Gustavo de Arístegui on Spain’s new position

Gustavo de Arístegui is a Spanish politician, diplomat and an international analyst. He comes from a long-standing diplomatic background, his father and grandfather were both senior diplomats posted as ambassadors in Latin America, Europe and the Middle East. Gustavo de Arístegui was elected to Parliament from the Basque region for three terms and served as Shadow Foreign Minister from 2008–2012. He is currently a member of the Board of the European Council of Foreign Relations and has authored four books on Arab politics and Islam.

Gustavo de Arístegui also expressed hopes that the new parameters that now guide the Spanish position should also “inspire” the whole world and lead to “a reconciliation between Algeria and Morocco. A reconciliation that may require time, but that is what we all want,” he said, commenting the recent message addressed to HM King Mohammed VI by the President of the Spanish government, Pedro Sanchez, in which he confirms his support for the autonomy plan in the Moroccan Sahara. These new parameters, he added, “lead us to another thinking …. on the question of the representation of the polisario in relation to the Saharawis. The polisario is not the only representative of the Sahrawi people,” he pointed out.

According to the former MP, “This issue has been a source of confusion in Spain on several occasions”. Spain’s new position on the Moroccan Sahara issue and the support of the government on Morocco’s proposal to give autonomy to Sahara has generated a new conflict between PSOE and Podemos, the government partners and with the Government and its parliamentary partners. The reconstruction of relations between Spain and Morocco and the way in which the Spanish Government has handled this situation has created a wave of criticism among the opposition parties.

“I understand the criticisms that are made by both analysts, media directors, commentators, critics for not having consulted the opposition on an issue of such great importance for Spain’s foreign policy, for peace and security in the Sahel, which is essential for the entire world. But it is such a question extraordinarily complex and delicate that the negotiations had to be carried out in the most absolute discretion and a leak would have generated a debate that could have derailed the agreement between the two countries”, asserts the Spanish politician and international analyst Gustavo de Arístegui, when talking about Spain’s change of position on Western Sahara in Herrera en COPE.

Gustavo de Arístegui also points out the two sides to that criticism. The risks in consulting the opposition and other partners would have been very high and there is more serious chance of destability in Europe and the Mediterranean in the Maghreb than in the 1970s. There are forces with extraordinary destabilization capacity like the terrorist groups in the Sahel and the Boko Haram who are increasingly attacking targets further north and therefore in this situation, peace, security and stability in the Maghreb is essential. Gustavo de Arístegui also remembers the central role that Algeria has played in the stability of the Maghreb and the sacrifices made by hundreds of thousands of Algerians in the fight against jihadism. On the geopolitical level, Aristegui pleaded for a rapprochement between Morocco and Algeria to tackle, together, the terror threats coming from the Sahel.

CBI Raids Former Jharkhand Minister's Home In National Games Scam Case

 

National games Scam: The search was done in connection with alleged irregularities in the multi-crore games equipment purchases for the 34th National Games held in Ranchi in 2011.

CBI on Thursday conducted searches at 16 locations, including the residence of former Jharkhand Sports Minister Bandhu Tirkey, in connection with the alleged irregularities in the multi-crore games equipment purchases for the 34th National Games held in Ranchi in 2011, officials said.

Besides Mr Tirkey, the CBI also searched the premises of noted lawyer RK Anand, who was the working chairman of the National Games Organising Committee, in the national capital.

The premises of the then director sports of the state PC Mishra, organising secretary of national games Madhukant Pathak, organising secretary HM Hashmi are also being searched.

As part of the Central Bureau of Investigation (CBI) operation, seven places in Ranchi and five locations in Dhanbad are also being searched, officials said.

Mr Tirkey was recently convicted for amassing disproportionate assets by a Jharkhand court and stripped of his assembly membership.

The case of alleged corruption in the purchase of games equipment was probed by the state anti-corruption branch and it was later handed over to the CBI by the Jharkhand High Court in April this year.

Mr Tirkey was a close confidante of Babulal Marandi of the Jharkhand Vikas Morcha (Prajatantik) before Marandi decided to merge the outfit with the BJP.

Mr Tirkey did not agree with Marandi’s decision and joined the Congress after the 2019 assembly elections.

Vijay Singla sacked as Punjab health minister over corruption charges, sent to police remand till May 27

 Singla was allegedly taking 1 pc commission on all tenders floated by Health and Family Welfare department

Singla was arrested by Anti-Corruption cell of the Punjab Police.

Singla was taken to the Phase VII police station in Mohali. An FIR number 65 under Sections 7 and 8 of the Prevention of Corruption Act was registered against Singla. He was later presented before the court of Ravtesh Inderjit Singh, which sent him to a three-day police remand till May 27.

The Chief Minister said the health minister was involved in corruption cases and they had proof of that.

He was allegedly asking for kickbacks in a tender. Singla was allegedly taking one per cent commission on all tenders floated by Health and Family Welfare department.

Later in the evening, the Chief Minister’s office sought the approval of the Punjab Governor for dropping the health minister, which was granted by Governor Banwari Lal Purohit.

CM Mann, earlier, said the decision was taken to ensure that his government remains free of corrupt practices.

“I am taking strict action against the minister. I am removing him from the Cabinet. We have found substantial proof of his involvement in corruption case. I do not care if the Opposition parties want to use this to hit out at us, saying a minister removed on corruption charges within two months. The point is that we will not tolerate anyone indulging in such malpractices. Our party national convenor has made it clear that corruption will not be tolerated. He had himself removed a minister in Delhi in 2015 after corruption charges were levelled against the minister,” the chief minister said in a video message.

Mann claimed that Singla had admitted to wrongdoing.

It was after over three decades that Mansa had a minister from the assembly segment. Singla had also got the highest number of votes in this election. The action happened in just two months since the government was formed.

New BTS show on Apple Music to trace the band's journey to global superstardom

 

Weekly limited series ‘BTS Radio: Past & Present’ launches on the streaming platform on May 28

BTS will reveal their gradual journey to becoming K-pop superstars through a new Apple Music weekly limited series launching on Saturday.

The streaming service announced on Thursday that the record-breaking South Korean group will release their new show BTS Radio: Past & Present on Apple Music 1. The three-episode limited series will be broadcast weekly, leading up to the release of the band’s new album, Proof, which will be out on June 10.

