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The Print
7 days ago
- Business
- The Print
Nargis Dutt Foundation Felicitates Meritorious Scholarship Students on Sunil Dutt's Birth Anniversary
Mumbai (Maharashtra) [India], June 9: On the auspicious occasion of Sunil Dutt's birth anniversary, the Nargis Dutt Foundation (NDF) proudly hosted its annual scholarship felicitation program on June 6, 2025, honouring excellence, perseverance, and dreams turned into reality. Held in the spirit of empowerment through education, the event recognized the top achievers among 400 scholarship recipients supported by the Foundation from grade VIII to postgraduation across Medical, Engineering, and Master's programs. As a GiveIndia Gold Certified and GuideStar India Gold Certified NGO, NDF has long championed the cause of education for deserving yet underprivileged students. This year's event was a resounding celebration of talent, hard work, and community support. The evening brought together donors, well-wishers, and supporters who have helped make these scholarships possible. Nargis Dutt Foundation appreciated the continuous support of Khalid & Zeyna Ansari Charitable Foundation, RBL Bank Ltd and Hasbro India Toys Pvt Ltd. for their generous donations. In addition to the award distribution, the event featured an array of engaging games, gifts, music & dance that reflected the joy and enthusiasm of the student community. The event was graced by Mr Jassim Biljeek, Vice Consul General at the Consulate of the Kingdom of Bahrain in Mumbai. Addressing the gathering, Chairperson & Trustee Priya Dutt shared a heartfelt message 'This scholarship program is not just about financial aid; it's about believing in potential. Each of our students represents a future of possibilities that would make my father, Sunil Dutt, immensely proud.' Among the honoured students was Vedprakash Dubey, pursuing MBBS, who said, 'When all the roads ahead of me were closed, the Nargis Dutt Foundation became a ray of hope and helped me.' Shumaila Khan, final year engineering student in Artificial Intelligence & Data Science, added, 'It wasn't just about funding my education, NDF gave me a sense of responsibility, to give back, to guide others, and to prove that even first-generation learners can lead the way.' Govind More, completing his Master's in Social Work from TISS, expressed, 'To me NDF means – empowering marginalised communities through scholarships and mentoring to bridge the gap.' The event was a powerful reminder of the transformative role that education and support can play in shaping lives. The Nargis Dutt Foundation remains committed to nurturing bright minds and ensuring that no dream is left behind due to financial constraints. As the evening concluded with joyful celebrations and camaraderie, it was evident that Sunil Dutt's legacy of compassion and service continues to inspire generations. (ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same) This story is auto-generated from a syndicated feed. ThePrint holds no responsibility for its content.
BBC News
15-06-2025
- Politics
- BBC News
US journalist Austin Tice was executed, claims ex-Syria commander
The man accused of being responsible for holding the missing American journalist Austin Tice has claimed that ousted Syrian President Bashar al-Assad ordered his execution, security sources have told the General Bassam Al Hassan is a former commander in the Republican Guards who was part of President Assad's inner circle. He was also the Chief of Staff of the National Defence Forces (NDF), the paramilitary group that a BBC investigation uncovered was responsible for holding Mr Tice after his abduction in discovery was made as part of an upcoming BBC Radio 4 podcast about the disappearance of Austin American journalist vanished near the Syrian capital of Damascus in August 2012, just days after his 31st birthday. He had been working as a freelance journalist and was leaving Syria when he was abducted. The fallen regime consistently denied knowing of his whereabouts - the BBC investigation showed that was false and that Mr Tice was being held in Hassan, who is subject to UK, EU, Canadian and US sanctions, oversaw the facility where Mr Tice was held. Earlier this year, he is said to have met with US law enforcement at least three times in Lebanon. Sources claim that at least one of those meetings was in the US embassy complex. During these conversations, he is said to have told investigators from the FBI and CIA that the now-ousted President Assad ordered the execution of missing American journalist Austin Tice. Sources familiar with the conversations told the BBC that Al Hassan claims to have initially tried to dissuade President Assad from killing Mr Tice, but that he eventually passed on this order and that it was carried out. Al Hassan is also understood to have provided possible locations for the journalist's body. Sources familiar with the FBI investigation have said that efforts to confirm the validity of Al Hassan's claims are ongoing, and that a search is intended to happen of the sites where Mr Tice's body could intelligence sources familiar with the details of Al Hassan's claim that President Assad gave the order to kill Mr Tice are sceptical that he would directly give such an instruction, as he is known for having mechanisms for distancing himself from such BBC accompanied Mr Tice's mother, Debra, to Beirut as the 13th anniversary of her son's disappearance approaches. Upon finding out that Bassam al