News in Numbers | Wells Fargo CEO-cum- chairman John Stumpf retires with $120m

In other news, Sun Pharma recalls 31,762 bottles of anti-depressant tablets in US, amid  growing tension between Indian firms and the US Food and Drug Administration


Indian Oil Corporation plans to lay 1987 kms of LPG pipelines between Kandla in Gujarat and Gorakhpur in eastern Uttar Pradesh. Photo: Bloomberg
Indian Oil Corporation plans to lay 1987 kms of LPG pipelines between Kandla in Gujarat and Gorakhpur in eastern Uttar Pradesh. Photo: Bloomberg

50,000 

What is it? The number of Kwid cars being recalled by Renault India.

Why is it important? The model is Renault India’s best-selling small car and the company said it is conducting a pre-emptive and voluntary inspection of some 80,000 units  of the model made between October 2015 and 18 May, 2016. This is to test the overall functionality of the fuel system to “mitigate any potential disruption of fuel supply” and also, to add a fuel hose clip. Indian carmakers have recalled 2.24 million cars between July 2012 and May 2016, of which 2015 alone accounted for over 45%.

Tell me more: On Wednesday, Nissan Motor India also announced the recall of 932 units of its entry-level car redi-Go from its Datsun brand to fix a faulty fuel system. This would affect units manufactured until May 18 this year.

1987 kms

What is it? The length of LPG pipeline that Indian Oil Corporation plans to lay between Kandla in Gujarat and Gorakhpur in eastern Uttar Pradesh.

Why is it important? This will be the longest LPG (liquified petroleum gas) pipeline in the country, and will be used to transport cooking gas imported at the Kandla port. The pipeline can carry 3.75 million tons of LPG every year. LPG demand in India grew 10.5% in 2016, and is expected to go up in the coming years. Global demand for LPG is estimated to grow to 380 million tons by 2024 from 278 million tons in 2015, mostly driven by emerging economies.

Tell me more: The longest LPG pipeline at present is 1415 kms long and carries 2.5m tonnes of LPG from Jamnagar in Gujarat to Loni near Delhi. It’s operated by GAIL India.

31,762

What is it? The number of bottles of anti depressant tablets being recalled from US market by Sun Pharmaceutical.

Why is it important? While the recall is voluntary and is categorised as class 3 (no health consequence because of violation), the event underlines the growing tension between Indian pharmaceutical majors and the US Food and Drug Administration. The US regulator has increased its headcount in India to 19 from 12 earlier, with more drug production units under inspection. The number of warning letters for failing to meet standards have gone up too. This includes Sun’s Halol unit in Gujarat which made the anti depressant tablets.

Tell me more: The recalled drug is bupropion hydrochloride extended-release tablets. US accounts for over half of Sun’s revenues. 

$120 million

What is it? The value of stocks, stock options and retirement benefits that Wells Fargo’s chairman and chief executive John Stumpf will be walking away with after the bank announced his retirement on Wednesday effective immediately. 

Why is it important? Wells Fargo is under fire for creating over 1.5 million checking and savings accounts and 500,000 credit cards that its customers never authorized and was fined $185 million by Consumer Financial Protection Bureau for the offence. Senator Elizabeth Warren, who famously grilled him over the scam during a Senate Banking Committee hearing in September, tweeted she would still want Stumpf to “return every nickel he made during the scam, & face DOJ/SEC investigation.” 

Tell me more: Stumpf will be replaced by two Wells Fargo insiders. Tim Sloan, the bank’s chief operating officer will become chief executive and Stephen Sanger, the board’s lead director, will take over as chairman

60

What is it? The approximate number of hours of the Pampore encounter which ended on Wednesday.

Why is it important? Two terrorists believed to be from the militant organisation Lashkar-e-Taiba, who barged into the Entrepreneurship Development Institute building at Pampore on the Srinagar-Jammu National Highway on Monday, have been killed. There were two terrorists holed up in the building and not three as initially suspected. In February, when the same institute was attacked, three terrorists were killed and five soldiers and a civilians lost their lives.

Tell me more: This is the second time that terrorists have attacked the institute this year and there is a view that they want to send a message to the Kashmiri youth to keep away from such institutions. The central and state government have launched different initiatives to make the youth self-reliant.

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