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Reducing medical cost US doctors dispute stents cost, effectiveness

In the current hunt for savings in the health care system by developed
countries like the United States, one idea sounds simple: Just get
doctors to quit ordering unnecessary procedures and tests. An
article published on the US business news web site, NPR, says
evidence suggests that some doctors dole out more treatment, and yet
their patients don't fare better. If you talk to doctors, though,
the idea of cutting back starts to sound more complicated. Take, for
example, Drs. Paul Teirstein and Eric Topol. Both are interventional
cardiologists practicing at Scripps Health in San Diego. Yet the two
physicians see their field, and health care in general, from opposite
poles. Teirstein calls Topol a good friend, but says, 'We disagree a
lot. I find him challenging.' Dr. Eric Topol, also a cardiologist,
says doctors have an incentive to use stents more often than
necessary. One of their biggest disagreements concerns stents,
tiny metal tubes that cardiologists use to open clogged arteries and
relieve chest pain. Studies show that cardiologists sometimes use
stents in scenarios where research would indicate they are
unnecessary. Topol says he believes as many as 20 per cent of all
stents aren't really needed. He notes that annually, 1.2 million
patients undergo a stent procedure. 'Undoubtedly, that's more than we
need to do,' he says. Sitting in the same California hospital,
Teirstein says he's not convinced by the research Topol leans on.
Teirstein is an ardent believer in the technology and puts in an
average of seven stents a day. 'I definitely have a bias towards
stents,' he says. 'I have a lot of experience with stents. I've seen
patients do so much better.' It's clear that many patients with
serious blockages in their arteries have benefited greatly from
stents. But a lot depends on the exact type of treatment involved. A
trial called COURAGE — short for Clinical Outcomes Utilizing
Revascularization and Aggressive Drug Evaluation — found that for
patients with ' stable angina,' stents are no better than drugs at
preventing heart attacks or death. Drugs take a while to work,
Teirstein argues, while stents offer an 'instant fix.' After surgery
to receive a stent, patients tend to go home quickly and feel better
almost immediately. Topol counters that cardiologists, like most
doctors, get paid on a fee-for-service basis. The more stent
procedures they do, the more money they make. Topol says that dynamic
has to drive up the number of stent procedures. 'Some of it is
financially motivated, but at a subconscious level,' he says.
Teirstein says income is not the driving factor. 'The physicians I
know do what I do, which is say, 'If this was my mother or father,
what would I do?' Financial incentive is the last thing you think
about,' he says. 'What is inspiring is trying to help a patient.'
If policymakers are to uncover health care savings in curbing
unnecessary procedures, they' ll need doctors to believe that at least
some of what they do is wasteful. As the ongoing conversation
between Teirstein and Topol shows, individual doctors make sense of
the available research differently, as each makes choices for
individual patients. The one thing Topol and Teirstein agree on is
that they want to be able to make those choices. They're fine with
telling each other what to do, even when they don't agree. They just
don't want the government or insurers telling them what to do.

Studying accountancy made easy, MOHUA RAHID, country manager of ACCA BANGLADESH, talks about the routes to success in finance professions

