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IRDA asked to specify roles of TPA in settlement guidelines

Written By Unknown on Senin, 07 Januari 2013 | 23.07

The Bombay High Court today said the Insurance Regulation and Development Authority (IRDA) can go ahead with the process of finalising regulations for settling insurance claims and for the role of Third Party
Administrators (TPAs) and powers of Ombudsmen.

The division bench of Chief Justice Mohit Shah and Justice A V Mohta was hearing a public interest litigation filed by social worker Gaurang Damani about the hardships faced by Mediclaim policy holders. IRDA today told the court that it had submitted draft regulations which would be placed before the Ministry of Finance for final approval.

Directing the IRDA to go ahead with the process of finalising the regulations, the HC asked the authority to specify the role of TPAs and state whether more powers could be given to the Ombudsman while hearing consumer complaints.

"The ombudsman as of now only has power to decide the approval or rejection of a claim but he has not been empowered to impose penalty or increase the claim amount," the Chief Justice said. The next hearing would be on February 12. Damani has alleged there are no standard guidelines to settle claims and it is left to the whims and fancies of the TPAs who are in fact not entitled to settle claims but are found to be doing so in several cases.

"TPA receives financial incentives to reduce claim ratio," Damani's petition says, adding there is discrimination in settling insurance claims of individuals and that of corporate clients.  



23.07 | 0 komentar | Read More

Nothing can stop us now, says Istanbul bid chief

By Karolos Grohmann

(Reuters) - Istanbul's 2020 Olympic bid has no more obstacles in its way after a decision to stage the 2020 European soccer championship across the continent lifted a huge burden, bid leader Hasan Arat said on Monday.

Arat, handing in his city's official bid book along with bid rivals Tokyo and Madrid to the International Olympic Committee in Lausanne, told Reuters: "Nothing can really stop us."

The files will be officially released on Tuesday with the IOC electing the winner in September.

Istanbul's bid had been dealt a significant blow last year when Turkey also bid to host Euro 2020 and the IOC said the country could not host both events in the same summer.

With European soccer's governing body UEFA unveiling plans for a continent-wide Euro 2020 in December, Istanbul saw its Olympic chances restored.

"When that question came up we always said that our national priority was Istanbul 2020," Arat told Reuters in a telephone interview from Lausanne.

"This (Euro 2020) case is closed for us now. I hope that people now understand more that the priority is the Games. (Turkey Prime Minister) Tayyip Erdogan said (during the 2012 London Games) 'the Olympic flame is in my heart but now I want to hold it'. That is a top commitment.

"Nothing can really stop us. We promised our people that we will do our work very good," he said.

IOC WARNING

The IOC did not want an Olympic host nation holding another major event in the same year as the Games due to potential preparation problems and sponsor issues that could arise.

It had warned Turkey it would need to drop its Euro bid if Istanbul, bidding for the fifth time in the last six votes, was awarded the Games next year.

Madrid is bidding for a third consecutive time while Tokyo is submitting its second straight bid after failing to land the 2016 Games awarded to Rio de Janeiro.

"It is a new bid for a new Turkey," Arat said as the Turkish metropolis looks to become the first city in a Muslim nation to hold the world's biggest multi-sports event after a string of failed attempts.

"The economic situation is not the same as in the previous bids. When you look at the average economic growth it is 5.2 percent annually between 2002 and 2011," Arat said.

"There is political stability, government backing is very important and there is big support from the international sports events. That makes us very strong," he said.

The bid books are the cities' official proposals to stage the Games, responding to IOC questions on finances, venues, transport and accommodation among other aspects.

The IOC will stage evaluation visits to the three cities before delivering a report to IOC members ahead of the vote on September 7 at their session in Buenos Aires.

(Editing by Mark Meadows)



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Cabinet may okay change in SAT officers' appointment norms

The government is likely to discuss the proposed amendments in existing norms related to selection of the presiding officer of the Securities Appellate Tribunal (SAT), on Thursday.

"The Cabinet is expected to take up the issue of enlarging the field of selecting presiding officer of SAT under the amendments to Securities and Exchange Board of India(Sebi) Act, 1992, in its meeting scheduled on Thursday" a source said.

