Home – Page 92 – South Asia Time

Home

Xiaomi accuses Indian agency of ‘physical violence’ threats during probe

Posted on by SAT News Desk

NEW DELHI, May 7 (Reuters): Chinese smartphone maker Xiaomi Corp has alleged its top executives faced threats of “physical violence” and coercion during questioning by India’s financial crime fighting agency, according to a court filing seen by Reuters.

Officials from the Enforcement Directorate warned the company’s former India managing director, Manu Kumar Jain, current Chief Financial Officer Sameer B.S. Rao, and their families of “dire consequences” if they did not submit statements as desired by the agency, Xiaomi’s filing dated May 4 stated.

The Enforcement Directorate did not immediately respond to a request for comment.

Xiaomi has been under investigation since February and last week the Indian agency seized $725 million lying in the company’s India bank accounts, saying it made illegal remittances abroad “in the guise of royalty” payments. read more

Xiaomi has denied any wrongdoing, saying its royalty payments were legitimate. On Thursday, a judge heard Xiaomi lawyers and put on hold the Indian agency’s decision to freeze bank assets. The next hearing is set for May 12. read more

The company alleges intimidation by India’s premier enforcement agency when executives appeared for questioning multiple times in April.

Jain and Rao were on certain occasions “threatened … with dire consequences including arrest, damage to the career prospects, criminal liability and physical violence if they did not give statements as per the dictates of” the agency, according to the filing in the High Court of southern Karnataka state.

The executives “were able to resist the pressure for some time, (but) they ultimately relented under such extreme and hostile abuse and pressure and involuntarily made some statements,” it added.

Xiaomi declined to comment citing pending legal proceedings. Jain and Rao did not respond to Reuters queries.

Jain is now Xiaomi’s global vice president based out of Dubai and is credited for Xiaomi’s rise in India, where its smartphones are hugely popular.

Xiaomi was the leading smartphone seller in 2021 with a 24% market share in India, according to Counterpoint Research. It also deals in other tech gadgets including smart watches and televisions, and has 1,500 employees in the country.

Many Chinese companies have struggled to do business in India due to political tensions following a border clash in 2020. India has cited security concerns in banning more than 300 Chinese apps since then and also tightened norms for Chinese companies investing in India.

Tax inspectors raided Xiaomi’s India offices in December. On receiving information from tax authorities, the Enforcement Directorate – which probes issues such as foreign exchange law violations – started reviewing Xiaomi’s royalty payments, court documents show.

The agency last week said Xiaomi Technology India Private Limited (XTIPL) remitted foreign currency equivalent of 55.5 billion rupees ($725 million) to entities abroad even though Xiaomi had “not availed any service” from them.

“Such huge amounts in the name of royalties were remitted on the instructions of their Chinese parent group entities,” the agency said.

Xiaomi’s court filing alleges that during the investigation, Indian agency officials “dictated and forced” Xiaomi India CFO Rao to include a sentence as part of his statement “under extreme duress” on April 26.

The line read: “I admit the royalty payments have been made by XTIPL as per the directions from certain persons in the Xiaomi group.”

A day later, on April 27, Rao withdrew the statement saying it was “not voluntary and made under coercion”, the filing shows.

The directorate issued an order to freeze assets in Xiaomi’s bank accounts two days later.

Xiaomi has said in a previous media statement it believes its royalty payments “are all legit and truthful” and the payments were made for “in-licensed technologies and IPs used in our Indian version products.”

Its court filing stated Xiaomi is “aggrieved for being targeted since some of its affiliate entities are based out of China”. Source: Reuters

 

Five British Nepalese including 3 Ex-Gurkhas win local elections in the UK

Posted on by SAT News Desk

London – Out of ten candidates of Nepali origin who were contesting for various local councils across the UK during the elections held on 5th May,  five of them have won.

Three of the five elected councillors have been re-elected, while two have been elected for the first time. Three of the elected candidates are from the ruling Conservative Party and the other two are from the Labour Party.

