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 we...

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...