Business
ED Attaches Six Properties Of Ansal Properties And Infras Beneficial Owners
NEW DELHI: The Enforcement Directorate (ED) has attached six immovable properties valued at Rs 10.55 crore belonging to the directors, shareholders and beneficial owners of Ansal Properties and Infrastructure Ltd (APIL) in connection with a money laundering case, the agency said on Wednesday. ED Gurugram zonal office attached these properties under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
Based in Gurugram (Haryana), Greater Noida (Uttar Pradesh) and Ludhiana (Punjab), the properties are held by directors, shareholders and beneficial owners of APIL namely Sushil Ansal, Pranav Ansal and Son HUF and Kusum Ansal, in a money-laundering case stemmed from violation of provisions of The Water (Prevention and Control of Pollution) Act, 1974 and The Air (Prevention and Control of Pollution) Act, 1981.
The attached properties consist of commercial units and space. Ansal Properties and Infrastructure Ltd is engaged in the business of real estate development in residential, commercial and retail segments. ED initiated investigation on the basis of Prosecution Complaints filed by Haryana State Pollution Control Board (HSPCB) for commission of scheduled offences of Water (Prevention and Control of Pollution) Act, 1974 and Air (Prevention and Control of Pollution) Act, 1981, involving non-compliance of environmental norms by APIL in its two Gurugram-based real-estate projects- ‘Sushant Lok-I’ and ‘Esencia’.
“APIL did not install any Sewage Treatment Plant (STP) in its project ‘Sushant Lok Phase-I’ and the effluent generated was passed through HUDA sewerage line whereas the STP installed in its other project ‘Esencia’ was of inadequate capacity. During inspection of HSPCB officials, the STPs installed were also found abandoned without any operation and maintenance,” said the ED in its statement.
ED investigation further revealed that by not treating the domestic effluent and untreated sewage water as per norms, APIL on one hand caused damage to public health and environment while at the same time kept enjoying the fruits of the resultant profit. “The promoters of the company did not bother to treat the waste or to take any measures as per the HSPCB norms and thus, unduly benefited to the tune of Rs 10.55 Crore, which is nothing but the Proceeds of Crime, generated perpetually by said criminal activity,” it added.
Gemma HandyBusiness reporter, St Johns, Antigua
Getty ImagesFor some Barbudans, thunderstorms still trigger flashbacks of the night in September 2017 when they lost everything they owned to Hurricane Irma’s devastating winds.
Eight years on, while memories may be close to hand, home insurance for many on Barbuda and other islands in the Caribbean’s hurricane belt is more prohibitively expensive than ever.
Across the region premiums have gone through the roof in the past two years, surging by as much as 40% on some islands, according to industry figures.
Experts blame a perfect storm of increasing risk – as the region sees worsening and more rapidly intensifying cyclones – yet tiny populations of people to pay for policies, equating to poor returns for insurance companies.
Dwight Benjamin’s Barbuda home was one of few left relatively undamaged by Irma. After the storm, he invested in a one-room extension topped with a concrete roof that will serve as a shelter for his family should disaster strike again.
“I think the house should be sound enough but that’s my added protection,” he says.
With peak hurricane season now in full swing, Dwight is among many Caribbean people anxiously monitoring weather platforms for activity in the Atlantic. Should a system head his way, he will do as he did during Irma – hope and pray.
“I’ve never had insurance; most Barbudans don’t really think it’s worth it. It’s just an added expense to the meagre resources we have,” he explains.
“Plus, we believe in what we have built and that it should be able to withstand the weather.”
Courtesy Dwight BenjaminLike Dwight, many Caribbean people build homes “out of pocket”, rather than opting for mortgages that can have high interest rates in this part of the world.
And the majority of homes on islands affected by hurricanes are uninsured. In Jamaica only 20% are reported to have cover, and just half in Barbados.
It is not just storms threatening the region, but earthquakes and volcanos too, points out Peter Levy, boss of Jamaican insurance company BCIC.
As a result of these threats of natural disaster, which Mr Levy calls the Caribbean’s “unique market”, the cost of home insurance will always be high.
One Antiguan insurance firm, Anjo, typically charges premiums of between 1.3% and 1.7% of a home’s value. Whereas in the UK, for example, it can be less than 0.2%.
