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[1/2] Trade visitors walk past an advertisement for BAE Systems at Farnborough International Airshow in Farnborough, Britain, July 17, 2018. REUTERS/Toby MelvilleNEW DELHI, May 29 (Reuters) - India has filed a graft case against Britain's BAE Systems plc (BAES.L) and Rolls-Royce Holdings (RR.L) for "criminal conspiracy" in the procurement and licensed manufacturing of 123 advanced jet trainers, a federal police document showed. The case is based on the findings of an investigation launched by India's Central Bureau of Investigation (CBI) in 2016, the document dated May 23 said. In its response BAE said it would be inappropriate to comment on an ongoing probe. Between 2008 and 2010, it said the Indian government approved the licensed manufacturing of an additional 57 jets for 95 billion rupees ($1.16 billion) under a separate agreement with BAE Systems (Operations) Ltd.

☆ Tesco chair Allan to step down after inappropriate behaviour claims
▼ + stars: | 2023-05-19 | by ( James Davey | ) www.reuters.com time to read: +2 min

However, prior to Friday's update from Tesco, Allan was due to seek re-election at the June 16 annual general meeting (AGM). Tesco said that pending the appointment of a new chairman, senior independent director Byron Grote will become interim chair and will chair the AGM. Earlier this month, the Guardian newspaper reported that Allan was facing claims of inappropriate behaviour from four women. Three of these allegations are vigorously denied by Allan, and for the other Allan unreservedly apologised for a comment he made, Tesco said. "While we have received no complaints about John's conduct and made no findings of wrongdoing, these allegations risk becoming a distraction to Tesco," Grote said.

☆ Tesco Chairman John Allan to step down in June
▼ + stars: | 2023-05-19 | by ( ) www.cnbc.com time to read: +1 min

Tesco Chairman John Allan will step down at the group's annual shareholders' meeting next month, with Britain's biggest retailer saying claims of inappropriate behavior against him risked becoming a distraction. Allan, one of Britain's highest-profile corporate names, has been Tesco's chairman since 2015. Three of these allegations are vigorously denied by Allan, and for the other Allan unreservedly apologized for the comment he made, Tesco said. "While we have received no complaints about John's conduct and made no findings of wrongdoing, these allegations risk becoming a distraction to Tesco," Grote said. He thanked Allan for his "valuable contribution" to Tesco, noting he successfully led the board through its turnaround and the COVID-19 pandemic, whilst helping to rebuild the business.

☆ India’s airline turbulence will be felt abroad
▼ + stars: | 2023-05-17 | by ( Shritama Bose | ) www.reuters.com time to read: +4 min

India’s Go First has gone into bankruptcy – the country’s second airline to do so since 2019. Its subsequent public and messy spat with engine suppliers and lessors will have ripple effects across the industry and abroad. Go, the country’s third largest airline with a 7% market share, blames Raytheon Technologies-backed (RTX.N) Pratt & Whitney’s “faulty” engines. A global industry association, Aviation Working Group, has put India on a watchlist for violating global conventions on repossession of airplanes. The trouble at Go may not put them off but it promises some extra turbulence ahead.

In granting bankruptcy protection, the National Company Law Tribunal in New Delhi ordered a moratorium on Go First's assets and leases. But bankruptcy protection supersede lessors' repossession requests. Go First's lessors also include SMBC Aviation Capital and CDB Aviation's GY Aviation Leasing. Its voluntary seeking of bankruptcy protection to renegotiate contracts and debt marks a first for an Indian airline, and Chief Executive Officer Kaushik Khona, who was present as the order was read, hailed the tribunal's decision as "historic". The Indian tribunal said the new resolution professional will take "all necessary steps including the execution of the arbitral award".

The cash-strapped airline wants the tribunal to accept its plea and is seeking an interim moratorium to save its assets, a move the lessors oppose. Go First did not immediately respond to a request for comment on the lessors' bid to deregister the planes. Engine failures have cost the airline 108 billion rupees ($1.3 billion) in lost revenue and expenses, it said. Amid the dispute between the lessors and the troubled airline, banks with exposure to it are awaiting the tribunal's decision to decide their next course of action, two people involved in the talks told Reuters. The company owes financial creditors 65.21 billion rupees ($798 million), its bankruptcy filing showed, and had not defaulted on any of those dues by the end of April.

