Europe’s Galileo Satellite Navigation System to Get New Orbiters

Europe's Galileo Satellite Navigation System to Get New Orbiters

The deal was signed at the International Paris Air Show
Galileo navigation constellation will gain an additional 8 satellites
Eighteen Galileo satellites have been placed in Earth’s orbit to date
The European Space Agency signed a contract with a German-British consortium Thursday to build eight more satellites for its Galileo satnav system, an alternative to America’s GPS, the agency said Thursday.

The deal was signed at the International Paris Air Show with German company OHB as the prime contractor, and Surrey Satellite Technology Ltd in charge of navigation systems.

The ESA signed on behalf of the European Commission, which owns and funds the system.

“Europe’s Galileo navigation constellation will gain an additional eight satellites, bringing it to completion,” the ESA said in a statement.

Eighteen Galileo satellites have been placed in Earth’s orbit to date, with four more due for launch later this year.

With the last eight satellites to be built and tested by OHB, the EUR 10 billion ($11 billion or roughly Rs. 72,092 crores) constellation will ultimately comprise 30 orbiters.

Twenty-four will be operational, in three orbital planes, with the rest standing by as spares, in orbit and on the ground.

The European Commission expects Galileo to be fully operational by 2020.

The project has experienced many setbacks, including the placement of two satellites in the wrong orbit.

Galileo went live in December last year, providing initial services with a weak signal, having taken 17 years and more than triple the original budget.
The civilian-controlled service is seen as strategically important for Europe, which relies on two military-run rivals – GPS and Russia’s GLONASS.

Neither provides a guarantee of uninterrupted service.

In January, ESA said the system suffered another setback, with atomic clocks – claimed by the agency to be the most accurate ever flown for geolocalisation – failing onboard a number of satellites in space.

Each Galileo satellite has four ultra-accurate atomic timekeepers, but needs just one working clock.

The failure of nine clocks out of 72 launched so far, has not affected operation, the agency said at the time.

But it would necessitate a relook at clock design, meaning further possible delays.

Thursday’s statement said the eight new satellites are based on the approved design for the previous ones, but will feature “improvements based on lessons learnt.”

Once fully deployed, Galileo aims to pinpoint a location on Earth to within a metre – compared to several metres for GPS and GLONASS.

Clients of a paying service can get even more accurate readings – down to centimetres.

It will also offer search-and-rescue services.


ISRO’s Cartosat-2 Launch Countdown Begins

ISRO's Cartosat-2 Launch Countdown Begins

Cartosat-2 and other 30 satellites is expected to lift off on Friday
The 28-hour countdown for the Friday morning launch has begun
The co-passenger satellites comprise 29 nano satellites from 14 countries
The 28-hour countdown for the Friday morning launch of India’s earth observation satellite Cartosat and 30 other satellites (29 foreign and one Indian) with Polar Satellite Launch Vehicle (PSLV) has begun on Thursday morning, the Indian space agency said.

According to Indian Space Research Organisation (ISRO), the Mission Readiness Review (MRR) committee and Launch Authorisation Board (LAB) have cleared the 28-hour countdown to begin at 5:28am IST on Thursday.

India on Friday will launch its earth observation satellite Cartosat-2 series weighing 712kg and 30 co-passenger satellites.

According to ISRO, the PSLV rocket’s XL variant is expected to lift off on Friday morning at 9:29am IST from the Sriharikota rocket port.

The 30 satellites will together weigh 243kg and the total weight of all the 31 satellites, including Cartosat, is about 955kg, ISRO said.

The rocket will sling the satellites into a 505km polar sun synchronous orbit (SSO).
The co-passenger satellites comprise 29 nano satellites from 14 countries – Austria, Belgium, Britain, Chile, Czech Republic, Finland, France, Germany, Italy, Japan, Latvia, Lithuania, Slovakia, and the US as well as one Indian nano satellite.

The 29 international customer nano satellites are being launched as part of the commercial arrangements between ISRO’s commercial arm, the Antrix Corporation Ltd and the international customers.

The Indian nano satellite 15kg NIUSAT belongs to Nooral Islam University, Tamil Nadu. The satellite will provide multi-spectral imagery for agricultural crop monitoring and disaster management support applications.


What’s it really like as a junior in an investment bank?

