Weather update highlights: IMD issues orange alert for districts of Maharashtra

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

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Weather update today LIVE: IMD issues orange alert for five districts of Maharashtra including Mumbai, Pune and Thane. Orange alert has also been issued for three districts for Friday, June 30, 2023. Also, IMD has issued yellow alert for seven districts today. The IMD has also issued an orange alert in the city which has witnessed significant downpours and waterlogging. According to the weather department, light to moderate rainfall is expected in the town during the day.

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

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

Google layoffs: Fresh job cuts at mapping app Waze months after search engine let go 12,000 employees

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

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Alphabet-owned Google is going for a fresh round of job cuts at mapping app Waze as it merges the app’s advertising system with Google Ads technology, the search engine announced on June 27.

“In order to create a better, more seamless long-term experience for Waze advertisers, we have begun transitioning Waze’s existing advertising system to Google Ads technology. As part of this update, we have reduced those roles focused on Waze Ads monetisation,” Google, which acquired Waze for about $1.3 billion in 2013, said.

This development comes months after Google laid off 12,000 employees across the world as part of which nearly 450-480 employees from various departments in India were also affected in February.

The layoffs came as Alphabet was struggling with slowing growth and recession risks. CEO Sundar Pichai had told employees that layoffs were done in a bid to act decisively amid a slowdown in the company’s growth.

Also Read | Google layoffs: ‘Financial plans ruined, laid off despite good work’, ex-employees share heartbreaking stories

Pichai said that he had consulted with the company’s founders before deciding on laying off 6 percent of the company’s workforce.

Meanwhile, Google had in December said that it will merge Waze and Google Maps teams to consolidate processes, making it a part of the Google Geo division, its portfolio of real-world mapping products that include Google Maps, Google Earth, and Street View.

The news was first reported by CNBC earlier in the day, citing an email from Chris Phillips, who leads the Geo division. He said Google will notify advertisers and partners about the move on Wednesday.

Also Read: Google CEO Sundar Pichai unveils plans for fintech hub in GIFT City, Gujarat

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

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

Stock Market Highlight: Sensex, Nifty 50, Nifty Bank end at record closing highs, end June series higher

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

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Share Market Highlights: After opening at an all-time high, Indian equity benchmarks BSE Sensex and NSE Nifty 50 ended at record closing highs on Wednesday. Nifty surpassed the 19k level, while Sensex crossed the 64k mark during the session. Gains in financial and oil, gas shares lead the headline indices higher. The market will remain closed on Thursday on account of Bakrid.

Catch highlights of the June 28 session here:

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

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

Russia Ukraine War Highlights: Wagner chief Prigozhin intended to capture two Russian officials, says report

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

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Yevgeny Prigozhin Highlights | The US has imposed sanctions on four firms and one individual connected to the Wagner Group. Meanwhile, Belarus has welcomed Wagner Group chief Yevgeny Prigozhin following an aborted rebellion, as NATO warned that it is ready to defend against “Moscow or Minsk”. Meanwhile, in a video shared by AFP, Belarus strongman Alexander Lukashenko was heard saying that he told Russian President Vladimir Putin not to kill the Wagner chief. Follow LIVE Updates on Russia-Ukraine war 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

Bajaj Auto unveils first set of motorcycles in partnership with Triumph, India launch on July 5

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

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Bajaj Auto Ltd., unveiled two new Triumph motorcycles under the Bajaj-Triumph partnership, a first for their collaboration. The company unveiled the Speed 400 and Scrambler 400 X overnight in London.

While the Speed 400 will join Triumph’s Speed Twin 900 and 1200, the Scrambler 400 X is inspired by the Scrambler 900 and 1200.

Both motorcycles were conceived and designed in the UK and feature an all-new engine, a six-speed gearbox, 40 PS peak power and 37.5 Nm peak torque. The motorcycles also include rider-focused technology, superior engine-management, traction control system and dual channel Anti-Lock Brake System (ABS).

Along with Factory-fitted security and all-LED lighting, both motorcycles are also equipped with a steering lock and an anti-theft immobiliser.

The Speed 400 and Scrambler 400 X will be launched in India on July 5, according to the press statement.

