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Rishi Sunak’s wife Akshata Murty decides to liquidate investment venture in UK

British Prime Minister Rishi Sunak’s wife Akshata Murty has decided to liquidate her investment company Catamaran Ventures UK Ltd, according to official company filings with the UK’s Companies House this week.

The 43-year-old businesswoman had incorporated the venture in 2013 with her husband as one of the directors before he resigned in 2015.

According to the latest financial statement for the year ended December 2022 available for the company on Wednesday, Murty as the only director of the firm has now decided to wind down her firm as a going concern.

“During the year, the directors have decided to liquidate the Company,” notes the Companies House filing statement.

“Accordingly, the financial statements have been prepared on a basis other than going concern and no adjustments were necessary in these financial statements to reduce assets to their realisable values or to provide for liabilities arising from that decision,” it reads.

The value of the company’s investments for the period was stated at just over GBP 3.8 million, up from just over GBP 3.5 million in 2021 and the funds becoming due to Murty amounted to just over GBP 4.6 million.

Catamaran Ventures UK Ltd has been operating as an investment vehicle for funds from her shares in Infosys, the Indian software giant co-founded by her father NR Narayana Murthy. However, the ventures it has invested in have not had the best run.

According to an analysis by ‘The Times’ newspaper, education start-up Mrs Wordsmith backed by Catamaran closed less than six months after receiving GBP 650,000 from the UK government’s pandemic support scheme called Future Fund.

The New Craftsmen, a Catamaran-backed furniture company which closed in November 2022, also benefited from the fund. And, Digme Fitness, a boutique London fitness chain of which Murty was a director, failed in 2021.

Study Hall, an education technology business in which Catamaran has a stake, was given a government grant of GBP 349,976 via state body Innovate UK last year, prompting questions from the Opposition Labour Party benches.

Murty’s investments outside Catamaran also came under the spotlight this year when it emerged she had shares in Koru Kids – one of six childminder agencies in England that stood to benefit from a new Budget scheme announced by the Sunak-led government. It led to a declaration of interest inquiry by the UK parliamentary watchdog, which concluded last month that Sunak’s failure to reference his wife’s shares in Koru Kids arose out of “confusion and was accordingly inadvertent”.

“I apologise for these inadvertent errors and confirm acceptance of your proposal for rectification,” Sunak wrote in a letter to the Parliamentary Commissioner for Standards, Daniel Greenberg.

Published On:

Sep 28, 2023

RBI Decides To Withdraw Incremental CRR In Phased Manner

Mumbai, Sept 8: The Reserve Bank on Friday decided to discontinue the Incremental Cash Reserve Ratio (I-CRR), which was put in place to absorb surplus liquidity following the withdrawal of Rs 2,000 currency notes, in a phased manner beginning Saturday.
On August 10, the RBI mandated banks to maintain an incremental cash reserve ratio (I-CRR) of 10 per cent on the increase in their net demand and time liabilities (NDTL) between May 19, 2023 and July 28, 2023.
The measure was intended to absorb the surplus liquidity generated by various factors, including the return of Rs 2,000 notes to the banking system.
“On a review, it has been decided to discontinue the I-CRR in a phased manner,” the central bank said in a statement.
Based on an assessment of current and evolving liquidity conditions, it has been decided that the amounts impounded under the I-CRR would be released in stages so that system liquidity is not subjected to sudden shocks and money markets function in an orderly manner, it added.
The RBI said 25 per cent of the amount of I-CRR maintained by banks will be released on Saturday and another 25 per cent on September 23. The rest will be released on October 7.
While announcing the I-CRR, RBI Governor Shaktikanta Das had indicated that the provision was a temporary measure for managing the liquidity overhang.
The RBI had announced that the I-CRR would be reviewed on September 8, 2023, or earlier with a view to returning the impounded funds to the banking system ahead of the festival season.
Following the withdrawal of the Rs 2,000 notes, the liquidity with the banks had surged significantly, the I-CRR was aimed to absorb the excess cash.
As much as 93 per cent of Rs 2000 currency notes that were in circulation on May 19 — the day when the currency was withdrawn from circulation — have been returned to banks.
The total value of Rs 2000 banknotes received back from circulation is Rs 3.32 lakh crore up to August 31, 2023. (Agencies)

Mint Explainer: Xi decides to skip the G20 Summit in New Delhi

China’s foreign ministry has announced that Premier Li Qiang, not President Xi Jinping, will represent China at the G20 Leaders’ Summit in New Delhi on September 9 and 10. This comes just weeks after Xi attended the BRICS Summit in South Africa. Mint breaks down the significance of the announcement.

