Latest news with #FEMA
Economic Times
an hour ago
- Business
- Economic Times
ETtech Explainer: Inside Amazon's victory against Future Group in Reliance deal
The Singapore International Arbitration Centre (SIAC) ruled in favour of Amazon on Thursday, confirming that Future Group violated the contract by making a deal to sell its retail business to Reliance in takes a close look at the long-standing legal battle between Kishore Biyani-led Future Group and Amazon that was awarded only Rs 23.7 crore in damages after the Thursday ruling, which is far less than the Rs 1,436 crore it claimed. What's the case all about? Back in 2020, Future Group, which owns major retail players like Big Bazaar, Food Bazaar, and Easyday, agreed to sell assets worth $3.4 billion to Amazon rival Reliance Industries as the business was hit hard during the pandemic. However, ecommerce giant Amazon had previously invested $200 million in Future Group and had a contractual right to block such a sale. Amazon acquired a 49% stake in Future Coupons, a promoter of Future Group that holds a 9.82% stake in the group's retail arm, Future Retail. The deal implied Amazon indirectly having a 4.81% stake in Future Retail Ltd (FRL). In October 2020, Amazon approached SIAC and obtained a stay on the Future-Reliance deal from the emergency arbitrator. The order was followed by a slew of petitions and counter-petitions between Amazon and Future Group in the Delhi High Court and in the Supreme Court. SIAC is an arbitration centre based in Singapore that handles international disputes, including those involving Indian companies. Emergency arbitration ruling is a temporary relief mechanism to hear urgent matters before the main arbitration panel is even set up. The legal battle begins Amazon objected to the Future Group and Reliance deal on the grounds that its investment in FCPL made it mandatory for FRL to take its consent before parting with any of its assets. Amazon has said that in its agreement with Future, Reliance Retail was specifically named as one of the entities to whom the Indian retailer could not sell its assets. Future Retail further alleged that Amazon interfered with the Rs 23,000 crore deal with Reliance Industries and misused SIAC's interim verdict. The Competition Commission of India (CCI) in December 2021 suspended its approval of Amazon's 2019 deal with Future, denting the US ecommerce giant's attempts to block the sale of Future's retail assets to Reliance Industries. Future Group accused Amazon of violating Indian foreign investment laws and the Foreign Exchange Management Act (FEMA) by misrepresenting facts. CCI later made a statement that Amazon suppressed information while seeking clearances for the deal. ET had reported in November 2021 that Amazon had asked Future Group to withdraw its applications with the CCI. Amazon later filed an appeal against the CCI suspension decision at the National Company Law Appellate Tribunal (NCLAT). Next year in February, Reliance, which had not played a public role in the dispute, suddenly took control of hundreds of Future stores, citing non-payment of rent that was due. However, Future denies any wrongdoing, saying Amazon was illegally seeking to exert control over Future's retail business and said it would face liquidation if the Reliance deal fell through. What's at stake? Amazon has invested $6.5 billion in India. The Future partnership had helped Amazon to boost its online portfolio of grocery deliveries by integrating the Indian company's stores on its website. The recent ruling by the SIAC in favour of Amazon has hit Reliance's growth plans in India's retail market. In a confidential legal filing, Amazon said that Reliance's consolidated position with Future "will further restrict competition in the Indian retail market." What lies ahead? Amazon India's legal head, Rakesh Bakshi, had asked Future Group for generous compensation in return for withdrawing its objections to the Reliance deal. In a final award issued late Thursday night, the three-member tribunal said that the Future-Reliance deal is a breach of the Shareholders' Agreement (SHA) and Share Subscription Agreement (SSA) signed between Amazon and Future Coupons Pvt Ltd (FCPL) in the tribunal found that even if all contractual agreements had been fully performed, Amazon would not have recovered its entire investment due to the declining financial condition of FRL.
