Friday, August 3, 2012

2G auction: Cabinet sets base price at Rs 14,000 crore

2G auction: Cabinet sets base price at Rs 14,000 crore:

2G auction: Cabinet sets base price at Rs 14,000 crore

Sunil Prabhu, NDTV, 03 Aug 2012 | 06:51 PM
 1 1 34  12
 
Bids by telecom companies for second-generation or 2G licenses will have to start at Rs 14,000 crore each, the cabinet decided today.

122 licenses were cancelled earlier this year by the Supreme Court, which ordered that spectrum or the airwaves used for mobile networks should be auctioned.  The licenses that were revoked had been granted in 2008 by then telecom minister A. Raja, who was jailed for corruption and conspiracy. He was meant to follow a first-come-first-serve policy; the CBI says he accepted kickbacks to help companies jump to the top of a long queue.
The Supreme Court had ordered that the auction of the spectrum must be completed by August 31, and that the Telecom Regulatory Authority of India, or TRAI, should form the guidelines. TRAI shocked the industry by recommending that the reserve price be at Rs 18,000 crores, 10 times that of 2008. Telecom companies said the new prices would force consumers to pay much for cellphones tariffs.

A group of ministers was formed to then study the issue and present recommendations on pricing to the cabinet. The decided-upon figure of Rs 14,000 crore was reportedly pushed for by Telecom Minister Kapil Sibal, while other members of the cabinet were open to a higher amount.

The cabinet has also approved an annual spectrum usage charge of 3-8 per cent on different slabs of revenue for telecom firms. So far, companies paid for 2G licenses, but the frequency was thrown in at no extra cost.

While cancelling the licenses, the Supreme Court also said that all national resources must be allocated only via auctions to ensure transparency. The government has asked for clarity on that decision, suggesting that the court’s directions amount to interfering in legislation. The government has also said in court that a first-come-first-serve policy cannot be abolished in sectors like mining.
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The Hindu : NATIONAL / OTHER STATES : KIMS barred from admitting students for 2 years

The Hindu : NATIONAL / OTHER STATES : KIMS barred from admitting students for 2 years:

KIMS barred from admitting students for 2 years

STAFF REPORTER
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In an important development, the Medical Council of India (MCI) has barred the city-based Kalinga Institute of Medical Sciences – a sister organisation of KIIT University - from admitting students for the two academic years – 2012-13 and 2013-14.
The two-year ban on admission is a blow to KIMS, which has already conducted entrance examination inviting students from and outside the State to take admission in the institute. The MCI has released the list of its recognised colleges in its website.
KIMS is the only college in the State which has been barred from admitting students. There are seven medical colleges operating in the State including three government-run medical colleges such as SCB Medical College, Cuttack, VSS Medical College, Burla, and MKCG Medical College, Berhampur.
Four privately-run medical colleges are KIMS, Bhubaneswar, Institute of Medical Sciences (IMS), Bhubaneswar, and two medical colleges of Hi-Tech group in Bhubaneswar and Rourkela. While IMS has been permitted by the MCI to take students for its 100 seats, Hi-Tech group, with 100 seats in Bhubaneswar, has been recognised for admitting students. Hi-Tech’s Rourkela college will be taking students for the first time from this academic season.
The MCI has adopted very stringent approach to any violation of rules or false information submitted by medical colleges ever since alleged bribery episode involving council’s former chief Ketan Desai came to the fore.
CBI recommendation
It is to be noted that the Central Bureau of Investigation had detected gross forgeries committed by KIMS to comply stringent MCI guidelines for offering MBBS programme. Moreover, the premier investigating agency had recommended the MCI to cancel recognition of the fourth batch of MBBS programme of KIMS. The CBI had even filed charge sheet against KIMS authorities on charges of hatching criminal conspiracy, cheating, and forgery.
Following CBI’s charge sheet, the State government had suspended seven government doctors who were hired by KIMS to impersonate as its staff before an inspecting MCI team. However, the exact reason behind MCI barring KIMS from admitting students for two academic sessions has not been ascertained. The MCI’s two-year ban on KIMS is a big jolt for the State government which had been encouraging private players to set up medical colleges across the State and help produce medical professionals.

