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As pandemic Olympics wane, Japan asks: What did games mean?

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Was it the strangest Olympics ever, staged during a deadly global pandemic, with no fans? How about the angriest, awash in protests and fierce opposition from large swaths of the host nation?

Tokyo: Was it the strangest Olympics ever, staged during a deadly global pandemic, with no fans? How about the angriest, awash in protests and fierce opposition from large swaths of the host nation?

The scariest, with fears of new coronavirus variants and surging cases plaguing Japan though mostly dodging those in the Olympic bubble throughout the two weeks of sports? Or maybe, as athletes banded together under moments of intense stress, the kindest?

As tens of thousands of athletes, journalists and officials get ready to pack up and leave Monday, Japan will be left to pick over the answers to these questions, maybe for years. Amid the lingering glow from the televised pomp and the indisputable athletic drama, whatever you call these Olympics, its worth stopping to consider how Japan sees them.

They were sold, well before the pandemic, as the symbol of Japans recovery from the destruction of the 2011 tsunami and nuclear meltdown. The rhetoric now tends to focus on their link to the world overcoming coronavirus.

But does that really work in a country where thousands are still getting sick each day, let alone in other, even worse-hit nations that have sent athletes to Tokyo? Many here, while proud that Japan is on the verge of pulling off what many thought impossible or, in some corners, highly inadvisable, still believe these Games were forced on the country and that their real cost, possibly in lives lost, is yet to be paid.

Others are simply relieved they are over. And a large number maybe even enjoyed the ride, reveling in the sports themselves, Japan’s surprisingly strong medal haul and the generally hospitable way the world was welcomed during a period of illness, fear and uncertainty.

Using some of the dozens of interviews conducted during and before these delayed and disputed Pandemic Games, The Associated Press takes a look at what some Japanese think they mean.

Is it representative of a nation of 126 million? Of course not. But the glimpses into the views of some of the people who lived through this Olympics offer a chance to cut through, in sometimes surprising ways, the government and IOC rhetoric that emphasized harmony and revitalization, and get a bit closer to the heart of the nation’s sentiment.

The beginning

It started with a muted opening ceremony and an empty stadium, with moments so quiet that the shouts of protesters could be heard from the streets outside. Many residents watched with mixed feelings, to say the least, isolated from the Games by organizers trying to keep the Olympic visitors from mingling with the public, forced to modify their lives during a record wave of virus cases and yet another state of emergency.

Many were opposed, and that feeling persisted. But there was nuance, too a desire to put the country’s best face forward, now that the inevitable was happening, and a notion that this spectacle could act as a salve.

I am very emotional and teary-eyed while watching the TV because even during the pandemic, the Olympics will still go on,” Riza Nagumo, 53, a housewife, said. “I was praying so much to have this Olympics be a very successful event, to heal the world.

At a normally bustling intersection in Tokyo’s Shibuya neighborhood, large screens that usually blast advertisements and show television were switched off. Many bars and restaurants were closed, and public viewing locations across Japan were shut down amid rising infections.

Everyone is just enduring this, said Harumi Wada, a Tokyo resident. But to hold the Olympics, despite everything, I feel theres a dissonance, and I think that distrust toward the government is getting stronger.

The family

Despite the disruption, delays and disputes of these Games, the ban on spectators and big gatherings proved a surprising boon for some families.

While it’s true that some bars and restaurants continued to see drinkers flouting pandemic restriction rules, even as late as Friday night, many Japanese stayed home with their relatives and were delighted with the excuse to do so.

We are often too busy in our daily life to have this kind of quality family time, said Ikuko Tozuka, 53, who gathered with her husband and two adult daughters in front of their TV screen in Oiso, west of Tokyo, to watch the Games. So I am very happy that this Olympics has given us an opportunity to be together.

Hiroshi, the father, 58, even bought a new TV set to watch the Games with his family.

It was actually good that this COVID-19 pandemic compelled us as a family to come together and watch the Games in this way, said Yu, his 26-year-old daughter.

