General Affairs
Swine Flu Led to Huge Financial Burden on Patients: Study
-
NEW DELHI: The outbreak of H1N1 in India in the opening months of the year had a huge socio-economic impact with the expenditure incurred by patients on their treatment being 17 to 62 times of India's monthly per capita income, according to a study.
The study was carried out on 209 hospitalised swine flu patients from January 1 to March 31, 2015.
The H1N1 influenza outbreak caused various problems with huge financial burden on individuals as well as insurance providers, the study found.
"The recent outbreak of H1N1 affected healthy adults besides patients with high risk factors thus causing panic among large sections of the population. It led to substantial health burden and had huge implications ranging from closure of schools to low productivity," said the study carried out by Sir Ganga Ram Hospital (SGRH).
The expenditure incurred by patients on their treatment was 17 to 62 times of India's monthly per capita income, the study said.
"Our study found that minimum expenditure for admitted patients of H1N1 patient was Rs. 10,004 and maximum was Rs. 19,85,428. Mean expenditure in isolation ward was Rs. 1,25,429, single isolated room was Rs.1,62,320 and in ICU it was Rs. 4,57,447. The expenditure increased with increase in age.
Hospital expenses in specially created Isolation Ward was much lower than Isolated Single Rooms," Dr Atul Gogia said.
The doctors said that this is the first report to give fair information on the economic impact of H1N1 influenza.
However, the actual economic burden of H1N1 could be much higher as the study could not take into account absenteeism from work or school and decrease in production and tourism.
Dr Atul Kakar, author of the study and senior consultant at SGRH said preventive measures with vaccination before the start of epidemic would help drastically reduce the cost of hospitalisation and socio-economic burden on the patient.
NEW DELHI: The outbreak of H1N1 in India in the opening months of the year had a huge socio-economic impact with the expenditure incurred by patients on their treatment being 17 to 62 times of India's monthly per capita income, according to a study.The study was carried out on 209 hospitalised swine flu patients from January 1 to March 31, 2015.
The H1N1 influenza outbreak caused various problems with huge financial burden on individuals as well as insurance providers, the study found.
"The recent outbreak of H1N1 affected healthy adults besides patients with high risk factors thus causing panic among large sections of the population. It led to substantial health burden and had huge implications ranging from closure of schools to low productivity," said the study carried out by Sir Ganga Ram Hospital (SGRH).
The expenditure incurred by patients on their treatment was 17 to 62 times of India's monthly per capita income, the study said.
"Our study found that minimum expenditure for admitted patients of H1N1 patient was Rs. 10,004 and maximum was Rs. 19,85,428. Mean expenditure in isolation ward was Rs. 1,25,429, single isolated room was Rs.1,62,320 and in ICU it was Rs. 4,57,447. The expenditure increased with increase in age.
Hospital expenses in specially created Isolation Ward was much lower than Isolated Single Rooms," Dr Atul Gogia said.
The doctors said that this is the first report to give fair information on the economic impact of H1N1 influenza.
However, the actual economic burden of H1N1 could be much higher as the study could not take into account absenteeism from work or school and decrease in production and tourism.
Dr Atul Kakar, author of the study and senior consultant at SGRH said preventive measures with vaccination before the start of epidemic would help drastically reduce the cost of hospitalisation and socio-economic burden on the patient.
Supreme Court Upholds Jail Term of OP Chautala, Son in Recruitment Scam
-
NEW DELHI: The Supreme Court has upheld the conviction and 10-year jail sentence to former Haryana Chief Minister Om Prakash Chautala, his son Ajay Chautala and 53 others in a scam that involved illegal recruitment of thousands of junior teachers in the state's government schools.
The five-time chief minister and his son were convicted in January 2013 by a trial court for hiring the teachers in exchange for bribes.
The Central Bureau of Investigation, which had investigated the case for four years, had said the 80-year-old chief of the Indian National Lok Dal, and his son had used forged documents to appoint the teachers.
Altogether, 3,206 junior basic trained teachers were illegally recruited in Haryana in 2000, the agency had found.
The High Court upheld the conviction in March this year, saying, "The overwhelming evidence showed the shocking and spine-chilling state of affairs in the country."
In response to the leader's petition in top court, a bench comprising Justices FMI Kalifulla and Shiva Kirti Singh today said, "We are not inclined to entertain any of these appeals and they are dismissed."
The bench, however, said they may move high court to seek relief, like parole on health grounds.
Mr Chautala had been granted bail earlier on health grounds. But in October last year, his bail was cancelled and he was asked to surrender when it was found that he was holding political rallies ahead of the assembly elections.