Junior banker

When James Trant told friends he was joining at Goldman Sachs, they were apprehensive on his behalf. The expectation was that Goldman would be, “brutal”, said Trant last month. In fact, Trant told us he’s found life at GS to be, “open” and “down to earth,” and not at all like the preconceptions of his peers.

Trant’s just one analyst at just one bank, though. He’s also relatively new to the investment banking division (IBD) after moving across from asset management last summer, and may still be on some kind of honeymoon period…

Even so, working in banking might not be as tough as you’d expect. And even if it is tough, there are upsides. We spoke (off the record) to a selection of IBD juniors across a selection of banks in London about what makes their jobs worthwhile. This is what they said.

1. The money is great: you can pay off your student debt and save for a house deposit

Pay might be disappointing if you’re working in the technology function of an investment bank, but if you’re in a front office job in sales and trading or corporate finance, you could be paid very well indeed: six figures within three years.

Needless to say, this is a big plus. “The people I know who’ve gone into consulting are earning half as much as me,” says one analyst at a U.S. bank in London. “I have £50k in student debt and I’m throwing all my bonus at that,” he adds. “My plan is either to pay off all that debt and the start saving for a house, or to pay off the debt and then start saving for business school.”

2. Your colleagues are pretty special 

Everyone we spoke to also lauded the quality of their colleagues and the sense of “togetherness” they had. “There’s a sense of us being, “all in this together,” said one analyst. “I genuinely believe the network I have here will last a long time.”

“People here have big dreams,” said another analyst. “You get to work with people of a very high quality.”

Another analyst said he thought of going to Google but decided against it because of the depth of experience in banking: “Google’s a young company in a comparatively young industry. – You won’t find people there with 20 years’ experience fine-tuning their skillset.”

3. You get an incredibly broad training within 12 months

We spoke to an analyst in the UK coverage team at a US bank in London. “I work across all types of equity and M&A transaction,” he said. “After 10-12 months, I understood everything from equity fund raising and building an equity story ahead of an IPO to working on a sellside M&A deal.”

Other analysts pointed to the steep learning curve in IBD: “You’re not going to get this kind of immersive experience in a graduate role in a different industry,” said one.

4. The work is far more interesting than at Google (unless you’re an engineer)

The analyst who said he’d contemplated working for Google explained that he’d decided against it because the jobs there were fundamentally pretty boring.

“I’m an economics graduate and if I’d gone to Google I would have been selling advertising space on Google search. It’s just not the same as working in corporate finance,” he said.

5. Yes, the hours are long, but when you’re out, you’re out

What about the infamously harsh investment banking hours? Even they’re bearable according to the analysts we spoke to. “The thing with investment banking is that all the work is done in the office,” said one analyst. “When you leave the office you check your emails but that’s it. – Yes, you work long hours, but the work does at least feel contained within the four office walls. When you’re on holiday, for example, no one is going to hassle you.”

He compared this to consulting, where the actual working hours can be shorter, but a lot of time is spent on the road in anonymous hotel rooms. – Even when you’re not working, you’re still in an environment dictated by work.

6. A few years in banking are a good preparation for all sorts of things 

Lastly, the juniors all agreed that banking will leave them smarter and more employable.

“You develop a very good ability to assess whether one company is better than another in terms of both product and financials,” said one analyst. “You can start to unpick companies after around 10 months.”

Another said banking teaches you to be pragmatic: “You just get very practical about things. You can quickly see the advantages and disadvantages of a business idea, including your own.”

“You have these big brands on your CV and there are loads of exit opportunities,” said an analyst in a European bank. “Essentially banking is what you make of it,” she adds. “You have endless resources at your disposal and can use it to launch a career as an entrepreneur or in industry. – You will always get a leg-up because of your reputation.”


Deutsche Bank to Restructure Corporate, Investment Banking

Image result for Deutsche Bank to Restructure Corporate, Investment BankingDeutsche Bank AG is giving Marcus Schenck, co-head of the newly combined investment bank and trading business, responsibility for overseeing clients in a reorganization that will see the bank focus on corporate customers, according to a copy of a memo seen by Bloomberg.

Schenck will also take charge of corporate finance, global capital markets and the institutional client group, while co-head Garth Ritchie will deal with products and processes and oversee operations including equities, fixed income and currencies, the email said. The bank is also creating a combined debt, equity and leveraged capital markets business within the investment bank.

