Business govt

REUTERS: U.S. legislation introduced on Tuesday would create a taxpayer-backed insurance program to protect businesses from revenue losses during future pandemics and require insurers to pay a slice of the claims. The legislation, introduced by Rep. Carolyn Maloney, a Democrat from New York, would provide up to US$750 billion in taxpayer funds to pay insurance claims for business loss revenue during future pandemics. Insurers would first have to pay out a total of US$250 million in losses, according to the bill. Insurers are turning their focus to future pandemics after facing lawsuits, political pressure and criticism from customers who say insurers' business interruption policies denied their claims for pandemic-related losses. While these policies may cover revenue losses from lightning strikes or cars crashing into buildings, they either exclude or do not specifically cover a pandemic, despite the business interruption it causes. Maloney's bill proposes a model similar … [Read more...] about US lawmaker wants insurers, govt to share future pandemic business losses

Prime Minister Narendra Modi on Wednesday made his strongest pitch for privatisation of non-strategic PSUs, saying the government has no business to be in business and sustaining loss-making units on taxpayers' money drains resources that could otherwise have been spent on public welfare schemes. Illustration: Dominic Xavier/ Rediff.com He said about 100 under-utilised or unutilised assets with public sector units (PSUs), such as those in the oil and gas and power sectors, will be monetised, creating Rs 2.5 lakh crore of investment opportunities. "It is government's duty to support enterprises and businesses. But it is not essential that it should own and run enterprises," the prime minister said at a webinar on the privatisation approach in the Budget for 2021-22. The private sector brings in investment, global best practices, top-quality managers, changes in management and modernisation, he said, adding the money generated from the stake sales will be routed to … [Read more...] about Govt has no business to be in business: Modi

LUCKNOW : As the second phase of the nationwide mass COVID-19 vaccination drive began on Monday, Ram Govind Chaudhary, the opposition leader in the UP Legislative Assembly, had asked the Yogi Adityanath government to explain why the vaccine is not being provided free of cost as promised by the Centre earlier. During a discussion in the state assembly, the senior Samajwadi Party leader had sought to know from the state’s Health Minister Jai Pratap Singh if the COVID vaccine will be provided free of cost to the public or some charges will be taken for the same. Chaudhary was backed by other opposition leaders like Manoj Kumar Pandey (SP), Ajai Kumar of Congress and BSP MLAs Uma Shankar Singh and Virendra Yadav who had also demanded an explanation from the state government over the fee being charged for administering COVID vaccine to those above 45 years of age and with comorbidities. Replying to them, UP Health Minister Jai Pratap Singh said that as per the … [Read more...] about Why Covid-19 vaccine is not free for public, asks UP opposition leader Ram Govind Chaudhary, Yogi govt responds

WELLINGTON: New Zealand's government said on Thursday it would halt public funding for the body organising next year's America's Cup pending the outcome of an investigation into "financial and structural matters". The government and the Auckland Council this week launched a probe into allegations about financial mismanagement at America's Cup Events (ACE), which will run the event on behalf of the holders Team New Zealand. No further payments would be made to ACE while the investigation was carried out, Iain Cossar, Ministry of Business, Innovation and Employment, General Manager Tourism, said in a statement. "This will be revisited pending the outcome of the process." The investigation comes as Team New Zealand (TNZ), which will defend the 169-year-old sailing trophy in Auckland next year, blamed "informants" for spreading "highly defamatory and inaccurate" allegations about the organisation. Cossar said the government had set aside NZ$40 million (US$26 million) as an … [Read more...] about Sailing: NZ govt freezes public funding of America’s Cup

New Delhi: Indian government on Friday (February 26) said it will let people choose their coronavirus vaccination centres when the campaign expands next week, effectively letting beneficiaries pick either a home-grown shot or the AstraZeneca one, unlike now. The country will halt vaccinations this weekend to upgrade software used to coordinate its campaign, as it prepares to widen coverage beyond the 11.5 million health and front-line workers immunised since Jan. 16. But the inoculation campaign has progressed slower than expected due to a reluctance of health and front-line workers to take the home-grown Covaxin shot that was approved without late-stage efficacy data. Only 11% of vaccinated people have opted for the product developed by Bharat Biotech and the state-run Indian Council of Medical Research. With the world’s highest tally of infections after the United States, India wants to vaccinate 300 million of its 1.35 billion people by August. The decision to give … [Read more...] about People can choose their COVID-19 vaccination centre, says govt for faster roll-out