Tag: bought

  • FPIs bought equity worth Rs 9,752 crore in April

    FPIs bought equity worth Rs 9,752 crore in April

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    New Delhi: Foreign portfolio investors turned aggressive buyers in the last few days of April.

    FPIs have bought equity worth Rs 9,752 crore till April 29.

    V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services said FPIs appear to have changed their investment strategy in India in recent days.

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    While they were sellers in the initial three months of this year, they have turned buyers in April and aggressive buyers in the last few days of April. FPIs have bought equity worth Rs 9,752 crore till April 29.

    Vijayakumar said an important macro factor that has tilted the FPI approach is the appreciation in rupee.

    Rupee which had touched a low of 82.94 (INR) to the dollar in late February this year has now appreciated to INR 81.75 to the dollar. India’s Current Account Deficit is declining and if this trend continues the rupee may appreciate further.

    FPIs are likely to bring more inflows into India in this context. FPIs have been buying in financial services and auto and auto components, he added.

    The monthly economic review for March released by the finance ministry said the narrowing of the CAD, accompanied by a rising inflow of foreign portfolio investment (FPI) resulted in an increase in foreign exchange reserves by the end of third quarter of 2022-23.

    With forex reserves further increasing by the end of 2022-23, prospects of a still narrower CAD in the fourth quarter of 2022-23 are bright.

    Even as external stability strengthened, factors contributing to internal stability also improved.

    Fiscal parameters for the Centre and the states in 2022-23 have been robust, as seen in solid revenue generation and improvement in the quality of expenditure, the document said.

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    ( With inputs from www.siasat.com )

  • Law firm head bought Gorsuch-owned property

    Law firm head bought Gorsuch-owned property

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    He and his wife closed on the house a month later, paying $1.825 million, according to a deed in the county’s record system. Gorsuch, who held a 20 percent stake, reported making between $250,001 and $500,000 from the sale on his federal disclosure forms.

    Gorsuch did not disclose the identity of the purchaser. That box was left blank.

    Since then, Greenberg Traurig has been involved in at least 22 cases before or presented to the court, according to a POLITICO review of the court’s docket.

    They include cases in which Greenberg either filed amicus briefs or represented parties. In the 12 cases where Gorsuch’s opinion is recorded, he sided with Greenberg Traurig clients eight times and against them four times.

    In addition, a Denver-based lawyer for Greenberg represented North Dakota in what became one of the more highly publicized rulings in recent years, a multistate suit which reversed former President Barack Obama’s plan to fight climate change through the Clean Air Act.

    Gorsuch joined the court’s other five conservative judges in agreeing with the plaintiffs — including Greenberg’s client — that the Environmental Protection Agency had overstepped its authority by regulating carbon emissions from power plants in the decision that makes it more difficult for the executive branch to regulate emissions without express authorization from Congress.

    Duffy, who in addition to serving as CEO is chief of Greenberg’s entire 600-lawyer litigation department, said he has never personally argued cases before Gorsuch or met the justice socially.

    “I’ve never spoken to him,” Duffy said. “I’ve never met him.”

    Once he learned Gorsuch was among the owners, Duffy said, he cleared the sale with his firm’s ethics department.

    Gorsuch did not respond to inquiries about the sale, his disclosures or whether he should have reported Duffy’s identity as the purchaser.

    Supreme Court rules do not prevent justices from engaging in financial transactions with people with interest in court decisions, but Gorsuch’s dealings with Duffy expose the weakness of the court’s disclosure procedures. For instance, in reporting his Colorado income, Gorsuch listed as his source only the name that he and his two co-owners gave themselves, Walden Group, LLC. The report didn’t indicate that there had been a real estate sale or a purchaser.

    Such a sale would raise ethical problems for officials serving in many other branches of government, but the Supreme Court sets its own rules. It has largely left justices to make their own decisions about when and how to report outside gifts and income.

    Justice Clarence Thomas is currently under scrutiny for accepting lavish trips from GOP billionaire donor Harlan Crow, who also purchased three Georgia properties from the justice. Thomas did not report the property sales. Of the vacations, Thomas said he had been advised that “personal hospitality from close friends” need not be disclosed.

