An Iyaganku Magistrates’ Court, Ibadan, yesterday remanded a security guard at Ajayi Crowther University, Oyo, and 24 others for allegedly killing a student of the institution. The security guard, Femi Oladoye, and the others are charged with conspiracy and murder. The Magistrate, Mrs Olabisi Ogunkanmi, did not take their pleas for want of jurisdiction. She directed the police to return the case file to the state director of public prosecutions for advice. Ogunkanmi adjourned the case until July 8 for mention. Earlier, the prosecutor, CSP Funke Fawole, told the court that the defendants committed the offence on May 24 at 9.00 p.m. in the university. Fawole alleged that the defendants unlawfully caused the death of a 22-year-old student, Mr Jefry Akro, by beating him with planks and wire. She alleged that Oladoye and a male porter in the university, Kehinde Olabusuyi (one of the suspects), failed to rescue Akro from aggrieved students who eventually beat him to death. She said that the offences contravened Sections 516 and 324 of the Criminal Laws of Oyo State, 2000.
Congress Leader Karti Chidambaram Granted Bail in Money Laundering Case Connected with Chinese Visa Scandal – New Delhi, India
New Delhi [India], June 6 (ANI): The Rouse Avenue Court in Delhi on Thursday granted regular bail to Congress Leader Karti Chidambaram in a money laundering case connected with the Chinese Visa case. The Special Judge, Kaveri Baweja, while granting bail, directed him to furnish a personal bond of one lakh and two sureties of the same amount. The accused persons were earlier summoned by the court after cognizance of the charge sheet. The Rouse Avenue Court on March 19 issued summons to Karti Chidambaram and the other seven accused in the case. The Enforcement Directorate (ED) recently filed a prosecution complaint naming Karti Chidambaram, S Bhaskararaman, and several others, including several firms named as the accused. In the case, Karti Chidambaram had earlier moved an anticipatory bail in Delhi High Court, where ASG SV Raju appeared for the Enforcement Directorate and orally assured the court that no coercive action would be taken while the matter was pending in the court. Senior Advocate Kapil Sibal had argued there was no material against the accused. No money laundering case is made out, as there are no allegations that any money was given to Karti Chidambaram, he said. If there is no money, it cannot be laundered. Still, they registered the ECIR. The accused has joined the investigation and is cooperating in it. The alleged transaction is from 2011, and they registered the case for 2022, Sibal argued in court. There is apprehension of arrest as they registered the ECIR within ten days of the registration of the FIR by the CBI. I am named in that ECIR, and they can arrest me anytime without even calling me or giving me notice. In the CBI case, I have been given 72 hours of notice before arrest. So that I can approach the court, he argued. Earlier, he had argued that the value of the alleged transaction was Rs. 50 lakh, which is less than one crore. In view of this fact, Karti Chidambaram should be granted bail, Sibal said. On the other hand, ASG SV Raju submitted that the bail application is premature as there is no material in the case. We will investigate the case. Still, they have apprehension of arrest; why do they do so? If no case is made against them, then why do they have apprehension? he said. He argued that this application was premature, as no summons was issued and only an ECIR was registered. Therefore, the apprehension of arrest is not genuine. The CBI judge of the Rouse Avenue Court earlier dismissed all three applications moved by Karti Chidambaram, S. Bhaskararaman, and Vikas Makharia. (ANI)
WHO Confirms First Human Death from A(H5N2) Bird Flu in Mexico
The World Health Organization (WHO) confirmed on Wednesday the first known case of a human death resulting from an infection with the A(H5N2) variant of avian influenza, also known as bird flu.
The individual, a 59-year-old resident of Mexico, first developed a fever, shortness of breath, diarrhea, nausea, and a general feeling of discomfort on April 17, according to the public health agency.
He was subsequently hospitalized at the National Institute of Respiratory Diseases in Mexico City on April 24 and died later that day.
Testing conducted on the day he was hospitalized indicated the individual had a non-subtypeable influenza A virus and further testing led to a positive sample for influenza A(H5N2), the UN agency said.
The individual had no history of exposure to poultry or other animals at the time of his hospitalization, the WHO noted.
However, the man had prior health complications including multiple underlying medical conditions, and relatives told hospital staff that he had been bedridden for three weeks before his admission for other reasons.
Mexico’s health ministry said in a statement that the person had chronic kidney disease, type 2 diabetes, and systemic hypertension.