The protesters

Throughout the Games, small knots of protesters gathered to provide voice to what a much larger, mostly silent chunk of Japan was thinking. They chanted, Cancel the Olympics. They carried banners reading, No Olympics 2020 Use that money for COVID-19 and Is it more important than human life?

Were these very public demonstrations representative of the whole country? It’s complicated. Many said in polls they strongly opposed the Games; an unknown number may have been silently taking a wait-and-see attitude, hoping for the best.

In AP interviews conducted over the months between the postponement and the start of the Games, there could be found a feeling of resentment that the government had pushed ahead partly because of pressure from the IOC, which would have faced billions in lost television rights income without the Games. There was also fear over the Olympics spreading new strains of the coronavirus. The governments main medical adviser said it was abnormal to hold the Olympics during a pandemic.

Its unethical to proceed with such a big event, with more than 10,000 athletes coming to Tokyo, all situated in one area, said Masa Yamagata, a Tokyo resident. We cant enjoy it anyway. We cant celebrate it.

Past as present

Along with the anger and fear, these Games had a nostalgic element for some older Japanese who remembered the Summer Games of 1964, when Japan celebrated its rebuilding from the war and the turbulent years that followed.

Some felt remorse a sense of what might have been because these Games would be so much more circumscribed than the last time they were in Tokyo.

There was also gratitude. Thanks to these Games, Seiichi Kuroki, 55, saw his relationship with his 85-year-old father, Masatoshi Kuroki, deepen as they talked about Masatoshi’s role as a marshal at the opening ceremony of the 1964 Olympics.

“I am very grateful for that, Kuroki said. He looks happy when I ask him questions such as, What were you doing then at the Games? Because that is his legacy.

There was a tinge of sorrow, however, for Takemasa Taguchi, as the 83-year-old remembered Tokyos celebratory mood in 1964.

I am so sad about this situation, Taguchi said. I was hoping that we could have celebrated and danced together with people from all over the world.

Social change

Some hoped the Games would bring change to Japanese society, where minorities still suffer from discrimination and prejudice. Few felt that the Games would solve all of Japan’s social issues: Can an Olympics event ever live up to the expectations that are heaped on it? But with the world’s attention focused on Japan, some saw movement forward on the issues they cared about.

Ahead of the Games, Makoto Kikuchi, a 34-year-old professional boxer, decided to come out as a lesbian.

By speaking openly and becoming one of the out athletes, I hoped to be as helpful as possible for those who feel lonely, Kikuchi said.

The Tokyo Games included 179 openly gay, lesbian, bisexual, transgender, queer and nonbinary athletes, according to Outsport.com. That’s more than three times the number from the 2016 Games in Rio.

While same-sex marriages are not legally recognized here, Fumino Sugiyama, a transgender activist and former fencer on Japan’s womens national team, said support of sexual diversity has slowly grown.

It is truly great that a path has finally been created for athletes to be able to compete while being their authentic selves in sports, said the 39-year-old, who was nominated to the Japanese Olympic Committees board of directors before the Games.

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Johnson & Johnson’s single-dose COVID-19 vaccine gets approval for emergency use in India

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Johnson and Johnson’s single-dose COVID-19 vaccine has received approval for emergency use in India.

US pharma giant Johnson and Johnson’s single-dose COVID-19 vaccine has received approval for emergency use in India, Union Health Minister Mansukh Mandaviya announced on August 7.

“India expands its vaccine basket! Johnson and Johnson’s single-dose COVID-19 vaccine is given approval for Emergency Use in India. Now India has 5 EUA vaccines. This will further boost our nation’s collective fight against #COVID19,” the minister wrote on Twitter.

The global healthcare major had on August 6 said it had applied for Emergency Use Authorization (EUA) of its single-dose COVID-19 vaccine in India.

Telangana-based pharmaceutical major Biological E Limited will produce the Johnson & Johnson COVID-19 vaccine named Janssen in India.

