Latest news with #JIC
The Print
6 days ago
- The Print
Detained on DRDO officer's tip-off, Pokhran guesthouse manager ‘passed guest lists to Pakistan for 5 yrs'
Sources in the security establishment told ThePrint that the guest house manager, identified as Mahendra Prasad, had been sharing PDF documents containing lists of guests staying at the guest house for the past five years. Based on 'reliable' information, the Jaisalmer district police detained the manager 5 August for questioning, and a preliminary review of his mobile phone revealed the extent of the information he had passed on to Pakistani intelligence operatives. However, no First Information Report has been filed yet. New Delhi: A complaint by a Defence Research and Development Organisation (DRDO) officer staying at the organisation's guest house at the Pokhran Field Firing Range has blown the lid off a five-year-long suspected spying module, allegedly run by the guest house manager, ThePrint has learnt. According to a source, the list of guests helped Pakistani intelligence operative gauge the level of tests or the kind of projects underway at the Pokhran range. A resident of Uttarakhand's Almora district, Prasad has been working at the DRDO guest house since 2019. Situated around 200 kilometres from the Pakistan border in the Jaisalmer district, the Pokhran range serves as India's testing site for weapons and related facilities. 'Upon verification of intelligence inputs about his suspicious activities, Prasad was taken into custody for questioning by the local police. He was detained for comprehensive questioning by a Joint Interrogation Committee (JIC) comprising officials from the intelligence agencies and Border Security Force,' a source in the security establishment told ThePrint. While officials were tight-lipped about the specific details of the case, ThePrint has learnt that Prasad was posted at the same DRDO guest house during Operation Sindoor, which saw attacks by Pakistan armed forces against Indian defence establishments, including the Jaisalmer Air Force Station. A First Information Report is yet to be filed, and it will be based on the report of the JIC, which will determine the course of action. Law enforcement agencies, including state police forces, have been on high alert against suspicious individuals passing on sensitive and confidential information to Pakistani operatives through communication apps or social media. Police forces in Punjab, Haryana, as well as the National Investigation Agency, have arrested several individuals on charges of spying, including personnel from the Indian Army and the Central Reserve Police Force, in the last couple of months. (Edited by Viny Mishra) Also read: Pokhran resident shrugs off drone incursions from Pakistan—'we're from land where nuclear tests happened
Business Wire
31-07-2025
- Business
- Business Wire
AM Best Affirms Credit Ratings of Jordan Insurance Company Plc.
LONDON--(BUSINESS WIRE)-- AM Best has affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of 'bb+' (Fair) of Jordan Insurance Company Plc. (JIC) (Jordan). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect JIC's balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and marginal enterprise risk management (ERM). JIC's balance sheet strength is underpinned by its risk-adjusted capitalisation, which was at the strongest level as at year-end 2024, as measured by Best's Capital Adequacy Ratio (BCAR). The company's BCAR scores have improved in recent years as a result of measures taken by management to increase risk-adjusted capitalisation, including the suspension of dividend payments and the divesture of certain capital-intensive investments. Nonetheless, a partially offsetting rating factor is JIC's significant holdings of illiquid equity and real estate asset classes, which have been a source of volatility to the company's total equity, and have negatively impacted its regulatory solvency capital ratio. The ratings also consider JIC's moderately high reinsurance dependence for large property and commercial risks, although the associated risks are partially mitigated by a stable reinsurance panel of good credit quality. JIC has a track record of adequate operating performance, evidenced by return-on-equity ratios of approximately 4% over the last five years (2020-2024). The company reported a net profit of JOD 2.3 million in 2024 (2023: JOD 1.8 million), primarily driven by the profitability of its life portfolio, while challenging market conditions in Jordan and the United Arab Emirates translated into a non-life net/net combined ratio of 100.8% (101.7% in 2023 - as calculated by AM Best). Overall operating results have been supported by modest investment income, which translated into an average net investment return of 2.2% over the past five years. However, volatility in fair value movements of investments recognised through other comprehensive income introduced volatility into JIC's total equity over the period. JIC has an established position in Jordan's insurance market, where the company consistently ranks second based on gross written premiums; however, this market remains relatively small by international standards. JIC's insurance services revenue is well-diversified across a range of life and non-life business lines in Jordan. Due to the heavy use of reinsurance on property and other commercial lines, the company's net insurance services revenue is concentrated in motor and medical, although to a lesser extent than its domestic peers. The assessment considers the geographic diversification provided by branch offices in the UAE and, to a lesser extent, Kuwait, together with the multi-year bancassurance agreements in place for the distribution of life insurance products, giving JIC a competitive edge over most of its domestic peers. While JIC demonstrates a sound framework for identifying and managing underwriting-related risks, AM Best considers that risk management capabilities are not commensurate with the company's risk profile in areas including investments and capital management. The company is expected to take further steps to reduce its exposure to these risks over the short to medium term. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.
