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Court rejects bail plea of Jammu-based editor accused of impersonating PMO officer, cheating people

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Court rejects bail plea of Jammu-based editor accused of impersonating PMO officer, cheating people

New Delhi, Jul 13: A Delhi court on Monday rejected the bail plea of the founder-editor of a Jammu-based news outlet, arrested by the ED in May for allegedly impersonating an “influential” PMO official and cheating people of over Rs 4 crore on the pretext of getting their work done.

The court said Vijay Gupta “failed” to satisfy the twin conditions mandated under section 45 of the Prevention of Money Laundering Act (PMLA) while dismissing his plea.

These two conditions state that the court must be satisfied that there are reasonable grounds that the accused is not guilty of the offence and that they are not likely to commit any offence while on bail.

Gupta, founder and editor of Young Bites, was arrested by the Enforcement Directorate (ED) on May 20 in a money laundering case based on a Delhi Police FIR.

According to the ED and the Delhi Police, Gupta posed as an official working in the Prime Minister’s Office (PMO) to “cheat” people, including a friend from his school days and a sanitary shop owner whose Rs 14,900 payment was pending.

The FIR said Gupta undertook 26 foreign trips between 2016 and 2026, many of them coinciding with the prime minister’s overseas visits, to “create an image” that he was a “high-ranking” government official having “influence”.

He also allegedly circulated pictures of himself with senior government officials to reinforce the false image, it said.

“…this court is of the considered view that the accused used false credentials, foreign visits, photographs with public officials to impersonate himself as a senior officer of PMO to get illegal monetary advantage from victims.”

“Accused has failed to satisfy the twin conditions of Section 45 of the Act (PMLA) and no ground is made out to release the accused on regular bail,” Additional Sessions Judge Dhirendra Rana of the Patiala House Court said in his order.

The judge said in his 18-page order that there was a “strong possibility” that the accused might tamper with the evidence, threaten the witnesses and commit a further offence of a similar nature if released on regular bail.

“Therefore, the application moved on behalf of the accused/applicant Vijay Gupta stands dismissed,” the order said.

Opposing his plea, the ED told the court that Gupta deposited cash of Rs 4.06 crore in his bank accounts between 2016 and 2026, and this amount was the proceeds of crime under the anti-money laundering law.

The order said Gupta “never mentioned” these cash funds in his Income Tax Returns (ITRs).

Rejecting Gupta’s plea that he should be granted bail because he was suffering from a “serious” heart ailment, the court noted he was stable in jail, although on medications.

The court also disagreed with the defence lawyer’s argument that pre-trial incarceration for his client was a punishment and a violation of Article 21 of the Constitution.

The order said the jail period was not a “significant factor” as Gupta was arrested on May 20 and a complaint (chargesheet) is yet to be filed by the department (ED).

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Trump says US will blockade Iran in Strait of Hormuz and will charge ships for safe passage

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Trump says US will blockade Iran in Strait of Hormuz and will charge ships for safe passage

Dubai, Jul 13: US President Donald Trump said Monday that the United States is “reinstating” a blockade on Iran in the Strait of Hormuz and will charge ships for safe passage, after another heavy exchange of fire threatened negotiations aimed at ending the war.

He said on social media that Iranian ships will no longer be able to travel through the strait and America would charge a 20 per cent toll on eligible cargo, as the conflict with Iran has intensified after peace talks failed to deliver meaningful progress.

“We are reinstating the THE IRANIAN BLOCKADE, so named because it is only stopping Iran’s ships or customers from entering or leaving,” Trump said online. “All other countries will have fair and open use of the Strait.”

The president said the toll would help cover “any and all costs necessary to do the job of providing safety and security to this very volatile section of the World.”

A fifth of the world’s oil and gas passed through the strait before Iran asserted control over it after the start of the war.

The latest exchange of fire was sparked by an Iranian attack on a container ship on Sunday in the Strait of Hormuz. Iran has asserted control over the critical waterway for international oil and gas since the United States and Israel started the war on Feb. 28.

Iran says it has the right to manage traffic through the strait and potentially charge fees in accordance with an interim peace deal reached last month. The US and others dispute that, citing international law on freedom of navigation, and the American military has tried to establish an alternative route outside of Iranian control.

