3 Officials Of Real Estate Firm Arrested For Allegedly Duping Investors

3 Officials Of Real Estate Firm Arrested For Allegedly Duping Investors

The real estate firm officials allegedly diverted a fund of Rs. 191 crore deposited by investors (File)

New Delhi: 

Three officials of a private company were arrested by the Delhi Police on Saturday for allegedly duping investors.

The investigators found that the company officials allegedly diverted a fund of Rs. 191 crore deposited by the investors. Besides, they were also accused of failing to complete the project within the given period of time.

The accused have been identified as Surpreet Singh, Vijay Bahadur and Nirmal Singh. All of them hold the position of director in M/s Hacienda Project Pvt Ltd.

The company had booked apartments in a residential group housing project named Lotus 300 which comprises of 6 towers, at Sector 107 in Noida.

“The company had lured home buyers for an attractive offer to book residential flats. It also promised to complete the project in 39 months from the date of allotment letter in 2010. As the location of the project is ideal, a total of 328 home buyers invested in the project,” said an Economic Offence Wing official.

“The company has started the construction of the project in 2010 with stipulated completion time of 39 months. The project is yet to be completed and delayed by more than four years,” the official added.

[“source=ndtv”]

India Claims Top Ten Of World’s Fastest-Growing Cities, Surat Leads

India Claims Top Ten Of World's Fastest-Growing Cities, Surat Leads

When it comes to the top 10 cities for economic growth, India is set to dominate over the next two decades, according to Oxford Economics.

Surat, a diamond processing and trading center in Gujarat, will see the fastest expansion through 2035, averaging more than 9 per cent, Richard Holt, Oxford’s head of global cities research, wrote in a report. All of the 10 fastest over that period will be in India.

While economic output in many of those cities will remain rather small in comparison to the world’s biggest metropolises, aggregated gross domestic product of all Asian cities will exceed that of all North American and European urban centers combined in 2027. By 2035, it will be 17 per cent higher, with the largest contribution coming from Chinese cities.

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Little will change at the top of the list of the world’s biggest cities between now and 2035.

New York, Tokyo, Los Angeles and London will defend their spots as Shanghai and Beijing — each boasting more than 20 million people — surpass Paris and Chicago. Guangzhou and Shenzhen in Southern China will also make the top 10, crowding out Hong Kong.

The fastest-growing African city is the Tanzanian port of Dar es Salaam, while the top spot in Europe is held by the Armenian capital of Yerevan, according to the report. San Jose — a proxy for Silicon Valley — will be best performer in North America.

[“source=ndtv”]

Arrest of Huawei CFO shows ‘the gloves are now fully off,’ says Eurasia Group

Meng Wanzhou, Executive Board Director of the Chinese technology giant Huawei, attends a session of the VTB Capital Investment Forum "Russia Calling!" in Moscow, Russia October 2, 2014.

Alexander Bibik | Reuters
Meng Wanzhou, Executive Board Director of the Chinese technology giant Huawei, attends a session of the VTB Capital Investment Forum “Russia Calling!” in Moscow, Russia October 2, 2014.

The arrest of Huawei’s global chief financial officer in Canada, reportedly related to a violation of U.S. sanctions, will corrode trade negotiations between Washington and Beijing, risk consultancy Eurasia Group said Thursday.

“Beijing is likely to react angrily to this latest arrest of a Chinese citizen in a third country for violating U.S. law,” Eurasia analysts wrote.

In fact, Global Times — a hyper-nationalistic tabloid tied to the Chinese Communist Party — responded to the arrest by posting on Twitter a statement about trade war escalation it attributed to an expert “close to the Chinese Ministry of Commerce.”

“China should be fully prepared for an escalation in the #tradewar with the US, as the US will not ease its stance on China, and the recent arrest of the senior executive of #Huawei is a vivid example,” said the statement, paired with a photo of opposing fists with Chinese and American flags superimposed upon them.

[“source=cnbc”]

Police raids were not the fault of Deutsche Bank management, CFO says

 

Money laundering investigation not connected to current management: Deutsche Bank CFO

Investigation not connected to current management: Deutsche Bank CFO   16 Hours Ago | 03:05

Police raids on Deutsche Bank’s offices in Frankfurt last week were not the fault of the current management team, according to the firm’s chief financial officer (CFO).