“Biological E will be an important part of our global supply chain network, helping to supply our Johnson & Johnson COVID-19 vaccine through the extensive collaborations and partnerships we have with governments, health authorities and organisations such as Gavi and the COVAX Facility,” J&J said in a statement earlier.

The EUA submission was based on topline efficacy and safety data from the Phase 3 ENSEMBLE clinical trial, which demonstrated that the company’s single-shot vaccine was 85 percent effective in preventing severe disease across all regions studied, and showed protection against COVID-19 related hospitalisation and death, beginning 28 days after vaccination, it added.

According to the World Health Organization (WHO), the J&J vaccine has also been found effective against the variants of the COVID-19 first found in South Africa and Brazil. The WHO, however, recommends that individuals with a history of anaphylaxis (a severe allergic reaction) should avoid taking the Janssen vaccine.

(With agency inputs)

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Tokyo Olympics: India’s Aditi Ashok finishes fourth in golf, says ‘I just tried my best’

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Aditi Ashok, 23, ended two strokes off the pace with a total of 15-under 269, which was just one stroke below the medal bracket. In the final round, she managed a 3-under 68.s

Tokyo: She pulled off the best performance by an Indian golfer in the Olympics but Aditi Ashok could not clinch the eagerly-anticipated medal, signing off 4th after spending a majority of the four rounds in contention for a podium finish, here on Saturday.

The 23-year-old Bengalurean ended two strokes off the pace with a total of 15-under 269, which was just one stroke below the medal bracket. In the final round, she managed a 3-under 68.

It was a heartbreaking end to Aditi’s campaign considering she started the day in sole second position.

But it was nonetheless a massive improvement as she had finished tied 41st in the 2016 edition where golf made a comeback to the Olympics after over 100 years.

In the final round, she fired five birdies — on the 5th, 6th, 8th, 13th and 14th holes — against two bogeys on the 9th and 11th. The world number 200 Indian had her mother Maheshwari as her caddie.

Aditi kept her smile intact even as her 25-foot birdie attempt ball slid past the cup on the 18th and final hole. With that she knew that her final chance of a shot at the medal in the Olympic women’s golf had gone.

Overnight leader and world number one Nelly Korda clinched the gold medal with a 2-under 69 that left her 17-under overall and a shot ahead of Japan’s Mone Inami (65) and New Zealand’s Lydia Ko (65).

Inami and Ko competed in a play-off to decide the silver and bronze medal winners in which the former emerged triumphant.

On the play-off hole (par-4 18th), Ko dropped a bogey, while Inami managed to hold on for a par in overcast and damp conditions.

The other Indian in fray, Diksha Dagar, finished her campaign at tied 50th after managing her first sub-par round of the week, a one-under 70, which left her with an aggregate total of 6-over 290.

The New Zealander Ko, with her bronze medal, became the first double medallist in golf since its return to the Olympic programme in 2016. She had silver in Rio.

Interestingly Aditi was one of the only three players in the field who had all three rounds in the 60s with 67-66-68-68 for a total of 269.

As the finish approached but before the medals were decided there was a lot of drama over whether the final round could be completed on Saturday.

Late on Friday there was talk of a tropical storm which might mean no play on Saturday and push the action to Sunday.

The organisers found a way with a 6.30 am early start on Saturday but then there was threat of lightning with the final group on 17th hole.

Luckily little over half an hour later, weather cleared for a while and play resumed for the medals to be decided.

If there had been no play, Aditi would have got a silver medal behind Korda on the basis of three rounds.

Of her play on the final day, Aditi admitted, “I think today I didn’t really drive the ball very good and then it’s hard to get birdie putts or hit greens when you’re not in the fairway. So, yeah, that was definitely the hardest part to make a score today.”

Talking of her par on the 15th which Ko birdied, Aditi said, “I mean 15th was okay, it was nothing, I was just scrambling, I was in between clubs so I hit one more and it went over.

“But I don’t think it was that bad. I still made a par, so it’s fine. I was just missing so many fairways. So that was what was bad today, kind of put me out of position so I couldn’t get close to the flag.”