Iran and the US are nearly halfway through the 60-day period in which they were supposed to negotiate a permanent end to the war and an agreement on Iran’s disputed nuclear program. Instead, a series of attacks over the strait have raised fears of a return to all-out war and further disruption to the global economy.

Oil prices jumped nearly 5 per cent on Monday before falling back. US benchmark crude, which had risen to nearly USD 120 a barrel at the height of the war, was trading at around USD 72.92. Markets were mixed.

The US says it has struck dozens of targets in Iran

The US military said it struck dozens of sites in the strikes on Monday, including air defence systems, radar sites, missile and drone equipment, and small boats. It said Iran does not control the Strait of Hormuz.

The European Union’s top diplomat, Kaja Kallas, called for the strait to be open, as it was before the war. “Freedom of navigation has to be respected,” she said.

Mohammed Mokhber, an adviser to Iran’s supreme leader, wrote that Tehran would fight for the strait.

“We defend it so that in the future, for the passage of our ships, we are not forced to pay tribute to the enemy!” he wrote on X. “Retreating from this vital matter has no place in the mind of any friend of Iran.”

Iran’s paramilitary Revolutionary Guard, a key power centre in the country’s theocracy that controls its ballistic missile arsenal, said the Strait of Hormuz is “our territory, and we will not allow a rogue and child-killing army from the other side of the world to continue its illegal interference in it.”

US-allied Arab states report another wave of attacks

Missile alert sirens sounded three times Monday in Bahrain, home to the US Navy’s 5th Fleet, and Kuwait said it was intercepting hostile fire. There was no immediate word on damage in either country.

In Jordan, the kingdom’s military said it shot down four Iranian missiles in an incident that “resulted in zero casualties or material damage.” Jordan also hosts US military forces and aircraft.

In Iran, authorities reported attacks in Hormozgan, Khuzestan and Markazi provinces and said at least two people were killed, according to state-run IRNA news agency. Semiofficial Iranian media also reported strikes in the eastern Sistan and Baluchestan province, which is on the coast of the Gulf of Oman.

The attacks continued hours after the US ended its strikes — again raising the possibility of Gulf Arab states retaliating against Iran. There were unclaimed attacks on Iran on Thursday.

A base belonging to the armed wing of an Iranian Kurdish opposition group based in Iraq’s semi-autonomous Kurdistan region came under drone attack on Monday, according to Rebaz Sharifi, a local commander. There were no immediate details on casualties or damage.

No group immediately claimed responsibility. Iran supports a number of powerful militias in Iraq.

Fighting focuses on the status of the Strait

Early on Sunday, the US military said it hit some 140 targets, including missile and drone launch sites, ammunition dumps and communication equipment — a far-heavier set of attacks than in two previous rounds of strikes in the last week.

Iran retaliated by attacking nations in the region hosting US military forces.

Sunday’s attacks stretched to Bahrain, Kuwait, Qatar, Jordan and even Oman, which shares the strait with Iran. Oman, which has long been an interlocutor between Tehran and the West, summoned an Iranian diplomat to criticise the attack.

Iran’s chokehold on the strait has loosened as the US military supports vessels moving along a southern route hugging the coastline of Oman. That new route has angered Iran, which has launched repeated attacks on ships using it.

Traffic through the Oman route dropped over the weekend to minimal levels, indicating that operators continue to prioritise perceived security over more direct transit options,” the ship-tracking website MarineTraffic.com said.

Iran’s Foreign Ministry spokesperson Esmail Baghaei blamed Washington for the chaos gripping the region.

“Considering the memorandum of understanding’s fourteen clauses, the Americans have, in this brief period, in one way or another, slaughtered its various components,” Baghaei told journalists Monday.

Baghaei also said Iran wouldn’t agree to visits by the International Atomic Energy Agency to nuclear sites the US bombed in 2025, where Tehran’s stockpile of highly enriched uranium is believed to be entombed.

Trump suggested last week that the interim deal in the war was “over.” But mediators, including Pakistan, Qatar and Egypt, have continued efforts to reach a final agreement to end the war.

A regional official involved in mediation, speaking on condition of anonymity to discuss the sensitive talks, said efforts to shore up the ceasefire continued Sunday. Pakistan said its foreign minister spoke by phone with Iran’s top diplomat and urged “de-escalation” on both sides.