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Friday, July 27, 2012

CorpWatch : Nomura CEO Resigns Over Insider Trading Scandal

CorpWatch : Nomura CEO Resigns Over Insider Trading Scandal:

Nomura CEO Resigns Over Insider Trading Scandal
by Pratap Chatterjee, CorpWatch Blog
July 26th, 2012

Photo: MJ/TR (´・ω・) Used under Creative Commons license.
Kenichi Watanabe and Takumi Shibata, the CEO and chief operating officer of Nomura, have resigned to take responsibility for several recent insider trading scandals at the Japanese multinational conglomerate. The company, which once was once the world’s largest securities firms with holdings of $76 billion in 1987, is now valued at $12.3 billion.

"It is difficult at this stage to numerically estimate the possible damage,” Junko Nakagawa, chief financial officer of Nomura. “All we want to do is make efforts to regain trust."

In 2010 Nomura underwrote new share offerings for Inpex (an oil and natural gas exploration company), Mizuho Financial Group (one of Japan’s largest banks) and Tokyo Electric Power Company. Such offerings typically have an impact on share prices, so any advance knowledge of such plans allows traders to cash in.

Nomura employees allegedly secretly told a First New York Securities fund manager about the plans for the Tokyo Electric Power Company allowing the manager to take out a “short position” days before the utility company made a share offering in September 2010. First New York Securities made 7.2 million yen ($85,000 at the time) profit as a result.

Likewise Nomura employees gave out nonpublic information on Mizuho and Inpex to fund managers at Chuo Mitsui Asset Trust (now called Sumitomo Mitsui Trust Bank, Japan's biggest trust bank). Chuo sold Inpex holdings a higher price on behalf of foreign investors and bought them back a lower price to make a profit of ¥10 million ($119,000).

In March 2012, Japanese regulators handed out a fine of 8,000 yen (about $600). “Theamount was so tiny—it would cover the cost of a fancy dinner for four in a Tokyo restaurant—that some critics questioned whether it would have any deterrent effect,” scoffed the Wall Street Journal at the time.

Japan's Securities and Exchange Surveillance Commission (SESC) has historically been fairly timid in imposing fines on insider trading. All told it has levied just ¥268 million ($3.2 million) in fines for 121 cases of insider trading since 2005. By comparison the Financial Services Authority in the UK imposed a £59.5 million fine (($93.5 million) on Barclays bank in June for fixing rates and the Securities and Exchange Commission levied a $550 million fine on Goldman Sachs in 2010 for the misleading investors on subprime mortgages.

Despite the small fines, the scandal has had a huge impact on Nomura. The Journal reports that Nomura has been dropped from underwriting deals for at least eight Japanese companies including one to act as joint global coordinator for a $6 billion share issue by Japan Airlines, expected to the biggest deal of the year. The company also says its profits for the second quarter have plunged 90 percent.

The scandal on insider trading in Japan may widen, as the SESC is investigating several other firms. Tadahiro Matsushita, the Japanese financial services minister, has asked 12 top brokers in Japan to submit reports by early August on how they handled nonpublic information.

The scandal at Nomura is also just one of a wave of global scandals in recent months that have shone an welcome light on seamier side of the financial industry. Robert Diamond resigned as CEO of Barclays bank earlier this month following a scandal on rigging global interest rates. The Securities and Exchange Commission (SEC) has fined Goldman Sachs researchers for passing on stock tips to investment bankers and traders while a recent a New York Times investigation has uncovered a questionable new phenomenon that suggests that some of the biggest brokerage firms in the U.S. “appear to be giving a handful of top hedge funds an early peek at … research analysts’ views — allowing them to trade on the information before other investors get the word.”