Her putting was outstanding over the week, yet she had narrow misses on the 17th and 18th.

“Yeah, 17th was perfect. I hit it exactly the speed I wanted, the line I wanted. Maybe (because) I made too many through the four rounds, golfing gods were like, okay, we’re not going to give her this one.

“But no, I just tried my best. Even on the last hole, although it was really out of range (25 feet), it was almost a long putt, but I still tried to give it a chance. So yeah, I think I gave it my best attempt.”

Korda, who at one time led by as many as three shots on the back nine, needed two putts from just inside 30 feet on the 18th hole for par and a 2-under 69 which sufficed for the top prize.

For the 23-year-old Korda, who won her first major championship six weeks ago and rose to No. 1 in the world for the first time, this Olympic gold was another glitzy finish.

Inami, who was tied for first with Korda after 17 holes, bogeyed the 18th hole to fall into a playoff against Ko for the silver medal. Inami then managed to win the play-off for silver.

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index Price Change
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sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

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NCLT admits McLeod Russel for insolvency proceedings

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Tea manufacturer McLeod Russel owes banks around Rs 4,000 crore including interest.

Kolkata-based tea manufacturer McLeod Russel said on Friday that the National Company Law Tribunal (NCL) had admitted an application against it under the Insolvency and Bankruptcy Code (IBC) for defaulting on the repayment of a loan worth Rs 100 crore.

Techno Electric & Engineering Company Limited, a financial creditor, had sought the initiation of corporate insolvency resolution proceedings against McLeod Russel for defaulting on dues of Rs 100 crore to it.

The insolvency court also appointed an interim resolution professional over the matter.

“By the said Order, Mr Kanchan Dutta, having Registration Number IBBI/IPA-001/IPP00202/2017-18/10391, has been appointed as the Interim Resolution Professional (IRP) under the provisions of IBC,” McLeod Russel said in a regulatory filing late on Friday.

According to the plea, McLeod Russel had entered a loan agreement with Techno Electric & Engineering in September 2018.

As of June 2019, McLeod Russel owed Rs 104.81 crore to the financial creditor, including the principal of Rs 100 crore. The loan amount together with interest was to be fully repaid on or before March 31, 2019, according to the plea.

Earlier on Friday, McLeod Russel shares ended 2.90 percent higher at Rs 33.70 apiece on BSE.

The tea manufacturer owes banks around Rs 4,000 crore including interest and was in the midst of a resolution plan but no clear understanding had been reached.

Meanwhile, the stake of the Khaitan family in the company had slumped to 10 per cent due to offloading of shares of pledged shares with lenders.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
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Porn films case: Raj Kundra, his aide’s pleas challenging arrest, remand rejected

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Bombay High Court on Saturday rejected the pleas filed by Raj Kundra and his associate Ryan Thorpe challenging their arrest and subsequent remand orders.

The Bombay High Court on Saturday rejected the pleas filed by businessman Raj Kundra and his associate Ryan Thorpe, challenging their arrest and subsequent remand orders passed by the metropolitan magistrate’s court in a case of alleged production and streaming of pornographic content on apps.

Kundra and Thorpe were arrested last month and remanded initially to police custody, and subsequently to judicial custody. Justice A S Gadkari of the high court, who was presiding over their pleas, had reserved the verdict on the same on August 2.

On Saturday, while rejecting the contentions made by Kundra and Thorpe, and dismissing their pleas, the high court said, “The remand to custody by the metropolitan magistrate is within conformity of law and does not require any interference.”

Kundra, husband of actor Shilpa Shetty, and Thorpe, in their petitions, had termed their arrest as illegal, saying that the mandatory provision of issuing a notice under section 41A of the Code of Criminal Procedure (CrPC) had not been followed.

They had urged the high court to order for their immediate release and quash two orders passed by the magistrate’s court remanding them to custody.

As per section 41A of the CrPC, the police may, in cases where arrest is not warranted, initially only issue summons to an accused person and record his or her statement. The police had claimed that such a notice had been served, but Kundra had refused to accept it.

