MSCI seeks feedback on Adani Group after Hindenburg expose

News Network
January 28, 2023

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Index provider MSCI said on Saturday, January 28, it is seeking feedback on Adani Group and associated securities and is aware of a report issued by short-seller Hindenburg Research.

The US short-seller said on Wednesday it held short positions in the Indian conglomerate, accusing it of improper use of offshore tax havens and flagging concerns about high debt, leading to a massive sell-off of India-listed shares of the conglomerate's companies.

"MSCI is closely monitoring publicly available information regarding the situation and the factors that may impact the eligibility of those relevant securities for the MSCI Global Investable Market Indexes," it said in a statement. 

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News Network
November 24,2023

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Almost two months after it announced the shutting down of its operations, the Afghanistan embassy in New Delhi announced its permanent closure and asked the Indian government to allow the flag of the erstwhile Afghan republic to be hoisted on the premises.

“The Embassy of the Islamic Republic of Afghanistan in New Delhi regrets to announce the permanent closure of its diplomatic mission in New Delhi, effective from 23 November 2023, owing to persistent challenges from the Indian government,” a statement released by Afghanistan’s ambassador to India, Farid Mamundzay, said.

“The decision follows the embassy’s earlier cessation of operations on September 30, a move made in the hope that the Indian government stance will favourably change to let the mission operate normally,” it said, adding, “Unfortunately, despite an eight-week wait, the objectives of visa extension for diplomats and a shift in the Indian government’s conduct were not realised.”

The statement added that given the “constant pressure from both the Taliban & the Indian government to relinquish control, the embassy faced a difficult choice”.

“India has been a steadfast strategic partner of the erstwhile Afghan Republic since 2001, & we acknowledge the limitations & concerns that govern the realm of realpolitik and the balancing act required at a difficult time in a geo-politically sensitive region,” it said.

“Therefore, we firmly believe that the decision to close the mission in India at this stage and to transfer the custodial authority of the mission to the host country is in the best interest of Afghanistan,” the statement released by Mamundzay said.

Currently, there are no diplomats from the Afghan Republic in India. Those who served in the national capital have safely reached third countries, the official statement said, adding that the only individuals present in India are diplomats affiliated with the Taliban, visibly attending their regular online meetings.

“The diplomats of the Afghan Republic have handed over the mission solely to the Indian government. It now rests upon the Indian government to decide the fate of the mission, whether to maintain its closure or consider alternatives, including the possibility of handing it over to Taliban diplomats. The responsibility of diplomats appointed by the Islamic Republic of Afghanistan has officially come to an end. The unfortunate end of the Republic mission marks the conclusion of the Afghan Republic in India,” it added.

The statement went on to implore the Indian government to consider certain requests “in this challenging time for Afghanistan, where millions suffer because of poverty and socio-economic and political exclusion”.

The first request was that the Indian government should take into custody the Afghan diplomatic mission properties, bank accounts and vehicles, and an amount of USD 500,000 in the embassy’s bank account. Secondly, the government should continue to hoist Afghanistan’s tricolour flag on the embassy premises. And thirdly, it should “ensure the safekeeping of the embassy’s property and assets with the understanding that they will be entrusted to a legitimate accountable government duly elected or chosen by the Afghan people in the future,” the statement said.

The embassy said it was “cognisant” that some may attempt to characterise this move as an internal conflict, allegedly involving diplomats who switched allegiance to the Taliban, adding “that this decision is a result of broader changes in policy and interests”.

“To the Afghan citizens in India, the Embassy extends its sincere gratitude for their understanding and support throughout our mission’s tenure,” it added.

Despite “limitations in resources and power”, the Afghan embassy said it has worked “tirelessly for their betterment and in the absence of a legitimate government in Kabul”.

Over the past two years and three months, the Afghan community in India has witnessed a significant decline, with Afghan refugees, students, and traders leaving the country, the embassy noted in its statement, adding that the number has nearly halved since August 2021, with very limited new visas being issued during this period.

“We assure the Afghan community that the mission operated with transparency, accountability, and a commitment to fair treatment based on the goodwill and interests of Afghanistan considering historic ties and bilateral relations with India,” it added.

“Unfortunately, efforts have been made to tarnish our image and hinder diplomatic efforts in order to justify the presence and work of Taliban-appointed and affiliated diplomats. In the face of these challenges, our committed team worked diligently in the most difficult circumstances, prioritizing the interests of the 40 million Afghans in every possible sphere from securing humanitarian aid and online education scholarships to facilitating ease in trade and advocating for the formation of a broad-based government,” the Afghan embassy stated further in its statement.

It added that the Afghan embassy “exerted diplomatic pressure in its power on those who defy the will of the Afghan people by failing to form an inclusive government and denying millions of girls the right to attend school”.

“We have considered the historic events and current circumstances carefully in arriving at this conclusion. We also extend our heartfelt gratitude to the people of India for their support and assistance to Afghanistan over the past 22 years. We reiterate our commitment to serving the people of Afghanistan and will continue to explore avenues to support our nation in these challenging times,” the statement concluded.