A statutory body, SAT was set up to hear appeals against orders passed by Sebi. The post of SAT presiding office has been vacant since November 28, 2011. In September, last year, the finance ministry had invited applications to fill the vacancy.

SAT is required to have a presiding officer and two other members, to be appointed by the central government. A SAT member is appointed for a tenure of five years and is eligible for re-appointment, subject to a maximum age of 62 years.

As per the finance ministry, a member of Sebi or any other person holding a senior management-level equivalent to executive director at the market regulator would not be eligible to be appointed as SAT member during his service and for upto two years of the date on which he ceases to hold office.

The candidate should have special knowledge or experience in law, securities, finance, economics, accountancy.



23.07 | 0 komentar | Read More

App acts as a personal assistant for busy digital life

By Natasha Baker

TORONTO (Reuters) - Looking for a reliable assistant for your complex digital life? A new app that can detect tasks and help users to complete them could be the answer.

Easilydo, which is available in English for iPhone and iPod Touch in 46 countries, aims to be a pervasive assistant that uncovers tasks from email, calendars, social network and address books.

Tasks it helps to tackle include sending a birthday greeting through Facebook, tracking shipments, or adding contacts to an address book. Twenty four tasks can be detected and are cued up visually within the app.

"We're focusing on the consumer with recognition that most consumers, especially those with high-end smartphones also have professional tasks that they want to get done," said Mikael Berner, the CEO of San-Francisco-based company Easilydo.

According to Berner, the app is useful for knocking off tasks in batches, and also for getting assistance with impending chores.

If there's an upcoming conference call, the app will dial into the number. If there's an in-person meeting, it will remind the user when it's time to leave, and even provide a map to get there.

"We look at your location and if there's a major change in location we calculate the drive time and notify you 15 minutes before you should leave," Berner explained.

The app is also constantly on the lookout for news from social networks using language processing technology that can detect, for example, when someone buys a new home or gets engaged, so that a greeting or gift can be sent using the app.

"Every person has to make roughly 35,000 decisions a day, and the more decisions you have to make, the more worn out you are at the end of the day," said Berner, adding that only about five percent of those decision are conscious.

Another problem the app aims to ease is context switching, being diverted from one task to another before eventually returning to complete it.

According to Berner, the average office worker switches tasks every three minutes and doesn't return to a particular task until 22 minutes later.

"We think by helping to bring the information right when you need it and when you can do something about it we're helping to reduce that problem as well," he said.

The company plans to add new tasks monthly and to create a way for users to create custom tasks. It also plans to release an Android app and hopes to work with businesses such as banks or airlines to help their customers with tasks such as paying bills, checking into airlines or booking flights.

Similar apps include Google Now for Android, and Cue for iPhone.

(Editing by Patricia Reaney and Paul Casciato)



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'RBI to look at macro situation before any rate cut'

Weeks ahead of its third quarter review of monetary policy, RBI today said it will look at current macroeconomic situation besides inflation before taking a call on reducing interest rates.

"Definitely today the policy rate is 8 percent. Inflation should come not come down to 3 percent to review the rate but that is depending on the macro economic situation," RBI Deputy Governor K C Chakrabarty said here. He added that 7 percent inflation is definitely not comfort zone.

Also read:  RBI eases foreign borrowing limit for infrastructure companies

RBI has at many occasions said that it should be around 5 percent. The RBI is scheduled to announce its third quarter monetary policy review on January 29. The central bank has hinted that it could go in for an interest rate cut in the review.

Last month, the RBI left key policy rates unchanged in its monetary policy review on concerns of inflation. The central bank left the short-term lending (repo) rate and the Cash Reserve Ratio (CRR) unchanged at 8 percent and 4.25 percent, respectively.

On the final guideline on the new bank licences, Chakrabarty said it will be released but refused to give any timeline.

"As and when it is released you will come to know," he added. Last month, Parliament had approved Banking Laws (Amendment) Bill aims at strengthening banking regulation. It allows RBI to supersede boards of private banks and increase the cap on voting rights of private investors in public sector banks to 10 percent, from 1 percent now.