A few years ago the accountant was the book- keeper, called on for an
opinion only when the figures did not add up. Now they are
strategic leaders in companies and public sector bodies. In most
modern businesses around the world, the finance team is the only
group who possess a knowledge of an enterprise in depth and in
breadth to advise on strategic development. And in many companies,
the group finance director is also the group strategy director. In
the business world with vast skill shortages, the finance director, as
much as the HR director, will help to come up with appropriate people
strategies. The role of the financial professional has changed
rapidly – in both big and small businesses. In an environment of
greater globalisation, accountability, transparency, teamwork and
effectiveness, two key criteria emerged. The financial professional
of the future needs to possess both detailed technical accounting
skills and a broad strategic vision. One alone is not enough. And
this is just what the ACCA qualification enables people to become –
financial experts who can transfer their skills to the public or
private sectors, in large or small business, anywhere around the
world. It is almost a year since ACCA [the Association of
Chartered Certified Accountants] opened its office in Bangladesh.
According to ACCA, more people are choosing a career in accountancy
that makes Bangladesh one of the ACCA's fastest-growing markets.
'ACCA is a global organisation with a global qualification. The ACCA
professional qualification provides a common standard throughout the
world. We have 362,000 students and 131,500 members in 170 countries
worldwide,' Mohua Rashid, country manager of ACCA Bangladesh said.
She said studying to be an accountant with ACCA is a success story
in Bangladesh. Taken as part of the Indian sub-continent, the
country, together with Pakistan and India has seen a 26.5 per cent
total increase in member and student numbers from 2007, so more
people in the sub- continent are choosing to become accountants.
But what is the future? Mohua said, 'The sheer speed of business life
has increased rapidly. In the 21st century this means that management
training and development will have to alter drastically.' This is
something ACCA recently discovered as part of its research into
management training, called 'the future of professional development'.
This is the latest report in ACCA's Insight Series, which look at
professional development trends around the world. This new report
talks about what happens after people have qualified in a profession.
Continuing Professional Development, or CPD, often becomes an
integral part of being an ACCA member once qualified. 'We insist
that members undertake regular CPD programmes so they remain up to
date with the work that they do. This is a similar case in a lot of
professions – in law and medicine', she pointed out. According to
the report, if continuing professional development programmes are to
be fit for purpose, keep up with regulatory change and provide
acceptable returns on the millions of cash invested each year, then a
radical overhaul is needed. ACCA believes strongly that the
standard business type lectures cannot survive. Like students,
business professionals need immediate access to good quality
information, and they need to know how to apply it to their work.
Mohua said the one size fits all course will need to be more
practical, and allow for professional peers to network. Time demands
will also have to be met –and this is where the global phenomena of
LinkedIn and Facebook have seen a huge demand – where like minded
people met on line to discuss issues and address work based problems.
'Looking ahead, financial professionals will need faster access to
knowledge and information due to the pace and frequency of
regulatory, economic and business changes', she observed. She adds
that employers around the world also face a challenge to ensure that
development programmes offer enough variety to appeal to all four
generations of workers, from Generation Y – those born in the 1980s
through to Baby Boomers – those born in the 1940s.

Germany backs calls to limit banker bonuses

Germany Friday threw its weight behind a scheme to limit bonuses for
bankers as part of a drive towards greater financial market
regulation to be debated at a key Group of 20 meeting next month.
'The federal government welcomes the French proposal for an
international initiative on pay in the banking sector,' Klaus Vater,
a spokesman for Chancellor Angela Merkel, told a regular briefing.
'Compensation systems can contribute to systemic risks that can
arise in banks. In Germany, we have already introduced a raft of
measures to reduce excesses in managers' pay,' he added. French
President Nicolas Sarkozy said Wednesday he would call for limits on
bonuses for bank executives when he takes his campaign for greater
regulation to the G20 summit in Pittsburgh on September 24-25.
'We will propose a strengthening of sanctions towards banks that do
not play by the rules and we will even raise the issue of limiting
the size of bonuses,' Sarkozy said in Paris. Responding in a
television interview on Wednesday, Merkel said she was 'annoyed that
in certain banks, everything is starting up again as it was before'
and that the topic would be a ' central theme' at the G20 meeting.
The French plans also received backing from Brussels, with European
Commission President Jose Manuel Barroso on Thursday stressing the
need for 'reinforced ethics.'