☆ IndiGo shares surge after smaller rival Go First files for bankruptcy
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, May 3 (Reuters) - Shares of India's largest airline IndiGo (INGL.NS) surged over 8% on Wednesday as smaller rival Go First's bankruptcy filing raised hopes of market share gains and improved yields. Cash-strapped airline Go First filed for bankruptcy on Tuesday, blaming "faulty" Pratt & Whitney engines for the grounding of about half its fleet and taking lenders by surprise. Lenders to Go First, including Central Bank of India (CBI.NS), Bank of Baroda (BOB.NS), IDBI Bank (IDBI.NS) and Axis Bank (AXBK.NS) dropped 1.1% to 6.8% on Wednesday. Go First owes financial creditors 65.21 billion rupees ($798 million), its bankruptcy filing showed. Bombay Burmah Trading (BBRM.NS), which is also owned by Wadia and has given loans to Go First in the form of inter-corporate deposits, slid 10%.

☆ India's Go First Airways owes financial creditors $798 million - filing
▼ + stars: | 2023-05-02 | by ( Arpan Chaturvedi | ) www.reuters.com time to read: +2 min

MUMBAI, May 2 (Reuters) - Indian airline Go First, which filed for bankruptcy on Tuesday, owes financial creditors 65.21 billion Indian rupees ($798 million), its bankruptcy filing showed. "However, considering the present financial situation of the corporate applicant, defaults to financial creditors would be imminent," the filing said. The filing lists Central Bank of India (CBI.NS), Bank of Baroda (BOB.NS), IDBI Bank (IDBI.NS), Axis Bank (AXBK.NS) and Deutsche Bank among Go First's financial creditors. The airline's total liabilities to all creditors stand at 114.63 billion rupees, the filing shows. The company has defaulted on payments to operational creditors, including 12.02 billion rupees to vendors and 26.60 billion rupees to aircraft lessors.

☆ Factbox: What is embattled British business group the CBI?
▼ + stars: | 2023-04-22 | by ( ) www.reuters.com time to read: +5 min

Below is some information about the CBI and its role:WHAT IS THE CBI? Founded in 1965, the CBI is Britain's top business lobby group. A not-for-profit organisation, the CBI says it represents 190,000 businesses employing nearly 7 million people, including many of Britain's biggest companies. In his speech, Sunak called the CBI "a valued institution in this country and a powerful voice for business". A spokesperson for NatWest said the bank had no confidence in the CBI's capacity to be a strong representative voice for British business at present.

[1/2] A Confederation of British Industry (CBI) logo is seen during their annual conference in London, Britain November 9, 2015. "While the CBI was not previously aware of the most serious allegations, it is vital that they are thoroughly investigated now and we are liaising closely with the police," CBI President Brian McBride said. Virgin Media O2 criticised how the CBI had dealt with the allegations. Aviva (AV.L) and two other insurers, Phoenix Group and Zurich Insurance Group (ZURN.S), also quit on Friday along with asset manager Schroders. Accountancy firm PWC suspended activity with the CBI, as has telecoms company BT Group, while bank Santander said it was reviewing its membership.

London CNN —The head of the most influential business lobby in the United Kingdom has been fired following a probe into complaints about his workplace conduct. Tony Danker is leaving the Confederation of British Industry with immediate effect, the group said in a statement Tuesday. The CBI did not specify what wrongdoing it had found but stressed that Danker was “not the subject of any of the more recent allegations” of misconduct at the organization. Danker will be replaced by Rain Newton-Smith, the former chief economist of the CBI. Its director-generals and the organization have frequently weighed in on political and economic issues, from Brexit to the UK investment outlook.

☆ UK's scandal-hit CBI fires director-general after complaints
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

"The allegations that have been made over recent weeks about the CBI have been devastating," it said in a statement. Danker stepped aside in March while the CBI conducted a review into his behaviour. The CBI said three employees were suspended pending further investigation into a number of ongoing allegations. "The CBI is liaising with the police and has made clear its intention to cooperate fully with any police investigations," it said. After he was suspended, Danker expressed regret over his behaviour.

☆ Panama sees limited risk from US, European bank problems
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +1 min

PANAMA CITY, March 16 (Reuters) - Panama's risk of contagion from banking woes in the United States and Europe is "very limited", an official with banking regulator SBP said on Thursday, adding that local lenders have no exposure from interbank deposits or other investments. "We can count on a very solid banking system," Amauri Castillo, an SBP superintendent, said at a conference in Panama City. Panama's international banking center (CBI) held assets totaling some $140 billion at the end of last year, up 5% from 2021. At the end of last year, Panama's national banking system reported a capital adequacy ratio of 15.34% and liquidity ratio of 57%. Reporting by Milagro Vallecillos; Writing by Sarah Morland; Editing by Anthony Esposito and David GregorioOur Standards: The Thomson Reuters Trust Principles.

