News of CBI

Sethurathnam Ravi , popularly known as S Ravi is the former chairman of Bombay Stock Exchange Limited (BSE). On the 74th National CA Day, in an interview with BW Businessworld, Sethurathnam Ravi, currently Managing Partner, Ravi Rajan & Company and Chairman, TFCI reflects on how the role of chartered accountants has evolved over time both in practice and scope, becoming critical to a company’s, a sector’s and the economy’s growth story. The former BSE chairman explains how he has seen a CA’s role broaden over the years. According to him, “If you look at the earlier years the profession was about statutory audit and internal audit but later it migrated to other fields such as forensic audit, due diligence, merchant banking and also things like insolvency in recent reforms. The profession widened significantly from practice and participation in bigger changes. Today, we see many CFOs, CHROs, CTOs who started as CAs. There are many CAs in the banking sector as well. If you were to com

US President Joe Biden is concluding his whirlwind tour of the Middle East on Saturday by meeting several regional leaders including UAE President Sheikh Mohamed bin Zayed. The meetings come on the sidelines of a summit of the countries that make up the Gulf Co-operation Council in addition to Iraq, Jordan and Egypt, known as the GCC+3. In addition to meeting Sheikh Mohamed bin Zayed, Mr Biden will also meet Iraqi Prime Minister Mustafa Al Kadhimi and Egyptian President Abdel Fattah El Sisi. On Friday, Mr Biden met Crown Prince Mohammed bin Salman for talks on wide-ranging issues including aviation, energy, Iran, Yemen, human rights, and sovereignty over islands in the Red Sea. Read More : https://www.thenationalnews.com/gulf-news/saudi-arabia/2022/07/12/joe-biden-visit-israel-saudi-arabia/

India will emphasize on PLA Air Force to respect the 10 kilometer no-fly zone convention along the Ladakh Line of Actual Control (LAC) even as it will seek withdrawal of forward deployed PLA troops at patrolling point 15 (Khugrang Nullah) at the 16th India-China senior military commanders meeting tomorrow. There has been no movement in the PLA disengagement since the Chinese Army restored April 2020 status quo ante at Gogra-Hot Springs in August 2021. The decision to hold senior military commanders talks at Chushul on Indian side on Sunday was taken after External Affairs Minister S Jaishankar firmly raised the issue of boundary resolution in a meeting with Chinese Foreign Minister Wang Yi on July 7 at Bali on the sidelines of G-20 Foreign Ministers meeting. While Beijing watchers are optimist of a positive outcome from tomorrow’s meeting, the Chinese withdrawal from PPT 15 will not be easy as the present PLA deployment is on the shortest route between Gogra-Hot Springs and Galwan sect

Tesla chief executive Elon Musk hit back on Friday at Twitter’s lawsuit seeking to force him to complete his $44 billion acquisition of the platform, according to news reports. In a filing with the Delaware Court of Chancery, Mr Musk’s lawyers accused Twitter of withholding information about fake accounts — a preoccupation for Mr Musk — and of creating delays, providing evasive responses and putting up technical obstacles. The filing also disputed Twitter's request for an expedited trial, claiming that it would take months to obtain information from Twitter and to depose numerous witnesses on the subject of fake accounts. In April, Mr Musk pledged to pay $54.20 a share for Twitter, which agreed to those terms after reversing its initial opposition to the deal. But the two sides have been bracing for a legal fight since the billionaire said a week ago that he was backing away from his agreement to buy the company. Read More : https://www.thenationalnews.com/business/technology/2022

Saudi Arabia’s sovereign wealth fund will become the second-largest shareholder of Aston Martin with a nearly 17 percent stake in a capital raise aimed at paying off debt and shoring up its business, the British luxury carmaker said on Friday. The company, faced with with high debt, a torrid stock fall and a struggling Formula One team, said it planned to raise £653 million ($773.15 million) through PIF’s £78 million investment and a separate rights issue of £575 million. The Saudi fund will own 16.7 percent stake in Aston Martin, behind the 18.3 percent holding by Chairman Lawrence Stroll’s Yew Tree will have after the rights issue, and will be entitled to two board seats at the carmaker. Current second-largest shareholder, German carmaker Mercedes-Benz AG, will own about 9.7 percent after the capital increase. The firm was looking to lift it stake to up to 20 percent by 2023. Read more : https://www.arabnews.com/node/2123011/business-economy

