Latest news with #SDB
Time of India
2 days ago
- Business
- Time of India
Diamond businesses encouraged to shift to SDB on Jan 23
Surat: In its fourth year of attempts to make the Surat Diamond Bourse (SDB) fully operational, a meeting was held to encourage diamond businessmen from Mahidharpura and Mini Bazaar to make the move to SDB. Tired of too many ads? go ad free now For the first time, a state govt representative was present. This was the second meeting in four days during which minister of state for home and industries Harsh Sanghavi encouraged diamond businessmen and brokers to shift to SDB together on Jan 23, 2026, the auspicious day of Vasant Panchmi of the Vikram Samvat. The meeting was also attended by BJP Rajya Sabha member Govind Dholakia, who is also the SDB chairman. Prime Minister Narendra Modi inaugurated the world's largest office building, SDB, in Dec 2023. The meeting, held at Modh Vanik Vadi near Surat railway station, saw some 700 diamond businessmen and brokers participate along with SDB committee members. Business leaders announced a common date so that the entire market can shift together. Businesses that already have offices there were asked to start furniture work. "World-class infrastructure has been made available for the use of the diamond business at nominal cost and businesses should take advantage of it. Brokers can get a cubicle for just Rs 15,000 rent without any extra charges," said Sanghavi. Further explaining the advantages, Sanghavi said that traders and brokers would be able to do business at one place. To encourage diamond traders to shift their place of business from Mahidharpura to SDB, Sanghavi said that angadia services would also be made available at SDB for the safe transfer of valuables, including cash and diamonds. Tired of too many ads? go ad free now "We are trying to ensure that the majority of businesses shift to SDB. In the past, a handful of have businesses shifted. As there was no trade happening, they closed and returned to their old offices back in Mahidharpura," said a diamond trader. The diamond businessmen and brokers told Sanghavi that it is important for manufacturers to start their offices in SDB. "Manufacturers need to open their offices at SDB instead of at their manufacturing units so their the products are available for examination. This will create a better ecosystem," said a trader who was part of the meeting. "Businessmen and brokers will be provided with public transport facilities from various areas so that they can reach SDB easily. The required infrastructure is available at SDB," said Sevanti Shah, a diamond businessman. "The SDB committee has been discussing and providing updates to Sanghavi during the past few days, and after considering various points, the minister has come to encourage businesses to shift to SDB. We are hopeful that traders will support positively," said Dholakia.
Time of India
5 days ago
- Business
- Time of India
50 key traders agree to shift to SDB in fresh push
Surat: Around 50 prominenet traders have reportedly agreed to shift their operations to the Surat Diamond Bourse (SDB), world's largest office space, in what is seen as renewed efforts to revive the beleagured facility. The development came during a crucial meeting held on Saturday, attended by junior home minister and Majura MLA Harsh Sanghvi. Sanghvi is said to have assured traders of full govt support to address any issues that may arise during the relocation process. Various concerns delaying the shift were discussed during the meeting, and a follow-up session has been scheduled for Tuesday. Mahidharpura, a historic and densely packed diamond trading hub, has long been the heart of Surat's diamond industry. Authorities are now making concerted efforts to relocate traders from this traditional market — and from the smaller Mini Bazaar in Varachha — to the modern and expansive premises of SDB, touted as the world's largest office building. Leading diamond trader Shailesh Jogani said, "All traders present at the meeting have agreed to shift operations to SDB and begin furniture installation. We will now reach out to those who couldn't attend to get their confirmation." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Do You Speak English? You May Be Able To Work a USA Job From Home in Bangladesh US Jobs | Search ads Undo Jogani added that challenging market conditions have slowed the relocation. "We are planning the move over the next four to six months," he said. Currently, around 200 key traders have offices in Mahidharpura, with nearly 2,000 other traders operating from the area. They are now being encouraged to move to SDB with the promise of better infrastructure and govt backing. Another prominent trader, Sevanti Shah, said, "Traders from Mahidharpura have resolved to move to SDB in the coming months. Furniture work will start soon, and the SDB committee has assured full cooperation." A trader who spoke on condition of anonymity noted that previous efforts to persuade traders from Mahidharpura and Mini Bazaar to shift had little success. "But this time, Sanghvi made a strong appeal for a unified move," the trader said.