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Police attach property of absconding drug peddler under NDPS Act in Sopore

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Police attach property of absconding drug peddler under NDPS Act in Sopore

Srinagar, July 13: In a major action against the narcotics ecosystem under the ongoing 100-Day Nasha Mukt Jammu & Kashmir Abhiyaan, police in Sopore have attached two immovable properties worth over ₹1.23 crore belonging to an absconding and notorious drug peddler under the provisions of Section 68F of the NDPS Act, 1985.

As per the statement, the attached properties comprise a double-storey residential house with boundary wall, and Land measuring 1 Kanal 10 Marlas under Survey No. 365 Min, having a combined value of over ₹1.23 crore.

The attached properties belong to Mohammad Ashraf Mir @ Ashu son of Late Farooq Ahmad Mir resident of Jamia Qadeem, Sopore, presently residing at Krankshivan Colony, Nageen Bagh-B, Sopore.

The attachment has been made in connection with FIR No. 23/2026 of Police Station Sopore, after a detailed financial investigation revealed that the properties had been acquired through proceeds generated from illicit narcotics trafficking. The attachment proceedings were executed in the presence of independent witnesses in accordance with the provisions of the NDPS Act.

The accused is absconding in the said NDPS case. A Hue and Cry Notice/Look Out Notice has already been issued against him. He is also involved in multiple NDPS cases, indicating his continued involvement in drug trafficking activities.

With this action, Police has further intensified its crackdown on the financial infrastructure sustaining the narcotics trade. By attaching illegally acquired assets, the objective is to deprive drug traffickers of the proceeds of crime and dismantle the economic foundations of the narcotics network.

Police reiterate its zero-tolerance policy against drug trafficking and substance abuse. Stringent legal as well as financial action shall continue against all those involved in the narcotics trade, police statement reads.

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WHO wants your dentist’s favorite filling gone — Here’s why

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WHO wants your dentist’s favorite filling gone — Here’s why

The World Health Organization (WHO) South-East Asia has intensified efforts to phase out mercury-containing dental fillings, bringing together health and environmental policymakers in Bangkok to accelerate the transition to safer, mercury-free oral healthcare.

The two-day regional workshop follows the 2025 decision under the Minamata Convention on Mercury to completely phase out dental amalgam by 2034, replacing the earlier goal of gradually reducing its use.

“Phasing out dental amalgam offers countries a unique opportunity to protect people’s health and the environment while accelerating the transition to prevention-oriented, minimally invasive and more sustainable oral health care,” said Dr Catharina Boehme, Officer-in-Charge of WHO’s South-East Asia Regional Office. “By working together across the health and environment sectors, we can expand access to safe, effective and people-centred oral health services while building more resilient and environmentally sustainable health systems.”

WHO said mercury released during the manufacture, use and disposal of dental amalgam can contaminate air, water and soil, making the shift to mercury-free alternatives a global public health and environmental priority.

According to WHO, only 19% of countries in the South-East Asia Region had implemented measures to phase down or eliminate dental amalgam by 2024, compared with 31% globally.

“Partnerships between the health and environment sectors are critical” to achieving the Minamata Convention’s goals, said Sudhir Sharma, Regional Coordinator for Chemicals and Pollution at UNEP, adding that collaboration can “reduce mercury releases, protect ecosystems and communities, and advance more sustainable and resilient health systems.”

The workshop is part of the Global Environment Facility-funded GEF-7 Phasing Down Dental Amalgam Project, implemented by UNEP and executed by WHO, with Thailand showcasing early success in reducing amalgam use through preventive oral health policies and wider adoption of mercury-free restorative materials.

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Mehbooba pays tributes to those killed in 1931 protest against Hari Singh, slams BJP

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Mehbooba pays tributes to those killed in 1931 protest against Hari Singh, slams BJP

Srinagar, Jul 13: PDP chief Mehbooba Mufti on Monday accused the BJP of turning the issue of the ‘martyrs’ of 1931 into a communal matter, saying those killed by the Dogra Maharaja’s soldiers sacrificed their lives fighting the “autocratic rule”.

The former chief minister paid tributes to the 22 protestors, who died on this day in 1931, at the PDP headquarters here.

