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<ul class="generic-article__summary--ul content--ul"><li class="generic-article__summary--li content--li"><keyword id="176803" type="PERSON" weightage="20" keywordseo="Saffronart">Saffronart</keyword> to help auction assets seized from alleged perpetrators in Punjab National Bank scandal.</li><li class="generic-article__summary--li content--li">The items include artworks, Hermes handbags, a Rolls-Royce and limited-edition watches. </li></ul>The Punjab National Bank scandal is likely to cost India’s second largest state-owned lender about US$2 billion. Sale of assets seized from the alleged perpetrators including diamond designer <keyword id="571991" type="PERSON" weightage="20" keywordseo="Nirav-Modi">Nirav Modi</keyword>, starting this month, suggests a long road to recovery. Through the Enforcement Directorate, the agency responsible for fighting economic crime in India, the government has engaged Mumbai-based Saffronart to auction a litany of luxury goods to recoup its losses. The list includes prized artworks by Indian and Chinese painters, Hermes’ Birkin and Kelly handbags and a Jaeger-LeCoultre watch in platinum. A <keyword id="925742" type="COMPANY" weightage="20" keywordseo="Rolls-Royce-Ghost">Rolls-Royce Ghost</keyword> and a Porsche Panamera S are also going under the hammer. An on-site live auction is set for February 27 and an online bidding on March 3 and 4, with both events expected to raise US$5.7 million and US$7.1 million, respectively, the auction house estimated in an email to the Post on Wednesday. “These works are of significant interest to strong collectors and connoisseurs of Indian and Chinese art,” said Dinesh Vazirani, CEO and co-founder of Saffronart, which has conducted 250 auctions over its 20-year history. “In terms of interest, the bags and cars have a much wider appeal.” Diamond jewellery designer <keyword id="740578" type="DOMAIN" weightage="20" keywordseo="Nirav">Nirav</keyword> Modi fled India in 2018 after the Punjab National Bank scandal broke out. Photo: Mint via Getty Images Modi fled the country in early 2018, days before the scandal broke out revealing the issuance of letters of understanding for trade that bypassed Punjab National Bank’s internal controls. The Enforcement Directorate has since attached at least US$1 billion worth of assets belonging to Modi and other people charged in the case. Modi is being remanded in the UK’s Wandsworth prison until February 27 as he fights an extradition in a trial that is set to begin in May, according to an Economic Times <a href="https://economictimes.indiatimes.com/news/politics-and-nation/pnb-fraud-case-nirav-modi-to-appear-for-remand-hearing-in-uk/articleshow/73761275.cms" target="_blank" class="link-text">report</a>. on January 30. In another UK courtroom, <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> is appealing against his extradition as India’s government seeks to recover loans tied to the collapse of his <keyword id="6373962" type="COMPANY" weightage="20" keywordseo="kingfisher-airlines">Kingfisher Airlines</keyword>, the Hindustan Times reported on Wednesday.<h4 style="margin-top: 0.714286rem; margin-bottom: 1.42857rem; font-variant: inherit; font-stretch: inherit; font-size: 2rem; line-height: 2.42857rem; font-family: Roboto, sans-serif; vertical-align: baseline; display: inherit;"></h4>The two cases bear some semblance to some of <keyword id="21718" type="LOCATION" weightage="20" keywordseo="Asia">Asia</keyword>’s biggest corporate scandals. Low Taek Jho has been in hiding since the US$4.5 billion scandal involving the looting at a Malaysian state investment fund. Carlos Ghosn fled to Lebanon after being charged for alleged financial misconduct while helming Japanese carmaker Nissan Motor. For India, they are emblematic of the state of its banking industry. Years of poor lending controls, weak recoveries and occasional frauds have saddled the financial system with ever more soured loans. The country’s 42 commercial banks collectively wrote off 2.12 trillion rupees (US$29.7 billion) of bad loans in 2018-19, the <a href="https://www.business-standard.com/article/finance/india-s-banks-wrote-off-rs-2-trillion-worth-of-bad-loans-in-2018-19-119112900099_1.html" target="_blank" class="link-text">Business Standard reported</a> , citing official data released in parliament. That was 42 per cent higher than a year earlier, and equivalent to about one-fifth of their non-performing assets, it said. For Saffronart, its business can do with some stamp of recognition. The government last year engaged the firm to auction a cache of works by Indian and Chinese artists, raising almost US$8 million for the tax recovery department. Saffronart has set the industry standard for the process of valuation for artworks and collectibles, Vazirani said, “based on expertise and data analytics.”

Nirav Modi, Punjab National Bank scandal, Rolls-Royce and the rise of a Mumbai auction house

As per an internal report of India’s biggest lender, the <keyword id="6354731" type="CITY" weightage="100" keywordseo="State-Bank-Of-India">State Bank of India</keyword> (<keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword>), there is little hope left of recovering anything substantial from the <keyword id="6373962" type="CITY" weightage="100" keywordseo="Kingfisher-Airlines">Kingfisher Airlines</keyword>. The report says that SBI should expect a hit of about Rs 900 crore because of the bad debts in the grounded airlines.SBI leads a consortium of 14 banks that the Vijay Mallya-promoted airline owes money to and the loans are worth more than Rs 5,000 crore, excluding accrued interest, out of which SBI has a fund-based exposure of over Rs 1,200 crore. "It is the policy of the bank not to comment upon individual accounts and its treatment" an SBI spokesperson told <a href="http://economictimes.indiatimes.com/industry/banking/finance/banking/sbi-now-expects-to-recover-only-part-of-kingfisher-dues-to-take-hit-of-rs-900-crore/articleshow/59008488.cms">ET</a>. As of now, <keyword id="6373968" type="PERSON" weightage="100" keywordseo="Mallya">Mallya</keyword> is in the UK and the Indian government has been fighting tooth and nail to extradite him, so that he can be put under trial for cases related to the airline's loan defaults. Mallya, however, has denied any wrongdoing.Banks now expect to recover about Rs 1,100 crore through the sale of pledged assets that are valued at Rs 1,565 crore, including Mallya's <keyword id="6360137" type="CITY" weightage="100" keywordseo="kingfisher">Kingfisher</keyword> villa in Goa. The villa was sold for Rs 73 crore in April as against the pegged market value of Rs 85 crore. "There are no takers for the Kingfisher Airlines brands which are valued (at) Rs 7-315 crore." a senior bank executive said. "Forget about brands, we have so far have struggled to sell even the real estate assets, such as <keyword id="861838" type="UNKNOWN" weightage="100" keywordseo="Kingfisher-House">Kingfisher House</keyword>, Mumbai."

