kochi l tuesday l October 13, 2020 l `7.00 l PAGES 16 l late city EDITION 2 Stanford economists win Nobel for auction theory Paul R Milgrom & Robert B Wilson won the prize for improving the theory of how auctions work and inventing new formats Robert B Wilson Paul R Milgrom Formats to solve complex Auctions Realising ‘private value’ of objects The Stanford University game theorists have helped develop formats for the sale of aircraft landing slots, radio spectrums, and emissions trading. The Royal Swedish Academy of Sciences said their work “benefited sellers, buyers and taxpayers” worldwide. Game theory uses mathematics to study decision-making, conflict, and strategy in social situations | P9 ■ ■ Milgrom, 72, developed a more general theory of auctions that takes into account what is known as the ‘private value’ of what’s being sold that can vary greatly from bidder to bidder Wilson developed a theory where the value of the object is uncertain beforehand but ends up being the same for everyone 7 Out of 11 Nobel laureates this year have been Americans CHENNAI ■ MADURAI ■ VIJAYAWADA ■ BENGALURU ■ KOCHI ■ HYDERABAD ■ VISAKHAPATNAM ■ COIMBATORE ■ KOZHIKODE ■ THIRUVANANTHAPURAM ■ BELAGAVI ■ BHUBANESWAR ■ SHIVAMOgGA ■ MANGALURU ■ TIRUPATI ■ TIRUCHY ■ TIRUNELVELI ■ SAMBALPUR ■ HUBBALLI ■ DHARMAPURI ■ KOTTAYAM ■ KANNUR ■ VILLUPURAM ■ KOLLAM ■ WARANGAL ■ TADEPALLIGUDEM ■ NAGAPATTINAM ■ THRISSUR ■ KALABURAGI Govt opens purse strings further to make you spend Centre plays hardball, GST meet fails to settle dispute A n u ra d h a S h u kla @ New Delhi To invest C25k cr more on infra; states to get C12k cr interest-free loan; LTC cash vouchers for govt staff AFTER five hours of intense engagement, the GST Council on Monday failed to settle the dispute over the compensation issue as the Centre refused to borrow on behalf of states to meet the revenue shortfall. Sources said 10 non-BJP states rejected the finance ministry’s proposal that state governments borrow to meet the revenue shortfall and demanded a Group of Ministers be formed to settle the dispute. This was the third meeting in a row that discussed compensation shortfall without a decision. However, Finance Minister Nir mala Sitharaman, who chaired the 43rd GST Council meeting through video-conferencing, claimed there was no dispute but only differences of opinion. “I explained very clearly why the Centre cannot borrow. The Centre has issued a borrowing calendar. If I go beyond that to borrow, the G-Sec deals which are used as the benchmark for every other borrowing will go up. This will increase borrowing costs for states and the private sector, too,” she told reporters after the meeting. The FM added that the 20-plus states that had opted to borrow to meet the GST revenue shortfall wanted to go ahead in view of the upcoming festive season. There was no immediate comment on the government’s next move. Finance Minister Nirmala Sitharaman and Minister of State for Finance Anurag Thakur address the GST Council meeting in New Delhi on Monday | PTI A n u ra d h a S h u kla @ New Delhi FINANCE Minister Nirmala Sitharaman on Monday announced a slew of measures to boost spending. These include `25,000 crore additional capital expenditure by the Centre, `12,000 crore interest-free loan for states to spend on infrastructure, cash vouchers in place of leave travel concession and a one-time interest-free festival advance of `10,000 each to government and PSU staff. States can repay the loan in one bullet payment after 50 years. Out of the `12,000-crore loan, north-eastern states will get `1,600 crore, while Uttarakhand and Himachal Pradesh will receive `450 crore each. Rest of the states will get their share from `7,500 crore, in accordance with the devolution formula used by the Finance Commission. The remaining `2,000 crore will be given to states that fulfil reforms pre- express read Khushbu quits Cong, joins BJP, says nation needs Modi New Delhi/Chennai: Actor-turnedpolitician Khushbu Sundar quit the Congress on Monday and joined the BJP. The actor said if the nation has to move forward, then someone like PM Modi is needed to take the country “in the right direction and to its glory”. P7 Venjaramoodu murder: Cops rule out political conspiracy T’Puram: The police team probing the Venjaramoodu twin murder case has said local feud was the reason behind the attack while ruling out political conspiracy. Police said political tension had prevailed in the area after the attempted murder of DYFI’s Faizal. P4 UAE consulate closed after staffer tests Covid positive T’Puram: The UAE consulate office in Thiruvananthapuram was temporarily closed on Monday after a staffer tested Covid positive. The consulate authorities decided to shut the office till October 20. 16 pages, including 4 pages of KOCHI Express scribed in the Atmanirbhar package, such as power distribution reforms, implementation of one-nation-oneration card scheme, etc. “The loan will have to be spent entirely on new or ongoing capital projects, (and) can be used to settle bills of contractors and suppliers but all the amount has to be paid before March 31, 2021,” Sitharaman said. The `25,000 crore additional capital expenditure will be spent on building roads, ports and defence projects. Government employees can use the LTC cash vouchers to buy goods worth three times the travel fare and one time the leave encashment before March 31, 2021. The condition is the goods should attract a GST of 12% or more. “Only digital transactions are allowed, GST invoice has to be produced,” the FM said, adding this will boost sales of electric appliances and consumer durables. Parvathy quits AMMA over Babu’s comments on actor Babu’s remarks. “In 2018, when my friends reYET another controversy rattled signed from AMMA, I stayed back the Malayalam film industry on thinking at least a few should conMonday after actor Parvathy Thiru- tinue to work within a broken sysvoth