Tag: COVID-19

Walmart closes health centers, telehealth unit over rising costs

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

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Walmart Inc is abandoning its plan to build out a network of low-cost health clinics due to escalating costs and reimbursement challenges. The retailer announced Tuesday that it will close all 51 health centers that it had opened in five states and shutter its telehealth business.

The clinics, conveniently located next to a Walmart Supercenter, were designed to give customers easier access to care by providing a range of health services all under one roof.

The company launched the initiative in 2019 and as recently as last year was promising to open more than 75 centers across the US by the end of 2024. The clinics offered medical, dental and behavioral health services ranging from X-rays to deep teeth cleanings.

Walmart declined to disclose how much money was invested into the business, or the revenue generated from the ventures. There is no specific date for the closures. Walmart declined to say how many jobs will be eliminated as a result of the changes but noted that the company hopes some employees will take roles in other parts of the business.

Also Read: Walmart to acquire smart TV maker Vizio for $2.3 billion to boost its advertising business

Walmart has been expanding its health and wellness operations in recent years, in a bid to grab a bigger chunk of the nation’s $3.6 trillion in health spending. The company will now focus its health business on the nearly 4,600 pharmacies and more than 3,000 vision centers inside stores.

Retailers, health insurers, hospital systems and private equity investors have all poured money into primary-care clinics in recent years. Some of that interest was driven by the desire to enrol seniors in private Medicare Advantage plans and capture a portion of their insurance premiums. That’s the model behind CVS Health Corp.’s acquisition of Oak Street Health and Walgreens Boots Alliance Inc.’s interest in VillageMD.

Walmart was reportedly eyeing a similar strategy with a potential deal to take a stake in Medicare-focused clinic group ChenMed last year. But that deal hasn’t come to pass, and the US is tightening payments for private Medicare Advantage plans. Rival Walgreens also has faced a challenging journey as it pushes into patient care.

Also Read: Walmart shifts supply chain focus to India, cuts Chinese imports

It invested $5.2 billion in primary-care provider VillageMD, which allowed it to open hundreds of doctors’ offices in its drugstores. But it has since revealed plans to close 160 of the clinics. Last quarter it announced a $5.8 billion writedown related to VillageMD, suggesting that the asset was overvalued.

Walmart acquired a little-known virtual provider called MeMD in 2021 during a broader frenzy of investment in digital health as COVID-19 forced many health-care services to find ways of reaching patients remotely. But demand for virtual care ebbed after the pandemic when patients became more comfortable seeing their doctors in person.

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

Sebi’s push on SM REITs to regularise real estate assets worth ₹4,000 crore: Report

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

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The Securities and Exchange Board of India (SEBI) recently took a significant step in enhancing the liquidity of real estate assets under fractional ownership platforms (FOPs) by formulating detailed guidelines for Small and Medium Real Estate Investment Trusts (SM-REITs).

An industry report by Colliers India suggests that market float to the tune of ₹4,50,000 crore will be available through a complete listing of strata office assets by 2026. The report suggests that the regulations of SMReits are expected to regularise real estate assets worth over ₹4,000 crore in the near midterm.

The report by Colliers mentions that with 200 million square feet of Grade A properties under the Strata sale model, it is estimated that only 10-20% of office assets are currently being offered by FOPs that are accessible to retail investors.

SEBI’s recent guidelines are poised to regulate the fractional ownership market and foster increased retail participation. Colliers report also forecasts a surge in the strata stock across India’s top six cities, reaching 260-270 million square feet in the next two years, with an estimated market value of around  ₹4,50,000 crore.

Also Read: High demand for homes in India despite inflation, Ahmedabad leads in buying: Magicbricks

“SM REITs will not only foster retail investors’ interest in the real estate sector but will ensure investment portfolio diversification in a regulated environment. Aspects like reduction in minimum investment amount, mandatory manager holding period, and 95% presence of income-generating assets will make SM REITs more endearing to the informed investor. Interestingly, the number of unitholders for the three office REITs in India has shown an annual growth of 60-80% since listing.

