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The <keyword id="19895371" type="General" weightage="20" keywordseo="Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="Congress" meta.hostid="261" meta.entityid="Congress">Congress</keyword> party has levied fresh allegations against <keyword id="20914154" type="General" weightage="100" keywordseo="SEBI-Chairperson" source="keywords">SEBI Chairperson</keyword> <keyword id="19922107" type="General" weightage="20" keywordseo="Madhabi-Puri-Buch" source="keywords">Madhabi Puri Buch</keyword>, calling her a perfect case of the office for profit. This refers to a position that brings some financial gain, or advantage to the office holder, which in this case was Buch's position as a whole-time member of <keyword id="19901201" type="General" weightage="20" keywordseo="SEBI" source="keywords" meta.keywordsubtype="org" meta.entityname="SEBI" meta.hostid="261" meta.entityid="SEBI">SEBI</keyword>, and then post 2022, as the regulatory body's chairperson. In a press conference in New Delhi on Monday, Pawan Khera, Chairman, Media and Publicity Department, Congress, charged Buch of receiving regular income from private lender <keyword id="19900482" type="General" weightage="20" keywordseo="ICICI-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="ICICI Bank" meta.hostid="261" meta.entityid="ICICI Bank">ICICI Bank</keyword> and <keyword id="47860" type="General" weightage="20" keywordseo="ICICI-Prudential" source="Orion">ICICI Prudential</keyword>, India's second largest asset management company, all while being the whole-time member and later Chairperson of the capital markets regulatory body. "She (SEBI Chairperson Madhabi Puri Buch) between 2017 and 2024 was taking regular income of Rs 16 crore 80 lakhs from ICICI Bank," alleged Pawan Khera, at the press briefing. The congress spokesperson also alleged that Buch received a total of Rs 16.80 crore between 2017-18 to 2023-24, from ICICI Bank, ICICI Prudential, <keyword id="20043663" type="General" weightage="20" keywordseo="ESOPs" source="keywords">ESOPs</keyword>, and <keyword id="19948097" type="General" weightage="20" keywordseo="TDS" source="keywords">TDS</keyword> on ESOPs. According to the Congress' allegations, in 2017-18 the SEBI chief allegedly received Rs 2.06 crore from ICICI Bank as salary and Rs 7 lakh from ICICI Prudential. In 2018-19, she received Rs 4.71 crore from ICICI Bank, Rs 2.17 lakh from ICICI Prudential. In 2019-20, Rs 1.21 crore from ICICI Bank and Rs 2.17 lakh from ICICI Prudential. In 2020-21, she was alleged of having received Rs 4.64 crore from ICICI Bank and Rs 2.17 lakh ICICI Prudential. In 2021-22, Congress asserted that the salary stopped from ICICI Bank but she continued to receive Rs 2.17 lakh from ICICI Prudential, also same year she received ESOP and TDS on ESOP from ICICI Bank. In 2022-23, she was alleged to have received Rs 4.44 lakh from ICICI Prudential, in addition to ESOP and TDS on ESOP, In 2023-24, she was alleged to have received Rs 2.17 from ICICI Prudential. The Congress further alleges that during this period, Buch also drew a salary from SEBI as a whole-time member and later as the Chairperson. Khera further added that several probes on ICICI Bank were being adjudicated during this period when Madhabi Puri Buch was receiving income from the group. He also cited unnamed reports to claim that the SEBI chief has relaxed norms for the ICICI Bank. "The person sitting at the top of the regulator is taking salaries from another entity," Khera alleged, adding it was a perfect case of "office for profit". "So we want to know why you were taking your salary from ICICI despite being a full-time member of SEBI?," Khera asked what service she as the SEBI Chairperson provided the bank when she was part of SEBI. "This is a direct violation of Section 54 of SEBI. Therefore, if Madhabi Puri Buch has any shame, she should resign from her post," Khera added. The SEBI Chief is yet to react to the charges made by the Congress in Monday's news conference. Madhabi Puri Buch was a whole-time member of SEBI from April 5, 2017 to October 4, 2021. Then on March 2, 2022, Madhabi Puri Buch became the Chairperson of SEBI. Recently, US-based short seller Hindenburg Research made allegations against her accusing her of conflict of interest. Last month, Hindenburg Research alleged that SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch had stakes in "both the obscure offshore entities used in the Admoney siphoning scandal." Hindenburg Research said it has made the new allegations based on documents provided by a whistleblower and investigations carried out by other entities. Soon after, the SEBI Chairperson and her husband, in their personal capacity, issued a detailed statement rejecting the allegations. In the joint statement released to the media they said, "In the context of allegations made in the Hindenburg Report dated August 10, 2024, against us, we would like to state that we strongly deny the baseless allegations and insinuations made in the report. The same are devoid of any truth. Our life and finances are an open book. All disclosures as required have already been furnished to SEBI over the years. We have no hesitation in disclosing any and all financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them. Further, in the interest of complete transparency, we would be issuing a detailed statement in due course." "It is unfortunate that Hindenburg Research against whom SEBI has taken an Enforcement action and issued a show cause notice has chosen to attempt character assassination in response to the same," the statement from Madhabi Buch and her husband Dhaval Buch read.

