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☆ Indian wheat prices at 8-month high on festival demand, tight supply
▼ + stars: | 2023-10-17 | by ( Rajendra Jadhav | ) www.reuters.com time to read: +2 min

REUTERS/Amit Dave/File Photo Acquire Licensing RightsMUMBAI, Oct 17 (Reuters) - Indian wheat prices surged to an eight-month high on Tuesday, propelled by strong demand for big festivals, limited supplies and as import duty makes overseas buying unfeasible for domestic flour mills. Rising wheat prices could contribute to food inflation. Wheat prices in New Delhi jumped by 1.6% on Tuesday to 27,390 rupees ($329) per metric ton, the highest since Feb. 10. "Festival season demand is driving up wheat prices. As of Oct. 1, wheat stocks in government warehouses stood at 24 million metric tons, sharply down compared with a five-year average of 37.6 million tons.

Persons: Amit Dave, Pramod Kumar S, Sanjeev Chopra, Ashwini Bansod, Bansod, Rajendra Jadhav, Robert Birsel Organizations: Agriculture, REUTERS, Rights, Federation, Phillip Capital India, Ltd ., El, Thomson Locations: Ahmedabad, India, Rights MUMBAI, New Delhi, Ltd . India, Mumbai

☆ McDonald's caught up in Israel-Hamas war as franchisees in the Middle East pledge aid to different sides
▼ + stars: | 2023-10-16 | by ( Nancy Luna | ) www.businessinsider.com time to read: +3 min

Last week, McDonald's Israel began donating meals daily to the Israel Defence Forces. Two days later, McDonald's Oman said it had donated $100,000 to help the people of Gaza. "We stand with Gaza in these difficult times," McDonald's Oman said in a statement posted on X, formerly known as Twitter. Meanwhile, McDonald's Israel said it will continue donating thousands of meals daily to "our forces across the country." As the two McDonald's franchise groups back different sides of the Israel-Hamas war, McDonald's Pakistan weighed in by distancing itself from McDonald's Israel.

Persons: McDonald's Israel, McDonald's, —, Al Daud, Benjamin Netanyahu Organizations: Israel Defence Forces, Service, McDonald's, SIZA Foods, . Ltd ., McDonald's Corp Locations: McDonald's Oman, Gaza, Israel, Oman, Pakistan, . Ltd . Pakistan, Chicago

☆ India's Bharti Group to buy out French partner AXA's stake in JV
▼ + stars: | 2023-10-11 | by ( Hritam Mukherjee | ) www.reuters.com time to read: +2 min

Logos of France's biggest insurer Axa are seen on a building in Nanterre, near Paris, March 8, 2016. REUTERS/Christian Hartmann/File Photo Acquire Licensing RightsBENGALURU, Oct 11 (Reuters) - Bharti Group will acquire French insurer AXA's (AXAF.PA) 49% stake in Bharti AXA Life Insurance Co, the Indian conglomerate said on Wednesday, taking full control of a venture that was jointly run for nearly two decades. "There is ample scope for life insurance to grow in India. Bharti's JV deal, made through its Bharti Life Ventures arm, is expected to close by December this year, subject to regulatory approvals. The company competes with HDFC Life Insurance (HDFL.NS), ICICI Prudential Life Insurance (ICIR.NS), SBI Life Insurance (SBIL.NS) and LIC in a market ranked ninth in the world, according to the insurance regulatory body's latest annual report.

Persons: Christian Hartmann, Bharti, Burman, Avinash Singh, Hritam Mukherjee, Nivedita Bhattacharjee, Anil D'Silva Organizations: Axa, REUTERS, Rights, Bharti Group, Bharti AXA Life Insurance, Bharti, AXA, Life Insurance Corporation of India, United Provident Association, Insurance, JV, Religare Enterprises, Emkay Global Financial Services, Bharti's JV, Ventures, Life Insurance, ICICI Prudential Life Insurance, SBI Life Insurance, Bharti Airtel, Bharti Realty, Del Monte Foods, Del, Del Monte Pacific, Thomson Locations: Nanterre, Paris, India, Del Monte, Bengaluru

