Cooper Financial News

German Chancellor Olaf Scholz has met with Nigerian President Bola Tinubu as part of a West Africa tour as the European country looks to diversify its trade partners and expand economic partnerships in the energy-rich region

Sam Bankman-Fried was challenged on Monday over interviews following the cryptocurrency exchange's collapse, in which he said he was not involved in his Alameda Research hedge fund's trading. The questioning by prosecutor Danielle Sassoon, on the second day of Bankman-Fried's testimony in his own defense at his fraud trial, was part of an effort to undercut the 31-year-old former billionaire's credibility after he told jurors last week he did not steal customers' money.

Rajnath Singh on Monday stressed the need to build trust among countries on the maritime front through dialogue and said common maritime priorities of tackling climate change, controlling piracy, terrorism and drug trafficking should be addressed in cooperation. Singh was addressing the Indian Navy's Goa Maritime Conclave (GMC) 2023, which began on Sunday. The conclave will conclude on October 31.

CBIC Chairman Sanjay Kumar Agarwal on Monday called upon international customs authorities to share insights and advanced detection techniques in drug-related crimes. As global trade continues to interconnect and economies flourish, there is a corresponding rise in the potential for unlawful movement of restricted items like antiques, cigarettes, gold and endangered wildlife species, among others, he added. «The undercurrent of illegal trade in narcotics remains strong. Global drug trafficking is estimated to be worth USD 650 billion, contributing 30 per cent of the overall illicit economy.

Nirmala Sitharaman on Monday said that customs authorities across the globe should share “actionable” information among themselves to curb the network of illicit trade which is hurting the global economy. She added that there is a need for intergovernmental cooperation to crack the masterminds behind smuggling networks else authorities will be able to catch small fishes only. «I place a lot of emphasis on intergovernmental coop, along with WCO (World Customs Organisation), so that we are able to crack the brains behind it (smuggling), the masterminds behind it, with the help from local authorities and governments,» Sitharaman said in her address at Global Conference on Cooperation in Enforcement Matters. The conference organised by the Directorate of Revenue Intelligence, aims at creating an information network and share information to block the international chain of illicit trade. She added that exchange of information and global cooperation was one of the issues discussed during India’s G20 presidency and she proposed that global enforcement agencies must meet once in a year to discuss among themselves the measures to handle it. «Networked groups think that small fries can be sacrificed, police or customs authorities can catch hold of this small fish, the larger fish, which is the brain behind, is never going to be caught,» Sitharaman added. Sitharaman also said that the nature of smuggled or illegally traded goods has not changed over the last 50-60 years and it continues to be precious metals, narcotics, precious reserves from forest or marine life. «So largely the goods which are illegally traded remain the same. There are no newer areas on which the customs authorities are baffled.

Zee Entertainment rose 3.6% to Rs 258 in Monday's trade on BSE after the Securities Appellate Tribunal (SAT) set aside market regulator SEBI's order barring Zee Entertainment's CEO Punit Goenka from holding key directorship in listed entities over an alleged fund-diversion case. In an interim order, the Securities and Exchange Board of India (SEBI) in June restrained Essel Group Chairman Subhash Chandra Goenka and Goenka from board seats in any entity formed through the merger or amalgamation of the four Zee group companies. SEBI’s investigations showed that Chandra and Goenka abused their position as directors of Zee Entertainment in 2019 by siphoning off funds for their own benefit. “Appellant (Goenka) will cooperate in the investigation.

The trade ministers of the Group of Seven nations pledged to build a wider network with developing nations to ensure supply chains are resilient for key items including critical minerals, semiconductors and batteries, according to the group’s joint statement released Sunday at the conclusion of their two-day gathering in Osaka, Japan. “We deplore actions to weaponise economic dependencies and commit to build on free, fair, and mutually beneficial economic and trade relationships, and accelerate such collaboration with the wider international community,” the group said in its joint statement.

Tether, the preeminent stablecoin firm globally, has once again exemplified its resolve against illicit financial activities by freezing 32 cryptocurrency addresses, implicated in terrorism and warfare funding within Israel and Ukraine. The move showcases the intensifying collaboration between cryptocurrency establishments and global law enforcement to counteract the rising tide of digital-financed crime.