Lost hopes! SBI expects to recover only part of Kingfisher loans

Mumbai’s <keyword id="861838" type="UNKNOWN" weightage="100" keywordseo="Kingfisher-House">Kingfisher House</keyword>, which used to be <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>'s flagship properties, is being auctioned online today by an arm of <a href="http://www.businessinsider.in/SBI-wants-Vijay-Mallya-arrested/articleshow/51240258.cms">State Bank of India</a>, one of the many banks that Mallya <a href="http://www.businessinsider.in/Vijay-Mallyas-journey-from-a-businessman-to-a-fraudster/articleshow/51328653.cms">owes huge loans</a> to. 
 
The base price for the Andheri office has been fixed at Rs.150 crore, and the bank has already received at least 15 offers for the property. 
 
Also read: <a href="http://www.businessinsider.in/Vijay-Mallyas-personal-Airbus-jet-to-be-auctioned-to-recover-governments-dues/articleshow/51406790.cms">Vijay Mallya's personal Airbus jet to be auctioned to recover government’s dues</a> 
 
The auction is taking place a day before Mallya has been summoned as a part of an investigation related to his unpaid loans to the state-run bank, in which he would have to be present in person. 
 
However, since Mallya is reportedly living in the UK after <a href="http://www.businessinsider.in/A-little-too-late-Mallya-flew-out-of-India-before-banks-could-take-a-stay-order-against-him/articleshow/51323634.cms">fleeing the country</a>, it is certainly unknown if he would be coming to the investigations. 
 
<a href="http://timesofindia.indiatimes.com/thumb/msid-46361006,width-400,resizemode-4/46361006.jpg">Image source</a>

Mallya’s Kingfisher House in Mumbai now on auction by SBI for more than Rs 150 crore

In a bid to recover more than Rs 9,000 crore, the lenders have now put <a href="http://www.businessinsider.in/searchresult.cms?query=kingfisher+airlines&amp;sortorder=effectivedate">Kingfisher Airlines’ logo</a> on sale with a base price of Rs 366.7 crore. 
 
The lenders have scaled up their efforts to recover the corpus amount from <a href="http://www.businessinsider.in/searchresult.cms?query=VIJAY+MALLYA&amp;sortorder=effectivedate">Vijay Mallya.</a> The bids for the logo have to be submitted by April 30 and SBI Cap Trustee Co is in-charge of the auction process. 
 
“This is part of the 'sale of trademarks including the brand value of 'Kingfisher logo,” it stated. 
 
READ MORE: <a href="http://www.businessinsider.in/Vijay-Mallya-debt-fiasco-comes-to-some-good-use-for-Indian-business-schools/articleshow/51496588.cms">Vijay Mallya debt fiasco comes to some good use for Indian business schools</a> 
 
Also, brands and trademarks relating to the label mark of Kingfisher, Fly Kingfisher, the logo of the Flying Bird Device and the word mark 'Fly the Good Times' associated with KFA have been pledged with banks and will be for e-auction on April 30. 
 
However, there is a small catch as it is unclear how <a href="http://www.businessinsider.in/searchresult.cms?query=Heineken&amp;sortorder=effectivedate">Heineken</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=UNITED+BREWERIES&amp;sortorder=effectivedate">United Breweries</a> would take up the logo auction issue. As per reports, the trademarks and other promotional material surrounding the brand 'Fly the Good Times' belong to KFA and it is not clear how another beer company could use it. 
 
"There may not be any legal challenge in selling the brand, but there could be commercial challenges in terms of who would want to buy the brand," Prem Rajani, managing partner at Rajani Associates, a law firm, told ET. 
 
READ ALSO: <a href="http://www.businessinsider.in/Vijay-Mallyas-personal-Airbus-jet-to-be-auctioned-to-recover-governments-dues/articleshow/51406790.cms">Vijay Mallya's personal Airbus jet to be auctioned to recover government’s dues</a> 
 
Till now, banks have attempted to <a href="http://www.businessinsider.in/Mallyas-Kingfisher-House-in-Mumbai-now-on-auction-by-SBI-for-more-than-Rs-150-crore/articleshow/51438555.cms">sell Kingfisher House in Mumbai</a> but did not receive any bids since the base price of Rs 150 crore, too high for many. 
 