☆ North Korea Says It Will Expel U.S. Soldier Who Fled Over the Border
▼ + stars: | 2023-09-27 | by ( Choe Sang-Hun | More About Choe Sang-Hun | ) www.nytimes.com time to read: +1 min

North Korea has decided to expel Pvt. Travis T. King, the American soldier who fled across the inter-Korean border into its territory on July 18, the North’s state media said on Wednesday. After 70 days of investigation, North Korea found Private King guilty of “illegally intruding” into its territory and decided to expel him, according to the North’s official Korean Central News Agency. The news agency said that Private King had confessed to illegally entering North Korea because, it said, he “harbored ill feeling against inhuman maltreatment and racial discrimination within the U.S. Army and was disillusioned about the unequal U.S. society.”North Korea did not immediately release details on its plans to deport Private King, including whether he would be sent back to South Korea through the Demilitarized Zone, which separates North and South Korea. Private King fled to the North through the DMZ.

Persons: Travis T, King, “, Private King Organizations: Korean Central News Agency, U.S . Army Locations: Korea, North Korea, South Korea, North

SEOUL, South Korea (AP) — North Korea said Wednesday that it will expel a U.S. soldier who crossed into the country through the heavily armed border between the Koreas in July. At the time he crossed the border, King was supposed to be heading to Fort Bliss, Texas, following his release from prison in South Korea on an assault conviction. Following weeks of silence, North Korea confirmed in August that it had detained King, 23, and was investigating the circumstances surrounding his border crossing. King, who is from Wisconsin, was among about 28,000 U.S. troops stationed in South Korea as deterrence against potential aggression from North Korea. That happened in 2017 when North Korea deported Otto Warmbier, an American college student who was in a coma at the time of his release and later died.

Persons: Travis King, King, Claudine Gates, ”, “, Otto Warmbier, Bill Richardson —, —, servicemembers Organizations: Korean Central News Agency, U.S . Army, DPRK, Democratic People’s, State Department, Pentagon, Associated Press Locations: SEOUL, South Korea, North Korea, U.S, Fort Bliss , Texas, Democratic People’s Republic of Korea, Wisconsin, Korea, America

☆ The US got soldier Pvt. Travis King back from North Korea in a 'complex operation' involving both friends and foes, White House reveals
▼ + stars: | 2023-09-27 | by ( Jake Epstein | ) www.businessinsider.com time to read: +5 min

A US Army soldier who crossed into North Korea is back in American custody, the White House said. Senior administration officials on Wednesday detailed aspects of the "complex operation" to bring him home. AdvertisementAdvertisementA US Army soldier who unexpectedly crossed into North Korea two months ago is now in American custody, senior Biden administration officials revealed on Wednesday. North Korea said earlier that it would expel Pvt. The US did not give any concessions to North Korea in exchange for King.

Persons: Travis King, —, Jake Sullivan, King, Washington Organizations: US Army, Service, Army, Biden, Joint Security, National, King, White, Korean Central News Agency Locations: North Korea, Korea, North, South Korea, Sweden, China, Pyongyang, Swedish, Washington, Beijing, Russia, Ukraine, Korean, Texas

☆ Russia is manning its defensive line with 'poor-quality' troops, report says, and only switching in competent ones after Ukraine attacks
▼ + stars: | 2023-09-22 | by ( Tom Porter | ) www.businessinsider.com time to read: +3 min

But she said that when Ukrainian units move in to take trenches, Russia deploys elite units to counterattack and retake them. "'Storm-Z' detachments are often combat ineffective and will likely provide the Russian defense in western Zaporizhzhia Oblast with marginal combat power," it noted. Ukraine's strategy appears to be to probe Russian defenses at several points on the front line simultaneously, forcing Russia to divert its most effective units. Russian defenses near Bakhmut, east Ukraine, also came under severe pressure from Ukrainian attacks this week. AdvertisementAdvertisementIn the south, Ukraine is attempting to breach Russian defensive positions and retake the city of Melitopol, a Russian logistics hub, severing Russia's land bridge to the occupied Crimean peninsula.