Marcus Schenck

Photographer: Alex Kraus/Bloomberg

The two executives are tasked with striking a balance between stemming a loss of market share that accelerated last year and cutting 700 million euros ($742 million) of costs by 2018. That comes as the bank pivots away from hedge funds and other financial firms, pledging almost two-thirds of the unit’s balance sheet for corporations. In 2011, institutional clients accounted for about twice as much revenue as corporate customers.

“Schenck is extending his grip within the organization,” said Gildas Surry, who helps oversee about 1 billion euros of financial-sector debt at Axiom Alternative Investments in London, including the German lender’s bonds. “He joined Deutsche Bank to pursue an ambitious agenda and today is another milestone in his ascent.”

Organizing the businesses in this way, and separating sales and trading “may actually worsen” the managerial challenges that have dogged the lender for years, said Anthony Sanders, a professor of finance at George Mason University and a former Deutsche Bank research analyst.

“Deutsche’s problems are related to the same problem that is hampering other large European banks: their massive bad debt load,” Sanders said. This can’t be solved by creating new divisions and co-chairs, he said. “With the fizz going out of trading revenues, this potential ‘Game of Thrones’ reorganization fails to solve the problem.”

Troy Gravitt, a spokesman for the firm, declined to comment.

The Global Capital Markets division will be headed by Alexander von zur Muehlen and Mark Fedorcik, reporting from Frankfurt and New York, respectively, the email said. The new division will work in partnership with the bank’s corporate finance and institutional client group and will “operate financially as a joint venture” between its corporate finance, equities and fixed income and currencies units, according to the email.

Fedorcik and von zur Muehlen will report to Schenck and Ritchie, who were co-authors of the email.

“It makes sense that Deutsche Bank is now working out the details of the new structure for the investment bank,” said Piers Brown, an analyst at Macquarie Bank Ltd in London. “If you are buying Deutsche you may expect that they are trying to at least maintain market share in the investment bank and this is something Schenck will be measured against.”

Deutsche Bank shares fluctuated, declining 0.8 percent as of 3:40 p.m. in Frankfurt to 15.15 euros, after earlier losing as much as 1.5 percent and gaining as much as 1.1 percent.

Cryan has said previous management teams made the bank too complex and inefficient by putting short-term earnings ahead of Deutsche Bank’s long-term interests. He is now implementing long-term plans to overhaul the lender.

In April, the bank said it hired James von Moltke from Citigroup Inc. to replace Schenck as chief financial officer as he moves into his new role as co-head of investment banking and trading with Ritchie, an executive who came up through the equities business.

In the note to employees, Deutsche Bank also said that the corporate finance business will operate as one global business, run by existing regional heads. The bank will soon announce a new head for the division’s corporate banking coverage operation for the Asia-Pacific region, according to the email.

Institutional Clients

The bank’s institutional client group will be co-headed globally by Kenan Altunis and Stefan Hoops, who will report to Schenck and Ritchie, the email said.

Schenck and Ritchie also discussed the recent decision to create a corporate and investment banking hub, known as CIB Central and headed by Christiana Riley and Lawrence Shaw. The reorganization of the division support teams is intended to “reduce bureaucracy and complexity, which will achieve substantial cost savings in 2017,” they wrote in the email.

“What’s slightly disappointing is that it seems like the former Global Markets and the former Corporate Investment Banking units are still persisting below the surface and are being managed quite independently,” said Daniel Regli, a MainFirst analyst with a neutral rating on the stock.

After the reorganization, which will take effect on July 1, the corporate and investment banking division will comprise six areas, the email said:

  • Corporate Finance, including Corporate Banking Coverage
  • Global Capital Markets
  • Global Transaction Banking
  • Equities
  • Fixed Income & Currencies
  • Institutional Client Group


Citi hires two senior UBS Asia bankers for China, EMEA roles

Image result for FILE PHOTO - FILE PHOTO -- People walk beneath a Citibank branch logo in the financial district of San Francisco, California July 17, 2009. REUTERS/Robert Galbraith/File PhotoFILE PHOTO – FILE PHOTO — People walk beneath a Citibank branch logo in the financial district of San Francisco, California July 17, 2009. REUTERS/Robert Galbraith/File PhotoTwo senior bankers working for UBS Group AG (UBSG.S) in Asia have left to join Citigroup Inc (C.N), adding to other top bankers who have left the Swiss bank in the region in the last few months.