On similar lines, SM REITs have the potential to witness an increase in ownership base by up to 20 times in the next 4-5 years. Altogether, the Indian realty sector will witness fractional ownership being established as a promising alternative investment avenue in the coming years,” said Badal Yagnik, Chief Executive Officer, Colliers India.

As SM REITs gain popularity, the share of commercial assets accessible to retail investors is expected to rise, signalling a significant boost for fractional ownership in commercial real estate. The recent regulatory push is likely to attract retail investors by providing them with the opportunity to invest in smaller fractions of properties with relatively smaller amounts.

Major players in the fractional ownership market like Strata, hBits PropertyShare, Assetmonk, Alyf, YOURS and WiseX had welcomed the move. However, these players say that clarity is needed on many issues at the moment.

The Colliers report sheds light on the surge in interest and adoption of FOPs in recent times which can be attributed to various factors, including rising disposable income levels, improving regulatory landscape, and increasing leisure travel preferences in the post-COVID-19 era.

Also Read: Is Dubai’s real estate sector poised for a slowdown?

In addition to commercial real estate, regulated fractional ownership is expected to expand beyond residential properties. This expansion will attract a larger number of investors across various asset classes, with SM-REITs likely to bring in more funds to manage and upgrade office assets to international standards.

Moreover, the residential segment of fractional ownership has been gaining popularity amongst investors, particularly in post-COVID-19 times, with increased preference for owning second homes in popular tourist locales across the country. This trend presents a massive opportunity for developers to tap into real estate hotspots beyond Tier I cities, with the likely listing of residential assets as SM-REITs.

In the residential segment, investing through FOPs typically requires a minimum amount of ₹10-15 lakh, aligning with SEBI’s stipulations. Presently, various web-based platforms offer a range of properties including apartments, villas, resorts, and holiday homes in tourist destinations in and around Tier-I cities. Additionally, models like time and asset sharing provide retail investors with the opportunity to collaborate on property costs or usage time frames.

Following the COVID-19 pandemic, there has been a notable surge in investor interest in owning villas and luxury apartments as secondary residences in popular tourist destinations nationwide. Looking ahead, developers stand to capitalize on opportunities in real estate hotspots beyond Tier I cities.

Also Read: ‘Premium, super premium selling like never before’, says Mumbai-based realtor

With the probable listing of residential assets as SM REITs, premium properties in major offbeat destinations such as Alibaug, Lonavala, Goa, Kodagu, Rishikesh, and Shimla are expected to attract increased attention from both developers and retail investors.

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

Chinese scientist who first published COVID sequence protests after being locked out of his lab

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

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The first scientist to publish a sequence of the COVID-19 virus in China was staging a sit-in protest after authorities locked him out of his lab.

Virologist Zhang Yongzhen wrote in an online post Monday that he and his team had been suddenly notified they were being evicted from their lab, the latest in a series of setbacks, demotions and ousters since Zhang published the sequence in January 2020 without state approval. The move shows how the Chinese state continues to pressure and control scientists conducting research on the coronavirus.

News of Zhang’s protest spread widely on Chinese social media, attracting public attention. In an online statement, the Shanghai Public Health Clinical Center said that Zhang’s lab was being renovated and was closed for “safety reasons.” It added that it had provided Zhang’s team an alternative laboratory space.

In response, Zhang wrote online that his team wasn’t offered an alternative lab until after they were notified of their eviction, and that the lab offered didn’t meet safety standards for conducting their research, leaving his team in limbo.

When Zhang tried to enter his lab over the weekend, guards barred him from entering. In protest, he sat outside on flattened cardboard in drizzling rain, pictures from the scene posted online show.

“I won’t leave, I won’t quit, I am pursuing science and the truth!” he wrote in a post on Chinese social media platform Weibo that was later deleted. “The Public Health Center are refusing to let me and my students go inside the laboratory office to take shelter.”

Zhang said it was “inconvenient” for him to speak when an AP reporter reached him by phone on Tuesday, saying there were other people listening in. But in an email to collaborator Edward Holmes seen by AP, Zhang confirmed he was sleeping outside his lab after guards barred him from entering.

