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<ul class="summary-list"><li>A Ukrainian drone commander says his unit can use $100 million to carry out 5,000 lethal strikes, per The Atlantic.</li><li>That's about $20,000 spent per kill on Russian forces over a year, per the commander's figures.</li></ul>A drone unit commander in Ukraine hopes to persuade the US to keep sending aid to Kyiv by showing how cost-effective supporting the war effort can be for the West, The Atlantic reported.In an <a target="_blank" class="" href="https://www.theatlantic.com/ideas/archive/2024/09/ukraine-losing-war/680078/">article</a> published on Monday, the magazine's Karl Marlantes and Elliot Ackerman wrote that a drone commander of the 92nd Assault Brigade showed them presentation slides about the cost of loitering munitions used by his squad.The big takeaway was that, on average, for each $20,000 spent on his unit, Ukraine could score one kill on Russian forces.Here's how the math works out. According to The Atlantic's writers, the commander's slides said that a drone unit funded with $100 million could stay on the battlefield for a full year, carrying out 5,000 lethal strikes.The commander, nicknamed "Achilles," posited that such a cheap cost would be a boon for Western leaders hoping to contain Russia and consequently undermine threats from China and Iran.For context, the US spends about $3,000 making one unguided 155mm shell, which is one of the most used artillery munitions in the war. A GPS-guided shell — including those supplied to Ukraine — <a target="_blank" class="" href="https://www.businessinsider.com/cost-key-us-weapons-artillery-shells-for-ukraine-is-soaring-2024-3">could cost up to $100,000 per round</a>, according to government figures released this year on weapons expenses from 2022.The <a target="_blank" class="" href="https://www.businessinsider.com/amid-ukraine-war-us-army-seeking-new-tank-killing-drone-2023-8">Switchblade,</a> the lethal drone being used by the US military, costs about $58,000 each on paper. Some, like <a target="_blank" class="" href="https://www.19fortyfive.com/2023/07/the-u-s-army-wont-buy-anymore-switchblade-300-kamikaze-drones/">defense writer David Hambling</a>, estimate that its actual price is likely about $80,000 apiece when factoring in training and supplementary parts.Per The Atlantic, "Achilles" hopes his argument can help galvanize US leaders into thinking that more support for Ukraine makes financial sense.The commander is based out of Kharkiv, according to his <a target="_blank" class="" href="https://t.me/fedorenkoys/548">Telegram channel</a>, which publishes clips of his drones attacking Russian forces and equipment.Ukraine has long said that it relies heavily on Western aid to defend itself against Russia and that it needs far more to win the war.But <a target="_blank" class="" href="https://www.businessinsider.com/ukraine-western-aid-key-victory-not-confident-receiving-polls-2024-3">there are fears</a> that Washington's equipment donations won't last as the conflict drags on, and as <a target="_blank" class="" href="https://www.businessinsider.com/which-house-republicans-voted-against-ukraine-russia-aid-2024-4">Capitol Hill's collective political will</a> to support Kyiv wanes. President Joe Biden signed an executive agreement in June <a target="_blank" class="" href="https://www.businessinsider.com/biden-ukraine-security-deal-hollow-pledge-putin-ceasefire-russia-us-2024-6">pledging to back Ukraine for 10 years</a>, but it's the sort of deal that can be canceled by any future president.Presidential candidate Donald Trump, for one, has openly expressed <a target="_blank" class="" href="https://www.businessinsider.com/trump-touts-russia-army-history-justify-deal-putin-over-ukraine-2024-9">disdain at the idea of fueling Ukraine's fight</a>, saying he'd prefer to strike a deal with Russian leader Vladimir Putin.According to the Kiel Institute for the World Economy, aid to Ukraine fell to its lowest level since the war began in <a target="_blank" href="https://www.ifw-kiel.de/publications/news/ukraine-support-tracker-new-aid-drops-to-lowest-level-since-january-2022/">December 2023</a><a target="_blank" class="" href="https://www.ifw-kiel.de/publications/news/ukraine-support-tracker-new-aid-drops-to-lowest-level-since-january-2022/">,</a> though several aid packages totaling at least $16 billion have since been announced by the Biden administration.In February, Ukraine's then-military chief, Valerii Zaluzhnyi, <a target="_blank" class="" href="https://www.businessinsider.com/ukraine-army-chief-zaluzhnyi-russia-declining-support-west-win-technology-2024-2">called for a mindset shift</a> away from a reliance on Western aid and instead toward cheap drones.<div type="image" title="Ukrainian soldiers inspect drones during a handover from a volunteer organization in Lviv in September." height="4024" width="6048" msid="113899285" hostid="261" sizebytes="2981402"></div>"We must contend with a reduction in military support from key allies, grappling with their own political tensions," wrote Zaluzhnyi, who at the time was facing rumors of being fired. He was replaced several days later by Oleksandr Syrskyi.Meanwhile, Kyiv has been trying to shore up the gap by accelerating its domestic defense manufacturing industry, producing its own missiles, artillery systems, and drones.Quantity, not quality, has been the focus of its drone manufacturing, Ukraine's minister of strategic industries, <a target="_blank" class="" href="https://www.businessinsider.com/ukraine-makes-homemade-weapons-needs-more-of-key-ingredient-official-2024-7">Oleksandr Kamyshin, told Business Insider's Jake Epstein in July.</a>Ukrainian President Volodymyr Zelenskyy said on Tuesday that the country is now capable of producing <a target="_blank" class="" href="https://www.businessinsider.com/biden-announces-3bn-dollar-ukraine-security-package-biggest-so-far-2022-8">4 million drones per year.</a>