Congress alleges SEBI Chairperson Madhabi Puri Buch of office for profit

Following statements made by <keyword id="198572" type="General" weightage="20" keywordseo="Madhabi-Puri-Buch" source="Orion">Madhabi Puri Buch</keyword> and her husband <keyword id="192394" type="General" weightage="20" keywordseo="Dhaval-Buch" source="Orion">Dhaval Buch</keyword>, concerning allegations raised by <keyword id="9916845" type="General" weightage="20" keywordseo="Hindenburg-Research" source="Orion">Hindenburg Research</keyword> on August 10, the US short seller has posed new questions for the <keyword id="20914154" type="General" weightage="20" keywordseo="SEBI-Chairperson" source="keywords">SEBI Chairperson</keyword> alleging that her response contained several significant admissions and raised critical new questions. In a social media post on 'X', the US short seller stated that "<keyword id="35210" type="General" weightage="20" keywordseo="SEBI" source="Orion">SEBI</keyword> Chairperson <keyword id="19557079" type="General" weightage="20" keywordseo="Madhabi-Buch" source="Orion">Madhabi Buch</keyword>'s response to our report includes several important admissions and raises numerous new critical questions." Further the post said that the <keyword id="84055" type="General" weightage="20" keywordseo="SEBI-chief" source="Orion">SEBI chief</keyword>'s response confirms her investment in an obscure Bermuda/Mauritius fund structure, alongside money allegedly siphoned by Vinod Adani. "SEBI was tasked with investigating investment funds relating to the Admatter, which would include funds Ms Buch was personally invested in and funds by the same sponsor which were specifically highlighted in our original report. This is obviously a massive conflict of interest," <keyword id="191733" type="General" weightage="100" keywordseo="Hindenburg" source="Orion">Hindenburg</keyword> alleged. The US short seller also raised concerns about the financial statements of SEBI Chief's Singapore consulting entities during her tenure at SEBI. "The Singaporean consulting entity she set up doesn't publicly report its financials like revenue or profit, so it's impossible to see how much money this entity has earned during her time at SEBI. The Indian entity, still 99 per cent owned by the SEBI Chairperson, has generated Rs 23.985 million (US ~ USD 312,000) in revenue (i.e. consulting) during the financial years ('22, '23, and '24), while she was serving as Chairperson, per its financial statements," said Hindenburg. Hindenburg also alleged that <keyword id="22754143" type="General" weightage="20" keywordseo="whistleblower-documents" source="Orion">whistleblower documents</keyword> have revealed that Buch used her personal email to conduct business under her husband's name while serving as a whole-time member of SEBI. In 2017, just weeks before her appointment, she ensured that accounts with ties to Adani were registered solely in the name of her husband, Dhaval Buch. Earlier, the SEBI Chairperson and her husband had said that the investment in the fund referred to in the Hindenurg report was made before she had taken up the job. The statement said, "The investment in the fund referred to in the Hindenburg report was made in 2015 when they were both private citizens living in Singapore and almost 2 years before Madhabi joined SEBI, even as a Whole Time Member. " "The decision to invest in this fund was because the Chief Investment Officer, Anil Ahuja, is Dhaval's childhood friend from school and IIT Delhi and, being an ex-employee of Citibank, J.P. Morgan and 3i Group plc, had many decades of a strong investing career. The fact that these were the drivers of the investment decision is borne out by the fact that when, in 2018, Ahuja, left his position as CIO of the fund, we redeemed the investment in that fund," the statement further reads."As confirmed by Anil Ahuja, at no point in time did the fund invest in any bond, equity, or derivative of any Adani group company," the statement had added. On Saturday, the US-based firm alleged that SEBI's Chairperson Madhabi Buch and her husband had a stake in "both the obscure offshore entities used in the Adani money siphoning scandal" In January 2023, Hindenburg published a report accusing the Adani Group of financial irregularities, leading to a significant drop in the company's stock price. The group at the time had rubbished these claims. In January 2024, the Supreme Court refused to transfer the probe into the allegations of stock price manipulation by the Adani group to an SIT and directed market regulator SEBI to complete its probe into two pending cases within three months. Earlier this year the SC also dismissed a plea seeking to review the verdict that had sought investigation by the market watchdog SEBI in the <keyword id="16435872" type="General" weightage="20" keywordseo="Adani-Hindenburg-case" source="Orion">Adani-Hindenburg case</keyword>.