NEW DELHI: The Supreme Court has upheld the conviction and 10-year jail sentence to former Haryana Chief Minister Om Prakash Chautala, his son Ajay Chautala and 53 others in a scam that involved illegal recruitment of thousands of junior teachers in the state's government schools.The five-time chief minister and his son were convicted in January 2013 by a trial court for hiring the teachers in exchange for bribes.
The Central Bureau of Investigation, which had investigated the case for four years, had said the 80-year-old chief of the Indian National Lok Dal, and his son had used forged documents to appoint the teachers.
Altogether, 3,206 junior basic trained teachers were illegally recruited in Haryana in 2000, the agency had found.
The High Court upheld the conviction in March this year, saying, "The overwhelming evidence showed the shocking and spine-chilling state of affairs in the country."
In response to the leader's petition in top court, a bench comprising Justices FMI Kalifulla and Shiva Kirti Singh today said, "We are not inclined to entertain any of these appeals and they are dismissed."
The bench, however, said they may move high court to seek relief, like parole on health grounds.
Mr Chautala had been granted bail earlier on health grounds. But in October last year, his bail was cancelled and he was asked to surrender when it was found that he was holding political rallies ahead of the assembly elections.
25 Congress Lawmakers Suspended From Lok Sabha for Causing 'Grave Disorder'
-
NEW DELHI: Lok Sabha Speaker Sumitra Mahajan has suspended 25 members of the Congress for five days for causing "grave disorder" in Parliament.
Ms Mahajan's action came after repeated warnings to the main opposition party's lawmakers not to carry placards and wear black bands in protest to the House.
The Congress has continuously disrupted both houses every day since the monsoon session of parliament began.
Congress president Sonia Gandhi made it clear at a meeting of her party MPs today that the protests would go on till three top BJP leaders caught in controversies are removed.
As Ms Mahajan announced the punishment, the Trinamool Congress' Sudip Bandopadhyay requested her to take a more lenient view, but the Speaker did not relent.
NEW DELHI: Lok Sabha Speaker Sumitra Mahajan has suspended 25 members of the Congress for five days for causing "grave disorder" in Parliament.Ms Mahajan's action came after repeated warnings to the main opposition party's lawmakers not to carry placards and wear black bands in protest to the House.
The Congress has continuously disrupted both houses every day since the monsoon session of parliament began.
Congress president Sonia Gandhi made it clear at a meeting of her party MPs today that the protests would go on till three top BJP leaders caught in controversies are removed.
As Ms Mahajan announced the punishment, the Trinamool Congress' Sudip Bandopadhyay requested her to take a more lenient view, but the Speaker did not relent.
Every Home Will Have a Drone Soon: Indian-Origin Scientist
-
WASHINGTON: The current craze of grabbing the latest mobile phone may soon be replaced by a desire to own a drone, according to Indian-origin scientist Parimal Kopadekar from NASA.
In five to 10 years from now, every home may have a drone, Kopadekar said at a conference on Unmanned Aerial Systems Traffic Management hosted by Nasa and the Silicon Valley Chapter of the Association of Unmanned Vehicle Systems International last week.
"I see a time when every home will have a drone," Mr Kopadekar, manager of Nasa's Safe Autonomous System Operations Project at Ames Research Center in Mountain View, California, was quoted as saying by USA Today.
"You are going to use a drone to do rooftop inspections. You are going to be able to send a drone to Home Depot to get a screw driver," he noted.
He said that "this is in five or 10 years".
Scientists conceive new beneficial applications for these aircraft, including goods delivery, infrastructure inspection, search and rescue, and agricultural monitoring.
"The sky could become increasingly crowded as personal and commercial uses of unmanned aircraft systems (UAS), commonly called drones, become more popular," Mr Kopardekar pointed out.
In collaboration with companies like Google, Amazon, Lochheed Martin, Raytheon, Airware, DroneDeploy, Matternet, Cisco and Verizon, NASA is working towards an air traffic control system for small, low-altitude drones.
"We have 125 collaborators and it is growing," Mr Kopadekar said.
WASHINGTON: The current craze of grabbing the latest mobile phone may soon be replaced by a desire to own a drone, according to Indian-origin scientist Parimal Kopadekar from NASA.In five to 10 years from now, every home may have a drone, Kopadekar said at a conference on Unmanned Aerial Systems Traffic Management hosted by Nasa and the Silicon Valley Chapter of the Association of Unmanned Vehicle Systems International last week.
"I see a time when every home will have a drone," Mr Kopadekar, manager of Nasa's Safe Autonomous System Operations Project at Ames Research Center in Mountain View, California, was quoted as saying by USA Today.
"You are going to use a drone to do rooftop inspections. You are going to be able to send a drone to Home Depot to get a screw driver," he noted.
He said that "this is in five or 10 years".