The authorities had placed restrictions around the martyr’s graveyard in Naqshband Sahib area of the city to prevent people, including politicians, from paying their tributes.

Speaking to reporters at the party office, Mehbooba said 22 Kashmiris sacrificed their lives outside Srinagar Central Jail against the “autocratic rule”.

“They raised their voice against the autocratic rule of that time, its oppression and tyranny, and awakened our nation,” she said.

Drawing parallels with Bhagat Singh, Sukhdev, Rajguru, and Ashfaqullah Khan, Mehbooba said while the people of Kashmir acknowledge and respect their sacrifices, the BJP has turned the issue of the martyrs of 1931 into a communal issue.

“As far as the sacrifice of Kashmiris is concerned, the BJP has made it a Hindu-Muslim issue, it has made it a Dogra-Kashmiri issue, it has made it a Jammu-Kashmir issue. Our elders raised their voice against the autocratic rule at that time and became martyrs and sacrificed themselves,” she said.

Asserting that the BJP cannot put restrictions on the minds of the people of Jammu and Kashmir, the PDP president said “these martyrs awakened our nation, and laid the foundation for the people’s rule that we see today”.

“So, even if the BJP tries harder, it won’t be able to control our minds. They are our heroes. Just like Bhagat Singh, Sukhdev, Ashfaqullah Khan, and Gandhi ji are. Just as (Nathuram) Godse is the hero of BJP, these people who were martyred in 1931 for the sake of the people’s rule, they are our martyrs and will remain so. No matter how many restrictions they impose, no matter how many barbed wires they put up,” she added.

Terming the restrictions as an “excess done by the BJP”, Mehbooba claimed she was placed under house arrest on Sunday while Naqshband Sahib area was completely sealed and checkpoints were put up on Monday.

“I think this is an excess by the BJP, they should not do this. If they cannot respect our martyrs, then at least they should not stop us from paying tribute to them,” she said.

Mehbooba’s daughter, Iltija Mufti also accused the BJP of trying to “distort” and “erase” J-K’s history.

“The police is not even allowing us to take few steps outside (the party office). They want to erase and distort our history. This Martyr’s day is not illegal, it is not seditious. These are the people who sacrificed their lives, it is because of them that democracy came to Jammu and Kashmir. They raised their voice against the injustice done by Dogra rulers, it is because of them that the seeds of democracy were sown,” Iltija said.

She said the party leaders were “imprisoned”, but they did not want to break any law.

“I want to tell the LG and the administration here that you cannot erase or rewrite our history. The people of Kashmir will themselves decide who their heroes or villains are. The Martyr’s are heroes for us, and we will always salute them and their spirit,” she said.

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July 13 martyrs fought for democracy, not religion: Omar Abdullah

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July 13 martyrs fought for democracy, not religion: Omar Abdullah

Srinagar, Jul 13: Jammu & Kashmir Chief Minister Omar Abdullah on Sunday asserted that the July 13 martyrs had fought for democracy and against British and princely rule, condemning the authorities’ decision to prevent National Conference leaders from visiting the Martyrs’ Graveyard and saying the restrictions could not erase their legacy.

Describing the restrictions as “deeply unfortunate”, Abdullah said those who laid down their lives on July 13 had sacrificed themselves in the struggle against oppression and for democratic rights.

“Those who sacrificed their lives on July 13 fought against British rule, princely rule and for democracy. Today we are not being allowed to pay tribute to their sacrifice.”

Abdullah said those who ordered the closure of the Martyrs’ Graveyard had ignored the historical context of Jammu and Kashmir.

“If those who took the decision to close the Martyrs’ Graveyard had spent even two minutes reading the history of Jammu and Kashmir, they would have understood that by doing so they have ignored the sacrifices of all those who laid down their lives fighting against the British before Independence.”

He said Jammu and Kashmir had been a princely state under British paramountcy, adding that the Maharaja had accepted British authority. Pointing to the former British Resident’s buildings in Srinagar and Jammu and the existence of Residency Road in both cities, Abdullah said these were reminders of the British presence in the erstwhile state.