Hindenburg poses new questions for SEBI Chairperson after she denies allegations

US-based firm <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="261" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> on August 10 alleged that SEBI's Chairperson <keyword id="22743118" type="General" weightage="20" keywordseo="madhabi-buch" source="keywords">Madhabi Buch</keyword> and her husband had a stake in "both the obscure offshore entities used in the Admoney siphoning scandal." After putting out a teaser this morning, hinting at a significant disclosure involving India, Hindenburg by the end of the day published a new report that stated, "We had previously noted Adani's total confidence in continuing to operate without the risk of serious regulatory intervention, suggesting that this may be explained through Adani's relationship with <keyword id="20914154" type="General" weightage="100" keywordseo="SEBI-Chairperson" source="keywords">SEBI Chairperson</keyword>, Madhabi Buch." "What we hadn't realized: the current SEBI Chairperson and her husband, Dhaval Buch, had hidden stakes in the exact same obscure offshore Bermuda and Mauritius funds, found in the same complex nested structure, used by Vinod Adani," the report by the US hedge firm said. The link to the entire report was posted on the 'X' account of Hindenburg Research. "New from us," read the tweet adding "<keyword id="22746637" type="General" weightage="20" keywordseo="whistleblower-documents" source="keywords">Whistleblower Documents</keyword> Reveal SEBI's Chairperson Had Stake In Obscure Offshore Entities Used In Adani <keyword id="22743230" type="General" weightage="20" keywordseo="money-siphoning" source="keywords">Money Siphoning</keyword> Scandal" Hindenburg Research said it has made the new allegations based on documents provided by a whistleblower and investigations carried out by other entities. "Madhabi Buch and her husband Dhaval Buch first appear to have opened their account with IPE Plus Fund 1 on June 5, 2015, in Singapore, per whistleblower documents. A declaration of funds, signed by a principal at IIFL states that the source of the investment is "salary" and the couple's net worth is estimated at USD 10 million," the report stated. In January 2023, Hindenburg published a report accusing the Adani Group of <keyword id="20054376" type="General" weightage="20" keywordseo="financial-irregularities" source="keywords">financial irregularities</keyword>, leading to a significant drop in the company's stock price. The group at the time had rubbished these claims. The Hindenburg report alleged <keyword id="20055139" type="General" weightage="20" keywordseo="stock-manipulation" source="keywords">stock manipulation</keyword> and fraud by the conglomerate. The case is related to the allegations (part of a report by Hindenburg Research) that Adani had inflated its share prices. After these allegations were published, there was a sharp fall in the shares of various Adani group companies stocks, reportedly to the tune of over USD 100 billion. The US short seller's 2023 January report was published two days before a USD 2.5 billion follow-up public offering was issued by Adani Enterprises. The Adani group has repeatedly denied all the accusations in the Hindenburg Research report.

Hindenburg alleges SEBI Chairperson, her husband had hidden stakes in obscure offshore funds with links to Adani scandal

