Month: February 2021

US FDA gives emergency use authorisation to COVID-19 vaccine from J&J

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

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The US on Saturday got its third jab against the deadly coronavirus disease with the US Food and Drug Administration (USFDA) authorising a single-dose Johnson and Johnson anti-coronavirus vaccine for emergency use and setting the vaccine up for additional approvals around the world. President Joe Biden described the approval as an encouraging development in efforts to end the COVID-19 crisis and said this is exciting news for all US citizens.

The J&J vaccine is the third authorized in the United States, following ones from Pfizer/BioNTech and Moderna, both of which require two doses.

“Today, after a rigorous, open, and objective scientific review process, the Food and Drug Administration (FDA) issued an emergency use authorisation for a third safe and effective vaccine to help us defeat the COVID-19 pandemic – the Janssen COVID-19 (Johnson and Johnson) vaccine,” Biden said.

The EUA allows the Janssen COVID-19 vaccine to be distributed in the US for use in individuals of 18 years of age or older. Unlike the other two approved vaccines, the Johnson and Johnson vaccine is administered as a single dose.
The Pfizer and Moderna vaccines require two shots within two weeks.

“The authorisation of this (Johnson and Johnson) vaccine expands the availability of vaccines, the best medical prevention method for COVID-19, to help us in the fight against this pandemic, which has claimed over half a million lives in the US,” Acting FDA Commissioner Janet Woodcock said.

The FDA said the totality of available data provides clear evidence that the Janssen COVID-19 vaccine may be effective in preventing the infection.

Data also shows that the vaccine’s known and potential benefits outweigh its known and potential risks, supporting the company’s request for the vaccine’s use in people of 18 years of age and older, it said.

“We know that more people that get vaccinated, the faster we will overcome the virus, get back to our friends and loved ones, and get our economy back on track,” President Biden said, adding that the country is moving in the right direction.

He said at the same time, this fight is far from over.

“Though we celebrate today’s news, I urge all Americans keep washing your hands, stay socially distanced, and keep wearing masks. As I have said many times, things are still likely to get worse again as new variants spread, and the current improvement could reverse. My administration will not make the mistake of taking this threat lightly, or just assuming the best: that’s why we need the American Rescue Plan to keep this fight going in the months ahead,” Biden said.

There is light at the end of the tunnel, but people cannot let their guard down now or assume that victory is inevitable, the president said.

“We must continue to remain vigilant, act fast and aggressively, and look out for one another that is how we are going to reach that light together,” Biden said.

Congressman Frank Pallone, who is the chairman of the House Energy and Commerce Committee, said notably, this new vaccine is easier to store and transport than other COVID-19 vaccines and only requires one shot to protect patients.

“This will greatly improve our ability to protect millions of people against COVID-19 in communities across the country and is a giant step towards crushing the virus,” he said.

The authorisation of Johnson and Johnson’s COVID-19 vaccine brings the country another step closer to the light at the end of the tunnel, Pallone said.
Congressman Michael C Burgess, who is also a senior doctor, said that this is truly a remarkable achievement to see.

“To have three safe and effective vaccines not even a year from learning the virus sequencing is an outstanding accomplishment. This is a true testament to the dedication of American scientists and a shining example of American resourcefulness,” he said.

Earlier this week, an FDA panel released that Johnson and Johnson’s single-dose vaccine is effective for the coronavirus and its other severe forms, Burgess said.

“This third vaccine is a signal that we are nearing the end of this pandemic, but we cannot stop taking the proper precautions. Please continue to wash your hands thoroughly, wear a mask if you are unable to properly social distance, and stay home if you are sick. At the start of this pandemic, America declared that we are in this together and together we will reach the end,” he said.

In J&J’s 44,000-person global trial, the vaccine was found to be 66 percent effective at preventing moderate-to-severe COVID-19 four weeks after inoculation. It was 100 percent effective in preventing hospitalization and death due to the virus. There were very few serious side effects reported in the trial, which also offered preliminary evidence that the vaccine reduced asymptomatic infections.

