Meta’s CEO Mark Zuckerberg visited the Mar-a-Lago resort owned by Donald Trump, the newly elected Republican candidate for the US presidency, according to a report by Fox Business.
Mark Zuckerberg and Donald Trump talked technology and the CEO even demonstrated the company’s camera-equipped sunglasses.(DonaldTrump/Twitter)
The meeting comes as both are now warming up to each other despite having previously engaged in bitter feuds. It also comes as Mark Zuckerberg looks to influence tech policy in Donald Trump’s incoming administration.
They talked about technology, and the CEO even demonstrated the company’s camera-equipped sunglasses.
Zuckerberg had banned Trump from both Instagram and Facebook, claiming he used it to incite political violence on January 6, 2021. Now, the company has admitted that its content moderation has at times been too heavy-handed and that they “overdid it a bit” in removing content during the Covid-19 pandemic, blaming the Biden administration.
“Mark Zuckerberg has been very clear about his desire to be a supporter of and a participant in this change that we’re seeing all around America, all around the world with this reform movement that Donald Trump is leading,” the report quoted Trump adviser Stephen Miller as having said during an episode of “The Ingraham Angle” on Fox News Channel.
He added that Zuckerberg “has his own interests, and he has his own company, and he has his own agenda,” but sees Trump’s second term as a chance at “national renewal” and “wants to support” him.
Zuckerberg started warming up to Trump after his fist-pumping reaction to the July 13 assassination attempt against him when he was campaigning in Butler, Pennsylvania.
“On some level as an American, it’s, like, hard to not get kind of emotional about that spirit and that fight, and I think that that’s why a lot of people like the guy,” he told Bloomberg in an interview.
Trump in an earlier interview also told Fox Business host Maria Bartiromo that Zuckerberg apologized after Facebook mislabeled a photo of him that went viral.
Bulls are likely to maintain control whilst the index remains above 24,400, say analysts. (AI image)
Stock market today: Indian equity benchmark indices, BSE Sensex and Nifty50, opened in green on Wednesday. While BSE Sensex was near the 81,000 mark, Nifty50 was above 24,450. At 9:23 AM, BSE Sensex was trading at 80,962.87, up 117 points or 0.14%. Nifty50 was at 24,492.30, up 35 points or 0.14%. Market experts anticipate further gains in the short term, supported by positive global indicators, expectations of increased government expenditure and accommodative RBI monetary policies. Bulls are likely to maintain control whilst the index remains above 24,400, potentially testing 24,600-24,700. Support lies at 24,400, below which correction towards 24,150 is possible, according to an ET report. The S&P 500 and Nasdaq achieved record closings on Tuesday, driven by technology sector gains. The Dow showed marginal decline. Asian equities declined following South Korean President Yoon Suk Yeol’s unexpected martial law announcement and subsequent reversal. The euro showed slight gains against the US dollar on Tuesday amidst French political uncertainty. FPIs were net buyers at Rs 3,664 crore on Monday, while DIIs sold shares worth Rs 251 crore. FII net short position decreased from Rs 1.24 lakh crore to Rs 97,387 crore on Tuesday.
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The Crompton Greaves IWH SOL 3KW Instant Water Heater offers quick and efficient hot water with its xx kW power rating. Its sleek and compact design makes it a space-saving solution for smaller bathrooms. With advanced safety features and easy installation, this water heater is a reliable choice for instant hot water needs.
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Crompton Storage Water Heater with Advanced Safety
xx liters
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xx kW
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Crompton Instant Water Heater
xx liters
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xx liters
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Professional
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xx liters
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xx liters
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Turquoise
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xx kW
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xx liters
5-star
xx kW
Professional
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Crompton Instant Water Heater with Advanced AIWH-5LRPIDJT3KW5Y
xx liters
3-star
xx kW
DIY
White
Crompton Classic Storage Water Heater Geyser
xx liters
4-star
xx kW
Professional
White
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The Crompton Solarium Qube Star Rated Storage Water Heater offers the best value for money with its 5-star energy rating and high-efficiency heating element. It not only saves on electricity bills but also provides reliable hot water for your family’s needs.
The Crompton Storage Water Heater with Advanced Safety stands out as the best overall product in terms of advanced safety features, a 5-star energy rating, and a large capacity suitable for medium to large-sized families.
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The price range for Crompton water heaters varies depending on the capacity, features, and energy rating. On average, Crompton water heaters range from Rs. 6,000 to Rs. 15,000.
