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- US Secretary of State Mike Pompeo. File photo: Reuters
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- RCEP trade negotiations will continue into 2019: Prabhu
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- Prolight + Sound Shanghai 2018 continues to enthrall with enhanced product coverage
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- This committee has been formed upon recommendations of another expert group set up last year to look into the issue of these implants.
- Country’s 1st bullet train is likely to start running between Mumbai & Ahmedabad by the end of 2022.
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- The countryâs first bullet train is likely to start running between Mumbai and Ahmedabad by the end of 2022. The 508-km, high speed train corridor is being built with Japanese assistance.
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- MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2 per cent.
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- Rakesh Pareek, president of the Sewa Dal in Rajasthan, told ET that it would deploy trained workers in the identified constituencies to work for Congressâ victory.
- In the local body polls, the SDPI strategically fielded candidates only in those seats where Muslims form a majority of the population.
- âCows are dying on roads but BJP only does politics over cow. I can't see cows dying so I promise that if we come to power, we will open a gaushala in every gram panchayat,â Nath said
- ET has reliably gathered that both sides have agreed to an arrangement by which either side can terminate the agreement by giving each other an advance notice of six months.
- A RSS report identifies BBC and Al Jazeera among media organisations that were âconstantly portraying the problem as one created by the Stateâ
- The petition, filed by a resident of Uttarakhand, argued that EVMs and VVPATs (voter verified paper audit trails) were handled by private parties in breach of the commissionâs rules
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- In parallel, Indian Railways will start the process of setting up a bullet train assembling facility in India on a public private participation (PPP) basis that will cater to future needs. Japanese train technology companies such as Kawasaki and Hitachi may set up facilities in the country, the official said.âWeâll be inviting bids to set up an assembling plant here in India as well under the Make in India programme,â the official added. Construction on the bullet train project is likely to start in January next year with Indian Railways hopeful of meeting the December 2018 deadline for acquiring land.The bullet train corridor will have sound baffles along the route that will have 12 stations, with about 350 km of it in Gujarat and 150 km in Maharashtra. The government has already started getting funds from the Japanese International Cooperation Agency, which is providing a soft loan of Rs 88,000 crore for the project over 50 years at an annual interest rate of 0.1%. Repayments will start after a moratorium of 15 years from the date the loan was released.
- âThere is a degree of paranoia. I believe banks have been told to follow a two-step authentication for large value transaction. Some of these measures may slow down a bank. But thatâs the price you pay after a scam,â said a person familiar with the matter.The basic instructions to banks were: first, immediately ensure that no SWIFT message, creating funded or non-funded exposure to banks, is sent without first ensuring that the underlying transaction has been duly reflected in the CBS/accounting system; second, put in place straightthrough processing between CBS/accounting system and SWIFT messaging system by April 30, 2018.Along with this a detailed timeline was issued to banks for implementation of 20-odd controls related to SWIFT and Nostro accounts. Among other things, RBI directed banks that all their corporate customers shall have their fund and non-fund based limits set and monitored centrally by bankâs risk management division which would check the limit utilisation every week.Banks were told to put in place a system to generate alerts on breach of any control limits as well as any other unusual feature in the transactions; and, audit SWIFT/Nostro transactions for any anomaly by sourcing the data in raw form from the originating system. Also, the lenders have to undertake reconciliation of payment messages every one or two hours by comparing the outward messages with SWIFT confirmation.Some of the measures had to be implemented with immediate effect while the rest had to be put in place between March and June-end. Besides a review of systems, another immediate impact of the scam was a ban on LoUs which had emerged as an easy and inexpensive tool to finance trade.LoU volumes had surged in the past 7-8 years following an easy money policy by the US Federal Reserve. LoU was an arrangement where the importerâs bank issued a guarantee to borrow from an overseas bank (which could be the foreign branch of an Indian bank) to pay off the bank that funds the overseas supplier; the understanding was that the local bank issuing LoU would recover the amount from the importer to repay the overseas bank. Bankers said RBI is unlikely to bring back LoUs in a hurry.
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- Chandigarh Police Tuesday started probing a complaint of one such fraudulent call, received by a doctor couple who had recently lodged a missing complaint of their cell phone through the âReport Lost Articleâ option available on its online portal.
