Additionally, the Minister said the NHF has been instructed to expand its pharmacy outlets to further boost client service delivery. Health Minister, Dr. the Hon. Christopher Tufton, says the National Health Fund’s (NHF) Vital, Essential and Necessary (VEN) drug list is being revamped as part of cost saving measures. The Minister noted that the NHF currently has over 1,000 categories of drugs on its VEN list, equating to approximately 60 that treat each ailment for which clients source medication. Health Minister, Dr. the Hon. Christopher Tufton, says the National Health Fund’s (NHF) Vital, Essential and Necessary (VEN) drug list is being revamped as part of cost saving measures.He said the Pan American Health Organization (PAHO) will assist the agency, which falls under his portfolio, to develop a benchmark that guides the purchasing of the requisite quantity of medications to treat ailments.The Minister noted that the NHF currently has over 1,000 categories of drugs on its VEN list, equating to approximately 60 that treat each ailment for which clients source medication.Dr. Tufton said that with the benchmark, this number is expected to be reduced to between six and eight categories per ailment, pointing out that “we could save as much as 25 per cent on the cost of drugs.”Additionally, the Minister said the NHF has been instructed to expand its pharmacy outlets to further boost client service delivery.He was speaking at the NHF’s inaugural open day at the Knutsford Court Hotel in New Kingston on Friday, July 28.Meanwhile, Dr. Tufton announced that a national health insurance policy is to be introduced next year.He indicated that the NHF will play a pivotal role in the policy’s development, adding that details are expected to be unveiled by the 2018/19 fiscal year.The NHF’s open day was used to acknowledge top performing employees and showcase the agency’s achievements. Story Highlights
Twitter Inc gave a disappointing revenue forecast and reported slower user growth than expected, pushing shares of the microblogging company down about 13 percent.The forecast, which came even as Twitter beat third-quarter profit and revenue estimates, suggested that more time is needed for a turnaround as social media competition grows from the likes of Facebook Inc’s Instagram and Messenger apps.Twitter on Tuesday forecast fourth-quarter revenue of $695 million and $710 million, well below analysts’ average estimate of $739.7 million according to Thomson Reuters I/B/E/S.Executives on a conference call gave no reason for lowering the forecast. But analysts said it could be due to anaemic user growth and Instagram’s advertising share growth after opening up its platform to all advertisers in September.Twitter had 320 million average active monthly users in the third quarter, up from 316 million in the prior quarter, missing analysts’ expectations of 324 million.This is Twitter’s first earnings report since Jack Dorsey returned in early October as its permanent chief executive. As interim CEO in the prior quarter, he delivered a downbeat view of Twitter’s earnings and criticized its product lineup.”People that were making a huge bet on Dorsey shaking things up within five months of being there may be disappointed,” said PureFunds CEO Andrew Chanin, a Twitter shareholder. “With a company like Twitter, there’s a huge risk to making any big changes.”Executives said savings from staff cuts would be invested in top priority products that they did not identify.”We’re still hiring and investing in talent in ways that specifically serve our priorities,” Dorsey said on the conference call after the earnings report from the company he co-founded in 2006.”We’re also looking at some more bold rethinking and some more bold experiences that really speak to some patterns that we’ve seen on Twitter from Day One.”Since early October, Dorsey has launched Moments, which showcases Twitter’s best tweets and content; laid off more than 300 employees; given back a third of his stock, about 1 percent, to employees; and hired former Google Inc executive Omid Kordestani as executive chairman.Dorsey served briefly as Twitter’s CEO in 2008 before he was ousted.Video advertising helped push up advertising sales, Chief Operating Officer Adam Bain said. Twitter surpassed 100,000 active advertisers in the third quarter and began making money from logged out users, or those without accounts who visit the site, he noted.Twitter executives spent much of the call touting Moments, which they said has made the website easier to use. But they did not say whether that has helped drive user growth or engagement.Twitter will air its first TV commercial during the World Series on Tuesday night.In the second quarter, Twitter’s number of monthly average users grew at the slowest pace since it went public in 2013.Revenue rose 57.6 percent to $569.2 million in the quarter. (1.usa.gov/1H8cHMH)Net loss narrowed to $131.7 million, or 20 cents per share, in the quarter ended Sept. 30 from $175.5 million, or 29 cents per share, a year earlier.Excluding items, it earned 10 cents per share.Analysts had expected a profit of 5 cents per share on revenue of $559.4 million, according to Thomson Reuters I/B/E/S.Twitter shares fell to $27.38 in extended trading after closing at $31.34 on the New York Stock Exchange.
The Union cabinet has given its nod to raise the foreign shareholding limit in Indian stock exchanges to 15 percent from 5 percent. The move is in line with Finance Minister Arun Jaitley’s announcement on FDI reforms in the Union Budget 2016-17, which included raising investment limit of foreign entities in Indian stock exchanges.The rise in investment cap applies to stock exchanges, depositories, and commodity derivative exchanges. The new proposal will allow foreign portfolio investors to buy shares through initial public offering (IPO) over secondary market route. “The move will help in enhancing global competitiveness of Indian stock exchanges by facilitating the adoption of latest technology and global best practices which will lead to overall growth and development of the Indian Capital Market,” an official statement said.The attempt to make Indian stock exchanges more competitive comes after Asia’s oldest bourse Bombay Stock Exchange (BSE) and its rival National Stock Exchange of India Ltd (NSE) expressed their intent to go public.The BSE declared its plans to get listed by the end of the current financial year. The stock exchange is set to raise Rs. 1,300 crore by selling up to 30 percent stake.Earlier in March this year, the BSE received in-principle approval to offer IPO from capital markets regulator Securities and Exchange Board of India (SEBI). The Dalal Street, Mumbai-based stock exchange had issued capital of 10.9 crore shares. The exchange was valued at Rs. 4,367.05 crore with a share price of Rs. 400 apiece.Approximately 39 percent of shares in the BSE are held by brokers and the remaining 61 percent shares are held by foreign institutional investors. This includes domestic investors as well as foreign stock exchanges like Deutsche Boerse and Singapore Stock Exchange, BSE CEO Ashish Kumar Chauhan was quoted as saying by the Business Standard. The NSE was planning to submit a draft proposal on issuing its IPO in January 2017. According to its board of directors, the exchange will also file papers to seek approval for an international listing.