CNA
21-05-2025
- Business
- CNA
Japan's JIC says JSR's weak financials do not affect chipmaking consolidation goal
TOKYO :State-backed JIC's private equity arm said its goal of driving consolidation in Japan's chipmaking sector through portfolio firm JSR is unaffected by weak financial performance at the photoresist maker. Japan Investment Corp took JSR private last year in a $6 billion deal with the materials manufacturer saying it planned to make deals. However, JSR ended the year in March with an operating loss of 209 billion yen ($1.45 billion). "Our goal was to take JSR private and ... through a series of industry reorganisations, such as mergers with similar companies or rivals ... to significantly grow the semiconductor business and enhance international competitiveness, leading to re-listing," JIC Capital CEO Shogo Ikeuchi said in an interview. "That goal hasn't really changed at all even now," he said. JSR has replaced top management and embarked on restructuring, with its new CEO telling Reuters that the firm is not ready to make acquisitions. The company's struggling life sciences business has pulled down its earnings. JSR has agreed to sell part of the business to Tokuyama Corp in an 82 billion yen deal. JIC's buyout of JSR has been controversial in the industry, with some questioning the need for such intervention and prospects for successfully reshaping the sector. "Japan is a country where restructuring is structurally difficult," Ikeuchi said. JIC was set up in 2018 to invest in companies with the goal of boosting Japan's competitiveness and is overseen by the trade ministry. JSR previously said it aims to relist in five to seven years. That is still the plan, though an earlier listing is possible, said Ikeuchi, a former executive at staffing firm Recruit. The CEO of JSR peer Resonac, Hidehito Takahashi, in February said his firm was interested in being involved in JSR when JIC exits.
Reuters
21-05-2025
- Business
- Reuters
Japan's JIC says JSR's weak financials do not affect chipmaking consolidation goal
TOKYO, May 21 (Reuters) - State-backed JIC's private equity arm said its goal of driving consolidation in Japan's chipmaking sector through portfolio firm JSR is unaffected by weak financial performance at the photoresist maker. Japan Investment Corp took JSR private last year in a $6 billion deal with the materials manufacturer saying it planned to make deals. However, JSR ended the year in March with an operating loss of 209 billion yen ($1.45 billion). "Our goal was to take JSR private and ... through a series of industry reorganisations, such as mergers with similar companies or rivals ... to significantly grow the semiconductor business and enhance international competitiveness, leading to re-listing," JIC Capital CEO Shogo Ikeuchi said in an interview. "That goal hasn't really changed at all even now," he said. JSR has replaced top management and embarked on restructuring, with its new CEO telling Reuters that the firm is not ready to make acquisitions. The company's struggling life sciences business has pulled down its earnings. JSR has agreed to sell part of the business to Tokuyama Corp (4043.T), opens new tab in an 82 billion yen deal. JIC's buyout of JSR has been controversial in the industry, with some questioning the need for such intervention and prospects for successfully reshaping the sector. "Japan is a country where restructuring is structurally difficult," Ikeuchi said. JIC was set up in 2018 to invest in companies with the goal of boosting Japan's competitiveness and is overseen by the trade ministry. JSR previously said it aims to relist in five to seven years. That is still the plan, though an earlier listing is possible, said Ikeuchi, a former executive at staffing firm Recruit (6098.T), opens new tab. The CEO of JSR peer Resonac (4004.T), opens new tab, Hidehito Takahashi, in February said his firm was interested in being involved in JSR when JIC exits. Resonac is one option among many, Ikeuchi said, noting the chip materials maker's debt burden. ($1 = 144.3800 yen)
Yahoo
27-03-2025
- Business
- Yahoo
JSR's incoming CEO signals focus on finances, retreat from sector M&A ambitions
By Sam Nussey and Miho Uranaka TOKYO (Reuters) - The incoming CEO of Japanese chip materials maker JSR plans to focus on restoring the company's business performance, shifting away from previous ambitions to drive consolidation in the sector. JSR's financial performance is not good, and the company is not ready to make acquisitions, Tetsuro Hori, who will assume the CEO role on April 1, said in an interview on Wednesday. "We need to recover the life science business. This is the first priority," he said. The company's business performance has deteriorated, affected by losses in its life sciences unit, sparking industry speculation that JSR may attempt to sell the division. "JSR might not be the best owner of the life science (business), that's what I'm thinking right now," said Hori, adding that nothing has been decided and the business' performance would need to improve before any potential sale. Under outgoing CEO Eric Johnson, JSR was taken private by the state-backed Japan Investment Corp (JIC) last year in a $6 billion deal. Johnson had argued that the buyout would free JSR, a leading maker of photoresists for chipmaking, from the challenge of managing its foreign investor base, enabling the company to pursue sector deals. However, the transaction has been controversial, with some in the industry questioning whether JSR could successfully make deals that would significantly reshape the sector. Hori said that M&A must be supported by customers, and they must also create value. Hori joined JSR as chief financial officer in January, and had previously served as an executive at chipmaking equipment manufacturer Tokyo Electron. Hidehito Takahashi, the CEO of chip materials maker Resonac, said last month that he would like his company to be involved when JIC exits JSR. "If we can find some good synergy probably those deals could be on the table," Hori said, adding that he hasn't had discussions with Resonac. JSR booked a net loss of 22.2 billion yen ($148 million) in the six-month period ended September 30. Hori hopes to return the business to profitability by the next financial year, which ends in March 2026. ($1 = 150.3800 yen) Sign in to access your portfolio
