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India set to Become Worlds Top Gold Consumer in 2015 China to

first_imgIndia is poised to pip China as the world’s top consumer of gold in 2015 due to reduced demand for gold in the country due to a rally in stocks and India’s projected high economic growth.”We expect both India and China’s gold demand to be in the range of 900-1,000 tonne (in 2015), with India slightly higher than China. This is mainly due to the higher economic growth momentum projected in India and China’s lack of momentum,” said Somasundaram PR, World Gold Council (WGC) Managing Director, India, according to Bloomberg TV.Gold consumption in India is expected to increase by 23 percent to 1,000 tonne this year if the country registers a gross domestic product (GDP growth) of 7.5-8 percent, according to a report by the World Gold Council.Demand for gold in China fell by 10 percent in the first quarter this year, as stocks made gold investments less appealing.Despite a sharp decline in recent sessions, the Chinese stocks still trade at multi-year highs, with a gain of nearly 34% so far this year. The benchmark Shanghai Composite index has increased by around 120 percent over the past one year.Chinese jewellery buying is currently weighed down by investors’ rush to bullish stock markets. Even potential buyers of gold in China are eyeing stock markets and opening stock accounts.”There’s so much money in market now and nowhere to flow to but stocks,” Chester Liaw, economist at Forecast Pte in Singapore, told TheStreet.The Chinese markets are expected to go up further as expectations rise over additional easing measures by the authorities to boost the sluggish economy, which could further reduce demand for gold in the country.”Investors’ core motivations haven’t changed. We hope markets go up steadily, not with sharp fluctuations,” said Zhao Xijun, deputy finance school dean at Renmin University in Beijing.Besides, impressive post-listing performance of Chinese initial public offerings (IPOs) has also created frenzy among investors. In the past one year, all the IPOs have generated more than 40% returns on listing.last_img read more

Washing up Vijay Mallya laundered Rs 130167 crore says Enforcement Directorate

first_img Are bad times awaiting the “King of good times”? Fugitive liquor baron Vijay Mallya laundered Rs 1,301.67 crore though various shell companies in India and abroad, according to a complaint by the Enforcement Directorate (ED) before the special court for Prevention of Money Laundering Act (PMLA), a report in the Hindustan Times (HT) on Thursday said.The agency suspects that Mallya has around 13 such shell companies in the United States, Ireland, Mauritius and France. In its complaint, ED said that the only purpose of these companies under Mallya’s control was to either obtain loans or launder money, the report said, quoting the ED complaint.The central agency had last month filed a chargesheet against Mallya and nine others, including top officials of IDBI bank, from where Mallya had obtained a loan of Rs 950 crore. Taking cognisance of the complaint of the central agency, the PMLA court issued arrest warrants against all the accused, the report said.In its complaint, the ED listed various shell companies including M/s PE Data Centre Resources Private Limited, M/s Pharma Trading Limited, M/s Kingfisher Finvest Limited, Devi Investment Private Limited, M/s Mallya Investment Private Limited, and M/s Gem Investment.The agency claimed these shell companies had no actual activities and their directors were ex-employees of Mallya’s United Breweries group, the HT report said. The agency further claimed that some of the companies had not even hired employees and only these directors were on the payroll. The agency alleged that these companies were directly under Mallya’s control.The agency alleged that one of the shell companies – PE data Centre Resources Private Limited — had obtained a loan of Rs 100 crore and funds were transferred to the account of Kingfisher Airlines. COMING UP FOR AIR: Vijay Mallya, who is hiding out in a London mansion away from the clutches of the law, took time to resurface at cricketer Virat Kohli’s recent charity event.YouTube/ScreenshotThe agency claimed that Mallya had parked around half of the loan amount obtained from IDBI bank outside India in shell companies he had set up. “Out of Rs 900 crore, Rs 417.29 crore has been remitted out of India for payments shown to be made towards aircraft rental lease, maintenance, services and several such purposes. However, no documents were submitted to support such transaction. Thus, it appears to be laundering,” the HT report quoted the complaint as saying.The report said that the ED examined the lease rates and amount paid towards maintenance and other services by other airlines and by Kingfisher and found discrepancies in what Mallya’s firm had done. In this context, the HT report said that the agency cited payments made to two Mauritius-based firms, Veling Narain Ltd and Veling Sacheedanand Ltd, towards lease and maintenance of aircraft and pointed out that these were nothing but shell companies with former UB group employees as directors.The agency said it had so far managed to attach immovable property worth Rs 807.82 crore owned by Mallya. The agency claimed that Mallya has huge amounts of property in the US in the name of his daughters Leana and Tanya, HT said.The agency further alleged in its complaint that Mallya had a total of 291.31 acres in several villages in Karnataka, including Bilgeri, Coorg, Madekeri, and Kumboor. However, when the situation started getting worse, the agency claimed that Mallya managed to dispose of 264.80 acres in January 2016. The agency claimed that the transactions were done in a rush.The HT report added that the central agency is continuing its probe into the property and accounts held by Mallya outside India. IBTimes VideoRelated VideosMore videos Play VideoPlayMute0:00/0:00Loaded: 0%0:00Progress: 0%Stream TypeLIVE0:00?Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedSubtitlessubtitles settings, opens subtitles settings dialogsubtitles off, selectedAudio TrackFullscreenThis is a modal window.The media could not be loaded, either because the server or network failed or because the format is not supported.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window. COPY LINKAD Loading …center_img Closelast_img read more