Persons: Olena Ivanenko, Ivanenko, Russia's, — Organizations: Wall, Service, Wall Street, for Locations: Russia, Ukrainian, Ukraine, Wall, Silicon, Zaporizhzhia Oblast, Zaporizhzhia, Russian, Robotyne, Bakhmut, Melitopol, Crimean

☆ Zimbabwe: Outrage as Mnangagwa appoints son second-in-command over treasury after disputed polls
▼ + stars: | 2023-09-13 | by ( Nimi Princewill | ) edition.cnn.com time to read: +3 min

CNN —Zimbabwe’s recently re-elected President Emmerson Mnangagwa is facing outrage after appointing his son as deputy minister to the country’s finance ministry. Mnangagwa’s 34-year-old son, David, was among 26 officials sworn in as cabinet ministers Tuesday despite public anger when the list of the nominees was made public on Monday. In his expanded cabinet, Mnangagwa’s son is to deputize finance minister Mthuli Ncube while his nephew, Tongai, would serve as deputy minister in the country’s tourism ministry. Some Zimbabweans have accused Mnangagwa of running the impoverished southern African country as “a family business.”“Slowly Zimbabwe is becoming a family business. The opposition CCC party, which placed second in last month’s disputed polls, also criticized the ministerial list which included a couple, Christopher and Monica Mutsvangwa, both associates of President Mnangagwa, as ministers.

Persons: CNN — Zimbabwe’s, Emmerson Mnangagwa, David, Mnangagwa’s, Mthuli Ncube, Tongai, ”, Mugano, “ It’s, Ncube, ” Mugano, David Mnangagwa, Nick Mangwana, “, ” Mangwana, Christopher, Monica Mutsvangwa, Mnangagwa Organizations: CNN, University of Zimbabwe, Business Administration, Drake University, CCC Locations: Zimbabwe, Harare, doldrums, United States

☆ India's Titan Co to raise stake in its subsidiary CaratLane
▼ + stars: | 2023-08-19 | by ( ) www.reuters.com time to read: 1 min

MUMBAI, Aug 19 (Reuters) - India's Tata Group-owned Titan Co (TITN.NS) will acquire an additional 27.18% of equity shares in its subsidiary CaratLane Trading Pvt Ltd for 46.21 billion rupees ($555.81 million), it said in an exchange statement on Saturday. Titan has entered into a share purchase agreement to acquire all of the 91,90,327 equity shares held by the founder of CaratLane Trading Private Limited and his family members, representing 27.18% of the total paid-up equity share capital of CaratLane on a fully diluted basis, the release said. ($1 = 83.1400 Indian rupees)Reporting by Swati Bhat; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Swati Bhat, Kim Coghill Organizations: India's Tata Group, Titan Co, Trading, CaratLane, Limited, Thomson Locations: MUMBAI, CaratLane

☆ Exclusive: India faces record low August rains, threatening summer crops
▼ + stars: | 2023-08-18 | by ( Rajendra Jadhav | ) www.reuters.com time to read: +3 min

August rainfall, expected to be the lowest since records began in 1901, could dent yields of summer-sown crops, from rice to soybeans, boosting prices and overall food inflation, which jumped in July to the highest since January 2020. India received just 90.7 mm (3.6 inches) in the first 17 days of August, nearly 40% lower than the normal. "Normally, we experience a dry spell of five to seven days in August," said the official, who also spoke on condition of anonymity. "However, this year the dry spell has been unusually prolonged in southern India. This monsoon has been uneven, with June rains 10% below average but July rains rebounding to 13% above average.

Persons: Amit Dave, El, Harish Galipelli, Rajendra Jadhav, Tony Munroe, Clarence Fernandez Organizations: REUTERS, Rights, Reuters, India Meteorological Department, IMD, El Nino, Commodities India, Ltd, Thomson Locations: Ahmedabad, India, El, Pacific, Kerala

☆ North Korea confirms custody of U.S. soldier Travis King, who crossed DMZ in July
▼ + stars: | 2023-08-16 | by ( Phil Helsel | Mosheh Gains | ) www.cnbc.com time to read: +3 min

A U.S. soldier who had served in South Korea crossed the military demarcation line separating the two Koreas into North Korea without authorization. North Korea commented Tuesday for the first time about a U.S. soldier who ran into the isolated country's territory last month. North Korea also alleged that King said he decided to cross into North Korean territory. North Korea had offered a very brief response to United Nations officials about King, the Pentagon's spokesman said Aug. 1. North Korea has also six times conducted nuclear tests, which are also banned by the U.N.