The Grammy Award-nominated band will take listeners on their quest to stardom, while sharing stories and songs that helped to shape them. The group are known for their hit songs such as Dynamite and Butter.

“We wanted to use this radio show to celebrate nine years of BTS with you guys and with our Army all over the world,” said RM, of the seven members of the boy band. The others are J-Hope, Suga, Jungkook, V, Jin and Jimin.

“Every episode is dedicated to you,” RM says. “And we wanted to share the BTS songs that help tell our story.”

In the first episode, BTS explain the beginning of the group, with songs that inspired their sound and style. The second episode — which will be released on June 3 — will have the band pick some of the BTS Army’s favourite songs.

BTS will show how the group ultimately achieved fame as global music sensations in the final episode on June 10.

The announcement of the new show came hours after the White House announced that the group would meet US President Joe Biden on Tuesday, as part of a series of events celebrating Asian-Americans and denouncing racism against them.

Biden and BTS will “discuss Asian inclusion and representation, and address anti-Asian hate crimes and discrimination, which have become more prominent issues in recent years”, the White House said, referring to the group as “youth ambassadors who spread a message of hope and positivity across the world”.

BTS have in the past been praised for lending their voice to various social movements.

In March last year, they issued a statement on the #StopAsianHate movement, posting a letter in English and Korean to Twitter to express their support for the campaign.

“We send our deepest condolences to those who have lost their loved ones,” the statement begins.

“We feel grief and anger. We recall moments when we faced discrimination as Asians. We have endured expletives without reason and were mocked for the way we look. We were even asked why Asians spoke in English.”

The group also discusses how those experiences have affected their self-esteem.

“We cannot put into words the pain of becoming the subject of hatred and violence for such a reason. Our own experiences are inconsequential compared to the events that have occurred over the past few weeks. But these experiences were enough to make us feel powerless and chip away our self-esteem. What is happening right now cannot be dissociated from our identity as Asians.”

In 2018, a speech by the group at the UN headquarters in New York went viral.

Speaking for BTS to help launch a Unicef campaign called “Generation Unlimited”, an impassioned RM outlined the issues that they, their fans and young people around the world face today and the need to step up.

“I want to hear your voice, I want to hear your conviction. No matter where you’re from, skin colour, gender identity, just speak yourself. Find your name [and] find your voice,” he said.

"Grossly Illegal": Karti Chidambaram's Move Against CBI Over Raids

 

Karti Chidambaram was summoned for the second day by the CBI on Friday after being questioned for nine hours over accusations of partaking in an alleged “visa scam”.

Congress leader Karti Chidambaram has written to Lok Sabha Speaker Om Birla, alleging that his privileges and rights as a parliamentarian were breached by the Central Bureau of Investigation (CBI) when they confiscated work documents during a raid last week.

“I have become the victim of a grossly illegal and patently unconstitutional action. The Central Bureau of Investigation, in the garb of conducting an investigation into an 11-year-old decision of the Government of India in which I have absolutely no involvement, raided my residence in Delhi,” he wrote in the letter to Om Birla.

“In the course of this so-called raid, certain officers of the CBI seized my highly confidential and sensitive personal notes and papers pertaining to the Parliamentary Standing Committee for Information and Technology, of which I am a Member,” Mr Chidambaram said.

Shockingly, even my draft notes and questions which I had intended to ask witnesses summoned to the Committee, were also seized. Furthermore. My handwritten notes pertaining to the depositions made to the Committee by Witnesses were also seized — for reasons best known to the Agency,” he wrote.

“These actions by the CBI, in so far as they relate to interference with my duties as a Parliamentarian, amount to a direct assault upon the democratic principles on which our Parliament is founded. I, therefore, urge you to take immediate cognizance of this issue, which is a brazen breach of my Parliamentary privilege,” the Congress leader added.

Mr Chidambaram said he and his family have been “targets of a relentless campaign by the present Government and its Investigating Agencies, who are trying to silence our voices of dissent by foisting one fake case after another” over the course of the past few years.

“Such targeted intimidation of a Member of the House amounts to a breach of privilege,” he said.

The Congress MP was summoned for the second day by the CBI on Friday after being questioned for nine hours over accusations of partaking in an alleged “visa scam”. “It’s their privilege to call me, and it’s my duty to go,” he told the media on his way.

The son of former Finance Minister P Chidambaram has been accused of taking ₹ 50 lakh as a bribe along with his close aide S Bhaskararaman by a top executive of a company which was setting up a power plant in Punjab.

The CBI in its First Information Report, or FIR, said the work for setting up the power project was being executed by a Chinese company and was running behind schedule. To re-issue visas for 263 Chinese workers on the project, the ₹ 50 lakh bribe was allegedly paid, according to the CBI FIR.

Karti Chidambaram has denied all the allegations. “If this is not harassment, not a witch hunt, then what is?” the Congress MP said in a statement yesterday.

Husband of teacher killed in Texas shooting dies of heart attack

 

Joe Garcia, 50, dies after delivering flowers to wife’s memorial

The husband of a teacher killed in the Texas school shooting has died from a heart attack, his family say.

Joe Garcia was preparing for the funeral of Irma Garcia, his high school sweetheart and wife of 24 years, when he collapsed and died on Thursday, his nephew John Martinez told The New York Times.

The couple leave behind four children, with the oldest 23 and the others teenagers, according to The Times.

Irma Garcia, 46, was one of two teachers killed on Tuesday at the Robb Elementary School in Uvalde, Texas, along with 19 children. Relatives briefed by authorities said Garcia and her co-teacher Eva Mireles died trying to protect their pupils.

“Extremely heartbreaking and come with deep sorrow to say that my Tia Irma’s husband Joe Garcia has passed away due to grief, I truly am at a loss for words for how we are all feeling,” Mr Martinez wrote on his Twitter account, using the Spanish word for “aunt” and requesting prayers for the family.

“God have mercy on us, this isn’t easy.”

Mr Martinez, 21, a student at Texas State University, said Joe Garcia died after returning home from delivering flowers to a memorial for his wife.

He “pretty much just fell over”, Mr Martinez told The Times. “I’m really in shock right now.”