Here are all details from Selena Gomezs 27th birthday celebration in Italy

first_imgFor Selena Gomez’s 27th birthday, the young starlet took off to Italy. Right after serving as a maid of honour at her cousin Priscilla DeLeon’s Texan wedding over the weekend, Gomez, along with her pals, flew off for an overseas birthday extravaganza.Strolling the streets of Rome in gorgeous maxi dresses and looking gorgeous under the Roman sun, Selena certainly looked like a sight to behold!According to a source quoted by E! News, “Selena arrived for lunch with a group of friends. The table shared several dishes such as raw fish, tagliatelle with lobster, pasta with vodka sauce and various salads.” The insider further added, “They were chatting and laughing the entire time. No candles, cards or cake, but they did have a dessert of ice cream and tiramisu.”Selena had a very good time as her birthday rang in. “They had a two-hour lunch at Pierluigi, one of Selena’s favourite places where she loves to eat in Rome. They sat inside and had a long lunch with many different courses to enjoy. After they finished they had a driver pick them up and take them away,” revealed an insider.’Cause we can’t get enoughYeah, we can’t get enoughYeah, we can’t get enough of Selena Gomez in Italy. https://t.co/gX3bRd1Twn pic.twitter.com/7fkDVhqGR5— E! News (@enews) July 23, 2019 Selena Gomez in ItalyTwitterPictures further convince us that the Wolves singer had a great time. “After lunch they walked around near Piazza del Popola and the Spanish Steps. It was a hot day so they didn’t stay out too long. They cooled off with bottled water and did some sightseeing and shopping at street vendor stands and in women’s clothing stores. Selena seemed very happy to be in Rome and was taking in the beautiful sites and all of the culture.”How cool! Part of her Italian rendezvous also included her visiting the island of Capri as Gomez and her squad took off in a boat. “Selena sipped on an iced tea and stopped to look at leather sandals and hats,” the source told E! News. “Selena and her friends posed for pictures on the boat that Andrea took for them. Selena seemed very happy and content with her friends. She was hugging them and they were all having a lovely time.”.@SelenaGomez looks gorgeous as she spends her 27th birthday in Italy.? pic.twitter.com/MKqidwwisr— Pop Crave (@PopCraveNet) July 22, 2019 Selena Gomez in ItalyTwitterIt won’t be long before the singer returns, although the exact date has not been revealed yet. After going through a tough year as she dealt with tremendous mental health concerns and therapy sessions, this trip looks like it was much needed!last_img read more

Youth hacked dead

first_imgA young man was hacked to death allegedly by his gambling rivals at Shamirpur village in Karnaphuli upazila of Chattogram on Wednesday night, reports UNB.The deceased is Mamun Al-Rashid Sagor, 27, son of Abu Taher of the village.Rafiqul Islam, officer-in-charge of Karnaphuli police station, said two groups locked into an altercation over gambling and drugs.At one stage, opponent group hacked Mamun, leaving him dead on the spot. Police started drive to arrest the accused who were involved in this connection, the OC added.last_img