Hassan had spoken to US officials, Debra Tice attempted to meet with Al Hassan herself and contacted the US embassy requesting assistance. She told the BBC: "I just want to be able to speak to him as a mother and ask him about my son." Her attempt to meet with Al Hassan was asked about the claims by Al Hassan, she said her feeling was that he "fed the FBI a story that they wanted to hear" to help them close the Tice has led a tireless and determined campaign to bring her son home and remains committed to finding him. She told the BBC: "I am his mother, I still believe that my son is alive and that he will walk free."Separately, a former member of the NDF with intimate knowledge of Austin Tice's detention told the BBC "that Austin's value was understood" and that he was a "card" that could be played in diplomatic negotiations with the Al Hassan was considered one of President Assad's most trusted advisors. After the Syrian regime's collapse in December, Mr Al Hassan had fled to Iran. Sources close to him have told the BBC that while in Iran, Al Hassan received a phone call and was asked to come to Lebanon to meet with US officials. It is believed that he was given assurances that he would not be years, consecutive US presidents have said that Mr Tice, a former US Marine captain, who served in Iraq and Afghanistan and was a law student at the prestigious Georgetown University in Washington, was alive. In December 2024, then President Joe Biden told reporters at the White House that "we believe he's alive," and that "we think we can get him back, but we have no direct evidence of that yet".
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Business Standard
12-06-2025
- Business
- Business Standard
RBI winds down offshore currency tool reflecting shift in strategy
By Subhadip Sircar and Bhaskar Dutta India's central bank has scaled back its use of a key tool it deployed last year to counter the strong dollar, according to people familiar with the matter, reflecting a change in the authority's intervention strategy under its new leadership. The Reserve Bank of India 's short dollar positions in the non-deliverable forwards market have fallen sharply to below $5 billion, down from a peak of about $70 billion late last year, the people said, asking not to be named discussing private matters. The central bank had relied heavily on these offshore contracts in 2024 as the dollar surged, driven by a strong US economy and Donald Trump's presidential win. However, this year, the rupee has moved more freely against the greenback, suggesting a shift toward a more hands-off approach to currency management amid global trade uncertainty. 'A central bank cannot keep increasing its short forward book without losing the efficacy of this tool. So to prepare for further volatile events, the RBI will reduce its forward book substantially, if not completely,' said Dhiraj Nim, currency strategist at Australia & New Zealand Banking Group Ltd. An email sent to the RBI seeking comment on the matter didn't immediately receive a response. Using offshore non-deliverable forwards has a number of advantages for central banks, including potentially lower costs and the fact that they don't drain official reserves. That's because the NDF contracts allow the central bank to influence the rupee's levels without actually selling large amounts of dollars. Such interventions can also act as a signal of intent in the spot market, thus boosting the rupee when markets are volatile. The RBI's heavy reliance on the offshore market last year was in sharp contrast to its usual practice of curbing swings in the rupee onshore. Under Governor Sanjay Malhotra, who took office in December, the central bank has brought a large portion of its derivatives intervention to the local market. The reduction in the offshore exposure accounts for most of the recent drop in the RBI's overall forward dollar positions, the people said. As of April, the total forward book — covering both local and offshore markets — stood at about $73 billion, down from a record $88.8 billion in February. More than half the book was within the 3-month to 1-year maturity bucket, indicating a large portion of the book had been brought onshore. However, the RBI isn't worried about the potential drain on its reserves from these dollar sales. 'We are not unduly concerned about that,' Governor Malhotra told reporters on Friday after cutting interest rates for a third straight meeting. 'If there are opportunities, we can build reserves.' India's foreign exchange reserves have rebounded to $692 billion, nearing the record high of $705 billion hit in September. Still, the RBI will likely need to continue adding to its reserves over the next three months to cushion any impact of $14.7 billion in maturing short positions through July, Nomura Holdings Inc. analysts wrote in a note. More than two-thirds of the contracts in the overall forwards book were in the three months to one-year bucket and are unlikely to be rolled over, according to DBS Bank Ltd. The RBI's unexpected decision to cut banks' cash reserve ratio and free up ₹2.5 trillion in liquidity was also aimed at offsetting likely liquidity strain from unwinding short positions, according to the lender. When the RBI sells dollars to banks, it absorbs rupees, potentially tightening financial conditions. 'Liquidity infusion via the CRR cut would also aid this process and ensure it is non-disruptive, while shielding the currency,' said Radhika Rao, senior economist at DBS Bank.