Getty ImagesThe Atlantic hurricane season runs from 1 June to 30 November, with the most activity occurring between mid-August and mid-October. The northern Caribbean nations, such as Antigua and Barbuda, the Bahamas, British Virgin Islands, and the Dominican Republic, are among the most at risk of a direct hit.
The peak months can be torturous for people with Irma-related trauma, says Mohammid Walbrook, another Barbudan resident. “Whenever there’s an announcement of a storm coming our way, it brings back bad memories. For some, even thunder and lightning are a trigger,” he says.
Back in 2017, Mohammid took shelter in a bathroom with his mother, father, sister and nephews when Irma’s category five winds tore the roof from his parents’ home.
His own uninsured two-bedroom property was also badly damaged. He was one of several Barbudans to receive a new house through assistance from international donors.
Courtesy Mohammid WalbrookWhile some Caribbean countries – like British territory Turks and Caicos, also battered by Irma – have emergency cash reserves that can help with post-storm restoration, others do not have that luxury.
For deeply indebted nation Antigua and Barbuda, agencies like the United Nations Development Programme (UNDP) are a lifeline in the aftermath of a natural disaster.
The country’s prime minister Gaston Browne estimated the cost of rebuilding Barbuda after Irma, where 90% of buildings were damaged, topped $200m (£148m). Help came from China, the European Union and Venezuela, among others.
In 2017, the UNDP stumped up $25m for Barbuda and the island country of Dominica, which was ravaged by Hurricane Maria that same month.
The money restored more than 800 wrecked buildings across the two islands. But the body’s intervention was crucial in other ways too.
With livelihoods destroyed, the UNDP’s cash-for-work programme hired hundreds of local residents who had suddenly found themselves unemployed.
They assisted with everything from debris removal to reconstruction of homes and infrastructure, including Barbuda’s hospital and post office, the UNDP’s Luis Gamarra tells the BBC.
“Injecting economic resources into affected families helps reactivate the local economy,” he says.
Almost 1,000 contractors were also trained in more resilient “build back better” techniques, to safeguard structures against future disasters.
“The climate is changing and putting more pressure on governments and communities. Storms are becoming more frequent, more intense and happening earlier in the year too,” Mr Gamarra continues.
He thinks the expansion of partnerships with the private sector and with other countries in the region might help mitigate the impacts.
One such mechanism is the Caribbean Catastrophe Risk Insurance Facility, of which 19 Caribbean governments are members. Set up after Hurricane Ivan in 2004, the first-of-its-kind risk-pooling venture allows member governments to buy disaster coverage at low cost.
Last year it made record payments topping $85m to Hurricane Beryl-hit islands.
In Antigua and Barbuda, hurricane preparedness is a year-round endeavour, explains Sherrod James, director of the country’s office of disaster services.
Assessments of buildings to be used as storm shelters, along with training of volunteers to man them, starts months before the season starts, he says.
“We also meet with the private sector, helping them put policies and preparations in place, looking at the safety and resilience of their buildings. We make sure our critical partners, such as the ports, are prepared.
“And we do a lot of proactive work to address chokepoints within waterways that can exacerbate flooding,” adds Mr James. “These days, storms can go from a category one to five in a day. The new norm has thrown out the old regiment of what has to be done; we have to be much more proactive now.”
For many Barbudans, this time of year will always bring trepidation. Dwight was among dozens who recently attended a Hurricane Irma remembrance service at the island’s Pentecostal Church.
“It was very touching and brought back a lot of memories,” he says. “This time of year, we keep an eye on the weather and our fingers crossed. But we are resilient people and we know how to survive.”
New Delhi: Amid the ongoing festive season, the Union government has released an additional tax devolution of Rs 1,01,603 crore to state governments, the Finance Ministry said on Wednesday. This is an additional amount to the normal monthly devolution, which is scheduled to be released on October 10.
According to the ministry, the decision was taken in view festive season to enable states to accelerate capital spending and finance their development and welfare-related expenditure.