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Disclaimer: At Hindustan Times, we help you stay up-to-date with the latest trends and products. Hindustan Times has an affiliate partnership, so we may get a part of the revenue when you make a purchase. We shall not be liable for any claim under applicable laws, including but not limited to the Consumer Protection Act, 2019, with respect to the products. The products listed in this article are in no particular order of priority.
The attack comes as violence in Syria intensifies, with opposition fighters advancing against government positions.
Washington, DC – The Pentagon has confirmed that the United States carried out a strike against military assets in eastern Syria after a rocket attack near one of its bases.
Pentagon spokesperson Pat Ryder told reporters on Tuesday that the US military struck weapons systems — including rocket launchers and a tank — that “presented a clear and imminent threat” to its forces in the area.
The US strike comes as violence escalates across the war-torn country. Over the last week, armed opposition groups carried out a blistering offensive in northwest Syria against the government forces led by President Bashar al-Assad, ushering in a new stage of the country’s long-running civil war.
The offensive has raised questions about how the US might respond and whether it could become entangled in the conflict, given its significant military presence in Syria.
Ryder said on Tuesday that the attack was in response to a rocket launch that fell “in the vicinity” of Military Support Site (MSS) Euphrates, a US base in eastern Syria.
He added that it is not clear who was operating the weapons, but Iran-backed groups and Syrian government forces are known to be in the area.
The Pentagon spokesperson stressed that the action is “not linked to any broader activities in northwest Syria by other groups”.
But on Tuesday, Damascus accused the US of providing air support for the Kurdish-dominated Syrian Democratic Forces (SDF), which pushed to advance against government-controlled villages east of the Euphrates River, near the city of Deir ez-Zor.
The SDF has received US support for years under the stated aim of fighting ISIL (ISIS).
Syrian state-run Alikhbaria TV reported on Tuesday that clashes were taking place between SDF and government forces near the village of Tabiyet Jazira “with the intervention of US occupation jets that are targeting the frontlines in the area”.
The SDF had claimed earlier in the day that it took control of seven villages east of the Euphrates due to the “serious threat related to the imminent movement of large ISIS terrorist cells”.
“The deployment of our forces to these villages is in response to the urgent pleas and appeals of the local populace, following the increasing potential risks that ISIS will exploit the events in the west of the country,” the SDF’s Deir ez-Zor Military Council said in a statement.
But the Syrian government said the villages remain under its control.
Farther west, government troops have been battling rebels trying to advance towards the central city of Hama as the front lines of the war, which had gone mostly dormant over the past four years, see major shifts.
Rebel groups, led by Hayat Tahrir al-Sham (HTS), which had been confined to the northwestern Idlib province, launched their offensive last week, taking control of Aleppo and heading south towards Hama.
The country had experienced relative calm since 2020 with the government, rebel groups and SDF largely remaining within their unofficial territories.
But the opposition appears to have struck at an opportune moment when President al-Assad’s main military backers — Russia, Iran and Lebanon’s Hezbollah — are focusing on their own conflicts elsewhere.
The US, which calls Assad a “brutal dictator”, has denied any involvement in the rebels’ offensive, highlighting that Washington considers HTS to be a “terrorist” group.
HTS is a reiteration of al-Nusra Front, which operated as al-Qaeda’s branch in Syria early in the war.
According to the Pentagon, Washington has 900 troops in Syria and a deep alliance with the SDF, one of the major parties to the conflict.
On Tuesday, the Pentagon’s Ryder declined to answer questions about the SDF’s operations in the Deir ez-Zor area.
“Our focus has been on working with the SDF as it relates to countering ISIS, and that continues to be our focus,” he said.
The year 2024 was known for luxurious life. Launch of housing projects meaningful around 10 crores 80 crore made one thing clear – that demand was tilted towards luxury and ultra-luxury homes and real estate developers left no stone unturned in launching projects that catered to buyers looking for spacious properties, Which can accommodate their lifestyle and long-term investment goals.