Senior advocate Aabad Ponda, who had appeared for Kundra in the high court, had argued that even if Kundra had refused to accept the 41A notice as alleged by the police, the prosecution was expected to seek the court’s permission under section 41A(4) of the CrPC before arresting him. Ponda said that while Kundra’s arrest and seizure of his phone, other electronic devices, etc, took place on July 19, the police belatedly added the charge pertaining to destruction of evidence.

He said this charge was added in the FIR only on July 23 and there did not exist any document or panchnama to show that evidence had been destroyed by Kundra before his arrest. Advocate Abhinav Chandrachud, who appeared for Thorpe, also argued that there existed discrepancies in the claims made against Thorpe by the Mumbai Police’s crime branch, while seeking his custody.

Chandrachud had argued that while the 41A notice had been issued to Thorpe, he was not given time to comply or respond to it. “Before Thorpe could act on the notice, he was arrested,” he had said.

Chief public prosecutor Aruna Pai, who appeared for the police, told the high court that several video clips had been recovered from Kundra’s laptop, and there existed enough evidence against him and Thorpe to warrant their arrest and custody.

While Kundra was arrested on July 19, Thorpe was arrested the next day. They were booked under several sections of the IPC and the IT Act on charges of voyeurism, sale of obscene content, cheating, destruction of evidence, and transmission of sexually explicit material, etc. Both of them are in judicial custody currently.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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COVID-19 vaccines: US gave only 7.5 mn doses to India, need more: Krishnamoorthi

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Lamenting the US has allocated only 7.5 million doses of Covid vaccines to India, a top Indian-American Congressman has urged the Biden administration to do more by expanding its global vaccine aid programme to it at a time when the world faces the threat of new, vaccine-resistant coronavirus variants.

Lamenting the US has allocated only 7.5 million doses of Covid vaccines to India, a top Indian-American Congressman has urged the Biden administration to do more by expanding its global vaccine aid programme to it at a time when the world faces the threat of new, vaccine-resistant coronavirus variants.

Congressman Raja Krishnamoorthi’s statement came on a day when the White House said it is eager to continue the partnership with India in the fight against coronavirus and wants to provide assistance, including vaccines.

Krishnamoorthi has secured the support of 116 members of Congress on his ongoing effort to expand the US global vaccine aid programmes to India and other nations. “The US has so far only allocated 7.5 million vaccine doses for India,” he said.

I’m once again urging President (Joe) Biden and my colleagues in Congress to come together and pass the NOVID (Nullifying Opportunities for Variants to Infect and Decimate) Act into law to end this pandemic for good because, so long as outbreaks continue in any nation, the entire world faces the threat of new, vaccine-resistant variants, Krishnamoorthi said in a statement.

As we approach Indian Independence Day, we need to declare our independence from Covid by creating the global partnership necessary to produce and deliver the billions of vaccines necessary to truly bring this pandemic to an end, the Democratic Party lawmaker said.

Meeting those goals will demand the continued cooperation of the world’s leading democracies and producers of these life-saving vaccines, including the United States and India, Krishnamoorthi added.

Under the NOVID Act, which Congressman Raja Krishnamoorthi, Senators Jeff Merkley and Elizabeth Warren introduced with Congresswoman Pramila Jayapal, the US will establish the Pandemic Preparedness and Response Programme (PanPReP) to oversee the global health response to the pandemic.

PanPReP will coordinate efforts between the Department of State, the United States Agency for International Development, the Centers for Disease Control and Prevention, Food and Drug Administration, Biomedical Advanced Research and Development Authority, Health Resources and Services Administration, Department of Defence, the Peace Corps, and the Department of Labor.

The programme will also be responsible for coordinating the US Government response with international non-governmental organisations, development banks and civil society as well as foreign governments.

After the pandemic, the programme will shift to protect against future pandemics by coordinating a global disease surveillance network to identify and stop pandemic-potential pathogens before they spread uncontrollably.

