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Economic Times
5 minutes ago
- Economic Times
Trump hails 'total victory' as US court quashes $464 mn civil penalty
Agencies US President Donald Trump A US court threw out Thursday a $464 million civil penalty against President Donald Trump imposed by a judge who found he fraudulently inflated his personal worth, calling the sum "excessive" but upholding the judgment against Arthur Engoron ruled against Trump in February 2024 at the height of his campaign to retake the White House, which coincided with several active criminal prosecutions that the Republican slammed as "lawfare.""It was a Political Witch Hunt, in a business sense, the likes of which no one has ever seen before," Trump said on his Truth Social platform Thursday, adding that "everything I did was absolutely CORRECT and, even, PERFECT."When Engoron originally ruled against Trump, he ordered the mogul-turned-politician to pay $464 million, including interest, while his sons Eric and Don Jr. were told to hand over more than $4 million judge found that Trump and his company had unlawfully inflated his wealth and manipulated the value of properties to obtain favorable bank loans or insurance terms. Alongside the financial hit to Trump, the judge also banned him from running businesses for three years, which the president repeatedly referred to as a "corporate death penalty."On Thursday, five judges of the Appellate Division of the New York Supreme Court upheld the verdict, but ruled that the size of the fine was "excessive" and that it "violates the Eighth Amendment of the United States Constitution."The Eighth Amendment prohibits excessive or cruel punishments and penalties.- 'Massive win! - State Attorney General Letitia James, who brought the initial case, vowed to take Thursday's ruling to the state's highest court, the New York Court of Appeals. Thursday's appeals court ruling "affirmed the well-supported finding of the trial court: Donald Trump, his company, and two of his children are liable for fraud," James added. Following the initial verdict, Trump subsequently sought to challenge the civil ruling as well as the scale and terms of the penalty, which has continued to accrue interest while he repeatedly condemned the case and the penalty as politically son Don Jr. termed the appellate court ruling a "massive win!!!" "New York Appeals Court has just THROWN OUT President Trump's $500+ Million civil fraud penalty! It was always a witch hunt, election interference, and a total miscarriage of justice... and even a left leaning NY appeals court agrees! NO MORE LAWFARE!" he wrote on X. During hearings, conducted without a jury under state law, Trump accused then-president Joe Biden of driving the case, calling it "weaponization against a political opponent who's up a lot in the polls."As the case was civil, not criminal, there was no threat of economic advisor Peter Navarro said at the White House Thursday that "James is another one that belongs in jail," referring to the New York attorney general."The Democrats really overplayed their hand on this because they thought they could take Donald Trump out," he said.
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Business Standard
8 minutes ago
- Business Standard
India's GDP growth likely at 6.3% in FY26, below RBI estimates: SBI report
A New York appeals court struck down a $464 million fraud fine against President Donald Trump and his company, handing him a victory over the state's attorney general. In a decision issued Thursday, the Manhattan appellate court still found that Trump broke the law by inflating the valuation of assets like Mar-a-Lago and his Trump Tower penthouse, but it said the massive penalty was unconstitutionally 'excessive.' The long-awaited ruling by an intermediate state appeals court wipes out one of Trump's biggest financial liabilities. It also puts fresh pressure on New York Attorney General Letitia James, who has become the focus of a federal probe into whether her lawsuit violated Trump's legal rights. The politically charged decision resulted in the five-judge panel issuing three separate opinions. The majority ultimately concluded that Trump violated the law by inflating his assets, but nevertheless threw out the massive fine. Most of Trump's legal woes melted away after his election victory. The Justice Department dropped two federal criminal cases against Trump, citing a longstanding policy against prosecuting a sitting president. While Trump was convicted in his hush money case in Manhattan, a judge sentenced him to no jail time at a hearing 10 days before his inauguration — following a US Supreme Court ruling that gave the president broad immunity. James filed the case against Trump and his sprawling real estate company in September 2022, more than two years before his successful bid to retake the White House. She won the case after an 11-week trial. The development raises questions about whether James, a Democrat and staunch critic of Trump, will seek to reinstate the penalty by appealing the decision to the state's highest court in Albany. Trump argued that his method of valuing his real estate was typical of the industry and that disclaimers on his financial statements advised banks they should do their own valuations anyway. One of his biggest defense arguments was that no banks lost money on his loans, and the state didn't dispute that. On Aug. 8, people familiar with the federal probe into James' civil lawsuit against Trump said Justice Department officials had convened a grand jury and sent subpoenas to James's office. The subpoena also seeks information on James's case against the National Rifle Association, said one of the people. The probe is being run out of Albany, New York. Abbe Lowell, a lawyer for James, said at the time that the investigation is a 'blatant and desperate example of this administration carrying out the president's political retribution campaign.' Trump has long criticized James as well as Justice Arthur Engoron, who oversaw the non-jury trial, calling both of them biased against him because he's a Republican. Trump has also appealed his conviction in the hush money case, seeking to erase his criminal record. He has also appealed two civil jury verdicts against him in lawsuits brought by E. Jean Carroll, who sued him for sex abuse and defamation and won nearly $90 million in total damages. Trump has maintained innocence throughout.
