India Mourns Former Prime Minister Manmohan Singh at State Funeral

Published

1 month ago

December 28, 2024

RTX

India has bid farewell to one of its longest-serving prime ministers, Manmohan Singh, who passed away on Thursday at the age of 92. A state funeral was held on Saturday in New Delhi, attended by top leaders, foreign dignitaries, and citizens who gathered to honor his legacy.

Singh, who served as India’s Prime Minister from 2004 to 2014, was celebrated as the architect of India’s economic liberalization, a period that saw the country emerge as one of the world’s fastest-growing economies. His tenure is remembered for significant reforms that helped lift millions out of poverty and transform the economic landscape.

The funeral ceremony, which included a 21-gun salute, was marked by a procession through the capital, with Singh’s coffin carried by an honor guard. Prime Minister Narendra Modi, who referred to Singh as one of the country’s “most distinguished leaders,” was present at the ceremony, along with President Droupadi Murmu, Vice-President Jagdeep Dhankhar, and senior members of the Congress Party. Singh’s eldest daughter lit his funeral pyre at the crematorium.

Foreign dignitaries, including the King of Bhutan, Jigme Khesar Namgyel Wangchuck, and Mauritius Foreign Minister Dhananjay Ramful, attended the funeral, paying tribute to the former leader. Following Singh’s death on Thursday night, the Indian government declared seven days of national mourning.

Prime Minister Modi expressed deep admiration for Singh, recalling his wisdom and humility during their interactions. He also acknowledged Singh’s efforts to improve the lives of millions. Opposition Congress leader Rahul Gandhi, who was present at the funeral, described Singh as a “mentor and guide.”

Tributes poured in from global leaders, with U.S. President Joe Biden highlighting Singh’s “strategic vision and political courage,” which he said played a pivotal role in the unprecedented level of cooperation between India and the United States. “He was a true statesman, a dedicated public servant, and above all, a kind and humble person,” Biden stated.

Singh’s legacy is defined by his significant contributions to India’s economic growth, which began during his time as Finance Minister in 1991. He is remembered for his iconic statement, “No power on Earth can stop an idea whose time has come,” in his first budget speech. As prime minister, Singh continued his economic reforms, solidifying India’s place on the global stage.

Singh also made history as the first Sikh to hold India’s top office and offered a formal apology in 2005 for the 1984 anti-Sikh riots. However, his second term was marred by corruption allegations, which contributed to the Congress Party’s defeat in the 2014 elections.

Manmohan Singh’s passing marks the end of an era for Indian politics, and his contributions to the country’s development will not be forgotten.

News

Meta Agrees to $25 Million Settlement in Lawsuit with Donald Trump

Published

7 hours ago

January 30, 2025

RTX

US President Donald Trump has reached a legal settlement with Meta, the parent company of Facebook and Instagram, following a lawsuit filed in 2021. The settlement, which totals approximately $25 million (£20 million), comes after Trump sued the tech giant and its CEO, Mark Zuckerberg, over the suspension of his accounts after the January 6 Capitol riots.

The terms of the settlement were first reported by the Wall Street Journal. The majority of the funds, around $22 million, will be directed to a fund for Trump’s presidential library. The remainder will cover legal fees and support other plaintiffs who were part of the lawsuit. As part of the agreement, Meta has not admitted any wrongdoing.

Trump’s social media accounts were suspended by Meta in 2021, with the company imposing a ban of at least two years, citing concerns over the incitement of violence following the Capitol riots. In July 2024, Meta lifted the final restrictions on Trump’s Facebook and Instagram accounts, ahead of the upcoming US presidential elections.

Following Trump’s victory in the 2024 election, Zuckerberg was seen visiting Trump’s Mar-a-Lago resort in Florida. This visit was interpreted as a sign of an apparent warming of relations between the two, which had been previously strained. In a further indication of improved ties, Meta donated $1 million to Trump’s inauguration fund in the same year. Zuckerberg also attended Trump’s inauguration, seated alongside other high-profile tech figures.

In the past, Trump had been highly critical of Facebook, accusing the platform of being “anti-Trump” and calling it an “enemy of the people” after his accounts were banned. His relationship with Twitter, now rebranded as X, also soured after the platform permanently suspended him in 2021. However, after Elon Musk acquired the platform for $44 billion, Trump’s account was reinstated following a poll conducted by Musk.

In a separate development, Meta recently defended its $65 billion investment in artificial intelligence (AI), even as US tech stocks faced volatility following the rise of the Chinese AI app DeepSeek. Zuckerberg told investors that despite the competition, Meta remains confident in its AI strategy, emphasizing the importance of an open-source approach to ensure the US remains a leader in the industry.

Zuckerberg’s remarks came alongside the company’s announcement of better-than-expected financial results, with Meta posting a 21% revenue increase for the final quarter of 2024, reaching over $48 billion. While Meta’s heavy investment in AI has impacted its finances, the company reported a profit of more than $20 billion, up 49% from the previous year. The company is also betting on the future success of smart glasses and reviving Facebook’s relevance, as it faces stiff competition from platforms like Instagram and TikTok.

Zuckerberg, looking to the future, reiterated his vision that smart glasses will eventually replace traditional ones within the next decade.

