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Twitter board wants $44 bn deal to go through amid Musk-Agrawal tussle

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Despite the ongoing tussle between Elon Musk and Parag Agrawal, the Twitter board is keen to see the $44 billion takeover deal go through as it is in the “best interest of all shareholders”, the media reported on Wednesday.

“We intend to close the transaction and enforce the merger agreement,” the board said Tuesday in a statement to Bloomberg.

Goldman Sachs Group Inc and JPMorgan Chase & Co may earn a combined $133 million in fees for advising Twitter on the acquisition, but only if the deal goes through.

The Tesla CEO on Tuesday said that the $44 billion deal at $54.20 a share “cannot move forward” until the Twitter CEO Agrawal proves the actual bot numbers.

While Twitter maintains it has less than 5 per cent fake/spammy accounts on its platform, Musk believes the number can be as high at 50 per cent, and wants Agrawal to come clean on this.

In a tech conference in Miami on Monday, a frustrated Musk even said that a viable deal at a lower price wouldn’t be “out of the question” as Twitter may be hiding the actual number of users from its advertisers.

Musk said that Twitter could have at least four times more fake accounts than what has been revealed in its US SEC filing, asking the commission to probe the micro-blogging platform’s claim.

Meanwhile, Musk will have to pay Twitter $1 billion in termination fee if he drops the $44 billion takeover deal, according to an SEC filing.

The filing said that the micro-blogging platform will also have to pay the same amount if it terminates Musk’s takeover deal.

“Upon termination of the Merger Agreement under specified limited circumstances, Twitter will be required to pay Parent a termination fee of $1 billion,” according to the SEC filing.

“Musk will be required to pay Twitter a termination fee of $1 billion,” if he cancels the deal.

As part of the deal, Morgan Stanley and other financial institutions have committed to providing $13 billion in financing, along with $12.5 billion in margin loans to Musk, against his shares in Tesla and other companies.

Musk will provide financing of approximately $21 billion on his own.

National

Delhi govt to present 100-day report card to Delhiites today

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New Delhi, May 31: The Delhi government will present a detailed account of its achievements under the leadership of Chief Minister Rekha Gupta during a public event at the Jawaharlal Nehru Stadium on Saturday, marking the completion of its first 100 days in power.

The event is expected to serve both as a celebration of progress and a platform to engage with citizens, inviting feedback and suggestions for future governance.

The BJP government, which took office in February, marked the 100-day milestone on Friday by unveiling a 22-page workbook titled ‘Kaam Karne Wali Sarkar — 100 Din Seva Ke’ at the Delhi Secretariat.

Cabinet ministers Ashish Sood, Kapil Mishra, and Ravinder Indraj Singh were present during the launch of the document, which outlines key initiatives rolled out since the administration came to power.

For the BJP, which returned to power in Delhi after a gap of over 27 years, the workbook serves not only as a summary of completed tasks but also as a statement of intent.

The workbook details a wide range of efforts in sectors such as healthcare, education, infrastructure, and welfare.

It includes a Rs 1 lakh crore budget allocation for the implementation of the Ayushman Bharat Yojana, a Rs 5,100 crore provision for a Rs 2,500 monthly assistance scheme aimed at supporting underprivileged women, and the introduction of the Vay Vandana Yojana, which provides free healthcare for senior citizens.

The government also emphasised its commitment to transparency by tabling the Comptroller and Auditor General (CAG) reports in the Assembly.

Chief Minister Gupta described the completion of 100 days as a moment of “decisive” and “impactful” governance. She emphasised that the administration had worked tirelessly every day in service of Delhi’s two crore residents.

She noted that the workbook is a documentation not only of promises made but also of promises fulfilled.

Taking to X on Saturday, CM Gupta said, “When you gave me the opportunity to serve Delhi, it was not just a responsibility but a resolve to have politics centred on public service, and policies that are for public welfare.”

“In these 100 days, we have worked effectively towards realising every promise. Our priority was clear — a development that can be seen as well as felt. Cleanliness, security, women empowerment and e-governance — on every front, our endeavour has been to make Delhi a strong, safe and inclusive capital,” she added.

Gupta credited Prime Minister Narendra Modi’s vision for guiding the government’s actions.

“This has been possible only due to the inspiration, guidance and vision of ‘Sabka Sath, Sabka Vikas’ of respected Prime Minister Narendra Modi. The trust of the people of Delhi is my biggest strength. The foundation of change has been laid, the pace of development will not stop now,” she said.

Reaffirming her government’s commitment to sustained progress, she added, “Delhi will now continue to move forward with the resolve of good governance and service.”

The Delhi government will present a detailed account of its achievements under the leadership of Chief Minister Rekha Gupta during a public event at the Jawaharlal Nehru Stadium on Saturday, marking the completion of its first 100 days in power.

The event is expected to serve both as a celebration of progress and a platform to engage with citizens, inviting feedback and suggestions for future governance.

The BJP government, which took office in February, marked the 100-day milestone on Friday by unveiling a 22-page workbook titled ‘Kaam Karne Wali Sarkar — 100 Din Seva Ke’ at the Delhi Secretariat.