What happened?

The announcement by China’s foreign ministry on Monday ended weeks of speculation about whether Xi Jinping would attend the summit. “At the invitation of the government of the Republic of India, Premier of the State Council Li Qiang will attend the 18th G20 Summit to be held in New Delhi, India on September 9 and 10,” read a release from foreign ministry spokesperson Mao Ning. The Premier is widely considered to be the second most powerful person in politics after the President. Li is also considered a close confidant of Xi Jinping.

What’s the background to all this?

Xi’s decision to skip the G20 Summit comes just weeks after he attended the BRICS Summit in Johannesburg, South Africa. He met with Prime Minister Narendra Modi there and the two leaders agreed to direct officials to speed up disengagement on the disputed Sino-Indian border, which has been in crisis since 2020.

This makes Xi the second leader to pull out of the G20 Summit in New Delhi after Russian President Vladimir Putin. Russia’s foreign minister Sergei Lavrov will represent his country at the meeting.

Has China tried to play spoilsport before?

China and India have clashed repeatedly during the latter’s presidency of the G20 this year. India’s decision to hold G20 meetings in Kashmir met with Chinese resistance, as did the use of phrases such as ‘Vasudhaiva Kutumbakam’ in G20 documents, according to some reports.

Xi’s decision to not attend has been seen by some analysts as a snub aimed at India, especially since the Chinese President did attend the BRICS Summit. Several G20 ministerial meetings in India ahead of the summit have been contentious as Russia and China have opposed joint statements that included paragraphs condemning Moscow for its invasion of Ukraine last year.

What does this mean for the bilateral relationship?

India and China seemed to be making progress on their border dispute in recent weeks. The recent round of Corps Commanders’ talks saw positive movement on disengagement in two regions, Depsang and Demchok. At their meeting in South Africa, Xi and Modi agreed to “intensify” disengagement efforts . However, Xi’s decision to skip the G20 Summit is being seen as a snub to India and may create more ill-will in an already complicated relationship.

L’Occitane’s billionare owner decides against deal to take company private

:Hong Kong-listed skincare specialist L’Occitane International SA said on Monday its controlling shareholder had decided against a potential deal to take the company private, curbing speculation of a possible European listing.

L’Occitane updated the market last month about a potential buyout offer from Chairman Reinold Geiger’s investment holding company, L’Occitane Groupe SA, at no less than HK$26.00 ($3.32) per share.

Sources had earlier told Reuters that Geiger had also been speaking to advisers about the possibility of re-listing the skincare products group on a European exchange as soon as next year.

Austrian billionare Geiger has doubled sales at the beauty-store chain over the last decade, with the retailer now having 3,000 outlets in 90 countries selling organic beauty products.

However, the $5.22 billion firm lags behind peers in the cosmetic sector, including French firm L’Oreal SA , in terms of its forward price to earnings ratio.

Italian fashion house Prada SpA has also been seeking a dual listing in Italy along with its Hong Kong listing.

Hong Kong has recently emerged as an epicentre of buyout deals, with a range of companies having depressed valuations.

Imax Corp, the big-screen cinema company, is set to assume full control of its listed Chinese entity, while snack maker Dali Foods Group also received a takeover proposal in June.

L’Occitane Groupe SA owned 72.5 per cent of the skincare firm at the end of May.

The company is listed in Hong Kong at a time when a number of firms from the West are looking to boost exposure to the rapidly growing Chinese market.

Shares in the Luxembourg- and Geneva-headquartered company, which were placed on a halt, will resume trading on Tuesday.