Scientists conceive new beneficial applications for these aircraft, including goods delivery, infrastructure inspection, search and rescue, and agricultural monitoring.
"The sky could become increasingly crowded as personal and commercial uses of unmanned aircraft systems (UAS), commonly called drones, become more popular," Mr Kopardekar pointed out.
In collaboration with companies like Google, Amazon, Lochheed Martin, Raytheon, Airware, DroneDeploy, Matternet, Cisco and Verizon, NASA is working towards an air traffic control system for small, low-altitude drones.
"We have 125 collaborators and it is growing," Mr Kopadekar said.
China Wants No Talk of South China Sea at Upcoming ASEAN Meeting
-
KUALA LUMPUR: Chinese Vice Foreign Minister Liu Zhenmin said today the disputed South China Sea should not be discussed at a meeting of the Association of Southeast Asian Nations (ASEAN).
Liu, speaking to Reuters on the sidelines of the 48th ASEAN Foreign Ministers Meeting, which kicks off in Kuala Lumpur on Tuesday, said the meetings should avoid all talk on the sensitive issue, adding that countries outside ASEAN should not interfere.
"It should not be discussed," said Liu. "This is not the right forum. This is a forum for promoting cooperation. If the U.S. raises the issue we shall of course object. We hope they will not."
The issue was not on the official agenda, but expectations had been high that it would be discussed against a backdrop of increasing tensions and overlapping claims in the potentially energy-rich South China Sea.
The United States, worried about China's increasing assertiveness in the region, is expected to repeat a call for Beijing to halt land reclamation on islands in disputed waters.
Neither the United States nor China are members of ASEAN, but have been invited to participate alongside other countries outside the group. U.S. Secretary of State John Kerry will be in Kuala Lumpur on Wednesday and Thursday.
China claims most of the South China Sea, through which $5 trillion in ship-borne trade passes every year, and rejects the rival claims of Vietnam, the Philippines, Brunei, Malaysia and Taiwan.
The Asian giant has repeatedly urged Washington not to take sides in the escalating maritime dispute over the area, where it last year stepped up construction of artificial islands, provoking U.S. criticism and alarming neighbours.
Last week, China accused the United States of "militarizing" the South China Sea by staging patrols and joint military drills there. The United States has stepped up military drills with regional allies such as the Philippines.
Liu reiterated those concerns.
"Outside countries, they are trying to militarize the region," Liu told Reuters.
With the disputed area becoming Asia's biggest potential military flashpoint, China and Southeast Asian nations have agreed to set up a foreign ministers' hotline to tackle emergencies in the South China Sea, a senior official of the ASEAN grouping said on Friday.
Liu said the hotline was a "useful" mechanism but that no guidelines on it had been outlined so far.
"You need rules for operation, so we are requesting an amended joint working group to formulate the guidelines," he said.
Apart from the 10 Southeast Asian countries, the meetings will also see participation of China, Japan, South Korea, Australia, the United States, the European Union, Russia and India.
KUALA LUMPUR: Chinese Vice Foreign Minister Liu Zhenmin said today the disputed South China Sea should not be discussed at a meeting of the Association of Southeast Asian Nations (ASEAN).Liu, speaking to Reuters on the sidelines of the 48th ASEAN Foreign Ministers Meeting, which kicks off in Kuala Lumpur on Tuesday, said the meetings should avoid all talk on the sensitive issue, adding that countries outside ASEAN should not interfere.
"It should not be discussed," said Liu. "This is not the right forum. This is a forum for promoting cooperation. If the U.S. raises the issue we shall of course object. We hope they will not."
The issue was not on the official agenda, but expectations had been high that it would be discussed against a backdrop of increasing tensions and overlapping claims in the potentially energy-rich South China Sea.
The United States, worried about China's increasing assertiveness in the region, is expected to repeat a call for Beijing to halt land reclamation on islands in disputed waters.
Neither the United States nor China are members of ASEAN, but have been invited to participate alongside other countries outside the group. U.S. Secretary of State John Kerry will be in Kuala Lumpur on Wednesday and Thursday.
China claims most of the South China Sea, through which $5 trillion in ship-borne trade passes every year, and rejects the rival claims of Vietnam, the Philippines, Brunei, Malaysia and Taiwan.
The Asian giant has repeatedly urged Washington not to take sides in the escalating maritime dispute over the area, where it last year stepped up construction of artificial islands, provoking U.S. criticism and alarming neighbours.
Last week, China accused the United States of "militarizing" the South China Sea by staging patrols and joint military drills there. The United States has stepped up military drills with regional allies such as the Philippines.
Liu reiterated those concerns.
"Outside countries, they are trying to militarize the region," Liu told Reuters.