    Senate Judiciary Chair Dick Durbin (D-Ill.), a frequent critic of Supreme Court ethics rules, sent a statement responding to POLITICO’s inquiry about Gorsuch’s sale of the Colorado property.

    “We have seen a steady stream of revelations regarding Supreme Court Justices falling short of the ethical standards expected of other federal judges and of public servants,” said Durbin. “The need for Supreme Court ethics reform is clear, and if the Court does not take adequate action, Congress must. The Senate Judiciary Committee will be closely examining these matters in the coming weeks,” said Durbin, who has asked Chief Justice John Roberts to testify next month on the court’s ethics rules.

    Kedric Payne, director of ethics at the nonpartisan Campaign Legal Center, said he believes “investments in LLCs require more details than the justice includes in his financial disclosures.“

    “This transaction appears to also require naming the buyer. The public has a right to know that justices will fully comply with disclosure rules instead of providing only a tiny peek into their financial disclosures,” he said, noting more facts are needed to distinguish whether it’s a disclosure omission or violation. The center was founded by a Republican former chair of the Federal Election Commission.

    Unlike Crow, who bought properties from Thomas, Duffy says he is neither a friend nor a confidant of Gorsuch. But he is one of the nation’s most powerful attorneys.

    His Greenberg bio describes him as “A true ‘working CEO,’” and says he “focuses his practice on trial and appellate work in the class action, employment, energy, commercial contract, and product liability areas, serving as counsel in high-profile cases throughout the United States.”

    At the time of the sale, Duffy had headed Greenberg Traurig for about a year. A search of his contributions to political candidates revealed that they went primarily to Democrats, including Sen. Kirsten Gillibrand, (D-N.Y.). He contributed the maximum amount allowable for individual donors to Democratic presidential nominee Hillary Clinton in the 2016 election, though he also made contributions in the past to Republicans such as former Sen. John McCain of Arizona and a GOP New York City mayoral candidate, Joe Lhota.

    The Duffy family has long resided in Colorado. Duffy attended the University of Colorado Law School and, in 2019, he was the recipient of the “most admired CEO” award by the Denver Business Journal.

    Duffy, who described himself as an avid fly fisher, said he’d been looking for the right property for his family for many years. Duffy said he did not know Gorsuch was one of the owners when he made his first offer.

    “The fact that he was going to be a Supreme Court justice was absolutely irrelevant to the purchase of that property. It’s a wonderful piece of property and we’re so glad we bought it,” said Duffy.

    Gorsuch and his associates purchased the property in 2005 through their LLC, the Walden Group, which was dissolved after the 2017 sale. The home was originally listed, in July of 2015, for $2.495 million. The fact that the property had sat on the market for so long and that its price had been lowered a couple times suggests the partners were having trouble finding a buyer.

    The real estate transaction is another example of how the lack of a firm code of ethics for the court stands in contrast to most other branches of the U.S. government, including the White House and Congress as well as lower court judges.

    The code of conduct for lower court U.S. judges says judges should “avoid impropriety and the appearance of impropriety in all activities,” and “discourages frequent transactions or continuing business relationships with lawyers or other persons likely to come before the court” on which the judge serves. Unlike many of the country’s state and federal courts, the Supreme Court lacks a code of conduct.

    “This is exactly the type of situation that an ethics code that included vetting of transactions and full disclosure would clear up,” said Kyle Herrig, president of Accountable.US, a progressive research organization. “Without decisive action, the conservatives on the Supreme Court will forever tarnish its reputation in our public life,” he said.

    At the time of Gorsuch’s appointment, his ownership of the Colorado property drew attention only for the fact that his co-owners were major figures in the oil and gas industry. Gorsuch’s ties to the oil and gas industry run deep.

    As a lawyer at a Washington law firm nearly 20 years ago, Gorsuch represented oil and gas billionaire Philip Anschutz on a variety of matters as outside counsel, and it was through this connection that Gorsuch befriended his future real estate partners.