Last month Bloomberg News reported that Geiger was discussing a possible offer of about HK$35 for each L’Occitane share he does not already own.

The company later clarified that if a deal were to go through, the potential offer price would be no less than HK$26.00 per share.

L’Occitane listed in Hong Kong in 2010, and at the time was one of the first western companies to sell its primary shares in the Asian financial hub.

($1 = 7.8344 Hong Kong dollars)

Tom Cruise’s Security Team Isn’t Thrilled When The Actor Decides To Take Public Transportation

In his 60s, Tom Cruise continues to make the headlines for both his acting, and life off-screen. Tom is always getting praised, not only for his roles but even his treatment of others. The actor was praised for showing his manners alongside a colleague during a public situation. It seems like the same holds true when he’s spotted by fans.

In the following, we’re going to take a closer look at Cruise stepping out in public, however, when he does so, the actor is followed by security while he also dresses up in a disguise.

We’ll reveal what the outcome is like for Tom going out in public, and how his security team feels about it. In addition, we’ll reveal how Tom was able to pull off going out in public and watch his own film in theaters with fans. There truly is nobody like the Mission: Impossible star.

RELATED – Tom Cruise Came Across As A Completely Different Person During His First Ever Appearance With David Letterman

Tom Cruise Dressed In A Disguise In The Past To Watch His Own Film

This should come as no surprise, not only does Tom Cruise ride the subway dressed in a disguise, but he does the same when it comes to watching his own films in the movie theaters. Cruise revealed he loves to get a sense of how fans are responding to his films. Therefore, the actor has taken to movie theaters internationally to get a better understanding. As expected, he tries to hide his identity while keeping a low profile.

“I grew up I always wanted to travel the world so when I started making movies, I was able to go watch movies in other countries so I always go watch films with other audiences and watch their movies with them.”

“So, I do. When I make a film I wanna go see it with an audience. I just try to do everything I can, use every tool that I have, to entertain the audience.”

RELATED – Ellen DeGeneres Was Taken Aback By Tom Cruise’s Response On How Much Sleep He Gets Per Night

However, Tom did admit that fans tend to be wise at times, and can tell the actor is present. In that case, Tom does sign or take a photo.

“Sometimes they spot me. When I’m sitting next to them, they’ll kind of look over. I’ll do some photos and sign some autographs,” Cruise said.

Given his stardom, Cruise has a security team in place, and they aren’t enthusiastic when the actor decided to ride the subway in public.

Tom Cruise’s Security Team Isn’t Fond Of The Actor Taking The Subway

Speaking alongside Jimmy Kimmel, Tom Cruise revealed that he isn’t opposed to taking public transit, particularly when he’s overseas.

Cruise recalled a particular instance in England in which he was spotted by a fan. The 14-year-old couldn’t believe nobody spotted Cruise. Tom quietly told her to keep it a secret, while she understood and snapped a photo. The audience had a blast with the reveal, while Cruise admits his security team isn’t fond of his public transportation adventures.

The moment can be seen in the reel below.

RELATED – An Author Complained About Having Tom Cruise In Her Film Adaptation, But Later Realized She Was Very Wrong

Fans had a lot to say in the comments, while disclosing their own encounters with celebs. One YouTuber had quite the story of an interaction with Samuel L. Jackson.

“I once saw Samuel L. Jackson in a crowded elevator at the Omni Hotel in San Diego. Everyone was quiet and all of a sudden someone said, “Hey! You’re Samuel L. Jackson!” He started to frantically look around saying, “Where? Where?”

At the very least, Jackson and Cruise have a sense of humor about it all!

Tom Cruise Revealed He Did Use His Celebrity Status On A Particular Occasion

During his earlier days in Hollywood, Tom Cruise discussed using his celebrity status in a public situation. That actor surprisingly revealed that it did take place at one point, but it was to meet another actor, Dustin Hoffman.

Speaking alongside The Uncool, Cruise made the reveal.