With the disputed area becoming Asia's biggest potential military flashpoint, China and Southeast Asian nations have agreed to set up a foreign ministers' hotline to tackle emergencies in the South China Sea, a senior official of the ASEAN grouping said on Friday.
Liu said the hotline was a "useful" mechanism but that no guidelines on it had been outlined so far.
"You need rules for operation, so we are requesting an amended joint working group to formulate the guidelines," he said.
Apart from the 10 Southeast Asian countries, the meetings will also see participation of China, Japan, South Korea, Australia, the United States, the European Union, Russia and India.
Business Affairs
Factory growth speeds to six-month high in July: Purchasing Managers' Index
-
The manufacturing activity expanded at its fastest pace in six months in July as new export orders accelerated, a business survey showed on Monday.
The Nikkei Manufacturing Purchasing Managers' Index, compiled by Markit, rose to 52.7 in July from June's 51.3, bucking weakness seen across much of the rest of Asia. The 50-mark demarcates contraction from expansion.
"This reflects stronger increases of new orders and output. Furthermore, the sector was also boosted by the quickest expansion in export orders since February," said Pollyanna De Lima, economist at Markit.
A Reuters poll last week predicted the PMI would dip slightly to 51.0.
Firms resisted passing on higher raw material costs to customers, which will be good news for the Reserve Bank of India ahead of its next policy review on Tuesday. It is expected to leave interest rates on hold.
Retail inflation in June crept to an eight-month high but remains far from the double-digit levels less than two years ago and within the RBI's target of 2 to 6 per cent.
The new export orders sub-index jumped to 54.5 from 51.8, the highest reading in five months, which coupled with a similar increase in domestic orders suggests renewed demand for goods both home and abroad.
But a Reuters poll last month suggested that the economic growth prospects have dimmed due to delays in passing reforms through parliament.
"Although the latest data suggest that the manufacturing upturn gained traction, worries regarding the labour market persist," De Lima said.
Staffing levels were cut for a fourth month, the survey showed.
The manufacturing activity expanded at its fastest pace in six months in July as new export orders accelerated, a business survey showed on Monday.
The Nikkei Manufacturing Purchasing Managers' Index, compiled by Markit, rose to 52.7 in July from June's 51.3, bucking weakness seen across much of the rest of Asia. The 50-mark demarcates contraction from expansion.
"This reflects stronger increases of new orders and output. Furthermore, the sector was also boosted by the quickest expansion in export orders since February," said Pollyanna De Lima, economist at Markit.
A Reuters poll last week predicted the PMI would dip slightly to 51.0.
Firms resisted passing on higher raw material costs to customers, which will be good news for the Reserve Bank of India ahead of its next policy review on Tuesday. It is expected to leave interest rates on hold.
Retail inflation in June crept to an eight-month high but remains far from the double-digit levels less than two years ago and within the RBI's target of 2 to 6 per cent.
The new export orders sub-index jumped to 54.5 from 51.8, the highest reading in five months, which coupled with a similar increase in domestic orders suggests renewed demand for goods both home and abroad.
But a Reuters poll last month suggested that the economic growth prospects have dimmed due to delays in passing reforms through parliament.
"Although the latest data suggest that the manufacturing upturn gained traction, worries regarding the labour market persist," De Lima said.
Staffing levels were cut for a fourth month, the survey showed.
RBI likely to cut rate by 0.25% tomorrow: Moody's Analytics
-
Research firm Moody's Analytics on Monday said the Reserve Bank is likely to cut the benchmark rate by 0.25 per cent in its monetary policy review on Tuesday as inflation is likely to remain subdued on the back of average rainfall and lower commodity prices.
"The Reserve Bank of India could deliver fireworks in its monetary policy meeting on Tuesday by cutting the repo rate by 25 basis points to 7 per cent," it said in a report, 'Asia Spotlight: More Rate Cuts in India'.
Moody's Analytics is a division of Moody's Corporation and is engaged in economic research and analysis.
It said dim forecasts of below-average rains have not come to fruition and rainfalls have been closer to the long-term average with encouraging signs for kharif crop sowing.
"There have been double-digit increases in areas sown compared with the last year for major kharif crops. And although the monsoon season is not over yet, we believe RBI has an opportunity to stay ahead of the curve and cut rates because better food supply will likely cap inflation," Moody's Analytics said.
Monsoon rainfall has picked up in July and the pace is likely to continue in August. The Met department had in June projected a deficient monsoon this year.
The research firm also said recent global developments also suggest limits to inflation pressure, with the tumbling of global commodity prices, particularly crude oil, on the back of the Iran nuclear deal.
"This would help ease RBI's concerns of rising fuel costs. Overall, the subdued inflation profile suggests RBI should lower rates and focus on economic growth," Moody's Analytics said.