Two Deutsche Bank staff members are suspected of helping clients set up off-shore businesses to launder money gained from criminal activity.

The wrongdoing is alleged to have continued through to 2018 but the bank’s financial chief, James von Moltke, told CNBC’s Annette Weisbach Thursday that current executives shouldn’t shoulder the blame.

“To date, we are not aware of any wrongdoing on our part, so we will await the conclusion of the prosecutors,” Von Moltke said.

James von Moltke, chief financial officer of Deutsche Bank AG, speaks during a fourth quarter results news conference in Frankfurt, Germany, on Friday, Feb. 2, 2018. 

Andreas Arnold | Bloomberg | Getty Images
James von Moltke, chief financial officer of Deutsche Bank AG, speaks during a fourth quarter results news conference in Frankfurt, Germany, on Friday, Feb. 2, 2018.

Following the comments, Deutsche Bank shares pared losses slightly, but remained around 3 percent lower for the session amid a wider sell-off in global markets.

The public prosecutor’s office in Frankfurt said an evaluation of data from the Panama Papers had triggered suspicion that the bank may have helped customers create offshore companies in tax havens around the world.

In 2016 alone, more than 900 customers with a business volume of 311 million euros ($353.6 million) were thought to have been cared for by a Deutsche Bank subsidiary based in the British Virgin Islands, the prosecutor said.

Von Moltke rejected the suggestion that Deutsche Bank’s present board had been weakened by the raid, adding that the current management team had made “enormous efforts” to improve controls on its system to better understand clients.

Shares of the bank slipped heavily following news of the

e police action and the firm’s corporate bond value also fell.

[“source=cnbc”]

Why the US government is so suspicious of Huawei

A man walking past a Huawei P20 smartphone advertisement is reflected in a glass door in front of a Huawei logo, at a shopping mall in Shanghai, China December 6, 2018. 

Aly Song | Reuters
A man walking past a Huawei P20 smartphone advertisement is reflected in a glass door in front of a Huawei logo, at a shopping mall in Shanghai, China December 6, 2018.

The arrest of Huawei CFO Meng Wanzhou in Canada for possible Iran sanctions violations yesterday has deeper roots in a difficult legal history between the hardware giant and U.S. regulators and intelligence agencies.

The U.S. government has spent the better part of the last decade taking issue with the company over topics including the firm’s alleged espionage ties to the Chinese government and allegations of a long history of intellectual property theft. Huawei is one of China’s largest companies, with a reported $100 billion in revenue in 2018 and 180,000 employees across 170 global offices.

Starting around 2010, U.S. intelligence officials began warning agencies, and then private companies, of what it said were clear-cut cases of the company serving as a proxy for espionage conducted by the Chinese government, a claim frequently made publicly by former National Security Agency director Michael Hayden.

In 2012, the U.S. House Intelligence Committee released a report which followed an investigation into the company and its competitor ZTE.

“The Committee received almost no information on the role of Chinese Communist Party Committee within Huawei or specifics about how Huawei interacts in formal channels with the Chinese government,” the report said. “Huawei refused to provide details about its business operations in the United States, failed to disclose details of its dealings with the Chinese military or intelligence services and would not provide clear answers on the firm’s decision-making processes.”

At that time, the Intelligence Committee also called into question the company’s dealings in Iran, which Huawei had pledged to scale back in accordance with international sanctions.

“Huawei refused to provide any internal documents relating to its decision to scale-back operations in Iran or otherwise ensure compliance with U.S. laws,” the report said.

Huawei has also had trouble breaking into the U.S. market because of the U.S. intelligence reports. In 2011, the company tried to acquire 3Leaf, a deal that was nixed after government pressure.

The company’s equipment has been banned by several different agencies because of the espionage and security fears, and those bans ramped up in 2018, when President Trump disallowed U.S. government use of Huawei products and those made by ZTE, following a CIA and NSA warning in February. In January, AT&T abandoned its plans to launch a new flagship phone from Hauwei.