“I guess meeting Dustin Hoffman was the closest to that. Usually I would never do anything like that. But I was in this Cuban restaurant up on Columbia Avenue with my little sister. All of a sudden she got up to go the bathroom and when she sat down, she had this big smile of her face. She pointed and said, “That’s Dustin Hoffman over there.” He was doing Death of a Salesmanand I had just gotten back from finishing Legend in London.”

He continues, “I knew that this was his last weekend and it was impossible to get tickets. I feel really shy about going up to people and saying hello, telling them I appreciate their work, but I went up and said, “Hey, Mr. Hoffman,” and he turned around and said, “Cruise?” He was so cool.”

Nowadays, the tables have turned and in all likelihood, other celebs are likely trying to meet Tom Cruise the same way he did with Hoffman years ago.

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India Decides To Allow Rice Export To Singapore In View Of “Special Ties”

Notably, the export of non-basmati white rice was prohibited from July 20 to check the domestic prices.

New Delhi:

In view of the “special relationship” with Singapore, India has decided to allow the export of rice to “meet the food security requirements” of the Southeast nation, the Ministry of External Affairs (MEA) said.

“India and Singapore enjoy a very close strategic partnership, characterized by shared interests, close economic ties and strong people-to-people connect. In view of this special relationship, India has decided to allow the export of rice to meet the food security requirements of Singapore,” said MEA official spokesperson, Arindam Bagchi on Tuesday in response to media queries on rice export to Singapore.

“Formal orders in this regard will be issued shortly,” Mr Bagchi added.

India on August 27 introduced additional safeguards on exports of basmati rice so as to prevent exports of non-basmati white rice, which is presently under the prohibited category.

Last Sunday, the government said it has received credible field reports regarding misclassification and illegal export of non-basmati white rice.

“It has been reported that non-basmati white rice is being exported under the HS codes of parboiled rice and basmati rice,” the government said in a statement.

Notably, the export of non-basmati white rice was prohibited from July 20 to check the domestic prices and ensure domestic food security. The government noticed that despite restrictions put on certain varieties, rice exports have been high during the current year.

The central government on July 20 amended the rice export norms putting the non-basmati white rice in the “prohibited” category.

The export policy relating to non-basmati white rice (semi-milled or wholly milled rice, whether or not polished or glazed) has been revised from “free” to “prohibited” and it has come into force immediately, a Directorate General of Foreign Trade (DGFT) notification said.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Asiad Medal On Her Mind, Mirabai Chanu Decides To Not Lift At World Championships; Will Just Attend Weigh-In | Weightlifting News

With her sights firmly set on an elusive Asian Games medal, Mirabai Chanu will only mark her attendance by completing the necessary formalities and not lift any weight at next week’s World Championships, which is a compulsory qualifying event for the Paris Olympics. The World Championships, are scheduled from September 4 in Riyadh, while the Asian Games begin less than 20 days later in Hangzhou, China on September 23. The short time between the two events makes it difficult for lifters to manage their weight and peak at both the events.

“There is very less time between the Asian Games and the World Championships. Since there is compulsory participation at the World Championships, we have decided that Mirabai only travel to Riyadh and give the body weight.

“She will complete all the mandatory protocols like give the dope test, if required. But she will not lift any weight. She is only going there to participate,” head coach Vijay Sharma told PTI.

The Tokyo Olympics silver medallist, who competes in the 49kg weight class, has registered an entry weight of a mere 60kg at the World Championships. Based on that she has been placed in Group D of the competition. The lifters who register the highest entry weight are placed in group A, followed by B and so on.

Having won the World Championships in 2017 ideally, Chanu would have skipped the event but under the 2024 Olympic qualification rule, a lifter has to compulsorily compete in the 2023 World Championships and the 2024 World Cup.

On the other hand, an Asian Games medal is the only silverware missing from Chanu’s cabinet and the Manipuri has time and again insisted that she wants to win that elusive medallion in this edition of the Games.

Winning a medal at the Asian Games will, however, not be an easy affair as weightlifting powerhouses like China, Korea and Thailand will compete at the continental event.

