Stepson of Malaysia’s Najib Razak buys $34-mln London house
The stepson of Malaysian Prime Minister Najib Razak bought a £23.25 million ($33.6 million) house in central London in 2012 with money originating from the troubled Malaysian state investment fund 1Malaysia Development Bhd.
The redbrick four-story house, built around 1900, is part of a row set back from the road and protected by security gates, a short walk from Malaysia’s diplomatic mission in London’s exclusive Belgravia neighborhood. The registered owner of the house is Qentas Holdings Ltd., a company based in the British Virgin Islands. Najib’s stepson is the beneficial owner, the people familiar said.
Investigators believe that money from the Malaysian fund known as 1MDB was used to buy the house in July 2012.
A spokesman said last week that Aziz’s film company, Red Granite Pictures, “is responding to all inquiries and cooperating fully.”
“There has never been anything inappropriate about any of Red Granite Pictures or Riza Aziz’s business activities,” the spokesman said. “What they have done and will continue to do is develop and produce successful and acclaimed movies that have generated more than $825 million in world-wide box-office revenues.”
Money used to buy the properties in London and the U.S. was part of at least $238 million that was transferred to an offshore company owned by Aziz called Red Granite Capital from another offshore company set up to resemble an Abu Dhabi company 1MDB did business with, investigators believe, according to people familiar with the matter.
The offshore company, Aabar Investments PJS Ltd., received more than $3.5 billion from 1MDB over several years. It has a similar name to Aabar Investments PJS in Abu Dhabi, which is owned by one of the Emirate’s sovereign-wealth funds called International Petroleum Investment Co. IPIC has said in a filing to the London Stock Exchange that the Aabar in the British Virgin Islands that transferred money to Red Granite Capital isn’t part of its corporate structure.
A $133 million tranche of the money was received by Red Granite Capital in June 2012, according to documents reviewed by the Journal. The London property was acquired a month later without a mortgage, according to the U.K. Land Registry.
Aziz has denied wrongdoing, as has Najib.
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| Economy |
Bankruptcy Code will enable SMEs complete resolution process in 90 days: Finance Ministry Insolvency and Bankruptcy Code 2016 will be an enabler for start-ups and small and medium enterprises (SMEs) to complete the resolution process in 90 days (extendable to 45 days in deserving cases), Ministry of Finance said in a release. |
Parliament passes the Insolvency and Bankruptcy Code The Rajya Sabha, on Wednesday, passed the major economic reform Bill moved by the Government i.e. ‘Insolvency and Bankruptcy Code, 2016’. The Lok Sabha had earlier passed the Bill on 5th May, 2016. |
Rajya Sabha passes Bill that sets up a panel to decide interest rates The Reserve Bank of India (RBI) has issued the Framework for Revival and Rehabilitation of Micro, Small and Medium Enterprises (MSMEs) along with operational instructions, to all banks for immediate implementation. Under the Framework, cases for all MSME loan accounts where principal or loan instalments are overdue for 60 days or above are to be compulsorily placed before the district committee for stressed MSME assets for developing corrective action plan (CAP). |
After showing bankruptcy, one cannot do other business as well: Economist on Bankruptcy Bill India’s exports have been falling for the last 15 months. Different reasons, opinions and views have been given about the decline by experts from across sectors. KNN spoke to industry experts and economists on ways to curb the decline. The apex body for exporters FIEO President SC Ralhan said it is primarily due to global slowdown. “But there is a slowdown in China too and India should take advantage of that,” he said. |
DIPP will issue new UBIN shortly for budding entrepreneurs: DIPP Secretary The Department of Industrial Policy & Promotion (DIPP) has begun an exercise for issuance of Unique Business Identification Number (UBIN) for budding entrepreneurs to start off their new businesses without any delay, said DIPP Secretary, Ramesh Abhishek. |
