Goa Chronicle

LIC, HDFC Standard Life Get IRDA Fine

LIC and HDFC Standard Life have both been imposed on with a fine by Insurance Regulatory and Development Authority (IRDA) for non-compliance under the rural sector target during 2008-09, Finance Minister Pranab Mukherjee told the Lok Sabha.

Against the target of 25 per cent, LIC missed it by a whisker and could only underwrite 24.27 per cent of policies in the rural sector, he said. At the same time, HDFC Standard Life achieved just 12.85 per cent against the target of 19 per cent, he said.

India sees solution on Blackberry

BlackBerry-maker Research In Motion may provide some solution next week to help Indian security agencies access corporate email by obtaining encrypted data in readable format, a government source said on Friday.

Research In Motion (RIM) faces an August 31 deadline to give Indian authorities the means to track and read BlackBerry Enterprise email and its separate BlackBerry Messenger service.

UK economy showing strength

Surprisingly strong British retail sales and a further reduction in Britain’s big budget deficit last month are giving rise to hope that the country’s sputtering economy can maintain growth into the second half of the year.

But economists cautioned against reading too much into one set of figures on Thursday, warning there was still a long way to go to ensure Britain’s recovery from a deep recession.

China on an economy winning streak

During the ‘cold war,’ a term used to describe the tension between communist and capitalist countries that lasted from 1947 to 1991, one of the fears was a military conflict between Russia or China and the U.S.
It didn’t happen. The potential of a military war instead morphed into an economic war.

Germany performance lifts up European economy

European economic growth accelerated sharply in the second quarter of 2010 as Germany’s best performance since reunification more than made up for the struggles of Spain, Ireland and recession-ravaged Greece.

A forecast-beating surge in German gross domestic product combined with a solid if less impressive rise in France to push the aggregate GDP growth rate of the 16-country euro zone to 1.0 percent from the previous quarter and past that of the United States, which is showing signs of flagging.

Telangana a political issue not constitutional: Supreme Court

The Supreme Court on Friday said the issue of carving out a separate State of Telangana from Andhra Pradesh was a “political question” which cannot be answered by it.
It said no larger Constitutional question is arising at this stage from the issue as there is no decision on the division of the state requiring its interference to examine the legality.

MPs demand 500 per cent pay hike

A salary hike of close to 300 per cent would leave most jumping with joy. But our country’s MPs are fretting and fuming and demanding more. Nothing less than a 500 per cent hike, as recommended by the joint committee on salaries and allowances of MPs, would suffice, they say.

By itself, a salary of Rs 16,000 per month for an MP might seem a piffling amount. However, this salary comes with a generous list of perks and allowances, all at the taxpayer’s expense. The present raise will increase an MP’s salary to Rs 50,000 per month though what our demanding MPs are seeking is an increase to Rs 80,000 per month.

Pakistan flood death toll yet unknown

The actual number of people killed by the massive flooding in Pakistan remains unknown because large areas of the country are inaccessible, Islamabad’s U.N. envoy said on Friday.
The official death toll is around 1,500 but the true number of people killed in the disaster may turn out to be higher, Ambassador Abdullah Hussain Haroon told the U.N.

General Assembly at the end of a two-day conference on aid for Pakistan.
“We don’t yet know how many are dead and how many have perished,” he said. “We can only hold our breath and hope that the casualty figures have been fewer.”

1.3 million Homeowners leave Obama’s mortgage-relief program

Nearly half of the 1.3 million homeowners who enrolled in the Obama administration’s flagship mortgage-relief program have fallen out.

The program is intended to help those at risk of foreclosure by lowering their monthly mortgage payments. Friday’s report from the Treasury Department suggests the $75 billion government effort is failing to slow the tide of foreclosures in the US, economists say.

Australia goes to poll

Millions of Australians have begun voting in what is tipped to be the closest federal election in decades. Voting booths have opened in the eastern states as fresh media polls continue to show the election is up for grabs.

An extensive Nielsen poll in Fairfax newspapers puts Labor just ahead on 52 points to the coalition’s 48 – but that might not be enough to ensure a victory for Prime Minister Julia Gillard.