around 10 crores Rs 80 crore made one thing clear – that demand was tilted towards luxury and ultra-luxury homes. (Photo for representational purposes only)(Pixabay)’ title=’The year 2024 was marked by luxury living. Launch of housing projects meaningful around 10 crores Rs 80 crore made one thing clear – that demand was tilted towards luxury and ultra-luxury homes. (Images for representational purposes only)(Pixabay)” /> Around ₹10 crore Rs 80 crore made one thing clear – that demand was tilted towards luxury and ultra-luxury homes. (Photo for representational purposes only)(Pixabay)’ title=’The year 2024 was marked by luxury living. Launch of housing projects meaningful around 10 crores Rs 80 crore made one thing clear – that demand was tilted towards luxury and ultra-luxury homes. (Images for representational purposes only)(Pixabay)” />The year 2024 was known for luxurious life. Launch of housing projects meaningful around 10 crores Rs 80 crore made one thing clear – that demand was tilted towards luxury and ultra-luxury homes. (Images for representational purposes only)(Pixabay)
Demand for luxury and ultra luxury homes increased among wealthy Indians and this was mainly due to some launches in the luxury housing segment and the fear of missing out (FOMO) of the most desirable properties in the city. There is low supply due to high demand for luxury properties, especially in markets like Mumbai, Gurgaon and Delhi. Real estate experts say wealthy investors in Delhi, who earlier used to buy bungalows, are now preferring housing communities with modern amenities, especially dedicated parking space which is a major challenge.
It’s not just the amenities that are attracting well-heeled people to luxury communities apartments are valuable 80 crores and more. This is gentry. This is where they get a chance to live and interact with people who have made it big, people from the high society. The clubhouse at these condominiums provides a platform for them to make business deals while playing poker or getting investments approved at the salon while getting pedicures.
If ultra luxury units are worth it Investors are losing Rs 80 crore in just a few days in Gurugaon, Noida is also not behind. Recently, established developers are launching more and more projects in Noida. 5 crore rangeThis is because land has become scarce in Noida and also due to substantial infrastructure upgrades like the upcoming Noida International Airport across the city. A developer reportedly offered buyers a free Lamborghini with the purchase of a villa Rs 26 crore in Noida.
as set forth Bangalore’s most expensive land dealAjit Isaac, founder and chairman of staffing company Quess Corp, bought a 10,000-square-foot plot 70,300 per square foot, or total Rs 67.5 crore earlier this year. In July, a residential property was sold 47.5 crores in Indiranagar area.
According to a recent report titled HSBC’s Global Entrepreneurial Wealth Report 2024, which provides information about the outlook of wealthy business owners around the world, including the investment habits of India’s high net worth and ultra high net worth business owners, out of ten Nearly one in six (61%) Indian wealthy business owners allocate personal wealth to real estate for their own use, compared to one in two (51%) globally.
Wealthy Indian entrepreneurs also use their wealth primarily for investments. The report said more than eight in ten (82%) of India’s wealthy business owners are investing in stocks, bonds and real estate – the highest percentage among business owners in the top 10 global markets.
Another report by Anarock showed that of the 25 deals closed in cities this year, nine were of large size 100 crore each, and the collective sale price 1,534 crores. In contrast, there were 10 big deals worth collective sales value throughout 2023 1,720 crores.
A total of 25 ultra-luxury homes cost more than Sales in Mumbai, Hyderabad, Gurugram and Bengaluru in the first eight months of 2024 were approximately Rs 40 crore at a collective selling price. 2,443 cores, ANAROCK data revealed.
Of the 25 ultra-luxury properties sold in top cities so far in 2024, a collective 21 units were sold in Mumbai alone ₹2,200 crore – 84% share of total deals in this segment in top cities. At least two different ultra-luxury home deals worth collectively Rs 80 crore closed in Jubilee Hills, Hyderabad. An ultra-luxury home sold in Gurugram in NCR 95 crores, while Bengaluru also closed a deal 67.5 crore, it showed.
So, what is driving wealthy Indian business owners to invest in multiple properties in India and abroad?
At least 80% of the total deals were concluded by businessmen and 12% by senior professionals from various sectors. The remaining 8% stake was held by Bollywood celebrities and prominent legal and medical professionals. Experts said many buyers are booking profits from the stock market and investing in real estate, most of them for self-use.
Increasing wealth: The increase in the number of high-net-worth individuals (HNIs) and ultra-high-net-worth individuals (UHNIs) is an important driver. 2024 Hurun Rich List Boasts a net worth of 1,539 individuals, highlights a rise Rs 1,000 crore or more.
Capital Appreciation: As many as 44% of HNIs and UHNIs saw capital appreciation as the primary reason for investing in luxury properties, apart from lifestyle upgrades, according to India Sotheby’s International Realty. This approach has been validated – seeing luxury real estate prices increase by more than 15% annually in most top-end markets over the past three years.