Huawei was also heavily rumored to be behind Trump’s decision to stop the Broadcom/Qualcomm merger. Also this year, a start-up backed by Microsoft and Dell, sued Huawei for alleged widespread IP theft. Most recently, the FCC also banned Huawei equipment from small and regional carriers earlier this year.

Huawei has strongly denied the claims made against it. Donald Purdy, both a Huawei executive and the former top cybersecurity official at the Department of Homeland Security, said in an op-ed in Fortune in June that the moves would hurt development expansion of 5G service in the U.S.

“Policymakers should bear in mind that overreaching or poorly targeted regulations usually have unintended consequences, such as those that will surely result from the FCC’s proposal to force rural carriers to remove China-sourced equipment from their networks,” he said. “In many cases, Huawei’s is the only equipment that America’s small, independent carriers can afford.”

[“source=cnbc”]

Lyft files to go public, signalling it could be the first major tech IPO of 2019

A Lyft Amp with driver and passenger on January 31, 2017 in San Francisco, California.

Kelly Sullivan | Getty Images
A Lyft Amp with driver and passenger on January 31, 2017 in San Francisco, California.

Ride-hailing company Lyft on Thursday confidentially filed a statement with the U.S. Securities and Exchange Commission for an initial public offering, signalling it could be the first major tech IPO of 2019.

Lyft and rival Uber have each teased 2019 public offerings. The companies have been adding offers and services practically in tandem in recent months as they get closer to a contest on the public markets.

Airbnb, Slack and data-mining firm Palantir are also reportedly eyeing IPOs next year.

Lyft did not specify the number of shares it was selling or the price range for the offering. The offering is likely to exceed the $15.1 billion valuation Lyft posted in June.

The IPO is expected to commence after the SEC completes its review process, Lyft said in its filing. CNBC reported in October that Lyft had selected J.P. Morgan Chase to lead the IPO effort. Credit Suisse and Jefferies are also involved as underwriters in a more junior capacity, people familiar with the matter told CNBC at the time.

[“source=cnbc”]

Hermes reigns in Glassdoor’s latest ‘Best places to work’ in France survey, outshining the likes of Ubisoft and Amazon

 

In its fourth year of running a top employers list for France, Glassdoor has seen several companies — like Thales and Airbus — make a reappearance over the years. This December however, the company that’s been hailed as the best place to work for 2019 is a newcomer to France’s list: fashion designer Hermes.

It’s fair to say that France is renowned for its luxury brands, yet Hermes is the only group from this field to make it into this year’s top 10, with Louis Vuitton and L’Oreal coming in at 11 and 16 respectively. Instead, a few other industries fill the top 10, including transportation and retail.

To compile, Glassdoor assessed the input that workers give when offering feedback, in addition to recent ratings, which are on a scale from 1 to 5. The top 10 firms found in this Glassdoor list surpassed the average global rating of 3.4; with each group receiving a figure of 4.2 or higher.

CNBC Make It breaks down the top 10:

10. Amazon

Coming in at number 10 is e-commerce titan Amazon. With a global workforce of more than half a million, Amazon is renowned for its job creation with the e-commerce group stating that in the past five years, it’s created over 125 jobs every day in the States alone.

While office perks vary from country to country, some benefits mentioned include access to medical care and career development programs.

9. Leroy Merlin

Another retailer that’s winning over workers as well as consumers is French-headquartered Leroy Merlin.

Leroy Merlin store in Bonarka City Center. 

Igor Golovniov/SOPA Images | LightRocket | Getty Images
Leroy Merlin store in Bonarka City Center.

The DIY group’s operations are featured in about a dozen countries, with 100,000 staff members employed to keep the retailer functioning around the clock.

Having placed on Glassdoor’s “Best Employers” for France since the survey began in 2016, the retailer attributes one reason why it remains popular among employees, is that it sees people as the “central resource” of the business.

8. Thales

Moving up from last year’s no. 24 spot, Thales is all about being a responsible leader in the transport, security and defense spheres. While Thales has attributed “acting responsibly” as a crucial quality to its long-term success, it’s not the only qualities it aims to foster.

Inside the firm, Thales is dedicated to supporting its staff, through promoting diversity, team collaboration and career development — it even has an in-house university to support employees through any part of their profession.