As per the draft guidelines on new bank licences, business houses with successful track record and a minimum capital of Rs 500 crore will be allowed to set up commercial banks. Currently, the minimum capital requirement for opening a bank is Rs 300 crore.

The draft guidelines said companies which are primarily engaged in the real estate business or stock broking will not be eligible for promoting bank.

"Entities or groups having significant (10 percent or more) income or assets or both from real estate, construction and broking activities individually or taken together in the last three years will not be eligible to set up new banks," the draft said.



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RBI appoints working group to review Ombudsmen Scheme

Seeking to improve banking services and ensure speedy redressal of grievances of customers, the Reserve Bank of India has set up a working group to update the Banking Ombudsman Scheme, 2006.

The working group, to be headed by senior RBI official Suma Varma, will also take into account recommendations of the Damodaran Committee on improvement of customer services in banks and suggestions of the Rajya Sabha Committee on subordinate legislation.

Also read: RBI proposal may boost gold loan companies' growth: ICRA

"With a view to examine the Scheme in its entirety, an internal working group has been constituted in RBI under the Chairmanship of Suma Varma, Chief General Manager, Customer Service Department, RBI," said the Annual Report of the Banking Ombudsman Scheme, 2011-12.

The Group will include two Banking Ombudsmen, representatives from regulatory wings of RBI, Indian Bank's Association (IBA) and Banking Codes and Standards Board of India (BCSBI).

The working group will identify grounds of complaints that have become redundant and add new grounds reflecting aspirations of customers.

It would also examine the possibility of extending the scheme to cooperative banks and review the grounds of appeal under the BOS.

The Damodaran Committee was set up in 2010 by RBI to look into banking services rendered to retail and small customers, including pensioners and also to look into the system of grievance redressal mechanism prevalent in banks, its structure and efficacy and suggest measures for expeditious resolution of complaints.

BOS was notified in 1995 and has been revised four times since then in 2002, 2006, 2007 and 2009 to make it more relevant and effective.

Presently, there are 15 Banking Ombudsmen with specific jurisdiction covering the 29 states and seven Union Territories.
 
The BOS covers grievances related with credit card complaints, internet banking, deficiencies in providing the promised services by bank and its sales agents, levying service charges without prior notice to the customers etc.



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CES 2013: Live from LG's Press Conference

Mon, Jan 07, 2013 at 21:17

LG's conference at CES 2013 promises to showcase some of the companies new innovations and technologies to the world. Follow it here.

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23.07 | 0 komentar | Read More

Brussels motor show marketing models told to cover up

BRUSSELS (Reuters) - Carmakers showing off their latest models at the Brussels motor show later this month have been told to refrain from using scantily dressed women to promote their wares.

Reports of lewd behaviour by some male visitors at last year's event prompted Belgium's equal opportunities minister Joelle Milquet to write to the organisers.

She criticised the use of women in body-hugging outfits for advertising purposes.

"A motor show is a place where you go with your family, we have to question the stereotypes we are passing on to children and young adults," the minister wrote.

Belgian car federation Febiac, which organises the annual event, said that following the letter it had asked carmakers to ensure appropriate dress at their stands.

"We asked them to be responsible and sensible and we hope that everything will go well," a spokesman for Febiac said.

Suzuki Belgium said it planned make sure its promotional staff at the show complied with the request.

"I can tell you that it won't be shocking and that Ms Milquet will have no reason whatsoever to complain about it," a company spokesman said.

The organisers of the January 11-20 show are expecting to attract some 350,000 visitors.

(Reporting by Robert-Jan Bartunek, editing by Paul Casciato)



23.07 | 0 komentar | Read More

Syrians brush off Assad speech, fighting continues

By Oliver Holmes and Erika Solomon

BEIRUT (Reuters) - Fighting raged across Syria on Monday, including just a few miles from where President Bashar al-Assad had unveiled a "peace plan" that Syrians on both sides said would do nothing to end a 21-month-old uprising.