The Chief Minister rejected attempts to portray the July 13 movement through a religious lens. “This fight is being measured only in terms of religion. The sacrifices of these martyrs are being ignored only because they were Muslims and the Maharaja was not. But this was not a religious struggle. It was a struggle of principles. It was a struggle for democracy. Above all, it was a struggle for freedom against the British.”

Abdullah said political dispensations may change, but the memory of the martyrs would endure. “Those who have not allowed us to visit the Martyrs’ Graveyard today are here only for a few days. They are here today; tomorrow they will not be. But these martyrs’ graves were here, they are here, and they will remain here. Today or tomorrow, we will go there again, lay flowers and offer prayers for the martyrs.”

Responding to a question on whether the restrictions had embarrassed the National Conference, Abdullah said the curbs instead undermined official claims that normalcy had returned to Jammu and Kashmir.

“We were not discredited by this. This discredits the people who take this decision. It actually calls into question all the claims that are being made about normalcy in Jammu and Kashmir.”

Referring to security arrangements for the ongoing Amarnath Yatra, he said the closure of the Jammu-Srinagar National Highway itself reflected the prevailing security situation. “I don’t remember a time when, to conduct the Amarnath Yatra, we had to close the National Highway. But this year the National Highway is closed so that yatris can travel safely. What does that tell you about the security situation?”

He said only a small number of people had intended to visit the Martyrs’ Graveyard. “We don’t go there in lakhs, perhaps not even in thousands. I would say not more than 150 people would have gone there had we been allowed. If they feel threatened even by 150 people visiting the graveyard, that discredits them, not us.”

Calls BJP notice a ‘love letter’

Responding to questions on the BJP’s legal notice over his recent allegations of attempts to poach MLAs, Abdullah clarified that he had not received any court summons.
“I have received a letter from a lawyer, not a physical copy. I have received an electronic copy of the letter.”

In a sarcastic remark, he added: “I consider this a great honour because I am the only politician in Jammu and Kashmir who has been bestowed with a love letter like this from the BJP.”

He accused the BJP of preferring litigation over political debate. “I made the point on a political stage expecting that the BJP would respond politically. They have chosen not to. They take political fights and hide behind the courts.”

Abdullah said the National Conference would now begin issuing legal notices to BJP leaders whom he accused of making defamatory allegations against the party and its leadership.

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Legal notice a ‘mark of respect’, BJP hiding behind courts: CM Omar

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Legal notice a ‘mark of respect’, BJP hiding behind courts: CM Omar

Srinagar, July 13: Jammu and Kashmir Chief Minister Omar Abdullah on Monday termed the legal notice served on him by the Bharatiya Janata Party (BJP) a “mark of respect,” alleging that the party was “hiding behind courts” instead of responding politically.

He also announced that the National Conference (NC) would initiate legal proceedings against BJP leaders over what he described as defamatory and baseless allegations against the party and its leadership.

Speaking to reporters at the National Conference headquarters, Nawa-i-Subh, Omar said the legal notice reflected that he remained “a political force they cannot ignore.”

“I have received an electronic copy of the legal notice. I consider it a great honour because I am probably the only politician in Jammu and Kashmir who has received such a love letter from the BJP. I consider it a mark of respect because it tells me that I am a political force they cannot ignore,” he said.

The Chief Minister said he had intentionally made his remarks on a political platform expecting a political response from the BJP, but alleged that the party had instead chosen to pursue the matter through the courts.

“I could have made the same statement inside the Assembly under privilege, where it could not have been challenged outside. But I didn’t. I made the point on a political stage expecting the BJP to respond politically. They have chosen not to. They take political fights and hide behind the courts. They would rather settle political scores in court,” Omar said.

He said the National Conference would now adopt the same legal course against BJP leaders who, he alleged, had repeatedly levelled unfounded allegations against the party.

“For the last few months, senior BJP leaders have levelled baseless and slanderous allegations against the National Conference and its leadership. We have been fighting them politically. From now on, we will begin the process of sending legal notices to one particular BJP leader and a few others. Let us see where this process goes,” he said.

Referring to the proposed National Conference protest at Jantar Mantar in New Delhi, Omar said the party was awaiting permission from the Delhi Police.

“We have been informed that permission usually takes five days. We are following it up and expect to hear from Delhi Police by tomorrow or Wednesday morning,” he said.