Israeli warplanes struck a weapons manufacturing facility in the Gaza Strip early Saturday, the military said, after rocket fire against Israeli territory. The exchange of fire came hours after US President Joe Biden visited Israel and the occupied West Bank. “A short while ago, IDF fighter jets struck a military site in the central Gaza Strip belonging to the Hamas terrorist organization,” a statement from the Israel Defense Forces said. “The military site consists of an underground complex containing raw materials used for the manufacturing of rockets. “The strike on this site will significantly impede and undermine Hamas’ force-building capabilities,” it said, adding that Israel was responding to “attacks from the Gaza Strip on Israeli territory.” During the night there had been two separate launches, each of two rockets, toward Israeli territory, the military said. Warning sirens alerting residents to the rocket fire had sounded during the night in the city of Ashkelon and elsewher

Washington’s approval of a waiver to protect India against possible US sanctions for ordering a Russian defense system is a sign it does not want to jeopardize ties with New Delhi amid China’s military rise in the Indo-Pacific region, experts say. Delhi signed a $5 billion deal with Moscow for the purchase of an S-400 Triumph air defense missile system during Russian President Vladimir Putin’s visit to India in 2018, despite the threat posed by the US’ Countering America’s Adversaries Through Sanctions Act. Under the legislation, the US can sanction any country that has “significant transactions” with Iran, North Korea or Russia. While the US has imposed sanctions on Turkey for buying the S-400 system, the House of Representatives on Thursday approved a waiver to the act specifically for India “to help deter aggressors like China.” The motion, which still needs to be approved by the Senate, comes amid Western pressure on Delhi to speak out against Russia’s invasion of Ukraine. India ha

India has reported its first confirmed case of monkeypox after a 35-year-old man with a history of travel to the Middle East showed symptoms, officials said. The federal government rushed a multi-disciplinary team to the southern state of Kerala in view of the confirmed case of monkeypox there, according to an official statement. The man, who traveled from the United Arab Emirates to Kerala on Tuesday, was in stable condition and isolated at a hospital, the state’s health minister Veena George told reporters Thursday. “He is stable and all his vital signs are normal. We have asked all districts to be on alert,” she said. The patient’s primary contacts have also been isolated while passengers who came in contact with him on his flight have been told to monitor themselves for symptoms. Monkeypox is an infectious disease caused by a virus transmitted to humans by infected animals. Human-to-human transmission is possible but considered rare. A surge in monkeypox infections has been reporte

As inflation drives up global coffee prices, cheaper robusta beans are in hot demand — and Brazil may be the market to supply it. Although the production of robusta traditionally falls largely on leading supplier Vietnam, farmers there have not been able to increase output fast enough to meet soaring consumer demand. While its production plateaus, the world’s second biggest robusta grower is picking up speed. Brazil’s output is expected to reach a new high this year, with the US Department of Agriculture forecasting its robusta production will climb 5 per cent this year as Vietnam inches lower. “Brazil has plenty of room to increase coffee production by converting pastures into robusta crops,” said Fernando Maximiliano, an analyst at StoneX Financial in Sao Paulo. “Vietnam has no room to expand.” Robusta coffee, used widely to make instant coffee such as Nestle's Nescafe brands or as a blend in espressos, was once seen as a poorer alternative to higher-end arabica beans, which are

VINNYTSIA, Ukraine: A Ukrainian city far from the frontline grieved its dead from a missile strike, including a 4-year-old girl, as Russian bombardment rained down on towns across the country. Ukraine said Thursday’s strike on an office building in Vinnytsia, a city of 370,000 people about 200 km (125 miles) southwest of Kyiv, had been carried out with Kalibr cruise missiles launched from a Russian submarine in the Black Sea. Kyiv said the attack killed at least 23 people and wounded dozens. The missiles destroyed a nearby medical center and some people arriving for treatment were burnt alive in their cars outside, the owner of the center said. Two doctors were severely wounded. The attack was the latest in a series of Russian hits in recent weeks using long-range missiles on crowded buildings in cities far from the front, each killing dozens of people. Late on Friday, Russian missiles hit the central city of Dnipro, killing three people and wounding 15 others, governor Valentyn Reznyc

Ireland is experiencing an influx of asylum seekers that has been triggered by the UK’s new policy of deporting some migrants to Rwanda. Taoiseach Micheal Martin said refugee accommodation was filling up with international arrivals who entered the state via the UK, at a time when its open-door strategy for refugees fleeing Ukraine has seen 40,000 people arrive from the conflict. Travel between Ireland and the UK is open and barrier-free, and Northern Ireland has the only UK land border with the European Union. IRELAND Mr Martin said that of those at the reception centre for Ukrainians at Citywest in Dublin, 70 per cent are now international protection applicants. “We will be analysing this, but something has happened in the last two to three months in terms of the surge within international protection applicants, something has clearly happened,” the taoiseach said. Read More : https://www.thenationalnews.com/world/uk-news/2022/07/15/ireland-blames-rwanda-policy-for-influx-of-migrants-f