Wealth Creation and Legacy Building: “Strategic investment in luxury real estate is viewed by India’s UHNIs as a tool for multi-generational wealth and legacy building,” says Amit Goyal, MD, India Sotheby’s Realty.
Inflation Hedge: That said, UHNIs are bullish and financially savvy – they understand the value of luxury real estate as a hedge against inflation and offering stability.
Lifestyle and Status: Lifestyle upgrading remains a driver, with high-end properties offering exclusivity and status. In fact, real estate projects with excellent amenities have the highest potential for appreciation, he says.
Economic Confidence: Growing confidence in India’s economy, he said, with 79% of HNIs and UHNIs enthusiastic about the economic prospects, encourages investment.
In which cities are rich Indians investing?
Major metro areas like Mumbai, Delhi-NCR, Bengaluru and Gurugram are top choices. For example, DLF’s ultra-luxury projects on Golf Course Road in Gurugram and high-value transactions in Lodha, Oberoi in Mumbai, the projects reflect strong domestic demand. Demand for luxurious villa properties is increasing rapidly in second home destinations like Goa and Alibaug, which are selling like hot cakes.
“Indian-origin billionaires are also making ultra-luxury purchases abroad. Dubai, New York, London and even select destinations in Europe are among the destinations UHNIs aspire to have in their portfolio. For example – Acquisition of Villa Veri in Switzerland by Pankaj Oswal 1,649 crore,” explains Goyal.
How many assets do HNIs own?
HNIs are discretionary and there is no verified data to arrive at this average. “From our experience we can say that UHNIs own multiple properties – most have at least two high-end properties in the city of their primary residence – which could be a combination of a bungalow or a farmhouse, luxury apartments. Additionally, they have secondary homes in leisure destinations, and will also have an international property, right at the top of wealthy Indian families,” explains Goyal.
Are the new ultra-luxury launches targeted at this segment?
Real estate experts say most of the listed developers like DLF, Oberoi, Lodha, Prestige, Embassy are targeting this affluent class. In fact, even developers who were not into the luxury segment are getting attracted towards it and launching luxury projects.
“The growing wealth and appetite of HNIs and UHNIs is encouraging developers to increasingly expand the luxury and ultra-luxury segment with exceptional offerings,” Goyal said.
The luxury housing segment consisting of priced units CBRE South Asia Pvt Ltd in its report titled India Market Monitor Q3 2024 – Residential said sales of Rs 4 crore and above witnessed a growth of about 37.8% during the January-September 2024 period due to higher demand.
“India’s luxury housing market is witnessing significant growth, which is reflected in the increase in sales. We also expect growing demand in the high-end and premium segments, including Noida, Bengaluru, Pune and Chennai. As the traditional mid-range market is increasingly moving towards luxury developments, premiumisation of amenities will be a key differentiator in luxury projects. ”said Anshuman Magazine, President and CEO – India, South-East Asia and Africa.
Donald Trump and Joe Biden may not have much in common. But when it comes to their connections to high-profile prosecutions, they have sounded a similar tune – even in the face of outcry from opponents and some in their own parties.
In announcing a “full and unconditional” pardon for Hunter Biden on Sunday night, Joe Biden condemned what he characterised as an unfair prosecution of his son.
“No reasonable person who looks at the facts of Hunter’s cases can reach any other conclusion than Hunter was singled out only because he is my son – and that is wrong,” Biden said.
The president’s criticisms of a politicised system of justice echoed those regularly lobbed by Trump – perhaps most conspicuously in the New York City case involving hush-money payments to adult film star Stormy Daniels. That indictment ultimately led to the former president’s conviction on multiple felony counts of falsifying business records to conceal campaign finance violations.
“What’s going on in New York is an outrage,” Republican Senator Lindsey Graham of South Carolina, a Trump confidante, said of the former president’s hush-money trial. “I think it’s selective prosecution for political purposes.”
What similarities are there between the cases?
The Hunter Biden cases and Trump hush-money case do have notable similarities – ones that have fuelled attacks on the judicial process.
Both were brought to court in 2024, years after the incidents in question. Trump’s payments to Daniels occurred in 2016. The handgun application on which Hunter Biden denied his drug use was from 2018, while his fraudulent tax returns were from 2016 to 2019.
Both cases took sharp twists after it seemed they would not reach trial. It appeared the New York Trump investigation would be dropped when Alvin Bragg was elected to replace Cyrus Vance as Manhattan attorney. A plea deal that would have resulted in Hunter Biden accepting guilt but serving no prison time collapsed at the last minute amid questions from the presiding judge.
