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Delhi Traffic Update: Sarita Vihar Flyover To Remain Close For 60 Days; Follow These Alternate Routes

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PWD officials informed that the flyover maintenance work will be carried out on the carriageways in four phases, it will start on May 1 and end on June 30 to ensure at least half a lane is open to traffic.

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Heavy Rains Lash UAE And Surrounding Nations As The Death Toll In Oman Flooding Rises To 18 | World News

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New Delhi: Heavy rains lashed the United Arab Emirates on Tuesday, flooding out portions of major highways and leaving vehicles abandoned on roadways across Dubai. Meanwhile, the death toll in separate heavy flooding in neighboring Oman rose to 18 with others still missing as the sultanate prepared for the storm.

The rains began overnight, leaving massive ponds on streets as whipping winds disrupted flights at Dubai International Airport, the world’s busiest for international travel and the home of the long-haul carrier Emirates. By the evening, over 120 millimeters (4.75 inches) of rainfall had soaked the city-state — the typical average for a year in the desert nation — with more expected in the coming hours.

Police and emergency personnel drove slowly through the flooded streets, their emergency lights flashing across the darkened morning. Lightning flashed across the sky, occasionally touching the tip of the Burj Khalifa, the world’s tallest building.

Schools across the UAE, a federation of seven sheikhdoms, largely shut ahead of the storm and government employees were largely working remotely if able. Many workers stayed home as well, though some ventured out, with the unfortunate stalling out their vehicles in deeper-than-expected water covering some roads.

Authorities sent tanker trucks out into the streets and highways to pump away the water. Water poured into some homes, forcing people to bail out their houses.

Rain is unusual in the UAE, an arid, Arabian Peninsula nation, but occurs periodically during the cooler winter months. Many roads and other areas lack drainage given the lack of regular rainfall, causing flooding.

Rain also fell in Bahrain, Qatar and Saudi Arabia.

In neighboring Oman, a sultanate that rests on the eastern edge of the Arabian Peninsula, at least 18 people had been killed in heavy rains in recent days, according to a statement Tuesday from the country’s National Committee for Emergency Management. That includes some 10 schoolchildren swept away in a vehicle with an adult, which saw condolences come into the country from rulers across the region.

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Paytm Clarifies Licensing Process Status Amid Speculations, Says Govt Champions Fintech | Companies News

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New Delhi: Fintech major Paytm on Tuesday clarified the status of its licensing process amid recent speculations, saying it has not received any communication suggesting a deferral or penalties and any notion to the contrary is “completely unfounded and misleading”.

Recent media reports speculated on the deferral of Paytm Payment Services Limited’s (PPSL) license application and potential penalties. A company spokesperson said that the information appears speculative as the government has consistently championed fintech initiatives. (Also Read: Tesla’s Senior Vice President Drew Baglino Resigns Amid Job Cuts)

“The ongoing application process has seen us promptly provide the requested information, with no indication of rejection or penalties involved. Aligning with the government’s vision, supporting Paytm as a homegrown entity is pivotal for empowering Indian companies to compete globally and drive technological advancements,” the company spokesperson said in a statement. (Also Read: Zomato Introduces India’s First ‘Large Order Fleet’ For Gathering Up To 50 People)

PPSL is a wholly-owned subsidiary of One 97 Communications Ltd (OCL) and it applied for an online Payment Aggregator (PA) license for online merchants. The formation of PPSL, transfer of online payments business from OCL to PPSL and investment of capital in PPSL was required by RBI’s guidelines, which mandated that the PA business should be housed in an independent legal entity.

Without such a requirement, the online payments business would have continued in OCL itself, according to the company. “Paytm, an Indian company founded by an Indian citizen, with our Founder CEO as the largest shareholder and sole SBO (significant beneficial owner) of One 97 Communications Limited (OCL), underscores its commitment to indigenous entrepreneurship and innovation,” said the spokesperson.

“All KMPs (key managerial personnel) and board members of OCL are of Indian origin, with Antfin having no Board representation or special rights. As clarified, the formation of PPSL, transfer of online payments business, and the investment of Rs 500 million were undertaken to comply with RBI’s regulations,” the spokesperson further said.