J&J vaccine versus others

J&J’s vaccine is expected to be used widely around the globe because it can be shipped and stored at normal refrigerator temperatures, making distribution easier than for the Pfizer/BioNTech SE and Moderna vaccines, which must be shipped frozen.

The U.S. government, which has purchased 100 million doses of the J&J vaccine, plans to distribute about 3 million to 4 million next week. That would be on top of the around 16 million doses of the Pfizer/BioNTech and Moderna vaccines the government already planned to ship across the country.

“We are ready to roll it out,” White House senior adviser Andy Slavitt wrote on Twitter after the authorization. Johnson & Johnson said it had begun shipping vaccines to the government.

J&J plans to provide a total of 20 million doses by the end of March, which along with the more than 220 million total doses expected from Pfizer and Moderna would be enough to fully vaccinate 130 million Americans.

So far, the United States has distributed more than 90 million doses of COVID-19 vaccines, some of which have been used for second shots. About 14 percent of Americans have received at least one dose, according to U.S. government data.

COVID-19 has claimed more than half a million lives in the United States, and states are clamoring for more doses to stem cases, hospitalizations, and deaths.

The J&J vaccine is also under review by the European Union, where deliveries are expected starting in April and would build on the region’s thin supplies of the Pfizer/BioNTech, Moderna and AstraZeneca Plc shots.

In South Africa, regulators were awaiting the FDA decision as their government looks to deploy more J&J vaccine against a variant of the virus called B.1.351 that is able to evade some vaccine protection.

J&J’s vaccine uses a common cold virus known as adenovirus type 26 to introduce coronavirus proteins into cells in the body and trigger an immune response. J&J is testing a two-dose version of its vaccine, with results expected this summer.

—With inputs from agencies

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

86% of COVID new cases reported from Maharashtra, Kerala, Punjab, K’taka, TN, Gujarat

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

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India’s COVID-19 tally climbed to 1,10,96,731 on Sunday with 16,752 new infections, the highest in the last 30 days, according to Union health ministry data. The death toll mounted to 1,57,051 with 113 fresh fatalities, the data updated at 8 am showed.

The country had recorded 18,855 new infections on January 29. The active caseload further increased to 1,64,511. It constitutes 1.48 percent of the total infections, the data stated. The number of people who have recuperated from the disease surged to 1,07,75,169, which translates to a national COVID-19 recovery rate of 97.10 percent. The case fatality rate stands at 1.42 percent.

Here are the highlights of the day:

# Maharashtra reported 8,293 new COVID-19 cases, 3,753 recoveries, and 62 deaths in the last 24 hours, as per State Health Department.

Total cases: 21,55,070
Total recoveries: 20,24,704
Death toll: 52,154
Active cases: 77,008

#582 new COVID-19 cases reported in Punjab today, as per the state government.

Total cases:1,82,176
Total discharges: 1,71,712
Active cases: 4,632

# Manipur reports two new COVID-19 cases and 13 recoveries today.

Total cases: 29,273
Total recoveries: 28,867
Death toll: 373
Active cases: 33

# Karnataka reported 521 new COVID-19 cases, 350 recoveries, and five deaths in the last 24 hours, as per State Health Department.

Total cases: 9,51,251
Total recoveries: 9,33,097
Active cases: 5,804
Death toll: 12,331

# The next phase of vaccination drive for age-appropriate population groups will commence tomorrow. It will open at 9:00 am and citizens will be able to register and book an appointment for vaccination, anytime and anywhere, using the COWIN 2.0 portal or through other IT applications: Government

# The government releases guidance note for COWIN 2.0. “The number of doses planned to be administered will be decided by the respective state/UT government for a Vaccination Cycle. Total vaccination slots for a vaccination cycle should not exceed the target number of doses”.