Both also involved applications of existing law in novel or unusual circumstances.
The underlying campaign finance crimes in the Trump case were federal, not state, violations that US government attorneys had already chosen not to pursue. Rarely are gun-application cases like Biden’s prosecuted without a connection to more serious misdeeds. And his tax evasion violations were addressed through back-payment and fines – a resolution that typically avoids criminal charges.
In fact, Trump’s legal team drew explicit comparisons between the two cases in a legal filing on Tuesday that cited Hunter Biden’s pardon as reason to dismiss Trump’s New York conviction.
“President Biden argued that ‘raw politics has infected this process and it led to a miscarriage of justice,’” Trump’s lawyers wrote. “These comments amounted to an extraordinary condemnation of President Biden’s own [Department of Justice].”
“This case should never have been brought,” they concluded.
Watch: Americans divided over Biden’s pardon of son Hunter
What are the differences?
There are notable differences between the two cases, of course. Hunter Biden never held public office. And the New York hush-money case was just one of multiple prosecutions of the former president, several of which dealt with much more serious and recent alleged crimes. Trump didn’t distinguish between them, however, claiming all of the investigations of him were politically motivated “witch hunts” designed to damage his electoral prospects.
Differences aside, both Trump and the Bidens raised similar questions about whether politics unduly influenced their cases, even as Democrats insisted that the Trump trial was proper, and Republicans viewed the Hunter gun trial and tax evasion guilty plea as justice served.
According to Kevin McMunigal, a law professor at Case Western Reserve University and former assistant US attorney, the claim that politics affects prosecutorial decisions is largely inaccurate. He notes, however, that the public may not appreciate that there is a complicated calculus behind when or whether to charge criminal offences.
“Congress and state legislatures love to pass criminal statutes, and they rarely repeal them because of the politics involved,” he said. “Everyone wants to be tough on crime. You wind up with statute books that are full of crimes, many of which don’t get prosecuted.”
He adds that it is not common knowledge that these statutes are often ignored by prosecutors. “It’s kind of hard for people to get their heads around,” he said.
This lack of understanding could provide reason enough for those on both sides of America’s sharp political divide to perceive a double standard when it comes to the American system of justice – particularly when it involves high-profile cases involving government officials or their families, and especially when it is the politicians themselves who are stoking the fires.
What could Biden’s pardon mean for Trump?
Whether or not the indictments were an appropriate exercise of prosecutorial judgement, both Trump and Hunter Biden were convicted of their crimes.
Due to his pardon, Hunter Biden will face no consequences for that. And as Trump prepares to head back to the White House, it appears increasingly likely that the nature of his high office will protect him from a sentence for his conviction. It has already led to the federal cases against him being dropped.
Public perception of a double-standard for the wealthy and powerful may not be so off base.
American faith in the criminal justice department is being undermined, said John Geer, a political science professor at Vanderbilt University and head of its Project on Unity and American Democracy. He adds, however, that claims of selective prosecution amount to a “pebble thrown in a very large lake”, compared to the broader issues at play.
“Justice has never been blind,” he said. “There have been periods of time when it has been more even-handed than others, however.”
Recent developments, he says, reflect a growing public distrust in political institutions across the board – including Congress, the presidency and the Supreme Court.
Trump has capitalised on this distrust in institutions, railing against the government “swamp” and promising the kind of sweeping reforms his supporters believe more established politicians are unable or unwilling to deliver.
When taken in context, Trump’s ongoing complaints of political prosecutions, and Biden’s recent adoption of similar claims, are a reflection of a larger crisis of American faith in government – one that both politicians have taken advantage of when circumstances put them in uncomfortable legal terrain.
Biden’s use of Trumpian rhetoric to explain his exercise of presidential power to protect his son might only help the incoming president find more support to swing the wrecking ball at the institutions that Biden has long served and pledged to protect.
Mashinsky was one of several crypto moguls charged with fraud after a slump in prices in 2022 caused firms to collapse.
Alex Mashinsky, the founder and former CEO of cryptocurrency lender Celsius Network, has pleaded guilty in the United States to two counts of fraud.
Mashinsky, 59, was indicted on July 13, 2023, on seven counts of fraud, conspiracy and market manipulation charges. Federal prosecutors in Manhattan said he misled Celsius customers to persuade them to invest, and artificially inflated the value of his company’s proprietary crypto token. He pleaded not guilty later that day.
