Month: February 2021

AstraZeneca to supply 9 million more vaccine doses: European Union

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

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Pharmaceutical company AstraZeneca has agreed to supply 9 million additional doses of its coronavirus vaccine to the European Union during the first quarter, the bloc’s executive arm said Sunday. The new target of 40 million doses by the end of March is still only half what the British-Swedish company had originally aimed for before it announced a shortfall due to production problems, triggering a spat between AstraZeneca and the EU last week.

European Commission President Ursula von der Leyen said after a call with seven vaccine makers Sunday that AstraZeneca will also begin deliveries one week sooner than scheduled and expand its manufacturing capacity in Europe. “Step forward on vaccines,” tweeted Von der Leyen, who has come under intense pressure over the European Commission’s handling of the vaccine orders in recent days.

The EU is far behind Britain and the United States in getting its population of 450 million vaccinated against the virus. The slow rollout has been blamed on a range of national problems as well as slower authorization of the vaccines and an initial shortage of supply.

AstraZeneca’s announcement last week that it would initially supply only 31 million doses to the EU’s 27 member states due to production problems set off a fierce dispute between the two sides, with officials in Brussels saying they feared the company was treating the bloc unfairly compared to other customers, such as the United Kingdom.

On Friday, hours after regulators authorized the vaccine for use across the EU, the commission said it was tightening rules on exports of coronavirus vaccines, sparking an angry response from Britain. The commission has since made clear the new measure will not limit vaccine shipments produced in the 27-nation bloc to Northern Ireland, a U.K. territory that was guaranteed unhindered cross-border access to the Republic of Ireland under the post-Brexit deal between Britain and the EU.

EU member states praised the bloc’s executive branch last year for signing numerous deals with vaccine makers, saying the joint purchase using the combined market weight of the entire bloc had ensured a fair distribution for all 27 countries at good prices.

Since then the mood among many EU citizens toward Brussels has soured, as countries outside the bloc speed ahead in the race to vaccinate their populations.

The British government hasn’t been shy about promoting its relative vaccine success, which has helped distract from the fact that the country remains top of the table for deaths in Europe.

Official figures show 598,389 shots were administered across the U.K. on Saturday, more than six times the number that Germany managed Friday, the last day for which figures were available.

Germany has so far given at least one dose to 2.2 percent of its population. Britain has done the same for 13.2 percent of its citizens. In response, Chancellor Angela Merkel has summoned state governors Monday to discuss what German media are describing as a “vaccination debacle. ” Von der Leyen, who was Germany’s defense minister before taking the post in Brussels, insisted the EU had “made good progress.”

“Of course we’ve currently got a difficult phase,” she told German public broadcaster ZDF, but added that in the second quarter more vaccine would become available as regulators approve additional formulas and further production capacity goes online.

Pfizer, which developed the first widely tested and approved coronavirus vaccine together with German firm BioNTech, has said it expects to increase global production this year from 1.3 million doses to 2 billion doses. Tens of millions of those will likely go to the EU.

In a statement, the European Commission said it plans to set up an specialized body to improve the bloc’s response to health emergency and “deliver a more structured approach to pandemic preparedness.”

As part of the effort, together with industry, the EU said it will “fund design and development of vaccines and scale-up manufacturing in the short and medium-term, and also to target the variants of COVID-19.” “The pandemic highlighted that manufacturing capacities are a limiting factor,” it said. “It is essential to address these challenges.”

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

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

Navalny, WHO and Thunberg among nominees for Nobel peace prize

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

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Russian dissident Alexei Navalny, the World Health Organization and climate campaigner Greta Thunberg are among those nominated for this year’s Nobel Peace Prize, all backed by Norwegian lawmakers who have a track record of picking the winner.

Thousands of people, from members of parliaments worldwide to former winners, are eligible to propose candidates. Nominations, which close on Sunday, do not imply an endorsement from the Nobel committee.