Notably, the embassy had announced the closure of its operations on October 1, citing “lack of resources” and “failure to meet Afghanistan’s interests” by the Taliban regime.

The embassy also made an “unequivocal statement” stating that certain consulates that work on the instructions and funding from Kabul are not in consonance with the objectives of a legitimate or elected government but rather serve the interests of an “illegitimate regime”.

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News Network
November 28,2023

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The 41 workers trapped in an Uttarakhand tunnel for 17 days are likely to be rescued anytime now, as the manual drilling team clearing the debris that blocks their escape is metres away from reaching them. The operation, which faced several setbacks owing to the difficult terrain, is now on the threshold of success. As the country has its fingers crossed and hands joined in prayer, here's a look at how the workers got stuck

The Tunnel

The 4.5 km-tunnel is part of the Centre's ambitious Char Dham project aimed at providing all-weather connectivity between four prominent Hindu shrines in Uttarakhand - Badrinath, Kedarnath, Gangotri and Yamunotri. Also known as Silkyara tunnel, this tunnel is on the route connecting Silyara and Dandalgaon in Uttarkashi district. It is a double-lane tunnel and one of the longest under Char Dham project. About 2.4 km of the under-construction tunnel from the Silkyara side and 1.75 km from the other side has been built. The tunnel, once complete, is expected to cut down travel time by an hour. The project to build the tunnel is being carried out by Hyderabad-based Navayuga Engineering Company Limited, which has reportedly handled such projects before.

What Went Wrong?

On November 12, a section of tunnel between 205 and 260 metres from the Silkyara side collapsed. Workers who were beyond the 260-metre mark were trapped, with their exit blocked. Fortunately for them, the part of the tunnel where they are stuck has power and water supply. While government authorities have maintained that a detailed probe will reveal what led to the collapse, multiple theories are floating around. One of them is that a landslide in the fragile Himalayan region led to the collapse. Several experts have pointed out how hasty development in the ecologically sensitive region was responsible for the incident.

Big Lapses?

There have been claims that the collapse was triggered by a blast carried out by construction teams building the tunnel. SP Sati, a geologist and professor of environmental science at Uttarakhand University of Horticulture and Forestry, said, "The agency will never accept this, but I am certain that a major blast led to this collapse." NDTV had earlier reported that the construction plan for the tunnel mentioned an escape tunnel, but it was never built. International expert Arnold Dix, who has been at the site, was asked if the absence of an escape tunnel contributed to the situation. He said that globally, escape tunnels are put at the end "because normally you don't expect them to collapse". He, however, added a disclaimer that escape tunnels may be built during the course of the project in areas that have specific geological conditions.

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News Network
November 22,2023

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In the competitive world of Indian engineering entrance exams, where lakhs aspire and only a few succeed, one extraordinary individual stands out. 

Satyam Kumar, the son of a farmer from Bihar, embarked on a journey that began at the tender age of 12 and culminated in an astonishing achievement – cracking the prestigious Indian Institute of Technology-Joint Entrance Examination (IIT-JEE) at just 13 years old.

A YOUNG RECORD-BREAKER

Back in 2013, Satyam Kumar made history when he secured the 670th rank in the IIT-JEE, becoming the youngest Indian to achieve this remarkable feat, breaking the record of Delhi's Sahal Kaushik who had achieved the feat at the age of 14 in 2010.

Satyam's journey was not without its share of challenges, but his unwavering determination and hard work were instrumental in his success. Born and raised in Bihar's Bhojpur district, Satyam set his sights on a brighter future through education.

Interestingly, this was Satyam's second time cracking the IIT exam at such a young age. He first cleared the exam in 2012, at the age of 12. But after achieving an all-India rank of 8,137, he decided to retake the IIT-JEE, aiming for a higher rank.

Satyam's journey continued as he pursued higher education. He completed his BTech-MTech Dual Degree in Electrical Engineering at IIT Kanpur in 2018, after which he set off for the University of Texas at Austin for his PhD.

He is currently specialised in brain-computer interfaces and working as a graduate research assistant. He worked on 3 projects in 2016 while at IIT: 'Electrooculogram based eye blink classification During EOG signal accuistion', 'Optimisation of electrode positions in Different Brain Computer Interfaces', and 'Imaginative Speech based Brain-Computer Interface'.

A BRIGHT CAREER AT APPLE

According to Satyam's LinkedIn profile, he embarked on a career journey that led him to prestigious institutions like ETH Zurich and Inria before landing a research internship at InterDigital Inc.

Most notably, he worked at Apple as a Machine Learning Intern until August 2023, highlighting his prowess in the tech industry.

THE YOUNG VISIONARY

In an interview with India Today in 2013, Satyam expressed his desire to make a significant impact in the world of technology, mentioning his aspiration to develop something akin to Facebook.

He also harbors ambitions of a future in bureaucracy and envisions teaching the children of his home district.

Satyam Kumar's remarkable journey is a testament to the power of determination and unwavering commitment. From a young boy with a dream to a professional excelling at Apple, his story continues to inspire the youth of India.

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