Commenting on the restrictions imposed on July 13, the Chief Minister said preventing him and other NC leaders from paying tributes at the Martyrs’ Graveyard exposed the gap between official claims of normalcy and the prevailing ground situation.

“It is a very sad thing that those people who, on July 13, sacrificed their precious lives against British rule, against personal rule and for democracy are being remembered in this manner. We were not discredited by not being allowed to visit the Martyrs’ Graveyard. Those who took this decision have discredited themselves. On one hand, we are told everything is normal in Jammu and Kashmir, but on the ground nothing appears normal,” he said.

Questioning the security situation, Omar referred to the arrangements made for the ongoing Shri Amarnath Ji Yatra, saying he did not recall the National Highway being closed for the pilgrimage in previous years.

“I don’t remember a time when the National Highway had to be closed for the Amarnath Yatra. This year it has been closed so that yatris can travel safely. What does that tell you about the security situation? It shows how uncertain they are about the calm that prevails,” he said.

He added that the administration had prevented even a small group of NC leaders from visiting the Martyrs’ Graveyard.

“We were not talking about lakhs of people or even thousands. We would not have gone there with more than 100 or 150 people. If they feel threatened even by such a small gathering, that discredits them, not us,” Omar said. —(KNO)

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Anantnag Police arrest fraudster in gold coin scam

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Anantnag Police arrest fraudster in gold coin scam

Anantnag, July 13: Anantnag Police have arrested a person for his alleged involvement in gold coin scam, officials said on Monday.

The officials said that the accused, identified as Sajad Ahmad Beigh, son of Lassa Beigh, resident of Draway, Larnoo, has been arrested in connection with FIR No. 27/2026 of Police Station Larnoo registered under Sections 318(4), 351(2) and 61(2) of the Bharatiya Nyaya Sanhita (BNS).

“The case was registered following a complaint by a Srinagar resident who alleged that the accused, along with his associates, fraudulently induced him to part with ₹12 lakh on the false promise of supplying gold coins at discounted rates. As part of the conspiracy, the complainant was allegedly intercepted at a naka during the planned transaction, where the purported gold coins were taken away, leaving him cheated,” a police spokesperson said in a statement.

During investigation, the spokesperson said, Anantnag Police collected substantial oral and technical evidence establishing the involvement of the accused and his associates. The anticipatory bail granted to the accused was successfully challenged and cancelled by the Hon’ble Court, following which he was arrested.

“Further investigation is underway to apprehend the remaining absconding accused and uncover the entire criminal conspiracy,” the statement said.

Anantnag Police advised the public to remain vigilant and avoid falling prey to fraudulent schemes or false representations while entering into financial transactions.

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Oil prices jump, Asian shares slip as US, Iran carry out airstrikes

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Oil prices jump, Asian shares slip as US, Iran carry out airstrikes

Bangkok, Jul 13: Oil prices jumped and Asian shares were mostly lower Monday after the US carried out airstrikes and Iran retaliated.

The price of Brent crude, the international standard, gained 3.9 per cent to USD 78.96 per barrel, while US benchmark crude oil added 4 per cent to USD 74.26 per barrel.

Prices for both types of crude oil recently had slipped back to the levels they were at before the war with Iran began, after the two sides set an interim agreement on ending the conflict and ships resumed transporting oil through the Strait of Hormuz.

However, the United States launched several waves of strikes on Iran into Monday morning over an Iranian attack on a container ship in the strait that set it ablaze and left a crew member missing over the weekend. Iran retaliated by targeting countries across the Middle East.

US stock futures fell, with the contract for the S&P 500 down 0.4 per cent and that for the Dow 0.3 per cent lower. The Nasdaq composite future lost 1 per cent.

In Asian trading, Tokyo’s Nikkei 225 index lost 1.1 per cent to 67,786.86, while in Seoul, the Kospi declined 5.6 per cent, to 7,060.69.

Shares in South Korean memory chipmaker SK Hynix, which soared 13 per cent in their debut Friday on Wall Street, slumped 10.6 per cent in Seoul. Its bigger rival Samsung Electronics sank 6.7 per cent.

Elsewhere in Asia, Hong Kong’s Hang Seng edged 0.1 per cent higher, to 24,202.41, and the Shanghai Composite index shed 1.2 per cent to 3,947.34.

