Citizens' Issues
Vijay Kumar in final of 25m rapid fire pistol

En route to his total score of 585, Kumar became the second shooter to break the previous Olympic record of 583 during the second stage of qualification

 
London: Marksman Vijay Kumar lifted the Indian shooting team's spirit by qualifying for the final of the men's 25m Rapid Fire Pistol event at the Olympic Games on Friday, reports PTI.
 
En route to his total score of 585, Kumar became the second shooter to break the previous Olympic record of 583 during the second stage of qualification.
 
Placed fourth in the list, Kumar, who had scored 293 in stage 1 of the qualification on Thursday, shot a series of 98, 97, 97 in the second stage to take his total score to 585.
 
He shot a sequence of 99 96 98 at the Royal Artillery Barracks. The Army man will be competing with five shooters for a medal.
 
Pre-Games medal favourite Ronjan Sodhi had on Thursday failed to qualify for the double trap event.
 
Russian Alexei Klimov created a new world record by shooting 592.
 
He scored a total of 592 after Stage 2, breaking the existing world record of 591 and Olympic record of 583, with 294 points in Stage 1 and a staggering 298 out of 300 in Stage 2.
 

User

S&P downgrades ArcelorMittal on weak global cues

The ratings agency said the downgrade reflects weaker steel industry environment and economic prospects globally, and particularly in Europe, which has led to downward revision of ArcelorMittal's profits

 
Mumbai: On the back of the weak European economic environment coupled with sluggish steel demand globally, rating agency Standard & Poor's (S&P) on Friday downgraded the long-and short-term ratings of ArcelorMittal, reports PTI.
 
"We are lowering the long-and short-term ratings on ArcelorMittal to 'BB+/B' from 'BBB-/A-3'," the agency said, adding the outlook is negative on the back of prevailing environment.
 
It also said the downgrade reflects the weaker steel industry environment and economic prospects globally, and particularly in Europe, which has led to downward revision of ArcelorMittal's profits for the rest of 2012 and 2013.
 
According to the report, purchasing manager indices have weakened, which is likely to translate into lower steel demand in 2012-13.
 
"Furthermore, the 20% decline in steel and raw material prices over the past two months indicates that the industry environment is currently weaker than we previously expected," it said.
 
The rating agency, however, said the world's largest steel company's business risk profile remained satisfactory and financial risk profile as 'significant' as it met the criteria of S&P.
 
ArcelorMittal generated 20% of its operating profit in Europe in 2011, 17% in North America, 33% from emerging markets. Referring to liquidity situation in the company, S&P said it is satisfactory.
 
"We continue to assess ArcelorMittal's liquidity as 'adequate' under our criteria. We estimate that the ratio of sources of liquidity to uses is above 1.2x for the next 12 months," it said.
 
The rating agency also said that group's bonds and key bank facilities don't contain rating triggers. Earlier, another rating agency Fitch has said despite a slowdown in growth of steel demand, outlook for the Fitch-rated domestic steel producers will remain stable in the second half of the current financial year.
 
As per the rating agency, demand for steel in the country is likely to be in the range of 6-7% in 2012, with the higher activity during post-monsoon period.
 

User

New India Assurance to pay Rs11.23 lakh for denying claim ‘deliberately’

Despite providing all the relevant documents, including copies of the FIR and the untraceable report, the insurance company had rejected the claim

 
New Delhi: New India Assurance Company has been directed by a consumer forum to pay Rs9.73 lakh to one of its policy holders as reimbursement for theft of his truck and to pay him Rs1.5 lakh as compensation for rejecting his claim on “imaginary speculations,” reports PTI.
 
While asking the insurance firm to pay Rs11.23 lakh to complainant Gaurav Gupta, the New Delhi District Consumer Disputes Redressal Forum said his claim had been denied by the company ‘deliberately’ to harass him.
 
“Opposite party (New India Assurance) has deliberately and arbitrarily denied the claim which is totally in violation of law of justice and was to harass the consumer and to deprive him of his hard earned money duly financed by the financier.
 
“Opposite party is directed to pay Rs9,73,750. We also award Rs1,50,000 as compensation for harassment and cost of litigation, in which Rs50,000 should be deducted from the salary of claim manager who deliberately repudiated the claim without any evidence of record except imaginary speculation,” said the bench presided by CK Chaturvedi.
 
In his complaint, Najafgarh resident Mr Gupta had submitted that his Tata truck insured with the company for the period from 16 May 2006 to 15 May 2007 was stolen on the 19-20 July 2006 night and he had lodged the FIR on 25 July 2006.
 
He had said that despite providing all the relevant documents, including copies of the FIR and the untraceable report, the company had rejected his claim.
 
New India Assurance, in its written statement, had contended that it had rejected the claim as the FIR was lodged seven days after the theft.
 
The forum, however, rejected the insurance company’s contention saying, “the surveyor has noted that police was informed immediately.”
 

User

COMMENTS

suvarnamk

4 years ago

depends-yes; if supplementary to std mediclaim
but, approach of non life & life insurance is different mind set
LI have less claim experience.
with rise in claims ,the premium will change
imp is disclosures by insurance seeker; tight underwriting & positive approach of the insurers as & when the need -claim arises
policy must be scrutinized by the regulator , citizen can not be taken for a ride

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)