An AP reporter was blocked by a guard at an entrance to the compound where Zhang’s lab is located. A staff member at the National Health Commission, China’s top health authority, said by phone that they were not the main department in charge and referred questions to the Shanghai government. The Shanghai government did not immediately respond to a request for comment.

Zhang’s ordeal started when he and his team sequenced the virus on Jan. 5, 2020 and wrote an internal notice warning Chinese authorities of its potential to spread. At the time, Zhang had not yet made the sequence public. The next day, Zhang’s lab was ordered temporarily shut by China’s top health official, and Zhang came under pressure by Chinese authorities.

Foreign scientists soon learned that Zhang and other Chinese scientists had sequenced the virus but had not yet been permitted to publish them, prompting public calls for publication. In response, Zhang published his sequence of the coronavirus on Jan. 11, 2020, despite a lack of government permission.

The move allowed health authorities around the world to begin testing for the virus, revealing that it was spreading outside China’s borders and triggering the development of test kits, vaccinations and disease control measures. Zhang was later awarded prizes in recognition.

But Zhang’s publication of the sequence also prompted additional scrutiny of his lab, according to Holmes, Zhang’s collaborator and a virologist at the University of Sydney. Zhang was removed from a post at the Chinese Center for Disease Control and Prevention and barred from collaborating with some of his former partners, crippling his research.

“Ever since he defied the authorities by releasing the genome sequence of the virus that causes COVID-19 there has been a campaign against him,” Holmes said. “He’s been broken by this process and I’m amazed he has been able to work at all.”

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

Why these two modern-day challenges need urgent attention

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

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Childhood obesity and social media addiction are two modern-day challenges that demand urgent attention, points out Dr. Anupam Sibal, a paediatric gastroenterologist and Senior Consultant at Apollo Hospitals Group. 

 Prevalence of Child Obesity

Referring to a survey conducted before the COVID-19 pandemic by Apollo Hospitals Group on child obesity in 5 to 10-year-old school children in South Delhi, Dr Sibal says the findings were alarming. This survey found that 15% of children were overweight, and 4.9% were classified as obese. Even more concerning was the discovery that 19% of children with normal weight had fatty livers, while a 45% of overweight children had the same condition.

Dr. Sibal identifies unhealthy snacking habits and the availability of junk food in school canteens as major contributors to the rise in childhood obesity. The pandemic according to him exacerbated sedentary lifestyles and unhealthy eating habits with the incidence of obesity increasing post-COVID-19.

 Perils of Social Media Addiction

In addition to obesity, Dr. Sibal highlights the detrimental effects of social media addiction on children’s health and well-being. He observes a concerning trend of even 4 to 5-year-olds spending excessive time on smartphones, leading to adverse effects on their eyesight. The shift to online schooling during the pandemic further intensified screen time, raising concerns about parental control and healthy communication within families.

Dr. Sibal advocates for strict guidelines on screen time, recommending no more than one hour per day for children aged 2 to 5 years. He underscores the importance of parental involvement and fostering open communication with children from a young age. Failure to engage with children can lead them to seek advice and validation from social media platforms, exacerbating feelings of anxiety and inadequacy.

 Addressing Child Obesity with Lifestyle Changes

Dr. Sibal emphasised the need for a holistic approach to combat child obesity, involving the entire family in adopting healthier lifestyles. He stresses the importance of parental buy-in and active participation in programs aimed at promoting weight loss in children. By fostering a supportive environment at home and encouraging healthier eating habits and physical activity, families can effectively address the challenges of childhood obesity.

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

From COVID-19 cure to anonymous letter, a timeline of Patanjali case

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

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“We will rip you apart”, the Supreme Court said in a stern warning to the Uttarakhand State Licensing Authority slamming it for inaction over misleading advertisements by Haridwar-based Patanjali Ayurved, founded by yoga guru Ramdev and his aide Balkrishna.