Govt making optimum use of tech to address custom clearance related issues, facilitate trade: Fin Min Both the Central Board of Direct Taxes (CBDT) and Central Board of Excise and Customs (CBEC) are making optimum use of technology for expeditious disposal of assessment and refunds as well as for addressing the issues relating to custom clearance and facilitating trade among others, Ministry of Finance said today. |
| MSMEs |
Units are shutting down but no help has come from Smriti Irani, Rahul Gandhi or RBI: Amethi MSMEs The MSMEs, which are on the verge of closure in Amethi, are disappointed with the politicians representing the region stating that despite being approached they have failed to solve the woes of the small entrepreneurs here. The MSMEs have even expressed disappointment with the RBI for not taking any measures to solve the industry’s problems with the banks. |
‘Is Eligible MSMEs ignored in Railway Tenders? Despite the government’s clear instruction to follow the mandatory 20% procurement policy from the Micro, Small and Medium Enterprises (MSMEs), some of the big departments like Railways are allegedly flouting the norms ignoring repeated requests made by the small entrepreneurs to include them in the tenders for which they are fully entitled and qualified. |
GIZ supports setting-up of new incubators in tier II-III cities to boost innovation in MSMEs With an endeavour to promote innovation amongst MSMEs in the country, GIZ, the German Agency for International Cooperation, is supporting the set-up of new incubators in Tier II and Tier III cities by providing capacity building, mentoring and handholding the organizations interested in setting up an incubator. |
Uttarakhand has always been a victim of political instability, say MSMEs As the Congress is set to return to power in Uttarakhand with the Centre acknowledging that Harish Rawat had won a trust vote held yesterday, the MSME sector in the state feels that despite a good environment for doing business, the political uncertainty takes a toll, to some extent, on the local industries as well. |
Chhattisgarh MSMEs welcome relaxation of labour norms; say the move would end ‘Inspector Raj’ The Chhattisgarh Government has relaxed the labour laws in the state, a move that would help the Micro, Small and Medium Enterprises (MSMEs) elude the regular inspection from labour department officials. |
East Delhi MSMEs upset over 10 times hike in property tax; threaten to agitate, approach the court The micro, small and medium enterprises (MSMEs) in the national capital are upset over the increase in property tax by almost 10 times at the industrial areas in East Delhi and are ready to move court against the notification issued by the Municipal Corporations in this regard. |
Haryana Govt to provide financial assistance of up to Rs 25 lk to MSMEs for patents The MSMEs from across sectors including steel and textile are expecting transparency through the new web portal launched by the government on coal allocation and monitoring system. Gandhi Sircar, Executive Director, Steel Re-Rolling Mills’ Association of India told KNN, “Web Portal for distribution of coal by State Nominated Agencies (SNA) is a right step in Coal Business Domain.” |
‘Creating and protecting trademarks can transform MSMEs into MNCs’ MSMEs must take advantage of the Madrid Protocol and protect trademarks of their products and services in 97 member countries by filing a single application in the Indian patent office, said O.P. Gupta, Controller General of Patents, Designs & Trade Marks & Registrar of Geographical Indications. |
| Sectors |
Cabinet approves National Intellectual Property Rights Policy In a move that would weave in strengths of the corporate entities including MSMEs, the Union Cabinet yesterday approved the National Intellectual Property Rights (IPR) Policy that will lay the future roadmap for intellectual property in India. The Policy recognises the abundance of creative and innovative energies that flow in India, and the need to tap into and channelise these energies towards a better and brighter future for all. |
CCEA approves development of 8/6 laning of Delhi-Meerut Expressway In a move that would benefit the frequent commuters on Delhi-Meerut road, the Cabinet Committee on Economic Affairs has approved for development of 8/6 laning of Delhi-Meerut Expressway – Package-II – Uttar Pradesh Border to Dasna Section of NH-24 in Uttar Pradesh. |