President Sheikh Mohamed receives condolences from Canadian Prime Minister Justin Trudeau

 

Leaders keen to strengthen bilateral relations across all fronts

The President, Sheikh Mohamed, received condolences on the death of Sheikh Khalifa from Canadian prime minister Justin Trudeau on Thursday.

During the phone call, Mr Trudeau also congratulated Sheikh Mohamed on his election as President and wished him continued success in leading the country towards a new phase of prosperity, state news agency WAM reported.

The Canadian prime minister said his country was keen to strengthen bilateral relations across all fronts.

Sheikh Mohamed expressed his appreciation for Mr Trudeau’s message of support. He said the UAE is eager to expand its strong ties with Canada.

The UAE is Canada’s largest export market in the Mena region and is the 20th largest foreign investor in Canada. Bilateral trade increased by 24 per cent in 2021, reaching more than $2.5 billion.

CBI Arrests Real Estate Firm Chairman In Yes Bank-DHFL Scam Case

 The CBI suspects that illegal funds were routed through several real estate companies based in Maharashtra

The CBI today arrested Avinash Bhosale, chairman of Pune-based ABIL group that is into real estate, in an alleged corruption case involving Yes Bank founder Rana Kapoor and Kapil Wadhawan of DHFL, officials said.

The CBI suspects that illegal funds were routed through several real estate companies based in Maharashtra, they said.

The agency had carried out searches at the premises of some builders in the state on April 30 to further probe on this aspect of the case, they said. The premises of ABIL and Mr Bhosale were also searched during the operation.

The CBI has now arrested Mr Bhosale in a 2020 case against Mr Kapoor and Mr Wadhawan, among others, for alleged corruption.

The CBI recently arrested Sanjay Chhabria of Radius Developers in the case. The probe agency alleged that Mr Kapoor entered into a criminal conspiracy with Mr Wadhawan for giving financial aid to DHFL through Yes Bank in return for substantial undue benefits to himself and his family members through companies held by them, officials said.

According to the CBI First Information Report (FIR), the scam started taking shape between April and June 2018, when Yes Bank invested ₹ 3,700 crore in short-term debentures of scam-hit DHFL.

In return, Mr Wadhawan allegedly “paid kickback of ₹ 600 crore” to Mr Kapoor and family members in the form of loan to DoIT Urban Ventures (India) Pvt Ltd, officials said.

DoIT Urban Ventures is held by daughters of Mr Kapoor — Roshini, Radha and Rakhee — who are 100 per cent shareholders of the company through Mogran Credits Pvt Ltd, the investigators have said.

The loan of ₹ 600 crore was sanctioned by DHFL to DoIT Urban Ventures (India) Pvt Ltd on the basis of mortgage of sub-standard properties having meagre value and by considering its future conversation from agricultural land to residential land, the probe agency alleged.

It was further found that DHFL had not redeemed the amount of ₹ 3,700 crore invested by Yes Bank in its debentures till date, it said.

Yes Bank also sanctioned a loan of ₹ 750 crore to RKW Developers Pvt Ltd whose director is Dheeraj Wadhawan and is a DHFL group company for their Bandra reclamation project, which was transferred by it to DHFL without any investment in the project for which it was sanctioned, they said.

”Rana Kapoor obtained undue pecuniary advantage from DHFL in the matter of investment in the debentures of DHFL by Yes Bank, through the companies held by his wife and daughters,” the FIR said.

WEF 2022: Head of Saudi Arabia’s AlUla project highlights importance of investing in arts, culture

 Saudi Arabia’s head of the Royal Commission for AlUla has praised the role of arts and culture in sustaining resilient and creative communities, saying that investing in art creators is important to economies and to the healthy growth of societies.

Speaking during a livestreamed panel session called “Culture Shock” at the World Economic Forum in Davos on Tuesday, Amr Al-Madani described artists as “resilient,” adding that “art creators are essential contributors to the economy and healthy growth,” and “are as important as infrastructure and assets.”

He added: “For those who are in the investment world, your capital with the artists and creatives will always have much higher return than your capital invested anywhere else, in the long term.”

The panel session was moderated by Jeanne Bourgault, president and CEO of Internews.

Bourgault asked Al-Madani to outline cultural preservation initiatives as well as the economic development taking place as part of the regeneration of AlUla, Saudi Arabia’s first UNESCO World Heritage Site.

“To me, culture is really a manifestation of who we are as a society,” Al-Madani said.

“If we use the expansive definition of culture, it’s an ever-evolving implementation of where we have been, and who we have been, and where we intend to be.”

He said that this understanding is pivotal when working on a project that involves a World Heritage Site which has been “a capital of many ancient civilizations for thousands of years and a cultural capital of the world.”

The panel also featured Platon, the photographer and founder of the People’s Portfolio, a nonprofit organization that uses portrait photography to highlight humanitarian efforts worldwide.

Anna Konig Jerlmyr, Stockholm’s mayor, discussed the significance of the arts sector and how those in the arts industry had been hit by restrictions introduced to contain COVID-19.

Under the lockdown in March 2020, many theaters, cinemas, concert venues, book shops and museums were closed. This added to the burden facing artists struggling to make a living, and contributed to the revenue decline for cultural industries, she said.

However, the restrictions pushed artists to find more creative ways to reach those forced to remain home as a result of COVID-19 curbs.

Al-Madani said: “During the pandemic we believed that the loss of any creator was not acceptable.”

Throughout February and March, Desert X AlUla, a site-responsive, international open-air art exhibition, was staged in partnership with a California-based firm.

The event included galleries for female artists. More than half of the artists taking part were women, he added.

'Death threats' and 'humiliation' bring Depp-Heard trial to close

 

Closing arguments due tomorrow before the case is handed to the jury

A weeping Amber Heard said on Thursday that she had received death threats all throughout the “painful” defamation trial brought by her former husband, actor Johnny Depp.

“I am harassed, humiliated, threatened every single day,” the Aquaman star said on the final day of witness testimony in the sometimes excruciating trial, which is in its sixth and final week.

“I receive hundreds of death threats regularly, if not daily, thousands since this trial has started, people mocking my testimony about being assaulted.”