Ukraine gives the US a sweet deal with one dead Russian soldier for every $20,000 spent on drones, unit commander says

<keyword id="12792045" type="General" weightage="100" keywordseo="Future-Lifestyle" source="Orion">Future Lifestyle</keyword> Fashions Ltd has received a total claim of Rs 2,155.53 crore from 12 financial creditors in the <keyword id="5961445" type="General" weightage="20" keywordseo="corporate-insolvency-resolution-process" source="Orion">corporate insolvency resolution process</keyword> (CIRP) initiated against this Future group company recently. The resolution professional of the company has provisionally admitted claims of Rs 2,117.03 crore and claims worth Rs 38.5 crore are "under verification", said the latest data shared by Future Lifestyle Fashions Ltd (<keyword id="1567510" type="General" weightage="80" keywordseo="flfl" source="Orion">FLFL</keyword>) on the exchanges. As per the provision of the Insolvency &amp; Bankruptcy Code, a Committee of Creditors (CoC) of FLFL has been formed and it will have its first meeting next week. "We wish to inform you that the first meeting of CoC of Future Lifestyle Fashions Limited (under CIRP) will be held on Tuesday, June 6, 2023," it said. On May 4, the Mumbai bench of the National Company Law Tribunal(NCLT) had directed to initiate CIRP against FLFL, admitting a petition from Bank of India. This is the third company of the <keyword id="6361562" type="General" weightage="50" keywordseo="kishore" source="Orion">Kishore</keyword> Biyani-led Future Group to be dragged into CIRP by its creditors for defaulting on loans. Its flagship firm <keyword id="1636009" type="General" weightage="50" keywordseo="future-retail-ltd" source="Orion">Future Retail Ltd</keyword> and logistics and infra arm Future Enterprises are already facing insolvency proceedings. FLFL was considering asset monetisation to pare its debts, however, it did not materialise. It had entered into a One Time Restructuring (OTR) Plan with lenders also. The company has in-house retail chains Central and Brand Factory, exclusive brand outlets (EBOs) and other multi-brand outlets (MBOs) of nearly a dozen apparel labels, including Lee Copper, Champion, aLL, Indigo Nation, Giovani, John Miller, Scullers, Converse and Urbana in its portfolio. According to the regulatory filing, State Bank of India leads the CoC of FLFL with 22.51 per cent voting share. It had an admitted loan of Rs 476.59 crore. It is followed by Centbank Financial Services Ltd, a debenture trustee, having 21.01 per cent voting share with admitted claims of Rs 444.76 crore. The petitioner Bank of India has a 19.71 per cent voting share with admitted claims of Rs 417.33 crore and Bank of Baroda has a 14.02 per cent voting share with an admission of Rs 296.79 crore of claims. FLFL was part of the 19 group companies operating in retail, wholesale, logistics and warehousing segments, which were supposed to be transferred to <keyword id="58448" type="General" weightage="50" keywordseo="reliance-retail" source="Orion">Reliance Retail</keyword> as part of a Rs 24,713-crore deal announced in August 2020. The deal was called off by billionaire Mukesh Ambani-led Reliance Industries Ltd in April. After that, Future Group companies had several defaults on payments. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/meta-unveils-vr-headset-quest-3-ahead-of-apples-wwdc-event/articleshow/100698048.cms">Meta unveils VR headset 'Quest 3' ahead of Apple’s WWDC event</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/2-in-3-indian-screenwriters-lament-lack-of-pay-incentives/articleshow/100700189.cms">Behind the scenes: 2 in 3 Indian screenwriters lament lack of pay incentives</a>