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Wednesday, July 18, 2012

How Big Pharma and Dr. Drew Made a Fortune Deceiving America | | AlterNet

How Big Pharma and Dr. Drew Made a Fortune Deceiving America | | AlterNet:

How Big Pharma and Dr. Drew Made a Fortune Deceiving America

Aggressive marketing and paid promotion by doctors like Drew Pinsky obscure medication risks and can lead to human tragedy.

Photo Credit: Shutterstock
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By now you’ve likely heard that drug maker GlaxoSmithKline must shell out $3 billion for the fraudulent sale and marketing of drugs including the popular antidepressant Wellbutrin (also sold as the smoking cessation drug Zyban). In the Big Bertha of healthcare fraud settlements, the British pharmaceutical giant has admitted to playing fast and loose in its branding of Wellbutrin and marketing it for uses not approved by the U.S. Food and Drug Administration.
Wellburtin (generic name: bupropion) has been approved to treat depression, and many claim to have been helped by it. As Zyban it has been deemed useful as an anti-smoking drug. It is not illegal for a doctor to prescribe a drug for off-label uses. But it is certainly illegal for a company to go around marketing a drug for such purposes. Department of Justice documents show that Glaxo marketed Wellubtrin for off-label use to treat a wide range of conditions, including anxiety, biopolar disorder, obesity, sexual dysfunction, weight loss, and more, despite the fact that it was not approved to treat any of them and lacked appropriate research findings to justify those uses. Consumer Reports notes that “Wellbutrin was even promoted to treat bulimia and alcohol withdrawal, two treatments that the label specifically warns against.”
Glaxo continued its marketing-on-steroids despite warnings about possible safety risks from the FDA. A favorite tactic was to lure doctors with anything from free spa treatments to outright bribes to get on board with campaigns.
Dr. Drew Pinsky, the host of TV shows including “Lifechangers” and “Celebrity Rehab with Dr. Drew,” was one of the doctors who threw medical ethics to the wind, hauling in $275,000 in March and April 1999 to push Wellbutrin as an antidepressant that was different from the others in not killing sex drive. The federal complaint says that Glaxo’s PR firm Cooney Waters “hired Dr. Drew Pinsky from MTV and Loveline as a spokesperson to deliver messages about WBSR [Wellbutrin] in settings where it did not appear that Dr. Pinsky was speaking for WBSR.”
Recently unsealed court records reveal that Pinsky claimed on his “Loveline” radio show that the active substance in Wellbutrin “could explain a woman suddenly having 60 orgasms in one night.” Really!
The Daily Beast reports that Paul Thacker, a former staffer for Senator Charles Grassley who participated in the lawmaker’s investigation into Glaxo and later worked for the Project on Government Oversight, said that like many, he grew up listening to Dr. Drew’s advice: “Dr. Drew was how kids in college in California learned about sex, drugs and mental-health issues.”
His abuse of the public trust should shame Pinsky forever, but what about the health and safety of all those people who were listening to his show?
You’d be hard-pressed to find a person who doesn’t want to be skinny, happy and have great sex. Which is why Glaxo put together amarketing campaign in 1999 called – incredibly -- “Operation Hustle.” The DOJ complaint reveals that this was Glaxo’s full-court-press to market Wellbutrin as the “happy, horny, skinny pill.”
The FDA never said that Wellbutrin should be used for weight loss or as a libido booster. But let’s take a closer look at what the FDA does say about the drug Pinsky was touting at the Orgasmatron. Warnings issued in 2009 for bupropion point to a dark side of the medication that is not widely known. (For a complete list of possible side effects, you’ll want to peruse the FDA Web site.)
-All patients being treated with bupropion for smoking cessation treatment should be observed for neuropsychiatric symptoms including changes in behavior, hostility, agitation, depressed mood, and suicide-related events, including ideation, behavior, and attempted suicide.
-Serious neuropsychiatric symptoms have been reported in patients taking bupropion for smoking cessation. These have included changes in mood (including depression and mania), psychosis, hallucinations, paranoia, delusions, homicidal ideation, hostility, agitation, aggression, anxiety, and panic, as well as suicidal ideation, suicide attempt, and completed suicide.
The suicide risks associated with antidepressants have been getting most of the attention in the Glaxo scandal, particularly because the company deliberately marketed its antidepressant Paxil to young people despite a known risk of suicide. Suicidal thinking and behavior is linked to the class of drugs known as SSRIs or serotonin reuptake inhibitors, and also to Effexor, a selective serotonin norepinephrine inhibitor, and Wellbutrin, a monoamine oxidase inhibitor.
But there’s something just as shocking – if not more so – in the FDA warnings about bupropion. And it has to do with that item called “homicidal ideation.” In plain English, that means thinking about killing someone. That’s quite an alarming potential side effect, and one many people would be unlikely to accept in a drug if they were aware of it. If you combine “homicidal ideation” with the other list of potential side effects, such as “aggression, psychosis and delusions,” it’s not hard to figure out what you might come up with: violence.
Bupropion is not the only antidepressant with this risk. In fact, a recent study conducted by the Public Library of Science showed that nine out of 10 of the most popular psychiatric drugs are associated with violence, including fluoxetine (Prozac), alprazolam (Xanax) and our friend bupropion (Wellbutrin/Zyban).