    Anschutz helped Gorsuch win an appointment to an open seat on a federal appeals court in Denver, including directly lobbying the George W. Bush White House.

    Gorsuch’s connections to Anschutz extend to both of his prior real estate partners.

    The Walden Group included Kevin Conwick, who had advised Anschutz in deals to buy sports teams and other projects like the Staples Center in Los Angeles, and Cannon Harvey, who oversaw Anschutz’s venture capital investment division.

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    ( With inputs from : www.politico.com )

  • Delhi man bought knife to kill wife, sons from Amazon: Police

    Delhi man bought knife to kill wife, sons from Amazon: Police

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    New Delhi: The Delhi Police has found out that a 38-year-old man, who tried to end his life after killing his wife and two sons, bought the knife used in the crime from e-commerce portal Amazon and suspects that the incident was pre-planned, sources said on Monday.

    Rajesh (38) tried to commit suicide after killing his wife and two sons, including a four-month-old infant, over financial issues in west Delhi’s Mohan Garden area on Sunday, police said.

    They added that after killing his wife and sons, the accused inflicted a deep injury on his wrist.

    According to a senior police officer, the post-mortem examination of the bodies was conducted on Monday and the bodies were subsequently handed over to the family members of the victim woman.

    The autopsy suggested that the wounds were caused by a knife, they said.

    “Rajesh underwent surgeries on Monday. A preliminary investigation has revealed that he bought a set of three kitchen knives from Amazon last week. Only one knife was used to commit the crime.

    “We suspect that the accused was planning this incident for a while. He wanted to kill himself too, but somehow survived. However, further interrogation of the accused will make everything clear. The time of the incident and the sequence of events will be ascertained later,” a source said.

    The accused had sent a message about his financial woes in a WhatsApp group of his school friends at 4.50 am on Sunday. His friends alerted his brother, who informed the police around 6 am.

    In his WhatsApp message, Rajesh had mentioned that he had suffered a huge financial loss.

    (Except for the headline, this story has not been edited by Siasat staff and is published from a syndicated feed.)

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    ( With inputs from www.siasat.com )

  • Bought for $30 mn, Internet’s most expensive domain gets just 88K monthly visitors

    Bought for $30 mn, Internet’s most expensive domain gets just 88K monthly visitors

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    New Delhi: Call it bizarre but the most expensive domain ever on Web, that was bought for $30 million, receives only 88,800 visitors per month while the third costliest Internet domain name has no registered monthly traffic, a report showed on Wednesday.

    The voice.com website describes Voice as “a team of technologists, artists and curators using the transformative power of NFTs to make digital art collectable”.

    The company bought the domain name in June 2019 from enterprise analytics and software company MicroStrategy but the $30 million investment doesn’t appear to have delivered much return so far.

    Voice.com’s monthly traffic according to SimilarWeb currently stands at around 88,800, according to data by web-hosting provider Hostinger.

    “It’s fascinating to see how much money has exchanged hands for specific domain names – the cost of the seven names in the list adds up to more than $100 million,” said a Hostinger spokesperson.

    For multi-billion-dollar companies, the outlay is relatively small, especially if it secures your presence on the web, strengthens your brand and provides a good stream of traffic to your site.

    “However as this study shows, spending millions of dollars on the domain name doesn’t guarantee millions of website visitors,” the spokesperson added.

    360.com belongs to the Chinese internet security company 360 Security Technology Inc, and currently receives 23.9 million monthly visitors, which ranks it as the 154th biggest website in China.

    The domain name was bought from Vodafone in February 2015 for $17 million.

    At third place, NFTs.com is one of the most recent sales in the top 10, after it was purchased in August 2022 for $15 million.

    The site currently contains very little information, but says it is “powered by DigitalArtists.com Marketplace”.

    Despite the large price tag, there isn’t enough info for SimilarWeb to estimate its traffic, indicating that very few people are visiting the site.

    Sex.com domain name was sold for $13 million in November 2010 from Escom to Clover Holdings after it won an auction.

