Richard Thaler of US wins Nobel Economics Prize

Agencies
October 9, 2017

Stockholm, Oct 9: US economist Richard Thaler on Monday won the Nobel Economics Prize for his pioneering work bridging the gap between economics and psychology, the jury said.

"By exploring the consequences of limited rationality, social preferences, and lack of self-control, he has shown how these human traits systematically affect individual decisions as well as market outcomes," the Nobel jury said in a statement.

"His empirical findings and theoretical insights have been instrumental in creating the new and rapidly expanding field of behavioural economics, which has had a profound impact on many areas of economic research and policy."

Thaler told the Nobel committee by video conference he was "pleased" by the award.

"Well, I was pleased. I no longer will have to call my colleague Eugene Fama "Professor Fama" on the golf course," he joked, referring to his University of Chicago colleague who won the 2013 Nobel Economics Prize.

The 72-year-old takes home a nine million kronor (944,000 euros, $1.1 million) prize sum.

He is a professor at the University of Chicago -- a school popular with the Nobel economics committee. Of 79 laureates so far, more than a third have been affiliated with the university's school of economics.

Thaler made a cameo appearance in the 2015 movie "The Big Short" about the credit and housing bubble collapse that led to the 2008 global financial crisis.

Last year, the award went to British-American economist Oliver Hart and Bengt Holmstrom of Finland for their research on contract theory, which has helped design insurance policies and executive pay.

The economics prize is unique among the Nobel awards in that it was created by the Swedish central bank in 1968 -- the others were all set up through the 1895 will of Swedish inventor and philanthropist Alfred Nobel.

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Agencies
March 25,2020

Beijing:  Around 5,000 people have signed up for the phase I clinical trial of recombinant novel coronavirus vaccine in Chinese city Wuhan where the virus first emerged late last year.

The recruitment for participants ended this week with nearly 5,000 volunteers signing up for the trial, state-run Beijing News reported on Wednesday.

A single-centre, open and dose-escalation phase I clinical trial for recombinant novel coronavirus vaccine (adenoviral vector) will be tested in healthy adults aged between 18 and 60 years, according to the ChiCTR (China Clinical Trial Register).

The trial, led by experts from the Academy of Military Medical Sciences, gained its approval on March 16 and the research is expected to last half a year.

Requiring at least 108 participants, the trial will be conducted in Wuhan, capital of Hubei province, the region worst-affected by the virus in the country, state-run China Daily reported.

Participants will experience 14-day quarantine restrictions after being vaccinated and their health condition will be recorded every day.

Chinese scientists are hastening the development of COVID-19 vaccines through five approaches --- inactivated vaccines, genetic engineering subunit vaccines, adenovirus vector vaccines, nucleic acid vaccines and vaccines using attenuated influenza virus as vectors.

So far, most teams are expected to complete preclinical research in April and some are moving forward faster, Wang Junzhi, an academician with the Chinese Academy of Engineering said.

Wang noted that research and development of COVID-19 vaccines in China is not slower than foreign counterparts and has been carried out in a scientific, standardised and orderly way.

China has stepped up the process to finalise vaccines to counter COVID-19 after Kaiser Permanente research facility in Seattle and Washington stole the march and began human trials.

China lifted tough restrictions on the Hubei province on Wednesday after a months-long lockdown as the country reported no new domestic cases.

But there were another 47 imported infections from overseas, the National Health Commission said. In total, 474 imported infections have been diagnosed in China -- mostly Chinese nationals returning home.

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News Network
February 22,2020

Johannesburg, Feb 22: To meet shortage of skilled nursing staff, private hospitals in South Africa are recruiting senior Indian nurses for their good work ethics and ability to become efficient trainers for the local staff, according to a media report.

A report at a 2018 jobs summit indicated that the country had a shortage of more than 47,000 nurses.

The shortage of the skilled nursing staff has been attributed to several factors, including preference of highly qualified nurses to emigrate or take up contract employment in countries such as the UK, the United Aarb Emirates, Saudi Arabia or New Zealand for want of higher salaries, a report in the weekly Business Times said.

Mediclinic, one of South Africa's largest private hospital groups, confirmed that it is recruiting 150 nurses from India this year.

“To supplement our training, as an internal strategy, we will continue to recruit senior registered nurses from India,” a Mediclinic spokesperson told the Business Times.

Mediclinic started recruiting nurses from India in 2005 but could not provide details about how many among the more than 8,800 nurses it employs at its hospitals are from India.

Another company, Life Healthcare SA, said it employed 135 Indian nurses between 2008 and 2014.

Top managements at the hospital groups lauded senior Indian nurses as being very efficient trainers for local staff.

“But we find that many of them prefer coming here on short-term contracts due to family commitments," a hospital executive said on the basis of anonymity.

The official said that the few who apply for long-term positions are usually young newly-qualified nurses, which is not the group in demand.

“They work hard, with a patient-oriented work ethic, and do not have the nine-to-five approach of many local nurses, especially those who are unionised," the official said.

“We would be very happy to take in more nursing staff from India," the official added.

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News Network
January 28,2020

Nagpur, Jan 28: A 19-year-old woman was allegedly raped and an iron rod was inserted in her private parts by a man in the Pardi area here, police said on Monday.

The gruesome incident took place on January 21 and the accused, Yogilal Rahangdale (52), was arrested from Gondia district, they said.

The accused was working as a supervisor in a spinning mill where the woman was employed as a labourer, the police said.

The woman, her brother, the accused and another girl lived in rented accommodations in Pardi.

Inspector Sunil Chavan of the Pardi police station said that the woman's brother and her female friend had gone to their village on January 21 for some work.

As the woman was alone at home, Rahangdale attempted to rape her in the night. When she resisted, he stuffed a piece of cloth in her mouth, he said.

When she fell unconscious, the accused raped her and inserted an iron rod in her private parts, Chavan said, quoting from the complaint filed by the victim.

She narrated the incident to her brother on January 24 and they subsequently lodged a complaint with the police.

An offence was registered against the accused at the Pardi police station.

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