Ann Blake Tracy, executive director of the International Coalition for Drug Awareness, would like to see certain drugs, including Wellbutrin, banned for this reason. In a report from the Toledo Blade on tragic events associated with their use, including murder and attempted murder, she explains her view:
"Since when is [homicidal ideation] an accepted side effect? It's OK to kill somebody?" said an incredulous Ms. Tracy…"I think this would probably be the first time I can think of in the history of this country that we've allowed a drug on the market that causes homicide."
The story of Eric Attwood, an 83-year-old from a small town near Seattle with no previous history of violence, is a case in point. He tried to kill his wife by stabbing her in February 2006. He had been taking Wellbutrin for 12 days. Defense lawyer Jeffery P. Robinson blamed the drug, and the judge was inclined to agree, ruling that he was insane at the time of the stabbing, possibly because of a reaction to medication.
According to the Associated Press report:
The couple had been married for 60 years without any domestic violence before the attack, which Robinson blamed on a sample of the prescription medication Wellbutrin that a doctor had prescribed for Attwood because his family was concerned about symptoms of depression.
There is an interesting word in the report: “sample.” Samples of drugs often seem to be hanging around in doctors' offices and their use – popular particularly in times of economic hardship – often flies under the radar. This is yet another example of aggressive marketing that can go awry when doctors give patients free samples left by drug company reps during launches and marketing campaigns. Such samples are known to influence doctors’ prescription habits and have beencriticized as potentially harmful to patients, difficult to monitor and a source of inflated costs in healthcare (the promotion of samples is expensive).
Bupropion, along with other antidepressants, has long been associated with potential dangers to people suffering from mood disorders, particularly the various forms of bipolar disorder, which is notoriously difficult to diagnose. A patient may be treated for depression, for example, when bipolar disorder, especially the less well-known and less dramatic forms such as “soft bipolar” or “bipolar II,” is the real underlying problem. If such a patient is given bupropion or an SSRI, there is a danger of what’s called a “manic flip."
The Livestrong Web site describes this risk:
Wellbutrin can trigger manic episodes in patients that are actually suffering from bipolar disorder (manic depression) rather than clinical depression. This is a potential side effect of similar anti-depressant medications as well. Paranoid feelings, suicidal behavior and hallucinations may also be experienced by certain users. Patients experiencing these types of effects while using Wellbutrin are urged to cease product use and consult their prescribing doctors immediately.
And then there’s the problem of potential “psychosis,” which may be associated with risk factors like bipolar disorder or the simultaneous use of other drugs like benzodiazepines.
The use of more than one drug to treat mental health conditions is common. A patient suffering from anxiety and depression may be prescribed something like bupropion to treat the depression and also given benzodiazepines (Xanax, Valium, Ativan, etc.) to combat occasional bouts of anxiety. But the benzodiazepines may work to lower inhibition and inadvertently increase the potential effects of the bupropion. If those effects happen to be things like aggression, hostility, or homicidal ideation, well, you can see a potential tragedy in the making. The patient may have little understanding of such risk factors and may not know what is happening to him or her. The behavior is then often blamed on the depression or anxiety rather than the medication.
The Web site SSRI Stories (which includes other meds like Wellbutrin, which is not an SSRI), lists thousands of news reports of suicide and violent acts associated with the use of antidepressants, and includes a sortable database. To read through the list is to get a shocking glimpse into an ocean of human tragedy the illegal marketing of these drugs has likely exacerbated.
Murder / Wellbutrin / 1998-12-02, Michigan / 18-Year-Old Kills 5 Family Members
Murder / Wellbutrin / 2010-06-13, North Carolina / Husband Told Dr. that Wellbutrin Gave Him Violent Thoughts: Then Killed Wife
There have also been reports of teenagers crushing and snorting the drug, as well as abuse in prison populations. It is not difficult to imagine the results that might come such unsupervised use. Add a dose of alcohol, or a history of aggression, and the potential for harm only increases.
All of this is not to say that Wellbutrin and other antidepressant drugs do not benefit many patients. But the illegal marketing by Glaxo and the pushing by paid doctors like Drew Pinsky suggest a concerted effort to dupe the public about the safety and efficacy of such medications. People certainly want to be skinny and sexy and happy. But most of them don’t want to wind up hurting themselves or someone else. As long as drug companies like Glaxo and ethically deficient doctors like Pinksy get away with putting profits over health, the potential for tragedy will only grow. 
At the very least, doctors must exercise great caution in prescribing these medications and closely monitor their use (a situation which, given the inadequate coverage of psychiatric visits under most health insurance plans, is unlikely). Above all, we need to rethink the ways these drugs are marketed, and stop slapping the wrists of companies that behave illegally and doctors who abuse their office. Jail time and the revocation of medical licenses would be a start.
Lynn Parramore is an AlterNet contributing editor. She is cofounder of Recessionwire, founding editor of New Deal 2.0, and author of 'Reading the Sphinx: Ancient Egypt in Nineteenth-Century Literary Culture.' Follow her on Twitter @LynnParramore.