Banks face mounting pressure before G-20

Britain weighed new curbs on banks and a key forum outlined rules to
prevent a replay of the global financial crisis on Thursday as
pressure mounted for more regulation ahead of a G20 summit. The
head of Britain's Financial Services Authority said he would support
moves to raise capital requirements for banks and impose taxes on
financial transactions to cut the bloated banking sector down to
size. 'If you want to stop excessive pay in a swollen financial
sector you have to reduce the size of that sector or apply special
taxes,' Adair Turner, chairman of the FSA, told current affairs
magazine Prospect in an interview. 'Higher capital requirements
against trading activities will be our most powerful tool to
eliminate excessive activity and profits. 'And if increased
capital requirements are insufficient I am happy to consider taxes on
financial transactions,' Turner added. Excessive risk-taking by
banks and traders, resulting in massive bonuses, has been blamed for
helping spark the financial crisis that spiralled after the collapse
of US investment bank Lehman Brothers in September 2008. There
have since been multi-billion dollar government bailouts of world
banks and many economists now emphasise that prospects for any
stable economic recovery are closely linked to a pick-up for the
banking sector. Public anger about bank bonuses and the luxury
lifestyle associated with them has also risen as the fallout from the
economic crisis has become ever more painful, with unemployment
rising sharply in many economies. French President Nicolas Sarkozy
and German Chancellor Angela Merkel have now thrown their weight
behind proposals to impose stricter rules on performance-linked pay
for banks and have urged G20 partners to follow suit. Britain's
FSA earlier this month outlined new rules on bonuses for banking
executives, unveiling a new code of practice that begins in 2010.
EU Commission chief Jose Manuel Barroso on Thursday also said there
should be limits on bonuses and 'reinforced ethics' in the economy,
adding that the the European Union's executive arm would work with
the G20 to achieve this. Bonuses are set to take centre stage at a
meeting of finance ministers from the Group of 20 leading global
economies in London next week, before a G20 summit of world leaders
in September in the US city of Pittsburgh. The Basel Committee on
Banking Supervision, an influential forum based in Switzerland,
meanwhile released plans on Thursday for new bank accounting
standards ahead of the summit in a bid to prevent another crisis.
The plans are meant to ensure that banks are better prepared to deal
with financial risk and the ups and downs of economic cycles, said
the forum, made up of representatives from top industrialised and
emerging economies. In Britain, Turner criticised some activities
of London's financial sector as 'socially useless' and questioned
whether it had grown too large. He also said pay levels in the
sector could be due to 'over-simplistic financial deregulation',
describing this as the 'really fundamental question.'

Hitachi, NEC, Casio in phone nerger talks

Hitachi Ltd., NEC Corp. and Casio Computer Co. are in talks about a
possible merger of their mobile phone businesses in a bid to improve
profitability, reports said Friday. NEC is negotiating to take a
stake of more than 50 percent in Casio Hitachi Mobile Communications
Co., a joint venture which was founded in 2004 by Casio and Hitachi,
Kyodo News reported, citing unnamed sources. Together the three
would have the second- largest share in the Japanese mobile phone
handset market, behind Sharp Corp. The three companies declined to
confirm the report. Most Japanese already own a mobile telephone
and operators and handset manufactures are facing growing challenges
to boost revenue in a crowded market, particularly given the weak
economy and shrinking population.

Bangladesh Bank prepares sovereign credit rating report to entice FDI

Bangladesh Bank, the central bank, has sought fiscal and economic
data from the finance ministry for preparing a sovereign credit
rating report which should help attract foreign direct investment as
well as boost short- term borrowings for the country's private and
public sectors. The report will help two foreign credit rating
companies appointed by BB to weigh the risks of Bangladesh economy and
the fundamentals of the country's industrial and banking sectors that
should help entice foreign investment into the country, BB sources
said. 'The report is expected to project Bangladesh in a positive
manner for attracting more foreign direct investment in the country,'
said one of the officials who requested anonymity. BB has
requested the finance ministry to provide data including the
non-deposit type of liquid assets and debt servicing performance of
the government, he said. 'Development partners and many foreign
investors consider Bangladesh a risky country… a sound and sovereign
credit rating report will enhance the country's image and help local
financial organisations to tap low-cost borrowings from foreign
sources,' said the official. Bangladesh Bank has formed a contact
team which would keep in touch with the two foreign credit rating
companies—Standard and Poor's and Moody's Singapore Pte Ltd—and
supply them with economic statistics from time to time. BB has
sought statistics on government assets and fiscal history from 1998
to 2008 year as well as planned data for 2009 and projection for
2010. The fiscal data sought for the purpose include breakdown of
revenues, grants and expenditure, transfers of assets of state-owned
enterprises and state-owned banks and debt servicing and detailed
data on government subsides. Bangladesh Bank will pay around Tk 97.3
lakh in the first year and Tk 83.3 lakh in the next year as fees to
the two foreign credit rating companies. Sovereign credit rating
will definitely reduce dependence on the London inter-bank offer rate
and help obtain low-cost funds from foreign sources, former finance
adviser AB Mirza Azizul Islam told New Age. The central bank has
been working since 2007 to prepare a credit rating report for the
country to help mobilise funds from overseas sources and foreign
investment agencies.