Among the winners , 3 of them are ex-Gurkhas.  Former Mayor Bishnu Bahadur Gurung has been elected Councillor for the third time from Hounslow borough of London. Gurung, a candidate from the Labor Party, bagged 1,037 votes. Another Labor candidate, ex-Gurkha Vijaya Gurung,  has been elected as a Councillor from the same ward.

 Former Deputy Mayor Lachhya Gurung re-elected

Lachhya Bahadur Gurung, former deputy mayor of London’s Borough of Barnet, has been re-elected to the post of Councillor. Gurung, a candidate from the ruling Conservative Party in Barnet’s Edgware Ward, won with 1,691 votes.   A former Gurkha, Gurung served as Deputy Mayor of the same borough during his previous tenure. He is one of the main contenders for the post of  Mayor from the Conservative Party, but has been pushed back due to the Labor Party’s majority in the borough.

Ranabhat elected for the first time in the Royal Borough

Jit Ranabhat, a British citizen of Nepali origin, has been elected as a Councillor in the Royal Borough of Greenwich for the first time.

Labor candidate   Ranabhat secured victory from the Plumstead and Glendon ward. Along with Ranabhat, two other Labor candidates have won the contest in the ward.

 In the UK, candidates of Nepali descent have been elected at various local levels for the past few years. But Ranabhat has become the first Councillor of Nepali origin to be elected to one of the four Royal Boroughs in London.

 Former Gurkha Kamal Gurung elected from Burnt Oak ward

A former Gurkha, Kamal Bahadur Gurung, has been elected as a Councillor for the first time from Burnt Oak ward of the Barnet Council, London. The Labor Party candidate won with 2,077 votes.

Dr Sharma lost in County council but won in Borough
Dr. Jagannath Sharma, a former mayor and councillor of Coalburn Town has lost with narrow margin form North Yorkshire County Council however he has been  elected as a councillor of Colburn and Hipswell by a two-third majority.

He is the Vice President of the Conservative Party in Richmondshire, the constituency of British Finance Minister Rishi Sunak. During Sharma’s election campaign, Finance Minister Sunak participated in the campaign and provided encouragement.
North Yorkshire is considered to be the largest county in England. Sharma was the first Nepali to become a county councilor.

Local election was held on Thursday in more  than 4,350 seats in England including over 140 councils. In Wales, 22 councils as well as Scotland’s 32 councils.

Ukraine finance minister calls for total embargo on Russian oil and gas

Posted on by SAT News Desk

Kyiv: Ukrainian Finance Minister Serhiy Marchenko called on Friday for a complete international embargo on Russian oil and gas over Moscow’s invasion of Ukraine.

Marchenko told an online briefing that Ukraine was struggling to balance its budget after 10 weeks of war and said that, as finance minister, he could not be satisfied with the speed at which financial assistance was arriving from abroad.

Referring to what he called the “insufficiency of the sanctions that have been introduced”, he said the high price of oil and natural gas meant Moscow had a budget surplus and “they feel quite comfortable”.

“The main issue is a complete embargo on the purchase of gas and oil from the Russian Federation. This is something that needs to be worked on and that the Ukrainian authorities are actively working on,” he said. “This will make it possible to remove the possibility of financing the war.”

Economic measures from Washington and European allies have hobbled Russia’s $1.8 trillion economy while billions of dollars worth of military aid have helped Ukraine frustrate the invasion.

(Reuters)

India proposed Naveen Srivastava as the ambassador to Nepal

Posted on by SAT News Desk

New Delhi — India has formally proposed Naveen Srivastava as the new ambassador to Nepal ahead of Prime Minister Narendra Modi’s planned visit to the country in mid-May, people familiar with the matter said on Wednesday, the Hindustan Times reported.

Srivastava, who currently heads the East Asia division in the external affairs ministry, has been playing a key role in diplomatic and military talks with China to tackle the military standoff along the Line of Actual Control (LAC) in eastern Ladakh that began two years ago. He is set to succeed Vinay Kwatra, who was appointed foreign secretary earlier this month.