It spreads easily among birds through nasal and eye secretions, as well as manure, and it can prove deadly in domestic poultry.
While it is unclear how the Mexico resident became infected, multiple cases of avian influenza have been reported in the country in recent months, including one outbreak detected in a backyard poultry farm in the state of Michoacán in March.
Another outbreak was identified in March in poultry in Texcoco, in the State of Mexico, and another in April in the municipality of Temascalapa in the same state, the health body said.
Although the source of exposure to the virus in this case is currently unknown, A(H5N2) viruses have been reported in poultry in Mexico, the WHO said Wednesday.
The latest discovery marks the first laboratory-confirmed human case of infection with an influenza A(H5N2) virus reported globally and the first avian H5 virus infection in a person reported in Mexico, according to the UN body.
No further cases of the virus were reported during an epidemiological investigation into the latest case. Seventeen people who were at the hospital where the man died were monitored, with health officials only reporting a runny nose in one of them between April 28-29.
Additionally, 12 other people were identified as having been near the man’s home before his hospitalization and death, according to the WHO.
Seven of those people were symptomatic and five asymptomatic, however, all of those individuals subsequently tested negative for SARS-CoV-2, influenza A, and influenza B.
Despite the man’s death, the UN agency said Wednesday that — based on available information — the current risk to the general population posed by this virus is low.
The WHO also said the case is unrelated to a different outbreak of bird flu, H5N1, that has been detected in the United States, although both are H5 avian viruses.
Along with the United States and Mexico, Australia has also reported its first human case of A(H5N1) infection this year, with health officials stating in May that there were no signs of transmission.
Health officials in the country have, however, found additional poultry cases of H7 bird flu on farms in Victoria state.
CFO Olivier Bisserier’s Modern Financial Strategy Breakthroughs: Lessons & Insights, Netherlands
Olivier Bisserier’s career is a testament to his expertise in driving growth and innovation. From his pivotal role in Booking.com’s global expansion to his forward-thinking approach to technology and leadership, Bisserier’s experiences offer a masterclass in modern financial strategy. In partnership with Airwallex, we delved into the key lessons from the conversation to highlight the strategies and mindsets that have defined his successful tenure and can inspire the next generation of business leaders.
Olivier Bisserier’s time at Booking.com was marked by rapid global expansion. One of his key strategies was anticipating and addressing potential friction points that could impede growth. This forward-thinking approach involved constant evaluation of processes, systems, and team capabilities to handle increasing volumes efficiently.
He recalls the significant challenge of entering around 20 new countries annually. This expansion required establishing local entities, managing diverse regulatory environments, and ensuring the platform was localised for each market. The proactive approach to identifying and eliminating growth barriers was critical to sustaining their growth trajectory.
In today’s tech-driven world, Bisserier emphasises the necessity for CFOs to be technologically adept. During his time at Booking.com, advancements in machine learning and artificial intelligence were leveraged to automate manual processes, significantly enhancing operational efficiency. He believes AI’s future impact will be profound and unpredictable, making it crucial for CFOs to stay informed about emerging technologies.
Bisserier highlights the dangers of tunnel vision, especially for finance teams deeply entrenched in specific processes. In a high-growth environment, the business context is continually shifting, making it essential to regularly reassess and adapt. He advises fostering a mindset of curiosity, collaboration, and adaptability to avoid the pitfalls of tunnel vision.
Scenario planning and preparation are crucial skills for CFOs, particularly in an era of rapid business acceleration. Bisserier emphasises the importance of envisioning multiple potential futures and preparing for them by prioritising likely scenarios and building agile operations that can quickly adapt to changes.
For Bisserier the essential elements of successful scaling can be placed into four areas: customers, cash, business model, and people. Sustaining rapid growth requires consistently expanding the customer base, securing sufficient funds, implementing scalable business models and processes, and having a team capable of evolving their skills and leadership.
Bisserier offers a candid perspective on work-life balance, describing it as a misnomer for executives. He compares the demands of a leadership role to training for the Olympics, where personal time diminishes, and the focus shifts to balancing work and family commitments. Transparency, stress management, and a supportive environment are essential for maintaining this balance.
Comparing the CFO role to that of a professional athlete, Bisserier highlights the discipline, focus, and long-term vision required to excel. Adopting habits and mindsets akin to elite athletes helped him manage the intense demands of the job. This approach is crucial for building a world-class finance organization that supports and drives business growth.