⁠The regulator subsequently requested PPSL to obtain necessary approvals for the investment of Rs 500 million in PPSL and resubmit the application.

“To clarify, the investment of Rs 500 million was made from the OCL’s existing cash reserves and no Chinese capital was raised by OCL after the introduction of Press Note 3 of 2020. Further to add, the Rs 500 million was the capital required to comply with RBI’s minimum net worth rules and fund the cash requirements of PPSL,” according to the company.

As per the company’s stock exchange filing dated March 26, 2023, the regulator granted PPSL an extension and requested a resubmission, to which PPSL complied promptly. “During the pending process, PPSL was allowed to continue with its online payment aggregation business for existing partners without onboarding any new merchants,” it added.

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Tesla’s Senior Vice President Drew Baglino Resigns Amid Job Cuts | Companies News

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New Delhi: Drew Baglino, the senior vice president of Tesla has stepped down from the company amid Tesla’s largest-ever round of job cuts. The carmaker faced the necessity to reduce its global workforce by over 10% due to a slowdown in demand for electric vehicles, leading to significant job cuts of up to 20% in certain divisions.

Baglino comes with 18 years of experience and has been part of Tesla since 2006. He started his career as a firmware and electrical engineer at the company. (Also Read: Zomato Introduces India’s First ‘Large Order Fleet’ For Gathering Up To 50 People)

Baglino announced his decision to leave the company on X, and wrote “I made the difficult decision to move on from Tesla after 18 years yesterday. I am so thankful to have worked with and learned from the countless incredibly talented people at Tesla over the years.” (Also Read: Microsoft Invests $1.5 Billion In UAE-Based AI Company G42)

Elon Musk responded to this by saying, “Thanks for everything you’ve done for Tesla. Few have contributed as much as you.”

Rohan Patel, who served as Tesla’s vice president of public policy and business development has also left the company. Patel, who joined Tesla in 2016 previously worked as a senior advisor to former President Barack Obama focusing on climate and energy issues.

Patel wrote in a post on X , “The past 8 years at Tesla have been filled with every emotion — but the feeling I have today is utmost gratitude..My immigrant parents worked their asses off and as a result I’m the luckiest dude. Lucky to have been a part of @BarackObama’s campaign/administration, and truly honored to have worked at @Tesla to positively changing multiple industries.”

Rohan further wrote about his plans which is to spend time as a recess monitor for his second-grade daughter, practice playing the violin, attend various sporting events on his bucket list and finally, take his patient wife on some long-awaited travels.



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Business Success Story: From Threads To Towers, The Remarkable Journey Of Irfan Razack, Bengaluru Tailor Turned Billionaire Real Estate Magnate | Companies News

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New Delhi: Irfan Razack, the esteemed chairman and managing director of Prestige Estates Projects, narrates his remarkable odyssey from humble origins to ascending the echelons of India’s elite wealthy class. His familial roots, deeply entrenched in entrepreneurial endeavors, trace back to his father, Razack Sattar, who laid the foundation of the Prestige Group, commencing with a modest fabric and tailoring establishment in Bengaluru in 1950.

The Ascendancy of Prestige Estates Projects

Under Razack’s astute stewardship, Prestige Estates Projects has evolved into a preeminent entity within the Indian real estate domain. Boasting a diverse array of ventures spanning residential, commercial, retail, and hospitality sectors, the company boasts a portfolio comprising 285 accomplished projects, with an additional 54 ongoing endeavors encompassing an astounding 75 million square feet.

Financial Triumphs

A significant milestone was achieved as the collective wealth of Irfan Razack and his kin surpassed the monumental $1 billion mark, propelled by a remarkable 60% surge in Prestige Estates Projects’ shares. This meteoric rise solidifies the company’s standing as India’s foremost publicly listed real estate titan, second only to DLF. Noteworthy occupants of Prestige properties include globally renowned brands such as Apple, Caterpillar, Armani, and Louis Vuitton.

