Business News

The Enforcement Directorate has filed a money laundering case against YouTuber Siddharth Yadav alias Elvish Yadav and some others under the charge of suspected use of snake venom as a recreational drug in parties he hosted, official sources said Saturday. The central agency has pressed charges under the Prevention of Money Laundering Act (PMLA) after taking cognisance of a FIR and charge sheet filed by the Gautam Buddh Nagar (Noida) district police in Uttar Pradesh last month against him and other linked to him. The alleged generation of proceeds of crime and use of illicit funds for organising rave or recreational parties is under the scanner of the ED. Yadav and some others linked to the case will be questioned as part of the investigation, the sources said. Yadav was arrested on March 17 by the Noida Police in connection with its probe into suspected use of snake venom as a recreational drug in parties that were allegedly hosted by him. The 26-year-old YouTuber, also the winner of reality show Bigg Boss OTT 2, was booked under various sections of the Narcotic Drugs and Psychotropic Substances (NDPS) Act, Wildlife Protection Act, and the Indian Penal Code (IPC) by the Noida police. Yadav was among the six people named in an FIR lodged at Noida's Sector 49 Police Station on November 3 last year on a complaint from a representative of animal rights NGO People for Animals (PFA). The five other accused, all snake charmers, were arrested in November and were later let out on bail by a local court. The five snake charmers were arrested from a banquet hall in Noida on November 3 last year and nine snakes, including five cobras, were rescued from their possession, while 20 ml of suspected snake venom was also seized. According to police, Yadav was not present at the banquet hall then. In April, the Noida Police filed an over 1,200-page charge sheet in the case. The charges included are snake trafficking, use of psychotropic substances and organising rave parties, the police had said.

The prospect of interest rates remaining elevated as the Federal Reserve battles inflation is further clouding the outlook for shares of smaller U.S. companies, which have lagged broader markets this year. Small cap stocks surged at the end of 2023, as expectations grew that the Fed was done raising interest rates and would soon begin easing monetary policy. That would be a welcome change for smaller companies, which rely more heavily on debt financing and consumer spending. But stubbornly strong inflation has eroded prospects of rate cuts this year, and small cap stocks have suffered as a result. The Russell 2000 is up just 0.4% year-to-date, far less than the S&P 500's 7.5% gain. Earnings are also expected to be shaky, giving investors little reason to shift allocations from larger companies and other, less risky parts of their portfolios. "Investors are skeptical right now about small cap stocks because of higher rates and stickier inflation, and they need greater clarity that the Fed will be cutting rates this year before moving in," said Michael Arone, Chief Investment Strategist for State Street's SPDR Business, who has been buying small caps in anticipation of rate cuts later in the year. The case for smaller stocks may have improved over the last few days. U.S. employment data on Friday showed that jobs growth, while still relatively robust, slowed last month, easing fears that rates will remain elevated for the rest of the year. The Russell 2000 was up about 1% on the day. On Wednesday, Fed Chairman Jerome Powell said he still believed rates were heading lower this year, despite stubborn inflation. Futures markets on Friday showed investors pricing in around 45 basis points of interest rate cuts this year, from less than 30 priced in earlier this week. That remained far lower than the 150 points they had priced in January. Stronger-than-expected earnings in coming weeks could help allay investor concerns. Overall, the Russell 2000 is expected to post earning growth of -8.4% over the most recent quarter, compared with a 10.2% earnings growth rate for the S&P 500, according to LSEG data. At the same, the Russell 2000 is trading at a forward price to earnings ratio of 22 compared with a 20 times earnings multiple for the S&P 500, making small-caps more expensive. "The earnings pickup we expected has just not been there," said David Lefkowitz, CIO Head of US Equities at UBS Global Wealth Management, who has been overweight small caps since December. "I still think the preference for small makes sense, but it depends on your rate view." Among the notable small cap companies reporting in the week ahead are nutrition company Bellring Brands, gambling company Light & Wonder and oil and natural gas company Permian Resources. Larger caps reporting next week include Walt Disney, Wynn Resorts and Akamai Technologies, as US corporate earnings season continues. Despite the encouraging developments of the last few days, few believe the path to rate cuts is clear. Jill Carey Hall, equity & quant strategist at Bofa Global Research, said investors buying small caps should focus on companies positioned to withstand an extended Fed pause, including those with higher percentages of fixed dent and comparatively low leverage. "It's too soon to price in more rate cuts," said Timothy Chubb, chief investment officer at Girard. "One number doesn't make a trend. Overall, the Fed is getting the evidence it needs." (Reporting by David Randall; Editing by Ira Iosebashvili and David Gregorio)

Canadian police on Friday charged three Indian nationals linked to the murder of Sikh separatist leader Hardeep Singh Nijjar in the province of British Columbia in June 2023. Police added that the probe also includes investigating connections to the Government of India.The following is a timeline of important events that led to the arrests in a murder case that has strained relations between Canada and India.On June 18, 2023, 45-year-old Hardeep Singh Nijjar was shot outside a Sikh temple in Surrey, which is a Vancouver suburb known for its large Sikh population. He was a Canadian citizen who was advocating for the establishment of a separate Sikh homeland to be formed from India.On September 1, 2023, a Canadian trade official mentioned that Canada halted discussions regarding a proposed trade agreement with India. This decision was unexpected and occurred approximately three months after both nations expressed their intention to finalise an initial deal within the year.On September 10, 2023, Indian Prime Minister Narendra Modi expressed serious worries regarding Sikh separatist demonstrations in Canada to Prime Minister Justin Trudeau during a G20 summit in New Delhi.Trudeau told parliament on Sept. 18, 2023 that Canada was "actively pursuing credible allegations' linking Indian government agents to the killing of Nijjar.India dismissed Trudeau's assertion as "absurd" on Sept. 19, 2023. Both countries expel a diplomat in retaliatory actions, where Canada expels India's top intelligence officer while India expels the Canadian counterpart.On September 22, 2023, India suspended the issuance of new visas for Canadians and requests Ottawa to decrease its diplomatic representation in India. India start issuing visas again after a two-month period.On October 29, 2023, tens of thousands of Sikhs gather in Surrey, British Columbia, at the gurdwara where Nijjar was killed to participate in an unofficial referendum regarding the establishment of an independent Sikh state.On Nov 21, 2023: India's anti-terror agency files a case against Gurpatwant Singh Pannun, a Sikh separatist, stating that he warned Air India passengers in video messages shared on social media that their lives were in danger.On November 22, 2023, a senior official from the Biden administration stated that U.S. authorities had foiled a plot to assassinate Pannun within the United States and had cautioned India due to suspicions of the involvement of the government in New Delhi.India's High Commissioner on Feb. 5, 2024, said in an interview with Canada's Globe & Mail newspaper that India will not provide information to Canadian investigators over Nijjar's murder until Canada shares evidence.On April 30, 2024, the White House considers a Washington Post report serious. The report suggests that an officer from India's intelligence service played a direct role in the killing of Nijjar and the failed attempt to kill Pannun in the United States.India's foreign ministry said the report contained "unwarranted and unsubstantiated imputations."With inputs from Reuters