Qatar fund to dump Airtel stake

first_img Kavit joined Mobile World Live in May 2015 as Content Editor. He started his journalism career at the Press Association before joining Euromoney’s graduate scheme in April 2010. Read More >> Read more Previous ArticleTablet market sees unspectacular Q3Next ArticleTelia blasts rejection of Latvia merger bid Bharti Airtel restructures to sharpen digital focus Asia Bharti-AirtelQatar Tags Kavit Majithia Bharti Airtel makes enterprise IoT playcenter_img Airtel returns to profit AddThis Sharing ButtonsShare to LinkedInLinkedInLinkedInShare to TwitterTwitterTwitterShare to FacebookFacebookFacebookShare to MoreAddThisMore 08 NOV 2017 Related The Qatar Foundation, a major investor in Bharti Airtel, is planning to sell its 5 per cent stake in the Indian operator for approximately $1.5 billion.The Qatari investor, a nonprofit organisation run by the country’s royal family, is offering as many as 199.9 million Airtel shares at INR473 to INR480 ($7.3 to $7.4), through its affiliate Three Pillars Pte, according to deal terms seen by Bloomberg.The price range is a discount of 4.7-8 per cent of Airtel’s Tuesday closing price.The move comes as Qatar was forced to reevaluate some of its foreign assets and instead boost its own economy, after Saudi Arabia, the UAE and Bahrain cut diplomatic ties with the country in June.Qatar has faced global scrutiny after being accused of supporting and funding terrorism, allegations which have been denied.The Qatar fund first agreed to acquire a 5 per cent stake in Airtel in 2013 for INR68 billion ($1.26 billion) at the time, in a move designed to boost the operator’s capital structure as well as offering potential funds for its future growth.However, the political situation has seen the country’s sovereign wealth fund – the Qatar Investment Authority – reduce its holdings in a number of international companies in recent months, including Russian energy firm Rosneft, Swiss bank Credit Suisse and jeweler Tiffany & Co.Airtel is also facing its own issues as increased competition in the Indian market takes its toll.Last week, the company announced it had suffered its sixth consecutive quarterly decline in profit during its fiscal Q2. Author Home Qatar fund to dump Airtel stakelast_img read more

Sentencing day for actress Felicity Huffman in ‘Varsity Blues’ college entrance scam

first_imgKuzma/iStock(BOSTON) — Desperate Housewives star Felicity Huffman is set to be sentenced on Friday for federal crimes stemming from the massive “Varsity Blues” college entrance scam, and prosecutors are asking a judge to send her to prison. Huffman, 56, will learn her fate when she appears in U.S. District Court in Boston in front Judge Indira Talwani, to whom she has pleaded for leniency. Earlier this month, Huffman’s lawyers filed legal papers asking Talwani to not send the Oscar-nominated actress to prison, writing that “nothing about her history and characteristics require a prison sentence.”Huffman’s lawyers have asked Talwani to impose a one-year probation term, 250 hours of community service and a $20,000 fine. But federal prosecutors have asked the judge to sentence Huffman to one month of incarceration, followed by 12 months of supervised release and a fine of $20,000.“She is remorseful — indeed, deeply ashamed — about what she did,” Huffman’s lawyers stated in court documents.On March 13, a federal indictment was unsealed charging 50 people, including Huffman and more than 30 other wealthy parents, in the largest college cheating scam ever prosecuted by the U.S. Department of Justice.The indictment alleges the parents paid bribes to William “Rick” Singer, a college-entrance tutor guru whom prosecutors identified as the ringleader of the nationwide scam, to get their children into elite colleges, including Stanford, the University of Southern California, Princeton and Georgetown.Singer, 59, who prosecutors said collected $25 million in bribes during the years-long scam, pleaded guilty in March to racketeering conspiracy, money laundering conspiracy, conspiracy to defraud the United States and obstruction of justice. He’s yet to be sentenced.Also indicted was actress Lori Loughlin — best known as Aunt Becky on the ABC sitcom Full House — and her husband, fashion designer Mossimo Giannulli, who are fighting charges they paid Singer $500,000 to get their two daughters, Olivia Jade and Isabella, into USC as recruits for the university’s crew team, despite the fact they’d never participated in the sport.Huffman pleaded guilty earlier this year to charges of conspiring to commit mail fraud and honest service mail fraud and admitted that she paid Singer $15,000 to falsify her daughter Sophia’s SAT score.“I am in full acceptance of my guilt, and with deep regret and shame over what I have done. I accept full responsibility for my actions and will accept the consequences that stem from those actions,” Huffman tearfully said as she pleaded guilty in court on May 13.Thirteen other defendants also have agreed to plead guilty.Huffman’s lawyers have presented Talwani with letters vouching for her from the actress’ relatives, including her husband, actor William H. Macy, and former colleagues such as Eva Longoria, a fellow cast member on Desperate Housewives.Huffman and Macy later allegedly made arrangements to pursue the scheme a second time, for their younger daughter, before deciding not to do so, according to court documents. Macy was not charged in the scam.“To be sure, Felicity’s relationship with her daughters exploded on March 12th and rebuilding that relationship will be a long process. But I also want you to know Felicity has raised two amazing young women,” Macy wrote in his letter to Talwani.“After her arrest Felicity found a wonderful family therapist and we’ve all been going (in various combinations) for the last few months,” Macy wrote. “There is much to be done, and some of the hurt and anger will take years to work through, but we are making progress.”In court documents filed last week, federal prosecutors demanded that Huffman serve prison time.“Huffman’s conduct was deliberate and manifestly criminal: It was wrong, she knew it was wrong, and she actively participated in manipulating her daughter’s guidance counselor, the testing services and the schools to which her daughter applied,” prosecutors wrote in court documents filed last Friday.Prosecutors, according to the documents, argued that Huffman should serve time behind bars and that “neither probation nor home confinement (in a large home in the Hollywood Hills with an infinity pool) would constitute meaningful punishment or deter others from committing similar crimes.”Copyright © 2019, ABC Radio. All rights reserved.last_img read more