☆ UK employers feel the strain of missing skilled workers
▼ + stars: | 2023-03-14 | by ( William Schomberg | ) www.reuters.com time to read: +8 min

But past attempts to train up more workers have seen the problem get worse by some measures, and any big improvement to the post-16 skills system is likely to take years. TRAINING REVAMPWithout a rapid overhaul of the training system, Britain's pool of highly skilled adults is likely to shrink further relative to other countries, the OECD has warned. Employers groups are calling on Hunt to tackle a key part of how training is funded in his budget speech. Corporate leaders acknowledge employers also need to do more themselves, and prioritize training even in lean times. "You're slowing down really quite a lot to go at the pace of the education system," he said of his company, which began as a print management firm in 1996.

☆ Tony Danker: Head of CBI steps aside following workplace conduct allegations
▼ + stars: | 2023-03-06 | by ( Robert North | ) edition.cnn.com time to read: +1 min

London CNN —The head of the main business lobby in the United Kingdom is stepping aside while an investigation takes place into complaints about his workplace conduct. The Confederation of British Industry (CBI) said it initially received an allegation against Director-General Tony Danker in January. The CBI was made aware of new reports regarding Danker’s conduct last week and has now launched an independent investigation, it added. In a statement on Twitter, Danker said he supported the CBI’s independent probe and had made the decision to step aside while it was underway. Danker and the organization frequently weigh in on political and economic issues, from Brexit to the United Kingdom’s investment outlook.

☆ Top Delhi minister arrested in India liquor probe
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +2 min

NEW DELHI, Feb 27 (Reuters) - India's federal investigating agency arrested a top local minister in the capital territory of New Delhi late on Sunday in connection with alleged irregularities in a liquor policy, the most high-profile arrest in the case so far. Manish Sisodia, the deputy chief minister in the Delhi government was arrested by India's federal crime agency, the CBI (Central Bureau of Investigation) late Sunday night and will be produced in a local court on Monday. Sisodia was arrested in an ongoing investigation in "a case related to alleged irregularities in framing & implementation of the excise policy", the CBI said in a release. His arrest is dirty politics," Arvind Kejriwal, Delhi's chief minister and head of the Aam Aadmi Party said in a tweet hours after Sisodia's arrest. India's financial crime-fighting agency, the Enforcement Directorate is separately investigating French liquor major Pernod Ricard for allegedly violating the same liquor policy.

☆ Iran rations euros as fights break out at foreign-exchange offices amid rial's plunge to record lows
▼ + stars: | 2023-02-21 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Iran will limit the purchase of euros to 500 a year for air passengers. The Central Bank of Iran on Tuesday sharply curtailed the ability to buy euros amid continued weakness in the rial. Iran will limit the purchase of euros to 500 a year for air passengers, according to state-run media cited by Bloomberg. Monday's push to sell rials followed the currency's rapid decline in value, dropping to a record low of 501,300 rials per US dollar. Bloomberg reported that the CBI will also work on stabilizing the rial's value by holding onto foreign currencies brought in by export revenues through industries with access to subsidized fuel.

☆ UK retail sales volumes slide at fastest rate since April, CBI reports
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +1 min

LONDON, Jan 26 (Reuters) - British retail sales volumes slid over the last month at the fastest rate since April last year, underlining the weak state of the consumer economy in the face of strong inflation, a survey showed on Thursday. The Confederation of British Industry's (CBI) sales balance, which included a couple of days of the Christmas trading period, fell to -23 from +11 in December's report, meaning more store chains reported a drop in retail sales than a rise. The survey pointed to another drop in retail sales next month. "Retailers began the new year with a return to falling sales volumes, as the sector continues to face the twin headwinds of rising costs and squeezed household incomes," CBI Martin Sartorius said. The survey of 59 retailers - mostly large store chains - was conducted between Dec. 22 and Jan. 13.

