Veteran Indian politician Mulayam Singh Yadav dies NEW DELHI, Oct 10, 2022 (BSS) – Veteran Indian politician and Samajwadi Party founder Mulayam Singh Yadav died of prolonged illness at Medanta Hospital in Gurugram, 29 km away from Delhi, on Monday morning. He was 82. The three times chief minister of the Indian state of Uttar Pradesh, Mulayam Singh Yadav had been critical for days and had been on life-saving drugs at the hospital. ‘My respected father and everyone’s Neta-ji has died, ‘The Samajwadi Party quoted Mulayam Singh’s son Akhilesh Yadav as saying. Uttar Pradesh government has announced a three-day mourning for the demise of Mulayam Singh Yadav, a veteran politician and champion of backward caste’s empowerment. He founded the caste-based Samajwadi Party in 1992 and developed its network in UP and different parts of north India. Prime minister Narendra Modi, home minister Amit Shah, defence minister Rajnath Singh and chief ministers of different Indian states including West Bengal chief minister Mamata Banerjee condoled the death of Mulayam Singh Yadav. ‘Shri Mulayam Singh Yadav Ji was a remarkable personality. He was widely admired as a humble and grounded leader who was sensitive to people’s problems,’ Modi said in a statement on Monday. The prime minister said that Yadav served people diligently and devoted his life towards popularising the ideals of Loknayak JP and Dr Lohia. ‘Mulayam Singh Yadav Ji distinguished himself in UP and national politics. He was a key soldier for democracy during the Emergency,’ he added. Prime minister Modi said as a defence minister, he (Mulayam Singh Yadav) worked for a stronger India and his parliamentary interventions were insightful and emphasised on furthering national interest. (L-R) 2022 Nobel Economics Prize laureats Ben Bernanke, Douglas Diamond and Philip Dybvig are seen on a display during a press conference to announce the winners of the 2022 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel at the Royal Swedish Academy of Sciences in Stockholm, on October 10, 2022. – AFP photo.

The Nobel Economics Prize was on Monday awarded to a United States trio for their contributions on explaining the role of banks in the economy.

Ben Bernanke, Douglas Diamond and Philip Dybvig were given the nod for having ‘significantly improved our understanding of the role of banks in the economy, particularly during financial crises, as well as how to regulate financial markets’, the jury said.

‘Their analyses have been of great practical importance in regulating financial markets and dealing with financial crises,’ it added.

Bernanke, 68, the chair of the US Federal Reserve between 2006 and 2014, was highlighted for his analysis of ‘the worst economic crisis in modern history’ — the Great Depression in the 1930s.

Diamond,  a professor at the University of Chicago born in 1953, and Dybvig, 67, a professor at Washington University in St. Louis, were in turn honoured for showing how ‘banks offer an optimal solution’ for channelling savings to investments by acting as an intermediary.

The economics prize, set up by the Swedish central bank, was the only award absent from the original five created by scientist Alfred Nobel, sometimes earning it the moniker of ‘false Nobel’.

But like the other prizes it comes with a medal and an award sum of 10 million Swedish kronor (around $900,000).

The winners will receive the prize from King Carl XVI Gustaf at a formal ceremony in Stockholm on December 10, the anniversary of the 1896 death of scientist Alfred Nobel who created the prizes in his last will and testament.

Last year, the honour went jointly to Canada’s David Card, Israeli-American Joshua Angrist and Dutch-American Guido Imbens for research that ‘revolutionised’ empirical work in their field and brought better understanding of how labour markets work.