“We are aiming to cross the 90kg mark (in snatch) at the Asian Games. It’s been a while since we have been trying to get over that line. We have been focusing on Mira’s snatch here in training,” Sharma said.

While Chanu leads the field in clean and jerk, her snatch performances have been underwhelming. The two-time Commonwealth Games gold medallist has a personal best of 88kg in snatch and 119kg in clean and jerk, which is also the world record.

Five lifters have lifted 90kg or more in the snatch section in the current Olympic cycle, while the world record stands at 96kg.

At the Asian Championships in May, the last tournament Chanu competed in, the star Indian lifter had to withdraw from the competition due to a dodgy hip.

The 29-year-old is currently training in St Louis, USA under Dr Aaron Horschig, whom she has been consulting since 2020.

“We have to keep in mind Mira’s body as well. She is ageing, the chances of injuries increase with age. So we have to be careful with the workload.

“Currently, her body is well. Small niggles here and there keep happening but nothing serious,” Sharma said.

Apart from this year’s Worlds and 2024 World Cup, a lifter also has to participate in three of the following events — the 2022 World Championships, the 2023 Continental Championships, the 2023 Grand Prix 1, the 2023 Grand Prix II and the 2024 Continental Championships.

The International Weightlifting Federation (IWF) will publish the Olympic Qualification Ranking (OQR) of each weight category at the end of the qualification period.

The best three performances at the qualifying events will be taken into account for final assessment.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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Sunak decides against attending UN General Assembly

UK prime minister set to anger environmental groups by missing event that will focus on sustainable development
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In Johannesburg Summit, BRICS Decides To Admit 6 Countries As New Members

New Delhi, Aug 24: Top leaders of the BRICS nations on Thursday decided to admit Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates as the full members of the grouping that is largely seen as a counterweight to Western powers.
The decision to invite the six countries to join the bloc as the new members was announced by South African President Cyril Ramaphosa on the final day of the annual summit of the BRICS that currently comprises Brazil, Russia, India, China and South Africa.
“The new membership will take effect from January 1, 2024,” Ramaphosa, flanked by Prime Minister Narendra Modi, Chinese President Xi Jinping and Brazilian President Luiz Inacio Lula da Silva, said at a media briefing in Johannesburg.
The South African president said an agreement was reached on the “guiding principles, standards, criteria and procedures of the BRICS expansion process, which has been under discussion for quite a while”.
“We have consensus on the first phase of this expansion process, and further phases will follow,” he said.
South Africa is holding the current presidency of BRICS.
“We have decided to invite the Argentine Republic, the Arab Republic of Egypt, the Federal Democratic Republic of Ethiopia, the Islamic Republic of Iran, the Kingdom of Saudi Arabia and the United Arab Emirates to become full members of BRICS,” he added.
In his media statement, Modi said the “expansion and modernisation” of BRICS is a message that all institutions in the world need to mould themselves according to changing times.
“India has always fully supported the expansion of the BRICS membership. India has been of the view that the addition of new members will further strengthen BRICS as an organisation, and give a new impetus to all our common endeavours,” he said.
The prime minister said the decision to expand the bloc will further strengthen the faith of many countries in the multipolar world order.
The grouping took shape in September 2006 and it originally comprised Brazil, Russia, India and China (BRIC). It was renamed as BRICS after South Africa was accepted as a full member in September 2010.
At present, the BRICS represents 41 per cent of the global population, 24 per cent of the global GDP and 16 per cent of the global trade. The BRICS member nations have been the main engines of global economic growth over the years.
Chinese President Xi described the expansion of BRICS as a “new starting point” for cooperation in the grouping.
“It will bring new vigour to the BRICS cooperation mechanism, further strengthening a force for world peace and development,” he said at the press briefing.
Speaking remotely, Russian leader Vladimir Putin hailed the expansion.
In his remarks, Ramaphosa said the BRICS valued the interests of other countries in building partnership with the grouping.
“We have tasked our foreign ministers to further develop the BRICS partner country model and a list of prospective partner countries and report by the next summit,” he said.
“Through this Summit, BRICS has embarked on a new chapter in its effort to build a world that is fair, a world that is just, a world that is also inclusive and prosperous,” he noted.
Ramphosa said the BRICS is ready to explore opportunities for improving the “stability, reliability and fairness of the global financial architecture”.
He said the summit agreed to task the BRICS finance ministers and Central Bank Governors to consider the issue of local currencies, payment instruments and platforms and report back to the leaders by the next summit.
“We are concerned about ongoing conflicts in many parts of the world. We stress our commitment to the peaceful resolution of differences and disputes through dialogue and inclusive consultation,” the South African President said.
“We addressed our expectations for the BRICS economic partnership to generate tangible benefits for our communities and deliver viable solutions for common challenges faced by the global South,” he said.
“We shared our vision of BRICS as a champion of the needs and concerns of the peoples of the Global South. These include the need for beneficial economic growth, sustainable development and reform of multilateral systems,” he added.
The South African leader said the BRICS reiterated its commitment to inclusive multilateralism and upholding international law. (Agencies)