Uttar Pradesh, the nation’s most populous state, got the highest–Rs 18,227 crore, followed by Bihar (Rs 10,219 crore), Madhya Pradesh (Rs 7,976 crore), West Bengal (Rs 7,644 crore), Maharashtra (Rs 6,418 crore), and Rajasthan (Rs 6,123 crore).
Andhra Pradesh (Rs 4,112 crore), Odisha (Rs 4,601 crore), Tamil Nadu (Rs 4,144 crore), Karnataka (Rs 3,705 crore), and Jharkhand (Rs 3,360 crore) also received significant additional tax devolution.
Earlier, the Finance Ministry said that the Centre had transferred Rs 4,28,544 crore to state governments as devolution of share of taxes during April-July, which is Rs 61,914 crore higher than the previous year.
Meanwhile, the Central government had received Rs 10,95,209 crore during the period, which comprises 31.3 per cent of the corresponding budget estimates (BE) for 2025-26. Of this, a sum of Rs 6,61,812 crore constitutes net tax revenue to the Centre, Rs 4,03,608 crore was non-tax revenue, and Rs 29,789 crore was part of non-debt capital receipts.
Total Expenditure incurred by the union government during the time frame was Rs 15,63,625 crore, which constitutes 30.9 per cent of the corresponding BE 2025-26. Out of this total amount, Rs 12,16,699 crore was on the revenue account and Rs 3,46,926 crore is on the capital account, which is spent on large infrastructure projects. Interest payments made up Rs 4,46,690 crore of the total revenue expenditure, while major subsidies account for Rs 1,13,592 crore.
The FTSE 100 hit another record high on Wednesday, despite concerns over the US shutdown, as pharmaceutical stocks powered higher, with AstraZeneca up 11% alone.
The FTSE 100 index closed up 96.00 points, 1.0%, at 9,446.43, beating its previous record close on Tuesday.
The blue chip index had earlier set a new best level of 9,457.91.
The FTSE 250 ended 34.14 points higher, 0.2%, at 22,049.70, and the AIM All-Share ended up 3.24 points, 0.4%, at 786.41.
AstraZeneca led the FTSE 100 and rose 11%, regaining its crown as the most valuable FTSE 100 stock from HSBC, while peers Hikma Pharmaceuticals and GSK rose 5.7% and 6.2% respectively.
On Tuesday, the Trump administration announced a deal granting Pfizer a three-year reprieve on planned tariffs as the New York-based, pharmaceutical company vowed to voluntarily lower the prices of unspecified drugs for US purchase.
Under the deal, Pfizer is to charge “most favoured nation” pricing – matching the lowest price offered in other wealthy nations – to Medicaid, the US health insurance program for low-income Americans.
The White House also said it would unveil a website – called TrumpRx – that would allow consumers to directly purchase some medications from manufacturers at discounted rates.
JPMorgan sees Pfizer’s agreement as a potential “bellwether for the sector” which, “we anticipate is likely to be replicated by EU pharma companies and should therefore result in a broadly manageable impact”, from most favourable nation drug pricing, “reassuring investors”.
In economic data, the downturn in UK manufacturing worsened in September as output, orders and employment all fell at sharper rates, survey results from S&P Global showed.
The seasonally adjusted manufacturing purchasing managers’ index dropped to 46.2 points in September from 47.0 in August, marking its lowest level since April and remaining below the neutral 50-point mark for the 12th straight month.
The final figure came in line with the flash estimate published last Tuesday.
Production contracted for the 11th consecutive month, with declines across consumer, intermediate, and investment goods. New orders fell for a 12th successive month, one of the steepest drops in two years, as firms cited subdued client confidence, uncertainty linked to US tariffs, and high energy and labour costs.
Elliott Jordan-Doak, senior UK economist at Pantheon Macroeconomics, said demand for UK manufacturing exports continues to be beset by tariff-related uncertainty, although he thinks the worst of the tariff-related shock has passed.
He only expects manufacturing output to rise slowly over the course of the second half of the year.
The pound was quoted higher at 1.3477 US dollars at the time of the London equity market close on Wednesday, compared to 1.3443 dollars on Tuesday. The euro stood at 1.1729 dollars, up slightly against 1.1727 dollars. Against the yen, the dollar was trading at 147.15 yen, lower compared to 147.98 yen.
