Latest news with #Howeve
Economic Times
2 days 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.
Hindustan Times
15-06-2025
- Politics
- Hindustan Times
An arena for Islamabad to do grandstanding
Pakistan will assume the presidency of the UN Security Council (UNSC) in July, for one month. However, in the run-up to the presidency, there has been much consternation in the Indian media about Pakistan becoming one of the three vice-chairs of UNSC's Committee on Counter-Terrorism (CTC). Algeria will remain the CTC chair till the end of 2025, and Pakistan wants to become the chair in 2026. Even though Pakistan unwisely held up the work of other UNSC Committees for a full five months just to get this express commitment for 2026 — similar to the dispensation India got in 2021 — the P-5 (permanent five members of UNSC) still would not agree to give Pakistan any such commitment. When India wanted to be the CTC chair during its term at UNSC between 2021-2022, there was no vacancy in 2021 since the chair, Tunisia, still had one year to go. Normally, the chair would then have gone to those members elected for 2022-2023, and India would have missed the chance. However, the UNSC, and more importantly, the P-5 (which included China), gave an express commitment to India in 2021 that it would be the CTC chair for 2022. Needless to add, India made an impact by bringing the entire CTC Committee in 2022 to visit the venue of the 2008 Mumbai attacks and chairing a special CTC session in New Delhi. Pakistan wanted a similar express commitment for the CTC chair in 2026, which was refused by the Council. This is not to say that it won't get the chair in 2026, but it will have five other newly elected member-States competing for the post. The P-5 also rightly, and outrightly, rejected Pakistan's demand to chair the 1267 sanctions committee dealing with al-Qaeda and ISIL (Da'esh), since the 1267 sanctions list is peppered with the names of Pakistani terrorists and terror groups, including Lashkar-e-Taiba and Jaish-e-Mohammed and the masterminds of the Pahalgam terror attack. Pakistan had to settle for the 1988 Taliban sanctions committee which has now become a mere shell of its former self after the Taliban takeover in Afghanistan in August 2021. Though some Taliban ministers are still on the sanctions list, they have been continuously given waivers from sanctions to perform their functions. If Pakistan thinks that it can arm-twist the Taliban as the chair, it is sadly mistaken. That said, the focus is on Pakistan's UNSC presidency in July. Its presidency comes in the aftermath of Operation Sindoor, with a civilian government fattened by the International Monetary Fund (IMF) and other loans and a military establishment receiving arms from China and Turkey. Since it is Islamabad's only presidency, during its term, it will go for the 'jugular vein' — borrowing a phrase from its much-decorated army chief. During its presidency, Pakistan can be expected to do all it can to have an open debate on Jammu and Kashmir to do some grandstanding on the world stage. It would ideally prefer this under an anachronistically titled agenda item, 'The India-Pakistan question'. However, the P-5 nations have allowed only closed consultations under this agenda item in the recent past. Since Pakistan is adamant about an open discussion, it may settle for another agenda item 'peaceful resolution of conflicts' which would, however, dilute the focus given there are enough conflicts around the world. Of course, technically any decision for an open or closed session can be challenged and voted on, for which nine affirmative votes out of 15 members are required (since vetoes do not apply to procedural votes). But Pakistan is mindful of the fact that contrary to what it is trying to project, there is really no appetite in the international community to internationalise the Kashmir issue. Moreover, while Indians like to portray any call for de-escalation as a hyphenation of India and Pakistan, this hyphenation is more in our minds and not in those who call for de-escalation. The world knows better. On the Indus Water Treaty, even before India held it in abeyance after the Pahalgam attacks, Pakistan had declared its intention to make it an issue during its presidency. After consistently thwarting India's attempt to renegotiate this lopsided treaty, it will take the matter to the UNSC citing breach of security. There is a precedence of UNSC presidential statements being adopted earlier, on the construction of the Grand Ethiopian Renaissance Dam that was contested by Egypt fearing decreased flow of Nile waters from Ethiopia. Any UNSC statement will require the concurrence of all 15 member-States. Further, a Pakistani focus on combatting terrorism and Islamophobia is inevitable, in the country's attempt to wipe away the stains of being a State sponsor of terrorism. A session on the Organisation of Islamic Cooperation is on the cards to burnish Pakistan's Islamic credentials. The Gaza war and Israeli-Iran conflict will receive attention. So will UN peacekeeping, since Pakistan is a major troop-contributing country. While our multiparty delegations have visited UNSC countries, multilateral issues have dynamics of their own. Close bilateral friendship with a country does not necessarily translate into greater multilateral cooperation at the UN. India will no doubt keep a close eye on what the US and the UK do in July, given recent American flip-flops on Pakistan and the UK's ambivalent postures in UNSC. Further, given India's geopolitical distancing from recent conflicts around the world — in its national interest — we should be prepared for similar reactions towards India when we need them. Given our standing, the world now expects us to get geopolitically involved in their problems as well. As I have argued before, it is time for India to take its right geopolitical place — regionally and globally. Pakistan's presidency also comes during the monsoon session of our Parliament. One hopes that we in India treat Pakistan's grandstanding with a sense of perspective and equanimity. No UNSC document can threaten the national interests of India. TS Tirumurti is a former ambassador and Permanent Representative of India to the United Nations, New York. The views expressed are personal
