Russia-backed Indian refiner Nayara takes Microsoft to court over outage
"Microsoft is currently restricting Nayara Energy's access to its own data, proprietary tools, and products—despite these being acquired under fully paid-up licenses," the refiner said in a statement.
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Business Times
36 minutes ago
- Business Times
Warburg said to co-lead pursuit of Global Switch with SC Capital Partners: sources
[LONDON] Private equity firm Warburg Pincus has joined SC Capital Partners in pursuing a potential acquisition of data centre operator Global Switch Holdings, people with knowledge of the matter said. The SC Capital-Warburg Pincus consortium has been in talks with other potential investors to join them, said the people, who asked not to be identified as the information is private. Singapore-based SC Capital is working with Goldman Sachs Group on the possible Global Switch offer, and has lined up about US$3 billion in a loan facility, the people said. Global Switch is working with Morgan Stanley and UBS Group on the potential sale, the people said. An earlier attempt to sell its UK operations was put on hold, the people said. The owners of Global Switch are seeking a deal valued at US$6 billion to US$7 billion including debt, they said. Deliberations are ongoing and there is no guarantee they will result in a transaction, the people said. Global Switch owns and operates data centres across Europe and Asia, including in Amsterdam, Frankfurt, Hong Kong, Paris and Singapore. Its owners, which include Chinese steelmaker Jiangsu Shagang Group and Avic Trust, bought control of the group from British billionaire brothers David and Simon Reuben in a series of transactions starting in 2016. Founded in 2004, SC Capital is an Asia-Pacific real estate investment firm. It operates in eight markets with total investment amounted to US$6 billion, according to its website. CapitaLand Investment last year bought a 40 per cent stake in SC Capital for S$280 million. CapitaLand said it would also invest at least S$524 million in strategic capital. Representatives for Global Switch, Goldman Sachs, Morgan Stanley, SC Capital, Warburg Pincus and UBS declined to comment. A representative for Shagang Group did not respond to requests for comment. BLOOMBERG
International Business Times
an hour ago
- International Business Times
Global Stocks Climb as Expectations of Rate Cuts Grow, Trump Tightens the Grip on Fed
Asian stock markets climbed on the opening of the new week with the hope of U.S. interest rate cuts giving investors some relief. MSCI's broad Asia-Pacific index (excluding Japan) climbed by 0.8%, rose by 0.6%, and South Korea's KOSPI. However, Japan's Nikkei index declined by 1.6% after a sharp rise in the yen's value. Chinese blue chips stayed flat and showed a little change. In Europe, the market's future looked optimistic. EUROSTOXX 50 futures climbed by 0.6% while FTSE futures gained 0.5% and DAX futures rose by 0.4%. U.S. stock futures also jumped-S&P futures and Nasdaq futures both moved up by 0.4%. freepik Weak U.S. Job Data Hints at Rate Cuts Friday's weak job data has raised the chances that the Federal Reserve will cut interest rates soon. The July job report shows that the job growth declined sharply, with earlier months revised lower. Three-month average job growth declined sharply from 231,000 earlier this year to 35,000 at present. As a result, markets expect an 85% chance of the Fed reducing rates by 25 basis points in September. Two-year U.S. Treasury yields dropped by 25 basis points on Friday, which is the biggest single-day fall since August last year. Political Pressure Raises Concerns About Fed Independence President Donald Trump's consistent pressure on Fed Chair Jerome Powell and firing of U.S. Labor Statistics Chief have raised alarms of political interference in the Federal Reserve. Analysts are concerned that the new appointee may side with Trump on calls for rate cuts. Though Trump has indicated that Powell will complete his term, many now question the Federal Reserve's autonomy. Dollar Slides, Commodity Mixed: The weak job data also affected the dollar index, which fell to 98.72 from last week's 100.25. The greenback slipped 2.3% against the yen on Friday, marking its biggest decline in recent months. It now trades at 147.69. The Euro remained steady at $1.1683 and the British Pound at $1.3282 ahead of the Bank of England's rate decision, which is expected this week. Gold was steady at $3,361 an ounce after gaining more than 2% on Friday, the previous week. Brent crude dropped 0.2% to $69.51 a barrel, while U.S. crude edged down 0.1% to $67.24.
CNA
an hour ago
- CNA
Two men to be charged over suspected fradulent GST claims involving S$181 million in fake sales
SINGAPORE: Two men suspected to be involved in a Goods and Services Tax (GST) missing trader fraud will be charged on Tuesday (Aug 5). Missing trader fraud is a fraudulent scheme targeting Singapore's GST system. It typically involves fictitious transactions orchestrated by a network of individuals and businesses designed to claim GST refunds or avoid tax obligations illicitly, the Inland Revenue Authority of Singapore (IRAS) states on its website. The two men are alleged to have fabricated sales to make claims from the tax authority, the Singapore Police Force and IRAS said in a joint news release on Monday. The pair, aged 40 and 73, are said to have set up four shell companies and used them to operate a fraudulent business between November 2017 and April 2018. The men allegedly sold goods from one company to the other companies at inflated pricing, amounting to around S$181 million (US$140 million), the authorities said. It is believed that the sales and purchases among the companies are sham transactions, created to facilitate the claiming of GST from IRAS, they added. The two men will face four charges each of fraudulent trading. The 40-year-old will have added charges in relation to his successful and failed attempts to deceive IRAS: three counts of attempted cheating, one of forgery and three of cheating. He allegedly submitted three fraudulent GST refund claims to IRAS in an attempt to cheat it into disbursing S$11.8 million and complete the fraud. He also purportedly forged a supplier's invoice submitted to IRAS to get it to approve the GST registration application of one of the shell companies. He made three fraudulent GST refund claims under the electronic tourist refund scheme by deceiving IRAS into disbursing a GST cash refund of more than S$140,000, when the purchases under the refund scheme did not take place. If convicted of fraudulent trading, the men could face a jail term of up to seven years or a fine, or both, for each charge. The 40-year-old could face up to 10 years' jail and a fine if found guilty of forgery. The penalty is the same for each charge of cheating or attempt to cheat. "The police and IRAS take a serious stance against tax offences and will take stern enforcement action against perpetrators of such fraudulent arrangements," the authorities said. GST-registered businesses that claim input tax on any supply that they know or should have known to be part of a missing trader fraud arrangement will be denied input tax and be subjected to a 10 per cent surcharge on the input tax denied. 'Businesses are therefore strongly advised to perform due diligence checks and take appropriate actions to address the risks identified to avoid participating in transactions suspected to be part of a missing trader fraud arrangement,' they added.