# The third phase of COVID19 vaccination will begin in Delhi tomorrow for those who are above 60 years of age, and those with co-morbidities who are in the age group of 45-59 years: Delhi Health Department

# 3,254 new COVID-19 cases and 15 deaths are reported in Kerala today. There are 49,420 active cases in the state and 10,05,497 people have recovered so far. The death toll is at 4,197: Kerala government

# Andhra Pradesh reports 117 new COVID-19 cases taking total cases to 8,89,916. Total active cases at 718, recoveries at 8,82,029 and death toll at 7,169: AP government

# Delhi reports 197 new COVID-19 cases, 168 recoveries and one death today, as per Delhi government.

Total cases: 6,39,289
Total recoveries: 6,27,044
Death toll: 10,910
Active cases: 1,335

# Schools, colleges, private coaching classes will remain closed till March 14 due to rise in the COVID-19 cases. No public movement except essential services will be allowed between 11pm to 6am. Restrictions imposed in Pune city earlier extended till March 14: Pune Mayor Murlidhar Mohol

# Maharashtra, Kerala, Punjab, Karnataka, Tamil Nadu, and Gujarat have shown a surge in new COVID-19 cases in the last 24 hours. 86.37 percent of the new cases are from these six states: Government

# The Centre has told the states to follow effective surveillance strategies in respect of potential super spreading events. There is a need for effective testing, comprehensive tracking, prompt isolation of positive cases and quick quarantine of close contacts were also strongly emphasized: Government

# The Centre has deputed high-level multi-disciplinary teams to Kerala, Maharashtra, Karnataka, Tamil Nadu, West Bengal, Chhattisgarh, Punjab, Madhya Pradesh, Gujarat and Jammu and Kashmir to ascertain reasons for the surge in cases and coordinate with the State Health Departments in COVID-19 control and containment measures: Government

—With inputs from agencies

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

Rule on blocking contents not new, been around since 2009: Govt defends digital media guidelines

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

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The information and broadcasting ministry on Saturday clarified that the provision in the new digital media guidelines to block internet content in a case of emergency nature has been around as a rule since 2009 and was not recently introduced.

Certain misgivings are being raised regarding Rule 16 under Part III of the guidelines which mention that in a case of emergency nature, interim blocking directions may be issued by the secretary, ministry of information and broadcasting, a ministry statement said.

“It is hereby clarified that this is not a new provision. For the past eleven years, since 2009, this provision has been exercised by the Secretary, Ministry of Electronics and IT under the Information Technology (Procedure and Safeguards for Blocking for Access of Information by Public) Rules, 2009,” it said.

Under the rules issued on February 25, this provision has only been replaced with Secretary, Ministry of I&B because Part III of the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 would be administered by the I&B Ministry, the statement said.

“It is reiterated — no change in provision has been made nor any new provision has been added on blocking of content under Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021,” the I&B ministry said.

The government on Thursday had said a ‘code of ethics’ and three-tier grievance redressal mechanism would be applicable for news publishers, over-the-top (OTT) platforms and digital media.

The Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 were announced at a joint press conference here by I&B minister Prakash Javadekar and IT minister Ravi Shankar Prasad earlier this week.

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

465 electric four-wheelers registered since the launch of Delhi’s EV policy last year: Delhi minister

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

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A total of 465 electric four-wheelers have been registered since the notification of Delhi’s electric vehicle (EV) policy last year, transport minister Kailash Gahlot said on Saturday.

He said incentives of up to Rs 3 lakh are provided under Delhi’s EV policy, which includes 1.5 lakh subsidy, registration, and road tax exemption.

Since the launch of the policy, 465 new electric four-wheelers have been registered, Gahlot said.

“This is the highest subsidy in India and makes the total cost of ownership of an electric car in Delhi the same as a diesel car. Subsidies provided on electric cars under the EV policy reduce the total cost of electric cars by up to 30 per cent,” the minister said.

An individual can save Rs 1,050 per month by switching to electric vehicle from a diesel car, he said.

In the third week of the ongoing ‘Switch Delhi’ campaign, promoting electric four-wheelers and sensitising people towards their benefits have been emphasised.

“The third week of the Delhi Government’s Switch Delhi electric vehicle campaign received overwhelming support from Delhiites,” a transport department statement said.

Delhiites have started switching to electric four-wheelers in “large numbers”, it said, adding that since the launch of the Delhi EV policy in August 2020, 465 new electric four-wheelers have been registered and more are being registered every da.