Cabinet ministers Ashish Sood, Kapil Mishra, and Ravinder Indraj Singh were present during the launch of the document, which outlines key initiatives rolled out since the administration came to power.

For the BJP, which returned to power in Delhi after a gap of over 27 years, the workbook serves not only as a summary of completed tasks but also as a statement of intent.

The workbook details a wide range of efforts in sectors such as healthcare, education, infrastructure, and welfare.

It includes a Rs 1 lakh crore budget allocation for the implementation of the Ayushman Bharat Yojana, a Rs 5,100 crore provision for a Rs 2,500 monthly assistance scheme aimed at supporting underprivileged women, and the introduction of the Vay Vandana Yojana, which provides free healthcare for senior citizens.

The government also emphasised its commitment to transparency by tabling the Comptroller and Auditor General (CAG) reports in the Assembly.

Chief Minister Gupta described the completion of 100 days as a moment of “decisive” and “impactful” governance. She emphasised that the administration had worked tirelessly every day in service of Delhi’s two crore residents.

She noted that the workbook is a documentation not only of promises made but also of promises fulfilled.

Taking to X on Saturday, CM Gupta said, “When you gave me the opportunity to serve Delhi, it was not just a responsibility but a resolve to have politics centred on public service, and policies that are for public welfare.”

“In these 100 days, we have worked effectively towards realising every promise. Our priority was clear — a development that can be seen as well as felt. Cleanliness, security, women empowerment and e-governance — on every front, our endeavour has been to make Delhi a strong, safe and inclusive capital,” she added.

Gupta credited Prime Minister Narendra Modi’s vision for guiding the government’s actions.

“This has been possible only due to the inspiration, guidance and vision of ‘Sabka Sath, Sabka Vikas’ of respected Prime Minister Narendra Modi. The trust of the people of Delhi is my biggest strength. The foundation of change has been laid, the pace of development will not stop now,” she said.

Reaffirming her government’s commitment to sustained progress, she added, “Delhi will now continue to move forward with the resolve of good governance and service.”

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International

UN Security Council renews sanctions against South Sudan

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United Nations, May 31: The Security Council adopted a resolution to renew for a year, until May 31, 2026, an arms embargo against South Sudan as well as targeted sanctions of travel ban and asset freeze against individuals and entities.

According to media reports, Resolution 2781, which was adopted with nine votes in favour and six abstentions, also extends until July 1, 2026, the term of the panel of experts, which assists the work of the South Sudan sanctions committee.

The African members of the Security Council — Algeria, Sierra Leone, Somalia — abstained, along with China, Pakistan and Russia.

The resolution reiterates the Security Council’s readiness to review arms embargo measures, through modification, suspension, or progressive lifting of these measures, in light of progress achieved on the key benchmarks as set out in Resolution 2577 of 2021, and encourages the South Sudan authorities to achieve further progress in this regard.

It also decides to keep the targeted measures under continuous review and expresses the Security Council’s readiness to consider adjusting the measures, through modifying, suspending, lifting or strengthening measures to respond to the situation.

The resolution requests the UN secretary-general, in close consultation with the UN Mission in South Sudan and the Panel of Experts, to conduct, no later than April 15, 2026, an assessment of progress achieved on the key benchmarks.

It also requests the South Sudanese authorities to report, by the same date, to the Sanctions Committee on the progress achieved in this regard.

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Business

Trump to double steel tariffs to 50 pc from next week

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Washington, May 31: US President Donald Trump has said that he planned to double tariffs on foreign imports of steel to 50 percent starting next week, further casting a cloud on steelmakers around the globe.

“We are going to be imposing a 25 per cent increase. We’re going to bring it from 25 per cent to 50 per cent — the tariffs on steel into the United States of America — which will even further secure the steel industry in the United States,” Trump said on X social media platform.

He later posted on social media that the higher tariff rate would take effect from June 4, Yonhap media reported.

“It is my great honour to raise the Tariffs on steel and aluminum from 25% to 50%, effective Wednesday, June 4th. Our steel and aluminum industries are coming back like never before. This will be yet another BIG jolt of great news for our wonderful steel and aluminum workers. MAKE AMERICA GREAT AGAIN!” Trump wrote on his Truth Social platform.

The planned rate hike is the latest in his trade policies that focus on tariff hikes, and came days after a trade court ruled his sweeping reciprocal tariffs illegal, which was later blocked by an appeals court to leave the tariffs temporarily alive.

The 25-percent tariffs on most steel imported to the U.S. went into effect in March as part of the Trump administration’s broader tariff scheme aimed at reducing America’s trade deficits and bolstering local manufacturing.

Data showed earlier Seoul’s U.S.-bound exports of steel products declined nearly 19 percent from a year earlier in March.

Outbound shipments of steel products to the U.S. came to US$340 million in March, down 18.9 percent from the same month last year.

It is difficult to assess the impact of U.S. tariffs on Seoul’s steel exports as transactions are usually made months ahead, but there may still have been some influence.

Korean steelmakers have been devising response measures to the U.S. tariffs, with some companies planning to increase their production in the U.S.

Hyundai Steel Co. plans to invest $5.8 billion to construct an electric arc furnace-based steel mill in Louisiana by 2029, its first overseas production facility.

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