With assembly polls in key states coming up, <keyword id="404256" type="General" weightage="20" keywordseo="Congress-Parliamentary-Party" source="Orion">Congress Parliamentary Party</keyword> chairperson <keyword id="19935990" type="General" weightage="100" keywordseo="Sonia-Gandhi" source="keywords">Sonia Gandhi</keyword> on Wednesday said the "<keyword id="22613088" type="General" weightage="20" keywordseo="Mahaul" source="Orion">mahaul</keyword> (public mood)" is in the party's favour but there is a need to sustain the momentum and goodwill generated for it in the <keyword id="56978" type="General" weightage="20" keywordseo="Lok-Sabha-elections" source="Orion">Lok Sabha elections</keyword>. "We must not become complacent and over confident...I dare say that if we perform well, reflecting the trend that we witnessed in the Lok Sabha elections, national politics will undergo a transformation," she told the <keyword id="19895371" type="General" weightage="20" keywordseo="Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="Congress" meta.hostid="83" meta.entityid="Congress">Congress</keyword> Parliamentary Party (<keyword id="43847" type="General" weightage="20" keywordseo="CPP" source="Orion">CPP</keyword>). Gandhi also accused the <keyword id="19916814" type="General" weightage="20" keywordseo="Modi-government" source="keywords">Modi government</keyword> of not drawing the right lessons from "their significant decline" in the Lok Sabha elections and persisting with their policy of "dividing communities and spreading an atmosphere of fear and animosity". "Fortunately, the Supreme Court intervened at the right time," she said in an apparent reference to the stay on the orders passed by Uttar Pradesh and Uttarakhand government asking eateries along the Kanwar Yatra route to display the name of owners. "But this can only be a temporary respite. Look at how the rules have been suddenly changed to permit the bureaucracy to participate in the activities of the RSS. It calls itself a cultural organisation but the whole world knows that it is the BJP's political and ideological base," Gandhi said. Noting that elections will be held in four states, she urged party leaders to sustain the momentum and goodwill that had been generated for the party in the Lok Sabha elections. "We must not become complacent and over confident. The 'mahaul' does favour us, but we have to work unitedly with a sense of purpose. I dare say that if we perform well, reflecting the trend that we witnessed in the Lok Sabha elections, national politics will undergo a transformation," Gandhi said. Her remarks come ahead of assembly polls in Haryana, Maharashtra and Jharkhand as also the possibility of elections in Jammu and Kashmir this year. She also slammed the Union Budget, saying that the pressing demands of farmers and youth in particular, have been totally ignored. Allocations in a number of vital sectors have not done justice to the tasks required to be fulfilled, she said. "There has been widespread disappointment, in spite of the prime minister, the finance minister and others to talk up the Budget and its so-called accomplishments. The Union Government, especially its top leadership, continues to be self-delusional as crores of families across the country are devastated by mounting unemployment and price rise," she said.

'Mahaul' in our favour, don't be complacent and over-confident: Sonia Gandhi to party on upcoming polls

Davos [Switzerland], January 17 (ANI): <keyword id="19895622" type="General" weightage="20" keywordseo="microsoft" source="keywords">Microsoft</keyword> CEO <keyword id="20054589" type="General" weightage="20" keywordseo="satya-nadella" source="keywords">Satya Nadella</keyword> has highlighted the importance of Artificial Intelligence (AI) in science. <keyword id="20130102" type="General" weightage="20" keywordseo="nadella" source="keywords">Nadella</keyword> said science is probably the place where they will start witnessing "real acceleration." Speaking in conversation with <keyword id="20219604" type="General" weightage="20" keywordseo="world-economic-forum-chairperson-klaus-schwab" source="keywords">World Economic Forum Chairperson Klaus Schwab</keyword>, Nadella said, "What AI will do to science is probably the most interesting thing to me because, in fact, just last week, we announced, something, I sort of felt this can be done. I did not understand how this could be done. So we took one of our models called Matogen which is sort of a generative model to generate new molecules and material." "And we put it through an entire round trip where we came up with new molecules for a new material. Went to work in collaboration with one of the national labs in the United States, the <keyword id="20219605" type="General" weightage="20" keywordseo="pacific-northwest-national-lab" source="keywords">Pacific Northwest National Lab</keyword> and figured out how to produce a new battery that got 70 per cent less lithium. That's just phenomenal to sort of when we think about the climate, the energy transition. It's about taking 250 years of chemistry and somehow bringing it down to 25 years right? So, this is a proof point of that," he added. Emphasising the impact of AI in Biology, he said, "The same thing is happening in Biology. If I think about what we're doing even with Page and what we can do with cancer detection or what we're doing with .... again in biology and to be able to use AI to simulate the molecular behaviour. So, I think that science is probably the place where we will start seeing real acceleration." Nadella noted that the digitization revolution has brought new tools to science. However, he added that it has not fundamentally accelerated science. He further said, "But, if you can fundamentally accelerate science, cures to diseases, the energy transition, fundamental new material science. All of these I think, are going to be pretty profound." Satya Nadella stated that a global regulatory approach to AI is desirable as these are global challenges and require global standards. He noted, however, that there "seems to be a broad consensus, though that is emerging." "I think [a global regulatory approach to AI is] very desirable because I think at this point where these are global challenges and require global norms and global standards. Otherwise, it's going to be very tough to contain, tough to enforce, and tough to quite frankly move the needle even on some of the core research that is needed," Satya Nadella said. He stressed that there should be real, rigorous evaluations and safety and guardrails before the launch of anything. "But that said, I must say, that there seems to be a broad consensus that is emerging. If I have to sort of summarise the state of play the way I think we all are talking about it is that it is clear that when it comes to large foundation models, we should have real, rigorous, evaluations and red teaming, safety and guardrails before we launch anything now and then when it comes to applications, we should have a risk-based assessment of how to deploy this technology," he said. "If you are deploying it in healthcare, you should apply healthcare ....If you are deploying it in financial services, you should deploy it again the financial risk a consideration. So, I think if we take something as simple as that as a basis to build some consensus and norms, I think we can come together," he added. He also said that the last thing the world needs is technology, creating a divide and added that they "need to be mindful of it." Nadella said, "The last thing the world needs is technologies that create more of the divide right. I mean, if anything, my hope for sure is centred on realizing what we just talked about. Think about it. You have now a technology like something like GPT-4 that essentially can be used to create a personal tutor for every student in the world right. It's absolutely economically feasible, even with just the government spending that's happening even in the Global South right. So it's not just in the UAE, but it can happen everywhere." Stressing that the tech industry must consider the unintended consequences of new digital technologies along with its benefits, Nadella said that "the biggest lesson learned perhaps for us is that we have to take the unintended consequences of any new technology along with all the benefits and think about them simultaneously as opposed to waiting for the unintended consequences to show up and then address them." He further said, "I think that the fundamental change in last 10 years. I feel like our license to operate as an industry depends on that because I don't think the world will put up any more with any of us coming up with something that has not thought through safety, trust, equity. These are big issues for everyone in the world." (ANI)