Yahoo
2 hours ago
- Yahoo
Missing Kansas City FEMA worker located safe, police say
KANSAS CITY, Mo. — A missing Kansas City FEMA worker has been located safe after he was last seen a week ago. The Cape Girardeau Police Department reports Friday evening that 32-year-old Nate Hubert was safely located in Shannon County, Missouri. KCK Fire Department talk fireworks safety after two children seriously injured Police say Hubert was found Friday afternoon and had reportedly been drinking from a stream and had not eaten in several days. He's now receiving medical attention for further treatment and care. No foul play is suspected at this time, according to police. 'We wish to extend our heartfelt thanks to everyone who helped share the information and assisted in the search. Your support made a difference,' the police department said. Hubert was on assignment in southeast Missouri, but didn't show up for work last Saturday. His parents told FOX4 earlier this week that Hubert has worked for FEMA out of the Kansas City office traveling across the country on assignments for nearly 8 years. He's a data analyst with the Federal Emergency Management Agency. On Friday evening, Nate's mother, Gayle Hubert, shared her gratitude for her son's safety. 'We got word this afternoon that Nate has been found, and has been taken to a hospital for medical attention. We look forward to being reunited with him soon,' she said. We're very grateful for all the support and help we've experienced this week from friends, colleagues, law enforcement officers, and total strangers. We'll never be able to thank them enough. Especially want to thank the law enforcement officers, who keep our communities safe and sound every day. Thanks for your hard work bringing Nate home to us.' Download the FOX4 News app on iPhone and Android He had been on assignment in Cape Girardeau since June 10, according to his family. Authorities said Hubert was last spotted at a Holiday Inn Express on Friday, June 21. When he didn't check in for work the next day it caused concern. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Time of India
2 hours ago
- Business
- Time of India
ETtech Explainer: Inside Amazon's victory against Future Group in Reliance deal
The Singapore International Arbitration Centre (SIAC) ruled in favour of Amazon on Thursday, confirming that Future Group violated the contract by making a deal to sell its retail business to Reliance in takes a close look at the long-standing legal battle between Kishore Biyani-led Future Group and Amazon that was awarded only Rs 23.7 crore in damages after the Thursday ruling, which is far less than the Rs 1,436 crore it in 2020, Future Group, which owns major retail players like Big Bazaar, Food Bazaar, and Easyday, agreed to sell assets worth $3.4 billion to Amazon rival Reliance Industries as the business was hit hard during the ecommerce giant Amazon had previously invested $200 million in Future Group and had a contractual right to block such a acquired a 49% stake in Future Coupons , a promoter of Future Group that holds a 9.82% stake in the group's retail arm, Future Retail . The deal implied Amazon indirectly having a 4.81% stake in Future Retail Ltd (FRL).In October 2020, Amazon approached SIAC and obtained a stay on the Future-Reliance deal from the emergency arbitrator. The order was followed by a slew of petitions and counter-petitions between Amazon and Future Group in the Delhi High Court and in the Supreme is an arbitration centre based in Singapore that handles international disputes, including those involving Indian companies. Emergency arbitration ruling is a temporary relief mechanism to hear urgent matters before the main arbitration panel is even set objected to the Future Group and Reliance deal on the grounds that its investment in FCPL made it mandatory for FRL to take its consent before parting with any of its assets. Amazon has said that in its agreement with Future, Reliance Retail was specifically named as one of the entities to whom the Indian retailer could not sell its Retail further alleged that Amazon interfered with the Rs 23,000 crore deal with Reliance Industries and misused SIAC's interim Competition Commission of India (CCI) in December 2021 suspended its approval of Amazon's 2019 dea l with Future, denting the US ecommerce giant's attempts to block the sale of Future's retail assets to Reliance Group accused Amazon of violating Indian foreign investment laws and the Foreign Exchange Management Act (FEMA) by misrepresenting facts. CCI later made a statement that Amazon suppressed information while seeking clearances for the deal. ET had reported in November 2021 that Amazon had asked Future Group to withdraw its applications with the CCI. Amazon later filed an appeal against the CCI suspension decision at the National Company Law Appellate Tribunal (NCLAT).Next year in February, Reliance, which had not played a public role in the dispute, suddenly took control of hundreds of Future stores, citing non-payment of rent that was Future denies any wrongdoing , saying Amazon was illegally seeking to exert control over Future's retail business and said it would face liquidation if the Reliance deal fell has invested $6.5 billion in India. The Future partnership had helped Amazon to boost its online portfolio of grocery deliveries by integrating the Indian company's stores on its website. The recent ruling by the SIAC in favour of Amazon has hit Reliance's growth plans in India's retail market. In a confidential legal filing, Amazon said that Reliance's consolidated position with Future "will further restrict competition in the Indian retail market."Amazon India's legal head, Rakesh Bakshi, had asked Future Group for generous compensation in return for withdrawing its objections to the Reliance a final award issued late Thursday night, the three-member tribunal said that the Future-Reliance deal is a breach of the Shareholders' Agreement (SHA) and Share Subscription Agreement (SSA) signed between Amazon and Future Coupons Pvt Ltd (FCPL) in the tribunal found that even if all contractual agreements had been fully performed, Amazon would not have recovered its entire investment due to the declining financial condition of FRL.
