid trust," Yoshinobu Tsutsui, president, Nippon Life Insurance, was quoted as saying in the statement.
 
"This additional investment represents not only the past efforts and initiatives, but also the good relationship between both companies going forward, and we are pleased to be able to further strengthen this partnership in various fields. We believe our past and future ties will become a great role model for India - Japan business partnerships," he added.
 
The Boards of Directors of both the companies - Nippon Life Insurance and Reliance Capital - have approved the increase in stake by the Japanese partner, subject to regulatory approvals.
 
The stake hike is expected to be completed within the current fiscal.
 
According to Reliance Capital, the Japanese insurer would have invested a total of Rs.5,327 crore ($819 million) for acquiring 49 percent in Reliance Life Insurance with this transaction.
 
Nippon Life Insurance has also committed an investment of Rs.3,303 crore ($508 million) in Reliance Capital Asset Management taking the total investments by the Japanese company to Rs.8,630 crore ($1.3 billion), the largest foreign direct investment (FDI) in the financial services sector.
 
For the quarter ended September 30, 2015, Reliance Life Insurance has logged a new business premium of Rs.601 crore ($92 million), renewal premium of Rs. 673 crore ($104 million).
 
Net of reinsurance outgo the total premium stood at Rs.1,263 crore ($194 million) and the funds under management stood at Rs.15,524 crore ($2.4 billion), Reliance Capital said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Indian market trends

The Sensex and the Nifty declined 3% each in the fortnight ended 18th November. ML Mega-cap Index fell 2%, while ML Micro-cap Index, ML Large-cap Index and ML Mid-cap Index ended flat. ML Small-cap Index rose 2%.

 

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