Meanwhile, Amit Arya, owner of an electric vehicle said, “All thanks to Delhi government’s support, we are getting a much more expensive vehicle at an affordable price. I encourage people to buy EVs. An overnight charging lasts us 7-10 days.”

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

COVID-19 vaccine: Private hospitals can charge up to Rs 250 per dose

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

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Private hospitals can charge up to Rs 250 per dose of COVID-19vaccine, official sources said on Saturday as India prepares to vaccinate people aged above 60 years and those over 45 with comorbidities from March 1. The COVID-19 vaccine will be given free of cost at government hospitals, while people will need to pay for it at private facilities.

“Rs 250 will be the ceiling — Rs 150 cost of vaccine plus Rs 100 service charge. This arrangement will remain effective till further orders,” a source said.

According to sources, states and union territories have been informed about it.

The union health ministry on Friday had said beneficiaries would be able to self-register in advance by downloading the Co-WIN 2.0 portal and through other IT applications such as Aarogya Setu, which will show the government and private hospitals serving as COVID-19 vaccination centres (CVCs) with date and time of the available schedules.

The beneficiary would be able to choose the CVC of his/her choice and book an appointment for vaccination, the ministry said.

There will be facility of on-site registration so that eligible beneficiaries can walk into identified vaccination centres, get themselves registered and inoculated.

“Eligible beneficiaries would be able to register themselves on the Co-WIN platform from March 1 itself,” R S Sharma, Chairman of Empowered Group on COVID-19 Vaccine Administration had said.

The nationwide COVID-19 vaccination drive was launched on January 16. This is now to be exponentially expanded to the age-groups –all citizens above 60 years and those within the age bracket of 45 to 59 years with specified co-morbidities — from March 1.

During a meeting held on Friday, representatives of states and UTs were explained the basic features of version 2.0 of the digital platform Co-WIN, which is a population-scale software with capacity of processing several thousands of entries.

It was pointed out that all CVCs mustbe health facilities which are government health facilities such as sub health centres (SHCs), primary health centres (PHCs), community health centres (CHCs), Ayushman Bharat Health and Wellness Centres, Sub-Division Hospitals, District Hospitals and Medical College Hospitals or private hospitals empanelled under the Central Government Health Scheme (CGHS), Ayushman Bharat- Pradhan Mantri Jan Aarogya Yojana (AB-PM JAY) and similar State Health Insurance Schemes.

States and UTs were asked to ensure that the private health facilities have adequate space for the vaccination process, as detailed in the comprehensive SOPs issued by the ministry, basic cold chain equipments, their own team of vaccinators and staff, and adequate facility for management of any adverse event following immunisation (AEFI) cases for using them as CVCs.

All beneficiaries, regardless of the mode of access will have to carry any one of the following photo ID documents — Aadhaar Card, Electoral Photo Identity Card (EPIC), Photo ID card specified at the time of registration in case of online registration (if not Aadhaar or EPIC), certificate of co-morbidity for citizens in age group of 45 years to 59 years (signed by a registered medical practitioner), and employment certificate/Official Identity Card for healthcare workers (HCWs) and frontline workers (FLWs). States and UTs on Friday explained the simplified process of registration, which shall be through three routes — advance self-registration, on-site registration and facilitated cohort registration.

Under the first route, beneficiaries will be able to self register in advance by downloading the Co-WIN 2.0 portal and through other IT applications such as Aarogya Setu. “This will show the government and private hospitals serving as CVCs with date and time of the available schedules. The beneficiary would be able to choose the CVC of his/her choice and book an appointment for vaccination.

“The facility of on-site registration allows those who cannot self register in advance to walk into the identified CVCs and get themselves registered on-site and then vaccinated,” the ministry said. Under the facilitated cohort registration mechanism, the state and UT government will take proactive lead, the ministry said in the statement.

Specific date(s) for COVID-19 vaccination will be decided where target groups of potential beneficiates will be vaccinated. State and health authorities will ensure that that the target groups are actively mobilised and brought to the vaccination centres. ASHAs, ANMs, Panchayati Raj representatives and Women’s Self Help Groups (SHGs) will be utilised for mobilising the target groups. Vaccination will be free of charge at the government vaccination centres.