The bill will authorise spending of USD 34 billion — USD 25 billion to scale manufacturing capacity and produce 8 billion vaccine doses; USD 8.5 billion to cover the cost of end-to-end delivery of enough vaccines to immunise 60 percent of the populations in 92 COVAX countries; and USD 500 million to establish a global disease surveillance network to protect against future pandemics.

COVAX is a worldwide initiative aimed at equitable access to COVID-19 vaccines directed by Gavi, the Vaccine Alliance, the Coalition for Epidemic Preparedness Innovations, and the World Health Organisation.

COVAX provides vaccines to the developing world. A total of 92 low- and middle-income countries are eligible to receive COVID-19 vaccines through the COVAX mechanism.

Follow our live blog for more updates

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Nuvoco Vistas garners Rs 1,500 cr from anchor investors ahead of IPO

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Cement manufacturer Nuvoco Vistas Corporation Ltd will open for subscription on August 9 and conclude on August 11. It has raised Rs 1,500 crore from anchor investors ahead of its initial share sale.

Cement manufacturer Nuvoco Vistas Corporation Ltd, part of the Nirma Group, has raised Rs 1,500 crore from anchor investors ahead of its initial share sale, which opens for public subscription on Monday.

The company has decided to allocate 2.63 crore equity shares to anchor investors at Rs 570 apiece aggregating the transaction size to Rs 1,500 crore, according to a circular uploaded late evening on Friday on the BSE website.

HDFC Life Insurance Company, SBI Life Insurance Company, SBI Mutual Fund (MF), Axis MF, Mirae MF, Franklin Templeton MF, Premji Invest and SBI Pension Fund among others were domestic investors that participated in the anchor book. Among the foreign portfolio investors participants were APG AM, CI Funds, TT International, Carmignac, and Wells Capital.

The initial public offering (IPO) comprises a fresh issue of shares worth Rs 1,500 crore and an offer for sale of Rs 3,500 crore by promoter Niyogi Enterprise. The public issue, with a price band of Rs 560-570 a share, will open for subscription on August 9 and conclude on August 11.

Proceeds of the fresh issue will be used for the repayment of certain loans availed to the company and for general corporate purposes. Half of the issue size has been reserved for qualified institutional buyers (QIBs), 35 percent for retail investors and the remaining 15 percent for non-institutional investors.

Investors can bid for a minimum of 26 equity shares and in multiples of 26 equity shares thereafter. Nuvoco Vistas is a cement manufacturer with a consolidated capacity of 22.32 million metric tonnes per annum (MMTPA). It has 11 cement plants comprising five integrated units, five grinding units and one blending unit.

It operates cement manufacturing units in Chhattisgarh, Jharkhand, West Bengal, Rajasthan and Haryana. The company’s leadership team is led by Hiren Patel, Chairman and Non-Executive Director and Jayakumar Krishnaswamy, Managing Director.

Nuvoco Vistas, formerly Lafarge India Limited, in February 2020 announced that it will acquire the 8.3 million tonnes per annum cement business of Emami for an enterprise value of Rs 5,500 crore. The deal was approved by the Competition Commission of India (CCI) in May 2020.

ICICI Securities, Axis Capital, JSBC Securities and Capital Markets (India) Private Limited J.P. Morgan India and SBI Capital Markets are merchant bankers.

The company’s equity shares will be listed on the BSE and the NSE. Founded by Karsanbhai Patel, Nirma Limited is one of India’s diversified conglomerates with businesses across industrial and consumer products ranging from soaps and detergents, salt, soda ash, caustic soda and other chemicals. The company was delisted on the BSE and the NSE in 2011.

 For more, follow our live blog

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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What happens if a far more lethal coronavirus emerges in pets?

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

There is currently no major risk from our pet cats and dogs that would justify specific control methods such as culling or quarantine. In the longer term, though, there is a concern about the appearance of new variants.