Depp filed the $50 million suit against Heard after she wrote an opinion piece for The Washington Post in which she called herself “a public figure representing domestic abuse”, although she never named him.

In spite of losing a similar case in the UK, where it is significantly easier to win defamation cases, he chose to file a second case against her.

The trial is being held in Fairfax, Virginia, even though both stars live in Los Angeles, California.

Depp claims he filed there because it is the home base to the newspaper but chose not to sue the publisher, which he did in his former losing effort.

He may have thought he would get an advantage there because of the weaknesses in Virginia’s anti-SLAPP law, which is supposed to protect free speech.

SLAPP stands for Strategic Lawsuits Against Public Participation and 32 states and the District of Columbia have laws against them.

Using the law, Depp’s lawyers made a motion to have Heard’s $100m counter-claim against the actor tossed out.

The counter-suit claims his then-lawyer, Adam Waldman, defamed the actress when he called her abuse allegations “a hoax”.

Judge Penney Azcarate rejected the motion.

Defence witnesses supported Heard’s claims that she has been the target of a years-long hateful social media campaign by millions of fans of the Ed Wood star.

“I just want Johnny to leave me alone,” Heard said for the second time since the trial began.

Earlier in his testimony, Depp admitted to writing in a 2016 text that Heard was “begging for total global humiliation” and “she’s gonna get it”.

He said it was written in anger when he learnt she was alleging that he physically abused her.

Depp also texted his friend, actor Paul Bettany, “Let’s burn Amber!!!”

Bettany wrote back: “I’m not sure we should burn Amber. She is delightful company and pleasing on the eye.

“We could, of course, do the English course of action and perform a drowning test. Thoughts? You have a swimming pool.”

Depp replied: “Let’s drown her before we burn her!”

Then Bettany replied: “My thoughts entirely! Lets be certain before we pronounce her a witch.”

Bettany was not called by Heard’s attorneys although the text exchange was read in court.

A parade of the couple’s mutual friends testified that Depp could be “loving and generous” but that he could also become “a monster” when intoxicated or under the influence.

Readmore:https://www.thenationalnews.com/world/us-news/2022/05/27/death-threats-and-humiliation-bring-depp-heard-trial-to-close/

Texas police waited an hour to tackle school shooter

 

Salvador Ramos shot his grandmother in the face before he left the home they shared, but she survived and called police

Police in the Texas town of Uvalde are facing mounting criticism after it surfaced on Thursday that it took about an hour for officers to shoot the gunman who attacked a primary school, killing 19 children and two teachers.

America’s deadliest school shooting in a decade ended when a tactical team from the US Border Patrol, which has a base close to Robb Elementary School, entered and killed the attacker, Salvador Ramos, 18.

But local police agencies had already been at the scene for about an hour, Texas Department of Public Safety Regional Director Victor Escalon said. They did not enter the school because they had received gunfire from Ramos and were awaiting backup and body armour.

“They don’t make entry initially because of the gunfire they’re receiving,” Mr Escalon told a news conference.

Shocked community members have told US media that frustrated onlookers outside the school on Tuesday had urged police to charge in.

“Go in there! Go in there!” people shouted at the officers soon after the attack began, said Juan Carranza, 24, who watched the scene from outside a house across the street.

Jacinto Cazares, whose daughter, Jacklyn, died in the massacre, said he raced to the school when he heard about the shooting.

“There was at least 40 lawmen armed to the teeth but didn’t do a darn thing [until] it was far too late,” Mr Cazares told ABC News on Wednesday night, joining other grief-stricken parents quoted in US media as saying they urged police to act more forcefully.

“The situation could’ve been over quick if they had better tactical training, and we as a community witnessed it first-hand,” said Mr Cazares.

Texas Governor Greg Abbott on Wednesday had praised the police response and said the shooting “could have been worse”.

“The reason it was not worse is because law enforcement officials did what they do. They showed amazing courage, running towards gunfire for the singular purpose of trying to save lives,” Mr Abbott said.

Daniel Myers and his wifex, Matilda — both local pastors — told AFP they were at the scene and saw parents growing frantic as police appeared to wait on reinforcements before entering the school.

“Parents were desperate,” said Mr Myers, 72. “They were ready to go in. One family member, he says: ‘I was in the military, just give me a gun, I’ll go in. I’m not going to hesitate. I’ll go in.’

“So there was desperation there, there was time lapse,” he told AFP at a makeshift memorial outside the school, where wooden crosses have been erected with victims’ names.

Tuesday’s attack at the school in Uvalde, located about 100 kilometres from the Mexican border, unfolded when Ramos shot his grandmother in the face, authorities said.

Readmore:https://www.thenationalnews.com/world/us-news/2022/05/26/texas-gunman-sent-chilling-online-warning-minutes-before-school-attack/

Usha Martin solidifies their leadership position through the delivery of industry-leading quality products under guidance of Rajeev Jhawar

 Usha Martin Limited expects to gain momentum in their international business as most countries where they are present have returned to near normalcy. Talking about exports, Rajeev Jhawar said the demand for wire rope has been ‘fairly decent’, if not strong, from markets such as Europe, the US, South America, Australia and South-East Asia. Exports account for close to 40 per cent of the company’s consolidated turnover, which stood at around ₹2,154 crore for the year ended March 31, 2020.

Usha Martin, which sold its one-million-tonne integrated steel plant at Jamshedpur to Tata Steel for ₹4,200–4,600 crore, completed the first full year of operations of its wire rope business in FY20. Through the strategic move of selling UML’s steel division to Tata Steel, Rajeev Jhawar Usha Martin helped the company in enabling them to significantly de-leverage their balance sheet and free up critical cash pool, which they could invest in their profitable and sustainable wire rope business. The result of such divestment resulted in enhanced fiscal stability and allowed Usha Martin to focus primarily on their core business.

Rajeev Jhawar, is the managing director of Usha Martin Limited

Usha Martin, under the guidance of Rajeev Jhawar have been able to solidify their leadership position through the delivery of industry-leading quality products across our state-of-the-art manufacturing facilities. “Through leveraging the capabilities of our R&D facilities in Italy and India, we are constantly striving to enhance manufacturing efficiencies and quality of our products”, Rajeev Jhawar says. The company always strives to improve the quality of their products to enhance value for customers. Leveraging the capabilities of R&D facilities in Italy and India and modifying the designs of their products based on geographies and needs of the customers are carried out. Rajeev Jhawar also ensures that the company work closely with their R&D centres to enhance daily manufacturing efficiencies.