News

Roman Abramovich Accused of Avoiding Millions in VAT Through Superyacht Scheme

Published

2 days ago

January 28, 2025

RTX

Russian billionaire Roman Abramovich is facing allegations of avoiding millions of euros in VAT payments by falsely classifying five of his superyachts as commercial vessels, according to a joint investigation by the BBC, The Guardian, and the Bureau of Investigative Journalism.

The investigation revealed that between 2005 and 2012, the yachts—including The Eclipse, once the largest in the world—were labeled as commercial charters to sidestep VAT obligations. Under EU rules, private vessels are typically subject to VAT at around 20% when receiving services like refueling. By claiming these yachts were being chartered to external customers, Abramovich’s network avoided paying the tax.

However, leaked documents from Cyprus show the yachts were managed by Blue Ocean Yacht Management, a Cyprus-based company controlled by Abramovich. This company allegedly rented the vessels to entities registered in the British Virgin Islands—also owned by Abramovich—effectively creating a circular structure.

An email from 2005, written by Blue Ocean director Jonathan Holloway, detailed the scheme’s intent to avoid VAT. Holloway instructed that the structure should appear legitimate but acknowledged that a determined investigation could expose the arrangement.

“We want to avoid paying VAT on the purchase price of the yachts and where possible to avoid paying VAT on goods and services provided to the yachts,” Holloway wrote. He added that the setup must appear as separate entities, even though it was all under Abramovich’s control.

Abramovich’s lawyers deny any wrongdoing, stating that the billionaire always sought and followed expert tax and legal advice and was unaware of the alleged scheme.

Legal Actions and Outcomes
European authorities have scrutinized Blue Ocean in the past but did not appear fully aware of the extent of the yacht scheme.

In 2012, Cypriot authorities disputed Blue Ocean’s claim to VAT exemption and pursued more than €14 million in unpaid taxes for the period between 2005 and 2010. While the company contested the charges, Cyprus’s supreme court dismissed their appeal in 2021. Four months later, Blue Ocean was dissolved.

In another instance, Italian prosecutors in Trieste attempted to recover €500,000 in unpaid refueling duties in 2015. The case was dropped after Abramovich’s representatives argued the yachts were used for commercial purposes.

The allegations add to the scrutiny surrounding Abramovich, a prominent figure among Russian oligarchs, as European authorities continue to crack down on financial loopholes involving luxury assets.

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Trump Administration’s First Week Brings Sweeping Tech Policy Shifts

Published

4 days ago

January 26, 2025

RTX

In his first week back in office, President Donald Trump unveiled ambitious plans to reshape the U.S. technology landscape, focusing on artificial intelligence (AI), digital assets, and social media regulation.

AI Policies Revamped

President Trump signed an executive order on January 23 aimed at dismantling Biden-era policies that, according to the administration, hindered American innovation in AI. The order tasks officials with developing an AI action plan within six months, emphasizing systems free from “ideological bias or engineered social agendas.”

This move has sparked concerns over the future of the U.S. AI Safety Institute, an organization established under Biden to research the safe implementation of AI systems. Critics fear it may be dissolved as part of Trump’s broader rollback.

Additionally, Trump announced the formation of the President’s Council of Advisors on Science and Technology (PCAST), comprising 24 experts who will guide initiatives in AI, quantum energy, biotechnology, and autonomous systems. David Sacks, a former PayPal executive and Trump’s new “AI and crypto czar,” will lead efforts to ensure the U.S. remains a global leader in technology.

$500 Billion AI Infrastructure Investment

One of Trump’s cornerstone initiatives is a $500 billion (€476 billion) investment in AI infrastructure through a joint venture named Stargate. Partnering with OpenAI, Oracle, and SoftBank, the project will establish data centers and energy facilities in Texas.

While initially seeded with $100 billion (€95 billion), the investment could quintuple as companies like Microsoft, NVIDIA, and Arm join the effort. The Stargate initiative builds on preliminary plans from the previous administration, though Trump emphasized its expansion under his leadership.

Digital Dollar Ban and Cryptocurrency Push

In a significant financial move, Trump signed an executive order banning Central Bank Digital Currencies (CBDCs), citing risks to financial stability and individual privacy. Instead, the administration will develop a framework for stablecoins backed by the U.S. dollar and explore a national crypto stockpile.

The digital asset strategy aligns with Trump’s campaign pledge to make the U.S. the “crypto capital of the world.” The newly formed advisory committee on digital markets, chaired by Sacks, will present regulatory recommendations within six months.

TikTok Ban Postponed

Trump granted a 75-day extension for TikTok’s Chinese parent company ByteDance to secure a U.S. buyer, delaying an impending ban. While the app temporarily went offline on January 19, it has since been restored for users, though it remains unavailable on major app stores.

Potential buyers have surfaced, including a consortium led by YouTube star MrBeast and billionaire Frank McCourt’s “The People’s Bid.”

Tech Priorities on the Global Stage

President Trump’s early actions signal a strong focus on positioning the U.S. as a leader in cutting-edge technology while addressing privacy, security, and innovation challenges. As policies evolve, they are likely to shape the global tech landscape for years to come.