New medical oxygen cylinder lightens the load

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Credit-hire witnesses jailed for contempt

first_imgSeven expert witnesses who were found to have committed perjury on an ‘industrial scale’ by giving courts inaccurate information on the cost of hire cars provided after road traffic accidents received prison sentences today. The seven, former employees of expert evidence business Autofocus, were jailed from six to 13 months.The sentencing is the latest twist in long-running litigation over a case brought  by credit hire firm Accident Exchange after Lord Justice Moses ruled in a 2012 High Court hearing that perjury had taken place on an ‘industrial scale’.Passing sentence today, Mr Justice Supperstone said he was mindful of the damage that had been done to the business of Accident Exchange and its employees over a prolonged period. He also noted that, with the exception of one defendant, the main alleged perpetrators of the fraud had not been before the court in this action. As a result, he said he has referred the case to the director of public prosecutions with a recommendation that the position of those who controlled and managed Autofocus at the time be reviewed.In a statement, Accident Exchange expressed its ‘regret that the actions of the individuals – working for and responsible to both their employer and the legal process – have resulted in such serious consequences for them personally.’Accident Exchange continues to pursue Commercial Court proceedings for the recovery of what it claims are losses of £125 million attributable to the production and deployment of false and misleading evidence by Autofocus.last_img read more

Mahadeo, Adonis out of 2020 CrossFit Games

first_imgThe nation’s fittest duo, Dillon Mahadeo and Delice Adonis will now have to set their sights on the 2021 Reebok CrossFit Games. Due to current limitations on social gatherings and professional sport in particular, the field of athletes in attendance for this year’s event has been reduced, affecting the pair which made their debuts last year in Madison, Wisconsin, USA.The CrossFit Games announced that National Champions like Mahadeo and Adonis will not have their chance to compete at the 2020 Games.According to the Games’ website, the top 20 men and 20 women worldwide along with the athletes from Sanctionals will receive invites to the annual fixture which kicks off on July 7 in Aromas, California, USA.  If an athlete declines their invite, the invite passes to the next athlete.There will not be a team competition at the 2020 Reebok CrossFit Games.SANCTIONALS The ten Sanctionals that were able to host in-person competitions this season will be invited to send their champions to this year’s CrossFit Games.Sanctionals invites are affected by placement in the Open. If a Sanctionals champion has already qualified through the Open, the invite passes to the next athlete. This process will hold true for this reduced field. For this reason, some invites that were extended before the government lockdowns may pass back to the original invitee. There will not be a team competition at the 2020 Reebok CrossFit Games. NATIONAL CHAMPIONSLast year, CrossFit Headquarters expanded the field of athletes in attendance at the Games to include the fittest athlete in every eligible country. In light of current constraints, it will not be possible to host the previously invited 239 national champions in Aromas. The national champion race will reset in 2021 with invites extended to champions who earn top placement in the upcoming CrossFit Open.2021  The changes above have been made in consideration of the current challenges globally. The CrossFit Games will reset for the 2021 season with the intent of returning to crowning national champions and including teams, age group athletes, and a deep field of individuals competing for the title of Fittest on Earth.last_img read more