READ ALSO: <a href="http://www.businessinsider.in/Vijay-Mallyas-journey-from-a-businessman-to-a-fraudster/articleshow/51328653.cms">Vijay Mallya’s journey from a businessman to a fraudster</a> 
 
(Image: Indiatimes)

To recover dues, Kingfisher Airlines’ logo will also go under hammer

(Photo source: IANS) <ul><li><keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>, an <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>n liquor tycoon and the former boss of Kingfisher Airlines, will be extradited to India by order of a <keyword id="6354868" type="COUNTRY" weightage="20" keywordseo="UK">UK</keyword> court. </li><li>The allegations leveled against him include fraud, money laundering, and conspiracy. </li><li>He left India in 2016 in the middle of the investigation for the UK, a country where he is also a citizen. </li><li>He now has 14 days to file a appeal against the judgement but Central Bureau of Investigation has stated that they ‘hope to see him soon’. </li></ul>A UK court has approved the extradition of India’s liquor tycoon, Vijay Mallya, to India two years after he left India amid charges of fraud and money laundering. The former boss of the Kingfisher Airlines has 14 days to make an appeal against the judgement. The Central Bureau of Investigation (CBI) has released a statement following the order: “We hope to bring him soon and conclude the case. CBI has its own inherent strengths. We worked hard on this case. We are strong on law and facts and we were confident while pursuing extradition process.” The judgement was passed by the Chief Magistrate, Judge Emma Arbuthnot who stated that prima facie (on first impression) there is a case to be made against Mallya for fraud, conspiracy and money laundering. In recent weeks, Mallya has ‘offered’ to pay back what he owes to Indian banks. The allegations against fraud and money laundering amount to an estimated ₹90 billion. He maintains that these charges against him are ‘politically motivated’ and that he has done nothing wrong. According to the <a href="https://economictimes.indiatimes.com/news/politics-and-nation/mallya-extradition-case-arthur-road-jail-keeps-high-security-cell-ready/articleshow/67023180.cms">Economic Times</a>, there is a ‘high-security’ cell kept ready at the Arthur Road prison for Mallya. The same prison housed the 26/11 Mumbai attack terrorist, Mohammad Ajmal Kasab. See also: <a href="https://www.businessinsider.in/vijay-mallaya-wants-to-pay-back-100-public-money-that-he-embezzled-pleads-for-banks-to-take-it/articleshow/66950116.cms">Vijay Mallya wants to pay back '100% public money' that he embezzled, pleads for banks to take it</a> <a href="https://www.businessinsider.in/indias-corporate-fraud-investigation-agency-and-the-ceos-of-state-owned-banks-can-now-directly-prevent-scamsters-from-leaving-the-country/articleshow/66846397.cms">India’s corporate fraud investigation agency and the CEOs of state-owned banks can now directly prevent scamsters from leaving the country</a> <a href="https://www.businessinsider.in/india-takes-its-first-big-step-towards-avoiding-future-nirav-modi-vijay-mallya-like-scams/articleshow/65069668.cms">India takes its first big step towards avoiding future Nirav Modi, Vijay Mallya-like scams</a>

Indian liquor tycoon Vijay Mallya to be extradited — CBI ‘hopes to see him soon’

<ul class="summary-list"><li>A $20-million sky mansion sits on top of a 33-story luxury apartment complex in India.</li><li>The spectacular home was designed for businessman Vijay Mallya.</li></ul>Tycoons and business moguls are known for their extravagant and often eccentric housing choices. But one controversial business tycoon has taken luxury mansions to new heights — 400 feet, to be precise.Sitting on top of a 33-story luxury apartment complex in Bengaluru, India, this sky mansion is over 40,000 square feet with two floors, a helipad, lush gardens, an infinity swimming pool, and a 360-degree viewing deck.<div type="image" title="Mallya's mansion" height="413" width="647" msid="108732954" hostid="261"></div>Irfan Razac, the chairman of Prestige Estates Projects, which is part of a joint development agreement to construct the tower, <a target="_blank" href="https://www.livemint.com/Companies/65IM1NYBFFgqWAF2osxIUO/Vijay-Mallyas-20-million-sky-mansion-is-almost-ready-B.html">previously said of the project</a>: "It was a challenge to construct the mansion on a huge cantilever at that height, but we have ensured we build it exactly the way it was conceived."Prestige Constructions did not respond to a request for comment from Business Insider.The house has an estimated value of $20 million.Another spectacular home owned by India's superrich is <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/ambani-house-photos-altamount-road-mumbai-spa-parking-amenities-art-2024-3">the Ambani family's Mumbai tower, Antilia.</a> It cost an estimated $1 billion to build. It includes nine elevators, a 50-seat cinema, a full-service spa, a 168-car garage, and three helipads.The Ambani residence is 27 stories high, although its many double-height ceilings mean it's closer in height to a traditional 40-story building.<div type="image" title="The Antilia tower stands tall above the Mumbai skyline" height="853" width="1280" msid="108732955" hostid="261"></div>The sky mansion in Bengaluru, though, was designed for Indian businessman Vijay Mallya and is entirely separate from the apartments below.The apartment block, known as Kingfisher Towers, was built on a 4.5-acre plot of land that once housed Mallya's ancestral home.<h2>Vijay Mallya might never get to live in the mansion</h2>There's a real possibility that Mallya won't ever get to live in the sky mansion.Mallya was known as the "<a target="_blank" class="editor-rtfLink" href="https://www.ft.com/content/e14a6d5c-4c94-47fc-9635-a089841357f3">king of good times"</a> for his opulent lifestyle, according to The Financial Times, but in March 2016, he fled India after defaulting on debts of more than $1 billion and faced fraud charges. He sought refuge in the UK.When Mallya left, according to reports in the Indian media, his <a target="_blank" class="editor-rtfLink" href="https://www.gqindia.com/content/vijay-mallyas-soon-to-be-ready-penthouse-is-the-flashiest-house-in-bangalore">mansion in the sky </a>was still incomplete in 2017.<div type="image" title="Indian businessman Vijay Mallya arrives at the Royal Courts of Justice in London, Britain February 11, 2020. REUTERS/Simon Dawson" height="3850" width="5786" msid="108732956" hostid="261"></div>India has made numerous attempts to extradite the billionaire who made his fortune in the alcoholic beverages business under the popular Kingfisher brand. <a target="_blank" href="https://www.thedrinksbusiness.com/2023/12/row-in-india-over-brewery-giants-night-time-production/">According to recent statistics,</a> in India, the Kingfisher Strong beer brand had a market share of 36 percent and has extended its presence to 69 countries, including Japan, Canada, New Zealand, and Norway.Later in his career, Mallya tried his hand at the aviation industry and Formula 1 racing.In August of last year, when asked about the possible extradition of Mallya back to India, <a target="_blank" href="https://timesofindia.indiatimes.com/india/edcbinia-team-expedite-extradition-of-fugitives-in-the-uk/articleshow/106879099.cms">Tom Tugendhat, British Minister of State Security, told Press Trust of India that,</a> "We both have legal processes that must be gone through. But the UK government is absolutely clear, we have no intention of becoming a place where those who are seeking to evade justice can hide."<a target="_blank" class="editor-rtfLink" href="https://timesofindia.indiatimes.com/india/edcbinia-team-expedite-extradition-of-fugitives-in-the-uk/articleshow/106879099.cms">In January, The Times of India reported </a>that a delegation composed of representatives from India's Central Bureau of Investigation, Enforcement Directorate, and National Investigation Agency was set to visit the UK to expedite the extradition of some of India's most wanted fugitives who had taken refuge in the UK.On the list were defense dealer Sanjay Bhandari, diamond trader Nirav Modi, and Vijay Mallya.