French President Macron decides to keep PM in role despite pension unrest, riots

By Reuters: French President Emmanuel Macron has decided to keep Elisabeth Borne in her role as prime minister, an official at the president’s office said on Monday, rejecting pressure to give a new direction to his government after a tumultuous few months.

Months of unrest and strikes over Macron’s pension reform in the spring as well as five days of riots and looting in French cities earlier this month had fuelled calls among political opponents and some government insiders for a reshuffle.

But with no clear candidate to replace Borne, a former technocrat who critics say lacks charisma but supporters say has delivered on many of Macron’s campaign pledges already, the French leader decided to keep her at the helm of cabinet.

“To ensure stability and in-depth work, the President has decided to maintain the Prime Minister,” Macron’s office said.

The President will also “by the end of the week” provide clues about his plans for the coming months, the official said.

French media said Borne was working on “adjustments”, a sign there could be only a technical reshuffle on the cards that would not see changes at top portfolios such as the finance ministry.

Rumours of a possible government reshuffle had swirled following the sudden bout of riots, triggered by the killing by police of a teenager, in one of the most serious challenge to Macron’s leadership to date.

But Macron said last week he needed more time to draft policy in response to the riots, which he said required more than “knee-jerk” reactions.

For that reason, he said last week he had decided against giving an interview on July 14, the deadline he had given himself in April to relaunch his second term and heal tensions after the pension crisis.

A source close to Macron told Reuters changing prime minister now made no sense, since Macron’s minority government had not managed to strike a deal with potential right-wing conservative allies in parliament.

Macron was keeping the option of offering the conservative Les Republicains the prime minister seat as a prize for a formal coalition, the source added.

Macron decides to keep French PM in role despite pension unrest, riots

PARIS: French President Emmanuel Macron has decided to keep Elisabeth Borne in her role as prime minister, an official at the president’s office said on Monday (Jul 17), rejecting pressure to give a new direction to his government after a tumultuous few months.

“To ensure stability and in-depth work, the President has decided to maintain the Prime Minister,” Macron’s office said.

The President will also “by the end of the week” provide clues about his plans for the coming months, the official said.

French media said Borne was working on “adjustments”, a sign there could be only a technical reshuffle on the cards that would not see changes at top portfolios such as the finance ministry.

But Macron said last week he needed more time to draft policy in response to the riots, which he said required more than “knee-jerk” reactions.

For that reason, he said last week he had decided against giving an interview on Jul 14, the deadline he had given himself in April to relaunch his second term and heal tensions after the pension crisis.

Macron was keeping the option of offering the conservative Les Republicains the prime minister seat as a prize for a formal coalition, the source added.

Chirag Paswan Decides To Join NDA, “Welcome To Family,” Says BJP Chief

New Delhi:

Chirag Paswan, the leader of the key faction of the Lok Janashakti Party, will join the NDA, the BJP announced this evening shortly after his meeting with the party’s key strategist Amit Shah. “Lok Janshakti Party (Ram Vilas) leader Chirag Paswan has decided to join NDA. I welcome him to the NDA family,” BJP chief JP Nadda announced.