Triumph currently has 15 dealerships in India and Bajaj Auto is looking to expand the existing dealerships from 15 to 120 in the next 2 years. Bajaj Auto will now have 5 exclusive retail channels including KTM, Bajaj motorcycles, Chetak electric and three wheelers.

Bajaj Auto and Triumph had announced a strategic partnership in 2020, under which they planned to create a range of mid-sized Triumph motorcycles. This is Bajaj Auto’s third bike-manufacturing collaboration after KTM and Husqvarna.

Basudeb Banerjee of ICICI Securities had told CNBC-TV18 on April 11 that pricing will decide the premium bike competition between Triumph and Royal Enfield and it will depend on the launch lineup from Triumph.

“From a Triumph perspective, it all depends upon which genre of model they are launching, what is their pricing. So if the on-road price is somewhere around Rs 4 lakh or above, similar to other brands, I don’t think it will sell more than 500 units a month. And that’s not going to move the needle from a financial perspective. So if they are able to come up with a 220CC model on-road price of sub Rs 3 lakh, then it is a different ballgame,” Banerjee had said.

In an interaction with CNBC-TV18 on June 1, Bajaj Auto Executive Director Rakesh Sharma said that the company will continue to grow at twice the industry rate and that he expects the industry to grow by 3-5 percent over the next 2-3 months.

Sharma also spoke about the improving sales in Nigeria, where sales in May stood at 30,000 units from 26,000 units in March. Bajaj Auto now has an 18 percent domestic market share. Managing Director Rajiv Bajaj told CNBC-TV18 on June 21 that exports of 1.5 lakh units are likely in the next quarter.

Shares of Bajaj Auto have been among the best performers on the Nifty 50 index this year, gaining nearly 30 percent year-to-date.

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

South Korea adopts international age standards, adjusts national age calculation system

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

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South Korea will join the international age counting standards this week starting Wednesday and South Korea will find themselves at least a year younger.

South Korea traditionally counts newborns as one year old. They are the only major country to count the age spent by a baby in a womb. However, starting Wednesday all judicial and administrative areas in the country will begin using the international standard or calendar age.

“Under the revisions to the Civil Act and the General Act on Public Administration, multiple age systems will be unified under the internationally recognized system in which age is based on birth date,” the nation’s Ministry of Government Legislation said, according to Yonhap.

The news agency further explained the age-counting tradition and said that under the commonly used system of so-called “Korean age,” a person turns 1 on the day they are born and then adds a year on the first-day of the new year.

So, a child born on New Year’s Day will become 2 years old by the time it is midnight.

This traditional counting system remained an important part of Korean society and daily life, including social settings and workplace as age hierarchies are considered important.

The government led by President Yoon Suk Yeol introduced the change and it was backed by the South Korean people. He also promised its implementation when he ran for office last year.

South Koreans will be spared from making any updates to their documents or IDs since the age used for government forms is based on the international system. The international system is also followed for retirement, pension and voting.

However, the mandatory military service and the age for school admissions follow the calendar age which takes into account the year of birth.

At least three quarters of the Korean population wanted these new changes. Gye Sang Hyuk, a convenience store owner, told Time Magazine that this will not cut young people off from alcohol and cigarette consumption as stores do not use the Korean age-counting system for ensuring if a person is above 19 years of age.

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

National Insurance Awareness Day | Aviva India CEO’s tips on five impactful habits that can help reduce risk of escalating medical cost

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

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The pandemic has undeniably imparted valuable lessons, foremost among them being that “health” is our most precious asset. Investing in our well-being not only shields us and our loved ones from financial strains but also offers peace of mind. As we navigate these ever-changing times, there has been a paradigm shift that compels us to recognise life and health insurance as an indispensable necessity.

While insurance is vital, it is equally important to shift our perspective from protection to prevention. We need to understand that adopting responsible habits can significantly reduce the risk of falling ill or incurring high medical expenses. Instead of relying solely on insurance coverage, we can adopt these five healthy habits to safeguard our health and well-being. These habits are:

1. 1. Responsible Financial Habits

Building a strong financial foundation is the first step toward securing your future. Practice financial discipline by creating a budget and sticking to it. Avoid unnecessary spending on consumer items and focus on saving at least 35 percent of your salary. Remember, regular but small savings every month made over a long duration of time, say 15- 20 years, are better than large lump sums saved every few years.