“What about all the faceless people who have consumed these Patanjali medicines stated to cure diseases which cannot be cured?” a Bench of Justice Hima Kohli and Justice A Amanullah questioned, highlighting the seriousness of the issue. Rejecting apologies from Ramdev and Balkrishna, the apex court stated it would pass an order on April 16.

The top court is hearing a petition filed by the Indian Medical Association (IMA) alleging a smear campaign against the COVID-19 vaccination drive and modern systems of medicine.

Here’s a timeline of how this case unfolded:

December 2020

Patanjali Ayurved urged the state authorities in Uttarakhand to change Coronil’s existing licence from an ‘immunity booster’ to ‘medicine for COVID-19,’ BBC reported.

January 2021

Patanjali said that its product received approval from the authorities as a “supporting measure” against coronavirus. However, the AYUSH Ministry and Uttarakhand state authorities later confirmed to the news outlet that a new licence had been issued. They made it clear that Coronil was “not a cure” for COVID-19.

February 2021

Just before the Delta wave of COVID-19 struck, Ramdev launched Coronil and described it as the “first evidence-based medicine for COVID-19”. The launch event was attended by then Union Health Minister Harsh Vardhan. A poster at the event claimed that ‘Coronoil’ has received a certificate of pharmaceutical product and has even been recognised by the World Health Organization’s (WHO) Good Manufacturing Practices.

However, WHO later clarified that no traditional medicine has been reviewed or certified by it to treat COVID-19.

August 2022

The Indian Medical Association filed a plea against Patanjali Ayurved after it published an advertisement in newspapers — titled ‘Misconceptions Spread By Allopathy: Save Yourself And The Country From The Misconceptions Spread By Pharma And Medical Industry’. The advertisement claimed that the company’s medicines have cured people of diabetes, thyroid, high blood pressure, asthma, liver cirrhosis and arthritis.

Besides mentioning Ramdev’s earlier remarks on modern medicine, IMA noted that the “continuous, systematic, and unabated spread of misinformation” comes alongside the Haridwar-based company’s efforts to make false and unfounded claims about curing different types of diseases.

The Drugs and Other Magical Remedies Act, which regulates magic pill claims, has laid down a jail term and fine for misleading advertisements.

November 2023

The Supreme Court warned Patanjali Ayurved against claims that the company’s products can completely cure diseases like diabetes and high blood pressure and threatened to impose heavy fines.

On its behalf, Patanjali’s counsel assured the apex court that there would be no further violations of laws, especially regarding the branding of its products and its advertising. Further, the counsel assured the court that “no casual statements of claiming medicinal efficacy of any system of medicine will be released to the media in any form”.

January 2024

The Supreme Court on January 15 received an anonymous letter addressed to Chief Justice of India DY Chandrachud. Copies of the letter were also marked to Justices Kohli and Amanullah. The letter highlighted how Patanjali continued to put out misleading advertisements, despite the top court’s order.

Senior Advocate PS Patwalia, IMA’s counsel, presented before the court newspaper advertisements by Patanjali after the November 21, 2023 warning. Further, a transcript of Ramdev and Balkrishna’s press conference right after the court’s hearing was presented.

After considering it, the apex court noted that Patanjali Ayurved had violated the undertaking given by it. Further, the top court sought an explanation from the company as to why contempt proceedings should not be initiated.

March 2024

On March 19, the Supreme Court was informed that Patanjali Ayurved had not replied to the contempt notice. The court also asked Ramdev and his aide Balkrishna to appear in person. Balkrishna issued an unqualified apology on March 21.

April 2024

Hearing the matter on April 2, the apex court slammed Ramdev and Balkrishna for their ‘absolute defiance’ over not filing proper affidavits regarding the misleading advertisements by their company Patanjali Ayurved. Noting that the advertisements violated the law, the court told Ramdev and Balkrishna to be “ready for action”.

“Your apology is not persuading this court. It is more of a lip service,” the top court observed while rejecting their apologies.

Last week, a Bench of the Supreme Court said after notices to show cause were issued to them over ‘misleading’ advertisements, Ramdev and Balkrishna attempted to ‘wriggle out’ of their personal appearance in the court which is ‘most unacceptable’.