It said private investments have not picked up as the economic engine is yet to fully fire without key reforms.
Besides, production momentum is weak, auto sales are low, and a secular upward trend in credit growth remains elusive.
"But we believe that favourable supply-side developments in recent weeks prescribe another rate cut in August," it added.
RBI Governor Raghuram Rajan had in June said the future trajectory of the monetary policy will depend on monsoon, the way the government manages shocks, if any, emanating from it and crude prices. RBI has cut rate by 0.75 per cent in January-June.
RBI is scheduled to announce its third bi-monthly policy review on Tuesday. The industry has been pitching for a rate cut to ease the cost of capital.
The wholesale price index (WPI)-based inflation has remained negative for the last eight months and stood at negative 2.4 per cent in June.
CPI inflation, however, accelerated to an eight-month high of 5.4 per cent year-on-year in June compared with 5.01 per cent in May. RBI takes into account CPI or retail inflation in deciding its monetary policy action.
Research firm Moody's Analytics on Monday said the Reserve Bank is likely to cut the benchmark rate by 0.25 per cent in its monetary policy review on Tuesday as inflation is likely to remain subdued on the back of average rainfall and lower commodity prices.
"The Reserve Bank of India could deliver fireworks in its monetary policy meeting on Tuesday by cutting the repo rate by 25 basis points to 7 per cent," it said in a report, 'Asia Spotlight: More Rate Cuts in India'.
Moody's Analytics is a division of Moody's Corporation and is engaged in economic research and analysis.
It said dim forecasts of below-average rains have not come to fruition and rainfalls have been closer to the long-term average with encouraging signs for kharif crop sowing.
"There have been double-digit increases in areas sown compared with the last year for major kharif crops. And although the monsoon season is not over yet, we believe RBI has an opportunity to stay ahead of the curve and cut rates because better food supply will likely cap inflation," Moody's Analytics said.
Monsoon rainfall has picked up in July and the pace is likely to continue in August. The Met department had in June projected a deficient monsoon this year.
The research firm also said recent global developments also suggest limits to inflation pressure, with the tumbling of global commodity prices, particularly crude oil, on the back of the Iran nuclear deal.
"This would help ease RBI's concerns of rising fuel costs. Overall, the subdued inflation profile suggests RBI should lower rates and focus on economic growth," Moody's Analytics said.
It said private investments have not picked up as the economic engine is yet to fully fire without key reforms.
Besides, production momentum is weak, auto sales are low, and a secular upward trend in credit growth remains elusive.
"But we believe that favourable supply-side developments in recent weeks prescribe another rate cut in August," it added.
RBI Governor Raghuram Rajan had in June said the future trajectory of the monetary policy will depend on monsoon, the way the government manages shocks, if any, emanating from it and crude prices. RBI has cut rate by 0.75 per cent in January-June.
RBI is scheduled to announce its third bi-monthly policy review on Tuesday. The industry has been pitching for a rate cut to ease the cost of capital.
The wholesale price index (WPI)-based inflation has remained negative for the last eight months and stood at negative 2.4 per cent in June.
CPI inflation, however, accelerated to an eight-month high of 5.4 per cent year-on-year in June compared with 5.01 per cent in May. RBI takes into account CPI or retail inflation in deciding its monetary policy action.
FDI in petroleum and gas sees 10-fold jump in 2014-15
-
Foreign Direct Investment (FDI) in petroleum and natural gas sector witnessed an almost 10-time jump in 2014-15 as compared to the preceding fiscal, touching Rs 6,473.22 crore, government told the Lok Sabha on Monday.
Union Minister Dharmendra Pradhan, while replying to questions, said the government is encouraging foreign investment to supplement domestic investment and technological capabilities. Over the last three financial years, the sector attracted FDI worth more than Rs 8,375 crore, he said.
Giving year-wise break-up, Pradhan said FDI in petroleum and natural gas sector touched Rs 6,473.22 crore in 2014-15 when the same was Rs 678.39 crore in 2013-14. Earlier, the sector saw Rs 1,192.57 crore worth FDI in 2012-13, he said. In the first three months of current fiscal (2015-16), the sector received FDI worth Rs 31.35 crore, Pradhan said.
There is highest investment in exploration and production of oil and natural gas, followed by refineries and marketing including pipelines network and LNG re-gasification infrastructure.
In the petroleum and natural gas sector, 100 per cent FDI is allowed in exploration and production, refining by the private companies and marketing of petroleum products, among other areas.
The Plan Capital Investment in the sector has reached Rs 2,59,278.83 crore during the period from 2012-13 financial year till the end of June 2015.