Barbaros star Engin Altan Düzyatan to shoot movie in Nepal

Posted on by SAT News Desk

Kathmandu: Turkish actor Engin Altan Düzyatan announced that he is planning to shoot a Turkish feature film in Nepal in May-June.

“We found some great locations in Nepal. There is dramatic scenery here, so we will be back,” he said at a press meet on Thursday in Kathmandu, adding that he was impressed by the Nepali hospitality and natural beauty. “My first visit won’t be my last,” he said.

Düzyatan–a Turkish heartthrob having a good fan base in Nepal as well—was on a four-day tour of Nepal in an effort to revive and boost Nepali tourism with the waning effect of Covid-19.

Nepal is open to tourism and has witnessed a rapid surge in the number of tourists. According to the data provided by the Nepal Tourism Board, 58,348 foreign tourists entered Nepal in April alone, an increase of 160 percent over the corresponding month of the previous year.

Welcoming Düzyatan and his team, Tourism Minister Prem Ale said the government is ready to fully support the filming of the movie. Minister Ale added that Düzyatan’s visit to Nepal will help boost Nepal’s tourism and strengthen the close bilateral ties between Nepal and Turkey.

Indian climber dies on Mt Kanchenjunga

Posted on by SAT News Desk

Kathmandu: In a first casualty of the spring season on Mt Kanchenjunga, an Indian climber died while ascending on Friday morning.

Narayan Iyer, 52, breathed his last at an altitude of 8,200 meters while heading to conquer the third-highest peak in the world.

“He was asked not to move above 8,000 meters. However, he insisted on climbing on. Later, he collapsed at 8,200 meters,” Nivesh Karki, managing director of Pioneer Adventures told Indian media.

“We have already informed a family member about the casualty.”

As per the expedition organizer, the body of Iyer is still on the way to the summit. “We are attempting and working hard to retrieve the body from that altitude which often is considered as a death zone,” Karki added.

Source: Nepal Live Today

US provides Rs 79.71 billion grant to support Nepal’s graduation to middle-income country

Posted on by SAT News Desk

Kathmandu: The United States of America is to provide USD 659 million (equivalent to Rs 79.71 billion) to Nepal for supporting its goal of graduating to a middle-income country.

Ishwori Prasad Aryal, Joint Secretary and Head of International Economic Cooperation Coordination Division (IECCD), Ministry of Finance and Sepideh Keyvanshad, USAID Nepal Mission Director, signed and exchanged the agreement on behalf of their respective governments at a program organized at the Ministry on Thursday.

Termed as a new Development Objective Agreement, this assistance agreement will span five years. It outlines the broad development areas of US and Nepal cooperation and collaboration.

Partnering with the Government of Nepal, civil society, and the private sector, US assistance will advance Nepal’s sustainable development through strengthened democratic governance, enterprise-driven economic growth and increased resilience for communities most at-risk to natural disasters and climate change.

The amount of assistance will be recorded in the GoN Red Book and transparently implemented through both on and off treasury modalities. USAID will develop projects under this assistance agreement in collaboration with line ministries and implemented in accordance with GoN rules and regulations.
Delivering a short remark following the signing ceremony, Aryal said, “In 1951, after signing the Point Four program, the United States became the first bilateral donor to Nepal. This began a 70-plus-year relationship of trust, mutual respect, and commitment to the people of Nepal.”

He further added that Nepal has greatly benefited from the financial and technical assistance extended by the United States to help drive Nepal’s socio-economic development.

He expressed that the Assistance Agreement is a departure agreement for both governments due to the fact that, for the first time in this enduring partnership, US assistance will be fully reflected in GoN’s Red Book.

Similarly, Keyvanshad noted, “Today we add a new chapter to our long-standing partnership with the Government of Nepal and the Nepali people. We look forward to continuing the US government’s long-term commitment to support activities that strengthen Nepal’s democracy, governance, and economic growth across the country.”

This year, the United States and Nepal are celebrating 75 years of bilateral relations.