Olivier Bisserier’s insights offer valuable lessons for aspiring and current CFOs, emphasizing the importance of vision, adaptability, and continuous learning in navigating the complexities of high-growth businesses. Click here to see the full interview.
Afthonia: Revolutionizing Fintech Startups in India’s Thriving Ecosystem
Bengaluru-based Afthonia is also doing its bit by providing what the firm describes as a holistic ecosystem that includes expert mentorship, access to a network of investors and industry experts, and targeted incubation and acceleration programs. These programs are designed to nurture startups from their inception.
We spoke to founder Tanul Mishra to learn more about Afthonia, what distinguishes it from the rest and the roadmap ahead.
Afthonia tackles the critical challenges faced by Indian startups, aiding their transition from innovative ideas to successful businesses. Startups often struggle with organizational skills, building networks, entering markets, securing funding, acquiring industry knowledge, establishing fintech credibility, and focusing beyond fundraising. Afthonia bridges these gaps by providing mindset programming, extensive network access, market insights, funding preparation, expert mentorship, strategic credibility building for fintechs, and practical business growth support.
We are an independent, for-profit incubator focused on fintech startups in India. We offer tailored support through global market access, a robust network of industry connections, extensive knowledge resources, and customized programs.
The fintech landscape is diverse, with various sectors experiencing different levels of success. While some areas face difficulties, others, like API banking solutions and digital lending, are thriving. Afthonia Pvt. Ltd. identifies opportunities for growth and innovation in areas such as blockchain, regtech, insurtech, and financial inclusion. By providing tailored support, including global market access, robust networks, expert guidance, and customized programs, Afthonia helps fintech startups navigate the market complexities and achieve sustainable growth.
Modi Set for Historic Third Term as India’s PM
New Delhi: Narendra Modi appears set to be sworn in as India’s Prime Minister for the third consecutive term on Saturday, a feat achieved by only Jawaharlal Nehru before him in 1962, and despite his Bharatiya Janata Party not securing a majority on its own — the larger National Democratic Alliance is comfortably over the halfway mark, though — in elections to the 18th Lok Sabha, BJP leaders termed the feat historic.
Securing the mandate is historic as the PM himself pointed out that a third term for the same party has not happened in the last six decades. This is a vote for Viksit Bharat, it is a vote against the divisive and appeasement politics of the Opposition and it presents a challenge to the BJP to find ways and means to effectively deal with forces that want to fragment the society and emulate the British policy of divide and rule, said Vinay Sahasrabuddhe, senior party leader and former chairman of ICCR.
Even internationally, few leaders and governments have served beyond a decade, other leaders said, attributing the BJP-led NDA’s mandate to Modi’s governance model and one that seeks the continuity of a decisive government focussed on social welfare, economic reforms, and ensuring India a seat at the global high table.
A day after the BJP, which won the 2014 and 2019 general elections with a thumping majority on its own, saw its tally shrink to 240 from the previous 303, the mood in the party was sombre, but not despondent. Several senior functionaries who spoke on condition of anonymity said the party fell short of its own high expectations but did not consider the results as a rejection of its ideology or Modi’s administration.
The setback that we faced was on account of the opposition being able to orchestrate a fake narrative that we failed to check in time. Rumours about scrapping reservations and changing the Constitution created fear. Our assurance that none of this was part of the BJP’s agenda was perhaps too little too late, said a senior party leader, who is also in charge of two states.
The leader also blamed the dip in numbers to anti-incumbency against local candidates or anger over issues that were hyper local.
The BJP did not face the anti-incumbency that is expected after being in power for 10 years. The reason was the delivery and performance of the government, its record of social welfare, and catering to the aspirations of the young demographic, the leader said.
A second leader said the BJP’s emergence as the single largest party nationally — it has more seats than the entire opposition put together — and its victory in the Odisha assembly polls, and growing presence in the south are an endorsement of brand Modi.
He listed Modi’s achievements. People have judged him for delivery of promises whether it was fulfilling the ideological commitments such as the abrogation of Article 370 in Jammu and Kashmir or passage of the Women’s Reservation’s Bill , added this person.
To be sure, Modi was the front and centre of the 2024 Lok Sabha elections. The blueprint of the party’s campaign, the threads of the narrative, the strategy to counter the opposition’s coalition were all designed around an edifice that was built with him at the nucleus. The party’s election pitch was Modi Ki Guarantee.