Norwegian lawmakers have nominated the eventual laureate every year since 2014, with the exception of 2019, said Henrik Urdal, Director of the Peace Research Institute Oslo. “The pattern from recent years is quite stunning.”

The Norwegian Nobel Committee, which decides who wins the award, does not comment on nominations, keeping secret for 50 years the names of nominators and unsuccessful nominees.

But nominators can choose to reveal their picks.

According to a Reuters survey of Norwegian lawmakers, nominees include Thunberg, Navalny, the WHO and its COVAX programme to secure fair access to COVID-19 vaccines for poor countries.

Thunberg was named as one of “the foremost spokespeople in the fight against the climate crisis”, with the campaigning group she co-founded, Fridays for Future, also receiving a nod.

Navalny, nominated by Russian academics, was named for his “efforts for a peaceful democratisation of Russia” by Norwegian former minister Ola Elvestuen.

The battle against COVID-19 is front and centre, including a nomination for the GAVI vaccine alliance.

Other names are Belarusian activists Sviatlana Tsikhanouskaya, Maria Kolesnikova and Veronika Tsepkalo for their “fight for a fair election and inspiration for peaceful resistance”, one nominator, Geir Sigbjoern Toskedal, said.

Another, Jette Christensen, also named the Hungarian Helsinki Committee, a human rights group, and IUSTITIA, a group of Polish judges defending civil rights.

“My nomination this year is … for the fight to preserve democracy as a form of government in Europe,” Christensen said.

Freedom of information is a recurring theme with nominees including the U.S.-based Committee to Protect Journalists; former Charlie Hebdo journalist Zineb el Rhazoui; news website Hong Kong Free Press, the U.S.-based International Fact-Checking Network and Paris-based Reporters without Borders (RSF).

Other nominees include former U.S. President Donald Trump, NATO and the U.N. refugee agency (UNHCR).

Also on the list is Aminatou Haidar, for her peaceful campaigning towards an independent Western Sahara, the International Space Station and the International Scout Movement.

The 2021 laureate will be announced in October.

Stay tuned with all the live action and updates with our Budget 2021 Live blog.

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

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

Union Budget 2021 income tax LIVE updates: Experts say relief for taxpayers possible in FM’s speech

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

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Union finance minister Nirmala Sitharaman has started presenting the Budget for the financial year 2021-22. This Budget is expected to provide relief to the pandemic hit common man as well as focus more on driving the economic recovery.

On the income tax front, it is expected to put more money in the hands of the average taxpayer and ease rules to attract foreign investments.

Here’s a quick round-up of the major income tax expectations:

• Extension of Section 80EEA benefits to next financial year and beyond

The previous budget introduced section 80EEA to offer an additional tax deduction of up to Rs 1.5 lakh for home loan interest repaid by the first time home buyers for purchasing housing properties with a stamp duty value of equal to or below Rs 45 lakh. This deduction is available over and above the Section 24b deduction of up to Rs 2 lakh on home loan interest repayments.

Now, experts want Budget 2021 to make this deduction a permanent feature or at least extend it to the next financial year to stimulate demand in the affordable housing sector.

• Extension of investment option in NPS Tier-II taxsaver scheme to all individual investors

Budget 2020 had introduced NPS Tier-II Taxsaver Scheme, an exclusive tax saving instrument for Central Government employees. This scheme is optional for the Central Government employees and comes with a fixed asset allocation of 10 percent-25 percent in equities and the rest in debt instruments, along with a lock-in period of just 3 years.

According to experts, Budget 2021 should therefore allow employees of the private sector, state governments and self-employed individuals to invest in NPS Tier-II Taxsaver Scheme. This will allow such investors to benefit from the form of low-cost investment offered by NPS and avail deductions under section 80C through debt-oriented investments, especially during over-valued markets.