Last thing world needs is technologies that create more divide: Satya Nadella

Mumbai, Markets regulator Sebi is building an artificial intelligence tool to help detect misselling by mutual funds, its <keyword id="15070191" type="General" weightage="50" keywordseo="chairperson-madhabi-puri-buch" source="Orion">Chairperson Madhabi Puri Buch</keyword> said on Tuesday. She cited a recent incident of a 90-year-old being sold a product with a seven-year lock-in period to illustrate an instance of misselling, and said algorithms will help flag such cases. "We are working on the question of misselling that may happen by a mutual fund distributor or an agent or by someone who is the responsibility of the mutual fund," Buch said while speaking at the fourth <keyword id="9621521" type="General" weightage="20" keywordseo="global-fintech-fest" source="Orion">Global Fintech Fest</keyword> here. She admitted that this is a very complex problem requiring intelligence, and added that the algorithm being built will have the essential tools to detect misselling like flagging the case of a 90-year-old being sold the product with a long lock-in period. At present, mutual funds submit essential data to Sebi periodically with respect to compliance with regulations. A "nil report" is considered the best, Buch said. At the same time, Buch said there may be misselling that may go unnoticed in the rule-based supervision and those same will be detected with the AI tool. "As we move to using AI to analyse the data, we hope that we will also find the ability to monitor these things (misselling) in the interest of the investors," she said. Meanwhile, Buch said the regulator is also keen to introduce fractional ownership of shares but the current legal set up does not allow it. "Somebody came with that (idea) and we thought it was good... we would have wanted to welcome them into the innovation sandbox but it is not permitted in the <keyword id="4625796" type="General" weightage="20" keywordseo="sebi-act" source="Orion">Sebi Act</keyword> itself. "It cannot be done until we change the Act -- not just the Sebi Act, but also the Companies Act," she said.

