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Govt working on one-stop platform for all official data,says Statistics Minister
Gilead prices Covid-19 drug remdesivir at $2,340 in developed nations
Remdesivir is expected to be in high demand as one of the only treatments so far shown to alter the course of Covid-19.After the intravenously administered medicine helped shorten hospital recovery times in a clinical trial, it won emergency use authorization in the United States and full approval in Japan
Remdesivir is expected to be in high demand as one of the only treatments so far shown to alter the course of Covid-19.After the intravenously administered medicine helped shorten hospital recovery times in a clinical trial, it won emergency use authorization in the United States and full approval in Japan.
Bank of England tells banks & insurers to push on with climate risk analysis
The guide drawn up by the Climate Financial Risk Forum (CFRF),which was set up by the BoE and Britain’s Financial Conduct Authority last year, is the first of its kind and sets out how financial firms can analyze and disclose risks from climate change and spot opportunities for new consumer products.Sarah Breeden, the BoE’s co-chair of the CFRF, said firms should start on their analyses straight away using the guide that is based on best practice from firms
Tesla sued for airbag malfunction in Model 3 highway crash
Alleged defects in Tesla’s Autopilot system have been blamed in several lawsuits for deaths and injuries and the company has faced scrutiny of the technology by federal safety regulators. Separately, the National Highway Traffic Safety Administration is investigating premature failures of the large central touchscreen and the computer that powers it in Tesla’s Model S sedans.
Canadian Supreme Court allows Uber driver to sue for minimum wage and benefits
UberEats driver David Heller had filed a class action suit, challenged by Uber, aiming to secure a minimum wage, vacation pay and other benefits like overtime pay. Drivers are now classified as independent contractors and do not have such benefits.
Canada’s 8-1 Supreme Court ruling dismisses an Uber appeal to an Ontario high court ruling that said the Uber’s arbitration clause violates provincial labor rules and is “invalid and unenforceable.”
Two days ago, California said it plans to ask a state court judge to force Uber and Lyft Inc to classify their ride-hail drivers as employees rather than contractors.
Security beefed up near Taj Mahal Palace, Hotel Colaba After bomb threat from Pakistan
India accounts for 45.8 million of the world’s ‘missing females’:UN report
PM Modi extends free ration scheme for poor till November amid COVID-19 crisis
On the extension of the PMGKAY, he said it will cost the government Rs 90,000 crore more.Under the scheme, five kgs of wheat or rice and one kg of pulses per month will be given free of cost to the poor.
The scheme was initially rolled out for three months.
The government will spend a total of Rs 1.5 lakh crore on the scheme.
Covid-19 Pandemic:Tally rises to 5,66,840, general and health insurers receive 28,000 claims for Rs 445 crore
With 18,522 people testing positive for coronavirus in a single day, India’s COVID-19 tally climbed to 5,66,840 on Tuesday while the death toll rose to 16,893 with 418 new fatalities, according to the Union Health Ministry data.
Recording nearly 4,000 cases in the last 24 hours, Tamil Nadu has surpassed Delhi to regain the second spot among the list of worst-hit states by the pandemic, while Karnataka also recorded more than 1,100 overtaking Haryana and Andhra Pradesh.
IRDA likely to implement new Indian Accounting Standard in the insurance sector soon
In its recent board meeting the IRDA discussed, the status of implementation of the Ind AS in the insurance sector in India and had taken the following decisions on the matter of Ind AS.
-approval of implementation of Ind AS 109 and IFRS 17 equivalent in India simultaneously,along with other applicable Ind AS,
– re-visit existing regulations on preparation of financial statements,
– direct the insurers to discontinue submission of proforma Ind AS financial statements being filed effective quarter ending 31st December, 2016 and
-to decide on the date for implementation of all applicable Ind ASs after the finalization of IFRS 17 by IASB which is expected during mid 2020.
Patanjali takes a u-turn; says never claimed to have made Covid-19 medicine
“Patanjali has never claimed to make corona medicine.Rather, corona patients have been cured with this medicine. The drug was made under the license issued by the Ayush Ministry,” stated the reply by Patanjali Ayurved CEO Acharya Balakrishna to the notice.
“We made the combination of Tulsi Giloy Ashwagandha at an advanced level and when the clinical trials were done on the patients of Covid-19, the coronavirus patients were cured. A conspiracy has been hatched against us and if the Ayush Ministry tells us to conduct clinical trials once again then we are ready to face it,” he added.
New India Assurance turns profitable in Q4 FY 2019-20,records a net profit of Rs 113 crore
The largest general insurer in the country has improved its combined ratio(CR) from 130.13 per cent in Q4 FY 2019-20 to 116.21 per cent during the reporting period,
The company’s underwriting losses,at Rs1,073 crore,has fallen by 42 per cent y-o-y in Q4 FY 2019-20.The incurred claim ratio(ICR) of the company has also improved to 90.97 in Q4 FY 2019-20 from 93.12 per cent in the year ago period.
The NIA’s expense management ratio has fallen from 30.19 per cent in Q4 2019-20 to 22.19 per cent in Q4 2019-20.
Digital risks continue to be the most significant threats to business:FERMA Survey
Digital risks continue to be the most significant threats to business in the short (12 months) and medium-term (3 years). Cyber threats are the number 1 risk in both time frames, and data theft and fraud are growing in importance and stand at number 4 in the short term.
Uncertain economic growth appears as the number 2 threat short term (12 months) and number 3 medium term (3 years).
Environmental groups propose tailings dam safety standards
U.S.insurers’ private equity holdings rise 10% to $81.3 billion in 2019:AM Best
As insurers have pulled back from hedge fund investments , many have shifted allocations to private equity to maintain exposure to alternative assets and achieve better returns, compared with the public markets. U.S. life/annuity (L/A) insurers have driven the majority of the growth in private equity holding
Australia to spend nearly $1 billion to boost cyber security
The announcement comes just weeks after Australia said a “sophisticated state-based actor” has been attacking all levels of the government, political bodies, essential service providers and operators of critical infrastructure.Although Australia has declined to say who it believed was responsible for the attacks, three sources briefed on the matter told Reuters the country believed China was responsible, a suggestion swiftly dismissed by Beijing.
Car crashes deadlier as drivers speed during lockdowns:Study
-Police in New York said they were aware of the increased speeds and had deployed additional patrols. Data from traffic analytics company INRIX shows speeds in New York City increased 44% from 28 miles (45 km) per hour in April last year to 41 miles (66 km) per hour this April.
– Speeding offenses increased 187% in London during the lockdown compared to the same period a year ago, Cox said, but extreme speeding offenses increased even more — by 236%.
– Despite the overall drop in collisions and fatalities, the fatality rate among crashes was 70% higher in France.