A $20m mansion home was built on top of a 400ft skyscraper. The tycoon owner may never get to live in it.

<ul class="summary-list"><li>When another woman and I realized we both loved swimming, we began a ritual.</li><li>After yoga class we swim 500 meters down a river, and it feels almost spiritual.</li></ul>"Like I always say: You never regret a <a target="_blank" href="https://www.insider.com/more-efficient-swimming-workout-target-different-areas-of-the-body-2021-8">swim</a>."My friend Jacquie is climbing the ladder in front of me, beads of water dripping from the ends of her silver hair. She reaches for a pink <a target="_blank" href="https://www.insider.com/crocs-mega-crush-sandals-are-a-hit-with-millennial-moms-2023-5">pair of Crocs</a> and slips them on — she says the soles of her feet are too tender for the ladder rungs.Earlier that morning I'd taught yoga in the meadow behind our village pub, as I do every Wednesday from April to October. Afterward, Jacquie, the other women who attended my class, and I drank coffee in the pub garden. One by one the others excused themselves to get back to work or go home to clean up before their kids finished school.Then Jacquie and I put our yoga mats in our cars and walked down to the edge of the river, where we slid off our yoga pants and T-shirts to reveal our swimsuits. We shoved our clothes into our matching neon-orange dry bags, clipped their bands around our waists, and slid into the cool water.<h2>Our swimming ritual continued for 3 years</h2>We've been doing this for three years now, since I started <a target="_blank" href="https://www.insider.com/yoga-classes-solo-travel-mindfulness-culture-2023-11">teaching yoga</a> outdoors in 2021, just as England was opening back up after our original COVID-19 lockdown.I knew Jacquie's daughter from the school gates. For years Jacquie was just "Bryony's mom," a woman in her 70s I sometimes said hello to. Then she started coming to my class. After talking about how much we both love swimming, we decided one week we'd end class with a 500-meter paddle downstream to the jetty at the bottom of her own garden.The first summer we swam, I was in my late 30s and had just left the church I'd been part of for 10 years. Raised a preacher's daughter in the American South, I was taking apart decades of <a target="_blank" href="https://www.insider.com/making-new-holiday-traditions-with-wife-and-son-as-atheist-2022-12">religious beliefs</a> and finding a new faith I could live with as an adult. Jacquie, a farmer's daughter from Zimbabwe, had become a student of Buddhism in her early 50s after a breast-cancer diagnosis.As we'd drift down the river, we'd take turns pointing out the sound of wind blowing through the willow trees lining the banks or the herons and kingfishers swooping over our heads. Sometimes we'd end up in hysterics, laughing at how stupid we were for swimming in water so cold or at the chain-link fence one house erected that summer to keep the teenagers who use the river from trespassing.In awe of the <a target="_blank" href="https://www.businessinsider.com/why-spending-more-time-outside-is-healthy-2017-7">nature</a> around us and moved by our shared bravery, I started to see our swims as spiritual experiences.<h2>Our swims and our friendships have become sacred to me</h2>I'm 41 now; Jacquie is 77. I have two young sons; she has an adult daughter. A few of my friends are getting divorced; many of Jacquie's friends have died. I'm noticing my first wrinkles; Jacquie says that that ship has sailed and that the face you have after 40 is the face you deserve.That sense of wonder we experienced the first summer we swam hasn't worn off. I still see our swims as sacred experiences, and I feel lucky to have a friend who's <a target="_blank" href="https://www.insider.com/age-gap-best-friend-elderly-man-benefits-2023-11">older</a>, wiser, and so different from me, who's helped give me a new perspective from which to see the world and reminded me that aging is a privilege.Thanks to her — for the rest of my life, wherever I am — I'll always remember this: You never regret a swim.

My friend is 36 years older than me. Her perspective reminds me aging is a privilege.