Bristol (UK): The recent suggestion that ministers may have to consider culling or vaccinating animals to prevent the coronavirus from picking up another dangerous mutation and jumping back to humans may sound like sudden panic, but it’s just part of a long debate among scientists.

Evidence that cats could be infected with SARS-CoV-2, the virus that causes COVID, emerged as early as April 2020 from Wuhan, China. Evidence that they could also transmit the infection to other cats under particular conditions appeared in the same month.

Since then, infections have been confirmed in mink in Denmark and the Netherlands, in big cats in zoos, in dogs, ferrets and a range of other species. It’s also worth remembering that the source of SARS-CoV-2 is probably bats and that other species of wildlife may also be infectable.

Infection of some of these species with SARS-CoV-2 can cause actual disease, creating veterinary, welfare or conservation problems. However, transmission to or from companion animals that spend a lot of time in close contact with people also presents extra problems for trying to control a pandemic in humans.

For example, if transmission between humans and cats happens easily, then controlling the pandemic in people might require measures to prevent it, and that might include vaccinating and quarantining cats.

There is good evidence for transmission from humans to cats but very little evidence for transmission from cats to humans. Nor is there much evidence for transmission between cats in normal situations (that is, not in a laboratory).

At the moment, there’s no real reason to be concerned that infections in cats are a major problem. You’re at much greater risk from your family and friends with COVID than from their cats, although you should take normal hygiene precautions you use to reduce the risks of catching other diseases (such as toxoplasmosis) from cats.

There is currently no major risk from our pet cats and dogs that would justify specific control methods such as culling or quarantine. In the longer term, though, there is a concern about the appearance of new variants.

These may be more easily transmitted (like the alpha variant) or more able to infect vaccinated or previously infected people (like the beta variant). Variants may cause more severe disease, or they may cause less severe disease and become more like the normal winter colds or flu.

It’s almost inevitable that more of these variants will appear because the virus adapts to all our attempts to control it. These new variants in people are being spotted quickly in the UK because it is carrying out the biggest surveillance programme in history.

The long-term risk of SARS-CoV-2 in other species is that if the virus starts circulating in them, a new, even more unpleasant variant could appear and not be recognised as a problem until it gets passed back into people.

Although rare, the UK government does need to consider these possible future scenarios, and the possibility of new variants appearing in animals was part of the recent report from the Scientific Advisory Group for Emergencies (Sage) about the long-term evolution of SARS-CoV-2.

The most important way of reducing the risk will be surveillance to identify any new variants in animals that aren’t yet appearing in people. So don’t be surprised if your vet is asked to provide a swab sample from your pet if it gets respiratory symptoms and you may also be asked to provide one yourself if that happens.

Mass vaccination of pets is unlikely

Vaccination of pets is a lot less likely. Dog and cat vaccines for COVID are being developed, but there may be problems in showing that they are effective.

Vaccines were only approved for use in people after late-stage trials in humans, where large numbers of people were vaccinated and followed up to see if they were protected from infection. Even then, enough people in the trial had to become infected to demonstrate any effect of the COVID vaccine versus the control vaccine.

Carrying out similar trials in dogs and cats will be hard while infection rates are low (or even unknown, as at present), and smaller trials simply don’t provide good enough evidence.

It might be possible to use the same vaccines in cats and dogs as in humans, but that also poses a risk. It’s now accepted that exposing vaccinated people to new infections may be a way of selecting for variants that can escape the immune response produced by the vaccine.

If the same basic vaccine designs are used in cats and dogs, this may select for vaccine escape variants in those species, which can then transfer back even into vaccinated people. Particularly if the vaccines haven’t been shown to be as effective as in people, or if they are only given to some cats and dogs.

Widespread euthanasia of pets as a precaution (what would be called culling in livestock or wildlife) is highly unlikely. Imagine the situation that a highly dangerous, potentially lethal variant spreads from a cat to its owner and family.

The infection in people would ideally be contained by appropriate isolation in a suitable facility (as in the small number of Ebola cases in the UK), stopping the spread. Then the source cat and immediate cat contacts if any might be euthanised to reduce the immediate risk to people and other cats.