Source: Nepal Live Today

 

Nepal should engage in monetary tightening to bolster forex, says IMF

Posted on by SAT News Desk
Kathmandu — Nepal should engage in monetary tightening including interest rate hikes to bolster its dwindling foreign exchange reserves, without resorting to import curbs that could push up prices and hamper economic growth, a senior International Monetary Fund (IMF) official said on Wednesday.

The government must address inflationary pressures and growing external imbalances while safeguarding the economic recovery, Robert Gregory, head of an IMF team that held week-long discussions with government officials, said in a statement.

Nepal, a landlocked country between China and India, has banned luxury goods imports until mid-July to rein in capital outflows as foreign exchange reserves fell over 18% to $9.6 billion as of mid-March from mid-July – enough to last the country around six months.
Following a sharp rise in the cost of imports due to soaring global crude oil and other commodity prices after Russia’s invasion of Ukraine, Nepal‘s international reserves “have declined more than anticipated,” the IMF statement said.

However, a prudent budget, as suggested under its financial support programme, along with monetary tightening would help address the inflationary pressures and growing economic imbalances, the statement said.

Consumers in the Himalayan nation of 29 million people are facing tough times as annual retail inflation hit a five-year high of 7.14% in the month through mid-March, pushed up by rising fuel and food prices, while household income levels are still below pre-pandemic levels.

The IMF team praised the government’s recent steps to tackle external pressures by gradually exiting from a pandemic-related expansionary monetary policy and said forex reserves were adequate for now.

The World Bank said on Wednesday it would provide $150 million for the “Finance for Growth” Development Policy Credit (DPC) to strengthen financial sector stability, diversify financial solutions, and increase access to financial services in Nepal.

Nepal Finance Ministry official Ishwari Aryal said the IMF team’s comments “will be addressed accordingly.” ( Agencies )

Sri Lanka crisis will last at least two more years: govt

Posted on by SAT News Desk

Colombo: Sri Lanka will have to endure its unprecedented economic hardships for at least two more years, the country’s finance minister said Wednesday while warning of an imminent cash crunch.

Months of blackouts and acute shortages of food, fuel and pharmaceuticals have brought widespread suffering across the South Asian island nation.

Public anger has sparked sustained protests demanding the government resign over its mismanagement of the economic crisis, Sri Lanka’s worst since independence in 1948.

“People should know the truth. I don’t know if people realise the gravity of the situation,” Finance Minister Ali Sabry told parliament.

“We won’t be able to resolve this crisis in two years, but the actions we take today will determine how much longer this problem will drag.”

Sabry said the country now has less than $50 million in usable foreign exchange reserves, needed to finance essential goods to keep Sri Lanka’s import-dependent economy ticking over.

Official data shows $1.7 billion in reserves, but most of that figure includes a Chinese currency swap which cannot be used to pay for imports from other countries.

Sabry said the government had erred by delaying an approach to the International Monetary Fund for a bailout.
Negotiations with the IMF are ongoing but Sri Lanka’s central bank chief has said any assistance from the lender is months away.

The government will unveil a new budget soon and raise taxes to replenish state revenue.

“It was a historic mistake to sharply reduce taxes in 2019,” Sabry said, adding that the previous central bank chief had also blundered by exhausting foreign reserves to defend Sri Lanka’s overvalued currency.
Sri Lanka’s economic crisis took hold after the coronavirus pandemic hammered income from tourism and remittances.

Unable to pay for fuel imports, utilities have imposed daily blackouts to ration electricity, while long lines of people snake around service stations for petrol and kerosene.
Hospitals are short of vital medicines and the government has appealed to citizens abroad for donations.

Last month Sri Lanka announced it was defaulting on its $51 billion foreign debt.
President Gotabaya Rajapaksa has said he is willing to form a unity government to manage the country through the crisis.

But the opposition has refused to join an administration with the president or any other members of the powerful Rajapaksa family still in power.

Protesters have been camped outside the president’s seafront office for nearly a month to pressure him into stepping down.