Persons: KCNA, Travis King, Lloyd Austin, King, Jonathan Franks, Claudia Gates, Gates, today's, Travis, Franks, Martin Meiners, Private King, Meiners, Patrick Ryder, Ryder Organizations: Security Area, DPRK, Democratic People's, U.S . Army, Army, Korean Central News Agency, . Defense Department, Private, United Nations, Pentagon, Air Force, Command, Joint Security Agency, United Nations Command, North Locations: Paju, South Korea, U.S, North Korea, Panmunjom, Korea, Korean, Democratic People's Republic of Korea, North, DPRK, KCNA

☆ Who is Travis King, and what comes next for the US soldier in North Korea?
▼ + stars: | 2023-08-16 | by ( Brad Lendon | ) edition.cnn.com time to read: +9 min

Picture of Travis King, the US soldier who ran across the military demarcation line into North Korea on Tuesday July 18. From Travis King/FacebookThe day before he crossed into North Korea, King was supposed to board a flight to Texas, where he was to face disciplinary procedures. The last American known to be held by North Korea was Bruce Byron Lowrance, who, according to North Korean state media, crossed from China into North Korea in 2018. While in North Korea, he appeared in propaganda films, taught the country’s spies English and spent up to eight hours a day studying the writings of North Korean leaders. He was allowed to leave North Korea in 2004, two years after his Japanese wife, who was kidnapped from her home in Japan in 1978 and left North Korea under a deal between Pyongyang and Tokyo.

Persons: Travis King “, ”, King, Travis King, Bryce Dubee, Christine Wormuth, King “, ” Jaqueda, King’s, “, Claudine Gates, Jonathan Franks, Donald Trump, Kim Jong Un, Trump, Kim, KCNA, Washington “, Private King, Bruce Byron Lowrance, Lowrance, Otto Warmbier, Warmbier, Charles Jenkins, Jenkins Organizations: South Korea CNN, Joint Security Area, North, US, CNN, 6th Squadron, 1st Cavalry Regiment, 1st Brigade Combat, Armored Division, Army, Incheon International, Aspen Security, South Korean, US Navy, Korean Central News Agency, U.S . Army, Washington, Private, Swedish Embassy, Central Intelligence Agency Locations: Seoul, South Korea, North Korea, Korean, Korea, Fort Bliss , Texas, Texas, Incheon, United States, ” Jaqueda Gates, Pyongyang, Washington, Busan, Japan, North, Maryland, Swedish, China, American, Tokyo

☆ North Korea Claims U.S. Soldier Fled ‘Maltreatment’ in Army
▼ + stars: | 2023-08-15 | by ( Choe Sang-Hun | More About Choe Sang-Hun | ) www.nytimes.com time to read: +1 min

North Korea said on Wednesday that Pvt. Travis T. King, the American soldier who fled across the inter-Korean border into its territory on July 18, wanted to seek refuge in the isolated Communist country or a third country, according to a state media report. The report by the Korean Central News Agency is the first time the North has commented on Private King’s case. During an investigation by North Korean officials, Private King “confessed that he had decided to come over to the DPRK as he harbored ill feelings against inhuman maltreatment and racial discrimination within the U.S. Army,” the Korean Central News Agency said, using the abbreviation of the country’s official name, Democratic People’s Republic of Korea. Private King “admitted that he illegally intruded into the territory of the DPRK,” saying that he did so because he “was disillusioned at the unequal American society,” the news agency said.

Persons: Travis T, King “, “ Organizations: Korean Central News Agency, North, U.S . Army, Democratic People’s, DPRK Locations: Korea, DPRK, Democratic People’s Republic of Korea

☆ Highest-level Chinese delegation to visit North Korea since Covid restrictions
▼ + stars: | 2023-07-25 | by ( Brad Lendon | ) edition.cnn.com time to read: +7 min

Seoul, South Korea CNN —A high-level Chinese government delegation is headed to North Korea this week, believed to be the highest-level representatives from Beijing to visit Pyongyang since the isolated country closed its borders during the Covid-19 pandemic. Li’s visit comes after an invitation from North Korea, the statement said. On Tuesday, North Korean state media said a Russian military delegation would also be visiting this week. North Korea silent on US soldierRelations have been further complicated by the decision of a US soldier to cross the border between North and South Korea last week in the demilitarized zone separating the two nations. King has not been publicly seen or heard from since he crossed into North Korea last Tuesday, and North Korea has also not said anything about the status or condition of the missing soldier.

