BUSINESS NEWS CATEGORIES 

Jewellery stocks take a hit after PNB fraud

Shares of Gitanjali Gems today plunged up to 19 per cent in morning trade after the company came under scanner of various investigating agencies following the Punjab National Bank’s declaration of nearly Rs 11,400-crore fraud. The stock today opened on a bearish note at Rs 48, then lost further ground to touch a low of Rs 47.50, down 18.94 per cent over its previous closing price. Similar movement was seen on the NSE as well, where the stock tanked 18.73 per cent to a low of Rs 47.50. Meanwhile, some…

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South Africa’s Jacob Zuma resigns as president

South African President Jacob Zuma resigned from the position today, ending an impasse with his ruling African National Congress (ANC), which was planning to side with opposition parties in Parliament to remove him via a motion of no confidence. Zuma’s resignation comes three days after the ANC’s national leadership decided at a marathon meeting in the early hours of Monday to ask him to resign, which he had defiantly refused. “I resign as President of the Republic (of South Africa) with immediate effect,” Zuma said in a nationally-televised broadcast, ending…

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Norway urges world to work together to protect oceans

Norway is working to put sustainable use of oceans on the top of the international agenda, the country’s envoy here today said, exhorting the world to work together to check marine pollution. Ambassador of Norway to India Nils Ragnar Kamsvag made the remarks during his address at the opening of the three-day World Sustainable Development Summit, hosted by The Energy and Resources Institute (TERI) at the India Habitat Centre. The envoy cited an incident from last year, when a whale was found on the west coast of Norway, with over…

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Rouhani lauds India’s diversity, peaceful co-existence of religions

Iranian President Hassan Rouhani today lauded India’s cultural diversity, saying multiple faiths and schools of thought co-exist peacefully in the county. Speaking at a meeting with Muslim intellectuals, scholars and clerics here tonight, Rouhani, who arrived here on a three-day India visit, said Islam is not a religion of violence, but one of moderation. “Iran wants unity, independence and support for the East. Iran wants fraternity with India. We do not want to have any differences with other countries as well,” said Rouhani who is on his first India visit…

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Will take full capacity action against guilty: PNB

New Delhi, Feb 15 (DIN NEWS) The Punjab National Bank (PNB) today said it will take “full-capacity” action against the wrong doers in the Rs 11,400-crore Nirav Modi fraud case, which started in 2011. The state-owned bank said it had detected USD 1.77 billion fraud in which billionaire jeweller Nirav Modi allegedly acquired fraudulent letters of undertaking (LoUs) from one its branches for overseas credit from other Indian lenders. PNB has suspended 10 officers over the scam and referred the matter to the CBI for investigations. The Enforcement Directorate is continuing…

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Uber CEO aims to pare losses and get ‘the love back’

San Francisco, Feb 15 (DIN NEWS) Uber CEO Dara Khosrowshahi is focused on cutting the company’s massive losses and “getting the love back” after a year of damaging revelations about the ride-hailing service’s sometimes heartless treatment of its employees, drivers, regulators and rivals. “We strive to be and should be a brand that is as beloved as Amazon and Google,” Khosrowshahi said late Wednesday during an appearance at a Goldman Sachs technology conference. “We have a long way to go, but we have to re-earn our consumer and driver trust. Just…

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NEWS CATEGORIES WORLD NEWS 

2 Indians sentenced for smuggling fake cigarettes into US

Washington, Feb 15 (DIN NEWS) Two Indians have been sentenced to nearly two years of imprisonment by a federal court in Florida on charges of conspiring to smuggle counterfeit cigarettes into the United States. Besides Abhishek Shukla and Harish Shabhai Panchal, the two Indians, Jubilee Tobacco Industries Corp – an India-based company – was found guilty in the case. The company has been ordered to forfeit USD 300,000 to the US, the Department of Justice said today. The three have pleaded guilty to the charges. According to the guilty plea, they…

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Two killed in fire at stationery shop-cum-residence

Thane, Feb 15 (DIN NEWS) A woman and her five-year-old daughter were killed in a fire at a shop in Airoli area of Navi Mumbai early today, a fire department official said. The fire broke out around 4 am in the stationery shop in which the victims used to live, Airoli fire station in-charge Eknath Pawar said. On getting information about the blaze, firemen rushed to the spot. As the shop was locked from inside, they broke open the door to enter the premises engulfed with dense smoke, he said. The…

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Police encounters won’t stop: Adityanath

Lucknow, Feb 15 (DIN NEWS) Accusing the opposition of sympathising with criminals, Uttar Pradesh Chief Minister Yogi Adityanath today declared in the state Legislative Council that police encounters in the state would not stop. Speaking in the House during the Zero Hour, Adityanath pointed toward the opposition and said everybody knew who gave patronage to criminals. A total of 40 dreaded criminals have been gunned down in 1200 encounters, and this will continue, the chief minister said. He was replying to Devendra Pratap Singh’s (BJP) question on propriety pertaining to the…

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J-K to have national law university: Govt

Jammu, Feb 15 (DIN NEWS) Jammu and Kashmir would have a law varsity on the lines of the Bangalore-based National Law School of India University (NLSU) and the process to establish it will begin this year, an official said. The state legislature had passed a Bill to establish a national law university in Jammu and Kashmir on Monday, a senior Law Department officer said today. The process to establish it would be started this year to improve the quality of professional legal education in the state, the officer said. State Law…

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