By practicing responsible financial habits, we can experience reduced financial stress and increased financial security. This, in turn, fosters a positive mindset, enhances decision-making abilities, and promotes overall mental well-being.

1. 2. Nourishing Diet

Healthy diet is the cornerstone of preventive healthcare. By adhering to a healthy diet, we can reduce the risk of chronic diseases like diabetes, cardiovascular ailments, and certain types of cancer. Studies have established a direct correlation between poor dietary choices and the development of these conditions. For instance, diets high in saturated and trans fats increase the risk of heart disease, while excessive sugar consumption raises the likelihood of developing diabetes.

Conversely, a diet abundant in fruits and vegetables has been proven to lower the risk of specific cancers. By nourishing your body with wholesome food, you create a robust defense against potential health issues.

1. 3. Regular Exercise

Engaging in regular exercise not only improves your physical fitness but also reduces the risks of injuries and accidents by improving strength, flexibility, and coordination. Physical well-being achieved through regular exercise has a profound impact on mental well-being. Regular activity releases endorphins, neurotransmitters that promote feelings of happiness and euphoria. Consequently, stress, anxiety, and symptoms of depression are reduced.

By staying active, you save both time and money that would otherwise be spent on medical treatments and rehabilitation. Remember, physical well-being paves the way for mental and financial well-being.

1. 4. Routine Checkups

In today’s digital age, checkups can be conveniently conducted from the comfort of one’s home. A portable monitoring device allows blood pressure and blood sugar tests to be performed easily. These home-based assessments enable individuals to regularly monitor their health status and promptly identify any abnormalities that may require medical attention.

“Prevention is better than cure” holds true when considering the cost-benefit analysis of regular checkups. By detecting and addressing health issues in their early stages, we can avoid the need for more extensive and expensive treatments down the line.

1. 5. Mental Well-being

A healthy mind serves as the foundation for a healthy body. Building and nurturing a supportive social circle goes a long way towards promoting mental wellness. Engaging in social activities, hobbies, and shared experiences can help alleviate stress, combat feelings of loneliness, and boost overall mental well-being. By fostering strong relationships outside of work, individuals create a support system that acts as a buffer against the challenges of life, reducing the risk of mental health issues.

Not to forget, it is equally important to incorporate meditation and mindfulness practices into our daily routines. These practices enhance self-awareness, promote emotional resilience, and help manage anxiety and depression.

Conclusion

Despite the importance of responsible habits, it is prudent to take additional steps to protect your wealth. Hedge yourself financially against large outflows that may occur in the future. Life insurance, property insurance, and health insurance are essential as you navigate your future. These forms of insurance act as a safety net, ensuring that you and your loved ones are financially secure during challenging times.

By adopting responsible habits and investing in insurance coverage, we can mitigate the financial risks associated with illness treatment and embrace a more secure and prosperous future.

— The author, Asit Rath, is CEO & MD, Aviva India. The views expressed are personal. 

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

More than $200 billion in COVID-19 aid may have been stolen, says federal watchdog

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

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More than $200 billion may have been stolen from two large COVID-19 relief initiatives, according to new estimates from a federal watchdog investigating federally funded programmes that helped small businesses survive the worst public health crisis in more than a hundred years.

The numbers issued on Tuesday by the US Small Business Administration inspector general are much greater than the office’s previous projections and underscore how vulnerable the Paycheck Protection and COVID-19 Economic Injury Disaster Loan programmes were to fraudsters, particularly during the early stages of the coronavirus pandemic.

The inspector general’s report said at least 17 percent of all COVID-EIDL and PPP funds were disbursed to potentially fraudulent actors. The fraud estimate for the COVID-19 Economic Injury Disaster Loan programme is more than $136 billion, which represents 33 per cent of the total money spent on that programme, according to the report.

The Paycheck Protection fraud estimate is $64 billion, the inspector general said. In comments attached to the report, a senior SBA official disputed the new numbers.

Bailey DeVries, SBA’s acting associate administrator for capital access, said the inspector general’s approach contains serious flaws that significantly overestimate fraud and unintentionally mislead the public to believe that the work we did together had no significant impact in protecting against fraud.