Persons: Li Hongzhong, Hu Zhaoming, Li’s, “, ”, Leif, Eric Easley, Easley, Jang, Kang Sun Nam, Travis King, Andrew Harrison, Matt Miller, Miller, “ I’m, ” Miller, King, Travis King’s, Kim, ” Easley Organizations: South Korea CNN, Communist Party, International, Department of, Central Committee, Ewha Womans University, United Nations Command, Beijing, Aid, Jeju Naval, South, South Korean Defence Ministry New, United Nations, South Korea’s, Chiefs of Staff, US Navy, Naval Base, South Korean Defence, Jeju Naval Base, South Korean, North Korean Defense, UNC, King, CNN, US State Department, King , State, North Korean, State Department, Womans University Locations: Seoul, South Korea, North Korea, Beijing, Pyongyang, Seoul . North Korea, China, United States, Aid Korea, North Korean, Russian, Soviet Union, Korea, Annapolis, South Korean, South, Jeju, Kentucky, Busan, ” an Ohio, DPRK, North, Washington, King ,

Seoul, South Korea CNN —A “conversation has commenced” with North Korea over US Army Pvt. Travis King, who crossed the border between North and South Korea last week in the demilitarized zone separating the two nations, the deputy commander of the United Nations Command (UNC) said Monday. It controls the South Korean side of the JSA, the one place where the North and South can meet for talks. King has not been publicly seen or heard from since he crossed into North Korea last Tuesday. North Korea has also not said anything about the status or condition of the missing soldier.

Persons: Travis King, King, Andrew Harrison, “, ”, ” Harrison, – Organizations: South Korea CNN, US Army, United Nations Command, UNC, Joint Security, Korean People’s Army, Seoul Foreign Correspondents, UN Command, CNN, American Airlines, Incheon International Airport, Incheon, Security Locations: Seoul, South Korea, North Korea, North, Korean, United States, Korea, Bliss, Texas

☆ North Korea Stays Silent on U.S. Soldier Who Fled Into the Country
▼ + stars: | 2023-07-20 | by ( Choe Sang-Hun | More About Choe Sang-Hun | ) www.nytimes.com time to read: +1 min

North Korea has not yet responded to the mystery surrounding United States Army Pvt. Although North Korea has yet to acknowledge that it has Private King in its custody, given its past practices with other American detainees, much of its response will likely be determined by Mr. King’s motive. American soldiers who have deserted into North Korea in the past have been accepted as defectors who renounced capitalist ideology and have been allowed by the authorities in Pyongyang, the North Korean capital, to live in the country. Americans accused of illegal entry are held in detention and are sometimes released and expelled, or prosecuted and sentenced to hard labor. No matter the scenario, North Korea has treated such Americans as propaganda tools against the United States, and in some cases it has tried to use them as bargaining chips in negotiations with Washington, which has no formal diplomatic ties with the North.

Persons: Travis T, King Organizations: United States Army, Washington Locations: Korea, North Korea, Pyongyang, United States

U.S. officials said Thursday that they had no information on the whereabouts or condition of an Army soldier who crossed into North Korea without authorization and had not spoken to North Korean authorities about the incident. The soldier, Pvt. Travis T. King, was supposed to fly to Texas on Tuesday to face disciplinary actions for misconduct. But instead of boarding his flight at the international airport in Incheon, about 30 miles west of Seoul, he joined a civilian group that went to tour the joint security area between North and South Korea at Panmunjom, where he ran across the border and was taken into custody by North Korean forces. John Kirby, a spokesman for the National Security Council, said the administration is “doing everything we can” to determine the soldier’s condition and “making it clear that we want to see him safely and quickly returned to the United States and to his family.”But winning Private King’s release — and learning about his status — is greatly complicated by a deep diplomatic freeze between the United States and North Korea, which technically remain at war.