The Federal Reserve begins its two-day meeting today. Ahead of Wednesday's rate hike decision, look out for my rundown of everything you want to know as the Fed makes its latest policy announcement. Today, though, I'm homing in on another front in the global markets story — specifically, Russia. Russia has stood up fairly well to sanctions so far this year, initially surprising experts and observers. But all of its maneuvering to isolate itself from the West amid measures to throttle the Kremlin's war financing could leave the country much worse off in the long run. Below, I'm breaking down what economic experts have to say about Russia and its economy half a year into its invasion of Ukraine. Let's get started. This post first appeared in 10 Before the Opening Bell, a newsletter by Insider that brings you the inside scoop on what traders are talking about — delivered daily to your inbox. Sign up <a href="https://www.businessinsider.com/subscription/newsletter/10-things-opening-bell?r=US&amp;IR=T">here</a>. Download Insider's app <a href="https://link.insider.com/click/27645591.160803/aHR0cHM6Ly93d3cuaW5zaWRlci5jb20vYXBwP25yX2VtYWlsX3JlZmVyZXI9MSZ1dG1fc291cmNlPVNhaWx0aHJ1JnV0bV9tZWRpdW09ZW1haWwmdXRtX2NvbnRlbnQ9T3BlbmluZ19iZWxs/62667762063d6b9bef0cffb3Bf9c9aa56">here.</a><a href="https://markets.businessinsider.com/news/commodities/russia-war-ukraine-sanctions-economy-growth-oil-gas-exports-revenue-2022-9"></a>1. Earlier in the year, Moscow's resilience in the face of sanctions had surprised analysts, but now experts say Russia's isolation from the West is setting up a <a href="https://markets.businessinsider.com/news/commodities/russia-war-ukraine-sanctions-economy-growth-oil-gas-exports-revenue-2022-9">disaster for its economy</a>. In retaliation of Western sanctions, Moscow has moved to shut out trade partners in the west, and is instead <a href="https://markets.businessinsider.com/news/commodities/russia-war-ukraine-sanctions-economy-growth-oil-gas-exports-revenue-2022-9">working exclusively with "friendly" nations</a> that can stomach doing business with a pariah state.Under Vladimir Putin's guidance, Russia has halted gas flows to Europe via the <a href="https://markets.businessinsider.com/news/commodities/putin-russia-will-restart-nord-stream-1-gas-flows-if-it-gets-turbines-2022-9?utm_medium=ingest&amp;utm_source=markets">Nord Stream 1 pipeline</a> and sold huge amounts of fuel supplies to China and India, causing EU policymakers to accuse Moscow of weaponizing energy. Official customs data showed China spent a record-breaking <a href="https://markets.businessinsider.com/news/commodities/china-record-russian-imports-oil-gas-coal-european-energy-crisis-2022-9">$8.3 billion importing Russian oil products</a>, gas, and coal in August.But experts told Insider's Jennifer Sor that, underneath that defiance, Russia's economy is withering. "What they propose to do is a <a href="https://markets.businessinsider.com/news/commodities/russia-war-ukraine-sanctions-economy-growth-oil-gas-exports-revenue-2022-9">recipe for long-term stagnation</a>," Yuriy Gorodnichenko, a UC Berkeley economist, told my colleague, drawing comparisons to other isolated nations like North Korea, Afghanistan, and Cuba. The International Monetary Fund forecasted that <a href="https://markets.businessinsider.com/news/commodities/russia-war-ukraine-sanctions-economy-growth-oil-gas-exports-revenue-2022-9">Russia's GDP will drop by 6%</a> this year, as oil and gas sales made up nearly half of its GDP in 2021. Plus, Russia's "boycotting" of the dollar — which accounts for 88% of global foreign exchange transactions — means it limits the markets it can operate with. "What happens is that [isolationism] reduces the number of products that [Russia] can buy," Jay Zagorsky, a markets professor at Boston University, told <a href="https://markets.businessinsider.com/news/commodities/russia-war-ukraine-sanctions-economy-growth-oil-gas-exports-revenue-2022-9">Insider</a>. "It can only buy Indian agricultural goods, it can only buy Chinese manufactured goods, that sort of thing. And when you limit yourself to one particular country you often end up <a href="https://markets.businessinsider.com/news/commodities/russia-war-ukraine-sanctions-economy-growth-oil-gas-exports-revenue-2022-9">not getting the highest quality</a>, or the best price."As of September, Russian seaborne oil exports <a href="https://markets.businessinsider.com/news/commodities/russia-oil-exports-europe-energy-crisis-asia-discount-india-saudi-2022-9">hit their lowest level in a year</a>, with discounted crude becoming a less attractive option for Asian customers in yet another sign of economic calamity. And once the EU embargo kicks in this December, Russia's energy sector could be left with an extra <a href="https://markets.businessinsider.com/news/commodities/russia-oil-exports-europe-energy-crisis-asia-discount-india-saudi-2022-9">2.2 million barrels per day</a> of spare oil to hand off. How might Russia navigate through its economic crisis? What would it take for Russia to jump back into the global financial system? Email <a href="mailto:prosen@insider.com">prosen@insider.com</a> or tweet <a href="https://twitter.com/philrosenn">@philrosenn</a>. In other news: <a href="https://markets.businessinsider.com/news/currencies/fed-hard-landing-dollar-currency-inflation-recession-bank-of-america-2022-9"></a><div type="image" title="A trader works on the floor of the New York Stock Exchange (NYSE) at the opening bell on August 5, 2022 at Wall Street in New York City." height="2760" width="5521" msid="94326441" hostid="261"></div>2. US stock futures fall early Tuesday, as the Fed's two-day monetary policy meeting is at the forefront of investors' minds. Meanwhile, cryptocurrencies are also down, with bitcoin trading below $19,500. <a href="https://markets.businessinsider.com/premarket">Here are the latest market moves.