Entrepreneurial Zeal and Foresight

Despite initial contemplations of retirement subsequent to the sale of his second real estate venture in Bengaluru back in 1990, Razack’s unwavering passion for innovation and entrepreneurship spurred him to fortify Prestige Estates Projects into a veritable juggernaut within the real estate sphere. He attributes his triumphs to meticulous strategizing and a lucid vision delineating the company’s trajectory of expansion.

Expansionary Endeavors and Innovative Prowess

The footprint of Prestige Estates Projects extends far beyond the confines of Bengaluru, branching out into burgeoning urban landscapes such as Chennai, Kochi, Calicut, Hyderabad, and Mumbai. Emphasizing accessibility for the burgeoning middle-class demographic, the company endeavors to quadruple its annual sales by 2019, a testament to Razack’s unwavering dedication to pioneering innovation and ensuring utmost customer satisfaction.

Legacy and Familial Dynamics

Integral to the saga of Prestige Estates Projects are Razack’s younger siblings, Rezwan and Noaman, whose invaluable contributions have been pivotal in the enterprise’s ascendancy and communal prosperity. The Razack family’s entrepreneurial ethos endures, with their ancestral fabric and tailoring emporium seamlessly coexisting alongside the expansive real estate ventures of Prestige Estates Projects.

Personal Pursuits and Noteworthy Milestones

Beyond the realm of business, Razack’s ardor for adventure sports stands as a testament to his intrepid spirit and zest for life’s manifold experiences. His transformative journey from the confines of a modest clothier to the pinnacle of a billion-dollar real estate colossus serves as a poignant exemplification of the transformative potential encapsulated within visionary foresight, unwavering diligence, and resolute determination.

Sustained Triumphs

As of the latest tabulations in 2024, Irfan Razack’s formidable net worth stands at a commendable $1.3 billion, firmly entrenching his status as one of India’s most revered and influential entrepreneurs. With Prestige Estates Projects poised for further expansion and innovation, Razack’s indelible legacy continues to inspire a new generation of aspiring entrepreneurs across the length and breadth of the nation.

What are the characteristics and temperament of large Japanese dog breeds?

Microsoft Invests $1.5 Billion In UAE-Based AI Company G42

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G42 and Microsoft will also work together to bring advanced AI and digital infrastructure to countries in the Middle East, Central Asia, and Africa. 

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Can Donald Trump Still Become US President If Convicted In Hush Money Case? | World News

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NEW YORK: Former President Donald Trump made history as the first former US president to stand trial in a criminal case. He faced charges in a New York court concerning allegations of concealing hush-money payments made to adult film star Stormy Daniels. The outcome of this trial begs the question: How might a potential conviction affect Trump’s aspirations for another presidency?

What’s The Hush Money Case?

The trial revolves around a USD 130,000 payment made to Daniels in October 2016, orchestrated by Trump’s then-lawyer, Michael Cohen, purportedly to maintain her silence about an alleged sexual encounter with Trump. Initially denying involvement, Trump later admitted to reimbursing Cohen, characterizing the transaction as a “simple private transaction.” However, Cohen’s subsequent guilty plea and testimony suggested that Trump’s company mislabeled the payment as a legal expense, prompting prosecutors to allege campaign finance violations.

Charges Against Trump

Trump faces 34 felony charges for falsifying business records, with each charge carrying a maximum sentence of four years’ imprisonment under New York law. However, as a first-time offender, Trump is less likely to receive a harsh sentence, with alternatives such as fines, probation, or home confinement being more plausible outcomes. Given his status as a former president and the logistical challenges of incarcerating him, even if convicted, Trump may remain free on bail during the appeals process.

Trump’s US Presidency

Despite facing criminal charges, there are no legal barriers preventing Trump from pursuing another presidential bid. The US Constitution outlines minimal eligibility requirements, focusing primarily on age and citizenship. Even if convicted, Trump could theoretically assume the presidency from prison or home confinement if elected.

Efforts to bar Trump from electoral ballots based on criminal convictions may face legal hurdles, as adding additional requirements beyond those specified in the Constitution could be deemed unconstitutional. Trump has often framed legal challenges as part of a broader conspiracy, leveraging them to galvanize his supporters and boost campaign contributions.