Time of India
8 minutes ago
- Time of India
America's merit-based system : Impact of hourly rate – based compensation on knowledge workers in India
The global labor market has undergone significant changes over the years, with workers from different countries and cultures coming together to fight for better pay and living conditions. The relationship between India and the United States has evolved significantly, with both countries recognizing the importance of strengthening their bilateral ties. A crucial aspect of this relationship is the connection between trade and immigration, which is deeply intertwined. The US government proposed comprehensive immigration reforms in 2013, aimed at addressing the challenges faced by guest workers and employers. In 2025, implementing a merit-based system could be a potential solution, one that would eventually disrupt the traditional practice of 'brokerage of intellectual capital' of citizens from abroad, where talent is often underutilized due to outdated practices. A merit-based system would provide Indian workers with better job opportunities and fair compensation based on their skills and experience. This would lead to increased job satisfaction, reduced turnover rates, and improved overall well-being and attract top talent from around the world, driving innovation and growth. The shift towards a merit-based system and hourly rate-based compensation for knowledge workers in India could have significant implications. Hourly rate-based compensation could lead to more fairness in pay, as workers are rewarded based on their actual work hours and output. High-skilled knowledge workers may have the opportunity to earn more by working on high-value projects or taking on additional hours. With hourly rate-based compensation, knowledge workers may have more flexibility to choose their projects, clients, or working hours, allowing them to optimize their work-life balance and productivity. The emphasis on meritocracy could drive competition among knowledge workers, encouraging them to develop new skills, enhance their expertise, and deliver high-quality work to stay competitive. To stay competitive, knowledge workers will need to prioritize ongoing learning, upskilling, and reskilling to maintain their market value. With the rise of remote work, Indian knowledge workers may have more opportunities to work with global clients, potentially leading to increased earning potential and exposure to diverse projects. Indian students who demonstrate high levels of academic achievement, language proficiency, and specialized skills may have increased chances of visa approval under a merit-based system. The US administration has expressed interest in retaining high-caliber talent, including graduates of American colleges, which could lead to more opportunities for Indian students to pursue their careers in the US. The forthcoming disruptive immigration policies could benefit the Indian economy by encouraging the return of skilled Indian workers who have gained valuable experience and expertise in the US. These returnees would bring back new ideas, skills, and knowledge, which would help to drive innovation and growth in India. The disruption could create more opportunities for high-skilled Indian knowledge workers to work on projects that match their expertise, potentially leading to higher earnings. The emphasis on meritocracy and hourly rate-based compensation may lead to growing demand for specialized skills, such as data science, artificial intelligence, and cybersecurity. By streamlining work visa processes, increasing cooperation on trade agreements, encouraging people-to-people ties through cultural exchange programs and educational initiatives, and implementing a more merit-based system, both countries can benefit. India would gain increased access to the US market, while the US would tap into India's growing economy and skilled workforce, ultimately strengthening Indo-American bilateral ties. This new landscape presents opportunities for Indian knowledge workers and students to succeed in the global economy, but it also requires them to be adaptable, innovative, and entrepreneurial. Facebook Twitter Linkedin Email Disclaimer Views expressed above are the author's own.