    “The provocative name receives more traffic than the rest of the top five sites combined, with 64 million visitors each month, and it was recently announced that the name is on sale once more, with minimum bids of $20 million,” the report said.

    Describing itself as “Your #1 source for financial information”, Fund.com was reportedly sold for $12 million in 2008, although some are skeptical of the figure.

    It has since been sold again in 2019, and currently sees around 293,000 monthly visitors.

    At the sixth place, Hotels.com is the oldest sale to make the list, and when adjusted for inflation, the $11 million paid for Hotels.com in 2001 is around $18.4 million in 2023.

    The site receives the second-most monthly traffic in the list, with around 44.5 million visitors, said the report.

    Tesla CEO Elon Musk has said that it took 10 years to buy the Tesla.com domain name (at the seventh place on the list), eventually securing it from Silicon Valley engineer Stuart Grossman for around $11 million.

    Today the site receives nearly 17 million monthly visitors, and the company’s market cap is around $630 billion.

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    ( With inputs from www.siasat.com )

  • UP chain snatcher bought to Hyderabad on ‘Prisonor on Transit’ warrant

    UP chain snatcher bought to Hyderabad on ‘Prisonor on Transit’ warrant

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    Hyderabad: A chain snatcher, hailing from Uttar Pradesh, was arrested by the Uppal Police here and produced before the court on Saturday.

    The accused – Mangal alias Mangal Singh (38) – along with his accomplice Pinku @ Pankaj Kumar who is currently on the run have committed five chain snatchings in Bengaluru.

    In Hyderabad, the duo committed three chain snatchings in Uppal, Nacharam of Rachakonda Commissionerate and four in Hyderabad Commissionerate limits on a stolen bike.

    On January 24, the Uttar Pradesh police arrested Mangal Singh and lodged him in Mujaffar Nagar jail. On receiving information about Mangal’s arrest, the Uppal police filed a requisition before the court on Prisinor on Transit warrant.

    Mangal Singh was produced before a local court here on January 28.

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    ( With inputs from www.siasat.com )

  • Murphy administration bought eight new SUVs — at a cost of $521K — with federal Covid funds

    Murphy administration bought eight new SUVs — at a cost of $521K — with federal Covid funds

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    The budget, however, did require the administration to detail the spending to JBOC.

    “NJSP is responsible for the security and transportation of State officials, including the Governor and Lieutenant Governor,” the Department of the Treasury memo states. “As part of their many responsibilities, these officials provide leadership and lend support to the State’s COVID-19 recovery efforts at vaccination sites, hospitals, nursing homes, long-term care facilities and other affected sites.”

    The purchases were also mentioned briefly in the Murphy administration’s New Jersey Recovery Plan report last summer, though they didn’t attract any scrutiny at the time.

    The eight Chevrolet Suburbans are for use by the Executive Protection Unit, according to Trooper Charles Marchan, a spokesperson for the State Police.

    “American Rescue Plan Funding was used to purchase eight Chevrolet Suburbans that went to the State Police’s Executive Protection Unit to support the travel requirements of government officials, including COVID-19-related engagements such as vaccine site visits, hospital tours, and pandemic meetings,” Marchan said in a statement.

    The Treasury department memo says the state is eligible to use the funds under a federal regulation that allows them for “costs to improve the design and execution of programs responding to the COVID-19 pandemic and to administer or improve the efficacy of programs addressing the public health emergency or its negative economic impacts.”

    Assemblymember Hal Wirths (R-Sussex), a member of JBOC and the Assembly minority budget officer, said the expenditure’s connection to the pandemic is “a stretch.”

    “It’s legal, but I think it’s not the intention of the federal law to buy vehicles. Especially now. That’s what we’ve been so frustrated with, as budget officer, is the slowness of getting this money out,” Wirths said, referring to Republican complaints that the state government, controlled by Democrats, has been slow to appropriate federal coronavirus relief funds.

    “I don’t think it’s a priority, especially this late after Covid,” Wirths said. “If they did it two or three years ago you might have a little more of an argument.”

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    ( With inputs from : www.politico.com )