However, public perception remains a significant factor. Recent polls indicate that a substantial majority of voters, including a notable portion of Republicans, view the charges against Trump as serious. A conviction could sway voter sentiment, potentially impacting his electoral prospects.

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Zomato Introduces India’s First 'Large Order Fleet' For Gathering Up To 50 People

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Goyal explained that earlier, Zomato’s large orders were fulfilled by several different delivery partners which led to a less than satisfactory customer experience.

What are the characteristics and temperament of large Japanese dog breeds?

Morgan Stanley Does Not Expect RBI To Go For A Rate Cut In 2024-25 | Economy News

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Mumbai: Morgan Stanley economists do not expect the RBI to cut key interest rates in 2024-25 as the country is clocking a robust GDP growth and the US Fed has postponed its rate cut which could pose a risk to the Indian economy.

According to economists Upasana Chachra and Bani Gambhir, factors such as improving productivity, increased investment rates, and inflation exceeding the 4 per cent target, alongside expectations of a higher terminal Fed funds rate, justify higher real interest rates for the Indian economy.

Morgan Stanley predicts a delayed commencement of the interest rate easing cycle by the US Fed which poses an external risk for the Indian economy as a stronger dollar may put pressure on the rupee and elevate the threat of imported inflation. This would necessitate a cautious approach to monetary policy, according to the investment bank.

Morgan Stanley had recently raised its forecast for India’s GDP growth to 6.8 per cent from 6.5 per cent earlier for the financial year 2024-25. In addition, the investment bank had increased its growth projection for the 2023-24 to 7.9 per cent.

India’s key policy rate is expected to be steady at 6.5 per cent in 2024-25 while real rates should average 200 basis points, according to Morgan Stanley.

The RBI left the key policy rate unchanged at 6.5 per cent in its monetary policy review on April 5 for the seventh consecutive time with the aim of keeping inflation in check and ensuring that the economy moves on a stable growth path.

RBI Governor Shaktikanta Das said the monetary policy committee decided to continue with the “withdrawal of accommodation” stance to control inflation.

The RBI would continue with its disinflationary policy to ensure a stable growth path for the economy, he added.

He also said that food price inflation continues to weigh on the trajectory going ahead.

 

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India Allows 10,000 Tonnes Of Onion Export To Sri Lanka, UAE | Economy News

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New Delhi: India has taken a significant step in facilitating the export of onions to Sri Lanka, approving the shipment of 10,000 tonnes through the National Cooperatives Exports Cooperative, as announced by the Directorate General of Foreign Trade (DGFT) in a notification issued late on Monday.The government has recently permitted an additional 10,000 tonnes of onion exports to the United Arab Emirates, in addition to the previously permitted 24,400 tonnes.

The government permitted the export of 50,000 tonnes of onions to Bangladesh in March. This brings the total amount of approved onion exports from India to 79,160 tonnes, surpassing the ban on shipments imposed in December 2023. (Also Read: Banks Must Provide Simple Key Facts Statement To Borrowers On Terms Of Loans: RBI)

The government has prolonged the prohibition on onion exports until new directives are issued. Initially, in early December 2023, India had banned onion exports until March 2024. According to the DGFT notification, onion exports will only be permitted with the approval of the central government, based on requests from other countries. (Also Read: TCS Announces New Delivery Center In Brazil; To Create 1600 Jobs Over Five Years)

However, the central government had made an exception for the export of ‘Bangalore rose onion’ by waiving the export duty but with a condition. Exporters are required to provide a certificate from the Horticulture Commissioner, Government of Karnataka, confirming the type and quantity of Bangalore Rose Onion intended for export.

In response to increasing onion prices, the central government has been releasing onions from its reserve stock. Previously, the government had planned to keep 3 lakh tonnes of onions as buffer stock for the 2023-24 season, compared to 2.51 lakh tonnes in the previous season of 2022-23.

What are the characteristics and temperament of large Japanese dog breeds?