India's Infosys has played down its business ties in Russia after British chancellor Rishi Sunak came under fire over his wife's $1m stake in the firm.
Infosys, which has a market value of $100 billion, was co-founded by Mr Sunak's father-in-law Narayana Murthy.
His daughter, Akshata Murthy, Mr Sunak's wife, owns a stake worth around $1 billion in the IT firm.
With Britain and others seeking to isolate Russia economically over its invasion of Ukraine, Mr Sunak has faced questioning about the firm.
In a statement, Infosys said it had committed $1 million towards relief efforts for victims of the war.
"Infosys has a small team of employees based out of Russia, that services some of our global clients, locally," it said.
"We do not have any active business relationships with local Russian enterprises."
During an interview with Sky News, Mr Sunak said he had no knowledge of whether the firm was reducing its presence in Russia.
"I have absolutely no idea because I have nothing to do with that company," he said.
"I am an elected politician and I'm here to talk to you about what I am responsible for, my wife is not."
New Delhi and Moscow have had close ties since the Cold War, with the Indian military still heavily dependent on Russian equipment.
India has stopped short of condemning Russia's invasion, abstaining several times in votes at the United Nations and has continued to buy Russian oil.
President Vladimir Putin has been a regular visitor to India, most recently in December, in a rare overseas trip when he called India "a great power, a friendly nation and a time-tested friend".
Mr Putin also visited the corporate headquarters of Infosys in Bangalore in 2004 and was welcomed by co-founder Mr Murthy, who has since retired.
Earlier this week, British politicians said UK sanctions against Russia could have a “catastrophic and long-lasting” effect on the country, but they will come at a cost and the poorest households will be hit hardest.
A report by the treasury select committee said the UK was not protected against the economic impact of sanctions against Russian oil and gas, and that soaring prices will intensify the crisis in the cost of living for the whole country.
Low-income households will suffer the most from surging fuel and energy bills caused by the sanctions, and further punitive measures will inflict yet more pain, it found.
Mr Sunak has slashed fuel duty and boosted financial support for poorer households in response, as he pledged to stand by the British public during the cost-of-living crisis by delivering a £6-billion tax cut for workers.
While the measures will help ease the strain on households, Mr Sunak said Britain's economy will grow more slowly this year than previously predicted and inflation will be much higher.
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War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
Benefits of first-time home buyers' scheme
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
In Full Flight: A Story of Africa and Atonement
John Heminway, Knopff
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Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
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Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
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Men: Hamad Nawad and Khalid Al Balushi (56kg), Omar Al Fadhli and Saeed Al Mazroui (62kg), Taleb Al Kirbi and Humaid Al Kaabi (69kg), Mohammed Al Qubaisi and Saud Al Hammadi (70kg), Khalfan Belhol and Mohammad Haitham Radhi (85kg), Faisal Al Ketbi and Zayed Al Kaabi (94kg)
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The Written World: How Literature Shaped History
Martin Puchner
Granta
SPEC SHEET
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WHAT%20IS%20THE%20LICENSING%20PROCESS%20FOR%20VARA%3F
%3Cp%3EVara%20will%20cater%20to%20three%20categories%20of%20companies%20in%20Dubai%20(except%20the%20DIFC)%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECategory%20A%3A%3C%2Fstrong%3E%20Minimum%20viable%20product%20(MVP)%20applicants%20that%20are%20currently%20in%20the%20process%20of%20securing%20an%20MVP%20licence%3A%20This%20is%20a%20three-stage%20process%20starting%20with%20%5B1%5D%20a%20provisional%20permit%2C%20graduating%20to%20%5B2%5D%20preparatory%20licence%20and%20concluding%20with%20%5B3%5D%20operational%20licence.%20Applicants%20that%20are%20already%20in%20the%20MVP%20process%20will%20be%20advised%20by%20Vara%20to%20either%20continue%20within%20the%20MVP%20framework%20or%20be%20transitioned%20to%20the%20full%20market%20product%20licensing%20process.%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECategory%20B%3A%3C%2Fstrong%3E%20Existing%20legacy%20virtual%20asset%20service%20providers%20prior%20to%20February%207%2C%202023%2C%20which%20are%20required%20to%20come%20under%20Vara%20supervision.%20All%20operating%20service%20proviers%20in%20Dubai%20(excluding%20the%20DIFC)%20fall%20under%20Vara%E2%80%99s%20supervision.%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECategory%20C%3A%3C%2Fstrong%3E%20New%20applicants%20seeking%20a%20Vara%20licence%20or%20existing%20applicants%20adding%20new%20activities.%20All%20applicants%20that%20do%20not%20fall%20under%20Category%20A%20or%20B%20can%20begin%20the%20application%20process%20through%20their%20current%20or%20prospective%20commercial%20licensor%20%E2%80%94%20the%20DET%20or%20Free%20Zone%20Authority%20%E2%80%94%20or%20directly%20through%20Vara%20in%20the%20instance%20that%20they%20have%20yet%20to%20determine%20the%20commercial%20operating%20zone%20in%20Dubai.%C2%A0%3C%2Fp%3E%0A
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20myZoi%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Syed%20Ali%2C%20Christian%20Buchholz%2C%20Shanawaz%20Rouf%2C%20Arsalan%20Siddiqui%2C%20Nabid%20Hassan%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2037%3Cbr%3E%3Cstrong%3EInvestment%3A%3C%2Fstrong%3E%20Initial%20undisclosed%20funding%20from%20SC%20Ventures%3B%20second%20round%20of%20funding%20totalling%20%2414%20million%20from%20a%20consortium%20of%20SBI%2C%20a%20Japanese%20VC%20firm%2C%20and%20SC%20Venture%3C%2Fp%3E%0A
Six pitfalls to avoid when trading company stocks
Following fashion
Investing is cyclical, buying last year's winners often means holding this year's losers.
Losing your balance
You end up with too much exposure to an individual company or sector that has taken your fancy.
Being over active
If you chop and change your portfolio too often, dealing charges will eat up your gains.
Running your losers
Investors hate admitting mistakes and hold onto bad stocks hoping they will come good.
Selling in a panic
If you sell up when the market drops, you have locked yourself out of the recovery.
Timing the market
Even the best investor in the world cannot consistently call market movements.
The specs
BMW M8 Competition Coupe
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Torque 750Nm from 1,800-5,800rpm
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Acceleration 0-100kph in 3.2 sec
Top speed 305kph
Fuel economy, combined 10.6L / 100km
Price from Dh700,000 (estimate)
On sale Jan/Feb 2020