</a> 3. Earnings on deck: Kingfisher plc, AAR Corp., and Good Energy Group PLC, all <a href="https://markets.businessinsider.com/earnings-calendar">reporting.</a> 4. This married couple has a 47-unit real estate portfolio worth $19 million. They told Insider the exact books that got them started on the path to building wealth — <a href="https://www.businessinsider.com/best-real-estate-investing-books-money-personal-finance-building-wealth-2022-9">see their list of four reads here.</a>5. A "deep recession" in the housing market may lead the Fed to slow down the pace of rate hikes in November, according to Pantheon Macroeconomics. The firm's chief economist said a 50 basis point hike is more likely than a 75 basis point move, even though markets are pricing in the latter. <a href="https://markets.businessinsider.com/news/stocks/federal-reserve-rate-hikes-housing-market-recession-mortgages-economy-november-2022-9">He said the pain will spread beyond homebuilders and depress housing-related sales. </a>6. India just purchased its most expensive liquefied natural gas cargo in history. The sale comes as the Asian country scrambles to replace canceled Russian gas deliveries, and it's a sign that India is struggling to fill the gap in supplies now that Germany seized a Gazprom branch. <a href="https://markets.businessinsider.com/news/commodities/india-replace-russian-gas-lng-shipment-gazprom-germany-energy-crisis-2022-9">Here's what you want to know.</a>7. The dollar is already near record highs but it can strengthen further if central banks fail to achieve a soft-landing. Only once inflation is on a clear downward path will the currency move lower, analysts at BofA said — <a href="https://markets.businessinsider.com/news/currencies/fed-hard-landing-dollar-currency-inflation-recession-bank-of-america-2022-9">and this week's Fed messaging will play a vital role as policymakers prepare for another outsized rate hike. </a>8. Goldman Sachs recommended these 26 stocks with solid financials. The firm's analysts said this batch of stocks with high-quality fundamentals is set to outperform as beneficiaries of the central bank's rate hikes. <a href="https://www.businessinsider.com/stocks-to-buy-fed-interest-rate-hikes-beneficiaries-goldman-sachs-2022-9">Here's the full list.</a> 9. A market-beating inflation ETF manager broke down his tips for outperformance. Red-hot price growth threatens to send stocks to new lows, according to Rareview Capital's CIO Neil Azous. <a href="https://www.businessinsider.com/how-to-invest-inflation-stock-market-strategy-federal-reserve-recession-2022-9">He explained four strategies to navigate the choppy, unpredictable market right now. </a><a href="https://markets.businessinsider.com/news/commodities/oil-prices-brent-china-rebound-supplies-russian-output-sanctions-europe-2022-9"></a><div type="image" title="Brent crude oil" height="1153" width="1351" msid="94326442" hostid="261"></div>10. Oil will average $100 a barrel next year as demand rebounds in China and falling Russian output keeps supplies tight. That's according to Bank of America analysts, who wrote Monday that global markets will remain strained heading into next year thanks to a variety of factors. <a href="https://markets.businessinsider.com/news/commodities/oil-prices-brent-china-rebound-supplies-russian-output-sanctions-europe-2022-9">Get the full details here.</a>Event invite: <a href="https://events.insider.com/small-business-talent-strategy?utm_source=Newsletter&amp;utm_medium=email&amp;utm_campaign=2022-9-27_Talent_Indeed">Join us Tuesday, September 27 at noon ET</a> for an editorial bootcamp, in partnership with Indeed, covering how small businesses are developing innovative talent acquisition strategies. <a href="https://events.insider.com/small-business-talent-strategy?utm_source=Newsletter&amp;utm_medium=email&amp;utm_campaign=2022-9-27_Talent_Indeed">Sign up here.</a>Keep up with the latest markets news throughout your day by checking out <a href="https://link.chtbl.com/therefresh">The Refresh from Insider</a>, a dynamic audio news brief from the Insider newsroom. <a href="https://link.chtbl.com/therefresh">Listen here.</a>Curated by Phil Rosen in New York. (Feedback or tips? Email <a href="mailto:prosen@insider.com">prosen@insider.com</a> or tweet <a href="https://twitter.com/philrosenn">@philrosenn</a>).Edited by Max Adams (<a href="https://twitter.com/maxradams">@maxradams</a>) in New York and Hallam Bullock (<a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