Bangladesh capable to conduct fair polls

first_imgA two-member election expert mission representing the European Union (EU) will arrive in Dhaka on Tuesday to monitor the situations before and after the national election scheduled to be held on 30 December.”Yes, they’re arriving. They’ll stay until 15 January,” a senior official at the foreign ministry told UNB on Monday.The election expert mission comprising David Noel Ward and Eirini- Maria Gounari might stay for longer period, if necessary, depending on the evolving situation.”I can’t tell you their day-to-day programmes. But I can tell you they’ll have wider discussions with political leaders on election issues. They’ll also visit places outside Dhaka,” said another official.The two election experts of the EU will meet key interlocutors, including chief election commissioner KM Nurul Huda, media, candidates and voters.Such an expert team usually submits a report to the EU headquarters in Brussels on its observation.Meanwhile, a visiting European parliamentary delegation on Sunday hoped that the next national election in Bangladesh will be held in a free and fair manner.”I’m confident that the coming election will be free and fair,” said Rupert Matthews, conservative member of the European Parliament sharing his thoughts based on the impression he got after talking to political leaders of Bangladesh.The delegation of the European Parliament also met prime minister Sheikh Hasina on Saturday.While interacting with media at a city hotel, he said the European Parliament believes that Bangladesh is well-prepared to handle the election on its own.Matthews said the European Union parliament believes that Bangladesh is capable to follow its own rules to conduct a free and fair election.Therefore, he added, they do not need to send observers.He said the delegation had talks with a wide range of people of Bangladesh, including government officials and politicians and common people.Though it will not send any observer team because of a lengthy preparatory process, the European Union (EU) will closely monitor the next national election in Bangladesh, said a diplomatic source.The EU will be keeping eyes on the developments in the coming weeks, the source said, adding that not sending an observer team does not mean that they are not going to follow the elections.The EU thinks sending a credible observer mission is a very big operation as it involves a good number of observers and needs a long preparation.It, however, expects free, fair, credible and transparent elections in Bangladesh.”We’re looking forward to free, fair, credible and transparent elections in this country,” said managing director for Asia and the Pacific at European External Action Service Gunnar Wiegand during his Bangladesh visit in July last.last_img read more

Feluda and Byomkesh to dominate screens this Christmas

first_imgThe festival season in Kolkata is going to see a crop of new detective films in Bengali- a Byomkesh Bakshi thriller and a Feluda flick. Double Feluda is an upcoming thriller directed by acclaimed director Sandip Ray, son of the iconic film director Satyajit Ray.Occasion? Feluda was created by the acclaimed Oscar-winning director 50 years ago and son Sandip Ray’s latest Feluda film is based on this popular Bengali sleuth’s many exploits. This film also marks the comeback of veteran actor Sabyasachi Chakraborty as Feluda (after Royal Bengal Rahasya in 2011) and Saheb Bhattacharya, as his assistant Topshe.  Also Read – Add new books to your shelfThe film is scheduled to be released in mid-December. Two stories, ‘Samaddarer Chabi’ and ‘Golokdham Rahasya’ are going to be packed in this thriller. The popular character Jatayu of other Feluda stories and films will probably be missing from these films. Just a year after hitting the silver screen with the popular Har Har Byomkesh, director Arindam Sil will be back once again with a revamped Byomkesh Bakshi – Byomkesh Pawrbo- starring Abir Chatterjee in the lead role.  Also Read – Over 2 hours screen time daily will make your kids impulsiveBased on Sharadindu Bandhopadhyay’s classic series, the cerebral Bengali sleuth Byomkesh Bakshi will be revealing his daring side as he pulls off some daredevil stunts in the Dooars forest where the story is set. A new riveting case sees Bakshi playing investigator in Santagola which has become a hub of the illegal weapons trade. The Bengal Government requests the sleuth to track down the culprits but as soon as Bakshi starts his investigation, he zeroes in on few well-known people of this city, who turn out to be possible suspects. However, he realises that these men are powerful and  he will never be able to search their warehouses and mills. In the meantime, a demented man named Amrito claims that he has seen a strange, horse-riding figure roaming around the jungle. Amrito is sent to the jungle to observe this phenomenon. The very next morning, his bullet ridden dead body is found inside the jungle. As Byomkesh delves deep into the case, a lot of well-respected men gets unmasked.Director Arindam Sil explains why going back to this particular series is important to him, “Byomkesh Bakshi is one character in Bengali literature whose depth lies in the multiple layers of his persona. Though he is a deep thinker, a ‘Satyanweshi’ yet his unflinching courage, righteous nature and dauntless spirit make him stand apart from the rest”. The key attractions of the film, says Sil, are the  beauty of the Dooars forest where the film has been extensively shot, the backdrop of the Tebhaga movement of 1948 and superb acting by an  eclectic cast, including Abir Chatterjee (Byomkesh), Sohini Sarkar, Ritwick Chakraborty, Rajatava Dutta, June Maliah, Sayantika Banerjee, Kaushik Sen and other accomplished character actors of Bengali cinema. Releasing on December 12, the film is bound to face off with the Feluda release but Sil is confident about his success, “I am my own competition. Also, if Sandip Ray is liberal enough to give me rights to making another Feluda film, I’m game”.  The film has been produced by Shree Venkatesh Films and Surinder Films while Sandip Ray’s Double Feluda has been produced by Eros International.last_img read more