Dubai villa prices in prime areas recorded significant increases in June as transactions in the wider market stayed close to historical highs. Average residential property prices increased 10 per cent in the year to June, with apartment prices nearly 9 per cent higher on average and villa prices increasing 19 per cent, CBRE said in its latest Dubai market report. Month on month, apartment prices across Dubai edged up 0.1 per cent, while villa prices gained more than 1 per cent. Dubai-villa-prices “Transaction activity in Dubai’s residential market continues to remain near historical highs, with total transactions in the year to date to June 2022 reaching 38,901," said Taimur Khan, head of research for the Mena region at CBRE. "This is the highest total recorded since 2009, over this period." Mortgage transactions were steady despite recent interest rate increases in the UAE. "Dubai's real estate market shows no signs of slowing down despite the challenges posed

After imposing a daily passenger cap departing from its terminals, the kindest thing to say about Heathrow Airport right now is that it is in crisis mode. Flights are being cancelled with startling regularity, delays are the norm and baggage piles are mounting. The pandemonium is somewhat ironic given it has been caused by the travel resurgence airport chiefs spent most of the last two and a half years dreaming of. Ever since UK Covid travel rules were imposed, industry honchos pled with the government to reduce restrictions significantly or remove them entirely, while simultaneously encouraging travellers to get airborne again. Their wish granted, passenger numbers in June this year reached 5,990,385, a level comparable to that seen before March 2019. Read More : https://www.thenationalnews.com/business/aviation/2022/07/15/heathrow-baggage-issues-cancellations-and-flight-delays-in-soaring-numbers/

Hundreds of Moroccan firefighters and soldiers battled late Thursday to put out at least four infernos ripping through forests in the north of the kingdom, officials said. The fires, fanned by strong winds in the four areas, have not resulted in any casualties so far, but nearly 500 families were evacuated “as a precaution” in the provinces of Larache and Taza, according to official statements. Several villages that were evacuated also saw military planes dropping loads of water to extinguish fires tearing across the dry terrain, an AFP journalist said. Shocked by how fast the flames were spreading, residents fled their homes, with some families herding their cattle and horses — upon which their livelihoods depend — ahead of them. “I was with my family, and at one point, we heard people shouting, ‘Fire! Fire!’” said Samir Boundad, from Larache. “We ran out to flee and fortunately, thanks to God, the fire moved up the mountain.” A village in the Ksar El Kebir region was destroyed by the

China’s economy grew at the slowest pace since the initial coronavirus outbreak in Wuhan, a reflection of the damage the nation’s zero-Covid approach has had on growth and the challenge Beijing faces in meeting its full-year target. Gross domestic product increased 0.4 per cent from a year earlier, the worst performance since the first quarter of 2020, the National Bureau of Statistics said on Friday. Growth was far weaker than the 1.2 per cent gain in a Bloomberg survey of economists. On a quarterly basis, the economy contracted 2.6 per cent. China’s economy is paying the price for Beijing’s attempt to stamp out Covid cases, a strategy that’s becoming evermore difficult as more infectious virus variants emerge. On top of that, the property market remains in a deep slump. Economists say the government’s ambitious growth goal of about 5.5 per cent is out of reach, with GDP forecast to expand slightly more than 4 per cent this year. “The downward pressure on the economy has increased sig

Gustavo de Arístegui 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.Mr Arístegui next to his native Spanish speaks English, French and German, and is interested in all the international issues that are related in any way to Spain, international security and strategic issues, terrorism, European affairs, Islam and the Arab–Israeli conflict. His English is impeccable as becoming of a scion of a diplomat family. According to Gustavo de Arístegui there is a concern about destabilization in Mauritania, where he has visited a month ago, the terrorist threat, but also about immigration and above all about the actions of Wagner's Russian mercenaries. He says that in a country with access to the Atlantic, with a key geostrategic position it is something to be taken care of by NATO. Mr. Arístegui is of the opinion that it is one of the buffer countries, it is a very