The beneficiary will have to show a photo ID document for proof of age (preferably Aadhaar card or EPIC card) and certificate of co-morbidity (if required). Those taking the COVID vaccine at any designated/empanelled private health facility will have to pay a pre-fixed charge.

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

Axis Bank board approves reclassification of United India Insurance as public shareholder

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

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Axis Bank on Saturday said its board has approved a proposal to reclassify United India Insurance Company Ltd (UIICL) as a public shareholder category investor in the bank from promoter category.

UIICL, one of the promoters of Axis Bank, had requested the bank through a letter dated February 26, 2021 to reclassify the insurer to public category from promoter category, in accordance with listing regulations of Sebi, Axis Bank said in a regulatory filing.

“The said letter was placed for consideration of the board at its meeting held today…The board at the said meeting has considered and approved the said request received from UIICL to reclassify it to public category from promoter category,” said the lender.

The board’s nod is subject to approval from the stock exchanges, regulatory authorities and shareholders of the bank, it said.

UIICL held 0.03 percent of the total issued and paid-up equity share capital of Axis Bank as on February 20, 2021. The private sector lender said it will seek approval from the shareholders through an ordinary resolution for the required reclassification.

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

New IT rules: SC will not use WhatsApp to share video conference links for hearings

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

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Taking into consideration the new IT rules announced by the government of India on Thursday, the Supreme Court of India will stop using WhatsApp groups to share video conference links for court hearings.

As an alternative, such links will be shared on authenticated e-mail IDs and registered mobile numbers of the concerned advocates-on-record or party-in-person.

As per the circular issued by the apex court on Saturday, this step has been taken in view of the recently notified Information Technology (guidelines for intermediaries and Digital Media Ethics Code) Rules, 2021 (IT Rules, 2021).

#SupremeCourt will not be creating any @WhatsApp groups for sharing #virtualcourt links with Advocate on Records and other parties from March 1 in view of the new regulations concerning social media apps and OTT platforms. Links to be shared via email & sms henceforth @rsprasad pic.twitter.com/vPvR9uXRUV

— Bar & Bench (@barandbench) February 27, 2021

The circular will become effective from March 1, 2021. On Thursday (February 25) union ministers Ravi Shankar Prasad and Prakash Javadekar addressed a press conference at National Media Centre in New Delhi to announce the Centre’s new guidelines for digital news organisations, and code of ethics for social media and OTT (over the top) platforms.

The rules drafted pursuant to the powers provided by Section 79(2)(c) and Section 69A(2) of the Information Technology Act, 2000. The rules offer for classification of films and other entertainment programmes, including web series.

Apart from this, it aims to bring digital news platforms within the realm of guidelines covering print and electronic media and seeks to rein in social media intermediaries.

As per the new Information Technology (Guidelines for Intermediaries and Digital Media Ethics Code) Rules, 2021, social media platforms such as Facebook and Twitter have to delete or disable argumentative content within 24 hours. Ravi Shankar Prasad, law and IT minister, laid out the guidelines on Thursday.

He stated that posts on offences pertaining to sovereignty of India, security, relations with other states and rape must be deleted. He also added that if a user’s content is restricted, the person must be given the explanations why it was done. Apart from this, he said that users must be offered a platform to resolve complaints in a time bound manner.

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

KVIC’s e-market portal achieves Rs 1.12 crore turnover in 8 months

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

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The e-market portal unveiled by Khadi and Village Industries Commission (KVIC) has achieved a gross turnover of over Rs 1.12 crore in just eight months of its launch, the MSME ministry said on Saturday.

“Launched on 7 July 2020, Khadi e-portal has delivered orders to over 10,000 customers out of the 65,000 people who visited the e-portal till date. KVIC has also delivered more than 1 lakh articles/commodities to these customers,” an official statement said.

