Skip to content
Search

Latest Stories

India's tax officials search Huawei offices

India's tax officials search Huawei offices

INDIAN tax officials on Wednesday (16) conducted searches at the offices of Chinese tech giant Huawei, the firm said, days after New Delhi banned a host of Chinese apps over national security concerns.

Tensions between New Delhi and Beijing have been running high since a deadly 2020 clash involving their militaries in a disputed Himalayan border area.

The latest volley from India saw officials from its income tax department search Huawei India's premises in Gurgaon, on the outskirts of capital New Delhi, and in the southern tech hub of Bangalore, according to the company.

"We have been informed of the visit of income tax team to our office and also of their meeting with some personnel," Huawei India said in a statement.

Huawei was confident their operations in India were "firmly compliant" with local laws and they would fully cooperate with the authorities, the statement added.

Indian authorities were not immediately available for comment.

Local media reports said the officials were looking at the financial documents, account books, and Huawei's Indian businesses as well as overseas transactions.

Earlier this week, India's home ministry banned 54 mobile applications of Chinese origin, including the popular game Garena Free Fire, several news outlets reported.

India is the world's second-biggest market by number of phone users, and the government has justified the ban on the apps, saying they threatened its sovereignty and integrity.

In 2020, the government had banned TikTok and a host of other popular short video apps from China.

Anti-China sentiment has grown in India since the Himalayan border clash, sparking calls for a boycott of goods from the neighbouring country.

However, China continues to be a key economic partner for India, with bilateral trade in 2021 crossing $125 billion (£91.85 bn), according to media reports.

(AFP)

More For You

Shein-Reuters

Shein had aimed to go public in London in the first half of this year, subject to regulatory approvals in the UK and China. (Photo: Reuters)

Shein cuts valuation to £40 billion for London listing

SHEIN is preparing to lower its valuation to around £40 billion for a potential initial public offering (IPO) in London, according to three Reuters sources familiar with the matter.

This is nearly 25 per cent lower than the company's 2023 fundraising valuation as it faces increasing challenges.

Keep ReadingShow less
Northern-Superchargers-Getty

Ben Stokes and Matthew Short of Northern Superchargers walk out to bat during The Hundred match between Manchester Originals and Northern Superchargers on August 11, 2024 in Manchester, England. (Photo: Getty Images)

Sunrisers Hyderabad to acquire Northern Superchargers in £100 million deal

INDIAN Premier League franchise Sunrisers Hyderabad is set to become the first full owners of an English Hundred team after agreeing to buy Yorkshire’s Northern Superchargers for a reported £100 million.

The Sun Group will be the third IPL-linked investor in the eight-team Hundred competition, following Reliance Industries, which owns Mumbai Indians, and RPSG, which runs Lucknow Super Giants.

Keep ReadingShow less
BT-Getty

A view of the British Telecom (BT) headquarters in central London. (Photo: Getty Images)

BT to remove diversity targets from manager bonuses

BT will remove diversity, equity, and inclusion (DEI) targets from its manager bonus scheme, replacing them with a measure of overall employee engagement.

The change, set to take effect in April, follows consultation with major investors and has received “strong support,” according to the company, The Telegraph reported.

Keep ReadingShow less
India's central bank cuts interest rates for first time since 2020

The central bank announced a 25-basis-point cut in the benchmark repo rate to 6.25 per cent, the rate at which it lends to commercial banks.. (Photo credit: Reuters)

India's central bank cuts interest rates for first time since 2020

THE RESERVE BANK OF INDIA (RBI) reduced interest rates on Friday for the first time in nearly five years, citing concerns over economic growth despite inflation risks.

The central bank announced a 25-basis-point cut in the benchmark repo rate to 6.25 per cent, the rate at which it lends to commercial banks.

Keep ReadingShow less
Sri Lanka seeks to negotiate with Adani over renewable energy plants

Gautam Adani

Sri Lanka seeks to negotiate with Adani over renewable energy plants

SRI LANKA’S government started talks with India’s Adani Group to lower the cost of power from two wind power projects the group will build in the island nation’s northern province, the cabinet spokesman said last Tuesday (28).

Sri Lanka has been reviewing the group’s local projects after US authorities in November accused billionaire founder Gautam Adani and other executives of being part of a scheme to pay bribes to secure Indian power supply contracts. Adani has denied the allegations.

Keep ReadingShow less