NIESBUD organizing programme to help become govt certified commercial dairy farming consultant Keeping in view the immense opportunities available in Commercial Dairy Farming Business and lack of trained Consultants and entrepreneurs in this field, the National Institute for Entrepreneurship and Small Business Development (NIESBUD) has designed special two days Training Programme on “Be A Government Certified Commercial Dairy Farming Consultant”. |
MP Govt invites industries to set up units in Electronics Manufacturing Clusters in state Madhya Pradesh Government has invited the industries for setting up units in the Electronics Manufacturing Clusters in the state. With a special focus on promoting Electronic System Design & Manufacturing (ESDM) sector, the state is setting up Electronics Manufacturing Clusters in Bhopal and Jabalpur measuring completion. |
Transport Ministry sets up committee to frame policy for taxi operators The Ministry of Road Transport and Highways has constituted a three member committee to prepare a policy framework for taxi and other transport operators. The move comes after the Supreme Court’s order dated 15th December 2015 and directions of EPCA dated 29th April 2016 banning diesel taxis in the NCR leading to protest by taxi drivers across the national capital. |
DIPP working to bring down timeframe for issuing First Examination Report for patents The Department of Industrial Policy and Promotions (DIPP) is aiming to reduce the time taken to issue the First Examination Report (FER) from 5-7 years to less than 2 years, Deputy Controller of Patents & Designs A T Patre told KNN. |
FISME stresses on crucial role of MSME Association for success of the National SC/ST Hub FISME, the national federation of MSMEs of India, has recently submitted an elaborate note to the Ministry of MSME on constitution and operation of National SC/ST Hub. |
‘Make’ procedure under new DPP has been simplified The ‘Make’ Procedure in the new Defence Procurement Policy 2016 has been simplified with provisions for earmarking projects not exceeding development cost of Rs.10 crore (Government funded) and Rs.3 crore (industry funded) for MSMEs, Minister of State for Defence Rao Inderjit Singh has said. |
Dumping of bulk drugs hitting domestic industry, says Parliamentary Consultative Committee Dumping of bulk drugs by other countries is causing problems to the domestic industry, said P. Goverdhan Reddy, a Rajya Sabha MP and Member of Consultative Committee attached to the Ministry of Commerce on the subject of ‘Implementation of Trade Facilitation Agreement. |
| STATES |
Industrial production of MSMEs plunged to 25% in drought hit Kutch Kutch is one of the areas in the country facing the high scarcity of water. As a result of this, the Gujarat Ministers’ Sub-Committee for Drought Relief, at its meeting chaired by Chief Minister Anandiben Patel here today, declared 121 villages in seven talukas of Kutch, Jamnagar and Banaskantha districts as drought-hit. |
Microsoft joins hands with TANSTIA to accelerate SMBs with modern Windows 10 devices Microsoft and Tamil Nadu Small and Tiny Industries Association (TANSTIA) have come together to provide a range of modern business devices powered by Windows 10 Pro, to support the growth of Small and Medium Businesses (SMBs) in the state. |
J&K was not making much use of various schemes of MSME Ministry: Kalraj Mishra Union MSME Minister Kalraj Mishra, who was in Srinagar on Sunday, said that Jammu & Kashmir was not making much use of various schemes of the Ministry and asked the state government to come up with more proposals so that more assistance could be given. |
Maharashtra Govt along with SIDBI & LIC floats Rs 200 cr VC fund for MSMEs Maharashtra government and Small Industries Development Bank of India (SIDBI) have floated a venture capital with a fund size of Rs 200 crore to ensure credit availability for the MSMEs in the state. |
| FEATURE |
GIZ India calls for start-ups in Energy Sector to be a part of bootcamp in Germany Giving a platform to the start-ups from India and Germany in the Energy Sector to interact with the corporates, mentors, technology experts, and other key stakeholders on how to develop their products and services, GIZ India is organizing a bootcamp in Berlin, Germany in July, 2016. |
Cochin to host International Bunker Trade meet on Friday The third annual international bunker meet “Destination Cochin” hosted by Cochin Port will be held on Friday. The Cochin Port has been focusing on bunker trade for the last three years and has registered 47% growth in this trade in FY 2015-16. |