• Increase of the deduction limit under section 80C

Several experts have asked the government to increase the maximum limit for deduction under section 80C of the Income Tax (I-T) Act from the present Rs 1.5 lakh. The last time this deduction limit was revised in 2014, where it was raised from Rs 1 lakh per annum.

According to experts, this hike will boost investments further and increase tax savings for an individual by generating more disposable income in the hands of the taxpayer.

Currently, section 80C allows a deduction from gross total income (before arriving at taxable income) of up to Rs 1.5 lakh per annum on eligible investments and specified expenses.

• Deduction for Covid-19 hospitalization under section 80DDB

Experts want the government to announce certain tax measures or incentives while dealing with the hospitalization arising out of coronavirus.

Under the Income tax laws, expenses incurred on certain illnesses such as malignant cancers, chronic renal failure, AIDS, etc. qualifies for deduction under section 80DDB. The deduction limit is currently capped at Rs 40,000 for individuals, except senior and super senior citizens who are allowed a deduction of Rs 1,00,000 per annum.

• Tax rebate for employees working from home

Income tax experts are expecting tax deductions for those working from home in this budget, considering that most of the salaried personnel are working from home for a year and it may get prolonged due to the ongoing COVID-19 pandemic.

In the wake of coronavirus pandemic, work from home has become the new normal. Now, setting up a work station at home, needs certain investments. While certain major corporates have provided work from home allowances such as reimbursement of office furniture costs, telephone and internet expenses, other employees have borne the same out of pocket.

This new tax policy means that employees who spend some portions of their salaries on things like the internet and other office requirements while working from home can save some money in the form of a tax rebate.

• Introduction of a separate deduction for term insurance

The life insurance cover of any individual should ideally be at least 10-15 times of his/her annual income, say experts. As of now, purchasing term insurance policies is the most cost-effective way of purchasing such large life covers at low premiums.

Thus, Naveen Kukreja – CEO& Co-founder, Paisabazaar.com expects this year’s Budget to incentivize consumers to buy term insurance policies by introducing a separate tax deduction for term insurance plans.

• Tax parity between equity MFs and other equity-oriented investment products

According to Naveen Kukreja – CEO& Co-founder, Paisabazaar.com, the imposition of LTCG tax at 10 percent on long term capital gains realized from equities exceeding Rs 1 lakh in a financial year places the taxation of investment proceeds of mutual funds at a disadvantageous position vis a vis other equity oriented schemes offered by ULIPs and NPS.

Thus, he believes that Budget 2021 should restore a level playing ground for mutual funds by removing LTCG tax on all equity-oriented mutual funds or at least the tax saving mutual funds (ELSS).

Similarly, the actions of switching from regular plans to direct plans and from dividend option to growth option of the same fund are considered as sell transactions and are thereby, subjected to capital gains taxes. As this treatment increases the investment cost for investors seeking to migrate to direct plan or growth option of the same fund, this year’s Budget should amend the Income Tax Act to end the practice of treating intra-scheme switching in mutual funds as sell transactions, Kukreja expects.

• Ahead of Budget 2021, here’s a look at the existing income tax slabs:

According to the current rules, a slab system functions across the country, where different tax rates have been prescribed for different slabs. There are three categories of individual taxpayers: Individuals (below the age of 60 years) which include residents as well as non-residents, resident senior citizens (60 years and above but below 80 years of age) and resident super senior citizens (above 80 years of age). Read more

Stay tuned with all the live action and updates with our Budget 2021 Live blog.

For full coverage on Budget 2021, click here

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

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

Japan govt not planning to repatriate nationals from Myanmar, says stay indoors

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

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Japan has no plans to repatriate its nationals from Myanmar, a foreign ministry official said on Monday, after Myanmar’s military arrested leader Aung San Suu Kyi, while the Japanese embassy in the country called on citizens to stay indoors.

Myanmar’s army declared a state of emergency on Monday as it said it carried out detentions of senior government leaders in response to fraud during last year’s general election.