Russia's early resilience to sanctions is fading - its economy is on the back foot and Moscow could soon lose its place among the world's energy superpowers.

<ul><li>The park has over 150 <keyword id="43977" type="ORGANIZATION" weightage="20" keywordseo="tigers">tigers</keyword>, but the star attraction here is the hard ground swamp deer or <keyword id="1324309" type="PERSON" weightage="20" keywordseo="barasingha">Barasingha</keyword> — successfully brought back from near extinction by forest officials. </li><li>In 1967, the Barasingha numbers had dwindled to an abysmal 67 mainly because of loss of habitat, diseases and hunting.</li><li> The forest is also home to leopards, Indian fox, sloth bear, wolves, wild boars, hyenas, jackals, macaques, langurs and Indian wild dogs (dhole). </li></ul><keyword id="483322" type="COMPANY" weightage="20" keywordseo="Kanha-National-Park">Kanha National Park</keyword>, one of the nine national parks in <keyword id="6355554" type="UNKNOWN" weightage="20" keywordseo="Madhya-Pradesh">Madhya Pradesh</keyword> (MP), is arguably one of the best known, and not without any reason. Spread across a total area of 1945 square kilometres, including the buffer and core zone, <keyword id="270154" type="COMPANY" weightage="20" keywordseo="Kanha">Kanha</keyword> is the largest in MP. The National Park was declared a wildlife sanctuary in 1933 and was later upgraded to a National Park in 1955. The park has over 150 tigers, but the star attraction here is the hard ground swamp deer or Barasingha — successfully brought back from near extinction by forest officials. The Barasingha is also the state animal of Madhya Pradesh. After 50 years of hardcore conservation work, the count is now close to <a href="https://www.downtoearth.org.in/news/wildlife-biodiversity/near-extinct-hard-ground-swamp-deer-see-revival-in-kanha-69603">800</a>. In 1967, the numbers had dwindled to an abysmal 67 mainly because of loss of habitat, diseases and hunting. <div type="image" title="Swamp deer, Kanha" msid="81721685" hostid="261" caption="&amp;lt;p&amp;gt;Swamp deer, Kanha &amp;lt;/p&amp;gt;"></div> The population of Barasinghas was successfully rekindled by the authorities by constructing a large enclosure at the heart of the jungle. In 2015, the population of Barasinghas had grown to around 600, after which the enclosure was no longer used. They are now being reintroduced to the nearby jungles of Satpura. Aniruddha Mookerjee, who spent over two decades in conservation with organisations like the <keyword id="94109" type="COMPANY" weightage="20" keywordseo="Wildlife-Trust-of-India">Wildlife Trust of India</keyword>, World Animal Protection and the University of Oxford, among others firmly believes, “Kanha is perhaps the best-managed tiger reserve in India and can be counted among those across the world that provide a superlative wildlife experience to the visitor. It can boast of a conservation success in the early 1960s of bringing back the hard ground Barasingha in its last refuge from the brink of extinction.” <div type="image" title="Female Cub of Dhawajandhi, Kanha" msid="81721757" hostid="261" caption="&amp;lt;p&amp;gt;Female Cub of Dhawajandhi, Kanha &amp;lt;/p&amp;gt;"></div> Mookerjee adds, “While forest departments across India sent rescued tiger cubs to the zoo, Kanha was the first to successfully experiment with their rehabilitation in the wild.” <div type="image" title="Cheetal alarmed by jackal, Kanha" msid="81721770" hostid="261" caption="&amp;lt;p&amp;gt;Cheetal alarmed by jackal, Kanha &amp;lt;/p&amp;gt;"></div> Set amidst thick sal and bamboo forest, Kanha today supports over 300 bird species and at least a thousand flowering shrubs and trees making it truly a gem among the world’s wildscapes, according to Mookerjee. The forest is also home to leopards, Indian fox, sloth bear, wolves, wild boars, hyenas, jackals, macaques, langurs and Indian wild dogs (dhole). The Indian roller, owlets, scarlet minivet, Indian pitta and black hooded oriole are some of the birds that call the forest home. The River Banjaar runs through Kanha and is the key source of water for flora and fauna here. The Park was originally inhabited by two indigenous tribes — the Gonds and the Baigas — thus, it was called the Gondwanas (“land of the Gonds''). These tribes still live in the forest. <div type="image" title="Link 7, Kanha" msid="81721718" hostid="261" caption="&amp;lt;p&amp;gt;Link 7, Kanha&amp;lt;/p&amp;gt;"></div> Unfortunately, four of the most legendary tigers that trawled the jungles have passed on. Munna (aka Langda), the tiger with a distinctive CAT spelt on its forehead died of old age and Link 7 (Munna’s son), Kingfisher (aka Rajaram), and Bheema too have died of natural causes. Safaris: Kanha can be accessed via three gates — the Khatia Gate, Mukki, and Sarhi. Of these, Khatia is the most popular and therefore the busiest. There are two primary safari timings — sunrise to 11:00 AM and 02:00 PM to sunset. However, the morning safaris usually reap the most amount of sightings. “The safari experience itself is one of the best since you get an exclusive Gypsy (a vehicle) along with a local guide and driver who have a keen sense of ownership and provide visitors with an intimate glimpse into the lives of the Park’s wild denizens. It is perhaps the only national park in India with a large number of trained women guides recruited from the nearby villages,” Sheema Mookerjee, former publisher at Lonely Planet India, who now runs ‘Salban’ homestay in Kanha, tells Business Insider. <div type="image" title="L7, Kanha" msid="81721818" hostid="261" caption="&amp;lt;p&amp;gt;L7, Kanha&amp;lt;/p&amp;gt;"></div> Best time to visit and timings: The Park remains closed from 30th June to 30th September, and winter is the best time to visit. Please note that the afternoon shift of jeep safaris remains closed for visitors every Wednesday. It is always a good idea to check the nitty-gritty with your accommodation before arrival. Getting there: Jabalpur, Umaria, Gondia and Bilaspur are major rail junctions close to Kanha. Alternatively, you can fly down to Jabalpur (133 kilometres from Kanha) and Nagpur (261 kilometres from Kanha). <div type="image" title="Salban — the Kanha Homestay" msid="81721856" hostid="261" caption="&amp;lt;p&amp;gt;Salban &amp;#8212; the Kanha Homestay&amp;lt;/p&amp;gt;"></div> Places to Stay: Popular as it is, Kanha has plenty of accommodation options available, from MPSTDC guest houses like <a href="http://www.mpstdc.com/properties/?type=Resorts">MPT Baghira Jungle Resort, Mocha</a> to charming resorts like <a href="https://www.infinityresorts.com/infinity-resorts-kanha/">Infinity Resorts</a>, where you can book large villas or tents. <a href="https://www.chitvan.com/">Chitvan Jungle Lodge</a> offers a variety of suites, a pool and a spa, and a range of tours with trained naturalists. But if you want an exceptional intimate experience, the <a href="https://www.salbankanha.com/">Salban — the Kanha Homestay</a> in the village Baherakhar (7 kilometres from the Mukki gate) is an excellent option that offers four rooms — two within the main house and two independent cottages. Please note that there are hardly any options to eat outside, so most resorts and hotels include all meals in their tariff.

