How India Stopped a $4.3 Billion Trading Spree Vantage with Palki Sharma
How India Stopped a $4.3 Billion Trading Spree | Jane Street | Vantage with Palki Sharma
India's securities regulator has temporarily barred US-based Jane Street from its markets, accusing the firm of manipulating indices to make $570 million in unlawful gains. SEBI alleges Jane Street used vast funds to distort futures and cash markets, misleading smaller traders while profiting from options trades. The interim order freezes the firm's accounts and demands repayment, while Jane Street disputes the findings. The rare move sends a message to global high-frequency traders about unfair practices. The case highlights growing scrutiny of foreign firms in India's booming derivatives market, which has seen record retail losses alongside surging institutional profits.
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Hindustan Times
18 minutes ago
- Hindustan Times
In new deal, Trump keeps Indonesia tariff at 19%; country to buy 50 Boeing jets
A week after announcing a 32 per cent tariff on Indonesia, US President Donald Trump on Tuesday announced a new deal with the Southeast Asian country, saying that he would impose a 19 per cent tariff on goods from Jakarta. US President Donald Trump said he finalised the deal after speaking with his Indonesia counterpart Prabowo Subianto.(Reuters) Taking to Truth Social, Trump said, "This morning I finalized an important Deal with the Republic of Indonesia after speaking with their Highly Respected President Prabowo Subianto. This landmark Deal opens up Indonesia's ENTIRE MARKET to the United States for the first time in History." US-Indonesia trade deal He said that as part of the deal, Indonesia has committed to purchasing US energy worth $15 billion and American agricultural products amounting to $4.5 billion. The US President added that Indonesia will also purchase 50 Boeing jets, many of which would be the 777 aircraft model. "For the first time ever, our Ranchers, Farmers, and Fishermen will have Complete and Total Access to the Indonesian Market of over 280 million people," he added. Since the US and Indonesia reached a trade deal before the August 1 deadline, the Southeast Asian country will now pay a 19 per cent tariff on the goods they export to America. "Indonesia will pay the United States a 19% Tariff on all Goods they export to us, while U.S. Exports to Indonesia are to be Tariff and Non Tariff Barrier FREE. If there is any Transshipment from a higher Tariff Country, then that Tariff will be added on to the Tariff that Indonesia is paying," the US President posted. He thanked Indonesians for their "friendship and commitment" to balancing their trade deficit. "We will keep DELIVERING for the American people, and the People of Indonesia," Trump added. This deal with the relatively minor trading partner of the US is among the handful of agreements struck so far by the Trump administration ahead of the August 1 deadline for tariffs on most US imports to rise again. While detailed information about the deal is yet to be released, the rough outline provided by Trump reportedly resembled the framework agreement struck with Vietnam in recent weeks. Indonesia's total trade deal with the US, just under $40 billion in 2024, does not rank in the top 15. However, it has been growing. Last year, US exports to Indonesia rose to 3.7 per cent, while imports were up by 4.8 per cent. According to the US Census Bureau data on the International Trade Centre's TradeMap tool, the top US import categories from Indonesia last year were palm oil, electronics equipment, including data routers and switches, footwear, car tires, natural rubber and frozen shrimp. Susiwijono Moegiarso, a senior official with Indonesia's Coordinating Ministry for Economic Affairs, told Reuters, "We are preparing a joint statement between US and Indonesia that will explain the size of reciprocal tariff for Indonesia including the tariff deal, non-tariff and commercial arrangements. We will inform (the public) soon." ALSO READ | Donald Trump releases new tariff letters for Mexico, European Union The August 1 deadline on Trump's sweeping reciprocal tariffs gives the targeted countries time to crack a deal with Washington that could lower the threatened levies. So far, framework agreements have been reached with Vietnam and the United Kingdom, and an interim deal has been made with China while negotiations continue to take place between Beijing and Washington. Additionally, Trump said that negotiations with India were also moving in a similar direction. "India basically is working along that same line. We're going to have access to India. And you have to understand, we had no access into any of these countries. Our people couldn't go in. And now we're getting access because of what we're doing with the tariffs," he said.