Usha Martin has a manufacturing capacity of around 230,000 tonnes per annum across its two facilities in India — at Ranchi (Jharkhand) and Hoshiarpur (Punjab) — and three overseas units in the UK, Thailand and Dubai. UML’s previous steel business had a producing iron-ore mine, a coal mine under development and captive power plants. Enrichment of product mix will continue to be a key value driver for Usha Martin Limited, by gradually reducing dependence on low-contributory items and increasing focus on value-added products. According to Rajeev Jhawar, the company will take concerted effort on maintaining fiscal solidity with focused capital expenditure. Usha Martin is planning to continue to place greater emphasis on implementing digitalization across the organization.

Canfina Mutual Fund Scam: Ketan Parekh Allowed To Travel To UK For Family Reasons

 

The Supreme Court has allowed stock broker Ketan Parekh to travel abroad to the United Kingdom for the medical treatment of his daughter, the reports suggest.

In the latest development, the Supreme Court has allowed stock broker Ketan Parekh to travel abroad to the United Kingdom for the medical treatment of his daughter. A bench headed by Justice D Y Chandrachud said, “The petitioner (Parekh) wishes to travel to the UK to attend to the medical need of his daughter.” The bench noted that Parkeh had earlier also been allowed to travel abroad on several occasions. He has been granted permission on all the previous six occasions. Ketan Parekh was convicted in the Canfina Mutual Fund scam case and was also held guilty in the case related to the 1992 stocks scam, duping CFS of more than Rs 47 crores.

Ketan Parekh’s role in the scams

Ketan was a chartered accountant and played a significant role in the overall scam. He was a part of Harshad Mehta’s GrowMore investments which committed the high-profile scam. However, Parekh was not convicted in the 1992 scam. However, Parekh was sentenced to three years of jail time in 2018 on charges of manipulating the stock market for a different scam. Parekh’s success coincided with the rise of the IT companies in the share market during the 1999–2000 era as he made a fortune in the shares of IT and telecom companies. These shares were the staple for any stock broker and were highly in demand as the tech industry was rapidly growing across the world. He had the ability to choose the stock that would arise in the near future. However, the true reason was soon out in the open.

Ketan Parekh would secure funds by borrowing from Ahmedabad-based Madhavpura Mercantile Cooperative Bank. The bank officials were also complicit in the scam and another bank that helped him with the funds was Global Trust Bank. Parekh would invite people from high positions in big companies to invest in the shares and exit the market when the shares had climbed. In order to lure institutional investors, Parekh would conduct circular trading inside his own close circle to inflate the value of the stocks and make them look more attractive. Using this method, K10 stocks like Pentafour Software’s price went from Rs 175 a share to Rs 2,700 and that of Global Telesystems rose from Rs 185 to Rs 3,100.

Abu Dhabi court jails 79 people for swindling investors in fake stock trading scam

 

Group included 72 Chinese nationals

Abu Dhabi Criminal Court has sentenced 79 people to jail for fraud and money laundering.

Each was fined between Dh200,000 to Dh10 million, while the prison sentences ranged from three to 15 years, followed by deportation, the court said in a statement.

Judges heard how the accused tampered with the online address of a China-based stock trading website and created a fake address that victims used to invest.

After they fraudulently obtained money from the victims, they tried to conceal the sources to make their gains look legitimate.

The group includes 72 Chinese people, a Jordanian, Nigerian, Cameroonian, Ugandan and Kenyan.

The total amount that the group swindled was not revealed.

Authorities said the group was helped by an unidentified person.

Thirteen people were found guilty during court proceedings in their absence while 66 were present. It was not made clear if the 13 people are in the UAE or outside the country.

Money, cars, jewellery, devices and other assets found in their possession were confiscated.

According to UAE law, sentences issued by any of the country’s criminal courts are subject to appeal.

In March, the country’s Executive Office of Anti-Money Laundering and Countering the Financing of Terrorism said, via state news agency Wam, that the country takes “its role in protecting the integrity of the global financial system extremely seriously”.

The Financial Action Task Force, the global money laundering and terrorist financing watchdog, has praised the UAE for its efforts and said it had made “significant progress” to strengthen its anti-money laundering controls including by demonstrating increased and swifter action against financial criminals.

In recent months the Emirates has expanded its efforts to tackle money laundering and terrorism financing risks. The Executive Office of Anti-Money Laundering and Counter Terrorism Financing, which was established a year ago, said authorities had confiscated Dh2.33bn as part of intensive efforts against financial crime.

A decade after Satyam scam, systems still take long time to detect discrepancies at companies: Gurnani

 A decade might have passed after the infamous Satyam Computer scam and subsequent regulatory actions but Tech Mahindra chief C P Gurnani feels systems still take a long time to detect discrepancies at corporates and better data analytics are needed to plug the loopholes.

Satyam Computer Services was hit by an accounting scam perpetrated by its founder B Ramalinga Raju that came to light in January 2009 and the once storied company was later acquired by Tech Mahindra in April the same year.

In an interview to PTI, Gurnani said that even after ten years of Satyam Computer scam, “our systems still take a long time to get alerted to discrepancies which may lead to crisis situations”.

“All stakeholders, including banks, lending agencies and companies, need to be more responsible. We need to incorporate better data analytics and dashboards to capture loopholes and avoid crisis like Satyam or IL&FS. I think we all are wiser but we need to have better processes and systems in place,” he said.

Incidentally, the now crisis-hit IL&FS had acquired Maytas Infra, an entity that was promoted by Raju, after the Satyam Computer scam.

IL&FS group has a debt burden of more than Rs 94,000 crore and its board was taken over by the government last year.

The Rs 7,800 crore fraud at Satyam Computer came to light in January 2009 after Raju admitted to cooking up account books and inflated profits for several years.

After the takeover by Tech Mahindra in April 2009, the firm was initially operated as separate entity Mahindra Satyam.

In 2012, Mahindra Satyam was merged with Tech Mahindra. About the turnaround at Satyam Computer, Tech Mahindra claims to have delivered around eight-fold return to small investors who had invested with the company at the time of takeover.