The SBA inspector general had previously estimated fraud in the COVID-19 disaster loan programme at $86 billion and the Paycheck Protection programme at $20 billion. The Associated Press reported June 13 that scammers and swindlers potentially swiped about $280 billion in COVID-19 emergency aid; another $123 billion was wasted or misspent.

Also Read: ED raids 15 locations in Mumbai in alleged Rs 12000 crore BMC COVID scam

The bulk of the potential losses are from the two SBA programmes and another to provide unemployment benefits to workers suddenly unemployed by the economic upheaval caused by the pandemic. The three initiatives were launched during the Trump administration and inherited by President Joe Biden. Combined, the loss estimated by AP represents 10 per cent of the $4.2 trillion the US government has so far disbursed in COVID relief aid.

The SBA inspector general, Hannibal Mike Ware, said in a statement on Tuesday that the report “utilizes investigative casework, prior (inspector general) reporting, and cutting-edge data analysis to identify multiple fraud schemes used to potentially steal over $200 billion from American taxpayers and exploit programmes meant to help those in need.

Ware, in an interview with The Associated Press earlier this month, said that these latest fraud figures won’t be the last ones issued by his office. We will continue to assess fraud until we’re finished with the investigations on these things, Ware said. That could be a long while. Ware’s office has a backlog of more than 90,000 actionable leads into pandemic relief fraud, which amounts to nearly a century’s worth of work.

Also Read | COVID 19: New research sheds light on cause behind long COVID — All you need to know

SBA previously told The Associated Press the federal government has not developed an accepted system for assessing fraud in federal programmes. Previous analyses, the agency said, have pointed to potential fraud or fraud indicators in a manner that conveys those numbers as a true fraud estimate when they are not. For the COVID-19 Economic Injury Disaster Loan program, the agency said it’s working estimate found $28 billion in likely fraud.

Han Nguyen, a spokesman for the SBA, said in a statement on Tuesday that it is vital to clarify that 86 per cent of the likely fraud in the PPP and COVID-EIDL programmes occurred in the first nine months of those programmes when, as the (inspector general) has often noted, the rush to get funds out led to unwise decisions to pull down anti-fraud guardrails.

Fraud in pandemic unemployment assistance programmes stands at $76 billion, according to congressional testimony from Labour Department Inspector General Larry Turner. That’s a conservative estimate. Another $115 billion mistakenly went to people who should not have received the benefits, according to his testimony.

The Biden administration put in place stricter rules to stem pandemic fraud, including use of the Do Not Pay database. Biden also recently proposed a $1.6 billion plan to boost law enforcement efforts to go after pandemic relief fraudsters.

“I think the bottom line is regardless of what the (total fraud) number is, it emanates overwhelmingly from three programmes that were designed and originated in 2020 with too many large holes that opened the door to criminal fraud,” Gene Sperling, the White House American Rescue Plan coordinator, said in an early June interview.

Bob Westbrooks, a former executive director of the federal Pandemic Response Accountability Committee, said in an interview the $200 billion number is unacceptable, unprecedented and unfathomable. Westbrooks published a book last week, Left Holding the Bag: A Watchdog’s Account of How Washington Fumbled its COVID Test.

The swift distribution of funds and programme integrity are not mutually exclusive, Westbrooks said on Tuesday. The government can walk and chew gum at the same time. They should have put basic fraud controls in place to verify people’s identity and to make sure targeted relief was getting into the right hands.

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

Uzbekistan deaths: Indian firm used toxic industrial-grade ingredient in cough syrup, says report

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

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The Indian manufacturer of cough syrups that Uzbekistan said last year had poisoned 19 children used a toxic industrial-grade ingredient rather than the legitimate pharmaceutical version, two sources with knowledge of the matter told Reuters.

The company, Marion Biotech, bought the ingredient — propylene glycol (PG) — from trader Maya Chemtech India, as reported by Reuters. But Maya did not have a licence to sell pharmaceutical-grade materials and “dealt in industrial-grade only,” according to a source at the firm with knowledge of the Marion investigation.

“We did not know Marion was going to use it to make cough syrups,” said the person, who declined to be identified while the case is investigated. “We are not told where our material is used.”

