Joint VC fund for new materials formed

A 400 million yuan (US$59 million) venture capital fund was launched yesterday by Shanghai’s Baoshan district government in conjunction with General Electric, Samsung and Sabic to support startup companies set up by expats. The fund, the city’s first venture capital fund jointly set up by the local government and multinational enterprises, will invest in the development and applications of new materials, especially graphene which is the thinnest material known, the district government said. The fund seeks to draw global professionals and the world’s leading graphene-related projects to Baoshan to create a major research hub to develop the material that scientists say could transform consumer electronics, said Fan Shaojun, governor of the district. Baoshan aims to lure at least 10,000 innovative and startup firms by the end of the …

Govt notifies uniform rules for faster telecom network rollout Expeditious roll out of telecom infrastructure will help improve quality of service, reduce call drops as well as cost of setting up networks. (Reuters) To address telecom sector’s woes, the Department of Telecom has notified uniform rules for the rollout of mobile and cable networks across the country that aim to facilitate installation of towers, laying of cables in a time-bound manner and on non-discretionary basis. Expeditious roll out of telecom infrastructure will help improve quality of service, reduce call drops as well as cost of setting up networks. According to the notification, the authorities involved in granting Right of Way or RoW permit will have to grant permission within 60 days of application. In case of rejection of the application, they should record reasons in...

Premium Brands buying B.C. companies – Island City Baking, Conte Foods – in ... Premium Brands Holdings Corp. is buying a Vancouver-area company that makes artisanal bread and an affiliate that makes pasta for $20.3 million in cash, common shares and other equity. A file photo of a bakery is shown here. VANCOUVER — Premium Brands Holdings Corp. is buying a Vancouver-area company that makes artisanal bread and an affiliate that makes pasta for $20.3 million in cash, common shares and other equity. The deal includes Island City Baking, which has a production operation in Richmond that makes fresh and frozen bread, and Conte Foods, which makes fresh pasta in Burnaby and distributes specialty foods imported from Europe. Together, Island City and Conte Foods have about $20 million a year of annual sales. Premium says it will pay $13.3 ...

Election ensures Republicans an 8-year reign in Lansing LANSING, Mich. (AP) - Republicans’ lock on control of state government is intact for two more years, enabling Gov. Rick Snyder and the Legislature to continue enacting their agenda and leaving Democrats to regroup after another election setback. The GOP’s first order of business is the “lame-duck” legislative session that is already underway. Fights potentially are looming over public employees’ retirement benefits. Republican lawmakers want to switch newly hired teachers into 401(k) accounts, despite Snyder’s past resistance due to the large upfront costs of closing the pension system to new hires. New school employees now are provided a combination of a traditional pension and a 401(k) plan. Snyder in turn wants to target unfunded liabilities in municipalities that provide health care to their retired workers. The retirees...

Treasury warns current health and super spending trends will lead to ballooning Crown debt New Zealand's government debt could balloon to twice the size of the economy, with health and superannuation costs surging if the current trend continues out to 2060. On Tuesday Treasury released its long term fiscal position, a report on the sustainability of Crown spending over the coming decades. The report points to difficult decisions ahead, with the cost of maintaining New Zealand Superannuation and health growing strongly both in real terms and as a proportion of gross domestic product (GDP) over 45 years. If historical spending patterns were to be continued, the cost of healthcare would grow from 6.2 per cent of GDP in 2015 to 9.7 per cent in 2060, while NZ super would grow from 4.8 per cent in 2015 to 7.9 per cent. With tax revenue expected to increase only slightly, the projections...

Former Amaya Inc CEO David Baazov offers to buy online gambling company for $3.48 billion The former chief executive of Amaya Inc, David Baazov, has offered to buy the Canadian online gambling company in a deal valued at about $3.48 billion. The offer price of $24 per share represents a premium of 30.9 per cent to Amaya’s Friday close of $18.34. Baazov, who already owns about 17.2 per cent of Amaya, including options, said on Monday he had made the offer on behalf of a to-be-formed entity led by him. Amaya said in February it had received a non-binding proposal from Baazov to take the company private.Two months after Baazov made the offer, he was charged with insider trading by Quebec’s securities regulator, and the company said he was taking an indefinite paid leave of absence. The charges followed an...

Bliss GVS Pharma arm wins $111 mn healthcare services contract from Kenyan firm New Delhi: Bliss GVS Pharma's Kenyan arm has won a three-year contract worth $111.40 million (around Rs 760 crore) from Aon Kenya Insurance Brokers. Representational image "Bliss GVS Healthcare, the Kenyan step down subsidiary of the company has won a three-year contract worth $111.40 million from Aon Kenya Insurance Brokers Ltd for provision of medical healthcare services in Kenya," Bliss GVS Pharma said in a BSE filing. This contract covers outpatient services for over 3,04,060 members, it added. "Service payments will be received by the company from Aon, in advance, on a quarterly basis. Part payment for the first quarter has been received form the company," Bliss GVS Pharma said. Bliss GVS Healthcare runs chain of outpatient medical services clinics in Kenya. First Published On : ...

The Ad Council wants to remind everyone that patriotism is about celebrating diversity As America reels from perhaps its most divisive election in recent memory, a new set of ads seek to remind everyone that patriotism and respect for our country's diversity are two sides of the same coin. The ads feature members of often-oppressed minority groups in patriotic settings. For instance, a gay military couple embraces in a train station, a transgender cheerleader poses in red, white and blue gear and a Sikh man prays in a gurdwara while wearing a star-spangled turban. A gay couple embraces in a train station. Their images, captured by renowned photographer Mark Selig, will run in the form of billboards, bus and subway ads and other outdoor postings in to-be-determined locations around the United States starting this week.  The...