Thu. Jun 20th, 2019

India crash raises concerns of underinvestment in railway as toll hits 133

 

 

PUKHRAYAN, India/NEW DELHI (Reuters) – Indian rescue workers picked their way through the last of the mangled carriages of a derailed train on Monday to pull out more bodies from a disaster that killed at least 133 people and injured more than 200. [restrict]

The derailment was India’s deadliest train crash since 2010 and has renewed concern about the poor safety standard of the state-run network, which is a lifeline for millions of Indians but has suffered from chronic underinvestment.

The largely colonial-era system, the world’s fourth largest, carries about 23 million people every day. But it is saturated and ageing badly. Average speeds top just 50 km/h and train accidents are common.

Sunday’s crash is a stark reminder of how hard it will be for Prime Minister Narendra Modi to fulfill his promise to transform the railways into a more efficient, safer network befitting India’s economic power.

Modi this year pledged record levels of investment and has announced a new high-speed line funded by Japan, but little progress has been made on upgrading tracks or installing modern signaling equipment on the main network.

He has also shied away from raising highly subsidized fares that leave the railways with next to nothing for investment – by some analyst estimates, the railways need 20 trillion rupees ($293.34 billion) of investment by 2020.

Police at the accident site in the northern state of Uttar Pradesh said they were still searching through the last of 14 carriages that derailed in the early hours of Sunday while most of the more than 500 passengers were asleep.

“We have cleared 13 derailed carriages from the tracks but the last carriage is the most difficult to search,” said Amit Chaudhary, a senior police official at Pukhrayan, 65 km (40 miles) from the northern city of Kanpur. “Maybe seven or eight bodies are in the last carriage.”

Railway official Amit Malvi said more than 150 people had been admitted to government hospitals and several were in critical condition. [/restrict]


ICB Bank and Pangea Foundation to cooperate on a password-based financial services business

June 14, 2019 - Palau ICB Bank will launch new financial services based on the Pangea Foundation and cryptography promote business.

ICB Bank on Thursday, the cryptographic currency foundation Pangea (PAN) and block chain-based cryptography and signed business agreement to promote the financial services business.

ICB Bank uses the Pangea Foundation's password currency 'Pangea' to combine financial services. We plan to jointly promote various Pin Tech businesses.

In particular, ICB Bank is working with Pangea Foundation. ICB Bank promote issuance of visa cards and master cards based on cryptography. The company is releasing debit cards that can be settled as collateral.

If a Visa or Master Card is actually issued, payment will be made in everyday life anywhere in the world. It is becomes possible, consumers can use the Visa/Master Card on-line merchant's Bitcoin, Ethereum.

The bank, a financial institution works with the Cryptographic Fund to provide financial services that can be applied in everyday life. The roll out is expected to be the first in the block chain pin tech industry.

An official from the Pangea Foundation said, "Working with the bank, in the future, global credit card companies and we will expand services to Eurpoe, Latin America and other countries in connection with possible banks." he said.

On the other hand, Cryptography Pangea (PAN) is an ERC20-based token used for remittance and payment. Adds a centralize authentication agreement to decentralized lenders technology for faster transaction rates. Billing platform at the same time. Currently, Indonesia, Vietnam, Uzbekistan, Europe, etc. and the Cryptographic Exchange of eight countries in Southeast Asia and Latin America.

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