Toyota to abandon california plant

Toyota Motor said Friday that it was abandoning a plant in California
that it jointly owned with ailing US giant General Motors, marking
the first time it has pulled the plug on a factory. The move
follows GM's decision in June to drop its ownership stake in the joint
venture, New United Motor Manufacturing Inc, as it restructured
under bankruptcy protection. While a final decision on the fate of
the plant and its 4,700 workers will be left to the NUMMI
management, its closure now looks almost certain. Toyota has never
been involved in shutting an assembly plant anywhere in the world, so
it would be a first for the world's largest automaker. The plant
in Fremont, California will end production for Toyota in March and
shift output of Tacoma pick-ups to a factory in Texas, while
Corollas will be manufactured in Canada and Japan for the North
American market. 'We have determined that over the mid- to
long-term, it just would not be economically viable to continue the
production contract with NUMMI,' said Toyota's North American head,
Atsushi Niimi. 'This is most unfortunate, and we deeply regret
having to take this action,' he added. Toyota cannot promise the
affected workers jobs at its own plants, Niimi said. 'They will
not be prioritised over applicants from the local community' if they
apply for new jobs with Toyota, he told reporters in a
teleconference. Toyota, which overtook US rival GM in 2008 as the
world's largest automaker, is struggling to cut costs after falling
into the red for the first time, with a 436.9 billion yen (4.7
billion dollar) loss in the year to March.

Bangladesh Biman resumes loss making New York flights in october

Biman Bangladesh has decided to resume its Dhaka-New York flight in
the first week of October, three years after it discarded the route
from its schedule to avoid big losses. 'Biman is planning to
operate two flights a week on the Dhaka-New York route…The
authorities have started preparing for the operations,' civil
aviation and tourism minister GM Quader told New Age at his office on
Thursday. The US authorities have agreed to provide Biman slots
[permission for landings and takeoffs] from October, he informed.
The national flag carrier suspended Dhaka- New York flight on July 29,
2006 amid perennial financial losses and serious shortage of planes.
According to an estimate of the airlines, a single Dhaka-New York
flight by DC-10 cost Biman a loss of Tk 55 lakh. A fresh move was
on to arrange new generation aircraft on lease for the national
airlines to operate flights on the route, the minister said, adding
that resumption of Dhaka- New York flight was a political commitment
of the Awami League-led government. Flights on other international
routes, which the national carrier had to suspend for aircraft
shortage, would also resume with addition of new aircrafts to its
fleet. The Biman board has directed the authorities concerned for
fresh initiatives to take new generation aircraft on lease. 'Biman
is going to take four aircraft on lease. The board has stopped the
ongoing process to arrange three Boeing 777 ERs on lease to avail of
a better offer and ensure transparency,' the civil aviation minister
said. An international tender would be floated soon to complete
the leasing process within a month. US plane maker Boeing earlier
proposed that it would deliver two wide-bodied aircraft to Biman two
years ahead of the schedule. According to a 2008 agreement with
Biman, Boeing was to supply four Boeing-777 planes by December 2013.
Biman signed contracts for 10 new generation aircraft, including
four 777-300ERs (extended range), four 787-8 dreamliners and two 737-
800s. Owing to aircraft shortage, Biman had to trim its flight on
a number of international routes in past few years. Apart from New
York, it also stopped flying to and from Frankfurt, Paris and Tokyo.
The list grew longer with recent suspension of Dhaka-Delhi and
Dhaka-Bangkok flights, reducing Biman's international destinations to
16. Also, it has reduced flight frequencies on global routes.
Biman currently has four DC 10-30s, two Airbus A310-300s and two
Fokker F-28s in all and a number of the aircraft often go out of
service due to technical faults.