“For an initial investment of Rs 830.45 crore in April 2009, we have returned Rs 6,614.80 crore, including a dividend of Rs 332. This is nearly an eight-fold return for small investors,” Gurnani said.

Shares of erstwhile Satyam Computer traded at Rs 7,229 apiece in March 2000 and had plunged to Rs 6.30 on the National Stock Exchange in January 2009.

“A lot of work was done to bring back the business and to reassure the clients. The employees also did a lot in terms of delivering superior services to customers in order to ensure that no client left them because of service dissatisfaction,” Gurnani said.

According to him, the total client base has grown over three-fold from 300 clients to 930 at present. An only big client of Satyam Computer — British Petroleum — had snapped contract because of their cost-cutting measures.

“Today, we are around 1,20,000 people, which is, almost three times the size since 2009. A lot of that growth has been in the BPO business in addition to our performance in the traditional IT business,” Gurnani said.

The processes are now well defined compared to the situation in 2009, he noted.

Saudi Arabia re-elected president of ALECSO’s executive council

 Saudi Arabia has been unanimously re-elected to chair the executive council of the Tunis-based Arab League Educational, Cultural and Scientific Organization until 2024.

The decision was made by members of ALECSO’s executive council after the 26th session of the general conference, which concluded its activities on Saturday.

Council members expressed their appreciation for the positive results achieved and the complementary work of the executive council during the past 10 months.

They unanimously agreed on the importance of maintaining the council’s new and advanced vision and reiterated that the accomplishments represented an important shift in the council’s history toward strengthening its role in supporting the organization and its programs to serve its orientation in the Arab world, as it had worked on several initiatives that strengthened joint Arab action.

The decision to re-elect the Kingdom came after the appreciation of the general conference for the efforts made by the executive council under the Kingdom’s stewardship, which executed its tasks according to a clear methodology and spirit based on integrated work between the executive board and administration of ALECSO.

The Arab ministers praised the initiative of the Saudi representative and chairman of ALECSO’s executive council, Hani Al-Moqbil, to develop the council’s road map, which was put together with a transparent methodology based on the involvement of countries in building a common Arab vision to support and enable the organization to achieve its goals.

Al-Moqbil extended his appreciation to King Salman and Crown Prince Mohammed bin Salman for their constant support, empowerment, and care, which was reflected in the Saudi role and its presidency of the executive council to contribute to a beneficial impact and supportive action for the development of ALECSO.

He also thanked Culture Minister Prince Badr bin Abdullah bin Farhan, who is also the chairman of the National Committee for Education, Culture, and Science, for his support, guidance, supervision, and harnessing of capabilities which gave direct and significant support throughout the Saudi presidency which helped it in serving its goals with all Arab countries.

Al-Moqbil also thanked the Arab countries and members of the ALECSO executive council for their re-election of the Kingdom and for renewing their confidence in the results that had been achieved during the past 10 months.

He added that this could only have been achieved through the spirit of teamwork and keenness to develop the organization’s activities and constructive participation in adopting decisions and organizing tracks of action to reach the best possible results to contribute to achieving the goals of the organization, and to promote building dialogue and cooperation thus serving the organization’s joint work among the countries.

Al-Moqbil said: “Saudi Arabia, in its presidency of the executive council, worked to oversee the interests of the countries by listening to their proposals, observations, and visions to ensure that they are reflected on the ground and implemented in stages. The countries will work with greater effort and higher interest in taking care of the organization’s interests.”

New £5 coin unveiled to mark Prince William’s 40th birthday

 

British queen’s head features on other side of celebratory coin

A new £5 coin featuring Prince William’s portrait is to be issued to celebrate his coming 40th birthday, the Royal Mint said.

The new coin has been unveiled for the prince’s birthday on June 21.

It will be the first time the Duke of Cambridge will appear alone on an official coin struck by the Royal Mint.

The coin, created by designer and engraver Thomas Docherty, features his portrait set amid his royal cypher — the initial W — and the number 40.

Meanwhile, Queen Elizabeth II’s image, designed by Jody Clark, will be struck on the other side of the coin.

There will also be an inscription on the edge reading: “HRH the Duke of Cambridge”.

A limited edition two-coin set will also be released, featuring a 0.25-ounce gold celebration coin and a 1982 sovereign, from the year the prince was born.

The collection will also include a limited edition coin made of 5oz of fine gold to mark the occasion, with laser technology creating a “high-relief finish” to give Prince William’s portrait an enhanced 3D appearance.

“The elegant design … pays homage to the maturity and grace of the prince, who has become a senior member of the royal family, a devoted husband and a loving father of three, through the eyes of the world,” said Clare Maclennan, director of commemorative coins at the Royal Mint.

“Marking this extra-special occasion, we have also struck a limited edition gold coin made with 5oz of fine gold and struck in high relief to elevate the artistry of the design.

“Our limited edition precious metal coins combine fine craftsmanship and rarity, making them an attractive keepsake for collectors and investors.

“The design strikes a balance between the fresh energy of His Royal Highness being a young dad with the ceremonial nature of his royal position,” Mr Docherty said of the design.

“A three-quarter angle of the portrait creates a more dynamic portrait rather than a traditional side-on profile.

“I used certain clay-sculpting techniques on a digital platform to achieve the style needed for the design, to translate effectively from two to three dimensions.

“Using technology, we can now produce designs and sculptures with better efficiency compared to when I began my career 17 years ago.

“There’s a high level of skills and craftsmanship needed to sculpt designs. The tools are different but the principles remain the same.”

Common University Entrance Test Syllabus 2022: Start learning now with Cuetmock.com

 

A common entrance test for all courses across 50+ universities in India, CUET is the biggest UG entrance exam in India. Align your preparation for CUET with cuetmock.com, the best online platform to provide coaching, mock tests and practice tests for the preparation of the entrance exam. At cuetmock.com, all the aspects of the CUET exam have been collated by the domain experts and Common University Entrance Test syllabus is offered to help students learn comprehensively.

Before starting the preparation for CUET Mock 2022, it is important that students understand the Common University Entrance Test syllabus. Otherwise, the preparation will be directionless and students will be left wondering where things might have gone wrong. Cuetmock.com helps students to familiarize with the Common University Entrance Test syllabus and pattern and identify areas of improvement.