Argaam
7 days ago
- Business
- Argaam
WSM inks contract with SDB to provide licenses, programs
WSM for Information Technology Co. signed, on July 23, a three-year contract with the Social Development Bank (SDB)to provide licenses and basic programs, according to a statement to Tadawul. The contract is valued at 8.7% of the company's total revenues for 2024. The relevant financial impact will appear during H2 2025. The contract included no related parties, the statement added. WSM reported SAR 29.02 million in revenue in 2024, with an 8.7% of revenue at SAR 2.5 million.
Time of India
20-07-2025
- Business
- Time of India
How Elon Musk's Neuralink calling itself ‘small disadvantaged business' may be a ‘problem' for the brain chip company
Elon Musk 's health tech startup Neuralink has labelled itself as a "small disadvantaged business.' This comes shortly before a financing round valued the company at $9 billion. Despite being owned by the richest man in the world, the brain chip implant company said this in a federal filing with the US Small Business Administration (SBA) earlier this year. This designation is typically given to businesses that are at least 51% owned and controlled by certain disadvantaged individuals. The Department of Justice has previously issued fines to companies for making false claims about their Small Disadvantaged Business (SDB) status, a NBC report claims, underscoring the serious nature of such declarations. However, no public record of Neuralink winning government contracts using this status has been found. Nuralink's SDB filing in April was first reported by the Substack-based news site MuskWatch. Which companies according to SBA can get an SDB status As per the SBA's website, an SDB designation indicates that a company is at least 51% owned and operated by one or more individuals who are both 'socially disadvantaged and economically disadvantaged.' The website also notes that holding an SDB designation may allow a business to 'gain preferential access to federal procurement opportunities." The SBA allows companies to self-certify this status. Despite Neuralink's net value and Musk being a majority owner, the company checked the SDB box, the report claims. The filing listed Jared Birchall , a company executive and head of Musk's family office, as the official contact. Birchall has yet to share a officla comment on the same, the report adds. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like American Investor Warren Buffett Recommends: 5 Books For Turning Your Life Around Blinkist: Warren Buffett's Reading List Undo Neuralink is developing a brain-computer interface to help people with severe paralysis control devices using brain signals. The company recently raised $650 million at a $9 billion valuation, with backing from investors like ARK Invest and Founders Fund. The funding will support expanding patient access and creating new devices to strengthen the link between humans and AI. Boat Smart Ring Active Plus: DON'T BUY A SMARTWATCH AI Masterclass for Students. Upskill Young Ones Today!– Join Now
UPI
18-07-2025
- Business
- UPI
Musk's brain-computer interface company sought 'disadvantaged' status
Elon Musk's Neuralink company reportedly claimed to be a "small disadvantaged business" in a filing with the Small Business Administration shortly before investors valued the company in the billions of dollars. File Photo by Francis Chung/UPI | License Photo July 18 (UPI) -- Elon Musk's brain-implant company, Neuralink, which helps paralyzed people regain some independence, allegedly claimed "small disadvantaged business" status in a filing with the Small Business Administration earlier this year. The filing was made just weeks before the company received a valuation of $9 billion in June in a funding round aimed at making the tech available to more patients and developing new interfaces that "deepen the connection between biological and artificial intelligence." SDB status, the eligibility for which is majority ownership and control by one or more "disadvantaged" individuals who are "socially disadvantaged and economically disadvantaged," can make it easier to secure government contracts. The Code of Federal Regulations further requires that the ability of the disadvantaged owners to compete in the free market was "impaired due to diminished capital and credit opportunities as compared to others in the same or similar line of business who are not socially disadvantaged." None of these criteria appear applicable to Musk, a white male, Anglican, with a net worth of $404 billion and a track record of building highly successful multi-billion-dollar companies, according to MuskWatch. The federal government hands out contracts to SDB's worth $50 billion every year, MuskWatch says the designation provides a significant advantage to companies seeking a share of the pie, as well as prominence in listings in the SBA's business search directories and other government databases. No federal funding has been passed to Neuralink, although it may have tendered for government contracts or applied for grants, loans or alternative forms of financial help in the past. The filing April 24 coincided with the perios during which Musk was downsizing government departments and agencies in his role as head of the Trump administration's Department of Government Efficiency, where he placed particular emphasis on attacking diversity, equality and inclusion programs and the staff who administered them. The filing, which is self-certified, was signed by Neuralink executives. Neuralink executive Jared Birchall, who is named on the filing as the company's contact person, didn't immediately respond to a request for comment. Government contractors who wrongly claimed SDB status or misrepresented the nature of their companies in their profiles in government business directories have been the subject of Justice Department prosecutions, resulting in imprisonment and/or hefty fines.