Future Lifestyle Insolvency: RP receives claims of ₹2,155.53 cr from financial creditors

<ul><li><keyword id="18635" type="General" weightage="20" keywordseo="amazon" source="Orion">Amazon</keyword> has reportedly alleged that <keyword id="375475" type="General" weightage="20" keywordseo="future-retail" source="Orion">Future Retail</keyword> transferred $939 million as a capital advance to a company controlled by the founder Kishore Biyani.</li><li>Another $575 million was transferred into an unusual rental security deposit and advances were made to suppliers.</li><li><keyword id="23644" type="General" weightage="20" keywordseo="Future" source="Orion">Future</keyword> Retail says that the transactions were a part of public disclosures made by the company as a part of standard governance practices.</li></ul>Amazon, which is trying to prevent Reliance Industries from taking over the retail assets of Kishore Biyani-led <keyword id="44949" type="General" weightage="20" keywordseo="future-group" source="Orion">Future Group</keyword>, has reportedly made a fresh set of allegations against Future Retail. The ecommerce giant has reportedly accused Future Retail of diverting $1.5 billion from its account to other companies. As per a report by Bloomberg, Amazon has alleged that Future Retail transferred 70 billion Indian rupees, which is close to $939 million at current conversion rate, in the financial year March 2020 as a capital advance to a company controlled by the founder Kishore Biyani. This was a payment for the goods and services purchased by the related firm. Future Retail said that the transactions were a part of public disclosures made by the company as a part of standard governance practices. There is nothing new that is being brought to notice here, “except for false speculations being created out of selective excerpts,” the company’s representative told Bloomberg. The ecommerce giant has written, as per the report, to Indian finance minister Nirmala Sitharaman, Reserve Bank of India (RBI) governor Shaktikanta Das, market regulator Securities and Exchange Board of India (SEBI) and several other authorities, seeking an investigation into Future Retail. The copy of the letter was<a href="https://www.bloomberg.com/news/articles/2021-11-25/amazon-alleges-1-5-billion-diverted-from-indebted-future-retail"> seen </a>by Bloomberg, which first reported the development. Business Insider has shared a detailed list of questions to Amazon and Future Retail. The copy would be updated if and when they respond. Amazon has also alleged, as per the Bloomberg report, that Future Retail created an unusual rental security deposit and made advances worth 43 billion ($575 million, at current conversion rate) Indian rupees to suppliers in the same year even though its business had slumped and it was shutting down stores. “Significant amounts may have been diverted from Future Retail…,” Amazon reportedly said, adding that a part of these transactions can help Future Retail immediately repay the outstanding debt owed to banks and creditors. The legal battle between Amazon and Future Retail dates back to August 2020, after Mukesh Ambani-led Reliance Retail agreed to buy Future Group’s retail, wholesale and warehousing assets for ₹24,713 crore. Amazon — which held about 3% stake in Future Retail through its 49% shareholding in Future Coupon — objected to the deal, saying that it had barred Future Group from getting into any retail agreement with 11 companies, including Reliance. The <a href="https://www.businessinsider.in/retail/news/amazon-wins-supreme-court-case-against-mukesh-ambani-reliance-retail-and-kishore-biyanis-future-group/articleshow/85092072.cms">Supreme Court of India in August</a> upheld the emergency award given to Amazon by Singapore International Arbitration Centre (SIAC), which considered the Future and Reliance deal invalid. The case is still pending before India’s Supreme Court. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/foreign-investors-have-pulled-out-nearly-7-billion-in-the-last-two-months-and-over-12-billion-since-april-this-year/articleshow/87927351.cms" data-type="tilCustomLink">Foreign investors have pulled out nearly $7 billion in the last two months, and over $12 billion since April this year</a> <a href="https://www.businessinsider.in/stock-market/news/foreign-investors-have-pulled-out-nearly-7-billion-in-the-last-two-months-and-over-12-billion-since-april-this-year/articleshow/87927351.cms" data-type="tilCustomLink">From Nykaa to Cipla to 3i infotech — these are some of the themes the market is betting on amid a sell-off</a> <a href="https://www.businessinsider.in/stock-market/news/pvr-inox-mainland-china-barbeque-nations-share-price-falls-due-to-new-covid-19-variant/articleshow/87925164.cms" data-type="tilCustomLink" style="">Shares of PVR, INOX, Burger King, Barbeque Nation tumble as investors panic over the new COVID-19 variant</a>