Kazakhstan will begin on Monday a 13-day mega wargame in the Kazakh military base of Otar with a focus on boosting their counter- terror cooperation. The Indian contingent comprising 120 personnel from the Army and the Indian Air Force left for Kazakhstan on Sunday to participate in the seventh edition of the exercise 'Kazind-2023'. «In this edition of the exercise, both sides will practice conduct of counter terrorism operations in a sub-conventional environment under United Nations mandate,» the defence ministry said.

Wang Yi said the path to a meeting between President Xi Jinping and Joe Biden was «not smooth», state media reported as the top diplomat wrapped up a rare visit to Washington. Wang met with Biden and other senior US officials this week, with both sides agreeing on Friday to set up a meeting between the leaders next month. Biden has invited Xi to San Francisco in November for the Asia-Pacific Economic Cooperation (APEC) summit at a time of tense relations between the two powers.

Narendra Modi has spoken with Egyptian President Abdel Fattah El-Sisi and exchanged views on the deteriorating security and humanitarian situation in West Asia. After his telephonic conversation with Sisi, Modi said that «we share concerns regarding terrorism, violence and loss of civilian lives».

Kazakhstan has started the process of acquiring ArcelorMittal SA's local business after dozens died in a fire at the company's mine on Saturday. Kazakhstan President Kassym-Jomart Tokayev ordered the government to stop investment cooperation with ArcelorMittal Temirtau after the accident at the Kostenko mine near the city of Karaganda, Interfax reported. The government said on Saturday that it has reached a preliminary agreement with the shareholders of ArcelorMittal Temirtau and is preparing the transaction to transfer ownership of the enterprise in favor of the Republic of Kazakhstan.

Congress' Mandya MLA Ravikumar Gowda's (Ravi Ganiga) claim that Deputy Chief Minister D K Shivakumar will become the chief minister after two-and-half years of the government's tenure, has caused a flutter within the ruling party circles, with some ministers asserting that incumbent Siddaramaiah will complete full term, and a few others saying it is for the high command to decide. Also, a dinner meeting at Home Minister G Parameshwara's residence on Friday night, attended by Siddaramaiah, Social Welfare Minister H C Mahadevappa and PWD Minister Satih Jarakiholi has fuelled speculation in political quarters, as Shivakumar was not part of it.

United States and China have agreed to work together toward an expected summit between presidents Joe Biden and Xi Jinping next month, U.S. officials said on Friday, following hours of meetings between Chinese foreign minister Wang Yi and senior U.S.

General Motors’ Cruise says it's suspending its driverless operations nationwide as the robotaxi service works to rebuild public trust

Armenia is keen to learn from India on how to modernise legacy defence equipment of Soviet and Russian make and operate them alongside defence equipment from the West, a senior defence officer of the Caucasian country has said. «India possesses several Soviet and Russian make defence equipment.

Qatari firm in which the eight retired Indian Navy personnel worked when they were charged for espionage and later sentenced to death, employed close to 150 Indians at one point, all of whom were involved in imparting training to Qatar armed forces officers. Al Dahra, which has since been shut down, heavily recruited retired Indian Navy personnel, most of whom were highly qualified for imparting training. Those familiar with the arrangement said that the recruitments were made following a memorandum of understanding between India and Qatar for cooperation in training of military personnel.

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler is under heightened scrutiny from the House Committee on Oversight and Accountability concerning the SEC's interactions with European Union (EU) bodies on legislative matters. The tension primarily revolves around information sharing and the perception of the SEC acting beyond its mandate, potentially bypassing Congress to further an agenda that could adversely impact American taxpayers.

Alizeh, please note that there are limited Shariah-compliant investment options available in India. Here are some:

The Biden administration is meeting with China’s top diplomats this week to try to repair a relationship between the two superpowers that has grown rocky.

Question: We are an Indian-based entity with various group companies in foreign jurisdictions. There are many intercompany transactions with such group companies which are subjected to a lower withholding tax rate in accordance with the relevant treaty owing to MFN. Kindly highlight the recent Supreme Court judgement in the case of applicability of the Most Favoured Nation MFN.