Powys County Times
09-06-2025
- Business
- Powys County Times
‘Significant challenges' in use of AI within UK screen sector
The use of artificial intelligence (AI) within the UK screen sector raises 'significant legal, ethical, and practical challenges' such as the use of copyrighted material being used without the permission of the rights holders, a report has warned. Other issues highlighted by the British Film Institute (BFI) report include the safeguarding of human creative control, the fear of jobs being lost as positions are replaced through the use of AI, and investment in training in new skills. High energy consumption and carbon emissions, and the risks to creative content around biased data, are also described as being of concern. The report, which has been carried out in partnership with CoSTAR universities Goldsmiths, Loughborough and Edinburgh, analyses how the screen sector is using and experimenting with rapidly evolving generative AI technologies. It warned that the 'primary issue' was the use of copyrighted material – such as hundreds of thousands of film and TV scripts – in the training of generative AI models, without payment or the permission of rights-holders. 'This practice threatens the fundamental economics of the screen sector if it devalues intellectual property creation and squeezes out original creators,' the report said. But it added that the UK's strong foundation in creative technology – as it is home to more than 13,000 creative technology companies – means that the UK screen sector is well positioned to adapt to the technological shift. The report – titled AI in the Screen Sector: Perspectives and Paths Forward – said generative AI promises to democratise and revolutionise the industry, with the BBC, for example, piloting AI initiatives. Meanwhile, projects such as the Charismatic consortium, which is backed by Channel 4 and Aardman Animations, aim to make AI tools accessible to creators regardless of their budget or experience. It said this could empower a new wave of British creators to produce high-quality content with modest resources, though concerns about copyright and ethical use remain significant barriers to full adoption. The report sets out nine key recommendations it suggests should be addressed within the next three years to enable the UK screen sector to thrive in using AI. These include establishing the UK as a world-leading market of IP licensing for AI training, and embedding sustainability standards to reduce AI's carbon footprint. It also calls for structures and interventions to pool knowledge, develop workforce skills and target investments in the UK's creative technology sector, while it urges support for independent creators through accessible tools, funding and ethical AI products. The BFI's director of research and innovation, Rishi Coupland, said: 'AI has long been an established part of the screen sector's creative toolkit, most recently seen in the post-production of the Oscar-winning The Brutalist, and its rapid advancement is attracting multimillion investments in technology innovator applications. 'However, our report comes at a critical time and shows how generative AI presents an inflection point for the sector and, as a sector, we need to act quickly on a number of key strategic fronts. 'Whilst it offers significant opportunities for the screen sector such as speeding up production workflows, democratising content creation and empowering new voices, it could also erode traditional business models, displace skilled workers, and undermine public trust in screen content. 'The report's recommendations provide a roadmap to how we can ensure that the UK's world-leading film, TV, video games and VFX industries continue to thrive by making best use of AI technologies to bring their creativity, innovations and storytelling to screens around the globe.' Professor Jonny Freeman, director of CoSTAR Foresight Lab, said: 'This latest CoSTAR Foresight Lab report, prepared by the BFI, navigates the complex landscape of AI in the screen sector by carefully weighing both its transformative opportunities and the significant challenges it presents. 'The report acknowledges that while AI offers powerful tools to enhance creativity, efficiency, and competitiveness across every stage of the production workflow – from script development and pre-production planning, through on-set production, to post-production and distribution – it also raises urgent questions around skills, workforce adaptation, ethics, and sector sustainability.' CoSTAR is a £75.6 million national network of laboratories that are developing new technology to maintain the UK's world-leading position in gaming, TV, film, performance, and digital entertainment. Last month stars including Sir Elton John, Sir Paul McCartney and Sir Ian McKellen, wrote a joint letter to Sir Keir Starmer, urging the Prime Minister to introduce safeguards against work being plundered for free.