With more than 1.68 lakh seats on offer for undergraduate courses at the 54 Central Universities, CUET is one of the most competitive examinations. Due to this scenario, students need to adopt a structured approach while preparing for the exam. And in doing that, understanding the Common University Entrance Test syllabus is a critical step. According to cuetmock.com, Common University Entrance Test syllabus is expected to be of NCERT level and include general topics.

Candidates preparing for the CUET Exam 2022 need to have a thorough understanding of the syllabus they need to prepare for the exam. For this reason, cuetmock.com provides the detailed section-wise syllabus of CUET 2022 to help students prepare efficiently. The topics included in the CUET UG Syllabus 2022 are largely from the bachelor’s degree level, and the questions will be from the graduation level. Common University Entrance Test syllabus 2022 for UG courses will be from the 11th and 12th academic syllabus and for PG courses, the syllabus will be from the academic syllabus of the related undergraduate syllabus. Start preparing now for CUET 2022 with the detailed section-wise syllabus of CUET provided by Cuetmock.com.

NSE Scam Case: Probe Agency CBI Carries Out Multi-City Search Operations

 

The central probe agency has filed a charge-sheet against former National Stock Exchange (NSE) CEO and MD Chitra Ramkrishna and group operating officer Anand Subramanian in the case, the officials said.

The Central Bureau of Investigation or CBI launched a coordinated search operation at over 10 locations in multiple cities today in connection with the NSE co-location scam case, officials said.

The search operation will cover brokers at more than 12 premises in Mumbai, Gandhinagar, Delhi, Noida, Gurugram and Kolkata, among other cities, they added.

The central probe agency has filed a charge-sheet against former National Stock Exchange (NSE) CEO and MD Chitra Ramkrishna and group operating officer Anand Subramanian in the case, the officials said.

The probe has so far established that from 2010 to 2015, when Ms Ramkrishna was managing the affairs of the NSE, OPG Securities, one of the accused in the FIR, had connected to the secondary POP server on 670 trading days in the “Futures and Options” segment.

The CBI has kept the probe open into allegations of preferential access granted to certain brokers by NSE officials and undue gains made out of it during the tenure of Ms Ramkrishna and Mr Subramanian.

Ms Ramkrishna, who succeeded former CEO Ravi Narain in 2013, had appointed Mr Subramanian as her adviser, who was later elevated as the group operating officer (GOO) at a fat pay cheque of ₹ 4.21 crore annually, the officials said.

Mr Subramanian’s controversial appointment and subsequent elevation, besides crucial decisions, were guided by an unidentified person, who Ms Ramkrishna claimed was a formless mysterious “yogi” (mystic) dwelling in the Himalayas, a probe into her e-mail exchanges during a SEBI-ordered audit had shown.

The central probe agency had booked stock broker Sanjay Gupta, the owner and promoter of Delhi-based OPG Securities Private Limited, in 2018 for allegedly making gains by getting early access to the stock market trading system, the officials said.

The agency is also probing unidentified officials of the Securities and Exchange Board of India (SEBI), NSE, Mumbai and other unidentified people.

“It was alleged that the owner and promoter of the said private company abused the server architecture of the NSE in a conspiracy with unidentified officials of the NSE.

“It was also alleged that unidentified officials of NSE, Mumbai had provided unfair access to the said company using the co-location facility during the period 2010–2012 that enabled it to log in first to the exchange server of the stock exchange that helped to get the data before any other broker in the market,” the CBI has alleged in the FIR.

European and Asian stocks sparked by China's interest rate cut as Wall Street tumbles

 

The Dow suffered its eighth consecutive weekly decline, its longest losing streak since 1932 during the Great Depression

Asian and European stocks rebounded on Friday on China’s interest rate cut, but US equities gyrated amid fears that sky-high inflation will spark a recession.

London’s FTSE 100 closed up 1.2 per cent, Frankfurt’s DAX rose 0.7 per cent and Paris’ CAC 40 inched up 0.2 per cent. In Asia, Hong Kong’s Hang Seng rose 3 per cent, the Shanghai Composite gained 1.6 per cent and Tokyo’s Nikkei 225 increased 1.3 per cent.

Wall Street ended mixed on Friday after a volatile session that saw Tesla slump and other growth stocks also lose ground.

The S&P 500 and the Nasdaq logged their seventh straight week of losses, their longest losing streak since the end of the dot-com bubble in 2001, while the Nasdaq slipped 0.3 per cent as tech stocks lost.

“Markets have been looking for an excuse to bounce, and a China rate cut provided the reason,” IG analyst Chris Beauchamp told AFP.

The People’s Bank of China (PBOC) announced it would lower its five-year loan prime rate — key interest rate governing how lenders base their mortgage rates — to 4.45 per cent from 4.6 per cent.

The move is in contrast to other major central banks — like the US Federal Reserve and the Bank of England — that are raising borrowing costs to combat rocketing consumer prices.

The Chinese move sparked optimism among traders that it could boost the world’s second-largest economy from its Covid-induced stupor.

“The rate cut announced by the PBOC is obviously good news and is clearly targeted at revitalising the ailing property market which continues to suffer due to the crackdown last year and Covid lockdowns this year,” said Craig Erlam, senior market analyst at Oanda.

“This could help to revive a hugely important part of the economy,” he added, but “whether it’s enough to help China hit its 5.5 percent growth target this year is another thing.”

On Wall Street, the Dow suffered its eighth consecutive weekly decline, its longest since 1932 during the Great Depression.

Worries about surging inflation and rising interest rates have pummelled the US stock market this year, with danger signals from Walmart and other retailers this week adding to fears about the economy.

The S&P 500 spent most of the session in negative territory and at one point was down just over 20 per cent from its January 3 record high close before ending down 18 per cent from that level and flat for the day.

Closing down 20 per cent from that record level would confirm the S&P 500 has been in a bear market since reaching that January high, according to a common definition.

The tech-heavy Nasdaq was last down about 27 per cent from its record close in November 2021.