On Tuesday, during a hearing before US District Judge John Koeltl, Mashinsky said he pleaded guilty to two out of the seven counts he was initially charged with: commodities fraud and a fraudulent scheme to manipulate the price of CEL, Celsius’s in-house token.
In court, Mashinsky admitted to giving Celsius customers “false comfort” by giving an interview in 2021 in which he said Celsius had received approval from regulators for its “Earn” programme, which it had not. The Earn programme allowed users to deposit cryptocurrencies like Bitcoin, Ethereum and Tether and receive weekly interest payments, offering as much as 18 percent annually.
He said he also failed to disclose that he had been selling his holdings of CEL.
“I know what I did was wrong, and I want to try to do whatever I can to make it right,” Mashinsky said.
As part of his plea deal with prosecutors, Mashinsky agreed not to appeal any sentence of 30 years or less – the maximum he faces for the two counts.
Celsius Network founder Alex Mashinsky pleaded guilty to two of seven counts [File: Reuters TV via Reuters]
Mashinsky was one of several crypto moguls to be charged with fraud after a slump in crypto prices in 2022 caused a number of companies, including the now-bankrupt exchange FTX, to collapse.
Prices for digital assets like Bitcoin have since surged, in part due to optimism about US President-elect Donald Trump’s expected friendly policies towards cryptocurrency.
Founded in 2017, Celsius filed for Chapter 11 bankruptcy protection in the US – which allows a business to continue operating while it works on a plan to repay its creditors – in July 2022 after customers rushed to withdraw deposits as crypto prices fell. Many were initially unable to access their funds. The company exited bankruptcy on January 31, and has pivoted to Bitcoin mining.
Crypto lenders such as Celsius grew rapidly as crypto prices surged during the COVID pandemic. They promised easy loan access and eye-popping interest rates to depositors, then lent out tokens to institutional investors, hoping to profit from the difference.
Celsius was among the first in a series of bankruptcies in the cryptocurrency sector in 2022 as token prices cratered amid rising interest rates and stubbornly high inflation. It filed for bankruptcy shortly after Singapore-based crypto hedge fund Three Arrows Capital and rival crypto lender Voyager Digital did so.
Federal prosecutors in Manhattan accused Mashinsky and Celsius’s former chief revenue officer, Roni Cohen-Pavon, of manipulating the market for the company’s crypto token. Cohen-Pavon pleaded guilty in September 2023 and agreed to cooperate with the prosecutors’ investigation.
Prosecutors have said Mashinsky also personally reaped approximately $42m in proceeds from selling his holdings of the CEL token.
Sam Bankman-Fried, the founder of FTX, was convicted of stealing roughly $8bn from the exchange’s customers in November 2023 and sentenced in March to 25 years in prison.
NEW DELHI: Finance minister Nirmala Sitharaman Tuesday said public sector banks are now safe, stable, healthy, and showing “exceptional performance”, as Lok Sabha passed crucial amendments to banking laws, which among other things provides for up to four nominees in all bank accounts. The move is meant to ensure that successors of an account-holder or someone with a FD are not locked out as is often the case. Depositors can opt for either simultaneous nomination, where nominees are assigned specific percentage shares, or successive nomination, where nominees inherit in a predefined order. In addition, Banking Laws (Amendment) Bill, 2024, also seeks to redefine “substantial interest” for directorships, which could increase to Rs 2 crore instead of the current limit of Rs 5 lakh. Among the 19 amendments is plan to transfer unclaimed dividends, shares, and bond interests to Investor Education and Protection Fund for easier reclaim by rightful owners. “The proposed amendments will strengthen governance in banking sector and enhance customer convenience with respect to nomination and protection of investors,” Sitharaman said while moving the bill. Responding to debate on the bill, she said the number of branches of scheduled commercial bank has increased to 1.6 lakh, at end of Sept, compared to under 1.2 lakh in March 2014, with 3,792 branches added since Sept 2023. “Banks are being professionally run today. The metrics are healthy so they can go to the market and raise bonds, raise loans and run their business accordingly,” the FM said, while stressing the role of banks in national growth. She attributed the current stability to careful policy measures implemented since 2014 that have allowed banks to operate professionally and leverage market opportunities. The bill also invited criticism from opposition. TMC MP Kalyan Banerjee alleged that the bill was a “covert step towards privatising public sector banks” by potentially reducing govt stakes. He raised concern over cyber security and the necessity for advanced fraud detection systems. Samajwadi Party’s Rajeev Rai brought up the plight of borrowers facing credit issues due to poor communication from banks, while DMK’s Rani Srikumar questioned transparency of banking fees. Congress MP Karti Chidambaram spoke against the bill for not living up to govt’s promise of “majestic reforms”. TDP’s D Prasada Rao praised support public sector banks provide to small businesses, crediting BJP-TDP alliance. Sena UBT’s Anil Desai noted a trend of investors moving towards alternative investments, and NCP (SP)’s Supriya Sule advocated for stronger measures against financial frauds.