announced her decision to tem and help repair it,” she said, leave the Association of Malayalam adding that after watching Babu Movie Artists (AMMA) in protest speak, she has abandoned all hope against its general secrethat anything will ever tary Edavela Babu’s comchange within the associament on a female actor. tion. “His utterly disgustIn an interview to a TV ing and mortifying rechannel, Babu said the acmark comparing a woman tor was not in AMMA. member, who had been “We can’t bring back the badly let down by this ordead,” he said. Babu was ganisation, to a dead peranswering a question on son is beyond correction,” whether the actor will be the actor said. Parvathy Thiruvoth included in a movie the as“Mr Babu may believe sociation was planning to he just used a metaphor, make. She had played a prominent but it shows his nauseating attitude role in the movie Twenty20, pro- and I pity him. I am sure that when duced by the association in 2008. the media starts discussing this reIn a letter posted on her social mark, many of his peers will supmedia pages, Parvathy -- known for port him. I’m certain about this beher feminist outlook and fight cause of the way they have always against misogyny -- said she was dealt with issues about women,” ● More on P5 leaving AMMA in protest against she said. E x pre s s N e w s Ser v i c e @ Kochi ‘ N o t k e e n o n s t a l e t o pi c s ’ CPM skips TV debates on gold & Life E x pre s s N e w s Ser v i c e @ T’Puram THE CPM has decided to stay away from discussions on Malayalam TV channels, if the gold smuggling scandal or the controversies surrounding the Life Mission housing project are the topics. The party which , feels a section of the media has adopted an anti-Left approach, had decided not to send its spokesmen to debates on a prominent channel a couple of months ago. The party secretariat, which met last Friday had observed , that the media was attempting to create an anti-Left mindset among the masses. An informal decision has been taken by the CPM not to depute its leaders for political debates related to issues like gold smuggling and Life Mission on any channel. Usually leaders are deputed from the party centre for channel debates. On Monday night, TV debates on the said topics were held without the CPM representation. With one allegation after another rocking the government towards the fag end of its tenure, leaders of the ruling front have been finding it difficult to defend it in TV debates, often cutting a sorry figure in the face of a combined attack by other panelists. The Opposition UDF has already come out criticising the CPM’s decision. Taking jibes at the party Oppo, sition Leader Ramesh Chennithala said that it seems the Left leaders have nothing to tell the people. KPCC chief Mullappally Ramachandran said the CPM’s channel ‘workers’ are reluctant to defend the antics of the LDF government and have hence decided to stay away . The CPM leadership, however, made it clear that no decision was taken to boycott political discussions on television channels. “It’s just that the party is not at all keen on ‘stale debates’,” said a top ● More on P4 CPM leader. We’ve little choice: Teachers speak out against mandatory Covid duty G E O R G E P O I K AY I L @ Kasaragod My husband has hypertension and diabetes. I have to cook at home for my children and I am over 50. Won’t I be endangering my family by going out and interacting with strangers? A teacher A day after primary school teacher Padmanabha M (47) -deployed on Covid duty -- died of the viral disease, many teachers spoke out against the Kasaragod district collector’s ‘Maash’ programme, which required them to go to marketplaces, businesses, funerals and wedding houses and ensure people adhered to Covid protocol. Since July 15, Collector D Sajith Babu has deployed 1,740 school teachers in 777 local body wards in the district under the initiative ‘Maash’, an everyday word for master or teacher. On paper, ‘Maash’ is a voluntary programme and only those teachers who sign up are deployed on Covid duty But in re. ality it is a diktat from the , collector to the deputy director of education (DDE) -- the top education officer in the district. The DDE forwards the registration link to the headteachers who forward it to the teachers of their respective schools. “Once we get the registration link on our phone, we have little choice but to register,” said a 55-year-old teacher from the Kinanur-Karinthalam panchayat. She mentioned in the remark column that she is set to retire next year, in the hope that she would be exempted from the duty “I am undergo. ing treatment for body pain, yet I was listed,” she said. O n M o n d ay, t h e teacher reported at the panchayat of fice and signed for Covid duty. When she asked the panchayat secretary to exempt her, she was told that only the collector could ● More on P4 do it. Court raps police on Hathras cremation N a m i ta B a j pai @ Lucknow Severely criticising the cremation of the alleged gang-rape and murder victim of Hathras in the dead of night, her family questioned the intent of the district administration and expressed anguish over the insensitive approach of the district magistrate (DM), while appearing before the Lucknow bench of Allahabad High Court on Monday . For his part, Hathras DM Praveen Kumar Laxkar owned up the crema- tion, claiming it was his individual decision to proceed with it so as to avert any possible caste flare-up in the village and the district. According to the family’s lawyer Seema Kushwaha, the division bench pilloried the police on the hurried cremation, asking if they would do it had the victim hailed from a rich family . The court had taken suo-motu cognisance of the issue on October 1. Five members of the victim’s family were brought from Hathras to the court. Family members of the Hathras victim leave the High Court on Monday | PTI
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