Weighing heavily on the S&P 500, Tesla tumbled 6.4 per cent after chief executive Elon Musk denounced as “utterly untrue” claims in a news report that he sexually harassed a flight attendant on a private jet in 2016.

Other megacap stocks also fell, with Google owner Alphabet down 1.3 per cent and Nvidia losing 2.5 per cent.

Gold edged up for its first week of gains in five weeks on persistent worries over economic growth and the dollar’s decline over the week. US gold futures settled up 0.1 per cent at $1,842.10.

PNB scam case: Dominica withdraws illegal entry case against fugitive diamantaire Mehul Choksi

 

62-year-old fugitive businessman Mehul Choksi is wanted in India in connection with a Rs 13,500-crore fraud in the Punjab National Bank (PNB).

PNB scam case: Fugitive diamantaire Mehul Choksi on Saturday got relief from the Commonwealth of Dominica where he was charged with illegal entry by the police. The prosecution of Dominica decided to withdraw/discontinue the legal proceedings in the illegal entry case against him. “Choksi is pleased that the Dominican Government has today dropped all charges against him for unlawful entry in May 2021. By doing so they now recognise that there was never any case against him. Choksi was forcibly removed from Antigua against his will by agents of the Indian State, viciously assaulted, and taken to Dominica by boat, where he was again unlawfully handed over to authorities for an offence he never committed. Choksi’s legal team continue to pursue all avenues for justice to redress the human rights violations committed against him.

Choksi hopes that those responsible for his kidnapping from Antigua on May 23, 2021 will be brought to justice,” reads the statement of Choksi issued by his spokesperson. Director of Public Prosecutions (AG) in a reply filed on May 17, 2022, to Magistrate Court, informed that ‘Mehul Chinubhai Choksi’ was charged, for that he, on the 24th day of May 2021 at Toucarie Bay, Toucarie in the Parish of St John, in the Commonwealth of Dominica, did enter illegally into the Commonwealth of Dominica at a place to wit ‘Toucarie Bay, Toucarie’ not approved as a point of entry.”

The reply of the Director of Prosecutions further stated that “in accordance with the provisions of Section 72(2) © of the Constitution of the Commonwealth of Dominica, I do hereby discontinue the above-mentioned proceedings against the said, Mehul Chinubhai Choksi.” After the decision of the Director of Public Prosecutions, Choksi’s lawyer Advocate Vijay Aggarwal told ANI, “Truth always comes out in the end, no matter how hard anyone tries to stop it or hide it. Lies are just temporary delays to the inevitable. It was extremely insensitive for some people to call injuries on my client Mehul Choksi to be fake because of some legal strategy.” Earlier, while Dominica High Court granted interim bail to Choksi on the medical grounds, his lawyer had said that all pending proceedings related to illegal entry against Mehul Choksi will be kept in abeyance till he gets medically fit to come back to Dominica. But according to us, that was not an illegal entry matter, it was a forceful entry case, he added.

Fugitive Businessman Mehul Choksi who had gone missing from Antigua on May 23, 2021, was soon caught in Dominica. He was charged with illegal entry by the police in Dominica. The 62-year-old fugitive is wanted in India in connection with a Rs 13,500-crore fraud in the Punjab National Bank (PNB).

Britain wants to arm Moldova to protect it from Russian threat — The Telegraph

 Britain wants to send modern weaponry to Moldova to protect it from the threat of invasion by Russia, The Telegraph reported, citing Foreign Secretary Liz Truss.

She told the newspaper that Russian President Vladimir Putin was determined to create a “greater Russia” even though his invasion of Ukraine had failed to achieve quick success.

Russia has called the invasion it launched on Feb. 24 a “special military operation” aimed at disarming Ukraine and ridding it off radical anti-Russian nationalists. Ukraine and its allies have dismissed this as a baseless pretext for war.

Moldova, which borders Ukraine to the south west, is not a member of the NATO alliance.
Truss said talks were taking place to make sure that Moldova’s defenses could deter any future attack.

“I would want to see Moldova equipped to NATO standard. This is a discussion we’re having with our allies,” she told The Telegraph.
“Putin has been absolutely clear about his ambitions to create a greater Russia. And just because his attempts to take Kyiv weren’t successful doesn’t mean he’s abandoned those ambitions,” she said.

If Truss’s plans are adopted, NATO members would provide modern weaponry to Moldova, replacing its Soviet-era equipment, and will train soldiers on how to use it.

'Armageddon Time,' a portrait of white privilege, stirs Cannes

 

James Gray’s autobiographical coming-of-age film, starring Anthony Hopkins, Anne Hathaway and Jeremy Strong, has made a splash at the film festival

When the Cannes Film Festival audience stood to applaud James Gray’s richly observed autobiographical drama Armageddon Time, about the director’s own 1980s childhood in Queens, Gray’s voice quivered as he addressed the crowd.

“It’s my story, in a way,” said Gray. “And you guys shared it with me.”

“It took every last bit of control not to burst out into tears,” Gray said, still recovering the next day in Cannes. “It’s been a really strange journey making the film and my father died two months ago of Covid. The whole process has been fraught and filled with emotion.”

Armageddon Time, starring Anthony Hopkins, Anne Hathaway and Jeremy Strong, has stirred Cannes like no other American film at the festival this year.

Gray’s movie, which Focus Features will distribute in the US later this year, has been received as a tender triumph for the New York filmmaker of The Immigrant and Ad Astra not only for his detailed excavation of his childhood, but for how the film re-examines his own white privilege growing up — how race and money can tip the scales in the formative years of young people.

Paul Graff (Banks Repeta) is a sixth-grader modelled on Gray, now 53, in a middle-class Jewish family. At school, Paul’s friend Johnny (Jaylin Webb) is a black kid with fewer advantages, who is treated differently than Paul. When Paul’s family elects to send him to a private school, the gap only grows. Connections to today’s inequities aren’t hard to decipher. At the private school, Jessica Chastain makes a cameo as Maryanne Trump, sister to Donald and an assistant US attorney.

For Gray, Armageddon Time is a period film about now, and a coming home after two far-flung films in the Amazon-set The Lost City of Z and the space adventure Ad Astra.

Readmore:https://www.thenationalnews.com/arts-culture/film/2022/05/21/armageddon-time-portrait-of-white-privilege-stirs-cannes/