The Print
41 minutes ago
- The Print
Solan court allows woman's plea challenging closure report in gang rape case against Haryana BJP chief
On 1 April this year, judge Malhotra admitted the revision petition and sought case records from the Kasauli court. Sessions judge Arvind Malhotra directed the Kasauli court to record the woman's statement and objections by 30 July, and decide whether to uphold the police closure report or reopen the case. Gurugram: The Solan district and sessions court in Himachal Pradesh has allowed a revision petition of a Delhi-based woman seeking to reopen a gang rape case filed by her against Haryana BJP president Mohan Lal Badoli and Haryanvi singer Rocky Mittal, alias Jai Bhagwan. The judge heard arguments from both sides 5 July and announced its order in open court Tuesday, allowing the woman's plea and ruling the complainant must appear before the Kasauli court to record her statement and submit objections by 30 July. The Kasauli court will then decide whether to proceed with the case or uphold the closure report. The case has drawn significant attention due to Badoli's position as Haryana BJP president. He was appointed to the post in July 2024, ahead of the assembly elections, relieving Chief Minister Nayab Singh Saini of the dual charge. Badoli is hopeful of getting a full term in the office. ThePrint tried to reach Badoli through texts and calls Tuesday, but his number was found switched-off. This report will be updated if and when a response is received. He had earlier dismissed the woman's allegations as 'baseless' and politically motivated. The BJP Tuesday shared his pictures with party leaders including state general secretary (organisation) Phanindranath Sharma and Haryana Minister Rajesh Nagar from the Amarnath cave. On Monday, the BJP shared a press note with his pictures with other BJP leaders aboard a flight to Srinagar. Mittal told ThePrint Tuesday that his lawyers have explained to him that the Solan court's order was between the police and the woman and that it does not affect him. Also Read: Solan court admits appeal against closure report in gang rape case against singer, Haryana BJP chief 'Gangraped while visiting as tourist' The case originates from a First Information Report (FIR) filed by the woman 13 December last year at the Kasauli police station in the Solan district of Himachal Pradesh under Sections 376D (gang rape) and 506 (criminal intimidation) of the Indian Penal Code (IPC). The allegations, which became known to public 14 January, claim that the incident occurred 3 July 2023 at the Himachal Tourism Corporation's Ros Common Hotel in Kasauli. The complainant, a Delhi resident, alleged she was visiting Kasauli as a tourist with her friend and employer Amit Bindal when she met Badoli and Mittal. According to her complaint, the accused coerced her into consuming alcohol, gangraped her in the presence of her friend, and recorded compromising photos and videos. She further claimed the duo threatened to kill her if she reported the incident and later attempted to implicate her in a false case in Panchkula to silence her. The Kasauli police investigated the case for over two months but found no corroborating evidence. According to the Kasauli police, the complainant refused a medical examination and the 17-month delay in filing the FIR hindered the collection of critical evidence such as CCTV footage, alcohol glasses or bedsheets. Consequently, on 4 February this year, the police filed a closure report, which the Kasauli judicial magistrate's court accepted on 12 March after the complainant failed to appear despite summonses issued to two addresses. Complicating the matter, Rocky Mittal filed an extortion case against the woman 6 February 2025 at Panchkula's Sector 5 police station. The FIR, lodged under Sections 308(2) (extortion), 308(5) (extortion by fear of death or grievous hurt), 351(2) (criminal intimidation), and 61 (criminal conspiracy) of the Bharatiya Nyaya Sanhita (BNS), also named Amit Bindal, another woman, and an unidentified person. Mittal alleged the complainant demanded Rs 50 lakh and political favours to settle false the rape case. He cited WhatsApp calls 21 and 22 January this year, and earlier threats between 1 and 18 September 1 last year. He claimed the rape allegations were part of a 'honey-trap' plan using audio and visual evidence. He accused the complainant of using AI-generated videos to blackmail him and Badoli. The woman, who was granted anticipatory bail 12 March by a Panchkula court, alleged the extortion case was filed to pressure her into withdrawing the rape case. She claimed the fear of arrest prevented her from attending the Kasauli court hearings 6 and 12 March this year. The complainant, represented by her advocate Rajeev Negi, challenged the Kasauli court's order on the police closure report in the Solan sessions court by way of a revision petition. Her advocate argued the extortion case was a retaliatory move by the accused to discredit her. (Edited by Ajeet Tiwari) Also Read: Haryana BJP chief, singer Rocky Mittal booked in Kasauli for gang-rape, criminal intimidation
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Business Standard
an hour ago
- Business Standard
SCO summit: EAM Jaishankar flags conflicts, competition, coercion