Also Read | Why has substandard drugs and ethylene glycol contamination become so common

The two sources said the syrup was made with industrial-grade PG, a toxic material widely used in liquid detergents, antifreeze, paints or coatings, and to enhance the effectiveness of pesticides.

“Marion bought commercial-grade propylene glycol,” said a second source, an investigator, who declined to be named while the inquiry is ongoing.

“They were supposed to take Indian Pharmacopoeia-grade,” the source added, referring to national standards for the composition of pharmaceutical products.

Marion also did not test the ingredient before using it in the syrups it sold to Uzbekistan, the investigator said.

India’s drugs and cosmetics rules say manufacturers are responsible to ensure the safety of ingredients they use.

Maya is not facing charges, according to the company source, but the investigation is ongoing. Deepak Sharma, an Assistant Drugs Controller for the national capital territory of Delhi, where Maya is based, declined to comment, saying the case was being investigated by federal drugs authorities.

Marion, which says it deals in pharmaceuticals, herbal and cosmetics products, has previously denied any wrongdoing. Neither the company, nor India’s drug regulator or health ministry responded to requests for comment.

An analysis last year by Uzbekistan’s health ministry showed the Marion-made cough syrups, Ambronol and DOK-1 Max, contained unacceptable amounts of toxins diethylene glycol (DEG) and ethylene glycol (EG), used in products that are not for human consumption.

Uzbekistan in January arrested four people in relation to the 19 deaths, including two executives at a company that imported the Marion drugs. Reuters could not establish the status of the case.

Uzbekistan’s health ministry did not respond to a question on possible penalties there.

“SPURIOUS AND ADULTERATED”

DEG and EG have been used by unscrupulous actors as a substitute for propylene glycol because they are cheaper, according to pharmaceutical manufacturing experts.

The World Health Organization told Reuters earlier this month its working theory is that in 2021, when prices of propylene glycol spiked, one or more suppliers mixed the cheaper toxic liquids with the legitimate chemical.

Asked to comment on the ingredients used by Marion, a WHO spokesperson said, “it is important that product manufacturers only use appropriately qualified suppliers.”

Tests in January by an Indian government laboratory found 22 samples of Marion-made syrups were “adulterated and spurious,” the country’s drug controller said in March.

Authorities in the state of Uttar Pradesh, where Marion is based, cancelled Marion’s licence in March. Police arrested three of its employees and issued warrants for the arrest of two directors. The three employees have since been released on bail, said Uttar Pradesh police officer Vijay Kumar.

One of them, operations head Tuhin Bhattacharya, said he had stopped working for Marion, which Reuters could not verify. Reuters could not contact the other two, chemists Mool Singh and Atul Rawat, or their lawyers.

A lawyer for the two Marion directors told the state’s Allahabad High Court in April that the drugs had been found “not of standard quality” but not adulterated, adding that the directors had not committed any offence in India as the drugs were meant exclusively for export, according to a court order seen by Reuters.

The court barred police from arresting the directors, Jaya Jain and Sachin Jain, unless they had been convicted. Their lawyer, Rohan Gupta, did not respond; Reuters could not reach the directors.

India’s drug regulator ordered the country’s drugmakers not to buy PG from Maya in March, Reuters has reported.

STANDARDS

Besides the deaths in Uzbekistan, at least 70 children died in Gambia last year after taking cough syrups made by another company in India that were found to be contaminated with the toxins, and tainted cough syrups made in Indonesia were linked to the deaths of more than 200 children there.

The deaths prompted an international inquiry into the pharmaceutical supply chain.

International standards allow only trace amounts of EG and DEG in pharmaceutical-grade propylene glycol. Limits for the industrial or commercial grade version are not as stringent, because they are not supposed to be ingested by humans.

The toxins were found in cough syrups exported to Gambia by the other Indian company, Maiden Pharmaceuticals. The WHO linked these syrups to the children’s deaths; Maiden has denied any wrongdoing.

Gambia told India’s drug regulator in June that from July 1 it would make it mandatory for all pharmaceutical products from India to be inspected and tested in India, at the cost of the Indian exporter, prior to shipment — the first known restrictions on national exports following the deaths linked to Indian-made syrups.

India made it mandatory for companies to have their cough syrups tested before export from June.

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