Brand Modi was the engine that pulled the BJP’s election wagon and was built around the party’s development agenda, its welfare schemes, focus on groups such as women and young people, and an unwavering commitment to Hindutva.
Party leaders also maintained that the commentariat’s assertion that a diminished strength in the Lok Sabha would force the Modi government to dilute its ideology or go slow on transformational reforms is a flawed assumption. In the last two terms the BJP did not have pressure from the allies, but there were occasions when international pressure was mounted on the government to reconsider some decision. Our internal matters such as the passage of the Citizenship Amendment Bill, the abrogation of Article 370 and our bilateral ties with Russia were all questioned, but the PM did not yield and we continued to pursue policies that we thought were in the nation’s interest, said the first leader quoted above.
Leaders asserted that the perception that running a coalition government will prove hard for the PM is way off the mark. With reduced numbers the BJP is expected to face obstacles in the passage of contentious bills such the uniform civil code and the plan to implement the one nation, one election scheme.
There will be challenges as allies have a different view of certain issues, for instance Chandrababu Naidu supported the idea of reservation for Muslims and the Janata Dal United was the instigator for a caste-based census that gave the opposition a trigger to converge against the BJP. But Modi is an able administrator, he knows the art of when to give in and when to draw the line…there will be no compromise, said a third party leader, referring to N Chandrababu Naidu of the Telugu Desam and the Janata Dal United headed by Nitish Kumar, the numbers of both are required to help the BJP cross the majority mark.
The third leader said the PM’s address to party workers on Tuesday, after the results were declared, was unambiguous about his intentions. He made it clear that the war against corruption will not stop…he has already indicated that sarkar kamzor nahi hogi (the government will not be weak) and he will ensure that as he wants to leave a legacy, which will not be that of a weak leader.
Analysts pointed out that Modi has a strong sense of history and likely sees the third term as being the one that will propel him to the status of India’s tallest political leader since independence. Modi has repeatedly spoken about making India’s economy the third largest in the world during his third term and making India a developed nation by 2047. His journey and the nation’s towards those goals, begins Saturday.
Biden Takes Action on Southern Border Crisis: Ohio Senate Race Heats Up, US
TOLEDO, Ohio – President Joe Biden is taking executive action to address issues at the southern border as the U.S. Senate race in Ohio heats up with border security at the forefront. Incumbent U.S. Senator Sherrod Brown and his Republican challenger Bernie Moreno have differing views on how to tackle this crucial issue.
Brown, seeking re-election for a fourth term, praised Biden’s executive order but emphasized the need for more comprehensive solutions. He highlighted his efforts to combat illicit drug trafficking and stressed the importance of faster processing of asylum claims.
On the other hand, Moreno criticized both Biden and Brown for not doing enough to secure the border. He advocated for stringent measures, including reinstating Trump-era executive orders and reforming asylum laws to deter illegal crossings.
The Senate race in Ohio is shaping up to be a battleground over border security, with both candidates presenting contrasting approaches to address this critical issue. Voters will have the opportunity to decide whose strategy resonates with them as the election approaches.
Australia’s Premium Green Bond Draws Global Investor Interest
Australia has commanded a premium for its first sovereign green bond, as investors are drawn by the nation’s credible framework and plan to issue more debt.
The nation attracted more than three times the A$7bil (US$4.7bil) worth of debt maturing in June 2034 at the final clearing price, as indicated by the Australian Office of Financial Management. The average yield is 4.295%, about 1.5 basis points below the nation’s benchmark May 2034 bond, suggesting investors were willing to pay a premium to hold green debt.
Demand for the issuance was likely driven by Australia’s ambitions and the increasing importance of environmental, social, and governance considerations on the investor side. The issuance comes as governments and corporates flock to sustainable finance markets this year in a bid for cheaper funding costs, making substantial premiums some pay to hold green debt rare.
Australia plans to issue more green debt with different maturities in the future, utilizing the proceeds for accelerating the nation’s energy transition. The green bond framework excludes nuclear power and aligns with international norms, making it credible and impactful, according to a second-party opinion from Systainalytics.
While Australia has emissions reduction policies and national targets deemed insufficient by Climate Action Tracker, the issuance represents a step in the right direction according to industry experts. Australia remains among the highest per-capita carbon emitters globally and aims to meet its net-zero target with the development of new natural gas fields.
