Skip to content
Search

Latest Stories

Vijay Mallya Rejects Latest Offer To Indian Banks Linked To Christian Michel’s Extradition

Erstwhile Indian business tycoon, Vijay Mallya who presently residing in the UK has rejected the news on Thursday (6) that his offer to repay all his dues to the Indian banks was linked to the extradition of UK national Christian Michel to India in AgustaWestland chopper scam.

The liquor baron urged the banks to take back their money as he wants to end the narrative that he stole public money.


“Respectfully to all commentators, I cannot understand how my extradition decision or the recent extradition from Dubai and my settlement offer are linked in any way. Wherever I am physically, my appeal is “Please take the money”. I want to stop the narrative that I stole money,” Mallya tweeted on Thursday.

Grounded Kingfisher Airline boss on Wednesday (6) in a series of tweets had urged the banks to accept his offer to pay back 100 per cent of the principal loan amount. Mallya has also rejected the news that his offer is linked with the extradition proceeding being completed in the UK to extradite him to India.

The tweets by Mallya has come just a few hours after alleged AgustaWestland VVIP chopper deal agent Christian Michel was brought to India from UAE. India’s first successful extradition since India started same proceedings against economic offenders such as Vijay Mallya, Nirav Modi, and others.

The former liquor baron who is on bail in the UK on an extradition warrant after his arrest in April 2017 and is on his legal battle against efforts undertaken by India investigators to extradite him to India on charges of fraud and money laundering worth Rs 90 billion.

Westminster Magistrates’ Court is expected to pass its judgement on Mallya’s extradition trial in London on December 10.

The extradition case was started at the London court last year with an objective at laying out a prima facie case of fraud against Mallya and establishing there are no hurdles to him being extradited to face legal proceeding in India over the allegations related to loans made out to his Kingfisher Airlines.

Yet another court case in the UK, Mallya had also lost his appeal in UK’s Court of Appeal against a High Court order in favour of 13 Indian banks to recover loans nearly £1.145bn.

More For You

OpenAI Restricts ChatGPT’s Image Feature After Viral Ghibli Trend

Altman addressed the impact of the popular Ghibli-style image trend on OpenAI’s resources

Getty

OpenAI limits ChatGPT’s image generation feature amid viral Ghibli image trend

OpenAI CEO Sam Altman has announced temporary limitations on the company’s image generation feature in response to overwhelming demand driven by a viral trend. On Thursday, Altman addressed the impact of the popular Ghibli-style image trend on OpenAI’s resources, particularly its reliance on GPUs (graphics processing units). Altman revealed that the surge in demand for ChatGPT’s image generation tool has led to significant strain on the company’s infrastructure, prompting the introduction of temporary speed limits for users.

In a post on X (formerly Twitter), Altman shared the company’s response to the unexpected demand, stating, “It’s super fun seeing people love images in ChatGPT, but our GPUs are melting. We are going to temporarily introduce some rate limits while we work on making it more efficient. Hopefully won’t be long! ChatGPT free tier will get 3 generations per day soon.”

Keep ReadingShow less
UK-business-district-Getty
The Canary Wharf business district including global financial institutions in London. (Photo: Getty Images)

Economic growth in 2024 slightly higher than estimated: ONS

THE UK economy grew slightly more than first estimated in 2024, according to official data released on Friday, providing a small boost for the government after it revised down its growth forecast for 2025.

The Office for National Statistics (ONS) said gross domestic product expanded by 1.1 per cent in 2024, up from an initial estimate of 0.9 per cent.

Keep ReadingShow less
Sri Lanka posts five per cent GDP growth as it ends years of economic decline

Sri Lanka's president Anura Kumara Dissanayake

Sri Lanka posts five per cent GDP growth as it ends years of economic decline

CASH-STRAPPED Sri Lanka’s economy grew by five per cent in 2024, marking the first full year of expansion since its unprecedented meltdown in 2022, official data showed last Tuesday (18).

The last quarter of 2024 saw the economy expand by 5.4 per cent, bringing the full calendar year’s GDP growth to five per cent, compared to a contraction of 2.3 per cent in 2023.

Keep ReadingShow less
Donald Trump

Speaking from the Oval Office, Trump said, 'What we’re going to be doing is a 25 per cent tariff on all cars that are not made in the US.'

Getty Images

Trump imposes 25 per cent tariffs on foreign-built cars

US president Donald Trump has announced a 25 per cent tariff on imported cars and auto parts, escalating trade tensions with key partners.

The new duties take effect on 3 April and apply to foreign-made cars and light trucks, with additional levies on key auto parts set to follow within the month.

Keep ReadingShow less
Starmer-Trump-Getty

The UK is negotiating a tech-focused trade deal with the US, which could help avoid direct tariff impacts.

Getty Images

UK economy faces pressure from Trump’s tariff threats

THE UK’s economy faces a major risk from US president Donald Trump’s proposed tariffs, the country’s fiscal watchdog warned on Wednesday, citing slow growth and a high debt burden as key vulnerabilities.

Chancellor Rachel Reeves announced cuts to the welfare budget and other spending reductions to meet a key fiscal target aimed at reassuring investors after the 2022 market turmoil under former prime minister Liz Truss.

Keep ReadingShow less