In Australia, the S&P/ASX 200 declined 0.3 per cent to 8,777.00.

US stocks ticked higher Friday after investors showed sustained appetite for winners of the artificial-intelligence boom. The S&P 500 rose 0.4 per cent and the Dow Jones Industrial Average added 0.3 per cent. The Nasdaq composite climbed 0.3 per cent.

SK Hynix’s shares jumped immediately after trading began in the midday hours after it raised roughly USD 26.5 billion by selling American depositary shares at a price of USD 149 each.

SK Hynix’s stock in Seoul had already surged more than 600 per cent over the last year thanks to euphoria around AI. The boom has created real profits due to surging demand for computer memory.

But it has also raised worries that AI stock prices have shot have too high and that all the world’s spending on chips and data centres won’t be able to produce enough productivity and profit growth to make it worth it.

That’s led to sharp recent swings for AI stocks, which have grown into some of Wall Street’s most influential because of their huge sizes.

Nvidia was the strongest single force lifting the S&P 500 Friday after rising 4 per cent.

Beyond the uncertainty about AI, the focus on Wall Street is shifting to the upcoming reporting season for companies’ profits during the spring.

Companies across industries will need to produce big growth in profits to justify the big moves for their stock prices, which are broadly near records. Next week will feature earnings reports from many of the biggest US banks, including Bank of America, Citigroup, JPMorgan Chase, Goldman Sachs and Wells Fargo on Tuesday alone.

Worries about how continued fighting with Iran will affect the global flow of crude are clouding the outlook both for energy costs and overall inflation.

High bond yields have been weighing on financial markets worldwide since more expensive oil and high inflation could push the Federal Reserve and other central banks to raise interest rates.

Higher rates can keep a lid on inflation, but they also slow the economy and hurt prices for all kinds of investments.

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BJP issues Rs 100 crore defamation notice to Omar Abdullah over ‘MLA poaching’ charges

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BJP issues Rs 100 crore defamation notice to Omar Abdullah over ‘MLA poaching’ charges

Jammu, Jul 13: The Jammu and Kashmir unit of the BJP on Monday served a legal notice to Chief Minister Omar Abdullah over his claim that the national party had attempted to bribe National Conference legislators with cash and ministerial berths in a bid to topple his government.

Calling the allegations “false, baseless and defamatory”, the BJP has demanded a written retraction, an unconditional public apology within seven days, and warned of civil and criminal proceedings if the demands are not met.

The chief minister, while addressing National Conference (NC) workers at Hazratbal last week, alleged that the BJP is trying to bring down his government by engineering a split in his party. He also claimed that an NC MLA from Jammu told him that he was offered Rs 20-30 crore and a ministerial berth to switch sides to the saffron camp.

The notice has been issued through advocate Parimoksh Seth on the instructions of BJP J-K president and Rajya Sabha MP Sat Paul Sharma. It contends that the chief minister’s statements have caused serious damage to the reputation and public standing of the BJP and its office-bearers.

A BJP spokesperson informed that the party has sent the notice to the chief minister.

According to the three-page notice, Abdullah alleged that BJP functionaries had approached certain National Conference MLAs from the Jammu region with offers of Rs 20–30 crore, ministerial berths and restoration of statehood in an attempt to persuade them to switch allegiance to the BJP.

It refers to the chief minister’s allegation that a senior BJP office-bearer, who is also a lawyer practising in the Supreme Court, allegedly played a role in offering the inducements.

Rejecting the allegations, the BJP has described them as “entirely untrue, malicious and without any factual basis.”

The notice states that the allegations were deliberately made to tarnish the party’s image and have been widely circulated, thereby causing substantial reputational harm.

The legal notice asserts that the allegations amount to defamation under both civil and criminal law and calls upon the chief minister to withdraw his charges in writing.

“Issue an unconditional public apology within seven days of receiving the notice. Refrain from publishing or circulating any further defamatory material concerning the BJP. Immediately cease and desist from making or repeating any such statements,” it said.

The BJP has warned that if the demands are not complied with within the stipulated period, it will initiate appropriate civil and criminal proceedings before a competent court. These would include a defamation suit seeking damages of Rs 100 crore, apart from other legal remedies available under the law.

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