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

Former IMA vice president applauds Supreme Court’s stand against Patanjali’s medicines

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

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In a significant blow to Patanjali Ayurved, the Supreme Court has once more declined to accept an apology from Baba Ramdev and Acharya Balkrishna.

During a hearing prompted by a petition from the Indian Medical Association (IMA), the court reprimanded Ramdev and Balkrishna for “deliberately flouting” court directives and disseminating misleading advertisements claiming their product Coronil could treat COVID-19.

Dr Jayesh Lele, former vice president of the IMA, lauded the court’s stance, emphasising that the order not only targeted Coronil but also underscored the accountability of all Patanjali medicines. He highlighted the humiliation faced by allopathic doctors and the erroneous portrayal of allopathic medicine as inferior to Ayurveda by Patanjali.

“This order is not only against Coronil but against all the medicines of Patanjali. In spite of our registering FIRs in Patna, in Madhya Pradesh and various police complaints, no action was initiated and they went on to not only say about the Coronil, but they went on to humiliate allopathic doctors, allopathic medicines, and make the false claim that allopathic is wrong and ayurvedic is the best. Today we welcome the strong action initiated and taken and noted by the Supreme Court. So we are very thankful to the Supreme Court,” Lele stated in an interview with CNBC-TV18.

The controversy surrounding Coronil dates back to its launch in early 2021 amidst the surge of COVID-19 cases in India. At the launch event, attended by former Health Minister Harsh Vardhan and Transport Minister Nitin Gadkari, Ramdev touted the tablet as the “first evidence-based researched cure” for COVID-19.

Subsequent scrutiny by the IMA prompted the government’s Ayush Ministry to clarify that Coronil was only approved as an “immunity booster,” refuting Ramdev’s assertions. Despite this clarification, the Haryana government announced plans to distribute 1 lakh Coronil kits among COVID-19 patients, further fuelling the controversy.

Murali Neelakantan, Principal Lawyer at Amicus, emphasized the legal framework surrounding such claims, stating, “The law is very clear…None of these medicines can find a basis in those books…None of these drugs have proved any effectiveness.”

Furthermore, Neelakantan pointed out the role of government support in facilitating the sale of such products, suggesting that without this backing, such ventures would not thrive.

In today’s proceedings, the court also chastised Uttarakhand regulators for failing to take action against Patanjali. While the court indicated a leaning towards issuing a contempt notice to state regulators, it refrained from doing so immediately. The matter has been adjourned until April 16.

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

‘Will rip you apart’, SC tells Uttarakhand Licensing Authority in Patanjali’s misleading ads case

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

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The Supreme Court on Wednesday, April 10, rapped the Uttarakhand State Licensing Authority for not taking action against Patanjali Ayurved in a misleading advertisement case. The court came down heavily on the state government for being ‘hand in glove’ with Patanjali.

“We will rip you apart, piece by piece, you have done nothing but push files and sit pretty. As per documents, it seems you either did not know about the violations (until flagged by the Centre) or were in cahoots with Patanjali. What is this business of warning being issued by Uttrakhand? There is no provision for a warning in the law. You cannot simply jerk your shoulders and submit an apology. You were hand in glove with them. Your apology is not worth the paper it may be written on,” the top court said.

Addressing Joint Director Mithilesh Kumar of Uttrakhand Licensing Authority, the court asked about the legal advice sought against Patanjali. “Are you a licensing authority or a post office? Why should we not take action against you? Not even an FIR has been filed in the case,” the court observed.

The Uttarakhand State Licensing Authority assured the apex court that it will take action in the case. “Finally you seem to have woken up to the law of the land. For several months you did not act as per the provisions of law,” the court told the authority.

The court said that it would send out a message to fast-moving consumer goods (FMCG) companies selling products with rosy pictures of the results of those products.

The Bench added that the State Licensing Authority showed disdain and the warning to Patanjali suggested that if the court did not pass the order it would abdicate its duties. The authority has been asked to explain its inaction against the firm.