Jiang Guorong, who has been with UBS for about three years and was its head of China investment banking and vice-chairman of Asia investment banking, has left to join Citi as chairman and head of the bank’s China corporate and investment banking, according to a memo sent to Citigroup staff and seen by Reuters.

Guorong is likely to start his role at Citi in September this year. A Citi spokesman in Hong Kong confirmed the content of the memo.

Separately, Citi on Thursday said it had hired Alison Harding-Jones, UBS’s head of Asia Pacific M&A, as its new head of EMEA (Europe, the Middle East and Africa) M&A and vice-chairman of EMEA corporate and investment banking.

In her new role, Harding-Jones, who worked at UBS for 28 years, will focus on expanding M&A market share across the EMEA sectors and countries. She will move from Hong Kong to London, a Citi statement said.

“With her long track record of building successful M&A practices… she will be a strong asset to our team and a key part of our growth strategy,” Raymond McGuire, global head of corporate and investment banking at Citi, said.

UBS has had a number of senior level departures in Asia in the last six months.

In May, UBS lost three senior investment bankers, including its deputy head of China, Cheng Wang, who is due to join Morgan Stanley (MS.N) in August as vice chairman of investment banking in Asia Pacific.

Joseph Chee, one of UBS’ top dealmakers in Asia, who was the go-to banker for Chinese state and private companies seeking to raise funds in Hong Kong and the United States, left in January to set up his own fund.
In December last year, Damien Brosnan, co-head of Asia ECM at UBS, left the bank only seven months after taking up that position.

UBS said in an internal note to staff on Thursday Samson Lo, its co-head of Asia M&A, will now become the head of that business. It also named Greg Peirce and Pei Shen Chou as co-heads of its M&A advisory business in Asia Pacific.

UBS was a powerhouse in Asia equity capital markets and along with Goldman Sachs Group Inc (GS.N), it dominated the league tables from 2002. But in the past two years its performance has suffered as Chinese investment banks made inroads.

(Reporting by Julie Zhu, Yan Jiang and Sumeet Chatterjee; Editing by Elaine Hardcastle and Jane Merriman)


Virgin Media tells 800,000 users to change passwords over hub hacking risk

Virgin Media has told 800,000 customers to change their passwords to protect against being hacked. Photograph: Nick Ansell/PA

Reliance Jio Now Offers 4G SIM Home Delivery in Over 600 Towns; 90-Minute JioFi Delivery in Select Cities

Reliance Jio Now Offers 4G SIM Home Delivery in Over 600 Towns; 90-Minute JioFi Delivery in Select Cities


  • Reliance Jio 4G SIM is now home delivered to more than 600 towns
  • Reliance does not charge any fee on home delivering the SIM card
  • Select cities also get the option to get JioFi delivered in 90 minutes

Reliance Jio has been giving tough competition to its rivals ever since it commenced full operations last year. First with free Internet and unlimited voice calls, and now with competitive rates, Jio holds an edge in the market that the rest are stumbling to catch up to. To make things worse for them, Jio is now offering free home delivery of its Jio SIM in more than 600+ towns and is also promising to brings JioFi 4G hotspot to your home in as less as 90 minutes.

Beginning with the Jio SIM offer, Reliance Jio has now made home delivery of its SIM card available in more than 600 towns across India. Home delivery of Jio SIM can be initiated on the Jio website. If SIM home delivery service is available for your pincode, you will receive an invitation email on the email ID provided for the purchase.

Reliance Jio is not charging any money to home deliver the Jio SIM. Firstly, download the MyJio app, generate a coupon in the app, and book an appointment online to get the SIM delivered. Keep your Aadhaar number ready for eKYC purposes and generating the coupon on the app.

Separately, Reliance Jio is also offering to deliver the JioFi 4G hotspot to your home address in less than 90 minutes in select cities only. Furthermore, there is also a 100 percent cashback offer on exchange of old dongle for the new JioFi. Users get benefits worth Rs. 2,010 (Rs. 201 data booster x 10 vouchers) leading to effective 100 percent cashback for the JioFi on exchange of old eligible dongles.

