Nation
Three injured as Jhelum Express derails in Punjab
At least three persons were injured when 10 coaches of the Jhelum Express passenger train derailed in Ludhiana district of Punjab, police said on Tuesday.
 
The injured persons have been sent to Civil Hospital here, the Ministry of Railways said in a tweet.
 
The accident took place around 3.10 a.m. between Ludhiana and Phillaur town, 125 km from Chandigarh. The train had 24 coaches.
 
A major tragedy was averted as the train derailed before a bridge of the Sutlej river. The train was enroute to Pune from Jammu Tawi.
 
"11078 (Jhelum exp) derailed on approach to river Sutlej bridge Phillaur-Ladowal sec NR/FZR div. No casualty and only two minor injuries," the ministry said.
 
"Derailed coaches B5,S1,PC,S2,S3,S4,S5,S6,S7 and S8. Injured sent to Civil Hospital Ludhiana, three buses reached the site," it added.
 
Rail traffic between the Ludhiana-Jalandhar section was affected as both the tracks were blocked due to the derailment, a railway spokesman said.
 
"All passengers are safe. There is no casualty," he said.
 
"Some trains have been cancelled and diverted. The Northern Railways will provide a list of the affected trains. The accident took place in the area of Ferozepur division," the spokesman said.
 
The trains that have been cancelled are 14682 Jalandhar-New Delhi Intercity, 12460 Amritsar-New Delhi Intercity, 12054 Amritsar-Haridwar Janshatabdi and 12242 Amritsar-Chandigarh Superfast.
 
A senior railway official told IANS that the front portion of the train -- engine and eight coaches -- were moved to the next station after arranging for the onwards journey of all the passengers. 
 
The rear six unaffected coaches have been moved to Phillaur.
 
Rescue and relief teams reached the site immediately after the accident.
 
Passengers of the derailed train rescued the three injured persons, including a woman and a child, of whom one was critically injured.
 
The remaining passengers were transported to Ludhiana to enable them to board other trains to their respective destinations.
 
Railway authorities also began work to repair the damaged track and remove the derailed coaches to restore traffic on the section.
 
According to officials, it would take around five to six hours to complete the repair work.
 
The track connects all important cities in north India -- including Jalandhar, Amritsar and Jammu, with New Delhi.
 
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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Growth in manufacturing activity slows down: PMI
India's manufacturing activity lost some momentum in September due to softer increase in new business inflows, a key macro-economic data showed on Monday.
 
However, the data report pointed out that manufacturing business conditions improved for the ninth straight month, albeit rather slowly.
 
The Nikkei Markit India Manufacturing Purchasing Managers' Index (PMI) -- a composite indicator of manufacturing performance -- declined to 52.1 last month from 52.6 in August.
 
An index reading of above 50 indicates an overall increase in economic activity, and below 50 an overall decrease.
 
"The Indian manufacturing industry lost momentum in September, as growth of new orders eased from August's 20-month high," Pollyanna De Lima, Economist at IHS Markit and author of the report was quoted in a statement as saying.
 
"However, output is still rising at a decent clip and the sector looks likely to have delivered a stronger contribution to GDP growth in Q2 FY2016/17, with the quarterly reading for the PMI's Output Index up from 51.4 during April-June to 53.6." 
 
According to the report, India's manufacturing upturn was sustained in September, as a further increase in order books underpinned growth of output and purchasing activity. 
 
The PMI report said that the sector derived strength from external demand, with firms noting the strongest rise in new export orders since July 2015. 
 
Nevertheless, the manufacturing activity's expansion eased. The latest figures showed an intensification of inflationary pressures with both input costs and output charges recorded increase.
 
"Amid reports of orders being fulfilled directly from stocks, post-production inventories fell again in September. Conversely, holdings of raw materials and semi-manufactured goods rose for the tenth successive month," the statement said.
 
The PMI data revealed that average purchase costs increased at a faster pace in September, but one that was weak compared to its long-run trend. The main item reported to be up in price was steel. 
 
The data implied that manufacturers attempted to protect profit margins as output
charges were raised further. Despite ticking higher, the rate of inflation was historically muted.
 
"Although inflation rates edged higher, these remain weak by historical standards and indicate that we may still see the RBI loosening monetary policy in 2016," Pollyanna De Lima said.
 
The Nikkei India Manufacturing PMI is based on data compiled from monthly replies to questionnaires sent to purchasing executives in over 400 industrial companies. 
 
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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Australian banks to face three-day inquiry
The Australian government has promised a "significant" cultural change in the way the country's banks treat their customers, ahead of this week's three-day parliamentary inquiry into the banking sector on Tuesday.
 
The government in August said it would grill the heads of the four major banks, the Commonwealth Bank, ANZ, Westpac and NAB, following their controversial decision not to pass on the Reserve Bank of Australia's (RBA) interest rate cut to customers, Xinhua news agency reported.
 
The government said it would be exploring ways to make the banking sector more accountable through driving competition within the industry, with Commonwealth Bank boss Ian Narev to be the first CEO to face the House of Representatives Economics Committee on Tuesday.
 
The committee's chair, Liberal MP David Coleman, said the inquiry would help restore consumer confidence in the banks, which have been revealed to be the most profitable in the OECD.
 
"This public forum of 12 hours of hearings this week is a very substantial development and I think it will lead to significant cultural change in the industry," Coleman said on Tuesday.
 
Despite the government inquiry, the federal opposition has maintained its pressure on the government to call a royal commission into banking, MP Matt Thistlethwaite said. The "unethical behaviour" had been exposed but a three-day questioning would not result in any meaningful change.
 
"Many of the scandals in the banking industry are continuing, the unethical behaviour continues," Thistlethwaite said.
 
"Whistleblowers have told us that what's been exposed to date is the tip of the iceberg."
 
Labour's Shadow Minister for Financial Services, Katy Gallagher, said the inquiry was a weak response from the government and was just a way for Prime Minister Malcolm Turnbull to protect the banks from having to face an independent royal commission.
 
"The bank CEOs will walk away at the end of their three-hour chat, safe in the knowledge that they won't be questioned again," she said.
 
"Meanwhile those who've lost their savings, their homes or their businesses and who remain in debt to the banks will be stuck living with the consequences every day."
 
While the government has maintained its position that the three-day inquiry will uncover the root of the issue, research undertaken by the Australia Institute found that two-thirds of Aussie voters still want a royal commission.
 
At least 77 per cent of Australians believe the banks should be forced to pass on the interest rate cuts, while 75 per cent believe banks should put customers ahead of shareholders.
 
Half of all voters think the government's inquiry is simply a way for Turnbull to protect the banks.
 
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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