To a query, Pradhan said the government has an ambitious plan for setting up 15,000 kilometres of new gas pipeline. The Centre and Andhra Pradesh governments are working together for new pipelines, including those for villages, he added.
Foreign Direct Investment (FDI) in petroleum and natural gas sector witnessed an almost 10-time jump in 2014-15 as compared to the preceding fiscal, touching Rs 6,473.22 crore, government told the Lok Sabha on Monday.
Union Minister Dharmendra Pradhan, while replying to questions, said the government is encouraging foreign investment to supplement domestic investment and technological capabilities. Over the last three financial years, the sector attracted FDI worth more than Rs 8,375 crore, he said.
Giving year-wise break-up, Pradhan said FDI in petroleum and natural gas sector touched Rs 6,473.22 crore in 2014-15 when the same was Rs 678.39 crore in 2013-14. Earlier, the sector saw Rs 1,192.57 crore worth FDI in 2012-13, he said. In the first three months of current fiscal (2015-16), the sector received FDI worth Rs 31.35 crore, Pradhan said.
There is highest investment in exploration and production of oil and natural gas, followed by refineries and marketing including pipelines network and LNG re-gasification infrastructure.
In the petroleum and natural gas sector, 100 per cent FDI is allowed in exploration and production, refining by the private companies and marketing of petroleum products, among other areas.
The Plan Capital Investment in the sector has reached Rs 2,59,278.83 crore during the period from 2012-13 financial year till the end of June 2015.
To a query, Pradhan said the government has an ambitious plan for setting up 15,000 kilometres of new gas pipeline. The Centre and Andhra Pradesh governments are working together for new pipelines, including those for villages, he added.
HDFC Bank, Snapdeal launch e-commerce credit card
-
HDFC Bank and Snapdeal on Monday launched the country's first co-branded e-commerce credit card in partnership with Visa.
Snapdeal said that the move is aimed at encouraging more people from tier-II and tier-III cities to go for digital payments.
Though the e-commerce website Snapdeal has 70 per cent of its customers from these cities, most of them go for cash on delivery (CoD) mode of payment for lack of understanding about the digital payment system, it said.
Snapdeal said that its customers can apply for the co-branded credit card through the company website, mobile site or app. The eligibility and Credit Information Bureau (India) Limited (CIBIL) checks will be conducted instantly for faster processing, it said.
Snapdeal will also reward customers who make payments via the co-branded credit card .
HDFC Bank and Snapdeal on Monday launched the country's first co-branded e-commerce credit card in partnership with Visa.
Snapdeal said that the move is aimed at encouraging more people from tier-II and tier-III cities to go for digital payments.
Though the e-commerce website Snapdeal has 70 per cent of its customers from these cities, most of them go for cash on delivery (CoD) mode of payment for lack of understanding about the digital payment system, it said.
Snapdeal said that its customers can apply for the co-branded credit card through the company website, mobile site or app. The eligibility and Credit Information Bureau (India) Limited (CIBIL) checks will be conducted instantly for faster processing, it said.
Snapdeal will also reward customers who make payments via the co-branded credit card .
Greek stock market plunges 23% after 5-week shutdown
-
Greece's stock market fell sharply on Monday after being shut down for five weeks under capital controls imposed by the government in Athens to stop a flight of euros from the country.
The main index ATG was down nearly 23 per cent in early trading. National Bank of Greece, the country's largest commercial bank, was down 30 percent, the daily limit.
The overall banking index FTATBNK was also down its limit. The bourse was last open for trading on June 26.
Trading on the Athens bourse was suspended in late June as part of capital controls imposed to stem a debilitating outflow of euros that threatened to collapse Greece's banks and hurl the indebted country out of the euro zone.
Since then, Athens has agreed a framework bailout plan with its European Union partners in exchange for stringent reforms and budget austerity. But implementation of the deal is some way off, keeping alive political and economic stability concerns.
Ilya Feygin, managing director at WallachBeth Capital, estimated late last week that losses could be in the region of 19 to 22 per cent. Takis Zamanis, chief trader at Beta Securities, agreed and went further, suggesting no single share would gain on the day.
Part of this is based on what has happened to Greek assets traded in the United States.
The "GREK" exchange traded fund - comprised of US market listings of Greek companies - fell around 20 per cent in July. A similar loss was seen in US-listed securities issued byNational Bank of Greece .
The Athens General Index has fluctuated sharply this year, which has seen left-wing Prime Minister Alexis Tsipras 's newly elected Syriza government wrangle with European Union and International Monetary Fund lenders in bitter bailout talks.
LIMITS
Traders are expecting losses for a number of reasons that all weigh on the bourse. There is concern, for example, that negotiations on a new bailout will again become bogged down, leaving the government and banks perilously short of cash.
