Month: August 2023

Wilko homeware chain on the brink of collapse putting around 12,000 jobs at risk

Manish Kumar

High street retailer Wilko has filed a notice of intent to appoint administrators – putting around 12,000 jobs at risk.   It has around 400 stores across the UK.  The retailer has emerged as one of the first major victims of Britain’s tougher economy after consecutive interest rate rises.  Chief executive Mark Jackson said the company was left with “no choice but to take this action”, but hopes to find a solution as quickly as possible.  The GMB union said that the company was in a “fight for survival”.  UK homewares…

India mandates licensing for laptop, tablet imports amid Push for Local Production

Manish Kumar

India is requiring licenses for the import of computers from laptops to tablets intended to encourage local electronics production.  Laptops and tablets account for a fraction of the annual import of electronics of more than $60 billion.  The program aims to capitalize on the demand for laptops, tablets, and servers in India and also aims to make the country a hub for electronics exports.  While Apple has yet to begin making iPads or MacBook laptops in India, the incentives and import restrictions could push other companies to consider such moves. …

Canadian PM Justin Trudeau and his wife announce separation after 18 years of marriage

Manish Kumar

Canadian Prime Minister Justin Trudeau and his wife Sophie Gregoire Trudeau announced that they will separate after 18 years of marriage.  Trudeau was only 43 when he became prime minister in late 2015 and the sharply-dressed couple quickly captured the attention of the world media.  The 51-year-old Justin Trudeau is the second Canadian Prime Minister to separate from his wife during his tenure.   His father Pierre Trudeau had announced a highly publicized separation from his wife Margaret in 1979, and the couple divorced in 1984.  Sophie Gregoire is a…

Biden seeks Obama’s help to secure a second term in 2024 amid tight race with Trump: Reports

Manish Kumar

Barack Obama has reportedly warned Joe Biden about how strong a challenge Donald Trump will be in their second election battle in 2024.  President Biden asks Obama for help in winning a second term amid a tight race with Trump, according to sources.  Polling now shows Trump and Biden closely matched for a second presidential contest.  Trump faces unprecedented legal jeopardy including 78 criminal charges, over hush-money payments, and retention of classified information.  Biden has faced many challenges as president, including the Covid pandemic, economic difficulties, political polarization, and Russian…

Chinese carmaker BYD faces tax investigation by DRI

Manish Kumar

Last month, the Centre reportedly rejected BYD Motors’ proposal to set up a $1 billion four-wheeler manufacturing facility in India.  DRI has alleged that BYD hasn’t paid tax worth Rs 73 crore ($9 million).  The DRI is yet to issue a final notice to BYD, which can challenge the findings.  Last week, BYD reportedly told its India partner that it wants to drop the $1-bn investment plan.  BYD, which has already invested more than $200 million in India, and it has sold about 1,960 cars in India since starting sales in…

Rahul Gandhi refuses to apologize in defamation case; there is no community or “samaj” on record going by the name ‘Modi’: says Gandhi

Manish Kumar

Rahul Gandhi for the first time, has made a statement in the SC that he would not apologize even as he seeks a stay on his conviction.  Congress leader Rahul Gandhi made it clear that he had no intention of apologizing, Maintaining that he is not guilty of the offence of defamation.  Rahul claimed there is no community or “samaj” on record going by the name ‘Modi’ and hence, the offence of defaming the Modi community as a whole does not arise.  The exceptional award of maximum punishment of two…

Top 50 willful defaulters owe Rs 87,295 Cr to banks, Choksi’s Gitanjali Gems tops the list with Rs 8,738 crore

Manish Kumar

The finance ministry said the top 50 willful defaulters owe Rs 87,295 crore to banks and financial institutions.  SCBs have written off an aggregate amount of Rs 10,57,326 crore during the last five financial years.  Fugitive Mehul Choksi’s Gitanjali Gems is the biggest wilful defaulter owing Rs 8,738 crore to banks.  66,069 frauds were reported in 2022-23 causing a loss of Rs 85.25 crore. In the previous year, 65,893 frauds were reported with financial implications of Rs 115.36 crore.  In order to prevent fraudulent online transactions, RBI has been issuing…

Nitin Desai passed away : Initial post mortem report out; Voice Recording Left by Him Prior To Suicide Mentions 4 Persons

Manish Kumar

The entertainment industry is mourning the demise of four-time national award-winning art director Nitin Desai (57). He was found dead in his ND studio in Raigad district.  Nitin Desai’s post-mortem reports reveal that the cause of death is due to hanging.  Police found some audio notes in a voice recorder and they are being examined with the help of cyber forensic experts.  11 audio clips recorded by Nitin Desai; the first sentence recorded in Desai’s sound recorder was ‘Laalbagh ke Raja ko mera antim pranam.’  Maharashtra MLA Mahesh Baldi said…

Sanghi Industries signs share purchase agreement with Ambuja Cements to sell 56.74% shareholding

Manish Kumar

Sanghi Industries Ltd (SIL) has clinker capacity of 6.6 MTPA (million tonnes per annum), cement capacity of 6.1 MTPA and limestone reserves of 1 billion tonnes. ·         SIL’s Sanghipuram unit is India’s largest single-location cement and clinker unit by capacity, with a captive jetty and captive power plant.   Mumbai, August 3, 2023: Sanghi Industries Ltd (SIL), one of the leading cement manufacturers of Western India, today announced that it has signed a share purchase agreement with Ambuja Cements Ltd (ACL), the cement and building material company of Adani Cement and part…

“Breaking the Silence: SC’s Actions Echo Across India Amid Protests!”

Manish Kumar

In the midst of dissent walks and exhibitions being coordinated against the savagery in Haryana’s Nuh, the High Court on Wednesday gave notification to Uttar Pradesh, Delhi and state run administrations. The court gave sees on a supplication concerning the Haryana savagery and booked the following hearing for August 4. The matter was heard by a summit court seat containing Judges Sanjiv Khanna and SVN Bhatti. A summit court seat of Judges Sanjiv Khanna and SVN Bhatti heard the request. Senior Supporter CU Singh, addressing the candidate, informed the High…