Billionaire Anil Ambani Faces Jail Over Payment To Ericsson

 

Indian billionaire businessman Anil Ambani is facing a prison sentence after a deal between his cash-strapped firm Reliance Communications (RCom) and telecoms giant Ericsson fell through.

Ericsson is owed Rs. 5.5 billion (£59.3 million) by RCom under the terms of an agreement to manage and operate its network,

RCom failed to comply with India's Supreme Court's order to pay the money by December 15 last year.

Now the court says Ambani will be jailed for three months unless he pays.

It found him guilty of contempt, giving him another four weeks to pay or else go to prison.

Both sides have said they respect the ruling.

Ericsson signed the deal in 2014 and began proceedings against RCom last year.

The court also found Reliance Telecom chairman Satish Seth and Reliance Infratel chairperson Chhaya Virani breached the orders.

But all three can avoid punishment if the money is paid with interest, it said.

Separately, Reliance Industries, controlled by Anil's brother Mukesh Ambani, is in talks with Saudi Aramco about possible investments for it in India.

Oil giant Saudi Aramco signed an agreement in April with Indian refiners to join in a $44 billion (£33.7 billion) refinery project on the country's west coast.

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Facebook Faces Tough Questioning Again

As disinformation becomes a major issue on social media, Facebook faced tough questions from legislators from nine countries as part of an international hearing on disinformation in London.

But a committee of members of the UK parliament stopped short of releasing documents Facebook has been trying to keep confidential,

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Apple CEO Proud Of Decision To Come Out

Apple CEO Tim Cook became the first CEO of a major company four years ago to come out as gay. He says he's happy about his decision and about his being gay.

16I17s greatest gift to me

Cook came out on October 30, 2014. His sexual orientation had been widely speculated upon but he hadn’t confirmed it openly.

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US Steps Up Pressure On China Over Trade Espionage

The Trump administration is doubling down on efforts to target China over economic espionage, announcing a new initiative to curb trade theft and charges involving alleged crimes against an Idaho semiconductor company.

The Department of Justice disclosed an indictment Thursday alleging that a government-backed Chinese firm, a Taiwanese company, and three Taiwanese individuals engaged in conspiracy to steal trade secrets from Micron, which makes memory chips,

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Are You A Type A? Think Again

For decades, we have heard of the personality types A and B. You may have described someone as a “Type A” personality – an ambitious, competitive, and impatient person striving for success. Perhaps you would describe yourself as such.

But new research suggests the categorization of Type A and Type B personalities might be misleading.

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Greece Completes Difficult 3-Year Bailout Program

Greece has successfully completed a three-year eurozone emergency loan program worth €61.9 billion (£55 billion; $70.8 billion) to tackle its debt crisis.

It was part of the biggest bailout in global financial history, totalling some €289 billion, which will take the country decades to repay.

Deeply unpopular cuts to public spending, a condition of the bailout, are set to continue, report

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Global Economy Set Back

This week has been sobering from the point of view of global economy, with a rift at the G7 Summit and the Trump administration's slapping of tariff on Chinese imports.

The Trump administration confirmed Friday that it would move forward with tariffs on $50 billion of Chinese exports. Beijing called that a declaration of a trade war, and promised immediate retaliation.

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EU Tariffs On US Products From Friday

European Union tariffs on products from the United States will go into effect on Friday.

The European Commission announced Wednesday that it had approved initial retaliatory tariffs on US exports worth €2.8 billion ($3.2 billion), report the

The tariffs will hit American products including motorcycles, orange juice, bourbon, peanut butter, motor boats, cigarettes and denim. They are a response to the Trump administration's tariffs on steel and aluminum exports from Europe.

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Trade War: US Allies Plan To Retaliate

America's biggest allies and trade partners are promising to fight back against US tariffs that threaten to spark a global trade war.

The European Union, Canada and Mexico said Thursday that they will respond to new US tariffs on steel and aluminum with punitive measures targeting American products worth billions of dollars, report the

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