In a reference to China restricting the supply of critical minerals, External Affairs Minister (EAM) S Jaishankar on Tuesday expressed India's concerns over 'conflicts, competition and coercion' as well as economic instability, underlining the need to stabilise the global order and address longstanding challenges that 'threaten our collective interests'. Addressing his Shanghai Cooperation Organisation (SCO) counterparts in Tianjin, China, Jaishankar urged the grouping to remain true to its founding objective of combating terrorism and extremism, and to take an 'uncompromising' stance on these issues. He also elaborated on India's rationale for Operation Sindoor, defending the country's response to the Pahalgam terror attack of April 22, in which 26 people were killed. Earlier in the day, Jaishankar, along with other foreign ministers of SCO member states, called on Chinese President Xi Jinping. Jaishankar called for improved transit facilities and better connectivity among SCO member states. 'Deepening collaboration within the SCO naturally requires more trade, investment, and exchanges. For that to move to the next level, it is imperative that we address some current issues,' he observed. 'One of them is the lack of assured transit within the SCO space. Its absence undermines the seriousness of advocating cooperation in economic areas. Another is the need to ensure the promotion of the International North-South Transport Corridor (INSTC),' he said. The INSTC is a 7,200-kilometre-long multi-modal transport project for moving freight among India, Iran, Afghanistan, Armenia, Azerbaijan, Russia, Central Asia, and Europe. India has consistently supported the project. Jaishankar's comments on terrorism — made in the presence of his counterparts from Pakistan, China, and other SCO member nations — come amid India's concerns during and after Operation Sindoor over Beijing's assistance to Islamabad. China has also blocked India's efforts at the United Nations Security Council to sanction Pakistan-based terrorists. On June 26, at the SCO defence ministers' meeting in Qingdao, China, Defence Minister Rajnath Singh had refused to sign a draft joint communiqué because it omitted the Pahalgam terror attack and did not explicitly address India's concerns over Pakistan-backed cross-border terrorism. While Singh had demanded that the April 22 terror attack in Pahalgam be mentioned in the communiqué, the Pakistani delegation insisted that the document include a paragraph on militant activities in Balochistan. 'India wanted concerns reflected in the document, which was not acceptable to a particular country. As such, the joint statement was not adopted,' Ministry of External Affairs spokesperson Randhir Jaiswal had said. On Tuesday, alluding to Beijing's Belt and Road Initiative (BRI), which has faced criticism, Jaishankar said in Tianjin that India will continue to approach new ideas and proposals positively, but such cooperation must be based on 'mutual respect', 'sovereign equality', and in accordance with the 'territorial integrity and sovereignty' of member states. Jaishankar said the Pahalgam attack was 'deliberately conducted' to undermine Jammu & Kashmir's tourism economy and sow religious discord. The SCO foreign ministers' meeting will decide on the agenda for the SCO Summit in Tianjin later this year, which Prime Minister (PM) Narendra Modi is expected to attend. Jaishankar also held separate meetings with his Russian counterpart Sergey Lavrov and Iranian Foreign Minister Abbas Araghchi, focusing on bilateral cooperation and the situation in West Asia. Among other topics, Jaishankar and Lavrov discussed the evolving regional security scenario. Russian President Vladimir Putin is expected to visit India later this year for the annual India-Russia summit. In his speech at the SCO foreign ministers' meeting, Jaishankar said, 'Economic instability is also visibly on the rise. The challenge before us is to stabilise the global order, derisk various dimensions, and, through it all, address longstanding challenges that threaten our collective interests.' He argued that the SCO's ability to shape world affairs will depend on how well it unites behind a shared agenda. 'That means taking everybody on board,' he said. 'The world is today moving towards greater multi-polarity. This is not just in terms of redistribution of national capacities, but also the emergence of effective groupings like the SCO.' The external affairs minister also urged the grouping to step up development assistance to Afghanistan. The SCO — comprising India, China, Russia, Pakistan, Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan, Iran, and Belarus — is an influential economic and security bloc that has emerged as one of the largest transregional international organisations. The Congress on Tuesday expressed hope that PM Modi will 'finally agree' to a discussion on China during the upcoming monsoon session of Parliament, pointing out that if Parliament could debate the border situation during the 1962 Chinese invasion, then there is no reason it can't do so now. Tagging a media report on Jaishankar meeting Xi Jinping and apprising him of recent developments in India-China ties, Congress leader Rahul Gandhi took a swipe at the EAM, saying he is 'now running a full-blown circus aimed at destroying India's foreign policy'. 'I guess the Chinese foreign minister will come and apprise Modi about recent developments in China-India ties. The EAM is now running a full-blown circus aimed at destroying India's foreign policy,' Gandhi said in a post on X.