Sebi working on AI tool to curb misselling by mutual funds: Buch

<ul class="summary-list"><li>Country Garden, a massive Chinese property developer, missed interest payments on two dollar bonds this week.</li><li>Investors are watching whether Country Garden's chair, Yang Huiyan, will use her own money to support the company.</li></ul>China's <a href="https://www.businessinsider.com/china-real-estate-property-market-speculation-debt-crackdown-xi-jinping-2023-8" target="_blank" rel="noopener">real-estate crisis</a> is getting real for its billionaires, with Country Garden's chairperson caught in its crosshairs.Bondholders are watching if Country Garden's chair, Yang Huiyan, will use her vast fortune to pump money into the company which is currently facing a liquidity crisis, according to a <a href="https://www.bloomberg.com/news/articles/2023-08-10/country-garden-billionaire-bags-big-payouts-while-default-looms" target="_blank" rel="noopener">Bloomberg report on Friday.</a>The company was founded by her father Yeung Kwok Keung — who is also referred to as Yang Guoqiang — in 1992.On Friday, Yang and her family expect to receive dividends that collectively pay out more than the <a href="https://www.reuters.com/markets/asia/chinas-country-garden-missed-two-dollar-bond-coupon-payments-2023-08-08/" target="_blank" rel="noopener">$22.5 million interest payments</a> on two dollar bonds that Country Garden missed on Monday. The company has a 30-day grace period before it goes into official default.On Friday, Yang could receive $28 million in dividends from her personal stake in Country Garden's services unit, according to <a href="https://www.bloomberg.com/news/articles/2023-08-10/country-garden-billionaire-bags-big-payouts-while-default-looms" target="_blank" rel="noopener">Bloomberg calculations.</a> A foundation owned by her family could also receive another $35 million in dividend payouts, per the media outlet.The embattled real-estate company <a href="https://www.bloomberg.com/news/articles/2023-08-01/country-garden-faces-2-9-billion-payment-amid-liquidity-crunch">faces 7.8 billion Chinese yuan, or $1.1 billion, in payments</a> for notes and bonds in September.The scrutiny on Yang's next move follows the precedent from real-estate giant peer Evergrande. The company's founder, <a href="https://www.businessinsider.com/china-tells-evergrande-founder-to-repay-debt-with-own-money-2021-10">Hui Ka Yan, was reportedly told by Beijing in late 2021</a> to <a href="https://www.businessinsider.com/evergrande-founder-uses-1-billion-own-money-keep-company-going-2021-11">use his own money</a> to pay down the company's $300 billion debt pile.<a href="https://markets.businessinsider.com/news/stocks/country-garden-china-asia-richest-woman-wealth-drop-property-crisis-2023-8">Once China's richest woman,</a> 42-year-old Yang is holding onto a $5.3 billion fortune as of August 11 after her wealth tanked by 46.4% so far this year, according to the <a href="https://www.bloomberg.com/billionaires/profiles/huiyan-yang/" target="_blank" rel="noopener">Bloomberg Billionaires Index.</a> Most of her wealth comes from a 52.60% stake in Country Garden Holdings, Insider previously reported.On Thursday, <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2023/0810/2023081001200.pdf" target="_blank" rel="noopener">Country Garden said in a profit warning</a> that it has been working on "self-rescue by all means," including securing its cash flow, expanding financing, and cutting expenditures.While Thursday's stock exchange filing states Yang has given "strong support" to the company in the past, Country Garden did not specifically state if the family will continue supporting the company amid the crisis.Yang and her family pumped in about 38.6 billion Hong Kong dollars, or $4.9 billion, of liquidity into the company through loans, by increasing their shareholding, as well as purchasing bonds and scrip dividends, the filing said.Country Garden is expected to record a net loss between 45 billion to 55 billion yuan for the first half of 2023 due to "severe difficulties and challenges" for the property market since 2021, per the filing. In comparison, the property giant reported <a href="https://www.reuters.com/world/china/chinas-country-garden-posts-90-dip-2022-core-profit-record-net-loss-2023-03-30/" target="_blank" rel="noopener">a net loss</a> of <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2023/0330/2023033000645.pdf" target="_blank" rel="noopener">6.1 billion yuan in 2022</a> — the company's <a href="https://www.bloomberg.com/news/articles/2023-03-30/china-s-largest-developer-posts-first-loss-since-2007-listing" target="_blank" rel="noopener">first full-year loss</a> since its 2007 listing in Hong Kong.And analysts are already trying to get a reading on the underlying messaging from the company's announcement."We think this is likely the prelude to an ultimate credit event, and the company might already be in preparation for debt restructuring," JPMorgan Chase analysts wrote in a Friday note responding to the company's announcement.Country Garden's next move will very much depend on Beijing's stance, Iris Chen, an analyst at Nomura, wrote in a Thursday note seen by Insider."We believe conversations with the regulator will be important during this period, and the company will make a decision based on the government's attitude, especially as the central government is pushing for property sector easing at the current moment," Chen added.Country Garden did not respond to a request for comment from Insider.Hong Kong-listed Country Garden Holdings shares are down 6% to 98 Hong Kong cents apiece at last check. They are down 58% so far this year.

