President Financial News

NEW YORK — FTX founder Sam Bankman-Fried’s spectacular rise and fall in the cryptocurrency industry — a journey that included his testimony before Congress, a Super Bowl advertisement and dreams of a future run for president — hit rock bottom Thursday when a New York jury convicted him of fraud for stealing at least US$10 billion from customer and investors.

Narendra Modi on Friday discussed the situation in West Asia with UAE President Mohamed bin Zayed, and said they shared deep concerns over terrorism, the deteriorating security scenario and the loss of civilian lives in the region. In a post on X, Modi said they agreed on the need for early resolution of the security and humanitarian situation and that a durable regional peace, security and stability is in everyone's interest.

Raghav Chadha to tender an unconditional apology to Rajya Sabha chairperson and India's Vice President Jagdeep Dhankar, and hope that the latter may consider it “sympathetically". A bench comprising Chief Justice of India (CJI) D Y Chandrachud and Justices J B Pardiwala and Manoj Misra has asked Attorney General R Venkataramani to apprise it of the developments in the matter after the Diwali vacation.

Narendra Modi held a conversation with the president of United Arab Emirates (UAE) Mohamed bin Zayedon Friday. They discussed the war between Benjamin Netanyahu's Israel and Hamas fighters from Gaza that has been going on for 28 days, and has claimed lives of over 9,200 Palestinians.

Hezbollah chief Hassan Nasrallah on Friday will break weeks of silence since war broke out between Hamas and Israel, in a speech that could impact the region as the Gaza conflict rages. After Hamas militants launched an unprecedented October 7 attack on Israel from the Gaza Strip, Lebanon's southern border has seen escalating tit-for-tat exchanges, mainly between Israel and Hezbollah, an ally of the Palestinian group, stoking fears of a broader conflagration. The cross-border attacks heated up Thursday, as Israel responded with a «broad assault» after Hezbollah attacked 19 Israeli positions simultaneously, according to the group. Rockets also hit the Israeli town of Kiryat Shmona near the border in a barrage claimed by the Lebanese section of Hamas's armed wing. Iranian Foreign Minister Hossein Amir-Abdollahian has warned that «the region is like a powder keg» and that «anything is possible» if Israel does not stop attacking Gaza. US President Joe Biden has sent two aircraft carrier groups to the eastern Mediterranean and warned Hezbollah and others to stay out of the conflict. «We've got significant national security interests at play here,» US National Security Council spokesman John Kirby told reporters. «I don't believe we've seen any indication yet specifically that Hezbollah is ready to go in full force.

70-hour work week could raise compliance issues as it violates labour laws, a senior official of staffing company TeamLease said on Friday. «If somebody is spending 70 hours (in office), they are going beyond 9 hours. There is a fundamental disconnect, when you are an employee labour law allows you to work 9 hours,» Vice President and Business Head for TeamLease Degree Apprenticeship Dhriti Prasanna Mahanta said. Former Infosys CEO N R Narayana Murthy had recently advocated for a 70-hour work week, drawing reactions from across the spectrum.

The holiday season, which starts with Ganesh Chaturthi and ends with Christmas, and the start of the new year are seen as favourable times to make real estate investments in residential properties. The festive season, which is a much-anticipated period of the year when home purchasers choose to make purchases, gives the real estate industry a considerable boost and is defined by introducing new projects along with various advantages to entice buyers.

The Chennai real estate market is in deep trouble, with a slew of unprecedented challenges ranging from a major drop in residential projects and sales to having to bear the weight of increasing registration fees imposed by the Tamil Nadu government.

The YSR Telangana Party (YSRTP) has announced its decision not to participate in the forthcoming November 30 assembly elections within the state. The party, led by Y S Sharmila, daughter of the late Chief Minister YS Rajasekhara Reddy of undivided Andhra Pradesh, has chosen to support the opposition Congress party.

If there is one thing that supporters and opponents agree on about ESG, it might be that there are too many interpretations of its meaning.

Reliance Retail will now operate Sephora in India as Arvind Fashions Limited (AFL) has signed definitive agreements with Reliance Beauty & Personal Care Limited (RBPCL) to sell its wholly owned subsidiary Arvind Beauty Brand Retail Limited (ABBRL) which runs Sephora India business, in an all cash transaction. Transaction has been done at enterprise value of Rs 216 crore towards sale of entire equity stake and repayment of loans. On a consolidated basis, the turnover of Arvind Beauty Brands Retail Limited in the previous financial year 22-23 was Rs 336.70 crore which accounted for 7.60% of the consolidated revenue of the company. Net worth of Arvind Beauty Brands Retail Limited in the Financial Year 22-23 was Rs 10.6 crore which accounted for 1% of the consolidated net worth of the company. AFL intends to utilise the proceeds to invest in growth of its brands portfolio and repayment of debt.

opioid epidemic has been shaped by changes in supply. First pharmaceutical companies blanketed the country in legal painkillers. Doctors expanded the use of opioids against chronic pain, such as backache, in the false belief that the risks of addiction were extremely low.

₹15 lakh. “The way ED is behaving in the whole country…I believe it's not in their own interest. These are premiere agencies.

Real estate developers and financial institutions have become slightly more optimistic about the growth potential in the realty sector for the next six months on festive demand and the country's economic growth, according to Knight Frank-NAREDCO sentiment index. Real estate consultant Knight Frank and NAREDCO on Friday released their 'Real Estate Sentiment Index Q3 2023 (July-September 2023) report that captures the current and future sentiments towards the real estate sector, the economic climate and funding availability as perceived by the supply-side stakeholders and financial institutions.

By Joe Bavier, Nellie Peyton and Bhargav Acharya

By Daphne Psaledakis and Timothy Gardner

Income Tax searches Tamil Nadu Minister EV Velu's residence ED's raid is based on a First Information Report (FIR) registered by Rajasthan Police. BJP Rajya Sabha MP Kirodi Lal Meena had in June this year alleged a scam of ₹20,000 crore in the implementation of the Central government's 'Jal Jeevan Mission' in the state.

upcoming assembly polls in Telangana, political parties in the state are trying to woo the party's sympathisers by showering praise on TDP supremo N Chandrababu Naidu who was released from a prison recently. Naidu walked out of the Rajamahendravaram central prison on October 31 after spending 53 days in connection with a case of alleged misappropriation of funds from the Skill Development Corporation, which resulted in a purported loss of over Rs 300 crore to the state exchequer. The TDP, which polled over 3.5 per cent votes and won two seats in the 2018 assembly elections in Telangana, has decided not to contest in the polls for reasons unknown.

Nifty ended its first weekly expiry of the November series on a high. For the next weekly series, 19,200 call has significant open interest, followed by 19,300 strike.

Former advertising executive Todd Sampson says he “reflected a lot” on whether he would put himself up for reelection to the Qantas board before deciding his experience was needed to help restore the airline’s reputation.

FTX founder Sam Bankman-Fried’s spectacular rise and fall in the cryptocurrency industry — a journey that included his testimony before Congress, a Super Bowl advertisement and dreams of a future run for president — hit a new bottom Thursday when a New York jury convicted him of fraud in a scheme that cheated customers and investors of at least $10 billion.After the monthlong trial, jurors rejected Bankman-Fried’s claim during four days on the witness stand in Manhattan federal court that he never committed fraud or meant to cheat customers before FTX, once the world’s second-largest crypto exchange, collapsed into bankruptcy a year ago.“His crimes caught up to him. His crimes have been exposed,” Assistant U.S.