Month: May 2023

Russia has billions of rupees in Indian banks which it can’t use due to Currency restrictions

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Russian Foreign Minister Sergey Lavrov said that Russia has accumulated billion of rupees in Indian bank accounts but to use this money it needs to be transferred to another currency.  Citing two government officials, news agencies reported that after months of negotiations India failed to convince Russia to keep rupees in its coffers.  The Kremlin initially encouraged India to trade in national currencies following sanctions on Russian banks and a ban on transactions using the SWIFT messaging system.    But volatility in the ruble soon after the war began meant plans…

Foreign contributions to the PM CARES Fund declined to Rs 535 crore: Report

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As per records, PM CARES Fund received Rs 535.44 crore as foreign donations during the last three years The PM CARES Fund was set up in 2020 in the wake of the Covid-19 pandemic and registered as a public charitable trust under the Registration Act The audit report shows that foreign contributions to the PM CARES Fund peaked during 2020-21, the financial year that witnessed the outbreak of the pandemic, but it plummeted then after The details of the expenditure of the PM CARES Fund show that the amounts were…

Tiger Woods Sued for Sexual Harassment by Ex-Girlfriend: Court document

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The ex-girlfriend of professional golfer Tiger Woods, Erica Herman, has accused him of sexual harassment, according to a court filing by Herman’s attorney in Florida. Woods is accused of pursuing a sexual relationship with Herman while she worked for him and then forcing her to sign a non-disclosure agreement or she’d be fired from her job, the document says. Herman has brought two separate complaints involving Woods in the past year. The petition is part of a legal battle that erupted between Herman, 39, and Woods, 47, after they split…

India, Russia suspend negotiations to settle trade in rupees

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India started exploring a rupee settlement mechanism with Russia soon after the invasion of Ukraine last year, but there has been no reported deal done in rupees. India and Russia have suspended efforts to settle bilateral trade in rupees after months of negotiations failed to convince Moscow to keep rupees in its reserves. With a high trade gap in favour of Russia, Moscow believes it will end up with an annual rupee surplus of over $40 billion if such a mechanism is worked out. The rupee is not fully convertible.…

Apple iPhone sales inch up, strengthening results amid shaky economy: CEO Sees India at “Tipping Point”

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Apple Inc’s results beat expectations, showing off the tech giant’s resilience in a slowing global economy.  Shares of the largest U.S. company by market value rose 2% after Apple exceeded Wall Street’s expectations for revenue and profit for the April 1 quarter.  iPhone sales were up 1.5% to $51.3 billion, besting expectations for a 3.3% drop even as consumers and businesses tightened up spending due to rising inflation.  Apple Inc chief Tim Cook singled out India as pivotal for the iPhone maker, underscoring how the world’s most populous country is…

SpiceJet To Borrow Rs 400 Cr from Emergency Fund to Revive 25 Grounded Planes

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SpiceJet would draw funds from the government’s Emergency Credit Line Guarantee Scheme (ECLGS) to bring 25 of its grounded aircraft back into service.  The announcement came a day after ‘Go First’ filed for insolvency proceedings with the National Company Law Tribunal (NCLT).  Go First filed for insolvency, marking the first major airline collapse in India since Jet Airways filed for bankruptcy in 2019.  In February, SpiceJet had said it will consider options to raise fresh capital by issuing securities to qualified institutional buyers amid a string of quarterly losses and…

No option other than physical elimination of Zelenskyy: Kremlin

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After the drone attack on the Kremlin residence of the Russian President, Moscow is left with no option other than the physical elimination of the Ukrainian President – the deputy chairman of Russia’s Security Council said.  Earlier, Russia alleged that it was a “terrorist attack” while claiming it shot down drones over the residence of Putin.  The Kremlin also noted that the Russian side reserves the right to take reciprocal measures as it sees fit reported the leading media.  May 9 dubbed “Victory Day” by Russia marks the victory of…

Go First cancels flights till May 9: will make full refunds to the passengers

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Wadia Group-led airline Go First, informed that it has extended the flight cancellation till May 9 due to “operational reasons”.  Go First said that A full refund will be issued to the original mode of payment shortly.  India’s aviation regulator Directorate General of Civil Aviation (DGCA) has issued directions to the carrier to process refunds to passengers as per the timeline mentioned in the regulations.  The airline’s website says “We regret that we cannot reschedule/transfer your ticket to any other airline. Thank you for your understanding.”  Civil Aviation Minister assured…

Zelenskyy is visiting ICC which has issued arrest warrant against Putin

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The Ukrainian president is at the International Criminal Court (ICC) in The Hague. He is expected to deliver a speech titled “No Peace Without Justice for Ukraine.”  The ICC has issued an arrest warrant for Vladimir Putin, and it’s causing problems for his attendance at an annual summit.  Any countries under the ICC’s jurisdiction are obliged to hand over Putin if he sets foot on their territory.    The Russian president is due to attend the 15th BRICS summit in South Africa, which is under ICC jurisdiction.  Experts have argued that…

DRDO scientist in touch with “Pakistan Intelligence Operative” arrested

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A scientist working in the Defence Research and Development Organisation (DRDO) in Pune has been arrested by the Maharashtra Anti-Terrorism Squad (ATS) on spying charges.  The DRDO scientist was allegedly in touch with an agent of a “Pakistan Intelligence Operative” through WhatsApp and video calls.  Officials said that despite holding a responsible position, the DRDO official has misused his post by providing confidential information to a Pakistani agent.  It was a case of honeytrap, the official added.  The ATS police station at Kalachowki Mumbai, has filed a case under Section…