Investors are now eyeing Country Garden chairperson's huge $5.3 billion fortune for help with the struggling property developer's dues

Telecom Regulatory Authority of <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> (TRAI) Chairperson Dr P.D. Vaghela on Friday said that introduction of <keyword id="764355" type="General" weightage="20" keywordseo="5g" source="Orion">5G</keyword> technology will enable India to achieve the digital empowerment goal and improve the well-being of the people. "5G technology would offer significant improvements in network performance and is likely to transform industries and society, putting the country on an unprecedented growth trajectory. 5G would have a massive impact on various industries and on the overall economy," he said at a workshop here. Vaghela also said that India is the second largest telecom market in the world now with 117 crore telecom subscribers and 825 million broadband subscribers. He said that India has considered technology as a key element for two things, one for rapid economic growth and the second for social and digital inclusion. According to him, the Digital India programme has helped a lot in expanding the use of technology and the Digital India profile has seen a huge change in various sectors. The TRAI chief also highlighted how the stakeholders can cooperate for expediting infrastructure rollout for 5G deployment considering the issues and challenges in the northeastern states. He said that the main focus of the government is to provide internet and digital access to everyone, including underserved people, to ensure that every section of society gets connectivity at any cost. About the need of adopting new digital technology for social and economic development, Vaghela said that digitalisation of the economy and also social life is of utmost importance in today's world. Emphasising the need for digital literacy and digital infrastructure, he said that the development of digital infrastructure and connectivity to every household is a must and this is the only way a common citizen becomes able to explore the opportunities available in an economy. SEE ALSO: <a href="https://www.businessinsider.in/science/health/news/myositis-the-condition-affecting-actress-samantha-prabhu-is-more-common-among-adult-women-say-doctors/articleshow/95304784.cms">Myositis – the condition affecting actress Samantha Prabhu – is more common among adult women, say doctors</a> <a href="https://www.businessinsider.in/business/corporates/news/titans-q2-net-rises-34-says-headroom-to-grow-market-share-is-huge/articleshow/95305075.cms">Titan’s Q2 net rises 34%, says headroom to grow market share is huge</a> <a href="https://www.businessinsider.in/stock-market/news/five-star-business-finance-ipo-set-to-open-on-nov-9-price-band-at-450-to-474-a-share/articleshow/95303773.cms">Five Star Business Finance IPO set to open on Nov 9; price band at ₹450 to ₹474 a share</a>

5G will improve network performance in India: TRAI Chairperson

<ul><li>The strike has been called off following an agreement reached with the management of the companies.</li><li><keyword id="651724" type="General" weightage="80" keywordseo="clc" source="Orion">CLC</keyword> had further advised that the managements should consider the suggestions of the <keyword id="122605" type="General" weightage="80" keywordseo="associations" source="Orion">associations</keyword> positively.</li><li>The strike notice was given by Girish <keyword id="24716" type="General" weightage="80" keywordseo="khurana" source="Orion">Khurana</keyword>, National Convenor, JFTY protesting against the unilateral implementation of the EY recommendations.</li></ul> The unions in the government-owned general insurance companies and General Insurance Corporation of India Ltd (GIC Re) on Monday called off their January 4 strike, said an union leader. The strike has been called off following an agreement reached with the management of the companies at the conciliation meeting called by the Chief Labour Commissioner, Central. "Various arguments took place in the meeting from both sides and finally, the CLC advised the managements to give proper bilateral opportunity for discussion with the Associations within 15 days and take the suggestions," Trilok Singh, Convenor-North Zone, Joint Forum of Trade Unions and Association (JFTU), told IANS. He said the CLC had further advised that the managements should consider the suggestions of the associations positively. "Managements agreed to meet the Associations within 15 days for the same. In the light of these instructions from the CLC's office and the managements' decision, we have decided to defer the strike till further advices," Singh said. At the conciliation meeting, the management representative said since 2016 it has been a matter of existence for the insurers. They said even after infusion of capital by the government, the companies are struggling to survive. The companies have to maintain solvency ratio and for that, they have to cost effective. The representative of the Department of Financial Services also maintained that the insurers have to improve their performance. The strike notice was given by Girish Khurana, National Convenor, JFTY protesting against the unilateral implementation of the EY recommendations on rejigging the five reinsurers. The CLC had called the Chairman-cum-Managing Directors of the five companies, Joint Secretary, Department of Financial Services, and Khurana for a conciliation meeting. The unions have been demanding the copy of the EY report for a long time. The management had given them a copy of the power point presentation made to them about the EY report. "Bullet points contained in <keyword id="6678164" type="General" weightage="50" keywordseo="ppt" source="Orion">PPT</keyword> (powerpoint presentation) reveal no details and we are unable to submit our view-points and suggestions in the matter," Khurana said in a letter to <keyword id="14574026" type="General" weightage="50" keywordseo="suchita-gupta" source="Orion">Suchita Gupta</keyword>, <keyword id="15951458" type="General" weightage="50" keywordseo="chairperson-gipsa" source="Orion">Chairperson GIPSA</keyword> and Chairman-cum-Managing Director, <keyword id="15951459" type="General" weightage="50" keywordseo="national-insurance-earlier" source="Orion">National Insurance earlier</keyword>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/delhiites-guzzle-over-1-crore-liquor-bottles-worth-218-crore-from-dec-24-31/articleshow/96698044.cms">Delhiites guzzle over 1 crore liquor bottles worth ₹218 crore from Dec 24-31</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/zomato-irctc-zee-entertainment-among-stocks-in-focus-on-tuesday/articleshow/96697684.cms">Sensex, Nifty50 likely to open in red amid weak global cues; Zomato, IRCTC, Zee Entertainment among stocks in focus</a>