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Monday, July 16, 2012

The Hindu : NATIONAL / OTHER STATES : KIMS barred from admitting students for 2 years

The Hindu : NATIONAL / OTHER STATES : KIMS barred from admitting students for 2 years:

KIMS barred from admitting students for 2 years

STAFF REPORTER
SHARE  ·   PRINT   ·   T+  
In an important development, the Medical Council of India (MCI) has barred the city-based Kalinga Institute of Medical Sciences – a sister organisation of KIIT University - from admitting students for the two academic years – 2012-13 and 2013-14.
The two-year ban on admission is a blow to KIMS, which has already conducted entrance examination inviting students from and outside the State to take admission in the institute. The MCI has released the list of its recognised colleges in its website.
KIMS is the only college in the State which has been barred from admitting students. There are seven medical colleges operating in the State including three government-run medical colleges such as SCB Medical College, Cuttack, VSS Medical College, Burla, and MKCG Medical College, Berhampur.
Four privately-run medical colleges are KIMS, Bhubaneswar, Institute of Medical Sciences (IMS), Bhubaneswar, and two medical colleges of Hi-Tech group in Bhubaneswar and Rourkela. While IMS has been permitted by the MCI to take students for its 100 seats, Hi-Tech group, with 100 seats in Bhubaneswar, has been recognised for admitting students. Hi-Tech’s Rourkela college will be taking students for the first time from this academic season.
The MCI has adopted very stringent approach to any violation of rules or false information submitted by medical colleges ever since alleged bribery episode involving council’s former chief Ketan Desai came to the fore.
CBI recommendation
It is to be noted that the Central Bureau of Investigation had detected gross forgeries committed by KIMS to comply stringent MCI guidelines for offering MBBS programme. Moreover, the premier investigating agency had recommended the MCI to cancel recognition of the fourth batch of MBBS programme of KIMS. The CBI had even filed charge sheet against KIMS authorities on charges of hatching criminal conspiracy, cheating, and forgery.
Following CBI’s charge sheet, the State government had suspended seven government doctors who were hired by KIMS to impersonate as its staff before an inspecting MCI team. However, the exact reason behind MCI barring KIMS from admitting students for two academic sessions has not been ascertained. The MCI’s two-year ban on KIMS is a big jolt for the State government which had been encouraging private players to set up medical colleges across the State and help produce medical professionals.