There are an estimated 3,500 Japanese in Myanmar, but because of the coronavirus pandemic, Tokyo had been advising citizens to put off travel there, said the official, who asked to remain unidentified, adding there are no current plans to change that advisory.

The Japanese embassy in Myanmar, in a message posted on the Foreign Ministry’s website, said while the situation in the country at this point did not appear to be one that would involve ordinary people, people should exercise caution.

”We encourage people to stay inside and refrain from going out unless absolutely essential,” it added.

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

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

Budget 2021: Editor’s take on what to watch out for

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

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All eyes will be on Finance Minister Nirmala Sitharaman today  as she rises to present Budget 2021. There is hope and there is some amount of fear and trepidation as well. CNBC-TV18’s Shereen Bhan explains key expectations from Budget 2021.

Stay tuned with all the live action and updates with our Budget 2021 Live blog.

For full coverage on Budget 2021, click here 

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

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

Petrol, diesel prices remain unchanged for fifth straight day

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

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Retail fuel prices in the metros remained unchanged for the fifth consecutive day on Monday. In the national capital, the price of petrol remained stable at Rs 86.30 per litre and diesel maintained its price line of Rs 76.48 per litre, according to Indian Oil Corporation, the country’s largest fuel retailer.

In Mumbai, petrol price remained unchanged at Rs 92.86 per litre on Monday. The cost of diesel also was the same at Rs 83.30 a litre.

The prices of petrol and diesel are reviewed by oil marketing companies such as state-run Indian Oil on a daily basis and any revision is implemented from 6 am in the morning.

The fuel prices vary from state to state in the country due to the value-added tax or VAT.

State-owned fuel retailers — Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) — had on January 6 resumed daily price revision after nearly a month-long hiatus.

Meanwhile, the Rajasthan government reduced value-added tax (VAT) rate by two percent on petrol and diesel last week, giving people the much-needed respite from rising fuel prices. Chief Minister Ashok Gehlot said that despite the price of crude oil being at the lowest level for a long time at the international market, inflation is rising as prices of petrol and diesel are hovering at all-time high levels and the common man is facing economic difficulties. The price of branded or premium petrol price had crossed Rs 100-mark in Sriganganagar town of Rajasthan on January 27, according to news agency Press Trust of India (PTI) report.

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

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

Schools in Karnataka to reopen for Class 9 from today

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

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With the easing of Covid-induced restrictions on declining positive cases across Karnataka, regular classes for students of standard 9 would begin from Monday as per the guidelines, an education official said on Sunday. “As per the protocols of the Union Ministry of Home Affairs and guidelines of the Union Health Ministry, full-day classes for 9th standard students will begin in all high schools across the state from Monday,” the official told IANS.

As schools and colleges remained shut since March 25, 2020, to contain the pandemic, their students were attending classes through online, since July. Offline classes for students of standard 10 in higher secondary schools and pre-university course (PUC) in junior colleges were started from January 1 in addition to online classes to make up for the last 6 months as they were shut.

“Classes for students of 6th-8th standard under the Vidyagama programme will continue to be held in the open air under shade on alternate days from 10:00 am to 12:30 pm,” said the official.

Wearing a face mask, maintaining physical distance and sanitising hands will be mandatory for all students, teachers and staff in all schools and colleges.

“The department has issued a time-table to all high schools for classes 9,10, 11 and 12 from 10:00am to 4:30p.m. on all days – Monday to Saturday,” said the official.

“As classes will be for a full day, students have been advised to carry their lunch packed from home and a consent letter from parents to attend classes in their respective schools, mentioning that their wards are free from the virus,” asserted the official.

The education department is yet to decide on starting classes for students of first-to-fifth standards in primary schools across the southern state. The education department has also directed all schools to sanitise classes and maintain hygiene in the premises to prevent the virus spread.

Also Read: Union Budget 2021 Live Updates

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

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