PSU general insurance unions call off their Jan 4 strike

Global biopharmaceuticals company <keyword id="6358361" type="General" weightage="100" keywordseo="biocon" source="Orion">Biocon</keyword> on Wednesday reported 23 per cent rise in revenue for the first quarter of financial year 2023, at Rs 2,217 crore. "We have had a strong start to the year. At a consolidated level, YoY revenues grew 23 per cent backed by robust growth in both <keyword id="6359687" type="General" weightage="50" keywordseo="biosimilars" source="Orion">Biosimilars</keyword> (29 per cent) and Generics (19 per cent). Core earnings before interest, taxes, depreciation, and amortisation (EBITDA) grew 25 per cent and margin improved to 31 per cent compared to 30 per cent in Q1FY22 and net profit grew 71 per cent to Rs 144 crore. "Our financial performance this quarter includes the impact of annual increments in personnel costs as well as increased input and freight costs, pursuant to pandemic and geopolitical disruptions of global supply chains. "All our three businesses are poised for the next phase of strong and sustainable growth which has been challenged during the two years of the Covid-19 pandemic," <keyword id="14575168" type="General" weightage="50" keywordseo="biocon-and-biocon-biologics-executive" source="Orion">Biocon and Biocon Biologics Executive</keyword> <keyword id="10034873" type="General" weightage="20" keywordseo="chairperson-kiran-mazumdar-shaw" source="Orion">Chairperson Kiran Mazumdar-Shaw</keyword> said. Sales of Glargine in the US, and key biosimilars in emerging markets were the main drivers for <keyword id="14245336" type="General" weightage="50" keywordseo="biocon-biologicals" source="Orion">Biocon Biologicals</keyword>' strong performance. <keyword id="10493627" type="General" weightage="50" keywordseo="biocon-biologics-ltd" source="Orion">Biocon Biologics Ltd</keyword> Managing Director <keyword id="287851" type="General" weightage="50" keywordseo="arun-chandavarkar" source="Orion">Arun Chandavarkar</keyword> said: "Initiation of global clinical trials for two monoclonal antibodies and advancement of our other pipeline assets led to a 120 per cent increase in our research and development investments this quarter. Whilst this impacts EBITDA in the near term, such investments will create a strong portfolio to secure our future growth. "Our strategic alliance with Serum Institute Life Sciences for vaccines and the acquisition of Viatris' global biosimilars business are on track for closure in the second half of this calendar year." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/reduction-in-rice-cereals-sown-area-worrisome-bank-of-baroda/articleshow/93175801.cms">Reduction in rice, cereals sown area worrisome: Bank of Baroda</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/oppo-pad-air-review-sleek-and-stylish-but-short-on-power/articleshow/93165775.cms">Oppo Pad Air review: Sleek and stylish but short on power</a>

You Searched For "chairperson" and got 10 results

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Investors are now eyeing Country Garden chairperson's huge $5.3 billion fortune for help with the struggling property developer's dues

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5G will improve network performance in India: TRAI Chairperson

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PSU general insurance unions call off their Jan 4 strike

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