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75 killed as plane carrying Brazilian soccer team crashes in Colombia
A plane carrying Brazil's Chapecoense football team crashed in Colombia and as many as 75 of the 81 persons on board were feared dead, media reported on Tuesday.
 
Police Director General Jose Acevedo Ossa said 75 people died in Monday's crash and six survived, RT News reported.
 
According to him, the search operation was suspended on Tuesday because there were no more survivors at the site.
 
A civil aviation official said a high death toll from the crash was "undeniable", stating there were six confirmed survivors.
 
However, Elkin Ospina, the mayor of La Ceja -- a town near the crash site -- said the number of those killed was believed to be 25, indicating a much larger number of survivors.
 
Alan Ruschel, a defender for Chapecoense, was among the survivors and being treated at a nearby hospital. He was taken for radiology examination in stable condition.
 
Ruschel was in shock but was conscious and speaking, and asked to keep his wedding ring and speak to his family, a report said.
 
Goalkeepers Marcos Danilo and Jakson Follmann also survived, along with physiologist Rafael Gobbato.
 
The mayor of nearby Medellin, Federico Gutierrez, travelled to the crash site.
 
"The most important thing is to save lives," he said, after calling the incident a "tragedy of huge proportions" and noting that the crash site was difficult to access.
 
According to the airport which was scheduled to receive the plane, the crash site can only be reached by land due to current weather conditions.
 
According to RT News, the aircraft ran out of gas before it crashed in a mountainous area outside Medellin.
 
"The plane broke in two and the situation is complex," aviation authorities said in a statement.
 
The flight had originated in southern Brazil but made a stop in Santa Cruz in Bolivia before travelling to Colombia.
 
The same plane had previously transported the national teams of Argentina and Venezuela.
 
The team was travelling to compete in the Copa Sudamericana finals. Chapecoense was scheduled to compete against Colombia's Atletico Nacional on Wednesday.
 
After learning of the crash, the South American football confederation CONMEBOL announced that "the activities of the confederation are suspended until further notice".
 
The confederation's President Alejandro Dominguez was on his way to Medellin.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

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Lok Sabha passes Income tax amendment bill
The Lok Sabha on Tuesday passed the Taxation Laws (Second Amendment) Bill, which amends the Income-tax Act, 1961, and the Finance Act, 2016.
 
The bill, moved by Union Finance Minister Arun Jaitley, was passed by voice vote amid a ruckus created by the opposition parties over the demonetisation.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

B. Yerram Raju

5 months ago

If Income Tax department were efficient there would have been no need for this gigantic effort. Income Tax department and a host of auditors and CAs practicing Income Tax audits have perpetrated corruption and it is at the roots of IT department. Government is re-engaging the retired corrupt ITO staff for scrutiny. Only when the corrupt IT officials are booked in the public glare and that too in nooks and corners of the country, can the evil of corruption can vanish in this department. But who has to bell the cat?

S K Nataraj

5 months ago

Be ruthless, Modiji. Crack your whip and spread your net wide for the big fish.

Fitch lowers India's GDP outlook to 6.9% for 2016-17
Fitch Ratings has lowered India's GDP outlook for the current year to 6.9% from the 7.4% estimated earlier.
 
According to its Global Economic Outlook (GEO) report, released here on Tuesday, this was due to the cash crunch created in the economy following the demonetisation move. 
 
"Economic activity will be hit in the fourth quarter of 2016 by the cash crunch created by withdrawal and replacement of bank notes that account for 86% of the value of currency in circulation," Fitch Ratings said in its latest GEO report.
 
"Fitch has revised its real GDP growth forecast down to 6.9% in the financial year ending March 2017 (FY17), from 7.4% in the September Global Economic Outlook," the report said.
 
The impact on GDP growth would increase the longer the disruption continues, it added.
 
Due to the demonetisation, Indian consumers have not had the cash needed to complete purchases, and there were reports of supply chains being disrupted and farmers unable to buy seeds and fertilisers for the sowing season, it said.
 
"Time spent queuing in banks is also likely to have affected general productivity," the report noted.
 
In October, Fitch had forecast 7.4% growth for the current fiscal for India. Fitch had also added that the growth would accelerate to eight per cent only by 2018-2019, on account of a lagged impact of monetary easing. 
 
However, the rating agency said that in the medium-term the effect of the currency withdrawal on GDP growth was uncertain, but was unlikely to be large. 
 
"Demonetisation is a one-off event. People who operate in the informal sector will still be able to use the new high-denomination bills and other options (such as gold) to store their wealth," it said.
 
The Reserve Bank of India's (RBI) policy rate cuts by a total 150bp since the beginning of 2015 are likely to feed through to higher GDP growth, even though monetary transmission has been impaired by relatively weak banking sector health, it added.
 
A surge in low-cost funding due to the demonetisation may remove a constraint on banks that prevented lending rates from keeping pace with the RBI's policy rate cuts in recent years, although this will depend on deposits remaining in banks beyond the next few months, the report added.
 
While there were many facets to India's demonetisation measure making it difficult to predict the impact on real gross domestic product (GDP) growth, it would still be higher than China's in the medium term, Fitch Ratings had said earlier.
 
"In China, we forecast real GDP growth of 6.4% in 2017, due to the impact of macro-prudential tightening measures targeting the housing market," it said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

B. Yerram Raju

5 months ago

Don't get obsessed with GDP growth for it hides more than it reveals. Bearing with a grin will bring cheers in the second quarter of 2017-18.

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