Without the dongle exchange, customers gets benefit worth Rs. 1,005 (Rs. 201 data booster x 5 vouchers) leading to effective price of Rs 994/- for the JioFi. If the express delivery is not applicable, then the standard delivery is said to take three to five business days. Purchasing the Jio-Fi 4G hotspot also gets you a flat 60 percent instant discount (up to Rs. 1,800 off) on domestic hotel bookings on GoIbibo. Buyers can get up to Rs. 1,000 off on domestic flight booking on Yatra, and Ajio offers Rs. 200 off on all products on site.


9 Home Gadgets to Save Energy and Entertain

9 Home Gadgets to Save Energy and Entertain

So you’re up for making your home truly state-of-the-art? I’ve got a great list for you. Here are nine gadgets to be on the lookout for:

Moen’s U lets you customize the perfect shower before ever stepping in with just a few taps on your smartphone.

Smart and Blue’s Hydrao smart showerheads let you instantly control your water consumption and energy needed to heat it by lighting up the water spray with different colors depending on the amount of water used—and it’s powered by the shower’s natural water-flow.

Luke Roberts Smart Light – This LED pendant lamp, from Austrian startup Luke Roberts, lets you place light in any direction, illuminating only certain areas of a room through simple gestures on your phone.

Kuri – Created by Mayfield Robotics, this app uses a camera to check on pets, kids, or guests when you’re away. It sets reminders, uses Wi-Fi to connect to things like weather reports, and works with IFTTT to control some connected devices, according to

Hello Egg – From RnD64, this works with the Eggspert web and mobile application to fully automate planning weekly meals, supervising the pantry, organizing shopping lists, and even ordering grocery delivery. Hello Egg also projects voice-navigated video recipes and answers cooking-related questions with a connected 24/7 support team of cooking experts.

CUJO creates a guarded firewall gateway between your devices and their connection to the internet by analyzing for malicious intent, whether it’s coming in from the internet, going out to the internet, or making moves across your network.

AirTV is the only major streaming platform that integrates local over-the-air (OTA) programming with your streaming services. Just add an AirTV Adapter and an OTA antenna to get local channels in HD, without a monthly cable bill.

Sony A1E – Unlike most TV speakers, sound comes to you from the entire screen, immersing you in a new entertainment experience—if there can be such a thing!

LG W7 – Capturing Best of the Best recognition at CES 2017, the W7’s picture-on-wall design allows the television to lay virtually flat so it seems blend with the wall and disappear.


GTPL Hathway IPO subscribed 41% on Day 2

The GTPL Hathway IPO will close on Friday. Photo: Mint

The GTPL Hathway IPO will close on Friday. Photo: Mint

New Delhi: The initial public offering of GTPL Hathway, which offers cable TV and broadband services, received 41% subscription at the end of the second day on Thursday.

The issue, which opened on 21 June, received bids for 83,22,072 shares against the total issue size of 2,02,15,966 shares, data available with the National Stock Exchange (NSE) showed.

The portion set aside for qualified institutional buyers (QIBs) was subscribed 69%, while the categories for non-institutional investors and retail investors were subscribed 15% and 36%. GTPL Hathway on Tuesday raised over Rs145 crore from anchor investors.

The initial share sale offer of GTPL Hathway, part of Hathway Cable and Datacom, will close on Friday. The company plans to garner up to Rs485 crore through the IPO, which comprises fresh issue of shares worth Rs240 crore and the remaining through offer for sale (OFS) of up to 1.44 crore shares in the price band of Rs167-170 a share.

Proceeds from the IPO will be utilised towards repayment of loan and other general corporate purposes.

JM Financial Institutional Securities, BNP Paribas, Motilal Oswal Investment Advisors and Yes Securities are managing the issue. The shares will be listed on BSE and NSE.


Will protect EU citizens’ rights in UK post-Brexit: Theresa May

Theresa May will outline her plan to provide early guarantees for some three million people from other EU countries living in Britain. Photo: Jasper Juinen/Bloomberg

Theresa May will outline her plan to provide early guarantees for some three million people from other EU countries living in Britain. Photo: Jasper Juinen/Bloomberg

Brussels: British Prime Minister Theresa May said at the start of a European Union summit on Thursday that she would reassure fellow leaders that her government will protect the rights of their citizens living in Britain after its departure from the bloc.

