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Crypto firm Binance to take $200 million stake in Forbes

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Binance, one of the world’s biggest cryptocurrency firms, will take a $200m stake in Forbes in the latest twist for the 105-year-old media brand, the BBC reported.

Forbes, known for its ranking of billionaires, said the deal would help make it a leader supplying information about digital assets, like Bitcoin.

But news of the investment sparked questions among media watchers about potential conflicts of interest, the report said.

Binance sued Forbes in 2020 for defamation, later dropping the case.

Analysts also noted that crypto assets have proven particularly vulnerable to manipulation by celebrities and media hype, prompting warnings from regulators around the world.

In a statement announcing the investment, Binance founder Changpeng ‘CZ’ Zhao said he saw media as “an essential element to build widespread consumer understanding and education” of the crypto market and emerging blockchain technologies.

The Chinese Canadian billionaire, whose net worth is estimated to be nearly $100 billion, later took to Twitter to clarify his comments, saying his focus was on helping Forbes build out its technology and calling Forbes’ editorial independence “sacrosanct”.

Forbes said Binance – which has faced scrutiny from regulators in the US, UK and elsewhere – would provide technology advice, helping the business publication “maximize its brand” and advance plans to convert readers to paying subscribers.

It said the deal would not change its areas of coverage, but hopefully allow its existing digital assets team and “some other beats” to grow over time, the report said.

“Forbes has been fiercely independent for more than a century, regardless of our ownership, and that is not changing,” spokesman Bill Hankes told the BBC. “The integrity of our trusted journalism is our most important brand asset.”

The deal comes at a key moment for the crypto industry. Currencies such as Bitcoin have seen values skyrocket, while companies have been spending on sports stadium sponsorships, advertising and government lobbying to expand their influence and shape anticipated regulation, the report added.

National

‘Attack on the roots of democracy’, SC on 2021 Bengal post-poll violence

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New Delhi, June 4: The Supreme Court has termed the 2021 post-poll violence in West Bengal against BJP party workers as a dastardly offence which was “nothing short of a grave attack on the roots of democracy”.

The observation came from a bench of Justices Vikram Nath and Sandeep Mehta as it dealt with a plea filed by the Central Bureau of Investigation (CBI) challenging the grant of bail to several accused in the post-poll violence cases.

The CBI contended that the Calcutta High Court granted bail to the respondents-accused on totally extraneous considerations, and after their release on bail, there was no possibility of a fair trial being conducted.

Ordering cancellation of bail, the Supreme Court said that the allegations against the accused were so grave that the same shook the conscience of the court. “The concerted attack on the complainant’s house was launched on the day of the election results with the sole objective of wreaking vengeance because he had supported the saffron party. This is a grave circumstance which convinces us that the accused persons were trying to terrorise the members of the opposite political party whom the accused respondents were supporting,” said the top court.

It took note of the fact that the trial has not budged an inch to date, though a charge sheet was filed way back in 2022, and this delay was mostly attributable to non-cooperation by the accused persons.

Saying that there was no possibility of a fair and impartial trial being conducted if the accused were allowed to remain on bail, the Supreme Court set aside the bail order passed by the Calcutta High Court.

“The accused respondents shall surrender before the trial Court within two weeks from today, failing which, the trial Court shall adopt coercive measures to secure their presence. Upon surrendering/being arrested, the accused respondents shall be remanded to custody,” ordered the top court.

Further, it asked the trial court to expedite the proceedings and conclude the trial within a period of six months.

The Supreme Court asked the Home Secretary and the Director General of Police of West Bengal to ensure that proper protection was provided to the complainant and all other material witnesses so that they can freely appear and depose at the trial without any fear or apprehension.

It granted liberty to the CBI or the complainant to directly report to the top court any violation of the above direction.

Following the post-poll violence, an FIR was registered against the respondents-accused in December 2021 for the offences punishable under Sections 143, 144, 147, 148, 149, 427, 326, 376 read with 511 and 34 of IPC (Indian Penal Code), 1860.

The complainant, a follower of the Hindu religion, claimed that the majority of the residents in his village belong to the other community and are the supporters of the ruling Trinamool Congress. As per the complainant, a few villagers started campaigning for the Bharatiya Janata Party (BJP) prior to the Assembly election, which drew the wrath of Trinamool supporters, and allegedly, a bomb was thrown at his tea stall.

On the date on which the election results were announced, a gang of 40-50 miscreants gathered together and started throwing bombs towards the house of the complainant.

The complainant’s house was totally vandalised and looted by the accused persons. The wife of the complainant was grabbed by the hair, her clothes were snatched away, and she was forcibly undressed. To save herself, the complainant’s wife poured kerosene oil on her person and threatened that she would set fire to herself on which the miscreants left the spot.