☆ UK employers urge Sunak to act urgently on growth reforms
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +2 min

Confederation of British Industry Director-General Tony Danker praised Sunak for defusing the mini-budget crisis of former leader Liz Truss last year but said he was not matching the growth reforms of the United States and the European Union. Finance minister Jeremy Hunt is expected to announce pro-growth measures in a budget statement in March. But Danker feared the government might temper its reforms as an election, expected in 2024, approaches. Those reforms should include big changes to welfare and childcare to get people back into work, even if they put further strain on Britain's already stretched public finances. Writing by William Schomberg; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ UK's De La Rue flags 'implicated' activities in India probe
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +2 min

[1/2] The corporate logo of De La Rue is seen at De La Rue Malta at Bulebel Industrial Estate in Zejtun, Malta April 24, 2018. REUTERS/Darrin Zammit Lupi/File PhotoJan 20 (Reuters) - Banknote printer De La Rue (DLAR.L) said on Friday it had learnt that activities by the group in India prior to 2016 have been implicated in a probe by a top Indian investigation agency. De La Rue said in a statement the allegations relating to the group had no merit and it was seeking legal advice, but declined to comment further on the nature of the charges. The company confirmed it had supplied security threads for banknotes in India prior to 2016. "The company continues to explore further business opportunities, both in Kenya and for export from Kenya, with a view to restarting production if the economic climate permits," De La Rue said.

☆ India federal police arrests Videocon chairman Dhoot in loan fraud case
▼ + stars: | 2022-12-26 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, Dec 26 (Reuters) - India's federal investigating agency has arrested Videocon Group (VEDI.NS) chairman Venugopal Dhoot in connection with a loan fraud case involving ICICI Bank (ICBK.NS), a source from the Central Bureau of Investigation (CBI) told Reuters on Monday. In early 2019, the CBI filed a case of criminal conspiracy and fraud against Dhoot, former ICICI Bank Chief Executive Chanda Kochhar and her husband Deepak Kochhar. The agency alleged that ICICI Bank, under Chanda Kochhar, sanctioned 'high value' loans to Videocon, violating the bank's lending policies, in exchange for an investment by the consumer electronics company's owner in a business headed by Kochhar's husband. The CBI arrested Chanda and Deepak Kochhar on Friday. Reporting by Arpan Chaturvedi; writing by Sudipto Ganguly; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Brexit has cracked Britain’s economic foundations
▼ + stars: | 2022-12-24 | by ( Hanna Ziady | ) edition.cnn.com time to read: +10 min

Brexit has erected trade barriers for UK businesses and foreign companies that used Britain as a European base. While Brexit isn’t the cause of Britain’s cost-of-living crisis, it has made the problem more difficult to solve. The Brexit deal, known as the Trade and Cooperation Agreement, came into effect on January 1, 2021. The deal is “the world’s largest zero tariff, zero quota free trade deal,” the spokesperson added. The Organization for Economic Cooperation and Development expects the UK economy to shrink by 0.4%, ahead only of sanctioned Russia.

☆ Former ICICI Bank CEO Chanda Kochhar arrested in loan fraud case -source
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +1 min

Dec 23 (Reuters) - India's federal investigating agency has arrested former ICICI Bank Ltd (ICBK.NS) Chief Executive Officer Chanda Kochhar in connection with a loan fraud case involving the bank and Videocon Group, a source from the Central Bureau of Investigation (CBI) told Reuters on Friday. Kochhar's husband, Deepak Kochhar, was also arrested as part of the case, according to the source. Kochhar was ousted as ICICI bank's CEO in 2019 following allegations of corruption. Indian enforcement authorities previously alleged that ICICI Bank, under Kochhar, sanctioned "high value" loans to Videocon Industries, violating the bank's lending policies. In exchange, Videocon's owner invested in NuPower Renewables, a company founded by Deepak Kochhar, the authorities have alleged.

☆ UK retail sales pick up unexpectedly in December: CBI
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +1 min

The CBI's distributive trades index, which measures the difference in the percentage of retailers reporting annual rises and falls in sales volumes, rose to +11 in December from -19 in November. However, for January retailers see the sales balance falling back to -17. A separate CBI measure, which asks retailers to compare sales with what is normal for the time of year, showed readings around average for November, December and January. Official retail sales data for November showed retail sales volumes excluding fuel were 5.9% lower than a year before. The CBI's survey of 50 retail chains took place between Nov. 24 and Dec. 12.

☆ Grenada's 'golden passport' comes with tax benefits and makes travel easier — but only if you invest $150,000 in the country first
▼ + stars: | 2022-12-08 | by ( Zoe Rosenberg | ) www.businessinsider.com time to read: +7 min

Grenada's citizenship-by-investment, or CBI, program has accepted 1,500 residents yearly since 2013. Gaining Grenada citizenship takes about three months and is less costly than other CBI programs. To be a Grenadian tax resident, the country requires 183 days of residence on the island a year. Jafri added that with a Grenadian passport, a traveler doesn't need a visa to travel to China. The investment in hotel and resort projects costs less than other kinds of real-estate development to help drive tourism to the country, Hallam explained.

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