A report on Sunday in Avgi newspaper, which is close to Syriza, said the government was seeking 24 billion euros ($26.37 billion) in a first tranche of bailout aid from international lenders in August.
Of this, the newspaper said, 10 billion euros was earmarked for an initial recapitalization of Greek banks, 7.16 billion euros to repay an emergency bridge loan and 3.2 billion euros to repay Greek bonds held by the European Central Bank and others.
The European Commission, however, believes an agreement in August is unlikely and that a new bridge loan will be needed.
This all puts Greek banking sector shares in the spotlight. Recapitalization, both long- and short-term, waters down the value of existing shares. The banks are also not making profits this year and have lots of bad loans.
With banking shares comprising 20 per cent of the overall bourse, this does not bode well for Monday.
Similarly, Greeks themselves will be severely restricted in what they can do.
In order to limit the possibility of using shares as part of euro-flight, the government and European Central Bank have said no extra money can be withdrawn by Greeks from deposit accounts to buy shares.
Greece's dismal economic prospects may also weigh on the market. The European Commission says the Greek economy will contract 2 to 4 per cent this year, a return to the recession that plagued the country for six years until 2014.
Greece's stock market fell sharply on Monday after being shut down for five weeks under capital controls imposed by the government in Athens to stop a flight of euros from the country.
The main index ATG was down nearly 23 per cent in early trading. National Bank of Greece, the country's largest commercial bank, was down 30 percent, the daily limit.
The overall banking index FTATBNK was also down its limit. The bourse was last open for trading on June 26.
Trading on the Athens bourse was suspended in late June as part of capital controls imposed to stem a debilitating outflow of euros that threatened to collapse Greece's banks and hurl the indebted country out of the euro zone.
Since then, Athens has agreed a framework bailout plan with its European Union partners in exchange for stringent reforms and budget austerity. But implementation of the deal is some way off, keeping alive political and economic stability concerns.
Ilya Feygin, managing director at WallachBeth Capital, estimated late last week that losses could be in the region of 19 to 22 per cent. Takis Zamanis, chief trader at Beta Securities, agreed and went further, suggesting no single share would gain on the day.
Part of this is based on what has happened to Greek assets traded in the United States.
The "GREK" exchange traded fund - comprised of US market listings of Greek companies - fell around 20 per cent in July. A similar loss was seen in US-listed securities issued byNational Bank of Greece .
The Athens General Index has fluctuated sharply this year, which has seen left-wing Prime Minister Alexis Tsipras 's newly elected Syriza government wrangle with European Union and International Monetary Fund lenders in bitter bailout talks.
LIMITS
Traders are expecting losses for a number of reasons that all weigh on the bourse. There is concern, for example, that negotiations on a new bailout will again become bogged down, leaving the government and banks perilously short of cash.
A report on Sunday in Avgi newspaper, which is close to Syriza, said the government was seeking 24 billion euros ($26.37 billion) in a first tranche of bailout aid from international lenders in August.
Of this, the newspaper said, 10 billion euros was earmarked for an initial recapitalization of Greek banks, 7.16 billion euros to repay an emergency bridge loan and 3.2 billion euros to repay Greek bonds held by the European Central Bank and others.
The European Commission, however, believes an agreement in August is unlikely and that a new bridge loan will be needed.
This all puts Greek banking sector shares in the spotlight. Recapitalization, both long- and short-term, waters down the value of existing shares. The banks are also not making profits this year and have lots of bad loans.
With banking shares comprising 20 per cent of the overall bourse, this does not bode well for Monday.
Similarly, Greeks themselves will be severely restricted in what they can do.
In order to limit the possibility of using shares as part of euro-flight, the government and European Central Bank have said no extra money can be withdrawn by Greeks from deposit accounts to buy shares.
Greece's dismal economic prospects may also weigh on the market. The European Commission says the Greek economy will contract 2 to 4 per cent this year, a return to the recession that plagued the country for six years until 2014.
General Awareness
Time Period in Financial System
-
-
Time period: An establishment that focuses on dealing with financial transactions, such as investments, loans and deposits. Conventionally, financial institutions are composed of organizations such as banks, trust companies, insurance companies and investment dealers. Almost everyone has deal with a financial institution on a regular basis. Everything from depositing money to taking out loans and exchange currencies must be done through financial institutions.