[“source=cnbc”]

Why the US government is so suspicious of Huawei

A man walking past a Huawei P20 smartphone advertisement is reflected in a glass door in front of a Huawei logo, at a shopping mall in Shanghai, China December 6, 2018. 

Aly Song | Reuters
A man walking past a Huawei P20 smartphone advertisement is reflected in a glass door in front of a Huawei logo, at a shopping mall in Shanghai, China December 6, 2018.

The arrest of Huawei CFO Meng Wanzhou in Canada for possible Iran sanctions violations yesterday has deeper roots in a difficult legal history between the hardware giant and U.S. regulators and intelligence agencies.

The U.S. government has spent the better part of the last decade taking issue with the company over topics including the firm’s alleged espionage ties to the Chinese government and allegations of a long history of intellectual property theft. Huawei is one of China’s largest companies, with a reported $100 billion in revenue in 2018 and 180,000 employees across 170 global offices.

Starting around 2010, U.S. intelligence officials began warning agencies, and then private companies, of what it said were clear-cut cases of the company serving as a proxy for espionage conducted by the Chinese government, a claim frequently made publicly by former National Security Agency director Michael Hayden.

In 2012, the U.S. House Intelligence Committee released a report which followed an investigation into the company and its competitor ZTE.

“The Committee received almost no information on the role of Chinese Communist Party Committee within Huawei or specifics about how Huawei interacts in formal channels with the Chinese government,” the report said. “Huawei refused to provide details about its business operations in the United States, failed to disclose details of its dealings with the Chinese military or intelligence services and would not provide clear answers on the firm’s decision-making processes.”

At that time, the Intelligence Committee also called into question the company’s dealings in Iran, which Huawei had pledged to scale back in accordance with international sanctions.

“Huawei refused to provide any internal documents relating to its decision to scale-back operations in Iran or otherwise ensure compliance with U.S. laws,” the report said.

Huawei has also had trouble breaking into the U.S. market because of the U.S. intelligence reports. In 2011, the company tried to acquire 3Leaf, a deal that was nixed after government pressure.

The company’s equipment has been banned by several different agencies because of the espionage and security fears, and those bans ramped up in 2018, when President Trump disallowed U.S. government use of Huawei products and those made by ZTE, following a CIA and NSA warning in February. In January, AT&T abandoned its plans to launch a new flagship phone from Hauwei.

Huawei was also heavily rumored to be behind Trump’s decision to stop the Broadcom/Qualcomm merger. Also this year, a start-up backed by Microsoft and Dell, sued Huawei for alleged widespread IP theft. Most recently, the FCC also banned Huawei equipment from small and regional carriers earlier this year.

Huawei has strongly denied the claims made against it. Donald Purdy, both a Huawei executive and the former top cybersecurity official at the Department of Homeland Security, said in an op-ed in Fortune in June that the moves would hurt development expansion of 5G service in the U.S.

“Policymakers should bear in mind that overreaching or poorly targeted regulations usually have unintended consequences, such as those that will surely result from the FCC’s proposal to force rural carriers to remove China-sourced equipment from their networks,” he said. “In many cases, Huawei’s is the only equipment that America’s small, independent carriers can afford.”

[“source=cnbc”]

CEO of world’s largest restaurant company talks chasing growth with e-commerce technology

Yum CEO on chasing growth with e-commerce technology

Yum CEO on chasing growth with e-commerce technology   4 Hours Ago | 00:54

An unusual motif was strung throughout Wednesday’s Investor Day presentations at Yum Brands, the parent company of Pizza Hut, KFC and Taco Bell and the world’s biggest restaurant operator: “Proud, but dissatisfied.”

A 45,000-restaurant operation spread across 140 countries, Yum Brands has seen its properties gain momentum globally in recent years, culminating in the 2016 spin-off of Yum China. Its brands have gained popularity for their distinct messaging as well as high-profile partnerships with organizations like the National Football League.

But CEO Greg Creed, who sat down with CNBC’s Jim Cramer for an exclusive interview on “Mad Money,” still thinks the Louisville, Kentucky-based operation can do more.