Trade unions, which staged a strike last week, have said they will stop work again on Friday to pressure the entire government to resign. (AFP)

Ukraine, UK sign deal on preferential trade

Posted on by SAT News Desk

Kiev: Ukraine and the United Kingdom have signed an agreement on the abolition of import duties and tariff quotas, the Ukrinform news agency said on Wednesday, citing the Ukrainian Economy Ministry.

“Ukraine and the UK have legally enshrined the abolition of import duties and tariff quotas in bilateral trade by signing an agreement,” the ministry said.

The preferential trade agreement, which will be in place for 12 months, is set to boost the exports of high value-added goods from Ukraine, including flour, grain, dairy products, poultry, tomato paste, honey, corn, wheat, juices, mushrooms and sugar.

Last month, the European Union decided to abolish tariffs and quotas on Ukrainian industrial goods and foods. (Xinhua)

Nepal government, World Bank Sign $ 150 million development policy credit to strengthen financial sector

Posted on by SAT News Desk

Kathmandu: The government of Nepal and the World Bank signed a $150 million ‘Finance for Growth’ Development Policy Credit (DPC) on Wednesday to strengthen financial sector stability, diversify financial solutions, and increase access to financial services in Nepal, the World Bank said in a press statement.

The agreement was signed by Finance Secretary Madhu Kumar Marasini on behalf of the government of Nepal, and the World Bank Country Director for Maldives, Nepal, and Sri Lanka, Faris Hadad-Zervos.

“Our overarching priorities are guided by the objective of achieving sustainable and inclusive growth as also reflected in the 2022-2026 Financial Sector Development Strategy that addresses emerging vulnerabilities from COVID-19 and climate change risks, and focuses on digital payments, and mainstreaming of financial inclusion. The Finance for Growth DPC contributes to these priorities,” the statement quoted Finance Secretary Marasini as saying.

“The second Finance for Growth operation was approved by the World Bank Board of Executive Directors on March 24, 2022. The operation will support enhanced supervision of the banking sector to address financial stability risks in the context of the Covid-19 pandemic’s impacts. It will help open up capital, insurance, and disaster risk financing markets, and foster financial product innovations. It will also support initiatives to increase liquidity and inclusion through access to external commercial borrowing, financial digitalization, and financial literacy for women. This will help improve the functioning of the financial sector to support private sector-led growth,” according to the World Bank.

“The operation supports Nepal’s green, resilient, and inclusive development, and also initiates a new climate agenda, supporting climate finance resilience policy measures across different sectors,” it added.

“Nepal is one of the early movers in endorsing green, resilient, and inclusive development (GRID) as a national strategic development approach,” the statement quotes Faris Hadad-Zervos, World Bank Country Director for Maldives, Nepal, and Sri Lanka as saying.

“By supporting a set of transformative financial sector reforms, including the introduction of a broad-based climate-resilience agenda across all financial markets, this project will further contribute to the government’s policy priorities of mitigating the pandemic’s adverse impacts while supporting a resilient recovery, ”said Faris Hadad-Zervos.

India falls 8 places to 150th position in World Press Freedom Ranking

Posted on by SAT News Desk

Delhi: India’s ranking in the World Press Freedom Index has fallen down to 150th position from last year’s 142nd rank out of 180 countries, according to a report by a global media watchdog released on Tuesday.

The ranking of India’s neighbors, except that of Nepal, has also slid down, with the index placing Pakistan at 157th position, Sri Lanka 146th, Bangladesh 162nd, and Maynmar at 176th position, the report released by Reporters Without Borders said.

According to the RSF 2022 World Press Freedom Index, Nepal has climbed up by 30 points in the global ranking at 76th position. Last year, the Himalayan nation had been placed at 106th position, Pakistan at 145th, Sri Lanka 127th, Bangladesh 152nd, and Myanmar at 140th position in the index.