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- The Trump administration has cut military aid over dissatisfaction with Pakistan's commitment to assisting the U.S. strategy for pressuring the Afghan Taliban, whose leaders use…
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- Finance ministry notifies annual tax return forms for businesses registered under GST
- Finance ministry has notified annual tax return forms for businesses registered under the GST, in which details of sales, purchases and input tax credit (ITC) benefits accrued to them during 2017-18 fiscal.
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- President Ram Nath Kovind has called upon the Indian diaspora in Bulgaria to become a part of India's transformative journey.
- Teachers' Day being celebrated today; VP M Venkaiah Naidu to give away National Teachersâ Awards in New Delhi
- Teachers' Day is being celebrated throughout the country today. The day is celebrated on the birth anniversary of educationist and former President Dr Sarvepalli Radhakrishnan.
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- Inter-Ministerial Central Team arrives in Nagaland to assess the damages caused by floods and landslides
- An Inter-Ministerial Central Team arrived in Nagaland to assess the damages caused by floods and landslides.
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- Rupee’s fall brings cheer to some, pain for others
- Taking on Uber is optics. Ola’s overseas moves have more to do with safeguarding its own future.
- I canât let Cancer kill my son. I need your help urgently.
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- While Zomato did not specify the number of restaurants, the exercise is being carried out across all 34 cities where the firm has presence.
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- Rakesh Pareek, president of the Sewa Dal in Rajasthan, told ET that it would deploy trained workers in the identified constituencies to work for Congress’ victory.
- Article at EconomicTimes.com with article id : 65678899
- Article at EconomicTimes.com with article id : 65679030
- Article at EconomicTimes.com with article id : 65679056
- Article at EconomicTimes.com with article id : 65679006
- Article at EconomicTimes.com with article id : 65678984
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- Article at EconomicTimes.com with article id : 65678903
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- Article at EconomicTimes.com with article id : 65679052
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- Copyright:(C)Wed 05 Sep 2018, 08:03:212018Wed 05 Sep 2018, 08:03:21 Bennett Coleman & Co. Ltd, http://info.indiatimes.com/terms/tou.html
- Donât let âurban Naxalsâ hijack movements: RSSA RSS report identifies BBC and Al Jazeera among media organisations that were âconstantly portraying the problem as one created by the Stateâ
- Wonât share India data without consent: US ET has reliably gathered that both sides have agreed to an arrangement by which either side can terminate the agreement by giving each other an advance notice of six months.
- Caatsa waiver likely to be part of 2+2 dialogueThe US has imposed military sanctions under Caatsa against Russia and the sanctions extend to countries that engage with Russia on defence.
- Copyright:(C)Wed 05 Sep 2018, 08:08:422018Wed 05 Sep 2018, 08:08:42 Bennett Coleman & Co. Ltd, http://info.indiatimes.com/terms/tou.html
- New Delhi: India will purchase 18 bullet train sets from Japan at a total cost of about Rs 7,000 crore in a deal that includes a pledge to transfer technology for local production, an official said.The countryâs first bullet train is likely to start running between Mumbai and Ahmedabad by the end of 2022. The 508-km, high speed train corridor is being built with Japanese assistance.âWeâll be getting 18 Shinkansen train sets from Japan,â said the official cited above. âEach train will have 10 coaches and would be able to cruise at the speed of 350 km per hour.âJapanese manufacturers will participate in a tender that will be floated soon to procure the high-speed trains. They will follow the Japan Railways design. The official said Japanese bullet trains are among the safest in the world and those imported will have automatic protection systems to ensure safety.The Mumbai-Ahmedabad route is expected to be used by 18,000 passengers with fares between the two cities likely to be less than Rs 3,000 in economy class. The trains will also have a first class with amenities similar to those in airlines.