Persons: Travis T, John Kirby Organizations: Army, North, National Security Council Locations: North Korea, Texas, Incheon, Seoul, North, South Korea, Panmunjom, North Korean, United States

☆ What We Know About How a U.S. Soldier Ended Up in North Korea
▼ + stars: | 2023-07-19 | by ( Choe Sang-Hun | More About Choe Sang-Hun | ) www.nytimes.com time to read: 1 min

The world was shocked on Tuesday when a United States soldier willfully and illegally crossed the inter-Korean border during a group tour of the Demilitarized Zone, or DMZ, becoming the latest American citizen to be held in custody by North Korea. Travis T. King, remains unknown, and U.S. officials said they were working with their North Korean counterparts to have him released. North Korea has yet to issue a statement about the incident. The United States has no diplomatic ties with North Korea and technically remains at war with the isolated communist country. Few details are available about Private King, including when he first arrived in South Korea, where 28,500 American troops are based.

Persons: Travis T, King, Travis King Organizations: United, North Korean, North Locations: United States, North Korea, Korea, South Korea

☆ What do we know about the US solider in North Korea?
▼ + stars: | 2023-07-19 | by ( Brad Lendon | ) edition.cnn.com time to read: +7 min

Seoul, South Korea CNN —For the first time in decades a US soldier is believed to be in North Korean custody. The US Army has identified the soldier who crossed the demarcation line into North Korea on Tuesday as Pvt. The last American known to be held by North Korea was Bruce Byron Lowrance, who, according to North Korean state-run media, crossed from China into North Korea. While in North Korea, he appeared in propaganda films, taught North Korean spies English and spent up to eight hours a day studying the writings of North Korean leaders. He was allowed to leave North Korea in 2004, two years after his wife, a Japanese national who was kidnapped from her home in Japan in 1978, was allowed to leave North Korea under a deal between Pyongyang and Tokyo.

Persons: Travis King, King “, ”, “, Isaac Taylor, King, Bryce Dubee, Donald Trump, Kim Jong Un, Trump, Bruce Byron Lowrance, Lowrance, Otto Warmbier, Warmbier, Charles Jenkins, Jenkins Organizations: South Korea CNN —, US Army, Joint Security, Democratic, Korean People’s Army, ” US Forces, 6th Squadron, 1st Cavalry Regiment, 1st Brigade Combat, Armored Division, Joint Security Area, US Navy, Swedish Embassy, Pyongyang, United Nations Command, Central Intelligence Agency, US, North Locations: Seoul, South Korea, North, United States, Korea, Pyongyang, North Korea, Korean, Democratic People’s Republic of Korea, ” US Forces Korea, Fort Bliss , Texas, South, Washington, Busan, Japan, Swedish, China, American, Tokyo

A bottle of syrup made from Siberian berries, legions of dirty socks and a military-issued tea bag stamped with “For Victory!”For Ukrainian soldiers, one advantage of achieving at least creeping advances in the now month-old counteroffensive in southern Ukraine is appropriating ready-made fortifications from the retreating Russians, who in months of preparations dug deep, well-protected trenches. For the Ukrainians, eerily enough, it also means living and fighting in positions long held by the Russians — with a huge sprawl of military debris and personal items of Russian soldiers scattered about. “It’s not very pleasant,” said Pvt. Maksim, a soldier with Ukraine’s 36th Marine Brigade, who has collected a number of curiosities, including what he thinks was a talisman: several bullets covered in sparkles and attached to a key ring.

Persons: “, ” Organizations: 36th Marine Brigade Locations: Ukraine

MUMBAI, June 27 (Reuters) - Goswami Infratech, a Shapoorji Pallonji group entity, closed India's largest debt issue from a low-rated company on Tuesday, signalling growing interest in high-yielding debt from local and global private credit funds, bankers and fund managers said. Goswami Infratech accepted bids worth 143 billion rupees ($1.74 billion), including from Edelweiss Special Opportunities Fund, Davidson Kempner, Ares Capital Management, Varde Partners and Cerberus Capital Management, the bankers said. "We are seeing money coming in from global asset managers, international development financial institutions and large pension funds in Indian private credit funds," said Vineet Sukumar, founder of Vivriti Asset Management, which also manages a private credit fund. Two recent changes in regulation have also provided a boost to private credit funds. The tweaks have led to more funds from high net worth individuals and family offices flowing into private credit funds, while elevated yields are further leading to attractive investment opportunities.