This year, Norway (1st) Denmark (2nd), Sweden (3rd) Estonia (4th) and Finland (5th) grabbed the top positions, while North Korea remained at the bottom of the list of the 180 countries and territories ranked by the Reporters Without Borders. Click here to read more.

 

Bomb threat at Kathmandu Airport turns out to be hoax 

Posted on by SAT News Desk

Kathmandu: A phone call made by an unknown person on Wednesday morning announcing that bombs have been planted at the domestic terminal of the Tribhuvan International Airport sent law enforcement agencies into a tizzy.

However, after a security check by personnel of the Nepal Police and the bomb disposal squad of the Nepal Army, it was confirmed that it was a hoax bomb threat call.

The threat call was a hoax. We have started an investigation into the case, said Superintendent of Police Santosh Singh Rathore, Spokesperson of the Metropolitan Police Office, Ranipokhari.

A bomb threat had created panic at the airport this morning. Police had evacuated passengers from the domestic terminal of the airport following the bomb threat. Domestic flights were obstructed for one hour this morning.

TIA office said that domestic flights have resumed as no such object was found at the building after a search operation carried out by a bomb disposal squad.

The airport which was stalled following the bomb hoax has been opened a while ago, TIA General Manager Prem Nath Thakur said. Source: Nepal Live Today

Sri Lanka to amend electricity law to fast-track procurement

Posted on by SAT News Desk

Colombo — Sri Lanka will amend its electricity law to remove impediments to procurement, Power and Energy Minister Kanchana Wijesekera said on Monday.

“The law will be amended to remove impediments that delayed projects and to shorten the procurement processes,” the minister said.

The minister said that he was consulting with senior officers to overcome the current fuel crisis.

Wijesekera added that he would soon present to parliament a report on the causes of the fuel crisis, especially the weak management at key institutions.

“We have also paid for a ship carrying coal needed for electricity production. With this we have enough coal until September,” he said.

Sri Lanka has been suffering from power cuts since February due to a fuel shortage.

  • Xinhua

Rahul Gandhi dances in Kathmandu, vibration reaches New Delhi

Posted on by SAT News Desk

Kathmandu: Rahul Gandhi, a popular face in Indian politics, is trending on social media.

Gandhi, a former president of the Indian National Congress, landed at the Tribhuvan International Airport in Kathmandu on Monday to attend his friend’s wedding.

Soon after attending the wedding ceremony at Hotel Marriot, Gandhi reached Kathmandu’s famous nightclud–LOD (Lord of Drinks)–for a party.

In no time, a video of Gandhi partying at LOD went viral on social media, and he was heavily mocked by Indian politicians, especially ruling Bharatiya Janta Party’s leaders and cadres. Some are even spreading the false news that Gandhi was with the Chinese ambassador to Nepal.

“Rahul Gandhi tweeting about pathetic state of Indian economy from a pub in Kathmandu along with Chinese ambassador to Nepal. Congress must explain this alliance [SIC],” wrote Sashi Kumar, Social Media Co-Convenor of BJP Uttar Pradesh, posting the video on his Twitter.

It has been learnt that Gandhi was in Kathmandu to attend the wedding ceremony of his friend. The Indian National Congress has already clarified that Gandhi is in Nepal to attend a wedding of a journalist friend.

However, criticisms against Gandhi, including insulting remarks, continue to be posted on Twitter.

Amit Malviya, In-charge of BJP’s National Information & Technology Department and Co-incharge West Bengal wrote: “Rahul Gandhi was at a nightclub when Mumbai was under seize. He is at a nightclub at a time when his party is exploding. He is consistent. Interestingly, soon after the Congress refused to outsource their presidency, hit jobs have begun on their Prime Ministerial candidate…”. This post has been retweeted over 1,600 times as of this writing.

However, some others have argued that it is his right to participate in the wedding party. “How on earth is it anybody’s business whether @RahulGandhi or anybody else is in nightclub or at wedding in private time?,” wrote Mahua Moitra. “Sick @BJP trolls in charge should stick to doing what they do best- leading double lives with beer in teapots.” Source: Nepal Live Today