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China unveils global data security initiative, says some countries bullying others

by | Sep 7, 2020 | ,

China’s initiative calls for technology firms to prevent the creation of so-called backdoors in their products and services that could allow data to be obtained illegally, as well as for participants to respect the sovereignty, jurisdiction and data management rights of other countries.

It also calls for participants to not engage in large-scale surveillance of other countries or illegally acquire information of foreign citizens through information technology.

India’s COVID-19 tally mounts to 41,13,811 with a record 90,632 people being infected in a day

by | Sep 6, 2020 | , ,

The pandemic will not finish this year as the virus has spread from big cities to other parts of the country, Randeep Guleria, the director of the All India Institute of Medical Sciences in New Delhi, said in an interview with India Today TV.

The number of cases could continue to rise before the curve flattens out, he said.

SBI plans VRS scheme covering 30,000 staff as it seeks to optimise costs

by | Sep 6, 2020 | , ,

The scheme will open on December 1 and will remain open till the end of February, it said, adding that applications for VRS will be accepted during this period only.

As per the proposed eligibility criteria, a total of 11,565 officers and 18,625 staff members will be eligible for the scheme.

The total net savings for the bank would be Rs 1,662.86 crore if 30 per cent of eligible employees opt for retirement under the scheme, as per estimates based on July 2020 salary, it said.

Typhoon Haishen hammers southern Japan with high winds and power outages

by | Sep 6, 2020 | , ,

Airlines have canceled more than 500 flights departing from Okinawa and southern Japan, NHK said. Bullet train service in southern and western Japan was suspended, it said.

Japan’s coastguard on Saturday suspended for a second day its search for crew missing from a ship that capsized in the East China Sea last week with a cargo of cattle.

Air tickets booked during Mar 25-May 3 to be fully refunded: DGCA to SC

by | Sep 6, 2020 | ,

The aviation regulator in its affidavit said that if airlines are not able to refund the amount on account of financial distress, they shall provide a credit shell equal to the amount of fare collected and this shall be issued in the name of the passenger who has booked the ticket for domestic travel directly or through an agent including online platforms.

The costs of India’s Covid crisis are too high

by | Sep 6, 2020 | , , , ,

It’s now likely that the pandemic has, as feared, moved out of urban areas into India’s vast, and crowded, rural hinterland. Here, health services will be far less equipped for a surge in cases — and a distant state machinery itself may not know of localized outbreaks till it is too late.The government,faced with a crashing economy and with its cupboards completely bare, has no real way to directly improve the welfare of those most affected. Programs like Britain’s furlough scheme or the U.S.’s $600 per week unemployment aid are a distant dream in India.

Fintech the way forward for Indian banking, payment system: SBI MD

by | Sep 5, 2020 | , , ,

Giving the example of SBI, he said, 91 per cent of jobs are being done digitally now, which was unthinkable 35 years ago.

“We believe that this 91 per cent will become 100 per cent. For a bank like State Bank of India, and other banks obviously, everything is going to move digitally. There is no doubt about that. Penetration of smartphones is also going to increase,” he said at a virtual conference organised by the Confederation of Indian Industry (CII).
Going forward, he said, branches are going to become nothing but distribution points like what has happened in Europe and other places

Foreign investors pour $6 bn into India stocks despite sinking economy

by | Sep 5, 2020 | ,

“We place India at the top of the list with China for investment returns over the next 12-24 months,” said Nuno Fernandes, who helps oversee more than $2 billion in emerging-market assets at GW&K Investment Management LLC in New York. “India equities represent one of the fastest growth areas in the world.”
Still, rapidly rising virus cases have put a dampener on investor confidence. With the number nearing 4 million, India is becoming the world’s new virus epicenter.

Covid-19 Cover:Payouts for medical claims and cancellations in travel insurance to reach record-breaking levels

by | Sep 5, 2020 | ,

Jazmin Chong, Insurance Analyst at GlobalData, comments: “GlobalData’s 2019 UK Insurance Consumer Survey found that the most common reason for claiming on travel insurance last year was medical claims, with 31% of respondents citing this reason, while cancellations were the second highest at 29%. These make up a large part of the cost of claims for the travel insurance market, having generally increased over recent years and reached a record high in 2018, costing insurers £399m, although it decreased slightly to £377m in 2019. The ABI estimates that travel insurers have paid at least £275m in COVID-19-related claims for the first quarter of 2020.

Select intl passengers can avail COVID-19 tests on arrival at entry airports

by | Sep 4, 2020 | , , , ,

If the RT-PCR test result is negative, the international passenger will be allowed to catch his or her connecting domestic flight and he or she will not need to undergo any institutional quarantine at the destination city, the ministry’s order said.

The test result will come in a maximum of seven hours. Till the results come, the passenger will have to remain in the waiting lounge of the entry airport, the order noted.