- An anxious Reserve Bank of India, still nursing the scars of the Nirav Modi scam, has shot off showcause letters to several banks for not fixing the gaps in their SWIFT systems -- the global financial messaging service that was misused by officials of Punjab National Bank to let jeweller Modi and his uncle, Mehul Choksi, walk away with $2 billion.Weeks after the scam surfaced in January 2018, the central bank, in a confidential advisory to CEOs of all banks, directed them to put in place a slew of measures to curb such frauds. But now, having discovered that many banks are yet to fully implement the measures, the regulator has asked them to explain the delay.In PNB, the fraud went on for years undetected as the bankâs SWIFT system was not integrated to its core banking system (CBS). A handful of officials used the SWIFT network to issue unauthorised letters of undertaking (LoUs) â" a quasi-guarantee from the bank â" to raise finance abroad. Old LoUs were rolled over with new LoUs of higher amounts till the music stopped.In the showcause letters issued in August-end, RBI has pointed out the lapses in close to 25 banks, said two bankers.65679038
- The government is working on measures to help grow the services sector and has lined up a financial support of Rs 5,000 crore to promote 12 major services including automobile retailing, commerce and industry minister Suresh Prabhu said.It is the services sector that drives the economy and manufacturers cannot survive if there are no retailers to sell, Prabhu said, delivering the keynote address at the Third ET Auto Retail Forum on Tuesday.Therefore, he said, the government intends to scale up the support for services in line with the manufacturing sector, he added.Unveiling the Top 100 Power Automobile Dealer list, the minister said this is the first time these retailers are getting recognition for the service they deliver to customers and the country.There are about 15,000 automobile dealers in India with 25,000 outlets for passenger vehicles, two-wheelers and commercial vehicles. These generate tax revenue in excess of Rs 95,000 crore.Industry bigwigs and sector enthusiasts participated in the day-long event, where they discussed the opportunities and challenges facing the business.Discussions were held on topics such as developing a healthy working capital & inventory management system, scalability & corporatisation of auto retail, role of data analytics & digital tools for better customer experience and participation of women in auto retail.Maruti Suzuki senior executive director RS Kalsi said being digital will be the next big success mantra for the automobile industry as already 80% of the research before someone buys a car happens online.Rahil Ansari, brand director and country head at Audi India, said, corporatisation of the retail business is the future in India and dealers need to have a right mindset, correct people and robust processes to achieve that.Female owners of dealerships ruled out the notion that the automobile retail business is plagued with gender bias, saying the participation of women is increasing year on year and is likely to be at par with men in a few years. It's about human capabilities and I don't see this business as challenging, itâs like any other industry," said Garima Mishra, managing director, Group Landmark. The conclave delved into the insights on the automobile retailing business, increasing digital trends, leveraging opportunities in auto parts & services and
- The government has constituted a central expert committee to determine how much the patients with Johnson & Johnson's âASRâ hip implants should be compensated, according to a document sent by the health ministry to the country's apex drug regulator.With this, patients with health problems caused because of these faulty hip implants, globally recalled in 2010 because more patients were found to require revision surgeries than normally reported for such devices, may be a step closer to receiving a payout.The new central committee will be chaired by RK Acharya, director of Safdarjung Hospital's sports injury centre, and will consist of five members, according to an order dated August 30.At the same time, some patients are either unhappy with the process or want more clarity on how exactly the final compensation amount will be determined. The new committee has to determine the quantum of compensation that patients with these implants can receive within 45 days of receiving a report from the state committees that are also being set up to trace aggrieved patients.According to a second notification sent to states on the same date, the committee has to calculate the compensation amount on a case-by-case basis, using details like degree of disability and suffering on account of monetary loss due to reasons like loss of wages.Patients with one or more revision surgeries and still suffering from disabilities, and patients with ASR and facing any other systemic disorder where the cause is established, are entitled to compensation.Patients implanted with ASR who did not undergo any revision surgeries, and those who do not suffer any disabilities following one revision surgery are also eligible.This committee has been formed upon recommendations of another expert group set up last year to look into the issue of these implants.The expert group submitted its report six months ago and recommended a base compensation of at least Rs 20 lakh as well as the extension of J&J's ongoing reimbursement programme for revision surgeries until 2025.The findings and recommendations were made public last week. J&J said it was still reviewing the expert committee's report.Since the voluntary recall decision was made, J&Jâs DePuy Orthopaedics unit (it used to make these implants) had taken measures to provide information to patients and surgeons, including an "unprecedented" reimbursement programme to address recallrelated costs, a company spokesperson told ET."This programme, managed by independent claims processor Crawford, included reimbursement for recallrelated revision surgeries and followup treatment, as well as other patient out-of-pocket expenses,â the spokesperson told ET.âDePuy established the programme with the intention of removing financial barriers for patients so they could receive recall-related testing and treatment," the spokesperson said.
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Wednesday, September 5, 2018
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