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Business Standard
06-06-2025
- Business
- Business Standard
Rupee slides ahead of RBI MPC rate decision; opens lower at 85.87/$
The Indian Rupee edged lower ahead of the Reserve Bank of India's (RBI) key interest rate decision, even as the dollar index remained largely steady. The domestic currency depreciated 7 paise to open at 85.87 against the greenback, after closing at 85.80 on Thursday, according to Bloomberg. The Indian rupee rose by 10 paise on Thursday on the back of $1 billion in inflows from Adani Ports and another firms, according to Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP. "However, it failed to sustain those gains today as demand outpaced supply, with non-deliverable forwards (NDF) putting pressure on the currency." The rupee continues to rely heavily on the Reserve Bank of India's support, Bhansali said. With foreign portfolio investor (FPI) flows remaining uncertain and recent inflows being tepid and sporadic, the rupee has been on a weakening trend, he added. The upcoming monetary policy meeting, where a 25 basis point rate cut is expected, and narrowing interest rate differentials are also contributing to rupee weakness, according to Bhansali. "For the day, the rupee is expected to move between 85.50 and 86.25, with markets closely watching the RBI's actions." The dollar index edged up slightly as investors evaluated the phone call between US President Donald Trump and Chinese President Xi Jinping. The two leaders spoke on Thursday and agreed to resume trade talks through upcoming official-level meetings. The index, which measures the greenback against a basket of six major currencies, was up 0.04 per cent at 98.78. The dollar was headed for a weekly loss on Friday, undermined by signs of fragility in the US economy, and as trade negotiations between Washington and its trading partners made little progress despite a looming deadline, Bhansali said. Meanwhile, the friends-turned-foes episode deepened tensions as the US President Donald Trump threatened to end Elon Musk's government contracts after his comment on the 'Big Beautiful Bill', sending Tesla shares to their worst in four years.
Economic Times
05-06-2025
- Business
- Economic Times
Rupee weakens to 86.02 amid equity outflows and Central Bank review
For the rupee, a key resistance now remains at 86.25/$1, from an earlier resistance of 85.80/$1. Traders are also betting against the rupee by cutting down on their long rupee positions. The Indian rupee weakened to 86.02 against the dollar on Wednesday, eventually settling at 85.90, influenced by equity outflows and NDF position adjustments before the RBI's policy review. Dollar demand from foreign banks and oil firms further pressured the rupee, which has declined 1.5% since last Monday. Shrinking interest rate differentials and tariff uncertainties also contributed to the rupee's depreciation. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Mumbai: The Indian rupee weakened to 86.02 per dollar on Wednesday, before closing marginally higher at 85.90/$1, largely driven by equity outflows and squaring of offshore non deliverable forwards (NDF) positions ahead of the central bank's monetary policy review on Friday, traders rupee had opened at 85.74/$1 on demand from foreign banks and oil companies added to the pressure. The rupee had closed at 85.59 on intervention by the Reserve Bank of India helped contain excess losses and prevented the rupee from depreciating too far from the 86 level, traders said. The currency has declined 1.5% since last Monday, where it closed at 84.78/$1 and is the worst performing currency in Asia, according to LSEG data."Interest rate differentials between India and US are shrinking, and with the US not expected to cut, rupees' spot rates are weakening," said Anil Bhansali, head of treasury at Finrex Treasury the rupee, a key resistance now remains at 86.25/$1, from an earlier resistance of 85.80/$1. Traders are also betting against the rupee by cutting down on their long rupee positions."There has been some unwinding of long rupee positions amid tariff uncertainties," said Kunal Sodhani, head of treasury at Shinhan Bank India.