The initiative is crucial in showcasing Australia’s commitment to sustainable finance, with investors showing strong interest in supporting the nation’s green efforts. The successful issuance of Australia’s first green bond demonstrates the growing trend towards environmentally conscious investing on a global scale.
Elon Musk’s xAI Plans Largest Supercomputer in Memphis, Powered by Nvidia, US
Elon Musk may have found a home for xAI’s supercomputer.
The Musk-founded AI business is working with Memphis to make the Tennessee city the lead location of the world’s largest supercomputer, referred to as the Gigafactory of Compute, according to a statement from the Greater Memphis Chamber on Wednesday.
The multibillion-dollar supercomputer would reportedly be powered by Nvidia’s H100 GPUs, some of the most sought-after chips that power AI. The project could create hundreds of jobs, according to a report from the Memphis Business Journal.
We had an ideal site, ripe for investment, Memphis Mayor Paul Young said in the statement. And we had the power of our people who created new and innovative processes to keep up with the pace required to land this transformational project.
However, the partnership isn’t fully official yet, with the project pending approval by the Memphis Shelby County Economic Development Growth Engine, Tennessee Valley Authority, and governing authorities.
Still, if approved, the project will represent the largest investment in the city’s history.
Ted Townsend, President & CEO of the Greater Memphis Chamber, told Business Insider there isn’t a specific timeline yet, but xAI is moving at a very aggressive pace to reach their deadlines. Musk previously told xAI investors that he wants the supercomputer online by fall 2025.
The focus is, and it will remain, to get this thing operating, Townsend said to BI.
Greater Memphis Chamber became involved with the process about 90 days ago, which Townsend said was recent, considering when xAI started looking.
The plan is for the company to occupy a former manufacturing facility, which may be the Electrolux Memphis facility, according to a report from the Memphis Business Journal. Townsend said he could not confirm the location for security reasons.
Details emerged just after news broke about Musk sending Nvidia chips meant for Tesla to X instead. The billionaire — who owns X and founded and runs Tesla — responded by saying Tesla had no place to send the pricey semiconductors, so they would have sat unused in a warehouse. Delaying the GPUs could set back Tesla’s own supercomputer development.
Meanwhile, xAI announced just over a week ago that it raised $6 billion in its Series B funding round. The funding included $750 million which Musk personally invested and $250 million worth of computing power from X, according to The Wall Street Journal.
xAI did not respond to a request for comment from BI.
Indian Election Results Shake Investor Confidence in Modi’s Reforms
Indian voters’ tepid endorsement of Prime Minister Narendra Modi leaves a weakened mandate for business-friendly reforms, leading to a tumble in India’s stocks. The uncertainty surrounding Modi’s grip on power has foreign money managers cautious about further investments in the country. Despite securing a third term, Modi’s BJP failed to secure a majority on its own for the first time in a decade, sparking concerns about the future direction of economic policies in the world’s fastest-growing economy.
As the votes were tallied, India’s stock market witnessed heavy selling, with net foreign selling reaching a record $1.5 billion. While stocks managed to recover slightly, the overall sentiment remains uncertain. With the BJP losing ground in rural areas, expectations for crucial reforms related to land and labour are likely to take a back seat as the focus shifts towards shoring up support in rural communities. Foreign investors, who have been generally underweight on India, are now reevaluating their positions in light of the election outcome.
The election results have triggered a reevaluation of investment strategies, with some sectors facing more significant impacts than others. Stocks tied to infrastructure and manufacturing saw a decline, while those exposed to rural demand experienced a rise. The bond market weakened as traders factored in potential increases in welfare spending and delays in budget consolidation, leading to a depreciation of the rupee to a seven-week low.
Despite concerns about the future policy direction under the new government, investors acknowledge India’s strong growth potential and are optimistic about the long-term prospects. The upcoming budget in July will serve as a crucial test of the government’s commitments, providing more clarity on its economic agenda.
In the midst of the uncertainty, global fund managers are adopting a cautious approach, with some adjusting their portfolios following the election results. While India remains an attractive market for many investors, the current climate of uncertainty has prompted a reevaluation of investment decisions.
Overall, the future trajectory of India’s economy will largely depend on the government’s policy decisions in the coming months. While the election outcome has created some uncertainty, investors remain cautiously optimistic about India’s growth prospects in the long term.