Persons: Goswami Infratech, Davidson Kempner, Sukumar, Ajay Manglunia, Saurabh Jhalaria, Karthik Athreya, Sundaram, Dharamraj Dhutia, Bhakti, Sohini Goswami Organizations: Edelweiss, Fund, Ares Capital Management, Varde Partners, Cerberus Capital Management, Deutsche Bank, Standard Chartered Bank, Ares, Vivriti Asset Management, JM Financial, EY, Asset Management, Thomson Locations: MUMBAI, India

☆ Byju's CEO assures company's compliance after raids over alleged forex law violations
▼ + stars: | 2023-04-30 | by ( Aditya Kalra | ) www.reuters.com time to read: +2 min

India's Enforcement Directorate raided three premises linked to the company on Saturday over alleged foreign exchange law violations. The searches revealed that Byju's parent firm Think & Learn Pvt Ltd had received foreign direct investment of nearly 280 billion rupees ($3.43 billion) between 2011 and 2023, the agency said on Saturday. The agency also said that the company remitted 97.5 billion rupees to various foreign jurisdictions between 2011 and 2023 in the name of overseas direct investments. In the internal memo, Raveendran said that the company had sent some money overseas to fund its international acquisitions. The company had taken all efforts to comply with foreign exchange laws and all cross-border transactions were routed through regular banking channels, he added.

☆ CEO of India's Byju assures company's compliance after raids over alleged forex law violations
▼ + stars: | 2023-04-30 | by ( ) www.cnbc.com time to read: +1 min

Byju Raveendran, founder and chief executive officer of Think and Learn Pvt., speaks during the Credit Suisse Asian Investment Conference in Hong Kong on March 26, 2019. Indian education platform Byju's CEO is confident that the country's financial crime-fighting agency will find the company compliant after raids on its premises over suspected breaches of foreign exchange laws, according to an internal memo. Byju's is one of India's biggest startups, once valued at $22 billion. It has attracted global investors such as General Atlantic, BlackRock and Sequoia Capital, which have invested in the company over the years. Byju's did not respond immediately to a request for comment.

☆ India's Reliance, Adani among 49 bidders for debt-ridden Future Retail
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +1 min

Reliance Retail, part of Ambani's Reliance Industries Ltd (RELI.NS) as well as April Moon Retail Pvt Ltd, a joint venture between Flemingo group and Gautam Adani-led Adani Airport Holdings, have submitted expressions of interest (EoIs), an exchange filing by Future Retail showed. Other entities that have submitted EOIs include London-based retailer WH Smith (SMWH.L), a consortium led by U.S.-based restructuring firm Gordon Brothers, J.C. Flowers Asset Reconstruction, India's Jindal Power, and individual investor Harsha Vardhan Reddy. Reliance Retail, Jindal Power, J.C. Flowers, WH Smith and Gordon Brothers did not immediately respond to emails seeking comment.

☆ India's PhonePe launches e-commerce app on government's open network
▼ + stars: | 2023-04-04 | by ( Varunvyas Hebbalalu | ) www.reuters.com time to read: +1 min

REUTERS/Saumya KhandelwalBENGALURU, April 4 (Reuters) - Walmart Inc-backed (WMT.N) digital payments firm PhonePe Pvt Ltd launched an app called Pincode on the Indian government's open network on Tuesday to strengthen its e-commerce business. The Open Network for Digital Commerce (ONDC) was launched last year to enable small merchants and local stores across India to access processes and technologies typically deployed by large e-commerce platforms like Amazon (AMZN.O) and Walmart (WMT.N). Pincode, which will focus on hyperlocal commerce, is currently live only in Bengaluru and available on the Google Play Store and the App Store, PhonePe said in a statement. PhonePe already has an e-commerce platform, called Switch, on its app, which offers services including food delivery, grocery shopping, travel, hotel booking, retail fashion and healthcare. India's most valuable payments firm, PhonePe had raised $200 million from majority-backer Walmart in a pre-money $12 billion valuation in March.

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