Future Retail denies Amazon’s allegation that it diverted $1.5 billion to other businesses

Irked over truckload of bulky documents filed by parties in a batch of petitions arising out of the Amazon-Future Retail case (Reliance Industries acquisition deal with Future Retail), the Supreme Court Tuesday asked whether the purpose was just to drag on or harass the judges and sought a common small compilation of documents. A bench comprising Chief Justice N V Ramana and Justice A S Bopanna and Hima Kohli asked the counsel for parties to file small volume of documents so that the matter can be disposed of, and fixed the case for hearing on December 8. I am sorry to say to all of you. What is the fun in filing 22-23 volumes of records. How many documents both sides have filed repeatedly and is it the purpose of just dragging on or otherwise to harass the judges, said the CJI. It is completely unnecessary, senior advocate Harish Salve, appearing for the Future group, said and suggested that both sides can discuss and file a common document along with short written notes. There is a problem in locating the volume, the bench said, adding Give us some time. Do one thing. Can you make a small compilation of these documents which you are relying upon. Truckload of volume has been filed yesterday . Meanwhile, the bench allowed the IDBI trusteeship, which had moved the apex court seeking to de-freeze Future Retail shares pledged to it, withdrew its plea and said that it will go to the Delhi High Court with its plea. The pledged shares have been attached at the orders of the high court, senior advocate N K Kaul said, adding that since the apex court had barred the high court from proceeding with the case, the IDBI trusteeship has failed to access its shares. On November 11, the top court judge Justice Hima Kohli had offered to recuse herself from hearing the pleas, saying she and her family members have shares in Reliance Industries Ltd group firms, one of the interested parties to the litigation. We have no objection, said a battery of lawyers appearing for parties Amazon, Future Retail Limited (FRL) and Future Coupons Private Ltd (FCPL). The top court was hearing a fresh petition of Future Group against the Delhi High Court's recent order declining its plea for stay on an arbitration tribunal decision refusing to interfere with the Singapore International Arbitration Centre's (SIAC) Emergency Award (EA) which restrained it from going ahead with the Rs 24,731 crore merger deal with Reliance Retail. The bench was also hearing a counter plea by Amazon, seeking to restrain the regulators from approving the merger deal. It said the last order was passed with the consent of the parties that the regulatory authorities will not approve the merger deal without prior nod from the top court. The dispute over the merger deal has seen several rounds of litigation after SIAC passed the EA in favour of the US firm on October 25, 2020 staying the merger. On October 21 this year, a duly-constituted panel of arbitrators at SIAC reiterated the decision of the EA. Then on October 29, the Delhi High Court declined Future Group's plea for stay on the arbitration tribunal order refusing to interfere with the EA which restrained it from going ahead with the Rs 24,731 crore merger deal with Reliance Retail. The high court sought response from Amazon which had challenged the merger before the SIAC, and listed the appeals by FCPL and FRL for further hearing on January 4, 2022. FRL and FCPL moved the top court recently against the order with fresh pleas. Kishore Biyani and 