A small asteroid hit Earth’s atmosphere and produced a spectacular fireball in the sky across the far east of Russia in the early hours of Wednesday morning.
People from the remote Russian republic of Sakha, in northeastern Siberia, stood out in the snow to catch a glimpse of the phenomenon, which astronomers spotted about 12 hours before it arrived, the European Space Agency (ESA) said.
The asteroid measured an estimated 70cm and entered Earth’s atmosphere at 01:15 local time (16:15 GMT), according to the ESA.
The Sakha emergencies ministry said officials had been placed on alert but that no damage had been reported after the asteroid’s descent.
Mumbai: The four-day long standoff in Maharashtra led by stubborn Eknath Shinde has ended, paving the way for the formation of a new state government. On Tuesday, senior BJP leader Devendra Fadnavis, who is being considered as the next chief minister, met caretaker chief minister and Shiv Sena chief Eknath Shinde and worked out an interim arrangement to facilitate the formation of the new government to be sworn in on December 5. The BJP is scheduled to meet on Wednesday to elect its legislature party leader and the next Chief Minister of Maharashtra.
Maharashtra, November 27 (ANI): (File photo) Maharashtra Chief Minister Eknath Shinde with Deputy Chief Minister Devendra Fadnavis. (ANI photo)(ANI)
Fadnavis and Shinde decided to postpone the contentious issue of each party’s strength in some departments and the Cabinet, so that the new government can take charge on Thursday. It was decided that those issues would be resolved after the new Chief Minister and his team take charge.
More than 30 MLAs from the three parties of the Mahayuti alliance – BJP, Shiv Sena and NCP – are expected to be inducted into the state cabinet during the swearing-in ceremony at Azad Maidan in Mumbai.
Ten days after the assembly election results were declared, the three Mahayuti alliance partners have failed to work out power-sharing arrangements, including the number of cabinet berths and distribution of portfolios for each party in the new government. As well as important decisions on guardian ministers and heads of state corporations.
The impasse has arisen when outgoing Chief Minister Shinde is feeling underappreciated after he had led the Sena to a stellar performance in the elections. Moreover, since he has accepted the post of Chief Minister for the BJP, Shinde is also demanding the post of Deputy Chief Minister along with the Home Department. He is also demanding some more important departments and the post of Assembly Speaker for his party. While the BJP is refusing to give up the Home department and the post of Speaker, it is ready to negotiate on other departments and has offered the Urban Development portfolio to Shinde.
After a four-day standoff, the BJP reached out to Shinde on Monday, with senior leader Girish Mahajan meeting the caretaker chief minister at his Thane residence, where he was taking rest after a hectic election campaign. When Shinde reached his official residence Varsha in Mumbai on Tuesday, there were signs of cold.
After two hours both the leaders broke the ice. Fadnavis met Shinde in Varsha and the two leaders agreed on interim arrangements. He discussed the distribution of non-controversial portfolios and sharing of ministerial berths in the state cabinet. They also agreed to senior BJP leader Amit Shah’s intervention if needed.
Insiders said the two leaders on Thursday decided the number of ministers to be sworn in from each party. “After the oath-taking, the three parties may take a day or two to decide on the allocation of departments,” a BJP leader said.
Shinde and the Sena were brought back together after several meetings. After contacting Shinde in Thane on Monday, Mahajan met the caretaker chief minister in the rain on Tuesday morning. The meeting, which lasted for over 30 minutes, was followed by a meeting of senior Army leaders with Fadnavis at his official bungalow, Sagar. Shinde’s close confidants and former ministers Uday Samant and Shambhuraj Desai met Fadnavis for the second round of talks at Sagar along with Mahajan. After this, a meeting took place between Fadnavis and Shinde in Varsha. This meeting also lasted for about 30 minutes.