The apex court is hearing a plea filed by the Indian Medical Association (IMA) alleging a smear campaign against the vaccination drive and modern medicines. On March 19, the court had directed Ramdev and Balkrishna to appear before it after taking exception to the company’s failure to respond to the notice issued in the case relating to advertisements of the firm’s products and their medicinal efficacy.

The top court had said it deemed it appropriate to issue Ramdev a show cause notice as advertisements issued by Patanjali, which were in the teeth of the undertaking given to the court on November 21, 2023, reflect an endorsement by him.

Patanjali had launched Coronil on June 23. Balkrishna claimed that the medicine could cure Covid-19 patients within 5-14 days. The announcement regarding the Ayush certification for Coronil and the release of a research paper calling it the “first evidence-based medicine for COVID-19 by Patanjali” was done at an event attended by former health minister Harsh Vardhan.

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 dropped life expectancy, became second-leading cause of death globally in 2021: Study

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

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COVID-19 replaced stroke to become the second-leading cause of death globally in 2021, causing 94 deaths per one lakh population and slashing life expectancy by 1.6 years, an international research published in The Lancet journal has found.

Disrupting more than three decades of consistent improvements in life expectancy and deaths, COVID-19 reversed this long-standing progress to emerge as “one of the most defining global health events of recent history,” researchers said.

In 2020, deaths around the world rose by 10.8% compared to 2019, and in 2021, they rose by 7.5% relative to 2020. Death rates too followed a similar trend, rising by 8.1% in 2020 and an additional 5.2% in 2021, the study estimated.

Globally, COVID-19 and related deaths were responsible for slashing life expectancy by 1.6 years between 2019 and 2021, even as reduced deaths from infections, stroke, and of newborns, among others, had helped steadily enhance life expectancy between 1990 and 2019, the researchers found.

India lost 1.9 years of life expectancy due to COVID-19, resulting in a net gain of 7.9 years of life expectancy between 1990 and 2021, the study showed.

“COVID-19 had a pronounced influence on the reduction in global life expectancy that occurred,” the authors wrote.

The researchers forming the Global Burden of Disease (GBD) Causes of Death Collaborators estimated mortality and years of life lost from 288 causes of death across 204 countries and territories for every year from 1990 until 2021.

Region-wise, death rates from COVID-19 were the highest in the sub-Saharan Africa.

In Latin America and the Caribbean, it was at 271 per one lakh population and almost 200 deaths per one lakh population, respectively.

The rate was the lowest in southeast Asia, east Asia, and Oceania at around 23 deaths per one lakh population, the researchers estimated.

The impact of COVID-19 on life expectancy was found to be wide-ranging in severity, with Andean Latin America seeing a loss of 4.9 years and the southern sub-Saharan Africa seeing a reduction of 3.4 years, to the east Asia, which witnessed almost no change, they said in the study.

The leading cause of death worldwide in 2021 continues to be ischaemic heart disease, as was the case in 2019 and 1990, the researchers found. The disease is caused by a reduced blood flow to a certain body part due to clotting or constricting blood vessels.

Stroke, at the third position amongst the top five causes of death, was found to be followed by chronic obstructive pulmonary disease (COPD) at fourth, and other pandemic-related mortality at fifth. COPD is a lung condition usually seen to affect heavy smokers.

The GBD study, providing “latest comprehensive estimates of cause-specific mortality,” gives insights about the global landscape of disease before and during the first two years of the pandemic, revealing changes in disease-burden patterns that followed, according to the researchers, coordinated by the Institute for Health Metrics and Evaluation (IHME), University of Washington, US.

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

Nifty has tripled from its March 24, 2020 low of 7,511 — check out the biggest gainers

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

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The Nifty 50 fell to a low of 7,511 on March 24, 2020. Four years later, it is 3x from those levels. That low was made a day after the nation went into a lockdown to combat the Covid-19 pandemic.

It has been a swift recovery for the market, which has now delivered positive annual returns for eight years in a row till the end of 2023. The start of 2024 has also been positive for the Nifty, which gained 1.2% in February, 1.5% in March and is up another 1% in April so far.