Yahoo
08-06-2025
- Business
- Yahoo
‘Significant challenges' in use of AI within UK screen sector
The use of artificial intelligence (AI) within the UK screen sector raises 'significant legal, ethical, and practical challenges' such as the use of copyrighted material being used without the permission of the rights holders, a report has warned. Other issues highlighted by the British Film Institute (BFI) report include the safeguarding of human creative control, the fear of jobs being lost as positions are replaced through the use of AI, and investment in training in new skills. High energy consumption and carbon emissions, and the risks to creative content around biased data, are also described as being of concern. The report, which has been carried out in partnership with CoSTAR universities Goldsmiths, Loughborough and Edinburgh, analyses how the screen sector is using and experimenting with rapidly evolving generative AI technologies. It warned that the 'primary issue' was the use of copyrighted material – such as hundreds of thousands of film and TV scripts – in the training of generative AI models, without payment or the permission of rights-holders. 'This practice threatens the fundamental economics of the screen sector if it devalues intellectual property creation and squeezes out original creators,' the report said. But it added that the UK's strong foundation in creative technology – as it is home to more than 13,000 creative technology companies – means that the UK screen sector is well positioned to adapt to the technological shift. The report – titled AI in the Screen Sector: Perspectives and Paths Forward – said generative AI promises to democratise and revolutionise the industry, with the BBC, for example, piloting AI initiatives. Meanwhile, projects such as the Charismatic consortium, which is backed by Channel 4 and Aardman Animations, aim to make AI tools accessible to creators regardless of their budget or experience. It said this could empower a new wave of British creators to produce high-quality content with modest resources, though concerns about copyright and ethical use remain significant barriers to full adoption. The report sets out nine key recommendations it suggests should be addressed within the next three years to enable the UK screen sector to thrive in using AI. These include establishing the UK as a world-leading market of IP licensing for AI training, and embedding sustainability standards to reduce AI's carbon footprint. It also calls for structures and interventions to pool knowledge, develop workforce skills and target investments in the UK's creative technology sector, while it urges support for independent creators through accessible tools, funding and ethical AI products. The BFI's director of research and innovation, Rishi Coupland, said: 'AI has long been an established part of the screen sector's creative toolkit, most recently seen in the post-production of the Oscar-winning The Brutalist, and its rapid advancement is attracting multimillion investments in technology innovator applications. 'However, our report comes at a critical time and shows how generative AI presents an inflection point for the sector and, as a sector, we need to act quickly on a number of key strategic fronts. 'Whilst it offers significant opportunities for the screen sector such as speeding up production workflows, democratising content creation and empowering new voices, it could also erode traditional business models, displace skilled workers, and undermine public trust in screen content. 'The report's recommendations provide a roadmap to how we can ensure that the UK's world-leading film, TV, video games and VFX industries continue to thrive by making best use of AI technologies to bring their creativity, innovations and storytelling to screens around the globe.' Professor Jonny Freeman, director of CoSTAR Foresight Lab, said: 'This latest CoSTAR Foresight Lab report, prepared by the BFI, navigates the complex landscape of AI in the screen sector by carefully weighing both its transformative opportunities and the significant challenges it presents. 'The report acknowledges that while AI offers powerful tools to enhance creativity, efficiency, and competitiveness across every stage of the production workflow – from script development and pre-production planning, through on-set production, to post-production and distribution – it also raises urgent questions around skills, workforce adaptation, ethics, and sector sustainability.' CoSTAR is a £75.6 million national network of laboratories that are developing new technology to maintain the UK's world-leading position in gaming, TV, film, performance, and digital entertainment. Last month stars including Sir Elton John, Sir Paul McCartney and Sir Ian McKellen, wrote a joint letter to Sir Keir Starmer, urging the Prime Minister to introduce safeguards against work being plundered for free. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Daily Record
24-05-2025
- Business
- Daily Record
Supermarket shoppers can get money back on gardening essentials with easy hack