India hopes that recent U.S. trade restrictive measures would be removed: Commerce Ministry India hopes that the United States will constructively engage with India to address its concerns regarding recent U.S. measures which impair the ability of both U.S. based Indian companies and Indian professionals to supply services in the U.S, Ministry of Commerce & Industry today said in a release. |
US manufacturers want India to remove trade barriers to boost investment The National Association of Manufacturers (NAM) of United States has urged the Commerce Department of the country to discuss with India the issues pertaining to trade barriers so that the American companies can invest more in the country’s growing market. |
| GLOBAL |
Cleaning up the mighty Ganga To explain it too simplistically, if you shut off all pollution at source, like you shut off a tap, in flowing waters like a river, the river will cleanse itself in say a couple of weeks. Unlike the static waters of a lake which must be treated and quality restored, flowing waters need you to only stop polluting for the fresh charge of water to flush out the pollutants. |
HDFC Bank has come out with a unique way to help the micro women entrepreneurs from rural areas repay the loans. The bank is conducting a capacity building training programmes in villages across the state teach different skills to the women entrepreneurs in order to help them become financially independent.Eubiq solution.Before & After of a meeting table
Before & After of a meeting table makeover with Eubiq solution.#eubiq #eubiqsg #gsssystem #nomessycables #neat #tidy#ecrucible #meetingtable #beforeandafter
Car Emission Scandal: The improperly testing its vehicles
Car Industry stigma of improperly testing its vehicles is rising and more companies are in the ambit of not adhering to emission norms thus bring state and industry subject to face to face and the customer is sandwiched between the erring companies in a big way.
With more and more city loaded with cars of various brands find to have manipulated its Car emission norms which brought their brands to disrepute, many heads to rolls in this context in the future.Global media reports about this Car Emission Scandal.
Mitsubishi Motors says an in-house investigation has discovered mileage data manipulations on 5 additional models of vehicles. The company had previously admitted falsification of data on four models.
Officials of the automaker said on Wednesday that fuel economy data have been falsified for Pajero, Outlander, and other makes.
They said the company did not conduct road tests required by regulations, but used data from other vehicles or took data from past tests.
The officials said they found that the differences in mileage based on actual correct data and manipulated data fell within a 3 percent range.
Suzuki Motor also said on Wednesday that it failed to carry out government-set tests on 16 models that are presently on sale.
But the firm said the differences were within the margin of error, and that it will continue producing and selling the vehicles without revising their fuel efficiency ratings.
The transport ministry has instructed Suzuki to report the results of a detailed investigation by the end of May.Reports NHK.
A fuel-economy testing scandal broadened in Japan on Wednesday, with Mitsubishi Motors Corp. saying its president would resign to take responsibility for overstating mileage in some cars and Suzuki Motor Corp. admitting to improperly testing its vehicles.
The moves by two of Japan’s second-tier car makers, both grappling with fierce competition and limited research-and-development budgets, came after Mitsubishi admitted to manipulating fuel-economy-related data and using an illegal testing method for multiple models in Japan.
Mitsubishi and Suzuki are among several global auto makers under scrutiny after Volkswagen AG late last year said it used illegal software on some of its diesel-powered vehicles to cheat on U.S. emissions tests.
Mitsubishi President Tetsuro Aikawa will step down in June at the company’s annual shareholders’ meeting. “I must step down so that a fundamental reform can take place in the vehicle development department,” said Aikawa, who formerly led that division.
Mitsubishi has struggled to combat repeated instances of hiding quality and other problems that hurt its reputation despite effortsover the last 16 years, executives said. Behind the problems were pressure from management to speed up development cycles and improve fuel economy, it said in a statement.