Madhya Pradesh’s Kanha National Park hosts a special guest. And, no, it’s not the tiger

New Delhi, Feb 18 () Market regulator Sebi on Tuesday levied a total fine of Rs 59 lakh on nine companies for indulging in fraudulent trading in the scrip of Turbotech Engineering Ltd. Radison Properties, Natural Housing, Topwell Properties, South Asia Portfolios, Kingfisher Properties, Janvi Tanvi Shares Traders, Safed Sales, Shivkhori Construction and Spice Merchants are the nine companies on whom the fine has been levied. Pursuant to a probe conducted by Sebi between October 2012 and January 2015, it was found that the firms had traded with connected entities and contributed significantly towards positive last traded price. The firms manipulated the price of the scrip by contributing to the price rise and indulged in an act which created false or misleading appearance of trading in the scrip of Turbotech, Sebi noted. By doing so, the firms violated the Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) norms. "The acts of manipulating the price of scrip by the noticees have misled and induce gullible and genuine investors to trade in the scrip and harm them and, thus, the fundamental tenets of market integrity get violated with impunity due to such fraudulent acts," Sebi said. Accordingly, Sebi imposed a fine on the firms in the range of Rs 1 lakh to Rs 15 lakh. In May 2019, Sebi had debarred the companies from accessing securities market for seven years. In a separate order, Sebi barred Crew B.O.S Products Ltd from accessing the securities market for five years in a matter related to manipulation in issuance of global depository receipts (GDR). Besides, the firm's officials -- Robin Bartholomew and Puneet Nikore -- have been barred from securities market for two years. The firm had issued 1.8 million GDRs amounting to USD 5 million, and all the GDRs were subscribed by only one entity, Fusion Investment, on obtaining a loan from Banco Efisa S.A. The company acted as guarantor and deposited the entire GDR proceeds with Banco Bank as security against the loan in order to enable Fusion to subscribe to the GDRs issued by the company. Sebi found that the company misled the investors by making partial and distorted disclosure to the stock exchanges with regard to GDR issue. Separately, the regulator imposed a penalty of Rs 5 lakh on Akash Ispat Pvt Ltd for executing fraudulent trades in illiquid stock options segment on the BSE, thereby violating PFUTP norms. SRS AST RVK

Sebi levies Rs 59 lakh fine on 9 cos for fraudulent trading in Turbotech Engineering's scrip

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Associated PressFed Chair Jerome Powell.</div></div></div>Here is what you need to know. 1. <a href="https://www.businessinsider.com/markets-set-to-open-muted-ahead-of-fed-decision-on-rate-cuts-2019-9?r=US&amp;IR=T">Today is Fed day and markets are looking quiet ahead of an expected rate cut</a>. "How many more are there to come?" one analyst asked of Fed cuts to interest rates.2. <a href="https://www.businessinsider.com/wework-ipo-ceo-adam-neumann-humbled-by-delayed-public-listing-2019-9?r=US&amp;IR=T" target="_blank" rel="noreferrer noopener" data-qa="message_attachment_title_link">WeWork CEO Adam Neumann told employees he's 'humbled' by the collapse of the firm's IPO</a>. The boss reportedly regretted how the process was handled, and said he has lessons to learn about running a public company.3. <a href="https://www.businessinsider.com/eu-michel-barnier-accuses-boris-johnson-of-pretending-to-negotiate-2019-9?r=US&amp;IR=T" target="_blank" rel="noreferrer noopener" data-qa="message_attachment_title_link">The EU accuses Boris Johnson of only 'pretending' to negotiate a Brexit deal</a>. Johnson's negotiators have so far only presented the EU with a draft of the withdrawal agreement with the backstop scrubbed out.4. <a href="https://www.businessinsider.com/south-korea-japan-trade-war-escalates-japan-downgraded-as-partner-2019-9?r=US&amp;IR=T">South Korea ramped up its trade war with Japan by making it 3 times harder for companies to export goods there.</a> Japan had already downgraded South Korea's status as a trading partner.5. <a href="https://www.businessinsider.com/china-could-be-the-biggest-loser-saudi-arabia-oil-attack-2019-9" data-analytics-position="6" data-analytics-module="big_picture">China could be the biggest loser from the Saudi Arabia oil attack</a>. An expert told Business Insider that China has been one of the largest buyers of Saudi oil since 2009, and could be hurt by a halt to the country's oil exports.6. <a href="https://www.businessinsider.com/india-bans-e-cigarettes-in-setback-for-juul-philip-morris-2019-9?r=US&amp;IR=T">India bans e-cigarettes in a setback for Juul and Philip Morris.</a> Finance Minister Nirmala Sitharaman told a media briefing that an executive order will be passed to ban the products, which the government believes will advance its tobacco-control efforts.7. <a href="https://www.businessinsider.com/saudi-arabia-promises-material-evidence-linking-iran-to-oil-attack-2019-9?r=US&amp;IR=T">Saudi Arabia promises 'material evidence' linking Iran to oil attack.</a> Tehran has denied involvement in the September 14 attacks on oil plants, including the world's biggest crude processing facility, that initially knocked out half of Saudi Arabia's production.8. Stocks are muted on Wednesday morning. S&amp;P 500 and Nasdaq futures are both down (-0.2%). In Europe, the Dax (+0.1%) opened higher as did the Euro Stoxx 50 (+0.2%). In Asia, the Nikkei (-0.2%) closed lower as did the Hang Seng (-0.1%) but the Shanghai Composite (+0.3%) rose. 9. <a href="https://markets.businessinsider.com/earnings-calendar?utm_source=markets&amp;utm_medium=ingest">There is a stack of earnings out today</a>. General Mills releases its earnings later and Kingfisher published its results this morning. 10. <a href="https://markets.businessinsider.com/economic-calendar?utm_source=markets&amp;utm_medium=ingest#date=09/18/2019&amp;name=&amp;countries=us&amp;eventtypes=&amp;tab=1,2,3">Today is Fed day and market watchers are waiting to see if the central bank announces a rate cut.</a> Data on housing will also be released later. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/google-larry-page-sergey-brin-eric-schmidt-burning-man-stealing-fire-flow-state-2017-4">Here's why Google's co-founders went to Burning Man to find former CEO Eric Schmidt</a></h3> <div> </div> </div>

You Searched For "Kingfisher House" and got 11 results

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Russia's early resilience to sanctions is fading - its economy is on the back foot and Moscow could soon lose its place among the world's energy superpowers.

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Madhya Pradesh’s Kanha National Park hosts a special guest. And, no, it’s not the tiger

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