Those looking to get in on the deal need to just do one thing With the arrival of spring and another bank holiday weekend just around the corner, it's the perfect time to give your garden or outdoor space a bit of tender loving care. And we've found a clever offer that is helping shoppers save while they stock up on garden essentials.. Whether you're planning a family barbecue or looking to add a splash of colour with fresh flowers, new members of TopCashback can claim £5 cashback on a £5 spend at any UK supermarket or garden store. This provides the perfect opportunity to stock up on flowers, grass seed, barbecue fuel, or any other outdoor goodies. This is an excellent way to save on those last-minute spring gardening tasks or to replenish anything that your outdoor spaces may need. This useful offer is available only to new TopCashback members, and all you need to do to claim the cashback is keep a copy of your receipt. The offer is valid until 23:59pm on June 30. Even better, popular home and garden store The Range is currently offering a 35 per cent off garden sale, allowing you to double your savings when shopping for everything from solar lights to garden furniture and accessories, reports the Mirror. Alternatively, Argos has reduced the price of the Habitat Folding Wooden Garden Deck Chair in its clearance to £30. Debenhams has also cut the price of its Metal Square Firepit Table by 58 per cent, bringing it down to £24.99. There are no codes or special vouchers required for this cashback offer. Simply retain your receipt to upload to TopCashback later. The £5 cashback offer is valid for a single purchase of gardening items totalling £5 or more. To ensure the cashback can be claimed without hassle, the receipt must clearly show the date and time of purchase, the name of the supermarket or retailer, and the eligible item bought. How to secure £5 cashback on your garden essentials Spend £5 or more on garden essentials: Purchase garden essentials worth at least £5 from any supermarket or retailer Sign up to TopCashback: Use this link to register as a new member of TopCashback Upload Your Receipt: Snap a picture of your receipt and upload it through the TopCashback platform to earn your £5 cashback TopCashback boasts a 4.5-star rating on Trustpilot, with numerous previous customers lauding its cost-saving deals. One satisfied user commented: "I have been using TCB now for a long time, and amassed a fair amount of cash from shopping savvy, I just let it build up over the year then use it at Christmas." Another remarked: "Doesn't cost you anything as you were buying items you want anyway. Extra money which reduces the normal price you would pay and it's very easy to use. Sometimes it takes time for a company to pay out but customer service always sorts it out for you." A third happy shopper shared: "It works. Sometimes it takes a while for the cashback to be approved but eventually it does come through. I have found it to be very helpful." However, some reviewers claimed that they did not received the promised cashback on some of their purchases, with them being forced to chase up the company for the cashback they were owed. With the improving weather, more people are spending time in their outdoor spaces for extra relaxation. But this isn't always a quiet time for dog owners, especially when their pets start barking at something next door. One way to tackle this is by installing a privacy screen to make your space more private by blocking those gaps that pets can peek through. Right now, the The WOLTU Balcony Privacy Screen is selling on Amazon for a reduced price of £21.99 for a 10m length. It was previously selling at £23.99. Homewares deal of the week With summer on the horizon, you'll be wanting to spend more time in your garden relaxing. To help keep you protected from harmful UV rays, a stylish parasol can really refresh your outdoors space. Fortunately, Asda has just bought back its sell-out item that shoppers can't stop raving over. The supermarket's highly coveted Riviera Stripe Parasol was so popular when it first launched in 2024 that it apparently "sold out in nine weeks." Now, it can be yours for just £59 when you buy it here. The supermarket's summer garden staple is said to "bring a slice of the Riviera into any garden" thanks to its trendy striped canopy and intricate tassel edging that offers a "boho touch" to the design. It's not just a stylish addition to your garden, as the FSC-certified wood pole has a lean function that allows you to tilt the canopy whenever you feel the position sun shift. Meanwhile, the polycotton canopy is said to be "weatherproof", making it suitable for unpredictable UK summers. Since the Riviera Stripe Parasol sold out within just over two months last year, it's expected that it will be popular once again this year. It's also no surprise to hear that it has managed to amass glowing five-star reviews on the George at Asda website. One delighted customer wrote: "I'm blown away by how amazing this product is. I've been wanting to get a patterned parasol with a boho touch for a while, but unwilling to spend the £150+ that they normally are. I thought I'd give this one a go, but didn't expect much for the price. "It is exactly what I wanted. Furthermore it also tips and has a lovely case. It is stylish, good, waterproof fabric and looks like something you would get from a much fancier, 'bespoke' store. I could not recommend it more."