During this period, the average online purchase has been recorded at Rs 11,000 per customer. MSME minister Nitin Gadkari has lauded Khadi’s successful e-commerce venture saying this provided a wide marketing platform for various khadi and village industry products to a larger population. He said e-marketing of Khadi is proving to be a game-changer.

Gadkari also said the effort should be to reach a turnover of Rs 200 crore per year. KVIC chairman Vinai Kumar Saxena said all expenses incurred on operating Khadi e-portal are borne by KVIC.

“While in case of other e-commerce sites, product cataloguing, packaging and dispatch are the responsibility of the respective sellers; KVIC has a policy that the Khadi institutions and PMEGP units are exempted from any such financial and logistical burden,” Saxena said.

He added that this saves them a lot of money and, therefore, Khadi’s e-portal is a unique platform for lakhs of Khadi artisans.

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

Around 11 lakh people will lose jobs if Future-Reliance deal falls through: FMCG distributors, traders

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

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Around 11 lakh people will lose their jobs if the Future Retail-Reliance deal falls through, FMCG distributors, traders association and a Delhi-based NGO have said in a statement.

“Future Group and Reliance had ensured that all businesses, including Big Bazaar, EasyDay, Nilgiris, Central, Brand Factory, among others, continue to function so that employees and suppliers do not lose their livelihood, read a statement issued by All India Consumer Products Distributors Federation, FMCG Distributors and Traders Association Delhi and Public Response Against Helplessness and Action for Redressal (PRAHAR).

“However, frequent litigations and roadblocks by Amazon are putting this arrangement into a crisis. The fear is that if the deal does not go through then the livelihood of many will be lost,” it added.

Future Group, which has around 2,000 stores in over 450 cities across India, will shut shop if the deal is blocked, causing almost 11 lakh job losses, the release said, adding that about 6,000 vendors and suppliers will also lose their biggest customer.

Stressing on the importance of the competition of the deal, the statement said that Reliance had committed to pay the dues of all vendors and suppliers as part of the deal.

“Hence, it is important that these businesses and jobs of people supplying to Future Retail are protected,” it added.

Amazon and Future Group are locked in a legal dispute over the sale of the Indian company’s retail, logistics and warehousing assets to Reliance Retail Ventures (RRVL), a unit of Reliance Industries, for Rs 24,713 crore.

Amazon, which owns a 49 percent stake in Future Coupons, an unlisted company, has challenged the Future Group-Reliance Retail deal, claiming it did not consent to such a transaction. It said the deal breached some existing agreements

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

Robinhood might confidentially file for IPO in March

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

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Online trading platform Robinhood is planning to confidentially file for an initial public offering (IPO) in March. According to a Bloomberg report, the California-based Robinhood Markets has already held talks with underwriters, but a final decision has not been made. The timing of the listing could change, say people in know of the matter.

Robinhood, however, declined to make any comment officially when contacted by Bloomberg. This comes barely three weeks after the company faced a cash crunch when it ran into regulatory trouble.

Robinhood had to draw down its credit lines and raise $3.4 billion to post more collateral with the Depository Trust & Clearing Corporation (DTCC), the industry’s clearinghouse. Given wild swings in stocks, including those of video game retailer GameStop and movie theatre chain AMC Entertainment Holdings Inc, the DTCC wanted members to post more cash.

The trading platform, which has become popular during the pandemic with homebound youngsters turning to its trading app to make money and pass time, recently drew criticism after temporarily halting trading in GameStop and other companies’ shares, after retail investors caused a spike in the shares, shorted by hedge funds.

After this, it was hit by at least 33 federal lawsuits across the United States. Alleging violations of securities laws or consumer protection statutes, most of the lawsuits filed in 10 states, including California, Florida, Illinois, and New York, sought class action.

Valued at $11.7 billion in 2020, Robinhood, has been eyeing a stock market debut for a while now, according to a Bloomberg report.

The GameStop saga has brought Robinhood, with CEO Vladimir Tenev recently testifying before the US House Financial Services Committee.

Last year, Reuters had reported that Robinhood had picked Goldman Sachs Group to lead preparations for an initial public offering, which could value it at more than $20 billion.

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