When the complainant and his family approached Sadaipur Police Station the next day, the officer-in-charge did not accept the complaint and advised them to leave the village.

After several writ petitions were filed before the Calcutta High Court containing allegations of non-registration of FIRs in post-poll violence cases, a CBI probe was ordered into all the cases where the allegations involved murder and crimes against women.

The CBI filed its charge-sheet against a number of assailants, including the respondents-accused, for the offences punishable under Sections 34, 148, 149, 326, 354, 511, read with 376D and 450 of IPC.

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National

After plastic found in dead elephant’s belly, TN forest division flags open waste dumping

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Chennai, June 4: After the death of a female wild elephant that ingested plastic waste, the Coimbatore Forest Division in Tamil Nadu has issued a stern appeal to local bodies to immediately stop dumping garbage along forest fringes.

The elephant, which was found dead near the Maruthamalai foothills recently, had reportedly consumed plastic bags and leftover food from an open dump yard.

Forest officials and wildlife activists have since blamed poor waste management practices by nearby civic bodies for drawing wild animals to human settlements, thereby intensifying human-wildlife conflict in the region. “Open dumping is hazardous to animal health and increases the chances of dangerous human-animal interactions,” said a forest department official.

Letters have been sent to the Block Development Officers (BDOs) of Periyanacikenpalayam and Thondamuthur, urging immediate action to halt garbage disposal along forest boundaries and clear existing waste to safeguard wildlife.

Officials warned that once wild elephants locate dump yards as food sources, they are likely to return repeatedly.

“Leftover food waste, especially with high salt content, poses serious health risks to elephants,” the official added.

While the forest department has called for urgent corrective measures from civic agencies, farmers in the region have voiced frustration over the department’s inability to prevent wild elephants from straying into agricultural lands, even those situated far from forest areas.

In response, forest authorities have intensified patrols in vulnerable zones. “We have deployed night staff to monitor and deter elephant movement near the old dump yard in Maruthamalai,” said a range officer.

Additional surveillance is being carried out in areas, including Pannimadai, Veerapandi, Varapalayam, and Thadagam, to prevent elephants from foraging in human settlements.

The department is also working alongside NGOs, volunteers, and staff from the Hindu Religious and Charitable Endowments (HRCE) Department to launch awareness drives.

A major anti-dumping campaign is scheduled for June 5 to coincide with World Environment Day. Forest officials emphasised the need for a coordinated effort between civic bodies, residents, and wildlife authorities to prevent further loss of wildlife due to negligence and promote safer coexistence between humans and animals.

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Domestic occupiers capture 46 pc of office leasing in India since 2022: Report

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Mumbai, June 4: Indian firms have significantly increased their footprint in the commercial real estate market, with domestic occupiers accounting for 46 per cent of gross leasing activity since 2022 — up from 35 per cent during 2017-2019, according to a new report released on Wednesday.

Leasing volumes by domestic firms reached unprecedented levels in 2024 with 31.9 million square feet, with them continuing the strong momentum into Q1 2025 with 8.8 million square ft already leased, said the report by JLL.

The BFSI sector has recorded the most substantial growth in average transaction size. BFSI firms have more than doubled their space requirements, with average deal sizes jumping from 10,500-11,500 sq. ft in 2017-2019 to 24,000-25,000 sq. ft in the 2022-Q1 2025 period, representing a staggering 125-130 per cent increase.

Delhi-NCR leads in domestic leasing activity, while Mumbai has shown the most significant growth with its share increasing by approximately 62 per cent.

“This evolution reflects India’s strengthening economy and changing corporate strategies focused on efficiency and consolidation. While global occupiers remain the mainstay, the rising importance of Indian occupiers in the office market will continue to support the rising leasing activity levels in the country,” said Dr Samantak Das, Chief Economist and Head of Research and REIS, India, JLL.

Both these, together, have the potential to push India’s leasing volumes to over 100 million sq. ft over the next 3-4 calendar years, he added.

After BFSI, manufacturing follows closely behind with average deals growing from 7,000-8,000 sq. ft to 15,000-16,000 sq. ft, a 100-120 per cent increase that reflects India’s strengthened focus on domestic production capabilities.

While flex operators continue to secure the largest spaces per transaction at 57,000-60,000 sq ft (up 35-45 per cent from previous levels), technology firms have also substantially increased their footprint.

The IT and ITeS sector now averages 31,000-32,000 sq. ft per deal, up 85-95 per cent from the 2017-2019 period, the report noted.

“The evolution of India’s domestic corporate real estate landscape reveals a fascinating divergence in occupier preferences across major metros. Delhi NCR and Mumbai have emerged as clear frontrunners, but with distinctly different demand drivers,” said Rahul Arora, Head-Office Leasing and Retail Services, Senior Managing Director (Karnataka, Kerala), India, JLL.

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