There would be no point in large-scale euthanasia of cats unless the variant was already widespread. Providing that surveillance for SARS-CoV-2 in people and animals is in place to identify any such variant before it becomes dangerous, there’s no point in worrying about large-scale euthanasia of our pets.

Surveillance programmes in pets and wildlife are starting to be funded through government agencies, such as UK Research and Innovation. These programmes, and the continued debate, will be critical in avoiding poorly informed over-reactions in the future.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Terrorist killed in Jammu & Kashmir’s Budgam; another arrested in Pulwama

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

A search operation turned into an encounter in J&K as the terrorists fired upon the security personnel, who mounted a retaliation. One terrorist was killed in the encounter. An AK assault rifle and a pistol were recovered from him.

An unidentified terrorist was killed in an encounter with security forces in Jammu and Kashmir’s Budgam district on Saturday, while another escaped cordon but was arrested in Pulwama, police said.

The forces had launched a cordon-and-search operation in the Mochuwa area of Budgam, following inputs about the presence of ultras there, a police official said.

He said the search operation turned into an encounter as the terrorists fired upon the security personnel, who mounted a retaliation. “One terrorist was killed in the encounter. An AK assault rifle and a pistol were recovered from him,” the official said.

The identity and group affiliation of the terrorist is being ascertained, he said. Inspector-General of Police, Kashmir Zone, Vijay Kumar said another terrorist who had escaped from the encounter site was arrested from the Khrew area of Pulwama district.

He was taken from Mochuwa to Khrew, a distance of nearly 20 kilometres, by a truck driver, who has also been arrested, Kumar said. A pistol and a grenade were found in the truck, he added.

Also Read | India, China disengage in Ladakh’s Gogra after 12th round of military talks

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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COVID-19: Weekend lockdown, night curfew in Karnataka; what’s allowed, what’s not

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

CM Bommai has clarified that travellers from other states would need to produce a negative RT-PCR report to enter Karnataka

With a surge in COVID-19 infections in Karnataka, Chief Minister Basavaraj Bommai Friday announced weekend curfew and extension of night lockdown timings.

According to the latest order, the night curfew has been extended by an hour across the state. Only essential movement will be allowed between 9 pm (instead of 10 pm earlier) and 5 am.

Besides, there will be a weekend curfew in eight districts that share borders with Kerala or Maharashtra. These districts are—Belagavi, Bidar, Vijayapura, Kalaburagi, Dakshina Kannada, Kodagu, Mysuru, and Chamarajanagar.

Some reports suggest that earthmovers have dug up roads in border villages to stop the infiltration of bikers from Kerala. However, Rajendra KV, Deputy Commissioner of Dakshina Kannada district, has dismissed any such development.

Here’s what’s allowed and what’s not in these eight districts:

  • Marriages and family functions are permitted but not with more than 100 attendants.
  • Shops, including those selling food, groceries, fruits, vegetables, meat, fish, dairy, milk booths, and animal fodder, will be allowed to operate from 5 am to 2 pm.
  • Home delivery of all items is allowed round the clock.
  • Only takeaways are allowed from bars.
  • Cinema halls are allowed to operate with 50 percent occupancy.
  • All gatherings — social, political, sports, entertainment, academic, and religious functions, among others — are prohibited.
  • Funerals are allowed with a maximum of 20 attendants.
  • Schools/colleges to reopen for Classes 9 to 12 from August 23 in the first phase.
  • Movement of public transport, private vehicles, and taxis allowed only to ferry passengers from airports, railway stations, and bus terminals/stops/stands.

Meanwhile, CM Bommai has stressed that travellers from other states would need to produce a negative RT-PCR report to enter Karnataka. In Bengaluru, the police have invoked section 144(1) of the Code of Criminal Procedure (CrPC) until August 16. This means, more than four people cannot assemble at a public place.

On Friday, Karnataka recorded 1,805 fresh COVID-19 cases and related 36 deaths.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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