1.MACRO ECONOMIC TIME PERIOD
- GDP — yearly , quarterly , monthly
- Call money — overnight
- Notice money — 2-14 days
- term money– 15days to 1 year
- Certifcates of deposits–min 7 days – max- 12 months
- Commerical papers — min 7 days — max –12 months
- Forward rate aggrements — contracts are available for maturity 10 years
- Market repo– 1 day – 1 year
- RBI LAF — 1 day
- NDTL — 15 Days basis
- T-bills — 91, 182, 364 DAYS
- Inter bank participation — 91 -180 Days
- CBLO Colletral borrowing slending obligation — 1 day – 1 year
- Capital market — 1 year and above
- Money market — less than 1 year
- IIP calulates — quartely , monthly
2.TYPES OF money
- MO RESERVE MONEY — reserve money — weekly
- M1 NARROW — fortnight — 15 days
- M3 BROAD –fortnight — 15 days
- L1 — MONTHLY
- L2–MONTHLY
- L3 — QUARTERLY — 3MONTHS
3.NATIONAL income — every 1 YEAR
- Measuring methods __ FOR national income
- REVISED ESTIMATE — 0 % CHANGE
- PROVISIONAL ESTIMATE– 50 % change
- QUICK ESTIMATE– 75% change
- ADVANCED ESTIMATE –100% change
- RBI finacial year — july 1st — june 30
- BANKS — April 1st — MARCH -31st
- General budget — financial starts from April 1ST
4.ACCOUNTS __ MIN — MAX
- SAVING ——NO
- CURRENT— no time period
- RECURRING– 6 months , 10 years
- FIXED — 7DAYS / NOW 14 DAYS — 10 YEARS
- FLEXI –6 months upto a maximum of 5 years.
5.NPAs__ 90 DAYS
- –> BAD LOANS
- –> Customer does not pay re installments/ repayments called as NPAs
- upto –90 days — overdue NPAs
- 90 days –1 year — Substandard NPA
- 1 year — 3 years — Doubtful NPA
- >> 3 Years — confirmed NPA/Bad debt NPA
6.GOVT securities
- Short term — 1 YEAR
- Medium-term securities—-1-5 years
- Long-term securities– more than 5 years
- Dated securities — 30 years
- Long term streching — 50 Years
7.Agriculture loans time period
- Short — 6-18 months
- Medium — upto 18-36 month
- Long — More then 36 months
- Time period: An establishment that focuses on dealing with financial transactions, such as investments, loans and deposits. Conventionally, financial institutions are composed of organizations such as banks, trust companies, insurance companies and investment dealers. Almost everyone has deal with a financial institution on a regular basis. Everything from depositing money to taking out loans and exchange currencies must be done through financial institutions.1.MACRO ECONOMIC TIME PERIOD
- GDP — yearly , quarterly , monthly
- Call money — overnight
- Notice money — 2-14 days
- term money– 15days to 1 year
- Certifcates of deposits–min 7 days – max- 12 months
- Commerical papers — min 7 days — max –12 months
- Forward rate aggrements — contracts are available for maturity 10 years
- Market repo– 1 day – 1 year
- RBI LAF — 1 day
- NDTL — 15 Days basis
- T-bills — 91, 182, 364 DAYS
- Inter bank participation — 91 -180 Days
- CBLO Colletral borrowing slending obligation — 1 day – 1 year
- Capital market — 1 year and above
- Money market — less than 1 year
- IIP calulates — quartely , monthly
2.TYPES OF money- MO RESERVE MONEY — reserve money — weekly
- M1 NARROW — fortnight — 15 days
- M3 BROAD –fortnight — 15 days
- L1 — MONTHLY
- L2–MONTHLY
- L3 — QUARTERLY — 3MONTHS
3.NATIONAL income — every 1 YEAR- Measuring methods __ FOR national income
- REVISED ESTIMATE — 0 % CHANGE
- PROVISIONAL ESTIMATE– 50 % change
- QUICK ESTIMATE– 75% change
- ADVANCED ESTIMATE –100% change
- RBI finacial year — july 1st — june 30
- BANKS — April 1st — MARCH -31st
- General budget — financial starts from April 1ST
4.ACCOUNTS __ MIN — MAX- SAVING ——NO
- CURRENT— no time period
- RECURRING– 6 months , 10 years
- FIXED — 7DAYS / NOW 14 DAYS — 10 YEARS
- FLEXI –6 months upto a maximum of 5 years.
5.NPAs__ 90 DAYS- –> BAD LOANS
- –> Customer does not pay re installments/ repayments called as NPAs
- upto –90 days — overdue NPAs
- 90 days –1 year — Substandard NPA
- 1 year — 3 years — Doubtful NPA
- >> 3 Years — confirmed NPA/Bad debt NPA
6.GOVT securities- Short term — 1 YEAR
- Medium-term securities—-1-5 years
- Long-term securities– more than 5 years
- Dated securities — 30 years
- Long term streching — 50 Years
7.Agriculture loans time period- Short — 6-18 months
- Medium — upto 18-36 month
- Long — More then 36 months
No comments:
Post a Comment