15 others including FRL and FCPL have been embroiled in a series of litigations with Amazon, an investor in FCPL, over the deal with Reliance. Following the EA, subsequently, a three-member arbitral tribunal was constituted to decide the issues arising from the deal. On September 9, the apex court had stayed for four weeks all proceedings before the high court in relation to the implementation of the EA and also directed statutory authorities like National Company Law Tribunal (NCLT), Competition Commission of India (CCI) and Securities and Exchange Board of India (Sebi) not to pass any final order related to the merger deal in the meantime. Subsequently, the arbitration tribunal under the SIAC rejected on October 21 the FRL plea to lift the interim stay granted by its EA on October 25 last year, observing that "the Award was correctly granted". Amazon had dragged Future Group to arbitration at SIAC in October last year, arguing that FRL had violated their contract by entering into the deal with rival Reliance. The FRL and FCPL had moved the top court against the high court order of August 17 which said that it would implement the earlier order by its single-judge restraining FRL from going ahead with the deal in pursuance of the EA's award. The high court had said that in the absence of a stay, it would have to enforce the order passed by its single judge, Justice J R Midha, on March 18. On March 18, besides restraining FRL from going ahead with its deal with Reliance Retail, the court had imposed costs of Rs 20 lakh on the Future Group and others associated with it and ordered attachment of their properties. On August 6, the Supreme Court gave the verdict in favour of Amazon and held that EA award, restraining the Rs 24,731 crore FRL-Reliance Retail merger deal, is valid and enforceable under Indian arbitration laws. The apex court had also set aside the two orders of February 8 and March 22 of the division bench of the Delhi High Court order which had lifted the single-judge's orders staying the FRL-RRL merger. A bench headed by Justice R F Nariman, since retired, had dealt with the larger question and held that an award of an EA of a foreign country is enforceable under the Indian Arbitration and Conciliation Act. SEE ALSO <a href="https://www.businessinsider.in/business/telecom/news/jio-is-slowing-down-in-the-race-to-500-million-subscribers/articleshow/87862415.cms" data-type="tilCustomLink">Jio is slowing down in the race to 500 million subscribers – a goal set by none other than Mukesh Ambani</a> <a href="https://www.businessinsider.in/business/startups/news/nobroker-is-the-38th-indian-startup-to-be-valued-over-a-1-billion-in-2021/articleshow/87867289.cms" data-type="tilCustomLink">NoBroker is the 38th Indian startup to be valued over a billion dollars this year</a> <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-hikes-tariffs-by-up-to-500-for-its-popular-plans/articleshow/87864183.cms" data-type="tilCustomLink">Vodafone Idea hikes tariffs by up to ₹500 for its popular plans</a>

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Ukraine gives the US a sweet deal with one dead Russian soldier for every $20,000 spent on drones, unit commander says

Matthew Loh

Future Lifestyle Insolvency: RP receives claims of ₹2,155.53 cr from financial creditors

PTI

Future Retail denies Amazon’s allegation that it diverted $1.5 billion to other businesses

Kritti Bhalla

Amazon vs Future — 'Why file voluminous records, to drag the case or harass judges?' asks Supreme Court

PTI

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