World
Excessive alcohol use draining US economy: Study
 Excessive drinking cost the US $249 billion in 2010, or $2.05 per drink, a significant increase from $223.5 billion, or $1.90 per drink, in 2006, says a new study.
 
Most of these costs were due to reduced workplace productivity, crime and the cost of treating people for health problems caused by excessive drinking.
 
The findings of the study by US Centers for Disease Control and Prevention (CDC) suggest that excessive alcohol use continues to drain the US economy.
 
"The increase in the costs of excessive drinking from 2006 to 2010 is concerning, particularly given the severe economic recession that occurred during these years," said one of the study's authors Robert Brewer, head of CDC's Alcohol Programme.
 
"Effective prevention strategies can reduce excessive drinking and related costs in states and communities, but they are under used," Brewer said.
 
Binge drinking, defined as drinking five or more drinks on one occasion for men or four or more drinks on one occasion for women, was responsible for most of these costs (77 percent). 
 
Two of every five dollars of costs -- over $100 billion -- were paid by governments, the study found.
 
An average of 88,000 deaths each year, including one in 10 deaths among working-age Americans ages 20-64, can be attributed to excessive alcohol consumption, according to the study.
 
The 2010 cost estimates were based on changes in the occurrence of alcohol-related problems and the cost of paying for them since 2006. 
 
The researchers believe that the study underestimates the cost of excessive drinking because information on alcohol is often underreported or unavailable, and the study did not include other costs, such as pain and suffering due to alcohol-attributable harms.
 
The study appeared in the American Journal of Preventive Medicine.
 
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

SAMUEL WARBAH

2 years ago

Alcohol consumption should be banned in India.But that is just my opinion.

PPM

2 years ago

We have a state in India which is solely running on liquor sales revenue and the complete police dept., is used to give security for the bars.

Sometimes, it looks like the government is working only for the liquor mafia.

Coffee Day IPO subscribed totally
The Rs.1,150 crore Coffee Day Enterprises Limited (CDEL) IPO, India's largest since the Rs.4,500 crore Bharti Infratel Ltd issue in December 2012, has been totally subscribed before the end of the issue on Friday, sources said.
 
The issue was subscribed 1.54 times by 2.55 p.m. itself, sources said.
 
According to the information available on bourses BSE and NSE at that time, Qualified Institutional Buyers (QIB) bought the issue 4.05 times while High Networth Individual (HNI) and retail investors accounted for 18 percent and 66 percent of the subscription, sources added.
 
The company offered equity shares of the face value of Rs.10 each for cash with the share premium aggregating up to Rs.1,150 crore.
 
The price band for the issue was fixed at Rs.316-Rs.328 a share.
 
CDEL allotted 1.03 crore equity share aggregating to Rs.334 crore for 17 anchor investors.
 
CDEL operates the largest domestic coffee chain in India under the brand name Cafe Coffee Day, with 1,538 outlets in 219 cities.
 
The IPO is being handled by Yes Bank, Edelweiss, Axis Capital, Morgan Stanley, Citigroup and Kotak Investment Banking.
 
The proceeds from the issue will fund Cafe Coffee Day outlet expansion, repay and prepay loans of the parent company CDEL and subsidiaries and meet general corporate needs.
 
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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Reliance Industries reports record net profit
Reliance Industries on Friday reported a record consolidated net profit of Rs.12,942 crore ($2 billion) for the six-month period ended September 30, which is an 8.5 percent jump over last year. For the second quarter, the profit was up 12.5 percent.
 
The revenues, however, were down 28.5 percent during the first half at Rs.158,181 crore. For the second quarter, the revenues were down 33.8 percent, at Rs.75,117 crore, the company reported in a filing with the stock exchanges.
 
On a standalone basis, the net profit increased by 14.3 percent to Rs.6,561 crore ($1 billion).
 
In consolidated accounting, the numbers of both the company and its subsidiaries are considered, while on a standalone basis only the company's own numbers are taken into account and not of its subsidiaries.
 
"We achieved record level of EBITDA (earning before interest, tax, depreciation and amortisation) and profits for the quarter, underscoring our ability to optimally utilize our assets across the value chain to leverage favourable market conditions," chairman Mukesh Ambani said.
 
"Refining business performance was notable as it benefited from a combination of high utilisation levels, advantageous crude market opportunities and strong global fuels demand. Petrochemicals performance reflects strong volume growth, product mix improvement and lower energy costs."
 
He also said the retail arm achieved a milestone of Rs.5,000-crore quarterly turnover mark for the first time and that its petcoke gasification facility and ethylene cracker complex remained on track for its planned 2016 start-up.
 
"In digital services, we have substantially completed the network roll-out across the country and initiated the process of beta testing of our network and platforms."
 
The company said Jio Infocomm launched Wi-Fi hot spots across several locations in the country and entered into accords with some of the state and local authorities to provide such services. 
 
Roll-out of last-mile connectivity for its fibre-to-the-home business is also on. The company, which holds a pan-India unified licence for all net-based services, including voice and data, said that the initial test results on the network were positive. 
 
"The company expects to ramp up its beta program over the next few weeks to further optimise the network, prior to commercial launch of operations. Financial year 2016-17 is projected to be the first year of commercial operations for Reliance Jio," the company said.
 
It has also filed for sharing of spectrum in the 800MHz band with Reliance Communications across seven circles to department of telecommunications (DoT).
 
Reliance Jio aims to offer end-to-end solutions that address the entire value chain across various digital services in key domains such as education, healthcare, security, communication, financial services, government-citizen interfaces and entertainment.
 
Other highlights of the announcements on Friday:
 
- Standalone net profit at Rs. 6,561 crore in second quarter, up 3.8 year-on-year
 
- Seven-year-high gross refining margin of $10.6 per barrel
 
- Crude processing at 17.1 million tonnes at operating rate of 110 percent
 
- Gross refining margin at $10.6 per barrel, highest in seven years
 
- Retail revenue turnover growth of 22 percent year-on-year
 
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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