The yield on the US 10-year Treasury was quoted at 4.13% stretched from 4.12% on Tuesday. The yield on the US 30-year Treasury stood at 4.72%, widened from 4.69%.
In European equities on Wednesday, the CAC 40 in Paris closed up 0.9%, while the DAX 40 in Frankfurt advanced 1.0%.
Stocks in New York were little changed at the time of the London close. The Dow Jones Industrial Average was up 0.1%, the S&P 500 index was flat and the Nasdaq Composite 0.1% lower.
The US government entered a shutdown at midnight, as Congress failed to strike a deal to keep programmes funded.
Joshua Mahony, analyst at Rostro, said with little sign of progress toward a deal, traders are preparing for the possibility that both jobless claims and Friday’s non-farm payrolls release will be delayed.
He noted that, historically, shutdowns have delivered bouts of volatility, but the precedent has been that weakness tends to be short-lived and presents “buying opportunities”.
“Markets may therefore face turbulence in the days ahead, although historical evidence points towards shutdown declines providing opportunities for bulls that can take advantage of short-term dislocation,” he commented.
Citi analyst Andrew Hollenhorst said the economic drag from the shutdown should be limited, but would become more significant if the shutdown lasts more than two weeks or if a larger number of federal workers are permanently laid off.
“An earlier resolution is possible, but we would not be surprised if this shutdown lasts several weeks,” he added.
With the US jobs report under threat of delay, figures from ADP took on added significance.
According to the payroll services provider, the US private sector shed 32,000 jobs in September, an outcome that fell short of the FXStreet cited expectation of 50,000 additions. In August, 3,000 jobs were lost, in a reading massively revised from an initially reported 54,000 rise in payrolls.
Morgan Stanley said the negative print keeps the Federal Reserve “on alert”, and predicted consecutive quarter point rate cuts through to the January Federal Open Market Committee meeting.
Back in London, JD Sports Fashion rose 6.8% following better-than-expected results from its retail partner, Nike.
Nike rose 5.4% in New York. Its products account for about 45% of JD’s sales and their fortunes are closely linked.
On the downside, Tesco was a weak feature, down 3.6%, ahead of half-year results on Thursday.
On the FTSE 250, Greggs climbed 6.4% after a reassuring trading statement.
The bakery chain said trading had picked up in August and September after the “unusually” hot July had hurt sales.
But analysts said the share price jump reflected the absence of a further profit downgrade, and a short squeeze, rather than a burst of renewed enthusiasm for the company.
Peel Hunt said: “The market will be relieved the update did not bring a downgrade, but the pressure is still to the downside of forecasts.
“Big issues such as the viability of evening trade, the long-term store ambition, and the value-for-money image are still open discussions. There is too much to prove, in our view.”
But Tate & Lyle plunged 12% after cutting sales and earnings guidance amid subdued trading.
Chief executive Nick Hampton said the group has seen a “slowdown in market demand, particularly in the last two months which, in turn, has slowed our recent performance.”
Tate & Lyle now expects full-year sales to be down by low-single digit percent compared to prior hopes for growth at, or slightly below, the bottom of the firm’s medium-term range of 4% to 6%.
Brent oil fell to 65.53 US dollars a barrel on Wednesday from 65.99 dollars late on Tuesday.
But gold remained in demand, trading at 3,862.37 dollars an ounce on Wednesday, up against 3,836.50 dollars on Tuesday.
The biggest risers on the FTSE 100 were: AstraZeneca, up 1,254 pence at 12,436p; JD Sports Fashion, up 6.5p at 101.8p; GSK, up 97p at 1,671.5p; Hikma Pharmaceuticals, up 97p at 1,795p; and Melrose Industries, up 22p at 630p.
The biggest fallers on the FTSE 100 were: Babcock International, down 50p at 1,280p; Tesco, down 15.8p at 429.7p; Coca-Cola HBC, down 110p at 3,394p; Games Workshop, down 330p at 14,200p; and Imperial Brands, down 67p at 3,091p.
Thursday’s global economic calendar has eurozone unemployment data, and US weekly jobless claims figures and factory orders figures.
Thursday’s UK corporate calendar has half-year results from the UK’s largest retailer, Tesco.
Contributed by Alliance News
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