Hours after Assad addressed cheering loyalists at the Damascus Opera House on Sunday in his first public speech in months, clashes erupted near the road to the city's international airport, the Syrian Observatory for Human Rights said.

The opposition-linked group said artillery hit the district of Arqaba, 3 miles (5 km) from the Opera House. Fighting continued all night and into Monday around the capital, as well as in the northern provinces of Idlib and Aleppo, it said.

In central Syria, the towns of Taybet Imam and Halfaya were bombarded with aerial strikes and artillery, said Abu Faisal, an activist speaking over the internet from Taybet Imam.

"Every four to five minutes, we hear the burst from a rocket. We cannot get any wounded out because we are essentially under siege by the shelling," he said, adding that many civilians had fled. Taybet Imam sits on an entrance to Syria's main north-south highway, close to the central city of Hama.

The government restricts access by international media and the accounts could not be verified.

Damascus residents said Assad's speech, which offered no concessions to his foes, was met with celebratory gunfire in pro-Assad neighbourhoods.

But even there, some saw no sign peace was closer: a loyalist resident of southern Damascus reached by internet said the speech was eloquent but empty.

"It sounded more like gloating than making promises," said the woman, who gave only her first name, Aliaa. "I agree with the ideas but words are really just words until he takes some action. He needs to do something. But even so, everything he suggests now, it is too late, the rebels aren't going to stop."

In the once-affluent district of Mezzeh, scene of several bomb attacks, an Assad critic said people had more pressing concerns than a TV speech. "Here, no one cares about this speech. They care about food and electricity."

Another said few people had watched the speech and that Assad's crackdown would not stop: "Military operations will continue in full swing, and he is staying."

France, the United States, Britain and Turkey all said Assad's speech, his first to an audience since June last year, showed he had lost touch with reality after unrest that the United Nations says has killed 60,000 people.

Turkish Prime Minister Tayyip Erdogan accused Assad on Monday of "directing state terrorism".

The plan described by the Syrian leader as a new peace initiative proposed an army ceasefire only after rebels halt their operations and summoned Syrians to mobilise for a war to defend the state against "a puppet made by the West".

CABINET MEETING

Syria's Prime Minister Wael al-Halki called on Monday for a special cabinet meeting to implement the "national programme announced by President Bashar al-Assad yesterday to solve the crisis in Syria", the state news agency SANA said.

George Sabra, vice president of the opposition National Coalition, said the putative peace plan "did not even deserve to be called an initiative".

"We should see it rather as a declaration that he will continue his war against the Syrian people," he told Reuters.

The United States, Britain and Turkey have all dismissed the speech and France used similar language on Monday. "Bashar al-Assad's speech is further evidence of just how far he has cut himself off from reality in order to justify his repression of the Syrian people," French Foreign Ministry spokesman Philippe Lalliot said.

Assad's main ally Iran defended the speech as offering a "comprehensive political process". "This plan rejects violence and terrorism and any foreign interference," Iranian Foreign Minister Ali Akbar Salehi said in a statement.

There was no immediate response from Moscow, which has acted as Assad's main protector on the diplomatic stage. Russian state offices were quiet for the Orthodox Christmas holiday.

Syrian state television played up the speech, showing footage of convoys of cars driving through main streets in Damascus. People waving the Syrian flag leaned out of car windows and some braved the cold and rain to walk alongside.

"It was a victorious speech that respects the martyred Syrian soldiers," said a man on state TV, adding that his brother had been killed fighting the opposition.

After six months of advances, rebels now control wide swathes of northern and eastern Syria, most of its border crossings with Turkey and a crescent of Damascus suburbs.

But Assad's government is still firmly entrenched in the capital and controls most of the densely-populated southwest, the Mediterranean coast, the main north-south highway and military bases countrywide. Its helicopters and jets are able to strike rebel-held areas with impunity.

Syria's civil war, now the longest and bloodiest of the conflicts to arise from the revolts that have swept many Arab countries in the last two years, risks spreading in the region.

U.S. military cargo planes carrying equipment and personnel arrived at the Incirlik air base in Turkey on Monday, part of a deployment of NATO Patriot anti-missiles to bolster security along Turkey's 900-km (560-mile) border with Syria. Dutch Patriot missile batteries bound for Turkey left an army base in the Netherlands.