The ride has been swifter during the last 12 months, when the index making a bottom at 16,828 on March 20. Since then, the index has gained over 5,500 points.

All 50 index constituents have delivered positive returns since the Covid-19 low. Shares of Adani Enterprises and Tata Motors lead the pack with both stocks having gained between 10 times to 20 times during this period. The list is dominated by metal names and stocks like Apollo Hospitals, a recent Nifty entrant and Grasim.

With the kind of gains seen in the list above, even stocks that have doubled during this period, feature as underperformers on the Nifty. However, there are also stocks like Hindustan Unilever, which is the worst performer on the Nifty during this period with gains of just under 30%. Asian Paints, HDFC Bank, UPL, which was the worst performer on the Nifty in 2023, also feature in this list.

All sectoral indices have also delivered positive returns during this period. While broader markets have outperformed, they are not the best performers. It isn’t banking or auto stocks either. Real Estate has emerged as the best performer during this period, with the realty index having gained over 400% during this period. The Nifty Bank index has also tripled during this period.

Indices Since March 24, 2020

Most stocks on the Midcap index have also delivered sizeable returns since the Covid lows. The underperformers on the index, stocks like Delhivery, Nykaa and Paytm, had not listed in 2020. Other than these names, only Yes Bank has delivered negative returns during this period, declining by 32%.

JBM Auto has emerged as the top performer on the Nifty Smallcap index from the lows of March 24, 2020. Other names in this list include stocks like Titagarh Rail Systems, Olectra Greentech and Tata Teleservices.

It must be clarified that the returns in this story have been calculated from the day the Nifty made its low and not from the day these specific stocks or indices made theirs.

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

Adam Neumann offers to buy back WeWork for more than $500 million: WSJ report

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

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WeWork co-founder Adam Neumann has submitted an offer to buy the bankrupt company for more than $500 million, the Wall Street Journal reported, citing people with knowledge of the matter.

It wasn’t immediately clear how Neumann would finance the acquisition of the provider of shared office space, the newspaper reported.

A representative for Neumann’s real estate company, Flow, confirmed that a bid was submitted, saying it exceeded the amount reported by the Journal.

“Two weeks ago, a coalition of half a dozen financing partners — whose identities are known to WeWork and its advisers — submitted a potential bid for substantially more than the Wall Street Journal reported,” the Flow representative said.

WeWork said in an emailed statement that it remains focused on emerging from Chapter 11 bankruptcy protection in the second quarter as a “financially strong and profitable company.”

“WeWork is an extraordinary company and it’s no surprise we receive expressions of interest from third parties on a regular basis,” the company said. “Our board and our advisers review those approaches in the ordinary course, to ensure we always act in the best long-term interests of the company.”

Neumann, previously WeWork’s chief executive officer, and other investors including Dan Loeb’s Third Point were exploring an offer to buy WeWork out of bankruptcy, Bloomberg reported last month. Neumann and his real estate startup, Flow, had been trying to get information from WeWork necessary to formulate a bid since December, according to a letter sent to WeWork’s lawyers.

Third Point isn’t involved in Neumann’s bid, said people familiar with the matter, who asked not to be identified because the information was private. A spokesperson for the firm declined to comment.

Neumann’s Flow received a $350 million investment from venture capital firm Andreessen Horowitz at a $1 billion valuation in 2022 before even beginning operations. Flow operates multifamily residential properties that aim to foster a feeling of ownership and community.

WeWork’s valuation plummeted from a high of $47 billion after a failed attempt to go public in 2019, then the Covid-19 pandemic dealt another blow. Although WeWork’s office locations initially emptied out, demand for flexible work proved somewhat resilient. The company eventually went public in 2021 through a combination with a special purpose acquisition company, or SPAC.

Before it fell into bankruptcy, WeWork had been trying to deliver a turnaround story — one in which the rowdy co-working startup transforms into a stable, profitable public company. After the pandemic, the New York-based firm was bleeding cash with onerous leases. The company listed $19 billion of liabilities and $15 billion of assets in its Chapter 11 filing last year.

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