“We have three global, iconic brands. We have incredible scale. We have this global diversity,” he said. “We’re proud of the brands, but we’re dissatisfied because we can get more growth.”

To do that, Yum’s management is using a three-word motto, not dissimilar to some of its brands’ catchier slogans, to promote its ideals: RED, short for “relevant, easy and distinct.”

Creed said that KFC, with its well-known mascot, red-and-white-striped buckets and “finger-lickin’ good” catchphrase, embodies distinction; Pizza Hut, with its newly lowered prices and focus on delivery, is growing in relevance; and Taco Bell sits at the cornerstone of “relevance and distinctiveness.”

But, he told Cramer, “we’re dissatisfied because not every brand is purely great at RED, and I think we can make some improvements.”

Those include getting rid of ingredients like artificial colors and flavors and trans fats; rolling out kiosks at every Taco Bell in the United States by the end of 2019; and Pizza Hut’s newly announced acquisition of QuikOrder, an online ordering platform that will help the chain close the gap with tech-savvy competitors like Domino’s.

While KFC and Taco Bell have seen notable growth in recent quarters — with KFC posting 14 straight quarters of same-store sales growth — Pizza Hut has remained a challenge for the company as the brand has struggled to attract new customers and take market share from its rivals.

“Look, I think that it’s fair to say that Pizza Hut is as easy to access as our competitors. We’ve just got to make it more distinctive,” Creed said. “We now own that e-commerce engine that’s going to drive between two and a half and three billion dollars’ worth of work. We’ve bought it in-house. We’ve got 75 incredibly talented people now joining Yum. We think we can unleash that power.”

But the QuikOrder purchase — made for a yet-undisclosed amount — is more of a foray into e-commerce technology than it is a snub to delivery giant GrubHub, in which Yum has a roughly $200 million stake.

“We love our GrubHub relationship. We think it’s a great for GrubHub and it’s great for Yum and our brands,” Creed said. “GrubHub was all about delivery. QuikOrder was all about an e-commerce platform.”

Shares of Yum Brands managed to withstand the stock market’s Thursday sell-off, rising 0.9 percent to $91.50 a share.

[“source=cnbc”]

US is well on its way to Trump’s goal of ‘energy dominance,’ says Marathon Petroleum CEO

US on its way to Trump's goal of 'energy dominance,' says Marathon CEO

US on its way to Trump’s goal of ‘energy dominance,’ says Marathon CEO   13 Hours Ago | 01:26

President Donald Trump’s goal of making the United States a global superpower in energy is starting to come true, Marathon Petroleum Corp. Chairman and CEO Gary Heminger told CNBC on Tuesday.

“When I look at the president’s theme to begin with and the beginning of his administration, he wanted to have energy dominance in the U.S. and I believe that we are well on our way,” Heminger told Jim Cramer in an exclusive “Mad Money” interview. “We’re the largest producer in the world today.”

Recent declines in oil prices haven’t stopped U.S. producers from pumping more oil ahead of OPEC’s meetings later this week, at which the group of oil-exporting countries are expected to cut production.

That puts the United States in a league above its competitors, said the Marathon chief, whose Ohio-based company specializes in petroleum refining, marketing and transportation.

“The U.S. refining system [is] second to none of anyone in the industry, so I believe we’re well on our way now” to global energy dominance, Heminger said.

The CEO added that he expected OPEC’s meetings in Vienna, Austria this Thursday and Friday to result in “a pullback in OPEC production,” in which case “we’ll see crude prices inch up” from their current levels.

And although oil’s recent pummeling has benefited business at Marathon — where oil is part of Marathon’s cost of goods sold, so price declines translate into higher margins — Heminger said the company sees prices for the benchmark West Texas Intermediate crude rising significantly in 2019.

“We really believe the price is probably going to end up being … $65 to [$]70 in 2019, on an average,” he said. “I believe we’ve averaged almost $65 — about [$]64.50 — year to date in 2018, so we think we’re being conservative looking at that number for next year.”

WTI crude futures fell 0.64 percent on Tuesday to $52.61. Year to date, the commodity has lost 8.77 percent.

Shares of Marathon Petroleum shed 2 percent amid Tuesday’s marketwide meltdown, settling at $63.34.

[“source=cnbc”]