Late on Sunday, Lebanon's army received 200 armoured vehicles, part of a package of U.S. military aid to help Lebanon protect itself from instability next door.

The war pits rebels, mainly drawn from the Sunni Muslim majority, against Assad supporters, many of whom come from his Alawite offshoot of Shi'ite Islam and other minority sects.

Israel has watched warily from the Golan Heights, which it captured from Syria in the 1967 war and which, prior to the anti-Assad insurgency, had been mostly quiet for decades.

Prime Minister Benjamin Netanyahu told his cabinet on Sunday Israel would further reinforce its fence on the Golan armistice line to keep out jihadist rebels who, he said, had dislodged Assad's troops on the Syrian side.

(Additional reporting by Ayat Basma in Beirut, Jeffrey Heller in Jerusalem and Vicky Buffery in Paris; writing by Peter Graff; editing by Philippa Fletcher)



23.07 | 0 komentar | Read More

U.S. stocks slip before earnings; oil dips

NEW YORK (Reuters) - U.S. stock prices fell on Monday on worries about disappointing company results while world oil prices dipped on profit-taking, but signs of improvement in the global economy capped the losses.

The dollar fell against the yen after rallying to a 2-1/2- year high last week, which some traders reckoned was overdone. But it strengthened against the euro on speculation over whether the European Central Bank might signal future interest rate cuts when ECB officials meet on Thursday.

After a jolt of confidence from last week's budget deal in Washington, investors turned their focus to corporate profits in the last three months of 2012, when growth in American holiday spending and corporate investments were tepid.

"We have a cautious market entering fourth-quarter earnings season," said Peter Cardillo, chief market economist at Rockwell Global Capital in New York. "I think it's going to be a disappointing one this time around."

Uneasiness about weak corporate results emerged even as data on Friday showed U.S. employers kept up a steady pace of hiring in December and the vast services sector had expanded.

The three major U.S. stock indexes opened lower. The Dow Jones industrial average was last down 39.87 points, or 0.30 percent, at 13,395.34. The Standard & Poor's 500 Index was down 4.78 points, or 0.33 percent, at 1,461.69. The Nasdaq Composite Index was down 4.93 points, or 0.16 percent, at 3,096.73.

After touching a 22-month peak last week, the FTSE Eurofirst index of top European shares was down 0.44 percent at 1,162.

MSCI's broad world equity index fell 0.28 percent but was still not far from an 18-month peak scaled when investors returned to the market after the immediate U.S. fiscal crisis was averted by a political deal in Washington.

The pullback in equities also spurred selling in oil, gold and other risky assets.

Brent crude futures slipped 38 cents or 0.31 percent to $110.93 per barrel after rising 0.6 percent last week, while U.S. oil futures dipped 8 cents or 0.1 percent to $93.01.

Spot gold was down 0.6 percent at $1,646.44 an ounce, though above Friday's $1,625.79, its lowest price since August.

In the currency market, the euro was little changed against the dollar at $1.3076, erasing early losses. It held above a three-week low of $1.2998 hit on Friday.

Analysts predicted it would stay around those levels until after the ECB meeting. Some expect the ECB to point to the prospect of easier rates early this year, contrasting with signals from Federal Reserve policymakers that the U.S. central bank it may pursue less-accommodative policies in the future.

The Bank of Japan is also expected to take major steps to stimulate that country's economy later this month as the new government aims to end deflation and recession.

The yen was weaker against the greenback, last down 0.4 percent at 87.83 yen.

Expectations of less-easy monetary policy from the Fed later this year underpinned weakness in U.S. government debt. The yield on benchmark Treasury 10-year notes ticked up to 1.915 percent, which was 6 basis points below the eight-month high set last Friday.

(Writing by Richard Leong; Additional reporting by Rodrigo Campos in New York; Richard Hubbard, Blaise Robinson, Anooja Debnath and David Brough in London; Editing by Dan Grebler)



23.07 | 0 komentar | Read More
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