Nissan Motor Co. last week agreed to take a 34% controlling stake in Mitsubishi for more than $2 billion, subject to regulatory approval. It said it would help Japan’s sixth biggest auto maker by global sales volume rebuild its damaged brand image and is set to send in an executive to head Mitsubishi’s vehicle development.
Mitsubishi’s sales are declining and its costs are ballooning after it first admitted in April to falsifying data related to fuel economy to make mileage look better on four models, so-called minicars sold only in Japan. Two of these minicars, with 0.66 liter engines, were manufactured by Mitsubishi and sold under Nissan’s brand name.
Mitsubishi said Wednesday that data manipulation also took place beyond minicars, in some versions of its Pajero and RVR sport-utility vehicles in Japan. Executives said they believe there was no intention to overstate fuel economy in these cars, but that details are under investigation by a third-party panel.
None of its vehicles sold overseas are affected by the mileage problem, Mitsubishi has said.
Auto makers selling vehicles in Japan had faced a Wednesday deadline to report to the nation’s regulators whether they had violated mileage-related rules. Suzuki was the only one that admitted to a problem, Japan’s transport ministry said.
Suzuki, Japan’s fourth-biggest auto maker, said it used an improper method to test mileage data since around 2010 on 16 models it currently sells in Japan.
In measuring vehicles’ air and tire resistance, data that is used to calculate fuel economy, Suzuki said it had used a testing method that wasn’t approved by Japanese regulators on around 2.1 million vehicles sold domestically.
“We apologize for not having used the designated measuring method,” Suzuki Chief Executive Osamu Suzuki said at a news conference, bowing deeply.
Suzuki shares closed down 9.4% in Tokyo after earlier falling by as much as 15%. Mitsubishi Motors stock rose 4% to ¥556 ($5.07); it is down 51% in the last year.
Suzuki said it believes it wasn’t necessary to revise mileage data for these cars. Tests of their fuel-economy performance using the proper method resulted in no significant differences, it said.
Suzuki executives said the testing method it had used violated Japan’s law in two ways. First, instead of testing vehicles’ resistance outdoors, Suzuki measured them indoors. Second, it gauged resistance for components, such as tires and transmission, individually and then added them up rather than measuring them all at once.
Some of the vehicles that Suzuki said were tested improperly also were minicars. The rising popularity of minicars in recent years has prompted companies like Mitsubishi and Nissan, smaller players in the segment, to develop new models, triggering fierce competition.
The segment accounted for some 40% of the Japan’s overall auto sales of around five million vehicles in 2015, up from a third a decade ago.
Fuel economy has been among the key factors in marketing minicars. Mitsubishi said it had set tough targets for the four minicars in which it intentionally manipulated data to make mileage look better, but left much of the job to meet those targets to an engineering subsidiary. Mitsubishi managers were lax in checking the subsidiary’s progress, executives said.
A panel consisting of external members is still probing the problem. It is set to compile a report around July, Mitsubishi has said.
Ballrs Launch: Harbhajan the Ambassador
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Mobile sporting App,Ballr Launched.
Addictively social gaming platform that offer fan a chance to win sporting experience,phones,apparels,cars,sporting tickets and other premium prizes.
Fantasy Sp[orts Technologies held a press conference in New Delhi ,hosted by celebrated Indian Cricket icon Harbhajan Singh, to celebrate the launch of its unique and disruptive sporting application,Ballr. This app offer various Games on Ballr.Harbhajan the Ambassador at Ballr too animated interaction with media.
Founder and CEO the Sam Jones address Media at Launch of Ballr App. the Technology Platform,
Ballr to connect people to sport:Game Free. On Mobile. With Prizes:
Sam Jones Founded Ballr in 2015.
A mobile First micro fantasy sport platform.
The mission to connect the world through live sport.
Ballr has offices in Singapore ,Delhi,Sydney
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