According to Gustavo de Arístegui , among the controversies like Ceuta and Melilla, when we find ourselves in such a delicate Cold War situation, a more than declared war because of the way sanctions and gas cuts affect the price of energy and inflation NATO has finally stood up. Gustavo de Arístegui thinks that NATO has taken a step forward as it is already high time. “Many member countries of the Atlantic Alliance have understood that NATO is not a club where others protect us, but a club where efforts must be collective. The synergy of the union of thirty cannot produce thirty, and for that, everyone must commit. What is incredible, and I will say this very clearly, is that for a long time previously neutral countries, such as Sweden, had a much more intense and better coordinated presence with NATO in Afghanistan than many members of the Atlantic Alliance. It is worth remembering the extraordinary role that Swedish special forces have played in major operations, as well as the co

Elon Musk's $44 billion deal to buy Twitter is still in danger due to concerns over the number of bots on the social media site, according to reports. Mr Musk has yet to receive clarity on the bots figure, despite being given access to internal data, The Washington Post reported. His team is preparing for a “change in direction”, the Post said. The world's richest person has previously threatened to withdraw from the deal unless proof that less than 5 per cent of accounts were spam and fake was provided. At an event in Qatar last month, Mr Musk said he was still waiting for a resolution on the issue and “that is a very significant matter”. Meanwhile, Twitter said in a briefing on Thursday that it removes a million spam accounts each day, and repeated that spam accounts were well under 5 per cent of users who are served advertising. Read More : https://www.thenationalnews.com/business/technology/2022/07/08/elon-musks-deal-to-buy-twitter-remains-threatened-by-bots/

Bitcoin is on course for its best weekly gain since October last year, helped by a return of risk appetite in global markets more broadly. The largest cryptocurrency by market capitalisation was up more than 13 per cent for the week on Friday morning — and if the move holds that would be the biggest gain for such a span since 2021. As of 11.10am UAE time on Friday, Bitcoin was up 6.98 per cent at $21,767.30. Other tokens such as Ether, Avalanche and Solana have also had a strong run in recent days, helping to take the overall market value of cryptocurrencies back over $1 trillion, according to CoinGecko data. A stocks rally is providing much-needed relief for battered virtual coins amid the positive correlation between the two asset classes. However, Bitcoin remains more than 50 per cent lower in 2022, hurt by monetary tightening and a string of blow-ups in a digital-asset sector that’s still sobering up after binging on leverage. Read More : https://www.thenationalnews.com/business/c

Would-be successors to Boris Johnson were today preparing their leadership bids after the prime minister fired the starting gun in the race to become the next UK leader. After an extraordinary 48 hours in which dozens of ministers, aides and MPs quit or withdrew their support, Mr Johnson's resigned on Thursday as Conservative leader. In his unrepentant resignation speech in Downing Street he blamed the "herd" mentality of parliament for turning against him and said he had tried, unsuccessfully, to persuade colleagues that it would be "eccentric" to change governments at this time. He offered no contrition for the scandals of “partygate” or his handling of the sexual harassment claims surrounding Chris Pincher as deputy chief whip. He said he intended to remain as prime minister until a new leader of the Conservative party is found, a process which could take months. But calls are building for him to leave immediately, and for an acting leader to head the world&#

Mr Abe was shot at twice while he was giving a speech, causing him to fall to the ground. His attacker has been arrested. Ex-Tokyo governor Yoichi Masuzoe said in a tweet that the 67-year-old Mr Abe was in a state of cardiopulmonary arrest. The term is often used before a death is officially confirmed in Japan. The Fire and Disaster Management Agency confirmed that Mr Abe had a bullet wound on the right of his neck, and also suffered subcutaneous bleeding under the left part of his chest. It is unclear if both shots hit him, or if a bullet hit him on the neck and travelled elsewhere. Read More : https://www.bbc.com/news/world-asia-62089486

One lucky participant stands a chance to win 1kg of 22ct gold as Mahzooz announces the Golden Summer Draw in addition to the usual prizes. Everyone taking part in the Mahzooz weekly draws in July 2022 will automatically enter into the Golden Summer Draw, which will be held on July 30, 2022, along with the grand and raffle draw. Entrants can participate in Mahzooz by registering via www.mahzooz.ae and purchasing a bottle of water for Dh35. Each bottle gives them an entry through one line into the grand draw, another entry into the weekly raffle draw and this month, an additional chance to win one kilogram of gold through the Golden Summer Draw. Every week, participants stand the chance of winning the top prize of Dh10,000,000, the second prize of Dh1,000,000 and the third prize of Dh350, in addition to three guaranteed prizes totalling Dh300,000 in the Raffle Draw. The exclusive Golden Summer Draw allows all participants who participated in the Mahzooz weekly draws during July to increa