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The Independent
15 hours ago
- General
- The Independent
Not the ‘realest ID': Waffle House card won't get you through airport checkpoints, TSA warns X poster
In a lighthearted yet increasingly necessary clarification, TSA confirmed that, despite internet jokes, a Waffle House employee ID does not meet the standards of a federally recognized Real ID. The chatter started when Meteorologist Matthew Cappucci tweeted a bright-yellow laminated Waffle House ID with his name and meteorologist title on it this week, writing, 'TSA might want RealID, but I have the realest ID.' The post quickly went viral, racking up over 2.2 million views. It even caught the attention of the official TSA account two days later, which replied, 'Respectfully, no… Waffle House IDs will not suffice as a Real ID alternative (sorry).' The humorous exchange with the meteorologist and eatery super fan brings to mind the Waffle House Index, an informal metric used by FEMA to assess the severity of natural disasters, especially hurricanes, based on whether Waffle House restaurants in affected areas stay open. Since nearly all Waffle House locations are open 24 hours a day, seven days a week, even on holidays, the chain is known for its disaster preparedness and resilience. As former FEMA Administrator Craig Fugate told the Wall Street Journal in 2011, "If you get there and the Waffle House is closed? That's really bad. That's where you go to work." The Waffle House Index uses a simple three-color system to reflect the severity of a disaster's impact on a local area. A green rating means the Waffle House is fully operational and serving its full menu, indicating that the area has experienced minimal damage or disruption. A yellow rating signifies that the restaurant is open but operating on a limited menu, often due to power outages, staffing shortages, or supply chain issues, suggesting moderate impact but still-manageable conditions. A red rating means the Waffle House is completely closed, which is rare and typically signals severe damage, unsafe conditions, or significant infrastructure failure in the area. The ID kerfuffle recalls TSA's recent post about using Costco IDs at the airport security counter. "We love hotdogs & rotisserie chickens as much as the next person but please stop telling people their Costco card counts as a REAL ID because it absolutely does not," the TSA said in a post last week on social media. The TSA Costco post came a few days after Chowhound published an article titled, "How Your Costco Card Could Save You At The Airport." They later updated it to clarify that "TSA does not explicitly state you can use a Costco card as a form of identification.'
The Hill
16 hours ago
- Politics
- The Hill
Environmental groups sue to block ‘Alligator Alcatraz'
A coalition of environmental groups on Friday sued over Trump administration plans to build a new detention center in the Everglades that critics have dubbed 'Alligator Alcatraz.' The suit seeks to block the Trump administration from building the new facility on a Florida airfield, the Dade-Collier Training and Transition Airport (TNT) near Big Cypress National Preserve. 'This massive detention center will blight one of the most iconic ecosystems in the world,' Elise Bennett, Florida and Caribbean director at the Center for Biological Diversity, said in a statement. 'This reckless attack on the Everglades — the lifeblood of Florida — risks polluting sensitive waters and turning more endangered Florida panthers into roadkill. It makes no sense to build what's essentially a new development in the Everglades for any reason, but this reason is particularly despicable.' Florida Attorney General James Uthmeier has cited the remote nature of the area — as well as its proximity to dangerous wildlife — as top features for tapping the area for construction. 'This 30-square mile area is completely surrounded by the Everglades. It presents an efficient, low-cost opportunity to build a temporary detention facility because you don't need to invest that much in the perimeter,' he said. 'If people get out, there's not much waiting for them other than alligators and pythons.' Environmental groups have argued the project violates the National Environmental Policy Act as well as procedures for rulemaking. 'The decision to construct a mass migrant detention and deportation center at the TNT Site was made without conducting any environmental reviews as required under NEPA, without public notice or comment, and without compliance with other federal statutes such as the Endangered Species Act, or state or local land-use laws,' they wrote in the suit filed in federal court in Florida. The facility is projected to cost about $450 million a year, which will come from the Federal Emergency Management Agency's (FEMA) Shelter and Services Program that was used to house asylum-seekers during the Biden administration. The Trump administration is largely envisioning the facility as a series of tents along with the construction of other facilities, hoping to house as many as 5,000 migrants at the facility.