But other leaders, including German Chancellor Angela Merkel and French President Emmanuel Macron, made clear that they did not want to get drawn into Brexit discussions and instead preferred to focus on the future of the EU without Britain.

At her first EU summit since an 8 June election sapped her authority to set the terms of Brexit, May said: “I’m going to be setting out some of the UK’s plans, particularly on how we propose to protect the rights of EU citizens and UK citizens as we leave the European Union.”

She seemed keen to calm the mood with the continentals after weeks of sniping during her election campaign, describing the first formal meeting of Brexit negotiators on Monday as “very constructive” and stressing that London wanted a “special and deep partnership with our friends and allies in Europe”.

Merkel also expressed a desire for constructive talks with Britain, but made clear that the EU’s priority now was its own future.

“I want to state clearly that the shaping of the future of the 27 has priority over the negotiations with Britain over its exit,” Europe’s leading power broker said on arrival.

“We will conduct these talks in a good spirit,” she added. “But the clear focus has to be on the future of the 27.”

France’s new president, Emmanuel Macron, spoke of working with Germany to revive European integration and did not refer at all to Britain during his remarks before talks got underway.

Over after-dinner coffee, May will outline her plan to provide early guarantees for some three million people living in Britain from other countries in the bloc, a British source said.

But her wings have been clipped—not only in Britain, where voters denied her a majority in parliament, but also in Brussels, where EU leaders will try to stop her from discussing Brexit beyond a quick briefing. One EU official said too much detail from May would be unhelpful, as it could provoke reactions.

Instead, once she has left the room, they will continue their own discussion of Britain’s departure from the European Union, notably on which city gets to host two EU agencies being pulled out of London—a potentially divisive issue for the 27.

“Not the only dreamer”

Weakened by an election she did not need to call, May has watered down her government’s programme to try to get it through Parliament and set a softer tone in her approach to Brexit.

Yet her aims have held—she wants a clean break from the bloc, leaving the lucrative single market and customs union and so reducing immigration and ending EU courts’ jurisdiction.

On Thursday, her finance minister, Philip Hammond, called for an early agreement on transitional arrangements to ease uncertainty that he said was hurting business.

Reflecting confusion on the continent about what kind of Brexit she will ask for, summit chair Donald Tusk said ahead of a separate meeting with May: “We can hear different predictions, coming from different people, about the possible outcome of these negotiations: hard Brexit, soft Brexit or no deal.”

Some Britons had asked him if he could imagine Britain not leaving after all: “The European Union was built on dreams that seemed impossible to achieve. So, who knows,” the former Polish prime minister said before quoting John Lennon’s song Imagine:

“You may say I’m a dreamer, but I am not the only one.”

Other leaders took up the late Beatle’s theme. President Dalia Grybauskaite of Lithuania, which has over 100,000 citizens in Britain, insisted relations would remain close and tweeted a Motown lyric: “#Brexit: ain’t no mountain high enough”.

But Belgium Prime Minister Charles Michel, who argues for a need to protect EU integration from British ambivalence toward the project, tweeted: “It’s time for action and certainty. Not for dreams and uncertainty #Brexit #FutureofEurope”

Speaking to reporters at the summit, Michel said: “Theresa May is in a very difficult situation in terms of leadership so we will have to see what position Great Britain will defend.”

“We can speculate, but it is a waste of time.”

Security discussion

A British official said May would offer “new elements” in a paper on citizens’ rights to be published next week. There may be sticking points with Brussels, such as the cut-off date for EU citizens in Britain to retain rights under the bloc’s free movement rules and EU demands to preserve a panoply of rights in the future that may irk those keen to reduce immigrant numbers.

May will also aim to show that while still a member of the EU, Britain will contribute to other summit discussions, pressing for more action to encourage social media companies to clamp down on internet extremism and for the EU to roll over sanctions against Russia over the Ukraine crisis.

Driven by Germany and France’s new pro-EU president Macron, some EU states are keen to set up new defence cooperation of a kind that Britain has long resisted as a member. British officials say London, with little power to block them, now accepts the current EU proposals.

British strengths in the intelligence and security fields, as well as its military clout, are key elements in a future relationship with the EU that May wants to emphasise. Reuters