Subsequently, Shinde, Fadnavis and NCP chief Ajit Pawar are likely to meet after the BJP MLAs’ meeting on Wednesday to elect their new leader – Fadnavis is the party’s preferred choice. Union Finance Minister Nirmala Sitharaman and former Gujarat Chief Minister Vijay Rupani, who were appointed observers, reached Mumbai on Tuesday night. In the morning meeting to be held at Vidhan Bhawan, 132 newly elected BJP MLAs will select the leader of their legislative party, who will also be their candidate for the post of Chief Minister.
The leaders of the new legislative party will meet Governor CP Radhakrishnan and present their claim. The leaders of the three constituent parties of the alliance will jointly stake their claim to form the new grand alliance government.
After that, the three parties will break the power-sharing agreement between them. “The meeting between the leaders of the three parties was expected to take place soon after his meeting with Amit Shah on Thursday night. However, differences arose between the BJP and the Sena over other key departments including the Home Department and Urban Development and Revenue and over claims to the post of Assembly Speaker. Shinde is angry due to BJP’s refusal to give him the post of Home Ministry and Assembly Speaker. He is also pushing for at least 13 cabinet posts, on which the BJP has not given any commitment. Due to this, Shinde stayed away from the power-sharing talks citing ill health,” said a BJP leader.
Shinde, in a one-on-one meeting with Amit Shah on Thursday, had reportedly said that the BJP would reserve the home portfolio for the chief minister as per party tradition. Shah had also asked Shinde to amicably resolve the issue of power sharing with Fadnavis and Ajit Pawar.
It is expected that BJP will give 11 to 12 seats to Sena and 9 to 10 seats to NCP. BJP will retain 22 to 23 seats including the CM post.
Shinde bargained hard
Eknath Shinde has emerged as a tougher negotiator than BJP expected. Instead of the post of Chief Minister, he is insisting on the post of Home Department and Assembly Speaker. It is because of Shinde’s stubborn stance that the new grand alliance has not been able to work out the details of its power-sharing arrangement even ten days after the results of the November 20 elections were declared.
A senior BJP leader said that the party is handling Shinde like a child as it does not want to give the impression that it used him to divide Shiv Sena and now it is ready to abandon him. More importantly, the BJP needs Shinde to lead the alliance to victory in the civic elections scheduled early next year.
“We cannot ignore the fact that Uddhav Thackeray (Shiv Sena-UBT chief) won 10 assembly seats in Mumbai even in a tough election for himself. He will make a comeback if he manages to win the Mumbai civic elections. We need Shinde to take on him in Mumbai-MMR,” the BJP leader said.
Shinde is well aware of the cards he holds and is using them to drive a hard bargain. According to his aides, he is also demanding important portfolios like Home to avoid the perception of accepting a raw deal after leaving the chief minister’s post.
Army leaders maintained pressure on BJP throughout the day. Senior Sena leader Gulabrao Patil said, “We all want him (Shinde) in the government and we want him to handle the home department.” Earlier, party spokesperson Sanjay Shirsat told the media, “We hope That BJP will give the Home Department and we feel that BJP will not say ‘no’.”
Sena leader Deepak Kesarkar commented, “Caretaker Chief Minister Eknath Shinde should be given due respect (in the new Mahayuti government). After all, he has proved that the party led by him is the real Shiv Sena.
Ajit now demands 7 berths
With Shiv Sena battling for the Home Ministry, NCP chief Ajit Pawar, the other Mahayuti ally, has submitted his party’s wish list to the central BJP leadership. He is demanding seven cabinet posts in Maharashtra, one cabinet post at the Center and the post of governor.
Three top NCP leaders – Ajit Pawar, Praful Patel and Sunil Tatkare – met in New Delhi on Monday to discuss these demands and late on Tuesday agreed to discuss them with Union Home Minister and senior BJP leader Amit Shah. There was a possibility. Citing its better strike rate, NCP wants it to be considered at par with the Army. While the Sena won 57 of the 81 seats contested, the NCP won 41 of the 59 seats.
Senior NCP leader Chhagan Bhujbal said that if the NCP had been allotted more seats, the NCP would have won more seats. “The party led by (Eknath) Shinde got more seats to contest and won more, and we got less and thus won less seats. But looking at the strike rate, BJP is at number one position, NCP is at number two and Sena is at number three,” Bhujbal said.
NCP insiders said the party wants seven cabinet posts and four junior ministers in the new state government. “We also want a cabinet post in the Union Cabinet for Prafulla Bhai (Patel) and the governor’s post for Dilip Walse-Patil,” a senior NCP leader revealed.