  • The MCI decision is a blow to the institution

  • KIMS has already conducted an entrance examination


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    Wednesday, July 4, 2012

    Defence Academy recruitment scam: AK Antony orders shifting of commandant Lt. Gen Jatinder Singh | NDTV.com

    Defence Academy recruitment scam: AK Antony orders shifting of commandant Lt. Gen Jatinder Singh | NDTV.com:

    Defence Academy recruitment scam: AK Antony orders shifting of commandant Lt. Gen Jatinder Singh

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    New Delhi: Lt. Gen Jatinder Singh, commandant of the National Defence Academy (NDA) at Pune, that has been caught in a recruitment scandal in recent days, has been shunted out by the Defence Ministry to ensure "a free and fair" probe into the case, an official said.

    "Defence Minister A.K. Antony has ordered the immediate shifting of Lt. Gen Jatinder Singh, Commandant, National Defence Academy (NDA), Pune. This is with the view to ensure a free and fair investigation in the alleged bribery racket in the recruitment of Group 'C' posts in the NDA, Khadakwasla, Pune," the official said.

    A serving Colonel was arrested by the Central Bureau of Investigation in Mumbai after allegations of certain irregularities in the recruitment process for the post of Lower Division Clerks (LDC) and Group C employees. 

    Apart from Colonel Kulbir Singh, Staff Officer to the NDA Commandant, five other persons were named in the complaint regarding the recruitment which took place during the months of May and June 2012.

    Reports say that the officer allegedly took Rs. 3-4 lakh from each person for a guaranteed appointment. He has also been accused of committing fraud in the examinations conducted for these posts.

    The five civilians who worked as links between the candidates and the army officer include Balkrishna Charanlal Kanojia who runs a laundry at NDA and also owns two restaurants, Vishnu Prasad Sharma, Dattatrey Eknath Shitkal, Manoj Maruti Shiktkal and Ramesh Dilip Gaikwad.

    According to the CBI, its officials conducted raids at 14 places in Pune and one each in Mumbai, Gurgaon and Sonepat and recovered Rs. 1.71 crore and some incriminating documents.

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    Thane Hospital Horror: Pregnant woman dies after doctors allegedly pull out her uterus | NDTV.com

    Thane Hospital Horror: Pregnant woman dies after doctors allegedly pull out her uterus | NDTV.com:

    Thane Hospital Horror: Pregnant woman dies after doctors allegedly pull out her uterus

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    Thane: A 20-year-old woman bled to death soon after delivering a baby at a Thane hospital, as her doctor had allegedly pulled out a part of her uterus. Shockingly, the doctor reportedly performed the delivery in candlelight because there was a power cut at the hospital.

    Unnati Gurav's family, deep in shock, alleges that the doctor attending on her said she was carrying twins and then pulled out a portion of her uterus after her baby was delivered. She began bleeding excessively and was rushed to three different hospitals before she died. 

    The police are investigating the case and say the doctor who delivered Unnati's baby is absconding. The story gets more incredible - the hospital authorities have reportedly said they could not run the generator when there was an electricity outage as someone had stolen the kerosene used to power it.

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