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On Wednesday, US tech giant Facebook announced that it would invest $5.7 billion (Rs 43,547 crores) in RIL's wholly-owned subsidiary Jio Platforms to expand its presence in India. With this investment, Facebook will own 9.9 per cent stake in Jio Platforms. This would be Facebook's biggest minority shareholding ever. Reliance Jio, a part of Jio Platforms, has been the fastest-growing telecom network in the country since its launch in 2016. Jio has more than 388 million customers in India.
After the announcement, in early morning trade, shares of Reliance Industries (RIL) gained 7 per cent at Rs 1,326 on the BSE and with day’s gain, the stock of RIL has rallied 14 per cent from its Tuesday’s low of Rs 1,164. In a press release shared by the company, it says, "This investment by Facebook values Jio Platforms at Rs 4.62 trillion pre-money enterprise values ($65.95 billion, assuming a conversion rate of Rs 70 to a US Dollar). Facebook’s investment will translate into a 9.99 per cent equity stake in Jio Platforms on a fully diluted basis," it added. As Facebook, the world’s largest social media company, invests $5.7 billion for a 9.99 per cent stake in Reliance Jio Platforms, the deal is also seen as a powerful alliance to take on formidable players in e-commerce and payments space such as Amazon, Flipkart and Google. Down under, a five-Test series played exclusively at Adelaide Oval with players housed in the ground's new hotel is far from an outlandish suggestion as Cricket Australia contemplates all possible ways of ensuring that India's scheduled tour takes place next summer in the wake of the coronavirus pandemic. CA's chief executive Kevin Roberts stressed that the governing body was being as "creative" as possible to try to ensure the tour goes ahead at the end of the year. Its success rests hand in hand with ensuring that the game in Australia can maximise its revenue next summer so that they could offer players, the states and community cricket and its own staff a flow of cash somewhere near the torrent that has rushed through over the past decade. Player pay could veer wildly depending on whether the India tour is able to go ahead. Certainly more so than the scheduled T20 World Cup that is still slated to precede it amid growing doubts about staging an event of far greater complexity than housing just one touring team.The majority of staff, approximately 200, will be stood down next week on 20% of their salary or the equivalent of the Australian government's JobKeeper payment of A$1500 per fortnight, which was introduced to help companies during the pandemic, until the end of the financial year on June 30. CA employees are not eligible for the actual JobKeeper payment because the board's revenue hasn't fallen enough. The executive team (led by CEO Kevin Roberts) and a skeleton staff to maintain basic operations will continue on 80% of their salaries for the same period. Stood down staff at Cricket Australia may find themselves working at Woolworths after the chief executive Kevin Roberts approached the supermarket giant and cricket sponsor about temporary work opportunities amid the coronavirus pandemic. Amid the coronavirus lockdown, a good news made its way from the agricultural sector of Varanasi region as for the first time, a consignment of four tonnes of green vegetables including chilli, cucumber and lauki (gourd) left for Delhi to be exported to the UK, which is reeling under the onslaught of the virus. Earlier, vegetable consignments were sent only to the Gulf countries from Varansi region.Speaking to TOI on Wednesday, divisional commissioner Deepak Agrawal said, “On Tuesday evening, a truck left with four tonnes of farm fresh green chilli, gourd and cucumber in air-conditioned containers for Delhi. The vegetables grown by a progressive farmer, Anil Kumar Rai, in his fields in Ghazipur district, will reach London by air cargo on Thursday from the Delhi airport.” “It is a welcome development for the Varanasi region as the dispatch to London will generate opportunities in the European market also. In the past, exports of fresh vegetables were limited only to the Gulf countries,” he added. The last dispatch by the Agricultural and Processed Food Products Export Development Authority (APEDA), in its endeavour to promote exports from rich agricultural regions of India, was made on December 20, 2019 from Varanasi to Dubai. It was the first trial shipment of vegetables through sea route to Dubai.